The Evening Sun from Baltimore, Maryland • 51

lhsfJJJrCIAL SECTION BALTIMORE. THURSDAY, JUNE 14, 1979 New Visions wins OK for UHF Channel 54 The daytime programming planned by WNUV will have students enrolled in the television program at Baltimore Community College working with the station's professional staff to produce educational, public affairs and news programs. "The students will have an opportunity to work in a real television station. They'll be able to put it on their resume," Mr. Kravetz explained.

Also, the arrangement should help the station limit its operating expenses. As for the evening package, Mr. Kravetx hopes, but has no assurance, that the FCC will allow his station a subscription franchise. The governent now limits STV, as it's called, to one station in each market However, the FCC is revising its STV rules and regulations and may allow more. STV movies on WNUV would be sim- ilar to those shown by cable television services like Home Box Office.

"They would be without commercials or without deletion of any parts. At present we do not expect to carry any X-rated films," Mr. KraveU said. "Of course, what comes out of Hollywood is a vast number of R-rated films. "We're not in the censorship business.

And because it's in the evening hours, we would hope parents would use discretion and have their children in bed." he said. If denied permission to operate a subscription service, Mr. Kravetx plans conventional service. He said that the proposed sale of Channel 45-WBFF for $16.5 million reflects a healthy local market "In the last three to five years UHF has started to show signs of vitality," Mr. Kravetx said.

By Michael K.Hirten New Visions Inc. has been granted a construction permit for Channel 54, a new UHF television station here. The station, to be known by the call letters WNUV, should be operating in 12 months, said Samuel S. Kravetx, New Visions president He plans to affiliate with the Baltimore Board of Education and the Community College of Baltimore to produce educational daytime programs. In the evening WNUV hopes to offer subscription service recent feature films and other special programming that can be viewed only if a television is equipped with a device to unscramble the broadcast signal.

Generally subscribers pay between $16 and $20 a month for the special attachment fastened to the back of their television sets. New Visions will spend $2 million on Inc, sought permission to broadcast Christian programming on Channel 64. However, it withdrew its application early this year leaving the frequency to New Visions. "I think our application was so strong that the other Peter and John Fellowship could read between the lines. A hearing with us would be nonproductive and costly, maybe as much as $100,000," Mr.

KraveU said. He predicted a tough fight for the right to broadcast on the Channel 24 frequency, noting that Buford has money while Jesus Lives has a strong local package. Mr. Kravetz is no stranger to Balti more. Before moving to Rockaway, N.J., and building a radio station in Dover, N.

be was an account executive for WTTH-AM and manager of WITH-FM. He is also president of a cable television consulting firm. equipment before broadcasting begins, Mr. KraveU said, and is now soliciting bids for a tower that it hopes to build next to WBFF'S antenna on Rolling road. The company is still searching for a studio site.

Channel 54 is one of two frequencies that were available in the area. The other, Channel 24, has two applicants, Buford Television of Maryland, a subsidiary of Buford Television of Tyler, and Jesus Lives a local religious ministry whose activities include radio and television programming. In their respective applications to the FCC, Buford said it plans to broadcast a mix of regular and subscription programs, while Jesus Lives proposes a slate of Christian programming aimed at spreading the gospel. For a while, another local religious corporation, Peter and John Fellowship Stockholders dump National Airlines NEW YORK (NYT) When the DC-10's were grounded, many National Airlines stockholders dumped their shares, sending the price of the stock tumbling about 11 percent. National carries more of its passenger load in DC-10's than any other airline.

But if National's shareholders were scared, its merger suitors were not. This week both Pan American World Airways and Eastern Air Lines declared their continuing ardor for National and discounted the costs that will be necessary to fix the DC-10 problems. Eastern and Pan American World Airways got into a takeover battle to acquire National last December, following an earlier bid for National from Texas International Airlines in July. The three-way fight pushed the anemic stock from less than $15 a share to more than $40. Both Eastern and Pan American now have bids of $50 a share on the table but are awaiting approval from the Civil Aeronautics Board.

If both receive approval, they will bid against each other in a five-round auction to determine the winner. (National already has rejected the bid from Texas International.) Indeed, notwithstanding the case of nerves among investors, Eastern and Pan Am still say they feel National is worth fighting for. "We're talking about buying National for a very large amount of money; the cost to correct the problems is not going to be nearly that large," said Charles J. Simons, vice chairman and executive vice president at Eastern, in response to an inquiry. "People are looking at the stock emotionally, but I don't think the numbers will prove large," he said.

At Pan Am, a spokesman for the company had a similar theme. "Our Continued, Page 15, Coll Farrell ship heads here on its maiden voyage 13? Financial Briefs 1 Crane safety work starting at Dundalk A major safety project is beginning next week at Dundalk Marine Terminal with a $1 million improvement of eight crane. The work is being done by John F. Feze Inc. for the Maryland Port Administration, and will take about a year.

The work is intended to increase safety of the shlpside cranes when weather forces a speedy shutdown. Hold-downs and pin slots are to be installed. When the present work is finished another contractor will put in new crane brakes. Following a series of accidents and delays, much previous work has been done to improve the safe operation of the Dundalk cranes. While this project is under way some of the ship berths will be closed down, but no more than four will be affected at one time.

Sales of U.S. autos dropping sharply DETROIT (AP)-General Motors, Ford and Chrysler sales dropped sharply in the first 10 days of June as motorists worried over skyrocketing gasoline prices shunned big cars. GM's sales were off 29 percent. Ford's down 31 percent and Chrysler off 28 percent from levels of a year ago. But small-car sales were nearly equal to what they were in the 1978 period.

The industry reported yesterday its deliveries totaled 180,931 cars In the June 1-10 period. Last year, 283,274 cars were delivered. Since there were only eight selling days this year and nine last year, the industry made comparisons according to sales per day. Sales of American Motors which does not report sales for partial months, fell an estimated 27 percent Volkswagen Manufacturing Corp. was not selling cars from its Pennsylvania plant at this time last year.

Takeover thwarted, firm may be sold BRISTOL, Conn. (AP) Rather than accept a $13 million takeover offer, the management of Bristol Brass Corp. has proposed a plan to break up and liquidate the company. Officials said its board is convinced it could realize at least $28 a share about $14 million by selling off the company's three major divisions In cash transactions. Chairmafl W.

Lester Killen stressed that the company's plan calls for selling the units as going operations, so that none of the nearly 750 jobs in the three subsidiaries would be lost. Walco National Corp. proposed to pay $16 in cash plus a $10, 10-year note at unspecified terms for each of Bristol Brass's shares, the company disclosed. Lockheed readying for recon plane BURBANK. Calif.

(AP) Lockheed-California Co. will begin immediately to gear up for production of 25 TR-1 high altitude tactical reconnaissance aircraft for the U.S. Air Force. The Air Force and Lockheed-California signed a $5 million contract in Dayton, Ohio, earlier this month to fund preparatory costs, a Lockheed spokesman said. The TR-1 will be a single-seat, one-engine, fixed-wing craft designed for high-altitude surveillance.

Less beef available in coming months WASHINGTON (AP) The Agriculture Department said the number of cattle being fed for slaughter in key area continues to lag below a year ago, tadxJtlng igain that consumers will tedv Was beef to eat In coming months. A.8 estimated T.7 million head of cattle wwe to feedlots June 1 in the seven major fcwf-prcd-uctng states, down 4 per-recti from 8.91 million a year ago. Howard Hjort. the department's cfcwf economist, said total output of kxl meaning wholesale carcasses is expected to decline by 2.4 billion to 2 billion pounds, down by 10 percent to percent from 1978. Mercantile orders regular dividends Directors of Mercantile Bankshares Corp.

declared the regular dividends on the holding company's stocks 25 cents on the common and 75 cents on the preferred. The payments will be due June 30 to holders of record June 25. Down the tubes This coil it port of a dsoderiier prodiKed by izr itripi objectionable tastes and odor from Allegheny ludlum Industries Inc. The deoder- shortening, margarine and cooking oils. "cousin" ships under construction at Bethlehem Steel Sparrows Point yard.

Farrell will put these two, the Austral Pioneer and the Austral Puritan, into service to Australia and New Zealand when they are delivered. Work is running nearly a year late Bethlehem explained that the vessels' size and "sophistication" has caused the delay. Bath finished the Argonaut 16 weeks ahead of schedule. Construction on all the ships was subsidized by the government. The federal aid is intended to help "maintain a shipbuilding capability in the U.S.," said Mr.

Metx. The US. industry is in the midst of a worldwide slump in demand. Nearly 50 ships were ordered at U.S. yards in 1972.

This year those yards will deliver no more than 25 ships with greatly reduced tonnage. The Argonaut cost $43 million. It can carry 928 containers 20 feet in length. Service speed is 20 knots. A crew of 40 will man the 16,300 deadweight ton By Miles Magoire A 610 foot specimen of that endangered marine species, the U.S.

built freighter, headed toward Baltimore this morning for a maiden voyage visit. Flying the house flag of Farrell Lines "the SS Argonaut was scheduled to leave Norfolk early this morning. Farrell is the largest privately owned shipping firm in the country and one of the most active here. The company's vessels call here more than 180 times a year. The Argonaut, a containership, will sail between U.S.

North Atlantic ports and the Mediterranean, calling Cadiz, Naples, Piraeus. Haifa, Istanbul and others. It is scheduled for a stop in Baltimore every 34 days. The vessel will carry "all types of general cargo machinery, consumer goods, used clothing," said Robert Mett, Farrell's district manager. Outbound freight will include military household goods, automobiles, machinery, lubricants, aluminum sheets and asphalt.

From the Mediterranean, it will bring such items as glassware, peppers, ore-gano and poppy seeds. Bath Iron Works built the Argonaut in its Maine shipyard and is still at work on a sister ship, the Resolute. The second vessel is expected to be delivered early next year. As the Argonaut steams toward Dundalk Marine Terminal, it will pass two OPEC surfeited with funds LONDON (NYT) The surge in oil prices this year may put so much money in the hands of the producing nations that the world's banks may no longer be able to play the key role in reinvesting the funds, a leading American banker said here. David Rockefeller, chairman of the Chase Manhattan Bank, said the problem of financial surpluses within the Organization of Petroleum Exporting Countries bad become more complex than it was after the sharp price Increases that strained the world's finan- from the oil producers and lend them out again without excessive risk.

But now, he added, "Some developing nations may have already reached their borrowing capacity and some commercial banks may be confronted with limits of country exposure," Thus the banks may no longer be able to shoulder "primary responsibility" for this recycling. Blumenthal addressed an international monetary conference sponsored by the American Bankers Association at the Intercontinental Hotel. cial system five years ago. He said it was "imperative" that new international measures be adopted to cope with the current flows of oil money, usually called petrodollars. Meanwhile, Treasury Secretary W.

Michael Blumenthal suggested to another audience here that new strains on oil-importing countries could threaten individual banks or even the entire monetary system. Rockefeller, speaking at the Savoy Hotel before the American Chamber of Commerce, said that in the mid-1970s the banks were able to take deposits Despite soaring costs Americans making mortgage payments on time ers' incomes, the percentage of mortgage payments that were overdue in April fell to 0.66 "The April 1979 figure is the lowest delinquency ratio we have recorded for any month since we began keeping records In mid-1953," said Norman Strunk, executive vice president of the United States League of Savings Associations. The U. S. League is the largest trade organisation for the savings and loan industry, the nation's primary source of home mortgages.

It represents savings and loan associations that account for about 99 percent of the assets in tho $535 billion industry. The April figure was based on a survey of more than 1,000 savings and loan associations holding about half of the industry's assets. The league considers a loan delinquent if payment is 60 days overdue. set clear." said John Stafford," director of research and staff vice president of the league. American homeowners today are better able to weather the drops in income that come with recession and high unemployment, says Stafford, noting that some unionized workers, such as in the steel and auto industries, have special plans that provide extra unemployment benefits on top of state unemployment payments.

And many workers with union contracts have cost-of-living escalator clauses for wage rates. He also noted that there are many more families with both spouses employed, which can provide income when one wage earner is laid off In situations where only the husband is a wage-earner, Stafford noted that unemployment rates for married men in the latest recession remained consistently below those in earlier recessions. NEW YORK (AP) Despite high food prices, soaring fuel costs and a huge burden of consumer installment debt, Americans have never before been so careful about making their home mortgage payments on time. A trade group representing the nation's savings and loan associations recently said mortgage loan delinquencies hit an all-time low in April. In the same month, food prices rose 0.9 percent from March and stood 12 percent higher than in April 1 978.

Gasoline prices in April were a staggering 6 percent higher than in March. Consumers took on an additional $4.1 billion in short-and intermediate-term installment debt in April, setting a new record for total consumer installment debt outstanding $282.4 billion, an in-rmtse of 18.7 percent from a year earlier. Despite all these drains on homeown The previous record low rate was 0.67 percent in July 1953. The highest delinquency rate for April was 1.34 percent in 1961, a recession period that eventually led to delinquency rates of nearly 1.4 percent in late 1962. Delinquency rates fell fairly steadily from the early 1960s, showing slight rises in 1968 and 1971, until the 1974-75 recession.

The highest rate for that recession period occurred in February 1978, when the delinquency ratio stood at 1.06 percent, according to the league's records. This peak was well below that of 1961-62. A league official said he thought the ratioof overdue loans has been consistently low in recent for several reasons, but primarily because homeowners realize that their residence is their major, if not only, inflation-proof asset. "Home values are rising, and people know this, so they want to keep this as- Especially notable, he said. Is the benefit higher wages give to homeowners paying fixedrate mortgages that are several years old.

To illustrate his point, Stafford gave the case of an "average" worker who bought an "average" house with an "average" mortgage In 1968. This person bought an $18,000 home, borrowed $13,800 at 6.7 percent on a 30-year mortgage and had a monthly payment of $89.04 a month. The national average hourly wage $3.05. In 1978, this average hourly wage was $5.63, but the monthly payment was still just over $89. The average person worked days to earn $89 in 1968.

by 1978 It took 'only two days to earn the mortgage payment, Stafford said. Furthermore, the $18,000 home was worth about $40,000 by 1978, he added "It's easy to see why it's a good idea to keep current on mortgage payments," Stafford said, "and most people do see it.".