Chicago Tribune from Chicago, Illinois • 35

"'rl Chicago Tribune, Wednesday. February IS. 1989 Section 3 7 U.S. new-car sales drop 20 GM, Chrysler, Ford can't match robust activity of '88 to manufacturers refiirnins in Rodman to skip next dividend By Sallie Gaines Rodman Renshaw Capital Group trying to get back on sound financial footing after a series of problems in the last few years, said Tuesday it will skip paying its next regular cash dividend. The company, which reported a net loss for the most recent quarter, said it would skip the March dividend "to conserve capital to enhance future profits." The company normally pays a dividend i F- I mil I V-Z DETROIT (AP) Sales of cars made in the U.S.

by the nation's Big Three automakers slumped 20.2 percent in early February from an unusually strong year-earlier period, the companies said Tuesday. General Motors Ford Motor Co. and Chrysler Corp. said they sold cars at an average daily rate of 16,112 in the Feb. 1-10 period, down from 20,182 a year earlier.

Trucks made in the U.S. by the Big Three sold at a daily rate of 10,034, down 10.6 percent from 11,223. Combined car and truck sales were off 16.8 percent in the period. There were nine selling days in each period. In the early part of 1988, sales were unusually high, due in part are 13.6 percent lower than they were in 1988, but truck sales are 7.7 percent ahead of last year's pace.

GM car sales fell 23 percent in early February, to a daily rate of. 8355 from 10,856. Trucks made by GM in the U.S. sold at a rate of 4,040 in the first 10 days of the month, down' 13 percent from 4,643. For the year, GM has sold 14.3 percent fewer cars and 2.3 percent fewer trucks.

Ford said its early February car sales slipped 9.5 percent, to a daily rate of 5457 from 6,143. Truck sales by Ford were off 11.3 percent, to a rate of 3,596 from 4,053. Ford has sold 0.2 percent more cars and 0.7 percent more trucks this year. heavy use of incentives partly out of fear that the stock market crash of October, 1987, would keep buyers out of showrooms. But that was an unnecessary concern, as the 1988 model year proved to be the third best on record.

Since the beginning of this year, the Big Three have sold cars and trucks at a daily rate of 29,243, down 5.8 percent from 31,032 a year earlier. There were 34 selling days in both periods. Chrysler said its car sales skidded 30.9 percent in early February to a daily rate of 2,200 from 3,185 a year earlier. Chrysler's truck sales suffered the least among the Big Three, dropping 5.1 percent, to a daily rate of 2,398 from 2,528. This year, Chrysler's car sales semiannually, with the last distribu AP Userphoto Camadon, Inc.

Announces A Jovian task THE BEST MEWS TO CFtOSS Hughes Aircraft Co. technicians in El Seaundo. test the Galileo probe. The 745-pound probe is to enter the atmosphere of jupiter in lyyo. as ii enters tne jovian atmospnere, tne prooe will ONE LIK According to recent survey or facsimile machines by fvhat to an independent report (or business consume! s.

trie Panafa UF-150 ii Dneriy wetgn as mucn as a jetliner Decause ot deceleration forces. Heller seeks to foreclose on shopping center loan and UF-2S0 were named 1 VV Ji Dest buys' the respective categorise. I I iisn I 1 tion, 7 cents a share, made last September. Howard Silverman, vice chairman and chief financial officer, said dividends will be omitted "until the profits come back. A few weeks ago we reported a loss for the quarter.

It's probably not appropriate to pay a dividend while you have an operating loss." Rodman Renshaw Capital Group's main subsidiary is the securities firm Rodman Renshaw Inc. In 1986 and 1987, the company has suffered a series of sometimes embarrassing financial problems, largely stemming from expansion into investment banking. The most visible problem was the private placement of Mama Tish's Enterprises Inc. that soured. Rodman Renshaw not only was forced to write off its own $300,000 investment in Mama Tish, but refunded about $1.5 million to other investors after learning it had received, then passed on, misleading financial data from Mama Tish's.

Since then, the company has focused more on its brokerage operations, but that's brought some unexpected expenses as well. Last August, the company started a commodities trading department, and unexpectedly hired 20 people within weeks. The new employees were from Staley Commodities International which was sold to Drexel Burnham Lambert Inc. The Staley group opted not to move to Drexel, and Rodman Renshaw said it couldn't pass up such an experienced team. Silverman said the commodity ooeration is profitable now, but the December that it was in default, the suit charged.

Moreover, interest and penalities on the unpaid loan since June have increased the amount owed to PANAFAX UF-1 50 PANAFAX UF-250 70 Station Auto Dialer $43.35 million, the suit contends. 100 Station Auto Dialer Automatic Document Feeder Delayed Message Transmission Contrast Control Nationwide service and installation available 30 Page Automatic Document Feeder Delayed Message Transmission CCITT Error Correction Mode Nationwide service and installation available Named as a defendant in the suit, in addition to Spatz and Park Place Associates, is LaSalle National Bank as trustee of the land trust that owns the property. The suit states that Park Place Associates, a limited partnership of Heller Financial the Chicago-based commercial finance seeking to foreclose on a $39.5 million loan made in 1985 to Chicago shopping center developer William Spatz for purchasing and improving the Orland Park Place shopping center. In a suit filed late Tuesday in Cook County Circuit Court, the finance firm said that Spatz, who purchased the long-troubled shopping center on the southeast corner of 151st Street and La Grange Road in southwest suburban Orland Park in 1985, had failed to meet the loan repayment terms. According to the suit, Spatz and his firm borrowed $39.5 million on March 28, 1985, and were to pay off the loan by June 30, 1988.

As of Tuesday, however, the loan still had not been paid off despite a notice sent to Spatz in which bpatz is general partner, is the sole beneficiary of the land WpftiQjjr Creative office systems that perform. trust. Efforts to reach Spatz late Tues 85Z-9797 day for comment were unsuc Call or Visit Our Showrooms At: Lisle 1 050 WarrenvHIe Road Wheeling Loop 29E.Hintz 200 W. Madison, Suite 2440 459-6400 372-2199 852-9797 cessful. Orland Park Place has had a history of financial difficulties since it first opened in 1981, mainly as a result of competition from the much larger Orland Square shoping center, which opened in 1976 at 147th Street and La Grange Road.

startup costs contributed to the net loss of $1.43 million for the second quarter ended Dec. 31, 1988. MACHINERY TOOLS VEHICLES GENERAL MERCHANDISE REAL ESTATE ART ANTIQUES lail TIRED OF TEACHING METHODS THAT SEEM LIKE ANCIENT HISTORY? NEWSPAPER EDUCATION WORKSHOP 1 Us)t 3 EXCELLENT INVESTMENT OPPORTUNITIES SELLER FINANCING AVAILABLE ON MOST PROPERTIES Field Musuem of Natural History Roosevelt Road at Lake Shore Drive from the Estate of Warren Casey Harris Trust ft Savings Bank, Executor 8B4 W. FULLERTON AVE. An Exquisite 3-Story Victorian Executive Residence with Detached Coach House The private home of the late Warren Casey, co-creater of the Broadway smash Grease.

Fully restored and modernized, with many exceptional features. Includes 2-BR apartment and 3 -car garage In coach house. In the heart of Chicago's desirable Lincoln ParkTDePaul area. AUCTION data TuAddjf, Marrn 7,2 pm AUCTION LOCATlOMi Four George's Room, Ambassador West Hotel, 1300 N. State, Chicago VIBWINOi Wednesday, Feb.

IS, 12-3 pm; Sunday, Feb. 19 ft Saturday, Feb. 23, 1-4 pm features a new roof (1988) and a 6,000 sq. ft. parking lot.

Sugg. Opening Bid: $60,000 COMMERCIALOFFICE BUILDING RECEIVE FREE MATERIALS ADVANCE NOTICE MiUli.UMIIe.JI.I.U I AUCTION MART Sign up today! Complete and mail the coupon with payment to: NIE Workshop ChicagoTribune Educational Services Department 435 N. Michigan Avenue Room 504 Chicago, IL 60611 Include check or money order payable to the Chicago Tribune. For further information call (312)222-5177. Estate Uwa.U Hear featured speaker, ChicagoTribune Entertainment Editor Richard Christiansen talk about "Entertainment in Our 5.

River North Loeattonl 642 N. Dearborn-Si W. Erie; Chicago, IL Two completely renovated buildings totaling 4,660 sq. which consist of one 4-story classic Victorian facade structure with 3,472 sq. ft.

Each floor features separate heating, air conditioning and electric service. The adjacent 2 story coachhouse consists of 1,088 sq. ft. and has independent heating and air conditioning. Sugg.

Opening Bid: $260,000 DEVELOPMENT SITES a. "Booming" North Loop Location -122 W. Grand Chicago, IL (Juet eeat of LaSalle Street) A 4,000 sq. ft. vacant landsite toned C3-6; 40.

18 sq. ft. frontage on Grand Avenue. Sugg. Opening Bid: $100,000 7.

Mafor Elgin Development Site (Jurt mlntuee from MO and Route 81 South). A 224 acre development site with approved residential unit P.U.D. toning; currently operating as a hone farm with gross annual income of 864,140. Sugg. Opening Bid: $600,000 BUYER8: Watch for additional properties In our subsequent ads.

SELLERS: There la still time to include your properties In this sale. VINTAGE SCHOOL BUILDINGREHAB POTENTIAL 1. Holy Family Academy 1444 W. Division Chicago, Well located just 2 blocks west of the Kennedy Expressway, this 98,800 sq. ft classic school building and adjacent 14,000 sq.

ft. paved parking lot is In pristine condition. Features include 36 classrooms, 84 sleeping rooms, 4 laboratories, indoor swimming pool, gymnasium, auditorium, 2 classically designed chapels, large kitchen, 2 cafeterias and numerous other features. Ideal for user or rehabber. Sugg.

Opening Bid: 8460,000 ENTIRE DOWNTOWN SQUARE BLOCK INDUSTRIAL BUILDING9 2. West gat Mill District Property 216 S. Morgan Chicago, IL A full square block, minutes west of downtown Chicago, and bounded by Morgan and Sangamon, Adams and Jackson. A one, part two story, garage type building consisting of 66,000 sq. ft.

located in a 100,000 sq. ft. site. Ideal for redevelopment or use. Sugg.

Opening Bid: $400,000 FREEZERCOOLER BUILDING S. U.8.D.A. approved freezercooler building 143S W. Exchange; Chicago, A 66,000 sq. ft.

multi-story building on a 68,000 sq. ft. site. 13,200 sq. ft.

of cooler spsce and 2,400 sq. ft. of freezer space; four loading docks; 6,000 sq. ft. of office space; ample parking.

Sugg. Opening Bid: $100,000 APARTMENTS WITH STORES 4. 247-48 Pulaski Rd. Calumet City, IL. A 9,800 sq.

ft. brick and concrete constructed building with 8 apartments on the 2nd floor and 4,600 sq. ft. of commercial space on the 1st floor. The property YESTERDAY'S CULTURE MEETS TODAY'S CULTURE! In celebration of Newspaper in Education Week, March 6-10, the Chicago Tribune and the Field Museum of Natural History present this special education workshop.

Come to discover bright new teaching methods using the newspaper in the classroom and dig Into a wealth of resources for the study of past cultures. Time: 8:30 a.m. 3 p.m. Cost: $10 (lunch included) Free Parking: North lot Please use North Entrance. TEACH WITH TODAY'S Teach basic concepts and skills for all subject areas at all grade levels using the newspaper in the classroom.

Because the newspaper is culture today, your students will enjoy lessons and activities that relate to "real life." wa wiO ell the real estate and equipment of WAHREN OIL HEATINQ CO. (Surptua location) 4725 South Knox Chicago, llllnola 80638 on February 21, IMS, 1 1 AM. REAL ESTATE Lot 120'x126" Building 80'x1 10' 1 Story Brick Building 8100 Sq. Ft wl extended Depressed Loading Dock Brand New Complete Roof For further Information or Inspection, call Barry Ueberman. rfCAPTALUQUDA TORS.

I Serving Industry And Commerce Wf221 S. Western BM. 012) 847-7784 Chicago, 60608 Culture. Yes! Sign me up for the Newspaper in Education Workshop at the Chicago Field Museum of Natural History at 8:30 a.m. on Wednesday, March 1,1989.

Teacher's name LEARN FROM YESTERDAY'S Learn about the Field Museum's special educational resources available to you and your students. Tour the 'Inside Ancient School name as dadt nc A Advertise in the Auction Mart, where 95 of all auctionbid advertising in Chicago appears. Call May Moy at (312)222-4089 to place your ad. Sunday order deadline: 4 p.m. Thursday; Wednesday order deadline: 2 p.m.

Monday. BANKRUPTCY AUCTION FURNITURE, WAREHOU6E EQUIPMENT School address FEBRUARY 17th 11:00 AM. IFRIDAV. I 1300 W. AiTQELD, f'SKY CHICAGO, IL Egypt exhibit) Ml FURNITURE: BIUUIOS eofAS wall cabinets CityStateZip CERTIFIED OR CASHIER'S CHECK NEEDED TO BID ON EACH PROPERTY School phone COMFORTERS DRAPES ORANDFATHFR nr.it uaiidi omi frJSSS CHANDEUERB ROOM DIVIDERS CERAMIC Tui OAK OUAryTrTY TO MULTILEVEL njRNITlJfW CAHTA nn metmnu For brochure, open house dates, terms of sale and additional information, call: (312) 8304918 or (312) 346-1800 District numberGrade level TnHfct TIER PALLET SHELVING CLARK PALLET RIDERS' MrMAnnkna I 8ourcs: Chicago Newspaper Classified Ads and Unas Report.

IsWICHEvOLrTia'CUBftlfnVrEfATKAI M'POYallalurwfew Signature mm i tiq ryjTi i trj IXMArlB WftUQW LiKaEmiQH. WtD. a THUR TLB. 18 1 itih 10 A Trir- EDUCATIONAL SERVICES hrlnulnu lliv world Into iic classroom..