Kingsport Times-News du lieu suivant : Kingsport, Tennessee • 7

r-sr Thursday May 25 1989 Kingsport Times-News 1 A Business Delay in ruling on Robins plan for victims Associated Press 'IX (V DOW UP 586 POINTS IN QUIET SESSION NEW YORK The stock market shook off an early slump and closed higher Wednesday in a generally quiet session The Dow Jones average of 30 industrials closed up 586 points at 248387 Advancing issues outnumbered de-cliners by a margin of about 8 to 7 in nationwide trading of New York Stock Exchange-listed stocks with 762 issues up 661 down and 534 unchanged Volume on the floor of the Big Board came to 17860 million shares down from 18769 million in session The market opened lower following a weakening of II bond prices after the Bank of England said it would raise its base lending rate from 13 percent to 14 percent Stocks rebounded slightly after midday following a rally in the bond market Analysts said the market was trendless for most of the day with some investors taking profits amid mostly balanced buying and selling Late in the day however traders said selling dried up Times-News photo Oavftt Grace Garth Nicely with carnival in background JC BRADFORD MOVES OFFICE JC Bradford Inc has moved its Kingsport office from 343 Center St to a location directly across the street at 338 Center The brokerage firm introduced its new quarters to the public at an open house Wednesday Workers finding carnival no place for clowning around en with injury claims against Robins voted in favor of the reorganization plan but lawyers for the appealing claimants challenged the way the vote was taken and the amount of the trust fund The fact most of the claimants voted in favor of the plan increases frustration over the delay Joynes said a fair amount of resentment that the appeal was even filed that a handful of people are holding this he said During the appeals process $100 million of the $25 billion trust fund has been available to compensate women with minor Daikon Shield injuries or poorly documented claims The bulk of the fund awaits final confirmation of the reorganization plan Because the case has dragged on for so long and because American Home has the option to withdraw from the plan if it is not finalized by July 26 one year after its initial confirmation Robins asked for and was granted an expedited hearing by the appeals court hope was that they would act very quickly and we would know before July 1989 whether the Supreme Court was going to review the Joynes said Roscoe Puckett a spokesman for Robins said American Home officials have given no indication that they plan to exercise their option to back out of the deal expect that they will continue on and wait and he said Lawyers representing claimants said millions of dollars in potential interest are being lost because the trust fund money will not be deposited until appeals to the plan are exhausted A more pressing concern is releasing the funds to pay for reconstructive surgery for the diminishing number of women who still hold out hope of bearing children Ms Hightower said day we delay is another day that the women who have even the smallest chance of having a child lose that she said hope the justices realize how important it have to believe in my judicial system and believe trying to do the right she said just hope that they do care about the victims The victims are just going through RICHMOND The long wait for a court ruling on the AH Robins bankruptcy reorganization plan has discouraged women who have waited more Kev 4a Ka wtuiUVVU iUi Daikon Shield-related injuries the leader of a group said Wednesday lot of women are losing said Linda Hightower director of the Daikon Shield Victims Association in Atlanta Ms Hightower said she receives daily phone calls from claimants wanting to know when the case will be settled longer it becomes the harder it A reorganization plan including a $25 billion trust Jund for Daikon Shield claimants was approved in July T988 by US District Judge Robert Merhige Jr and US Bankruptcy Judge Blackwell Shelley The plan called for Robins to be acquired by American Home Products Corp of New York in a $700 million exchange of stock and with full payment of creditors An appeal of the plan was heard on an expedited basis by the 4th US Circuit Court of Appeals in December 1988 think most people figured have heard something by the end of said Stanley Joynes III a Richmond attorney appointed to represent future Daikon Shield claimants just utterly all sitting aound on pins and needles waiting for the 4th Circuit to said Robert Miller an attorney for shareholders filing for Chapter 11 bankruptcy protection in August 1985 came 11 years after it pulled the Daikon Shield birth control device off the marki About 45 million of the intrauterine vices had been distributed in the United States and abroad At the time of the Chapter 11 filing Robins had paid about $520 million to settle more than 9000 damage lawsuits and faced thousands more from women who said they suffered injuries including infections sterility miscarriages and children with birth defects because of their use of the Daikon Shield About 94 percent of the 200000 wom By LEE ANN FLEET Times-News Business Editor GASOLINE PRICES UP 174 CENTS WASHINGTON DC Gasoline prices for the Memorial Day weekend are up 174 cents since Easter the sharpest price increase between two holiday periods in nine years the American Automobile Association reported this week Memorial Day Fuel Gauge Report shows the average price of gasoline nationwide is $1254 per gallon compared to $108 per gallon during Easter The average price last Memorial Day was $1088 per gallon In Tennessee on April 22 AAA said the average price for regular unleaded gas at self-service pumps was $1132 per gallon and at full-service pumps the price was $1349 per gallon In Virginia motorists were paying $1115 for Ydfular unleaded gas at self-service pumps and $1345 at full-service pumps VA EXPORTS EXPECTED TO EXPAND NORFOLK Virginia will continue to expand its exports with the help of a weak dollar through this year and next despite the surge in the dollar this month trade officials and shipping officials predict Virginia exports which soared with the weak dollar to $67 billion last year from $57 billion the previous year are likely to climb to $77 billion this year and settle at around $81 billion next year state officials said Tuesday The Virginia Department of World Trade reported exports of $19 billion from January through March up 166 percent from $16 billion during the same quarter last year extraordinary numbers so we get used to a 15 percent compound growth rate Next year predicting 5 said JE Justice the deputy director "All kids want to work the carnr'al a paradise But I grew out-of it real fast I wanted to save Nicely says remembering his only day of vacation was the day after the Appalachian Fair ended and school began He used the day to buy school clothes Now that he is gnwn Nicely expects his employees to work like he did have the same respect for safety he does and stay straight changing the concept of carnivals Some people take time to put class in their effort Some- times Nicely said "A lot of kids have got where they want to work You grow up real fast out here because you work and you take care of he said And while others in the business may think he is a "weirdo" Nicely nevertheless questions prospective employees about drinking and drug habits Those who show up drunk or unfit to work find themselves on a bus heading out of town Furthermore employees must pass ride safety tests and Nicely insists all rides be up to safety standards Why is he so careful? "You have to Nicely says Insurance rates already are high and when carnivals are careless and get sued rates can drive them out of business His efforts at treating carnival workers like a business normally would treat employees appears to be paying off Nicely says 75-80 percent of his workers stay with him keeping his turnover rate considerably lower than might be expected from a carnival A kid could hardly want more from a summer job than to earn money surrounded by the lights music games and rides of a carnival Alter- all a job with the carnival is the perfect chance to lead that wild life free from the scrutiny of parents who demand responsibility try to eat up all a free time with chores and expect youngsters to stay away from drugs and alcohol Well it might be the perfect chance if the carnival is not run by Garth Nicely who is turning his carnival into a business-like business with profit sharing policies to prevent drug use and alcohol abuse health plans and bad news for employees who think the carnival is the place to clown around Nicely manages the James Drew which takes its games and rides throughout the South each year This week he is back home in Kingsport holding a 10-ride carnival sponsored by the Salvation Army The carnival located in the lot next to the World of Clothing on East Stone Drive will run through Sunday night Nicely has been working with the carnival since he was 11 and during that time has learned the carnival business: What works what what he likes and what he like As manager Nicely moves between the two or three carnivals Drew might be running during peak season and he manages the Appalachian Fair in Gray each year WETO television station set for auction in July Associated Press The UHF station now affiliated with Fox Network went on the air in October 1985 The station is owned by East Own Inc Stockholders include Austin members of his family Robert Lochte and Jurgen Rademacher TRI-STATE AUCTION May 19 1989 Slaughter Cattle 113 head Slaughter Cows 104 head: Cutter boning utility $49-5550 Brkg utility commercial $4350-5550 Canner low cutter $38-47 Slaughter Bulls 9 head: US 1-2 900-1300 lbs $61-69 1300-1600 lbs $61-65 1600 lb over $6275-63 Lambs 122 High choice prime 95-125 lbs $7450-75 Goats 5 $25-44 per head Feeder Cattle: 262 head Steers (medium 1): 200-300 lbs $106 300-400 lbs $94-104 400-500 lbs $86-97 500-600 lbs $87-9225 600-700 lbs GREENEVILLE Tenn A public auction for television station WETO is planned July 7 after a failed merger attempt with a California company The station and MT Communications negotiated the merger for months sell a television station at public auction iLeverything is going station manager Jay Austin said Wednesday $74-80 Holstein Steers (med large 1-2): 300-500 lbs $74-8175 500-700 lbs $7875 Heifers just come to terms We cut a deal that was acceptable to our MT Communications President Mike Thompson told the business weekly Austin a stockholder in the Greene-ville station refused further comment to The Associated Press The auction is scheduled to be held at the Greeneville offices Interested buyers will be able to bid on equipment or all of the assets (medium 1): 300-400 lbs $85-88 400-500 lbs $78-89 500-600 lbs $74-79 700-800 lbs $6475-7025 Feeder Bulls (medium 1): 300-500 lbs $87-9650 500-700 lbs $77-85 Cows returned to farms 3 head: medium 3-6 yrs old 850-1200 lbs $435-650 Cows with calves at side 15 pair: medium 5-10 yrs old 850-950 lbs with 100 to 300 lb calves $560-660 large 2 6-10 yrs old 850-900 lbs with calves 200-400 lbs $680-840 Baby calves returned to farms 5 head: Newborn to 4 wks $75-150 per head The Business Journal of Upper East Tennessee and Southwest Virginia reported this week the attempted merger with MT Communications Inc had been a last-ditch effort to salvage WETO not an absolute auction We can decline to sell if no acceptable Austin told the business weekly Market report 1 I lEMm NYSEMosfActive 1 1 34 By JC Bradford Co Wednesday Close Unlisted Securities NEW YORK Money rates for Wednesday as of 4:30 pm as reported try T-iterae-Sysrerhs'Tnc: Telerate interest rate index: 9213 Prime Rate: 1150 IBM 10914 NEW YORK Wed's prices for Entrgy 40e 3779 18 18 18 Vi Navistr Kmart 38 NYSE listed most active stocks: Exxon 220 11350 44 43 43 NewsCp 15e Kroger -Sales -Sfese- C-ka 10 S9 tntkSo 1 132 4286 58 57 28 onv Nova OrriPet 9 sn I 52 53 FI 5 5 21 21 35 8 OQl 0071 39 42 -r 1 11 40 40 4 4 51 51 60 60 57 58 14700 5 5651 22 5Su2 30 3961 9 oioa oo 4907 42 6825 12 6284 40 12458 4 6492 52 3651 60 3786 58 UU 8178 26 25 X4605 55 54 5511 27 27 8393 34 5054 15 5799 59 5374 20 16209 35 6376 44 4851 42 6484 27 3822 19 5511 11 5170 39 31384 36 33 15 58 20 34 44 41 27 18 10 38 35 vvi wuiyi Vv OwenM 26 PacTel 188 PartAm PepsiCo 1 Pfizer 220 PhelpD 3 PhilMr450 i PhilPet 88 PIcrD 30 Polaroid 60 PotmEI 146 PrlmeC QstVI 120a RJR Pf Racal 47 42 53 32 40 7 55 36 6 34 54 30 1 16 53 47 42 52 31 40 6 22 1 53 36 34 54 29 15 52 15259 48 4092 42 17513 53 6380 33 10620 41 4701 7 4147 22 10489 1 6583 55 11878 36 7165 34 3677 54 8201 30 11610 16 10734 54 FordM 3 Gannett 108 GenEI 164 Gnlnst 50 GMotr s275e Gensco Glaxo 66e GlbM Gdrich 2 GordnJ 52 Greyh 132 GlfWst 70 Halbtn 1 Hanson 85e HewIPk 34 26 55 27 34 15 59 35 44 1 27 19 10 39 1 35 1 7075 137 135 137 2 3819 23 22 23 12 12 39 39 20 20 15 1 6 1 11 5367 12 4291 39 21633 21 9831 16 7017 11 McDonalds 58 Mead 39 Mobil Corp 52 JC Penney Co 59 Pittston Coal Co 20 Ramada Inns 11 Sears 47 Service Merchandise 18 Sherwin Williams 28 Signet Banking Corp 35 Southern Co 25 Sovran Financial 38 Suntrust Inc 23 Tenneco Inc 54 Texas Instruments 43 TRW Inc 46 United Telecom 64 Vulcan Material 45 Wal-Mart 38 Warner Amex 51 Wendy's 5 6750 22 4296 71 21 22'- 67 70 2 Alcoa iova Amax 80 ACyan 135 AElPw 232a AmExp 84 AFamly 28 Amrtch S292 AMI 72 120 Amoco 190 AMP 120 ArchDn 10b Aristec 1 Armco 10e ArmWI 106 Avon 1 BakrHu 46 BkBost 124 BnkAm 30e Baxter 56 BethStl Boeing 180 BristMy 2 BritPt 410e BrlRsc n44e CdnPc 76 Chmpln 110 Chase 236 Chevrn 280 Chryslr 120 CircleK 28 Citicorp 162 Listed Securities Air Products Chemicals 42 American Electric Power 27 Corroon Black 35 CSX Systems 33 Dominion Resources 43 Eastman Kodak 45 Exxon 43 First Virginia Banks Inc 28 Hills Dept Store 9 Holiday Inns 48 Dtuxer can lumi ivdu-IVOj Federal funds market rate: High 975 Low 9 6875 last 96875 Dealers commercial paper: 30-180 days: 9 45-900 Commercial paper by finance company: 30-270 days: 930-864 Bankers acceptances dealer indications: 30 days 9 43 60 days 9 30 90 days 916 120 days 9 08 150 days 9 01 180 days 8 94 Certificates of Deposit Primary: 30 days 8 90 90 days 900 180 days 9 00 1 year 1025 Certificates of Deposit by dealer: 30 days 950 60 days 9 45 90 days 938 120 days 9 35 150 days 9 35 180 days 935 Eurodollar rates: Overnight 95625-9 6875 1 month 95625-9 6875 3 months 9 4375-95625 6 months 9375-950 1 year 9 375-9 50 London Interbk Offered months 9 50 6 months 9 4375 Treasury Bill auction results: average discount rate: 3-month as of May 22: 832 6-month as of May 22: 8 33 Treasury Bill annualized rate on weekly average basis yield adiusted for constant maturity 1-year as of May 22: 889 Treas Billmarket rate 1-year: 820-818 Treas Bondmarket rate 30-year: Tue Money-market fund: Merrill Lynch Ready Assets: 30 day average yield: 952 na not available NEW YORK Most active over-the-counter stocks supplied by NASD Asked Chg Name Intel AppleC MCI CUC Int Summa Seagate JifyLub Lypho FtExec SunMc DunBrd 2 Kodak 2 Unchanged 2470 Total issues 4440.