20 - MANCHESTER HERALD. Tuesday. April 19, 1983 t ■■ ’ BUSINESS Walesa vows peaceful MCC tuition hike f The new model May Day demonstrations to be 20 percent Lowell Weicker HOUSING UTC’s ... page 8 ... page 3 ... page 6 Deregulation STARTS Seasonally adjusted annual of 'old’ gas rate in millions of units income gains Cloudy tonight Manchester, Conn. 1.0- and Thursday Wednesday, April 20, 1983 — |r .6 million — See page 2 Single copy: 25<i: big question HARTFORD (UPI) - A 10 units In percent increase in sales for the tJ'ti 1.6— March iHanrlfrBtpr Emlb first quarter of 1983 for United Bv LeRov Pope deregulate old gas now would put Technologies Corp. has led to a IS United Press International another big burden on consumers. percent gain in operating net The Addabbo bill would not inter­ income for the company over tha^ NEW YORK - The burning fere with the deregulation of the period. •r. question on the nation's home pricing of newly discovered gas, he 1.4 ’The quarterly report was given- heating front for the next year may said. to shareholders attending UTC’s be whether or not the price of "old '' John C. Sawhill, a partner in annual m eeting in Colorado’ natural gas is deregulated. Connecticut McKinsey ti Co. consulting firm, . t Springs, Colo. It was released in Some big oil companies favor the who was deputy secretary of Hartford Monday, headquarters removal of price controls on all gas energy in the Carter administra­ 1.2 for UTC, Connecticut’s largest as proposed in an administration tion, also said recently that the private employer. bill pending in Congress. Reagan program on natural gas Operating net income for the But a lot of the gas utilities that deregulation is not sufficient. first quarter was $110 million, maintains have to deal directly with ho­ A contrary view was expressed compared with operating net in­ meowners irate over high heating in a recent speech at Nashville by 1.0 - come of $95.5 million for the same costs and many independent gas Donald G. Russell, Shell Oil Co.’s SJSSS3 quarter in 1982. In the first quartet* producers say old gas prices —• vice president for production. of 1982, UTC made an accounting which govern about half the Russell said removing all federal change for investment tax credits, flood watch current supply — should remain controls on natural gas — includ­ which raised overall net income by under control while the price of ing old gas — could boost recovery M A M J J A SOND J FM $66.6 million to $162.1 million. newly dis^yj vered gas is from older fields alone by 50 First quarter sales this year By United Press International 11 ' 1982 1983 out of mothballs when they awoke deregulated. ~ percent and increase reserves by totaled $3.5 billion, up from $3.’2 Rep. Joseph D. Addabbo, (D- to a spring snowfall, but the snow 50 trillion cubic feet at the present billion for the same quarter las^ Residents in areas of chronic soon changed to rain and there was N.Y.) has introduced a bill that consumption rate of 20 trillion year. flooding across Connecticut today no let up in sight. would meet the desires of the cubic feet a year. Primary earnings per share carefully watched water levels utilities. The cau.se of it all — a low "This large volume of known gas were $1.71, based on the 54.6 hoping an end to heavy rains would pressure system — moved slowly reserves could exert tremendous million average number of com­ keep rivers within their banks and over Connecticut and ambled its OLD GAS IS ONLY part of the pressure in the marketplace to mon shares outstanding for the behind man-made barricades. pricing problem under the Na­ way north to Vermont. reduce consumer prices — if the three months ending March 31. Officials held all-night vigils in tional Gas Policy Act of 1978 that The wet and slippery driving federal government allows us to do Housing still strong For the same quarter last year, Norwich along the Yantic River, in will phase out controls on most new conditions Tuesday morning it," Russell said. He said President primary earnings per share from Simsbury along the Farmington gas by 1985 and retain ceilings on caused some problems for motor­ Reagan’s bill to decontrol all gas operations were $1.49, excluding River and along the Connecticut old gas. Many utility managers say ists who had already removed prices by Jan. 1,1986 could do that. $1.28 per share resulting from the River where it rolls through the biggest need is to halt the their snow tires, although most of accounting change, and based on Hartford as the National Weather the cities and towns reported no built-in automatic increases in the A SPOKESMAN for Brooklyn the 51.9 million average number of Service maintained a flood warn­ major problems. wellhead price of gas under the Union countered with the argu­ and factories busier outstanding shares. ing for the state. Several school districts gave guise of inflation adjustments. ment that big oil companies and Fully diluted earnings per share students an unexpected day off, President Eugene Luntey of other producers of old gas actually By Denis F. Gulino the current rally the biggest since Last year the industry started amounted to $1.63, based on the FORECASTERS for the River but there was no reprieve for the Brooklyn Union Gas Co. says the are free now to recover more gas United Press International a nearly 77 point jump during April 1.06 million housing units, the 67.7 million average number of Forecast Center in Bloomfield thousands of delinquent utility Addabbo bill would attack this from these fields and get better 1975. worst performance in more than fully diluted shares outstanding were also concerned with flooding customers facing threatened problem by mandating a reduction prices for it by appealing to the WASHINGTON — New housing Federal Reserve Board econo­ three decades. during the first quarter of 1983. aiong the Westfield River in power shutoffs. in "the unreasonable take-or-pay Federal Energy Regulatory Com­ construction slowed in March, but mists earlier Monday reported the "It is a broad-based housing This compared with $1.45 a share Westfield, Mass., and along the The state’s moratorium on util­ commitments," which the pipeline mission for relief on a case-by-case not enough to spoil the best first housing boom was spilling over Recovery and there is not reason to from operations, excluding fl.Ol a Herald photo by Tarquinlo Housatonic River in southern ity shutoffs ended Friday and companies were compelled to basis and have done so. quarter in four years, the Com­ into the industrial sector as de­ think it's going to end anytime share resulting from the account­ Connecticut. Northeast Utilities crews began enter into with producers during Sawhill said the pipeline com­ merce Department says. mand for construction materials soon,” said economist Mark ing change and based on the 66 A let up in heavy rains was good terminating service this week to the gas shortages of the mid-1970s. panies are starting to lose indus­ The March report of a 9.2 percent mounted. Riedy, speaking for the Mortgage million fully diluted shares out­ news to the people in the Yantic more than 124,000 delinquent cus­ This cost was passed on to utilities trial gas customers and even home decline in the annual rate of Factory managers used 69.4 Bankers Association. High waters flats area of Norwich, who live and their customers. standing during the same 1982 tomers in Connecticut and western customers to oil because of falling housing starts, to about 1.6 million, percent of their capacity in March, One additionally encouraging period. with the memory of severe flood­ Luntey said under the present oil prices. the fifth month of improvement. The rain-swollen Hocitanum River disgorged a motley heap of Massachusetts. was regarded by leading analysts factor for the housing industry is Government sales for the first ing last June from the Yantic S' nation the wellhead price of gas But Charles L. Neumeyer, a Yet the figure was still very low, debris against the Adams Street bridge Tuesday (above). At left, “ Our only weather restriction is more as a sign of the strength of the the record rate of new deposits in 1983 quarter totaled $1.2 billion, up River. can move only upward despite a Brooklyn Union vice president, housing boom than of any setback. especially when compared to the if it is below 32 degrees. If it is not, savings and loans across the 15 percent over $1.1 billion for the town workers stack sandbags to divert from homes a torrent of Officials for the River Forecast surplus today. last reported high, 88 percent in we will go ahead with it,” said told a joint federal-state public It made the January-March country. Depositors are taking same quarter last year. Center said the Yantic River was ’ hearing on gas pricing last month quarter’s beginning of 321,800 1973. water that overflowed from a clogged catch-basin near Grissom spokeswoman Jacqueline Harris. advantage of newly available high Total commercial and industrial four feet above its banks by 6:30 LU N TEY ALSO SAID keeping the Department of Energy had housing units the best first quarter Building permits were also down Road. Beiow, Eighth Utilities District firefighters Bruce Bixon Meantime, Stamford police interest savings, check and retire­ revenues increased 8 percent over p.m.