Pensacola News Journal from Pensacola, Florida • 30

12C to IV PENSACOLA Journal I www.PensacolaNewsJoumal.com 9 4, WEDNESDAY, JANUARY 1, 2003 4 Money Bird Stocks bd(qI SDOiig -yeair Finish reminiscent of Great Depression lack of market leadership. It just takes a long time for things to unravel after the really historic bull market run of the 1990s." Gainers on Tuesday included Tyco, which rose $1.73 to $17.08 after the conglomerate said its former managers pushed the limits of accounting regulations to inflate profits but did not break the rules. Honeywell climbed $1.53 to $24, while IBM gained $1.25 to $77.50. Advancing issues outnumbered de-cliners nearly 9 to 5 on the New York Stock Exchange. Volume was light at 1.06 billion shares.

Associated Press NEW YORK Weighed down by terrorism, accounting scandals and fears of war, Wall Street turned in its third straight losing year Tuesday the longest such streak since Franklin D. Roosevelt was in the White House. The Dow ended 2002 down 16.8 percent for the year. It is off by more than a quarter 27.5 percent over the past three years. "It's been a terrible year, particularly on top of 2000 and 2001 being down years.

It's really unprecedented territory," said Mike Kayes, chief investment officer at Eastover Capital in 1931, with declines of 6.2 percent and 6 percent, respectively. A disappointing report on consumer confidence Tuesday further dampened the mood. The Conference Board said its consumer confidence index dropped to 80.3 from 84.9 in November. Analysts expected a December reading of 88.0. Eastover's Kayes said, "Investors have been hurt by the combination of accounting scandals, the lingering effects of the war on terrorism and the Charlotte, N.C.

Wall Street usually sees strong gains during the last two weeks of December on hopes for a better new year. But the market instead went into a slide in the last days of the month amid worries about rising oil prices and mounting tensions with Iraq and North Korea. Indeed, the Nasdaq finished its worst December ever, with a 9.7 percent drop, while the Dow and 500 had their poorest December since P. I iw '-'few a way 4 4 lit ST In brief Alabama's Martin Industries seeks bankruptcy protection FLORENCE, Ala. Martin Industries which employs 343 people in north Alabama making heating equipment, has filed for bankruptcy protection.

The company has also sold assets to a competitor so it can repay lenders that include AmSouth Bancorp. The company, which makes fireplaces, gas heaters and decorative logs, has its headquarters in Florence and a manufacturing plant in Athens. On Monday, the company filed for Chapter 1 1 bankruptcy, which allows a business to continue operating while it reorganizes its finances. On Dec. 20, the company sold parts of its business to Paris, Ky.

-based Monessen Hearth Systems Inc. for $4.4 million, Martin Industries said in a statement. Martin Industries plans to use the sale proceeds to pay back its primary lender, Birmingham-based AmSouth. The company owed AmSouth $6.8 million in September, according to Martin Industries' financial statements filed with the Securities and Exchange Commission. Government pledges millions to help land 500 Nextel jobs MUSCLE SHOALS, Ala.

Local governments in northwest Alabama are putting together a $2 million incentive package to lure a Nextel call center and 500 jobs. The Colbert County Commission committed $250,000 to the project Monday night. Last week, the Florence City Council pledged $250,000 and the Tuscumbia City Council voted to appropriate $125,000. Muscle Shoals has orally committed to provide half the money needed, while Lauderdale County would kick in $250,000 and Sheffield would add $125,000, according to the plan being worked out by local governments. Nextel is looking at locating a call center in an old Wal-Mart building in Muscle Shoals, but the company is also considering Shreveport, La.

Colbert County Commissioner Troy Woodis said the call center would provide jobs for textile workers who have been out of work since local plants closed. Florence Mayor Dick Jordan said about 1 00 of the jobs will be managerial or supervisory positions that will start at $25,000 per year, and the remainder will be customer support jobs starting at $18,500 per year. From wire service reports People on the move Susanne C. Meaney has achieved certified diabetes educator status. She is a graduate of tha I Iniiorcih nf A la ha ma Q-hri-l ri i TonyGibersonPensacolaNewsJournal.com Robin Carr, left, and Josephine Daniels organize a stack of square wooden plates from the Philippines on Tuesday at the front display area of the Artesana gift shop.

Daniels soon will be taking over ownership of the store from Carr. Tax break will help disabled veterans From staff reports Today, a new state law went into effect that will increase the exemption from $500 to $5,000 on property taxes for veterans with service-connected disabilities. The law, proposed by Gov. Jeb Bush in a supplemental appropriations request, will benefit an estimated 77,000 disabled Florida veterans and amount to potentially more than $9 million in tax relief. According to the Florida Department of Revenue, the exemption is available to any veteran with a service-connected disability of 10 to 90 percent who lives in Florida and who owns real estate or tangible personal property, including homestead property (the home that the veteran lives in).

State law already provides a full homestead property tax exemption to veterans who are 100 percent permanently and totally disabled. The new law, adopted during the 2002 Legislature, was sponsored by Rep. Jerry Paul, of Port Charlotte, and former Sen. Locke Burt of Ormond Beach. Veterans applying for the exemption for the first time wiE need a letter of certification of their service-connected disability rating from the U.S.

Department of Veterans Affairs, or the U.S. Government. Applications for property tax exemptions are due by March 1 of every year. Disabled veterans may apply for the additional exemption at their county property appraiser's office. Earlier this year, county property appraisers mailed TRIM (Truth In Millage) notices to Florida property owners to advise them of proposed tax rates and property tax assessments.

Many county appraisers' offices have indicated that this increase in the exemption will automatically be granted to those veterans currently receiving the $500 exemption. Veterans should contact their county appraiser's office between January and March 2003 if they have not received notification from their appraiser's office by then. For more information, call 434-2735 in Escambia County; 983-1880 in Santa Rosa County; or consult www. myflorida.comdorproperty. I I of Nursina in Birminaham.

Meanv trt- i7 -Jl 1 Academy of Nurse Practitioners and the American Nurses 1 Artesana changes hands Garden Street gift shop to see a new generation Uedentiaiing Center, is a family nurse practitioner. She has a master's degree in nursing. Meaney Meany works at Live Oak Medical Associates in Gulf Breeze. Send items tor People on the move to Money Editor, P.O. Box 12710, Pensacola, FL 32591.

Reproduction-quality photos may be submitted, but their use is not guaranteed. Photos must have identity printed on the back. Photos will be returned by request only. Please 1 i A Artesana Inc. WHAT: An upscale speciality gift shop.

WHERE: 242 W. Garden Pensacola. HOURS: Monday through Saturday 10 am. to 5 p.m. PHONE: 433-4001.

ONTHEWEB: wwww. Market summary Robin Carr Josephine Daniels DOW JONES INDUSTRIAL Close: 8,341.63 8.78 "She's worketf for me for almost three years and her values and integrity are what I was looking for in a person." Robin Carr, about Josephine Daniels Taris Savell News Journal correspondent It's a new year, and Artesana Inc. an upscale specialty gift shop on Garden Street is about to have a new owner: Josephine Daniels, 26. The young entrepreneur, who has worked at the store for three years, decided to dive into the retail trade head first. Daniels is purchasing the business from Robin Carr, who has owned Artesana since 1986.

The deal is to be sealed Monday. "I thought it was time for the next generation to take over," said Carr, 54. Daniels, a native of Nashville, earned a degree in business at the University of Alabama and has been working in retail sales since high school. "I enjoy the creative atmosphere and the overall retail experience," Daniels said. That special feeling for retailing is what prompted Carr to sell the business to her protege.

"She's worked for me for almost three years, and her values and integrity are what I Ford Motor down 30 cents at $9.30 The automaker is searching for a successor to Chief Financial Officer Allan Gilmour, according to The Financial Times. Target unchanged at $30 The discount retailer said December same-store sales remain below its goal of 3 percent to 5 percent growth. UAL unchanged at $1.43 The parent of United Airlines said it would likely need to lay off a large number of workers soon. NASDAQ COMPOSITE Close: 1,333.51 500 rinco- fi7Q RO 0.43 Xi was looking for in a person," said Carr, who plans to stay on as an employee. "I had been thinking about selling for almost two years and had other offers, but I felt good about Josephine." Artesana opened in 1967, originally owned by Marion and Ralph Kinser.

After she purchased the business, Carr invested in two major additions to the building in 1988 and 1992, and she added con siderable inventory. Daniels said she does not plan to make any broad changes. Instead, she intends to maintain the current look and feel of the shop while adding her own hand-picked preferences to the inventory. "We have the finest selection of domestic and imported gifts, decorative accessories and invitations already," she said. "But I will increase the stationary department." Daniels also plans to enhance Artesana's Web page www.artesana-gifts.com to allow customers to shop online.

Carr is looking forward to the "age of Artesana." "I'm good at following directions and intend to remain an integral part of the shop," said Carr, "The friendships I have made over the years through Artesana make me realize how lucky I have been." Gold and Silver Gold (Comex) Silver (Comex) T-bonds yield 30-year bond Prime Rate $347.60 $4.20 $4,801 $0,139 Tuesday Monday 4.78 4.76 4.25 Reverse mortgages catch on for elderly in need of money Money up front, payment at back end Applicants for reverse mortgages must be at least 62 years old, live in their home as their principal residence and have some equity established. Associated Press market and interest rates. agreement to stay in the home Upon approval If the loan package is approved, the applicant can choose a lump sum or: fixed monthly payments a line of credit a combination of the three Loan criteria How much individuals can borrow is determined by many factors such as: age (older applicants qualify for a higher amount) value and amount of equity in the home where the applicant lives current interest rates Year-end stocks Want a quick look at how your investments finished the year? The Pensacola News Journal plans to publish four pages carrying a year-end stock review in our Thursday edition. The year-end report will cover an expanded group of stocks on the various Wall Street exchanges. A combined listing over two pages will be devoted to companies trading on the New York Stock Exchange, the American Stock Exchange and the Nasdaq.

Two rrfbre pages will carry the year-end standings of most mutual funds. For updates on other news of the day, check the News Journal's Web site: www.pensacola newsjournal.com To report a story Call Business Editor Anton Caputo at 470-441 6. A reverse mortgage allows a senior citizen to "continue to live independently right where they are," said Peter Bell, president of the reverse mortgage lenders association. To be eligible, a person must be at least 62 years old and have some home equity. The loan amount depends on the value of the home, the amount of equity in it, and interest rates.

The loan can be taken as a lump sum, a line of credit or as fixed monthly payments. AARP encourages seniors to do research and carefully explore all of their options before deciding to seek a reverse for five years as part of her deal. "Suits me. I told them when I go out of this world, I'm going feet first and with a tag on my toe. I love my spot." Reverse mortgages have been available for years but didn't really gain popularity until the early 1990s.

Essentially a mirror image of traditional mortgages, they let homeowners borrow against the equity they've built up without having to pay the money back until they either move or die. Today, reverse mortgages are increasingly a salvation for seniors with mounting health and retirement incomes that have fallen in tandem with the stock WASHINGTON Helen Grady thought she had run out of options. The 76-year-old widow was in poor health and in danger of losing her home because of mounting debts. Her roof leaked, the well was contaminated and the dishwasher was broken. "I knew I was losing the house and it was going to be sold for taxes.

I used to be awake all night thinking, Oh God, Where am I going to go?" Then she went to a seniors' meeting where she heard about reverse mortgages. "This mortgage has given me the right to stay independent," Grady said. She had to sign an Making the payment origination fee When the loan is repaid, the credit report fees amount due includes the money insurance borrowed, accrued interest and premiums typical fees such as: endorsements SOURCE: National Reverse Mortgage Lenders Association Associated Press graphic sfc.