St. Louis Post-Dispatch from St. Louis, Missouri • Page 37

1 msiiiess the economy ST. LOUIS POST-DISPATCH Jan. 21, 1982 7C Cox Acquires KDNL; Plans Subscription Television W. J. McKenna Named President Of Kellwood operations and also has been named a vice president of Miami Valley Broadcasting the Cox subsidiary that will operate Channel 30.

Ernest F. Martin, formerly director of research for Cox's broadcasting division, has been named general manager of KDNL's STV operation and a Miami Valley Broadcasting vice president. 1981 Real GNP Gross National Product -Seasonally adjusted annual rate. 8.6 0 1.4 4th quarter n2nd I 1 Company officials said the cost of the service to subscribers hasn't been set, but a fee "in the low $20s per month" is probable. A subscriber also will pay an installation fee and deposit on the decoding equipment which company officials estimate will run less than 100.

The company tentatively is planning broadcasts from 7 p.m. weekday evenings until around midnight. On weekends the subscription broadcasts probably will start earlier in the evening. During the remaining broadcast hours, Channel 30 will continue its usual programming as a commercial station. The executive said the company will launch a "very aggressive" marketing campaign for the new service in a 70-mile radius of St.

Louis. But before the marketing blitz starts, Cox has to acquire decoders and programming and build a separate facility from which to run the STV side of the station. Schwartz said the company expects to hire "50 or more" staff members for the STV operation. He would not comment on its budget. Schwartz said Cox considers St.

Louis an untapped market. Given St. Louis' position as the 17th-largest market in the country, he said, the STV operation could be financially viable if as few as 15 to 20 percent of the homes subscribe to the service. The very small number of St. Louis-area homes hooked up to cable television eases Cox's competitive position here, although greater cable penetration wouldn't necessarily be a hindrance to STV, he indicated.

"The two aren't mutually exclusive," he said. Across the United States, there are 24 subscription stations in 18 television markets. Jack S. Petrick, KDNL general manager, remains general manager of the station's conventional broadcast By Connie S. Harrison Of th Post-Dispatch Staff Atlanta-based Cox Broadcasting Co.

completed the acquisition of KDNL, Channel 30, and announced plans to offer subscription television in the St. Louis area by the middle of 1982. Subscription television, or STV, is a version of pay television in which a station broadcasts scrambled signals which can be unscrambled only by special decoding devices attached to regular television sets. Unlike cable television, it requires no stringing of wires to individual homes or communities. The STV subscriber usually pays an installation fee and a monthly service fee to use the decoding device.

Cox bought the station from Evans Broadcasting Corp. for $13.2 million. The two companies reached an agreement last March for the transaction, pending approval by the Federal Communications Commission. KDNL is Cox's first UHF television station. The company owns and operates five AM and seven FM radio stations and five VHF television stations in Atlanta; Dayton, Ohio; Charlotte, N.C.; Pittsburgh and San Francisco-Oakland.

The broadcasting division includes TeleRep and Christal, radio and television sales representation firms, and Schulke Radio Productions, a music syndication business. Another subsidiary, Cox Cable Communications, is the fourth largest cable television company in the United States. William A. Schwartz, Cox Broadcasting president, said the backbone of STV is recent feature films. Another programming area likely will be sports, although nothing is under contract as yet, he said.

3rd quarter 1st quarter William J. McKenna, an executive with experience in apparel manufacturing and marketing, has been elected president of Kellwood Co. He also was elected chief operating officer and a director of Kellwood, effective March 1. McKenna comes to Kellwood from Lee Co. in Merriam, a manufacturer and marketer of western, leisure and work clothing.

Lee, recognized for Lee jeans, is the largest subsidiary of Wyomissing, Pa. -based VF whose products also include Vanity Fair lingerie and Kay Windsor women's apparel. The company's 1981 results aren't yet available, but in 1980 VF earned $45.9 million, or $5.15 a share, on sales of $633.8 million. McKenna, 55, has been president of Lee since 1974. Kellwood noted that Lee's sales climbed to $460 million, from $80 million a year during his tenure.

Before joining Lee McKenna was an executive of Manhattan Shirt including six years as its president. In announcing the appointment, Kellwood Chairman and Chief Executive Fred W. Wenzel took note of McKenna's marketing background, "particularly in the area of marketing to the nation's leading retailers. His addition to Kellwood reinforces the company's dedication to expand our sales to a broad spectrum of retail customers." Kellwood in recent years has been trying to reduce its dependence on sales to Sears, Roebuck its primary and operates Ashley's Outlet Stores. In the fiscal year ended last April 30 the company earned $3.5 million, or $1.02 a share, on sales of $590.1 million.

Several St. Louis securities analysts said McKenna has the kind of background they would expect Kellwood to want in a top executive. He not only has experience running a company, but he also comes from the apparel industry, noted Stifel Nicolaus Co. Vice President David C. Jones.

Other analysts pointed out that VF has assembled a growth record during recent years, quadrupling its earnings and dividends between 1971 and 1981. The company also is strong financially, has a reputation for being well managed anl is viewed as a savvy marketer, they said. Wenzel, 65, added the responsibilities of president to his other duties at Kellwood after the resignation last March of John R. Barsanti Jr. According to the company's announcement of Barsanti's resignation, his leaving was due to differences in management style and the direction of the company.

Kellwood hired Burke O'Brien Associates a New York City management recruiting firm, to seek out candidates for the company presidency. Asked about fees, a Kellwood spokeswoman said the recruiter was paid its standard fee, and directors received no additional compensation for their role in the recruiting process. Percentages reflect change ocvl trom previous quarter 0.i rt William J. McKenna Marketing experience Deep Recession' The nation's gross national product dropped 5.2 percent from October through December. Treasury Secretary Donald Regan conceded the nation is in a "deep recession" but said it will be over by early The steep fourth-quarter drop held the gross national product's 1981 growth to 1.9 percent.

customer, by expanding its marketing effort among other retailers. Non-Sears, or trade, sales accounted for about 34 percent of Kell wood's sales in fiscal 1981, compared with about 31 percent the previous year. Kellwood makes apparel, home fashions and recreation equipment treasury notes Ralston Sales, Earnings Are Lower For Quarter NEW YORK (API Closmo Over tne- Coumer U.S. Treasury Bonds tor Wed. RateMat data Bid Atted Bid Cm Yld 1.50 Jan 1982 99 30 100 99.15 99 19 99 15 99 19 .1 100.1 100 5 98 31 99 3 1008 100 12 99 12 99.16 97.29 98 1 .2 98.5 98.9 .1 98.18 98.22- .2 98 .12 98.16 97.22 97.26- .1 97.22 97.24- .3 97 12 97 16 96.26 96 30- .4 97 6 97 10- .2 98 4 98 1 .2 96.2 96.6 .4 98.6 98.10- .4 9( 6 98 10- .2 94.21 94 25- .3 95 95 4 .2 99,11 99 20 95.27 95 31 .3 Ralston Purina fiscal first-quarter sales and operating earnings declined from year-earlier levels.

The food and feed company said the dip in income for the period ended Dec. 31 reflects the poor economic climate for livestock and poultry producers and lower earnings for the soybean processing operations and Jack in the Box restaurants. Sales declined. 12 percent to $1.2 billion from $1.4 billion. Profits slipped to $56.5 million, or 52 cents a share, from year-earlier operating income of $57.1 million, or 53 cents a share.

In the 1980 quarter a loss of $2.5 million from the discontinued floriculture operation dropped net income to $54.6 million, or 51 cents a share. In the 1981 period an accounting change for foreign currency translations added three cents a share to earnings. President and Chief Executive William P. Stiritz said the domestic pet food and cereal businesses contributed substantial earnings gains compared with the previous year's first quarter. He said protein operations also achieved favorable results, primarily because of higher sales of isolated soy protein products to food processors in international markets.

But other company operations fared less well. Results from feed operations, both domestic and international, were "well below last year," Stiritz said. Soybean processing operations continued less profitable than in comparable year-earlier periods. Although Jack in the Box operating profit was below last year's, Stiritz said the company continues to believe the restaurant operations "will return to a growth pattern this fiscal year. "Overall we expect 1982 will be a record earnings year for our company," he added.

100.16 100.20- 98.28 99 1469 93.28 94.4 14. 14.89 14. 98 28 99 94 9 94 13 97.16 97 20 99.14 99 I486 1488 1435 92 7 92 15 96 18 96 26 100.20 100.24 mamcieg when you lease aDIOnate Work Processor 87.31 88 IS- 9.12 49 50 92.21 92.29- .3 14.92 14 98 99.16 99.20-101.2 101.6 92 16 92 24- 95.30 96.2 92.22 92.26-101.4 101.12- 14.59 14.77 15.06 14.70 15.04 .5 15.02 100.15 100 23 88 .12 88 20 92 10 92 II .2 14.33 .4 14 69 .5 4.81 TM 95 20 95 24-93 2 93 10 Gold Rallies; Dollar Declines 1451 .1 14.87 96.26 96.21 17 6 17.14 .1 14.50 .12 14.71 98.25 99 1 19.19-96.30 97.6 .11 4.7 .10 14.73 .9 14.76 101.23 101.28 88.8 88.16 .7 14.64 .6 13.94 .10 14.42 .10 14.94 .11 14.86 .14 14.96 .11 1508 Digital 83.4 84.4 -84 26 15.2 96.10 96.11-93.27 94.3 98.11 98.22-101.29 102.1 98.6 -83 26 14 2 -95 30 596 6 83 22 82 30 83.30- .6 14.71 .1 14.63 t.l3FeU lB! I) a MFet mi 13.88 Feb 1982 7.88 War 1982 IS.00Marl982 0 ll.MAOf 198? 7.00Uayl982 S.OOMavtM! 9.25 Mav 9 38Mavl9B2 8.25 Jun 1982 8 63 Jun 1982 8 8t Jul 1982 I3AUO 1982 f.OOAug II.13AUO 1982 8.38Seo 1982 It.sBSw hl982 12.130cl 1982 7.13NOV 1982 7.88NOV 1982 13 88 Nov 1982 1982 15. 13 Dec 1982 13.63 Jan 1983 B.OOFeb 1983 13.88Feb 1983 9.25 Mar 1983 12 63 Mar 1983 I4.50ADT 1983 7.88Mavl983 (I U63AAavl9S3 15 63Mavl983 3 25 Jun 1978 83 8 88 Jun 1983 14.63 Jun 1983 15.88 Jul 1983 9 25AUO 1983 11.88AUO 1983 16 2SAU0 1983 9.75Sep 1983 16 OOSeo 1983 II 15.50OCI 1983 7.00NOV 1983 9 88 NOV 1983 II 12.13NOV 1983 10 SODec 1983 13 00DCC 1983 7.25F 1984 14.25 Mar 1984 9.25 Mav 1984 13.25Mavl9B4 15 75Mavl984 8 88 Jun 1984 6.38Aug 1984 7.25AUO 1984 13 2SAUO 1984 12 13Seo 1984 I4.38NOV 1984 16 00NOV 1984 14.0ODK 1984 8 OOFec, 1985 U38Marl98S 3.25 Mav 1985 4.25May 1975-415 10 38 May 1985 14 38 Way 1985 14.00 Jun 1985 8.25Aug 198S 9.63AUO 1985 15.88Set 1985 II.75NOV 1985 14 13DC 1985 13 SOFeo 1986 7 88 May 1984 13 75Mavl986 I.OOAug 986 6.I3NOV 1986 13 88NOV 1986 fl 16.I3NOV 1986 OOFeb 1987 12.75F 1987 l2.00Mayl9B7 7.63NOV 1987 12.38 Jan 1988 13.25APT 1988 8 25 Mav 1988 14.00 Jul 1988 15.380C1 1988 8.75NOV 1988 14 63 Jan 1989 9.25Mavl989 10.75NOV 1989 3 SOFeb 1990 I 25 May 1990 1990 13 00NOV 1990 14 50 May mi 14 B8AOO 1991 I4.25NOV 1991 4.25AUO 1987-92 7.25AUO 1992 4 00Feb 1988-93 6.75F 1993 7 B8Fet 1993 7.50AUO 1988 93 863Aug 1993 63NOV 1993 1994 4.13May 1989-94 I 75 Aug 1994 10 I3NOV 1994 3.00 Feb 1995 lO.SOFeb 1995 10.38 May 1995 12.63 May 1995 ll.SONov 1995 7.00May 1993-91 3 50NOV 1998 t. 50 May 1994-99 7.88Feb 1995-00 I.38AUO 1995-00 11.75Feb 200l I.OOAug 199601 .10 14.91 .4 10.07 .6 14.68 .7 14.61 .1 14.17 LONDON (AP) Gold prices rallied in Europe today, jumping about $3 an ounce in London and Zurich afier plummeting to a 28-month low earlier in the week.

The dollar dipped in slow trading. London's afternoon gold price was fixed at $376 an ounce, up 75 cents from the morning price and up $4.50 from Wednesday afternoon. In Zurich, gold was $375.50, up $4. Earlier in Hong Kong, gold rose 73 cents an ounce to close at $379.05. Silver was up 4 cents in London to $7.85 an ounce.

Dealers said dollar trading was dull and trendless as investors waited for a firm indication of the future trend of interest rates. A rise in U.S. interest rates would make the dollar more 88.24 19 -99 5 99 97.24-12.18 82.26-86.14 86.22-102 102.4 attractive to foreign investors. Mid-morning dollar rates, compared to late Wednesday: 2.3030 West German marks, down from 2.3075. 1.8532 Swiss francs, down from 1.8580.

5.8535 French francs, down from 5.8675. 1,232.50 Italian lire, downfrom 1,234.25. 2.5235 Dutch guilders, unchanged from Wednesday. 1.1928 Canadian dollars, down from 1.1960. The British pound traded for $1.8885, compared to $1.8848 late Wednesday.

Earlier in Tokyo, the dollar closed at 225.55 yen, up from 225.45 late Wednesday. .4 14.60 .1 14.54 .13 15 I 91.1 9116 97.2 97.30 .12 14.74 1 14.83 95 30 96,6 14.78 78 21 794 .3 14 55 96 20 96 21 14.75 71.22 71 75 15- .4 1446 .1 12.82 96.23 96.28- 14 81 103.14 103 18 .26 15.07 80.8 80.16 system feoinn If you've been thinking about a word processor or small business computer, but financing rates have you worried, Digital has good news. 12.9 financing on a three year lease from Digital's Computer Stores. That's 12.9 on a whole range of systems that are very affordable to begin with. One of our most popular packages, for instance, retails for just $5995" Md gives you the DECmate Work Processor system, a printer, a BASIC operating system that lets you put your own programs together, plus two of our most useful software packages one for financial modeling and one for mailing lists.

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'Available to proprietorships, partnerships and corporations for business purposes only. "Word processing software and destination charges not included. Letter quality printer available at extra cost. 14.58 1472 14.47 14.29 14.62 14.71 92 3k 93 2 90.26 91.2 74.8 91 91.8 94.6 74.22 96.18 101 75 19-99 99 4 14.50 14.79 Look what the Work Processor system can do for you! Word processing Applicant tracking Office management system (telephone log and directory, signature log, calendar, tickler file) Smart mailer for mailing lists Math Sort Communications Data Recessing Financial modeling Accounts receivable Accounts payable Payroll General ledger Invoicing and inventory control Construction management system Dental practice management Lawyer's client accounting CPA client write-up Communications BASIC, FORTRAN, PAL 8, DIBOL "With optional software 15.04 14 51 14.83 14.55' 76 4 76.20- .2 business briefs 11.16 82 2 -82 22 83 22 16 14.68 12 6 10 69.29 70.13 .2 14.49 3018 11.4 .4 14.69 91.11 91.26 .3 1468 98 7 98 1 .1 4 84 99.19 99.23- .5 14.93 97.4 97.B .3 14.79 6.36 14.56 6.35 82.29 83.29 ,7 60 23 61.7 8016 II 58 12 59 12- .6 63.4 63 20 .1 14 I 14 59 .3 14.41 61.9 61.20 66 12 66 28- 66.2 66 10 66.2 68.10 .2 1465 14.73 .1 14.68 .1 6.00 82 26 83 26 66.4 66 12 2 .2 14.68 14.64 73 30 74.6 11 4.67 14.63 .4 4.63 .1 14.59 82.25 83 25 76 76.8 75.4 75.12 88 .10 88 .18 81.10 81.11 55 6 55 22 134 844 .1 14 .7 1395 .1 490 63.20 64.4 .16 14.08 58 24 59 .20 14.25 61.4 61.12 14.38 11.6 II 14- .6 14 67 90 908 .7 1465 60.6 60.14 .23 13.94 91.24 92 .4 14.62 105.20 105 21 .6 14 82 97.6 97.14 .12 14.64 60 24 61 l3.J8Aug 7WI 15 75NOV 2001 2002 8.25Mav20M5 7.63F 2002-07 7,88 Nov 2002-07 I. 38AU0 2003-08 8.

75 Nov 2003-08 9.13Mav 2004-09 10.38NOV 2004-09 II. 75Feb 2005-10 10.00 MavTOS-10 12.75NOV 2005-10 57.10 57.11- .2 594 5920 .6 60 30 61.6 .4 63.4 63.12 .4 65.20 65 2B .6 73.16 73.24 .1 12 16 12.24 .2 70.30 71 6 1 19.10 19 11 .1 96.20 96 21 .3 97.26 91.2 .1 13 88 May 7006-11 14 00NOV 2006-11 TWA Cuts Some Fares To West Coast Trans World Airlines is cutting fares on some West Coast flights in response to American Airlines announcement of an unrestricted one-way coach fare of $139. The new fare will apply only on TWA flights whose departure times are close to those of American flights. TWA has four eastbound and four westbound nonstop flights daily between St. Louis and Los Angeles and will match the $139 fare on two flights each way.

TWA will offer the new fare on one flight each way between St. Louis and San Francisco. On this route, the Super Saver fare will be reduced to $139 on TWA's other two eastbound and three westbound nonstop flights. To take advantage of the Super Saver fare, passengers must buy tickets two weeks in advance. Nooney Buys Brandy Station Apartments Nooney Co.

has purchased the 426-unit Brandy Station Apartments in South County for $8.3 million for Nooney Real Property Investors-Three, a $12 million Missouri limited partnership. Earlier, a warehouse distribution facility in Earth City and an office building in Oak Brook, 111., were acquired for the partnership. Nooney Co. manages more than 1,700 apartment units in St. Louis County for various limited partnerships.

Hospital Contracts Awarded IIBE Division Hospitals in Illinois and Pennsylvania have awarded contracts worth $17.9 million to Hospital Building and Equipment a division of HBE Corp. Marianjoy Rebahilitation Hospital of Wheaton, 111., signed a $6.3 million contract for five additions, remodeling and site development. The Allentown (Pa.) Hospital signed an $11.6 million contract for three additions and major renovations. Mercantile Completes Acquisition Mercantile Bancorporation Inc. has completed acquisition of Security Bank of Sikeston in Sikeston, Mo.

Security Bank of Sikeston had assets of $28.37 million on Dec. 31, 1981. The acquisition brings to 33 the total of Mercantile's affiliates throughout Missouri. i Commodities NEW YORK (API Weighted wholesale Index of 35 commodities: Wed. 517.57; week ago 519.33; month ago 526.12; year aao 544.11.

Itll lrtl ltM 1979 High 526.01 548.66 537 44 489.62 Low 517.57 533.15 480 99 411.09 LOCAL PRICES CtoMPrev. CIM Li1 it i I HID 10.00-26 5t 10.00-26 50 49 00 47.00 47.50-48 50 46.00-46 54.50 APPLES HOGS, 100 HOGS.bulk 220.260 lbs. LAMBS, too POTATOES. We change the way people work. russet 9.00-11,00 9.00-11.00 Dividends Kellwood Co.

declared a quarterly dividend of 10 cents per common share, payable March 4 to shares of record Feb. 18. Edison Brothers Stores Inc. declared a quarterly dividend of 36 cents per common share, payable March 12 to shares of record Feb. 26.

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