The Indianapolis Star from Indianapolis, Indiana • Page 19

The Indianapolis Star SATURDAY, NOVEMBER 29, 1986 USINESS PAGE 19 Jolly retailers already ho-ho-hoing over sales Briefly Indiana rm jm mi m.mn pmuiyji'ims -mmmmimm- miwi.iui.ii uwmm WBPi.iniiii.injiii.m.i.ii...i vm ffl FROM STAFF AND WIRE REPORTS MERGERS COMPLETE Merchants National Corp. has completed its mercers with i US Bancorp of Carmel. Farm ers State Corp. of Zionsvllle and Alliance Bancorp of Danville. US Bancorp is the holding company for Union State Bank of Carmel.

Farmers State Corp is the holding com pany for Mid State Bank. And Alliance Bancorp, is the hold ing company for Mid State Bank of Hendricks County. Merchants National Corp. has announced 1 1 mergers, six of which have been completed When all mergers are com pleted. Merchants says its as sets will total approximately S4 billion.

By S.P. DINNEN STAR STAFF WRITER Shoppers turned out In droves Friday, the traditional kickoff day for yuletide gift buying. Consumers were laden with goodies: merchants were grateful. "It's an extremely busy day," said John H. Wheeler, manager of Greenwood Park Mall.

He estimated Friday's crowd at 1 00,000. "Excellent, excellent." added Douglas L. Johnson, assistant manager of the mart store in Greenfield. mart and many other merchants opened early Friday and stayed open late. Many also were offering storewide or selected sales to further entice dollars from wallets.

Most retailers contacted by The Star reported business this season has equaled or exceeded that of last year. In Lafayette. Steven C. Lewark, president of the Loeb's department store chain, said business rose strongly. "We're up In double digits (percentagewise) or above in all but one location," Lewark said of the year-to-year comparison for the eight-store chain.

Lewark said he was encouraged that shoppers were, going for big-ticket items, such as fur coats. Joseph G. Pfelffer. owner of Macdonald's Jewelers in Bedford, agreed. He said some shoppers seemed more free-wheeling.

"I've been here for five years and this Is my best year." Pfelffer said. He said merchandise priced under $100 hasn't moved as well as items priced in the $200 to $500 range. Catering to more moderate tastes, toy stores reported a run on Lazer Tag guns, which shoot infrared light for space-age tag. They were tabbed the hottest toy in preseason picks, even though supplies would be short. "We're down to some cap guns." said Charlotte J.

Ellison, manager of the Greenwood Park Mall outlet of Ed Schock's Toy Hobby Shops. 1 R. Lewis Cardwell. owner of The Toy-mas'-r in Kokomo. said Lazer Tag also has beer, the rage at his store.

But he said he noticed Friday that many shoppers were tlooking. not buying. And while the D. Dann's clothing store on the Indianapolis' far-Northsidc reported a brisk trade Friday, store owner Dennis J. said he.

too, expects customers to wait until later to complete shopping. Julia A. Diasio was one of the thousands of shoppers who had no plans to procrastinate, though. Taking a brief rest at a bench at Glendale Mall, Diasio, of Carmel, said at mid-afternoon that "I just have a good start" on rounding out Santa's list. And Fred W.

and Elizabeth Fries, of Indianapolis, said they wanted to shop even though it took extra time to find a parking space at Glendale. They located everything they wanted, and the sales clerks normally harried at this time of year, were cooperative. Mrs. Fries said. A Block's spokesman said the department chain had no comment on Its yuletime sales, while L.S.

Ayres Co. said that it expects 1986 holiday sales to surpass last year's. Sycamore, a women's clothing store chain, is also having a good season so far, said Janet Knorr, sales promotion director. Danners which operates 3-D stores throughout Indiana, is having a strong showing as well so far. said Vice President Robert C.

Bolsinger. BANK DEAL First of America Bank Corp. of Kala mazoo. has completed its affiliation with First Ban corp of Marion County. First Bancorp is First of America's initial affiliation outside Mich igan.

officials said. First Ban corp's subsidiary is First Bank and Trust which has 10 offices in the greater Indianapolis market with as sets of $265 million. It is the fourth-largest bank in Marlon County. First of America Bank with more than $5.7 billion in assets, is Mich igan's fifth-largest bank hold ing company. STAR STAFF PHOTO BUD BERRY Shoppers got their traditional day-after-Thanksgiving start on shopping for the Christmas season Friday.

Nation FCC OKs record number of station sales Serafin also praised commercial banks and other lending institutions for performing in record time the financial chores necessary to complete a transaction. "Without a question ft Is the biggest quarter ever for individual station sales." Serafin said. He said the tax law changes, which limit the preferential treatment for profits on long-term holdings, made it easier for people to decide whether to sell their stations. "Liquidating a company this year was the best way to go to maximize their investment in the industry," he said. "Clearly the changes in the tax law have fueled the heightened trading activity in the last quarter of the year." period expires, many bankers are unwilling to lend money until there is no question that the transfer will not be challenged.

"What they're doing is speeding up the process for those applications which all segments of the public find acceptable," said Glenn Serafin, Washington-based director of the radio broadcast services division, of the media brokerage firm. Communcations Equity Associates. He said he was pleased that the FCC was able to speed up the process without bending the rules. The normal review process takes 45 to 60 days. FCC spokesman John Kamp said extra days are built into the approval system to make sure any protests find their way to the proper authorities.

ASSOCIATED PRESS Washington The sales of 166 radio and TV stations were approved Friday by the Federal Communications Commission just in time for sellers to qualify for favorable year-end tax treatment of their profits. It is the largest number of transfers approved on one day, said FCC spokeswoman Maureen Peratino. A sale completed after the first of the year will fall under the revised tax law. which taxes at a higher percentage any profits from the sale of an investment property. The FCC was flooded with applications as the deadline neared.

and its staff worked overtime to get the paper work in order. Normally, routine Transfer applications are approved by staff after a 30-day comment period and do not go to the full five-member commission unless there is a serious question raised. In this case, the full commission reviewed and voted to approve all uncontested applications, to lessen the chances that someone could come in with a frivolous complaint and delay consumation of the sale. If there are remaining objections to any of the transfers, the full commission could be asked to reconsider or the matter could be appealed to federal court within 30 days. Although It is technically possible to close on a deal before the 30-day appeal FARM PRICES The average prices farmers get for raw products rose in November for the first time in four months, but remained below the level of a year earlier, the U.S.

Department of Agriculture said. The farm price report indicated that November prices averaged 3.3 percent higher than in October, based on the government's overall farm commodity index. That was the first monthly Increase since' July, but left the price index 1 .6 below its level of a year earlier. STEEL IMPORTS Industry experts say steel imports are falling and have surpassed the 20 percent market share target set by President Reagan two years ago. In October imports were an estimated 18.9 percent of the domestic market.

The American Iron and Steel Institute said that during the first 10 months of, the year, imports totaling 17.25 million tons accounted for 22.7 percent of the domestic market. That compared to 20.4 million tons, or 25.3 percent of the market, in -the 1985 period, said the group, which represents U.S. produc- Embargo report shocks, angers farm organizations WASHINGTON POST "There is no question many factors have caused our trade problems, but four embargoes in eight years set up a trend, with the cumulative effect of the United States cutting off exports in a way that undermined our position. We know our reputation as a reliable supplier has been injured," Baize said. president of the National Corn Growers Association.

"I'm shocked by the study," said John Baize of the American Soybean Association, whose members were not compensated by the government for the loss of potential sales of 1.5 million tons of beans, oil and meal to the Soviets in 1980. compared with the other influences on sales abroad. "I'm shocked that they would allow that thing to come out It's almost like Alice in Wonderland. They're going to have an extremely difficult time once they're called up to the 100th Congress. This thing is explosive," said Michael Hall, vice Washington Farm organizations are furious over a recently published Agriculture Department study that argues farmers were hurt far less than generally believed by four agricultural-export embargoes Imposed by Presidents Jimmy Carter.

Gerald R. Ford and Richard M. Nixon. The study runs counter to The most controversial of the embargoes was imposed by Carter in 1980 against the Soviet Union to punish Moscow for its invasion of Afghanistan. Many farmers continue to think Carter's partial ban on sales to the Soviets started the decline in U.S.

farm exports that has continued during the Reagan administration. But the Economic Research Service said the export collapse was due more to global economic factors and Increased production elsewhere than to the embargoes. The study said the impacts of the embargoes were minor MONEY SUPPLY The Federal Reserve Board said the money supply known as MI, conventional wisdom and contradicts a political line that helped Ronald Reagan win farm which represents funds" readily available for spending, fell to a seasonally adjusted $712.3 billion in the week Wishing You The Best Service Assistance Support ers' favor in his 1980 campaign against Carter and which top GOP officials at USDA have pro moted as gospel. a ended Nov. 17 from a revised $713.3 billion the previous week.

For the latest 13 weeks. Ml averaged $699 billion, a 14 percent rate of expansion from a year ago. The Fed. in its attempt to provide GUIS lO y-VT 0 Apartheid foes say break by bank isn't complete save you time 4 enough money to stimulate non-inflationary economic growth, has said it would like ASSOCIATED PRESS to see Ml grow in a range of 3 percent to 8 percent from the fourth quarter of 1985 List price $999 List price $749 Sale price London The Barclays Sale price through the final quarter of 1986. Bank withdrawal from South Africa Is the largest sale of assets there by a foreign company, but $799 $599 -7 World anti-apartheid campaigners say the break is not complete and they will continue boycotting the bank until it Is.

COUNTERATTACK A new Barclays International still has ties with its South African program of the government's Export-Import Bank is offering up to $200 million in sub subsidiary, Barclays National, even after selling its 40.4 per cent stake, said Stuart Bell, a Epson EX 1000 O300cpsNLQ 0 136 column Programmable Epson EX 800 O300cpsNLQ 80 column Programmable sidized loans to Indonesia and Thailand in an attempt to wrest business away from Japan and other competitors. leader of the London-based Anti-Apartheid Movement, the largest sonnel for it and remain on the international committee trying to restructure Pretoria's foreign debt. Barclays spokesman Geoffrey Kelly insisted all credit lines for the South African operation were frozen and the only tie remaining will be correspondent-bank status to facilitate movement of import-export payments. He also saw no problem in belonging to the debt committee because its purpose is to retrieve debts frozen by the South African government, including $1 billion owed to his bank. Bell claimed in an interview that "basically there is still going to be a special relationship, and if those links continue.

Barclays National will remain integrated into the world banking system." Until Barclays severs all links with South Africa and quits the debt committee, "the campaign against Barclays will continue." he said. It has been led by a broadly left-wing alliance of British students, municipalities, trade unions, and charities. such group in Western Europe. EPSON the bank says. The $236 million divestment GREAT LAKES CANAL Ca nadian Transport Minister announced Monday was larger than earlier sellouts of South African assets by the American companies General Motors.

IBM John Crosbie announced Meridian North Shopping Center Indianapolis 843-1253 9amto6pmO Thurs. 9amto9pmO Sat. 10 am to 1 pm GSun. noon to 3pm plans for a $126-million overhaul of the Welland Canal, a and Kodak. Although he welcomed it.

Bell key shipping link in the St. Lawrence Seaway that allows said, "the actual small' print ft TIT TT2 I vessels to bypass Niagara leaves a lot to be desired" and Falls. Crosbie said the money would be spent over seven anti-apartheid activists will keep on with the campaign they date from 1969. years to upgrade the 25-mile Computer Store canal, which was opened in He said Barclays will continue 1932 and runs between Lakes Erie and Ontario. automatic credit lines for the South Africap bank, train per.