The Charlotte Observer from Charlotte, North Carolina • 12

9 A Zhe elm-toile Observer Page 1 1-1 Saturday March 31 1984 BUSINESS Business Briefly III 1111111 ma Business Briefly or- 111111111111k NC Federal Changing Leadership Factory Orders Rose 07 hi February By MARIONA ELLIS Orders to US factories rose 07 in February with a key indicator of future business investment posting its best gain in five months the government reported Friday The Commerce Department said the $13 billion increase put new orders at $1909 billion last month The 07 rise compares with a revised 06 in crease in January and a 16 Jump in December While the February increase was just over half the average rise of the past six months economists noted that orders in one key segment nondefense capital goods surged upward by 62 the best monthly gain since a 95 increase in September This sector reflects industry's plans to add equipment for future production and is considered an important barometer of future business activity Economic Indicators Here is the monthly list of economic Mecklenburg County or the Mecklenburg-indicators The figures are collected from Gaston-Union Standard Metropolitan local state and federal agencies for either Statistical Area (SMSA) INDICATOR 1983 1984 (Ye CHANGE MONTH FOR YEAR Mecklenburg Retail Sales (in thousands) $523323 $622676 190 Jan SMSA Retail Sales (In thousands) $644883 $723186 121 Jan US Consumer Price Index 29310 30520 Wit Jan US Retail Sales (In millions) $92459 $102151 105 Jan Meck New Car Registrations 2401 2768 153 Jan Mecklenburg Housing Starts 233 225 -34 Jan Est Value Residential Construct (in thouunds) $1399100 $1318580 -58 Jan Mecklenburg Multiple Listing Sales 305 401 315 Jan Value of Multiple Listing Sales on thousands) $1976400 $2987820 512 Jan Mecklenburg Commercial Building Permits 13 45 2462 Jan Est Value Commercial Construct (In thouunds) $189030 $171890 -91 Jan NC Unemployment Rate 100 81 nia Jan SC Unemployment Rate 116 85 na Jan Mecklenburg Unemployment Rate 6560 57 nia Jan Employment in SMSA 352900 353200 01 Jan SMSA Unemployment Rate 74 62 na Jan Manufacturing Employees In SMSA 89400 90900 17 Jan Construction Employees In SMSA 15500 17800 148 Jan Charlotte Help Wanted Index 82 129 573 Jan Meck Residences With Electric Hookups 162350 168589 38 Dec 'Meck Residences With Telephone Hookups 142649 146079 24 Jan Meck Businesses With Electricity 21615 22624 47 Dec Nontextile Kilowatt Hours (in millions) 762 844 108 Jan Textile Kilowatt Hours (In millions) 661 725 97 Jan Passengers Boarding At Douglas Airport 238543 313812 316 Jan Pounds of Cargo Shipped From Douglas 3911667 8436515 1157 Jan Charlotte Bus Riders 517878 506706 -22 Jan The Consumer Price Index is a measure of the increase in consumer prices based on 1967 dollars For example If the CPI is 250 it means $250 now buys what MO bought in 1967 lop Of Ile Ticker STOCKS lost ground faced with signs of per sistent strength in economic activity The Dow Jones average of 30 industrials dropped 586 to 116489 trimming its gain for the week to 1005 points Big Board volume was an estimated 7222 million shares against 8147 million in the previous session THE DOLLAR ROSE in Japan and Europe but turned mixed later in the United States in a quiet session that traders said reflected swings in US interest rates On New York's Comex gold fell $230 to end the week at $38750 Silver for current delivery rose to $982 an ounce from $9765 Thursday The Nation Staff WrIter Graham Harwood was named president of NC Federal Savings Loan Association Friday after the firm's two top officials resigned The change apparently ends a nine-month struggle for control of the Matthews-based institution Former chairman Clark Goodwin and president Kemp Causey resigned after NC Federal shareholders elected members of an expanded board of directors as part of a proposed acquisition of the by Roland International Corp Roland a Floridabased real estate development company agreed in January to buy NC Federal for 8108 million after a battle between NC Federal management and Charlotte businessman Bruton Smith had reached a stalemate Smith who had vowed to replace top NC Federal management if he won the struggle said Friday "I'm pleased with the outcome I think the board made the right decision" Harwood 43 an eight-year veteran of NC Federal had been ex- ecutive vice president Neither Goodwin 49 or Causey 52 could be reached for comment after Harwood's appoint- 'p ment was announced at a press conference by board member HA ige- Wheeler an ally of Smith At a shareholders meeting ear- her in the day Goodwin said he '1 was proud of the firm's recent accomplishments "We will meet our revised goal of 8240 million in Harwood loan closings by the end of the fiscal year on Sept Goodwin said About 70 shareholders approved a compromise slate of seven new directors of the 12-member board The NC Federal board will be replaced if the Roland takeover is approved Goodwin had been president of NC Federal from 1976 until 1982 when he became chairman Causey was executive vice president from 1977 to 1982 when he became president Harwood said a chairman probably will be named at a board meeting April 10 in Charlotte Smith acknowledged the chairmanship had been offered to him but would say only that he was considering it Smith said Harwood was acceptable to him as president because he had been "a negotiator" through Smith's struggle to acquire NC Federal The Roland buy-out probably won't be final for five to six months Harwood said Federal regulators and then NC Federal stockholders must approve it Countersuits filed by NC Federal and Smith against each other last July year will be dropped as part of the agreement with Roland Bankruptcy Courts Reprieved bying by competing special interests The crisis was generated by a 1982 Supreme Court decision that said the bankruptcy courts were run in an unconstitutional manner The Judicial Conference a board of directors for the federal courts passed a temporary rule allowing the courts to stay in business through today's deadline The Supreme Court said the bankruptcy judges had assumed the powers of other federal judges but were not given the same constitutional protections such as lifetime terms of office Legislation passed by the Senate last year and by the House on March 21 are intended to resolve the constitutional problem The bills would make it clear that bankruptcy judges have a lesser status than other federal judges thus negating the need to give them life tenure Associated Press WASHINGTON Congress on Friday approved a one-month extension of the nation's bankruptcy court system one day before its scheduled expiration but legislation for a permanent system continued to be stymied by disputes over new judgeships and labor contracts The Senate passed the extension 78-0 and the House approved similar language by voice vote The two versions differed slightly but the Senate agreed to accept the House language and send the measure to President Reagan The temporary bill would keep the courts with jurisdiction over some 893 billion in assets on an average day in business until April 30 By then it is hoped members of both houses could resolve differences that have generated Intense lob OFF 60'30 US Trade Official Speaks At USC SEALY OSTUREPEDIC SEALY POSTUREPEDICS TO Ft- FEDERAL RESERVE policymakers agreed in late January to keep the nation's money supply growing at a consistent pace and then stuck with that decision last week after noting that interest rates were rising a report covering deliberations of the Federal Open Market Committee said AMERICAN MOTORS CORP raised the base prices of its Jeeps and four-wheel drive Eagle cars by $150 to $300 the first domestic auto price Increases this year on existing models The Oldsmobile and Buick divisions of General Motors Corp said base prices for their redesigned 1985 luxury cars will be $70 to $708 above the prices for the models they replace FORD MOTOR CO Chairman Philip Caldwell will receive a $900000 bonus for 1983 in addition to a higher salary of $520534 the company said PRICES FARMERS GET for raw products rose 14 in March and averaged 9 above year-ago levels the Agriculture Department said FAMED URBAN DEVELOPER James Rouse chairman and founder of The Rouse Co said he will retire May 24 to devote full time to his Enterprise Foundation a nonprofit organization devoted to improving housing conditions for the very poor in American cities THE FEDERAL' COMMUNICATIONS Commission continuing its bid to inject competition into the international communications field moved to force a reduction in the rates charged by the Communications Satellite Corp It also proposed to allow any firm to construct an international satellite Earth station US DISTRICT COURT Judge Norman Ramsey ruled in Baltimore that the Equal Employment Opportunity Commission failed to prove that IBM's employee promotion plan discriminated against black professionals MAINE'S attorney general James Tierney filed suit against Sears Roebuck and Co charging that the retail chain is using illegal "bait-andswitch" tactics to lure consumers into buying more expensive substitutes for advertised sale items CONTINENTAL ILLINOIS National Bank Trust Co said it will sell its credit card and related business to Chemical Bank for approximately $1 billion The Carolinas ANdlit0-1747 to- 4--i- --v14t' 4- Sea -a it 4- lirtg41jrd4o4 'Ittitp17nr- 3 DAys SETS ONLY I WAN T16 KING KOIL THOMASVILLE SOUTHERN CROSS NEEINk DELUXE FIRM 252 COILS EXTRA FIRM 312 COILS SAT 104 SUN 12-5 MON 28 NU "1" PC '64 LUXURY FIRM 15 YR WARRANTY FULL sw a Min FA PC I Ue ma CHEN nn at" EA PC QI I EA PC KING EA PC a a I TWIN FEUALLPC 49 '39 R171 59 PC TGpc $59 EL PC -ay $49 QUEEN sll Iti'le $79 EA PC VI MATTRESS 03 23 fro WAREHOUSE ELPWSUILDIN Oline9SIT 141913EL MATTRESS Lm WAREHOUSE c3 23 Itte MOW MUNN 0129SIT 1419BEL EDEItyE REEIA AWA By CYNTHIA THOMPSON Special Correspondent COLUMBIA The nation's trade deficit is so "big and overwhelming that any trade action is like throwing a Ping-Pong ball into a mountain stream" US Trade Representative Bill Brock said Thursday at the University of South Carolina (USC) International Business Conference Brock spoke on global trade issues to executives of international corporations and students in USC's master in international business studies program Predicting the deficit will top 8100 billion by the end of 1984 Brock emphasized the need to reduce the deficit so interest rates would decline and the value of the dollar would return to a "realistic level" He said the country's economic recovery is so strong that "we're acting like a dry sponge we're just sopping up a very sizeable number of imports at the moment "If the dollar continues to come down a bit more then it's going to make life a good deal easier for us certainly by year end" he said The United States is experiencing major surges in textile imports from Italy and other European countries said Brock adding that the nation's textile import control program applies to developing countries but not to "our partners in Europe" Also speaking was Sir Roy Denman head of delegation of the Commission of European Communities The two-day conference ended Friday GTErt Mil)) 1T)T Zoolmgclo HECHINGER CO of Landover Md reported sales and earnings for its 1984 fiscal year and fourth quarter ended Jan 28 Earnings for the year rose 38 to $162 million or 90 cents a share from $117 million or 68 cents a share the previous year Sales for the year jumped 28 to $3095 million Fourth-quarter earnings were up 38 to $51 million or 28 cents a share from $37 million or 22 cents a share the same period a year ago Fourth-quarter sales increased 40 to $79 million Hechinger has two Charlotte stores Ho 'Wags Assails Reagan Ott Textile httports hs J1 Names And Changes From Associated Press and Staff Reports WASHINGTON Sen Ernest Hollings D-SC charged Friday that President Reagan was "putting American textiles out of business" by allowing textile imports to increase Hollings reacted sharply to figures released Friday showing the textile-apparel trade deficit rose 67 in January and February compared with the same period last year The American Textile Manufacturers Institute said Friday that the deficit for the first two months hit $26 billion amounting to 13 of the total US trade deficit for those two months In that period textile imports jumped 44 from 11 billion square yards to 16 billion for a total value of $3 billion 1 vk I '14 1 1 :) t' if ct I A No' 1 4- 14 I 's ve i it 1-- 'src ta Save Ooti 006 On All erehandisel Mig) 'ale Ends Sa day' Bank To Sell Notes FIT 50 0 'a a am iecia 01 ea 1E1 Ipso ay- 50 oe 1 'a as Hay ler Dudrow Tucker Robert Hay ler named manager of materials and operations for Rexham-Laminex Inc Charlotte Gilbert Dudrow Jr named manager Charlotte office Life Insurance Company of Georgia Atlanta Nancy Tucker named market research analyst Barclays American Corp Charlotte Dr Robert Shackelford named medical director Health America of North Carolina Cary Vivian Herbert named director of sales The Raleigh Inn Raleigh David Robinson Jr named plant manager Superior Yarn Division Mount Holly Ti-Caro Inc Gastonia Jim Purvis named director of production planning and David Graham named national sales manager Bath Fashions Division Collins Aikman Corp I co gill ono OBI 1 Tec a 'is eita Elmo so01 a By TAMMY JOYNER Staff Writer First Union Corp announced Friday it will publicly offer $50 million of floating-rate subordinated notes First Union treasurer Bob Lee said money from the sale will enable First Union to invest in its subsidiaries as well as take advantage of future acquisitions "It's part of a continued program to strengthen our capital to take advantage of future opportunities" Lee said "Those opportunities could mean expanding Into new markets introducing new products and normal growth and volume" Lee said the company has no immediate plans to use the money raised through the sale which have lower priority than other issues in payment to creditors Goldman Sachs Co of New York will oversee the underwriting group that will offer the notes due in 1996 First Union is a bank holding company with assets of $68 billion flOall'IlbaaRIPIIDYEIDDICI CDOLTBIDDRRIPIIDYEIDDICO'D Edited By MS Van Companies organizations and individuals are invited to submit information about promotions and new employees to Business News The Charlotte Observer PO Box 32188 Charlotte 28232 Please include ages and a telephone number at which you can be reached 1 dede den 014411 41 ha 1 MO 111 EillMo.