2-G DONALD SABATH PLAIN DEALER REPORTER CLEVELAND A group of model makers showed off their latest yesterday at the annual meeting of the Cleveland Engineering Society. The 47 display tables in the main ballroom the Sheraton City Centre Hotel were not filled with classic 1950 model cars or World War II airplanes. In fact, there was only one model stretching 80 feet long and 40 feet wide and covering half the ballroom floor. Chemstress Consultant Co. of Akron was Chemstress, said on one recent project, the contractor said a portion of the model simply didn't look right.
"And they were correct, it wasn't right," he said. "Instead of a seven-ton crane, which was in the model, the company had wanted a 70-ton crane." Hill has been involved in engineering modeling for more than 20 years, starting with small pieces of metal, solder, clay and wood. "Today, we all work mostly with all varieties of plastics," he said. King said the scrubbers were approved by THE PLAIN DEALER, WEDNESDAY, JANUARY 13, 1993 Model makers show off new coal-scrubbing plant EC ambassador or sees growing role for U.S. exports By MARCUS GLEISSER PLAIN DEALER REPORTER elimination of trade barriers among its members opens opportunities to many Ohio businesses that benefit from foreign trade, according to the EC's ambassador to the United States.
Andreas van Agt, former prime minister of the Netherlands and now EC ambassador in Washington, told a luncheon of the Cleveland World Trade Association yesterday that an economically stronger Europe meant a greater market for American goods. the stunning fact that France and Germany, the arch enemies who were the focus of two world wars, take the initiative to merge armies is something that was unimaginable just two decades ago, "he said. "That is the world upside down. I don't believe serious conflicts: among members of the EC are still in the cards." In an interview before the van Agt brushed aside the failure of Denmark and Britain to ratify the Maastricht treaty that would es- CLEVELAND The European Community's recent showing publicly for the first time a model of the $815 million Gavin Scrubber plant under construction on the Ohio River north of Gallipolis. It is being built for the American Electric Power Co.
Robert A. Handelman, Chemstress president, said the model was thought to be the country's largest scale engineering model to be completed in 1992. "We had 10 to 15 people working on this model for a year," he said. The company said the model is built to 16th-inch tolerance. Computer-aided design (CAD) and compu- tablish a common currency and central bank for participating countries.
The pact has been ratified by 10 other countries. Danish voters who refused to ratify the treaty are being mollified by being allowed to opt out of sensitive parts of the agreement and, van Agt said, a second referendum to be held this year seems certain to result in ratification. Britain is expected to follow soon after. It is not easy for countries to join in a common currency, he said. They have to meet tough requirements in their economies such as low inflation, low budget deficits, moderate national debts and currency stability.
By seven years from now, he said, probably most of the original dozen nations will have a common currency. Newcomers such as Austria, Sweden, Finland and Norway will join up as well, "so there will be an impressive number of countries sharing a common currency." The 12 nations in the EC now are France, Germany, the Netherlands, Luxembourg, Great Britain, Denmark, Portugal, Italy, Spain, Belgium, Greece and Ireland with a Bush reports assess blame for economy BLOOMBERG BUSINESS NEWS Bush's report says that if the WASHINGTON economy attains sound growth 2 The Bush administration's final under President-elect Clinton, it economic reports to Congress will be because Bush's policies blame economic weakness on the 'laid a sound foundation for Federal Reserve, Saddam Hus- greater output of U.S. goods and sein and stingy bankers. services. "America's future can The reports from President and should be bright" as long as Bush and the Council of Eco- Bush's economic policies are left nomic Advisers echo Bush's argu- unchanged, it says.
aments on the campaign trail, In its report, the advisory when he unsuccessfully tried to cil says the Fed should have cut. voters the economy was interest rates faster than it did, better and he wasn't to even though that "could have deblame. Government reports is- layed progress on reducing inflasued immediately after the elec- tion" and led to higher interest stion did show a strengthening re- rates in the long run to deal with a covery. runaway economy. The reports lay little blame on The council also criticizes the government's doorstep, al- bankers for not offering A though they do mention in pass- loans and says the war with Iraq, ing that huge federal budget defi- and its accompanying oil price gycits and cuts affecting the defense rations, contributed to the 1990-91 industry did hurt.
recession. GM on target to break even in 1993 REUTER firmed the direction we've initiated DETROIT and talked to analysts about." An Motors independent books audit shows of the General ail- Hoglund said GM's target is to ing break even in North America this and is auto giant is "not break going broke" year, before interest on target to even in taxes, regardless of the expenses and 1993, the automaker said. company's Speaking to reporters at the Auto- U.S. even in market October, share. but He he said did GM not broke know Ent Executive Vice World President Congress William here, if the feat -motive News was repeated in November Hoglund said Monday that the re- or December.
view conducted by J.P. Morgan Co. Hoglund said the review focused confirmed the automaker's own in- on long-term strategies in North ternal financial assumptions. America and confirmed that GM's basically confirmed we're not nancial and operating plans "are on broke," Hoglund said. "It con- target." EARNINGS BRIEF A.
Schulman profit Total margins tonnage were was flat at down only Gross A. Schulman Inc. said net income and revenues for its first fiscal quarter fell and respectively. The company, however, boosted by yesterday. The earnings drop was blamed mostly on sharply lower profits at the company's German which represent of sales.
were hurt by recession, high interest rates, the European currency crisis and lower Dresin prices worldwide due to excess supplies and competitive pressures. The European Community represented two-thirds of fiscal 1992 sales and better than of Schulman's operating profits. North American profits were flat, though tonnage rose STOCK FOOTNOTES 4 How to read NYSE, AMEX Stocks that appear in bold print show a gain or loss of or more from the previous day's closing a In front of the stock name you will find certain letters: indicates that a 52-week high was set: low. This represents the high or low for the 52 weeks plus the current week but not the latest trading day. to the An ex dividend, that is, any dividend payable seller, not the buyer.
ex dividend and sales in full. 2 total sales figure shown. The next column is the company and the AP abbreviation of its name. Additional footnote abbreviations appear after the company name and before the dividend category: pf is preferred stock. wt is warrant the right to buy shares at a specified price by a certain date.
Other footnotes found after the stock name are explained below. The next column is the current annual dividend per share. PE is calculated by taking the last closing price of the stock and dividing it by the earnings per share for the last four quarters. Vol. indicates number of shares traded in hundreds (add two zeros.) is closing price.
Chg. represents the dollar change in price from the previous day's price. DIVIDEND FOOTNOTES: Special dividends or are identified by the following: includes an extra dividend or an extra distribution. annual rate of the cash dividend and a stock dividend was paid. dividend paid upon liquidation of corpora- ter-aided engineering (CAE) have been used for years, Fred S.
King, vice president for enginering, told the meeting. Handelman said scale models are built for projects because design defects can be discovered on models before construction begins. "Sc -model construction has proved to more than pay for itself many times over, once the computers are turned off. "Models are helpful to contractors, too," he said. "Instead of going through hundreds of sheets of drawings, it is possible to actually.
see a construction project and one built to scale." Steven E. Hill, supervisor of modeling for Computer trading has stock market going down, up FROM WIRE REPORTS NEW YORK Computer-driven trading whipped the market up and down yesterday but left it, in the end, just about where it had begun. The Dow Jones average of 30 industrials added 1.89 to 3,264.64. Analysts said investors were nervous about developments in the Middle East, with Iraq facing off against United Nations forces. "It is another item on the negative side of the scale and is keeping ple said MMS International analyst Bob Walberg.
With human beings on the side- lines, computer programs began a selling binge around mid-day that was reversed by a burst of programmed buying near the closing. One trader said the buying programs were triggered when the Dow breaking below 3,240 during the selloff. Stocks with major action included: Kodak, up to It continued to gain after naming an outsider as chief financial officer. down to down to Delta, down to T. CONWAY ANDREAS VAN AGT: "European Community integration has created miracles, unimagined a generation combined population of more than 324.4 million.
There is some concern, that Germany will overpower the rest of Europe, he said. And Germany is having trouble with its image because of racial and social riots that have sprung up over an influx of Germany is unhappy that other nations are not taking their share of refugees and asylum seekers, he said. Frustration over this could slow future integration. 28 29 30 31 4 5 6 7 8 11 12 Silver: $3.680 SOURCE, Commodity Exchange Gold prices the Public Utilities Commission of Ohio last November. Gov.
George V. Voinovich said the approval of scrubbers will save 800 Ohio coal-mining jobs in Meigs County by allowing the use of high-sulphur Ohio coal. The scrubber, to remove sulphur dioxide from coal burned at the plant, was designed by Babco*ck Co. in Barberton. Without the scrubber approval, the would not allow Ohio coal to be and the plant could only burn sulphur coal shipped in from other states.
Dan Markert, an engineer with Babco*ck Wilcox, said the scrubber will be completed in January 1995. What a dollar's worth Japanese yen 125.20 1210 28 29 30 31 4 5 6 7 8 11 12 DEC. JAN. British pound 0.66 German mark 1.63 French franc 5.53 Canadian dollar 1.28 Yesterday's late New York prices. A complete list of foreign exchange rates appears elsewhere in today's Business section.
below projections. down to The disk-drive maker's profits were disappointing. In other markets yesterday: OIL: Light sweet crude closed at $18.38 a barrel, down 40 cents. Analysts said traders were unconcerned about Mideast tensions because the last war with Iraq did little to disrupt production. Instead, they were focusing on a current oversupply of crude.
BONDS: Prices fell slightly as a wave of new corporate issues flooded the market. BELLING BEE NEWS The Plain Dealer The definition is: having power to do many things. The MULTIPOTENT. MULTIPOTANT ruler successfully crushed the rebellion while continuing to extend his empire. The definition is: not to be avoided or evaded.
It was IMPARATIVE, IMPERATIVE that John pass his history test, or else he couldn't go to the prom. The definition is: in manner characterized by procrastination. Mary DILITORILY, DILATORILY completed her homework while watching the Browns play. Is it MARRIAGEABLE OR MARRIAGABLE? Get cracking on your spelling skills so that you can become the champion of your school and be eligible to. participate in The Plain Dealer's Cuyahoga County Spelling Bee.
The competition is open to the public and will be held March 18 in CSU's University Center Auditorium at 2121 Euclid Ave. in Room 6 at 9 a.m. Come and watch 7th 8th graders spell words you've never heard of! The champion gets a free trip to Washington, D.C. with one parent to compete in the National Spelling Bee, a $70 Franklin's Wordmaster electronic thesaurus which provides over 496,000 synonyms, and an engraved hard-bound copy of the 1993 World Almanac. The runner-up gets a set of the New Encyclopaedia 'Britannica valued at.
$1000; third-place receives a copy of the Random House Dictionary of the English. Language valued at $80; Webster's Ninth New Collegiate Dictionary, valued at $20, will go to fourth-place, and fifth-place will receive Webster's Collegiate Thesaurus valued at $16. 1 7 Per troy ounce 328.50 Airline stocks fell after the industry began a new round of cutting triggered by Northwest's discounts for families and groups. Chrysler, down to The automaker said it would issue 40 1 million new shares to raise money. Marcam, down to The software firm said earnings would be Genetically engineered mouse mighty big with Ohio U.
creators SCRIPPS HOWARD ATHENS, O. On the outside, the tiny creature looks no different than any other laboratory mouse. On the inside at the level of cells and molecules this mouse is radically different. The mouse's genetic structure was altered before birth while it still was an embryo and carries a gene that both produces the human protein interferon and makes it resistant to viruses. In many ways, this genetically engineered mighty mouse is a manmade creature.
It is so different that its creators, two Ohio University scientists, sought five years ago to protect it with a patent. On Dec. 29, the U.S. Patent and Trademark Office issued a patent for that strain of mice, as well as for mice produced by Harvard University and a California biotechnology firm. They were the first patents issued for living forms since 1988, when the government granted the first such patent to Harvard.
After that first mouse patent, ethical, moral, religious and environmental arguments raged. Some said it would change the laws of nature, would harm animals and meddle in the divine order of things. Those debates started anew after the newest patents were issued just two weeks ago, placing Ohio University and Ohio among the leaders in the emerging field of biotechnology. Carl Pinkert, a University of Alabama biologist and editor of the journal Transgenic Research, said, "The' issuance of another animal patent is an important, necessary step in the evolution of this technology. The doors are going to open to more research." The Ohio University mouse was engineered at the school's Edison Animal Biotechnology Center, part of a consortium of Edison Centers in the state that develop new technology.
The special protein it contains, interferon, occurs naturally in the bodies of human beings and other mammals, fighting viral infections and the growth of tumor cells. It has been tested against immune deficiency diseases such as AIDS. Researchers use a microsurgical process to inject the foreign gene into the mouse embryo shortly after it is fertilized. The fertilized egg with the new gene is then implanted back into the mouse mother. When the pups are born, they are tested to see which carries the new gene.
When the pups mature and mate, their offspring carry the new gene. The altered animal is called a transgenic mouse. Revco sets price of bonds By SANDRA CLARK PLAIN DEALER REPORTER TWINSBURG the Revco D.S. Inc. said it had set the pricing for bonds to be sold as part of a program for recapitalization.
The rate of 9.125% was set for notes due Jan. 15, 2000, according to a statement. Due to favorable responses when the company first announced the plan, Revco said it decided to in- crease the amount of the offer to $140 million from $125 million. In addition to the bond, the company plans to raise $110 million from the sale of a special issue of common stock to refinance its line of credit. and to repay three bond issues.
The special offering went out to dealers, who report their prices to the National Association of Securities Dealers. The NASDAQ list contains most of the major companies. while less-widely traded stocks are on the National List or OTC. The NASDAQ exchange lists dividend footnotes first. then the company name.
Close refers to the stock's final price per share. Chg. represents the dollar change in price between the stock's final price the preceding day and its tinal price two days before. NC indicates no change in price. On the National List or OTC list, bid is the highest price at which a dealer was willing to buy the stock; ask is the lowest price at which a dealer was willing to sell.
See How to read NYSE for full footnote details. How to read MUTUAL FUNDS The MUTUAL FUND company name is in boldface. Below the name is the list of mutual funds the company offers. Sell represents the prices at which these securities could have been sold (net asset value). Buy is the price at which the funds could have been bought (value plus sales charge).
Chg. lg the change from the previous day's sell quote. NL means "no load," a- fund that does not charge a sates commission. FUNDS FOOTNOTES: previous day's quote, a fund's redemption price. fund assets are used to pay for annual fees, marketing and distribution costs 12(b)(1) plan.
redemption fee or contingent deferred sales load may apply. both and r. See How to read NYSE for more footnote details. -4 at a A recent study of the state's Edison centers commissioned by the Ohio Department of Development criticized the Animal Biotechnology Center for being essentially a department of Ohio University and not doing enough to turn its research into commercial ventures that could benefit companies in Southeast Ohio. One of the more practical applications of the new mice will be to market them as laboratory mice that are healthier and more resistant to the viruses and other illnesses that plague the creatures.
"There's a giant market for laboratory mice," said David Allen, acting director of the biotechnology center. "It's clearly in the hundreds of millions of dollars." Genetically altering mice also holds great potential for humans. By changing their genetic structures so they carry genes that cause disease, scientists can test new on them. The ultimate goal of genetic research is to treat humans with gene therapy. Inserting genes into the cells of human beings could treat a score of genetic diseases.
Scientists expect several common, inherited diseases, including diabetes, Alzheimer's, cystic fibrosis and musclar dysrophy, to be among the first to be treated with gene therapy. 1 1 "Are you lonesome tonight?" You don't have 1 to be! Let The Plain Dealer's PERSON TO PERSONALS help you find someone to make "beautiful music with!" For $1.49 a minute you can tune into hundreds of talking personals and find someone to share with. Call 1-900-737-3307 (All 900 calls cost $1.49 a minute.) or place your own ad. Call 781-DATE. You must be 18 years or older The average value of the U.S.
dollar was lower. The currency translation effect increased sales by $8.3 million and net income by $405,000, or cent a share. Schulman, which nevertheless is confident about its long-term potential, raised its common stock dividend to 8 cents from 7 cents payable Feb. 5 to shareholders of record Jan. 27..
Schulman stock slid 87.5 cents a share to close at $28.125 in trading yesterday on the New York Stock Exchange. 3 mos. to Nov. 30 1993 1992 Net sales $183,913,000 $187,711,000 Net income $8,965,000 $9,335,000 Per share $0.30 $0.32 tion. declared or paid in preceding 12 months.
dividends and earnings in Canadian money. Yield or PE not shown. company has been suspended from trading. lacks market maker or temporarily has failed to meet NASDAQ requirements for disclosure, assets, capital surplus, stockholder base or shares outstanding. declared or paid after a stock dividend or.
split. paid this year, dividend omitted or deferred. declared or paid this year on a cumulative issue with dividends in arrears. new issue in past 52 weeks. PP instaliment payments owed.
declared or paid in the preceding 12 months plus stock indicates an extra distribution cash, stock or warrants to buy more stock. indicates the stock was split, or a stock dividend of or more was paid, in the last 52 weeks; the dividend begins with date of the split or stock dividend. STOCK FOOTNOTES: cld called. 1-dis ex distribution. xr ex rights; issue is trading without previous option to buy more stock.
xw without warrants. ww with warrants. wd when distributed. wl when issued. nd next day delivery.
vi in bankruptcy, receivership or reorganization, or securities assumed by such companies. temporary exception to National Association of Securities Dealers' listing qualifications. issue new within the last 52 weeks. rt rights. un units.
trading halted on primary market. stock is trading ex-dividend; preceding day's sales are stated in full. Quotations include trading on the New York, Pacific, Midwest, PSW. Boston, Detroit and Cincinnati stock exchanges. How to read Securities not listed on the major or regional stock exchanges are bought and sold "over the counter" by I shareholders of record Dec.
28, them to buy shares at $8 based on a formula that calculates the amount of shares they own. The right to the issue expires Friday. Revco's stock closed at $9.25 a share yesterday, unchanged in New York Stock Exchange trading. The moves will decrease Revco's long-term debt and its interest payments, said Philip J. Muldoon, first vice president of research at McDonald Co.
Securities Inc. "They were paying significantly higher (rates) of he said. Merrill Lynch Co. is lead underwriter for the issues, with Morgan Stanley Co. and Jefferies Co.
as co-managers. Puzzled? Call 1-900-896-2123 Can't put your finger on a crossword answer? Put your finger on the telephone instead and call 1-900-896-2123 for answers to clues from today's puzzle. You'll be billed just 95 cents per minute. The The Morning Paper Plain Was Dealer Ware Rand Ad Day 10.
