Van Wert Times-Bulletin (Newspaper) - November 12, 1970, Van Wert, Ohio Interest Rates Force Cut In Farm Equipment Sales Business Beat Van 0., Nov. 12, 1970 5 By BABSON'S REPORTS INC. hit during the period of peak interest rates has been the agricultural equipment Large modern farms and stock pasturage and feeding facilities use ment generally financed on a to five-year as interest rates climbed toward their highest levels hi a hundred exaggerated borrowing costs and credit stringency forced a cutback in farm ment In late 1969 the U. S. Com- merce Department forecast a modest upturn in the tural equipment field for 1970. It looks now as though output and shipments of farm im- will fall short of the government's prediction for this 1970 wiJl likely be the fourth consecutive year and the third with a reduction in dollar volume of This downtrend in production of farm equipment represents a normal cyclical decline for the The last upbeat ended at a 1966 peak after an unprecedented prosperity starting in 1962. AFTER THIS BOOM a mal adjustment period made worse than usual by several adverse First there was the need to absorb the production bulge of 1962- 1966. There the rise in borrowing costs plus the stringent cutting demand for farm implements and starting a downturn in farm land Gains Seen By Celina Groups CELINA Don president of the Celina Group announced today the nine results for the member companies of the The Celina Financial parent corporation of the Celina National Life Insurance Midwest Data and Frank T. reported a 66 per cent increase in dated income to ings increased 16 per cent to or 18 cents per compared to 17 cents for the prior Adjusted earnings decreased from 66 cents to 47 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 holders of record on Dec. 4. Shareholders were informed of other in- 1. Income for Midwest Data Inc. reached an increase of 42 per cent. Net profit increased 27 per cent from to gomery also related the good reception Midwest is receiving to its recently announced In- surance Agency Accounting 2. The recently acquired sub- Frank T. Inc. of is be- coming a factor in the earnings of Celina Financial with a seven income of and earnings of Montgomery stated that this subsidiary specializes in viding accounting and statistical service to insurance 3. Celina National Life ed nearly million of in- surance in force with income of An operating loss of was com- pared to a loss for the prior year of The company expects to be in a profit position by year 4. Income from the Home Banking in which Celina Financial holds a substantial 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 Minn. George W. McKay was named president and chief executive officer of Super Valu in action taken by the firm's board of McKay had been executive vice president for Super Valu since 1965. He succeeds James T. Wyman who has been elected chairman of the executive Wyman had been president and chief executive officer since 1965. In other board Morris Lewis was named Super board McKay assumes the presidency of Super Valu the nation's largest wholesale food distributor after a 32 year career in the food distribution He graduated in 1938 from Williams and joined Bursley and Com- a wholesale food firm in Fort as a In his subsequent 19-year career with that he rose to the post of executive vice Largest Gas Field In Use Ky. 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 Estimates say about one-half of the field's gas has been pumped out of the 11-mile field that averages 1.3 miles leaving room for gas The field was discovered in 1962. TWO NEW Michelle child model lor the in a travel trailer to announce the coming of the new Mid America Vehicle Show to land Convention Center January 8-10. Advance tickets for the event will be sold by area camping clubs and trailer en beginning November 16. president and became a director of the In 1957, sley and Company merged into Food Marketing Corp. of Fort One year McKay was named president of In 1963, Super Valu Inc. acquired Food Marketing Corporation at that McKay became a Super Valu Two years he was named executive vice president of Super the chairman of Super executive joined Super Valu in 1950 as ad- manager after four years in national advertising j sales for the Minneapolis Star and Tribune He was appointed store ment manager in 1954, general sales manager in 1956 and vice in 1958. In 1961, he became executive vice and president and chief executive officer in 1965. He has been a board member since 1959. As chairman of the executive Wyman replaces Thomas G. one of the principal architects of the Super Valu Harrison had been president and board chairman before being named chairman of the executive committee in 1965. board is chairman of the board of The Lewis Grocer Miss. The Lewis Grocer Co. became a subsidiary of Super Valu in 1965 at which time he became a Super Valu Lewis fills the board manship of Super Valu left vacant since 1969 after the retirement of Russell W. Super Valu serves nearly food most of them in- and operated and affiliated with the various programs the company sponsors for the stores it The company last week reported record high net earnings for its Third Fiscal nearly 22 per cent ahead of last year's Third Food Marketing sub- of Super Valu supplies Triangle Market in Van confidence was also dampened by the slip in general business and the distressed state of the stock Bad weather during planting months in some of the past four years further hurt agricultural ment This year has been the most trying of the with slow retail production cutbacks reflecting this lagging and labor troubles in the final calendar THE ADVERSE factors which have hit the agricultural equipment business are and are common to many Now that monetary authorities are infusing credit into the banking system and money rates have eased sentiment in farm regions should improve and demand for equipment rise especially when business rebounds after the GM dispute is inventories ol farm implements in hands are not burdensome in most even a modest boost in buying should be quickly transmitted into higher production rates for equipment In the record level of farm income sustained over recent years is a promising factor in this And it is obvious that the awesome burden of feeding the population of the country and of the world cannot be without full use of mechanical The scourging which most farm equipment stocks have taken over the past four years is not very encouraging for this segment of the stock But when the companies in- volved enjoy better sales and investor buying interest will doubtless Today the farm equipment manufacturers are well especially the major In most despite their important stake in the operations in the farm equipment field comprise only a minor part of their total the problems of the agricultural equipment industry as a whole have seriously depressed the securities of these For participation in the anticipated rebound in the farm the Research ment of Babson's Reports currently favors such issues as the convertible preference stock of Tenneco Inc. and the common stock of Allis-Chalmers and International It's Your Economy FAMILIES MORE FOR St Newspapers Recreation 1959 Expenditures per Household U.S. Department of Commerce 1969 1969 Prices 45 THE AVERAGE AMERICAN FAMILY spent more for recreation and entertainment in the 1960s, both in dollars and as a per cent of all consumer A con- tributing factor is the a ing competition for our visual and auditory senses by more and more pieces of One sign of this development is the rise in spending for pers and Over the period 1959-69, the typical family's outlays on this information medium rose from to an increase of 47 per corrected for higher A parallel increase occurred in spending for recreation and which includes radio and television sets and In 1959, these two gories averaged per or 4.3 per cent of total consumer while the 1969 figure of was 6.6 per cent of such Tax Reform Act Topic Of Workshop 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 tants from seven The program is being spored by the American In- of Certified Public and the Ohio Society of Certified Public Eighty-four of the nation's top 500 industrial corporations have opened 144 plants in 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 Inc. of The incorporators are listed as Arnold Dorothy and ald Agent for the corporation is Arnold J. winnen of Rt. 1, The articles were filed by the law firm of Shenk and Clark of Turkey Whether you share Thanksgiving warmth and charm across the table or across the you'll find our bountiful Hallmark party sets and cards are the perfect trimmings for a happy VAN WERT BOOK STORE New Location 312 S. SHANNON PH. 238-2977 Read The Want Ads Every SIFTER Has cone-shaped sifts into measuring cup or small stores in action EASY TWIST JAR OPENER Removes screw type adjusts to various Lifts vacuum jar Long handle in fashion color gives greater long. Nickel plated Gadgets Values to 11-PIECE MEASURING SET 5 cups and 6 spoons snap together and nest in drawer or pull apart for individual Readable numbers on 1, Vs and 1 1, tsp. 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