Daily Press from Newport News, Virginia • Page 23

flftiltl rrULy. March 31, 1989 omsjuiihsss. Stocks vision of NN thrift FDIC beg ms super Ticker lems." From start and wire reports Dow: Down .18 JL length of time," said Andrea Plater, a spokeswoman for the Federal Home Loan Bank Hoard in Washington. "The managing agent will make recommendations to the managers and help to design a new business plan for the Institution." Plater said. The government will help run the savings and loan until federal money is available to sweeten a merger or take Community has been Insol-vent for the rst "even ysr' The institution su of 9 mjl lion and abilities of $10.1 million.

The DIC started taking control of fail04vings and loans Feb. 7. Deposit accotl, In the insolvent institutions aroint insured to $100,000 by the Fed- (2 11 tate office. Today, the institution still has only one office, at 1312 27th St near the Hampton city line. Community Federal Isn't a typical example of a takeover candidate in the troubled savings and loan industry.

Many Insolvent savings and loans ran into trouble in the early 1980s after the federal government deregulated the industry, and managers invested in risky real estate deals. Community Federal, however, has a reputation locally for being ultra-conservative. More than 90 percent of Its loans are on home and church mortgages and consumer loans, said President Thaddeus B. Holloman. Tlease see FDIC, C6 By DONALD LOEPP SUff Writer NEWPORT NEWS Community Federal Saving! and Loan was placed under the supervision of the Federal Deposit Insurance Corp.

on Thursday. The tiny black-owned thrift the second smallest savings and loan in Virginia was one of nine institutions enrolled in the government's joint regulatory oversight program. A total of 17S troubled savings and loans are currently being supervised by the federal government A managing agent from the FDIC has taken over at Community Federal, heading the association's board of directors "for a yet-to-be-determined ill savings and Loan insurance corp. Community Federal was founded in over deal for Community Federal. J.SM 2.323 2.J00 7VS 3.250 2.22 2.200 2,150 2,100 '1957 by four black businessmen who Plater said.

"For depositors, there will be pooled $64,000 to establish a place where people In the city's East End 18 17 JO 21 2J 27 2 30 change, this is business as us. Plater said. "For the Institute, this Just means that there's another level of government regulators vn expertise to try to solve the iniMton's prob- could save their money and get mortgages to buy homes. At first, the thrift operated out of a desk in a local insurance and real es He's got the whole worJd NYSE: 726 advances, 716 declines Volume: 159.85 million Amex: 262 advances, 326 declines Volume: 9.78 million 500: 292.52. up 0.17 Gold: New York Comex, $382.20, down $1.30 Silver $5,735, down 2.3 cents Oil: West Texas Intermediate, $20.81, up 61 cents Dollar: 132.00 yen, down from 133.115 Drop in orders surprises analysts 2.3 decline recorded; March rebound expected i Factory orders Total new orders In billion ot dollars, seasonally adjusted 240 230 220 210 200 190 By CATHY KRISTIANSEN Knlght-Ridder Financial News CHICAGO New orders for U.S.

factory output fell 2.3 percent in February, more than expected, and appear to show weakness in the economy, financial analysts said. However, orders are expected to rebound in March, partly countering the February slump. The average of economists' forecasts in an informal survey by Knight-Ridder Financial News before Thursday morning's report was a decline of 1.7 percent, with the range of expectations from down 1.5 to 2.3 percent. January's orders fell 1.2 percent. The government's earlier estimate had shown January down 1.3 percent.

The financial markets showed slight reaction to Thursday's report, with debt futures rallying a couple of ticks and currency futures losing a few, traders said. Economists said while the report could fuel perceptions generated by other February economic indicators that the U.S. economy was slowing down, people should watch for a rise in March orders. Kevin Flanagan, money-market economist at Dean Witter Reynolds in New York, said, "Whether the weakness 180 0 MAMJJASONOJF 198S 1989 Feb. '88 Jan.

'89 Fob. '89 -1 ji V. Socroe. U.S. Oapt ot Common AP will be sustained, we don't know yet.

Everybody should reserve judgment until after the March numbers come The steepest decline in February factory orders came in the aircraft sector, which fell 19.8 percent after a 5.6 percent fall in January. However, some Please see Orders, C2 1 Indecisiveness ends market rally NEW YORK The stock market turned in an indecisive showing Thursday, pausing after its rally of the past three sessions. The Commerce Department reported Thursday morning that new factory orders declined 2.3 percent in February. i That provided fresh support for the 'view that the pace of the economy -began to slow last month. But analysts have been reluctant to 'conclude from a single month's data the Federal Reserve has succeeded its efforts to subdue inflationary pressures by tightening credit, i The first indication of whether the flowing continued in March isn't expected to come until the Labor Department's monthly employment report next week.

OPEC OKs restraints VIENNA, Austria OPEC ministers winding up a two-day strategy session Thursday indicated cartel members planned to stick to their current production restraints through mid-year but said there were proposals to loosen the curbs later. Subroto, secretary-general of the Organization of Petroleum Exporting Countries, said the meeting of the cartel's eight-member monitoring committee was held in a "very frank, good at-mosphere" but declined to provide details. The ministers, he said, renewed their intention to "adhere very strictly" in the April-June quarter to last November's agreement that called for production curbs in order to raise sagging crude prices. Gannett leader retires COCOA BEACH, Fla. Allen H.

Neuharth, who transformed the face of American newspapers while building Gannett Co. Inc. into a $3 billion media empire, will settle in Florida after his retirement today as chairman of the board at Gannett. Neuharth, 65, founded USA Today in 1982 in the face of Wall Street skepticism and professional criticism, but the newspaper's catchy layout use of color and comprehensive sports pages contributed to widespread changes in newsrooms across the country. Neuharth will be succeeded as chairman of Gannett by John J.

Curley, who already serves as chief executive officer at Gannett USA Today has a paid circulation of 1.6 million and more than 5.3 million daily readers. Disney sues Academy LOS ANGELES Walt Disney Co. filed suit Thursday against the Academy of Motion Picture Arts and Sciences, alleging unauthorized use of its Snow White character in what it called an unflattering opening number of the nationally televised awards ceremony. The Wednesday night show began with an actress dressed as Snow White being interviewed in the lobby of the Shrine Auditorium, and then following a line of stars to the stage. In a Betty Boop voice.

Snow White CBN sells WYAH-TV to local media group Sale hinges on approval by FCC 1 AP nhntn Michael Dobson. vice president of cartographic services for Rand McNally, inspects samples of the 35 globe models distributed by the company's educational publishing division. The Skokie, company has published educational materials since the late 1800s. Rand McNally is the world's largest independent mapmaker. Milken indictment details fraud By JOSEPH PRYWELLER Staff Writer A group of local businessmen purchased on Thursday WYAH-TV, a Portsmouth independent station that had been owned for more than a quarter-century by Christian Broadcasting Network Inc.

The sale hinges on approval by the Federal Communications Commission, which is expected to announce a decision on the purchase within 90 days, according to a CBN press release. The purchase price was not announced. CBN officials could not be reached for comment The station's potential new owners are Centennial Communications Inc. According to Raymond B. Bottom, a former co-owner of Daily Press Centennial Communications is owned by himself; Ernest Harris, former vice president of WVEC-TV when it was based in Hampton; Robert L.

Freeman, former chief executive officer for the Hampton Roads offices of the accounting firm Coopers Lybrand; and W. Howard Jernigan, former general sales manager of WGH-AM and WGH-FM in Newport News. Harris, Freeman and Jernigan could not be reached for comment Thursday night. Bottom, now a vice chairman of Daily Press had been vice president of radio stations WGH-AM and WGH-FM and president of Hampton Roads Cablevision when they were owned by the Daily Press. He moved to his current position at the newspaper when it was sold in September 1986 to the Tribune based in Chicago.

WYAH. Channel 27, has the fourth largest audience share among the five commercial television stations in Hampton Roads, according to the spring Arbitron ratings book. The independent station shows Please see WYAH, C2 nounced in December; a Securities and Exchange Commission complaint against Drexel, Milken and others last September; and the August racketeering indictment of Princeton-Newport LP. The new indictment, which also charges Milken's brother Lowell and former Drexel trader Bruce L. Newberg.

mentions only one previously un-publicized scheme, alleged stock manipulation involving Please see Milken, C3 features prominent companies such as MGM-UA Entertainment Turner Broadcasting Co. and Mattel and a prominent jailbird. Ivan Boe-sky. The charges against Drexel Burnham Lambert top financier are the broadest yet in the government's three-year Wall Street investigation. The counts virtually mirror government claims brought in three other actions: a criminal settlement with Drexel an By STEFAN FATSIS The Associated Press NEW YORK The 110-page, 98-count indictment against junk bond king Michael Milken accuses him and others of a pattern of law-breaking that turned the nation's fifth-largest securities firm into a racketeering enterprise that cheated investors and clients.

The document details a web of alleged fraud, stock manipulation and insider trading and Texas Air rejects Ueberroth's buyout proposal support from the unions in recent days: roth as Hyatt chain hotelier Jay Pritzk-er, who has been involved in other big airline deals. Pritdter did not immediately return telephone calls for comment at his Chicago offices. But his emergence in the bidding struggle for Eastern added another well-known came to a roster of takeover strategists that have been maneurenRg for the crippled airline since its workers struck March 4. The Ueberroth offer, which wouIJ have giTen the Eastern unksns a 3-3 percent share in the airline in exchange for ctw-cetMoriS. tad garnered then sang spoofs of popular songs rewritten with Oscar-oriented lyrics.

The suit filed in VS. District Court, alleges copyright infringement of Disney's Snow White character, unfair competition and violation of the California anti-dilution law. The law protects the value of a legal trademark. Disney filed suit after the Academy refused its request for a public apology, according to a statement from Frank Wells, Disney's president and chief pirating officer. a new.

higher offer. Texas Air. Eastern's parent company, declined to comment on whether it intends to sell the airline to the higher bidder. Texas Air's board was known to be meeting Thursday to mull buyout offers. Any purchase of the airline would hare to be approved by U.S.

Bankruptcy Court Judge Burton Lifland, ho is administering Fjstern's Chapter 11 reorganization in New York. Sourer tk to situation. ho declined to be identified, notified the tiiJr who mj have beaten Ueber By MARCY CORDON The Associated Prett Texas Air Corp. Thursday rejected a $464 million buyout offer for strike-crippled Eastern Airlines made by outgoing Baseball Commissioner Peter Ueberroth. J.

Thomas Talbot, a former air'ine executive from California who has represented Ueberroth in negotiations with Teias Air. sai his group was outbid by a contender for the strikebound airline. 9 iierufy the tugfr fcidier and said UebemXJi not flaa It was considered a favorite to beat a long-awaited offer by takeover strategist and TWA owner Carl Icahn. "We're obviously disappointed that we're unable to proceed, Talbot said in a telephone interview in New York following a meeting of the Texas Air board. TWA general rounvl Mark Buck-stem said Icahn wouli hare no comment.

The Ueberroth deal, r.ctiated over the past two and a half wks. wmiM riea Catterm..