Daily Press from Newport News, Virginia • Page 15

Drtiln Drcffi B5 Wednesday July 12, 1989 (ESS Chase remains alone in cutting prime Ticker From staff and wire reports Dow: Up 11.95 ing around 94 percent. But economists said most banks probably won't cut their prime until fed funds remains firmly at the 9 percent level. Fed funds the rate banks charge each other for overnight loans closed at 9 316 percent Tuesday. Some economists also said slow summer business may have delayed widespread prime cuts. "I think they (banks) are dragging their feet in lowering the prime because activity has dropped off a little bit this Please see Rates, B6 Economists said other banks undoubtedly have seen reductions in their cost of funds in recent weeks but that they probably want to wait until the Federal Reserve further eases its credit policies before they cut their prime rates.

The Fed has shown signs of loosening its grip on the nation's money supply in reaction to a continued slowdown in economic growth and an easing of inflation. The federal funds rate, which reflects the Fed's credit moves, dipped as low as 8 percent last week after hover rates dropped to an average 10.17 percent, a 14-month low, according to HSH Associates, a Butler, N.J.-based mortgage research firm. In addition, the Treasury's bellwether 30-year bond dipped to 7.97 percent at one point Tuesday the lowest level since April 8, 1987, according to Camilli before closing up at 8.03 percent. The prime, a laggard among other interest rates, is a benchmark banks use to set interest on a variety of consumer and business credit, including home-equity lines of credit. Other major banks generally were expected to follow the move which Chase said reflected its own declining costs of borrowing but had not done so by late Tuesday.

"I guess we'll have to give it a few more days," said Kathleen Camilli, a money market economist for Drexel Burnham Inc. Reflecting the banks' dropping costs of funds, the average yield on the six-month certificates of deposit fell to 8.79 percent last week from 8.84 percent the previous week. Thirty-year fixed mortgage NEW YORK (AP) Major banks have been slow to follow Chase Manhattan Bank's cut in the prime lending rate due to uncertainty over the Federal Reserve's monetary strategies as well as the slow summer vacation season, economists said Tuesday. Chase stood alone among the nation's large money-center banks Monday in lowering its prime rate a half percentage point to 10.5 percent, the second such decline in as many months and the level at which the prime stood the start of the year. 2550 2525..

ill llfljM i it ifinnrini las yyyyyyyiiy.y 27 28 28 30 3 10 11 NYSE: 926 advances, 579 declines Volume: 171.59 million Amex: 331 advances, 238 declines Volume: 18.43 million 500: 328.78, up 1.71 Gold: New York Comex, $381 .50, down $3.10 Silver: $5,257, up 2.8 Oil: West Texas Intermediate, $20.53, up 17 Dollar: 140.75 yen, up from 139.20 FCCOKs purchase ofWYAH I Chrysler to boost minorities i( )) I A 1 i V. ft vl It rf i i The sale of independent television station WYAH, Channel 27, to a group of Peninsula businessmen was approved Tuesday by the Federal Communications Commission. The FCC approval turns ownership of the station over to Centennial Communications Inc. The company an-; nounced in March that it would pur-; chase WYAH from Continental Broad-; casting a subsidiary of CBN, but the sale had hinged on FCC approval, The purchase price was not dis-', closed. The station's new owners are Ray- mond B.

Bottom a former co-owner of The Daily Press Ernest T. Har-'; ris, former vice president of television .1 station WVEC; Robert L. Freeman, for-; mer managing director of the Hampton; Roads operations of the accounting firm Coopers Lybrand; Robert Freeman an attorney with Blechman, Woltz Kelly; and W. How-; ard Jernigan, former general manager-of radio station WGH-FM in Newport News. The new owners plan to preserve the station's family-oriented programming and add a few new shows and movies, said Bottom, currently vice chairman of The Daily Press which publishes the Daily Press and The Times-Herald.

The station will continue showing the Rev. Pat Robertson's "The 700 Club," he added. Presently, WYAH carries a mix of syndicated shows, movies and religious programs. Christian Broadcasting Network Inc. had owned WYAH since the UHF station began operating in 1961.

CBN announced last year that it wanted to sell its television stations to concentrate on its other Bottom will serve as chairman and chief executive officer of Centennial, Jernigan will become president and chief operating officer, and Harris will be senior vice president in charge of sales. DETROIT (AP) Chrysler Corp. on Tuesday signed an agreement with the NAACP to double the number of minorities and women in executive-management positions to 20 percent of its work force within five years. Chrysler became the 62nd company and the last of the Big Three automakers to join the NAACP "fair share" program, but NAACP executive director Benjamin Hooks said Chrysler already was doing many of the things the program calls for. The commitment was signed by Hooks and Chrysler chairman Lee Ia-coccca as part of the annual meeting here of the National Association for the Advancement of Colored People, the nation's oldest and largest civil rights organization.

Generally, companies joining the fair share program make commitments to expand access of blacks to entry- and mid-level jobs, increase the number of black-owned suppliers and appoint blacks to boards of Anthony St. John, chief of the No. 3 automaker's personnel operations, said the company hopes to maintain its 23 percent level of minority hourly workers during the next five years. Earlier Tuesday, Mayor Coleman Young told delegates on the third day of the conference that blacks who want to help the inner cities should stop spending money with retailers that move to the suburbs. Stores have little reason to stay in the city "when black people in too large numbers too easily follow them begging them to take their money," Young said.

"We have to learn to spend our money with our own, and in our own city." Ji AP photo UAW President Owen Bieber speaks at the NAACP convention Monday, praising the organization's efforts 50 years ago in helping the union get started by persuading black workers to support the union. Bond market influences stocks NEW YORK Stock prices climbed higher Tuesday as the market extended its advance for a sixth straight session. Hugh Johnson, chief investment officer at First Albany said activity in the bond market had a direct bearing on the stock market's movements. Stock traders became enthusiastic about buying in the early going when the yield on the widely watched 30-year Treasury bond temporarily dropped below 8 percent for the first time since the spring of 1987. When the key bond's yield bounced back above 8 percent, stock traders took it as a cue to sell and collect some profits, said Johnson.

Baliles in Germany HAMBURG, West Germany Gov. Gerald L. Baliles, accompanied by economic development officials from Virginia, opened two days of meetings Tuesday with German shipping company officials and business leaders. West German companies are major investors in Virginia, and their operations in the state employ about 12,000. Baliles said West German assets in Virginia total between $500 million and $1 billion.

The governor also said Virginia's exports to Germany last year totaled nearly $400 million, almost double 1987's total. Foreign profits soar NEW YORK Profits of the 500 largest industrial companies outside the United States soared nearly 50 percent in 1988 from the year before while employment at the companies jumped, according to a survey released Tuesday by Fortune Magazine. Total profits of the Fortune International 500 rose to $116.5 billion last year from $78.1 billion in 1987, the business magazine said. Takeover bid made LONDON A powerful investment trio plunged Britain into the dazzling big leagues of debt-financed takeovers with a surprise offer of $21 billion in mostly borrowed money for leading tobacco giant BAT Industries PLC. BAT immediately rejected the hostile bid from financiers Sir James Goldsmith.

Jacob Rothschild and Kerry Packer, whose plan to buy the company and break it up would nearly match the record $25 billion debt-financed buyout of RJR Nabisco Inc. last year by Kohl-berg Kravis Roberts Co. The trio's offer, if successful, would be nearly quadruple the size of Britain's previous largest takeover. Plant workers return RADFORD Employees of the Radford Army Ammunition Plant who were furloughed after a powerhouse fire June 12 began returning to work this week, and the plant was operating at full strength Tuesday. About MOO hourly workers and more than 250 salaried employees were furloughed.

Employees began returning to work during Sunday's 8 am. to 4 m. shift, and plant officials said all had been called back by Monday's 4 pm to midnight shift. The eatended furlough was unprecedented at the plant and was approved fcy the Army Armament. Munitions and Chemical Command.

Some worker who were eligible took paid vacatwa time during the Pickens tells of exclusion in Japan Japan erects to outside invest V-r- In fact, he said the Japanese may be exporting their system of close links between companies and suppliers when they build factories in the United States. "American suppliers are already complaining that they cannot get a piece of the action." he said. Sen. Ernest F. Hollings, chairman of the panel and a strong advocate of an aggressive trade policy, praised Pickens for having given the committee a "wonderful understanding" of the barriers Tokyo when he sought three seats on Koito's 20-member board.

Pickens said he poses no threat to the company's management because the web of interconnected stockholders, including Koito's customers, can easily outvote him. "They must want to exclude me so that an American won't see how their cartel works. They dont want their system exposed for what it is," Pickens told the Senate Committee on Commerce. Science and Transportation. WASHINGTON (AP) Corporate raider T.

Boone Pickens Jr. told Congress Tuesday the Japanese are resisting his foray into corporate ownership there to prevent him from exposing a closed, monopolistic economy. The millionaire Texas oilman, known for his often hostile raids on U.S. companies, purchased a 20.2-percent stake in Koito Manufacturing an automobile lighting company, for $800 million. But he was rebuffed two weeks ago at a shareholders' meeting in ment "This is a matter of policy.

They try to finesse it with the word They've got the same culture you and I've got money talks," Hollings said. Picken's testimony came as the committee considered a bill, sponsored by Sen. Tom Harkin. and Rep. John Bryant, D-Texas.

It would require foreign investors to register with the Department of Commerce when Please see Pickens, B6 T. Boone Pickens Jr. pushing the Japanese I Union reveals report critical of Pittston acts I 1 ABINGDON AP) The United Mine Workers have released the details of a complaint the National Labor Relations Board filed against Pittston Coal Group which concludes that the strike stemmed from the company's unfair labor practices. Also Tuesday, a primary coaltiiulm? road was blocked for five hours, but two bogus bombs instead of convoys or sit-down derr.cTirtratwns caused traffic to stopped, according to State Pehe. Tbe NLKB'i gtiril counsel notified the iir.MM and the wls Jga rat te cssritamt was be Mel.

union employees would get their jobs back after the strike is settled, in most cases. UMW President Richard Trurr.ka said Tuesday he was accepting a request by Cot. Gerald Baliles that the union and Pittston resume negotiations under the supervision of a federal mediator, with Trumka and Pittston Co. Chairman Paul Douplas heading the negotiating teams. Piit-Coal Group President Michael Odom Mid the com-I any had no comment oa the prcposal- Tfeere were arrests reported ty State Poxe through tfce afternoon Tuesday and uo cot.vpj stnlire mirters an rafporter travehnr in fVa I MH, Var.t t- Tfce artiQ is sjrr.i: tause if tre ttmcl jsri rar.s after VfU fcanrjf.

Pitutca UV.Y nerrfcers fxJ a prayer Ersial fcr a r-mer ja-ed cn corr of ccwl chars..