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A specialty shop will soon occupy304 W. Fran
klin St.. The town counciil approved the devel-
oper's plans for the shop last May. Construction
must be completed by May of 1991.
commo move uo m ramiiic
By KEVIN GREENE
The growth of North Carolina's two
largest banks, First Union and NCNB,
could make Charlotte the nation's
fourth-largest banking city by the end
of the year, officials from the two banks
Charlotte's North Carolina National
Bank (NCNB) Corp., currently the
ninth-largest bank in the nation, may
move up to eighth when its third-quarter
assets are released at the end of the
month. The move would likely be
caused by plans by Manufacturers
Hanover Bank to sell off more than 10
percent of its assets.
New York's Manufacturers Hanover
Corporation, now the nation's seventh
largest bank, plans to sell off up to $ 10
billion of its assets.
First Union National Bank, also
based in Charlotte, is in the process of
moving up in rank as well. Currently
No. 19, the bank plans to acquire Flor
ida National Banks during the fourth
quarter, said Priscilla Walters, a First
The acquisition, which should take
place near the end of this year, would
increase First Union's assets to about
$38 billion and make the bank the 14th
largest in the nation, Walters said.
"We feel very comfortable that we
are a viable player in the market,"
At the end of the year, if NCNB and
First Union have advanced in the na
tional rankings, Charlotte will be the
fourth-largest banking city in the na
tion. The banks' growth this year would
place Charlotte ahead of such cities as
Pittsburgh, Boston and Chicago.
NCNB moved from the 18th posi
tion to ninth earlier this year when the
corporation increased its assets to
slightly more than $60 billion by mov
ing its Texas bank holdings into corpo
rate assets, bank officials said.
John Meyers, Manufacturers Ha
nover vice president of corporate pub
lic relations, said the bank was in the
process of selling 60 percent of its CIT
Group, Inc., a division of several indus
trial finance companies.
Manufacturers Hanover will retain
control of 40 percent of CIT Group but
will lose from $9 billion to $10 billion
of its assets as a result of the sale,
Meyers said. Manufacturers Hanovef
now has assets totaling $71.9 billion.
Manufacturers Hanover is selling
part of its assets to increase capital aiio
avoid the possibility of a forced merger
with a stronger bank.
NCNB continued to grow in the third
quarter, recently acquiring two Texas
savings and loans and Great Atlantic
Savings Bank of Manteo. . ; .
Lynn Easley, NCNB assistant man
ager of corporate media relations, said
the recent acquisitions did not substan
tially increase corporate assets but
provided evidence that NCNB was
growing and would continue to do so.
She would not comment on any pos
sible future mergers or acquisitions.
Both Easley and Walters of First
Union said North Carolina's three
strongest banks - NCNB, First Union
and Wachovia - created an atmosphere
of healthy competition from which the
state would benefit.
Group to deaim up dlowmitowni
By CRAIG ALLEN
The president of the Downtown
Commission unveiled tentative plans
Wednesday for a downtown cleanup
program to answer recent criticism
about the commission's role in keeping
The "Downtown Pride" program is
still being planned but the program will
soon be in place, said Joe Hakan, presi
dent of the Chapel Hill-Carrboro
Hakan's plan came after James
Heavner, president of the Village
Companies and the Public-Private
Partnership, criticized the commission's
efforts in keeping downtown clean in a
letter to Mayor Jonathan Howes. The
Public-Private Partnership formed the
commission to aid downtown revitali
zation. The Village Companies donated
$10,000 to the Downtown Commis
sion to aid cleanup efforts. The busi
ness group has been asked to contribute
another $10,000, but will do so only if
it is connected to an "absolute commit
ment to get downtown cleaned up,"
Heavner told The Daily Tar Heel in an
The commission is responsible for
conducting special services downtown.
Those services are paid for by mer
chants whose businesses are located in
a downtown tax service district. The
services are under contract from the
town and include the trolleys, capital
improvements, promotion, special
events and vacuum sidewalk cleaning.
The service district was created last
The commission operates the vac
uum for two hours each morning from
Thursday to Monday. The commission
also makes the vacuum available to
private property owners.
Heavner said present efforts were
not enough because the sidewalks
needed to be swept once a day along
downtown Franklin Street.
Hakan said the Downtown Pride
program, which he and Heavner had
been working on together, would en
hance the commission's cleanup ef
"We're going to go door to door,
asking people to make a commitment,"
Hakan said. "There will be prizes
awarded for the best business every
Stickers or placards in windows will
allow participating businesses to let
customers and neighboring businesses
know they are attempting to keep
downtown clean, Hakan said.
"We don't want a dime from any
body," Hakan said. "We want a com
mitment. We want to get them in
volved." Hakan also said he hoped there would
be some way to involve students in the
program, such as issuing citations to
students seen picking up trash in the
"I have lived here for years," Hakan
said. "If you don't have students, you
don't have anything."
In other business, Scott McClellan
of the Chapel Hill transportation office
reported on the first 15 days of trolley
operation in the downtown business
After less than a month of operation,
the trolleys are carrying an average of
40 passengers per hour. McClellan said
the commission should be proud of the
"In the bus business, that is a high
productivity rate," McCllelan said.
McClellan said problems had kept
the trolleys from running at 12-minute
intervals as originally planned. There
has been only one road call for mainte
nance, he said.
McClellan said those problems
would be ironed out as the route be
comes more familiar to both drivers
Commission co-director Debbie
Dibbert answered questions concern
ing the lack of trolley service for parts
of Rosemary Street. "We would like to
let the route run for a month or so, let it
work out its kinks," Dibbert said.
CommissDODD cosporosore 'Tan
By HEATHER CLAPP
Two events taking place this week
end as part of Homecoming festivities
are serving an additional purpose: at
tractions to help bring people down
town. "One of the prime purposes of the
events is to bring the fans back to Fran
klin Street," said Debbie Dibbert, co
director of the Downtown Commis
sion. She said the commission hoped
the events would spur business down
town both before and after the game.
Friday night's Franklin Street Ex
travaganza, a carnival and pep rally
featuring bands, food and jugglers, will
be sponsored by the Chapel Hill-
Carrboro Downtown Commission
Corporation and the Carolina Athletic
Association (CAA). On Saturday, the
General Alumni Association (GAA),
the CAA and the commission will co
sponsor 'Tailgreat" at 1 1 :30 a.m. on
Dibbert said the all-you-can-eat,
tailgate-style luncheon would take place
before the Homecoming game against
Navy and was designed to bring alumni
downtown for the afternoon.
The commission provided assistance
in promotion, ticket sales and coordi
nating the entertainment for the annual
event, Dibbert said.
The GAA has always had the pre
homecoming barbecue and this year it
contacted the commission to get the
town involved as well. Entertainment
during the event will be provided by the
Clef Hangers, the Pep Band and the
In the past several years, Franklin
Street's popularity among visitors on
game weekends has decreased because
of late kick-offs, lower availability of
parking and fewer activities, Dibbert
said. This means less business for Fran
klin Street merchants, many of whom
used to count on game days as big
The carnival and tailgate luncheon
havebeen planned for quite a long time.
The GAA first approached the Down
town Commission a year and a half ago
about co-sponsoring Tailgreat. Later,
the commission later contacted the CAA
to get their support and involvement.
Volume: 158 million shares
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Source: Merrill Lynch Pierce Fenner & Smith, Chicago
Resume Drops Oct. 3, Oct. 1 0
Open Sign Ups Oct. 1 8, Oct. 27
National magazine features business school
From staff reports
This week's issue of Business Week
magazine features an article about the
UNC School of Business Administra
tion and Paul Rizzo, the school's dean.
Mike Collins, a spokesman for the
school, said the coverage should help
the school recruit more and better MBA
"We are really glad the school was
singled out for this recognition," Collins
The article, titled "Why Angels are
Credit Union Rates
Flocking to Chapel Hill's B-School:
Ex-IBMer Paul Rizzo, the new dean,
has the bucks rolling in," tells of the
school's success in increasing the
number and quality of its graduate stu
dents since Rizzo took over in Septem
ber 1987. Rizzo, a 1 950 UNC graduate,
was formerly IBM's vice chairman.
Rizzo received much of the credit
for last year's 35 percent increase in
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.
Share Secured 11.00
Hours: Mon.-Frl. 10 a.m.-3 p.m., Sat. 12:30 p.m.-2 p.m. Phone: 962-CSCU
CSCU is not affiliated with UNC-CH
cash contributions to the school and
improvements made at the graduate
school. But Collins said the faculty and
staff of the school deserve credit as
well. "A lot of the faculty have done an
outstanding job," he said.
Cash contributions in the 1988-89
school year totaled $3 million.
Business Week called Rizzo "a Tar
Heel hero" who has "already raised the
school's profile by hitting up his busi
ness contacts to make donations."
July trade deficit down
The nation's trade deficit for July
decreased by $400 million from the
previous month, according to informa
tion released by the U.S. Department of
Commerce earlier this month.
The seasonally-adjusted trade defi
cit for July was $7.6 billion. For the
first seven months of 1989, the deficit
was slightly more than $60 billion.
The figures are based on Census
The Hub celebrates birthday
The Hub Ltd., at 103 E. Franklin St.,
will celebrate its 30th anniversery Oct.
Owner Bob Rosenbacher opened the
shop in 1 959, seven years after opening
the first store in Durham.
"There have been a lot of changes,
but change is for the good," Rosen
bacher said. "The excitement of Fran
klin Street has certainly made for an
enjoyable 30 years."
The Hub now has four locations in
the Triangle one each in Chapel Hill
and Durham and two in Raleigh.
Date Company Job Major
1025 Armstrong World Industries Sales BUBS
1025 Branch Banking Trust Gen.Mgt. . BUBS, ECONBA, INDRBA, APCSBS,
1025 Electronic Data Systems ANYBABS
1025-26 General Foods Sales BUBS, ENGLBA, HIST7BA, INDSBA,
1025-26 PPG Industries Finance, Acct.. CHEMBSMS, APMABABS, BUBS
Man. Info. Sys. COMPBABS, MATHBABS, ECONBA
1025 Roadway Express Inc. Marketing, Oper., ANYBABS
1025 U.S. General Accounting Off. Analysis POLIBA, APCSBS, COM PBSMS
Public Admin. APMABS, ORSABSMS,
Man. Inf. Sys. STATBSMS
1025-26 U.S. Navy Officer Programs Operations ANYBABS
1026 Duracell ' Sales . ANYBABS
1026 Fidelity Financial Services Insurance ANYBABS
1026 Proctor & Gamble Sales ANYBABS
1026 Sovran Financial Corp. Banking ANYBABS
1027 Env. Protection Agency ANYBABS
1027 Mobay Corporation Chemistry CHEMBSMSPHD, APPSBS
1027 Roses Stores Inc. Retailing ANYBABS
1030-31 Brady, WH Sales BUBS
1030 Texas Instruments Software Design COMPBSMS
1031 Aetna Life & Casualty Insurance BUBS. ECONBA, INDRBA
1 031 Hertz Equipment Rental Sales
1031 Office of State Control Parole Officer CRJUBA
1031 Union Carbide Corp. Quality Con., Sales CHEMBSBA
1031 United Telephone-Florida Management BUBS
111 First Union National Bank Banking ANYBABS
111 J.C. Penney Co., Inc. Retail Mgt. ANYBABS
111 Norton Co. Sales ANYBABS
111 PillsburyCo. Sales BUBS
111 Radian Corp. Chemistry CHEMBSBAMS
111 Bank South Corp. Acct., Fin., . BUBS, ECONBA
112-3 Milliken & Company Management ANYBABS
112 NCR Corp. Sales BUBS, ECONBA, INDRBA
112 Prentice Hall Sales ANYBABS
112 Prudential Insurance Co. Gen.Mgt.
1 025 Castner Knott Company
1027 David Michael & Co. Inc.
1030 Celanese Chemistry CHEMBSMSPHD
1030- Philadelphia Institute
1031 S.R.Clarke Sales BUBS, LIBABA
111 Libbey Owens Ford . .
112 Eastman Kodak Co. . Chemistry CHEMPHD
113 F.N. Wolfe Sales ANYBABS
113 Harris 3M Sates ANYBABS