North Carolina Newspapers

The Daily Tar Heel Thursday, April 6, 19895 mm.mumm.mammLimmMMmmamM n hbmhw Stocks aaviBiaRiatgiHiqt 4Ba55BF 2304.80 UP 6.60 VOLUME: 165.88 million shares COMPANY CLOSE CHANGE HIGH LOW WK. AGO 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 mm 23101 II 2300 2290 " : j pf f 2280 ij j ! ' ' 2220 Ij iL.J 1 j I U : I 323 324 327 328 329 330 331 43 44 45 OTH Graphic Source: Edward D. Jones & Co.. Chapel Hil UpdateE F A 1 F 1900 TOP TEN RANK 1988 i 1987 1 2 3 4 5 6 7 8 9 10 1 3 2 4 5 10 7 9 12 COMPANY General Motors Ford Motor Exxon IBM General Electric Mobil Chrysler Texaco E.l. Du Pont Dfr Nemours Philip Morris SALES $ MILLIONS 12t,085.4 82,445.6 ' 79,5570 59,681.0 49,414.0. ,v .v.- .v.v .v.v .v.v ..-...-.. v 48,198.0 35,472.7. 33,544.0 32,514.0 25,860.0 DTH GraphicSource: Durham Morning Herald Carolina Students' Credit Union Rates 30-89 Days 90-179 Days 180-269 Days 270-364 Days 365 Days 8.000 simple 8.9409.133 8.9109.318 8.9409.350 9.2109.646 Compounding is daily. Rates subject to change daily. $100 minimum deposit. Insured up to $100,000. Rates for longer terms and larger principals are available. mm Share Secured 11,00 Co-Signer 14.00 Travel 16.00 Hours: Mon.-Fri. 10 a.m.-2 p.m., Sat. 12:30 p.m.-2 p.m. CSCU is not affiliated with UNC-CH DTH Graphic Invest Yoyr cooscoeiiice next week Mayoral proclamations create 'Community Investment Week' By TOM PARKS Staff Writer Hoping to spur investment in the Triangle community, Chapel Hill Mayor Jonathan Howes last week designated April 7-14 as "Community Investment Week." 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 events. 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 munity investment. Although two of the conferences were planned to coincide, the other conferences were scheduled for the same week by chance, Holmbeck said. 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 values." 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 low-income housing. Conference points the way to socially responsible investing By FAITH WYNN Staff Writer 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 Investment Forum. "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 provided. "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 ble investing." 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 Staff Writer Triangle radio stations are responding to new trends in the market caused by recent station format changes. 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, respectively. . 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 officials. "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 said. 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 playing oldies. "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, he said. 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 minutes." . 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 said. 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 the market. "Competition breeds excellence, and well get better at what we do," he said. 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 said Wednesday. 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 expected. Separately, the U.S. bankruptcy court appointed Washington attor ney David Shapiro as examiner in the Eastern bankruptcy reorganization case. 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 announcement. 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 Airlines. AT&T begins talks with union WASHINGTON Unions 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 workers. 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 Bell System. 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. RECYCLE This Newspaper mm mm OCEAN FRONT MOTEL a$26 IWo Doubte Beds May June slightly higher WntotxU sDghOy higher Swimming Pool Cable TV Refrig. Private Bal conies 2 mln. walk to Pavilion, amusements, night dubs, restaurants Ocean Lodge 604 n. ocean. Blvd. MyrtleBeach.SC 29577 1-800-448-8261 LAW AND MORALITY Paul Haskell 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. 2 ETHICAL CULTURE SOCIETY For further information, please call 542-4034 or 493-4817 l mm London Brussels Athens Cairo Madrid Tel Aviv Vt RT From Atlanta $289 309 395 420 339 465 Some restrictions apply. Taxes not included. Eurailpasses issued on the spot! FREE Student Travel Catalog. of the TriangleP.O. Box 31 32 'Chapel Hill, NC 27515 12 Park Place South Atlanta. GA 30303 800-877-CIEE