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

DATE: SATURDAY, March 18, 1995                   TAG: 9503200045
SECTION: BUSINESS                    PAGE: A6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

RICHMOND - The Federal Reserve Bank of Richmond has named Walter A. Varvel first vice president, succeeding Jimmie R. Monhollon, who will retire May 31.

Varvel will work closely with 5th District President J. Alfred Broaddus Jr. in running the local operation and representing the bank in national policymaking roles.

Varvel is senior vice president and officer in charge of the Federal Reserve's 5th District offices in Charlotte, N.C., and Columbia, S.C.

- Associated Press

Warren to get plastics plant

RICHMOND - A container manufacturer based in California will open a plant in Warren County, Gov. George Allen said Friday.

Allen's office said Macro Plastics Inc. will create about 50 jobs within the next 2 1/2 years at the plant. The Fairfield, Calif., company will invest about $20 million, Allen said.

- Associated Press

Fieldcrest sells railroad in Maine

Fieldcrest Cannon Inc., Eden, N.C., textile maker with a towel mill in Henry County, said Friday it has sold the Bangor and Aroostook Railroad Co. in Maine to an affiliate of Iron Road Railways Inc., netting $28 million. Iron Road is a Washington, D.C., holding company investing in short-line and regional railways in North America. Fieldcrest Cannon acquired the railroad as part of its acquisition of Amoskeag Co. Cash proceeds from the sale, about $20 million, will be used to reduce borrowings, Fieldcrest Cannon said.

- Staff report

Earnings ...

Books-A-Millions Inc., Birmingham, Ala., operator of book stores, reported net income of $8.1 million, or 47 cents per share, on sales of $172.4 million for its fiscal year ended Jan. 28, compared with year-earlier $5.6 million, or 37 cents per share, on sales of $123.3 million. For its fourth quarter, net income was $5.5 million, or 32 cents per share, on sales of $67 million, compared with year-earlier $4 million, or 23 cents per share, on sales of $46.1 million.

- Staff report

Bankruptcies

Three bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. Two of them are personal bankruptcies that the court listed as businesses because they have commercial connections and could be of interest to business creditors and customers.

Wells Waters & Gases Inc. of Wise filed for liquidation, estimating assets at more than $50,000 and liabilities at more than $100,000. The company said it sells bottled-gas products and performs water and soil analyses.

Douglas Wilson Collins of Radford filed for liquidation with assets of $25,450 and liabilities of $148,624. He has an interest in Collins Inc. Builder.

Carl Johnson and Sandra K. Johnson of Bristol sought liquidation, listing assets of $49,675 and liabilities of $138,305. Carl Johnson owns C.J. Roof and Remodeling.

- Staff report