Sioux City Journal from Sioux City, Iowa • 11

The Sioux Citv Journal, Sunday, November 11, 1984 A11 InterNorth sells Bucyrus-Erie share for million go for general corporate uses, and possibly the redemption of some of its 17.5 percet debentures due Aug. 1, 1991, InterNorth said Thursday. OMAHA, Neb. (AP) InterNorth Inc. of Omaha said it has sold its 20 percent share of Bucyrus-Erie Co.

for $56.7 million in cash. Sam F. Segnar, chairman and chief executive of InterNorth, said Bucyrus-Erie "has moved from its position in mining equipment toward other areas that are not compatible with InterNorth's present strategy. "Bucyrus-Erie's direction of emphasis today is not the same as the company in which we originally InterNorth is still interested in acquiring or investing in other energy-related companies, he said. Bucyrus-Erie has moved more deeply into such non-energy areas as aerospace activities, he said.

InterNorth bought shares in the company because its heavy equipment products appeared to have the potential for expansion in energy fields such as coal mining, he said. Blauvelt said Segnar agreed to Bucyrus-Erie's request that he remain on its board of directors after invested" in 1981 and 1982, Segnar said. Two years ago, InterNorth valued its holdings in the Milwaukee-based company at $68.8 million. As a manufacturer of mining and construction equipment, Bucyrus-Erie originally fit InterNorth's investment requirement of being an energy-related company, said InterNorth spokesman Randal Blauvelt. "We didn't change," Blauvelt said.

"Bucyrus-Erie changed." the sale. InterNorth's official announcement of the sale said Bucyrus-Erie will buy back 4,083,038 shares of its own common stock at $13,875 each, Wednesday's closing quotation. Blauvelt said the sale would give InterNorth a gain in the book value of the stock totalling about $8.4 million, which will be added to its fourth-quarter income. However, in 1983, InterNorth reduced its net earnings by $15.1 million because Bucyrus-Erie de- clared losses that year. Blauvelt said Bucyrus Erie closed some of its manufacturing plants, consolidated some other operations and declared some assets, such as machine inventories, as losses in 1983.

Segnar was elected to the Bucyrus-Erie board in January 1983 as part of an agreement that InterNorth would acquire no more than 20 percent of the firm over a five-year period. At the time, InterNorth owned about 10 percent of the stock and had said it intended to increase the holding to 25 percent. InterNorth had said it was buying the stock for investment purposes only and not to acquire control of the company. Cash proceeds from the sale will Blauvelt said debt retirement and acquisitons are two possible general corporate uses. He said the sale isn't related to natural gas prices or income prospects of Northern Natural Gas InterNorth's natural gas distribution subsidiary, or by other operating divisions.

Thomas Follard, a Bucyrus-Erie vice president, said Thursday that he wasn't a part of the board's discussion regarding Segnar's position on the board, but that Sengar was elected by the company's shareholders for a one-year term last April. 'Excellence' book runs afoul of critics New pet store opens fered what they said were the reasons why. Their book ran to the top of the best-seller lists. The critics are now catching up, and some of the views, such as those of Prof. Eugene Jennings, are unflattering, saying in effect that "In Search of Excellence" is not an excellent book.

"It will not be a major force in the restructuring of American business to regain high ground," says Jennings, who has served as adviser to several of the 40 companies selected by Peters and Waterman. "More magical than practical," he comments. "A book about how to NEW YORK (AP) In two years since its publication, the book "In Search of Excellence" has sold more than 2.5 million copies and helped resurrect the sunken spirits of American corporate managers. It was well-timed. American businesses had just come through a deep recession which shattered confidence and was constantly held up to critical and usually negative comparison with their Japanese counterparts.

Along came Thomas Peters- and Robert Waterman Jr. with a description of some well-managed American companies, and they of Wis. He previously owned a pet store in Minnesota for 10 years. Dog and Cat is owned by Steve Hintgen of Colorado Springs, Colo. He also owns four other pet stores.

Anderson said Dog and Cat puts a strong emphasis on service, guaranteeing everything it sells, including fish for seven days. The store sells aquariums and will set them up and maintain them for businesses. A new pet store, Dog and Cat and Things Like That, has opened at the Southern Hills Mall. The store carries a full line of pets and supplies, including AKC registered and unregistered dogs, kittens, exotic birds, fish and other small animals. Roger Anderson is manager of Dog and Cat.

He is a native of Woodbury, Minn, and attended Northland College at Ashland, Underwriters slate conferment exercise manage people rather than a book about how to run a He explains that business management combines sales, marketing, accounting, finance, operations, manufacturing, personnel, engineering, research and logistics into a profitable and viable corporate purpose, strategy and plan. "People management is a part of it, but hardly all," says Jennings, who teaches at Michigan State University graduate school of business administration, and acts as adviser to corporate chairmen and boards. "The authors would have us believe that a few elementary ideas on people management will sustain high-grade profits and earnings," he says, adding that "we have yet to prove the extent to which this might be true." Calling such an assumption "the magic of people power," he goes on to list several more "magics," the first of which is the magic of the disappearing numbers. "The book is a diatribe against the use of financial numbers to run a business," he says, "yet financial numbers are then selected as the yardstick of excellence, including net on equity, sales and capital." Next is the magic of convenient exclusion. The authors found 40 companies with above-average performance in six areas: asset growth, equity growth, ratio of market to book value, and return on capitalization, equity and sales.

Jennings found "as many differences among these 40 as any 40 companies taken at random from the Fortune 500 companies." Using three of the six measures, the professor, who has advised eight of the book's 40 companies for nearly two decades and has been a sometime adviser to six more, discovered more than 50 companies that did as well or better. He contends that Peters and Waterman lost their halos the moment they put Atari, which soon ran into financial difficulties, in league with IBM, which has had one of the longest records of earnings growth this century. His other The magic of basics: "Elementary ideas, such as keeping in touch with customers, are the same as the first lesson in golf, which is to keep your eye on the ball." The magic of reductionism: The authors, he says, maintain that one value must be focused on more than others. "But anyone who runs a business knows you cannot have simply one priority value. The best have three or four.

The magic of simplicity: "It is neat to read about the bias for action, but this simplicity hides a great corporation's belief in responsiveness, which is good timing, prudent risk, proper hesitation. And, of course, action." Magic of management: The authors don't distinquish between leadership and managership. "If they had they would have discovered an entirely different world of excellence." His conclusion: "It is a shame the authors do not describe a state of excellence that has to do with people management rather than business management, because people management is what the book is all about." Charles A. Strauss, director of industrial relations at American SIOUXLAND COIN CLUB SHOW Open to the Public No Admission Charge BUY SELL TRADE COINS STAMPS NOV. 10th NOV.

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IA 51102 Vf Colllege, Bryn Mawr, will speak Tuesday at the American Society of Chartered Life Underwriters conferment exercise. The exercise will be at the Sioux City Country Club, beginning at 6 p.m. Eight Siouxland financial services financial consultant diplomas at the ceremony sponsored by the Sooland Chapter of the American Society of CLUs. To receive the CLU designation will be Thomas Campbell, John Hancock Mutual Life Insurance Brian D. Frederick, Frederick Agncncy; Larry Hecht, Northwestern Mutual Life, anbd Lois M.

Lytle, Amerincna Mutual Life. To receive the chartered financial consultant designation will be Dennis Bell, Farm Bureau; C. Randy Kuenzi, Prudential Insurance Company of America; Carolyn J. Ohlfest, Northwestern Mutual Life, and Don VanDerWeide, New York Life Insurance Company. This copier comes in five sizes.

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twenty-bin sorter. Afil 3M Copiers. Your Bottom Line. Sentry Broadcasting owner and operator of KMNS-AM and KSEZ-FM in Sioux City, has announced commencement of an antenna reconstruction project at their AM transmitter location. The project is estimated to cost nearly $200,000.

The AM facility, located three miles south of Dakota City, will Key, gift store opens at mall A new store, Keys and More, carrying a full line of engravable gifts, has been Order processing by Kodak of any color print or slide film, and we'll give you a certificate good for one free color enlargement. See us for details. under major technical improvements over he next six to eight weeks and the work is already under way. The station originally was built in 1949 under the call letters KCOM and has been serving a large portion of Nebraska, South Dakota, southern Minnesota and northwest Iowa with its original facilities throughout that time. Gerry Gibbs, chief operator, said much of the equipment now is in need of replacement for upgrading the facility to modern day technology and to meet FCC requirements for directional AM broadcast stations.

Included in the project is construction of two 397-foot antennas which will replace two existing 297-foot towers and direct burial of all necessary transmission lines and cables. Purpose of the improvements is twofold, said Gibbs. First, the improvements will upgrade the entire transmitting system and its related equipment. Second, the improvements will upgrade the audio quality giving Siouxland listeners the best possible full fidelity reception on the AM dial consistent with good engineering practices. The improvements will facilitate implementation of AM stereo and a power increase to 2,500 watts in the future.

Completion of the project is scheduled for December of this year. opened at the CALL TOLL FREE FOR A FREE DEMONSTRATION i i Ask lot In Iowa 1-800-352-9034 Other States 1 -800-831 -591 1 Southern Hills The owner is Joel Magee who 11 Avi rrnn Hurry! Offer runs Nov. through Dec. 1 and Cookie Magic in the mall's Cafe I 1 I o0 The new store features key chains, lighters, cross pen and 3M 566 COPIER 3M 576 COPIER 3M '59 "COPIER Flanbilily to both High partoimanca Reduction capability nlaig. and raduca copi that doaa It aH and convanwnl aiia COPIER 3M 516 COPIEB Hn lha wofkt.

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They are newly graduated Chartered Life Underwriters (CLUs) and Chartered Financial Consultants (ChFCs). The designations which they have earned through four to five years of specialized, advanced education place them at the very top of their field high ranking professionals able to offer valuable expert advice in most areas of financial planning, and specifically in Carolyn J. Ohlfest CLU-ChFC Northwestern Mutual Lite Don VanDerWeide CLU-ChFC New York Life Insurance Co Lois M. Lytle CLU American Mutual Lite Larry E. Hecht CLU Northwestern Mutual Life Brian Frederick CLU Frederick Agency.

Inc. C. Randy Kuenzi CLU-ChFC Prudential Insurance of America Thomas Campbell CLU John Hancock Life Co. Dennis G. Bell CLU-ChFC Farm Bureau Life of Iowa THE TRUST DEPARTMENTS OF THESE SIOUX CITY BANKS EXTEND THEIR HEARTY CONGRATULATIONS! raj nrsi jjy f.

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