The Daily Oklahoman from Oklahoma City, Oklahoma on August 16, 1995 · 15
Get access to this page with a Free Trial

A Publisher Extra Newspaper

The Daily Oklahoman from Oklahoma City, Oklahoma · 15

Publication:
Location:
Oklahoma City, Oklahoma
Issue Date:
Wednesday, August 16, 1995
Page:
15
Start Free Trial
Cancel

Business THE DAILY OKLAHOMAN News1 9 Comics20 WEDNESDAY, AUGUST 16,1995 15 W DOW AVG. W down 19.02 Business Briefs From Staff and Wire Reports Blue Chips Lose Ground NEW YORK Blue chip stocks fell Tuesday as a rally in the dollar to the highest levels in nearly six months threatened to hurt the foreign earnings of multinational firms. A late-session reversal in the bond market, how ever, pulled stocks off the day's lows. The Dow Jones industrial average closed 19.02 points lower at 4,640.84, up from the day's low of 4,614. The blue chip index rallied more than 41 points Monday. In the broader market, losers led gainers 1.180 to 1.035 on moder ately heavy volume of 330 million shares on the New York Stock Exchange. The Nasdaq composite index slipped from its record closing high set Monday, dropping 0.07 point to 1,012.37. The Standard & Poor's composite index of 500 stocks fell 1.17 to 558.57. The American Stock Exchange index rose 0.58 to 524.52. The NYSE Composite index of all listed common stocks fell 0.52 to 299.23. The average price per share fell 6 cents. The Wilshire Associates Equity Index the market value of NYSE, American and Nasdaq issues was 5,543.937, down 4.876 points or 0.09 percent. Frontier Earnings Climb Frontier Natural Gas Corp. had 1995 second-quarter net income of $133,161, up 42 percent from net income of $93,788 for last year's second quarter, the Oklahoma City-based gas and oil company said Tuesday. Revenues for the latest quarter approached $1.73 million, versus $1.66 million for the year-earlier period. The company said this year's second-quarter results were favorably affected by a $601,100 gain on a sale of 3-D seismic data that was previously expensed in 1994. Frontier Chairman David Berry said, "The seismic sales helped boost our second-quarter revenues to offset for lower gas prices and some production declines." Questa Earnings Decline TULSA Lower oil and gas revenues linked to a decline in natural gas prices were reflected in second-quarter results for Questa Oil & Gas Co., company officials said Tuesday in a news release. Questa posted net earnings of $77,000, or 8 cents aer share, on revenues of $662,000 for the second iuarter. That compares with profits of $159,000, or 15 cents per share, on revenues of $718,000, for the same period a year ago. During the first six months of 1995, the company -eported earnings of $164,000, or 16 cents per share, on revenues of nearly $1.3 million. That compares with earnings of $234,000, or 22 cents per share, on revenues of about $1.4 million for the irst six months of 1994, the news release said. Tulsa-based Questa explores and develops oil ind gas properties in the United States, primarily n Texas and Oklahoma. merican Eagle Pilots Win Ruling FORT WORTH, Texas The National Media-ion Board ruled that the four AMR Corp. subsid-aries that fly as American Eagle comprise one lirline, meaning pilots can select one union to epresent them, Three unions represent the 2,442 pilots from the bur companies Simmons, Flagship and Execu-ive airlines, and Wings West. The mediation board ruled Monday on the sin-le-status issue after more than three years of tudy. The Allied Pilots Association asked the loard in June 1992 to consider the matter. The APA represents about 1,150 pilots at Flag-hip and Executive airlines and about 9,500 pilots t American Airlines. American Eagle pilots are lso represented by the Air Line Pilots Associa-ion, the country's biggest pilot union, and the tegional Airline Pilots Association. 0&T Plans Internet Access NEW YORK AT&T Corp. said Tuesday it muld begin selling access to the Internet next ear, becoming the last of the major long-distance ompanies to offer connections to the global public ata network. While late to the Internet frenzy, AT&T has lissed little. Most U.S. households do not have a ersonal computer, and only about one In five of lose that do are connected to an on-line service. AT&T announced three Internet-related busi-esses and said it hopes to make the network as Imple to use as the telephone, But executives were vague on when key services rould be ready, what equipment would be re-uired and how much the service would cost. Over-the-Counter Local Stocks OMelal NAID wain dI Ml in MflOfMl O-T-C AUrl i on i JWI MlQCh II CamSv incPl IKFIn inmyDrl ivmRot ITK 7.60 7.78 4.37 4 BO 8.87 0,13 .as .ea 1.13 1.31 163 3.00 10.00 80.00 22.00 SO 85 a so o.oo .08 .12 3.37 3.44 ComAlr 4.7S 5. OLBOII 0.7810. em 287 s. Faodbrndi 14,0014. fnvmam 1,00 i Frontlar Fronllorp UbSpw Pnmm Slock fit LIU 75 SWBonc 18.85 18.28 12 lUIWI 10.6011.00 .08 TMSInc .80 .84 37 Tovmr 2.87 3,80 ,37 Unicoi .88 .80 03 Unlniui 18.00 18.60 00 UnltCrp 3 26 3.37 1 04 2.C B2S1O.0 3.37 3.76 .04 1.03 Darren Crwa 8curl!li .00 .10 Inc. Quotation! provldad by Storm Tied to Taste in Some Braum's Milk By Jon Denton Staff Writer Lake water at the Brawn's Dairy in Turtle and the severe storm that disrupted power throughout the Oklahoma City area last month have been linked to customer complaints about the taste of the company's milk, a Brawn's spokesman said Tuesday. The dairy removed some milk from shelves after several days of customer complaints earlier this month, Terry Hold- en, Braum's marketing director, said. "We got some calls that (said) the milk didn't taste right, so we started pulling it and double checking at the same time," Holden said from Braum's Oklahoma City office, 3000 NE 63. Braum's traced the problem back to the July 24 storm when hurricane-force winds raked the Oklahoma City area. Hold-en said the Braum's lake in Turtle "turned over," a process "We got some calls that the milk didn't taste right, so we started pulling it and double checking at the same time." Terry Holden, Braum's marketing director that causes algae to bloom and impart a slightly sour taste. "The cows drink the water and the flavor goes through them. That's why we make sure we are feeding them alfalfa, which has a sweet flavor," Holden said. Researchers found 30 percent of tiie people tested could detect the off-flavor, he said. The taste appeared in three days of milk production. The state Health Department examined the milk and foun nothing wrong, Holden saic No public complaints hav been heard since early las week, although people hav called to say the milk taste fine again, he said. He said he did not know ho many containers were pullei from shelves but that any re maining problem milk will b destroyed. "People can alway bring any Braum's produc back for a refund or replace ment," Holden said. CURRENCY n Pago 18: Markets at a Glance U.S., Japan, Germany Boost Dollar WASHINGTON (AP) The United States and Japan, this time joined by Germany, pushed the value of the dollar to its highest level in nearly six months with a dollar-buying spree Tuesday that caught markets by surprise. Wall Street was unimpressed, with stocks falling partly on new worries that the Federal Reserve would delay any further interest rate reductions. After falling more than 40 points, the Dow Jones industrial average managed to recoup half of those losses to end the day down 19.02 at 4,640.84. Private economists gave the Clinton administration high marks for a more successful strategy for supporting the currency. Earlier this year several intervention efforts failed to keep the dollar from hitting post-World War II lows. Tuesday's action was confirmed in a brief statement by Treasury Secretary Robert Rubin, who said the U.S. dollar-buying was done "in cooperation with the German and Japanese authorities." While Japan had joined with the United States to intervene in currency markets less than .wo A hot August for the U.S. dollar With support from central banks in the United States, Japan and Germany, the dollar has climbed to its highest levels since February against the Japanese yen and the German mark. LatB New York trading, daily Mark to dollar exchange rates Yen to dollar exchange rates 15 mmmm mm lammm mm 1feiW aajfiS 94 nsmmm " ..JPP' 1.44'. iPS" 93 m&7tMm SHl 1-42 jjrj ii 'f ''' jjrc 11 - jjjS Aug.1 2 3 4 7 8 3 Theme Parks Sold To Premier 9 10 11 14 15 weeks ago, Tuesday's effort marked the first time that the German central bank had purchased dollars since May. The dollar-buying, which was also supported by the central bank of Switzerland, helped to push the U.S. currency initially to its highest levels in nearly six months against both the Japanese yen and the German mark. While it gave up a bit of those gains, it was still significantly higher at the end of the day than it had been Monday. In late New York trading, $1 was buying 96.40 yen, compared with 93.60 yen on Monday, or 1.4765 German marks, up from 1.4350 marks Monday. "The United States, Japan and Germany have given a powerful signal that they are on a course of moving the dollar significantly higher," said Allen Sinai, chief economist at Lehman Brothers Global Economics. "This was a well-planned and brilliantly staged move." Economists, who generally give government intervention low marks as a long-run cure for currency problems, praised the administration for switching strategy and timing its moves to support the dollar during periods when it is already being pushed higher by the markets. This represented a change of course from earlier this year, when the administration tried to intervene in a vain effort to keep the dollar from falling lower. Those attempts were seen as failures and added to market pessimism about the U.S. currency. The dollar hit a postwar low of 79.85 yen April 19, down more than 20 percent from the start of the year. "The United States had given intervention a bad name earlier this year because it was so 8 9 10 11 14 15 APWm. J. Castello woefully ineffective," said Elliott Dix, a market analyst for Ruesch International, a global financial services company. Economists were somewhat puzzled by the stock market's drop. Some blamed published comments by Federal Reserve Vice Chairman Alan Blinder in which he indicated the economy would have to weaken further from current levels for the Fed to cut interest rates again. Other economists said part of the market's unease may have been a feeling that the stronger dollar would set back efforts to lower the U.S. trade deficit by harming American exports or weaken the earnings potential of U.S.-based multinational firms. A weak dollar is usually viewed as beneficial for U.S. exporters because it makes their products cheaper in foreign markets. By Jim Stafford Staff Writer Oklahoma City-based Premier Parks Inc. completed a $60 million acquisition Tuesday that will double the number of theme parks the company operates. Premier acquired three Funtime Inc. theme parks Geauga Lake, near Cleveland; Darien Lake, between Buffalo and Rochester, N.Y.; and Wyandot Lake in Columbus, Ohio. Premier also operates Frontier City and White Water Bay theme parks in Oklahoma City and Adventure World in Largo, Md., near Washington, D.C. Premier officials hailed the acquisition as thrusting the company among the major players in the theme park business. Kieran Burke, chairman and chief operating officer, said the combined attendance in 1995 of all six parks will be more than 4 million with revenues of more than $75 million. Premier financed the transaction with a private $90 million bond placement through Chemical Securities Inc. and a private placement of $20 million of its Series A convertible preferred stock. In addition to funding the acquisition, the pro ceeds of the financinj provide Premier witl funds for capital im provements at all sij parks, as well as othei corporate purposes. Burke said that Garj Story, Premier's presi dent and chief operating officer, will direct the op erations of all six parks. Premier's ability to im prove its properties and boost attendance and revenue has been demon strated at its Adventure World theme park, officials said. Since acquiring the park in 1992, Premier has invested more than $25 million in new rides anc attractions, while Adven ture World attendant has doubled and reve nues have tripled. Premier was rewardet for its investment in th( property when Adven ture World was voted th "Most Improved Park" ir the United States foi three consecutive yean by Inside Track maga zine, the company said in a news release. In addition, the company said it has invested more than $12 million in its Frontier City theme park in Oklahoma City since 1989, with attendance showing a 50 percent increase and revenues almost doubling. Business Expansion Down, Commerce Study Indicates By Gypsy Hogan Staff Writer Investment in new and expanding manufacturing and processing plants for the first half of the year is down 43 percent compared to the first half of 1994, a state report released Tuesday indicates. Capital investment totaled $100.8 million for the first half of 1995. That mmnflrM tn 817B.9 mil- lion invested for the first two Quarters of 1994. a state Commerce Department report shows. Trip miarterlv numbers swing greatly, said Dan Gorin. a commerce de partment economist. The past four years, investment numbers wore up in 1992, while '93 was down; '94 was up; and now '95 is down. Year-to-date, 38 companies have announced new or expanding manufacturing and processing facilities, compared to 66 for the first half of 1994. Companies making the announcements predict 4,205 new jobs within the next three years, compared to 4,880 projected In 1994. The commerce department has been tracking the investment numbers for 20 years, Gorin said. However, the state's Quality Jobs Program has made the report more consistent the last two years since the commerce department handles the paperwork for companies signing up for that program. Those are companies planning expansions or new facilities. Information for the report traditionally has been gathered by collecting data from newspapers and chambers of commerce in the state. For the last two to three years, the state has been tracing new and expanding companies in the service sector, Gorin said, noting that it is a growing area of the state's economy. Tuesday's report showed six companies announcing expansions in the second quarter, with 1,278 jobs forecast within the next three IP Dan Gorin years, Anticipated investment is $17.3 million. Major second-quarter announcements included Wrangler Inc. in Seminole; Bar-S Foods, Altus; Kwik-Set, Bristow; Elliott Homes Inc., Duncan; and Goodyear Tire & Rubber, Lawton. Others were Simmons Poultry, McAlester; Tyson Foods, Broken Bow; Dyna-Mow, Cushing; and Equi-Trans, Vinita, Oil, Gas Production Continues to Drop By Bob Vandowater Staff Writer Oklahoma's 1995 oil and gas pro duction through May continued to trail levels for the same period last year, according to preliminary data Issued Tuesday by the state Corporation Commission, The data, to be refined later as updated information becomes available, shows Oklahoma's 1995 oil production for the first five montlw of the year totaled 36,1 million barrels, That is down from almost 38,6 million barrels of production reported for the corresponding 1994 period. The average sales price for a barrel of Oklahoma oil during 1995's first five months was up, however, to $17.31 from $14 for the same period a year oarller. Oklahoma's gas production during this year's first five months totaled almost 777 billion cubic feet, the preliminary data shows, That is down from the more than 806 billion cubic feet of gas produc tion reported for last year's corresponding period. The price of Oklahoma gas during 1995's first Ave months averaged only about $1.24 per thousand cubic feet, down sharply from the year-earlier average of $1.83, the commission report says. Future rovlaion of the data is expected to confirm Oklahoma oil production's downward trend. Oil production for the full 1994 calendar year totaled less than 91 million oarrols, a 75-year low. Commission to Set Rules on Trucking Private Carriers Targeted By Bob Vandewater Staff Writer The state Corporation Commission plans to establish requirements for licensing certain private intrastate motor carriers or trucking businesses in Oklahoma starting Nov. 1, officials said Tuesday. Licenses for operation will be required for all private Oklahoma intrastate carriers that transport people or property in vehicles heavier than 26,000 pounds gross vehicle weight and that operate beyond boundaries of any incorporated city or town. Licensure of such private carriers was mandated earlier this year by the Legislature. The corporation commission is required to establish rules to implement the law and therefore has issued a "notice of emergency rulemaking." Proposed rules developed by commission officials would establish requirements for affected private carriers for obtaining and renewing a license, set minimum insurance requirements and prohibit the leasing of an intrastate private carrier license. The emergency rules will be in effect until permanent rules are approved by the Legislature in 1996. Copies of the proposed emergency rules are available free from the office of the court clerk of the corporation commission, Room 130, Jim Thorpe Office Building, 2101 Lincoln Blvd., Oklahoma City. Interested parties may submit written comments in response to the proposed rules through Aug. 28. A technical conference between interested parties and commission officials Is scheduled for Aug. 31 to allow informal discussion of the proposed rules and alternatives. That meeting will begin at 9:30 a.m. in Courtroom A of the Jim Thorpe Building, A public hearing on the proposed rules will begin at 9:30 a.m. Sept. 7 in Room 301 of the Jim Thorpe Building. Questions concerning the emergency rulemaking should be directed to Lynne Jones in the agency's transportation division nt (405) 522-5285 or to commission attorney Deborah .lacobson at (405) 521-2255,

What members have found on this page

Get access to Newspapers.com

  • The largest online newspaper archive
  • 20,900+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Publisher Extra Newspapers

  • Exclusive licensed content from premium publishers like the The Daily Oklahoman
  • Archives through last month
  • Continually updated

Try it free