The Atlanta Constitution from Atlanta, Georgia • 85

I THE ATLANTA CONSTITUTION 0 1 SECTION 1 Dsily Indicators Dow Jones Average 833.85 NYSSVclume 43.77 million AMSX Indsx 327.75 Tfcktr i 2 Prim Rota 15-15 NYSS '4' 26-Wek 10.701 Am Cold In Nw York $420.90 OTC Friday, Dee. 4, 1931 3- jnn mm mmm mm mm mm tr im 11 mmmmm mm I mmmmm mm mm mmm mm mm mm mm mm mm mm mm mm ik rm mm 1 is 1 II li i Hi 11 II II II Wl IE II IV II II II 1 1 till II II II II II II 11 II li II VJ 1J II II II II II II II II I II I I 1 Thomas Oliver c- Marketing sail Open-market interest rates did decline agaia Thursday but Jones said he did not expect them ta fall as fast as they have. He said, however, that the further declines will prompt another drop in the -discount rate, but probably not until the beginning of next year. Heinemann also said be expects significant drops in interest rates next year but said it will be a "rocky path." Four other central banks West Germiny'r-Bundesbank the Swiss and Dutch National Banks', and the Bank of England also reduced their base lending rates, and an analyst for a major bank com men ted that "it's obvious that they were acting toi concert." with the announcement of a 5.2 percent decline in new orders for manufactured goods in October. The decline was led by a 9.1 percent decline in orders for durable goods, such as appliances and cars, the, largest monthly drop since the 1973-75 recession.

H. Erich Heinemann of Morgan Stanley Co. also argued that the Fed is accommodating declines i interest rates as the slumpir economy reduces 6mand but is not taking actions that would to forces. in 'rates this week also was used, fey Hhe large press of corporate borrowing 'isid, importantly, by the recognition that the Rea-: gan administration's January budget numbers, espe- cially for future deficits, are going to be glum. "The word is getting around about what those budget numbers are going to look like and there is doubt that Congress will go along" with the spending cuts needed to cut these deficits, Heinemann From Pmt Diuilchn WASHINGTON The Federal Reserve Board said Thursday it will cut its discount rate from 13 percent to 12 percent, in another move by the nation's central bank to accommodate a drop in interest rates as the economy continues to decline.

The cut, effective Friday, is the second reduction in this key rate in a month. The Fed cut the discount rate the interest rate charged to finao-; 'cial institutions that borrow from the regional Fe i banks from 14 percent to 13 percent on Nov. The Fed's recent actions to lower the discount rate have followed decreasing market rates rather-than signaling a relaxation of the board's policy. On the other hand, the Fed led the market when it was raising the discount rate in its campaign to restrict credit and combat inflation. In a short statement issued with the announcement, the Fed said, "the action was taken to bring the discount rate into better alignment with short-' term rates that have been prevailing recently in the market" The vote on the move by the seven members of the board was unanimous.

Interest rates had risen this week, interrupting a decline that has been going on since October. The increases came as some analysts decided the we'd wt pressive'" down r3 i cut 'Ay 1 i. "The market thought the Fed would faster but it didn't, so we had to correct this David M. Jones of Aubrey G. Lanston Co.

of New York. a But Jones said that he expects interest rates to continue to decline because of the weakening economy, which was emphasized again Thursday Scripto Hopes Lighters Hot Among Young The coordinated action was intended to pre-- I 1 i. veni uisiocauon on lureigu excooce vmsixxs, imr lysUsaid. BanfeiOn Chris JCill mas man Broker Pleads Guilty Florida Court Sets Sentencing In Jan. Garti vr -jKyK) jy-y mi mm- 'j ''j 1 I 1 By John Maynard ComtltuNM Stdt WrlW Miami stockbroker Dennis Greenman, charged with having lured an Atlanta attorney to Tampa, to borrow funds to invest in his alleged pyramid investment scheme, Thursday pleaded guilty to violating, federal interstate transportation statues.

In Tampa, U.S. District Judge George C. Carr set sentencing for Jan. 14 for the 36-year-old Greenman, who could face 4 maximum penalty of 10 years in prison and a $10,000 fine. Greenman's plea was accepted by the court, with Carr noting that Greenman could still receive the maximum penalties.

Greenman also agreed to use all of $1.7 million in assets to repay persons who had invested in his "Short-Term Trading Program." The Justice Department's organized crime strike force charged Greenman, earUer this week with violating the federal interstate transportation statutes following an eight month investigation begun last April by the Securities and Exchange Commission. -t In its court pleadings, the SEC claimed some 400 people invested as much as $53 million in Greenman's in-vestment program. -U The Justice 1 Department charged Greenman with having enticed1 Atlanta attorney Lynwood Maddox to sTampa last August to arrange a loan from the Metropolitan Bdnkand Trust Co. of Tampa. The fundi were Chairman Robert Weinstein In An EUman's Store: 'Customers Associate Us Highly As A Reservoir Of Gifts' The Atlanta-based catalog showroom depends for its survival on heavy sales of Christmas gifts in the last quarter to offset losses earlier in the year Atlanta-based Scripto Inc.

has aimed, its disposable lighters' flames at. the hot 18- to 25-year-old market, which accounts for 30 percent of the 350 million disposable lighters sold each year. Scripto's hew Star Light imprint lighters will feature popular rock recording artists topped by REO Speedwagon, Journey and The Who. The new, $1.99 adjustable, disposable lighters will be marketed through record shops, convenience stores and specialty retailers where rock and roll memorabilia is sold. Scripto's research shows that (100 million was spent last year on rock and roll memorabilia.

In addition, $10 billion was spent on records, with the 18-to 25-year-old market accounting for half of those sales. Those statistics give Scripto well-founded hopes for achieving considerable sales with its new lighters. Star Light lighters were conceived and licensed by Rockbill Inc. of New York. Nationwide distribution is being handled exclusively by Paradise Creations of Los Angeles.

Reading Starts In Childhood If Americans are reading less and misunderstanding it even more, the best, if npt the only place to start rec-tifing this is with children. Atlanta's first all-children's bookstore Children's Books Gift Market opened recently on Pharr Road i The store is stocked with books for children of all from pop-ups for infants to adventure and romance for teen-agers. The store boasts a complete selection of toys, games and puzzles. Jan Barstow, a teacher for 17 years and a mother, and Margaret Walker, a child and family therapist with the Fulton County Mental Health Division and also, a mother, are the founders and owners of the bookstore. 1 Local TV Offerings Expanded Three new specialized offerings have hit the airwaves of Atlanta.

WATL-TV Channel 36 began Monday carrying Financial News Network in alternating 30-minute periods from. 10 a.m. to 5 p.m. Monday through Friday, Channel 36 carries local financial news in between. FNN President Glen H.

Taylor said the new network, which is carried by 13 local station affiliates, can reach more than 21 million television households. Based in Santa Monica, FNN will provide business news, interviews and a continuous display of the New York and American stock exhanges' ticker tapes. SUPERSTAR TV, a new over-the-air subscription television serivce began broadcasting recently on Atlanta's WVEU-TV Channel 69. Before you try and adjust your dial, SUPERSTAR TV's frequency is scrambled and before you can receive such movies as "The Electric Horseman," "Superman" and "Ordinary People," you must pay the price. Subscribers pay a one-time installation charge of 349.95, a refundable security deposit of $25 and a monthly programming charge of $20.95.

SUPERSTAR TV comes from the tower atop the Peachtree Plaza Hotel from STV of Greater Atlanta. Show-times are limited, beginning at 7 p.m. on weekdays and 3 p.m. on Saturdays and Sundays. Travelers Video Network has begun broadcasting in 28 Atlanta hotels, including Peachtree Plaza, Hyatt Regency, Colony Square and 11 local Holiday Inns.

Broadcasting under the channel identification of WelcomeVision, TVN is free to the hotels and their guests, being totally advertiser supported. The Atlanta tour-guide programs are identical in each hotel, except for a two minute insert about the services of the respective hotel. TVN is combining the selling of Atlanta with the buying power of the traveler. With some 11,000 hotel rooms, Atlanta caters to more titan 1 million annual convention delegates who spend nearly $500 million each year later invested with other money -Jnto' minJIIIIWIWlL I.U.I l.l,,llll!l,,Jlwlllluillll 1 Mil. Greenman's trading program.

According to SEC: told potential investsnC thati he had devised a computer progranj lhat could simultaneously purchase a security at the lower price on one exchange and, seU it at the higher price on reaping huge profits in a matter of sec pawn shop, Citizens Loan Association, which was later sold, renamed Citizens Jewelry, and is today one of EUman's competitors. "I am the proverbial son-in-law," said Weinstein. In 1946, he founded EUman's with two partners. This summer, at age 64, he turned over the presidency of EUman's to a younger relative, Al Katz. Weinstein became chairman of the company and plans to take on more planning and advi-' sory functions.

In the years since the company was founded, EUman's has grown to become the largest retailer of its kind in the Atlanta area. It is the only Atlanta-based catalog showroom. Even after 35 years in which he performed every task from stocking shelves to filling orders, Weinstein cannot hide his glee as he watches orders flow into the warehouse from telephone, mail and showroom sales. "Why would somebody from Bedford, By Emily F. Rabin Cooilllulkm SUH Wrlltr In two out of four quarters each year since the early 1970s, Atlanta-based EUman's Inc.

has reported losses. But every Sear, the pre-Christmas quarter has uoyed the discount catalog showroom chain to profitability. Although this behavior is typical of the catalog showroom industry, EUman's mix of merchandise over. 40 percent jewelry, the rest hard goods makes it particularly dependant on one strong quarter. "Customers associate us highly as a reservoir of gifts," EUman's Chairman Robert Weinstein said.

"Our assortments actually provide ongoing day-to-day uti-' lization, but apparently that is not perceived as much as we'd Uke it to be perceived. Obviously our gdal is to try to make the other quarters less deficient and profitable." r. Weinstein; the son-in-law of the company's namesake Michael Ellman, began his career in his father-in-law's Court records show that Greenman limited the access to his short-term trad-; ing program, for which there was sup-: posedly a four-year waiting list, to tl small number of persons through whom investors placed their funds in the pro- gram. One of those investors was Lynwood Maddox, who told the Constitution last, June that he and about 15 other inves-; i tors had as much as $26 miUion tied up in Greenman's program at one time. See GREENMAN, Page 3-C 5UH Pholoi-Owlghl Hol Jr.

Jewelry Shop "pe 2 'y Mnts Gem In Ell ,7. i 4 MitTi I "it UiiSi November Car Orders For Manufactured Goods Decline 5,2 Percent Tumble To 22-Year Low the Foreign Ministry could not accept the U.S. request for greater "voluntary" reductions in auto shipments -from 1 Japan, Japanese officials said. In May, Japan's carmakers agreed to limit exports to the United States to 1.6S million units this year and to hold dawn exports In 1982. Among the Big Three automakers, Ford Motor Co.

suffered the largest sales decline, 20.2 percent, selling 97,646 cars for the month against 122,356 in the 13H9 month. Ford said it would suspend operations at eight car assembly plants and four truck operations next week to reduce inventories, temporarily Idling 26,375 workers. The industry's total of Indefinite layoffs will hit 193,671 next week, and an additional 56,775 hourly workers wiU be on temporary layoff. From PrtM DliptlchM U.S. automakers suffered their worst November in 22 years last month as new car sales plunged 18.4 percent from the same month last year, the companies' said Thursday.

Sales came to 431,726 for the month, down from 529,288 in November 1980. However, the seasonally adjusted annual rate of sales improved slightly from October. The domestic automakers' annual sales rate of 5.3 million cars in November was up from an annual rate of about 5 million cars the month before. Some of the U.S. industry's decline has been a result of competition from overseas, particularly Japan.

On Thursday, the Japanese government, refusing to yield to American pressure, said further voluntary curbs on Japan's auto exports to the United Stales "out of the question." Deputy U.S. Trade Representative David Macdonald is expected to press for lower export ceilings when he meets with government officials in Tokyo Monday. Vice ForelRn Minister Ryozo Sunobe told Prime Minister Zcnko Suzuki that of 1 percent in September and 1.5 percent in August It matched the 5.2 percent decline in April of 1980, the heart of last year's recession, but wasn't as great as the 5.5 percent fall in April 1979 during the Uonwide truckers' strike. In the durable goods industries, the report said new orders were off a seasom ally adjusted $7.9 billion to $78.4 billion 1 in October. That was "the sharpest one-' month drop since the 9.4 percent decline recorded in December 1974," it said.

The decline in September was 1.2 percent, Excluding a 42 percent drop in the volatile defense capital goods category, total durable goods new orders were off 8.4 percent in October, it said. "The declines in new orders were widespread across the individual durable goods industries," said the report Shipments of manufactured goods were down 2.4 percent in October to $164.5 billion, the fourth consecutive monthly tumble, said the report. The book value of manufacturers' inventories rose $278.4 billion, up 0.6 percent from September, it said. WASHINGTON (AP) Orders for new VS. manufactured goods tumbled 5.2 percent in October, marking the third monthly drop in a row and the largest decline since April 1980, Commerce Department officials reported Thursday.

The October decline was driven by a sharp 9.1 percent fall in new orders in the durable goods industries, which was the biggest one-month drop since December 1974, the department said in a new report. Moreover, the report said, manufac-' turers' inventories continued piUng up in October, another sign of a business downturn. David Cross, a senior economist at Chase Econometrics in Bala Cynwyd, called the decline "precipitous." The figures "do give us some cause to expect this quarter is going to be particularly bleak, Cross said. Cross predicted the economy would bottom out in January and February and turn up in March. In all, the value of manufacturers' new orders fell a seasonally adjusted $8.8 billion to $159.6 billion in October, the department said, following declines Ohene Darko, president of the Continental Africa Chamber of Commerce, says the organization will open an office In Atlanta.

Story, Page 2-C. Retail Sales Sluggish The holiday season is off to a slow start for three large retailers who reported lower sales in November. Page 2-C Market Closes Mixed The stock msrkft closes' mixed in a lackluster session, but key meas-' urea managed small gains. Page 2- General Motors Corp. naa sales ci 270,198 cars last month, down 18.1 per cent from 329,793 a year ago.

Chrysler Corp. sales fell 14.7 percent to 45,011 cars for the month, compared with 52,740 last year. It was the second See AUTOS, Pag tf 7.