Arizona Republic from Phoenix, Arizona • Page 59

ALL EDITIONS Vtiitf, IVbnwy 3, 199 Th Ariiom Rfpwbllf FT Speedy sale vital, Keating says MONEY SUPPLY Weekly araige of Ml in billions. 2 broadest measures of money pool increase $300 fl $790 $770 tl Jan. 23 $785.8 billion IJJJJJJJJJ: The Associated PM NEW YORK The Iwo broJrtl incuurct of the nation's money tupplv rote in Ihe week ending Jan. 23, the Federal Reserve Hoard reported Thursday. The Fed uid the measure known M2 rote lo a wasonally adjusted $3,072.6 billion in Ihe week from 53.070.4 billion the previous week.

An even broader measure, M3, increased lo seasonally adjusted $3,914.9 billion from $3,914.2 billion. The narrower measure. Ml, rose lo a seasonally adjusted $783.8 billion from a revived $783.6 billion. Ml involves cash in circulation, deposits in checking accounts and non-bank traveler's checks. M2 is Ml plus such accounts as savings deposits and money-market mutual funds.

M3 is M2 plus less-liquid accounts, such as certificates of deposit in minimum denominations of $100,000. In judging its monetary policy, ihe Fed has indicated it is monitoring the value of the dollar, commodity prices and the difference between short- and long-term interest rates. It also has slutted its attention from Ml to ihe two broader money-supply measures. The Fed last year set a provisional target for 1989 of 3 percent to 7 percent growth in M2 and 3.5 percent to 7.3 percent growth in M3. For the latest 13 weeks, M2 averaged $3,062 billion, a 3.7 percent seasonally adjusted annual rate of gain Titrsjittati ts3 Nov.

Dec. Jan. Souffo FM4 floKxve $rim 1,700 workers, he uid. The number of hold employee will be reduced by about 200 people, with the cutbacks coming at Ihe Phoenician, which opened Oil. I.

"You always oversupply a hold on the opening," Keating uid. American Continental has discussed helping some employees establish separate companies, including financial groups, Keating uid. Keating also gave his side of a nonthsjung dispute over construction problems at The Phoenician resort. Last fall, American Continental began an extensive audit of McCarthy Western Constructors the general contractor for the $260 million Phoenician. McCarthy is owed about $19 million on the project.

The money to pay the bills is in escrow, Keating uid. He uid the audit should be resolved within the next 30 days. There's been "good cooperation" in settling the problems." Gerald Murphy, president of McCarthy, could not be reached for comment Thursday. He uid earlier that American Continental had paid a small amount of the bills, but that the audit was taking exceptionally long. "It's shame, a tragedy," he said of Ihe cutbacks.

From the group thai it buying Lincoln, American Continental would unhase interests in General Oriental nvestments Lid an investment concern; and Ihe Phoenician retort in Scottsdale and Ihe Crescent hold in Phoenix. The company would end up with about $1 billion in assets. After the sale, American Continental may look lo add lo in resort operations, both in Arizona and elsewhere, Keating said. It will also seek other investment opportunities like GOIL, The focus of ihe company will shift from "land development lo income-producing properties," Keating said. As it prepares for the sale of Lincoln Savings, American Continental already has laid off about 100 workers, Keating said.

"The reductions are virtually finished," he said. Outside of its hotels, American Continental employs about 1,000 people. After the sale, with layoffs and mainly without Lincoln Savings employees, it will have about 50 to 75 workers, Keating said. The two hotels employ 1,600 lo SrttBT, fmn page Fl During the years he's managed Lincoln, Keating hat steered ihe thrift into rivk -oriented investments (hot attracted both ihe scrutiny and ire of SAL regulators. chuhed repeatedly with regulators over Lincoln's compliance with guidelines for thrifts' investments.

His dealings with regulators left a had taste with Keating. "It's almost wrecked uv and il could still well wreck us, being in a regulated environment now," he said. Lengthy examinations by regulators cost American Continental more lhan $50 million in legal and accounting fees during the last three years, according to Robert Wurrelhacher president of American Continental's real-estate division. On Thursday, Keating offered a glimpse into American Continental's future after the tale of Lincoln. He made his comments during an informal meeting with reporters at the company's headquarters in Phoenix.

Keating said American Continental will be mainly an investment com- any, operating with less than half the ,500 employees il now has. Tr Anient HapuMc from the previous 13 weeks. M3 averaged billion, up 4 6 percent, while Ml rose 1.4 percent to an average of $785.7 billion. Sun State elects 2 directors to fill board seats of pair who left in 1988 Sun State directors have worked overtime for the nasi few months while the organization fended off takeover bids, struggled with financial problems and sought to expand. Both Schroeder and Ragsdale said fen 3 a I rfir' fl they had not resigned over any disagreements regarding the buy-out offers from a group led by David Maniatis, which has been trying to acquire the thrift since October.

both men did cite an extraordinary increase in the number of board and By Alan Thurbr The Aruona Republic Thomas E. Arnold Jr. and Elliott D. Pollack have been elected directors of Sun Slate Savings A Loan Association. I he Phoenix-based firm announced Thursday that Arnold, a former president of Del E.

Webb and Pollack, chairman of the Pol-lackRamras will fill vacant positions on the board. Two original directors, John A. Schroeder and Lincoln J. Ragsdale, left the board in December. They had been charter members, with the institution since its formation in 1980.

Arnold, 44, is president of Allen Tenant Services Inc. of Phoenix. He served as president of Del Webb in 1986 and headed a number of its subsidiaries from 1981 to 1987, with strong involvement in the firm's retirement communities and other real-estate operations. He currently is chairman of the committee meetings. "1 was there every day," said Elliott D.

Pollack Spent 14 years as chief economist of Valley National Bank. Thomas E. Arnold Jr. Served as president of the Del E. Webb Corp.

in 1986. Ragsdale, 63, president and chairman of Valley Life Casualty Group. "It was eating me alive. Schroeder, 76, a retired Chicago steel-company owner, said he had notified the board of his decision to How to get 8.25 on $50,000. And get your hands on it any time you want retire a year earlier.

"We had more than 60 meetings Phoenix Chamber of Commerce. Pollack, 43, now chairman of a real-estate and economic-consulting firm, spent 14 years as chief economist of Valley National Bank. last year, he said. "The board needs new, young blood." Her business is coming up roses She said Arizona Rose Express reaches a group of people not served by florists. "A lot of people don't call florists," Arlcne Popovich said.

They re intimidated by the prices." Valorie Popovich started the busi ness eight months ago. Formerly a computer-chip designer at Motorola, she was operating on a part-time basis a network of rose sellers who worked Insurance. It's backed 100 by the full faith and credit of the US Government If you've been looking for high rates and high liquidity, stop. Call 1-800-MERATEL. Ask about Working Capital.

Or stop by the nearest MeraBank branch. in nightclubs around the Valley and offered cut roses for $4 or $4.25 each. HQ BUSINESS, from page Fl wholesale rose prices, which traditionally increase on popular holidays. This Valentine's Day, Arizona Rose Express will charge $39.95. The service area is bounded by Seventh Avenue on the west, Country Club Road on the east, Shea Boulevard on the north, and Baseline Road on the south; there's a charge for delivery to other areas.

Popovich doesn't need more than her small office in Scottsdale, where orders are received and sometimes processed, and a tiny storage facility. By not maintaining a showroom, as florists do, Popovich figures she can keep her overhead and prices low. Popovich and her mother, Arlcne Popovich, do most of the work. Valorie Popovich handles the flowers and some of the delivery, and Arlcne Popovich answers the phone. "The most frequent question I get is, 'What do they look Arlcne Popovich said, "They also ask, 'Are they dead or and, 'Why arc they so However, she said that after the roses arrive, the customers "call back and say they were great." "But they still don't understand how we do it." What they did was isolate a segment of the market.

"We knew we couldn't be all things to all people," she said. "We have done the best we can in controlling our purchasing and keeping our overhead low. The result is that we can give a premium product at a low price, and that is a benefit to the customer. "It is a penny operation. We try to buy in volume and seasonally.

If our volume stays up, it works. If it doesn't, we're out of business." Arlene Popovich doesn't see Arizona Rose Express in competition with florists. Florists, she said, offer many more services and products. Sign up for The Working Capital Account at MeraBank. It pays near-Jumbo rates.

(825 on $50,000 or more. 7.25 on less than $50,000.) And hands you instant access to your cash. Write a check. Or visit one of the thousands of ATMs where your Working Capital is working 24 hours a day. And Working Capital comes with something you cant get everywhere else: She knew the flowers had great appeal, and she know how to procure MeraBank and handle them.

Valorie Popovich said she now delivers 12 to 15 dozen roses each day and has sold as many as 28 dozen in a day. Most of the orders are placed for personal reasons, but Arlene Popovich said an increasing number of clients, about 20 percent now, are sending roses for business reasons. Mrnllmk. Kit 1989 imWio $100,000. qbw wins So Los Arcos is becoming 'mall of the '90s' CompuAdd introduces four new personal computers that are fast on operations and light on the budget.

Performance enhancements like interleaved and cache memory and the improved 32-bit high-speed RAM board will take advantage of tomorrow's powerful software and improve productivity today. not found in the mall's other stores, including fresh fruits. The new retailers will operate kiosks and carts along the mall's walkways or work out of the center court, where there also will be a customer-service center. On the outside, the biggest change will be new landscaping of the site, Palay said. The outside also will get a new coat of paint.

The second phase of the project will begin Jan. 1 and end in summer of next year. The mall then will have a 280-seat, enclosed food court with food outlets. LOS ARCOS, from page Fl 'About 75 percent of the renovation funds will be spent on the interior of Los Arcos, Palay said, where the most dramatic change will be increased lighting. That is a change recommended by Los Arcos customers during a survey conducted by Equity Properties.

The mall will be outfitted with a new 'tile floor, new skylights and southwestern-style benches and planters. An arched-cove ceiling will be installed in the one-story mall. "It's going to feel taller, brighter, more modern," Palay said. The mall now offers 65 stores, in addition to its major tenants, Sears, Roebuck Co. and Broadway Southwest.

Palay said Equity Properties plans to recruit 10 to 15 more stores to fill vacant spaces in the mall. Like the rest of Los Arcos' stores, the new stores will be "merchants that everyone can shop at," Palay said. "We want to cater to the big middle market that's there," he said. Equity Properties will not add retail space to the mall but is looking to add specialty retailers with items i The New CompuAdd 286 Systems 0 wait state, four-way interleave memory results in much more efficient data handling. 1MB of memory is standard, expandable to SMB for more powerful software.

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A wide variety ol video combinations are available at tow CompuAdd prices. .01 .01 .01 .01 mm 1 I I HEWLETT 100.00 100.10 99.19 99.1 100.29 99.12 100.00 99.20 100.22 99.11 100.07 99.10 HEWLETT PACKARD HEWLETT PACKARD i i I PACKARD .01 9.00 NOV 93 99.23 99.27 9.02 .01 7.00 Jan 94 91.24 91.28 9.07 9.00 Feb 94 99.31 100.03 8.97 .06 1 8.87 Feb 94 99.09 99.13 9.00 .01 7.00 Apr 94 91.15 91.19 9.06 .03 4.12 MOV 69-94 95.22 96.08 4.94 .02 13.12 May94 116.19 116.23 9.06 .02 8.00 Jul 94 95.11 95.15 9.07 6.75 Aug 94 99.11 99.19 8.84 .02 12.62 Aug 94 114.31 115.03 9.09 .01 9.50 Oct 94 101.23 101.27 9.07 .01 10.12 Nov 94 104.16 104.20 9.07 .03 11.62 Nov 94 111.01 111.05 9.09 8.62 Jan 95 97.29 98.01 9.06 .02 3.00 Feb 95 96.02 96.20 3.63 .03 10.50 Feb 95 106.13 106.19 9.06 .01 11.25 Feb 95 109.25 109.29 9.08 .01 8.37 Apr 95 96.22 96.26 9.05 .01 10.37 Mav95 106.05 106.09 V04 .02 11.25 Mav95 110.03 110.07 9.07 .02 12.62 May95 116.24 116.28 9.04 .02 8.87 Jul 95 99.02 99.06 9.04 .01 10.50 Aug 95 106.28 107.00 9.06 .02 8.62 Oct 95 97.25 97.29 9.04 .01 9.50 Nov 95 102.06 102.10 9.03 .02 11.50 Nov 95 112.07 112.11 9.02 .02 9.25 Jan 96 101.04 101.08 9 00 .01 8.87 Fob 96 99.02 99.06 9.03 7.37 May96 91.02 91.06 9.05 .01 7.25 Nov 96 89.29 90.01 9.06 8.62 Aug 97 97.17 97.21 9.02 .03 8.50 May 97 96.25 96.29 9.03 .03 8.87 Nov 97 99.01 99.05 9.01 .03 8.12 Feb 98 94.17 94.21 9.00 .06 9.00 Mav98 99.30 100.02 8 99 .02 9.25 AU0 98 101.18 101.22 8.98 .04 7.00 Ma 93-96 87.29 88.01 8.92 .03 3.50 Nov 98 95.30 96.16 3.93 .03 8.87 Nov 98 99.08 99.12 8.97 .03 8.50 May 94-99 96.16 96.20 9.01 .03 Livestock .01 102.11 DeskJet INK printer Suggested retail $995 $749 with this coupon 'Expires February 9, 1989 LaserJet Laser printer Suggested retail $2695 $1698 with this coupon 'Expires February 9, 1989 PaintJet Color printer Suggested retail $1395 $959 with this coupon 'Expires February 6, 19B9 .01 .01 .01 .01 .01 .01 .01 .01 .01 .01 .02 .01 .02 .02 .02 .01 .05 .02 .01 .02 9.11 9.11 9.16 9.13 9.09 9.10 9.12 9.09 9.13 9.13 9.10 9.1 9.12 9.12 8.74 9.12 9.12 9.10 9.10 8.81 9.10 9.11 9.12 9.09 8.78 9.11 9.12 9.13 8.92 9.11 9.11 9.11 9.14 9.13 9.11 5.85 9.08 9.10 9.10 9.10 9.09 9.09 9.05 9.08 5.10 9.01 9.05 9.08 9.10 9.10 9.10 9.08 9.07 9.05 8.9 9.06 9.11 9.08 8.90 9.09 8.25 Oct 90 8.00 Nov 90 9.62 Nov 90 13.00 Nov 90 8.87 Nov 90 6.62 Dec 90 9.12 Dec 90 9.00 Jan 91 11.75 Jan 91 7.37 Feb 91 9.12 Feb 91 6.75 Marvl 12.37 Apr 91 8.12 Mayvl 14.50 Mayvl 7.87 Jun 91 13.75 Jul 91 7.50 Aug 91 8.75 Aug 91 14.87 Aug 91 9.12 Sep 91 12.25 Oct 91 6.50 NOV 91 8.50 Nov 91 14.25 Nov 91 8.25 Dec 91 11.62 Jan 92 6.62 Feb 92 14.62 Feb 92 7.87 Mar 92 11.75 Apr 92 6.62 May 92 13.75 Mav92 8.25 Jun 92 10.37 Jul 92 4.25 Aug 87-92 7.25 Aug 92 8.25 Aug 92 8.75 Sep 92 9.75 Oct 92 8.37 Nov 92 10.50 Nov 92 9.12 Dec 92 8 75 Jan 93 4.00 Feb 88-93 6.75 Feb 93 7.87 Feb 93 8.25 Feb 93 10.87 Feb 93 7.37 Apr 93 7.62 May 93 10.12 Mav93 7.25 Jul 93 7.50 Aug 88-93 8.62 Aug 93 8.75 Aug 93 11.87 Aug 93 7.12 Oct 93 8.62 NOV 93 11.75 N0V 934n 98.16 98.02 100.19 106.02 99.16 95.20 99.28 99.23 104.14 96.22 99.29 95.08 106.06 97.27 111.16 97.07 109.26 96.10 99.03 113.12 99.29 107.06 93.18 98.14 113.02 97.23 106.07 93.12 114.24 96.17 107.01 92.30 112.21 97.11 103.17 94.13 94.08 97.11 98.25 101.27 97.19 104.09 100.03 98.25 95.15 91.30 95.30 97.04 105.24 93.30 94.23 103.16 93.10 94.05 98.17 98.24 109.31 92.1 98.23 109.31 98.20 98.06 100.23 106 06 99.20 95.24 100.00 99.27 104.18 96.26 100.01 95.12 106.10 97.31 111.20 97.11 109.30 96.14 99.07 113.16 100.01 107.10 93.22 98.18 113.06 97.27 106.11 93.16 114.28 96.21 107.05 93.02 112.25 97.15 103.21 94.31 94.18 97.15 98.29 101.31 97.23 104.13 100.07 98.29 9601 92.16 96.03 97.08 105.28 94.02 94.27 103.20 93.14 94.11 98.25 98.28 110.03 92.20 98.29 11O03 7.71 7.86 8.06 8.25 8.25 8.71 8.78 8.69 8.62 8.77 8.66 8.75 8.75 8.88 8.77 8.94 8.95 8.89 9.07 9.04 9.08 9.01 9.03 9.05 8.89 9.06 9.11 9.02 9.06 9.08 8.63 9.09 9.09 9.08 9.07 9.11 9.09 9.11 9.13 8.89 9.08 9.15 9.15 9.13 9.14 9.13 9.14 9.16 9.14 .01 100.03 100.13 99.22 99.19 101.00 99.15 100.04 99.23 100.25 99.14 100.10 99.13 102.14 99.11 98.26 102.17 99.20 100.06 101.26 99.06 98.01 101.07 102.26 98.31 98.30 99.14 98.14 101.08 95.01 97.16 98.01 101.27 98.01 98.04 101.17 98.09 98.16 99.07 98.26 102.19 97.17 98.17 102.04 98.31 9a07 101.00 102.08 8.00 Feb 89 6.25 Feb 89 11.37 Feb 89 11.25 Mar89 e.37 Mar 89 7.12 Apr 89 14.37 Apr 89 6.87 May 89 9.25 May 89 8.00 Mav89 11.75 May89 7.37 Jun 89 Jun 89 7.62 Jul 89 14.50 Jul 89 7.75 Aug 89 6.62 Aug 89 13.87 Aug 89 8.50 Sep 89 9.37 Sep 89 11.87 Oct 89 Oct 89 6.37 NOV 89 10.75 NOV 89 12.75 NOV 89 7.75 NOV 89 7.87 Dec 89 8.37' Dec 89 7.37 Jan 90 10.50 Jan 90 3.50 Feb 90 6.50 Feb 90 7.12 Feb 90 11.00 Feb 90 7.25 Mar90 7.37 Mar 90 10 50 Apr 90 7.62 Apr 90 7.87 May 90 8.25 May 90 8.12 Mav90 11.37 Mav90 7.25 Jun 90 8.00 Jun 90 10.75 Jul 90 8.37 Jul 90 7.87 Aug 90 9.87 Aug 90 10.75 Aug 90 8.62 Aug 90 6.75 Sep 90 8.50 Sep 90 n.5'Oct 90 li xSMfe. Two consecutive years as one of the -nation's fastest-growing privately-held companies ranked by Inc.

magazinel CompuAdd builds award-winning products. 99.07 98.22 102.13 99.16 100.02 101.22 99.02 97.29 101.03 102.22 98.27 98.26 99.10 98.10 101.04 94.15 97.12 97.29 101.23 97.29 98.00 101.13 98.05 98.12 99.01 98.22 102.15 97.13 98.13 102.00 98.27 98.03 100.28 102.04 I CHOK I IXJ 1 1 .01 .01 A CcmpuPlcfd I SUPERSTORE fcuoavKtUon Hwy. i 1 I i I .01 .01 .01 .01 .02 .01 .01 .01 .01 .02 .02 PHOENIX (AP)-(USDA) Trading In the Arizona feedlot area moderate late Wednesday, at a standstill early Thursday. Slaughter steers steady, no sales heifers reported. Fair Interest and Inquiry.

Slaughter steers confirmed 3500 select end-choice 2-3 1025-1050 pounds $74. Select small end-choice 2-3 1000-1125 pounds mostly select 2-3 1100-1150 pounds $72.50 $73. Couple loads select end-choice 2-3 1050-1 100 pound holstelns $69.50. OMAHA, Nob. (APKUSDA) Omaha Livestock Market quotations Thursday: Hoos: 1300; barrows and gilts 2.00-3.00 higher; U.S.

l-3s 210-270 lbs 44.OO-45.O0; sows under 500 lbs 50-75 higher; over 500 lbs 2.00 up; 350-650 lbs 32.50-38.00. Cattle and Calves: None. Sheep: None. 602-730-C1IU 3320 S. Price M.

602-942-0131 2S10 W. Thunderbird Rd. Phoenix 15 superstores nationwide Mon. Fit, 9 am to 6 pm; 9 am to 5 pm temps .02 .01 .01 .01 .02 .02 .01 .01 .02 Corp, safes: 602-730-6180 602-942-1040 Wb reserve the right to limit quantity. Prices subject lo change.

Thiftyoay monrbadt nrtlirtuosomOTspsncllroW 99.05199.09 9.12 96.07 96.11 9.17 98.28 99.00 9.15 103.15 103.19 9.14 .01.