Poughkeepsie Journal from Poughkeepsie, New York • Page 7

Business Wednesday, Moy It, 1963 Poughkeepsis Journal 7 I Briefcase i( Proe Journal wire services Corporations tilt 1M4 fronl.ht1rl JjrJII Ml In showroom until th can' quail It assured. Brohahlv In rtrtnh nu'i dent Mid. POLAROID laid net earnings for the first quarter of IM3 were $2 million, or seven cents per share, compared with $1.1 million, or six cents per share, a year ago while worldwide sales were $250.5 million, compared with $30.1 million the previous year. The STEEL INDUSTRY mll he hard pressed to turn a profit In 1M1. but reduced breakeven points and Improved productivity will result In surging profits beginning next year.

Industry Surveys repotted Tuesday. A revamped AUDI SCOOS debuts today with a bigger price Ug than Its predecessor and what Volkswagen of America Inc. says is the best aerodynamic rating for any sedan In the world. It suits at $11,800. or 10.1 percent more than the 1883 version.

SUN BANKS INC withdrew Its proposal to merge with the Miami based Flagship Banks and create the largest banking Institution in Florida. KAJTSJWpIlots could ultimately own 21 percent of their employer In return for the $100 million In concessions their union gave management last week. MATSUSHITA headed the list of Japan's robot makers with 19S3 sales of 13 billion yen, a trade newspaper reported.FollowIng Matsushita were Kawasaki Heavy Industries Yaskawa Electric Manufacturing, and Dalnichl Klko Co. People DEAN IfCGBB, who has been chairman of the board and chief executive of Kerr McCee Corp. for 20 years, has decided to step down from those posts, the company announced.

McCee will be succeeded by Frank A. McPherson, who has been its president. The Courts The US. FEDERAL APPEALS COURT up held major portions of the FCC's 1981 decision to deregulate the radio Industry. Including removal of suggested limits on broadcast commercials.

In one exception, the court ordered the FCC to reconsider its decision that radio stations no longer are required to keep program logs. RESEARCH COOPERATION among firms that do not dominate an industry should be allowed, a top Justice Department antitrust lawyer Mid. Trade SHOE DUTIES Imposed to hold down U.S. Imports from India. Spain and Brazil were lifted by the International Trade RESIDENT REAGAN told America's businessmen that trade "protectionism only opens the door to retaliation." He also said that proposals requiring foreign cars sold in the U.S.

to be built with a portion of U.S. labor and parts would Increase the costs of automobiles and violate. International agreements. The, DEFENSE DEPARTMENT. In a bid to increase control over the flow of U.S.

high technology, Is seeking new powers to review export licenses by American companies wanting to sell sensitive technology anywhere In the world, not Just directly to the Soviet Union, eastern bloc countries, and China. US. OFFICIALS reacted cautiously to French President Francois Mitterrand's proposal for a conference on reforming the world monetray system. Mitterrand's speech advocated a return to a cooperative Western monetary system. Money nut DOLLAtt rota arilnst most malor cur rencies In European trading Tuesday but then turned mixed in U.S.

activity. Cold prices rose and silver climbed above $1) an ounce. SALES OF US. SAVINGS BONDS touted $150 million In April, the highest monthly figure In two years and a 17 percent increase from the Mme month a year earlier. Redemptions of bonds at million still surpassed Mies of new bonds, but the redemption tout was down 37 percent.

Energy hfUTURAL OAS proposal aimed at lower tag price by allowing local utility companies and Industries to shop around for the cheapest gas wm approved by the Senate Energy Committee. GULF OIL Mid that recent Increases in gasoline prices have put iu VS. refining and marketing business "about back to break even." International YUGOSLAVIA may get a credit package of bout $1.7 billion from Western banks, enough to help the country pay IU debu this year and to revive IU ailing economy, YugosU viaa offt dais say. The SOVIET UNION may produce About 209 million metric ton of grain from this year's harvests, the most since 1178. the Agriculture Department said Tuesday, But officUU cautioned that the forecast may change.

JflCAJtA0(M9quoU for sugar exports to the VS. were slashed In reUUatlon for IU support of guerrilla activities la Ceatral America, the dabUstratsM saldJiicaragua's share of the' American wjll go to Honduras, El Salvador, CosU Rkajriendly govenunenU tatha region. SAUDI ARABIA was given a unilateral no embargo pledge as an Inducement to increase purchases ol American food productt. Senate panel OKs variable rate loans ALBANY Variable rate mortgage loans have been allowed In New York sute for three years now, but New Yorkers will soon be able to get the same kind of loan for cars, furniture and other types of consumer purposes. A bill to legalise variable rate consumer loans In the sute, sponsored by Sen.

Jay P. Rolison Poughkeepsle, has been reported out of Rollson's SenaU Banking Committee, and Is expected to gain legislative approval this session. The same bill would also eliminate one of the pet peeves of consumer advocates, by barring banks from using the "Rule of 78ths" to penalise borrowers who pay off loans early. Another Rolison bill would put some salve on another consumer sore spot: the way banks calculate the "float." or the amount of time they require before allowing a customer to draw against a deposited check. That bill, which is also expected to pass, would order the sute Banking Department to come up with rules limiting the amount of time between a check Is deposited, and' when that deposit can be drawn against.

Rolison said the bills are all part of a package of consumer oriented reforms that were promised as a follow up to legislation de regulatlng much of the banking Industry. The bills have been pre negotlated between the Senate and the Assembly, and their passage is expected, he said. Rolison' committee reported them out on Monday. Many sUtes already allow variable rate consumer loans. The new legislation would allow banks to offer InsUllment loans and open end loans, such as credit cards, with interest rates that could vary.

The rates could go up or down at regular Intervals, but could not change more often than once In any three month period. The changes would have to be based on a published index. Such rates could, for example, be pegged to 8 month Treasury bill rates, which tend to reflect the movement of Interest rates in the general economy. Rolison said that as interest rates come down, variable rate loans work to consumers' advantage, rather than to the advan Uge of lenders. See PANEL, page I LnnnnnnnnnnniLnnrLnnnkLnnnnnniar tHtI JsnnnnSBMBa LV'lLnininHll gtHHnnL.

JA nininm ksaLsannnnnnnnnnnnnnnH I ssnininininininininHLnininEn sS I 3 annnnnnnnVh LtJSiiilsA snssnp annnnnnnnnnnnnHaak 3lv Pm snininininHi gi nnnnnnnnnnnnnnnnnnnEr nnBl tMr3HEB0tF Sffi anininHaaHknak. 9 LtSsrlL RHinik.sJH '3hj Wappinger apartments to be sold unless owner wins court appeal TIM Auoclswd Prtw All ears General Electric developer Dr. Robert S. GUmore watches his acoustic microscope check an alloy Immersed in water. Firing sound waves, the microscope can hear and produce magnified pictures of flaws deep within the metaL N.Y.

bankers lobby to get Florida trade TALLAHASSEE, Fla. (AP) LobbyisU for New York banks. eager to cash In on Florida's $100 billion deposit market, are fighting hard for legislation that would allow interstate banking. Florida lawmakers have held the upper hand so far, bottling up a bill In a House subcommittee that would allow the giant New York banks to acquire Florida's considerably smaller counterparts. New York bank lobbyists say federal authorization of inter sute banking is ineviuble and Floridlans are only delaying It.

With Gov. Bob Graham's backing, supporters of intersute banking are adopting a new strategy of revising the bill to provide for regional Intersute banking in 11 southern sUtes. National ihtersUte banking would be phased in after three years. "This approach would allow southern Institutions an opportunity to consolidate resources at the regional level in preparation for unrestricted Intersute banking which will follow," Graham said Ust week. LobbyisU tor Florida banks say they are disappointed with Graham's stand.

"You're not getting in on the ground floor and you're not doing it right if you capture Florida to the advanUge of New York only," said Harold Johnson, senior vice president of the Florida based Barnett Banks. New computer does 2 tasks at once NEW YORK (AP) Xerox Corp. On Tuesday Introduced a personal computer that can perform two separate operations at the same time. Xerox said iu 1M computer could, for example, help iu user perform financial calculations while at the Mme time print a letter from IU word processing program. The IM Is aimed mainly at businesses and professionals, and is priced between $3,391 and $5,235 depending on the amount of storage capacity.

The machine can be ordered now, and deliveries are expected to begin in August. Xerox said. Xerox Mid IU IM can perform "concurrent processing" because It conuins two microprocessors that each have their own memories. One Is a 18 blt microprocessor made by Intel Corp meaning the chip can process pieces, or biu, of computer information at a time. The other a less powerful bit micr Atari video games go to the movies SUNNYVALE.

Cauf. (AP) Atari Inc. and MCA Video Games Inc. Mid Tuesday they formed a Joint venture to make video games and computer software based on movies, television and Other properties developed by MCA. MCA Video Game I a unit of MCA a film and entertainment company which owns Universal Pictures and Universal Television.

Atari, which make video games and home computers, I a unit of Warner Communication Inc. The joint venture, to be called Studio Game, will have headquarter la Sunnyvale and an office in Universal City, Calif. "A MCA continues to develop exciting properties for video game to add to iu exttnslve library of motion pictures and television films. Studio Games will be able to offer an array of attractive new producU to the public, Raymond E. Kassar, Atari's chairman and chief executive.

Mid in a sutemenu James Fiedler, president of MCA Video Games, Mid the combined resources of MCA and Atari "will make Studio Games an Immediate, significant force in this field. By Steven Lltt Journal itaff WAPPINGERS FALLS A 280 unlt garden apartment complex In the Town of Wappinger could be In a foreclosure proceeding in Dutchess County Court on May 25 unless the sale Is stalled by a federal appeals court, attorneys said Tuesday, The legal battle and potential change of ownership probably won't affect tenants of the contested Hid den Hollow apartments off McFar land Road, according to attorneys on both sides. But they said up to $6.2 million in mortgage principal and interest hangs in the balance. The legal battle pits VAV Properties of Illinois, a limited trust with 70 partners, against Consolidated Capital Income Trust of California, an Investment firm that owns 180 apartment complexes across the nation. Attorneys Said the latest phase of the legal fight began last January, when U.S.

District Judge Henry F. Werker ruled that VAV, the owners of Hidden Hollow, defaulted on their mortgage, which is held by the California firm. Werker ordered a referee to supervise the sale of Hidden Hollow on May 25, with the proceeds to go to Consolidated CapiUl. Meanwhile, VAV'a attorney, Alan M. Rubin of ManhatUn, appealed Werker's decision to the federal Court of Appeals tor the Second Circuit.

The appeal was scheduled for May 30 five days after the scheduled sale of Hidden Hollow. Rubin said Tuesday he is asking the appeals court to stall the sale until after the May 30 so his appeal of the foreclosure verdict can be heard. "It's only fair," he said. Rubin's opponent. Attorney James W.

Harbison, said the sale will go on as scheduled unless the appeals court postpones the sale. "The (court appointed) referee has set the date, and we plan to proceed," he said Tuesday from his ManhatUn office. Harbison said Rubin had already asked Judge Werker to halt the sale, but that Werker wouldn't agree unless VAV posted a $500,000 bond with the referee. Rubin could not be reached for a response The wrangle between VAV properties and Consolidated CapiUl Income Trust had its origins four years ago when the California firm bought Hidden Hollow's mortgage from Citibank. Harbison said.

The bank discounted the mortgage from $4 8 million to $3.75 million because the sale was part of bankruptcy proceedings against VAV, Harbison said. Despite the Citibank discount. Consolidated CapiUl wanted VAV to pay the full principal and Interest on the $4 8 million that VAV originally borrowed from Citibank. Two years ago, VAV sued Consolidated CapiUl, claiming that that they should only have to pay principal and interest on the $3.75 million that Consolidated CapiUl paid for the. mortgage.

But in January, Werker ruled against VAV, according to both attorneys. FATil Mftijijjf i i a SALE ENDS SATURDAY, MAY 28, 1983 LIMIT ONE CASE PER CUSTOMER LANCERS Rose Blanco Rubeo I.S liter Reg. S.7 s5.99 ft TAYLOR TAYLOR NY CHAMPAGNE Pink Brut Extra Dry 750 ml Reg. 7.7 s5.49 GIACOBAZZI Lambrutco Blanco Rosalo I.S Liter Reg. $.4 $3.99 GALLO led Rom Chablis Rhine Hearty Burgundy Pink Chablis Rom Burgundy 3 Liter Reg.

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