The Roanoke Times from Roanoke, Virginia • 23

and FDIC Pit Of WEDNESDAY EVENING, OCTOBER 18, 1989 BUSINESS PAGE B7 TV stations get new bid Two Roanoke-Lynchburg area television stations will likely be sold to a Tampa, man within the next few weeks, a change that would eventually lead to a merger of the financially ailing stations' operations. Henry J. Ash, a life insurance broker and investment counselor, said Tuesday he has made offers to buy Lynchburg station WJPR (Channel 21) and Roanoke station WVFT (Channel 27). Both stations have been operating under court protection after filing for reorganization under Chapter 11 of the federal bankruptcy laws. WJPR filed in Lynchburg last By CHUCK MILTEER STAFF WRITER year and WVFT's owners filed in Tampa in May.

Ash's offer comes in the wake of the withdrawal of similar offers for both stations made to the courts by NewSouth Virginia, a group based in Orlando, headed by Timothy Brumlik. NewSouth's offer received approval by the bankruptcy courts in Tampa and Lynchburg, but Brumlik was arrested Sept. 15 after being indicted on charges of laundering drug money and trying to import cocaine. Brumlik is still in jail in Florida and is being held in lieu of bond. After Brumlik's arrest, NewSouth failed to fulfill the requirements of bankruptcy court-approved plans to acquire the assets of both stations.

The courts ordered ROANOKE VALLEY BANKS, INTEREST RATES DOLLARS Money market savings or investment account with limited checking and a minimum of $2,500 at the annual yield MONTH less, Six-month at the money nominal or market stated rate. certificate, for Companies $2,500 may or CERTIFICATE compound, but most pay simple interest at six months. One-year money market certificate at the annual yield, 1 YEAR which $1,000 includes less. Some periodic compounding, with a deposit of CERTIFICATE larger or balances. Rates companies have higher rates for are subject to change.

Company Money 6 mth. 1 year market rate yield Central Fidelity 5.95 8.05 8.40 Charter Federal Savings 5.95 8.30 8.56 CorEast Savings 5.50 8.25 8.72 Crestar 6.17 8.05 8.51 Dominion Bank 8.10 8.51 First Security 5.75 8.15 8.51 First Virginia 8.10 8.25 Investors Savings 8.25 8.70 Salem Bank Trust 6.14 8.37 8.50 Bank of Shawsville 6.18 8.17 8.46 Signet 5.38 7.95 8.30 Southwest Virginia 5.90 8.15 8.51 Sovran 5.85 8.15 8.51 Trustbank Savings 8.35 8.87 Virginia First Savings 6.43 8.50 8.83 rate paid on $1,000 minimum NATION'S HIGHEST YIELDS These are the highest yields reported by federally insured banks and thrifts as of Oct. 11, based on standard rates and method of compounding for in 100 show lowest the averages top largest interest 10 are minimum banks the markets. earned and deposit annual until thrifts effective available. maturity, yields, The offered national which by MONEY MARKET ACCOUNTS SAVINGS WITH LIMITED CHECKING Nat.

Ave. 6.42% First Deposit National Bank, Tilton, N.H. 9.02 Continental Savings, Bellaire, Texas 9.00 Key Bank USA, Albany, N.Y. 8.89 Life Savings, Austin, Texas 8.87 Sequoia Pikesville, Md. 8.75 SIX- CDS Nat.

avg. 8.28% Haymarket Bank, Boston 9.11 Maine Savings Bank, Portland, Maine 9.06 Seasons Savings Bank, Richmond 9.04 Home Owners Savings Bank, Boston 9.02 Boston Five Cents Savings, Boston 9.00 ONE- YEAR CDs Nat. avg. 8.33% Seasons Savings Bank, Richmond 9.10 Home Owners Savings Bank, Boston 9.02 Sioux Falls, S.D. 9.01 Maine Savings Bank, Portland, Maine 9.00 The Bank Mart, Trumbull, Conn.

9.00 MONEY FUND YIELDS GOVERNMENT ONLY Nat. avg. 8.46% Prime Cash Series 9.38 Government Cash Series 9.37 Independence One U.S. Treas MMF 9.11 Transamerica U.S. Government Cash Reserve 9.09 Mariner U.S.

Treasury 9.08 GENERAL PURPOSE Nat. avg. 8.62% Dreyfus Worldwide Dollar MMF 9.52 Alger Money Market Portfolio 9.41 Fidelity Spartan MMF 9.37 INVESCO Treasurer's MM Reserve 9.34 Evergreen MM Trust 9.10 TAX FREE Nat. avg. 5.77% INVESCO Treasurer's T-E Res Fund 6.52 Evergreen Tax-Exempt MMF 6.50 Cardinal Tax-Exempt Fund 6.46 Calvert T-F Reserves MM 6.41 Municipal Cash Series 6.31 Source of data: Money market acounts and CD yields are reported by 100 Highest Yields, a financial industry news service in North Palm Beach, Fla.

33408, phone 1-800-327-7717. Money fund yields are reprinted in condensed form with permission from Donoghue's Moneyletter of Holliston, 01746, phone 1-800-343-5413. Roanoke Times World-News the offers nullified. Ash said he has until Oct. 27 to solidify financing for the purchases of the stations.

No prices have been disclosed for either station, but court documents from Tampa show that Ash originally offered $1.6 million for Channel 27. Before Ash's purchase of the stations can become final, the transaction must be approved by the Federal Communications Commission. M. Caldwell Butler, the Roanoke attorney for Channel 21, said that though it is not certain that the Lynchburg court will approve the agreement, he has recommended that it do so. He added that the court generally follows such recommenda- would take about four months for him to complete the deals.

Once he has completed the purchases, Ash said, he plans to operate the stations as one, broadcasting the same programming from both stations' transmitters. "This all happened kind of quickly," Ash said when asked about his operational plans for the station. "It's a little premature to discuss those sorts of things." Ash recently bought an independent television station in Rockford, and has a contract to buy two radio stations in Beaumont, Texas. He said that though these are the first stations he has owned, he tions. has been an investor in broadcasting Ash said he estimated that it properties for more than six years.

Kroger clerks vote on raise By GEORGE KEGLEY mending ratification of the contract BUSINESS EDITOR package. The ballots will be counted on Nov. 3. Members of the Roanoke area Union members realize this is mail Kroger clerks union are voting by the company's best and final offer, on a company pay increase of- Moser said after fer of 38 a series of regional cents an hour the same UFCW meetings to explain the acproposal they rejected three weeks tion Monday night. ago.

Kroger is not moving, he said, The offer is back for reconsider- "and serious decisions have to be ation because "the company would made Nobody is happy with not move" said' negotiations last what Thursday, Gene Moser, presi- the restructuring of the company, I we accomplished, but due to dent of Local 278, United Food feel like we got the best final offer." Commercial Workers Union. Kroger has been reducing a Any more money offered for large debt caused by a dividend paid pay would have required a sacrifice stockholders last year to avoid a health and welfare benefits, he takeover attempt. The food chain of said, and the union officers did not has predicted "strong operating rewant to do that. sults," but its third-quarter figures The union leadership i is recom- have not been reported. Apco income dips Both Appalachian Power Co.

With the exception of Hugo, the and its parent, American Electric factors depressing AEP's net earnPower, have reported earnings de- ings were the same as those affecting clines for the third quarter of 1989, Apco, said W.S. White AEP which ended Sept. 30. chairman. Apco's net contribution to AEP's common stock in the third AEP's operating revenues were quarter was $28.99 million, or 18.9 up slightly during the quarter to percent below last year's $35.7 mil- $1.297 billion 0.08 percent lion, said company spokesman higher than last year's $1.287 bilRichard K.

Burton. lion. Apco's third-quarter revenue The decline was caused by a was up 2.5 percent from $334.2 milreturn to normal summer weather lion in 1988 to $342.7 million this compared with the abnormally year. hot summer of 1988 and to increased operating costs, Burton said. AEP's net earnings for the 12- Also a factor was the cost of repair- month period ending Sept.

30 were ing the damage of Hurricane Hugo $612.2 million, or 10.1 percent $2.8 million after taxes. higher than last year. But when the AEP's third-quarter earnings settlement of a 1988 lawsuit related were $162.8 million, down 5.5 per- to the Zimmer Plant in Ohio is taken cent from the $172.3 million during into account, the 12-month earnings the same period last year. Earnings represent a 2 percent decrease. per share were 84 cents compared -Staff report with 89 cents last year.

INTRODUCING THE 1990 VOLVOS. CONSIDERING HOW LONG THEY COULD LAST, THEY'RE THE FIRST CARS TO SEE. Even in the year 2000, a 1990 Volvo could have years ahead of itself. In fact, there is a 25-year-old Volvo that passed the millionmile mark two years ago and is still going. But durability isn't the only area in which Volvo has made history.

Over the years, Volvo has won 15 international awards for safety including several for the three-point seat belt -a feature so important it became law. For the 1990s, we've made another safety feature standard. Every Volvo now comes equipped with a driver's-side Supplemental Restraint System that helps cushion you on frontal impact. That's because at Volvo. we've always believed that some safety features are too important to be options.

VOLVO A car you can believe in. 0 19X9 VOLVO NORTH AMERICA CORPORATION WEST MOTOR SALES 3130 Franklin S.W. D.L. 566 Dial 344-6284 IN BUSINESS Fuel testing gets new bedfellows WASHINGTON The auto and oil industries, faced with government proposals to replace gasoline with alternative fuels, said Tuesday they will jointly conduct a scientific 1 runoff to determine which fuel cuts air pollution most cheaply. Final results from the research program are not expected before next July, but the companies said they hoped data would be ready in time to influence the outcome of national and state legislation on promoting alternative fuels.

Congress is considering a Bush administration proposal requiring that 1 million alternative-fuel cars be sold each year in the nine most polluted cities by 1997. Both the auto and oil industries have lobbied against the proposal. Tuesday's joint announcement by the Big Three auto companies and the 14 largest oil companies said their testing program would have no bias against methanol the administration's favored alternative fuel although the oil industry in recent months has been campaigning aggressively against methanol. Associated Press El Rodeo moves increase of about 1,000 head to old Oasis over the same period last year. At sales Oct.

5-10, 7,000 After more than 35 years of head were sold and prices were operation, the Oasis Restaurant steady to $4 lower as cattle on Williamson Road has closed numbers increased, said Bob and El Rodeo is moving across Murray of the Virginia Livethe street to take over the build- stock Marketing Service. ing. Medium- and large-frame Rigo Lopez, owner of El No. 1 steer calves, 300-400 Rodeo, said he is remodeling pounds, sold for $95.50 to $115 the leased building and hopes to at feeder calf and yearling sales open Oct. 24.

His new quarters in Abingdon, Lynchburg, Marwill seat 300 people, three times shall, Monterey, Tazewell, WinEl Rodeo's former capacity. chester and Wytheville. Most In addition to Mexican sold in the $97 to $103 range. food, the restaurant will contin- Steer calves 600-700 ue to offer the same type of pounds sold for $69 to $89 and menus as the Oasis, Lopez said. calves pounds His uncle, Jesus Arellano, owns brought $70 to $73.50.

Largetwo other El Rodeo restaurants frame No. 1 heifers weighing on Brambleton and Melrose av- 500-600 pounds sold for $67 to enues. $86.75. Staff report -Staff report Industrial output takes small dip Briefly WASHINGTON Indus- The Roanoke accounting trial production dipped 0.1 per- firm of Brown, Edwards Co. cent in September, the first has acquired Meadows Assodrop in six months, the govern- ciates, P.C., Certified Public ment said Tuesday in a report Accountants of Bristol, and that reflected continued weak- their practices have merged unness in the manufacturing sec- der the Brown, Edwards name.

tor of the economy. Bobby Meadows, founding But Michael Evans of Ev- partner of the company that ans Economics a Washing- bore his name, will move to priton forecasting firm, said that vate industry. His former the economy is not ners, Doug Blackley, Richard there's no sign of Linnen and Carl Rickman, will strong, a downturn." become partners in Brown, Edwards at Bristol. Associated Press I Directors of Roanoke State cattle sales Electric Steel Corp. on Tuesday show Sept.

rise declared an extra dividend of 10 cents a share, payable Dec. During September, 20,971 20, along with the regular quarhead of feeder cattle were sold terly payment of 12 cents a in state-graded special sales, an share to be made on Nov. 24. TAKE ADVANTAGE OF BEING A HOMEOWNER WITH A FIRST VIRGINIA HOME EQUITY LOAN 10 RATE ANNUAL PERCENTAGE RATE ANNUAL PERCENTAGE 5-Year Fixed Term 10-Year Fixed Term $217.37 Monthly Payment $143.41 Monthly Payment $10,000 Sample Loan $10,000 Sample Loan Get the money you need for loan or bill consolidation, home improvements, educational expenses or anything else. And, don't forget the tax advantages of deducting the eligible interest from your tax bill.

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