News-Press from Fort Myers, Florida • Page 33

I J.N DOW closed at 1,821.43 VOLUME: 124.47 million NYSE closed at 139.51 ASE 0.52, closed at 273.65 Bid Ask Chge Clse Chge ANco 84 88 FirstFed 31 Vi -1 Seago 5 6 HMA 8ft -14 S.Atlantic 116 316 Naples Fed. 2414 -4 Twistee 4 4 116 PGI 5 US Sugar 57 67 (Companies with corporate headquarters in Southwest Florida arelisted in Southwest Florida Stocks.) closed at 242.22 Gainers, 872 Losers, 714 Unchanged, 401 Dean Witter Reynolds NEWS-PRESS 5B SATURDAY, JULY 12, 1986 BUSINESS Wh olesale prices set record drop IN BRIEF Analyst: Inflation news portends continued weakness for manufacturing By The Associated Press banks and savings institutions was followed Friday by many commercial banks reducing their prime interest rate from 8.5 percent 8 percent. Presidential spokesman Larry Speakes called the wholesale price report "good news for all Americans." He said the absence of higher prices would make lower interest rates possible, "and that in turn leads to sustained growth." But Sandra Shaber, director of consumer economics for Chase Econometrics of Bala Cynwyd, offered a broader view: "If you're talking about people as consumers, it certainly is good news. There has been a very major increase in purchasing power for most of this year. "But if you look at people as job holders, as employees, then it's not such good news.

Commodity prices are still weak and that is a reflection of high foreign import penetration and very poor conditions In the manufacturing sector. Wages and salaries have been extremely weak this year." Gasoline prices moved up 2.9 percent in June, after an 8.6 percent surge in May. But other energy prices continued to fall natural gas prices by 5.8 percent and heating oil prices by 6.8 percent. All the monthly figures reflect adjustments to remove the impact of seasonal factors. Food prices were unchanged in June after a 1.1 percent rise In May.

Vegetable prices fell 9.8 percent; egg prices were off 6.4 percent; beef and veal costs dipped 2.4 percent. Alcoholic beverage, soft drink and coffee prices all fell. But these declines were offset by an 18.2 percent jump in fish prices, a 3 percent Increase In poultry prices and a 5.2 percent gain In pork prices. Automobile prices, which hade been rising steadily, fell 0.2 percent. The six-month drop in prices was the largest on record for fininished goods at the wholesale level since 1947, when the Bureau of Labor Statistics frist began recording them.

WASHINGTON Wholesale prices held steady in June but fell at an annual rate of 6.5 percent for the first six months of 1986, the largest half-year plunge since the government began keeping such records in 1947, the Labor Department said Friday. The department's Producer Price Index showed no change from May, when a 0.6 percent rise broke a four-month streak of dropping prices. Even though the collapse of world oil prices that led to the plunge has pretty much run its course, Friday's report showed little evidence of a return of inflation anywhere throughout the economy. Analysts said the report further reflected current slackness of the U.S. economy, a slump that prompted the Federal Reserve Board to announce Thursday that it is reducing its discount rate from 6.5 percent to 6 percent in an effort to stimulate growth.

That reduction in the rate the Fed charges for loans to Florida gets $1 million to fight spread of canker By The Associated Press The government also had loaned the state a fleet of 107 vehicles and office supplies to search for canker in the Sunshine State's citrus belt, said Wayne Baggett, spokesman for the U.S. Department of Agriculture. The money and machines will help, but may not suffice to stem the spread of the bacterial canker, Alfieri said Thursday. "I don't know if the $1 million will be enough to sustain us with these recent outbreaks of citrus canker," he said. About $50,000 of the money will pay the salaries of three employees of the Animal and Plant Health Inspection Service who will give technical and regulatory advice on canker, said Baggett.

The trio will bring to nine the number of federal employees searching for diseased groves, inspecting disinfectant stations at packing houses and examining fresh-fruit shipments. "We have to protect states like Texas and California," said Baggett. "We want to make sure that nothing leaves Florida that could be potentially dangerous to other citrus-producing states." The money and supplies marks the federal government's re-entry into Florida's citrus battle. Federal dollars were cut at the end of March from a Joint program that reimbursed nusery owners whose canker-Infested trees were destroyed. Last week's find at the Manatee Fruit Co.

grove near the town of Palmetto struck one of the tougher blows to the Industry. WASHINGTON Federal officials have pledged $1 million in cash to help Florida fight citrus canker, found last week for the first time in a mature, producing grove, a state official said Friday. The state Department of Agriculture received $250,000 in funds last week, and Florida will get $750,000 more before the end of the federal fiscal year on Sept. 30, said Dr. Sal Alfieri head of the state Division of Plant Industry in Gainesville.

United Telephone official indicates contract pact near By RICKCHRISTIE News-Press Business Writer PAUL MAMGUAL JOINS SALES STAFF AT TRAIL TOYOTA U.S. 41 CHARLOTTE HARBOR fitly PAUL, FORMERLY WITH 2 FORT MYFRS' NFW CAR DEALERS, INVITES ALL HIS MANY FRIENDS AND CUSTOMERS TO VISIT HIM AT TRAIL TOYOTA USEDCAR, TRUCK AND VAN CENTER. PUNTA G0R0A PORT CHARLOTTE 627-5050 FROM FORT MYERS TOLL FREE 332-1355 TV station in Cape purchased The family that owns the Indianapolis Speedway has tentatively agreed to purchase WFTX-TV, Channel 36, in Cape Coral, a spokesman for the potential buyer announced Friday. Wabash Valley Broadcasting Inc. of Terre Haute, has agreed in principal to buy Southwest Florida's only independent television station, said Wabash spokesman Jay Zum-mer.

Terms of Wabash's tentative agreement to buy the new Cape Coral station from Family TV Associates were not revealed. WFTX started broadcasting last October. Wabash Valley Broadcasting is owned by members of the Hulman family, which owns the famed speedway where the Indianapolis 500 is run. Mary F. Hulman is the chairman of Wabash, which also owns WTHI-TV, the CBS affiliate in Terre Haute, and has agreed to buy WBSB-TV in Ocala.

Hugh Robinson, station manager for WFTX, declined on Friday to answer questions about thetentativesale. Join USA TODAY More films made in Florida Statistics for the first half of 1986 show that motion picture and television production are on the rise in Florida, Lt. Gov. Wayne Mixson reports. Mixson, who also serves as Department of Commerce secretary, reported that 24 major film projects with a combined budget of $46.37 million were shot entirely or partly in Florida between Jan.

1 and June 30. That compares to 15 film projects with a budget of $44.39 million during the first half of 1985. He said 1,966 television commercials or training films with a combined budget of $44.15 million were completed during the first six months of this year. During the same period last year, 1,114 commercial projects with a combined $47.65 million budget were shot in the state. trims some rates reduced the cost of some phone calls by a penny Friday by cutting rates for calls that go 56 to 124 miles and for calls that travel 1,911 to 3,000 miles.

The savings, which will total $9 million a year, were generated by reductions in the charges local companies pass on to long-distance companies for connecting their calls to the local network of phone lines. reduced its rates by $2 billion on June 1. Arizona 'palace' for sale The Gordon Hall home in Paradise Valley, is for sale for $19.8 million. It features 50,000 square feet, 1 45 rooms, 37 bathrooms, six kitchens, 10 fireplaces, 14-car garage, indoor ice skating rink, Olympic-size pool, tennis and racquetball courts, beauty and barber shops, billiard room, video-game room, massage room, weight room, photography darkroom. Pittsburgh oil heir Walker McCune built the mansion atop Sugarloaf Mountain in 1960.

Hotel on auction block The Gait Ocean Mile Hotel will be sold Monday in Florida's largest real estate auction. The 29-year-old Fort Lauderdale hotel is being sold to pay off debts of $12 million. The hotel filed bankruptcy in April. The land alone is valued at $19 million. The property features six acres of ocean-front property, 275 rooms, 19 suites, banquet facilities, pool, restaurant, lounge, tennis courts and shops.

Council OKs EuroDisney The council for the Paris region has approved plans for a Disneyland amusement park east of the capital city. The park, dubbed EuroDisneyland, will be built in Marne-la-Valee, about 20 miles outside Paris, and will cost 10.6 billion francs, or about $1.5 billion. The council for the He de France region voted to sign a contract with Walt Disney Productions, which has been negotiating with the French government since December. Pilots sue Republic Republic Airlines pilots filed a lawsuit against the company, alleging it unlawfully withheld $600,000 due the pilots after their old pension plan was terminated. The suit, filed by the Air Line Pilots Association in federal court in Minneapolis, accuses the Minneapolis-based Republic of violating the Employee Retirement Income Security Act and the Railway Labor Act.

It seeks recovery of the $600,000. Lotus founder resigns Mitchell Kapor, who built Lotus Development Corp. into the world's largest independent maker of personal-computer software, resigned as chairman at age 35. Kapor, who said Friday he resigned for personal reasons, founded Lotus in 1982. He will remain as a director and consultant during the next year, the Cambridge, company said.

Jim P. Manzi, 34, the company's president and chief executive, will succeed Kapor as chairman while keeping his existing titles. Lotus' biggest success was its 1-2-3 program, an electronic spreadsheet for displaying and manipulating financial information. There are 1.5 million copies in use, making it the best-selling business software ever. PCS ruling struck down The Florida Supreme Court struck down a Public Service Commission ruling because it gave American Telephone Telegraph Co.

an unfair advantage over MCI Telecommunications Corp. The court's 4-3 decision hinged on a $6.15 million reduction in access charges that long-distance phone companies pay to local phone companies In Florida. Charlie Beck, a lawyer who represents utility customers in rate cases before the Public Service Commission, said the ruling wouldn't change phone rates. Beck said there are charges for dozens of different types of access services. But the commission chose to reduce the fees that local companies charge long-distance companies for billing and bill-collection services.

MCI argued in its court case that because is the major and virtually the only user of billing and bill-collection services, was receiving an unfair advantage over the independent, long-distance companies. Negotiators for United Telephone Company of Florida and the International Brotherhood of Electrical Workers (IBEW) ended their fourth week of contract talks without an agreement Friday. "We can't be specific about what issues still separate us at this point, but we're optimistic that we will reach an agreement by the July 16th deadline," said Paul Kutz, United Telephone community relations manager. He said the two negotiating teams are "very close" to an agreement. Contract talks have gone on past deadlines in the past, he noted.

In 1983, when negotiations lasted for nearly three months, members of IBEW local 199 voted to reject UTS' contract offers twice before finally accepting a 3-yearpact. That 3-year contract expired July 7, Kutz said, but was extended to July 16 as the first round of talks approached the final hours. News-Press phone calls to the IBEW office in Fort Myers were not answered Friday. Kutz said members of both the company and union managment teams have been in negotiations all day, every day since the talks began. The IBEW local 199 represents 1,278 of UTS' 1,678 employees in its south division which includes all or parts of Hardee, Highlands, Desoto, Charlotte, Glades, Hendry, Lee, Collierand Monroe counties, Kutz said.

Kutz said was not sure for what period of time the new contract would cover, saying the standard is usually at UK VIM I HJN AM) MS IK BellTbwerShops Sidewalk Sale! Today 10a.m.-4p.m. Join USA TODAY at the Bell Tower Shops during their Sidewalk Sale! USA TODAY will have free balloons, free USA TODAY newspapers, and free drawings for USA TODAY gifts every hour. Don't miss it! three years. United officials hope to finalize Frontier deal by summer's end By The Associated Press "It's their understanding of the situation and support which will make or break the deal," Hartigan said. "We haven't addressed the issue of layoffs," headded.

Hartigan said, under the terms of the acquisition, United at People's option could begin making payments of up to $50 million as soon as next week. The target for completion of the sale is early September, United said. People purchased Denver-based Frontier eight months ago for $305 million. But it was a money-loser, contributing $28 million of People's $58 million first-quarter loss. Asked whether Frontier would retain its identity after the acquisition, Hartigan said the People subsidiary would eventually be integrated into United.

He also said, "It's important to maintain Frontier's lower cost structure in order to make this a profitable venture." Frontier has 4,300 employees. CHICAGO United Airlines will ask the U.S. Department of Transportation for quick consideration of its planned $146 million purchase of Frontier Airlines, United President James J. Hartigan said Friday. Earlier Friday, the board of directors of UAL United's parent corporation, approved the agreement to purchase Frontier from People Express, the 5-year-oid, no-frills airline which has made flying as cheap asa bus ride.

But the agreement is subject to certain federal approvals and United's ability to come to satisfactory terms with the five unions representing Frontier employees. Hartigan said at a news conference that company officials would meet with union leaders within the next few days. CONTEST Posner takes stand in fraud trial 3 day2 nights at Posner is accused of defrauding the federal By The Associated Press 'i government of $1.2 million by overvaluingon tax returns the land he donated to Miami Christian College. Posner claimed the land was worth $125,000 an acre, but Todd said the college was offering it for sale in 1977 for as little as J.1H Win hpfnre Pnsnpr filpri vdfay 1W I (at I sut'tobckt-I Posner repeated that he POoNErt hlrirkeri the sale because he MIAMI Millionaire industrialist Victor Posner sharply denied a prosecutor's suggestion Friday that he blocked the sale of land he had donated to a bible college because the asking price was well below the value Posner had claimed on his taxes. "That had nothing to do with it!" Posner snapped.

K. Chris Todd, an assistant U.S. attorney, had been leading to that question in nearly six hours of cross-examination that began Thursday afternoon in Posner's 3-week-old tax evasion trial. U.S. District Judge Eugene P.

Spel-Iman suspended questioning after three hours Thursday when Todd, frustrated at Posner's refusal to answer some questions directly, jumped into the air and waved hisarms. TheRjtz-Carlton Watch for Contest 1 in Sunday's News-Press had donated the land for use as a campus. He said his attorneys in 1977 warned him that filing the suit against the college could jeopardize his tax write-off. "I told them: 'Tax loss be damned! File the Posner testified. Posner will return to the stand Monday..