Star Tribune from Minneapolis, Minnesota • Page 41

iTm. Minneapolis Star and Tribune areata Dow Jones Industrials 1,218.75 Up 4.35 im: Saturday May 141983 7D. Good HOWS fUOlS I Stocks at a glance Auto makers report best sales in 4 years stock market in broad advance Dow Jones averages Open High Low Close Chg. 30lnd 1215.27 1228 04 1209.17 1218.75 4.35 20 Trn 545.66 550.98 542.09 547.89 3 97 15 Ull 129.20 130.03 128.51 129.61 0.50 65Stk 477.49 482.15 474.85 479.06 2.28 Amex Amex closing index 451.96 Up 5.03 Approx. total sales 11,150,000 Average Most active Volume DomePtrl ...684,500 AmpalAIn .574,200 Nat Patent ..286,100 KirbyExp ...207,900 207400 Macrodlnd 184,500 Champ Ho 183400 InslrSysl 183,100 WangLbB 177,000 Imp Chem 174,000 Close Chg.

4'e Vt i Va 1H '4 i Va 21'j 22 434 6Va 3Vt) 40Va 7 Amex gainers Last Net Pet. Whltaker Cable 1 56.5 Adams Res 3 26.5 20.3 20.0 Am Realty 8' l'j Altex Oil 2'4 GTICorp 6' 1V 19.6 Amex losers Last Net Pet. BTK Ind .2 l'i 42.9 EnerservPd 3Vb 10.7 RichTnkU 5 Va 9.1 BolarPharm 27a 2 8.7 Cubic 25' 2 8.4 Friday 1 2 3 4 I I I i I I May 13, 1983 NYSE Fr. ihu NYSE Index 719 Close Chg. 901 Index 95.070.42 32 Industrial 109940.56 2002 Transport 19.840.52 144 Utility 47.810 05 5 Finance 103.21031 Advanced 1060 Declined 553 Unchanged 351 Total .1984 Newhlans 179 New lows 3 Approx.

total Most active Volume Grevhnd W5.W0 EKodaK ..1,131,400 A TT 1,054,400 Monsanto ...995,200 Duke Pow ..948,500 Chrysler 916,400 PantrvPrd Schlumbrg .766400 ArchDnM PepsiCo 744,000 SearsRb 710,400 Warn Lamb 691,400 Gulf Oil 649,600 Sony Crp ...623,600 AmMIrs 614,300 Dow Jones Industrial 74V IVfl 82 23' 27 46 23' 37'S 31 36V 15' 10'A 4Va 2' l'i Vt 1 '4 NYSE gainers Last Net Pet. BaldwnUld ...11 "4 1 16.9 AmAgro 2 16.7 WylyCorp 14 2 14J BaldwUPf 33 3'fe 13.3 Scot Led Fd 7 ft 13.0 NYSE losers Last Net Pet. ComwEdPfl 72 7'i 9.4 Telecom Cp 4 7.9 LamsnSesn 4'i 7.7 Gelco 59' 4Va 6.4 Massev Ferg 5' 6.4 Price changes in points NASDAQ index High Low Last Chg. 303.94 302.34 303.94 1.79 Inds. 364.93 362 48 364.93 2.81 Tran ....249.19 247.38 248.74 1 42 Util 353.19 349.12 351.83 2.27 Comp.

Ind Mfg Utility Approx. total sales 78,070,608 strength in the stock followed the news Thursday that the Braniff's board agreed in principle on a plan by the Hyatt Corp. that would put about 30 of its planes back in service. The auto issues were strong performers with Chrysler up 2g to 27 yg. General Motors rose 1 to 69, and Ford jumped 1 to 514, after disclosing it is increasing third-quarter production schedules by nearly 50 10: 30 11 12 18- I I I 16- 14- 12- 10- 8- 6- 4- mJLa 2- "aaw 0- -2- -4- -8--10--12--14--16- -18-1 I I I Dain Statistical averages Dakota, South compiled 100 as of Dec.

31, sources, in Lexington, said the early May showing was impressive, considering it translated into a 6.8-million-car rate on an annual basis, the best yet for 1983. Domestic auto makers have not sold 6.8 million cars in a year since 1979, when they delivered 8.3 million autos. "The last major roadblock was consumer attitudes," Hammond said. "Now, everything is making them (consumers) feel better. It has a lot to do with the favorable news they've been hearing the consumer is hearing that things are up and so is becoming optimistic." During early May, GM sold 102,302 autos, compared with 103,977 last year; Ford said it sold 35,574 autos Chrysler delivered 22,737 AMC estimated its sales at 5,100 (2,500) and VW reported 1,811 cars sold (806).

So far this year, the companies' sales are up 7.2 percent from the 1982 pace, or 2,205,618 compared with 2,057,703. GM's year-to-date car sales total1 1,324,302, up 5.1 percent from Ford's sales have increased six-tenths of a percent, from 483,811 to Chrysler sales have climbed 15.6 percent, from 248,585 to AMC has sold 71,663 autos, up 120.2 percent from VW is down 20.9 percent, from 32,818 to 25,941. Honda's tally is 9,586. (This report includes material from the New York Times.) By Ann Job Woolley Associated Press Detroit, Mich. Domestic auto makers announced Friday that car sales in early May improved 6.6 percent over the year-ago period to their best daily selling rate in four years and to their best annual rate for all of 1983.

The six major U.S. car makers said they delivered 168,785 autos in the May 1-10 period, compared with 158,383 in the year-earlier period. The daily sales rate of 21,098 was the highest for early May since 27,236 cars were sold each day in early May 1979. Only General Motors Corp. (GM) showed a decline, 1.6 percent, which a spokesman attributed to strong sales in the period a year ago.

Chrysler Corporation's sales jumped 41.6 percent in the period; American Motors Corp. sales were up an estimated 104 percent; Ford Motor Co. sales rose 1.5 percent; Volkswagen of America Inc. said its sales climbed 124.7 percent, and Honda of America Manufacturing had sales of 1,261 domestic autos. Honda, which makes Accords at Marysville, Ohio, was not producing cars in the United States in May 1982.

AMC attributed its increase to the popularity of its Renault Alliance subcompact, adding that sales recently had begun to outstrip production. The cars are built in Kenosha, Wis. John Hammond, analyst at Data Re By Alexander R. Hammer New York Times New York, N.Y. Stock prices advanced broadly Friday after a two-day slide, propelled by encouraging government reports concerning inflation and the economy.

In the overall market, advancing issues on the New York Stock Exchange outnumbered those that fell by almost 2-1. The secondary issues this week outperformed the widely followed Dow Jones industrial average, which has been under selling pressure most of the week. The Dow average rose 4.35 points yesterday, to 1,218.75, after dropping more than 15 points in the previous two sessions. For the week, it lost 13.84 points. The market opened higher yesterday after the Labor Department announced that producer prices fell one-tenth of a percent in April, more than was expected and the third decline in four months.

The market received more good news when the Federal Reserve said that industrial production climbed 2.1 percent last month, the fifth consecutive monthly gain and the sharpest rise since August 1975. The Fed also reported that a measure of the nation's basic supply of money expanded by $4.2 billion in early May, and two broader meas-' ures of money rose in April. The three increases all were above Wall Street's expectations, and credit analysts said the monetary expansion provided little room for interest rates to fall in the next two weeks. Volume on the Big Board yesterday contracted to 83.1 million shares from 84.1 million shares on Thursday. During the week, turnover dropped to 464.7 million shares from 515.6 million shares the week before.

The two other leading market indices, which are more broadly based than the Dow average, also ended higher. The exchange's composite index of 1,500 common shares rose 0.42 to 95.07; Standard Poor's 500-stock index was up 0.65 to 164.90. Most of the technology issues posted impressive gains yesterday. Motorola was up 34 points at 119; Data General added 2y4 to 59; Digital Equipment, 1' to 114; Honeywell, 1 to 124, and Tektronix, 2 to 70. On Thursday, Tektronix fell 4 points after announcing that its profits would be down significantly because of declining sales.

Braniff International, which was delisted from the exchange after going into bankruptcy a year ago, and now trades on some of the regional exchanges, rose 1 1116 to 4. The Bosworth regional index of 80 securities of malor firms in Minnesota, North Dakota, Montana, Iowa, Nebraska and western Wisconsin; and reported by Dain Bosworth Inc. Indices based on 1965. Chg. Chg.

Food 437.19 0.77 Spectrum TV lays off 55 employees in Minneapolis By Josephine Marcotty and Randall Mikkelsen Staff Writers Despite its relative strength in the pay TV industry, Spectrum in Minneapolis laid off about 55 employees Friday in a cost-cutting move. An analyst who follows the industry predicted that Spectrum, which broadcasts movies and local sports programs via a scrambled signal on Channel 3, would soon announce that its programming would be taken over by the giant in the subscription TV company, Oak Industries, Inc. And United Cable Television the majority owner of Spectrum's parent company, Home Entertainment Network, Inc. (HEN) in Cincinnati, confirmed in its most recent quarterly report that it probably will i W- A -Wy i scribing to the sports service, said Brad Guck, one installer who did not lose his job this week. "We're disconnecting more subscribers than we're installing," he said.

Installer Ron Paasch said he doesn't blame the local company for his layoff. Company officials made no promises of job security when they hired him, and they were just carrying out layoff orders from the parent company, he said. "You can't really hold anything against them; they were as fair with us as they could possibly be," he said. with respect to their loan applications loan packages dates of submission to lenders, commitments by lenders and closing dates." Edina Realty, has demanded the return of applications for its customers because of delays and incompetent handling of their applications, the order said. Other customers who were promised loans by March or April have not gotten them because of All State's delays, its failure to properly prepare loan applications and its inability to get loans, the order added.

Nor have funds paid to the firm been kept in escrow, as required by state Little Canada firm accused of incompetence gives up 275.01 317.39 99.77 1.23 Finance 232.10 4.01 2.41 Tech 581.25 2.08 0.38 Trans 249.99 3.95 percent over the same period a year ago. On the American Stock Exchange, the market-value index advanced 5.03 to 451.96, a record. Expectations of record earnings for the year ended Feb. 29 sent Fairfield Communities up 2 to 31. In the over-the-counter market, the NASDAQ composite index rose 1.79, to 303.94.

compared with $1.6 million in the second quarter, and $1.5 million in the first quarter. Alan Cole-Ford, an analyst with Paul Kagan Associates, said switching the programming to Oak would be a simple solution for United. will help shift the cost burden (to Oak), and would be an initial step toward a strengthening of the bonds between Oak and Spectrum, which may represent the only bridges out of STV (for United)," he said. Employees who lost their jobs this week confirmed the decline in business. They were hired last August, when Spectrum started service.

At first, the installers worked up to 12 hours a day. But business began to slow down after the North Stars season ended and people stopped sub ly. All State's difficulties developed because mortgages are difficult to obtain these days, said Driscoll. All State has transferred about half its accounts to other loan brokers, he said, and should be able to handle the rest with its reduced staff. It appears that all money was properly disbursed or can be accounted for, he added.

"All of (All State's) customers have experienced a pattern of false statements, excuses, delays and ineptitude by All State," the order said. "All State has continually made false representations, to customers terminals. The closure is not expected to have a negative impact on Gelco's operating results, Kelliher said. In brief Lee Data Eden Prairie, is making a secondary public offering of 1 .5 million common shares at $27.25 per share. The company has granted the underwriters an option to buy up to 1 50,000 additional shares to cover overallotments.

All of the shares included in the offering are being sold by stockholders; the company will not receive any of the proceeds, except to the extent the overallotment option is exercised. Aladdin International, a Minneapolis-based manufacturer of plastic products, has declared a three-for-one stock split in the form of a 200 percent stock dividend, payable June 20 to shareholders of record May 20. The number of outstanding common shares will increase to about 1 1 million as a result of the split. Golden Skillet International, a subsidiary of International Dairy Queen, has opened a prototype Golden Skillet restaurant in Crystal. Compiled from staff reports and Star and Tribune news services.

most successful, with 27,000 subscribers, but even so its subscription level is not meeting projections. That is especially true of its Spectrum Sports package, which features home games of the Minnesota Twins and North Stars. Subscribers to Spectrum can buy either the movie package or the sports pacakge for $19.95 a month. An additional package of late-night R-rated movies is available for another $10. However, subscription TV or STV is struggling to survive nationwide.

In April, Oak Industries shut down two of its operations (Dallas and Phoenix), cutting almost 50,000 subscribers. United Cable reported a $2.9 million loss in the third quarter of fiscal 1983 on its three STV operations, Those 420 customers would have paid $105,000 in application fees. At least $17,000 more in "lock-in" fees was received, the order said. A two-month investigation by the securities division found that only 33 loans had been closed. None was obtained for customers who paid a lock-in fee.

Edward Driscoll, attorney for All State and Smith, called the state's action a vendetta and its investigation mindless. But because of the legal costs of mounting a defense, Driscoll reportedly advised the firm and Smith to shut down operations and give up their licenses voluntari are recognition for outstanding public relations work for clients. Padilla Speer shared the second award with Norwest Bank for the bank's Charles Lindbergh commemorative exhibition Nov. 15-25. The exhibition featured the aviator's first plane, the "Jenny," and honored his 60th anniversary in aviation.

Transportation Gelco subsidiary ceases operation Brooks Transportation, the Cleveland-based trucking company that was bought by Gelco Corp. last summer, announced that it is ceasing operations immediately. The shutdown comes as a result of depressed economic conditions, said Eileen Kelliher, a spokesperson for Eden Prairie-based Gelco. Brooks has about 1 50 employees at aH levels, Kelliher said. The fate of those employees is still being worked out, she added.

Gelco bought Brooks, an irregular-route common carrier, last June for $5 million. Brooks hauled bulk commodities and some general commodities out of four Midwest do something drastic. "Concurrently the company is exploring other alternatives, including sale or conversion to independent broadcasting station and intends to act quickly the report said. Paul Beckelheimer, vice president of operations for HEN, said yesterday that the layoffs were simply "an adjustment" of Spectrum's employment levels, and that "we intend to be part of the business up there for quite awhile." He said that HEN has considered transferring its programming to Oak because it would increase the ability to buy programming. He would not say if a decision has been made.

United, through HEN, owns two other pay TV operations, in Cincinnati and in Chicago. Minneapolis is its putting fees collected into escrow and of making misstatements of fact (All State Mortgage has no connection with Allstate Insurance Companies, a subsidiary of Sears Roebuck and Co.) The order Issued by the securities division said that Allstate has collected $250 nonrefundable application fees from about 420 customers since began promising to arrange for mortgages early this year. Customers had to pay another 1 to 2.5 percent of the loan if they wanted to "lock in" an interest rate or range of rates and a further 1 percent to close the loan. pulse accountant, who reported that entries did not match the corresponding entries in the cash journal. Hennepin County District Judge Robert Bo wen stayed a two-year prison term in return for 10 years' probation and the workhouse sentence.

Benson, 5836 Creek Valley will serve the sentence under a daytime work-release program. Advertising Two Minneapolis publicists honored Two Minneapolis public relations firms shared in winning two "golden trumpet" awards Friday from the Publicity Club of Chicago. Padilla Speer Inc. and Brum Anderson Public Relations shared one of the awards with employees of Norwest Bank (formerly Northwestern Bank of Minneapolis) and Norwest Corp. for handling emergency communications for Norwest Corp.

(formerly Northwest Bancorporation) after the Thanksgiving Day fire. The awards Chairmen of big firms see spotty recovery Ron Paasch licenses regulations, according to the order. Instead, the money was transferred to the company's operating bank account, the order said. AH State Mortgage was known as All State Investments, until it changed its name last November. Smith is an attorney who has been licensed as a real estate broker in Minnesota since 1971.

All State President Ronald F. Crowe lost his real estate license in 1980 for failing to report that he had pleaded guilty to theft by swindle on March 3. 1980, in Ramsey District Court. International Business Machines Corp. He read a semiannual forecast yesterday representing a consensus view of the company's chief economic consultants.

Overall, Opel said the growth of the gross national product (GNP), the broadest gauge of the economy's performance, will average 4.5 percent to 5.2 percent this year and next. The executives are members of the club of billion-dollar corporations known as the Business Council. May 14 15 Hyatt Regency 1300 Nicollet Mall Downtown Minneapolis noon 7 p.m. Adm. $3.00 Children Free By Joe Blade Staff Writer A Little Canada real estate firm that collected fees to arrange mortgages but found few loans surrendered its real-estate licenses Friday after being accused of incompetence and dishonest sales practices by the Minnesota Securities Division.

All State Mortgage 93 W. Little Canada Rd and Vice President Neil E. Smith turned in their licenses. In an order to show cause why their licenses should not be revoked, All State and Smith were accused by the securities division of failing to arrange loans for most customers, not Marketplace Litigation Accountant given year in workhouse A former accountant with a Minneapolis grain-merchandising firm was sentenced Friday to a year in the Hennepin County Workhouse for stealing almost $33,000 from the firm and failing to report $33,500 in a 1981 tax return. Lawrence Benson, 36, had been charged with five counts of theft, one count of filing a false tax return and one count of making false statements in the company books.

He pleaded guilty April 1 4 to three theft charges arid to filing the false return. Complaints against Benson, an accountant with the firm of Mullin Dillon since 1969, said that in 1980 and 198 1 he wrote company checks to himself in amounts ranging from $383 to $8,420 and destroyed the canceled checks when they were returned from the bank. His activities were discovered during a review of corporate income tax returns by an outside public it New York Times Hot Springs, Va. The chairmen of most of the nation's biggest companies, meeting here Friday and today for recreation and talks with senior government officials, see a spotty recovery for the economy in general but a strong rebound in the area that affects them most corporate profits. Profits will jump 20 percent this year and 22 percent next year, reported John Opel, chairman of the 12 THIS WEEKEND ONLY Attend anytime.