The State from Columbia, South Carolina • 23

4-C The S.C. Tuesday, October 4, 1988 Business Today's Briefing Republic bank buys three branches Republic National Bank, a subsidiary of First Sun Capital Corp. of Columbia, has purchased three Citizens and Southern National Bank branches for an undisclosed amount. The purchase of the branches, located in Edgefield, Johnston, and Lake City, was effective Oct. 1.

Republic National Bank, with four full-service offices in Columbia, was acquired by First Sun Capital on Dec. 31, 1987, and will pursue other acquisitions of branches and community banks. Treasury bills Yields mixed on short-term T-bills: Interest rates on shortterm Treasury securities were mixed in Monday's auction. The Treasury Department sold $7.0 billion in three-month bills at an average discount rate of 7.23 percent, the same rate as last week. Another $7.0 billion was sold in six-month bills at an average discount rate of 7.46 percent, down from 7.48 percent last week.

The rates on six-month bills were the lowest since they sold for 7.34 percent on Sept. 19. a Ticker news Dollar reacts to plunging oil prices: The dollar weakened Monday in response to plunging oil prices, which were seen as easing inflation pressure in the United States and lessening demand for currency to pay for dollar-quoted oil contracts. Gold prices rose in what dealers described as largely a technical and temporary reaction to the metal's fall last week, which also was a response to declining oil prices. Republic National Bank quoted bullion at $396.95 a troy ounce at 4 p.m.

EDT, up from $394.00 late Friday. Stocks down in light trading: Stock prices sagged in light trading Monday, starting off the final quarter of 1988 on a wary note. Declining issues outnumbered advances by about 9 to 5 in nationwide trading of New York Stock stocks, with 536 954 Down 7.65 Exchange-listed up, to 2,105.26 down and 444 unchanged. Volume on the floor of the Big Board came to 130.38 million shares, down from 175.75 million in the previous session. Also UPS expands: United Parcel Service announced that it has expanded its international Dow air delivery network to 19 new countries in Europe and the Far East.

UPS said Monday that it now is able to provide scheduled delivery of packages and documents to and from every address in 40 countries and 57 cities in China. Delivery usually takes two to four days to most points, but the company is aiming for overnight service, said Senior Vice President John W. Alden. UPS currently ships 10.5 million packages a day worldwide, the bulk of them in the United States. Groundbreaking set for catfish farm: State and county officials will break ground Thursday for a $3.5 million catfish farm and processing facility at the Estill Industrial Park in Hampton County.

Lowcountry Aquaculture Corp. has announced plans to construct a processing plant, a feed mill and 500 acres of companyowned ponds. Most of the fish to be processed will be supplied by farmers who will grow fish under contract to the company. State Commissioner of Agriculture Les Tindal will be among those who will dedicate the facility. New chemical terminal set: Union Carbide Corp.

will build a $7 million bulk chemicals terminal in Spartanburg next year. Chemicals will be transported to the terminal by rail from Union Carbide manufacturing plants and shipped out daily in approximately 20 to 25 tank truck shipments. The chemicals are used in the manufacture of a wide range of products used in the home and none are considered "extremely" hazardous substances, the company said. Glut of oil makes cost slide lower By MARIANN CAPRINO AP Business Writer NEW YORK Oil prices continued their dramatic march downward Monday, flirting with the $13-a-barrel level in a stiff test of lows not seen in two years. The November contract of West Texas Intermediate, the benchmark U.S.

crude that plunged 55 cents a barrel Friday, skidded another 31 cents to settle at $13.06 a barrel on the New York Mercantile Exchange. Crude prices haven't closed this low since August 1986. The price of crude has dropped $2 a barrel over the past five weeks. But experts say consumers probably won't benefit significantly unless crude holds at these depressed levels for an extended period. if does, we'll be awash in a sea of gasoline," Quinten Anderson of the AAA Motor Club in Charlotte said.

Anderson said gasoline prices have dropped more than 10 cents per gallon since the Club's last price survey on Labor Day. He said gas prices should be averaging about 97.7 cents a gallon, down from about $1.11.9 on Labor Monday's slide intensified after Saudi Arabia issued a statement saying that while it believes returning to prescribed production levels "is the best way for restoring full stability" to world oil markets, it will not "freeze" its own production while others continue to violate their ceilings. Analysts interpreted the statement as a sign the Saudis are intent on boosting output to drive down prices further and make other oil producers suffer narrowing profit margins. OPEC nations are pumping an estimated 3 million barrels a day beyond their 17.5-million-barrel quota. Construction Spending Seasonally adjusted billions of dollars $420 410 400 390 380 370.

0 SOND FMAMJJA 1987 1988 Aug. '87 July '88 Aug. '88 398.3 398.3 396.1 Source: U.S. Department of Commerce Associated Press Factory orders Seasonally adjusted billions of dollars $240 $220.6 billion 220 Up 3.1% 200 180 160 1986 1987 1988 Source: U.S. Department of Commerce Associated Press Factory orders rise in August 3.1 percent surge seen as indicator of stable economy By DAVE SKIDMORE Orders to U.S.

factories for manufactured goods surged 3.1 percent in August, the government said Monday in a report cited as more evidence the economy continues to grow at a robust pace. The Commerce Department said orders rose $6.8 billion to a seasonally adjusted $226.6 billion, rebounding from a 3.6 percent decline in July, the worst in 18 months. Orders were up 5.4 percent in June, the biggest jump in 17 years. The overall orders number has been influenced in recent months by wide swings in orders for transportation equipment, particularly aircraft. But analysts said the underlying trend is strong and indicates that a jump in the unemployment rate from 5.4 percent in July to 5.6 percent in August may be an aberration.

"There has been some question in the (financial) markets as to whether manufacturing is stalling out. But with the orders situation as strong as it is, it's clear to us manufacturing remains on a solid track," Stephen S. Roach, an economist with Morgan Stanley said. Total orders for the first eight months of the year have averaged $217.7 billion a month, 7.8 percent higher than a year ago. Jerry Jasinowski, chief economist of the National Association of Manufacturers, said members of his trade group remain optimistic, at least through the rest 1988.

In another report, the Commerce research lab Money OK'd for Charleston research lab By BILL HUGHES Farm Editor A vegetable research laboratory near Charleston is among several projects in a $477,000 appropriations by Congress, Sen. Strom Thurmond, Monday. Other South Carolina farm projects ed by the bill include a $192,000 University project to combat "peach life," a disease which causes premature peach trees. Transportation Department sets fuel-economy average at 26.5 mpg By TIM BOVEE restrictions on consumer choice." Associated Press WASHINGTON The Transportation Department on Monday set fueleconomy standards for 1989 passenger cars at 26.5 miles per gallon of gasoline, a level the nation's two largest auto makers say they could meet without layoffs and production cuts. The department's decision kept the fuel economy average required for each auto manufacturer from increasing to the 27.5 mpg enacted by Congress in 1975.

Since 1986, the auto makers have been required to meet a 26 mpg standard. A higher requirement "would have clearly put our domestic full-line manufacturers at a competitive disadvantage compared to some foreign manufacturers, especially the Asians, who have been building only small cars and can easily meet the fuel-economy requirements," Transportation Secretary Jim Burnley said. The order issued by the National Highway Traffic Safety Administration, an agency within the Transportation Department, said 26.5 mpg represented the level attainable by General Motors Corp. and Ford Motor Co. in their domestic fleets of passenger cars without "harmful production restrictions and without any significant GM and Ford, which had warned higher fuel-economy standards would force cutbacks of big-car production and cost the industry hundreds of thousands of jobs, were quick to praise the order.

Consumer groups were critical. GM said the decision "was in the best interest of American workers and consumer choice." The company said the 1975 law that established the corporate average fuel economy, or CAFE, standards was "outdated." Ford said the agency's decision "recognizes that consumer preferences resulting from low fuel prices have placed a particularly heavy burden on our efforts to comply with the 27.5 mpg standard." The nation's third-largest auto maker, Chrysler whose car line is concentrated in the smaller, more fuel-efficient models, said only that it would exceed 27.5 mpg in 1989 and said "a meaningful gasoline tax would eliminate the need for a CAFE-like regulatory system." The Center for Auto Safety, which favors stricter fuel-economy standards, said through Director Clarence Ditlow that the Transportation Department's decision was "another cave-in by the Reagan administration" and vowed to go to court to try to force the agency to let the standard increase to 27.5 mpg. Spartan Food breaks ground Rain last obstacle in company's path to new headquarters By BETSY TETER Special to The State SPARTANBURG Nothing was going to stop Spartan Food Systems and its $25 million headquarters building. Not lawsuits, not potential hostile takeovers and not a downpour that drenched the company's 300 employees during ground-breaking ceremonies Monday. "This is indeed Spartanburg's day of days," Mike Kohler, chairman of the Spartanburg Area Chamber of Commerce, said.

Kohler was speaking from a podium on East Main Street as hundreds of raincoat-clad well-wishers huddled under umbrellas. The start of construction "represents one of the most significant milestones in our area's history since General Morgan drove the British from WASHINGTON An additional $285,000 would go to another Clemson program to encourage crop diversificato be built tion and $293,000 is earmarked for a demonstraagricultural tion farm to be developed near Florence by the bill approved S.C. Department of Agriculture. said The Charleston research facility would be developed by the Agricultural Research Service, an to be fund- arm of the U.S. Department of Agriculture.

a Clemson The current facility on U.S. 17 south of tree short Charleston is obsolete and in dire need of replacedeath in ment, said Christopher Simpson, press aide to Thurmond. our Reviews help you Choose Look for them in The State HITES Country Buffet It's time to make your Christmas Office Party Reservations 359-2589 U.S. 1. 378 Lexington 00180-52 Grand Opening Specials Columbia Plaza Location 14K Gold Chains Herringbone Handmade Rope Chains OFF DAVID'S FINE JEWELRY Columbia Plaza Diamond Lane Airport Square 788-7119 798-5575 794-4077 Hours: Open 'til 6:00 Monday Saturday Thursday and Friday Til 8:00 Department said construction spending in August fell 0.6 percent to a seasonally adjusted annual rate of $396.1 billion.

Economists say rising interest rates and high vacancy rates have kept this sector sluggish. Manufacturing has been one of the most vigorous areas of the economy this year because export sales have boomed with the lower value of the dollar. To meet demand for exports, manufacturers have stepped up spending on new machinery. Roach said manufacturers prior to this year had been expanding capacity at the slowest rate since World War II, and now that they're finally spending more they're unlikely to taper off before considerable pent up demand is met. Orders for non-defense capital goods rose 6.3 percent in August to $38.5 billion, after rising 2.1 percent in July and 12.5 percent in June.

"That's an extraordinary rise," Roach said. Orders for durable goods, "big ticket" items expected to last three or more years, jumped 5.9 percent, following a 7.4 percent fall in July and an 8.7 percent increase in June. Excluding the volatile defense goods category, orders rose 2.7 percent in August following a 0.6 percent decline a month earlier and a 2.9 percent rise in June. Orders for transportation equipment, a subcategory of durable goods, were up 19.0 percent following a drop of 22.5 percent in June and a 33.3 percent jump in June. The department said the August gain in transportation to $34.8 billion, which included a 167.1 percent rise in orders for military ships and tanks, was led by a 14.4 percent gain in aircraft and a 17.0 percent jump in motor vehicles and parts.

"It was It was now there Thurmond only the money. "Farmers Thurmond to work to efficient. pleased these built in 1936 and its costly to maintain. designed to house five scientists, but right are 35 at work there," Simpson said. said the appropriations bill needs president's signature to release the are the backbone of our nation," said.

"It is imperative that we continue make their efforts more productive and In these difficult fiscal times, I am the Congress realized the importance of research efforts for agriculture." Retirement Distribution: IRA Rollover or Lump Sum? The 60 Day Decision. If you are contemplating retirement, or if you are entitled to a company funded lump-sum distribution, you generally have only 60 days to make one of the most important investment decisions in your life. At Prudential-Bache Securities, we're sponsoring a special free seminar where we'll discuss the many variables which you must consider, as well as the computer aided analysis program that we've developed to help you make the right 60 day decision. So, if you are about to retire, or if you are entitled to a lump sum distribution, plan to attend this important seminar. Speaker: Jean R.

Ballentine, Certified Financial Planner Two convenient times: When: A. Thursday, October 13th at 12:00 Noon B. Thursday, October 13th at 6:00 P.M. Where: Prudential-Bache Securities 1330 Lady Suite 205 Columbia, SC (Parking will be provided) Admission is free, but space is limited. To reserve your seat, just call Jean R.

Ballentine at 799-2626 or 1-800-922-3378 or send in the coupon below. Prudential-Bache Securities, 1330 Lady Suite 205, 29201 the Cowpens battlefield 207 years ago," he said. Right on schedule, the 27-year-old Spartanburg company broke ground for the 17-story building that will house its corporate offices. Construction is expected to take about 18 months. A mini-blimp was released and tethered briefly at 250 feet, demonstrating the height of the tower when completed.

Construction will take three phases, John Papps, construction engineer for Fluor Daniel, said. "Topping out" will occur in late spring or early summer of 1989, and interior work will continue until opening in April 1990. The building weathered some nerve-wracking days in getting to its ground-breaking date. In late July, the owners of the Franklin Hotel threatened to stop the project when they sued the city of Spartanburg, contesting the city's right to condemn their property for the high-rise. In a last-minute settlement of the lawsuit, the city and Spartan Food were forced to come up with about $250,000 each to allow the project to move forward.

Then in late September, a New York investment partnership said it planned to push for control of TW Services and said it already had purchased 19 percent of the company's shares. The issue of who will ultimately own TW Services is still unresolved. But neither of those events have deterred the local management of Spartan Food. "Today is a very special day in the history of our company," Brice of Spartan Food said. He saluted downtown merchants who have stayed in the central business district rather than moving to the suburbs.

A formal garden will be built on the site of the former Franklin Hotel and J.C. Penney's building. It will be reserved for a possible second tower. Ground-breaking for Broadwalk, a 700-car parking garage and retail complex, will occur at a later date, said Mayor Lewis Miller. Attn: Jean R.

Ballentine, Certified Financial Planner 799-2626 or 1-800-922-3378 Please reserve seat(s) at your Retirement Planning seminar. Please circle choice: A. 0 I cannot attend, please send me additional information. Name Address City State Zip Phone Clients, please give name and office of Account Executive. Prudential-Bache A Subsidiary of The Prudential Rock Solid.

Market Wise. 02654-40 1988 Prudential-Bache Securities. Member SIPC.