Florida Today from Cocoa, Florida • Page 34

UTC EXECUTIVE RESIGNS DEMISE OF Fairchild Publications is closing magazine, a 9-year-old men's fashion and lifestyle monthly, because of the poor market for luxury goods. United Technologies executive VP John Rolls resigns to be president of Germany's largest bank, Deutsche Bank North American Holding Corp. SECTION 0) Air Force custodial contract changes hands THURSDAY, October 1, 1992 14C BUSINESS DIGEST DOW BONDS OIL 25 ture debts under Chapter 11 of the U.S. Bankruptcy Code. The company won the $20 million Cape contract in July 1988.

Headed by Jerry Davis, the company lost the loyalty of many employees during its tenure at the Cape after failing to pay health and retirement benefits for November and December 1990. The Air Force withheld $141,000 from its contract with Unified so those benefits would be available to employees. The same problem cropped up in March 1991, when Unified fell behind on $100,000 in payroll before the Air Force acted. than one building. Hill stressed that Washington, D.C-based IRC has signed a bridge agreement to carry over privileges for Unified workers rehired by IRC.

Those include medical benefits, seniority and vacation. In a letter to union members dated Sept 21, Hill wrote that IRC officials "have told us that they bid the contract very low and now they must make it work." Officials at IRC were unavailable for comment Wednesday. Unified's troubles date back to 1988, when the Washington, D.C-based contractor filed to restruc By Phillip FiorinI FLORIDA TODAY A newcomer takes over. the custodial contract today at Cape Canaveral Air Force Station, potentially leaving some people without a job, officials say. International Resources which submitted a winning bid of $17.6 million, is replacing Unified Services Inc.

Unified ran into trouble on the contract in late 1990 and early 1991. Terri Bracher, spokeswoman for the 45th Space Wing at Patrick Air Force Base, said IRC has been aboard since Sept 15 to bridge the contract's transition. The contract includes custodial services, specifically the satellite clean rooms, at Cape Canaveral Air Force Station. She declined to say how many bidders IRC edged out for the contract but observers say at least 20 firms submitted proposals. The closest competitor bid slightly more than $19 million and several bids exceeded $20 million.

The contract is for one year with three one-year options. Union officials remain optimistic about the transition, but also expressed concern that lay offs might stem from IRCs takeover of the contract from Unified, which had about 166 employees. "We understand this contract was bid differently and that there might be a reduction in manning levels, but that's all we know at this point" said Eddie Hill, president of the Transport Workers Union, Local 525, in Cocoa Beach. "We hope their intent is for a smooth transition," he said. Bracher said the contract could require fewer workers because custodial duties have been changed: More workers have oversight of several buildings, rather 30-YR.

YIELD 7.38 0.02 30 INDUSTRIALS 3271.66 4.86 W. TEXAS CRUDE $21.71 4 cents New YoEfkeirs on Fasftorax Low mortgage rates fail to spark market Now homo sales from July 660 Seasonally T7T adjusted ZZZ. annual rate, 620 thousands il i Vs or units 600 580 560 540 520 -n 500 ni I4i J.fl.ittrt rl i i ir iMi Ji il SOND FMAMJ A Associated Press WASHINGTON New-home sales took their steepest plunge in five months in August, the government said Wednesday. The news surprised most analysts, who had expected the lowest mortgage rates in nearly 20 years to boost the housing market Most analysts agreed the housing recovery continues to be weaker than normal. But many also said they expect the department to revise upward Wednesday's initial report on August sales.

"If you look at every month's sales for the last year, all have been revised upward from the original estimate," said economist David Berson of the Federal National Mortgage Association. According to the departments of Commerce and Housing and "Irban Development sales in August fell 6.1 percent to a seasonally adjusted annual rate of 570,000. Sales were reported down in the South and West, although they rose elsewhere. But at the same time, the departments sharply revised upward, to a 607,000 rate, their initial estimate of July sales. Last month they reported that July sales had fallen 2.6 percent to 563,000, but the revised figure shows sales rose 4.5 percent The report also said June sales had risen to 581,000, rather than 578,000, and May sales totaled 554,000, rather than 549,000.

A Commerce Department Michael R. Brown, FLORIDA TODAY KEITH MILLER and his wife, Zinnia, run Interchange Square Shopping Center at Fastrax, a slot-car racing business in the 1153 Malabar Road in Palm Bay. Couple finds fast lane in Palm Bay 1991 1 1992 Aug. 31 July 92 Aug. TO 1 5221 (to? 570 Source: U.S.

Dept. of Commerce FLORIDA TODAY Dow advances 4.86 in quiet trading NEW YORK Stock prices closed out a sluggish third quarter of 1992 with a small ain Wednesday as investors awaited a new set of data on employment The Dow Jones industrial average edged up 4.86 points to 3271.66. The Standard Poor's 500 index added 1.00 to 417.80, while the NYSE index inched up 0.56 to 229.46. The Nasdaq composite index advanced 5.64 to 583.27 and the American Stock Exchange index rose 1.11 to 376.72. Stock listings, 1 0-1 3C.

Wall Street firms break record NEW YORK Wall Street shattered its annual underwriting record in the first nine months of the year, as corporations took advantage of sinking interest rates to issue $667 billion in stock and bonds. Securities Data a Wall Street research firm, said Wednesday more than $56.8 billion has been raised through September, exceeding last year's total of $56 billion. Brokerages racked up $5.1 billion in underwriting fees in the first nine months of the year, up from $5 billion for 1991. Philip Morris OKs $1.5 billion bid NEW YORK Philip Morris Cos. said Wednesday its board approved its $1.5 billion offer to buy Scandanavian candy maker Freia Marabou AS.

The offer is contingent on Freia's shareholders approving a change in bylaws to permit foreign control of the company. Hershey Foods which has an 18 percent stake in Freia Marabou, said its lower offer for an additional 44 percent stake was better because it was unconditional. Hershey has proposed buying the 44 percent stake held by Freia's biggest shareholder, Norsk Hydro, which owns Hydro Aluminum in Rockledge. Bank to outfit ATMs for disabled NEW YORK Citibank announced plans Wednesday to outfit each of its automatic teller machines nationwide with a software program designed to help people with physical and learning disabilities. The new software uses touch-sensitive computer screens so people with vision impairments or learning disabilities can more easily use an ATM.

Delta to stop attendant weigh-ins ATLANTA Delta Air Lines will stop weighing its flight attendants and end specific weight requirements for at least a year, following a slew of criticism. Employees have called the requirements demeaning to women. Weight still will be a part of Delta's grooming and appearance requirements for flight attendants "when it detracts from an overall professional image," said Jenny Poole, the Atlanta-based airline's vice president of inflight service. The yearlong trial program comes after a group of Delta's 18,000 flight attendants complained this summer that the requirements cause unhealthy dieting and ignore job performance. Southland to lay off 1 ,1 00 DALLAS Southland parent company of 7-Eleven stores, said Wednesday that its previously announced closing of distribution and food centers will idle about 1,100 workers.

The closures, along with a sale of distribution and food center assets, are part of Southland's plan to leave the distribution business. Southland said it will sell two of its five distribution facilities and three of its six food centers to McLane Co. and begin using McLane's distribution services. Southland said its distribution and food center in Tyler, Texas, which employs 470 people, and its Orlando center, with 390 workers, would close Nov. 30.

By Michael Louis Amarto For FLORIDA TODAY Keith Miller is a self-professed dreamer. But unlike many who watch their hopes fade into the sunset, Miller usually is able to catch his dreams. That's why the 31-year-old New York native packed his bags in 1991 with his wife, Zinnia, and son, Christon, and moved to Palm Bay to start a new, less hectic life. Miller now is owner and operator of Fastrax, a prospering slot-car racing business in the Interchange Square Shopping Center at 1153 Malabar Road, a growing hub area of Palm Bay. "We had some money saved and wanted to get out Company at a glance Fastrax is open from 2 to 10 p.m.

Tuesday through Friday, from noon to 10 p.m. Saturday and from noon to 7 p.m. Sunday. Cost is $2 for each 15 minutes and includes slot car, controller and lane time. Slot cars can be purchased for $22 to $71, and controllers for $19 to $115.

For more information, call 676-6104. spokesman said the revisions are not unusual. The preliminary reports often are based on just 60 percent of the data sought and then updated as the remainder of the information becomes available. According to the Federal Home Loan Mortgage 30-year, fixed-rate mortgages averaged 7.98 percent in August The rate was the lowest since 7.73 percent in June 1973. Since then, rates edged back up to 8.02 percent last week.

Affordable housing, 13C. See FAST, 13C Ford pickup, Honda Accord tops for model year Top-selling vehicles through August Associated Press DETROIT Ford's F-series pickup easily won the title of best-selling vehicle for the 1992 model year, which ended Wednesday. The Honda Accord again led passenger-car sales. Unlike last year, when Ford and Chevrolet battled to the final days of September for bragging rights among pickups, Ford easily outdistanced Chevy. It's just one example of the reversal of fortunes between auto giants Ford Motor Co.

and General Motors Corp. Five of the 10 best-selling cars and trucks in the United States through August carried a Ford nameplate, while GM had two. In 1981, GM had seven of the top 10 sellers and Ford had two. On a calendar-year basis, January-through-December, the well-publicized battle for best-selling car between Honda Accord and Ford Taurus has yet to be decided. Honda thinks it will hold the No.

1 rank for the fourth straight year. Ford is marketing the Taurus aggressively to dislodge the Japanese automaker from leadership in an area once For FLORIDA TODAY FORD SOLD 438,000 F-Series trucks through August of the '92 model year. For FLORIDA TODAY unit sales in 1991. Unit sales 438,000 403,000 352,000 313,000 268,000 253,000 228,000 223,000 216,000 201,000 HONDA ACCORD had 410,000 1932 make and model Ford F-Series trucks Chevrolet C-K trucks Honda Accord Ford Taurus Ford Explorer Toyota Camry Ford Ranger I Ford Escort Dodge Caravan Chevrolet Lumina exclusively dominated by American carmakers. Taurus trailed Accord by 39,000 vehicles at the end of August, too big a gap to be made up for a victory in the model year.

"Even if they quit we couldn't win," said Ford research analyst Joel Pitcoff. Marketing executives say neither model year nor calendar year sales leadership counts for much in how they pitch cars and trucks. "To the consumer, I don't think it makes any difference," said Tim Kelling, executive vice president of the automotive division at W.B. Doner which handles Ford's account "When we do our research and ask people the top 10 reasons for buying a car, we never hear it's because it's the top-selling car." More business news, 13C. Not: 'S2 rrnxM yaar ulM figure to to nlHMd Monday will do Httt to Chang tha order.

Local mensy rates Paula Kino 3yrs, 7.95, fee Sun Bank N. A. 4yrs, 7.5, fee Used auto loan 15-yrfxd, 9.5. Opts, fee 15-yrfxd, 9.25, 1 pt, fee Crissy Mortgage 15-yrfxd, 9.95, Opts 15-yrfxd, 9.75, 1 pt 15-yrfxd, 9.5, 2 pts New auto loan Space Coast Credit Union 5yrs, 7.25, no fee Harbor Federal 5yrs, 9.9 NationsBank Horn Improvement loan Reliance Bank prime rate plus 1, 1 pt, $30 annual renewal fee Southland Financial 15-yrfxd, 8.45, fee 20-yr adj, equity line, prime plus 2, fee Beacon Financial 15-yr fxd, 9.95, 2 pts, fee 20-yr adj, 8, 2 pts, fee Bankers Financial Funding production office and its staff. Rewarding part: "Helping people get home loans, especially first-time buyers." Goal: "To do the best job I possibly can and to help the association in my efforts." Job: Loan assistant with Harbor Federal Savings Loan, a loan production office in Melbourne.

On the job: Five months. Job duties: Provide support for the loan Prim rat 6 1-yr. Treasury Index 3.16 Passbook savings 2.48 6-month CD (avg.) 2.94 1-yearCD(avg.) 3.17 Money marfcet (avg.) 2.98 U.S. nat'l debt $4,044,021,000,000 I Space Coast Credit Union "91 model, 5yrs, 8.5, no fee Harbor Federal '91 model, 3.5 yrs, 12 NationsBank '91 model, 3.5 yrs, 9.95, fee Sun Bank N.A. '91 model, 3 yrs, 9.75, fee.