Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, December 18, 1993 TAG: 9312180120
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
WASHINGTON - Treasury Secretary Lloyd Bentsen said Friday he sees no need for the Federal Reserve to raise short-term interest rates, since inflationary pressures remain low.
Bentsen cited excess capacity and slack labor markets, which tend to keep prices from rising. He predicted inflation would grow just 3 percent this year, compared to 2.9 percent in 1992.
"I just don't see the pressure to raise inflation," he said, adding that low short-term rates and "some of the lowest long-term rates that you've seen in nearly 25 years . . . need to be sustained."
The Fed's monetary policy-making panel, the Federal Open Market Committee, meets next week to discuss the direction of interest rates.
- Associated Press
Bankruptcy court gets 3 petitions
Three petitions with business connections have been filed in the U.S. Bankruptcy Court for the Western District of Virginia in Roanoke:
Virginia Metal Products Inc. of Richlands, a manufacturer of metal products, is seeking reorganization and protection from creditors. David R. Stanton Jr., president, listed assets of less than $50,000 and liabilities of less than $500,000.
The company asked to be allowed to pay employees 60 percent of their current salaries and asked the court to waive a ban in its contract with the International Ladies Garment Workers Union on supervisors acting as a bargaining unit. The company said it could save $10,000 by allowing supervisors to do that type of work.
Kenneth D. Marshall, trading as Marshall's Market, and Virginia L. Marshall of Nickelsville, sought liquidation, listing assets of $30,990 and liabilities of $33,363.
Dock Owens and Eva Lou D. Owens of Haysi filed for liquidation. She owns the stock of Chelsay Trucking Co. They listed assets of $25,300 and liabilities of $45,870.
- Staff report
Wilder told probe of ABC unnecessary
RICHMOND - A wine wholesaler has asked Gov. Douglas Wilder to ignore a request from retailing magnate Herbert Haft for an investigation of the state's Alcoholic Beverage Control Board.
Haft, who owns Total Beverage discount stores in Northern Virginia, contends the ABC Board is in cahoots with the wine wholesalers it is supposed to regulate. He wrote Wilder last week asking for a probe.
Haft has filed a price-fixing lawsuit in federal court against five Virginia wine wholesalers - including Blue Ridge Beverage Co. in Salem - and is fighting one of the wholesalers, Forman Distributing Co. of Springfield, before the ABC Board.
Walter A. Marston Jr., attorney for Forman, included in the letter to Wilder a nine-page rebuttal of Haft's charges that the ABC Board is biased against him.
Marston said the board's public record shows it is not a tool of the wholesalers, because it has ruled against their wishes many times.
The governor's office had no immediate comment.
- Associated Press
Briefly . . .
Tazewell National Bank said Friday it will buy the real estate, personal property and deposits of First Union National Bank's office at Pocahontas. Target date for the closing is April 1. Tazewell National Bank, with assets of $120 million, is a member of Premier Bankshares Corp.
General Electric Co. of Fairfield, Conn., whose Industrial Systems and Services division and Drive Systems headquarters are in Salem, on Friday increased its quarterly dividend 14 percent and recommended for approval at the April 27 shareholders meeting a two-for-one stock split. The company declared a dividend of 72 cents per share payable Jan. 25 to shareholders on Dec. 31. The previous dividend was 63 cents per share.
VF Corp., Wyomissing, Pa., parent of Bassett-Walker Inc. of Martinsville, said its wholly owned subsidiary, Spice Acquisition Co., has begun its tender offer for all shares of common stock of Nutmeg Industries Inc., at $17.50 per share. The offer is being made pursuant to a previously announced merger agreement for acquisition of Nutmeg by Spice Acquisition.
CSX Corp. said Friday it has agreed to license use of the name of The Greenbrier, its White Sulphur Springs, W.Va., resort, for an American-style golf resort under construction in Shirakawa, Japan. Known as The Greenbrier West Village, the 700-acre resort is being developed by CYD Japan Co. Ltd. The project, 80 miles north of Tokyo, is scheduled to open in early 1995.
by CNB