The Cincinnati Enquirer from Cincinnati, Ohio on September 28, 1991 · Page 15
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The Cincinnati Enquirer from Cincinnati, Ohio · Page 15

Cincinnati, Ohio
Issue Date:
Saturday, September 28, 1991
Page 15
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BUSINESS NEWS, THE CINCINNATI ENQUIRER SATURDAY, SEPTEMBER 28, 1991 B-5 Amex stocksB-6 Mutual fundsB-6 a NASDAQ selectB-8 NYSE stocksB-7 369-1962 ii Vkl Portfolio d bv 2000 More space neede 7 Tristate to require about 6.6 million rl Cincinnati metro area square footage required by SIC group in 1988 3100 3050 3000 2950 2900 arid 2000, based upon labor market projections 233 square feet more BY JEFF HARRINGTON The Cincinnati Enquirer Imwmx&MR wm&mmmmM ZmmimieujiZSfifiS Insurance financeCollection rTwmrravelAjafll SecSwJCons-iltirg CofflputaDataProc. Consultants, secretaries, and L1UUMUUUUI Health Services 1mwibw.'4iim(WWIA Mmmen wimwiWiW ....:.-;.v.--:::::-.:: fc-irir-HTiifiM-li ii" ' Ifffl, . . : . health-care workers will be coveted tenants and the catalyst for Tristate office development into the next century, a new study space downtown in total, but not necessarily the kind expanding businesses need," Miller said. He envisions high turnover, more upgrading of older buildings, and retrofitting space to meet needs of small users like consultants. Some building owners might opt to split floors into several one-to-three person office suites, like Chiquita Center has done. Among other projections: Office space for manufacturing will stay flat. There's growth on the distribution and export-based side, but it's countered by shrinking in the auto industry and other older manufacturing sectors. Much of the growth in' health care will probably come in new buildings. Its office growth accounts for just one-fifth of the extra space the industry needs. , that I will want to supply space toward," said Norman Miller, a University of Cincinnati real estate professor who helped compile the data. "If I'm a lender, I'm happier if the properties I lend to have more of those types of tenants." Factoring in growth to date, LeaseTrend said area businesses need a net 550,0000 square feet more a year during the next nine years. The problem not mentioned: More than 4 million square feet of the 25 million square feet of office space in downtown and the suburbs is empty now not including the growing amount available for sublease. In other words, it would take about four years to fill up existing vacancies without major corporate relocations into town, and that's assuming that there are no major corporate downsizings. "There is enough of a stock of Cwi.6 Mining! Misc Services IllllAccowling 17 18 19 20 23 24 25 26 27 September Dow Jones 30 Industrials Daily highs, with closes at arrow tip Area-Interest stocks In Industrial average (NYSE change from previous day) predicts. square footage: (millions) illllllli ! . Regional companies will need about 6.6 million square feet Real Estate Legal Services ::;::; Manutecluwg Advertise PubSc Admin. AT&T -12 GE -18 P&G 14 1988: Sq.Ft: required E2222 Sq.Ft needed by 2000 more in the year 2000 than they did in 1988, according to Cincinnati-based LeaseTrend, Inc. The 30-person data-collection firm Cincinnati Stock Exchange volume Friday 1,069,300 5 4 3 2 1 0 plans to formally release the survey soon as part of an in-depth market report. Market rally fades at finish the 1988 figure of almost 2.5 million square feet. "If I were a developer . . . this tells us the four or five key groups that will continue to grow icesconsulting division, expected to go up 1.2 million square feet over 1988 levels of 3.1 million. Health services will need about 800,000 more square feet than Top among growing office us ers is the secretarial serv- A modest early rally faded in the stock market rnday, leaving prices mixed in a session tvoical of an inconclusive week. The Dow lones average of 30 industrials Health dropped 11.18 to 3,006.04, closing out Japanese car limits opposed the week with a net loss ot U.19 points. But some market measures that give weight to smaller stocks posted gains. care plans Advancing issues slishtlv outnumbered declines on the New York Stock Ex- Dealers say quotas would rhanae. Rig Board volume came to an estimated 160.44 million shares as of 4 p.m. EDT, against 160.22 million at the available same point in the previous session. Cash flow figures increase hurt sales, jobs ENQUIRER NEWS SERVICES and THE CINCINNATI ENQUIRER Blue Cross to offer individual coverage Federated Department Stores Inc. and Allied Stores Com. said preliminary oper rVaWs who sell laoanese-made vehi ating cash flow in August rose 13 to cles came out in opposition Friday to BY MARGARET JOSTEN $33.6 million from $29.8 million tor the same month last year. The companies said in a news release that same-store sales, or proposals m Congress setting a iormai limit on lananese car sales in the United The Cincinnati Enquirer Community Mutual Blue Cross & Blue States, including those built in America. House Majority Leader Kicnara D-Mo.. and Senate Banking Com sales in stores open at least a year, rose in August 2.2 compared with the same period last year. Operating cash flow includes earnings before interest, taxes, dpnrpriation and amortization, and ex- Shield is actively marketing individual . health insurance products again for the first time in several years. mittee Chairman Donald Riegle, D-Michi- Through a joint venture with BCS Life Insurance Co., a national underwriter, the new products are designed for the eludes items related to bankruptcy ganization. The companies said August gan, are preparing bills that likely would restrict Japan's share of the U.S. market. The legislation, expected in the next few weeks, might resemble a recent deal self-employed, individuals with temporary insurance needs and workers in business sales totaled $523.9 million compared with sales of $540.2 million in August, 1 990. The companies said thev operated between Japan and the European community. Japan's share of Europe's car market, now 11, can grow to 16 by 1999 25 fewer stores in August this year. The companies said preliminary August results are encouraging, although the companies' including imports plus cars built in turope. es that do not offer health insurance. A temporary plan and a long-term plan offer coverage for inpatient and outpatient hospital services, physician medical and surgical services and some psychiatric and The plan comes at a time when are suffering greatly: nneratine results "still reflect a lackluster economy and reduced consumer spend substance abuse services. Sales of North American-punt are in a slump. The latest bad news ing." Comprehensive Major Medical lcie-term individual or family insur came Wednesday when manufacturers an United offer might be hurt ance with a choice of three levels of nounced sales for the Sept. 11-zu period were down 15.8. Among the Big Three, General Motors had a 20.9 drop; Ford Kentucky Gov. Wallace Wilkinson said Friday that he was having to scramble to rpnair damage to the state's negotiations deductibles $100, $500 and $1,000. With a $500 deductible, for example, a 30-year-old single man would pay a monthly premium of $79 and a family of fell 17.4; and Chrysler s estimated loss was 11.5. The Big Three automakers already to bring a United Airlines maintenance hub to the state. Wilkinson declined to discuss what measures he has taken but said comments from legislators Thursday four a husband and wite and two children up to age 19, unless students are offering incentives on their 1992 model cars, which just went on sale this month. would pay $318 monthly. In the latest round announced v nday, rord began a new program for a wide variety of its new 1992 model cars and trucks with With permanent coverage, individuals have the opportunity to elect optional features such as maternity benefits and a cash rebates ranging from $500 to $1,000. prescription drug card. And GM s Pontiac Division revised its program to include rebates between $500 and $1,000 on selected 1992 model cars and its Trans Sport minivan. Priority Plan is designed for individuals who need health insurance coverage for only a short period of time. People who might need it are those between jobs or new graduates of hieh school or college Japanese automakers share ot u.a. car sales was 32.2 in 1991, up 2 from the previous year. The Cincinnati EnquirerTony Jones who need health insurance for 30 to 180 Automotive's Acura dealership in Salesmen such as Gary Geier at Joseph days. from proposed legislation, restricting the Montgomery don t know what to expect There is a choice of deductible levels $100, $250 and $500. With a $250 deductible, for example, a new college graduate would pay about $35 a month and a single parent with two children that could increase the price of Japanese- made cars. that the state couldn't afford to offer incentives to United have hurt the negotiations. The remarks came after Wilkinson addressed a special General Assembly group that is reviewing the state's entire economic development process. Wilkinson warned against any move that would remove the governor as the centerpiece of economic development. United is considering locations for a maintenance hub that has been estimated to provide 4,000 to 7,000 jobs. Kentucky is reportedly among finalists for the hub, with the airline considering Standiford Field in Louisville and the Greater Cincinnati-Northern Kentucky International Airport. Foreclosure against Hilton A savings and loan institution has started foreclosure proceedings against a limited partnership that owns a Hilton Hotel on the campus of the Medical College of Ohio in Toledo. Toledo Hotel Investors Limited Partnership, Diversified Equities Limited Partnership and the medical college were named as defendants in a lawsuit filed by Diamond Savings & Loan of Findlay. Toledo Hotel Investors is a subsidiary of Diversified, based in the Cleveland suburb of Moreland Hills. The suit, filed Thursday in Lucas County Common Pleas Court, asks that control of the hotel be given to the thrift. "If thev limit the number of Japanese o i would have a premium of about $250 a cars we sell and demand continues to go up, that could cause the price ot cars to increase." said Carmichael. also a vice month. Premiums for both plans are based upon age and the area of the state in The Motor Vehicle Manutacturers Association charged last summer that Japanese carmakers were "dumping" mini-vans in the United States. They charged that the Japanese government was subsidizing the cost of building such vans so that they could be sold in U.S. markets for less than in Japan. The Japanese are also making inroads in luxury model sales. Since 1986, when Honda launched is Acura division, Japanese automakers' luxury sales have jumped from almost nothing to 27.5 of the luxury car market in the first eight months of 1991. o Executives at two of the largest dealerships in Cincinnati said not only would restrictions hurt sales, it could cost the president for Kenwood Dealer Group, sale of Japanese cars. loss of thousands of jobs at Japanese auto plants in the United States. They also say it would affect jobs at car dealerships and at U.S. auto parts factories that sell parts to Japanese carmakers. "There are a lot more ramifications to this than just trying to protect American carmakers," said Pat Martin, a spokesman for Performance Automotive Network, which sells Toyota, Honda, Mitsubishi, Mercedes-Benz, Pontiac, Nissan, Lexus and Saab. Gerry Carmichael, general sales manager at King's Toyota in Cincinnati, said such legislation would stifle competition and which the coverage is obtained. which sells Toyota, buzuki, baturn, uooge, Lincoln-Mercury and Jeep Eagle. "The growing number of companies that are drooping health benefits and the Martin said he doesn't think that the increasing self-employed population have legislation will pass because American con sumers wi continue to buy cars partic created a real need tor comprehensive and affordable individual benefits," said Marilyn Catlin, vice president of individual ularly Japanese cars they want regard less of any restrictions. markets tor community Mutual. (Please see AUTOS, Page B-8) Provident sets meeting Fed pressed to loosen credit Bush says loan policies inhibiting job growth to OK Hunter merger THE CINCINNATI ENQUIRER Provident Bancorp Friday took a step closer to acauirine Hunter Savings Association, mailing proxies to shareholders to notity CFM given engine order CFM International, the joint venture of GE Aircraft Engines and SNECMA of France, has won an engine order valued at $125 million from Austrian Airlines to power new four-engine Airbus Industrie A340 jetliners. Austrian Airlines has placed to firm orders for A340s and has options for two more. The first of the 254-seat long-range jets is to be delivered in 1993. Consumer spending slow Consumers' income grew 0.4 in August, but they increased spending a scant 0.1, the government said Friday in a report showing consumers are not providing their usual boost to the economic recovery. During past downturns, consumers used their economic muscle to lift the economy out of recession. Their spending represents two-thirds of the nation's economic activity. Compiled by Dick Benson from staff and news service reports THE ASSOCIATED PRESS WASHINGTON President Bush pressed the Federal Reserve and bank regulators Friday to do something to keep tight loan policies by banks from having a chilling effect on the nation's sluggish recovery. In an unrelated move Friday, Bush said he would nominate Susan Meredith Phillips, a finance professor at the University of ble getting money especially small business," Fitzwater said. He said there were "a lot of horror stories" about companies being unable to obtain loans. Bank and private economists suggested that the White House criticism of banking rules and examiners was another attempt to pressure the Fed to lower interest rates and to find other ways to jump-start the recovery. But there was much skepticism about whether it would have much effect, either on the Fed or on the rest of the banking er are having problems. The charge to earnings was taken into account by Provident in negotiating the merger, he said. Provident will have the special meeting of shareholders Oct. 25, asking them to approve the Hunter deal. Approval from regulators is expected during the fourth quarter, and the acquisition would close soon after that. Both financial institutions are controlled by Cincinnati financier Carl Lindner. When combined, the resulting company will have assets of $3.4 billion, while shareholders equity will grow from $150 million to $200 million. R. Seger, who announced her resignation last winter. The term runs through 1998. ' Bush met at the White House with Fed Chairman Alan Greenspan and top economic advisers to discuss the nation's credit crunch and particularly its inhibiting effect on small businesses. Afterward, White House spokesman Marlin Fitzwater said the president had voiced concern that tight policies by regulators and examiners were drying up loan money needed to spur job growth. "People are still having trou- n them of a special meeting scheduled for late next month. The Cincinnati bank also reported that tax liabilities incurred in merging the institutions will result in a $12.7 million charge against earnings meaning that the company will lose money in the fourth quarter. Allen Davis, Provident's president, stressed that the loss involves a one-time tax charge and is not because Provident or Hunt Iowa and former chairwoman ot the Commodity Futures Trading Commission, to fill a Fed vacancy. She would fill the unexpired 14-year term on the seven-member central bank board of Martha

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