The Indianapolis Star from Indianapolis, Indiana • Page 11

WEDNESDAY, MAY 8, 1SSS- THE INDIANAPOLIS STAR- Banks Reagan- Continued From Page 1 tary of Slate George P. Shultz made no secret of U.S.Spanish differences over Nicaragua. I didni eel any sense of sud- port for our economic sanctions," Mium saia. ne aaaea mere was "some difference in analysis" ovm the VS. view that Nicaragua "is definitely moving itself in the Soviet and toiaiiianan direction.

TO I The Spaniards Questioned the degree to which that's so." Shultz said. "It seemed pretty clear to us." Gonzalez will meet in Madrid on Saturday with Nicaraguan President Daniel Ortega, who is returning home after a trip to Moscow. The meeting gives Gonzalez an op-Dortunitv to demonstrate that Soain. National because of the new bank ing law. And he predicted his be the last small bank to sen.

"There are about 15.000 banks in the United States. You probably only need 5.000." Browning said. "You have to decide whether to be a buyer or seller. We didnt think we could get ourselves large enough and quickly enough" to remain Independent. In the other deals, the Indiana polis bank company is paying 529.8 million in cash or Indiana National stock for Lafayette National and $132 million in cash for Union Bank Trust Miller said customers of all three banks would likely see increased services as a result of joining Indiana National.

In the case of Fidelity! for example, that bank has not offered trust services. Brownjng said his bank will now be able to do so. But Miller said the bank holding company and its Indiana National Bank unit will also benefit. He said Lafayette National has an active farm management program, where it hires employees and controls what crops are grown. "INB has had a farm management program but it hasn't been actively marketed." Miller added.

He said Lafayette National's expertise may be helpful in INB's farm operation. Continued From Page 1 nounced in advance of that date. Moreover. Thomas M. Miller.

Indiana National chairman, said Tuesday's deal wont be the last for the company. "We would like to be a lot. more aggressive." Miller said of possible future purchases. The management of the three banks will remain in place. "They're the ones who made their banks tick." Miller said at a press conference in the Indiana National Bank tower.

"It would be shortsighted of us to change." Each bank will come a subsidiary of Indiana National. Miller said Indiana National was attracted to Fidelity, despite its recent financial woes, because of Hamilton County's growth. The county went from a population of 54.532 in 1970 to 82.3S1 in 1980. to an estimated 89.000 last year. "It's the fastest growing area in the state," Miller said.

In addition. Miller predicted Fidelity's position will improve. "We think we can turn it around," he said. Two years ago. the bank wrote off $5.9 million in non-performing loans.

Last year, the bank management put in a $7.6 million infusion of capital, $4 million of it borrowed. Indiana National is paying about $11.5 million for Fidelity. An Indiana National statement said "after the payment of indebtedness and other Reagan collided with Gonzalez when the prime minister stopped to answer a reporter's question. "See what you made me do," Mr. Reagan said with a smile.

That could be a diplomatic incident." Earlier, in his speech, the president called Spain "an important partner in the free alliance of European democracies, the North Atlantic Treaty Organization that has protected our liberties and kept the peace for almost 40 years. And we need Spain." Gonzalez's government favors keeping Spain in the political arm of NATO, but not integrating its armed forces into the alliance's military command structure. The president and his wife Nancy wrapped up their second day in Madrid by joining the king and Queen Sofia at a white tie state dinner in the chandelier-filled banquet hall of Queluz Palace. Both the queen and Mrs. Reagan wore floor-length, white sequined gowns.

In his toast, Mr. Reagan made clear that the United States hopes Spain will not withdraw from NATO. "As is Pitting, the choice about Spain's contribution to Western security is wholly in Spanish hands. Your decision will be respected," Mr. Reagan said.

"I would say only that the people of the United States would be proud to have the people of Spain continue to stand beside us and the other members of the alliance in our collective, noble effort to preserve the peace and protect human liberty." have to go back and reformulate and discuss and see." Shultz said Spain's desire to cut back on the 11000 American troops in this country was raised and will be discussed later in diplomatic forums. "Well have to examine the situation and see where we go from there," Shultz said. He refused to discuss the conditions on which the United States might cut troop strength. Gonzalez said last week he wanted to open talks before a referendum promised next spring on whether Spain should withdraw from NATO. Mr.

Reagan was unclear on when the talks might begin. "That doesn't actually come up for formal negotiations for a couple of years yet," he said. The agreement under which the bases are leased is up for renewal in 1988. Playing down differences, Mr. Reagan, with Gonzalez at his side, said, "Our discussions today demonstrated a broad degree of agreement on the kind of world that our two democracies want to help bring about "While there were differences, I think we both profited from the particular perspectives that we bring to the challenges we face." After their working luncheon, Gonzalez offered the president a Cuban cigar.

Mr. Reagan declined because he does not smoke, said Speakes. Posing for photographers, Mr. the mother country of Latin America, is independent of the United States. Shultz said the United States tind Spain are united, however, in he goal of democracy for Central lAmerica.

In a speech at the Juan March Foundation, Mr. Reagan said "Free- STAFF PHOTO I GREG GRIFFO Thomas M. Miller, chairman of Indiana National Corp. obligations" Fidelity shareholders would receive about $10 per share. Michael G.

Browning. Fidelity president and owner of more than half its stock, said that would be lower than most shareholders paid for their stock. After the press conference. Browning said the loss on the stock sale was due mostly to the infusion of capital made last year. The Fidelity official said management decided to sell to Indiana ldom, we see, is contagious, and the force of your example has inspired continent When I first became president a little over four years the map of our hemisphere was ihadowed by dictatorships.

"Today, for the first time ever, (he exceptions to the democratic ide in Spanish-speaking America lean be counted on the fingers of hne hand. They number four. Two, Paraguay and Chile, have en- Fire hrenched military rule. The two oth ers, Cuba and Nicaragua, are com munist tyrannies, he said. Mr.

Reagan and his staff were MAN delighted by reports from Washington quoting House Speaker Thomas IP. O'Neill as saying that members firefighters called a second alarm, asking for more engines. When, the third alarm was requested at 10:25 p.m., 16 firefighting vehicles were at Curry-Miller. Walls and steel girders on the south side of the building collapsed. Damage was confined to the south warehouse; a north mill room was saved by firefighters.

The fire was under control by 11:05 p.m. The cause of the blaze is under investigation. of Congress were embarrassed by Ortega's trip to Moscow immediate-V after the House vote to deny aid a anti-government rebels. O'Neill said sentiment may be manager Ben R. Miller.

Miller's grandfather co-founded the company; The fire was first reported by Wake-Up station attendent David F. Boggs, who said he saw smoke coming from the roof of the mill, which has been at its Eastside location for at least 30 years. Boggs thought the fire had been smoldering for 30 minutes. At 10:08 p.m., flames went through the roof and Indianapolis Continued From Page 1 owner of the Bungalow. "The heat was tremendous." Light from the flames lit up the bedroom of Julia Smith, 1300 block of North Kealing.

The sound of fire engines woke her. "I could hear the roof caving in and we could feel the heat inside the house," she said. Her family closed windows in hopes of reducing the heat. Four workers were in the veneer company but escaped injury, said plant hifting toward resuming aid for the ebels. "I think there are some people, aving second thoughts and discov- ring they have been the victims of disinformation campaign, as per- along With the Benjamin Franklin Literary and Medical Society and WCEI-TV (Channel 32), a cable TV service.

When WIAN began at Shortridge High School in 1954 as a training station for students and a source of classroom programs, it was funded entirely by IPS. As it grew, the community share of funding increased. This year, IPS (which contributed $83,000 until October) provided 18 percent of the station's $475,000 annual budget. Remaining funds came from community fundraising and a grant from the Corporation for Public Broadcasting. Taiwan ground-air injssile reported ASSOCIATED PRESS Taipei, Taiwan Taiwan newspapers said Tuesday that the country has developed its first ground-to-air missile.

The Defense Ministry would not comment on the reports. Continued From Page 1 staffers and supporters, meanwhile, left Tuesday's meeting disappointed. Many had wanted IPS to commit to holding the radio station license until Oct 1, 1986 (even with the funding cutoff this year). They said a June 1 deadline for successors limits options. "I think the community has effectively been cut off," said Joanne M.

Joyce, WIAN development director. "There's no way an independent community-based organization can be organized (to run the station). Can you become viable in 24 days?" Ms. Joyce and other supporters had told the board the "ideal" new license-holder would be an independent nonprofit organization. They said they fear any profit-making entity would change the station's programming.

So far, eight parties including the Indianapolis-Marion County Public Library Board and JEBEZ, a local gospel-organization, have expressed interest in acquiring the station license. WFYI-TV (Channel 20). Butler University and Indiana Central University have also expressed interest mm woora Awo -ts HDDS MM? liaps even some of you present have jbeen," Mr. Reagan told reporters as lie posed for pictures with King yuan Carlos in the ornate gardens 3f El Pardo Palace, the 63 room estate he is using as a guest house. Referring to Ortega's trip to lloscow, Mr.

Reagan said, "I think has caused a number of them (in Congress) to reconsider their positions." I "Tip's caving," said White House deputy press secretary Larry Speakes. "Tip's changing his mind, according to the press." Shultz said he would like to see Congress vote again on proposals killed by the House. On the question of which of several Reagan-backed aid plans the administration wants reconsidered, Shultz said, "we'll FAMOUS BRANDS FOR LESS EL-BEE SHOE OUTLET HOURS Sunday 12:00 p.m. to 5:30 p.m. Daily 10 a.m.

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