Richmond Times-Dispatch from Richmond, Virginia • 53

Richmond Times-Dinpalrli Thura Mar 19 1981 E-3 Massachusetts Oil Deal Reported Insurance Firm Loses Its License By The Aseociated Prett Earnings Reports Profit Up To $152 Billion f' The State Corporation Commission has revoked the license of Fauquier Home Mutual Fire Insurance Co The SCC order issued Tuesday said the company "is insolvent and that defendant is in such condition that its further transaction of business in this state is hazardous to policyholders and creditors in this state and to the public" The SCC order requires the company to cancel all contracts of insurance and revokes the authority of all persons licensed to transact insurance business- as agents of the company The action came after an investigation of the company by the SCC Bureau of Insurance Gasoline Stocks Hit High Mark NEW YORK (UPI) The gasoline stocks reached a record volume last week as US refineries operated at one of the lowest rates in recent memory the American Petroleum Institute reported yesterday demand still is low for both gasoline and heating oil the marketplace is really working in terms of refineries reacting on an individual basis to reduced petroleum consumption" an industry analyst said "Within the past two weeks Amoco and Gulf have announced plans to mothball two refineries because of declining demand for petroleum products" he said Gasoline inventories rose to a record 2843 million barrels last week eclipsing the previous record of 2832 million barrels on hand in the week that ended April 18 1960 the institute said Gasoline stocks stood at 2817 million barrels two weeks ago and 2784 million barrels a year ago the oil industry trade group said Gasoline supplies are higher that the Departments of Energy's average range for this time of year The refinery utilization rate dropped to 691 percent of capacity last week from 704 percent the week before and 788 percent a year earlier BOSTON (UPI) Gov Edward King reportedly has negotiated a deal to buy reduced-price oil for the state's utilities directly from Venezuela King has refused to discuss details expected tobedisclosed in a 4 -minute televised speech tonight But general outlines of the plan have leaked out and a federal energy official said the Venezuelan contract close we understand it will be announced this state has worked out contractual arrangements with a subsidiary of the Venezuelan national oil Robert Swandby an official in the office of the undersecretary of energy told the Boston Globe If carried to completion the contract would mark the first time any state has bought oil directly from a foreign exporter and could set an example for other states according to US Department of Energy officials The plan will also include possible conversion of 14 of the state's electrical generating un- Well Completed MINNEAPOLIS (UPI) -Apache Corp announced yesterday completion of an oil and natural gas well in Beckham County Okla The quarterly profit came to $197 per share compared with $14 billion or $193 per share a yearearlier The profit was based on revenue that went up for the quarter to $13 billion from $11 billion Board Chairman Charles Brown called the results marginally better and said the numbers the combined effects of continuing high costs and slower growth in demand for our ATATsaid its rate of return on money invested in common stock declined during the quarter to 1198 percent from 1216 percearlier Federal Express MEMPHIS Tenn (UPI) -Federal Express Corp boosted its net income by 102 percent to $166 million or 81 cents per share for its third quarter that ended Feb 28 from $82 million or 44 cents per share for the year-earlier period The air express firm had revenue of $1525 million up about 46 percent from $1044 million For the nine months it earned $406 million or $2 per share on revenue of $420 million upfrom $283 million or $154 per share on revenue of $2947 million percent recorded in July at the end of the recession The new figure is lower than the 835 per cent for last February 1980 before the recession took hold High use of production capacity is generally seen as a reflection of strength in manufacturing as well as cm- fidence that sales of the ultimate products will also be strong Meanwhile the Department of Commerce reported that although before-tax profits of American businesses rose a relatively healthy 49percent in the fourth quarter that was only a bit more than half the 9 percent increase recorded in the third quarter The departmental so reported that the real gross national the value of goodiand services adjusted for Inflation grew at a seasonally adjusted annual rate of 38 percent in the fourth quarter rather than 4 percent as reported last month Real GNP grew in the final three months of 1980 to a seasonally adjusted annual rate of $273 trillion ($149 trillion in 1972 dollars to adjust for WASHINGTON (AP) The government released yesterday a new indication that the national economy may be slowing reporting that use of production capacity dropped in February for the first time in seven months Other new reports showed corporate prof it increases slowing in the fourth quarter of last year and indicated that the gross national product grew less in that-quarter than estimated The government reports came one day after the release of a trio of other statistical reports showing that industrial production and construction of new bouses fell in February and thatpersonal income roseby the smallest percentage since last summer's All the reports are generally in line with analysts' predictions of sluggish growth or no growth at all in the national economy the first half pf this year Manufacturers' capacity utilization fell from 80 percent to 79 3 percent in February after gradually rising from the 749 Consumat Board 7 i Promotes Three Gov Edward King No Details Discussed its to coal and an option to pass conversion costs on to customers The state is also expected to press for basic changes in the structure of electric rates The state contract with Venezuela could cut consumers' bills by as much as $3 a month some utility executives said Coal conversion is also ex- pected to reduce bills in the long run because of the lower priceof coal The board of directors of Consumat Systems Inc promoted its top officers yesterday in a move it said was designed to strengthen management Carroll Hughes Jr was promoted from president to board chairman and chief executive officer Spencer Hines Jr former executive Based in Willoughby Ohio it plans to relocate in Richmond in the summer of 1982 A-T-O Plans Name Change To Figgie International Does anyone give down-to-eaith prices on behind- closed- door cabinets? SALE $98 Storage Cabinet Solid heavy i I gauge construction All set up ready for use Adjustable shelves and chrome handles Lock and key are included Black or Tan 3 Day Sale 2ND MORTGAGE LOANS FOR LESS THAN lSTT MORTGAGE RATES" Rriods of high interest rates cal) for creative financing We ofier quick turnaround and very competi- tive rates on 1st and 2nd mortgages construction loans commercial loans and bridge loans And with one of our tailored wrap-arounds you can often 2nd mortgage money at even than 1st mortgage rates CaH Mike Cary at 271-1285 or Bob Dowling at 285-4107 Member FSUC LINCOLN SAVINGS LOAN AM 7101 Jeffersim Dana Hiqhway4120 Mtadowdalt Blud2330 Hungary Road3605 MechauicavUle Pike5801 RMenam A ue NEW YORK (AP) American Telephone ft' Telegraph Co which set a US corporate record last year sritl) earnings of more than $8 billion announced yesterday that it earned a combined $152 billion in December January and February Profit for the quarter rose 89 percent from that a year earlier but despite the increase the communications giant said it urgently needed rate increases and called for regulatory relief reports its annual income by calendar year but issues Interim reports for quarters that end in February May August and November vice president and chief financial officer was named president and chief administrative officer Robert Massey was promoted from executive vice president to chief operating officer Hines who joined the firm in August from a position as a senior vice president at First ft Merchants National Bank will retain the duties of treasurer and chief financial officer Massey will remain corporate secretary The action was taken at a regular meeting Consumat- with a plant in Mechanicsville manufactures equipment used in converting waste matter into energy Offer gori through 3-25 One gift per customer OVERTIMLAGAIN? Tired of operating with a skeleton crew in the Accounting Dept? Solve your problems with a qualified pre-screened ACCOUNTING TEMPORARY from DON RICHARD ASSOCIATES CALI 644-0651 RUN BY A VIRGINIA CPA NO FIE INVOLVED Desks Furnishings 7210 Broad Street Road Call 288-2252 now! CLEVELAND AP) A-T-0 Inc may have annual sales approaching $1 billion but its confusing listing on the New York Stock Exchange is forcing the corporate giant to take a new name: Figgie International Inc A-T-O said yesterday that it was being confused with the large French multinational corporation ATO Chimie and the Greek letter social fraternity Alpha Tau Omega decision is based on the fact that A-T-O does not convey a recognizable meaning or understanding indicative of the corporation or the expanding international scope of its the company said The company will take the name of Board Chairman Harry Figgie Jr also known for the Figgie Report on CrimeFiggle who organized the company to A Fluor Division IRVINE Calif (UPI) -Fluor Corp announced yesterday the formation in St Louis of Fluor Pipe and Piling Co tiGARSyPIPESTOBACCO Accessaries ay Budget jo Itobacco house ltd! NI7t1j Sffi4a-223i? Cary Our Southwick clothing for spring has arrived WAT KIN INC Clothing and furnishings for men 801 Main St1 Rod Building Richmond Va 232 19 Phona 648-6161 take over Automatic Sprinkler Corporation of America in 1963'' had shunned the use of bis name in association with the business until the three-year study show- ed that A-T-O was not workable was getting terribly confusing Since Mr Figgie is known as Mr A-T-O Figgie In-! ternational seemed an said Adele Shainblum who handles account with the New York public relations firm of Ruder ft Finn A-T-O really didn't stand for Alpha Tau Omega fraternity said it has not had any problems with the similarity in names A-T-O will offer the change in proxy to stockholders in April for decision at the May 20 annual meeting A-T-O has 35 divisions that' serve consumer industrial technical and service markets MUSE HI4 SOUKS DONATC YOUR OIB CANS take Bt Aaptam Canaan Train M-1- iwsthsi kzihs YOUR TAX DBMJCTWN CM BBT CHRISTIAN CHARITIES INC HELP FOB LOWER INCOME FAMUB 1 306 tad St Vi Ok ftSW MOTOR CM CENTER 3H-3T4S Rm Nana Slim Jr Dmdai THIS N0N-WNDE6 CHARITY pti (nods kM city dn Maul IIM -1 jPOTIMm IIOT Ifl Bl WOTGUU If epri nRS rlwpEYi IB TVH CsdicMtritatmfunHtVBBlc PlJASf BONATt YDMCM ETC IibObMSWb TMMtWta 371M4 370 bOSO 37(i MMu il Shppww hnwRfc4MWatf MmImmcwiI Mil 10 CASH for buying a 272 year certificate 20 CASH for buying or renewing a 6 month certificate SI 0000 minimum $500 minimum money to free checking thatfc OK with the spot Come in soon to Investors Because evenl ever our offer Phone 740-5000 Ask for complete details at the Investors location nearest you opai or market certificate with a I or more you can enjoy absolutely free interest checking And as long as you keep your certificate with us yi qualify far tore cheddng in-dueling free personalized checks and no service chaiges You can choose a 2-yeai 6-month or loophole money market certificate as long as your deposit is $5000 or more If you have a certificate somewhere else thk like to renew with us we can have it transferred for you And if you happen to prefer free 1 'The 6 month rata is available March 19-March 25 The annual yield is based upon reinvestment st maturity of principal and interest earned for an additonal 6 month term at die same rate A different rate may be in affect when the certificate is renewed Thera is substantial interest penalty for arty withdrawal Federal regulations prohibit the compounding of interest Citizens Savings SfLoan Investors Savings 9 And Loan Aaaocwiion Member FSLIC Ratify thH Shipini Can Ian AwTamt MR Nufwart ClwMaHaym him ihaai Ceittr MfctFmAha 320 6090 JatWnl 7114 Hal tmelaaR 370bb8b latlwh VJay Cattr 370 KWO Imkcnmh Sawn tap 370 MWS Cahf 370 '382 3147 McdHMMiRt Ml 370MJO MrfUlWi FA U00 MMMm FA Ail 'S I.