The Salt Lake Tribune from Salt Lake City, Utah • 28

Section Friday, June 24, 1983 Page 10 Wall Street Prices Fall Moderately The Market In Brief New York Stock Exchange June 23 1983 Expects to Open TV Station in Ogden UP 648 0, 0 VOLUME 89,600,000 SHARES I UNCHANGED 394 DOWN 950 E. Index S. P. Comp. 170.57-0.42 Dow Jones Ind.

1,241.79 3.90 Salt Idke Tribune ChAit while Standard Poors 500-stock index lost 0.42, to 170.57. Analysts said that many investors are apprehensive that the Treasurys huge borrowing needs plus the increasing demand for credit by business as the economy continues to surge may soon drive interest rates higher. In mid-afternoon Thursday, the Treasury announced a record budget deficit in May of 329.3 billion. The administration is forecasting a deficit of more than 3210 billion this year. The stock market generally declines when interest rates advance, partly because investors switch funds from equities to government securities and other fixed-income investments.

Higher interest rates also Increase the borrowing costs of corporations and thus often weaken their profits. Dow Soared Since the stock market rally began In mid-August, the Dow average has soared more than 460 points primarily because of declining interest rates and an improving economy. "The markets weakness today, after its long advance, is only a minor adjustment before it resumes its upward course which should continue throughout most of the summer, said Mark Stahl, senior vice president of Shearson-American Express. Turnover on the Big Board Thursday dropped to 89.6 million shares from 110.3 million shares the day before as institutional participation slackened. For Capital Expenditures Utility Files With SEC to Sell 1.1 Million Common Shares three multi-point distribution systems in Florida.

It has been granted three licenses out of 12 applications for low power, very high frequency television systems in Florida. Since becoming a public company, it has entered the transportable uplink satellite communications business. In that, it serves as common carrier for national networks. Small Cable Systems The firm operates several small cable television systems in north Florida. It provided the communication linkage for ABC in the Dec.

31 Sugar Bowl game in New Orleans, he said. It has provided the service for several Disney EPCOT productions, he said. President is Dr. Mark Kane Goldstein, 45, a former Veterans Administration psychologist and former mayor of Gainesville. A Cornell University graduate, he earned his doctorate at Columbia University.

Mr. Budd, 35, a certified public accountant, closed his accounting firm, which specialized in the communications industry, 2ft years ago to join 20 Cents a Share Offering of shares at 15 cents provided $3 million in capital. Warrants exercised at 20 cents a share, raised an additional 22 million by February. Shares recently have been trading in the 50 cents range. Since going public, the firm has not had any earnings, he said.

He said he could not project revenues for the fiscal year ending Sept. 30 due to the uncertainty of summer activities. He estimated revenues for the next fiscal year at $2 million. The firm is awaiting FCC approval on purchase of a radio station in Tallahassee, Fla. Mr.

Budd said the firm selected Ogden for a station site because of expectation for Western growth. Mountain Fuel Supply Co. Thursday registered with the Securities and Exchange Commission to sell 1.1 million shares of common stock. The company currently has about 7.7 million common shares outstanding. Company spokesman R.

Curtis Burnett said proceeds from stock sales will be used for capital expenditures and to obtain additional operating capital. The First Boston Corp. and Wertheim Co. have been named as underwriters for the offering. The registration statement filed with the SEC contains an unaudited earnings report that discloses consolidated earnings of 339.81 million, or 34-81 per share of common stock, for the first five months of 1983.

compared with earnings of 333.2 million, or 33.95 per share, for the same period of last year. The earnings rise was attributed to increases in earnings by company subsidaries, which posted an earnings increase of 34 6 million during the January-May period, over the same period of 1982. Utility earnings Special to The Tribune GAINESVILLE, FLA. American Communications Television expects to be in operation next year with Channel 30, an independent, ultra-high frequency, full-power, 24-hour television station in Ogden, Utah, Harvey Budd, vice president and controller, said Thursday. He said the Gainesville-based firm wont start operations until after the world Olympics in Los Angeles next summer.

There simply would be too much competition for viewing time, he said. He said he hoped the station would be able to reach the metropolitan Salt Lake City area. Range, however, will depend upon transmission facilities, and tower construction and siting, he said. Typically, hs said, equipment is not available six months after order. Small News Staff Mr.

Budd said the firm will probably have a small news staff. Pro-gamming probably will be aimed at entertainment with emphasis on sports. Target would be an adult, sophisticated audience in the 18 to 60-year range, he said. He said the station would hire a general manager this fall. When completed, the station would have 10 to 15 employees in operations, six in sales and six in management.

The firm was founded two and a half years ago. It became a publicly traded firm last June. Thirty million Shares trade on the national over-the-counter market (NASDAQ). Antenna Systems operates several small satellite-master antenna systems, primarily for condominiums in the greater Miami and greater Fort Lauderdale areas, he said. 1 It has applied for licenses for low-powered television systems and multi-point distribution systems in Florida.

It has filed for agreements on ffVi Vs I.v5 -trspr Gulf Western topped the most active list and eased ft of a point to 29ft on a turnover of 3.3 million shaies, including a block 3.1 million shares at 29 Mi shortly before the close. Eliminates Holdings A spokesman for Icahn the brokerage firm, said the sale of the block eliminated its holdings in Gulf Western. The buyer of the block was Kidder Peabody Co. which purchased the shares for various clients. Some of the technology issues registered impressive gains.

Texas Industries climbed 4ft to 122ft, Tandy added 2 ft to 52, Prime Computer was up 1ft to 23ft, Motorola, 3 ft, to 137ft and Hewlett-Packard, 3, to 95ft. The auto issues finished mixed despite the news that their mid-June sales rose 73 percent from the same period last year. Chrysler was up ft to 33ft, General Motors added ft to 74, Ford lost 1ft to 57ft and American Motors was off ft to 9ft. Cessna Aircraft rose 1 to 29ft after gaining 3ft points on Wednesday. The firm is negotiating the sale of 30 of its new single-engine turboprop utility aircraft.

Highest Priced Issue Metromedia, the highest-priced issue on the exchange, climbed 6 to 554. On Wednesday, the owner of television and radio stations, announced a co-production agreement with Home Box Office whereby Metromedia would buy premiere films made or commissioned by HBO. by Bruce HanmoncI i ft By Alexander R. Hammer New York Times Writer NEW YORK Stock prices fell moderately Thursday in slower trading as renewed concern over the possibility of rising interest rates weakened the list. The Dow Jones industrial average, which was in the loss column throughout the session, closed off 3.90 points to 1,241.79.

In the general market, declining stocks on the New York Stock Exchange outscored issues that rose by 942 to 625. End Lower The two other pivotal indicators, which made new closing highs on Wednesday, also ended lower. The exchanges composite index of 1,500 common stocks fell 0 18, to 98.83, increased by about 32 million, Mr Burnett said. The stock offering will dilute the value of the outstanding shares by about 12 percent. The companys board of directors earlier this year approved a two-to-one stock split, and the company reported that a new accounting method employed by its subsidaries to account for investment tax credits resulted in cummulative earnings for the five-month period of about 339 84 million.

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