Boston Business Journal articles from October 1992

Boston Business Journal archives from October 1992

Berry growers can't expand to meet demand. (government regulations prevent industry from coping with demand) (Industry Overview)
October 5, 1992... Southeastern Massachusetts cranberry growers, who raked in nearly $100 million last year on sales of juice and fruit, say they will barely keep up with demand on supermarket shelves this fall. The Ocean Spray Cranberries cooperative, part-owned...

Swordfish and stock tips on investment club's menu. (agenda during meetings of Memorial Drive Investment Fund)
October 5, 1992... A $10 contribution to the Memorial Drive Investment Fund in 1955 was money well spent for Leigh Stein. The fund's shares are now worth a cool $145 each, and Stein has gained a network of friends and business associates that has helped him...

Few science journals reveal investment ties. (conflict-of-interest among research writers)
October 5, 1992... When Seragen went public in April, investors learned more about its fusion toxin therapy by reading such prestigious scientific publications as the European Journal of Immunology, International Immunology and Cancer Research. What readers...

Gulf widens between union, Globe officials. (Boston Globe Employees Association)(includes related article on Boston Herald newspaper's negotiations with union)
October 5, 1992... Management and members of the Boston Globe Employees Association are expected to resume federally mediated negotiations next week, but the two sides remain far apart in their 20-month effort to negotiate a new collective bargaining agreement....

Summer heats up leasing activity, not rents. (commercial leases in Boston, Massachusetts) (Industry Overview)
October 5, 1992... Although rent levels remain sluggish, 1992 is quietly shaping up to be one of the most active commercial leasing periods in years, according to two Greater Boston office market surveys released last week. According to one analysis, space...

CDCs vow to put their tenants ahead of lenders. (community development corporations' efforts to make housing affordable to tenants)
October 5, 1992... Ten Boston-area community development corporations (CDCs) threatened last week to suspend their mortgage payments if cuts in state housing subsidies jeopardize the health of their developments. The plan could have a serious impact on private...

Pesticide company is targeting Lyme disease. (EcoHealth) (Company Profile)
October 5, 1992... Just as adult Lyme disease ticks gear up for their autumn blood meal, a small Boston pesticide company has exclusively licensed a method to nip the pests when they bite--before there's time to spread infection. EcoHealth is developing a line...

William Warner: still starting up. (CEO of Wildfire Communications)
October 5, 1992... Bill Warner and two of his vice presidents were bickering around a conference table two weeks ago at Wildfire Communications in Waltham. Things began to heat up when the team realized there were a lot of unanswered questions about their first...

Publishing firms turn to printing without ink. (innovations in publishing industry) (Focus: Printing) (Industry Overview)
October 5, 1992... Once the idea of saving a tree and printing a book or newspaper were mutually exclusive. But with the advent of electronic media and digitalized information, publishing companies and others are discovering that it is increasingly possible to...

Chains lose interest in community newspapers. (drop in newspaper chains' acquisition of community newspapers) (Focus: Printing) (Industry Overview)
October 5, 1992... The buying boom of local community newspapers has gone bust. During 1991, Community Newspaper, which is backed by Fidelity Capital, increased its newspaper base from 16 to 24. At the time, some observers thought that the company's aggressive...

IPOs raise the spirits of financial printers. (initial public offering) (Focus: Printing) (Industry Overview)
October 5, 1992... Boston's financial printing industry is recovering with the help of initial public offerings (IPOs). Financial printers specialize in documents that must be filed with the Securities and Exchange Commission, such as proxy statements, 10-Ks and...

Andover Bancorp. (Proxy Report Excerpts) (Company Profile)
October 5, 1992... THE BUSINESS Headquarters: Andover Stock symbol: ANDB Market: NASDAQ Annual revenue: $55,628,000 Net income: ($31,993,000)...

Infatuation with global funds ends. (poor performance of mutual funds investments)
October 12, 1992... Locally based mutual funds turned in a marginal performance in the third quarter of 1992. The average Massachusetts-based fund gained 2.4 percent, slightly better than the 1.3 percent increase recorded in the previous quarter. Despite the...

Shareholders sue Computervision for $150 million: IPO underwriter Shearson cited for conflict of interest. (Computervision Corp.; Shearson Lehman Brothers Inc.)
October 12, 1992... Shareholders have filed 10 class-action lawsuits seeking $150 million in damages against Computervision for allegedly exaggerating its software sales and glossing over a poor third-quarter performance in connection with its initial public...

Hurricanes puff up insurance stocks. (impending increase in casualty and property insurance rates) (Industry Overview)
October 12, 1992... Local fund managers and investors are betting that the devastation wrought by Hurricane Andrew has provided insurance companies with a justification to raise their rate structures and boost their overall financial health. Three Bay State...

Automile's Boch drives hard ad deals. (automobile dealer Ernie Boch's advertising and media buying services)
October 12, 1992... Many people recognize auto dealer Ernie Boch from his affable appearances on television ads for his three automobile dealerships over the past 20 years. But few outside the media business know that Boch has also earned a reputation as one of the...

Quincy sludge plant operator sold to N.H. firm. (Enviro-Gro Technologies plant in Quincy, Massachusetts; Wheelabrator Technologies in New Hampshire)
October 12, 1992... Enviro-Gro Technologies, operator of the sludge pellet plant in Quincy considered a key component in the $6 billion cleanup of Boston Harbor, is being sold to New Hampshire-based Wheelabrator Technologies, officials announced last week. The...

Four state banks could face FDIC seizure. (Federal Deposit Insurance Corp.'s closure of banks that do not meet capitalization standards)
October 12, 1992... Four Massachusetts banks fall below the Federal Deposit Insurance Corp.'s new guidelines for capital ratios, making them prime targets to be seized by the regulatory agency once the new rules go into effect Dec. 19. Heritage Bank for Savings...

Glut of space drags down suburban R&D market. (high vacancy rates and low rents for research and development buildings) (Industry Overview)
October 12, 1992... Research-and-development space in the suburban Boston area continues to suffer from high vacancy rates and low rents, making a recovery doubtful in the foreseeable future, industry observers said last week. The R&D market is seeing considerable...

Boston Herald is still hanging in after 10 years. (survival of Boston Herald newspaper despite recession)
October 12, 1992... A decade after Australian media magnate Rupert Murdoch saved the Boston Herald from extinction, the plucky tabloid is still only nipping at the heels of the mighty Boston Globe. But it has survived--making Boston one of a handful of major...

Novice developers see Dream World in Bourne. (planned theme park in Massachusetts by Dream World Inc.)
October 12, 1992... Two Marshfield men are trying to turn a 3-year-old dream into a $300 million DreamWorld. Their project is a 2,700-acre high-tech theme park--larger than Disney World's Magic Kingdom--called DreamWorld. It would be located near the Cape Cod...

Report says state has high corporate tax burden. (Massachusetts Taxpayers Foundation report)
October 12, 1992... A study showing the state's corporate income tax burden is among the highest in the nation is expected to play a role in efforts to reform the corporate tax structure here. "There has been a lot of debate about whether our corporate excise tax...

State's gay rights law prompts few lawsuits. (lesser discrimination complaints filed at Massachusetts Commission Against Discrimination)
October 12, 1992... Two years ago, "John Doe" was a machinist at Merillat Industries, a cabinet-making plant in Whately. When his co-workers found out he was gay, they taunted him and hurled wood and cabinets at him. Doe's supervisor responded by firing him,...

Benefits experts discover value in teamwork. (companies' provision of rewards to exemplary teamworkers) (Focus Employment)
October 12, 1992... Since American manufacturers started organizing workers in teams during the 1970s, the concept has spread to other industries. Banks and other financial institutions, health care companies and high-technology firms have followed suit. At many...

Boston sees a decline in union organizing efforts. (Focus Employment)
October 12, 1992... Union organizing activity has slowed over the past several years in the city of Boston and across the state, and union participation in a number of industries has declined as the economy drops workers from employment rolls and privatization in...

Flex time demonstrates growing appeal. (management of flexible hours of labor) (Focus Employment)
October 12, 1992... Ten to 20 years ago, employers didn't have to care about how employees balanced their lives. But today, as more women enter the work force and men add family responsibilities to their daily schedules, life is getting more complicated. Flex...

MHA hits new Medicaid mental health program. (Massachusetts Hospital Association) (Focus Employment)
October 12, 1992... The Massachusetts Hospital Association joined several other professional medical groups and individual hospitals last week in condemning implementation of a new managed medical program for mental health and substance abuse services covered under...

Hyde Athletic Industries. (Proxy Report Excerpts) (Company Profile)
October 12, 1992... THE BUSINESS Headquarters: Peabody Stock symbol: HYDE Market: NASDAQ Annual revenue: $57,986,848 Net...

Accounting rule promises to slash corporate earnings.
October 19, 1992... FAS 106 tacks retiree health costs onto Bay State balance sheets Last year was a pretty good one for Lexington-based Raytheon Co. The defense contractor, coming off the success of its weapon systems in the Gulf War, was busy positioning itself...

$500M of NE assets hit block. (New England assets of Federal Deposit Insurance Corp. to be auctioned)
October 19, 1992... In one of the largest undertakings of its kind--totaling a projected $500 million in assets--the Federal Deposit Insurance Corp. (FDIC) is bundling a pool of nonperforming real estate loans and properties to liquidate via a bulk sale, FDIC...

Air Combat USA swoops into Hub. (Boston, Massachusetts) (Company Profile)
October 19, 1992... Whether they daydream during staff meetings about being top gun for a day or are just adrenaline junkies, Air Combat U.S.A., can give well-heeled thrill seekers the chance to actually fly a fighter plane and engage in mock dogfights. "It's a...

State lags behind in exports. (Massachusetts)
October 19, 1992... Export activity in the Bay State slowed considerably last year, from a growth rate of 10 percent in 1990 to just 3 percent in 1991, and continues to run at a rate weaker than the nation's in the first quarter of this year, according to a recent...

CDCs branch out to help neighborhood businesses. (community development corporations in Boston, Massachusetts)
October 19, 1992... With the region's economic woes continuing to stymie business growth--especially for small, neighborhood-based concerns--Boston's community development corporations (CDCs) are beginning to shift their attention toward helping local firms survive...

PolyMedica goes to market with a better bandage. (PolyMedica Industries Inc.)
October 19, 1992... PolyMedica Industries will soon be cutting into the $174 million adhesive bandage market with high-tech wrappings that, according to the company, heal wounds 40 percent faster than other brands. The twist: Wounds heal under PolyMedica's...

Logan elevator outfit carries some baggage. (Montgomery Elevator Co. to maintain Logan Airport's elevators and escalators)
October 19, 1992... Montgomery Elevator Co. won a three-year contract worth $773,313 this month for the upkeep of Logan Airport's 32 elevators and 22 escalators. One of the airport's former maintenance contractors is skeptical the job can be handled for that...

MIFA suggests refinancing of $500M owed to feds. (Massachusetts Industrial Finance Agency)
October 19, 1992... Business groups are pushing for legislation that would allow the Massachusetts Industrial Finance Agency to issue bonds to refinance money owed by the state to the federal government for unemployment benefits. Advocates of the idea say that...

Fixed prices are catching fire with car buyers. (Focus: New Cars and Trucks)
October 19, 1992... Haggling over the merits of America's first love--the automobile--may be headed for the junkyard. More shoppers for new cars, locally and across the country, are discovering the pleasantries of "fixed-price" car sales and turning their backs...

Central Co-operative Bank. (Proxy Report Excerpts) (Company Profile)
October 19, 1992... THE BUSINESS Headquarters: Somerville Stock symbol: CBEK Market: NASDAQ Annual revenue: ...

State not meeting its own rules on recycled materials. (Massachusetts)
October 26, 1992... Business blasts Weld for double standard in light of Question 3 An investigation by the Boston Business Journal has revealed that for all the lip service paid to Question 3 by Gov. William Weld, the state is not meeting its own modest...

Lease of his worries. (developer Donald Chiofaro finds difficulty in seeking tenants)
October 26, 1992... High rents leave Chiofaro's IP2 empty Even before the recent announcement that Teachers Insurance and Annuity Association (TIAA) was balking on providing permanent financing for developer Donald Chiofaro's 2 International Place, many local...

Clinton's plan vexes drug execs. (Bill Clinton's proposed drug price capping)
October 26, 1992... Democratic presidential nominee Bill Clinton's proposal to cap drug prices as part of his overall health care reform package would stifle research and harm the region's fledgling pharmaceuticals industry, local biotech executives say. "In a...

Neon still growing, still glowing strong. (revival of neon signs) (Industry Overview)
October 26, 1992... At his shop in Somerville, customers can watch Jimmy Matson bend 100 tubes of neon glass a week. The 25-year-old Matson learned the technique from his father, who helped bend glass for the famous neon Citgo sign in Kenmore Square in the '60s. In...

Bad timing, bad numbers hit Foxboro Park owner. (Westwood Group Inc., owner of Foxboro Park racetrack, is in financial trouble)
October 26, 1992... The latest financial report filed at the U.S. Securities and Exchange Commission indicates that the Westwood Group, parent company of the ailing Foxboro Park racetrack, has a liquidity problem. Revelations about Westwood's deteriorating...

Muni bonds feed appetite for safe investments. (municipal bonds)
October 26, 1992... State and local governments have issued and refinanced $4.85 billion in municipal bonds so far this year--more than double the amount of volume recorded in the first eight months of 1991. The bonds have been scarfed up by local mutual fund...

Overhaul of $51M in car inspections hits detour.
October 26, 1992... The state's service stations have won a temporary reprieve from new automobile emission-testing regulations that threatened to take the $51 million inspection business out of their garages. With the federal Environmental Protection Agency (EPA)...

Pioneer to tout real estate auctions in staid NE. (Mel Giller to hold seminar on real estate auctioneering in New England's Boston, Massachusetts)
October 26, 1992... Mel Giller, a pioneer in the real estate auction business, is headed to Boston next week to kick off a national seminar tour aimed at teaching real estate agents how to become auctioneers. But despite Giller's insistence that auction sales are...

Bill filed to save towns from Superfund suits. (liability for hazardous substances damages)
October 26, 1992... A federal proposal to exempt municipal governments from responsibility in the cleanup of Superfund sites to which they sent solid waste has industry calling foul. A bill filed by U.S. Sen. Frank Lautenberg (D-N.J.) that would offer the...

Jim Maxmin. (CEO of Laura Ashley Holdings PLC) (Personnel File)
October 26, 1992... London calling Jim Maxmin, Laura Ashley's new chief executive, sat on a couch recently in the company's North American headquarters in Boston, wearing a blue sweater, balancing 3 o'clock tea on his knee and saying things like "cheerio" to a...

Toxic reduction program stresses volunteerism. (Focus: Environment)
October 26, 1992... A federal pollution prevention program designed to substantially reduce the release of select toxic chemicals into the environment is being touted as a success by its sponsors and some Bay State businesses, even though environmental groups say...

Recycling plant sought for disposable diapers. (Focus: Environment)
October 26, 1992... Massachusetts is wooing a Canadian company to build a disposable-diaper recycling plant in the Boston area. Knowaste Technologies, located just outside Toronto in Mississauga, Ontario, has developed an innovative technology to recover and...

Skittish banks promote environmental insurers. (Focus: Environment)
October 26, 1992... The recession is good news for at least one business. The high foreclosure rate and rising number of lawsuits targeting banks for liability for environmentally contaminated properties are fueling the fledgling environmental insurance industry....

Cambridge Biotech Corp. (Proxy Report Excerpts) (Company Profile)
October 26, 1992... THE BUSINESS Headquarters: Worcester Stock symbol: CBCX Market: NASDAQ Annual revenue: $28,981,000 Net...

Planners extend their red carpet for spouses. (meeting planners) (Meeting & Conference)
October 26, 1992... The chance to accompany a significant other on a business trip may sound tempting, but the thought of sitting in a hotel room while your spouse attends a seminar on the limits of computer-aided design in 21st-century architecture doesn't seem...

Consultants offer hand to banks as inn owners. (Meeting & Conference)
October 26, 1992... The changing complexion of the hospitality marketplace--specifically, the drop in real estate values since the Greater Boston market peaked in 1987--has created a new gap in hospitality consulting that several firms are hurrying to fill. Banks...

Medical events attract bodies and body parts. (medical and science meetings in Boston, Massachusetts) (Meeting & Conference)
October 26, 1992... Even veteran meeting planner Deborah Deal was a little taken aback by the props that the members of the International Chiropractic Association of Massachusetts brought to their meeting at the Copley Plaza Hotel last spring. Medical and science...

Conference centers set their own criteria. (standards set by International Association of Conference Centers) (Meeting & Conference)
October 26, 1992... While meetings are an integral part of business and organizational life, the thought of an eight-hour conference might conjure up images of bodies squirming in hard chairs and eyes straining in dimly lit rooms. But much of that has changed...

Project tries to lift chill in convention business. (Boston Convention Complex) (Meeting & Conference)
October 26, 1992... For years, the prevailing attitude toward conducting business in Boston subscribed to Mark Twain's celebrated comment about the weather: Everybody talks about it, but nobody does anything about it. But thanks to a major renovation of the...

Businesses vying for tips from concierges. (Meeting & Conference)
October 26, 1992... It may be dirty business locating a box of diapers at 11 o'clock on a Saturday night or making sure that a McDonald's milkshake makes it off the carpet of a customer's Mercedes. But the concierges in Boston's finer hotels are literally being...

VIPs pose particular problems for hotels. (very important people) (Meeting & Conference)
October 26, 1992... It is a general rule of thumb in the hospitality business to always exhibit grace, no matter what the pressure. And few situations can be as pressure-packed as when a hotel is host to a dignitary, celebrity or politician, whether for a business...