News-Press from Fort Myers, Florida • Page 25

I I IFJT-T 1 F.fTA -7-T-1 1J 1 Cls Chge Am.Agronom 1 'A Avotar 23 14 Dtltona 9 -1 firjtFed 27 1 FPL 31 14 Gannett 7314 -V GDC 21 V4 Naples Fed. 27 It PGI 5 Uld. Telephone 28 -Yi Bid 89 1 5 116 4H 59 Ask 92 25 Vt2 6 316 4'M 65 Chge Alko Coastland PBAir Seago S.Atlantic Twistee 57- DOW closed at 1,790.18 VOLUME: 139.44 million WYSE closed at 136 22 ASE 1.10. closed at 270.16 116 SAP closed at 235 97 A Gainn. 814 Lows.

818 an 316 US Sugar Dean Witter Reynolds Unchanged, 403 NEWS-PRESS SATURDAY, APRIL12, 1986 7B BUSINESS IN BRIEF March retail sales drop 0.8 By JANET STAIHAR Associated Press Writer Mortgage rates drop Retail Sales XaJ Seasonafy Adjusted in BAons of Dollars Source Commerce Depl Shaber, an economist with Chase Econometrics in Bala Cynwyd, Pa. A survey of the nation's major retailers found Thursday that sales in March had risen slightly when compared to a year earlier. It credited the increase to warmer weather and an earlier Easter. The Commerce Department report found that department store sales did show strength last month, increasing by 1.2 percent compared to February, when department store sales had risen by an even larger 1.9 percent. The Commerce report said that sales of furniture and home furnishings dipped 0.3 percent in March, something of a surprise since new home sales have been strong in recent months.

Sales of all durable goods, items expected to last three or more years, fell 1.8 percent last month, following a 0.7 percent February decline. Hardware stores were the only major segment in the durable goods category showing strength, reporting a March increase of 0.5 percent following a 0.9 percent February gain. Sales of non-durable goods edged down a slight 0.2 percent last month despite the Increase in department store sales. The weakness came primarily from a huge 5.9 percent drop in sales at gasoline service stations, the biggest drop in this category on record. Sales at food stores rose 1 percent with sales at clothing stores up an even higher 1.5 percent.

Sales at restaurants and bars were down 0.3 percent but sales at drug stores were up 0.9 percent. r122- 120- 118- I iljJl! ifini WASHINGTON Retail sales declined sharply in March, the steepest drop in five months, the government said Friday, and analysts said it was not surprising due to a weakness in car sales and the plummeting price of gasoline. Private economists generally agreed that the newest figures by the Commerce Department point to a slowing in consumer spending this year, although they said it would not amount to a collapse. The Commerce Department said retail sales plunged 0.8 percent in March, totaling $1 16.6 billion compared to sales of 1 17.5 billion in February. Originally, the government said retail sales had fallen in January and February as well.

But the latest revisions showed sales gains of 0.4 percent in January and 0.1 percent in February. The March decline was the sharpest since a 3.6 percent fall in October 1 985. Sales in both months were depressed by big declines in new car sales. Last month car sales fell 3.4 percent, the sharpest decline since a 15.9 percent plunge in October. Without the fall in car sales last month, retail sales would have been unchanged in March compared to February, reflecting the fact there was little strength in any retail segment.

"We've seen, for the first quarter of this year, a pretty bleak performance for consumer spending," said Sandra L106-UJ1 AM A SO FM 85 86 Mar '85 Feb 86 Mar '86 112.0 117.5 116.6 Beatrice stockholders approve buyout offer Black pastor bids on radio station By The Associated Press aged buyout in history. In such a transaction, the purchase is made with mostly borrowed money that is repaid with funds from the target company's cash flow or asset sales. In Beatrice's case, Kohlberg Kravis plans to sell several of Beatrice's operations to help pay the debt the firm incurred by the purchase. In its proxy statement to shareholders, Kohlberg Kravis said it intended to dispose of at least $1.45 billion worth of assets within the first 18 months after the buyout Is completed to help meet scheduled debt payments. Beatrice's holdings include Tro-picana juices, Coca-Cola bottlers in nine states, the Avis Inc.

car-rental company, Danskin and Playtex apparel, Swift Co. meats and Samso-nite luggage. NEW YORK Beatrice stockholders on Friday approved the company's $6.2 billion leveraged buyout by Kohlberg Kravis Roberts a privately held investment firm. Beatrice said approximately 93.8 million common and preferred shares, or 81 percent of those entitled to be voted, were cast in approval of the buyout. Beatrice said it expected the acquisition to be completed Thursday.

Under terms of the buyout, each of Beatrice's common shares is to be exchanged for $40 in cash and $10 in preferred stock. Kohlberg Kravis' acquisition of Beatrice, a Chicago-based conglomerate, represents the largest lever bids of at least $50,000 with a 10 percent deposit for the license portion of the station package until Mayl. Shoemaker, who also owns a florist shop in the DunbarEast Fort Myers area, said before the station left the air it served as a conduit for the churches as well as the black business community. "We have lost something here. WCAI-AM, with Harry Kent Williams, was extremely Important to the churches and black-owned businesses in this area," she said.

"I believe business has fallen off for most of the businesses since the station's demise because we have a particular market that we have to reach." She said Williams was on the air for 20 years 17 years at WMYR-AM and three at WCAI running a Sunday morning broadcast featuring church programs and gospel music. Williams died last fall. Grimsley said the first step is to raise the $5,000 needed to make the deposit that accommpanies the $50,000 bid for the station. For that he and Shoemaker are turning to the community's church leaders and businesses. Committing herself to the first $500, Shoemaker said, "This is a chance that we can't let go by.

If the community is serious enough about having the station to serve their needs, I firmly believe we can raise the $5,000 easily." She and Grimsley plan to hold a meeting of church leaders and businesspeople Thursday at the Dunbar Improvement Association Office. By RICKCHRISTIE News-Press Business Writer When The Rev. Eddie Grimsley moved to Fort Myers from Tampa seven months ago, he was prepared to do without many of the cultural advantages that come with living in a large metropolitan area. But he was not prepared to do without a radio station that caters to the cultural needs of the black community. He wanted a station that gives the community's minority-owned businesses a more focused advertising medium and its churches a way to get their messages across the airwaves.

That's why when Grimsley, pastor of the Free Will Holiness Church, heard of the Chapter 7 liquidation proceedings of WCAI-AM, he knew there might be a chance to somehow fill the void. "The (black) community here needs that station on the air," he said. "The predominantly black section of the city in which the station is located is heavily pop-ulated with churches. And churches need a way to get their messages across the airwaves." Now, with the aid of Fort Myers City Councilwoman Veronica Shoemaker, Grimsley has begun working toward acquiring the failed station. WCAI-AM was put up for sale Thursday when Diane Jensen, court-appointed receivertrustee for the liquidation, was Informed Illinois radio station owner Roger Coleman had backed out of a earlier deal to purchase the station.

Jensen said she will accept Resorts International stock soars after chairman's death By The Associated Press Thirty-year fixed-rate mortgages fell 2 basis points to 10.18 percent in the Bank Rate Monitor's weekly survey of 50 lenders. The 15-year fixed-rate was down 5 basis points to 9.84 percent. The one-year 30-year adjustable rate mortgage was down 4 basis points to 8.56 percent. Money market mutual yields fall The seven-day average yield on money market mutual funds fell in the week ended Tuesday to 6.76 percent from 6.88 percent the previous week, according to Donoghue's Money Fund Report. The 30-day average yield also fell, to 6.87 percent from 6.94 percent, Donoghue's said.

Separately, the newsletter Bank Rate Monitor said its survey of 100 leading commercial banks, savings and loan assocations and savings banks in the 10 largest markets nationwide showed the effective annual yield available on money market accounts fell to 6.65 percent as of Wednesday from 6.68 percent a week earlier. The North Palm Beach-based newsletter also said the effective annual yield available on special savings accounts, called Super NOW accounts, fell to 5.97 percent from 6.01 percent. Better orange harvest predicted The 1985-86 orange harvest is expected to produce 177.21 million boxes, down 1 percent from the March forecast but still 12 percent more than last season's 158.4 million boxes, the Agriculture Department said. The Florida crop, based on April 1 indications, was estimated at 123.4 million boxes, down 1 percent from 125 million boxes indicated in March but 19 percent more than the 1984-85 harvest of 103.9 million boxes, the report said. California production was forecast at 51 million boxes, unchanged from March and 2 percent below last season.

Eastern Airlines starts hiring An overload created by expanded flight schedules has made Eastern Airlines plan to hire some 400 new full- or part-time computer operators, clerical workers and reservations agents in three cities, the carrier said. Eastern spokesman Jerry Cosley said the new hirings will include 220 computer operators, secretaries and part-time agents in Miami, 125 agents will be hired in Boston and 50 part-time agents will be hired in Charlotte, N.C Ford Motor Co. stock to split Ford Motor Co. announced a 3-for-2 stock split in the form of a 50 percent stock dividend. The split will create 270 million Ford shares compared with the current 180 million.

The No. 2 U.S. automaker also increased its quarterly cash dividend by 18 percent from 70 cents to 82.5 cents. The distribution dates for the stock dividend and for the cash dividend are the same, June 2 for shareholders of record May 2. The.

split was designed to "help broaden investor interest in Ford stock," Chairman Donald Petersen and President Harold Poling said. British Airways offers new discount British Airways has revived a fare war to London, announcing a discount that can save passengers more than $100 off the lowest available round trip price. British Airways' new fares are good only for departures prior to May 31 They require a minimum Saturday stayov-er and a return by June 30, but can be booked less than a week before departure. Passengers would pay $458 for a round trip ticket between New York and London under the new discount. The lowest available round trip fare usually is $599 Monday through Thursday and $649 on weekends.

Terrorist attacks on businesses rise A new State Department report says international terrorist attacks on American businesses occurred at a rate of more than once a week last year. The report said the 67 attacks in 1985 on U.S. businesses represented about a third of the attacks on all business interests combined in 1985. The study said 35 of the Incidents directed at American interests slightly more than half occurred in Latin America. There were an average of about 50 attacks per year on U.S.

companiesin 1983and 1984 Hiram Walker sale recommended Directors of Hiram Walker Resources Ltd. have recommended that the company's stockholders accept a $3 billion acquisition offer from TransCanada PipeLines Ltd. Hiram Walker's board approved the deal after also considering a sweetened bid by Gulf Canada whose initial proposal to take over the company also was rejected by' Hiram Walker. TransCanada operates Canada's main east-west natural gas pipeline. Hiram Walker is a Toronto-based distilled spirits and energy concern.

CNN starts news cooperative Cable News Network Is launchinga satellite news-gathering cooperative to bolster news contributions by CNN affiliates. Stations In the "Newsbeam" cooperative will use portable satellite links, which CNN will sell for $175,000 each, CNN Vice President Paul R. Amos said. Amos said the mobile satellite units usually cost twice what CNN is charging. He would not say how much CNN is investing In the cooperative.

The stations targeted for the cooperative already use certain CNN material. Through the cooperative, they would contribute local news reports. American simplifies discounts American Airlines announced a simplified discount-fare structure aimed at alleviating what passengers and travel agents have called a confusing jumble of bargains pervading the Industry. The new structure, which takes effect May 28 and has no expiration date, contains a 21-day advance purchase discount not previously offered and doubles the cancellation fee on American's cheapest tickets to 50 percent. Michael Gunn, vice president of passenger marketing for American, said the structure will offer travelers in the 48 continental states four levels of discount, based partly on how far in advance they make reservations.

Citadel shareholders refuse offer Citadel Holding battling a hostile bid by Great Western Financial said Friday in Glendale, it received a better offer from an investor group, but its two biggest shareholders refused to accept It. As a result, the new offer of $65 cash per share, or $208 million, was withdrawn, according to Citadel, parent of Fidelity Federal Savings Loan Association, the state's 19th-largest thrift. Citadel has 3.2 million shares outstanding. Great Western, whose chief subsidiary is Beverly Hills-based Great Western Savings Loan Association, the nation's third-largest, is offering a stock swap valued at $160.8 million based on current stock prices. Great Western reached a tentative agreement last May to buy Citadel, but that plan was torpedoed when Citadel's two biggest shareholders, investors Alfred Roven and James Cotter, waged a successful boardroom fight against it.

IBM reports first-quarter prof it International Business Machines Corp. in New York reported a modest 3.1 percent increase in first-quarter profit Friday, and the world's largest computer company said it continues to view 1986 with caution. IBM's earnings per share in the first three months of the year were $1.65, up from $1.61 in the year-earlier period. Analysts' predictions, which had come down recently, ranged from $1.40 to around $2.05 a share. IBM said It had net income of $1.02 billion, a 3.1 percent increase over $986 million in the first quarter of 1985.

rules of the game have changed. Crosby is no longer here, therefore Jhe company might change direction." Crosby, a well-known businessman who transformed a foundering paint firm intoa casino company and was a dominant figure in the legalization of gambling in Atlantic City, died Thursday in New York at age 58. He was known as a strong-willed visionary whose company is the biggest private landowner in the seedy New Jersey coastal resort. News of Crosby's death caused Resorts stock price to jump $17.62 2 a share to $67 on the American Stock Exchange, where volume exceeded 437,000 shares, making it one of the most active issues. NEW YORK Resorts International Inc.

stock soared Friday after its autocratic chairman James M. Crosby died, which Wall Street regarded as a strong signal that his successors might sell the gambling empire. "The bulls think this opens the way for some Important changes," said financial analyst David S. Leibo-witz of American Securities, a New York investment research firm that follows the gaming industry. "No one is dancing on the man's grave, as the expression goes," Lei-bowitz said.

"Wall Street's reaction is not anything more than saying the YELLOW PAGE DIRECTORY I i ''MI'F viMTFTriTT I 1 r-rC CHANNEL THE GALLEY UPDATE! WHAT MOVI CRAMNtlS WRl KffJJWi AND WRM AIM), MW RfTWOMS Blackened Mullet STANDARD BRANDS TV AND APPLIANCE WE WIL MEET OR BE A ALL ADVERTISED PRICES FT. MYERS CAPE CORAL NAPLES come to sathuth cau mm Wi on Stat lot 7 PALMER 992-2700 CABLE SATELLITE SERVICES suisioiAtr or s. w. n. ctBitvisiON (Pin UImmJ) BlTTo433-4010 283-0520 rvwrnim miABAiiurn "Quality Furniture At Affordable Prict" THE REEBOK store am Precision 45 ITUtS MDC010K HEN WOMEN'S N0 CHILOREHS 0 Tune INCIUWSMHTS AND LABOR III iff t'l fig SNYDERMAN'S SHOES 11M4 36UI4I ntfl )4n MASON FLAZA FT.

MYERS 7431 College Parkway 939-1577 CAR COVERS 5OQ00 47 AND UP S.W. FLORIDA'S LARGEST CSH3B DEALER WATCI I0t Of MS TO HM 0I MOtl KIQWJTDR CER 10 SENIOR CITIZENS DISCOUNT REG. PRICE SHOES WITH THIS COUPON LEEDS WOMEN'S SHOES A LEEDS MEN'S SHOES EDISON MALL JOHNNY MYERS TIRES 4141 bwia 4777 Fak tA IM. M-4111 H4-41S1 9r 768-1922 11485 CLEVELAND AVE. 939-3871 umz DENTAL HEALTH CLINIC CAP! CORAL 574.2000 Sh UTTER WRLD NEW PA TICNT SPtCIALII EXAM TEETH CLEANING M5" GULF COAST COIW BROKERS, INC.

11th ANNIVERSARY SALE ALL INVENTORY DRASTICALLY REDUCED REGISTER FOR FREEGOLD 1678 Colonial Fl. Myort 936-5636 JIM Koll Shvlltr Itodmr Quality For Quality We Will Not Be Undersold rOITMTKl PT. CHAIIOTTI NAFUS 56-M0 17-6MS 17-7717 jX RAY MINIMUM CHARGE IF NEEDf ADA CODE 1110 OFFER EXPIRES MAY 3rd Terrace Immediately A djacent to C. C- Hospital Clink HT71TE I 4 I irl 14 Since 1959 Discover Lely Palms of Naples. A totally new concept in adult retirement living.

BEEPERS GREEN SERVICE LELY PALM Budines EDISON MALL 939-6311 TONE ONLY TONE VOICE 11M MO. 18M MO. 936-2337 lOOOLolyPalmDr. 1-775-7661 Naplet, FL COVEftAGC FT MYERS TQNtP'FS.