ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, March 15, 1996 TAG: 9603150043
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
MEMO: ***CORRECTION***
Published correction ran on Mar. 16.
Amplification
Paul Dotson and John Hudgins of Waldrop Realty Co. represented the
seller, Beverage Leasing of Roanoke, in a recent purchase of a warehouse
in Salem. Fred Thomas of Hall Associates Inc., represented the buyer,
Qualichem Inc. A story on Friday's Business page did not mention all
parties in the transaction.
Credit card defaults reach 10-year high
WASHINGTON - Delinquent credit card loans hit a 10-year high in the fourth quarter of 1995, a survey said today. An American Bankers Association economist said the rising delinquency rate is alarming.
``The last time we saw credit card delinquencies this high was the end of the last recession,'' said James Chessen, chief economist for the banker's group, which reviews loan trends quarterly.
Credit card accounts that were 30 days or more overdue rose to 3.34 percent in the three months ending Dec. 31, 1995, up from 3.3 percent in the previous quarter and 2.93 percent in 1994. The fourth-quarter levels matched the previous high of 3.34 percent in the first quarter of 1991.
Chessen said the increases in late payments have slowed, but ``the level of delinquencies is still alarming. If consumer credit growth continues to outpace disposable income, additional problems will surface.''
Economists blame the high delinquencies on a variety of factors, including stagnant paychecks, mass marketing of credit cards by banks and consumer spending in disregard of rising personal debt.
-Associated Press
Sam Moore gets new president
The president of Sam Moore Furniture Industries, a Bedford maker of custom occasional chairs, has stepped down after 35 years in the job.
John Boardman, president since 1961, will remain chairman. He is succeeded by Michael Moldenhauer, who has been with the company since 1982.
"I thought it was time to see some new, fresh ideas come into the position," Boardman said.
Moldenhauer joined Sam Moore as national sales manager after 10 years with the Lane Co. He became vice president in 1984 and executive vice president for sales and marketing in 1992.
Sam Moore, founded in 1940, sells to department stores, catalog merchants and furniture dealers in the United States and several other countries. It employs about 340.
- Staff report
Long GM strike could affect buyers
DETROIT - A prolonged strike at General Motors is likely to mean fewer choices for people wanting to buy new cars and trucks, dealers said Thursday.
GM dealers are still getting deliveries of vehicles that were built and shipped before the strike closed plants, but if the strike continues, inventories will be exhausted.
``Actually business is pretty good right now,'' said John Peterson, a Pontiac-GMC dealer in Bloomington, Minn., and president of the National Automobile Dealers Association. ``But if it went on 60 days - whew!''
If shoppers can't get the car or truck they want, 60 percent are likely to wait to buy until after the strike ends and dealer stocks are replenished. But the rest will shop other brands or decide not to buy at all, an auto retailing analyst said.
The strike by 2,700 workers in Dayton began March 5 and has forced GM to lay off more than 100,000 workers and shut down most of its car and truck assembly plants as they have run out of parts made at Dayton.
- Associated Press
Qualichem to buy warehouse in Salem
Qualichem Inc., a Roanoke maker of cleaners, detergents and water-treatment compounds, plans to buy a 16,000-square-foot warehouse on Industrial Drive in Salem to accommodate company growth. The purchase, to close April 1, is worth $350,000.
Fred Thomas of Hall Associates Inc. of Roanoke, who assisted in acquisition of the property, said Qualichem plans to move into the building in early May after renovations.
Qualichem's president, Harry Weaver, said the company now is housed in 6,000 square feet of leased property on Industry Avenue S.E. in the former Viscose Co. industrial park.
The company, which markets its products globally, has 10 employees. Weaver said more workers probably will be hired.
- Staff report
Mortgage rates up
WASHINGTON - Thirty-year, fixed-rate mortgages averaged 7.83 percent this week, up from 7.38 percent last week, according to a national survey released Thursday by the Federal Home Loan Mortgage Corp. It was the highest since Aug. 24, when rates averaged 7.88 percent.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.55 percent, up from 5.4 percent. Fifteen-year mortgages averaged 7.32 percent, up from 6.87 percent.
- Associated Press
LENGTH: Medium: 98 lines ILLUSTRATION: PHOTO: (headshot) Moldenhauer.by CNB