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The Journal Times from Racine, Wisconsin • 19

Publication:
The Journal Timesi
Location:
Racine, Wisconsin
Issue Date:
Page:
19
Extracted Article Text (OCR)

(Bogota) FRIDAY October 16, 1987 (hclotirnalHics Section Mostl: local stocks close loweu "We think for the long term, this bull market is intact but just going through a bit a breather. Dave Radtke, Blunt Ellis Loewi. ing to sell," said Radtke. "A few sellers are enough to send the stock prices down $1.25." Modine's stock closed Thurday at $19.25 after 5,800 shares changed hands. Some 4,600 were traded in the day before Versa Tech closed at $20.75.

The Kenosha-based Snap-on Tools stock, however, rose one-eighth, or 12.5 cents a share to $38,625, in reaction to its estimated earnings for the third quarter, Radkte said. The company announced Thursday it expects third-quarter earnings per share to jump 32 percent, to 50 cents a share from 38 cents a share a year ago. Snap-on also estimated the quarter's sales would increase about 13 percent from the $166.5 million in sales from the year-ago period. Although the recent public offering of Johnson Worldwide Associates Inc. stock came a few days before the market began its dramatic fall, the stock has faired well.

Trading on the Racine-based company's stock opened last week at $15.50, but hit $18.50 earlier this week and closed Thursday down 25 cents at $17.25. "From the increase in the stock's price, you can't say the (market) environment has hurt its (Johnson Worldwide) offering," Cleary's Collopy said. Chrysler stock closed at $34, down $2, continuing a downturn from news of weak early-October car sales. Tenneco parent company of J.I. Case also saw its stock fall $2.75 to $57.50.

By Juno Harold Journal Times and Associated Press Stock prices plunged Thursday 57.61 points to 2,355.09 on the Down Jones average of 30 Industrials, dealing the market another blow after Wednesday's record-breaking drop. In the last two weeks the Dow has sunk 153.07 points. Wednesday's drop was the biggest point loss ever, and Thursday's was the fifth largest. Local company stocks closed mostly lower with the market. The market has been rocked lately by dismay over the nation's persistent trade deficit and its implications for the dollar in foreign exchange market and interest rates.

But local analysts say the fall in stock prices doesn't signal a sell spree. Hugh Denison, director of research for The Milwaukee an investment firm, said a recovery in the market will be difficult to generate if interest rates don't fall. He recommends investors remain about 65 percent invested in the market, keeping local company stocks in their portfolios. "But rates are going to go up somewhat this year before they begin to fall off in 1988," Denison said. "So, it's going to stutter-step along.

This is a jittery market." Many analysts say the 14 percent drop in the market since its peak of 2,742 in August is long overdue and may go further. "We may get a 15 percent correction," said John Collopy of Cleary Gull Reiland McDevitt Collopy, a Milwaukee-based investment firm. "That wouldn't be so terrible." "We think for the long term, this bull market is intact but just going through a bit of a breather," said Dave Radtke, vice president and branch manager for the Racine office of the Milwaukee-based Blunt Ellis Loewi. "The decline (in the market) is healthy because it's long overdue." A Blunt Ellis Loewi consultant says Thursday's drop in the Dow signals a market bottom. "We're very close to a near-term bottom," said Lynn Elgert of the Nebraska-based Marke-tarian Inc.

"And the market may turn up for a rally." Modine Manufacturing Co. and Versa Technologies Inc. led area stocks with the largest dollar decline of $1.25 each from Wednesday's closing price, but trading on the two companies' stock was thin. "For both companies, there weren't too many people looking to buy, but there were a few look Owner closes plant in protest to OS HA L.m,.1, "tljmy 1 I 30 Year- 15 Year 'Chuck D'Acquisto, Journal Times In the past, he said, the company mainly has been cited for not having safety guards on machines. The company also has had ungrounded soft drink machines.

On the latest occasion, the company refused to allow an OSHA inspector into the building while the employees were present. "That's a discrimination against the employees, and we also will investigate that," Lischefski said. The fines, Collins said, are unfair and raise costs for consumers. STURGEON BAY (AP) The owner of Manufacturing Co. has closed his plant and laid off his 45 employees to protest the inspection procedures of the Occupational Safety and Health Administration.

John Collins said OSHA inspectors arrive unannounced, conduct inspections and assess fines at his plant without giving him a chance to correct deficiencies. Melvin Lischefski, Appleton, area director for OSHA, said the last inspection was in response to a complaint of an employee. Last Total Week Points 10.700 3 000 A deli-cate job Frank Wyskochil, left, and Mark Wyskochil, of 5820 Highway are giving a facelift to the former Jettys Deli building, 309 4th near the river. The building will house bathrooms for boaters who rent from Pugh Marina. Kurten to expand on Curative property This Week 11.400 11.375 11.950 11.500 11.700 11.500 11.750 12.000 12.000 11.750 11.500 11.625 10.875 11.750 11.750 11.550 11.500 11.500 11.750 11.750 11.750 11.000 11.500 11.500 11.375 Total Points 3.000 2.000 1.000 1.500 2.750 3.000 2.000 2.000 1.000 2.000 3.000 2.500 3.500 2.000 2.250 2.700 2 500 2.500 2.000 0.750 2.000 4.250 3.250 3.000 2.000 This Week 10.800 11.000 11.500 11.250 11.400 11.100 11.125 11.750 11.625 11.375 11.250 11.500 10.500 11.375 11.500 11.200 11.000 11.250 11.000 11.500 11.500 10.500 11.000 10.750 11.000 Last Week 11.100 11.375 11.500 11.000 11.350 11.250 11.125 11.500 11.500 11.500 11.250 11.125 10.875 11.375 11.375 11.350 11000 11.250 11.500 11.500 11550 10.750 11.500 11.500 11.000 Fixed Rates First Financial Savings First Interstate Bank First Wis.

R.E. Services Affiliated Mortgage Bank of Elm wood Carnahan Mortgage Fleet Mortgage Gateway Mortgage Guaranty Mtg. Corp. Heritage Kenosha Savings Knutson Mortgage Lyons Mortgage Corp. Bank of Racine Marine Bank South Mutual Margaretten Co.

North Shore Savings Pioneer Savings Prime Mortgage Republic Savings Sears Mortgage Security Savings Sunnyside Financial Universal Mortgage 2.000 1.500 1.750 2.250 3.000 2 000 2.000 1.000 2.000 2.000 1.250 2.750 2.250 1.750 2.250 3.000 2.000 2.000 0.750. 2.000 4.000 3.500 3.000 2.000 11.000 11.125 11.000 11.000 10.800 10.500 11.100 11.250 11.000 11.000 11.000 10.500 11.000 11.000 11.000 10.750 11.000 11.000 11.126 11.000 10.600 10.500 10.750 10.500 the project since bids have not been awarded. Lyle E. Zielke, executive director of the Curative Workshop, said the Curative Workshop is expecting to spend about $90,000 for its part of the renovations. Thaf immliroc roHonnnt inn Uc f'trct f)ntv mil Rates, effective Oct.

14 and for first mortgages only, are compiled by Racine Title Services, a division of Kenosha Title Service Inc. tion and "building-lease program will provide the largest and most complete outpatient medical and therapy service in Racine County." Olson said the clinic is accepting bids on the project and hopes to begin construction in November. The project should be completed by mid-summer, he said. Asked if this would affect talks between Kurten and the Racine Medical Clinic to merge. Olson responded that those talks remain "on hold." But, he said, he does not feel Kurten's expansion plans will adversely affect discussions between the two clinics because the extra space would be needed even if they merged.

Kurten plans to connect its two-story building to the Curative Workshop with a double-story, structure constructed on the driveway area between the two groups. Half of that property is owned by the clinic; the rest by Curative Workshop. Olson said plans are to wrap all the structures with the same kind of brick so that from the outside, the separate buildings will look like a single medical complex. Kurten intends to use the additional space for physicians' offices, examination rooms, lounges and administrative offices. That last will be housed on the second floor of the Curative Workshop, Olson said.

Olson declined to give an estimated cost for By Geeta Sharma-Jensen Journal Times The Kurten Medical Group is planning a multi-million dollar construction and renovation project that will give the clinic about 25,840 square feet of additional space much of it on property owned by the Curative Workshop of Racine. The clinic has an agreement with the adjacent Curative Workshop to construct a two-story building on land leased from Curative Workshop, build another floor on the single-story Curative Workshop building and renovate the Curative Workshop's basement to allow Kurten to expand, according to administrators of the two groups. The deal also calls for the Curative Workshop to renovate its first floor and to gut its basement, said William H. Olson, administrator of the clinic at 2405 Northwestern Ave. "We're very tight for space now, and we're expanding with the idea of adding m6re physicians," he said.

"Basically, what we're doing is leasing land and building space." The Curative Workshop at 2335 Northwestern next door to the clinic provides physical, speech and occupational therapy services. Dr. James Gierahn, president of the Kurten Medical Group, said Thursday this new associa ting the basement, expanding a parking lot and rearranging a loading dock. "We feel it's a positive step and we will be able to offer continued services and expanded services," Zielke said. "Hopefully, we'll be able to develop areas in biofeedback and pain control, areas we need physicians for In this day and age, when you have changing medical areas, you have to develop some sort of marketing and partnership relationships that enable you to offer expanded Olson said the project involves: Construction of a 12.240-square-foot structure between the clinic and Curative Workshop.

A addition for the clinic on top of the first floor of the Curative Workshop. Renovation of about 6.000 square feet each on the first floor and basement of the Curative Workshop. Olson said a second phase of the expansion project involves renovation of about 7,000 square feet of the existing Kurten building. This will be undertaken after the other phases are completed, he said. Cudahy could lose federal aid WASHINGTON (AP) Patrick Cudahy Inc.

might lose federal tax credits for hiring replacement workers under legislation supported by two Wisconsin congressmen. About 800 employees at the meatpacking plant went on strike in early January, and the company has hired replacement workers. The wages of at least 120 of the replacement workers are being subsidized by a federal Targeted Jobs Tax Credits program, designed to help economically disadvantaged people find work. But Rep. Jim Moody, said he expects the House Ways and Means Committee to approve a bill today that would block the tax credits to Patrick Cudahy.

Moody said the bill has support from the committee's Democrats. CurtW 1.40 6011 Cyclpl 39' 1 84121 331-1' 111 I7t 1 DCNY 4 101 DPI. 208 261- 27 811-2'i 141 7'j 14 'j 354, 63 II 264- 14' 1 12 1 9fJ-l 18'4 45 S-t 154. 6S' 1' t-l 20', 331-1 1 281-1 18 'a i 351 11 131- 'a 11-1 23't 1 I5'a- 'a 2214- 'a 171 611-21 HuttEF 88 Hydral si 44 1-1. IBP IC Ind 88 ICM 1 ate ICN IE Ind 1 96 INAIn 168 IPTim nl 72e IRT 132 ITTCp 1 ITT ptK 4 Grumn 1 Grum ptl 80 Gullrd 80 GllWtt 1 20 GultRs GllStUt prN GSU prM GSJ plk H-l HQ HII hRE I 90 HallFB Halbtn I Hslwod 1 12 Manfb 40 HanJS 1 47a Hanjl 1 S4a Hendlm .64 HandH 66 Hanna .40 Hanna p'2 13 Hantrd 56 Hansn 15i 9't- 1 31-1'l 501-31 70'-2a -1 -14 Gemll Gemll I I 73e GnCorp I 50 GAInv 2 51e GCinm 60 GnData GenDev GnDyn 1 GenEl 1 32 GnEngy 60 GnHme GnHost .24 GnHous .24 Gnlnst 25 GnMills 160 GMot 5e GMot 75 GMot pt 5 GM 57 GM .72 GNC 16 GPU 4Se GenRe 1 GnRetr GnSignl 1 10 GTFI pt 1 25 Gensco GnRad GenuP 92 GaPac I GaPwr pf2 50 ITT ptO ITT ptN 2 25 IU Int 60 IdahoP 1 80 I9'a 1 351- 4.

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