t n - MANCHESTKH HERALD. Mundav. Oct. 17. 1<)H3 Manchester, Conn, j' BUSINESS Cloudy, cold tonight;. Tuesday, Oct. 18, 1983 mostly sunny Wednesday Single copy: 258 Business Holt sees quick dip in gold on horizon — See page 2 In As an investment adviser, Tom Holt's been dead their recent highs, helped In large measure by healthy CIGNA names senior VP wrong on the stock market for quite a while. Dubbed dividend puyquts. ' "super bear," he's been consistently warning of But a lower gold price (which ultimately impacts BLOOMFIELD — Stephen H. Mathenson has major breaks in the market — with the Dow tumbling Dan Dorfnian the dividends) now means lower industry revenues been appointed a senior vice president in CIGNA to the 500 to 600 level. So many who may have followed and profits. And therefore, says Holt, it's almost House unit fights Corp.'s Qroup Pension Division. his advice in recent years — which has included a certain that most mining eompanies will report Mathensoh will be responsible lor sales, new series of short sale recommendations (a bet.On lower Syndicated unfavorable.third-quarter earnings comparisons. business underwriting and major accounts, So Holt's advice: If you own any gold stocksl beat stock prices) no doubt are a lot poorer. Columnist Mathenson most recently served- as vice In one area, though. Holt has shined — his^early the crowd and sell out now. ; . president of planning for ,CIGNA and was warnings (dating back to the early '80s) that the gold Obviously, ditto on gofd itself.. , over phone rates responsible for operational and strategic plan­ •play was over. And the price of gold since then — the ning, business control and acquisitions. high was around $870 an ounce — has been more than Music to investors’ ears <^1 cut in half. all this bad news suggests to Holt that those people Gibson guitars, Moog electr^lcsynthesizers, Pearl a lobbyist to every member of So on one count, at least, give the maahis due. And who want to own gold already have as much as they Bv SidheV Show Colonial offers new'CDs’ drums and Lowrey pianos strike nearly a $100 million Congress. that's why I'm paying him another editorial visit. want. United Press International a year sales tune at NorUn Industries, a musical A similar AT&T lobbying campaign, W ATERBURY — Colonial Corp. announced it In his recently-issued Executive Advisory Letter, Moreover, he believes that any significant break instruments maker owned by Norlin Corp. The music aided by committee member Rep. Tom will provide a full range of certificate deposits WASHINGTON — Members of a key Holt is now warning of a major — and imminent — ^ below the $400 level could trigger a wave of gold may be good — but the results are awful. Norlln's Corcoran, R-Ill., last year defeated a and Individual Retirement Accounts to fit with, price break in gold. House commitee, caught between a selling since many technicians regard this price as an running in the red and deficits are projected (by Value House attempt to restructure the customer needs. He says the price of the precious metal — around storm of consumer protests and a important support level,. Line f'or„one) this year and next: nevertheless, the Big Communications Act of 1934. Among the new products being offered by costly lobbying blitz by American $415 at press-time — could tumble to $306or below in a Interestingly, Holt figures a fair ntrtnber of gold Board stock has shot up from a year’s low of 13 to 28'/4 The FCC order would shift billions of Colonial are a 35-day CD, with a minimum deposit matter of months, if not weeks. Telephone & Telegraph Co., squared inve.stors will unload the precious metal regardless of (just below its high of 30>/i) amid higher trading dollars of local telephone network plant of $1,000 and a 3S-day IR A CD, wath a minipum off today lor a fight on legislation to His reasoning: Gold's recent bum showing despite a what the economy does. votdme. costs from long distance companies to deposit of $100. Prior to Oct. 1, $2,500 was the ' slew of developments that should have pushed the hold down telephone rates after Jan. 1. He believes an 'improving economy would likely One big reason: Growing speculation of an local customers. ininimum deposit required for an, investor to price a lot higher. push up interest rates — making gold more costly to unfriendly takeover of Norlin, which is sitting with a The House Universal Telephone obtain moeny market rates, I -;^hese include: U.S. District Judge Harold Greene, finance. On the other hand, he says, an econotilic potful of cash (close to'$50 m illion); that's over $30 a Service Preservation Act of 1983 — The additional products being offered have • The Korean airline dowfiing (which temporarily slowdown could knock down the inflation rate even share. Another big appeal: About $20 million in similar to a measure passed last month who' ordered the breakup of AT &T .has become available because of a r^lsion of boosted the price a measly $1.25 an ounce after the more, maybe even heighten the disinflationary talk — operating tax-loss carryforwards. by the Senate Commerce Com m ittec^^ criticized the FCC plan, and Energy regulations regarding IRAs and CDs. revelation). thereby further lessening gold’s appeal as an It's understood that a Los Angeles entrepreneur, would block a $2-a-month national long and (Commerce Committee Chairman • Renewed publicity about Brazil's bad-debt inflationary hedge, John Dingell, D-MIcb., said Monday it Robert Weingarten, the farmer owner of Financial distance "access charge” ordered by problems. would return, phone service "to Uie WHAT ABOUT those rising food prices that World magazine, had arranged financing to do a the Federal Communications Commis­ . Businesses use designers- • Increased worries about rising food prices as a everyone’s predicting? leveraged buyout of Norlin (about a $50 million deal at sion to coincide with the 1984breakupof early 1950s, where the rich have access A result of the drought. to telecommunications and the poor do NEW YORK — Many businesses are turning to That's no big inflationary worry, as Holt sees it. around $33 a share) and made a pitch (via an AT*T. 8 • The inflationary implications, as well, of the interior designers for help in increasing worker sinee the drop in food prices should be more than investment banker) to meet with Norlin's manage­ not.” . Federal Reserve’s rapid money, supply growth It would also require state utility "AT& T has a very large ax to grind productivity, a 'survey shows. offset by lower energy prices. ment. Norlin, though, turned thumbs down on any policies. commissions to provide "lifeline" and consumers will be.digging that ax The study was conducted among members of Despite the drop in the^tj£e of gold, many gold meeting. Weingarten declined comment and Norlin GOLD’S LACKLUSTER performance in the face of rates providing limited service at out of the back of their necks,” Dingell the American Society of Interior Designers to rninine stocks. observeSf'HoItV remain pretty near officials C()uld not be reached at press-time. affordable rates for low-income custo­ assess trends" and directions in business and said. mers and establish a fund to help rural residential design. Consumer groups and state utility phone companies J It hlso found more and more homeowners commissioners say the access charge, redesigning their present quarters to maximize Debate on the bill in the House which would increase lo $8 by 1990, will use of available space or designing additions to Energy and Commerce Committee eventually double or triple phone bills, t h ^ current homes instead of moving. was expected to fall generally along forcing one-third of the nation's poor ' (Ither signs of the times; party lines, with the Democrats and many elderly lo give up their • Nearly one-third of the designers queried said . supporting the bill and Republicans phones. They point out that most states they were actively involved renovating old UPI photo So many people are asking Our customer service represen- bppqping it. plan to levy “ m irror" access charges buildings — a 60. percent rise since 1980. for intra-state calls. • Almost one-fifth of the respondents said about the new certificates taiivcs have had special train­ A T i(T has launched a $1.5 million Careful hot to squash the hose designing home offices for residentiai clients has that.we thought you would ing and are ready lo help you lobbying campaign against the legislar AT&T spokesman Pickard Wagner, taken up to 64 percent of their time since 1980. appreciate our spelling select your certificate account. tion by starting letter-writing cam­ however, says increases in local phone • One designer said people are “ enlarging things out on paper. Call or visit them at any office. paigns and placing advertisements bills due to the access charges will be Using a tischnique he learned from his father, Pat Market in Melrose Park, III. The nailing technique 'living' areas for complete entertaining, i.e., wet against the bill in 50 major newspapers. offset by a planned $1.75 billioh-a-year Naples nails different vegetables to a pumpkin to keeps the squash from drying* out. bars, wide screen video, seating for many. Basically, fixed'term cer­ Telecommunications subcommittee reduction in long-distance rales — the Customer Service create a'Halloween masterpiece at Tom Naples Whirlpools,tsaunas, etc., satisfying health and tificates have been deregulated - staff members say-AT&T has assigned largest cut in history.