The Miami News from Miami, Florida • 6

6A Th Miami fvws Friday, April 13,1979 No need for cable hookups Subscription TV tunes in South Florida TOM DUBOCQ Miami Him t)aparttr CAB approves air faro hikes The Civil Aeronautics Board will permit 1 4 per cent across-the-board fare Increase asked by most of the nation's airlines. Most of the hikes will go Into effect May 15 on domestic flight tickets. The carriers cited the rising price of airline fuel in seeking the higher fares. will transmit a scrambled signal. Without the little black box attached tf ubscribers televisions, non-subscribers might think either Channd 51 or their sets are on the blink only lines will appear on their screens.

The box about the size of a cigar box trans, lates Channel Si's scrambled signal Into a picture and WUHartney says the technology has proven Itself In los Angeles where 150,000 homes have signed up In the two years since service hegan. Its audience con-tinues to grow at a rate of 10,000 subscribers a month. Greater Miami's subscription service Is expected to be Just as successful and so are stations planned; in Phoenix, Dallas, Minneapolis and I Chicago. Hartney is quick to assure South Horidas nigni people" that the gaining of subscription television, won't mean the loss of the area's only wee-hours ele-vision fare Channel 51's All Night Show which be-sins at midnight. "That's the first question that everyone asks, says Hartney from his Crystal Lake, III.

office. "I not familiar with the show, but apparently it pretty Just completed the theater circuit but haven't been on commercial television yet, entertainment specials such as concerts, and classic movies as well. Just last week, for example, Los Angeles viewers could see movies nominated for Academy Awards uncut and without commercials. Subscription television also features home sporting events. Hartney, however, says the Miami Dolphins have not yet been contacted about showing Orange Bowl games that are blacked out In South Florida.

The subscription price? Hartney says fees havent been set for South Florida, but they are expected to track those in Los Angeles: a $39.95 installation fee, a $25 security fee and a $18.95 monthly charge, about $4 more than similar cable television programming offered in parts of South Florida. The advantage to Oak Communication's subscription service is that a cable isn't needed anyone within Channel 51's transmission range can pick up the signal once a little black box is hooked up to their set. Cable TV still isn't available in many areas of South Florida. Here's how it works: Channel 51's regular commercial programming will cease at 8 p.m. and the station By the end of this year.

South Florida television viewers could enjoy recently-released movies, local sporting events and other special entertainment without commercial Interruption or the need for a cable hookup. Oak Hill Industries of Illinois, the owner of Ft. Lauderdale UHF station WKID-TV, Channel SI, has won Federal Communications Commission approval for the first subscription television service in the Miami-Fort Lauderdale area. The viewing tastea of the Greater Miami's 1.1 million television "families" are being surveyed to determine the programming format, says Oak Hill vice pres-ident Robert Hartney. Broadcasting should begin over Channel 51 sometime later this year.

The programming will be similar to that offered by the National Subscription Television In Los Angeles, in which Oak Hill's subsidiary, Oak Communications, Is a major partner. Disney reaps higher profits Bigger profits were reported at Walt Disney Productions In the latest quarter with net income climbing to $25.7 million or 79 cents a share from $23 million or 71 cents a year earlier. Revenues rose to $186.6 million from 169.9 million. Attendance at Walt Olsney World near Orlando, however, was off 3 per cent at 3.3 million. President Card Walker attributed the drop to the difference in the Easter holiday date.

The drop at the East Coast theme park, was contrasted by a 6 per cent surge In at- tendance at Disneyland on the West Coast. The Los Angeies format mciuaes movies inai nave National merger vote date set; TIA tries another purchase bid Markets closed for Good Friday Stock exchanges and other financial markets were closed today in observance of Good Friday. Trading will resume Monday. Unlisted Stocks Stock Market Profile New York Stock Exchange Thursday April.2, 1979 AitKltta Chrysler bond rating drops The rating of Chrysler Corp. bonds has been flowered by Moody's Investor's Service, which Said it no longer considered the bonds to be of 'investment quality." Moody's cited Chrysler's adverse operating results" the auto-maker lost $205 million last year and its need Zto raise large amounts of cash to meet government-mandated changes in car design.

Yester- day's action lowered the rating on Chrysler's subordinated debentures from Baa to Ba, which defined as "having speculative elements; their future cannot be considered assured." Ford and General Motors bonds are rated Aaa the high-st rating and therefore can borrow money at 'lower interest rates. If 14 piaPo HIM rn 14 Atk Ata II 4t i'M Airlift Int. IMi 1714 It InvttlaX 1 Air fit 4 ISSUES TRADED 1171 4'. All Ltll Am tk ihar I Am Itr 1114 APICO tirniH mi iii i IPC Ill-prf" KayPhrm IT Ian llur l.Lurla I Mar lipl Madcar Millar In Mlnlmarl 4a Natl kith i ii. ait 4 ItvClD I Ant Canavaral ChMt Cam Pri Cantaxt Cant lat Oada tnf Davcan Oil Carp.

Air War Okla Oil I t4 IMI 1 4 1 IV, 4 1 41 Ilka Ilk Pay Mai I' 4 i I proval. Eastern has said It would pay $50 a share for National's stock. National has steadfastly rejected merger proposals from Texas International. Its new offer will consist of $15 cash and $35 principal amount of an 11.75 per cent sinking fund debenture due in 1989 for each share it doesn't own. The airline says more details of the new offer would be released at an unspecified time In the near future.

The Houston-based airline's previous per-share offer was $8 cash, one share of its common stock and $30 principal amount of an 11.25 per cent sinking fund debenture due in 1989. Directors of National had shunned the Texas International proposal almost from the beginning, but did embrace Pan Am's. Once Eastern entered the race National directors refrained from taking an outright position. An administrative law judge last week recommended that neither Pan Am's nor Texas International's merger proposal be approved by the Civil Aeronautics Board, claiming they would be anti-competitive. The later proposal by Eastern has been considered in hearings, but no ruling has been issued yet.

I 4V Ikr Iovei 1 412 -j unchanged Qq Pap I i AM 4Vi 14 Ml 4 National Airlines shareholders will be asked May 16 to choose between rival merger bids by Eastern Airlines and Pan Ameri- can World Airways. But National's third suitor, Texas International, isn't ready to be drop out of the contest just yet. Late yesterday, it announced a revised merger offer containing more cash and dropping shares of its own stock Included in a previous bid package In its continuing attempts to gain control of the Miami-based carrier. National hasn't revealed what recommendation would be made to stockholders in the proxy statement to be released here today. Stockholders of record March 25 will be entitled to vote at the meeting.

National's largest shareholder Is Texas International, which started the merger fight last year and subsequently accumulated 24.6 per cent of National's stock. Pan Am has acquired 24.1 percent. National said the proxy statement contains one proposal for a National-Pan Am merger at $41 per share and another, by National, that would let Eastern bid against Pan Am in an auction if both 'obtained regulatory ap Oanaar MulpmantCa, Pa Et Oat Ray Cat PT Intfut. 1 PtttkShr It fit St Ik Pint WIK 4v la Ik lhrtU Fit Aim 4 I It racn a-i lihnlaul at HrwThar 4 tun Ik Pit UVk Traat II 14 UIIM VI Florida bank stocks J.M. Fields ruling next week A federal bankruptcy court Judge will decide next Tuesday on whether to order liquidation of 79 J.M.

Fields discount stores owned by financially-troubled Food Fair Inc. Judge John Galgary set the date after Food Fair president Grant Gentry asked him to reject a $107 million purchase offer. Gentry said the offer from shopping center developer Wallace Plapinger was "inadequate" and posed unwarranted risk of further financial losses. "The risks and the dollars involved don't justify management going this route," Gentry argued. He said Food Fair could realize a higher dollar return by closing the stores.

N.Y31. Index 67.J3-6.12 S. P. Comp. 102.00 Dow Jones Ind.

870.50 "2 Ask Atlantic 14 144 AmartaM 4 arnatt IV city Nan ta Pint lttt It Pit Cam 1J. Ili Pla Natl lj' 14' Plaotnlp II' Iji (atlarian l' antfmark 4' 4 Pan Amar I' 4H fauthaait 1)44 Inn tank! IK 14t Mil '1 Cichanta Plril tank 41 PlntPkrt 11' plntMarn it 4' 4Vt New trade agreement could help slow inflation Tk Naw Vrk TJmat Niin tarvtet) WASHINGTON American negotiators say the United States will alow inflation, reduce Its massive trade deficit and Increase employment as the result of a new trade liberalization agreement reached in Geneva. President Carter hailed the pact as "the most far Takeover bid taken to court F.W. Woolworth. Co.

has filed suit in U.S. Court seeking to block the $1.13 billion cor-! porate takeover bid by Brascan Ltd. and force it to rescind arrangements for $700 million in loans to finance the deal. Woolworth charged the Canadian firm with various violations of securities Including misuse of inside information and -violations of margin and disclosure requirements In the $35 a share offer. Brascan said the charges were "totally lacking in merit." The firm has said it arranged a $700 million loan from the Canadian Imperial Bank of Commerce, which is also a major lender to Woolworth.

Woolworth officials have complained that it was "inconceivable" that the bank would lend that sum without on the Inside highly confidential information." The bank has denied any improper reaching and comprehensive" trade agreement in three lion In 1976, deputy trade negotiator Alan Wolff said. This represents all but $6 billion of dutiable industrial Imports In 1976 the year of measure by the trade negotiators in evaluating offers. Total imports were $108 billion, of which $12 6 billion were agricultural products. The $6 billion of excluded Items covers industries deemed' so sensitive to imports that they cannot take further tariff cuts. These include makers of speciality steel, shoes, color television, industrial fasteners (nuts and bolts), citizens' band radios, glass beads and some apparel items.

By Insisting on these exclusions while tightening up the. enforcement procedures against "unfair, imports, the administration Is now considered to have relatively good chances of getting the trade package approved. But concessions the United States had to make to win greater access to foreign markets could displace some workers in import-sensitive Industries. Because terms of the pact are not yet known in detail, the balance sheet of gains and losses can only be roughly estimated. Carter administration officials have insisted, In preparing for the coming trade struggle in Congress, that the gains will far outweigh the losses.

The special trade negotiator, Robert Strauss, said the agreement will govern trade policies and actions affecting more than 90 per cent of S1.3 trillion of annual world commerce. In return for concessions from 21 other industrialized non-Communist countries and 19 developing countries, the United States would cut duties by an average of 31 per cent on industrial imports valued at $42 bil decades. jW'" iV' His neaotiators, preparing for a. struggle in Con gress, which still has to approve the pact, yesterday outlined the benefits for American business. Among the beneficiaries listed included producers of scientific Instruments, hospital equipment, data processing equipment, photographic equipment, chemicals and plastics.

Henry's grea t-grandson Good news Bad newt claims harassment Benson Jr. sues Ford family group AiiMltt) Prat DETROIT Attorneys for Ben Credit tightening seen The nation's basic money supply rose $500 million in the latest reporting week, the Federal Reserve says. Analysts speculated that Federal Reserve policy-makers, concerned that business loan demand may be growing too rapidly, may vote to tighten credit when they meet next Tuesday. M1, cash in circulation and commercial deposits, rose to $359.4 billion in the week ended April 4. M2, which includes M1 plus sav-; jngs deposits at commercial banks, grew by $1.6 to $882.4 billion.

Business borrowing at -major banks nationwide grew by nearly $2 billion 3n the last two weeks of March, a "substantial gain" and possibly a sign of a "long-awaited re-; acceleration in business loan demand," Chemical -Bank said. son Ford Jr. have filed a lawsuit seeking more than $1 million from a Ford family group, alleging "breach of fiduciary duty" and harassment. In a suit filed in U.S. District Court, the attorneys contend that Ford Estates and two of Its officials withheld money, information and records that caused Benson Ford the loss of more than $1.0.000.

Beneon Ford Jr. It was Benson Ford second law Ford Estates Is an unincorporated association which manages personal affairs of the Ford family. The suit also named as defendants Richard M. Cundiff and Newton S. Peters, who It said were principals and associates of Ford Estates.

A spokesman said Benson Ford decided to take legal action after he learned of a trust that held more than $100,000 in his name, but was jinable to get financial records from Peters and Cundiff. "Essentially, we don't know what, if any holdings, Ben still has in Ford Estates," the spokesman said. "That's one of the reasons we're filing the suit." Benson Ford withdrew most of his share from Ford Estates in 1973 and 1974, he said. The suit is characterized by Benson Ford's associates as his latest attempt to gain his father's seat on the company board. Whether his suit to overturn his father's will can proceed is the subject of hearings scheduled In Wayne County Probate Court next month.

Benson Ford who died last July, established a trust, estimated at $7.5 million, for his son. The trust is to be controlled by other family members. The son claims his father was unduly influenced by' unnamed Individuals and that the 1975 will does not represent his father's wishes for him to assume a role In the company since it might be 20 years before the trust assets Ford Motor Co. stock come to him. 's suit over family affairs.

He is also seeking to overturn his father's will. Benson Ford is represented In the new suit by Roy Cohn of New York, who also represents stockholders who are suing the company and chairman Henry Ford II, Benson's uncle, over alleged conversion of company funds to personal use, an accusation the defendants deny. Benson Ford is not a party to that suit and has other lawyers in his suit challenging the will. The latest suit asks that the family group and Its officials pay $1 million In damages for committing acts "to vex, annoy, harass and oppress" the 29-year-old son of the late Benson Ford a former Ford director and a brother the company chairman. Any of you health nuts care to jog down to Costello'i with me for a quick martini?" Florida notes Fort Lauderdale-based Sunair Electronics di-; rectors will meet Monday to reconsider Canadl-: Marconi proposal to acquire the firm for a share.

Net income at Sunair climbed to or 53 cents a share in the quarter i ended March 31 from $454,623 or 38 cents a lyear earlier Miami-based Biscayne Savings and Loan Association net income climbed to 31.5 million or $1.25 a share in the three months nded March 31 from $1.3 million or $1.09 a year The plans to open three branches in the next three months, in Tamarac, Boca Raton Clearwater Tampa-based Exchange Bancorporation Inc net income rose to $1.3 mil- Jion or 51 cents a share in first quarter 1979 from million or 41 cents a year earlier. Investor's guide Bill Doyle Cashing in policy a financial and emotional decision Q. I am S7, a recent widow with no children. I have had a life Insurance policy since 1957 that will pay only $500 on my death. The annual premium of this policy, payable each July, is $43.

Right now, I could turn in the policy and get its cash value of $344. I am in good health. Should I keep the policy and keep paying $43 a year? Or should I turn it in for Doyle formsnce of each. He might do better with a bank's trust department handling his account. He might not.

One point In favor of a bank-managed account is that there is no reason Jor bankers to do a lot of buying and selling for the account. That's always a danger, when dealing with a brokerage firm. A broker makes money on the commission charged each time a stock is bought or sold. The bank only collects its advisory fee and that fee doesn't change as the result of buying and selling. But are you sure you have your bank fee schedule straight? Jhose fees vary all over the lot.

Many banks charge an annual fee of 0.5 of 1 per cent on a $500,000 account; smaller percentage fees on larger accounts and larger percentage fees on smaller accounts. Here, again, It's smart to shop around. And, if your friend opens such an account with a bank, he would still have to pay commissions every time he buys or sells. Banks can't buy and sell They send buy and sell orders for their customers to brokers, who charge commissions. Those commissions are then charged to the banks' customers.

One last note. Because big banks often place large buy and sell orders, those orders can be "bunched" reducing commission charges to the banks' customers. BUI Doyle welcomes written questions, but can only answer them through the column. For lists of grovt'a and dividend stocks, please Include a self-addressed uoiptd envelope. Address your request to Bill Doyle, co The Miami News, Box 1J, Miami, Fla.

S31S2 So, if you cash in that policy now and live at least four more years, youU come out ahead as far as dollars are concerned. If you die within four years, your heirs assuming you have some will receive less from your estate. These are the straight financial facts. So much for straight dollar talk. The human, emotional factor cannot be Ignored In life Insurance.

Almost everyone should have some life Insurance. In your case, "adequate" Insurance might be enough only to pay for your passing from this vale of tears. Consider that, before you cash In the one small policy you have. Having life insurance might give you more peace of mind as you move through your 90s and, hopefully, past the century mark. A friend and I have an argument going.

He says he can manage his own investment of approxi-maely $200,000 by making his own decisions on when to buy and sell stocks and bonds, based on brokers' recommendations. His annual brokerages fees are about $1,800. I argue that he could do much better by putting hli money In an investment advisory account at the trust department of a bank, where the fee would be 0.7 of 1 per cent $1,400. 1 argue that, besides the savings in money, investments made by the bank would produce better result. What do you say? A I dont know.

Nor will your friend, unless tie sets op two or mora accounts and compares the per Freebies headed to oblivion? Will the freeble free pens, calendars and ''other novelties handed out by companies still a place in the marketplace of the future? To like Purdue University management processor Robert Johnson, the freebie may be head-ed for oblivion. But the Specialty Advertising Association International contends that companies give away freebies actually gain business -because of it. Johnson argues that amenities -such as matchbooks and even the free popcorn I in saloons are costs incurred in doing business. if an economic slump puts pressure on com--panies to cut costs, the freebies may be first to go. Consumers may like to think they're smart shoppers, but they still are fond of gimmicks, -counters the SAAl, pointing to an A.C.

Nielsen survey. Nielson found that 70 per cent of those surveyed purchase something within 12 "months from a company providing a freebie. I Slightly less than half 49 per cent said they vhad purchased from similar firms which didn't use specialty items. Tom Dubeeq $344? A It'a clear that you are taking a hard and realistic look at that insurance policy. So, I hope you and other readers realize that this answer Is given in the same vein strictly on numbers of dollars.

Without emotional Involvement. The actuarial tables the life Insurance business uses say that the average life expectancy of an 87-year-old American women is 6.3 years. Based on those averages, you can expect to live another six years and four months. I certainly hope you beat those life expectancies, aa you have to date. If you live even four more years, your annual premium costs four times $43 for a total of $172 plus the $344 current cash surrender value wilt amount to $516.

And that will be $16 more than the death benefit of your $500 policy..