The Journal Times from Racine, Wisconsin • 29

Business the Journal Times, Thursday, Sept. 24, 1981 1 RaciD, Wis. hold infflattion Toysan New Pabst chief says he'll change foe aHO.6 percentl Housing costs in Au- Price Inde report, said housing costs climbed 1.0 gust, the same as in July. The continuing increase 1 WASHINGTON (AP) gust posted their smallest sain in four months, percent, less than the 1.6 percetit rise in July. But nas meant me cost oi meaicai care is rising at a the government reported today, and helped hold they still accounted for more than half of the Au- faster rate than inflation overall The department also reported: eust chance.

the nation's annual inflation rate to 10,6 percent Home financing costs increased 1.8 percent, reflecting a 1.3 percent rise in mortgage interest rates and a 0.4, percent advance in house) prices, the government August's increase in housing costs was the lowest since the 0.7 percent recorded for April. Rent shot up 1.2 percent in August, the largest While less than July's sharp advance, last month's pace, was still ahead of rates posted ear-, lier this year. August's bverall advance meant the Inflation rale stayed in double-digit territory for the second straight month, after falling below 10 percent for the four previous months. the fifth inflation, was at an annual rate of 15.1 percent increase in; more than a year. For in Julv.

straight month, fuel oil prices fell. Transportation and1 food costs also-rose at a Food prices were up 0.7 percent, slightly blow slower pace last month to hold the seasonally ad- the 0-8 percent gain of July, the department re-justed inflation rate to 0.8 percent, which would ported. But prices for foods purchased in grocery 'equal 10.6 percent if that rate persisted for 12 stpres rose 0.9 percent, the same as in straight months. The sharp advance in foed prices reflected Last month's inflation rate was up, 10.9 percent higher prices for beef, pork, poultry and fresh' PITTSBURGH AP) Pabst Brewing -Co. need not change its recipe for making It is.

"people which newly ap pointed president William Smith Jr. says he plans to york. "They've got a fine beer," Smith said in, his last full' week as president of revitalized Pittsburgh Brewing Co. He was chosen Pabst president, last week amid discord among the Milwaukee brewery's leadership and a slowdown in sales. "Hopefully I can give them a flair for what marketing Is these days," Smith said, adding that he will bring an understanding of "people chemistry" when he takes over Oct.

1 as president, and chief executive. Smith is moving to the natiqnV third largest brewery, which produces 15. times more beer and em-. ployes lb times as many persons than Pittsburgh Brewing; He faced red ink when he became president, of Pittsburgh Brewing in 1978. Pittsburgh Brewing, 12th largest of the nation's 37 remaining breweries, had been losing money for seven years when Smith arrived.

The'next year, the company earned 5 cpnts a share, and in 1980 per share earnings rose to $1.17. Pabst reported 1980 net income of $12.6 million on sales of $853 .4 million and shipped 15 million barrels of, beer. i But' it lost $1,83 million' In the fjrst quarter this year. It, reported midyear profits, but shipments for the first half were 7 million barrels compared with 7.77 million In the same six months of 1980. Improving Rabst's share of the market will not be easy, says Minneapolis financier Irwin Jacobs, who resigned last week the Board of Directors in a dispute with other directors over what he called their failure to press an offer to buy Jos.

Schlitz Brewing Co. of Milwaukee. Jacobs said Monday he could not be optimistic about Pabst unless Smith "gets rid of many of the board members and develops a new management below him." "It is going to be tough," Smith acknowledged. Smith started as a night watchman at Pittsburgh Brewing while studying business administration at Duquesne University. VI want to see where our strengths are and where our weaknesses are," Smith said.

"I want to see who the players are what's behind the market shift, why we're losing (our) share. "I am not going to be a messiah, but I am an extrovert and can talk with people," he said. fruits and vegetables'. Egg prices fell sharply to Transportation costs were up. 0.6 percent in August, better than the 0.8 percent rise of July.

Used car prices climbed, sharply for the third straight, month but automobile finance charges' 'fell substantially. Gasoline prices continued, their downward trend, but by less than in the previous four the government said. New prices and public transportation costs recorded smaller increases than in recent Apparel and upkeep costs surged 0.8 percent last month, ahead of the 0.5 percent gain of July. The bigger increase was attributed to the introduction of fall and winter wear Into stores. j- Today's' report said the unadjusted Consumer Price" Index rose to 276.5 in August, which means that goods and services costing $10 in 1967 could have cost $27.65 last VVV diesel recall DETROIT (AP) Volkswagen of America has agreed to pay repair costs to some owners of more than 400,000 VW and Audi cars which may have sustained engine damage because of oil fil-' ter leaks.

Federal Trade Commission investigators estimate the agreement could cost VW up to $800 million, or $2,000 for each damaged engine, the Detroit News reported in today's editions. from August 1980. For the first eight months of this year, it was 9.6 percent on an annualized ba somewhat offset those For the eighth straight month, medical care sis. The Labor Department, in today's Consumer costs rose, reaching a 1.3 percent increase in Au-, Cair sales aire up gain less U.S. car sales rose 9.8 percent in mid-Septem- September, continued in force through the mid-ber from year earlier levels, a gain that Tell short September period.

of expectations. On a "daily-Ate basis. General Motors U.S. automakers retailed en estimated 134.0&3, sales' rose nearly It percent, to 86,291 units from passenger cars; In the Sept. 11 to 20 period, com- 83,017.

Ford Motor sales were flat at 31,722, pared with 137,413 in the year-earlier period. compared with, 35,456 last year. There were eight selling days in the period this Chrysler sales were up 2.9 percent, to Thatvvould make the potential cbst the highest for any such program in U.S. automotive history, the newspaper said. Kramer Tealtor of the year year, compared with nine last year, so percentage from 12,044 last year.

Volkswagen of Amer- ica sales of U.S. built Rabbits fell 9.3 per changes are calculated on a daily rate basis The pace of new car sales In the period was at. a 6.2 million seasonally adjusted annual, rate, off cent, to 3,465 from 4,296. Industry totals are estimated lecause they in- elude an estimate of thesaletf of American Mo- sharply from the 7,6 million annual rate at which the industry sold cars in the first 10 days of Sep-. tors which does not sales.

AMC's 10-day sales were estimated at 1,600 tember, the Wall Street Journal reported, VW spokesman McDonald told the Detroit Free Press on Wednesday night that only a few'df the cars were likely to have, developed problems and that the FTC's $2,000 estimate might be too high. The agreement between the; automaker and the FTC concludes that' VW and models "with diesel engines sold since 1977 might experience' enginejdamaging oil leaks, McDonald said. The problem could occur if owners follow' advice in the owner's manual should not use a wrench to tighten the replacement filter. In some cases, owners did not tighten the if ilter enough, causing leaks and creating, the potential for engine damage. k.

'I VW dealers were sent revised cars, excluding four-wheel-drive Jeep hd Eagle, vehicles, down 30.8 percent from an, estimated 2,600 a year Obervers had expected sales td.be strong be cause, industrywide rebates and 'other incentives, which sharply boosted sales in August and early Duane Kramer proprietor of ERA Kramer Realty, 1800 N. Main was named Realtor of the Year Wednesday by the Radne Board of Realtors. a-licensed broker sihoe 1951, has been in the real estate business for 27 years. He was president of the realty board in 1973-. He agreed this moriiing that -times have never been tougher for the real estate Asked home many homes his agency sold last year, Kramerssaid: "Let's put it this way.

The situation has never been more difficult. However, I'm that if Reagoriomics works and inflation Fpyeign in vestors buying into U.S. food industry 'Jk trie FTC said the company failed to alert owners. AihArt-i tnr nw numi hi, th Thv McDonald said the automaker signed a consent declines, so will interest rates." Kramer, 49, sold his first home at the age of 19. WASHINGTON (AP) Millions of Americans Duane Kramer business could be better Albrecht Group-THS, West Germany.

Sales -p'6 ix The agreement any admission of wrongdoing. taled $2.8 biUion in 1979. takes etect in bo days. Japanese firm to build Harvestors tire buying food daily at supermarkets and other retail outlets owned or controlled by foreign interests, the Agriculture Department says. "Foreign investors are buying, into the Ameri-, can food system, not by purchasing vast farm acreage, but by obtaining control of certain U.S.

grocery, hotel and restaurant chains as well as food processing the department said. One expert said high interest rates are attracting foreign investment in the U.S. food industry National Tea 84 percent owned by Lob- law Companies Canada. Sales were reported at nearly $1.8 billion. The Milwaukee-based Kohl's food store chain Is a unit of B.A.T.

Industries Ltd. of London. Sales figures were not available. Kohl's has 64 food stores In Wisconsin, including 3 in the Racine area, and 13 in the Chicago area. Naaman Seigel, one of the analysts who, worked Profits iip for Kohl's parent firm Industries, London, said its net income International Harvester Chicago, said jt has signed an agreement with 'Mitsubishi Agricultural Machinery Co.

under-which the Jap anese company will build three models of compact tractors for Harvester to sell worldwide. Harvester, which makes trucks and construction and farm equipment, doesn't build a tractor smaller, than 30 horsepower, the Wall Street Journal reported. The Mitsubishi-made tractors will be '18, 21 and 24 horsepower models ana ine irena is imeiv 10 continue ror some lime. in the first half on a 21 per- on the survey, said foreign investment in U.S. ag- rclimbed 49 percent ricultural land has received the most publicity but.

cent sales gain. i A recent survey by the department's Economic Research Service showed that Howard Johnson. Stouf fers and theJnternatlonal House of Bits of business B.AXi whose U.S: holdings include the Mil is owned by foreigners. I' Pancakes are among grocery, and restaurant 'A? least 15 foreign firms own in waukee-based Kohl's supermarket chain and Kohl's department stores, said its net rose to the, equivalent of $244.2 million from $164 million In the "United States," Seigel "These parent firms are located in five European couotries, plus Canada. West Germany is the leading source of.

the year-earlier half. Sales rose to $7.88 billion chains now controlled by foreign investors. Foreign companies own 14 U.S. food store chains outright and hold a partial share- In nine others, based on the survey, which was made in April 1980. Those companies in 1979 rang up com- bined sales of about $19 billion, nearly II percent of the total U.S.

grocery sales, the report from $6.53 billion. foreign investment, with six parent firms," The others are the United Kingdom, Belgium, Netherlands and France, he said. Batus, the holding company for B.A.T.'s U.S. interests, maintained its share of the tobacco oarbering business operated at that address by John G. Marshall is moving to 1240 N.

Main effective Oct. 6. Bruce Banning, 1914 12th said he is the majority shareholder in the corporation that will operate the liquor store. Banning said he is the only shareholder in E.G.O. Investments which owns the building at 965 Milwaukee Ave.

Gerald C. Meyers, chairman "Mam firms urn to the-large U.S. Four of the grocery chains having foreign In market and showed "a sharp-increase" in retail- vestment were nationally ranked, while the re-j log market because, of restrictive regulatiorts in io Amfit said Sir Peter Macadam. B.A.T. mainder were described as regional and local their home Siegel '-says in another re-companies.

The four leaders which accounted port on the subject. for 80 percent of the $19 billion sales by all 19 "If interest rates remain U-Sj-retaUers 'Saks Fifth Avenue was outstanding," Sir were identified as: i- 'will continue to look at foreign investors as p6ssii- and Gimbels and Kohl's buinesses Great Atlantic Pacific Tea Co. had( ble, sources of funds' to" finance expansion and showed significant improvements in profitabUi-revenues of nearly $6.7 billion that year. A West store modernization," he said. i ty." Thurmond B.

Woodard has been named director of Europe, for. SC. Johnson Son 1525 Howe St. He will have offices at Johnson's Eurocentre at Harewood House in' England, the company said. Woodard previously was prod-' uct manager for furniture care products in, the company's U.S.

marketing division. He joined Johnson in -1969. Kent R. Lewis2205 Geneva has joined the Cyril A. Pick Agency, Butler, as a district representative for Aid Association for Lutherans, a fraternal insurance society," the association said in a news release.

The. Billings Pianos 'ft Organs store at 4003 Durand Ave. will move' to Westgate Malt, 4901 Washington Ave. The store will open at Westgate on Oct. 15, a spokeswoman said.

A store called Milwaukee Avenue Liquor Mart is scheduled to open about Oct. 15 at 965 Milwaukee, Ave. As previously reported, the "At the same time, many foreign retailers are German firm. Tengelmann Group; owns 45 per finding It difficult to grow in their home countries and are looking for larger markets. These conditions suggest a continuation of foreign investment in U.S.

food retailing." 1 cent of the chain. Grand Union owned wholly by Cavenham a British firm. It had sales of $3.9 billion in 1979. can Motors Thursday re-, ceived the Cross of the. Chevalier of the French Legion of Honor, France's highest award.

AMC said in a news release The. French ambassador to the U.S., Francois de Laboulaye, said the award Is for the work Meyers has done "in strengthening the fabric of Franco-American relations' by promoting closer policies between AMC and Regie Na-tionale des Usines Renault. Renault, the French state-owned automaker. B.A:T.'s United Kingdom paper, packaging and printing businesses were still being hurt by the effects of the, recession, he said. Domestic U.K.

sdles of cigarettes and tobacco exports improved but margins were depressed In Continental Eu- The good performances, plus beneficial move- merits in foreign-exchange rates, "particularly' that of sterling against the U.S. dollar," produced the "notable advance" in first-half profit. Sir Peter that the pain reliever is aspirin. The commission found the ads to be false or deceptive. Aoacin is made by American, Home Products New York City, which had no comment on today's ruKjig." WASHINGTON (Af) The Federal Trade Commission ordered today that Anacin advertisements no claim the product "contains the pain reliever most recommended by doctors" unless it also reveals FTC cracks Anacin aoT nuinc a ruitvant nw a mir T.

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business NC NC NC DETROIT (AP) Anierican Motors Corp. took the unprecedented step today- of offering rebates as high as $750 on some of its 1982 Jeep utility vehicles Just as they are being introduced to the public. While automakers have used rebates extensively in the past two years, and a variety of incentives and rebates on 1981 models expired Wednesday, the new AMC program Bpprs to be the first time rebates have been offered at the beginning of a new model year. AMC spokesman John McCartdless said this is the first time AMC had offered rebates at the beginning of a model year, adding that the move if, "an effort to counter weakwhes i the market for four heel-rive vehicle. AMC builds the" Jeep line at Toledo.

The rebates, which amount to $750 on Cherokee tnd 'agowr' models and $500 series pickupf, appiy to vehicles bought id OtSiv-. red by Nov. 25-" la 71 ir. 17 Fravl CI WarVarti I Cy.i. Pact' Sarn vrsa T.

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