York Daily Record from York, Pennsylvania on August 28, 1987 · 23
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York Daily Record from York, Pennsylvania · 23

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York, Pennsylvania
Issue Date:
Friday, August 28, 1987
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23
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Section August 28, 1987 Classified Advertising York Daily Record Tfcs79 Faros, DHiF International consulting firm has York address Compiled from Daily Record staff and wire reports . mmmarkb&repor f UTWt UTWTf MTWTf UTWIP MIWT MTWT it 1S U a The stock market retreated for the second straight session Thursday in selling ascribed to concern over a weak dollar and rising interest rates. Story on 2C. At a glance Dow Jones'.... 2,675.06 (-26.79) Volume (millions) 163.61 NYSE Index..:... 185.26 (-1.68) S&PS 400 387.28 (-3.63) AMEX Index 361.02 (-1.96) NASDAQ Index . 454.80 (-.46) COMEX Gold 455.40 (-1.90) Prime Rate 8.25 1 -Year T-Bills 6.61 30-year Mortgage 9.510.25 Consumer Price Index 338.7 Drovers declares dividend The board of directors of Drovers Bancshares Corp., parent company of The Drovers Mechanics Bank, has declared a quarterly dividend of 20 cents per share payable Sept. 30 to shareholders of record Sept. 4. Sunday News parent buys ER Lancaster Newspapers Inc., publisher of three Lancaster papers and one in York, has bought the Ephrata Review, company officials announced Thursday. John M. Buckwalter, president of Lancaster Newspapers, said he signed the sales agreement Wednesday evening with David S. Nagle, president and owner of the 11,400-circulation weekly newspaper. v The 109-year-old newspaper had Been suffering a cash shortage since embarking on an ambitious plan to .Spend as much as $1 million to expand into a vacant 40,000-square-foot building. The agreement provides for payment of back taxes, construction costs and other bills, Buckwalter said. There was a big burden taken off their shoulders, Managing Editor Stanford D. Hyman said shortly after Buckwalter announced the sale. Lancaster Newspapers publishes the daily Lancaster New Era, Intelligencer Journal, Lancaster Sunday News and 'the York Sunday News. The Review will operate as a separate company, according to Lancaster Newspapers. Mystery illness at Martin ORLANDO, Fla. Defense contractor Martin Marietta had another outbreak of mystery illnesses Thursday with as many as a dozen workers seeking treatment for dizziness, chest pains and breathing difficulties. It was the second such incident in two days and the third in a little over a month involving workers assembling electrical wire harnesses in a large factory building at the plant southwest of downtown Orlando. BUSINESS FACTS rampmraiinnssiB 1 : In percent change; seasonally adjusted annual rates 3E 1.25 1.00 -75 .50 - ill .25 JASONDJ FMAM J J W1 .nrAJLn Tl . Chicago Tribune Chart Source: U.S. Department ot Commerce ; By JEAN D1MEO" Daily Record staff writer A newly-formed consulting firm, headed by former state Secretary of Commerce James O. Pickard, is cultivating business opportunities for U.S. and foreign firms from a little-known international hubub: Emigsvillc. Weve already signed (clients) in Japan and Korea, Pickard said of his six-month-old firm, Globus Group Ltd. - The company, which employs seven people locally, already has a full plate of work lined up, he said. Globus Group acts as a consulting firm for foreign enterprises hoping to work here, and for American firms interested in penetrating foreign markets. The group is conducting marketing research and site searches for clients both in the United States and abroad, and is examining joint-venture opportunities, Pickard said. The work is being coordinated Lv National SCORE chief visiting By JEAN DIMEO Daily Record staff writer As the newly appointed executive director of SCORE, John E. Daniels is starting to make the rounds, visiting the local chapters that make up the 12,000-member Service Corps of Retired Executives. Yorks is the first chapter Daniels intends to visit. Not, however, because it has the most members, or because it is more active than other chapters. Its a convenient two-hour drive, said Gus Berle, spokesman for the Washington D.C.-based group. Berle, who has been to York, added another argument for. making the trip. I told him the food at the Elderly are wealthier WASHINGTON (AP) The relative wealth of Americas elderly has increased steadily over the past 20 years, to the point where their average income is more than 80 percent that of the under-65 population, according to a Social Security Administration study. The survey, published recently in the Social Security Bulletin, stated that much of the gains for the elderly stemmed from increases in Social Security benefits and higher interest rates that enable retired people to realize more income from investments. All of the figures in the Social Security study were adjusted for differences in family size. The survey concluded that the average income of people in elderly family units was about 84 percent of those in the under-65 population in 1984, compared with 69 percent in 1967. Using median income figures, in which half have higher income and half lower, the study reported the median adjusted income for aged family units was 73 percent of the under-65 population in 1984, compared with 53 percent in 1967. Kirk Douglas suing Sperry By JOHN M. DOYLE Associated Press writer NEW YORK Actor Kirk Douglas filed a $17.8 million breach of contract suit against Unisys Corp. Thursday for firing him as Sperry Corp. spokesman after the company was purchaced by Burroughs Corp. Douglas served as Sperrys corporate spokesman, making public appearances and television commercials, from October 1985 until it was acquired by Burroughs on Sept. 16, 1986. . Sperry ended the agreement a month after the acquisition in an October letter to Douglass production company, The Bryna Company. The letter noted that Sperry and Burroughs would merge operations under a new company name and corporate identity. , . . According to the letter, submitted "With Douglass court papers. Burroughs would not agree to assume his contract as Sperry spokesman. Unisys, a $9 billion information systems company based in Detroit and Blue Bell, Pa., was created in November 1986. Douglas claimed Sperry had agreed to hire him as spokesman for a minimum of two years, beginning Oct. 14, 1985, for $2.5 million. The unilateral and unjustified termination of the contract, according to the lawsuit has virtually eliminated through a network of about 40 representatives here, in the Far East and in Europe, he said. Globus is operating out of the offices of York Saw & Machine Co. Inc., another Pickard-owned firm, in the York County Industrial Park. Globus also has an office in Japan and affiliate offices in Korea and Taiwan. As Secretary of Commerce under former Gov. Dick Thornburgh, Pickard directed the states international affairs, including its foreign offices in Tokyo, Frankfurt, London and Mexico City. Pickard, a Lancaster resident, said he chose southcentral Pennsylvania to establish his company because the area gives foreigners a favorable impression of the United States. They are somewhat turned off by the quality of. life presented in bigger cities, he said. But people feel comfortable here. Please see QLOBUS on 3C Yorktowne (Hotel) is excellent," said Berle, who has eaten there. Daniels, a former U.S. Department of Engery official, will attend a monthly SCORE meeting Sept. 2 at the CYBER Center, York Countys small business incubator and SCORES headquarters locally. He also will be observing two counseling sessions with clients in York that day. Daniels will then visit the Harrisburg SCORE chapter Sept. 3. SCORE is funded by the U.S. Small Business Administration. Its members counsel persons interested in starting companies and give advice and guidance to business owners free of charge. The York SCORE chapter is also supported by the York Area Chamber 'ot 1 h e V -. s O -ivy- Oil rig work Bob Boyles of J&M Oilfield Supplies in Houston, Texas, mikes the inside of a blow-out preventer. Despite recent hard times for southern oil industries, Boyles says his business is holding steady. Jt - J . ''W'Sf ' ' V, ' Kirk Douglas any possibility that Douglas could enter into a similarly prestigious and rewarding contract with any other major U.S. corporation. Douglas, star of more than 70 films, including Tough Guys, Spartacus and The Champion, claimed he was told his contract would not be terminated if the Sperry product line or corporate identity survived an acquisition. ... James O. Pickard of Commerce. It is made up of 37 retired businessmen who have more than 1,000 years of experience among them, said Chairman Franklin W. Zarfoss. During the past 10 months, the chapter has talked with 273 people and held nine workshops averaging 23 participants, Zarfoss said. Daniels, who was installed as SCORES executive director July 1, was not a SCORE member, but was selected for the job because of his knowledge of computer-based management information systems, said Willoughy S. Dade, a SCORE regional representative in Harrisburg. The nationwide group is investigating management information systems, he said. " C-. YH -i. ti.iuj Associated Press photo Peoria execs bullish on Cat By BILLVOGRIN Associated Press writer PEORIA, 111. Although theyre happy Caterpillar Inc. stock is soaring in value, company officials refuse to embrace the forecasts of some industry analysts projecting a return to the days of huge profits. George A. Schaefer, chief executive officer, and Pete Donis, president of Caterpillar, told reporters Wednesday they expect a slow, steady growth for their company and said things look quite good at the moment of the worlds largest manufacturer of earth-moving equipment. At the momentr things are going very well, Schaefer said, referring to the recent performance of Caterpillar stock, which stands at $65.50. It says investors around the world are quite pleased with whats been going on here and are bullish on Caterpillars future. Ive always been bullish on Cat. Please see CAT on 3C John Cunniff is an Associated Press columnist. First-time home buyers still face a rough road ome evidence is developing that suggests todays more variable and flexible mort- fages are allowing younger amilies to break into the housing market. The evidence isnt conclusive, and it is marred by a big asterisk. But it does offer hope that young families might be able to cope with purchase prices that have soared in the past few years. More than 40 percent of homebuyers during June and July were between the ages of 25 and J4 years, according to a study by the National issociation of Realtors. Another 35 percent fell into the age 35-44 category. The asterisk is that more than 70 percent of these buyers at least those who used conventional mortgages were repeaters, meaning they had accumulated equity in one house and then used it to move to a higher price category. Nevertheless, the same statistics show that . many thousands of first-time buyers managed to crack their way into the market in spite of high prices and big down payments. The survey didnt show where those down payments came from. Because housing prices have risen so sharply and for so long, the most difficult challenge facing first-time buyers is to get a toehold: Once they are owners, rising prices often enable them to build equity for larger homes. Getting that initial grip, however, has become one of the biggest challenges that young -families can face. Many couples work two jobs and forgo vacations and other luxuries in order to accumulate down payments. Still, many of them are discouraged to learn that while they scrimp to save a few thousand dollars a year, a small percentage increase in housing prices can offset their efforts, leaving them no nearer their goal. For many couples, for example, a $5,000 savings account accumulated in one year requires a once-in-a-lifetime effort. But a 5 percent rise in the price of an $80,000 house can almost totally negate that effort. Having had years in which to pay off their mortgages, and benefiting from tremendous increases in their equity because of rising market prices, many parents are in a position to make loans to their children. Uncle Sam helps, too, by allowing interest on such home equity loans to be deducted from taxable income of the parents, some of whom are at their peak earning power and in need of tax deductions. Still, the survey shows that many first-time buyers resort to FHA or VA loans. About 59 percent of buyers using FHA fixed-rate mortgages and 55 percent of VA borrowers were first-timers. The survey shows also that it still takes above-average income to finance a house. The average income of borrowers on fixed-rate, 30-year conventional loans was $53,700. VA-guaranteed borrowers averaged $44,600 of income. Buyers using conventional, fixed-rate 30-year financing borrowed an average of $138,800, with down payments of $39,500. Mortgages insured by the Federal Housing Administration averaged $70,000, with down payments of $5,300. And mortgages insured by the Veterans Administration averaged $83,300, with down payments of $6,800. While the numbers do suggest that more younger families may be cracking the housing market, they also indicate that first-time buying remains one of lifes biggest financial challenges. John Cunniff, Associated Press business analyst, is an award-winning specialist in business news writing who produces the AP column, Business Mirror." Cunniff, who has been covering business since 1961, is a graduate of Boston University and Columbia University. BRIEFCASE by John Louthan Of course its all right to call me 'Chuck if you feel you don't want the job.'

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