Two University of Utah graduate students will receive the first $9,000 scholarships from the school's Garn Institute of Finance Fellowships.

The recipients are John W. Cooney and Robert A. Lutz.The fellowship is named after Sen. Jake Garn, R-Utah, who was the Senate's Banking Committee chairman in the early 1980s and is now its ranking minority leader. The fellowships are aimed at helping promising students who are expected to make research contributions that will help industry and government leaders make informed decisions in the complex financial marketplace.

Cooney is a graduate of the University of Florida and the University of Utah Law School. He expects to earn his doctorate in 1990. His area of study is the effect of new stock issues on the price of existing shares.

Lutz also expects to earn his doctorate next year. He graduated from the U. in 1986, earning the Outstanding Scholar in Finance award. His graduate work is in insurance pricing.