Democrat and Chronicle from Rochester, New York • Page 36

1SD DEMOCRAT AND CHRONICLE. ROCHESTER; NY. TUESDAY. JANUARY 10. 1939 0 i II Cl Sill VI MARKET BASKET Local OTC stocks and various market indexes are in the Market Spotlight report on 14D.

III 1 4 Democrat ano Cfbroniclc) Z3 I 4 fcitoiiaii S. i i i i r-n 1 I i rrrn LOCAL STOCKS TREASURY BILLS Rates continue climbing The Associated Press Interest rates on short-term Treasury securities rose in yesterday's auction to the highest level in more than 31 2 years. The Treasury Department sold $7.2 billion in three-month bills at an average discount rate of 8.36 percent, up from 8.24 percent last week. Another $7.2 billion was sold in six-month bills at an average discount rate of 8.48 percent, up from 8.37 percent last week. The rates were the highest since three-month bills sold for 8.41 percent on March 25, 1985, and six-month bills averaged 8.56 percent on April 8, 1985.

The new discount rates understate the actual return to investors 8.66 percent for three-month bills with a $10,000 bill selling for $9,788.70 and and 8.98 percent for six-month bills selling for $9,571.30. In a separate report, the Federal Reserve said yesterday that the average yield for one-year Treasury bills, the most popular index for making changes in adjustable rate home mortgages, rose to 9.17 percent last week after averaging 9.07 percent the week before. 3 month 6 month In percent 8.50 8.25 8.00 7.75 7.50 7.25 7.00 6.75 6.50 6.25 6.00 This week: 3 months 8.36 months 8.48 1 1115 1128 1212 1227 19 1121 125 1219 13 Source of data: U.S. Treasury Department Democrat and Chronicle 1988-69 Sales High Low in 100 High Low Clou Chg 48 BauschLomb 295 43 i 43' 6'. Canandaigua Win A 31 8 8 57'.

28'i Champion Prod. 71 55li 55 55 Cha Manhattan 8403 29s. 28 29 1 27 18 Citicorp 9567 25'i 25H 25 "i V. 45H 35 Coca-Cola 5571 45 Vk 44. 45 12V.

Computer Conaolei 26 124i 12 Vi 12'4 'i 27V. 20 Curtice-Burna x127 u27V. 27 27H i 92 75'. DuPont 4901 90 'i 89 90 53 Eaitman Kodak 17068 45 '4 44' 44 '4 12 5'i Fay's 556 u12 11' 11V, 39 'i 29 Vi Gannett 1746 35 '4 34 V. 35 68'i 60 General Motors 9056 86 't 85' 86 '4 56 I 40 General Signal 384 48 3 48' 48 v.

15'i Gleason 314 12 '4 12', 12V, Graham 24 V. Harris 360 27' 27 27 "i Hartmarx 236 25si 25 40 May Oept.Slores 2438 37 36 37' 67' Minn.MiningMlg 6218 61 60V. 61'i J.i 49'i 38si Mobil 3795 465i 46 46'. Vi 20 'i 14 Paychex 436 19 V. 14 'i Roch.

Comm. Savs. 950 15V. 15' 14V. 210 17V, 17V, 53 Vi 40 Rochester Tel x374 u53V, 51V.

53'. 1V, 8 5 Voplex 11 6'i 6V, 6' 63 50 Xerox 2703 59 59 59 Sellers don't dent rally The Associated Press The stock market gained ground for the fourth straight session yesterday, getting a little more mileage out of its early-1989 rally despite resistance from sellers. The Dow Jones average of 30 industrials rose 5.17 to 2,199.46, a new high since the 1987 crash. Over the past four sessions the average has climbed 54.82 points. The market has benefited in recent sessions from buying by money managers at investing institutions seeking to put some of their large cash reserves to work at the start of a new year.

But analysts said traders were worried that the rally had encountered some large obstacles. Each time the Dow Jones industrial average reached the 2,000 level last week and again yesterday, selling pressure seemed to intensify. In addition, brokers noted, the advance in stock prices of late has come without any help from interest rates. Yields on interest-bearing investments, especially in the short-term money market, remain a strong competitive threat to stocks. Holly Farms, which plans to settle a takeover battle by auctioning itself to the highest bidder, rose $1.75 to $61.75.

Lockheed climbed $2,375 to $44.50 in buying apparently fueled by takeover rumors and speculation. Dow Jones Industrials 2,199.46 5.17 points Federal funds at close percent 0.8125 point Wilshire value of 5,000 stocks $2,773,322 billion $3,935 billion Prime interest rate 10.5 percent I unchanged esreo- Manufacturing will drive local growth, Chamber predicts By Phil Eber9ole Democrat and Chronicle Humming factories will keep Rochester prosperous in 1989, eight economists agreed in an annual forecast to be published today by the Greater Rochester Metro Chamber of Commerce. Manufacturing businesses will generate 2,000 new jobs, and currently employed factory workers will have to put in near-record hours of overtime, the Chamber's Business Trends Committee predicts. The Monroe County unemployment rate is forecast to remain at 3.2 percent well below the 4 percent rate that theoretically represents full employment. Total Rochester area personal income is forecast at $20.2 billion, up 7.2 percent from the year before.

Adjusted for inflation, that's a 2.7 percent increase in buying power. Non-manufacturing employers stores, banks, hospitals, construction companies are expected to add 6,800 jobs in 1989. up develop mg rate, 8.125 Channeiy TV Signals Channel 97 American TV VmP'y channels are allotted Zri a S'x-megnhertz band- snney width to carry signal In'ormat'on' 1 any 9'ven 7 re9'on' channels are I separated by an empty space to prevent signal bleed. HDTV signals will require nine to 12 megahertz to carfy additional information, SZJ fv Radio wave 6 WROC-TV not for sale Channel 8 owner pulls TV stations off block dividend Allen Dise Democrat and Chronicle appeared to form one full-color picture. The system had several problems.

Since each filter was as large as the screen, the size of the wheel made for bulky, awkward sets with relatively small screens. Worse, the color-wheel system was not compatible with the country's 25 million black-and-white sets. So in 1953, when a color system was introduced that could also be received black and white, the FCC reversed itself and adopted the new system, which employed separate red, green and blue dots on the screen. That format still the American standard had poorer picture quality, but it was a small price to pay for compatibility. Now the American television industry is facing a revolution as profound as the transition from black-and-white to color: the coming of high-definition television.

HDTV will have pictures nearly as sharp as those in movie theaters, and stereo sound quality comparable to compact discs. But this time the economic stakes are vastly greater than they were in 1950. Late last month the American Electronics Association, an industry trade group, warned that the United States must become a major player in the TURN TO PAGE 13D market jumps kets have been discounting for the emperor's death since mid-October, when it became clear he wasn't going to recover." Most businesses returned to normal yesterday after having closed for mourning over the weekend. Department stores had turned off their blazing neon signs and draped window displays with white sheets. The Tokyo Stock Exchange canceled regular Saturday half-day's trading and asked members to exercise restraint their business activities this week reflecting a view that it would be unseemly for trading to be active.

But trading yesterday was extremely active, with 1.1 billion shares changing hands. Analysts said the trading was by individual investors. Major securities firms limited their trading out of consideration for the national period of Gold price, New York $404.50 $1.75 Silver price, New York Handy $5,930 Comex $5,963 eeoGiortr Monroe County residents are expected to take out 3,225 new residential building permits, 222 less than in 1988, and to buy 54,000 new cars, only 300 less than in 1988. The forecast says an average of 481,800 Rochester area residents will have jobs this year 136,600 in manufacturing industry and 345,200 in other non-farm jobs. The main limit to growth is a lack of qualified workers, said Thomas T.

Moo-ney, the Chamber's president. Each year more skills and education are required to get jobs in manufacturing companies, he said. While the committee expects manufac- tiirinc inha in in- Mooney crease this yeai jt also expects currently employed factory workers to continue to put in record hours of overtime. Last year the average Rochester-area factory employee's work week was 43.2 hours, the longest in at least 30 years. TURN TO PAGE 13D the past," he said.

Television Station Partners had not set a minimum price for the four stations, Sauer said. But industry analysts said last year that the four stations WROC, another NBC affiliate in Wheeling, W.V., and CBS affiliates in Flint, Mich, and Augusta, Ga. should fetch a total of $200 million to $300 million. According to Ulrich, WROC-TV ranked a close third in the local Neilsen ratings-for November, the most recent figures available. Between 7 a.m.

and 1 a.m., 20 percent of TV viewers were tuned to WROC; 25 percent watched WOKR Channel 13; and 21 percent watched WHEC Channel 10. Sunday's announcement will have little impact on operations at the station, he added. "It's been business as usual for the last nine months. "TV-8 has been an efficiently run station under Television Partners. We didn't have to have drastic cost-cutting measures to make ourselves more attractive." Television Station Partners, headed by former Ziff-Davis Broadcasting Co.

executives Ralph Becker and I. Martin Pompa-dur, bought WROC from Ziff in a 1983 leveraged buyout. The partnership paid $56.2 million for the four stations. Sauer said the partnership is now determining whether it will restructure so it can buy additional stations. Its 240 investors received one earnings distribution two years ago and will receive another in March, she said.

subishi Research Institute, a private think tank. Economists predict unusually high demand for printing products as Japan shifts from the old Showa calendar of Hirohito's reign to the Heisei calendar of the new emperor. Prices of printing, paper and pulp and ink shares did not shoot up. Any increases would have occurred long ago as it became apparent that Hirohito was going to die. Yesterday's big gains on the stock exchange contrasted sharply with the plunge of 352.42 points in the Nikkei average to 27,548.58 on Sept.

20, the day after Hirohito became seriously ill. Since then, the index has climbed past 30,000 points despite rumors about Hirohito's illness that occasionally shook the market. for 1989 52 week high; 52 week low; ex TV views revolution High-definition will transform industry By Robert Pool Washington Post It's hard to believe now, when nearly every American home has a set, but color television got off on the wrong foot in this country. In 1950, when CBS introduced the first color system approved for broadcast use by the Federal Communications Commission, it flopped. The device, which CBS called the "color wheel," used a black-and-white cathode ray tube and a rotating wheel with red, green and blue filters that passed in front of the tube.

The filters on the wheel flashed by so quickly that to the human eye they Japanese stock Emperor Hirohito's last illness had held back traders since October By Elaine Kurtenbach The Associated Press TOKYO Share prices posted their biggest gain in a year and the Nikkei Stock Average set a record yesterday, the first day of trading since Emperor Hirohito's death of cancer on Saturday. Analysts said small investors, who had held back from the market out of anxiety during Hirohito's long illness, flooded the Tokyo Stock Exchange with buy orders. "The opening of a new era is having a (positive) psychological impact on the economy," said Christopher Chew, strategist for James Capel Pacific Ltd. "Mar TV spectrum band- iXSXSX width measured 1vSvSX in mcgahem or VlhXA l'frtCyCle3 wSkJ3 per second OOvvxVl'vvV iSSWvy v.l?vvS!S?vv 0KSStSv 1 i -SSSSSSSV ItSSSS- thilx ivvvX 'v; 'TOpSr iv I i' a hi-tech in its in Polaroid court ruling prompts stock sales Investors unloaded shares in Polaroid Corp. yesterday after a court ruling cast doubt over whether Roy Disney's Shamrock Holdings Inc.

can still win its $2.4 billion bid to acquire the instant photography company. The stock of Cambridge, Polaroid fell $1,875 to $36,375, the eighth most actively traded share on the New York Stock Exchange. On Friday the Delaware Chancery Court ruled that Polaroid's employee stock ownership plan, a key part of its anti-takeover defense, was valid. The long-awaited ruling capped a lengthy trial in which Shamrock, controlled by the Roy Disney family, sought to overturn the stock ownership plan, which would make a hostile takeover almost impossible to complete. Cosmic Venture, chairman sell their stakes in BioSurge Inc.

Frank DeLaus, chairman of Cosmic Venture said he has sold his personal interest and Cosmic Venture's interest in BioSurge a Brighton-based medical equipment company. The holdings, totaling 55 percent of BioSurge ownership, were sold to investor William Konar. Purchase price was not revealed. DeLaus said Cosmic Venture will retain "a certain kind of royalty agreement" with BioSurge, which is developing an au-totransfusion device to recycle blood lost in surgery. BioSurge also markets plastic disks to protect medical workers from jabbing themselves with used hypodermic needles.

Jeffrey Bracker, BioSurge chief executive officer, said the new ownership "doesn't make a lot of difference from an operational standpoint." He referred other questions to a company attorney, who did not return calls. Konar was also unavailable for comment. The Rochester businessman is best known for building the regional Clinton drugstore chain. He sold the stores to the owners of the CVS chain in 1972. Briefly The Federal Systems Division of Eastman Kodak Co.

has been awarded a $3 million contract to develop a prototype for the medical X-ray imaging system to be used aboard the U.S. space station. Kodak will develop an X-ray system weighing less than 200 pounds and occupying about 5.5 cubic feet. It will be used to determine whether any injuries to space station crew members are serious enough to warrant a rescue mission or an early end to the mission. Dr.

Gary H. Conners, manager of the Federal Systems Division, said Kodak hopes to get the final contract for the Diagnostic Radiographic Imaging System to be launched with the space station in 1995. Instead of appealing a Delaware Chancery Court ruling on its efforts to avoid being acquired by Tyson Foods the board of Holly Farms Corp. will put the chicken-producing company up for auction. The U.S.

Department of Labor has judged that Jim Rund's Restaurant must pay $15,183 in back wages to employees of the 2851 West Henrietta Road establishment. The department sued Rund's in May 1988, charging the restaurant with violating overtime pay, recordkeeping, and child labor provisions of the Fair Labor Standards Act. It was the second time Rund's has been sued by the Labor Department. In 1981, the restaurant paid $8,886 in back wages after an investigation into unpaid overtime. The latest suit was prompted by a two-year investigation of the restaurant.

Ballots are being mailed this week by Rochester Telephone Corp. to 3,200 customers in Churchville and Bergen, with telephone numbers beginning with 293- and 494- asking them to designate a long distance company for their calls outside the Rochester area. Those who don't send in ballots will be assigned a company by Rochester Telephone. Compiled trom reports by The Associated Press. The New York Times, Reuters and the Democrat and Chronicle Clarification CPAC stock price change for 1988 was a 72 percent increase.

The change was not listed in a Sunday Democrat and Chronicle story. By Franceses Chapman Democrat and Chronicle After nine months on the block, Rochester station WROC-TV Channel 8 has been pulled back off by its owner, Television Station Partners. The partnership told a meeting of station managers in Nashville, Tenn. on Sunday night that it would not sell WROC-TV or its three other stations, contrary to plans announced in April 1988. Television Station Partners, an investment group, bought the local NBC affiliate in 1983.

At the time, it planned to sell all four stations in three to seven years to provide a return for its investors. The four affiliates went up for sale as a group in April, and later were offered individually. "We did get offers, but the partners were not getting any prices that they thought were fair," said Eileen Sauer of the Greenwich, partnership. WROC-TV general manager Tom Ken-ney was at the station managers' meeting and could not be reached for comment yesterday. Jeff Ulrich, program manager at the station, said he had seen "a fairly regular flow" of potential buyers inspecting the station.

"My guess is that the owners thought the station was worth more than was being offered. There are still some in the industry who feel (the local television industry) may not grow as much it has in back to norma! in 'new era' Optimism about Emperor Akihito's new era helped boost the market's key indicator, the Nikkei Stock Average of 225 selected issues, by 468.85 points to a re cord high 30,678.39. "During his three-month-long illness, many individual investors were extremely cautious and anxious about what might happen when the emperor died," said Michio Katsu-mata, a dealer at Nomura Securities Co. "But that's over Hirohito now. "Any negative impact due to restraints on holding events during Hirohito's final illness has already been felt," said Koui-chi Yano, a senior economist at the Mit-.