The Miami News from Miami, Florida • 6

0 11n 6 Friday, February 4,1983 The Miami News i' (1 1 1 1 1 1 i I 1,.. rio day 31 Wornetco board names new officers; Wolfson ignored succession in his will DAVID LYONS Miami Mows Rotportor New listings of property in Miami rise in January More properties were listed for sale in January by the Miami Board of Realtors than ever before, according to the latest Multiple Listing Service figures released yesterday. "January was an excellent month all said Elizabeth O. Hubbart, a spokesman for the board. New residential and commercial listings totaled 2,211 during the month, compared with 1,866 in January 1982 and 1,548 last December.

The average price of a single-family home sold through the MLS was $69,600, a decline from $72,000 12 months ago. Michael Y. Cannon, president of Appraisal and Real Estate Economics Associates Inc. in Miami, said the decline is a result of increased sales of lower-priced units and weakness in the luxury-condominium market. The most recent AREEA figures, also released yesterday, indicate that the average price of a residential unit In Dade in December was $87,553, a slight increase from 499 in December 1981.

AREEA figures are based on actual sales records for all of Dade. -se 4tt i 43, k's! i 'i? s. Eastern posts big traffic gain Miami-based Eastern Airlines said its passenger traffic grew by 18.3 per cent last month compared with January 1982. Eastern flew 2.4 billion passenger revenue miles last month against 2 billion in the same month last year. Eastern's load factor (percentage of seats occupied) also saw considerable improvement at 59.6 per cent against the 54.6 per cent reported in January 1982.

The airline had 3 million passenger boardings last month compared with 2.7 million in the same month the year before. One company official warned, however, that discounted fares could have played a major role in the traffic When members of the board of Wometco Enterprises Inc. sat down to name a successor to the late Mitchell Wolfson, they did so with the knowledge that any decision they made would not contravene the Wometco founder's wishes, company officials said. Contrary to some expectations, Wolfson did not make his wishes known in his will, the officials said yesterday after the board had chosen new leaders for the 57-year-old company. Wolfson, who died last Friday at the age of 82, said nothing in writing about his successor or the future of the Miami-based company he founded, the officials said.

"I called the attorneys to find out if anything (done by the board) would conflict with the will," said Arthur H. Hertz, Wometco's executive vice president, who was named yesterday to the additional post of chief operating officer. "I was assured by them that nothing would conflict," Hertz added. "There were no Instructions except how he wants his possessions handled." "We are sure there is no other document that would bear on the action we have taken," said Van Myers, who was elected president and chief executive officer. Myers, 65, a 43-year veteran of the company, had been executive vice president in charge of bottling, vending and food services, as well as a director.

The board of the entertainment conglomerate also elected Elton M. Cary, 54, as chairman of the board. Cary has been a Wometco director for 10 years and is president and chairman of G.I.C. which owns The General Insurance Co. Wolfson had held all three titles chairman, president and chief executive officer.

Also elected to new posts, besides Hertz, 49, were Mitchell Wolfson 43, a director who was elevated to vice chairman of the board, and Charles Simons, 65, also a director, who became chairman of the board's executive committee. Mitchell Wolfson's will and speculation that Wometco might be sold were hot topics this week as company employes and shareholders wondered whom the board would install to replace the company's founder. The will is scheduled to be read officially on Monday. Asked whether the will provides for the disposition of Wolfson's stock, amounting to 15 per cent of Wometco's shares outstanding, Hertz said, "I would rather not comment. He has set up a whole series of trusts and bequests." As of last February, when share ownership was disclosed in a proxy statement, Mitchell Wolfson Jr.

owned 12.8 per cent of the company's common stock. The Miami News WILLIAM SNYDER New Wometco officers Van Myers (left), president. and Elton M. Cary, chairman, meet after yesterday's board meeting the minds of the shareholders and Wometco's 7,500 employes at ease. "I would think that we have more it stake right now in assuring stockholders and employes that things are going to be run right," Myers said at a press conference at Wometco headquarters.

To try to replace Wolfson, Myers suggested, is somewhat of a humbling experience. "It's an awesome responsibility and damn big shoes to fill," he said. There was no other candidate for the jobs of chief executive officer and president, Myers said. He added that members of the Wolfson family, who collectively are the principal holders of Wometco stock, were in full agreement on the new leadership choices. Wometco owns WWI (Channel 4) in Miami and bottling interests which include a Coca-Cola operation in Mobile, Ala.

It also holds interests in vending, cable television, theaters and film distribution. The company said yesterday it expects to report net income for 1982 of $26 million, or about $1.50 per share, on revenues of about $490 million. The income figure would represent a 6 per cent increase over the $24.4 million net income reported in 1981. Frances W. Cary, daughter of the late chairman, had 12.3 per cent.

Daughter-in-law Lynn R. Wolfson owned 7.6 per cent. Despite Wolfson's age, his death was a "shock" to the company, Hertz said, and the board wanted to move as quickly as possible to cool off the speculation about Wometco's immediate future. No one had been groomed to take over, said Hertz. "If there was, there was never anyone anointed," he added.

As for the possible sale of Wometco, Myers and Cary quickly moved to put the speculation to rest. Wometco's stock had shot up to a high of $32.25 per share Monday and Continued to rise during the week. But it fell by a point to $32.75 after yesterday's announcement. "We are not thinking of a sale at this point," said Cary. Wolfson family stockholders, he said, have "no plans for selling" either the company or their stock.

No one has moved to hire an investment-banking firm to entertain takeover offers, he added. Myers and Cary said their immediate goal is to put Swiss bank plans Miami office The Banque Intercommerciale de Gestion of Lausanne, Switzerland, has asked the Florida comptroller's office for permission to open a representative office in Miami. Such an office handles liaison with bank customers but cannot take deposits or lend directly. The comptroller's office said yesterday this would be the Swiss bank's first entry into the United States. The bank has $78 million in assets.

It was the 44th foreign bank to seek state authority for a Florida office; 40 have been approved and the others are pending. Pan Am optimistic after loss Dissidents to challenge Pan Am union on pay cut Dollar up, gold fluctuating The U.S. dollar rose against most other major currencies in early European trading today. London's five major gold dealers set a morning price of $501 a troy ounce, down $2 from yesterday's late rate. In Zurich, gold cost $500.50, down $3.50.

Earlier in Hong Kong, gold lost $9.29 to close at $495.32. Gold ended the day on the New York Commodity Exchange at $496.70, down $10.60. Silver was quoted today in London at $14.235, down from $14.325 yesterday. On the Comex, silver tumbled 42 cents. DAVID LYONS Miami News Reporter DAVID LYONS Miami Wows Mama lar 1 I 1 1 I I I 1: I 1 1 1 1: I i il, Is i 1 i I i 1 I I 'ii.

I from labor concessions. Based on the cutbacks, "we are looking for an improvement in 1983," said Pan Am spokesman James Arey. The airline's fourth-quarter results included a $43 million charge-off for anticipated severance payments that are connected to the work force reduction of 5,000 people that began last summer. The company also wrote off a $35 million non-operating expense that is tied to the disposal of 12 wide-bodied L-1011 jetliners. Pan Am did manage to reduce its yearly operating losses, but the size of last year's losses still was huge.

The operating loss for 1982 was $314.5 million, down from $352.6 million in 1981. Although Pan American World Airways has posted its worst yearly net loss in its history, company officials believe the airline is positioned to reverse its fortunes. Investors seem to agree. The airline yesterday reported a net loss of $485.3 million for 1982 against a $405.5 million loss in 1981. It also had a fourth-quarter net loss of $272.9 million against the $92 million loss posted in the same 1981 quarter.

But Pan Am stock continued its climb yesterday in a week that saw it occupy the most active list for three straight days. At the close of trading, Pan. Am's stock led the active list and stood at $5.50 a share, up 26 cents on volume of nearly 2.8 million shares. Some industry analysts pointed to a $100 million trust-note offering that Pan Am registered with the Securities and Exchange Commission last week. "It's a good prospectus," said one analyst, who speculated that the filing might be the cause of "some of the excitement." In the statement, the airline outlined its recovery plan, which is expected to bring $110 million in savings Mechanics and ground workers at Pan Ameiican World Airways have voted to continue a 10 per cent pay cut, but a group of union dissidents vowed to overturn the approval in the courts.

The company announced yesterday that the member transport division of the Transport Workers Union voted to back the pay reduction, which would continue through 1984. It was begun in October 1981. But a Long Island attorney who represents five dissident TWU members said he would' try to invalidate the vote. "I'm going to court Monday to overturn the contract," Iry Frankel said yesterday. Frankel sued the union and Pan Am in federal court in New York last week and lost a bid to halt the vote conducted by the TWU.

The dissidents assert that the union failed to represent their interests when it agreed to support the concession. Frankel and his clients members of New York based TWU Local 504 contend ineligible voters cast ballots and the results are too close to call. Pan Am's yield the revenues received for each revenue passenger mile flown was 10.24 cents for 1982 against 10.05 cents in 1981. "We're grateful it was up," Arey said. Pan Am's operating revenues declined by 2.1 per cent for the year to $3.7 billion.

Expenses were down by 2.9 per cent to a little more than $4 billion. In the papers filed with the SEC, Pan Am said the strengthening of the U.S. dollar cut revenues on tickets sold in foreign countries. The airline also blamed reduced ticketing by travel agents. Jane Bryant Quinn 8 retailers post sales gains The nation's top eight retailers said their sales gains in January were the best monthly results since last summer, when the slump in consumer spending started.

Analysts said that could signal long-awaited improvement in consumer But they cautioned against too much optimism, noting that last month's results were being compared with the weak performance of 1982. Sears, Roebuck and the na: tion's biggest retailer, said its sales rose 5.5 per last month and were up 2.6 per cent for the mart Corp. said its January sales rose 2 cent, giving it a gain of 1.5 per cent for the year, while J.C. Penney Co. said its sales climbed 9.2 per cent in January and were up 2 per cent for the year.

F.W. Woolworth Co. posted a 32.4 tper cent leap last month and recorded a 4.5 per cent gain for the year. Federated Department Stores parent of Burdines and other chains, said its sales jumped 16 per cent in January and 10 per cent for the year. Montgomery Ward said its four-week sales rose 12.3 per cent but 1982 sales slipped 1.1 per cent.

Dayton-Hudson Corp. its January sales rose 27.5 per cent and sales were up 14.3 per cent. May De', partment Stores Co. said January sales 17 per cent while its sales for the year climbed 7.4 per cent. jobless claims waning First-time claims for unemployment benefits 465,000 in the third week of January, the third consecutive week of decline, the Labor De; partment said yesterday.

However, the total number of Americans drawing regular 26-week rose slightly in the week ending Jan. 15, 4,930,000 to 4,942,000. And 810,700 people were getting benefits under the Federal Sup, plemental Compensation Program, an increase of 51,400 over the previous week. The plunging number of first-time applications for benefits by unemployed Americans adds credence to by private economists that large-scale by business have peaked, officials said. Maybe you should be filing an estimated tax return be sure to file form 2210 with your tax return.

Form 2210 tells the IRS that you qualify for an exception, and stops the computer from sending you penalty no What are the penalties if you underpay your taxes during the year? A non-deductible annual rate of 16 per cent interest on the underpayment figured separately on each of the four installments due. Your guide to the money markets Certificates fice of Coopers Lybrand, does not advise his clients to follow this complex rule to the last syllable. "The penalties apply only if you underpay your total taxes during the year," he told my associate Virginia Wilson. If you have both a company paycheck and free-lance income, and enough is withheld from your paycheck to meet certain tests, he sees no reason to bother filing an estimated tax return. The IRS confirms his interpretation of how the law works.

You do not need to file estimated tax returns under the following circumstances if: You had no tax liability last year. Your company will automatically withhold an amount equal to last year's income and Social Security taxes. Withholding will equal the theoretical tax due if this year's rates, deductions and exemptions were applied to last year's income. Withholding will equal at least 80 per cent (66.6 per cent for farmers and fishermen) of the taxes due this year. If more than 20 per cent of your 1983 income and Social Security taxes will remain to be paid a year from April, then you should be filing estimated returns.

To avoid cutting things too close, Koonin advises that you try to have 85 to 90 per cent of your total tax paid during the year. Estimators will have two tax bills due this April 15: first, whatever remains to be paid of their 1982 taxes and second, the first installment of their 1983 taxes. Warning: If you owe more than 20 per cent of your tax bill on April 15 but owe no penalty, because you come under one of the four exceptions listed above NEW YORK If you are not now filing estimated income-tax returns, maybe you should be. The Internal Revenue Service is picking up many more violators of this tax law, some of whom didn't even realize that they were doing the wrong thing. Five million tax- payers were penalized in 1981, up 35 per cent from a year earlier.

Nilo- lators paid $584 million in penalties. Anyone may owe estimated taxes who doesn't have income taxes withheld automatically from Quinn all of his or her earnings. You're a candidate for tax estimating if you're self employed; if you receive a substantial amount of interest or dividends; if you get a pension and have not arranged for tax withholding on your pension checks; if you expect some capital gains this year; or if you receive royalties, rents, consulting fees or free-lance income, in addition to your corporate paycheck. "Estimating" taxes means that you pay as you go. During the year you must send the government something close to the total income and Social Security tax due, paid in four equal installments.

You file on form 1040-es. If you look in any standard tax guide, you will find a list of confusing rules about who has to file estimated tax returns. Under the law, you are supposed to file if you expect to owe at least $300 more in income and Social Security taxes this year than will be withheld from your paycheck, providing that your gross income meets certain tests. But Arnold Koonin, in the Washington of. Banks 113 9.7fi 113 9.7a Month Money Anerkort Certificate $AS 213-year Small Savers Certificate LAS Money Market Funds Funds with assets of $100 million or more that are available to individw al investors.

January 26, 1983 7-Day 300ay Assets Yield Yield Fund (Sm i I I ion Current Current Egypt cuts crude-oil price Business Week magazine reported yesterday that the oil ministers of Saudi Arabia and Kuwait agreed at a secret meeting last Tuesday on steps to reduce their crude-oil prices by $4 a barrel, to $30 a barrel. The magazine said Kuwait and Arabia would not implement the price cuts OPEC holds another meeting. Earlier yesterday, Egypt, a minor supplier of U.S. oil imports, announced it had reduced its oil prices by $2 a barrel. Egypt is the third nation to cut prices since the collapse last week of an emergency meeting.

The disclosure of Egypt's move followed a reduction by the Soviet Union on Monday and a cut by American oil re finers of $1 a barrel on U.S. crude. Unlisted Stocks Foreign exchange rates, (Currencies in U.S. dollars) STOCK MARKET PROFILE New York Stock Exchange Thursday, February 391983 (peso) 000019 (peso) 0227 Fla Glass 9 13 FT Ind 212 3 Argentina Gen Dov 3111 re Hardwick 111 Ire Bolivia Brazil Britain Canada Chile ill- Colombia Brazil Britain Canada Chile Colombia Alliance Capital Rasereits 1,145.3 7.7 American General 7.1 American Liquid Trust 297.6 7.5 Capital Prosetrvation 7.1 Cash Equivalent 4412.4 8.5 Cash Management Trust 545.4 ILI Cash Rosario Managemont 3735.3 1.1 Columbia Daily income 611.6 7.6 Current interest 1A95.0 7.0 Daily Cash Accum. Class 4,792.9 7.9 Daily imam 601.4 11.0 Dalawar Cash 1,721.0 Li Dreyfus Liquid Assets 11,913.0 1.3 Eaton Vance Cash Mgt.

222.5 U.S Fad Fund 1,513.9 LI Fidelity Cash Rewire 3,120.7 1.1 Fida lity Daily income 3,220.0 8.2 First Variabla Rate 1,126.9 7.1 Franklin Money Fund "NA 7.1 FundGovartunent Investors 1,125.1 7.6 Govamment invosters Trust 515.7 7.41 Gradison Cash Reserves MI 7.8 1.13.5. Cash Managoment 1,117.11 11.5 John Hancock Cash Mgt Trust 579.0 7.5 Nompor Money Market 3,1117.6 1.7 Legg Mason CM Rsrv. Trust 717.4 7.6 Liquid Capital Mauna 1,701.1 11.1 Lord Abbott Cash Resrv. 213.4 7.7 Mass. Cash Mem'.

Trust 1167.9 Li Merrill Lynch Govarnment 1,103.4 7.6 Merrill Lynch institutional 1,223.2 7.9 Morrill Lynch Raedy Ass" Is 17,703.7 7.1 Midwast income 201.1 7.3 Money Market Monogamist 407.1 7.7 MoneyWart Assets 3,840.0 1.1 Mutual of Omaha 411.7 1.1 National Liquid Rosary's 1.525.5 11.4 NALL. Cash higmt Acci 777.1 1.1 Oppenhaimer Monetary 1,290.1 7.1 Paine 'Jobber CasMund 3,576.9 8.1 Putnam Deity Div Trust 373.7 8.4 Rosary Fund 1,6291 11 Scudder Cash inv Trust 1,130.3 7.6 Shaarson Daily Dividend 5,0111.3 8.1 StoinRoo Cash Raserves 105.11 8.1 '7-Fund 791.4 1.0 TempFund 4,652.6 1.2 United Cash Management 471.1 1.1 Vanguard M'ity Mkt. Trust 1 1,111.2 1.2 Viabster Cash Raserve 1,341.6 LI MONEY FUND AVERAGE (All Funds) 39 7.8 8.0 7.6 7.2 8.2 8.2 7.7 7.II Le 1.3 LS te 11.2 113 11.3 7.2 8.1 7.6 11.6 7.7 8.3 7.11 8.3 LS 7.7 7.1 8.2 t2 LS 8.3 Ll 8.2 11.1 8. 8.4 8.2 8.1 7.2 ISSUES TRADED TRADED Bid Ask Aoripost 2,6 3v4 Air Fla 2316 2ra Alico 42 46 Alwi-Shor 3Va 4 Am Metal 2 2Va Am Ser 436 53,11 AT Bliss 3114 313S Atka Fin 3v4 331 Auto hied ens 5 A 121a 1214 Brenmr Cp 51,5 ii Canavaral TM la Capt.Crals 376 4 Units 612 63,6 Warrants 21 3 Venturi 2Ys Client De Iva Cimmaron 36 Context 131 236 Cant Lir 1114 1136 Crab Hut 1116 Disk Ind 1532 11132 Dauphin In In Dente Mod 336 4 Am Metal 2 tit Am Ser Mt 512 AT Bliss 31Vil 3112 Atico Fin 312 312 Auto Mod 412 5 A 1212 1214 Brynmr Cp 512 Mt Canaltwat 32 It Capt.Cralt 312 4 Units 612 646 Warrants 2Sit 3 Citnturi 212 212 chow Dv IPs Cimmaron st Context 1st 212 Cont Lsr 1112 11611 Crab HIP 1116 St Dash Ind 1532 11132 Dauphin St St Dente Mod 312 4 (cruzeiro) .003650 (pound) 1.5280 8123 (peso) .0139 (peso) 0143 Ecuador (sum's) 0160 France (franc) 1430 Hong Kong (dollar) 0519 Israel (shekel) 0280 Italy (lire) 000706 Japan (yen) 004183 Mexico 0105 Peru (sol) .000900 Spain (peseta) .007600 Uruguay (peso) .0383 Venezuela (Wiser) .2327 W.Germany (mark) 4056 Home Rod 3412 We Int Cnt Die 111 112 Intostox 1S1 1716 IRE 212 212 JEC Las 412 412 Land Rost 412 5 Lexicon 2122 1 16 Minor find Minimart 16 212 Omen, Ore Vs Panelists 1 RV Suway Ind 1641 1612 See Tag Sy Et 'V Shogrins 2Vt 2Ss Syncom UM 2Va 212 Telemetry 1116 1St Univ Prod 416 412 Vac Own lei 12 Eastn Wts 312 412 WCTV 1512 1Sss Equinox 5125316 Zonx St 1316 Fit Cp FR S16 Florida bank stocks Home Fed WA Mris Int Cnt Die 111 112 Investex leo IP IRE TIA 23e JEC Las Vie dvt Lend Row drit 3 Lioe icon trot 979 UNCHANGED 374 i 'j DOWN 567 notes Landa Properties Inc. in North Miami said it will build a 10-story office building near the new Aventura Mall The Systems Source Inc.

in 't Miami adopted its parent firm's name, The Furniture Source Coastland Corporation of Florida in Tampa said earnings for its 1982 fiscal t.year through Nov. 30 were $252,000, or 21 cents per share, compared with a net loss of $1.8 mil5-lion, or $1.52 per share, in the 1981 fiscal year The U.S. Environmental Protection Agency said it denied a permit requested by Occidental Chemical Agricultural Products Inc. for a new phosphate-mining discharge into Roaring Creek, a Suwannee River tributary near White Springs, t. because it would violate Florida's water-quality andards for the stream.

Bid Ask 313ii 32 Molests', TM 23 ells -Us GrAmot IP Joe Bane 1334 lave 16V2 Mit Landmark 1414 14-ho 22,4 Vs Pan Amor 17 4,4 1134 12 POD fish 2916 2se 12e Soutlwast 2011 253e 2lte Southwest 17 14 311s Sun banks 22 4.At Don't plan next week's menu until you've read FOOD KITCHEN, each Thursday In The Miami News. Atlantic Barnett City Nati Ellis Fst (Ink? First Fla Fla Coast Fla Consi Fla Nati N.YSJE Index 83.26 0139 S. P. Comp. 144.26 1.03 Dow Jones Ind.I,064.66 2.02 Yields represent ennualited total return to sharettolderS for past seven-and 30clay period.

Past returns not necessarily indicative ot future yields. Investment quality end maturity may vary among funds. average term to next rate adiustment date..