Democrat and Chronicle from Rochester, New York on May 6, 1982 · Page 2
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Democrat and Chronicle from Rochester, New York · Page 2

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Rochester, New York
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Thursday, May 6, 1982
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Page 2
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DEMOCRAT AND CHRONICLE. ROCHESTER, N.Y., THURSDAY, MAY 6. 1982 3A Kodak pins hopes on Disc, babies, better economy FROM PAGE 1A speakers at Kodak's 81st annual stockholders' meeting held in the second-floor auditorium of Building 28 yesterday morning. For about a year, they've been dropping hints about possible new hybrid products combining electronics and photographic film, and they dropped some new hints yesterday. Fallon said electronic scanning may be used to produce sharp prints from blurred or out-of -focus photographic or X-ray negatives. On the 8-by-24-foot screen behind him, his point was illustrated by giant slides of two photos of a woman's face. One picture was overexposed with flash. The other, electronically enhanced from the same negative, showed the woman's features clearly. A second pair of pictures were of a mansion shot from a distance. The first print was grainy; the second, electronically enhanced, was clear. " Fallon also said images or information , may be recorded on optical discs, where 1 ' trillion bits of computer information the equivalent of 2 million full-length novels can be stored in one square inch in the form of tiny pits made by laser beams. Chandler said someday word processing and image recording systems made by Kodak's new Atex subsidiary could drive intelligent Kodak copiers or even printing presses without any intermediate steps. But just because a product is technologically possible doesn't mean it's profitable to make it, Fallon said. About 10 years ago, Kodak invented a laser that has revolutionized spectroscopy, but the company never manufactured any for sale and doesn't plan to. Management resolutions to establish an incentive stock option plan and a long term performance award plan drew fire from some stockholders, but both were approved by votes of about 113.4 million shares to 2.1 million shares. William Davis, a stockholder and retired Kodak engineer, said the plans only reward efforts of an elite group who play "significant roles" and ignore the contribution made by thousands of others. "I'm not sure in my own mind what Mr. (George) Eastman (Kodak's founder) would have said if he'd been called on to vote on this proposal," he said. Another stockholder, Walter Shaughnessy, said top managers get enough money and bonuses as it is. "I don't work for that amount of money, yet I put in a full day," he said. Fallon said, "The salaries of our top management people are tending to lag" behind those of other companies. Like other Kodak employees, managers should be paid at least as much as their counterparts in other companies, he said. Unlike other employees, though, they'll receive this parity only if Kodak's stock price goes up or if they meet goals set by the compensation committee, Fallon said. "If the company's performance falls short, full compensation is not justified." Looked at in that way, he said, the plan is "a subtracter, not an adder." In answer to other questions, Kodak officials said: Starting this year, stockholders won't be charged any fee for reinvesting dividends in new stock. The company is considering changing the pension rule that denies Kodak retirees . any credit for years of service exceeding 35 years. Kodak is changing the pension plan for workers of Ridge Construction Co., which Kodak acquired in 1971, to bring them into line with other Kodak workers. Outside contractors as well as Ridge workers will be used on some construction projects, and the company can't say how jobs will be allocated. State court upholds oil company profits tax United Press International ALBANY Mobil Oil has lost another round in its campaign to invalidate New York's 2 percent gross receipts tax on oil companies a levy it and other firms are refusing to pay. State Supreme Court Justice Lawrence Kahn rejected Mobil's claim that the tax, enacted in 1980, was unconstitutional since the Legislature revised it last year to permit smaller firms not to pay the levy. Mobil also is challenging a portion of the law that prohibits the oil companies from passing the tax along to their customers. The U.S. Supreme Court in February said a federal oil price control law that expired in September 1981 had been the only barrier to New York's anti-passthrough provision. The gross receipts tax was originally expected to earn $235 million a year. However, the Tax Department said only $188.9 million has been collected so far. Budget plan cuts Social Security, freezes spending FROM PAGE 1A voted 20-0 with Sen. Orrin Hatch, R- Utah, voting "present" and Sen. John Tower, R-Texas, abstaining against the budget Reagan set forth in February. When the Reagan budget was presented to Congress, the president projected a deficit of $101.9 billion, but the Congressional Budget Office now predicts a red-ink figure of $132 billion. The committee met in a day-long session as part of its effort to produce its own budget blueprint by tomorrow. Committee Democrats were upset that Treasury Secretary Donald Regan defended the president's much-criticized plan in testimony early yesterday in the House Budget Committee. Sen. Joseph Biden, D-Del., said the Senate committee vote was taken to "clear the air" and make it evident to the president that no one supports his budget Also in an earlier vote, the committee voted 17-4 against a move by Sen. Robert Kasten, R-Wis., to lock in the 1983 income tax cut in any future budget compromise. Kasten's motion was to seek $73 billion in new tax revenue during the 1983-85 period, a far lower amount than other members say is needed to lower the deficit However, the House Budget Committee delayed until next week its start on drafting a budget resolution. It had planned to begin this today, but Chairman James Jones, D- ' Okla., said members want more time to question budget director David Stockman. The House Democratic leadership has fa- ', vored letting the GOP -dominated Senate committee act first ' At stake is Reagan's proposed $767 billion, federal spending plan, which the administration says includes a projected $101.9 billion deficit The deficit is generally expected to exceed $180 billion if no action is taken to reduce it Moderate earthquake is felt in Anchorage Associated Press ANCHORAGE, Alaska A moderate earthquake rocked Anchorage and two smaller cities yesterday, sending workers in high-rise office buildings scurrying outdoors and causing worried residents to overload phone circuits. There were no reports of damage or injuries. John Sindorf at the Alaska Tsunami Warning Center in Palmer said the quake was measured at 5.3 on the Richter scale and was centered 20 miles southeast of Anchorage. There was no danger of a tidal wave being generated by the quake, Sindorf said, and the center had no reports of damage. The tremor shaking continued for some 15 seconds and it felt like two distinct jolts. It occurred at 10:50 a.m. local time. Viper's ride like 'torture at 50 mph' FROM PAGE 1A He estimated he has taken 3,000 rides on 63 coasters nationwide. Frank Schwan, 39, rated the coaster "nine on a scale of one to 10." How do you improve the Viper? "Maybe add another loop," Schwan said. "The reason we're so happy is that final ly western New York has a major league roller coaster, which would attract thrill seekers from all over the country," Ruben said. The park, which opens May 29, charges $10.95 for admission; children 3 and under are free. The admission price allows as many rides as one wants or can stand on the Viper. Ruben rode six times yesterday. Forgotten piece of paper worth $500,1 Associated Press ; MOBILE, Ala. Patrolman Fred C. Drago stuck the little piece of paper in his gunbelt and forgot all about it until it fell out later. Then, he figured, "I might as well open it." The 28-year police veteran found himself $500,000 richer but had to borrow plane fare to find out for sure. Drago's break came from McDonald's, where he went for lunch Friday. Along with his hamburger, fries and coffee, "the girl gave me the game ticket and I stuck the ticket in my gun belt," he recalled. The ticket declared Drago an instant winner, one of only two prizes for that amount rewarded. But it also required verification from McDonald's officials in Burbank, Calif. He decided to hand-deliver it, after borrowing money for a plane ticket "It says you're supposed to mail it in, but I'm not taking a chance on getting it lost in the mail," Drago told reporters over the weekend. Drago, 52, and his wife, Anna, flew to Burbank on Tuesday morning and were met by executives of McDonald's and Simon Marketing Co., who confirmed the windfall. ATARI VIDEO OAME CARTRIDGES 9.88 s9.88 s9.88 OFFICIAL ATARI JACKET! WITH PURCHASE OF ATARI VIDEO SYSTEM. CHOOSE A GREAT LOOKING JACKET IN EITHER BLUE OR SILVER WITH THE ATARI EMBLEM ON IT. $2495 VALUE FREE' PflC-MflN' Reg. $37.95 SALE $28.88 Wo YOUR NET PRICE "ASTEROIDS" REBATE REQ. PRICE $37.95 LEON'S 28.88 $0088 AUTHORIZED ATARI A VIDEO GAMES SERVICE CENTER LEON'S 325-2787 103 CLINTON AVE. S. Opposite Xerox Square ATARI VIDEO GAMES SPECIAL COMES WITH 2 JOYSTICKS, PADDLES, SWITCHBOX, and COMBAT CARTRIDGE. REG. $199.00 CAI C dHtt1 ug INCLUDES FREE POSTER RTF SALE! Bonnie Doon sport socks 3 prs. $5.50 Reg. $2.35 pr. 3 prs. $7.80 Reg. $3.25 pr. 3 prs. $8.40 Reg. $3.50 pr. Sock up for summer! Assorted styles and colors. Midtown, Pittsford, Long Ridge and Culver-Ridge. SALE! Exclusive handbags $27.90 Reg $42 Handsome, practical bags mothers need every day! Leather-like urethane in many styles with multi-compartments and extra nice details. Shoulder bags, double handle styles and camera case shapes in navy, white, bone, black, taupe. All stores. q mi mmmph mm ( Mmmr n SALE! Elegant Gucci .accessories Vl OFF Mother's Day gifts with designer status! The entire Gucci Accessory Collection, including handbags, purse accessories. Orig. $29 to $260, now $14.50 to $130. Midtown and Pittsford 7 7 pr O . V ( si """nil f'llyiyiiiii.ui : -J - SALE! Rolfs purse accessories y3 OFF Ever-useful leather clutches, wallets, French purses and more in attractive styles and colors. Reg. $12 to $28, now $7.90 to $17.90. All stores. SALE! Faux pearls and a gift 25 OFF Reg. $7.50 to $12 For Mother! For yourself! Famous maker pearl necklaces, 15" to 27" long. Buy any one and a pair of clip or pierced single pearl earrings worth $5 is yours free. All stores. SALE! Beautiful silk scarves '8.90 Reg. $12 to $30 Gift-worthy scarves with the famous .1 III . oacnarei laDei. Morals and geometric designs in wonderful colors. Not at Perinton SALE! Summery leather slides '26 Reg. $36 Cool and easy shoes by Auditions and 9-West, in a pleasing variety of styles, colors you want from now on. Midtown, Pittsford, Long Ridge and Culver-Ridge. Midtown. Pittsford. Long Ridge. Culver-Ridge and Perinton Square. Free parking tonight. 5:30 to closing, in Midtown. South Ave.. Mortimer and Clinton Ramp garages

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