The Salt Lake Tribune from Salt Lake City, Utah • 20

ynig.ymnn "'ir V'1' 't" "Ny- Jje Jialt akeibune Bllsill0SS Friday Morning July 29, 1983 Seetion Page 4 Up Down the Street Kennecott Losses Fall Sharply By Robert H. Woody Tribune Business Editor Recovery in the wind? Kennecotts losses fell sharply in the second quarter and the first half of the year, its parent Standard Oil Co. (Ohio), said Thursday. And Kennecott announced it will resume metal mining and concentrating operations at the Ray Mines Division, Hayden, shut down since May of last year. Marketplace indications are positive.

We believe the current economic recovery will be reflected in increased copper consumption, said G. F. Joklik, president of the Salt Lake City-based Kennecott. Sohio reported mining losses in the second quarter had been cut a whopping 37 million from $46 million in the year-ago quarter to $9 million in 1982s second quarter. The six-month loss, at $40 million, was less than of the $98 million lost in 1982s first half.

It credited cost-cutting measures and improved copper, gold and silver prices. Copper counts by far the most in its mining activities. With start up, Ray will have 750 hourly and salaried Workers on the job by late August. A force of 175 has been maintaining the property since shutdown. Ray Division's electrowinning plant will stay shut.

The divisions 25,000 tons monthly of concentrate will be sold to Asarco. Under the modified startup, Kennecott was able to resume operations earlier at Ray than anticipated, Mr. Joklik said. Another big factor In earlier strart up, he said, were those improved work rules and manning fle.ibllity worked out in new labor contracts this spring. The Chino Mines division at Hurley, N.M., owned jointly by Kennecott and Mitsubishi of Japan, also shut down last May but resumed limited operations in September.

It employs more than 1,000. The Salt Lake City-based Utah Copper Division, crown jewel of Kennecott, employs 5,000, down from more than 7,000 two years ago. Sohio reported second quarter net income of $476 million, basically unchanged from the $473 million earned in the 1982 quarter. Net income for the half was $753 million compared with $928 million. Six-month results include an estimated after-tax $75 million charge against Income as result of dropping its abrasive manufacturing operations.

Net income, too, was cut by $65 million through redetermination of participating interests in the Prudhoe Bay, Alaska, oil field, where Sohio is one of three principal operators. The Market In Brief New Stock Exchange July 28, 1983 UP 396 VOLUME ft 78,410,000 0 1 UNCHANGED 340 SHARES DOWN 1227 ISSUES TRADED 1963 Market Retreats For Second Day Offer Made For KSTU Dully by Bruce llammoud SPRINGFIELD, Mass. (UPI) -An offer has been made to buy the Springfield Television Corp.s three television stations, one of which is in Salt Lake City, the company announced Thursday. The announcement said simply an offer was made to buy the holdings and the decision was in the hands of company stockholders and the Federal Communications Commission. The company owns WWLP TV-22 in Springfield, WKEF TV-22 in Dayton, Ohio, and KSTU TV-20 in Salt Lake City.

Church to Buy Radio Station U.S. Dollar Soars to New High Levels NEW YORK (UPI) The dollar soared to new high levels in Europe by political and economic tensions and in New York, by Federal Reserve Chairman Paul Volckers latest warning about interest rates. Gold and silver were little changed. Tension in central America and no sign of a let up in the Gulf war have contributed to the dollars latest rise, a Paris foreign exchange trader said. There is also a general expectation that the federal funds (overnight bank lending) rate will rise to 10 percent.

Market fears of higher interest rates were exacerbated Thursday afternoon when Volcker warned a Senate committee that emerging private credit demands are beginning to clash with the continuing heavy financing needs of the government. Volcker said higher monetary growth targets by the Fed would not be an appropriate response in view of the potential for greater inflation and ultimately higher interest rates, and he said more progress in reducing the deficit would reduce the risk of aborting the recovery through higher rates. The dollar, already at high levels in Europe, jumped sharply in late New York trading after Volekers remarks soaring through the 2.64-German mark level. Scott Pardee, executive vice president at Discount Corp. of New York, said high U.S.

interest rates have clearly contributed to the dollars strength, but the dollar has risen even during periods of declining rates. Capital flows out of other countries, and other currencies, have been the force keeping the dollar up and pushing it higher, Pardee said. There are many reasons for the inflow of funds political, economic, psychological but it has been huge. With market participants facing so many uncertainties, Pardee looks for volatility that has characterized recent trading to continue, particularly in view of the huge U.S. deficit.

In London, the pound eased to $1.5250 from $1.5280 Wednesday. In New York if fell to $1.5250 Gold, which has traded within an $8 range for three weeks was almost unchanged. It closed $1 lower in Zurich at $425.50 and 37.5 cents lower in London at $425,375. SAN FRANCISCO (UPI) The King Broadcasting owner of San Francisco radio station KYA, has reached an agreement to sell KYA to Bonneville International a Salt Lake City firm owned by the Mormon Church. The agreement announced Wednesday is part of a series of transactions that began in June when King Broadcasting, headquartered in Seattle, reached agreement to purchase station KSFO from Golden West Broadcasting Co.

Jim Kime of King Broadcasting did not reveal terms of the transaction with Bonneville. By Steven P. Rosenfeld Associated Press Writer NEW YORK A broad stock market retreat extended into a second straight session Thursday as interest rates rose, prompting traders to sell shares to cash In on a recent rally. Stocks falling in price outnumbered rising issues by more than 3 to 1 on the New York Stock Exchange, with transportation and technology issues among the big losers. The Dow Jones average of 30 industrials dropped 14.12 points to 1,216.35, bringing its losses for the past two days to 27.34 points.

The blue-chip average had flirted with record heights and briefly topped the 1,250 mark Wednesday before reversing course and snapping a six-day rally. But it was not a runaway selloff. Big Board volume fell to 78.41 million shares from 99.29 million Wednesday. Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 92.63 million shares. Analysts said selling pressure began building Wednesday when early gains in the Dow Jones industrials failed to carry the entire market higher.

When the Dow tried to make a new high and the internal market didn't help, people started to dump stock, said William Raftery, a technical analyst at Smith Barney, Harris Upham Co. Inc. There are some huge profits out there to be taken. After a mixed opening Thursday, technology stocks renewed the sharp declines suffered Wednesday, when concern grew that increased competition in the home computer business would widen already growing losses in the industry. Texas Instruments, which announced another top-level resignation, fell 7 to 108Va; Paradyne, in a contract dispute with the government, dropped 2 to 16V; International Business Machines slipped 1H to 122; Digital Equipment fell to 102 Coleco Industries shed lVi to 33; and Commodore International slid 2 to 45V4.

Another unsettling influence was a rise in interest rates in advance of another record round of U.S. Treasury borrowing scheduled for next week. Short-term rates rose more than a tenth of a percentage point. Longterm bond prices, which move in the opposite direction as interest rates, fell more than $10 for each $1,000 in face value. Analysts attributed the bond market setback to investors response to congressional testimony by Paul Volcker, chairman of the Federal Reserve Board.

Volcker repeated earlier warnings that with the economy growing, private demand for credit is beginning to collide with the governments huge borrowing needs, something that keeps interest rates high. Prospects for lower interest rates and a sustained recovery would be improved if the deficits qre reduced, he said. Standard Poor's index of 400 industrials fell 2.91 to 186.14. and 500-stock composite index was off 2.55 at 165.04. The NYSEs composite index fell 1.43 to 95.71.

At the American Stock Exchange, the market value index was off 3.51 at 240.85.The NASDAQ composite index for the over-the-counter market closed at 308.47. down 6.57. Iacocca Predicts Japan Action WASHINGTON (UPI) Chrysler Corp. Chairman Lee Iacocca predicted Thursday that Japan will order a fourth year of limits on auto exports to America. It's my guess, my optimistic, hopeful guess, Iacocca said after testifying before a House Judiciary subcommittee that is gathering in formation on internationalization of the auto industry.

Japans international trade minister said June 30 the government would allow a three-year agreement to expire in March 1984. Under the agreement, Japanese automakers, who hold 22 percent of the U.S. market, are limited to exporting 1.68 million cars a year. REPORT OF CONDITION Roort ol condition of "PEOPLES FINANCE THRIFT COMPANY dba PEOPLES FIRST 4041 Rlverdal Road. Rlverdala, Utah 84403, In tta stata of Utah, at tt ckxia of business on Juno 30, 1983.

tSTS 123.019 00 Cash and due from banks UU a. Loan and discount (net) aewaS b. Less allowance for loss Rfciaa.wi c. Total net receivables 1,909,1 45 00 institution's premises, furniture fixtures end other assets representing the Inetltutlon't premises 2 TOTAL ASSETS UAEiLlf iEi 1.0694.18 00 Thrift certificates, passbook. NOW accounts, other 2 TI1 LIABILITIES TOTAL LIABILITIES 'STOCKHOLDERS EOUiTY fjimmnn ltfk 125,000 00 common Surplus 193 499 00 Undivided profits Hi jw TOTAL STOCKHOLDERS EQUITY TOTAL LIABILITIES AND EQUITY CAPITAL 1, Russell B.

Jex, President of the above-named Industrial Loan Corwatlcdo aotajrv SWEAR AFFIRM that thl report ot condition it trve end correct, to the beet of my knowtecwa and belief RUSSELL B. jex. President B.WEBB RUSSELL B. JEX Directors State of Utah, County of Salt Lakes: Sworn to end subscribe before me this 31 st day HEGEMANN. Notary Public My Commission expires April 3.

986 STATE OF UTAH Department of Financial institutions I. Stewart G. Vernon. Asst. Chief Examiner of Financial Institutions.

dohereby the toreflolny Is a true and correct copy ot the statement of the above named Industrial Loan Corporation, filed In this oHIce on July 31, 1983. STEWART VERNON Asst. Chief Examiner of Financial institution COLOR SLIDE CHEVRON USA. INC. EVANSTON, WYOMING 10:00 AM AUGUST 11 CHEVRON USA INC has completed construction of Caitet Creek Gas Plant told has chosen Nelson ki-lernationN to auction surplus equipment and material trom this prowol Sal wR be held Evaneton, Wyoming by color slide Inspection will begin two weeks pnor to suction LOCATION OF SALE: BILLY S.

235 OVERTHRUST ROAD. EVANSTON. WYOMING CONSTRUCTION EQUIPMENT: VERMEER T300 Trencher DITCH WITCH RIOO Trencher. CASE 380 Farm Tractors CAT Diesel Electric Sets. Compaction Equxner4.

Concrete Equkxnent. Dneal and Gas Welders. Pipe Threaders Water Pumps, Trsncti Boxes. Jack Hammers. Firs Extinguisher ELECTRICAL: Large Stock ol Pole Une Equipment Larry Fixtures RELATED: Lame eeeonment of J-Bolts.

L-Bolts. Rebar. Angle, I-Beams. Plat Steel. PSjmbmg Fixture PIPE 33 540 6 AJumexim Irrigation Pip 4 560 3 Aluminum Pipe.

3.680 6' Steel Irrigation Pip PVC Pipe VEHICLES: FORD Bronoo. CHEVROLET Btazara 8 Pickup 4 Service Trucks Fual Truck. Tra Truck KENWORTH Truck Tractor, 13 1961 Model 60 CHEVFtOLfT School Buee. 6 1979 Model 700 FORD School Bums 6 1972-74 1800 IHC School Bums TRAILERS AND CREW QUAHTER8: (16) 8x40 Tandem Axle Van Trailers (51 3 Room 01ic Trailers (with minimum) (6) 40 Man Dormitory Units (with minimum), (2) 30 Man Dortmloiy Units (with minimum) (1) 9 Mcxtuto Ottioe Complex twilh minimum). 11)8 Mockiie Recreation Complex wlh minimum).

(5) 10 x20 Torlel Trailer iwnh mmrmum). (21) 15 Ton Farm Trailers OFFICE EQUIPMENT: ISO Desk. 127 Osua 157 SkM Chairs. 200 File Catxnsts. 2 GE 46 TV 2 GE VCRs.

2 Pool Tables, Boxing Ring. TV Satelkl CAsh (with mwwisxny This is partial liet'ng inventory sutyect to change TERMS OF SALE: Caah. cashiers check or bank teller guarentoerng payment cX dak or tkeft TxE-014-01 1 1 JIM SHORT Auctioneef Write dll hr Descriptive litcchure 4 ISC TtONf LIQUIOATOK9 mum anmnusn P.O. BOX 8170 TYLER. TEXAS 75711 AC.

214581-1150 TELEX 7J-5428 1 Pine Trees Spruce Trees Fruit Trees and Shade Trees Otto Luykin Laurel Grape Vines Mugho Pines Upright Junipers Spreading Junipers GROUND COVER Vi PRICE Ajuga Creeping Jenny Red Dragons Blood Sedum Potentilla reg. 19.98 PERENNIALS 6 Pack Gallon Can 99 40 varieties to choose from. Many in bloom. CEDAR BARK 99 Large bags Excellent for much more top dressing reg. 3.98 Reg.

6.98 Petunias Marigolds Bedding Plants Petunias Marigolds Allysum Ageratum Salvia Phlox PRICE V. COLOR POT SALE ALL IN BEAUTIFUL BLOOM, 4 Geraniums Ageratum Marigolds Begonia And others Salvia Coleus Petunia Plant fruit and shade trees now Hank has them growing in large plantable tubs. SHADE FRUIT TREES Maples Catalpa Quaking Aspen Birch Ash Cottonwoods Flowering Trees Peaches YOUR CHOICE Vi PENCE Apples Pears Apricots Cherries And Other Standard or Semi-Dwarf All in 5 gallon plantable tubs TRUCKLOAD APPLIANCE SALE Sony, RCA, Gibson Amana Stereos T.V.'s Freezers Videos Refrigerators Air Conditioners Telephones cordless A sample of the reg. 2.49 GRAPES 5 varieties Plantable tubs 2-3 Feet Tall TOMATO PLANTS Gallon Can STRAWBERRY PLANTS Loaded with berriM Largs 4 packs Evarbfaiing 1 499 PACK reg. 3.98 ipli good bargains Upright or Chest Freezer YOUR CHOICE IT 2023 E.

3200 South 425 W. 4200 South 1 xJkikJlAMMJkARA BlkAtvUlktowMM' (4U4J4I.