Poughkeepsie Journal from Poughkeepsie, New York • Page 7A

i vl Thursday. October 9, 1986 Business Poughkeepsie Journal 7A Briefcase from staff and wire reports WEDNESDAY'S CLOSE Dow 1,803.85 19.40 236.68 2.27 NYSE 136.29 4 1 5 AMEX 264.00 1.04 Gold $437.50 4.00 IBM 127 Companies SOFCO a manufacturer of paper prod acts. Is expanding into plastic cups. The new venture will bring 30 new jobs to the Schenectady County community. F.W.WOOLWORTIICO.

board of directors elected Harold E. Sells, president and chief operating officer, to succeed John W. Lynn as chairman and chief executive officer. The change is to take place when Lynn retires at age 65 on Jan. 31.

NYNEX ANNOUNCED a new corporate advertising campaign that will show the many ways NYNEX can meet customers' information and communications needs. Carrying the tagllne, "The answer NYNEX," the new print and TV advertising highlights its entire range of communications and information services. PITTSBURGH OFFICIALS, still smarting over the loss of Gulf Corp. and about 1,600 Jobs two years ago, are urging USX Corp. to fight a takeover attempt by financier Carl Icahn.

BANKAMERICA CORP. remained silent on a $2.7 billion merger proposal made by First Interstate which Is disputing contentions that its offer is undervalued. SEPARATELY, a BankAmerica spokesman said the company did not wish, to sell its Sea first Corp. subsidiary, a unit that Security Pacific Corp. has said it might be interested in acquiring.

MOST MAJOR VS. AIRLINES have reported double digit increases in passenger traffic for September, confirming Wall Street analysts' optimistic projections for the fall travel season. Only People Express Airlines Inc. and Pan American World Airways Inc. havVreported reduced traffic.

CBS INC said it had third quarter net income of $28.6 million compared with a loss of $114.1 million in the same period a year ago. But the broacasting company said its profit from continuing operations declined 2 percent in the latest period. Acquisitions INVESTORS ARE QUESTIONING whether corporate raider Carl Icahn will follow through on his $8 billion cash offer for USX but they agree that major changes are all but inevitable at the No. 1 steelmaker. CAMPEAU CORP.

wasnt talking but retail analysts said they didn't expect the Canadian developer to come back with a sweetened, hostile bid for Allied Stores now that Allied has agreed to be acquired by the nation's largest mall developer in a deal valued at $3.55 billion. Investor ASHER B. EDELMAN requested a meeting with the board of Lucky Stores Inc. before the company proceeded with what he said was the planned sale of its Gemco department stores division for an estimated $700 mil lion. Labor BURROUGHS CORP.

plans to cut about 9.600 jobs worldwide by the end of the year at Burroughs and at Sperry the rival computer maker it acquired last month for $4.8 billion. The INDEPENDENT FEDERATION of Flight struck Trans World Airlines earlier this year, has filed suit charging the airline with harassing its representatives i and violating its contract UNION MEMBERS REPRESENTING 40,000 I Boeing Co. machinists in three states approved a three year contract that labor leaders said offered tetter pay than a pact the workers rlMtMl last wek. UNITED STEELWORKERS union. members have begun blockading railroad tracks outside USX Tarben chemicals plant to prevent shipment of pitch and chemicals.

Washington EMPLOYERS ANTICIPATE that wage increases in the next year will average about percent, down from 5.3 percent in 1985 86. A survey indicated that only professionals, middlemiddle level supervisors and managers can expect larger increases than last year. THE' NATION'S CITIES added 26,857 full time workers to their payrolls last year, bringing the total of city employees to 2,467,000. It was the third straight year of increasing city employment, following declines in 1981 and 1882 after" the elimination of the federally funded Comprehensive Employment and Act A COMPROMISE PLAN TO SELL governmentgovernment owned Conrail In a public stock offering offered hope that a House Senate committee might resolve its differences over bow best to, unload the railroad. International KUWAIT STOOD ALONE in pubUcly rejecting an OPEC 'proposal, backed by a majority of the members, to extend a temporary limit on cartel oil production to the end of the year.

CRYSTAL MAKER Waterford Glass offered $358 million for English china producer Wedgwood PLC a deal that would create the one of world's largest fine tableware companies. Money galnstan key Euro pean currencies except the embattled British pound 1 thin trading. Gold prices rose in London but were unchanged In Zurich. BOND PRICES FELL; An opening surge In olT prices, together with renewed indications that Japan and West Germany would not cut their Interest rates any time soon, helped push the "bond market down, one analyst said. 1 Rojon's final assets put on auction block VALUATION vrm84n Eiec WWJT nUCTtO ON T.MiA, NY 1 ZZZdAvcnuc, iw 253 iKtOAY 0CT.2i.i rLASSKTS i AT tOtOOt" 3r.

Rojon is distributing glossy auction brochures nationwide. Settlement expected on stalled project By Bernle Kobn JmtuI bailacsi writer A settlement may be In the offing to get a stalled City of Poughkeepsie office project moving again. A Westchester County judge is set to issue an order Tuesday that would end litigation between David Meiselman and Merv Blank, the co developers of Jefferson Plaza on Church Street The principals would comment on what the order will state. Meiselman, a Poughkeepsie attorney, and Blank, a Putnam County developer, have been feuding since mid summer on who is the proper owner of the two buildings within Jefferson Plaza and three other properties in Putnam and Westchester counties. The first Jefferson Plaza building was completed and occupied earlier this year, but construction on the 30,000 square foot second stage stopped when legal action began in June.

Philip Shatz, the court appointed trustee empowered to resolve the conflict, said attorneys for both sides met in White Plains earlier this week to discuss a solution. He said state "Supreme Court Justice Vincent Gurahian indicated he would sign some type of order on Tuesday. The parties Involved in the suit have been under pressure from the City of Poughkeepsie to resolve it quickly. Because the site of Jefferson Plaza was formerly owned by the Poughkeepsie Urban Renewal Agency, the city retained the power to repossess the property if the project was not completed on time. Mayor By Bernle Kohn Jovraal fcnllaen writer In what be the first event of its type in the country, the remaining assets of Rojon Electronics at auction on Tuesday, Oct.

21. Rojon has hired two nationally known auctioneers to liquidate all remaining Inventory, equipment, vehicles and furniture; as well as theJM.OOJVsquare foot manufacturing facility on North Grand Avenue. The on site auction will start at 10 am. and maytake from eight to 10 hours. The building will be auctioned off separately at noon.

Rojon manufactured electronic cables and harnesses for the computer and com munications industries for 19 years 'until closing several weens ago. us primary customer was IBM. The company once em' ployed nearly 400 people, about 290 of them in Poughkeepsie, but had been battered by the computer industry slump. "Many light industry and high tech buildings have been sold at auction, but I'm not aware of an action of this type being employed, where capital assets and buildings are sold on the same day," said Nathan Wolfstein, national sales and marketing di rector of Larry Latham Auctioneers In Houston, Texas. The Latham firm will conduct the sale of the building.

Ross Dove Co. of San will conduct the sale of other assets. According to the auctioneers, the Rojon plant and grounds were recently at just under $3 million, and several hundred thousand dollars worth of assets remain inside the facility. The auctioneers are promoting the sale nationwide through a full color, 10 page brochure. They expect participant; to Include everyone from Rojon's competitors, to high tech companies looking to put new facilities in the Hudson Valley, to small businessmen just wanting to pick up some bargains in office furniture.

Ross Dove, president of Ross Dove said his firm specializes in helping Silicon Valley high tech companies get rid of excess inventory He said his firm recently helped Rojon liquidate assets of its Campbell, Calif manufacturing facility. "This Is becoming more and more common, because the return to shareholders or creditors is Immediate and very good," Dove said from his California office. "The fact that there is so much sold in one day generates a lot of cash, and funds See ROJON, page 9A BrM "ett fJir JLJm SfjSptt I A ffiw'sS5iit jttlmP rrn JowmolKM KlllgolU The skeleton on the idle construction site of Jefferson Plaza Parle detracts from the completed building (background). Thomas Aposporos said the city has given Shatz two months to either bring Meiselman and Blank together, or find a third developer under threat of repossession. "We think it's prudent to give him (Shatz) a chance," Aposporos said.

"We also think it's prudent to tell him to hurry up." Aposporos said he was pleased to hear of a possible settlement, but added, "We will move forward as we indicated unless we are given valid reasons not to press." The problems between Meiselman and Blank began in June, when Blank was named as an unindicted co conspirator in a bribery case in Putnam County. In a letter to Aposporos, Meiselman stated he and Blank then agreed to split up because Blank's involvement in the bribery case had made it difficult for the duo to deal with bankers, real estate agents, and potential clients. IBM to cut back jobs at its headquarters NEW YORK (AP) IBM said Wednesday it plans to cut several hundred jobs from the headquarters staffs of its manufacturing and development groups when the staffs are consolidated in a new office complex in the Westchester County, N.Y., town of Somers, which is scheduled to open in 1988. All employees whose jobs are cut will be offered positions elsewhere in IBM, the company said. Most of the employees affected work nearby in White Plains, N.Y.; Montvale, N.J.; and Danbury, IBM said.

IBM is based in Armonk, also in Westchester County. IBM stock, which plunged $5.37 'A a share Tuesday following its warning about slow business, fell an additional 62 'A cents a share Wednesday to $127.50 on the Big Board, The Burroughs retirement incentives are for employees in selected U.S. organizations who are 55 or older and are credited with a minimum of 15 years of service in either company's retirement program. Burroughs said. It said employees would be given the details of the incentives over the next geveral days.

Kenyon said he did not know if the company planned to take a charge against earnings because of the costs of cutting jobs. Blumenthal has set a target of earning $8 to $9 per share next year and cutting costs by $150 million, and the only way tha.t can be done is by cutting large numbers of jobs, said Ceorge Podrasky, an analyst for Duff Phelps Inc. in Chicago. Command passenger count increases 56 NEW HACKENSACK Command Airways said it carried 56 percent more passengers in September than in the same month a year earlier, and posted strong gains in other measures of performance. The passenger count of 31,982 ended three consecutive months of new records, but included three new daily records, In addition.

Command posted a load factor of 40 4 percent, compared with 36.S a year earlier. Load factor is the percentage of seats occupied by paying passengers, and is a key indicator of profitability. And revenue passenger miles the number of passengers multiplied by the distance each was flown increased, 48 percent Kingsley G. Morse, chairman and president, termed the airline's traffic, "strong as battery acid." But he added that the gains from a year earlier were helped by last year's poor September, when traffic was effected by Hurricane Gloria and two religious holidays that fall In October this year, For the fiscal year to date. Command's traffic Is up 35 percent from a year earlier, and load factor is 14 percent higher.

Canada warns U.S. on trade duty Knight Ridder Newspapers OTTAWA, Canada Canada's international trade minister has warned that If the United, States Imposes a new duty on Canadian softwood lumber imports, the ongoing talks to liberalize trade between' the two countries could be jeopardized. 10 Trade In! I 1 on't throw these out, they're worth $10... Brine in anv oair of your worn men's shoes anaweii give you $10 off a new pair of French Shriner shoes. undjl, iihleln thun.

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