Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, December 24, 1993 TAG: 9312240124
SECTION: BUSINESS PAGE: B-4 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Two petitions with business connections have been filed in the U.S. Bankruptcy Court for the Western District of Virginia in Roanoke.
Warren L. McCormack and Barbara W. McCormack of Vinton asked for liquidation. Warren McCormack trades as D&W Leasing. They estimated assets and liabilities each at more than $1 million.
Jo L. Diedrich of Roanoke filed for liquidation, listing assets at $15,973 and liabilities at $94,826. Diedrich is president of Dominion Environmental Group and a partner in Marble Creations. - Staff report
NationsBank picks Super Bowl ad time
CHARLOTTE, N.C. - NationsBank Corp. will pay big money to buy some of the most expensive advertising time in the world on next month's Super Bowl broadcast.
Unlike two years ago when it bought time for an ad that was shown nationwide during the Orange Bowl game, NationsBank will purchase time only in certain major markets in the Southeast and Texas.
A 30-second spot in Charlotte will cost between $8,000 and $10,000. The same ad will cost about $7,500 in Columbia, S.C.
A nationwide slot on the Super Bowl, he said, would have cost about $900,000 for a 30-second ad. - Associated Press
Mortgage rates mostly hold steady
WASHINGTON - Thirty-year, fixed-rate mortgages averaged 7.17 percent this week, unchanged from last week, according to a national survey released Thursday by the Federal Home Loan Mortgage Corp.
The rate was the highest since mortgages averaged 7.25 percent during the week ended Dec. 2. They averaged 7.14 percent during the week ended Dec. 9.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 4.21 percent, up from 4.20 percent last week.
Fifteen-year mortgages averaged 6.69 percent this week, down from 6.7 percent. - Associated Press
Auto, truck sales make striking gains
DETROIT - Led by General Motors Corp., almost every company that builds cars and light trucks in North America sold more of these vehicles in mid-December, the auto makers reported Thursday.
Overall, sales of what are counted as domestically built vehicles - those assembled in the United States, Canada and Mexico - shot up 31.1 percent in comparison with a strong period a year ago.
Sales of domestically built cars rose 25.6 percent, to 154,131, in mid-December. Sales of domestically built light trucks - a category that includes pickups, mini-vans and sport-utility vehicles - rose 38.4 percent, to 128,037.
At GM, sales of domestically built cars increased 39.7 percent, to 68,779, while sales of light trucks increased 39.1 percent, to 45,581.
The Ford Motor Co. also made strong gains. While its car sales rose 9.6 percent, to 41,640, light-truck sales jumped 44.2 percent, to 44,930.
Chrysler Corp. reports its sales only on a monthly basis. Ward's Automotive Reports, an industry newsletter, estimated that Chrysler's sales of cars rose 20.9 percent for the period, to 17,500, while its sales of light trucks increased 25.5 percent, to 29,000.
- The New York Times
Briefly . . .
United Dominion Realty Trust Inc., Richmond owner of apartments and industrial property in Roanoke and Salem, said Thursday it has purchased Beechwood Apartments in Greensboro, N.C. The $7.4 million sale was from Wellsford Residential Property Trust of New York. Beechwood is a 208-unit garden apartment community.
Ground Round Restaurants, Boston-based chain with an outlet in Roanoke, said Thursday it filed a registration statement for a proposed public offering of about $35 million of convertible subordinated debentures due 2001. Net proceeds will be used to repay bank indebtedness and to facilitate the addition of new company-operated restaurants.
Roasters of Virginia, Lexington, Ky., operator of Kennny Rogers Roasters restaurants in Roanoke and Salem, said it has donated more than 500 Teddy bears to pediatric units at Community Hospital of Roanoke Valley and Lewis-Gale Hospital.
All Virginia farm markets will be closed until Jan. 3, for the Christmas and New Year's holidays, according to the Virginia Department of Agriculture and Consumer Services.
by CNB