The Atlanta Constitution from Atlanta, Georgia • 85

Friday, June 23, 1995 H3 The Atlanta Journal The Atlanta Constitution BUSINESS Bank South attempting to switch Schwab plans expansion in metro area next year North Fulton, Peachtree City are targeted West to overhaul cable systems West on Thursday announced a $220 million overhaul of the GCTV and Wometco cable systems, which provide service to more than 500,000 customers in metro Atlanta. The project will last three years, but some customers will be offered new services, including telephone service, within 12 months, said Steven Andrews, president of Southern Multimedia Communications, a West subsidiary. Two contracts related to the project were also announced, including one with Norcross-based Scientific-Atlanta. The company will supply equipment to increase the number of cable channels available. Scientific-Atlanta said the contract is worth "considerably less than $100 million" but declined to be more specific.

US West, one of the regional Bells, bought GCTV and Wometco last year. The reduction in the time investors have to pay or be paid when they buy or sell securities has been a "nonevent" The time was reduced to three days from five last month. He is optimistic about the stock market in the near term. "Wall Street anticipates how things will be six months to a year out. People think rates will be lower and business expansion will continue," he said, adding that investors also are optimistic about possible tax cuts.

"The two critical things are possible reduction of the capital gains tax and improvement in the individual retirement account." Beyond that, Schwab said, Charles Schwab says he is optimistic about die stock market in the near term. "The overall world seems to be OK." economy The Schwab brokerage, which pioneered the discount business in 1975, "will meet" revised earnings estimates for the second quarter, which will end June 30. Analysts recently raised per-share estimates from the low 40-cents-a-share area to 45 cents or even 50 cents for the San Francisco-based company. Schwab said the increases are justified. "Look at the flow of new accounts coming in.

We now have 50,000 new accounts per month that bring in about $3 billion in new assets each month." RENEE' HANNANS Staff change. Their system is not fair," Clinton said Meanwhile, more than 100 economists of varying ideological stripes signed a letter to Clinton urging him to drop the threat of sanctions. The economists asserted that the new World Trade Organization would be "seriously and permanently damaged" if the United States bypasses it and imposes unilateral trade sanctions to punish Japan for failing to expand sales opportunities for U.S.-made autos and auto parts. Among the economists signing the letter were a broad range of liberals and conservatives, including two Nobel Prize winners, liberal James Tobin of Yale University and conservative James Buchanan of George Mason University in Virginia. tmd'i 1 'Vi'M 'J One of the targets: The Lexus LS 400 is among the cars that will be hit with a stiff tariff if the dispute isn't settled.

U.S., Japan still far apart in quarrel over autos, parts used parts. The joint investigation, led by Florida and Illinois, is trying to find out if the Chatsworth, company sells home computers as new even if they contain parts from returned equipment, said Joe Bizzaro, a Florida attorney general spokesman. The 10 other states participating in the inquiry, Bizzaro said, are Arkansas, Delaware, Massachusetts, Michigan, Missouri, New York, Ohio, Pennsylvania, Texas and Vermont. AD CAMPAIGN: one of the undisputed losers in the Senate's passage of a telecommunications bill last week that allows local phone companies to get into the long-distance business, plans to launch an advertising blitz to whip up public support. The nation's largest long-distance company has bought time on commercial TV stations in 20 cities.

contends the bill passed by the Senate is unfair because it makes it too hard for long-distance telephone companies to get into the local telephone business. LIN PRICE: McCaw Cellular Communications said it will settle lawsuits by LIN Broadcasting Corp. holders by paying an additional $2 a share for the 48 percent of LIN it doesn't already own. The agreement will boost purchase price to $129.50 a share, or $3.31 billion, from an April agreement to pay $127.50 a share, or $3.26 billion. GM LAYOFFS: General Motors Corp.

said Thursday it will layoff 1,200 to 1,500 workers at its Arlington, Texas, assembly plant as it phases out production of large, rear-wheel-drive cars. The plant, which has 3,700 workers, is scheduled to convert to truck production at the end of the 1996 model year. It now makes Buick Roadmaster, Cadillac Fleetwood, Chevrolet Caprice and Impala SS models. TREASURY BILLS: Interest rates on 52-week Treasury bills fell in Thursday's auction to the lowest level in nearly a year. The average discount rate was 5.22 percent, down from 5.54 percent at the last auction on May 25.

The bills will carry an equivalent coupon interest rate of 5.53 percent, with each $10,000 in face value selling for $9,472.20. THE WORLD KEEBLER SALE: United Biscuits Holdings PLC said it intends to sell the U.S. salty-snacks part of its Keebler division, which includes products such as O'Boisies and Rip-plin's potato crisps. The Middlesex, England-based food manufacturer did not specify any potential buyers. Keebler, based in Elmhurst, 111., had $192 million in 1994 sales in its salty-snacks business.

ATLANTA COKE SETTLEMENT: A Delaware state judge has approved a $22.5 million settle--ment of a shareholder lawsuit tied to Atlanta-based Coca-'Cola 1987 acquisition of Tri-Star Pictures Inc. The settlement with Coca-Cola, Sony Corp. and some directors of a former Coca-Cola unit had been disclosed last month. The plaintiffs claimed Coca-Cola mistreated them when it than doubled its stake in 5 the television and movie production company to 80 percent. Coca-Cola sold Columbia Pictures, which included Tri-Star, to Sony in 1989.

l't: GEORGIA CARMIKE BUY: Carmike Cinemas plans to announce to-' day that it is buying 145 the-! ajer screens in Florida and Al-abama from Cineplex Odeon for $22 million, Carmike President Michael Patrick said Thursday. The purchase, the movie theater com-j pany's fourth this year, brings holdings to 2,185 screens, second only to United I -'Artists Theater Circuit Inc. -ktwith more than 2,230 screens nationwide. A slump in movie attendance nationwide (luring Q'ihe first three months of the year helped fuel the acquisi-( tion frenzy, making theater Owners more willing to sell their properties, Patrick said. THE NATION MICROSOFT INQUIRY: The Justice Department is stepping up its antitrust inqui-X'ry into Microsoft's new on- line service by sending out a f.

new round of civil subpoenas, VThe Associated Press said Thursday, citing an industry source. According to AP, the 2 source, who has met with Jus- tice attorneys, said companies I are being asked to provide in-i -formation about on-line regis- tration of their software. The were not identified by the source, who spoke on condition of anonymity, the AP said. The Justice Depart- ment is trying to estimate how big a share of the market Win- dows 95 and the Microsoft 'Network will gain after the-- Aug. 24 introduction.

ADOBE DEAL: Adobe Sys-! terns Inc. said Thursday it in-? tends to buy software maker i Frame Technology Corp. in a stock swap valued at $500 mil- lion. Mountain View, based Adobe, known for Post-i Script, the industry standard for desktop publishing pro- grams, said San Jose, based Frame Technology will i strengthen its presence in the UNIX market. UNIX is the computer language used by I engineers and scientists on workstation machines.

PACKARD BELL PROBE: Bell Electronics fine's sales practices are un-Kder investigation by 12 states trying to determine if the com- pany deceptively markets peril sonal computers that contain regulators By Rodney Ho STAFF WRITER Bank South hopes to save a half-million dollars a year by changing regulators. Instead of its current regulator, the federal Office of the Comptroller of the Currency, Bank South has filed an application to change its charter so it would be regulated by the Georgia Department of Banking and Finance. Approval is expected at the end of this month. "It's an opportunity to bring the regulatory partner closer to home," Bank South spokesman Matt Lewis said. "We can be a big fish in a small pond rather than a small fish in a big pond." Bank South has operated only 'in Georgia since it sold its Pensa-cola, operations in 1993 to Barnett Bank.

Banks, unlike most other regulated industries, get a choice of regulators. Bank South and others believe being watched by the OCC is more expensive than beirig watched by the state because of extra paperwork and fees: About 120 banks nationwide have converted to state charters since 1993. The $500,000 estimated savings is only a small dent in Bank South's $262 million in annual expenses, but the bank is looking at all options to lower its operating costs. Embry seeks relocation In another regulatory development affecting a Georgia bank, Atlanta-based Embry National Bank has filed with the OCC to move its bank headquarters IS miles from DeKalb County to fast-growing Lawrenceville in Gwinnett County. Embry, however, would keep its offices in DeKalb and Fulton.

The Community Bankers Association has filed a protest because it thinks Embry is skirting state laws. Currently, Georgia has the most restrictive bank branching laws in the country. Banks can't cross county borders unless they buy another banK in that new county. Fulton ahd DeKalb are viewed as one county under the regulations. An OCC spokesman said Embry's attempt appears to be legal because federal law allowing OCC-regulated banks to move headquarters up to 30 miles supersedes state law.

Southern Bell Small Business Services A BELLSOUTH Company WMfi HdwWreUiter.mf i By Susan Harte STAFF WRITER Discount brokerage Charles Schwab Co. plans to open one or two more offices in the metro Atlanta area in 1996, in the North Fulton and Peachtree City areas, Chairman Charles R. Schwab said Thursday. The company currently has four local offices and 209 nationally. Schwab said the brokerage will expand in metro Atlanta because of the health of its economy and because the West Coast and Northeast still are feeling the effects of recession.

Schwab, in Atlanta to address some of the company's most active customers, also said: Unionists protest at Japanese consulate By Richard Greer STAFF WRITER Colony Square security officers scuffled Thursday with some of the 200 unionists protesting the permanent replacement of more than 2,000 striking BridgestoneFirestone workers. The protesters, members of, unions from several Southern states, came to deliver a letter of appeal to the Japanese consulate at the Midtown office tower. BridgestoneFirestone is a wholly owned subsidiary of Tokyo-based Bridgestone Corp. The unions want the Japanese government to pressure Bridge-stone to negotiate a new contract with the United Rubber Workers. In May, the union ended an unsuccessful 10-month strike over several issues, including the institution of a 12-hour day.

The plants where workers were on strike are in Oklahoma, Iowa, Indiana, Ohio and Illinois. Company spokesman Trevor Hoskins said BridgestoneFirestone has offered substantial raises and that the 12-hour day in the tire industry is standard. Hoskins said neither the protest in Atlanta, nor a half-dozen similar ones at Japanese consulates around the country, nor a boycott launched by unions, would have an impact. The Rev. Tim McDonald of Concerned Black Clergy in Atlanta disagreed with Hoskins' assessment.

"We're going to pray, and we're going to demonstrate, and we're going to jail if we have to," McDonald told the protesters. Leon Lynch, international vice president of the United Steelworkers of America, almost did go to jail. As the crowd outside the consulate tried to prevent security officers from locking the doors to Colony Square, Lynch went inside to deliver the letter of appeal. After a one-hour standoff during which consulate officials refused to receive Lynch and police prepared to arrest him, a consulate official came into the hallway and accepted the letter. Sports marketers sell control of firm The Sponsorship Group of London has acquired a majority stake in the Championship Group, an Atlanta-based sports marketing and sales promotion firm.

The privately held firms would not disclose the price. "The key reason for our company agreeing to be acquired is the global marketing opportunities for our clients," said Gary Stokan, a Championship director. "The Sponsorship Group is the third-largest sports marketing firm in the world." Stokan and two other Championship Group directors, Thomas Swanson and Ardy Arani, will maintain a 30 percent stake in the company. Henry linger FROM OUR NEWS SERVICES Geneva The United States and Japan remained deadlocked in their automobile dispute Thursday, less than a week before the threatened imposition of the biggest U.S. trade sanctions in history.

Talks are scheduled to continue today. "My frank impression is that the positions of Japan and the United States are still wide apart," Atsushi Ohi, a senior Japanese trade ministry official, said after more than three hours of negotiations. President Clinton repeated his pledge to impose 100 percent tariffs on 13 models of Japanese luxury cars next Wednesday unless Tokyo makes market-opening concessions. "The Japanese have to IhisCanHelp YouTakeControlOf YourSmallBusiness. ALSO NOTEWORTHY Roswell-based Checkmate Electronics Inc.

has named Mike Hackney director of international sales. Atlanta-based Auto-1 Protection Corp. has reached an agreement with Cartel Marketing Inc. of Los Angeles, to market its EasyCare extended I vehicle service contracts exclusively in California. Visa and Wkch "Something Ventured" On PBS.

We listen to sirall business owners every day. And one thing you've told us is that having more control over your business operations would give you greater control over your business' success. So Southern Bell Small Business Services Ls sponsoring "Something a 26-program scries on the how-to's of small busincss-from marketing plans and staff management to inventory control and financial accounting-all from industry experts and successful small business owners just like you. So join us in watching "Something Ventured" on GFTv; Saturdays at 1 :30 PM. Made possible by Southern Bell Small Business Services, MasterCard reportedly will announce today they ve teamed up to jointly develop a safe way for consumers to pay for goods on the In- ternet using their credit cards Mitsubishi Motors Corp.

said it plans to temporarily suspend exports of its Diamante model to the United States, but the company denied the move is related to the Clinton administration's threat to impose 100 percent tariffs on the car. Federal Express Corp. will offer service to eight 'countries in the former Soviet Union and to Myanmar through the I-company's Global Service Participants network. flW5SmiilicrnHcll Staff reports and news services..