ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Saturday, April 20, 1996 TAG: 9604220025
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
March U.S. deficit hits $47.3 billion
The federal budget deficit climbed to $47.3 billion in March, up 6.7 percent from February but still below the pace set in 1995.
The Treasury Department reported Friday that the March deficit compared with an imbalance of $44.3 billion in February. For the first six months of the current fiscal year, the deficit totals $128.2 billion, 12.6 percent below the midpoint last year.
- Associated Press
Optical Cable gets big order
Optical Cable Corp., a Roanoke manufacturer and marketer of fiber-optic cables for transmission of data, video and audio communications, said Friday it has received a large stocking order from Graybar Electric Co. Inc. for inventory in two of its four zone warehouses.
"This will readily make our product available to a larger customer base," said Optical Cable president Robert Kopstein. Graybar Electric is a national distributor of electrical and communication products.
- Staff report
White Tire buys Davis Tire and Oil
White Tire Distributors of Roanoke said Friday it has purchased Davis Tire and Oil Co. in Petersburg and Chesapeake. Davis Tire has two sales locations, in addition to a retread plant in Petersburg. It has annual sales of about $2 million.
The acquisition brings White Tire's total commercial and retail locations to 10 in Virginia, West Virginia, Tennessee and South Carolina. The company also operates six retread plants. It purchased Lucas Tire Co. of Roanoke in October.
White Tire has about 225 employees and expects 1996 revenues to hit $38 million.
- Staff report
Bankruptcies
Six bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke.
* Michael L. Moore of Roanoke filed for liquidation, estimating assets at less than $50,000 and liabilities at more than $100,000. Moore operates Morwood/Woodmaster, a furniture sales outlet.
* Willie Jones Keeling of Boones Mill filed for a wage-earner plan for repayment of debts with assets of $502,217 and liabilities of $53,010. He is a self-employed dealer in used tires and scrap rubber and also has an interest in Derived Fuel Manufacturing Corp.
* Samuel C. Banks, a cabbage farmer from Fancy Gap, filed under a special provision for reorganization of family farms. He estimated both assets and liabilities at less than $50,000.
* Charles Joseph Kuhn of Norton, who does business as Charlie's Mobile Marine, filed for liquidation. He listed assets of $2,750 and liabilities of $40,500.
* Tommy Grose of Boissevain filed for liquidation with assets of $7,520 and liabilities of $52,924. He said he had an interest in Precision Machine Service and Springville Machine Service.
* Gerald Chapman of Radford filed for liquidation with assets of $8,350 and liabilities of $33,391. He said he was self-employed, but he did not specify an occupation.
- Staff report
Briefly ...
* Norfolk Southern Corp. on Friday declared a regular quarterly dividend of 56 cents per share of common stock, payable June 10 to stockholders of May 3.
* Eugene Whitesell and Laura Orrison have opened Whitesell Orrison Inc., a landscape architectural and planning firm, at 315 King George Ave., Roanoke.
LENGTH: Medium: 73 linesby CNB