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The Daily Tar Heel Thursday, April 6, 19895
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BellSouth 42 178 m 42 m 42 42
Duke Power -45 12 45 44 78 43 58
Food Lion 10 18 10 13 10 10
NCNB Corp. 34 14 - 58 34 12 34 18 36 14
RJRNabteco 8? 34 M4 8? Vt 6 V4
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OTH Graphic Source: Edward D. Jones & Co.. Chapel Hil
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Invest Yoyr cooscoeiiice next week
Mayoral proclamations create
'Community Investment Week'
By TOM PARKS
Hoping to spur investment in the
Triangle community, Chapel Hill
Mayor Jonathan Howes last week
designated April 7-14 as "Community
In joint proclamations, the mayors
of Chapel Hill, Carrboro, Raleigh,
Durham and Cary named the week
in response to four planned confer
ences on socially responsible invest
ment to be held in the area, according
to one of the organizers of the week's
Paul Holmbeck, chairman of the
Durham Community Reinvestment
Committee, said the mayors took
advantage of the timing of next
week's conferences to promote com
Although two of the conferences
were planned to coincide, the other
conferences were scheduled for the
same week by chance, Holmbeck
The Socially Responsible Inves
tor's Conference and the Social
Investment Forum's Conference on
Health Care were both co-sponsored
by the Social Investment Forum.
Durham Mayor Wib Gulley said
investment decisions can send mes
sages to corporations to discourage
polluting, arms production and
investment in South Africa.
"Investors can make a difference
locally and nationally," Gulley said
in a press release. "These events are
intended to give investors the infor
mation they need to bring their
investments in line with their values."
Bev Kawalec, assistant to Mayor
Howes, said Mayor Gulley was the
impetus behind the proclamation.
"Actually, Mayor Howes is just
going along with this," she said.
A conference on health care invest
ment will be held Monday in the
Omni Europa Hotel, according to
Farnum Brown, vice president of
Advent Advisors. The role of major
corporations in health care issues,
such as animal research or AIDS
testing, will be discussed.
For example, Brown said one topic
of discussion might be the use of
diagnostic testing for the HIV virus
(which causes AIDS, or acquired
immune deficiency syndrome) to
exclude people from receiving health
care and insurance coverage.
Advent Advisors is a Durham
company that counsels investors on
keeping their portfolios in line with
their consciences, Brown said.
"We do not dictate a social agenda
... to our clients," Brown said. "It
is tailored towards each client's
Holmbeck said representatives of
local banks, lending institutions and
non-profit builders, including Orange
County Habitat for Humanity, will
meet in Research Triangle Park
Wednesday to discuss investment in
Conference points the way to
socially responsible investing
By FAITH WYNN
More investors are beginning to
reconcile their investments with their
social values, a trend many in the field
say is increasingly important to
investing and to society as a whole.
The development, socially respon
sible investing, "affords various
means to invest money, get returns,
and improve society," said Jim Levy,'
North Carolina coordinator for the
Fund for Southern Communities.
"The idea is to invest in places that
help society," he said.
The Fund for Southern Commun
ities will co-sponsor a one-day con
ference on socially responsible invest
ing on Saturday, April 8, from 8:30
a.m. to 4:30 p.m. at the Carolina Inn.
The other co-sponsors are the Self-
" Actually, Mayor Howes is just going
along with this."
Bev Kawalec, assistant to the mayor
The meeting is sponsored by the
Durham Community Reinvestment
Committee, an organization which
encourages investment in "low
income and minority areas" of
Durham, he said.
Holmbeck said the group is trying
to promote investment in low-income
housing without promoting gentrifi
cation, which would increase the
area's housing costs and defeat the
goal of the committee.
A conference on low-income hous
ing for women and children will be
held Friday and Saturday in Dur
ham, said Jeanette Stokes, director
of the Resource Center for Women
and Ministry in the South.
Cushing Dolbeare, founder of the
National Low-Income Housing Co
alition, will address the "crying need
for housing from a national perspec
tive," Stokes said. While the confer
ence will focus on community
involvement, possibilities for invest
ment will also be discussed.
Help Credit Union and the Social
"The greatest value in this type of
conference is that it makes people
aware of it (socially responsible
investing)," said Alan Spruyt, a senior
economics major at UNC who is
helping with the event. "It is impor
tant that people realize that they can
invest in companies and be consistent
with their own values."
Spruyt added, "It shows people
that they can be doing something
worthwhile and still make money."
According to Levy, one way to
participate in socially responsible
investing is to seek out companies
that are actively doing things to
improve society or the local commun
ity and to invest in these companies. '
A company that built affordable
housing or hospitals would be a good
example, he said.
Another way to be a socially
responsible investor, Levy said, is to
engage in "avoidance investing"
refusing to put money in a company
"one considers to be doing the wrong
things." A recent example was when
some Americans decided not to invest
in companies that conducted business
in South Africa, he said. x
The conference, geared toward
both old and new investors, will
include panel discussions by profes
sional money managers who special
ize in socially responsible invest
ments, he said. Literature on
investing responsibly will also be
"There will be a general discussion
about what socially responsible
investing is for new people, and for
experienced investors, there will be
a detailed discussion on current
trends and opportunities for invest
ing," Levy said.
Representatives from South Shore
Bank of Chicago, the Parnassus Fund
of San Francisco, U.S. Trust of
Boston, Co-op America of Washing
ton, D.C. and the Calvert Fund of
Boston will participate in the confer
ence, he said.
Regional and North Carolina
investments will be represented by
Shirley Reynolds of Prudential
Bache Securities; Alan McGregor of
the Sapelo Island Research Founda
tion; and Bonnie Wright from the
Self-Help Credit Union.
Reynolds, a financial adviser for
Prudential-Bache and organizer of
the conference, said socially con
scious investing is not a new concept.
"It has been around since the
beginning," she said. "However, in the
'SOs there has been a grass-roots
movement toward defining, planning
and implementing socially responsi
The conference will offer both the
chance to speak with resource people
and the. opportunity to purchase
investment products.-Reynolds said.
Admission price to the conference
is $50 for individuals, $75 for two
people. Reduced rates are available
for students. The cost includes lunch,
coffee breaks and snacks.
Radio stations -react to format chaoses
By LLOYD LAGOS
Triangle radio stations are
responding to new trends in the
market caused by recent station
Last month two local radio stations
WZZU-FM (93.9) and WTRG
FM (100.7) changed formats to
a rock-based contemporary hits
format and to an oldies format,
. WZZU was the first to switch its
format. Before the change, the station
was known as 94-Z and played Top
40 music. Now the station calls itself
U-93. Arbitron (a radio audience
survey) ratings for 94-Z's format were
not very high, according to station
"We did a lot of research and found
out that Raleigh-Durham loves rock
'n' roll," Jack Irwin, the station's
music director, said.
"We no longer play Debbie Gib
son; we play artists like Poison, U2
and R.E.M., but sometimes we throw
in some old Bowie," he said.
The station is not trying to compete
with WRDU-FM, another local rock
station, because U-93 also plays
artists like Information Society and
Fine Young Cannibals, Irwin said.
The station has had a good
response, partially due to an aggres
sive advertising campaign that
includes billboards, a television
commercial and giving out U-93
license plates at area Hardee's, he
WTRG, which originally entered
the market three years ago as an
oldies station, switched to a classic
rock format, then to adult comtem
porary, and now has moved back to
"Nationally, the market for oldies
is exploding," Darrel Goodin, vice
president and general manager of the
station, said. "The number one
stations in New York and L.A. have
an oldies format."
Nobody else in the area is doing
strictly oldies except WKIX-AM, and
the market is oversaturated with
contemporary hits stations, he said.
"There is an extraordinary demand
for oldies in the Triangle," Goodin
said. "People used us as an oldies
station even when we played a mix."
The station is targeting an audience
of 25- to 54-year-olds and will play
'60s and early 70s hits that will
include Motown stars like the
Supremes and Aretha Franklin,
Goodin said. They will also play early
rock 'n roll such as Elvis Presley and
Buddy Holly. The station will not
play anything harder than the Doors,
WTRG has not yet received any
ratings with the new format because
the format change is less than three
weeks old and Arbitron ratings cover
a 90-day period.
However, "The level of response
has been tremendous," Goodin said.
"Last week when we were giving away
a Duke T-shirt for every song that
contained the word 'blue,' we played
Twisting the Night Away and
received 35 calls within the first few
The change in formats of WZZU
and WTRG might have a short-term
impact, but it should not alter
WRDU's dominant position in the
market, Steve Reynolds, a disc jockey
at WRDU (106 FM), said.
"WTRG plays a softer brand of
music,- and though WZZU has
switched to rock, we bring to the
Triangle the new music first as well
as all the classics. WZZU has been
inconsistent in their programming
while weVe been playing great rock
'n' roll for five years, and our listeners
know what they're going to get," he
WRDU has enjoyed high ratings,
Reynolds said. He attributes their
success to effective programming,
well-known personalities on the air
and their ability to cut across gener
ations. Their name is also attached
to community service and many
worthy causes, he said.
Reynolds said he was not worried
about the possibility of other stations
changing their format and entering
"Competition breeds excellence,
and well get better at what we do,"
Sandy Smith, general manager of
G-105 (WDCG 105-FM), a Top 40
station, said she has not yet noticed
the effects of WZZU's format change.
Ueberroth deal for Eastern Airlines 'likely imminent'
From Associated Press reports
NEW YORK - A group led by
former baseball commissioner Peter
Ueberroth was close to completing a
deal to buy strike-torn Eastern
Airlines, union and airline sources
A New York spokeswoman for
Eastern parent Texas Air Corp. said
buyout negotiations broke off early
in the evening, and no announcement
on a new owner was immediately
Separately, the U.S. bankruptcy
court appointed Washington attor
ney David Shapiro as examiner in the
Eastern bankruptcy reorganization
Shapiro, 60, a partner in the firm
Dickstein, Shapiro & Morin, was
recommended by U.S. Trustee Harry
Jones and appointed by U.S. Bank
ruptcy Judge Burton Lifland.
Lifland recently ordered the
appointment of; an examiner, whose
unusually broad powers would
include a mandate to mediate the
bitter labor dispute at Eastern and
get the airline, flying again.
Union and airline sources had
indicated late Tuesday night and
throughout Wednesday that a sale to
the Ueberroth group was virtually
certain. Eastern booked a meeting
room for 7 p.m. Wednesday at a
Manhattan hotel in anticipation of
announcing a possible deal but later
told arriving reporters there was no
Bruce Zirinsky, a bankruptcy
attorney representing Eastern, said an
accord on the sale of the carrier was
"likely imminent." He didn't name the
suitor, but sources have said it was
the Ueberroth group, which made
and later withdrew a $464 million
offer for Eastern last week.
Piedmont adds flights
CHARLOTTE Piedmont Air
lines said Tuesday it would begin
nonstop service to two more Florida
cities from Charlotte due to the
Eastern Airlines strike.
Piedmont will add three flights to
Melbourne on Florida's east coast
and three flights to Pensacola, on
Florida's panhandle, effective June 1.
Spokeswoman Nancy Vaughn said
Piedmont was attempting to fill voids
left in those markets by Eastern
AT&T begins talks with union
representing 175,000 employees
opened contract talks with AT&T on
Wednesday with both sides predicting
that a third strike this decade would
be avoided but differing over how
much more the company can pay its
A number of firsts contributed to
the optimistic tone for the opening
of the negotiations, the largest round
of collective bargaining this year and
the second time American Telephone
& Telegraph has negotiated with its
unions since the 1984 breakup of the
The talks carry added importance
because of later negotiations affecting
another half-million workers in the
telecommunications industry, pri
marily at the so-called "Baby Bells"
created by the breakup, and because
they are considered throughout labor
and industry as a likely harbinger of
labor-management relations in the
next few years.
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LAW AND MORALITY
Graham Kenan Professor of Law, UNCChapel Hill
11 :00 a.m., Sunday, April 9
the Ethical Culture Society of the Triangle
at the ArtsCenter, 301 E. Main St., Carrboro
The meeting is free and childcare is available.
For further information, please call
542-4034 or 493-4817
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of the TriangleP.O. Box 31 32 'Chapel Hill, NC 27515
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