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Show a j 8yjjt Ip .V" ijpiyw gpttar 'fcJ5pWiK ,1 f'frt Goes to 7Vi Percent v ' Major N.Y. Banks Boost Prime Rate - NEW YORK (AP) Some major New York banks boosted their prune lending rate to IVi percent Thursday, virtually assuring that the increased jWM Kl. IMSIii) 5iu WliWI$l ir opening of our new investment offices on the ground floor of the Hotel Utah, so were having an Open House. Youll have an opportunity to meet our experienced Account Executives and inspect our complete facilities for serving your needs in ail investment areas. So drop in, enjoy some light refreshments, pick up a little memento, and find out why, when E. E Hutton talks, people listen. PHuftan When EE Hutton talks, people listen. E Hutton Company Inc. Hotel Utah, Salt Lake City 84111 & (801) 322-47-1 indus- Chase Manhattan Bank, the nations third largest, and Chemical Bank of New York, both announced immediate percent hikes in their minimum lending fee to large business customers. Others Follow Suit A number of other banks Tighten Up Money around the country followed Moves by the Federal Resuit as the rate boost initiated serve Board to reduce the Wednesday by Girard Trust amount of money in circulation and get banks to limit the amount of loans they were making were cited as factors behird the prime rate boost. one-quart- Wed like you to help us celebrate the F. lending fee would become try-wide. 1 Bank of Philadelphia began to spread. The 7 Vi percent prime is the highest suice September, 1970. The record high of 8 percent came in June, 1969. The higher prime means that big business will have to pay more to obtain short-terloans. However, this should not have any immediate mortimpact on longer-tergage rates or consumer installment loan charges, bankers said. Hutton Boss To Visit S.L. Office Robert Fomon, president of E. F. Hutton & Co., Inc., will visit the new Salt Lake City offices at Hotel Utah Friday. d The New York firm is one of the world's largest investment banking and . brokerage firms. It has 109 offices in 28 states and abroad. In calendar 1972 it had record revenues of $148,293,000 and net income of $10,873,000, or $2.40 a share. City-base- Sperry Boosts Dividend Pay Special to The Tribune NEW YORK Sperry Rand Corp. declared an increase in its quarterly dividend Wednesto 16.5 cents per share day of common stock from the current 15 cenis. - The dividend is payable on Aug. 16 to shareholders of record on July 2. The action was taken at Sperrys monthly board of directors meeting u . i k-TOtl- rr - p ' : nmm ! y ) ' A f Easier Riding Promised ia about two years. Buses to use diesel engine, gas turbine later. Exterior panels are fiberglass. of MICH. Prototype PONTIAC, new transit coach shows model due by 'General Motors Corp. 41-fo- ot Session Set on Gas Situation Special to The Tribune How much DENVER undiscovered natural gas remains in the United States? The collective educated guess of some 150 geologists and en guieers will be detailed Wednesday in Denver by the Potential Gas Committee, underwritten Mr Rasslnier by the natural theres general that federal at Golden, Wednesdays report, Mr. Rassinier said, will reflect estimates of undiscovered future gas supplies which will become available under the but assumption of adequate reasonable prices and normal developments in technology Heads Planning The committee chairman is director of resources planning for Trunkline Gas Co., a wholly-owneof subsidiary Panhandle Eastern Pipe Line C. of Houston. Fina estimate of undiscovered gas supplies was compiled last month during a committee meeting at Fort Lauderdale, Fla. And findings will be revealed at the Denver press conference called by the mine schools Potential Gas Agency. Iaerease Demand Auto Sales Hit Historic High DETROIT (AP) - The na- tions automakers have reported domestic car sales for May reached 907,304 units the highest in the industry history. The industrys second quarter, which ends June 30, will top the three million mark for the first time in any quarter, John Naughton, Ford sales group vice president, predicted. Sfibtwf continued, discourage exploration for new reserves. Colo. Edgar A Rassiniet Houston, committee chairman, said alt fafc price restrictions have artifically increased demand. And lew prices, he gas industry and supervised by the Colorado School of. Mines agreement government-impose- d Mines - Markets - Finance Friday Morning, June 8, 1973 d B Section Page 6 Sperry Gels Navy Pact Special to The Tribune WASHINGTON-S- Frank en. E. Moss, announced Thursday the Navy awarded a $1.6 million contract to the Salt Lake Special Programs Operations Division of Sperry Umvac Defense Systems. The contract is for the design and manufacture of the a communications switching system which would considerably enhance the accuracy of monitoring missile flights and the administration o i facilities for Point Mugu (Calif.) Naval Air Missile Test Center. The program is expected to take about nine months, according to James Rapinac, director of Sperrys Special Pro- - grams Operaitons. It will require the hiring of a few additional experienced engineers, he said. The division now employs 450. City-base- d A (SsbsGa Mart Soars, Hopes for Cost Curbs New York Times Service - The stock market turned in a strong NEW YORK performance Thursday spurred by investors growing conviction that the administia-tio- n would soon be forced to introduce new economic measures to halt the inilationary spiral. Prices on the New York Stock Exchange opened sharply higher and continued to move ahead until 1:30 a.m. Then they began to retreat. The weakness resulted after the White House said that no economic decisions had been made' and none was expected before Monday. At the final bell, the Dow-JonIndustrial Index was up 11.44 points to 909.62, it high for the session. Advances outpaced declines ty a ratio of about with 908 issues up and 471 down. The New York Stock Exchange Index, which includes all the common stocks traded, advanced 0.77 to 55.68. Prices on the American Stock Exchange and the Market rose in quiet trading. The AMEX Index closed at 22.47, and was higher throughout the session. Advances outnumbered declines 491 to 294 while 344 issues were unchanged. es two-to-o- winneapoiis ST PAUL SIOUX TAILS rapid cmr snntmcisco DENVER 10S ANKLES NIAKI0 Western is No. 1 in on-time dependability. With nonstops, thru-jet- s or connecting flights to ail these cities. 2 Vr & Western lUeailUrtWtihnlhwtukiJ clined while 2,017 were unchanged. Turnover on the New York Stock Exchange expanded to 14.16 million shares from 13.08 million on Wednesday. (Copyright) Range Stipend The Utah Section of the Society of Range Management has initiated a scholarship for junior and senior students in range management. pro-gra- m Your Travel Agent knows-j- ust say you want to fly Western. Or call us 328-115visit out ticket office in the at Utah. Livestock Loans lor your 5; production needs eed, slock, equipment. el Let's talk' J-iot- CaM Iutan I: the rose .87 to 102.57. Of the 3,120 issues traded, 670 rose, 433 de- OAKLAND o In Market, the NASDAQ Industrial Index was up .99 to 95.77 while the Composite Index Stanley Peters, Mgr, livestock PCA (801) 322 5603 |
