Detroit Free Press from Detroit, Michigan • Page 18

4B Southwest Detroit Hospital too deeply in debt to be 'revived, trustee says. 5B. -Tuesday, April 21, 1992 NYSE, Page 6 Amex, Page 7 Mutual funds, Page 8 Call Business: 222-8765 -INSIDE: --til ia; I Developer wants warehouse club for Windsor Stocks fall sharply on a broad sell-off THE DOW company is interested in opening a Windsor store, but not this year. "Canadian pricing is extremely tough right now. People are almost forced to go over the border" shopping, he said.

Fanelli will start building his Windsor club after he has lined up a tenant. Meanwhile, Meijer Inc. and Wal-Mart Stores Inc. are poised to open wholesale membership clubs Downriver in an area popular among Canadian shoppers. Kmart's PACE Membership Ware By Cecilia deck Free Press Business Writer Just as the war of the wholesale membership clubs is heating up around Detroit, a Windsor developer is trying to lure the first club to Windsor a major source of club shoppers.

Developer Al Fanelli plans to build a building in Windsor, where he wants to locate a Price Co. or Costco Wholesale Corp. membership club. Neither Price nor Costco has stores in Michigan, but Price has 12 Canadi house in Taylor already caters to a largely Canadian clientele. Meijer has an option to buy a parcel of land near Southland Mall, where it would open one of its first SourceClub warehouses.

Wal-Mart has applied for planning approval to build a Sam's Members Only Wholesale Club in Southgate its first in metro Detroit. PACE has said it will double its Detroit-area stores from 7 to 14 over the next three years. Also in the Detroit market is Warehouse Club, with two stores. an stores and Costco has 10. "There's a feeling that with so much of the business going to Detroit, that this concept might work in Windsor," said Arthur Barat, Fanelli's lawyer.

A recent study by a cross-border shopping committee in Windsor shows that 60 percent of the Windsor area's 300,000 residents cross the border at least three times a month mostly on shopping trips. Robert Price, president of San Diego-based Price said the Prices fell sharply on Wall Street, though the Dow Jones industrial average rebounded from early lows after the New York Stock Exchange imposed limits on program selling by computers. Analysts found no dominant reason for the sell-off. The Dow fell 30.19 points to 3,336.31. The NYSE Composite Index fell 3.13 to 225.77.

The average price per share fell 50 cents. Declines led advances 1,262 to 473. NYSE volume was 191,910,000 shares. Wholesale clubs keep prices rock-bottom by limiting membership, charging an annual membership fee of $25 or more, limiting advertising and limiting selection. Fred Marx, a Farmington Hills-based retail and management consultant, said even if Windsor gets a wholesale membership club, it won't be enough to keep Windsor shoppers in Windsor.

"It would certainly be a plus for Windsor, but it would probably just further fragment the Windsor market," he said. Japanese consulate will open in Detroit Market details, Page6B DOW JONES QUICK CALL For stock updates call 1-900-246-4444 Each call costs 95 cents per minute Touch-tone phones only. Bottom Line Is Green T-BILL YIELDS: Yields rose on 13-week and 26-week T-bills at the government's weekly Americans put investments where their concerns are BY DAVE CARPENTER Associated Press Environment-minded investors are thinking green in more ways than one as Earth Day on Wednesday approaches. Increasingly, Americans are putting their money where their environmental consciences are. Investing in auction.

The Treasury Department auctioned $11,444 billion of 13-week bills at an average discount of 3.69 percent, up from 3.60 percent last week, and $11,408 billion of 26-week bills at an average discount of 3.86 percent, up from 3.73 percent. The investment rate was 3.78 percent on the 13-week bills at an average price of $9,907 per $10,000 face value and, on the 26-week bills, 3.99 percent at an average price of $9,805 per $10,000 face value. "WAYNE'S WORLD" WOWS 'EM: "Wayne's World" is the first film of 1992 to gross $100 million domestically. The 'cter ty' 1 A i I rip' cL jrftK ch r.F, for. Lrije: Paramount Pictures movie, starring Mike Myers and Dana Carvey as fun-loving Wayne Campbell and his sidekick Garth, passed that mark Friday and went on to gross another $3.1 million over the Easter weekend.

life "clean and green" companies, part of the broader category of so-called social investing, is hardly the rage of Wall Street. More Wayne and Garth WILLIAM ARCHIEDetroit Free Press Furniture maker Herman Miller has won praise for preserving rain forests, such as this one along the Napo River in eastern Ecuador. LAWYER SEEKS DREXEL VICTIMS: A Philadelphia lawyer overseeing a $50 million fund is looking for investors who suffered losses in Drexel Burnham Lambert Inc. but could not afford to sue. David Berger said notices will be published Wednesday in 196 newspapers in the U.S.

and abroad seeking those who have not yet asserted a claim in the case. HUSTLER LIBEL SUIT: The U.S. Supreme Court refused to kill a libel suit by Wyoming attorney Gerry than 99 percent of all investments are still based on the bottom line. But evidence abounds that the ozone layer and alternative energy are playing more of a role in money matters. "The environment has become the No.

1 concern of people who are interested in socially aware investing," says Joan Kan-avich, executive director of the Several "green funds" have sprung up in recent years, al Social Investment Forum in Minneapolis. "It used to be just South Africa, South Africa, South Africa. But with all the publicity surrounding the 20th anniversary of Earth Day two years ago, the issue absolutely exploded and has not abated," says Kanavich, whose nonprofit group disseminates information on socially responsible investing. 1 BY JOANN MULLER Free Press Automotive Writer Japanese officials are scouting downtown Detroit office sites for a consulate that will open in January to serve the area's growing number of Japanese nationals and promote business ties between the United States and Japan. The new consular office, serving Michigan and Ohio, will make it easier for Japanese residents to renew their passports and for Americans to obtain visas, Japanese officials said.

Currently, they must obtain these services through the Japanese consulate in Chicago. "In addition to convenience, though, it's also a symbol that Japan officially wants to be even more responsive to the American marketplace," said international business consultant Steven Myers of Suzuki, Myers Associates in Novi. Japan's decision to open a consulate in the heart of the American auto industry considering recent trade friction between the two countries shows "a certain amount of confidence and courage," Myers said. "There are many misunderstandings between the people of Japan and this country," added John Field Reichardt, director of the Michigan Department of Commerce's international office. "Having a diplomatic presence here can go a way toward increasing understanding." Reichardt said Gov.

John Engler proposed the idea of a Japanese consulate in Detroit during a meeting with Japanese government officials last year. "One of the things we're extremely concerned about is how we can improve export opportunities for Michigan companies, and at the same time improve understanding between our two countries," Reichardt said. It turned out such a plan was already in the works in Japan. Mitsui Matsuzu, Japanese deputy consul general in Chicago, said the new office will have a small See CONSULATE, Page 5B Some Firms To Consider Spence against Hustler magazine and publisher Larry Flynt. Spence's 1986 suit contends he was libeled in a column that said his work for people suing pornographic publications was motivated by personal greed.

A Wyoming judge threw out the suit, but the Wyoming Supreme Court at? I Larry Flynt reinstated it. though most simply invest in environmental-sector companies without screening them for social responsibility. Two mutual funds, New Alternatives and Calvert Ariel Appreciation Fund, invest exclusively in environmental firms whose business and ethical practices it deems admirable. More than $600 billion is invested according to some type of social criteria, according to the Council on Economic Priorities, a nonprofit research group based in New York. "We've always been very interested in the environment and felt we should invest our money where it could do some good," says Eleanor Powers of Fair Haven, an investor in New Alternatives.

"We feel very strongly that we've all got to do what we can in this area or we're all going to go down the tubes." Do green mutual funds fare as well as traditional ones? The jury is still out, although See GREEN, Page 5B Free Press Earthchievers, Page IB. -eqm asim. -rni -oi BUD BEEF: Cattle rancher Fred Grant thinks he's found the secret to perfect beef. Feed the steers a steady diet of turnips, dandelions and garlic, then let them wash it down with Budweiser. The result: Brae Beef, an organic, additive-free meat that's one of the most expensive on the market $3.95 a pound for burger, $8.95 for flank steak and a staggering $48 for tenderloin.

Prevention magazine found Brae Beef contains 3.3 percent fat, compared with 10 percent for the leanest grade in supermarkets. new pencil is first wood-like product. Novo-Nordisk, Denmark. Major producer of enzymes and insulin; moving into Eastern Europe, building an insulin factory outside Moscow. Quanei Houston.

Produces specialized aluminum and steel products. Its recycled aluminum, to be manufactured starting in June, saves 95 percent of the energy used in making virgin aluminum. Ringer Eden Prairie, Minn. Distributor of natural lawn and garden care products. Tandem Computers Cupertino, Calif.

Computer maker; one of the first in its industry to eliminate CFCs. Thermo Electron Waltham, Mass. Designs cogeneration and resource-recovery power plants. Building the nation's largest resource recycling and waste reduction facility in San Diego County, Calif. Wellman Shrewsbury, NJ.

Recycler of plastic bottles. ton, NJ. World's largest producer of sodium bicarbonate; also pollution control chemicals. Groundwater Technology Norwood, Mass. Cleans up soD and groundwater contamination; leader in bioremediation.

Hartford Steam Boiler Inspection and Insurance Hartford, Conn. World's largest boiler and machinery insurer; subsidiary Rad'an Corp. does environmental consulting. Herman Miller Zeeland, Furniture maker; stopped using rain forest woods. ICC Technologies Philadelphia.

Small cogeneration company; makes energy-efficient air conditioners without chlorofluorocar-bons, which must be phased out by 1995. Idaho Power Boise, Idaho. Utility that gets most of its energy production from hydroelectric. Lydall Manchester, Conn. Makes air and water filters.

Has developed a wood substitute from recycled cardboard and newspaper; If you want to invest in the environment, stock analysts recommend these 20 companies for their strong environmental records, corporate behavior and future prospects: Applied Energy Services Arlington, Va. Alternative energy, regeneration, power production. Apache Denver. Natural gas exploration and production. Baldor Electric Fort Smith, Ark.

Markets electric motors and related equipment. Bandag Muscatine, Iowa. Leading international maker of retread tires. Betz Laboratories Trevose, Pa. Supplies water purification chemicals for water systems.

Calgon Carbon Pittsburgh. Makes activated carbon and pollution control equipment. Chaparral Steel Midlothian, Texas. Recycles steel, mostly from crushed auto bodies. Church I Dwight Co.

Prince IN MICHIGAN Kroger, union to meet but strike plans continue Sprint sees weak spot in phone card POLLUTION SUIT NEAR SETTLEMENT: Gelman Sciences is near a settlement with the Michigan Department of Natural Resources that would end a four-year lawsuit alleging the company contaminated groundwater around its Ann Arbor plant. The agreement, which must be approved by the company's board and state Attorney General Frank Kelley, calls for Gelman to implement a clean-up program and reimburse the state for clean-up costs it already has incurred. DEALERSHIP ON TOP 100 LIST: Conyers-Riverside Ford, Detroit's only minority-owned automobile dealership, has been recognized by Black Enterprise Magazine as a 20-Year Black Enterprise Top 100 Company its 20th year on the magazine's top 100 list. Conyers-Riverside Ford, at 1833 E. Jefferson opened in January 1970.

It employs 84, posted sales of $25.6 million in 1991 and projects $30 million in sales for 1992. NEW BUSCH'S STORE: Busch's Valu Land is opening a second Ann Arbor store in November, completely renovating a former Kroger store at the Plymouth-Green Shopping Center on the city's north side. hi A BY CECILIA DECK Free Press Business Writer Kroger Co. is to meet today with the union representing 7,800 striking clerks, cashiers and meat cutters in an effort to end to the week-long strike at 64 Detroit-area stores. A federal mediator is to attend the session.

But both sides appear to be digging in for a long strike. The United Food and Commercial Workers Local 876 on Monday held a meeting for stewards and picket captains to make plans for a long strike, such as setting up referrals for strikers needing food and medical assistance. The union also is making plans to send strikers to picket Kroger's annual meeting May 21 in Cincinnati. "The best way to have a short strike is to plan for a long strike," said union spokesman Al Zack. Meanwhile, Kroger continued to advertise double coupons and bargains on milk in an effort to lure customers into stores.

"Stores are operating smoothly," Kroger spokesman Mike Layne said. More than 2,000 temporary replacement workers have been hired and Layne said union members continue to cross the picket line to work, but he would not provide numbers. Union representatives said that no more than two or three workers per store or about 120 to 180 strikers have crossed picket lines. The crowds that came out over the weekend for Easter deals had thinned out by Monday at many stores. The week after Easter is traditionally a slow week for supermarkets.

A striker at an east side store said a manager told him the store did $85,000 in business last week, compared with nearly $500,000 the week before Easter last year. Kroger would not release sales figures. BY JANET BRAUNSTEIN Free Press Business Writer Like a shark that smells fresh blood, the Sprint long-distance company on Monday launched a new calling card that features an easy-to-remember number just as dropped the same system. In a series of ads featuring Sprint spokeswoman Candice Bergen, Sprint introduced its new FONCARD. Unlike Sprint's existing FON-CARDs, the number on the new FONCARD is the customer's home telephone number plus a four-digit Personal Identification Number like those that unlock bank automatic teller cards.

MCI, the No. 2 long-distance company behind has had a similar card for a year with similar features such as messaging service, speed dialing, a menu with voice prompts and an information line that lets customers choose to Busch's also operates stores in Tecumseh, Saline and Clinton and is opening a store in Ypsilanti in August. SCHALLER EXPANSION: Schaller Corp. in Mt. Clemens is undergoing a $2.4 million expansion.

The 9lj company, which employs more than 120 people, said A it was able to expand with the help of new equipment -1 tax credits and Droperty tax abatements. find out headlines on the stock market, weather, sports, soap operas and news. Sprint's new system and new cards will take effect next Monday. Meanwhile, has been mailing out new cards with long, random numbers that have no connection to customers' home numbers. These cards replace longstanding cards that carried numbers identical to cards for local phone companies such as Michigan Bell.

Those were home or office numbers plus four-digit PINs. representatives say the change is intended to assure that customers get service when they use their cards. When callers use cards with numbers based on their home numbers, the calls can be billed by whichever long-distance company serves that phone. So wjiat does the sarcastic Candice Bergen promotes Sprint's new FONCARDs. Bergen say to twist the knife in the new commercials? "Some of you lucky people are getting new calling cards from There's just one little hitch.

That easy-to-remember card number you've always had? It's history." Then she adds, "But don't worry. You still can have a card with your home number plus four digits. The new FONCARD from Sprint." But you have to order the new easy-to-remember card from Sprint. EARNINGS: Gentex Zeeland, quarter ended March 31. Net income, $776,000 (10 cents) vs.

$8,1 00 (0 cents). Sales, $8.4 million vs. $5.1 million. SPX Muskegon, quarter ended March 31. Net inccie, $2.1 million (15 cents) vs.

$2.5 million loss (18 cent loss). Sales, $175.2 million vs. 156.7 million..