Daily Press from Newport News, Virginia • Page 21

3 Dov: Up 0.41 DaUg press: 4020 3G80 3740 C5 r-J- 1 4,01 1.74 3600 12194 1195 2195 New York Times to buy WTO HIGHER AND HIGHER. A late rally pushed stock indexes to new highs for the second day in a row Friday, but the market spent most of the session wobbling between the red and the black columns as buyers battled sellers. The Dow traded in a narrow band all day as investors struggled to assess its jump into uncharted territory. By Usa Huber Daily Press ested in acquiring this property," he said. The announcement comes almost six years to the day after Narragansett purchased the CBS affiliate from Knight-Ridder Broadcasting Inc.

At that time, Narragansett paid $150 million for both WTKR and its sister station in Providence. News York Times officials said they were unsure whether the between $100 million and $125 million. The sale, which won't be complete for at least three months as regulators review the deal, shouldn't affect the station's roughly 130 employees or the programming offered, general manager Christopher Pike said. "Their company is absolutely committed to localism," Pike said. "They believe, as I believe, that the future of local television is local.

I would expect that they would continue to invest strongly in local news and other types of local programming." Pike said WTKR's owners, Narragansett Venture Capital of Providence, R.I., began considering "several unsolicited offers" for the station late last year. "There was a significant number of companies that were inter station, which boasts the largest audience in Hampton Roads, would remain affiliated with CBS. "It's too early to talk about how we're going to manage the station we just got spokeswoman Nancy Nielsen said Friday. The company currently owns CBS stations in Tennessee, Please see WTKRC6' NORFOLK The New York Times Co. announced plans on Friday to purchase Hampton Roads' top-rated television station, WTKR Channel 3.

While terms of the agreement were not released, an executive with WTKR previously speculated that the station would sell for 488.11 1.20 Nikkei Average: 17,472.94 Financial Times 1 00: 3,037.7 -1 1 .6 $376.80 Silver (N.Y.Comex) $4.627 Crude oil: (April contract) $1 8.69 $0.26 U.S. dollar (N.Y. close) 97.00 0.29 30-yrT-bond yield 7.52 1-LINE Wall Street report: 928-1111 2301 i imm I Durable goods orders rise again, by 0.6: DIA's baggage system Glitches in the computer software that controls how carts are routed, uneven flow of electricity to the system and human error caused delays in testing that ultimately led to postponing the opening of the airport. The airport is scheduled to open Tuesday, two years after the original opening. The automated baggage system will not be used in the entire airport.

A conventional system will be used by many airlines. Denver ignored airport delays City accused of concealing risk to investors By Steven K. Paulson The Associated Press At the ticket counter or check-in area, each suitcase Durable goods New orders Billions of dollars, seasonally adjusted receives a tag with a bar code on it. A sensor connected to the baggage-system computer reads the bar code, and the bag slides down a conveyor to a telecar1 the computer has routed to pick the bag up. The computer already has decided, based on the bag's bar code, where the cart should go.

165 160 DENVER Documents turned over to federal investigators show city officials were warned repeatedly about delays at Denver International Airport and may have misled investors by not revealing potential investment risks. The city's reaction to several of the early alerts was to exclude one bearer of bad 5 "The telecar makes its way to the gate on rails. Once in the cart, it doesnl matter if the suitcase's tag is readable, because tne computer tracks the cart and not the piece of luggage. A news from critical meetings BEACH BANK OPENS. Virginia Beach Federal Savings Bank will open its first Peninsula branch office at 12705 Jefferson Ave.

in Denbigh on Monday. The full-service branch will join two Beach Fed Mortgage Corp. offices, the bank's mortgage banking subsidiary, that have operated on the Peninsula for several years. The bank, which has served the Hampton Roads area since 1935, has assets of $710 million. REPAIRS COMPLETE.

After operating under reduced power since October, WHRO Channel 15 completed repairs to its transmission line and returned to full power Thursday afternoon. The TV station had made temporary repairs to the line and permanent repairs began Feb. 7. TECHNOLOGY SHARING. NASALan-gley Research Center announced Friday that it signed a three-year agreement to share technology it developed with Los Angeles-based MacNeal-Schwendler Corp.

The company develops computer software that simulates new products for manufacturers. PLAN APPROVED. Judge Hal J. Bon-ney Jr. confirmed Jonathan reorganization plan, clearing the way for the Norfolk-based ship repair company to emerge from 14 months in Chapter 11 bankruptcy protection.

Bonney approved the plan, the yard's third, after it was amended somewhat to satisfy unsecured creditors. CONTRACT LOST. Marine Hydraulics International, a Norfolk shipyard that declared bankruptcy in January, lost a $5 million contract for repairs on the guided-missile frigate Carr. MHI was the low bidder, but the Small Business Administration refused to certify the yard as financially responsible, fouling the deal. It has little other work on the horizon once it completes an ongoing overhaul of the Navy auxiliary tanker Mount Washington.

BIZ BITES. Crestar authorized the purchase of up to 1.5 million shares on the open market or in negotiated purchases over the next year. James River Corp. will invest $36 million to modernize the bathroom tissue converting operation at its Naheola, mill. 0 FMAMJJASONDJ 1994 '95 auu ui uci mc tuuuabiuis iw Economy growing, but at slower pace By James H.

Rubin The Associated Press WASHINGTON Factory orders for interest-sensitive durable goods rose in January for the third straight month, led by bigger demand for industrial machinery and equipment. Analysts said talk of a dramatically slower economy may be premature. Durable-goods orders advanced 0.6 percent last month, a strong gain but a slower pace than at the close of last year, the Commerce Department said Friday. "The economy is on solid footing and we'll continue to see strong growth in the early part of this year," said economist Michael Moran of Daiwa Securities America Inc. "It's slower than last year but still a fine performance." Testifying before Congress this week, Federal Reserve Chairman Alan Greenspan hinted at lower interest rates if the economy cools.

The remarks helped spark a strong stock market rally that sent the Dow Jones industrial average past 4,000 Thursday for the first time. The blue chip index closed moderately higher Friday after slipping earlier in the day and bond prices gained due to a late rally. The new durable-goods figures "are extremely significant as they suggest that the slowdown in the manufacturing sector may not be as rapid as market participants have been transponder, resembling a hockey puck, sends out radio signals that tell Jan. '94 Dec. '94 Jan.

'93 KM meet increasingly unrealistic' yts deadlines. 'jfimL 148 5 1 162.1 1163.1 I the computer where the cart is so its actual course can be compared to the Denver City Councilman Hackworth says that when i Hackworth says AP Source: U.S. Dept. ot Commerce Ted 0 aesirea course ana corrections maae, it necessary.The baggage system has 21 miles of tracks, 5.7 miles of conveyor belts, 4,000 carts, 10,000 motors, 5,000 photoelectric cells, 400 radio receivers and 56 laser scanners. When the cart reaches its destination, it tips and dumps the bag onto a conveyor that takes luggage to the gate area he voted to approve airport bond sales and offer documents to investors he was unaware of the problems cited in the documents.

"Up until this point I've always felt we weren't guilty of misleading anyone about progress at the airport," Hack-worth said. "After seeing these memos, I'm not so sure. We may not have reported as accurately as we should have." Denver International is scheduled to open Tuesday, with all requisite fanfare. But due to problems cited in the documents, four previous Please see DenverC6 hoping for," said economist' Marilyn Schaja of Donaldson, Lufkin Jenrette Securities" Corp. in New York City.

The Commerce Department' said orders for items expected to last at least three years -L-: everything from washing machines to tanks totaled seasonally adjusted $163.1 billion, up $1 billion from Decern-' ber. Orders climbed 1.8 percent in December revised upward from a 1.5 percent earlier esti-1 mate and soared 3.4 percent in November. While the January advance surprised analysts, some insist-; ed the slowdown has begun. for loading into a plane. The carts, which can travel at up to 17 mph, slow briefly but don't stop during loading and unloading.

Source: Airport Forum Jonathan MorenoThe Denver Post via AP What's Insurance industry to dump bad apples mmm Buffalo Jills cheerleader and president Nancy Bates cheers during a game last year. Group will review By David Germain VW The Associated Press sales practices missioners, the group is revamping the format for insurance policy illustrations to make them clearer By Pam Runqulst BUFFALO, N.Y. The Buffalo Bills' cheerleaders Daily Press are now card-carrying union members. After winning a National Labor HANCOCK Relations Board ruling allowing that spell? important to us," Bates said. "This is what we love.

We've done it since we were children, and we want to upgrade our image, so girls cheering now at the high school or college level have something honorable to strive for." The Jills' attorney, W. James Schwan, said the union hopes to negotiate a contract before next season with the cheerleaders' manager, 1 Andrew Gerovac, co-owner of a fast-food chain that is the squad's main sponsor. Most of the 21 NFL teams that have cheerleaders sponsor and manage the squads themselves. The Bills used to manage the Jills but dropped the cheerleaders in the mid-1980s, when Gerovac took over. Please see UnlonC6 them to unionize, the Buffalo Jills ZJ III! I o.

UA 3 NEWPORT NEWS The bad rap that insurance agents have gotten over the years as aggressive and unethical salespeople is justified in some cases, the head of a national association of insurance agents said Friday. However, Allan Hancock, president of the National Association of Life Underwriters, said the industry group is taking steps to filter out unscrupulous agents. Hancock said the association has set up a task force to study insurance sales practices. He also said that, with the help of insurance companies and com- for consumers. In addition, Hancock said the association is working with insurance companies to develop a database of agents that have been terminated by a company for cause.

Hancock said insurance companies now have no way of knowing that they are dealing with an agent who has a questionable track record. This is a golden opportunity for us to make a difference," Please see ApplesC6 voted 29-2 Thursday night to join the National Football League Cheerleaders Association, the first union to represent a professional cheer leading squad. Union president Nancy Bates, a seven-year veteran of the Jills, said Friday the cheerleaders are seeking better pay and working conditions, plus more control over where and when they do promotional appearances. "The future of cheer leading is so Analysts see opportunity in electric-utility stocks through prudent acquisitions and unregulated power-production I 928-1111 From outsld our -wiling area dial (800)981-6600. i mmm i Steve Halpern 2111 I Financial categories 2000 I Business headlines Stock auotes 2001 (For instructions on entering your stock's tick Yielding 5 percent, the stock's a buy for appreciation and rising income." Christopher Grant, Standard Poor's Outlook, New York UTILICORP UNITED NYSE (Symbol: UCU) 52-week range: 25Vt-31V.

KANSAS CITY POWER LIGHT NYSE (Symbol: KLT) 52-week range: 185a-24Va "UtiliCorp, an electric utility with operations in 17 states, has been expanding aggressively from increasing market share, thanks to the company's low production costs and extensive transmission system. Yielding 5.7 percent, the stock offers solid appreciation and income NIPSCO, a diversified gas and electric utility in Indiana, should see earnings growth driven by rising sales, well-controlled expenses, and share repurchases. We expect the dividend, recently hiked 8.3 percent, to continue rising at a rate well above that of the average electric company. Electric-utility stocks are poised for strong performance this year, many advisers Thanks to rising interest rates, utility stock prices plunged in 1994. But as interest rates ease a bit later this year, as many analysts are predicting, the utilities' borrowing costs will drop and their yields will be more attractive.

Below are some of Wall Street's favorite electric companies: PACIFICORP NYSE (Symbol: PPW) ventures. This expansion means debt is an above-average 51 per- cent of assets. But with growth and solid cash above-avepge dividend boosts Please see HalpernCe Halpern reviews more than 400 stock newsletters, choosing what he believes to be the most, informed recommendations for this column and his own newslet- ter, the Dick Davis Digest I er symbol or on receiving a more aeiaiiea Wall Street by Fax report, please see the how-to-read daily stocks and 1-Line information box on the first page of our stock listings. C7) Pnreinn exchanae rates 2201 52-week range: 15-1 9 NIPSCO INDUSTRIES NYSE (Symbol: Nl) 52-week range: 26-327s "PacifiCorp, which provides electric service to seven Western states and which also owns Pacific Telecom, one of the largest independent phone companies, is poised for good earnings growth. Profits should benefit -3" brf 2901 I The industries report Michael Toole, Business Editor 247-4766 To add a stock or mutual fund listing: 247-4734 Mil.