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Show Ii'a ' 4C The Salt Lake Tribune y c rryir ly I'uy September Wednesday, Tf vy yi- ii'f "yr 'ijiir- yr Tyifj r nr .. um v; 12, 1984 Mixed Performance Market Rally Runs Out of Gas - NEW YORK (AP) A stock market rally ran out of gas late Tuesday, transforming a sharp advance into a mixed performance Even a hint of optimism about interest rates from Henry Kaufman, chief economist at Salomon Brothers and one of Wall Street's "bad news bears " failed to sustain the advance interest-ratAlthough the near-teroutlook has brightened, "skepticism prevails," said Robert Stovall, an analyst at Dean Witter Reynolds New UP a o blue-chi- 101,360,000 SHARES M UNCHANGED J 443 ISSUES TRADED 2,005 DOWN 571 since the average has now slipped 20 87 points over the past three sessions The overall market did much better, however, with almost two stocks rising in price for every one that fell on the New York Stock Exchange. And the NYSE's composite index of ail its listed common stocks was up 15 at 94 76. Trading also picked up, with Big Board volume climbing to 101.36 mil- The Exchange VOLUME 991 Inc. The Dow Jones average of 30 industrials. up more than 13 points in the early going, gave up its gains and finished the session with a loss of 4 53 1,107 99, its lowest close 1.196.11 finish of Aug 8 York Stock Sept. 11, 1984 e at among concerns on traders minds, analysts said. Texas Instruments dropped 6V to 135. The Defense Department told contractors to stop accepting products containing Texas Instruments microelectronic units because some of the units may not have been tested properly. General Motors, which has presented proposals to the United Auto Workers in an effort to to 72 v2. Anaavert a strike, slipped lysts say a lengthy walkout by autoworkers would slow the economy's growth. In addition, traders became discouraged when the bond market halted its advance and the stock market did not follow through on its early gains, said Newton Zinder, a senior vice president at E.F. Hutton & Co. The Market In Brief p lion shares from 74 41 million Monday. Nationwide turnover in NYSE-liste- d issues, including trades in those stocks on regional exchanges and in the 120.99 market, totaled million shares. A plunge in Texas Instruments shares and worries about a strike threat at General Motors were The bond market has been gaining ground in recent sessions as the federal funds rate, the interest on overnight loans between banks, retreated below 11.5 percent after flirting with 12 percent last month. And both the stock and bond markets shot broadly higher at the opening of trading by Bruce HammontJ i)uff 'T MORTON Interest Rates m NEW YORK to (AP) on Tuesday Henry relief from higher interest rates, but warned of another increase in the prime rate before the year ends and more strains for the economy in 1985. Stock and bond markets rallied early Tuesday as rumors surfaced in financial circles that Kaufman, chief economist at the investment banking firm of Salomon Brothers Inc., had become more optimistic about the short-teroutlook for interest rates and was advising clients of smooth sailing in the weeks ahead. But financial markets later gave up some of their gains, winding up mixed, after Kaufman issued a formal statement that confirmed a outlook but held brighter near-ter- short-ter- mm for the long run. should be trading in the 13 percent to 13.25 Kaufman said the federal funds on overnight loans between banks and a peg for many interest rates, is other short-terlikely to remain between 11 percent and 11.5 percent for the time being. rate, the interest Kaufman also said it is unlikely that the Fed would move at its next regular policymaking meeting in October to tolerate a federal funds rate above 12 percent. But after the lull, said Kaufman, Interest rates should again creep up towards the end of this year, with the federal funds rate moving into the 11.5 to 12 percent rate, the prime rate should be at least 13.5 percent by years end, and long U.S. Treasuries percent range. prime rate, the base upon The which banks compute interest business loans, charges on has stood at 13 percent since June 25 The yield on Treasury bonds which serve as a weather vane for such borrowing charges as mortgage loan rates currently stands above 12.25 percent. short-ter- The tjj twKfSIT nm.mUCTS ts.mttss Morton Thiokol Complex BRIGHAM CITY gun on a to accommodate the firms steadily growing work force now numbering about 6,000 and expected to reach 8,000 before the end of the decade The building will also have a visitor area. Contractor is Layton Con struction Co., Salt Lake City. The firm hopes to occupy the building by June 1835. Construction has bemillion administration building at Morton Thiokols Wasatch division, Utahs largest private employer, near Brigham City. The building will provide 65,000 square feet of space. Officials say the building is needed two-stor- y, $3.5 Wasatch National Directors Oppose Tender Offer Directors of Wasatch National Inc. have decided against making a tender offer for shares of the company, Richard K. Hemingway, chairman, said Tuesday following a directors meeting. And, he added, he doubted there would be any further discussions on accepting or negotating prices of shares proffered by individual holders The company, which owns about 14 percent of the outstanding shares of Commercial Security Bancorpora-tio- n and less than 5 percent of outstanding shares of Idaho Bank & Trust Corp., had indicated directors might consider buying its new con5 solidated shares at $775 a share' from holders who offered shares. The $775 was the value assigned to new shares based on an equivalent of $31 a share set as price paid to holder of less than 25 shares in a reverse 25 to one split in action approved by shareholders at the Aug. 21 annual meeting. The buy-ou- t price was arrived at independently by the firm of International for the purposes of the reverse split. Effect was to reduce holders from 81 to less than 50. The company said it sought the split since an inadvertent increase in number of shareholders one-for-2- Economist Optimistic on Near-Ter- Economist earlier pessimistic predictions forecast Kaufman THtOK to 100 would force Wasatch to go through costly registration and reporting requirements under the Investment Company Act of 1940. It noted that 40 shareholders had share range holdings in the for a total of 525 shares, or less than 1 percent of all shares outstanding one-to-9- 9 Wasatch is principally held by trusts and the family of Mr. Hemingway, who also is chairman of Security Bancorporation. Com-meric- U S West Completes d Pctro-Lewi- That leaves U S West geographically the largest of the seven regional holding companies spun off by Amer It All - Main-Hurdma- n Shareholder Reduction Plan By Gail L. Pitts The Denver Post DENVER US West Inc. has completed what is probably the largest odd-lo- t stockholder reduction plan in the history of publicly held companies. The Denver-basecompany reduced the number of shareholder it inherited as a result of the AT&T breakup by nearly 240,000 equal to the combined shareholders of Public Service of Colorado, Storage Technology, Auolph Coors, Manville, Martin Marietta, Hewlett-Packar- d and Compact Portable That Does Diectors said the $775 a share considered for buying he consolidated shares of minority holders who elected to sell was not based on the evaluation. Two area brokers, Kenneth Hansen of Boettcher & Co, and Fred Wheeler, of Shearson American Express, who claim to own or represent 200 shares and 2,740 shares respectively, contested the $775 price as being too little in terms of the values of Wasatch's holdings. ican Telephone & Telegraph Co. at the first of the year with 1 25 million shareholders, and gives it an annual savings of some $3 1 million in shareholder costs. Even after the shareholder reduction program, U S West boasts far more stockholders than General Motors, which has 1.14 million, and nearly double the number of investors in Exxon or International Business Ma- - chines. Even a household-worcompany like Eastman Kodak has only 220,000 shareholders, accordir.g to Value Line figures, and Hewlett-Packarwhich prides itself on its employee d stock ownership participation, only 45,000 stockholders has Anywhere! WUBXl m Save $50 t 14 ij O ifTi Hu lI3 $IM? QD Our Reg. $797 Regular Price May Vary At Some S'ores Due to Local Competition i 64K Dynamic RAM Memory 6510 Central Processor (6502 Program Compatible) Built-iColor Display n aPassbook Monitor J Built-i- n 170K Single-dis- k Drive, Option External Video Port (Color, LUM, Composite Output) Full UpperLower Case board Key- - Commodore- Serial Bus. External Bus. Com(C-6- 4 L2 FEATURING: ted $2 500 minimum St 000 to maintain High Money Market interest Consistently Higher Interest On NOW TWO CONVENIENT MAIN OFFICE 359 South Main Street (Corner of Main & Exchange Place) Salt Lake City, Utah 364-840- 0 Deposits Compatibility Detachable Keyboard Interface IEEE-48- Flexibility-Unlimi- Full C-6- 4 LJ withdrawals J patible) Effective Annual Yield Based on a rate of 10 850 compounded monthly. Effective month of September, 1984 8 x 40-colum- n 268-878- Display J Layaway NOW LOCATIONS MURRAY OFFICE 5320 South 9th East (Oakwood Plaza) Salt Lake City Utah 25-lin- e With 16 Colors and Graphics Music And Sound Capabilities U Size: 5x14'jx14'j Weight: 27.6 Lbs. On Sale Sept. 12 Thru Sept. 15 |
