Rutland Daily Herald from Rutland, Vermont • 10

Business Rutland Daily Herald Wednesday Morning, January 19, 1994 Page 10 Economic Boom Unlikely In the Aftermath of Quake Cat Country Set to Debut WJEN-FM Hits the Airwaves Next Week the residents of the Los Angeles area are believed to hold earthquake insurance, which they must purchase on top of regular homeowners policies. The U.S. government will provide emergency aid. But much of it will likely be loans and it will be slower in coming. With the Miami hurricane, you saw pictures of State Farm agents out there, the day right after the hurricane, with checkbooks in their hands, said Kimelman.

The federal government cant do that." Economists said that even as Southern California rebuilds, economic growth will be hampered by transportation problems that will hurt productivity. "The workday effectively will be shortened" as employees spend more time commuting, noted David Hensley, an economist at Salomon Brothers who previously ran a business forecasting project in Los Angeles. Some economists also said the earthquake could be the last straw for residents or businesses that had been considering joining an exodus from Southern California due to the weak economy, high prices and other problems. Long-term, its another reason for firms making a location decision now to think about Utah, Texas, Austin and Phoenix, said Gene Smolensky, dean of the school of public policy at the University of California at Berkeley. All the problems of Southern California are going to weigh a little more heavily.

By MARY BETH SHERIDAN The Associated Press NEW YORK Natural disasters like the California earthquake often are followed, perversely, by an economic boomlet. Governments restore mangled highways, homeowners hire roof repairers, consumers replace shattered televisions, spurring the economy. The same is likely in Southern California. But with many homeowners lacking earthquake insurance and key highways damaged, the weak economy is expected to get only a minor pickup as the area rebuilds, economists said Tuesday. I think the boost from any rebuilding, or reconstruction, over the next year or two is going to be relatively small compared to the Bize of the Southern California economy, said Paul Bishop, senior economist at the WEFA Group in Bala Cynwyd, Pa.

While damage estimates are still sketchy, thousands of construction workers are likely to be hired to fix roads and homeB. Utilities may add employees to help repair broken water mains and gas lines. Nancy Kimelman, chief economist at the Boston-based Technical Data analysis service, estimated Tuesday that 10,000 construction jobs would be created in the Los Angeles area in the next month or two. In the year after Hurricane Andrew battered southern Florida in 1992, the local housing and construction industries boomed. Sales of cars and furniture soared as people replaced their possessions.

But much of the hurricane damage was covered by standard insurance policies. In contrast, less than half By BRUCE EDWARDS PROCTOR For local radio listeners who have searched in vain for a country music radio -station, their search is over. By the end of next week Rutland radio station WJEN will be TO the air at 94.5 on the FM dial with a country music format. WJEN, formerly WYOY, will L-make its debut on Friday Jan. 28 at 6 a.m., station owner Katie I Ewald Adams said Tuesday, Adams, 36, said the West Proctor Road station will be si-mulcasting the country music format of WJAN in Manchester which began broadcasting 18 months ago.

Adams, a Dorset resident, bought the 6,000 watt station three months ago from Rutland Community Broadcasting for $150,000. Rutland Community Broadcasting was a partnership included John and David Kimel of St. Albans. The Kimel partnership took possession of the FM license 1 from former owner Euward Pic who shut down WYOY and ks sister station WHWB-AM in December of 1992. WHWB re-' mains off the air.

The decision to simulcast -made sense from a financial -standpoint as well as from a programming standpoint, Adams Said. She said the Manchester station, owned by Ron Morlino, had been well received since it went on the air capturing the largest listenership in Bennington County. The stations format, known as hot new country, will fill a omqjor void in the Rutland market, Adams said. According to 2 "figures provided by the station, 41.6 percent of all radio listeners in the U.S. last year tuned into country stations compared to Viacom Ups Bid for Paramount The management team of Rutland radio station WJEN was busy Tuesday preparing to get the new station ready for its debut next week.

Pictured at the West Proctor Road studios in Proctor are: Katie Ewald Adams, (left), WJENs owner; Ron Morlino, (center), president of Manchester radio station WJAN; and Sam Stern, (right), general manager for both stations. Adams' station will simulcast the Manchester station's country music format. By GERALDINE FABRIKANT The New York Times NEW YORK Determined to stay in the fight for Paramount Communications, Viacoms chairman, Sumner Redstone, made a new offer Tuesday that included more cash per share plus some assurance that the volatile stock portion of Viacoms bid would retain its value once a merger was completed. Based on closing prices in Tuesdays stock trading, the overall value of Viacom Inc.s new bid was still lower than the pending offer from QVC Network about $82.50 a share, compared with QVCs $84 a share. Yet many Wall Street analysts and traders said the higher cash portion of Viacoms offer, plus the protection against future declines in Viacoms stock, might force QVC to alter its own bid.

Its a dead heat, one Paramount shareholder said Tuesday. Several traders said they were waiting to see how the bids stacked up in coming days as the value of Viacoms and QVCs stocks fluctuate. On the numbers QVC is better today, one said. But going forward, you have some protection on the back end in Viacom. Viacom raised its bid to $107 a share for 50.1 percent of Paramount Communications Inc.s stock, up from its previous offer of $105 a share.

It also promised Paramount shareholders that if Viacoms class non voting stock dropped below $48 a share in the first year after completion of a merger, investors would get some compensation. QVCs pending offer is worth $92 a share for the same amount of Paramount stock, but the overall value of its bid appears to remain higher because the stock portion is stronger. 31.5 percent for adult contemporary and 26.6 percent for news talk stations. Both stations will be known as Cat Country in recognition of the elusive and independent Vermont catamount. Although the stations music programming will originate in Manchester, the local station will be involved in the community, she said.

As one ex ample, Adams said the station will use public service announcements to promote community events in the Rutland area. Station officials also said that Sunday mornings programming will be devoted to local interviews and panel discussions. However, Adams said there were no plans to hire a local (See Page 11: Station) Chrysler Exceeds Predictions With $777 Million Profit earnings of $356 million, during the fourth quarter of 1992. The most optimistic analysts forecast was $1.90 a share, reported by Zacks. Chrysler set its previous record for a fourth quarter in 1984, when it earned $607 million.

In heavy trading on the New York Stock Exchange, Chrysler shares hit a record of $63.50 early in the day, before closing at $62.50 a share, up 75 cents. It was the Big over all for the company, before taxes and charges for accounting changes. But in part because of a previously announced charge of $4.68 billion to account for the health care of its future retirees, Chrysler lost $2.55 billion, or $7.62 a share, for the year. For the quarter ended Dec. 31, earnings were $2.11 a share, compared with $1.12 a share, on net Boards second most actively traded issue.

In a little more than a year, the stock has nearly doubled, reflecting the growing affirmation on Wall Street of the No.3 automakers turnaround. What this quarter says in no uncertain terms is that this is a superbly managed company, said Philip K. Fricke, auto analyst with Prudential Securities. By JAMES BENNET The New York Times DETROIT Chrysler Corp. reported Tuesday that its earnings almost doubled to a record $777 million in the fourth quarter of 1993, beating even the rosiest predictions by Wall Street analysts.

A recovering North American au: tomobile market and Chryslers revived line of cars and trucks contributed to a year of record earnings Check Those Old Toys, Records Before Tossing Them iBentsen fLobbies lAsians 2 By THOMAS L. FRIEDMAN The New York Times BANGKOK, Thailand Trea-Zsury Secretary Lloyd Bentsen on Tuesday laid out the Clinton ad- ministrations strategy for gaining access to foreign markets for Ameri- can financial service companies, which say they are being shut out of some of the worlds biggest emerg-wg economies. Asian stock markets, outside of Japan, have grown in value since 1988 from $180 billion, to $1 trillion, but many countries in this region still put severe constraints on TQnerican investment banks, brokerage firms, commercial banks and insurance companies that want to sell their services in these markets. Asian and other developing governments say they are afraid of being dominated by American financial institutions, or having too many banks competing for limited capital, and have restricted their ability to operate or expand with J) ranch offices. IT One of the reasons for Bentsen's trip to Indonesia, Thailand and China, which he is to visit Wednesday, is to brief Asian governments Kiplingers Magazine Virtually everyone has some- ar thing stashed Money in a closet thats worth money.

The vllluij trick is figuring 4 what and how much. The biggest mistake an amateur seller makes, says Harry L. Rinker, editor of Warmans series of price guides, is wanting entirely too much money. Prices listed in guides are approximate figures and reflect the dealers retail price, which is 50 percent to 70 percent higher than the seller can expect to get. Moreover, the guides dont always agree.

For items of special value, its worth paying an expert $50 or $100 to have the piece appraised ideally by Bomeone wbo isnt also a potential buyer. To find an appraiser, write to the International Society of Appraisers, 500 N. Michigan Ave. Suite 1400, Chicago, 111. 6061 A piece has to be in mint condition to get top dollar.

If a record looks like youve used it for a Frisbee, its probably not worth anything, says Jeff Tamarkin, editor of Goldmine (Iola, 715-445-2214), a newspaper for collectors of records and CDs. If you downplay the wear and tear on an object when talking to a potential buyer, it can kill the deal. Rinker notes that differences in condition of even one grade out of 10 can affect value by 20 percent to 30 percent. Generally, collectors want pristine, unused pieces, although their particular criteria are spelled out in the guides. Action figures, a popular col lectible, are considered in mint condition only if they are in their original plastic-and-cardboard packages, says Ted Hake of Hakes Americana Collectibles auction house, in York, Pa.

(717-848-1333). Comic books lose value if a staple is missing, whereas magazines are often worth more apart than together, says Denis Jack-son, editor of the Illustrated Collectors News (P.O. Box 1958, Se-quim, Wash. 98382). You can sell the cover to one collector, an advertisement to another and the illustrations to yet a third.

Autographs are more valuable if they appear alone on a page, with nothing on the other side. Treasury Secretary Lloyd Bentsen was in Thailand Tuesday to persuade officials there to open their markets to U.S. financial institutions. about how the United States intends to bring down the barriers to its financial services. The recently concluded General Agreement on Tariffs and Trade negotiations in Geneva failed to reach a consensus on this point, after endless wrangling between the United States and the big emerging economies of Asia and Latin America.

In a speech to the Thai Bankers Association, which Treasury officials hope will be heard around the region, Bentsen presented the American approach. Before parting with your Beatles al- bums, Fisher- IvhfitiftC Price toy collec-tion or fishing tackle, scan the price guides and newspaper classifieds to get an idea of the value and marketability of your collectibles. Most often, rollectors overestimate the value of their goods rather than underestimate it. 1 Market in brief New York Stock Exchange Selected Stocks January 18, 1994 DOW(Industrials) NYSE NEW YORK Yesterday's priest for NYSE listed most active stocks: This list of quotstiont Is provided through ths couritay of DEAN WITTER REYNOL08, mtmbsr of ths Nsw York Stock Exchange, 17 Wsst St, Rutland (Telephone 775-2345). Stocks of VT.Intsrsst Dow Unchanged The Associated Press YORK Corporate eam- "ings took the spotlight on Tuesday, I pushing stocks mostly higher, al- though blue-chip issues ended un-; changed at the previous sessions record high.

1 While the Dow Jones industrial average matched its record of 3,870.29, set Monday, advancing is- sues outnumbered declines by 2 about 4 to 3 on the New York Stock 2 Exchange. 2 Volume on the floor of the Big Board came to 308.65 million 1 shares as of 4 p.m., up from 226.40 2 million in the previous session. 2 Fourth-quarter profit reports 2 from the nations companies began 2 ip earnest this week and on Tues- -day, the market was flooded with word of records from the likes of 2 Chrysler and Chase Manhattan. 2 While Chrysler rose to 62V2 and Chase rose Vs to 357a, good news didnt necessarily translate 1 onto a higher stock price, particu- 2 larly for the banks. Key Rates NYSE Diary Tues.

Prev. Day Year Ago PRIME RATE 6.00 6.00 6.00 DISCOUNT RATE 3.00 3.00 3.00 FEDERAL FUNDS(x) 3.19 2.95 3.35 3-MO. TREAS. BILLS 2.99 2.96 3.03 6-MO. TREAS.

filLLS 3.15 3.14 3.13 7-YR. TREAS. NOTES 5.21 5.24 6.23 30-YR. TREAS. BONDS 6.26 6.29 7.30 TELEPHONE BONDS 7.23 7.26 8.33 MUNICIPAL BONDS! xx) 5.52 6.35 (x) Estimated daily average, source Telerate Advances: 1,210 New highs Declines: 892 152 Unchanged: 630 New lows Total issues: 2,732 20 1 Composite volume: 376,855,340 1993 avg.

comp, 323,714,610 AP.