The Charlotte News from Charlotte, North Carolina • 3

3 5 Roam bouri bLaift 11 THE Financial stocks lead market rally Lawmaker predicts OK on cable TV deregulation Tuesday June 5 1984 of which were released over the weekend found some slowing in orders production and other gauges of economic activity "It appears the economy is taking a breather at a relatively high level" said Robert Bretz chairman of the survey committee of the National Association of Purchasing Managers In the credit markets Monday prices of long-term government bonds which move in the opposite direction from interest rates rose more than $10 for every $1000 in face value Among the financial-services stocks EF Hutton gained $1125 to $2850 Paine Webber $1 to $30 and Merrill Lynch 3712 cents to $25125 In the banking sector Manufacturers Hanover rose $150 to $2850 Chase Manhattan 1212 cents to $41125 JP Morgan 50 cents to $65125 and Citicorp 25 cents to $30 Cole National picked up $250 discussing alternative strategies including joint vehicle assembly in the United States to cover all CHARLOTTE NEWS I 4mist Rep Timothy Wirth programming at the Federal Communications Commission and in Congress" Rep Wirth's references to broadcasters were not unexpected since he has been locked in a battle with the National Association of Broadcasters for more than a year over a deregulation bill sought by broadcasters Association President Thomas Wheeler also predicted passage of a deregulation bill The issue of cable deregulation has dominated discussions at the convention Last week 'c't-00) 1 atti i -1 -IL ''t 1 Aker ASSOCIATED PRESS NEW YORK The stock market recorded a broad gain Monday extending last Friday's rally as long-term interest rates fell Financial-services stocks were strong with some bank issues rebounding from recent losses The Dow Jones Industrial Average up 1950 Friday for its best gain in more than seven weeks climbed another 722 points to 113157 Volume on the New York Stock Exchange reached 9674 million shares up from 9604 million Friday Analysts said traders' enthusiasm stemmed largely from a belief that interest rates had reached a peak after their long climb this year Those hopes were based on evidence that the pace of economic expansion was slowing which presumably would lead to a slackening of business borrowing A monthly survey of corporate purchasing executives the results 8A Market pulse NEW YORK Yesterday's closing stock averages compiled by Associated Press: DOW JONES AVERAGES Nigh Low Close Chani Industrials 112726 110625 112435 1950 Transoortation 48117 46934 47809 1101 Utilities 12466 12216 12437 168 Stocks 43989 43091 43833 801 STANDARD AND POOR'S Nigh Law Close Change Mdustrials 17618 17410 17531 Rails 132 67 13015 13194 170 Utilities 6414 6425 6450 24 Financial 1552 1515 1539 24 Stocks 15510 15324 15434 110 Shares traded: 6070000 IS MOST ACTIVE STOCKS Market Information for the fifteen most active New York Stock Exchange issues traded nationally at more than Sales Close Change Bank Amer 2729000 1612 12 Sutser011 1508600 4114 ke ContillCo 1412600 5 41 Jewel Cos 1326103 694 12'4 Revlon 1232800 3916 212 IBM 1210700 107 Vs Manut Han 1196300 27 Si Colo Palm 1072900 2276 1 Chrysler 1065100 244 112 Gen Motors 973600 6414 2 FordMot 865100 3812 112 Disney 854200 64'k 1414 Exxon 854000 404a irs Amer 834400 1512 12 Textron 794100 2711 We to $3650 The company said it was discussing the possibility of its acquisition by an investment firm for $39 a share Cole National was one of 10 NYSE issues that reached new 52-week highs during the session against 32 new lows On the downside Riegel Textile fell $375 to $28 The company said a merger plan was dropped eventualities and these new agreements strengthen our position" Mr Iacocca said En stock 1150 1101 161 801 170 24 24 110 0000 diva 1 1141911 1212 212 41 1 112 2 14 12 12 It of lent ighs lew tile any 1 ASSOOATED PRESS LAS VEGAS Nev Congress probably will pass legislation deregulating the cable television industry this summer because the industry has demonstrated it is willing to consider the public interest as well as its own concerns the chairman of the House communications subcommittee said Monday In a speech laced with criticism of the broadcasting and telephone industries Rep Timothy Wirth D-Colo said the cable television industry "has learned that you gain strength in Washington by giving to the public and not just asking for special treatment" The congressman noted in the keynote speech to the National Cable Television Association's 33rd annual convention that it had agreed to increase minority employment and to support the right of cities to request public access channels "I think it's fair to say that a pattern has developed" Rep Wirth said "Cable said 'Yes' to equal employment opportunity provisions (while) broadcasters said 'No' Cable said 'Yes' to children's programming with children's channels By contrast the broadcasters have said 'No' to children's Chrysler Mitsubishi extend pact US Government Guaranteed GNMA Certificate 4 GNNIA Certificates Low-power TV license winner hasn't decided what to show 111S06 and more GOVIiii41AiNT GUARANTEED ASSOCIATED PRESS DETROIT Chrysler Corp said Monday it extended its agreement to import and sell Mitsubishi Motors Corp cars and trucks through 1995 and announced it would offer a Mitsubishi-built V-6 engine in 1987-model autos The current agreement in force since 1970 was due to expire in 1990 Chrysler said in a statement The new pact will be renewed on a year-to-year basis after 1995 "We are determined to be in a competitive position for the future no matter what the governments of the United States and Japan do about voluntary restraints" Chrysler Chairman Lee Iacocca said in the statement "Time will tell if the recent accord intended to strengthen the yen will be effective but Japanese imports still enjoy a currency and tax advantage of $1600 over domestic cars" The No 3 US automaker has owned 15 of Mitsubishi for 13 years and has imported its small cars for sale under the Dodge and Plymouth nameplates Chrysler plans to sell 89000 Mitsubishi cars and 48000 trucks this year the company said "Chrysler and Mitsubishi are Plus Monthly Income Subject to current market conditions GNMA securities average up to 2 more than bank CD's without risk ('Yteld based on standard GNMA Bond tables including corporate bond equivalency) CALL TODAY FOR MORE INFORMATION Local 523-9403 Toll-Free 1-800-532-0375 In State Toll-Free 1-800-438-5730 Out of State ()lois Nnitil Ca inlina olno Viiginia Indiana Hot itla Komi( I the association negotiated a compromise package with the nation's cities removing a roadblock to House passage of a bill The Senate has already approved a deregulation bill making final enactment of a law possible this summer Rep Wirth said Monday he would support the new compromise because it will eventually eliminate local regulation of cable rates while establishing a framework for cities to judge cable franchise applications He said he did not believe cities need to regulate customer rates because most cable operators are trying to attract subscribers He warned however that cable could expect another challenge to the bill from the telephone industry Telephone companies are arguing that cable operators must be strictly regulated if they provide any type of phone service Rep Wirth said because otherwise local phone rates could rise "None of that is true" he said "Cable may provide competition for the telephone industry in the private (business) line market but those numbers just don't add up to a threat to local telephone service" The ad was sent to the magazine by a Cullowhee reader Bank officials said they stopped using the ads after receiving the criticism and Shotwell said it dropped the last five words of the sentence in case the bank decides to use the ad again The four ads ran for eight to 12 weeks beginning in October Bank officials said the series of ads has generated business EPSON To Own: Mr Stein said he applied for the Charlotte permit and about 14 others three years ago when had founded a satellite television company called Select TV Mr Stein said he hoped to win about 15 low-power permits across the country to receive the satellite signals for movies and entertainment shows But Mr Stein said he since has sold his interest in Select TV and didn't know he had won the Charlotte permit until a reporter called for information Mr Stein said he does not know how many hours a day the Charlotte station will broadcast and whether it will accept advertising The Charlotte station will be Mr Stein's first low power station although he has been in the cable television industry in California for about 13 years A California company that won a construction permit last week to build a low-power television station in Charlotte will begin market research soon to discover what type of programming to air the company's president said Monday George Stein president of Los Angeles-based Satellite Entertainment Network Inc said he plans to broadcast "some kind of entertainment TV pay TV" on Channel 68 a frequency set aside for a low-power station Satellite Entertainment Network won the right to broadcast on channel 68 last week in a lottery held by the Federal Communications Commission in which 36 low-power licenses were selected nationwide Low-power TV stations serve a limited area usually 10 miles or so but can be linked by satellite reaching audiences coast-to-coast INC443 nririon boss INVESTMENT kNI) and SITIt NI mix ts NAND and STK Controversial bank ad wins award El Otnd DENA PlIOESUI OMETO0 CA11011 In March First Citizens drew flak from Ms magazine for the wording of one the ads in the series which said in part "These days almost no one is prepared to manage an estate of even modest proportions least of all your wife" The magazine ran the ad which shows a male hand and a female hand clasped and cited it as an example of sexist SI tZ44: --7 orroopti tk eL4'-'' W4 s' 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