Tampa Bay Times from St. Petersburg, Florida • 16

16A ST. PETERSBURG TIMES TUESDAY, MAY 14. 1985 Lloyd's losses may ruin wealthy Britons lilTl I Auociatad PraM -4. ysywJL Li 4VrXi-rV t) 1 Restaurant to open downtown Manny's, a Spanish restaurant, is to open Wednesday in downtown St. Petersburg.

About 200 guests came for a preview Monday evening and were served Spanish omelets, rice, shrimp, Spanish sausage and cheesecake. The restaurant is in the NCNB Building at 140 Fifth Street and features teak parquet floors and a cherry wood bar. It will be open for lunch and dinner. 11 iVf hm 4 St. Patsrsburg TimM TONY LOPEZ 1 v.

j. i Market gains again as pace slows LONDON Five hundred of Britain's wealthiest people met Monday to hear how they face possible financial ruin because of large damage awards to asbestos victims in the United States and misappropriated insurance funds at Lloyd's of London. Those who met at London's Royal Festival Hall were among 1,500 Lloyd's members who each must come up with as much as 500,000 pounds ($625,000) in cash to cover in present and future losses. Among those affected is Queen Elizabeth II's cousin, the Duchess of Kent, although the duchess did not attend the meeting. One of the members, Anna Marshall, told a reporter: "I stand to lose my home, and I have no family to turn to.

It's scaring." Under the rules of the 300-year-old insurance exchange, each member or "name" is liable for insurance losses up to the full extent of his personal wealth. The losses were incurred by five syndicates, or groups of members, that underwrote product liability insurance for large American corporations, including Manville Corp. and other asbestos manufacturers. Monday's meeting, which was closed to the press, was called by the Richard Beckett Underwriting Agencies, which manages the syndicates. The firm was hired to sort out problems left by the previous manager, Minet Holdings.

Beckett's managing director, Richard White, said at a press conference after the meeting: "I deplore what has happened to the names. They are in a massive predicament." White said the claims against the members include $50-million allegedly misappropriated by Minet, $75-mil- lion in insurance losses through 1984 and in anticipated future losses. Ch. 28 among 4 TV stations for sale in ABC merger plan ft Nw York Tim NEW YORK Capital Cities Communications and the American Broadcasting as expected, said Monday that they would sell 4 television stations and 15 radio stations to satisfy the regulatory requirements of their proposed merger. Among the TV stations is WFTS Ch.

28 in Tampa. The companies also said that they would seek a waiver from the Federal Communications Commission allowing them to keep the very profitable Capital Cities television station in Philadelphia. Without the waiver, FCC rules would require that the Philadelphia station be divested because its signal overlaps somewhat with that of ABC's station in New York. In joint proxy statements, the companies said that they plan to sell television stations owned by Capital Cities in Tampa, New Haven, Conn, and Buffalo, N.Y., and the ABC station in Detroit. If the waiver on the Philadelphia station is not granted, the Detroit station will be kept.

Reuters, other firms said to have interest in buying UPI by 874 to 674. Dow Jones I Industrials I Dow Jones Industrials Unitd Pru International May 13. 1985 CLOSING 1,277.50 UP 3.32 By JOHN CRUDELE Nw York Timt NEW YORK Trading activity slowed substantially Monday on Wall Street, but the stock market still managed to rise for the third consecutive session as investors continued to debate the impact of recent developments on the federal budget deficit. Richard Rippe, an economist with Dean Witter Reynolds, said that while he and others believed a deficit-reduction package would eventually pass Congress, Wall Street realized "it's not a done deal yet" and must still win approval in the House. The Dow Jones industrial average, coming off 10.49- and 13.91-point gains on Thursday and Friday, advanced another 3.32 points to 1,277.50.

The New York Stock Exchange composite index rose 0.21 to a record 106.85, and the Standard Poor's 500-stock index gained, 0.33 to 184.61. The average share rose 7 cents as advancing issues outpaced losers VOLUME plunged to 85.8-mil-lion shares, from 140-million on Friday. Composite Big Board volume was 103-million, down from Friday's 163-million. Analysts said some investors might have decided to take profits after last week's strong upward movement, but others believe Wall Street looked more realistically at recent developments in the budget situation. Rippe said investors might now be focusing on the problems that the Senate budget plan could have in the House and in the House-Senate conference committee.

Pan Am, which recently agreed to sell its Pacific operations, led the active list, up to53i on consolidated volume of more than 1.5-million shares. Warner Communications was the third-most-active issue, falling 3 4 to 28 1 The entertainment company is rumored to be looking into a leveraged buyout and is also said to be WASHINGTON Reuters officials intend this week to present the management of United Press International a plan to buy the wire service, UPI sources said Monday. UPI president Ray Wechsler said several other prospective buyers, including at least one Fortune 500 company, also are engaged in serious discussions with UPI's management. The wire service is operating under Chapter 1 1 bankruptcy protection. "The next 10 days will tell to what depth they will go," Wechsler said.

He declined to name the other prospects or to discuss a possible purchase by Reuters, the British-owned international news agency. During past merger discussions with Reuters, UPI officials have expressed fears the British firm might dismantle segments of UPI. UPI sources said Reuters executives have scheduled a meeting with Wechsler and UPI chairman Luis Nogales Wednesday to propose a purchase plan. Asked about Wednesday's meeting with Nogales and Wechsler, Margaret Klein, Reuters' managing editor in New York, declined comment. Any move to sell UPI would require approval of the bankruptcy court, as well as creditors owed an estimated $36-million.

The UPI sources said it appeared increasingly likely the court might have to consider more than one offer. considering breaking its ties with Chris-Craft Industries. UPJOHN WAS the day's biggest gainer, rising 57s to 96J, after being favorably mentioned by a securities analyst in an article in Barron 's. Bristol-Myers, also mentioned in the article, was up 5 a to 59 in active trading. Taft Broadcasting rose to 7378, after a strong rise on Friday.

A company spokesman said there were no corporate developments to account for the move, although Taft will soon report its quarterly YES At Citizens Federal if you maintain a daily balance of $1,000 or more in a new SuperPassbook Account your passbook will pay you more than the current money market rate Annual Certificates Minimums Rates Yield 7-31 Day $1,000 7.50 7.79 3 Month $1,000 8.25 8.60 6 Month $1,000 9.00 9.42 lYear $1,000 9.08 9.50 18 Month $1,000 9.30 9.74 24 Month $1,000 9.85 10.35 30 Month $1,000 9.85 10.35 36 Month $1,000 9.90 10.41 I.R.A. 18 Month Variable $100 9.30 9.74 30 Month Fixed $500 9.85 10.35 Accounts Minimums Rates Money Market $2,500 NOW $1,000 5.25 Super NOW $2,500 6.50 sS" ESI31 Today's economics require new financial instruments! For this reason. Citizens is now introducing our new SuperPassbook account. Many savers can totally replace their regular "old friend" with a new "old friend" that pays higher "Money Market" rates. Interest compounded daily.

Rates effective May 14, 1985 Annual yield based on simple interest compounded daily. Rates subject to change without notice. Substantial penalty for early withdrawal. Available only to individuals and businesses. Regular i-OA Super Passbook 1 5i Passbook Account Account The traditional Savers "OLD FRIEND" paying standard interest rates.

All the benefits of a Passbook with higher Money Market interest rates. Main Office 260 First Avenue South St. Petersburg, Florida 33701 (813) 822-5111 Indian Rocks 13110 Walsingham Road Largo, Florida 33544 (813) 596-1883 Come in today to one of our convenient offices and save more! Treasure Island 175 Treasure Island Causeway Treasure Island, Florida 33706 (813) 360-7026 Palm Harbor 3901 US. Highway 19 North Palm Harbor, Florida 33563 (813) 937-4248 (okpi) OUOOD EAVINGS AND LOAN ASSOCIATION A CITIZENS SAVINGS FINANCIAL COMPANY McNulty Banking Company Money to make money. Member Federal Deposit Insurance Corporation.

Accounts insured to $100,000. Equal Housing Lender. (J SuperPassbook Accounts available only at these offices: Seminole 7179 Seminole Blvd. Phone: 397-6693 Clearwater 2112 Gulf-to-Bay Boulevard Phone: 461-1429 Pinellas Park 9103 U.S. 19 North Phone: 576-3499 Highland Lakes (Highland Lakes Shopping Center) 1 102 U.S.

19 North, Palm Harbor Phone: 785-7628 Bayonet Point (Plaza of the Oaks Center) 8906 State Road 52, Hudson Phone. 862-5435 Port Richey Custom Commerce Center, 6648 Ridge Road Phone: 845-1993 Holiday (Next to Albertsons) 1714 US. Highway 19 Phone: 937-6183 Springhill Springhill Plaza Phone: (904) 683-7558 Sun City Center 102 South Pebble Beach Boulevard Phone: 634-5593 FSLK CL 4.