Pittsburgh Post-Gazette from Pittsburgh, Pennsylvania • Page 15

1 15 V' Consumers remain upbeat NEW YORK (AP) American consumers' assessment of current economic conditions is up and expectations remain positive about the next six months, according to a survey released yesterday. More than 20 percent of 5,000 households nationwide surveyed in May by the Conference Board said they anticipate that business conditions will improve in the next six months. That was up from 17 percent a month earlier. Thirty percent of those surveyed said they believe current business conditions are "good," a slight rise from the April survey. Despite an increase in unemployment, 34.5 per cent of respondents said they believe jobs are "plentiful," the same as in April.

The number of people expecting more jobs to become available increased to 19 percent from 15.4 percent, but there was also an increase in the number of people who expect the reverse to happen, to 15 percent from 13 percent. "The fact that consumer confidence has remained strong, despite signs of a slowing economy, is reassuring," Fabian Linden, executive director of the board's Consumer Research Center, said in a statement. "Consumers, who are evidently in the first instance wage earners, have always been quick to sense oncoming recession," he said. "But there are none of the indications in recent survey readings that generally signal troubles ahead." The board's monthly consumer confidence index gained one point to 117.8, with 1985 as 100. That was down from 120.2 a year ago.

The Conference Board is a nonprofit business network that provides information and management and economic research for business leaders worldwide. Pittsburgh Post-Gaaette: Tuesday, June 6, 1989 'MV Jfrtted Major banks lower prime rate The first Eafn Park restaurant, shown here, opened June 6. 1949 on Saw Mill Run Boulevard In the South Hills. Eat'n Park stays with middle-class roots key source of bank funds, were yielding 9.3 percent yesterday, down from more than 10 percent in early April. The gap between the banks' cost of funds and the prime rate, therefore, had widened to 2.2 percentage points from an average of 1.5 points in 1988.

Many economists said they expect the Fed will ease soon by engineering a small decline in the fluctuating federal funds rate to between 9.5 percent and 9.625 percent, from its current range between 9.75 percent and 9.875 percent Although the Fed did not signal that it was easing yesterday, fed funds were trading around 9.625 percent. David Jones, an economist at Aubrey G. Lanston and Co. said the May employment report showed that jobs in the manufacturing sector were down for the second month in a row. "The unusual weakness in manufacturing jobs was confirmed in the purchasing managers' report, which showed the economy moving sideways," he said.

The purchasing managers' economic index dipped below 50 percent in May for the first time since July 1986. "The handwriting is on the wall that we'll get some cautious easing," Jones said. FROM PAGE 13 Major banks last changed the prime rate on Feb. 24, when they raised it to 11.5 percent from 11 percent. The last time they lowered the prime was on Feb.

2, 1988, when they cut it to 8.5 percent from 8.75 percent. Since May 1988, banks pushed the prime up three percentage points as the cost of money to the banks themselves rose in line with the Fed's effort to quell inflationary pressures in the economy. But over the past several weeks, banks have seen their borrowing costs decline. Three-month certificates of deposit, a Leading The Way With FROM PAGE 13 Broadhurst, now the principal stockholder of the company, said middle income communities and family customers remain Eat'n Park's base. "From a sales standpoint, we're willing to have slightly smaller margins to have more activity.

Our restaurants are large. We have very high volume versus some of our competitors. It's important to us to keep prices low and attract as many people as possible." Dinner prices with salads and other trimmings range from $4.55 for spaghetti to $7.85 for a New York strip steak. Lighter dishes such as stir-fried chicken or shrimp are priced under $5. Sandwiches and breakfast items are less.

Broadhurst said Eat'n Park intends to maintain its strategy of providing competitively priced meals in the communities where the chain started while growing slowly, adding a few restaurants every year. All of the Eat'n Park locations cater to families. There's a special menu for children devised with help from educational television producer Fred Rogers. Some locations have diaper changing tables. "We're in many mill towns Homestead, New Castle, Beaver Falls.

We're on Washington Boulevard and in Dormont. That's the background of Eat'n Park, while other restaurants today want to go to Upper St. Clair, Fox Chapel and the North Hills," Broadhurst added. Broadhurst was a vice president at Pittsburgh National Bank specializing in lending to the restaurant industry when he was recruited by Hatch, a bank customer. Hatch, 83, was general manager of Isaly's Dairy Stores when he opened Eat'n Park 40 years ago.

At Isaly's he had a hand in developing local favorites such as chipped chopped ham and Klondike chocolate covered ice cream bars. Still active, Hatch declined to be interviewed for this story. He capitalized on a California trend of catering to cars and became one of several Big Boy franchise' restaurants, acquiring the right to sell double-decker hamburgers with that name in this market. Eat'n Park dropped the Big Boy franchise in 1975. When Hatch first opened the restaurant, "Park and Eat" signs were commonplace on American highways.

He reversed the slogan for his restaurant's name and kept it even though it no longer describes the dining style. Eat'n Park opened its 30th restaurant in suburban Penn Hills by 1965, and two years later introduced automated order-taking machines for car service. The last carhop service at Eat'n Park was phased out by 1971 as McDonald's and other fast-food chains increased their market share in the changing restaurant business. Eat'n Park responded to the fast-food competition by changing to a coffee shop chain and heading back indoors, away from the parking It added bigger dining rooms to many of its restaurants and started serving breakfast and dinner items. "We chose not to go the fast-food route," said Broadhurst, who maintains corporate offices above a newer restaurant on Park Manor Drive, Robinson, near the Greater Pittsburgh International Airport.

"We saw a niche. We had the property, and the opportunity to expand into something more like Howard Johnson's was at the time." Over the last 12 years, Eat'n Park has changed from coffee shops to a full-service family restaurant. Soup and salad bars were added. About half of the chain's locations have added in-house bakeries. Broadhurst, who bought majority control of the company from Hatch a few years ago, is reluctant to talk about the firm's finances because it is privately held with other employees.

The company, however, has increased its sales from $10 million when Broadhurst joined the organization in 1973 and is considered healthy by its lenders. "We're a successful chain," said Broadhurst. He prefers not to publicize his ownership. "It keeps it low key. I think it would be intimidation if I were to go into a restaurant and people would say, 'there's the Although many employees have stayed with the company over the years, Broadhurst said maintaining a trained staff, particularly in the kitchen, is one of the organization's biggest problems.

It's a problem that he says may sink many smaller operators in years to come. Low wages, traditional in the restaurant industry, are part of the problem, although Broadhurst said Eat'n Park pays above minimum wage and up to $5 or $6 an hour for kitchen help. Good cooks are in demand. "More importantly, it's tough work," he said. "Working in the kitchen of a restaurant is a difficult job and some people would prefer to look for something else." SPECIAL 1989 INTEGRA RS LE4SE NO GIMMICKS! a.

I Oil prices rise on world news NEW YORK (AP) Oil futures prices rose yesterday on speculation about the results of OPEC's summer conference, the death of Ayatollah Ruhollah Khomeini, the Soviet gas pipeline explosion and the turmoil in China. On the New York Mercantile Exchange, the contract for July delivery of West Texas Intermediate, the benchmark grade of U.S. crude oil, rose 38 cents to $20.52 a barrel. Prices of refined products also rose. Ministers of the Organization of Petroleum Exporting Countries meeting in Vienna broke up a formal session yesterday without results and bargained privately on steps to keep oil prices strong through the rest of the year.

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