The News and Observer from Raleigh, North Carolina • 41

Business The News Thursday December 21 1995 9 Dilbert IOC Market Beat IOC Stocks 11C-13C WRAZ to become Fox affiliate in THangle Agent Mulder (David Duchovny) fights for his life as he and Agent Scully (Gillian Anderson) track an alien in "TheX Files which is shown on the Fox Network 1 with such popular prime-time shows as "The Simpsons" and "Beverly Hills 90210" and its contracts with the National Football League and the National Hockey League The network also recently joined NBC ESPN and the cable venture Liberty Media in signing five-year contracts with Major League Baseball The Fox switch is the latest in a series of changes in the Triangle TV market In September WNCN took over as the NBC affiliate from WRDC and WRAZ went on the air unaware by the announcement late Wednesday afternoon "This is news to me" station manager Jim Lapiana said "I can't even begin to assess this" Executives of WLFCs owner Sinclair Broadcasting in Baltimore could not be reached for comment The agreement was announced by Fred Barber vice president of television at Capitol Broadcasting Co Capitol which owns CBS affiliate WRAL runs WRAZ under a "lease marketing agreement" with the station's owner Tar Heel Broadcasting Co WRAZ is an independent station that shows reruns syndicated programs prime-time shows from Warner Bros' WB network as well as 12 hours a week of religious broadcasts Barber said WRAZ agreed to pay financial considerations to Fox but he declined to elaborate WRAZ will take over as the local Fox affiliate when WLFLs contract with the network expires in 1998 Fox has established itself as a major player in network television By Steven Eisenstadt STAFF WRITER Just three months after going on the air television station WRAZ has struck an agreement to become the Triangle's Fox Network affiliate beginning in 1998 The deal is a coup for WRAZ Channel 50 because of the prime-time programs and sports that have led to Fox's emergence as a major network It also will dislodge the region's longtime Fox affiliate WLFL whose top manager was caught MORAVIAN BAKERY HAS TROUBLE FILLING ALL ORDERS FOR COOKIES Effect of rate cut is negligible each other for overnight loans to 55 percent The move was designed to get the sluggish economy percolating again by making it more attractive for people and businesses to borrow and spend money When banks' own borrowing costs fall they usually lower the interest charged on loans The prime once the rate banks I I 7 1 4 charged their most creditworthy customers has become a benchmark for many consumer and business loans Rates on credit Prime rate at many banks 25 point from 875 to 85 1 if Banks are following the Fed's interest rate reduction but most people will only realize a few dollars from the change FROM STAFF AND WIRE REPORTS NEW YORK The cut in prime lending rates at banks nationwide Wednesday was a stocking stuffer for consumers it will knock a few bucks off January's credit card bills and other loan payments in many households But big savings on the cost of paying off loans probably could reach consumers by summer economists said Most think the Federal Reserve will continue to shave key interest rates next year which will lead banks to reduce prime lending rates even further "This move is going to end up being part of a bigger move later on" said James Coons vice president and chief economist at Huntington National Bank in Columbus Ohio The nation's biggest banks including NationsBank First Union and Wachovia in North Carolina cut their prime lending rate to 85 percent from 875 percent after the Federal Reserve's decision Tuesday to lower a key short-term interest rate by one-quarter percent The Fed reduced the federal funds rate the interest rate banks charge card auto home equity and small business loans are set by adding to the prime rate So when the prime falls so do a number of other interest charges More than $225 billion of the $350 billion owed on bank credit cards is directly tied to the prime rate according to RAM Research Group a Maryland-based firm that tracks credit cards The rate cut will save American credit card holders at least $500 million in interest charges in 1996 said Robert McKinley RAM's president The savings for individual households is far less dramatic The average cardholder carries a balance of See Rates Page 1 OC Dale Foust carefully packs Moravian ginger cookies for shipment at the Moravian Cookie Factory in Clemmons PHOTOS BY THE ASSOCIATED PRESS Too many find them too good v'T tomers who wrote that his family received their cookies at 3 o'clock and they were all gone by 4 o'clock" she said taking a break from filling last-minute orders last week at the bakery in rural Davidson County Unfortunately for them they may not be able to get any more until 1996 "Our cutoff date to be guaranteed to get cookies before Christmas is Dec 10" Hanes said "After that all we can do is our best to get them some before the holiday" See Cookies Page 1 0C By Paul Nowell THE ASSOCIATED PRESS CLEMMONS It is getting harder for Ewa Hanes to keep up an old family tradition baking enough Moravian Christmas cookies for everyone on her list That's because this grandmother has about 50000 loyal customers who crave her tasty wafer-thin treats which are still rolled and cut by hand at the Moravian Cookie Factory "I read a letter today from one of our cus NC Railroad lease wins OK but dispute isn't over Brisk sales are has-beens at LL Bean Mail-order companies are hard-hit by the economy I I "The election should be voided This is clear A majority of the private shareholders did not favor this" said David Clark a lawyer representing Greensboro industrialist Walker Rucker who is leading opposition to the new lease Late Tuesday Clark filed motions seeking a recount of the vote that led to the shareholders' approval He also sued to have the lease overturned Even though most of the company is state-owned bylaws required that a majority of private shareholders be represented either in person or by proxy when the ratification meeting was held on Friday NCRR directors ruled a majority was present by a scant margin a fraction of 1 percent But Clark in his motions claimed that he was not allowed to verify proxies He also said the lease should be voided See Uass Page 1 By Dudley Price STAFF WRITER RALEIGH final approval of a lease between the NC Railroad Co and Norfolk Southern Corp doesn't mean nearly three years of haggling are over As expected the Council of State representing the taxpayers of North Carolina who own three-quarters of the railroad unanimously approved the new lease It had received the endorsement of NCRR's private shareholders last Friday "This is a business deal in the best interests of the private and public shareholders" Gov Jim Hunt said at the beginning of the council's meeting But also as expected opponents of the deal filed a flurry of motions in US District Court seeking to block the lease which would replace one Last signed in 1895 I 'A 1 I A Woodbrey said recently as she tucked polar fleece flannel and wool items into boxes Like other mail-order companies LL Bean has struggled this holiday season Sales are 10 percent below the company's projections and increasing paper and postage prices delivered a double whammy to the firm's budget LL Bean planned to surpass $1 billion in sales but that goal may prove elusive this year "It's really anyone's guess at this point" said Catharine Hartnett a spokeswoman who was at a loss to explain the drop in orders this season "It's been so unpre- See LL Bean Page 1 OC By David Sharp the associated press FREEP0RT Maine Last-minute holiday shoppers? Heidi Woodbrey knows all about the dawdlers who waited to buy gifts this year During each shift at LL Bean she fills 800 orders of polar fleece jackets wool socks flannel shirts hunting boots and other goodies most of them destined to go under trees this Christmas But it wasn't so merry early in the season as customers either delayed their orders or didn't place them at all "They just don't have any money and they're waiting until the last minute" 'if mimm Karen Stys grabs shirts from the racks as she fills orders at the LL Bean distribution center THE ASSOCIATED PRESS I ite 1 AIJL'A 111 DOW -5057 closed at 505932 -599 closed at 60594 500 WILSH1RE closed at $5943054 billion 30-YEAR BOND YIELD 611 up from 610 Merrill denies wrongdoing Wednesday's lawsuit said Peat Marwick which billed itself as pre-eminent in municipal audits was specifically asked to evaluate Citron's investments because internal county auditors lacked the know-how Polaroid cutting jobs CAMBRIDGE Mass Polaroid Inc announced late Tuesday that it will eliminate 1300 jobs or about 10 percent of its work force of 11300 The company said the restructuring is designed to cut costs and refocus its operations See Briefs Page 10O NATIONAL Bankrupt county sues accounting firm SANTA ANA Calif Orange County sued its former outside auditor Wednesday for $3 billion accusing KPMG Peat Marwick of failing to detect and warn of the risks to investments that resulted in the nation's biggest municipal bankruptcy The suit opens a second front in the county's battle to blame brokers and other professionals for a $164 billion investment loss It has a $2 billion lawsuit pending against Merrill Lynch Co the main investment house used by former county Treasurer Robert LCitroa STATE NC cities place on affordable list WASHINGTON For the first time in at least four years a major metropolitan area Kansas City is the nation's most affordable place to live San Francisco remains unchallenged as the least affordable last on the list of 191 Raleigh was No 135 with 578 percent of homes within reach of the median income household at the prevailing mortgage interest rate during the July-September quarter the National Association of Home Builders said Charlotte was 78 and Greensboro was 116 TRIANGLE Glaxo Wellcome gets OK for muscle relaxant RESEARCH TRIANGLE PARK Glaxo Wellcome Inc received approval from the US Food and Drug Administration to sell Nimbex a drug that relaxes muscles during surgery The drug cisatracurum besylate already is available in the United Kingdom and is likely to be available in the United States by prescription early next year Glaxo said Glaxo Wellcome Inc headquartered in Research Triangle Park is the US subsidiary of London-based Glaxo Wellcome Pic -210 NYSE £3 AMEX closed at 32361 289 closed at 53450 -114 closed at 1025 2f NASDAQ 1.