The Honolulu Advertiser from Honolulu, Hawaii • 23

Stocks D2-4 Market report D3 Shipping D4 ill The Honolulu Advertiser Tuesday, July 18, 1989 D-3 1 Good news expected in midyear report on deficit, but 7 I Market Data Bank IWIC4I IVIO pow 2553,49 43 OX 3 332.44 0.60 NYSE 185,37 tMl GlSnOf AM EX 369.55 1.43 SBXmsaaBss NASDAQ 449.88 0.98 f-rmrmmm Lmmmmm. ivi A I 1 1 ifi lr mZi'H Jim i gl a .11 Dow breaks string of uppers, dips 1.33 points By Gerald M. Connors hew York Daily Newi NEW YORK Skittish. With a nine-session win streak Tokyo Markets The Nikkei average of 225 Tokyo Stock Exchange issues closed at 33,343.73 points, down 112.49, on Tuesday (last night, Hawaii time). The dollar closed at 142.35 yen, up 0.82 yen from Monday.

unaer us Deit, uie stock market turned edsv vesterdav. which has already been moving quickly to implement a budget accord for 1990 based on the earlier projections. In advance of the new government estimates, private analysts did not expect the administration to make changes that would upset the delicate 1990 budget agreement, which barely meets next year's legal deficit target of no more than $100 billion. Still, the economists made it clear that they did not think the actual 1990 budget shortfall will be anywhere near as low as the government's sunny projections. They looked, instead, for the 1990 deficit to end up from $25 billion to $60 billion higher than the legal limit.

Jerry Jordan, a former Reagan administration official who is now chief economist for First Interstate said, "They may get a healthy dose of smoke and mirrors to make the deficit look smaller initially," but the shortfall will be far worse than the government thinks. In the meantime, with eight months of figures already available for spending and revenue in fiscal 1989, this year's deficit may be $150 billion or less. By John Boyd journal of Commerce WASHINGTON Regardless of what the Bush administration says today, private analysts figure the budget deficit will bring good news for this year and bad news after that. Economists broadly agree that the current-year budget deficit will decline from 1988's $155 billion, but think the 1990 improvement will be far less than the government is willing to acknowledge. Their estimates come as the Bush administration this morning unveils its midyear look at the economy, and calculates the budget deficit that is likely to result.

President Bush's top economic officials Treasury Secretary Nicholas Brady, Budget Director Richard Darman and Council of Economic Advisers Chairman Michael Boskin will brief reporters on the new economic outlook. That will be the first full-scale economic forecast made by the Bush officials, who in February had just slightly modified the optimistic projections left by the Reagan administration. Darman will discuss the revisions today before Congress, Advemer photo by Carl Vrt) Extracurricular activity Prices wandered narrowly for the most part as volume on the New York Stock Exchange melted to 131.9 million shares from Friday's trading pace of 183.4 million. Down some 10 points in early action, the Dow Jones industrials had recovered to be up 5 by 3 p.m. A final hour tug of war, however, pulled the chip indicator to a losing finish for the first time this month, down 1.33 at 2,553.49, ending its longest winning streak since January 1987.

But, despite the blue-chip dip, advancing issues edged losers, 752-718, on the Big Board. And Dow's transportation index continued to soar, climbing 18.76 to a record high 1,229.30 amid airline takeover specula- tion. Analysts attributed the list's hesitancy to investor caution in the face of today's trade deficit report and tomorrow's announcement of the June Con- sumer Price Index. The early call is for a widening of the May trade gap to some $9 billion from April's $8.3 billion and a decline in the CPI's rate of rism uo 0.3 percent from May's 0.6 percent increase. "It's too quiet for me to get a real handle on the market," said Donaldson Lufkin Jen-rette's equity trading manager Dudley Eppel.

"We need volume just as much as we need price movement." "The short-term picture looks very negative," said analyst Michael Oliver at Stock Index Futures Co. "I look at about 20 indicators and all of them are screaming bearish." "We're probably due for some consolidation here, particularly after the sharp move up we've had." About 30 members of the Screen Extras Guild picketed from 6 to 9 a.m. yesterday outside Diamond Head Studios to protest the hiring of non-union extras for Viacom Production's "Jake and the Fat Man." Extras for the show had responded to a public casting call several weeks ago, according to a spokesman for the union. He said the union feels betrayed after having operated in Hawaii for about 30 years. There were no immediate plans to continue the picket on 18th Avenue and Diamond Head Road today.

Consultant tells to dump refinery Dow Jones Industrials Low 2,535.85 High 2,565.82 fjprn Fpv 4a fafji( Ji 2600 Such a contract also probably would result in a reorganized Hawaiian cooperative, Buyers said, one that would deal with production of raw NYSE Average 12 19 26 2 July 2500 mr -24O0 I 2,553.49 1 Down 1.33 i -2300 1 17 1989 I I-2200 Wilson Couch Buyers Between 1975 and 1987 the sugar industry lost one of its biggest customers when soft drink producers switched almost completely to high-fructose corn sweeteners or chemical sweeteners. Now, Buyers said, things are beginning to look better for sugar again and demand has been rising. But the cooperative will need to change to better compete in today's marketplace, he said, and to reflect the changing situations of Hawaii growers. "Sixty-five years ago, we were all similarly situated," Couch said. "Sugar was our primary business we served on each other's boards.

Today, we have different resources, different goals." 12 19 26 3 17 July Most Active Stocks Voi tion of sugar mills. If the refinery is sold or leased, Buyers said, the new operator probably would insist on a 10-year supply contract with the Hawaii producers. Such a contract could stop any more closures of sugar plantations in Hawaii, he said, by committing growers to meet this demand. sugar and that would own the shipping line. Couch said the Amstar contract of 400,000 tons per year covers five years, giving growers more alternatives.

Marketing in the eastern part of the country moves the cooperative away from the heavy competition of the sugar beet industry in the west, he said. ClOM Stock HouOII 239,300 1 Hasbro 229.100 20 Lion 221,000 7 Vi Telesph 219,900 2V 100 33Vi ,800 65 .200 17H Ch9 8 1 11 Trends Market Indexes New York Ctoee Change Index 165.37 031 Industrial ....221.85 058 Transportation 1 78.68 1.74 Utility 90 80 Finance 158.08 -004 American Ctoee Change Index 369.55 t.43 NASDAQ Ctoee Ctienge NMS Compos 196.46 0.46 NMSIndust 171.23 0.71 OTC Compos 449.88 0.98 Menon 5 846. Wtmr 3,516. CptrAs 1.834, 1.421, NYSte 1,240, 1,155, Gn0 1,141, 1,138 Mototl 1,037, McOnkt 1,029 200 116 800 27 600 281 800 54H 800 38 ,300 66V, ,900 29 .800 59 .300 63 SmrthBk 998. 2 -V -V -V, -41 Ttxsco 987 900 43 700 141 200 46 GM 935.

930, Exxon 899, New Tor Mon Fri Advanced 757 819, Declined 713 659 Unchanged 516 518 Total 1986 1996 New highs 125 146 New Iowa 9 11 American Mon Fri Advanced 309 293 Declined 264 265 Unchanged 287 266 Total 840 824 Newhigha 32 31 New tow 7 8 Stock Salee Close Ctfl EngySv 984.800 3V 1 BAT 963,10014116 Frurt 732,100 12 TtxAIr 639.300 16 WangB 492.900 7 EchoBy 286,000 15 Gold, Silver Yeeterdey Prevtoue Gold 37100 370.80 Silver 5 207 5.195 Platinum 508.70 aaaBBBBaaaai, aaaaaaajiiBBjBaBaaBBBBBjajBaaBjBjH, mmtmmmmmmm. I 11 il in By Ilene Aleshire Adverliter Butineti Writer When Sugar Co. began shipping Hawaiian sugar to Amstar Corp. for its refineries in the eastern half of the United States last year members of the cooperative discovered two things. They could make more money snipping raw sugar to Amstar than they could by processing it in the cooperative's own refinery in California and selling it, chairman J.W.A.

"Doc" Buyers said. Taking away about 40 percent of Hawaii's sugar production from the refinery in Crockett, Calif, meant the refinery was not operating very efficiently. commissioned a report from the New York-based McKinsey Co. more than a year ago, Buyers said, and one of the consultant's major recommendations was to do something about the refinery, which it said was a liability. Buyers, Roderick Wilson of AmfacJMB Hawaii and John Couch of Alexander Baldwin said they have been investigating the alternatives which include selling the refinery, leasing it or taking in a new partner to run it and that they hope to have some recommendations by the end of the year.

Couch and Buyers said the refinery, run by the 14-member cooperative, has taken enormous sums of money that could potentially be freed for investment in the industry in Hawaii, including moderniza- L.A. station buying KHAI A Los Angeles-based station has agreed to purchase KHAI-TV Channel 20 in Honolulu, a UHF station which carries Japanese, Korean and Filipino programs, for $1.75 million. KSCI which serves the Asian Pacific American community in California, and Honolulu Family Television owners of KHAI, have signed the agreement, pending approval by the Federal Communications Commission. The new owner has no intention of changing the format of KHAI, said KSCI-TV spokeswoman Martie Quan. No staff changes are planned with the shift, station manager Dan Kawakami said.

KHAI-TV began operating in December 1983 with a Japanese-language format It added Filipino programming in 1986, Korean this March, but remains predominantly Japanese. The station presently reaches Molokai. Maui and Lanai by cable, and Oahu by both cable and through the air. and its share of the local viewers is 3. Kawakami said.

Dow Jones Sleek Open High Low Cloee Chng 30 44 2565 82 2535 85 2553 49 -133 20 Trans ..1208 12 1234 64 1202 62 1229 30 16 76 15 Utlls 215,73 217 30 215.23 216 74 4.12 65 Stock 984.73 997.16 981.41 992.83 4.33 Standard Poor's High Low Cloee Chng '400lndls 380 34 377 85 379 67 0 97 20Trans 27568 272 23 27522 2 00 40Uts 13862 13805 13836 423 .40 Frets 31 62 31 68 31 76 405 500 Stocks 33302 33102 332 44 060 100 Stocks 308.59 306 48 307.91 0.73 Sugar Futures Wortd eugat No. 11 futures Open High Low Scttto Chg. Oct. 13.90 14.03 1355 13 97 Jan 12 75 Mar. 12 95 13 20 12 79 1319 May.

1271 13 05 1264 1304 .13 Jul 12 80 12 67 12.57 12 83 .01 Oct. 12 45 12 52 1245 12.52 Dome lite sugar No. 14 futures Open High Low SeHre Chg. I No 22 69 22 78 22 69 22 77 .12 Jan 22.32 22 32 22 32 22 36 04 Mar 2233 .01 -May 2236 .03 Jul 2231 Sep. 21 66 21 65 21 65 21 65 Nov 2180 21.80 2160 21.80 Foreign Exchange Fgn.

currency DoHar In In doftsft fpn. cunvney Moo. Fit, Mon Frt. l-Argent(Austrsl) .0016 .0017 607.68 604.80 Austrslls (Dollsr) 7548 .7548 1.3249 1.3249 Austria (Schilling) 0752 .0752 13.30 13 30 Britain (Pound) 16140 1 8095 .6196 .6213 Caneda (DoHar) 6401 .8394 1.1903 1 1913 Cotomtxe (Peso) .002642.002642 378 50 378 50 d-Egypt (Pound) 3841 .3910 2 8032 2.5582 Flnlend (Msrk) .2326 7339 4.2960 4.2750 France(Franc) 1557 .1557 6 4215 6 4215 Greece (Drachma) .006061 .006094 165 00 164 10 Hong Kong .1281 .1281 7 8050 7.8060 y-lndte (Rupee) 0610 .0610 16 390 16390 Israel (Shekel) 6155 .6155 1 9400 1 9400 Italy (Ural 000722 .000730 1386.00 1370.50 Japan (Yen) 007075 .007110 141 85 140 65 Jordan (Dinar) 1 8375 16375 .54420 .64420 Malaysia (Rmggrt) 3729 .3729 2 6820 2 6820 I-Meiico (Pom) 000396 .000396 2514 00 2514 00 NetrirlndslGuilder) 4690 .4690 21321 2.1321 N.Zealand 6670 .5870 1 7640 1.7640 Portugal (Esoudo) ...006266 .006301 159 80 158 70 Saudi Arab (Rival) 7670 .2667 3 7450 3.7500 Singapore (Doner) 5116 .5115 1 9550 1 9550 So. Korea (Won) 001504 .001505 865 00 864 50 So Africa (Rend) 3675 .3707 2 7206 2 6975 Spein(Peseta) .008428.008428 11685 11865 Sweden (Krone) 1548 .1548 8 4815 8 4615 Switzerlnd (Franc) 6066 .6066 1.6432 1 6465 Taiwan (NT S) 0391 0391 25 60 25 56 Theaend (Bant) 03899 03899 26 65 25 65 Turkey (Lira) 000474 .000474 2106 00 2108 00 U.A E.

(Dirham) 2723 .2723 3 8716 3 6716 W.Ormny (Mark) 5252 .5238 19040 19090 Yugoslav (Omar) 000055.000061 180356 18306 3 Receive this 10-cup Mr. Coffee automatic brewer when you open or renew a Savings Certificate for $10,000 or more for one year from Pioneer Federal. Dividends Earnings Per. AM Dec. Dees WREOULAP.

95 8-4 8-31 1 6375 8-4 8-31 .48 7-24 741 9-1 10-1 OMITTED Ceenpen FetChi adk FslCM adtptC Montgom Sttnoo NYSt EIQ ed)pfA Amoakeag Bk Shra Per Snore $1 68 $1 59 6moe Yeer Ago Net Inoo $153,510,000 $140,770,000 Per Share $3 42 $3.06 General deckle Co. 2ndQtr Veer Ago Net moo $972,000,000 $835,000,000 Per Share $1 08 $0 93 WHtMMrftjkl tnsJuMrtM InB 2ndOtr Yeer Ago Net Inoo $47.073 000 $42.316 000 Per Share $1.85 $188 Boiee Cascade Corp 2ndOtr Year Ago $75.260000 $72,230,000 Net moo PER ANNUM Hawaii Stocks, Mutuals PI0S1EER FEDERAL The Bank Where You Belong PHONE 522-6777 (on Oahu) From B. Havre Securities Salea CIm Chng Salee ClM Chng AleilBId 71.400 35 Vi MaunLoa 2,300 10' -V BancpHaw 24,500 50 MidPacAir 1B unch Barnwell 1.500 22H unch MolRanch 52B unch CaettC 166,300 39H PaclntSvc 6,200 1 unch CBBncshrs 1tB unch Realnctnv 3,700 11 unch CPB Inc 24,200 22 5NL Find 6B unch Cyanotach ViB unch Mutual Fund FlrttFsd 12.600 25 VI From First Pecmc Menegemem Corp FlratHaw 600 33 -1 Sal Buy Chng HAL Inc 9 900 26 -1 HtHawMuni 10 28 10.26 HewEleeln 34,800 33 unch HawnTaxFr 10-96 11.42 IntHWCap 128 unch UahlTa.Fr 12 64 12.90 Mauiland 200B unch SalrgTixE 7.30 7.66 FSLR One gilt par account holder, while supplies last. Substantial penalty tor early withdrawal Interest calculated at simple interest and is paid on a per annum basis Rata tixed tor the term ot the Certificate Rale subject to change. etaaasjajjjjiia.