The Indianapolis Star from Indianapolis, Indiana • Page 20

Inside: W)rkers still fear loss of job. Rage 6 NYSE TABLE 3 MUTUAL FUNDS 4 NASDAQ TABLE 5 Sim SATURDAY. NOVEMBER 12. 1994 The Indianapolis Star Economists caution against rate hikes Critics from unions to corporations to consumers say Fed policies may stifle growth, cause recession. and any further raise In Interest rates will simply stifle a steadily growing economy." he said at a forum where 12 prominent economists and business executives urged the Fed to hold off on further rate hikes.

However, the Fed's inflation-fighting efforts received some words of support Friday from Rep. Newt Gingrich, the Republican In line to become House speaker in January. Gingrich said he supported the goal of stable money growth, something long espoused by conservative economists known as monetarists. "I'm prepared to argue that part of the long-term change we're going through (with the Republican takeover of Congress) ought to be to have a very severe effort to move towards a very stable money environment." Gingrich said at an Investors' conference. He said the 1946 law under which the Fed operates should be amended to specifically "make stable money a major goal of the Fed and to say that we want you.

in fact, to have a non-inflationary environment." Federal Reserve Chairman Alan Greenspan and other Inflation hawks on the Fed have talked about setting zero-Inflation as a Fed goal, but this view has been heavily criticized by liberal Democrats in Congress. They accuse Greenspan and his colleagues of being overly worried about inflation at the expense of economic growth and Jobs. Gingrich called unwarranted fears that Republican tax-cut promises will inflate the deficit and prompt the Fed to raise interest rates to combat growing Infla- See RATE HIKES Page 2 monetary policy by fighting a phantom inflation threat to appease wealthy bond traders on Wall Street. "Monetary policy in this country is controlled by bond traders who live in high-rises and are completely out of touch with reality." charged Jerry Jaslnowskl. president of the National Association of Manufacturers, a large business lobbying group.

There is no evidence that the U.S. economy Is about to overheat By Martin Crutsinger ASSOCIATED PRESS Washington The Federal Reserve, expected to Increase Interest rates for a sixth time Tuesday, faces growing opposition from critics who contend Its policies threaten to topple the country Into a recession. Economists representing interests from labor unions to top corporations accused the Fed on Friday of pursuing an ill-advised A way to read on the drive into work Indianapolis-based entrepreneur leases library of tape-recorded books to commuters tired of wasting time. Briefly Business FROM STAFF AND WIRE REPORTS INDIANA American Trans Air getting a new image American Trans Air. the In- dianapolls-based charter airline that has been expanding pas- I senger flights.

Is expected to unveil a new logo and Image next week. The company's name may be shortened to Founder and Chairman J. George Mlkelsons, who started the company 21 years ago fly- lng one airplane and built it into the lOth-largest airline in the country, is to pilot the first Boeing 757 painted in the com- pany's new colors for a ceremony at the ATA hangar at Indianapolis International Airport. NATION Santa Fe railroad weighing latest bid Santa Fe Pacific Corp. Is considering the latest takeover offer from Union Pacific and has asked its shareholders to wait for a decision before turn-; ing over their stock.

The deliberations of the board of directors are in stark contrast to Santa Fe's decision to reject Union Pacific's first offer the day after It was made. The new offer Is designed to allay antitrust concerns. Greyhound dodges bankruptcy bullet An agreement with creditors has allowed Greyhound Lines I Inc. to dodge bankruptcy court, I at least for now. Late Thursday, Greyhound and a subcommittee of its bondholders agreed to a finan- cial reorganization plan that would give the debt holders some 45 percent of the compa-J ny.

In exchange, they would forgive $98.9 million in debt. I Corporate boards adding more women Corporate board members welcomed more women into their ranks over the last year, but women still hold only 6.9 percent of board seats across the United States, according to a study by Catalyst, which ex- amined the boards of Fortune 500 industrial and service I companies. Of the 11.790 directorships In America's 1,000 leading companies, only 814 were oc- cupied by women as of March 31, the report says. 1 I i i I. I 1 sty "i I i i v' -wmtrmni I 3 J-4 lllm pjjay By Rich Gotshal STAR STAFF WHITER A "2 o'clock-ln-the-mornlng Idea" Is how Carol Thompson describes her decision to lease tape-recorded books to businesses.

Thompson started Taped Editions Inc. in 1991 from a room in her Indianapolis home. The company operates a mall-order lending library of books on cassette tapes. Her current inventory lists hundreds of titles from classics, such as Dickens' Great Expectations, to contemporary best-sellers, like Patricia Cornwell's mystery AU That Remains. Having spent many hours in her car, Thompson knew the Joy and relaxation that comes from listening to a book on tape.

One by one she turned friends on to the books. "I got a call once from a friend on his car phone. He told me he hated me," she recalled with a laugh. "He said he'd been sitting in his garage for a half-hour listening to the ending of a book. "That's the way it is with these books," she said.

'They're habit-forming. Once you start listening, they become addictive." So Thompson decided to create a lending library. Taped Editions has grown slowly, primarily by word of mouth. Ever the idea person, Thompson decided to try pitching taped books to businesses. Her first call was to a long-haul trucking company.

With hours alone on the road, Thompson figured drivers would be a natural market But the trucking firm owners she contacted said they weren't interested and didn't think their drivers would be, either. "So I decided to go after commuters. And I decided to try legal and accounting firms, not because I thought it would be a natural market but because I figured lt'd be a hard sell. These folks would be naturally skeptical. If I can sell to them.

I figure I can sell to anyone." The first sale, though, was made to a convert, not a skeptic, the Indianapolis accounting firm of Clark Leucht. Partners Bill Clark and Fritz Leucht commute from Johnson County. The drives were largely wasted time until they discovered books on cassette. With Thompson's company, they have opened the opportunity to all company employees. See READ Page 2 Star Staff Photo Rob Goebel LITERATURE TO LISTEN TO: Carol Thompson sits next to a stack of the audio tapes she rents to local companies to entertain employees who commute to work.

The tapes feature literary works, not music. Merchants Plaza renamed to reflect bank's new parent WORLD Rising yen hurting Japan's automakers Hurt by the advance of the yen against the dollar, three of Japan's automakers have reported weak first-half financial performances. Mitsubishi Motors the third-largest car maker in Japan, reported a 19 percent drop in net profits for the six months ending Sept. 30. Mazda reported net losses during the half almost doubled to 28.98 billion yen.

or $296 million, from 15.81 billion yen. Fuji Heavy Industries the maker of Subaru cars, reported that its half-year losses narrowed to 2.52 billion yen, or $25.7 million, from 16.43 billion yen. Vou Wow au those Political commeiioals VW'VG BEEN ENJoyiNG THE PAST FEW fWTHS? We DlPN'T P0 AW OF THEM Advertising agencies take a stand against negative political ads By Jo Ellen Meyers Sharp STAR STAFF WRITER At least two advertising agencies took a public stand this week against the negative commercials that polluted the recent political campaign. Young Laramore Advertising, an Indianapolis agency, ran an ad this week in The Indianapolis Star and The Indianapolis Business Journal that told readers it wasn't responsible for "all those political commercials you've been enjoying the past few months." Ketchum Communications, a national advertising, marketing and public-relations agency, ran a full-page ad Wednesday in The Wall Street Journal, reminding readers that what they saw on television during the recent campaign wasn't advertising. Ketchum called it "political filth." More than 2,000 readers have faxed or written Ketchum to say they supported the agency's proposal to Set up a bipartisan group to screen future political advertising, said Victoria Horstmann, senior vice president and director of corporate communications.

David Clifton, chief operating officer at Young Laramore, said his agency also has received several calls of support. The agency's ad features a line drawing by Indianapolis artist Rob Day that shows two politicians strangling each other as they reach out from television sets. "It's Just a commentary on the collective sigh of relief that the negative political ads are over this year," Cliftoii said. He said he wished politicians would recall Thornas Daily indicators Prices in New York trading. Friday's close: 3801 .47 ES National City Bank in Merchants Plaza," he said.

National City has already changed the bank names and signs on all the former Merchants branches statewide. Rod Gillies, leasing manager for Compass Management and Leasing which manages the building, said there are a few Merchants Plaza signs on the building that will be changed by August. Changing of such a large commercial building's name has both symbolic and practical impact. There is a total of 1.2 million square feet of space in the building. The Hyatt Regency has 496 hotel rooms and roughly half the total square footage.

National City Bank has about 340.000 square feet of office space plus a large bank branch on the ground floor. Gillies said the tenants have all been notified of the name change about 10 months In advance so they will have time to dispose of old stationery and other references to Merchants Plaza. The building was constructed in 1977 between Washington, Maryland and Illinois streets and Capitol Avenue. Land for the site was acquired by the city as a redevelopment project in the 190s. The city still owns the land.

By Bruce C. Smith STAR STAFF WRITER The Merchants Plaza building at 101 West Ohio Street will become National City Center. The switch will take effect next August. The change In the name on one of Downtown's landmark buildings is a delayed result of the sale of Merchants National Bank and Trust Co. The building is named for Merchants Bank, which was headquartered in one of the three towers of the complex.

Questions about changing the name were raised in 1992 soon after the announcement that Merchants would be merged into Cleveland-based National City Bank and the bank's name would be changed. The Indiana headquarters for National City remains in the Merchants building. Vincent A. DlGlrolamo, president of National City Bank, Indiana, said the new name was negotiated as part of a recently signed renewal of the bank's lease for space in the building. The agreement is for 15 years.

"We would Just like to have the name of the building and the bank to be the same. That will get rid of some of the ccjpfusion of having mm: Troy ounce: $385.200.30 'EMU: 3 Troy ounce: $5.18 0.04 Barrel, crude: Associated Press ABOVE THE FRAY: Indianapolis ad agency Young Laramore paid for this ad in The Indianapolis Star, which decries the use of negative political ads. Jefferson or Abraham Lincoln, who offered "words of building and commitment and progressiveness." Politicians "should make more positive statements, like what they stand for, what they believe in and what they will lead us to," Clifton said. "It's really a statement to the industry more than See ADS Page J'Hll HI 'l I'M" Yield: 8.15 unchanged iYen: 97.77-0.03 i Marks: 1.5295 Pounds: 0.6247-0.0005,,.