Fort Worth Star-Telegram from Fort Worth, Texas on May 1, 1982 · 35
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Fort Worth Star-Telegram from Fort Worth, Texas · 35

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Fort Worth, Texas
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Saturday, May 1, 1982
Page:
35
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9 lp IP 'IP f f - I 11 1 t reiiimmoimEmNhs r1 c)° 1 09 N Saturday Star Telegram MAY 1 1982 $ p $ iW ' ''' B Cities' OK sought miKE wows Startelegram Business rail Officials of the Tarrant County I lousing Finance Corp are pushint-! ahead it!) plans for selling $100 million in bonds to finance reduced-in terest mortgage loans for families ‘vith incomes of $40004) or less coma-ration board member Ed Jackson said Friday The corporation will start efforts nest week to get government officials in the cliunty's large cities -- Rodeway changing strategy By NIA RT1 BENEDErn Star-Telegram Writer ARLINGTON — Dallas-based Rodew ay Inns International Inc is going Out on a limb to expand its services with an untried marketing strategy company president James Landon said Friday afternoon at the motel chains 20th anniversary celebration here Landon how ever qualified the statement saying he used similiar strategies as senior vice president of the Atlanta-based Days Inns Inc which expanded from a chain of 14 motels to 314 under his direction Landon said that his strategy is to wage war on Rodeway's competitors at a time when many middle market motel chains are moving toward offering budget or luxury accommoda1 ions That is why Rodeway "will continue to provide a comfortable product with convenient services at an affordable price" said Rodeway market manager Steve Taylor Landon believes the nation's current state of economic affairs will cause travelers to seek middle-of-the-road lodging accommodations such as those offered by Rodeway and its major competitors Ramada Inn Quality Inns Holiday Inns and Travel Lodge All of these chains offer lodging with finer amenities than budget motelsat a price below luxury hotels Landon hopes to double the number of Rodeway motels a current 150 0 300 within five years Eighty percent of the expansion will result from Rodeway buying existing motels refurbishing them and putting up the Rodeway sign Landon said To sell its product the company has launched gift games for customers and employees extensive advertising and public ielations programs and special events One of the special events was Friday's anniversary party at the Rode-way Inn at Six Flags Over Texas amusement park During the party Rodeway donated $22820 to the Special Olympics program the largest and best-known program of physical fitness sports training and athletic competition for handicapped children and adults Rodeway hopes to gain a strong foothold in the marketplace by increasing its name identity increasing use of its toll-free reservation telephone number and boosting its occupancy by 15 percent each year Landon said Braniff loses $414 million in first quarter By JIM FUQUAY Star-Telegram Business Writer Braniff International Corp reported Friday it had a net loss of $414 million in the first three months of 1982 The struggling airline had an operating loss of $412 million for the quarter The losses compared with a $247 million net loss and a $454000 operaing profit in the first quarter of 1981 Revenues plummeted 217 percent compared to the same period in 1981 falling from $3252 million to $2545 million Expenses dropped 89 percent to $2958 million down from last year's 83248 million Braniff Chairman 'Toward D Putnam said he was pleased with the airline's results in reducing the scope of Braniff's operations and its costs lie said Eastern Airline's agreement to operate Braniff's South American routes beginning June 1 Nvill provide a "catalyst in downsizing Braniff to a low cost low fare economically viable airline" :Braniff's concessions from its 39 private lenders Wit0 have forgiven interest and principal repayments until Oct' saved the airline $17 million in interest expenses during 11w quarter The airline also netted $49 million on the sale of property and equipment Please see Braniff on Page 11 including Fort Worth and Arlington -- to approve use of the program ithin their city boundaries Thv Fort Worth City Council is sited uled to hear a presentation on the mortgage plan Tuesday night lithe program goes as planned the Inds will be sold on June 16 and mortgages made available to quaii lied home buyers on a first-come first-served basis Jackson said Interest rates on the mortgages would be no higher than 14 percent 1 '47e7Z411-L a-' -- ---6w'11111aw"4a "' tel''i4i'lJ'':i' '' '''''' r c ': 14-14 ' 11opo k- -m Pi" 3r 4'! ! el -5-orp ' 1 4 o' 4it $ ii 1 r-a10 4'il etct k y 1 - — t"'' l' iv ''':-4? i e" 10' ' 0 t 11 f 1: 14141 '777 I ' I N' (41V: 1 ' ' ' k '41111: 1 ' ft' ' f ' ' 4 ' 14001 f "" 4" 044g 4 1 ''' ''''S - s V Ir?'"-' kyds4 le44-' N 4n -4 i Ao'- ilt '' 4tt :' - 6 4'4'i 'Z'1 1! ‘ i' '''''' '- '414" Ak ' f ' C' 's 4" --- - A NooloomompooRswidoelkA ts ''''' ''!6 1 f 71 ttp (4 4 P k' Pf' Ilha " t ' A e lu ' ' ir4 oe 44:1 k 16 lk '1 ‘1 MP" 4i 41 ‘ IP- -I --'4' o"'''41 ':Fi 2Pp 1 X ' 44 :: It IS6''''41: ' I 1 ' ' ' re!posft ' le : 4 '3 ''''t 4 '' ' 01100 S'' l'ft '' ' '''''''' ' Ana) t N 1 ' i ' 1Idr '‘ CZA " ''' '' '''' ' 47943'7 IL 00' IF: Num ' "St ' ' 446'i' IP ' ' OL ' Ctit 4 lizaAi ' '' ( IRA' ' : ' 0 111111117 P — "e' 1 ' o01) A 0 a - '4 ' ' - ar it 44 k--06 Lr5) ' ' I ' -0e:a - - o a----7-adu eg4 0 litebal dmiwAii it 'oript ' A fe b s i' 4 Va L L 4onnomowart Associated Press SPRING IS A BUSY time for CF Honeycutt 76 a retired automobile mechanic who works on a row of lawn mowers outside his repair STAR-Text brings By BY 1VARREN VOLKMANN and JIM FUQUAY For those who prefer to pick up the days news on their television screen rather than the front porch the Sin rTeleura Hi in a joint effort with Tandy Corp Nvill int roduce an electronic news service called STAR-Text that NUJ be accessible to persons with compatible homecomputersystems STAR-Text u ill be available 24 hours a day and of fersubscribers breaking news entertainment listings travel information and classified adsThe service begins Monday According to Torn Steinert-Threlkcid director of new technologies for Capital Cities Communications parent company of the Star-Telegram "STAR-Text v ill focus on immediate concise information The big advantage in electronic news is that you can get the news out fast" SteinertThrelkeld said news will be available to STAR-Text subscribers "as soon as Money market funds NEW YORK (API —Ire folloafing quota1ons collected by the NASD Inc are the average of annualized yields and doilar weighted portfolio maturities for the seven day period ending FridayApr 30 Realized and unrealized gains or losses are not 'men into account Days Yield Chg Money Market: AtexBroyenCasn AllianteCaoRes t AllianceGovIRes I AmerGenResrv b AmerLiouioTrost BabsonMoneyMkt BirrWilson BostonEoCasn Caolta'CasnMet CaoitalPreservEd CacntPreserv II CardiralGvtSec CarneeteGysSect EashEouivinIMMkt CashEouivintPort CasnMerntirAm b CashResrvMernt bt ChandrGyt b ColumbOtylncm tot Compost teEasnMornt Current Interest OBL MM Pot:Hot:0 OBL GO Sec DailyEashAccum b Datlyt ncorneEd DailyPassportEsh DetawareCasnRes I Dollar R eserves OreytLioAssets OreyGovtSecur Oryinst at Orey1MMktSer at OteyIkEyemot e EGT Money Mkt I EatorklowCaskMet FeuttableMoreyeAkt FBL Money Mkt FasnstckDatly FederateOMaster T r FederatedTvEree e FicielityCasbRes Fieetity0tyIncm FidelGovtPortf FictelOomesticPort FleetityTKEymt e Fide MOS Gvt FtnancialDivIncSn FinanciatPlanFed FstInvestEsnMel FstVarlOviincm I laMutILISGvt Frank linMoneyEd b Frank tnEdMoney1 I b FuntiGvtInvest Oovtinvestorsir b GradisonEashRes kliittaraLyons SOS EastM9mt INA Cask Fund b IntercanLinAsses Jonoktentoocomet JohnHanockCsh II emnerGovtMMO kemoerMoneyMttt LeovMat onCskR es PhnldrillbhVNill Lerm an ovt LexingtonPAorMkt LeninotonIoxFt 29 1312 - 06 24 1361 10 19 i275 - 25 21 1270 -127 26 1379 - 03 28 1395 04 23 1354 13 31 1389 - 04 20 1396 08 22 12 41 - 35 4 1307 - 78 1383 - 07 7 1303 - 37 35 1427 - 04 16 1342 - 11 undVdil 26 1419 12 33 1293 - 21 26 1326 - 02 25 1375 - 0 35 1389 - 04 31 1406 02 23 1288 35 26 1396 - 08 23 1350 04 34 1381 - 05 21 1431 10 14 1406 04 40 1399 04 72 1257 - 01 70 1345 - 35 36 1416 15 63 748 32 1367 - 08 2 13 83 11 33 1389 03 la 1397 08 25 13 57 02 29 1402 62 776 - 02 31 14 04 05 31 1396 02 24 1323 - 27 1402 04 63 249 - 01 18 1300 - 27 18 1433 - 04 4 1255 - 77 27 1178 04 24 1310 - 12 21 1274 - 05 22 1301 01 4 1770 - 13 1352 - 12 18 1370 - 09 29 1370 - 01 IQ 1396 23 31 1398 - 30 1411 12 41 1407 01 016410 undVdd 15 13 15 35 14 30 05 31 1380 2 1399 - 00 1774 - 68 7 105 - 04 2 2 2 2 2 2 2 on w It h low er rate possible depending on money market conditions at the of the bond sale The loans will be 30-year mortgages with fixed interest rates The county corporation has made several attempts during the past year anti a half to put together a lowinter est mortgage program for single family home purchases but corpora Lion officials and local lenders are confident the program will be suecessful this time Fear of high inter it leaves the editor's desk" and probably hours before it appears printed in a newspaper The news stories generally will be condensed to roughly 16 paragraphs Charles Phillips vice president of special market's for Tandy said his company is working with four other newspapers mostly in the Midwest developing a similar semice "A lot are experimenting" with the concept he said of newspapers in general News retrieval systems have been offered for some time by CompuServe a nationally-available service based in Columbus Ohio and by the Dow Jones Co The Dallas Morning LiguidCaolt4lIncm 18 13 94 - 07 LiquidCash Trust 1 1324 - 76 LiouldGreefle 26 1373 - 03 LordAbbettCshRes 22 1315 01 Lutheran Broth c 32 1318 03 MIF Nationwde c 28 1312 - 08 MassCashMgmt 30 1493 96 McDonald f 28 1331 - 07 MerrLynchGovt 1st 13 1326 - 48 MerrLynchInst bt 28 1399 27 MldwIncTrOvt 18 1312 MidwincTrCsh 23 1386 01 MoneyMktMgmt I )9 1370 05 MoneyMkITrust 31 '1414 MonMartAssets 22 1419 - 04 MorgankeegDly I 36 1313 05 MumcigalCashRsv e 64 739 02 Municipal Tamping e 44 731 06 MutualOmahaMMkt 23 1361 - 04 NEL Cash Mgml 28 1392 02 NRT AARP USGvt I 32 1268 - 31 Nat LioResv tirldVdd NuveenTd1 e 44 TO - 02 DooerMoneyMkt 31 1410 03 PIA AsseICashTr I 4 1233 - 10 PainelhebbCastiFd I 29 II ID - 03 PaMoneyFd 34 1352 Phoenhase Undvdil PlimorerFund 27 14 14 - 12 PutnamDallvOlv 12 32 1375 - 06 Reserve Fund 16 1386 06 Reserve F01 GO IA 1 1310 - 51 Rothschld f 22 1407 - 19 RoviePricePrmRos 1 33 1400 01 RowePricerarEx ae 90 761 - 01 StPaulMoneyFund 33 '13 81 - 18 $cuctclerCsnInv 32 1386 07 ScudderGo0 a 18 1255 - 57 ScudderTavE roe 83 691 04 SearsUSGvt II 131 - 32 SeiectedMoneyMirt 28 1382 - 13 SecurityCashi-d 11 1394 02 SenlinICash dC 29 1315 SentrvCashM0t 31 1406 08 ShearsonDallvDiv 1 28 1410 07 ShearsonCovAgen 27 1303 - 22 ShortTermInto 23 1377 - 10 ShortTermYldSec b 24 1794 StandbyResrv 24 3197 1818 SteinRoeCashRes 28 1396 08 TaxFreeMonev e unavali TemoorarvInvstFd 29 1428 02 TransamCashRes 22 1427 - 19 Trust(ashR es f 33 1316 05 TrstIcareasry 31 1337 - 41 IrstfclUS Agen - 18 1361 - 01 TrstfdPrrneOblig 26 14) - 10 Trstfc1Commci 12 142 TrusiShort Term 77 1316 - 05 11rstSh1FrIT 29 1332 - 23 TrustShTrmUS G41 32 1319 - 31 TrustUS TreasObl 36 1293 - 23 TuckerAnthony 27 1364 - 07 USAA Mutualf-d 27 1370 20 UnionCashMgmtF 0 19 1434 17 UniledCashMomt b 25 1420 Al ValueLineCashEd b 23 1454 - 18 VangroMMFed t 30 1332 02 VargrdMMPR f 34 1406 02 VogMungaSTrm I 260 767 01 VandMuni8dMM et 82 733 thebsterCashRes t 28 140 - 01 2ieglerMMIs1 t 34 13 71 0 TemporaryInvs1Fd 29 1428 02 TrensamCashRes 22 1427 - 09 Trus1Cash10 es 1 33 1716 05 TrsttnIreasry 31 1337 TrittclUS Agen - 18 1361 - 01 IrsttePuneObilg 26 142 - 10 Trstfc1Commci 12 142 TrusiSnort Term 77 1366 - 05 Irst5htFcIT ' 29 1332 - 73 Trust5hTrmLIS G41 32 1319 - 31 TrustUS Treas0b1 36 1223 - 23 TuckerAnthony 27 1364 - 07 USAA Mutual I-d 27 1370 20 UnionCe5h7Agm1F0 19 1434 17 UniledCashMgmt b 25 1420 Al VelueLineCashEd b 73 1454 - 08 Vengrn7AMFed t 30 1332 02 VargrnMMPR t 34 1406 02 VengMunBaSirm t 260 761 01 Van0Muni8dMM et 82 733 WebsterCashRes t 28 140 - 03 liegierMMkt t 34 13 71 - 02 4-Hignor tiv expense suosidiution b Mb vary cf36 to goins or losses c-May vev on size O-N kV cllenged Me5tiv federal teeexemet f -As of previous clay t low-interest mortgage bonds est rates scuttled previous ellios -I'm enthusiastic about it" Jackson said of the current plan "When we started this program we were looking at 9 percent (interest rates) Now we're looking at 14 percent and we're still uncomfortable but the people can't buy houses elsewhere for anything near that" Nlortgage interest rates offered by traditional lenders in the Fort Worth Dallas area this week averaged just over 16 percent according to The shop in° Temple Texas He has owned the shop since 1949 and he repairs mowers tillers and other small machinery news to the screen News operates its BISON system in Dallas' Park Cities communities STAR-Text initially will offer edited versions of the eight top stories in a variety of news categories including amusements business sports local national and world General listings will include movie and restaurant reviews weather information and weekend happenings among others A STAR-Text subscription will cost $3 a month However to receive the service a customer must have access to a home computer teminal that is compatible with STAR-Text Tandy's Videotex terminal at $399 is that firm's cheapest compatible unit Tandys Color Computer and Apple computers fitted with Tandy's videotex software program also can receive the information Steinert-Threlkeld said an ifistallment purchase plan for Videotex terminals is being offered through Fort Worth National Bank Spartan life urged for By KATHLEEN STALL) ER Star-Telegram Business IS riter For author Doug Casey life is a paradox He calls himself an anarchist yet lives in the na- tion's capital Ile contends 00 that government is the root of all -U evil but recent- - '- mends purchase of government securities "be- cause they're 74le safe In his recently released book DOUG Strategic Invest- CASEY ing Casey urges readers to adopt a spartan lifestyle— paring possessions to the bone riding a bicycle to work heating with wood denying daughers $4995 designer jeans If you're in the 50 percent tax bracket he says a dollar saved is two dollars earned Yet this 35-year-old millionaire lives in Washington's fashionable Georgetown neighborhood — "in one of the Abscam houses" — jets around the globe two months a year and is transforming a 1982 Trans Am into a "stealth car" that will make the James Bond-mobile look like a World War II relic A contrarian extraordinaire Casey is bullish on those stocks most brokers shun — like utilities especially those in the depressed Northeast with inadequate generating capacity and nuclear interests Mortgage Report a I louston-based Width Surveys Jocal lenders each week The Tarrant County Housing Finance Corp began efforts April 12 to put I he single-family mortage program together The first discussions focused on offering about $86 million in mortgage money but the final fig ure was set this week at $100 million Jackson saki The program is aimed at low- and moderate-income home-buyers and is limited to families with STAR-Text organizers have compiled a brief operating booklet that introduces customers to the service and which gives instructions for use When the system goes into operation it will use what is termed the "advanced entry" method of sending information to home computers The method involves the subscriber making a telephone call to a central information number calling up the desired information and then receiving and reading the information If additional information is needed the customer must redial the information number and ask for the new information Phillips said STAR-Text on4anize1' s are hopeful that by mid-year they can institute a more convenienron-line" data retrieval method that allows the customer to remain hooked up to the central information source and browse through the available listings without having to dial again And at the same time he's selling hightechnology stocks he's formulating a book on "how the average man can use technology to get more control of the world around him" Chapters may include "how to have fun with lasers" flying ultralite aircraft and how to build a nuclear bomb When Casey breezed through town last year he was promoting the paperback version of his bestseller Crisis Investing Now that the crisis he foretold in that volume has arrived Casey was hack in Fort Worth Friday promoting its sequel Strategic in resting Although its too early to tell whether readers will embrace the new book as enthusiastically as they did the last Casey suspects they Won't "Greed is a much bigger inducer to action than fear And right now there are no booming markets to invest in But paradoxically its much easier to get rich in hard times than in easy times" he said According to Casey the nation already is in a depression one much worse than the Great One but masked by government intervention Federal bailouts are forstalling bankruptcies securities regulations are preventing collapse of the finan cial markets and the unemployed are accepting welfare instead of selling apples But most significantly prices still are rising albeit more slowly than in the recent past "Americans incorrectly assume de annual incomes under $40Ooo The county created the housing corporation to take advantage of state and federal laws allowing the sale of lavexempt bonds to finance low-interest loans to developers home owners and home buyers County Commissioners A Lyn (ire gory Dick Anderson and Jerry Ntebus and County Audi tor Jack Ben son are the corporation's directors along with Jackson who is county Please see Cities on Page I I Two firms laying off about 200 By JIM 11QUAY Star-Telegram Business Titer Peng() Industries has furloughed 100 workers from its 800-person Fort Worth payroll and American Nlanu fact uring said plans to lay off similar nUrriber of employees as loW: crude oil prices continue to depriss the market for drilling and oil veil equipment and servicing Larry M Yurcho Pent) financial vicepresident said that in addition to the 100 w'orkers laid off plus six Yurcho said were terminated in nor mat performancerelated reviews "we anticipate there may be more next ‘veek" Pengo manufacturers oilfield logging and servicing equip- ment lie said he could not estimate how many additional employees might be idled next week nor when those laid : off this ‘veek might he called back Ted Woodle general manager of American's plant on the city's North Side firrn's 800 workers are sched-: uled to return from a two-week vacation period May 3 but the company may idle workers for another week or two "in the future" Woodle could not say 110W long those workers laid : off next week might be idled American makes oilfield pipe : products and equipment Both company representatives : said they believed conditions could improve soon "We're hopeful that the worst is over" said Pengo's Yur : cho "Business vonditions are improv- tog slightly" said 1Voodle "1 would say that in the next 60 days we will be back into normal operations maybe a little above 1 think the oil glut is going to be over and ‘ve are going tu be back to busines as usual" Domestic petroleum drilling has dropped dramatically from last year's record highs cuttin the business of service and equipment operators According to the Hughes Tool Co (trilling rig count active rigs in the United States are down from a record high of 4530 rigs in December to 3310 rigs as of April 26 Yurcho said the resulting gap hi ween forecast and actual drilling ac- I ivity already has squeezed marginal ly-financed operators of business Yurcho said about half of Pengo's furloughed workers were in its elec tronics manufacturing operations while 24 ‘vere in the company's machine shop with the remainder scat tered throughout the company investor pression means deflat ionT he said T Instead of letting t he economy cleanse itself as it did in the 1930s Casey predicts the government will "bail out insolvent banks create mortgages to prop up real estate and have the Federal Reserve buy bonds 1 to keep their prices from plummet ing All of this means the money supply will explode consumer prices T will skyrocket and the nation will enter a "hyperinflationary depres sion" similar to that experienced by Germany in the 1920s But don't fret Catastrophe breeds opportunity for those willing to spec ulate Casey said In fact Casey should have called his new book "Speculative Investing" hut was afraid that title might dissuade I he misguided Most people paradoxically think speculation is a short-term high-risk means of investing In his book Casey sketches four speculative portfolios for those with less than $5000 to more than 11 mil I ion For someone with $25000 Casey would put 10 percent in a hoarding program He recominends stochpil jog tuna fish Bordeaux wine Scotch tape and LL Bean undershirts to offset the impending rise in consum er prices lie vk ould put 10 percent in gold coins and another 10 percent in silver coins 20 percent in money market funds that invest only in government securities 10 percent in Swiss francs and 40 percent in stocks primarily penny mining issues t I N h

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