Democrat and Chronicle from Rochester, New York • Page 38

I2D DEMOCRAT AND CHRONICLE ROCHESTER. THURSDAY. MARCH 13. 1986 noviriG on Read about job changes and promotions among area business people in Saturday's Business. Democrat (fhronirk i Lriri) Ir-TY 1 LOCAL STOCKS C03SUUER LOAN DELINQUENCIES In percent of total loans outstanding 4.25, 4.00 3.75 3.50 3.25 3.001 2.75 Late payments higher Democrat and Crvonde Business Delinquencies on consumer loans increased in Rochester and statewide in the fourth quarter of 1985, the New York State Bankers Association reports.

The delinquency rate in Rochester was 3.7 percent, up from 2.6 percent in the previous quarter and 3.0 percent a year earlier. For the state, the rate rose to 4 percent from 3.5 percent in the third quarter and 3 percent a year ago. Most of the state's increase was caused by more delinquencies in the greater New York metropolitan area, where the rate was 4.1 percent That area had 59.4 percent of the loan total in the fourth quarter. In comparison, Rochester accounted for 4.8 percent of the statewide loan total Twenty-three percent fewer loans were outstanding in the last quarter, with auto and housing loans in a seasonal decline. Second mortgages more than doubled their dollar volume from the quarter before, to $181 million, a change the association attributed to increased marketing and consumer awareness of the loans.

2.50 2.25 2.00 Market ends higher Associated Press The stock market finished mostly higher yesterday after buyers and profit-takers slugged it out in the second-busiest session at the New York Stock Exchange. The Dow Jones average of 30 industrials, up about 18 points at midday, closed with a 0.60 loss at 1,745.45. But most other, broader measures rose to new highs. Volume on the New York exchange reached 210.25 million shares, up from 187.27 million Tuesday and the heaviest since a record 236.57 million on Aug. 3, 1984.

On Tuesday the Dow soared 43.10 points in a near-record advance. The buying spree was attributed in large measure to the steep drop in interest rates of late. Rates moved back up a bit yesterday, however, as bond traders cashed in some profits. Analysts said some stock-market participants were also proceeding a little more cautiously. They said the rapid rise in stock prices since last fall has created a strong temptation for investors to take their profits out of the market Yesterday's selling was concentrated in a few blue chips.

By contrast, many smaller issues traded in the over-the-counter market and at the American Stock Exchange showed gains just about as dramatic as the ones they recorded on Tuesday. Among the blue-chip losers were International Business Machines, down $3 at $149, and General Motors, down $1.25 at $79. 1.75 1.50 19S5-M Sala High Low in 100a High Low CkMChg 77 48 American Can 13SS 78 77 77 45'A 24 Aaaoc Dry Good 1098 u4S 44 45 38 24 BatnchtLomb 2173 38 37 38 -f 71 52 Burroughs 5930 69 67 68 4 67 27 CanandaiguaWiM 37 60 60 60 4- 24 13 Champion Prod. 30 25 24 24- 57 36 Citicorp 6935 u57 55 57 1 104 59 Coca-Col 26471 u104 99 .102 2 74 51 Coll 647 73 71 73 1 13 4 Computer Comol 497 8 7 8 31 23 Curtice-Burn 35 27 27 27- 73 47 DuPonl 5967 u73 71 72 59 41 Eaatman Kodak 12683 58 56 56 -1 13 8 Fay' 219 10 10 10 73 47 Gannett 1919 u73 71 71 81 64 General Motor 10455 80 78 79 -1 53 37 General Signal 543 51 50 50- 20 11 Gleaeon 255 20 20 20 16 6 Graham 13 10 9 10 35 22 Herri 2010 30 28 29 43 28 Hartman 495 41 40 40 102 73 Minn. MiningMtg 4697 102 100 101 34 26 Mobil 16778 29 28 29 51 34 Pennwalt 655 50 48 49 1V.

28 18 RG1E 930 u28 27 27 42 32 Rochester Tel 153 41 40 40 47 30 Sear 13203 u47 46 47 13 7 Voplei 64 12 12 12V 72 37 Xeroi 2699 u72 70 71 1.25M i.ooU 0.01 2 3 4 1 2 3 4 1984 1985 Quarterly Source ot dan Nw Vw S'tf Bankers Association Dow Jones Industrials 1.745.45 0.60 point Gold price, New York $350.00 A $6.50 Wilshire value of 5,000 stocks $2,396,518 billion $10,558 billion Prime interest rate 90 percent unchanged Federal funds rate, at close 7.875 percent 0.4375 point 52 week high; 52 week low; ex-dividend Incentives used Granite renovators owe wages, U.S. says to cut Kodak jobs 2 law firms, builders Eastman Kodak Co. said yesterday it will use incentives to eet emrjlovees to retire early or quit to achieve a 5 percent jod reduction in its Knstmnn Chemicals ui vision centered in Kingsport, Tenn. The division also will skin merit nav increases for its employees in 1986 as an deny that back pay of $900,000 is due By John Campbell Democrat and Chronicle Business Building contractors and the partners of two prominent Rochester law firms owe about $900,000 in back wages to workers who renovated the Granite Building downtown, the U.S. Department of Labor says.

But the building's owners, partners in the law firms of Harris Beach Wil back wages. They are nearing a temporary settlement with Labor Department and city of Rochester officials to set aside $900,000 through a bank letter of credit Then the owners and contractors can pursue their claims through the courts or administrative hearings, said Gunther Buerman, managing partner of Harris Beach. "It's an interim step," Buerman said of the letter of credit The 91-year-old Granite Building, on the corner of East Main and St Paul streets, was bought and renovated during the past 18 months by the law firms through separate corporations, Granite Building Associates (the Harris Beach unit) and Office Building Associates (Lacy Katzen's unit). To finance the project the owners obtained $9.7 million in bonds issued by the County of Monroe Industrial Development Agency (COMIDA). In addition, they got a $526,000 federal Urban Development Action Grant (UDAG) low-interest loan.

Federal regulations require the workers on a UDAG-financed project to be paid the local "prevailing wage rate." The law is supposed to ensure that developers using public funds pay their workers an adequate wage. Rates for various building trades are based on surveys of similar construction projects in the same area. The Labor Department's investigation of the $10.5 million project was prompted by a lawsuit filed last July in U.S. District Court by the Rochester Building and additional cost-cutting move. The jobs will be lost at Tennessee Eastman Co.

and Eastman Chemical Products Inc. in Kingsport; Carolina Eastman Co. in Columbia, S.C.; and Texas Eastman Co. in Longview, Texas, said Toy F. Reid, head of the Eastman Chemicals Division.

The resignation and retirement nnv gram will not affect operations at Holston Rubin Levey, and Lacy Katzen Ryen Mittleman, contend they have not violated federal labor laws and do not owe ueiense uorp. in Kingsport; Arkansas Eastman Co. in Batesville, or Distil lation froducta Industries in Rochester. Some other departments within Eastman Chemicals have set limits on the number of emnlovees ehVihle to nnrtin. pate in the program.

If a department has too manv emriovees who want to leave those eligible for the program will be cho sen on tne Das is ot seniority. Benefits include a separation payment equal to up to 26 weeks pay for those who retire or resign and, in some cases, extra retirement nav. Similar benefits were offered Rochester employees in 1983 and to some groups of nocnester employees in later years. The limits on pay increases are more drastic than in Rochester, where nnv in. creases have been denied only to 130 top f) Construction Trades Council.

U.S. District Judge Michael Telesca dismissed the suit in August after the Labor Department started its investigation. The union council claimed the owners and contractors of the Granite Building were violating federal law by paying less than prevailing rate. For example, some roofers on the project were paid $4.70 an hour, with no benefits far less than the $15-an-hour-plus-benefits union scale that is close to the prevailing rate, said Calvin King, president of the building trades council and business manager of Painters Local 150. "If your're hungry, you'll take anything you can," King said.

TURN TO PAGE 9D Trade deficit was record $124.3 billion Farm exports at lowest level in eight years Associated Press 1 WASHINGTON The U.S. trade deficit hit a record $124.3 billion last year as American agricultural exports sank to their lowest level in eight years, the government said yesterday. The Commerce Department said the 1985 deficit was 8.9 percent larger than 1984 as imports continued their relentless upward climb while exports fell by 3 percent The new report verified parallel figures released two weeks ago that showed an even larger $148.5 billion deficit for last year. The latest report, showing merchandise trade on a balance of payments basis, omits such factors as military sales and the cost of shipping and insurance. While nationwide figures aren't necessarily a barometer of what's going on in Rochester, the Rochester area is much more dependent on success in exports than are most parts of the country, and would be hurt much more by any slump in exports.

More than one in four Rochester area manufacturing workers helps make products for export, compared with one in eight nationwide. Exports per manufacturing worker from Rochester are more than five times the national average. The federal government, in a sign that the country's trading woes were worsening at the end of the year, reported that the deficit from October through December hit $39.5 billion, up 20 percent from the previous quarterly record set from July through September. Commerce Secretary Malcolm Baldrige said the trade deficit is likely to widen even further in the first three months of this year and would not begin to show improvement until this summer. Last vear.

imoorts totaled romni executives. Briefly Talks between Trans World Airlines and its striking flight attendants broke off yesterday after one session of 3Vi hours, with no new talks scheduled. "We can report no progress," federal mediator Helen Witt said in a statement "We see no basis for further discussions at this time." Kodak's printing products New items designed to enhance color imaging By Phil Ebersole i Democrat and Chronicle Business Eastman Kodak Co. yesterday introduced an array of new printing industry products for manipulating, transmitting and copying color images. A magazine or ad agency using the new Kodak products would be able to: Edit color pictures deleting or adding images and altering the color, size and position at will with a De-signmaster 8000 system from Kodak's Eikonix subsidiary in Bedford, Mass.

Transmit a version of the picture to a client via telephone lines using a Kodak Preview system, a technology recently acquired from a British company. Lay out the picture on a page electronically using a Page Production Node made by Kodak's Atex subsidiary, also in Bedford. Make a color page proof on a Kodak Signature machine that's closer than anything Kodak has come out with yet to the actual printed image. Mail out the magazines or advertising literature in personalized envelopes addressed rapid-fire by an Admark III ink jet printer made by Kodak's Dicon-ix subsidiary in Dayton, Ohio. All these were unveiled yesterday in a preview of Kodak's exhibit at the printing industry's world trade fair in Dus-seldorf, West Germany, starting May 2.

Equipment for the printing industry is one of the world's 10 largest markets, said Lawrence J. Matteson, head of Kodak's Commercial and Information Systems Group. Sales of printing equip- Western Union, the communications concern long beset by financial problems, said yesterday it would restructure its ap proximately $300 million of debt through an exchange offer, involving a swap of new debt securities and common stock for substantially all outstanding debentures and notes. Marine Midland Bank Inc. is owed more than $3 billion by foreign nations, but the bank denied yesterday that the present uncertain tv about some fnreitm iii.fi it Jim Larcgy Democrat and Chronicle repayment will hurt bank profits.

Debt to Members of trade press inspect color proof from Kodak Signature machine. ine Dan it trom Latin American countries amounts to $1.32 billion, or about 8.8 ment and supplies exceed personal com percent of its total loans and is a "subject and will be made at KAD and Kodak Park. Matteson said this will be an export product, because the combined European and Japanese market for color printing equipment exceeds the U.S. market. Getting perfect color is such a high priority for some European publishers that they will run a sample of their publications on their presses rather than trust a proof system, he said.

He said the Signature system may help them avoid this costly and time-consuming process. TURN TO PAGE 11D puter sales, tor example, he said. And the means to make high quality color images is essential to that industry, he said. Matteson said color is becoming as standard for publications as it has long been for movies, television and amateur photography. The new printing industry product that's most important to Kodak's Rochester operations is the Signature color page proof system, which was developed at Kodak Research Laboratories and Kodak Apparatus Division in Rochester $338.3 billion, up 1 percent from 1984.

Diversifying investments in self-directed IRA sometimes makes sense This is the vear of the do-it-vourself Individual Retire- BsBBEtmeHBEsBnnHB bonds. The Drincinal coupon ment Account, instead ot putting LKA money directly IflHE BOYAFJT OUIffll Set up an IRA through a discount stockbroker whn into a mutual tuna, growing numbers ot investors are taking charge of all the investment decisions themselves. You do it bv onenin? a "self-HirfrtpH TRA oVirxu. inat is receiving attention, a bank spokesman said. Ford Motor Co.

distributed $224 million in annual profit-sharing to U.S. employees yesterday, with the typical worker receiving $1,200. The typical Ford payout was $2,100 a year ago when the company had more U.S. profits to share. The nation's biggest manufacturers say they expect to increase their capital spending by 8 percent this year, up from the 5 percent increase they projected last fall, according to the Conference Board.

Delaware banking authorities are investigating charges that an E.F. Hutton Group Inc. subsidiary mishandled trust assets and violated obligations to trust beneficiaries, the Wall Street Journal reported yesterday. Xerox Corp. has sold the remaining assets of of Shugart Corp.

to the Nar-linger Group, a Southern California investment partnership, for an undisclosed sum. Citing overcapacity in computer disk drives, Xerox phased out Shugart in 1984, resulting in $85 million in operating losses and write-offs that year. Mac's Glass Shop, 1453 E. Main received awards from Mayor Thomas Ryan and the Main-Goodman Business Association for rehabilitation of a commercial building. Other businesses that were presented awards were Beechwood Liquor, Designs, Sofia Collision and Frame Specialist, Landmark Lanes, Sam's Auto Service Station and Aptus.

Renovations were made under the city's commercial grant and loan program. Silver price: Handy Harman, $5,690 per troy ounce; New York Commodity Exchange, $5,820 per troy ounce. Compiled from reports by Democrat and Chronicle. Associated Press. Reuters chief advantage is its investment flexibility.

But it can cost vou extra monev. Here's how to tell whether a self-directed IRA is for you: Let say that you have been putting $2,000 a year into an IRA everv vear since 1982 In the first vear vmi bought a bank certificate of deposit In the second year, you bought a CD from a high-paying savings and loan association. In the third Vear vnil uent tn a Knnd mntn. i vTvaau fcSVl4 1'IU MM al fund. In the fourth year, you picked a stock fund.

hold it to maturity. But if your IRA has a set-up or administration cost, it would reduce the yield. No, stay away from a self-directed account if you mean to invest all your money in CDs, or in a single mutual fund that you'll hold long-term. You can usually do that more cheaply by buying funds and CDs directly The Fidelity mutual-fund group's annual administra-tion fee is $10 per fund for a regular IRA, $20 for a self-directed IRA. (The latter would be cheaper if you wanted to spread the money in several Fidelity funds.) Fidelity's Paul O'Leary says that investors can easily switch from fund to fund with either account The self-directed account, he says, is chiefly for those who want to branch out into individual stocks and bonds.

Ditto for bank, and credit-union self-directed accounts that might have small set-up and annual fees. No, stay away from a self-directed IRA if you know little about investing or if you have made a lot of mistakes in the market. And stay away if your assets are modest you're better off stashing money safely in a CD or giving it to a mutual fund and forgetting about it Write to consumer columnist Jane Bryant Quinn care of the Washington Post Writers Group, U50 15th St. ecnnicauy you own tour separate IRAs. charges low sales commissions for each transaction.

Two institutions that offer self -directed IRAs with no set-up or annual administration fees: Security Pacific Brokers, a division of Los Angeles' Security Pacific Bank, and the discount broker, Charles Schwab. Yes, open a self -directed account if you have a stockbroker or investment adviser with whom you've worked a long time and who has a history of profitable investing. He or she will help manage your You will pay more for this account, in higher transaction fees, brokerage commissions, set-up costs and annual trustee's fees. Some institutions also charge a termination fee if you close the account Yes, open a self-directed IRA if you already have a lot of money invested in CDs, blue-chip stocks or mutual funds and want to try something riskier. For the investor interested in an IRA limited partnership, self-directed accounts are the only vehicle you can use.

Consider this investment only if you have a substantial net worth. Most limited partnerships are a crap-shoot; you could wind up with a total failure. You also need a self -directed account to invest in zero- Another wav to make the a single, self-directed IRA. Every year you add $2,000 to the account and can put it into any IRA investment you want. Instead of several IRAs, you would own only one.

Does the self-directed IRA make sense? Here's how I'd play it: Yes. ODen a self-directed nrroiint if vnn're a nmuon successful investor who loves to play the market. You'll' be able to move mnnev nnirklv frnm nno invoctmont ti-. another and can choose exactly which stocks to buy. H.w., wasnington, li.u.

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