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Van Wert Times-Bulletin (Newspaper) - November 12, 1970, Van Wert, Ohio Interest Rates Force Cut In Farm Equipment Sales Business Beat Times-Bulletin, Van Wert, 0., Thurs., Nov. 12, 1970 5 By BABSON'S REPORTS INC. 'Hard hit during the period of peak interest rates has been the agricultural equipment industry. Large modern farms and live- stock pasturage and feeding facilities use high-cost equip- ment generally financed on a three- to five-year basis. Heiice, as interest rates climbed toward their highest levels hi a hundred years, exaggerated borrowing costs and credit stringency forced a cutback in farm equip- ment purchases. In late 1969 the U. S. Com- merce Department forecast a modest upturn in the agricul- tural equipment field for 1970. It looks now as though output and shipments of farm im- plements will fall short of the government's prediction for this year. Instead, 1970 wiJl likely be the fourth consecutive year and the third with a reduction in dollar volume of shipments. This downtrend in production of farm equipment represents a normal cyclical decline for the industry. The last upbeat ended at a 1966 peak after an unprecedented prosperity starting in 1962. AFTER THIS BOOM a nor- mal adjustment period began, made worse than usual by several adverse forces. First there was the need to absorb the production bulge of 1962- 1966. There was, too, the rise in borrowing costs plus the stringent credit, cutting demand for farm implements and starting a downturn in farm land prices. Gains Seen By Celina Groups CELINA Don Montgomery, president of the Celina Group Companies, announced today the nine months' results for the member companies of the group. The Celina Financial Corp., parent corporation of the Celina National Life Insurance Co., Midwest Data Systems, and Frank T. Slater, Inc., reported a 66 per cent increase in consoli- dated income to Earn- ings increased 16 per cent to or 18 cents per share, compared to 17 cents for the prior year. Adjusted earnings decreased from 66 cents to 47 cents. Adjusted equity per share increased from to Montgomery stated that the Board of Directors at their Nov. 4th meeting approved the payment of the corporation's first semi-annual dividend of five cents on Dec. 14 to share- holders of record on Dec. 4. Shareholders were informed of other developments, in- cluding: 1. Income for Midwest Data Systems, Inc. reached an increase of 42 per cent. Net profit increased 27 per cent from to Mont- gomery also related the good reception Midwest is receiving to its recently announced In- surance Agency Accounting System. 2. The recently acquired sub- sidiary, Frank T. Slater, Inc. of Philadelphia, Pa., is be- coming a factor in the earnings of Celina Financial with a seven months' income of and pre-tax earnings of Montgomery stated that this subsidiary specializes in pro- viding accounting and statistical service to insurance companies. 3. Celina National Life reach- ed nearly million of in- surance in force with income of An operating loss of was reported, com- pared to a loss for the prior year of The company expects to be in a profit position by year end. 4. Income from the Home Banking Co., in which Celina Financial holds a substantial interest, was reported at with net income of Equity per share in- creased from to Earnings per share decreased from to Super Valu Stores Name New Top Executive Officer MINNEAPOLIS, Minn. George W. McKay was named president and chief executive officer of Super Valu Stores, Inc., in action taken by the firm's board of directors. McKay had been executive vice president for Super Valu since 1965. He succeeds James T. Wyman who has been elected chairman of the executive committee. Wyman had been president and chief executive officer since 1965. In other board action, Morris Lewis Jr., was named Super Valu's board chairman. McKay assumes the presidency of Super Valu Stores, Inc., the nation's largest wholesale food distributor after a 32 year career in the food distribution industry. He graduated in 1938 from Williams College, Williamstown, Mass., and joined Bursley and Com- pany, a wholesale food firm in Fort Wayne, Ind., as a sales- man. In his subsequent 19-year career with that firm, he rose to the post of executive vice Largest Gas Field In Use MIDLAND, Ky. tffl The natural gas field under this small crossroads community in west central Kentucky is reputed to be the largest field east of the Mississippi and the most important in the nation. Estimates say about one-half of the field's gas has been pumped out of the 11-mile field that averages 1.3 miles wide, leaving room for gas storage. The field was discovered in 1962. TWO NEW MODELS. Michelle Baron, child model lor the Co., in a '71 travel trailer to announce the coming of the new Mid America Rec- raatteMl Vehicle Show to Cleve- land Convention Center January 8-10. Advance tickets for the event will be sold by area camping clubs and trailer deal- en beginning November 16. iNEWSPAFERr president and became a director of the company. In 1957, Bur- sley and Company merged into Food Marketing Corp. of Fort Wayne. One year later, McKay was named president of FMC. In 1963, Super Valu Stores, Inc. acquired Food Marketing Corporation and, at that time, McKay became a Super Valu director. Two years later, he was named executive vice president of Super Valu. Wyman, the newly-named chairman of Super Valu's executive committee, joined Super Valu in 1950 as ad- vertising manager after four years in national advertising j sales for the Minneapolis Star and Tribune newspapers. He was appointed store develop- ment manager in 1954, general sales manager in 1956 and vice president-sales in 1958. In 1961, he became executive vice president, and president and chief executive officer in 1965. He has been a board member since 1959. As chairman of the executive committee, Wyman replaces Thomas G. Harrison, one of the principal architects of the Super Valu "voluntary group" mer- chandising program. Harrison had been president and board chairman before being named chairman of the executive committee in 1965. Lewis, newly-named board chairman, is chairman of the board of The Lewis Grocer Co., Indianola, Miss. The Lewis Grocer Co. became a subsidiary of Super Valu in 1965 at which time he became a Super Valu director. Lewis fills the board chair- manship of Super Valu left vacant since 1969 after the retirement of Russell W. Byerly. Super Valu serves nearly food stores, most of them in- dependently-owned and operated and affiliated with the various "voluntary group" programs the company sponsors for the stores it serves. The company last week reported record high net earnings for its Third Fiscal Quarter, nearly 22 per cent ahead of last year's Third Quarter. Food Marketing Corp., sub- sidiary of Super Valu Stores, Inc., supplies Triangle Market in Van Wert. Farmers' confidence was also dampened by the slip in general business and the distressed state of the stock market. Bad weather during planting months in some of the past four years further hurt agricultural equip- ment demand. This year has been the most trying of the period, with slow retail sales, production cutbacks reflecting this lagging market, and labor troubles in the final calendar quarter. THE ADVERSE factors which have hit the agricultural equipment business are bascially temporary, and are common to many industries. Now that monetary authorities are infusing credit into the banking system and money rates have eased somewhat, sentiment in farm regions should improve and demand for equipment rise especially when business rebounds after the GM dispute is resolved. Fortunately, inventories ol farm implements in dealers' hands are not burdensome in most cases. Hence, even a modest boost in farmers' buying should be quickly transmitted into higher production rates for equipment manufacture. In addition, the record level of farm income sustained over recent years is a promising factor in this business. And it is obvious that the awesome burden of feeding the population of the country and of the world cannot be ac- complished without full use of mechanical assistance. The scourging which most farm equipment stocks have taken over the past four years is not very encouraging for this segment of the stock market. But when the companies in- volved enjoy better sales and profits, investor buying interest will doubtless revive. Today the farm equipment manufacturers are well diversified, especially the major companies. In most cases, despite their important stake in the industry, operations in the farm equipment field comprise only a minor part of their total business. Nevertheless, the problems of the agricultural equipment industry as a whole have seriously depressed the securities of these firms. For participation in the anticipated rebound in the farm equip- ments, the Research Depart- ment of Babson's Reports currently favors such issues as the S5.50 convertible preference stock of Tenneco Inc. and the common stock of Allis-Chalmers and International Harvester. It's Your Economy FAMILIES SFEII MORE FOR lEIDINS (ID RECREJIIOH .v St Magazines; 'anil Newspapers Recreation 1959 Expenditures per Household Data: U.S. Department of Commerce 1969 1969 Prices 45 THE AVERAGE AMERICAN FAMILY spent more for read- ing, recreation and entertainment in the 1960s, both in dollars and as a per cent of all consumer outlays. A con- tributing factor is the "information a grow- ing competition for our visual and auditory senses by more and more pieces of information. One sign of this development is the rise in spending for books, newspa- pers and magazines. Over the period 1959-69, the typical family's outlays on this information medium rose from to an increase of 47 per cent, corrected for higher prices. A parallel increase occurred in spending for recreation and entertainment; which includes radio and television sets and repairs. In 1959, these two cate- gories averaged per family, or 4.3 per cent of total consumer expenses, while the 1969 figure of was 6.6 per cent of such outlays. Tax Reform Act Topic Of Workshop COLUMBUS, Ohio new regulations and procedures of the Tax Reform Act of 1969 were the topics of a two-day workshop begun here Monday by 350 certified public accoun- tants from seven states. The program is being spon- spored by the American In- stitute of Certified Public Ao> ountants and the Ohio Society of Certified Public Accountants. Eighty-four of the nation's top 500 industrial corporations have opened 144 plants in Nebraska. Grain, Truck Firm Seeks To Incorporate Articles of incorporation have been filed in Columbus with Secretary of State Ted W. Brown for the Schwinnen Grain and Trucking, Inc. of Venedocia. The incorporators are listed as Arnold J., Dorothy and Ron- ald Schwinnen. Agent for the corporation is Arnold J. Sch- winnen of Rt. 1, Venedocia. The articles were filed by the law firm of Lindcmann, Shenk and Clark of Delphos. Turkey Whether you share Thanksgiving warmth and charm across the table or across the miles, you'll find our bountiful Hallmark "Turkey" party sets and cards are the perfect trimmings for a happy holiday. VAN WERT BOOK STORE New Location 312 S. SHANNON PH. 238-2977 GUNSETT'S Read The Times-Bulletin Want Ads Every Day! l-CUP SIFTER Has cone-shaped bottom, sifts into measuring cup or small bowl. Scoops, stores in canister. Spring- action handle. Aluminum. EASY TWIST JAR OPENER Removes screw type lids, adjusts to various sizes. Lifts vacuum jar lids. Long handle in fashion color gives greater leverage. long. Nickel plated steel. Gadgets Values to 11-PIECE MEASURING SET 5 cups and 6 spoons snap together and nest in drawer or pull apart for individual use. Readable numbers on handles. Sizes: 1, Vz, Vi, Ve, Vs cups. and 1 tbsp., 1, Vt, Vs.. tsp. High density polyethylene. Dishwasher safe. STAINLESS STEEL MEASURING SPOON SET For liquid and dry measuring. Long handles for tall containers. Set has handy rack for hanging. Individual spoons Vt, 1 tsp, 1 tbsp.' STAINLESS STEEL MINI-BOWL Gleaming 14-oz. storage bowls. See through polyethylene lid snaps tight to protect freshness. Unit stores in the refrigerator, serves on the table. 3-CUP SIFTER Compact, with the capacity that to many recipes require. Trigger action handle. Single screen it easy to clean. Polished aluminum. STAINLESS STEEL 2 -CUP MEASURE Long handle for scooping. Flat bottom prevents tipping, can be used on stove for warming recipe ingredients. Marked with 5 gradu- ated measures. PLASTIC ROLLINS PIN rolling more tender pastry. Roller and bearings are white high density polyethylene. Has unbreakablt steel center rod. Handles in assorted colors holes for hanging. overall length. ..-iRYCLOTH Dough will not stick on this heavy duck canvas cloth. Size: x Elastic knit rolling pin sleeve included. TRI-CITY DISCOUNTS Pre-Christmas Specials on SCISSORS SHARPENED PINKING SEWING BARBER GARDEN KITCHEN SURGICAL ETC. Ground to a perfect uniform edge by experts with the finest commercial equipment avail- able. Bring in all your scissors. Your All work done while you shop. DAY ONLY VB ft 1 M Nov. 1 a.m to 7 NEW DELUXE HOOVER UPRIGHT SAVE 07 15 A Hoover The World's Finest Cleaner Extra Large Throw-Away Bag Vinyl Outer A Dusty Odor 4 Position Rug Adjustment Indoor Outdoor Floor Coverings To Deep Shag Rugs. Two Speed More Suction with Cleaning Tools Automatically See Where You're Going. REG. VALUE NOW ONLY 3 DAYS ONLY SALE STARTS THURS., NOV. 12th -VALUE PACKED COMPACT Model 719 NEW HOOVER Slimline long Tufflex Hose Large Throw-Away Bag Complete Set Of Attachments Tool Storage Rack Powerful Motor Combination Rug Floor Nozzle Dual Filter Air System Convenient Carrying Handle NOW ONLY Model 2040 just Say Charge It At 142-144 E. Main St. Ph. 238-5775 iNEWSPA'FERr
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