Battle Creek Enquirer from Battle Creek, Michigan on September 30, 1987 · Page 5
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Battle Creek Enquirer from Battle Creek, Michigan · Page 5

Battle Creek, Michigan
Issue Date:
Wednesday, September 30, 1987
Page 5
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DUSIHEGS MA PVn WEDNESDAYSEPT. 30, 1987 BATTLE CREEK ENQUIRER 7A Wednesday Portfolio BUSINESS Ford off Canada: Ford of Canada appears headed for a contract settlement with its 13,000 workers that would avert a Thursday morning strike. The company made an offer Tuesday that seemed generally acceptable to the Canadian Auto Workers union and included most of the important provisions of the recent contract with Chrysler Canada Ltd., union president Bob White said. An indexed pension plan was the centrepiece of the Chrysler contract and White said Ford has offered an identical plan, protecting pensions against inflation for six years. SEC Official: The Securities and Exchange Commission's regional administrator in New York has quit after reports of staff friction at the office, the SEC's most important operation outside Washington. Kathleen A. Warwick's resignation was effective Tuesday, said SEC spokeswoman Mary McCue. A former securities counsel for Mobil Corp., Warwick took over in January. WedteCh: A former Small Business Administration official, H. Robert Saldivar, says Wedtech Corp. offered him a $12,000 payoff while another SBA official, Henry Wilfong, says a Wedtech competitor alleged the scandal-plagued company was paying bribes to obtain $135 million in Navy contracts. The statements Tuesday before a Senate subcommittee followed testimony from two Pentagon officials who said Navy pontoons turned out by the now-bankrupt South Bronx, N.Y., defense contractor displayed shoddy workmanship and were never delivered on schedule. But the military officers said their criticism of Wedtech was disregarded by their Pentagon superiors. Paul VolCkeR Former Federal Reserve Board Chairman Paul A. Volcker, who once spurned a Reagan administration overture to head the World Bank, has agreed to serve as a consultant to the multinational organization, bank President Barber Conable announced Tuesday. Volcker will be a consultant "from time to time" in the area of international debt, a field in which he has built an international reputation, Conable said. AutO trade: The United States must press Canada for revision of the automotive trade agreement between the two nations if free-trade talks resume, 58 members of Congress said in a letter to U.S. Trade Representative Clayton Yeutter. The Northeast-Midwest Congressional Coalition letter, released Tuesday, came as U.S. and Canadian officials sought to revive negotiations aimed at eliminating barriers between the world's two largest trading partners. Canada walked out of the talks last week. Hallmark: Greeting card industry leader Hallmark Cards Inc. said in court Tuesday that it had copied cards made by a Colorado firm, but that it was not wrong to do so. The 10th U.S. Circuit Court of Appeals heard oral arguments on a preliminary injunction by Blue Mountain Arts of Boulder, Colo., prohibiting Hallmark from producing 83 cards in its Personal Touch line. "Under the law, there's nothing wrong with copying an idea," Robert J. Sisk, an attorney representing Hallmark told a three-judge panel of the appeals court Blue Mountain produced a series of cards noted for their homemade appearance, featuring emotional verse, watercolor art and rough paper with a torn edge. Price SUpDOrtS: Farmers will see cuts of up to 5 percent in the government's 1988 price supports for corn and other feed grains, Agriculture Secretary Richard E. Lyng said Tuesday. The price support loan rate for 1988 corn will be $1.74 per bushel, down from $1.82 this year, Lyng said. Sorghum loans will be reduced to $1.65 per bushel from $1.74 in 1987; barley, $1.42 from $1.49 per bushel; oats, 89 cents from 94 cents per bushel; and rye, $ 1 .48 from $ 1 .55 per bushel. INVESTMENTS: Dayton Hudson: Dart Group Corp. has sweetened its takeover bid for retailer Dayton Hudson Corp. by $3 a share, or $292 million, plus an equity position in the new firm. The new offer values Dayton at $6.6 billion. Dart Chairman Herbert Haft said, "We are dedicated and determined to consummate a business combination with Dayton Hudson." Dayton had no comment. Salomon Inc.: Revlon Chief Ronald Perelman's attempt to outbid financier Warren E. Buffett for a piece of Salomon Inc. has interested investors in the possible takeovers of other brokerage firms. First Boston stock increased 1 Tuesday to $44, and shares of E.F. Hutton Group gained IV to $37. Compiled from The Associated Press and Gannstt Nsws Service By RON UETZKE Stiff Writer Busse is a spinoff of Gillett Holdings Inc. nd essentially is made up of people from Gillett, said David M. Comisar, Bussefs vice president of broadcast services. The companies operate separately. Other stations acquired by Busse are WEAU, Eau Claire, Wis.; KALAMAZOO WWMT is among five TV stations sold to the new Busse Broadcasting Corp., but Busse's vice president of broadcast services has said the acquisition will not affect programming: Stocks retreat as rates rise The Associated Press . NEW YORK The stock market gave ground today, weighed down by renewed interest-rate worries. The Dow Jones industrial average fell 7.35 to 2,583.22 by 1 1 a.m. on Wall Street. Losers led gainers by more than 3-2. Treasury bond interest rates rose Tuesday to their highest levels in almost two years, surpassing 9 percent. Prices and rates were mixed in early credit-market activity today. Analysts said stock traders remained wary about possible further upward pressure on rates. On Tuesday, the Dow Jones industrials closed down 10.93 at 2,590.57. Declining issues led advances by about 3 to 2 on the New York Stock Exchange. Stock prices started out moderately higher due to the dollar's strength in foreign exchange, traders said, but a weak bond market and rising interest rates held back an advance. ; , Also contributing to Tuesday's pullback were some profit-taking from the previous session's strong finish and late-afternoon futures-related program selling, traders said. Standard & Poor's 500-stock composite index was off : 1.51 to 321.69. At the American Stock Exchange, the : WRLH, Richmond, Va.; KOKH, Oklahoma City, Okla.; and KOLNKHIN, LincolnGrand Island, Neb. Comisar, formerly program and promotions director at Gillett Group, gave two reasons for formation of the new company. The Federal Communications Commission limits to 12 the number of stations owned by a company, and pending acquisitions would have taken Gillett over that number. Also, George Gillett, owner of Gillett Holdings, wanted to form it as a trust for his children, Comisar said, adding the majority of Busse's equity is represented by the trust A dollar amount of the transaction was not disclosed. The new company is based in Kalamazoo and headed by Lawrence A. Busse, president, former president of Gillett Communications. 2.700-1 2 650 2,(00 2.550' 2.500 2.4S0H 2.400 Activity ovtr ths past 30 trading days r I wan l.t2fM I CHANGE Down 10.93 ''ill wW MTWTP 24 31 I MTWTP BTWTF MTWTf M 7 14 21 TwTT mt 2L Vehicla inspctor hurt in Mdi scc&sstt The Associated Press AP Graphic market value index was off 1.87 to 355.04. The NASDAQ composite index for the over-the-counter market closed at 441.86, down 0.43. Bank card aids kids' groups The Associated Press WASHINGTON The Child Welfare League of America, joining the ranks of unions, universities and the Sierra Gub, is offering its own VISA card under a "Kidcare" program designed to support groups that serve children. Sponsors of the new bankcard say they hope it will appeal to more than a special interest group. "Our goal is to have a nationally known card," said Marshall Strauss, associated director of the league. "There is a universality to the desire to help children in trouble." When a shopper uses the card to buy something, the issuing bank Michigan National Bank will forward 0.5 percent of the sale amount to the league. Strauss said that should reach $ 10 to $25 per year per cardholder. The money will be divided among the league, a children's rights advocacy group, and its nearly 500 member agencies, which offer services ranging from adoption and family counseling to day care and drug treatment "The benefit is not simply financial," says Strauss. "We believe it's important to make a statement, to let people know there are children in need; There will be a visibility benefit Every time you take out the card, it's a signal of your commitment" Strauss said people can acquire a card painlessly because there will be no annual fee the first year. There is a 25-day grace period before interest is charged, and interest rates are competitive, he said. American families, according to Strauss, hold seven to 10 credit cards apiece. His hope is that the Kidcare card, striking a chord so close to home, will prompt them to add another and use it more. Selected Stocks The toHowtnj quotations an previous business day's dosini figure and 10:30 a.m. today. Salts 10:30 am IOCS High low CtOH Chnf May AmGenlns 1473 38 37 37 -14 38 AUTell 188 32 32V4 32 32 AmTiT 22149 34ft 34 34ft -ft 34ft ASA 265 62ft 62V 62ft . -H 62ft BxtrTm 12037 29 28 28 28 Boeing 2684 51 51 51 -ft SOft BenyMfg 549 23 23ft 23ft -ft 23ft CapCrbas 255 432 426 427 ft 427ft Champion 5497 42ft 41ft 41ft ft 42 Chrysler 8099 41ft 40ft 40ft 40ft ClaritEq 753 34ft 34ft 34ft 34ft CGPCoestCrp 761 38ft 37ft 38ft ft 38ft CocaCoti 5293 49ft 48ft 48ft -ft 48ft CMSEnenjy 461 16ft 16 16 16 ComG 1011 70ft 69ft 70ft -ft 70ft DanaCorp 917 53ft 52ft 53 -ft 53 OayHud 11320 60 59 59ft 1 53ft DetroitEd 2038 14ft 14ft 14ft -ft 15ft OaaChem 8642 108ft 105ft 105ft -1ft 106 Ouratast 6 16 15ft 15ft -ft 15ft EestmanKod . 8754 104 101ft 102ft -1ft 102 Eaton . - 523 103 100ft 101ft 100ft Exxon 14328 43ft 48ft 49ft -ft . 49ft FdExpr 3562 70ft 67ft 68 -1ft 69 FedMcg 56 45ft 44 44 -1ft 44 Ford 11051 98ft 94ft 95ft -2ft 97 Gannett 1329 52ft 50ft 51ft -1 51ft GenOyn 384 70ft 69ft 70ft -ft 70ft GenMoton 8039 83 82ft 83 -ft 82ft GenSejnl 671 59 58 58ft -ft 58 GenTol 4191 42ft 41ft 42ft 42ft Gerbet 740 50ft 49ft 50ft -ft 51 Goodyr . 3123 72 71ft 71H . - 71ft GuarChm 76. 15ft 15ft 15ft ft 15ft HarcrtBrace 391 9 9 9ft -ft 9 HoMayhms ' 484 33ft 32 33 33 KM 26257 153ft 149ft 150ft -2ft 149ft Inejrsolrojnd 1650 45ft 45 45 ft 45 JahnsonCnHs 317 35 35 35 -ft 35ft Kmart 5945 41ft 40ft 41 ft 40ft Kelloa 1488 62ft 61ft 62 -ft 61 Krofer 910 34ft 34 34ft -ft 34 Kuhlran 29 13 13 13ft -ft 13 Kysor 38 21ft 20ft 21 H 21 MascoCorp. 4436 33 32ft 33 ft 33ft. McDonald 5112 54 54 54 ft 54 NBO 278 37ft 37 37 -ft 37 NatSemi 5697 18ft 18ft 18 ft 18ft NatStandard 14 12 12 12 NorthMstAir 1733 58ft 57ft. 58 ft 57ft Pemey 6113 59ft 56 59 2 58ft PerryOrugs 95 10 9ft 9ft -ft 9ft PhNpMors 6895 119ft 117ft 118 -1ft 118ft Prttston 674 15 15ft 15ft -ft 15 Polaroid 2516 33ft 32ft 32ft -ft 33ft PrimarkCorp. 317 23ft 22ft 23 ft 23 QuakerOats 1236 53ft 51ft 52ft ' -ft 52 Ralston 2048 81ft 80 80 -ft 81 Rock 3009 25 24 25 - 25ft SsaMPrjMr 88 37ft 37 37 -ft 37 Soars 7835 52ft 51ft 52 ft 52ft SpartonCo. 71 16ft 16 16 -ft 16ft Texaco 5025 41 40 40ft -ft 40 TransAm 2180 42 41ft 42 -ft 42ft USStMt 6109 37ft 36ft 36ft -1ft 36 Upjohn 6234 44 43 44ft -ft 44 Whirlpool 1262 37 36ft 36ft 36ft WoMMrWide ' 59 12ft 12ft 12 12 Xerox 3311 79ft 79ft 79ft -ft 79ft Quotations from Fahnestock t Co. - UNLISTED SECURITIES Bd Astad ArborOnjp 12.75 13.25 ComericaCorp 65.00 65.13 ComericaCorpBond 120.00 125.00 DehtxChem 30.50 32.00 FntFedem 18.38 18.63 rnMAmerica 48.00 48.75 rVwmostCorpAm 41.75 42.00 GreattatasBansCorp 21.75 22 00 HonnenMier 27.00 27.13 lncnBCempCtntan 8.88 9.00 InterfacaSystent .. (.38 6.63 taterntioruMtU) 6.75 7.25 fWrSeryicea 45.00- 46.00 Jacobsens 33.25 34.00 KneaeVoH4f 1850 20.00 MeeceW.... 15.50 15.63 MicMatantfCorp 4550 4563 Old Kent 24.25 2438 Prae 4.00 4.50 Shenrf-GosanCo 7.00 SmpaonW 14.25 14.50 Sortedi 7.75 8.00 SoulheeetemGae 21.00 22.00 StrybjrCorp ... 24.50 25.00 TecurmaoProoucts 147.50 149.00 ThetferrJCorp 24.00 24.75 ' 2M 250.00 26.75 27.25 WaaVoCorp 313 31.88 15.00 15.13 ,13.13 13.36 GOLDSILVER ki New York, gold opened May at $465.00 (Oat). Sitar ma quoted in New York May at a bid price of $7,775 (Doc ). i GRAIN MARKET ! As of 10 a.m. today: White Wheat $2.72: Red Wheat $2.42: Com $1.54: Oats $1.60: Soybeans $4.(7. CHICAGO GRAIN Ctrkep Beard of Trade Mary fanfi tf Men WHEAT 9t000 bu MtahMMi Mfltfs pf tarinl Open High 1 low Close Change Dec 2.91ft 2.93 ; 2.89 2.92 .01 Mar 2.98ft 3.00ft i 2.96 2.99ft .01ft May 2.90 2.92 2.88ft 2.91 41 Jul Z74ft 2.77 . 2.74 2.75ft .01 Sep 2.79ft 42 Mon's sales 6.472. Mon.'s open mt 41,099, up 103. COM 5,000 ta ulniwuaa; fibers par bushel Dec 1.80 1.82 1.78 1.(2 .02 Mar 1.89 1.91 '1.87ft 1.91 .01 May 1.94 1.95ft 1.92ft 1.95ft .01 Jul 1.96 1.98 , 1.95 1.98 .01 Sop 1.93 1.95 1 1.93ft 1.95 .01 Dec 1.94ft 1.95ft : 193 1.95ft .01 Mar 2.02 242 ,2X0 2.02 41 Mons sales 26.179. . j . Mon.'s open art 127,479. up 2,876. OATS 5000 hu niiMimmj faMtarv ptw feMhtt Dec 1.81 1.81ft , 1.79ft 1.80M -.00 Mar 1.83ft 1.83 1.81ft 182 .00 May 1.80 1.80 ' 1.78ft 1.79 Jul 1.66 1 66 i 1.63 1.64 -.00 Sep 1.61 Mon's sates 666. Mon.'s open kit 6.739, off 45. ' SOYBEANS gf. fttttk hag ajblaiu dlaafaM Maw ahefaltall VsrV 8J)V HlWtr1liM8i ojMaWv gB BJWajVlvl Nov 526 . 5.32 1524ft 5.31 .05 Jan 5.33ft 5.38ft , 5.31ft 5.37ft .04 Mar 5.39ft 5.45 5.38 S.44M .04 May 5.45 5.50 5.43 5.49 43 Jul 5.47ft 5.52 1 5.46ft 5.51 43 Aug 5.45 5.48 5.43 548 .04 Sep 534 5.37 , 533 5.37 43 Nor 5.31 5.34ft 5J0 5.33 42 Mon.'s sates 22.000. Mon 's open art 83.878, up 2,733. SOYBEAN OH. 60,000 fee; dePart per 100 fee. Oct 16.81 16.87 ! 16.69 16.76 -.11 Dec 17.22 17.2 17.09 17.20 -.07 Jan 17.37 17.44 :" 17.26 1740 -.04 Mar 17.70 ' 17.75 , 17.57 17.71 -.04 May 17.95 17.95 , 1742 17.90 -45 Jul 11.15 1115 11(05 1812 Aug 18.15 18.25 I 18.05 18.17 Sep 18.10 1(30 : 18.10 1(15 -.05 Oct 18.25 182J 18.25 1(30 .05 Dec 18.40 Mon.'s sales 19.952. Mon't open int 682 .285, up 617.632. SOYBEAN MEAL Oct 169.5o'",172.50 j 16950 172.40 2.00 Dec 165.00 167.80 ! 164.80 167.60 2.50 Jan 163.20 165.70 j 1(2.90 165.40 240 Mar 16140 16430 161.50 164 JO 220 May 161.50 163.50 i 161.00 16320 240 Jul 161.00 162.50 1 161.00 1(220 2.00 Aug 160.50 162.00 ! 160.50 16120 120 Sep 160.00 160.00 . 160.00 160.00 Oct 160.00 160.00 1 16040 16040 Dec 160.00 160.00 1 16040 160.00 Mon.'s sales 13208. Mon.'s open art 56.(44, up 8(9. DETROIT EGGS Loose egg prices far Tuesday: Jumbo 5942; extra large 51-56: tares 50-54: awdum 4247; smal 26-31. 20 .90 .50 . .- The BttkreekEiirtr consMering the return of ntTta-al fastis of ipedfk interest to readers on the Suday stack pages .- ; If yw have a mutual fund you would like to see incited, please drop a note to, or call Managing Editor David M. Smith or Assistant Managing EditorProdHction Mary Lipscomb at 964-7161. CHERRY HILL, N. J. State officials are investigating why a routine car inspection turned into a terror-filled ride when an Audi 3000 suddenly accelerated slammed into a tree and injured the examiner. This is the first time we had a problem like this with any vehicle, including the Audi 5000," H. Arthur Smith, a spokesman for the state Division of Motor Vehicles, said Tuesday. . Audi of America Inc. recalled 1 70,000 models of the Audi 5000 in January after hundreds of owners reported that the car's automatic transmission tended to shift from park to drive or reverse and accelerate out of control, said Frederick R. ZoseL manager of public relations for the Troy, Mich.-based company. The car that inspector Daniel Far-rell was examining Monday was part . of that recall and had been equipped with a special device to lock the gears until the brake was depressed, said Ed Gyarfas, manager of DMV's field operations. Gyarfas said he did not know why , the device failed or if the particular car had a history of sudden accelera tion. . Farrell, 40, of Audubon, was listed in stable condition Tuesday with fractured ribs at Kennedy Memorial Hospital in Cherry Hill, spokeswoman Carta D'Augustini said. Farrell was rjerforming the annual inspection on the 1 984 Audi belonging to George and Meryl Greene at the division's Cherry Hill inspection station when the accident occurred, Gyarfas said. Under New Jersey law, all gas-powered vehicles must pass annual inspections at either state-operated stations or licensed private garages. Farrell was testing the car's brakes when it went out of control, Gyarfas said. "The vehicle accelerated and the examiner exited the station at a high rate of speed and hit a tree," Gyarfas said. Witnesses said Farrell managed to steer the runaway car away from the truck in front of it in the inspection line and avoid another inspector. "I saw him actually standing on the brakes," said examiner Blaine Steen. The front wheels were spinning and the back wheels were dragging. The brakes were locked." nn K n err o Lr U U Uv n a n .-f jj,sssr sites Ik.. M Kurry IdJb LssS: Long Rtstricdons apply to fares shown above. Fares shown are one-half of required maul-trip purchase, require a Saturday night stay, andhaveday cfweektravelrestrktions. Fam are sxSjecx to chacn expire widvoutrujtice. KE30 fares require a 3Waj advance purchase. BE7NR and BE2NRfaresrequire landlrday advance purchaserespecaveiy, mustbe purchased wtih m 24-hours ofmakini reservation ana are non-retunaaoie. iravei an Bt.iNK.jam must oe completed try uaB. tlonaa state fuel tax surcharge, diAA) per person pom our lonaaaoes. uyojaoston City of Bostm fuel tax surchars $2 50 per persm from Boston Seaa are limited. (1

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