Clarion-Ledger from Jackson, Mississippi • Page 22

THE CLARION-LEDGER JACKSON, MISSISSIPPI THURSDAY, NOVEMBER 2, Want to buy a savings bond? Uncle Sam won't let you Until Congress passes legislation to raise the ceiling on the national debt, the government can't borrow more money. By Lee Ragland Clarion-Ledger Business Writer "All participants will receive their bonds once the-ceiling is lifted," said John Nabach, area manager of the U.S. Savings Bond program in Central Mississippi. "This is just a temporary stoppage." Mississippi Power Light Co. spokesman Edd Jus-' sely said the utility, which has 65 percent employee par-1 ticipation in the program, would continue payroll dc ductions without interruption.

Usually the delay lasts only seven to 10 days before, Congress, after a little political maneuvering, acts on1 the measure. The House has voted to raise the debt ceiling to trillion, but the legislation has been blocked in the Senate by a squabble over the capital gains tax. The Fed's Wipperling said no action is expected untif at least early next week. Once the sales resume, savings bond buyers will find a lower rate. The rate, which changes every May 1 and Nov.

1, fell from 7.81 percent to 6.98 Wednesday. The decrease is not a result of the sales interruption. "The rate is tied to the five-year average of all securi-" ties," Nabach said. "All securities have fallen, consev quently so will savings bonds." passes legislation to raise the ceiling, the government cannot borrow any more money. That affects savings bonds, which present loans to the government from the public.

The bonds are bought in denominations as low as $25. The purchaser pays half the face value, and the bond matures in 12 years. Mississippians invested $50 million in bonds last year. The sales have been put on the back burner, at least temporarily. "We simply say it is not for sale at this point because the government is offering these bonds," said Sunburst Bank executive Frank Smith in Grenada.

"You explain the situation that the sale has been suspended for a few said Bank of Mississippi's Harry Baxter of Tupelo. The last suspension occurred in July 1987. When savings bonds go back on sale, those issued during the remainder of November will earn interest from the first of the month. While the action suspends over-the-counter sales, payroll savings plans will continue to operate normally. Local banks can't sell you a U.S.

Savings Bond today. The government won't let them. The U.S. Treasury department indefinitely suspended the sale of the government-back bonds Wednesday, because the government is temporarily unable to borrow more money. "The banks have them in stock, but they can't sell them to the public," said Fred Wipperling, assistant manager of the Federal Reserve Bank in New Orleans.

"It happens from time to time. This is not like the world is coming to an end." Additionally, the government will not auction three-month and six-month Treasury bills next Monday. The auctions usually are held weekly. The problem is that the government reached its ceiling on the national debt. Until Congress Soil conservation deadline approaching A 4 ar.rrrr.

vf? Farmers must submit a plan by Dec. 3 1 or risk losing federal funds. By Johnny Gunter Clarion-Ledger Business Writer Mississippi farmers whose land is subject to erosion have until Dec. 31 to submit a soil-conservation plan to the federal government. If the deadline is missed, the farmers could lose their eligibility for benefits under U.S.

Department of Agriculture farm programs. The Food Security Act of 1985 included provisions for conserving highly erod-ible agricultural land throughout the nation. The act required conservation plans to be filed with the USDA's Soil Conservation Service. The plans must be implemented by Dec. 31, 1995.

Mississippi has about 1.8 million acres that fall into the highly erodible category, said Chuck Jepsen, Soil Conservation Service public information officer for Mississippi. "Most of your highly erodible land is located in the hill counties of the state," said Larry Milner, Rankin County district conservationist for the Soil Conservation Service. Milner said that in Rankin County, 95 percent of the erodible land has been placed under conservation plans. Statewide, the figure stands at more than 90 percent. Jepsen said that although participation is voluntary, even farmers who currently aren't receiving government payments or benefits may want to enroll their land in the program in case their farming practices change.

"It'd be wise to have a plan just in case you need it later if circumstances Business news in brief From staff and wire reports WAPT Television is sold by Price Communications A Jackson television station, WAPT-Channel 16, has a new owner Northstar Television Group headed by former Price Communications Inc. executive, Dick Appleton. Northstar acquired the ABC affiliate and three other stations for $120 million from Price in a deal that was announced in July but required Federal Communications Commission approval. WAPT general manager William Ferrell said the purchase may prompt some changes at the station, but "those are yet to be determined." The other three stations were WZZM in Grand Rapids, WSEE in Erie, and WNAC in Providence, RI. Robert Price, head of Price Communications, owns 10 percent of Northstar.

Cigarette ads available for your VCR RALEIGH, N.C. R.J. Reynolds Tobacco unable to advertise on television, has mailed videotapes to smokers in an effort to get its message on TV screens. Reynolds said the 78-second videotape commercial about its low-tar Now cigarette is targeted at smokers of Carlton, made by American Brands. Reynolds says the videotapes do not violate Congress' intent when it banned cigarette commercials.

"We're not forcing anyone to watch it. If someone is not interested, they could simply throw it away," said Reynolds spokeswoman Maura Payne. Philip Morris adopts patriotism theme NEW YORK Philip Morris Cos. whose cigarette unit has championed smokers' rights, has launched a corporate-image advertising campaign pegged to the 200th anniversary of the Bill of Rights. The new commercials don't mention cigarettes or smoking, but anti-smoking campaigners criticized the campaign anyway.

"It's just another attempt by the tobacco companies to associate themselves with wholesome innocent images like youth, athletics and the arts," said Steve Dickinson of the American Cancer Society. Construction spending flat in September WASHINGTON Construction spending, which surged ahead in August, was unchanged in September, the government said. The Commerce Department said residential, non-residential and government construction spending had risen 1.5 percent in August following declines of 1.8 percent in July and 0.8 percent in June. The construction industry has been hit by the Federal Reserve's inflation-fighting campaign, but economists predict a slight pickup as interest rates fall. Purchasing index figures remain weak The U.S.

economy's manufacturing sector remained weak in October, as the brisk growth of export orders slowed significantly, the National Association of Purchasing Management said. New orders overall, however, posted an increase after four months of decline, suggesting that the future rate of manufacturing decline is easing. The Purchasing Manager's Index rose to 47.6 percent from 46 percent in September and 45.2 percent in August. A reading below 50 percent indicates the manufacturing sector of the economy is in decline while a reading above 50 percent indicates growth. U.S.

factory orders flat in September WASHINGTON Orders to U.S. factories for manufactured goods, held up by a huge increase in defense orders, were unchanged in September, the government reported. Without the defense factor, orders actually declined 2.1 percent. Shipments of manufactured goods fell 1.6 percent, while inventories declined 10.1 percent. It was the first decline in inventories since February 1987.

If inventories increase without a corresponding gain in new orders, it could signal production cutbacks in the future as factories attempt to get rid of goods. Nekoosa board fails to act on G-P offer PORTLAND, Maine Great Northern Nekoosa Corp. held its regularly scheduled board meeting but took no action on a takeover offer from Georgia-Pacific Corp. Although it has stressed that it regarded the buyout offer as friendly, Georgia Pacific has filed a U.S. District Court complaint in Portland challenging the anti-takeover law of Maine, where Nekoosa is incorporated.

Georgia-Pacific and Nekoosa employ a total of nearly 4,000 workers in Mississippi. Heating oil boosts energy futures prices NEW YORK Energy futures prices finished mostly higher, led by a surge in heating oil prices resulting from colder weather and lower inventories. On the New York Mercantile Exchange, the contract for December delivery of West Texas Intermediate, the benchmark U.S. grade of crude, rose 13 cents to finish at $20.07 per 42-gallon barrel. Wholesale unleaded gasoline for December delivery fell 0.05 cent to 52.89 cents a gallon.

Dollar advances in thin domestic trading NEW YORK The dollar ended higher against key currencies in thin trading after falling overseas. In New York the dollar closed at 143.80 Japanese yen, up from 142.87 Tuesday. The British pound fell to $1.5755 from $1.5805. kin tn WM II1 Soil Conservation Service photo The federal government is encouraging farmers to find ways by Dec. 31, they could lose U.S.

Department of Agriculture; to protect highly erodible land, such as this field in Rankin payments and become ineligible to borrow money from the County. If farmers with such land don't file conservation plans Farmers Home Administration. plans," he said. Milner said that some soil and water conservation districts, such as Rankin and Scott counties, have been promoting no-till farming as one means of soil conservation, i With no-till farming, seed is planted directly into the old seedbed and the soil is not tilled throughout the year. they can regain eligibility by submitting a plan and fully implementing it all at once.

But those who file before the deadline have five years to incorporate the plans into their operations. Jepsen said the person farming the land, not the landowner, is responsible for filing the plans. "Landowners should make sure the operators have filed change," Jepsen said. "The plans, if needed, can be amended." If plans are not submitted, farmers could lose USDA benefits including disaster payments, deficiency payments, Conservation Reserve Program payments, federal crop insurance and Farmers Home Administration loans. If farmers miss the Dec.

31 deadline, Los Angeles newspaper House quickly approves minimum wage compromise to publish final edition Herald Examiner employees were given one-day notice. The Senate is expected to vote on the measure by Thanksgiving. The Associated Press The Associated Press told they would receive 60 days severance pav and help looking for work, with longtime staffers getting additional benefits. ij Founded by William Randolph Hearst in 1903 as the Los Angele, Examiner, the Herald was put up? for sale by the Hearst Corp. company cited "intense pressure from the Los Angeles Times, the city's dominant daily with five times the Herald daily circulation.

The Herald, which switched to morning publication in 1981, also had to wrestle with increasingly successful suburban papers like The Orange County Register, based in Santa Ana, and the Los Angeles Daily News, based in the San Fernando Valley. The Herald, which reached its highest circulation of 729,000 in 1967, had an average circulation of 238,392 daily and 183,122 Sunday for the six months ended March 31, compared with the Times' 1,119,840 daily and 1,423,310 Sunday, according to figures compiled to Audit Bureau of Circulation. crease to $3.80 next April 1 and another 45-cent jump a year later. It also creates for the first time a sub-minimum "training wage" that would allow employers to pay workers from 16-19 years old 85 percent of the prevailing minimum wage for their three months in the work force. The subminimum could be paid for an additional three months provided the youths were in certified training programs.

Beneficiaries of the compromise will be the roughly 4 million Americans who, according to government figures, work at the minimum wage. Congressional researchers say two-thirds of them are women and between 25 percent and 33 percent of them are heads of households. Eleven states have laws mandating minimum wages higher than the current federal floor, a few of them already are at the $4.25 level. The agreement on the subminimum, an anathema to organized labor that was demanded by Bush, cleared the way for the compromise and was the focus of most of the House debate. LOS ANGELES The Los Angeles Herald Examiner, once the nation's largest afternoon newspaper, announced Wednesday it would publish its last edition today.

The announcement was made in a tearful 1 p.m. meeting called in the newsrooom by Robert Danzig, Hearst Corp. vice president and general manager of Hearst Newspapers, who spoke from atop the copy desk. The closure was attributed to heavy losses and a lack of suitable buyers since the paper was formally placed for sale this past summer. Herald officials and analysts said the underlying causes were a bitter strike that began in 1967 combined with competitive problems shared by all afternoon papers.

The paper's 831 employees were WASHINGTON The House voted overwhelmingly Wednesday to raise the hourly minimum wage from $3.35 to $4.25 by April 1991 and create a new, lower wage for teen-agers with less than six months work experience. The 382-37 vote on the compromise struck between President Bush and congressional Democrats sends the measure to the Senate, where leaders have promised to pass it before Thanksgiving. Bush's signature then would trigger the first increase in the minimum wage since January 1981 and end an eight-year political stalemate between the majority Democrats in Congress and two successive Republican administrations. That stalemate has kept the minimum wage at $3.35 an hour since January 1981. The compromise provides a 45-cent in Regional quotations Today's tip's Dollar-a-day sayjrtgs NASD quotations Indicate market-makers' highest bids and lowest offers In each security.

Prices do not include retail markup, markdown or commission. (Provided by Merrill Lynch) v.Cv OTC is you saveai day at 8 compounded diily, you'd haver Markets at a glance New York Stock Exchange 847 advances, 646 declines Most Active: GtNtNksa 6 1 (-1 Sales: 154,240,000 Index: 188.84 0.60 Bonds: $33,500,000 American Stock Exchange 302 advances, 288 declines Most Active: FrtLoom 1 1 K) Sales: 11,390,000 Index: 372.14 1.56 Bonds: $2,540,000 Chicago Wheat: Dec. up Com: Dec. unchanged Oats: Dec. up 1C Soybeans: Nov.

up 3c Two seminars for lawyers and real estate licensees will be held Nov. 15 at the Ramada Renaissance in Jackson. "Real Estate Law" will be held from 8 a.m. to 3:50 p.m. "Mississippi Real Estate License Law" will be from 3:50 p.m.

to 6 p.m. For more information, call 957-7000. Confused about junk bonds? T. Rowe Price, a mutual fund company, has published a pamphlet on the high-risk investments. For a free copy of The Controversy over Junk call Amer.

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18 18 5 years 10 years 30 years KLLM LDDS Melamine Chem. Source: USA TODAY research.