The Journal Times from Racine, Wisconsin • 20

4C Business the Journal Times Tuesday, July 14, 1981 KJtini', Wit. Mobil plans to outer scrambleior Conioco NEW YORK (AP) Mobil the nation's second-largest oil company, announced Monday it is considering a merger proposal for Conoco as an unprecedented bidding war for the country's ninth-largest oil company intensified. Mobil's announcement came a day after Seagram Co. Ltd. raised its bid for Conoco, threatening to unravel Conoco's agreement to be acquired by Du Pont Co.

Any takeover of a majority interest in Conoco would rank as the largest merger in corporate history. In Washington, Senate Judiciary Committee Chairman Strom Thurmond agreed Monday to schedule a committee hearing on the proposed Du Pont-Conoco merger. Sens. Howard Metzenbaum, D-Ohio, and Edward M. Kennedy, asked the South Carolina Republican lust week to hold the hearing to examine antitrust implications in the merger.

There was increasing speculation that other bidders might join the multibillion-dol-lar competition for Conoco, whose oil, gas and coal reserves are considered by some in the industry to be worth more than the current bids. Seagram, the Canadian liquor distiller, said it would pay $85 a share for up to 51 percent of Conoco, or a total of $3.8 billion, and said it might buy more shares at that price. It hud previously offered $73 a share for 41 percent, a move that sent Conoco scrambling to find a more congenial merger partner. Last week Du Pont agreed to buy Conoco in a deal valued at about $6.9 billion. It said it would pay $87.50 In cash for 40 percent of Conoco's shares and exchange 1.6 Du Pont shares for each of the remaining shares.

At current prices, 1.6 Du Pont shares are worth about $76.60. The largest corporate merger to date was the $3.6 billion Shell Oil Co. paid for Bel-ridge Oil Co. two years ago. The bidding war also is unprecedented In the number of companies that have indicated a willingness to join.

Texaco Inc. has held merger talks with Conoco and is arranging a $5.5 billion line of credit, but has not yet made a bid. Other companies rumored to be consider ing a bid Include Shell Oil Standard Oil Co. (Indiana) and Standard Oil Co. of California.

None of them would discuss Conoco on Monday. Mobil, second only to Exxon Corp. among U.S. oil companies, said it is arranging bank loans through a syndicate led by Citibank and has "retained an Investment banker In connection with recent developments relating to the acquisition of Conoco." "We know Conoco and the businesses It operates. Conoco is a great company with fine resources and excellent management and personnel," said Mobil Chairman Raw-ieigh Warner Jr.

"Barring any governmental restraints, it now appears that Conoco will be sold. Preliminary studies indicate that a Mobil-Cono- co merger would not create any difficulties under existing antitrust guidelines," he added. Asked if Mobil was engaged in talks with Conoco, Mobil spokesman John Flint responded: "Not to my knowledge," and said, "The company has nothing to add." The spurt of attempts to acquire Conoco is due both to its availability and to the sharp drop in oil company stock prices that has occurred in recent months as an oil glut has hurt profits. It also reflects what Is seen as a more tolerant approach toward antitrust enforcement by the Reagan administration. Conoco and Du Pont both declined to comment on the developments, and Seagram had nothing to say about the Mobil statement.

Retail sales show rebound in June Fraser supports age ruling WASHINGTON (AP) The sales slump that hit U.S. retailers in early spring ended abruptly in June, with seasonally adjusted sales rising 1.2 percent after falling for two months in a row, the Commerce Department reported Monday. The June gain was the biggest since January's 2.1 percent. And it was solid evidence that the national economy, though still apparently far from robust, has hardly been brought to the verge of recession by near-record interest rates. The rebounding sales spread across categories from autos to furniture to food came despite recent contentions from analysts that the economy is still performing sluggishly and will show little or no overall growth for the April-June quarter.

ing back at the end of the year. In all, the new Commerce report said sales of durable goods such as cars and home appliances rose 1.3 percent to a seasonally adjusted $26.9 billion in June, while non-durables such as food and clothing gained 1.2 percent to $59.5 billion. Details of the report showed car sales normally a quick victim of high interest rates rising while furniture and other home furnishings were rising 1.5 percent and building materials and hardware 0.4 percent. Department store sales gained 1.7 percent, groceries 1.8 percent, clothing stores 0.9 percent and gasoline stations 0.6 percent, the report said. Sales at drug stores and eating and drinking places also rose about 1 percent.

Indeed, the new report said retail sales in May had been worse than previously thought. Commerce had reported a 0.2 percent gain in that month but now has revised that to a 0.6 percent decline from April. April sales had fallen "5 percept from March, breaking a string of 10 straight monthly gains. Private economist Michael Evans called the new June figures encouraging. But he also pointed out that the adjusted June sales total of $86.4 billion was still 1.4 percent below the March level, the peak so far the year.

The Reagan administration is forecasting a no-growth second quarter and is raising the possibility that the economy may actually lose a bit of ground in the July-September quarter before com I Dougas fraser will lose UAW post been mentioned as possible successors to Fraser. Fraser was first elected UAW president in 1977 and was reelected in 1980. In his letter, he said he was flat DETROIT (AP) United Auto Workers President Douglas A. Fraser says he supports a union rule against election of leaders after the age of 65 and won't seek another term. A draft movement within the 1.2-million-member union had sought to erase the rule so that Fraser, who will be 65 in December, could be elected to a third term.

In a letter released Monday, Fraser ruled out any possibility of re-election when his current term ends in 1983. He said he continues "to believe in the philosophy" that led to creation of the age limitation rule in 1964. UAW Secretary-Treasurer Ray Majerus first proposed lifting the rule. Marjerus, along with Vice Presidents Owen Bieber, Donald Ephlin and Stephen Yokich, have Westgate businesses form association tered by the proposal to lift the agt; limitation rule. "But there have Pants Town, vice president, and Laurie Lamber-ton of Fashion Plus, secretary-treasurer.

Directors are Marian Fiala of Shari's Cards Gifts, Sam Osborne of Randall's County Market, John Wally of Sweet Temptations, Thekan and Jerd Smith of Westgate Mall the mall The former Westgate Outdoor Theater and Turn Style department store were torn down to make way for the mall, with the Shopko store opening in the fall of 1979. The mall is on a 22-acre block bounded by Washington Avenue, Ohio Street, Wright Avenue and Perry Avenue. A Westgate Mall Merchants' Association has been formed by business people in the 200,000 square foot commercial complex at 4901 Washington Ave. which is anchored by a Shopko discount store. Officers elected: Mike Thekan of Sound Video Warehouse, president; Robert Guida of been too many cases in the laborl movement in which the absence of a rule such as ours meant that union leaders remained in office many years beyond their time," he wrot Could will sell financial subsidiary Local Western names two Courtesy Robert w.

Biird Co. Inc. (rd Gould said under the aereement. GLC will nn wuoiauons as of a.m.. 1030 Hioh Ask 20 'a 27va 4 Net Chng 4t NC Over the counter Bid Franklin El 20v Marine Corp Marshall II Corp 22 Paost Brewing 16- Stearns 34a Versa Tech 1444 Mutual funds '4441 Alleg Lud 45'i Am 34 3 AmeteK j.

3 31 i Lont. Lane. 35 Gould Inc. and GATX Leasing Corp. (GLC) have announced a definitive agreement under which GLC will buy Gould Financial Inc.

(GFI), Gould's wholly-owned financial services subsidiary. Gould, which acquired Gettys Manufacturing 2701 N. Green Bay Road, in February of this year, had announced last summer that it was curtailing GFI's new business activities to focus on Gould's electronic and other high technology $34.2 million in cash on the closing, scheduled for Nov. 30. That Includes a $3 million premium over the Dec.

31, 1980, stockholders equity, Gould said. GFI will also pay a cash dividend to Gould equal to its net earnings for the first 11 months of this year, presently anticipated at about $5 million. Gould will repurchase about $50 million of accounts, notes receivable and other assets previously sold to GFI. tmer. briec 4J EvanyP 23- FirstWis Corp 33'a 43 old Inc 28'2 ...20 mart 20 4 NC NC ls 14 NC NQ NC -'a NC NC NC Mattel Western Publishing Co.

1220 Mound announced Thomas G. Funk has been named manager of corporate employment. Western also announced Dennis G. Hesthaven has been promoted to a hewly-ereated national account executive position. He joins a staff of five other national account executives and is responsible for sales of Western consumer products to the Super-ex, Thrift and Walgreen drug chains.

Bid 8.80 12 38 ..19.05.. 9 22 9.79 ,..12.31 ..12.74 ..20.58 18.98 7 41 3.23 Ask 9 49 1335 N.L. 10.02 22.47 10.64 13.27 13 74 N.L. N.L. N.L.

N.L. Affiliated Fund Century Shares Trust Fidelity Fund Investors Mutual Investors Stock Investors Variable Pay Massachusetts Inv. Tr Massachusetts Growth Newton Nicholas Fund Selected Am. Shares Wisconsin Inc Last 44 34a 31 19 35 42 23 33 'i 424a 28 20 1 9 ii 27 34 VI 2 8 22 '5 35 V. 214a 47V, 16.11 53 I0'.

24 'a 13 37 334 22 '1 524a 25 4 1 7 'a 18 I9v4 35 42 23') 33 4244 28 '1 20 lvt 27 34 2-t 8' 22'i 3S'i 4644 l6' 10 24 Vi I3 37' 334 2241 25'e I7' 18 CAN ALSO Lee 27-tt Levi Strauss 34 Masse? 2' Mattel Inc 8 Mattel 22'a MGIC 354 Modine Northwest Ino Rexnord Inc Ren (2.36 pfdl. Schliti Brewing II Snap-on Tools Sta Rite Inc 13 3fH Textron 33 Twin Disc 22'i Vulcan Mat Wis El Pow 25' Wis PSvc 1 7 74 Wis Pwr Lt 19 Potatoes CHICAGO AP) (USDA) Vaior potato markets FOB shipping points U.S. 1A Tuesday in 100 10 sacks: California russets 10.00; 50 ID cartons: California russets 22.00. YOUR FAVORITE SAVING '2 Ms NC Thomas C. Funk named manager BE YOUR CHECKING Grain Futures the Chi- CHICAGO (AP) Futures trading on cago Board of Trade Monday.

WHEAT 5,000 Dollars per bu. PLACE. Funk, a Menasha, native, was previously a personnel associate in Groton, for Pfizer a pharmaceutical manufacturer based in New York City. He succeeds John D. Rice, promoted earlier to manager of corporate compensation.

Hesthaven returns to his hometown after nine years as a consumer products territory sales manager based in Lexington, Ken. A Open High Low Jul 3.96'a 3 94j 3.89 Sep 4.10 4.11 4.03'i Dec ..4.39 4.40VJ 4.33 Mar 63va 4.63Va 4.56'a May 4.76 4.76 4.70 Jul 4.82 4 82 a 4 75 Close 3.89 'a 4.034a 4.334a 4.58V4 4.71 4. 77 'a 'a .04 'a Hrev. sales 23.415. Prev.

day's open int 57,911, up 303. CORN 5,000 Dollars per bushel J.Sbva 3.51 3.55'a 3 66-1 3.604a 3.66V4 ..3.54 .3.62 ..3. 72 'a ..3 86 ..3 94 Sep. Dec. Mar May .10 .08 'a .08 .08 3.77 3.704a 3 89 3 83'a 3.95'J 3 99 394 3.764a 3.88 'a 3 944a 3.99 Jul I -Dili rates up again Prev.

sales 33,958. Prev day open int 109,090. OATS 5.000 Dollar, gold LONDON (AP) The U.S. dollar rose against maior currencies in early European trading today, while the British pound sterling slumped because of continued rioting in British cities. Gold prices continued to fall.

The pound tell to a new-three year low against the dollar, dropping by nearly 3 cents in early trading to 11.8572, compared with 11.8853 at the close Monday. It was the pound's lowest level against the dollar since June 29, 1978, when It reached SI. 8540. In Tokyo, where trading ends before it begins In Europe, the dollar soared to close at 231.40 yen, up 3.35 yen from Monday's finish. The dollar shot up despite intervention from the Bank of Japan.

Early dollar rates against other key currencies compared with late rates Monday included: 2.4520 West German marks, up from 2.4275,- 2.0937 Swiss francs, up from 2.0702, 2.7250 Dutch guilders, up from 2.7027; and 1,220 50 Italian lire, up from 1,209.75. In Paris, markets were closed tor a holiday. Gold opened SI0 a troy ounce lower in London and Zurich, following sharp decreases in New York. The precious metal opened in both centers at 1403.50 an ounce, down from 1413.50 at the close Monday in London and $414 50 in Zurich. Gold was little changed in later trading.

London's five main bullion houses set the mid-morning "fixing" at S403.25 an ounce. Gold closed in Hong Kong at S404.84 an ounce, tumbling by S16.36 from Monday's close. Bullion tor current delivery on the New York Commodity Exchange Inc. plunged 112 60 an ounce Monday to S405.40. Silver prices tell as well, with the metal tradino in London at S8.70 an ounce, compared with $9.02 at the finish Monday.

Silver tor current delivery closed Monday on New York's Comex at S8 75-aU37 cents. Dollars per bushel Sep. Dec. Mar ...2.10 ...2.10 2. 1 1 2.01 2 0'a 2 181 2.22-4 .01 .01 4..

I l.VI4 2 02 197 2.l0'a 2 06'a 2.I9-J 2.16'za 2.22'a 2.20a May Hrev. sales 120. Prev day's open int 5,787. SOYBEANS 5,000 bu. Dollars per bushel Jul: 7 57 7 58va 7 48 7 55V4 Aug 7 59 7 67 7 55 7 63Va Sep 7 72 7 77 7 65 7 76 Nov 7 90 7.98 7.84 7.96 Jan 8 10 8.18 8 02' 8 16j Mar 8 30 8 38 8 23 1 364a May 8 48 8 53 'a 8 41 8 53 a Jul 8.62 8 66 8.54 8.66 Prev.

sales 40,763. Prev day's open int 100,536. .0444 .09 09 .104 .11 WASHINGTON (iiP) People willing to invest at least $10,000 in six-month money market certificates will be able to get as much as 14.48 percent interest beginning today. The rate was set Monday after yields on short-term Treasury securities, which govern money market rates, rose for the second straight week to their highest levels since early June. About $4 million in six-month bills were sold at Monday's weekly auction at an average discount rate of 14.23 percent, up from 14.05 percent a week earlier and the highest level since 14.491 on June 1.

A similar amount of three-month securities were sold at an average yield of 14.558 percent, up from 14.4 percent the previous Monday and the highest rate for these bills since 14.982 percent on June 8. Solve Your SEE 'US' FOR5V4 INTEREST CHECKING Bits of business Problems Fast! Get a TRS-80 Computer Today! Wisconsin Natural Gas Co. has named Stuart A. Erbe, 4417 Westway manager of its new load and supply department. Erbe, with the utility since 1967, will be responsible for forecasting gas requirements, overall gas supply and associated regulatory affairs.

A University of Wisconsin-Madison graduate, he was with Mobil Oil Corp. for 10 years before joining the utility. Model in I 16K Desktop Computer I statement plus something extra; an amount of interest to be added to your checkbook balance. Visit your nearest Union Savings office to start earning 5'4 daily interest on your checking account balance. Write checks and earn 5U interest on your account balance with Union's Interest checking account.

It is a checking plan that lets you write checks, make deposits, plus earn 5U interest You It receive a single monthly I s) 999 Gary A. McGonegal, formerly product line coordinator for Walker Manufacturing Racine, has joined FMC Automotive Service Equipment divison, Conway, as product specialist for tire changers and alignment racks and jacks. Wisconsin Telephone Co. said it will spend akmil C744 tr raKnhililola nn4 .1 nWI A TRS-80 computer is the easy and accu Free gifts for saving $500 or more. rate way to help with tasks like analvzlna vour budaet and Investments.

Computerize your church or club mailing list and make fast work of addressing invitations and announcements. Learn computer programming. Expand anytime! chahgi irnuosr srofvs ana Loan Association iv tciuuiinaiE aiiw EAaiiU 1.4UIC lei- cilities in the Racine area and other parts of the county in a number of projects scheduled to start this summer and be completed next spring. Newport News Shipbuilding Drydock a Teraieco Inc. unit, has been awarded a $74.5 million Navy contract to work on a nuclear-powered missile-firing submarine, the Lewis and Clark.

Sears, Roebuck and Co. bought $336,439,000 worth of merchandise from 241 suppliers in Wisconsin In I960, the retailer said in a press release. The firm said It employed 5.421 persons in its Wisconsin operations and paid $15,833,000 in Wisconsin state and local taxes. SEE IT AT YOUR NEAREST RADIO SHACK COMPUTER CENTER, STORE, OR PARTICIPATING DEALER DOWNTCTWN: College Avenue at Fifth St Phone 634 7162 NORTH; 3215 Douglas Avenue Phone 639-1912 SOUTH. Durand Avenue at Orchard St Phone 554-4466 WEST 5100 Washing-on Avenue Phone 632 3939 KEMBEJ) FSUC A D'V'S'ON OF TANDY COPPOSATION PRICES MAY VARY AT INOtV'iDUAl STORES ANO DEALERS.