Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, September 2, 1994                   TAG: 9409020062
SECTION: BUSINESS                    PAGE: A7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

American Electric Power Co. Inc., Columbus, Ohio, parent of Appalachian Power Co. of Roanoke, reported second-quarter net income of $103.8 million, or 56 cents per share, compared with $86.2 million, or 47 cents per share, a year earlier. Operating revenues for the quarter were $1.35 billion, compared with $1.21 billion a year earlier. For the first half, AEP reported net income of $256.7 million, or $1.39 per share, up from $219.3 million, or $1.19 per share, a year earlier. Revenues were $2.84 billion, compared with $2.53 billion.

The company's Apco unit reported net income of $24 million for the second quarter, compared with $18.4 million a year earlier. Revenues were $369.9 million compared with $340.6 million. For the first half, Apco net income was $56.5 million, down from $59.9 million a year earlier. Revenues were $807.9 million compared with $733.7 million.

- Staff report

Kollmorgen buys Sperry assets

Kollmorgen Corp., Waltham, Mass., parent of Inland Motors and Industrial Drives in Radford, said Thursday its Electro-Optical Division has purchased certain assets and contractual obligations of the conventional optical periscope business of Sperry Marine Inc. in Charlottesville. The purchase price was approximately $5 million.

- Staff report

Crestar to acquire Jefferson S&L

Crestar Financial Corp., Richmond parent of Crestar Bank, said Thursday it has agreed with Jefferson Savings & Loan to acquire Jefferson, a Warrenton-based thrift with approximately $265 million in deposits, loans of about $205 million and eight branches.

Crestar is a holding company for three banks with assets totaling $14.3 billion, operating 332 offices in Virginia, Maryland and the District of Columbia.

Under the terms of the agreement, Jefferson shareholders will receive $17 a share in cash or tax-free exchange of Crestar common stock for each of 1.3 million shares of Jefferson stock.

- Staff report

Financial markets closed for holiday

U.S. stock and financial markets will be closed Monday for the Labor Day holiday. The federal government's weekly auction of Treasury bills is postponed until Tuesday. The Roanoke Times & World-News will not publish financial tables on Tuesday. Regular stock and mutual fund reports and results of the Treasury auction will resume in Wednesday's editions.