The Salina Journal from Salina, Kansas on October 20, 1996 · Page 21
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The Salina Journal from Salina, Kansas · Page 21

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Salina, Kansas
Issue Date:
Sunday, October 20, 1996
Page:
Page 21
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SUNDAY THE SALINA JOURNAL BRIEFLY Bed and breakfast opens in Salina ( The Heritage House Bed and Breakfast has opened at 860 S. Santa Fe. The B&B has two rooms and is owned by Nancy and Tracy Coup. Room prices range from $55 to $70 a night. For reservations, call 825-8811. Salina captures three Main Street awards Salina won three prizes at the Governor Awards for Excellence at the Kansas Main Street State Conference in Russell earlier this month. •Kristy and Norman Yenkey, owners of Salina Building System, 200 E. Pacific, won for outstanding economic restructuring activities. Mary Warden, former owner of Warden's, 104 N. Santa Fe., won for outstanding volunteer of the year. And the Salina Downtown Inc.'s Design Education Committee won for excellence in organization for its fund-raising project "A Tour of Downtown Lofts." Mortgage Company opens in Salina The Mortgage Company, a real estate mortgage firm, has opened at 645 E. Iron. The company is co- owned by Randy Graham, former executive vice president of Security Savings Bank, 317 S. Santa Fe, and Larry Curran, former senior vice president of Security Savings Bank. - The company offers construction loans, commercial real estate loans and home equity loans. The office is open Monday through Friday 8:30 a.m. to 5:30 p.m. and Saturday by appointment. The phone number is 825-8100. Leather store opens in Central Mall Wilsons the Leather Experts has opened a store in Central Mall. The Minnesota-based retail chain sells leather products, including jackets, wallets and hats. The phone number is 823-6189. Underground Sports opens downtown Underground Sports has opened at 146 S. Santa Fe. The store is owned by Mark and Ray Elmer and sells autographed sports memorabilia. The store is open Monday through Friday 11:30 a.m to 6 p.m. and Saturday 9 a.m to 3 p.m. The phone number is 825-6661. Kennedy and Coe buys competitor GREELEY, Colo. — Kennedy and Coe's Greeley office has acquired the accounting practice of Chuck Kurtz. Kurtz will work for Kennedy and Coe. Salina-based Kennedy and Coe, a certified public accountants firm, specializes in agriculture program consulting, estate plan- . ning and income tax planning and preparation. Salina store unaffected by County Seat filing WILMINGTON, Del. — County Seat Stores Inc., whose 740 casual-clothing stores dot shopping malls across the U.S., has filed for Chapter 11 protection and said it would shut about 200 unprofitable •sites. ! Sandra Sternberg, a County Seat Stores spokeswoman, said the Salina store in Central Mall : won't close. The company, one of the largest ; chains selling denim jeans, operates stores under the County Seat, Levi's Outlet and Old Farmer's Almanac Stores names. From Staff and Wire Reports - Airfare comparison DMtiwtlon Front Sallrw FromWIchttt Orlando 198 284 246 318 : Boston 'Ah* „• Miami 261 291 fitoteteWft 355 , 348 All fares are USAIr and show the cheapest prices If tickets are bought three weeks In advance. Fares from Kansas City to these cWes are $40 less than (ares from Salina. the most popu-, lar ones for USAIr. Money PERSONALS / C2 CLASSIFIED / INSIDE AT THE WATERCOOLER Call 911 When fire breaks out in a business in this country, it takes an average of 19 minutes before someone decides to call the fire department, according to a study by Arkwright Mutual Insurance Co. Employees often try to put out a fire themselves, and then, realizing it's more than they can handle, finally put in a call. Bon Appetit! SmartMoney magazine, which loves to publish cost comparisons, takes on the price of cooking like Julia Child hi October. The magazine notes that an ounce of Beluga caviar can run you $35 hi Berkeley, Calif., or $70 hi Madison, Wis., and that foie gras can range from $16 hi Shreveport, La., to $70 hi Madison. Worry warts Young people are often portrayed as being carefree and just having a good time, but a Harris poll found recently that they lose sleep worrying about money. The poll found that 50 percent of Generation Xers have trouble sleeping or relaxing because of financial worries. DAVIS TURNER / The Salina Journal Power Ad Co. employees (from left) Billy Spoonemore, Jerry Cox and Steve Herring lower a panel Into place on what will be a 32-by-160-foot "Dolphins" sign for the Miami Dolphins. The sign Is being Installed atop the Dolphins' practice facility in Davie, Fla., and hopefully will .be shown at an Oct. 27 game. Illuminated sign company finds winning formula in EAMWORK By ALF ABUHAJLEH The Salina Journal lext time you watch the [Kansas City Chiefs play I at Arrowhead Stadium, I take a close look at the (advertising signs next to the Scoreboard. And check out the ad signs at the Kiel Center, home of the NHL's St. Louis Blues. Or those at the Florida stadium inhabited by the new professional football franchise Jacksonville Jaguars. All are made in Salina by Power Ad Co., 3344 Scanlan. This year, Power Ad will sell about 500 illuminated advertising signs at a price of $18 to $48 a square foot to professional and college sports teams, said Roger Naylor Jr., the company's president. ' • Power Ad also offers scorer's tables called Score Rite and sells about 400 a year. The scorer's table is where the media and the scoring officials sit during basketball games and costs about $2,500. The company also sells about 250 computerized scorer's tables a year. The tables are called Tri-Action and have rotating ad signs that display three different spots. A Tri-Action sign costs $4,750. In the past nine years, Power Ad has sold its products to 12 pro sport teams and more than 300 college teams, in- cluding Kansas Wesleyan University, Kansas State University and Kansas University. Last year, the company-reported $2.5 million in sales. "It's a very lucrative business,". Naylor said. "We have more work than we can manage. "A year ago, we made a conscious decision to take it a bit slower. It was either that or the business would have outgrown our capacity." Mooning over Miami The demand for the company's products, however, has not stopped Power Ad from building what, according to Naylor, might be the world largest advertising signs. In June, the Miami Dolphins ap- proached Power Ad during a trade convention in Florida about putting up two 32-by-160-foot signs at the Dolphins' training facility in Davie, Fla. Those signs were recently shipped. Because of their massive size, they were divided into 16 smaller sections. Inside each sign are 672 fluorescent tubes that make them glow in the dark. One sign features a First Union ad set between two Dolphins logos. The other reads "Dolphins." The signs will be placed on the roof of the two-story building and will be visible only from the sky. But that's the whole point, said John Davis, facility engineer of the Miami Dolphins. See SIGNS, Page C2 T STAYING AHEAD Co-signed loan reflects on your credit report Bourw; USAIr Journal Qraphlc When parents sign with their children, they suffer if kids fall behind on loan payments NEW YORK — If you co-sign a loan, you're revealing yourself as a saint, an idiot or a parent. Maryanne Frawley of Amery, Wis., is a parent. "Las't year," Frawley writes, "my husband cosigned a loan for his 18-year- old daughter. She is now more than 120 days late on the payment and it looks as if we will have to pay it instead. Will her late payment affect our credit report?" It sure will, in spades. That delinquency is now on the Frawley's record, and it's going to stay there for seven long years. That's something you need to think about, before you co-sign a loan, lease or credit-card application. We all love our children. But you don't want to wreck your JANE BRYANT QUINN The Washington Post personal finances to support them. Co-signing a loan is not a mere formality, as many people seem to think. "It's a joint obligation. Both the borrowers are liable," says Norm Magnuson of the Associated Credit Bureaus in Washington, D.C. The primary borrower doesn't qualify for credit — perhaps because of insufficient income, previous credit problems or the lack of a credit history. Taking everything into consideration, the lender believes that the applicant can't be relied on to repay. Co-signers substitute their incomes and credit histories for that of the applicant. You are saying to the lender, "If you don't trust my co-signee, trust me." And the lender does. Your credit will be examined as if you were the primary borrower. The loan is carried in your name as well as the name of your co-signee. The payment history shows in your credit report. Even slow payments, a month or two late, hurt your credit reputation. A four-month or five-month delinquency is a serious blot. Any delinquency at all can damage your access to credit cards, These applications are checked by computer, and there's no soul in that machine. Lenders that offer low-interest-rate cards don't want customers who show as slow-pay even on just one line of credit. It does no good to argue that you didn't know that the other borrower was behind. You're expected to keep track of this debt. High-rate lenders will generally accept you, under two conditions. The rest of your credit has to be clean and you can't allow that co-signed delinquency to go on too long. Bring the debt up to date and argue with your co-signer later. Be sure you make all future payments on time. You'll be left in credit hell if you let the lender write off the loan, even if you eventually pay in full. You promised you'd make those payments. Co-signers should ask the lender if they can get a copy of each monthly bill. That will show whether each monthly payment is made on time. Don't co-sign if you're not prepared to pay if the other party doesn't. Tell your child or other co-signee about the risk you're going to run. They may not realize that their payments will show on your credit report. Ask them to tell you immediately if they can't make a payment. And don't punish them for it, or they won't tell. If you find out too late that the loan is in delinquency, take over the payments immediately. Then contact each of the three major credit bureaus to see if they have a credit record in your name. If they do, add a statement to your record, explaining why the loan was late. Of the three major bureaus, Experian (formerly TRW, 800-422-4879) and Equifax (800-685-5000) make it easy; their reps will tell you how to put in a statement. Trans Union (316-636-6110) makes you order a credit report for $8 and dispute the loan, before a statement is allowed (you'll have to be persistent; Trans Union is tough to deal with). Credit-card issuers pretty much ignore the statements in credit reports. But if you apply for a mortgage or a personal loan, the lender will see the explanation and give you a chance to make your case. Maryanne Frawley wondered if she and her husband could tax-deduct the payments they made for his daughter, as bad debt. Alas not. This isn't a bad debt, this is your debt. As the IRS sees it, you haven't suffered a loss at all. You are merely repaying what you owe. : SUGGESTIONS? CALL MARY JO PRQCHAZKA, MONEY EDITOR, AT (913) 823-6363 OR 1-800-827-6363

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