The Journal Times from Racine, Wisconsin • 10

the Journal Times THURSDAY Tup ZPZ 599 Unchanged i. 495 i Down I 883 Emmie Sept. 20, 1990 10A roup gets whirlwind touir Visitor center managers see Racine County 61 hear a lot of good things about Racine. Norma Thiede, La Crosse Visitor Center. 'i ft'l I 9 breakfast at the Lochnalar Inn, 1121 Lake Ave.

"I hear a lot of good things about Racine," I said Norma Thiede, who manages the La Crosse visitor center. She said she regularly orders Racine kringlc by mail but hasn't visited the city in several years. Robin Glindinning, manager of the center at; Superior, said the picture of the Wind Point light-, house gracing the cover of this year's Racine itor information book, attracts a lot of attention from lighthouse buffs. Wednesday's tour included stops at the C. Johnson Son Inc.

headquarters complex, the Racine Zoo, and Burlington. The tourism group's visit ended with lunch at Berrylea Apple Farm. By Paul J. Holley Business Editor State visitor center managers got a firsthand look at Racine County Wednesday morning. A nine-member group took a whirlwind tour arranged by the Racine County Convention and Visitors Bureau.

Carlin Smittle, bureau president, said the trip may encourage some visitor center staffers to recommend Racine to travelers. Wisconsin has seven visitor centers at its borders and one each in Madison and Chicago. The centers are visited by 380,000 "units" annually. Faith Svensson, Division of Tourism Development information services coordinator, said a "unit" is defined as a vehicle containing 3.2 people. Seven of the nine visitor center directors and two Division of Tourism Development staff members made the Racine trip following a Tuesday meeting in Madison.

They were treated to dinner at Valentyne's restaurant, 1675 Douglas on Tuesday; Wednesday started with In -r inr ii ii Richard tT Savage Earl E. Richter EC mart odee construction) to succeed Richter retiring Dec. 31 New K-mart to be located at the northwest end of the Greentree Centre, 4 Mile and Douglas, opposite existing Kohl's Food Emporium. ich ooine says he'll retire stores, and mart was the one which acted on the promising site. He said his own knowledge of the area showed there was a strong demand for a store like mart on Racine's north side, and market studies done by the store apparently swayed them to take the Caledonia site.

MSI also is chipping away at construction of 10,000 square feet of retail space that could house six or seven shops, Metz said. No leases had been signed for that space, he said. The retail shops will be midway between Kohl's Food Emporium and mart, with the second anchor taking up the north section of the site. talk about mart's plans in Caledonia. Metz said mart signed a 25-year lease with MSI to operate at the new mall.

He said MSI was pleased to gain mart as a second anchor store. Kohl's Food Emporium was the first major store to open on the site this spring. mart would round out the center, Metz said, and would be a boon to Racine's north side, which has long been void of shopping developments that took over the southwest corner of the city, Metz said MSI had been working with several discount department By Laura J. Merisalo Journal Times GreenTree Centre at 4 Mile and Douglas Avenue in Caledonia will be home to a mart next year. MSI General Corp.

recently began construction of a nearly building for the Troy, chain, said Jeffrey Metz, who is involved with MSI sales and development. Metz said the building would be ready in March. A mart spokeswoman familiar with the project could not be reached, and mart officials said she was the only person who could BMie Rd. A SMjlejU. 4 MleRd.

3MHeRd. ff Horllck Jf A If late March 31. Modine produces heat-transfer products for vehicle, industrial and building markets. Savage, 51, also has an accounting background. He joined Modine in 1970 as an assistant operations manager.

He later served as controller of the automotive and industrial division, manager of the Emporia, plant and operations manager. He left Modine in 1979 to become vice president of manufacturing at Blackstone Corp. Savage returned to Modine in 1981 as general manager of the original equipment division and was promoted to group vice president, original equipment, in 1983. He became president and chief operating officer in February 1989. Modine, 1500 DeKoven employs 557 people at its headquarters, sample shops, research and development department and tool room.

The company has about 4,300 employees worldwide. Earl E. Richter, chairman and chief executive officer of Modine Manufacturing announced Wednesday he will retire as a company employee at the end of the year. Richter, who turns 67 on Oct. 16, will continue as chairman and a board member after his retirement.

He will be succeeded as chief executive officer by Richard T. Savage, the company's president and chief operating officer. Richter joined Modine in 1948 as an accountant. He held several management positions before becoming vice president of manufacturing in 1959 and vice president and general manager of the automotive and industrial division in 1963. Richter became Mod-ine's president and chief executive officer in 1974 and was elected chairman in February 1989.

During Richter's tenure as CEO, Modine annual sales more than doubled to the record $436.3 million in the fiscal year which ended Business Today FCC sets 'price cap' for phone companies Dow Jones drops 13.86 NEW YORK (AP) The stock market turned downward Wednesday as hopes waned for any impending moves by the Federal Reserve to stimulate the economy. The Dow Jones average of 30 industrials, which had eged up 7.18 points over the week's first two sessions, dropped 13.86 to 2,557.43. Volume on the floor of the Big Board came to 147.53 million shares, against 141.13 million in the previous session. Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 176.38 million shares. The market staged a mild rally in late trading Tuesday amid conjecture that the Federal Reserve might be ready to relax its credit policy by seeking to foster a decline in interest rates.

But such hopes seemed to get no support from comments Wednesday morning by Alan Greenspan, the Fed's chairman, before a congressional committee. (Story on Page 1.) Financial-services stocks suffered many of the day's most notable losses, depressed by a variety of influences. American General fell to on word that the company was weighing restructuring plans as a possible alternative to finding a buyer. MBIA tumbled 3:1 to 28' reflecting worries about municipal-bond insurers as a result of financial problems facing Philadelphia. Bennett Bidwell, chairman of the Chrysler Motors subsidiary, suggested Wednesday that Chrysler couldn't afford the health-care provisions of the contract.

Robert Lutz, the subsidiary's president, said the income-protection clauses of the GM contract looked costly. Pan Am cutting jobs NEW YORK (AP) Troubled Pan Am Corp. will cut 2,500 jobs and some routes, while replacing five large airplanes on trans-Atlantic flights With smaller planes in a bid to emerge as a leaner, stronger airline. Pan Am hopes to save tens of millions of dollars, but the corporate parent of Pan American World Airways refused to provide a more precise estimate after meeting Wednesday with airline analysts. Olympics to help Atlanta ATLANTA (AP) The economy may be sliding into a recession and Atlanta's mid-1980s boom may be over, but economists say the 1996 Olympic Games will give the area an economic shot in the arm that could last into the 21st century.

The Olympics will have a $3.5 billion financial impact on metro Atlanta, including $1.2 billion in direct spending by the Atlanta Organizing Committee, said University of Georgia economist Jeffrey M. Humphreys. Brothel shuts down MUSTANG, Nev. (AP) The Mustang Ranch, Nevada's oldest and most infamous legal brothel, shut down after filing for bankruptcy liquidation. A trustee says the U.S.

government will try to operate the business until it can be sold. A lawyer for owner Joe Conforte said Wednesday that Internal Revenue Service harassment killed a $5 million deal to sell the bordello more than 100 bedrooms on a 440-acre ranch and forced it into liquidation in Federal Bankruptcy Court. Officials said Conforte owes $13 million in federal taxes. Conforte says it's no more than $7 million. Layoffs at Twin Disc Twin Disc Inc.

will lay off 18 or 19 production workers next week because of slow sales. "Things are soft. We're not seeing any pick-up in marine (transmission) orders," said James Parrish, Twin Disc's vice president-finance and treasurer. Parrish said it was decided to reduce the local labor force effective Oct. 1 because the company sees no solid orders coming into the winter months.

Twin Disc, which also makes power transmissions, clutches and other products for construction, military and industrial equipment, experienced a sharp sales and earnings downturn in the fiscal year which ended June 30. Company officials had anticipated a soft first quarter for fiscal 1991 with improvements through the rest of the year. The first fiscal quarter ends next week. Twin Disc employs about 940 people at its Racine headquarters and two factories. Magazine misidentified NEW YORK AP) The Associated Press on Tuesday misidentified the magazine that released a roster of top employers for working mothers.

The name of the publication is Working Mother. Housing starts decline WASHINGTON (AP) Housing starts fell 1.7 percent in August to the lowest level since the last recession eight years ago. "Although we're not technically at a recessionary level, I would describe the industry as in a recession," Martin Regalia, an economist with the National Association of Savings Institutions, said after the government released its report Wednesday. Chrysler to say no? HIGHLAND PARK, Mich. AP) Chrysler Corp.

dropped some of the bluntest hints yet that it won't accept a model contract that the autoworkers union negotiated with larger rival General Motors Corp. WASHINGTON (AP) The Federal Communications Commission on Wednesday adopted new "price cap" regulations for the eight largest local phone companies that the FCC said should save long-distance callers billions of dollars over the next four years. The rules, which go into effect Jan. 1, 1991, will reduce the rates the local phone companies charge for interstate services, such as charges for connecting long-distance companies with the local phone network. Lower charges to the long-distance companies will mean reduced charges for long-distance customers, the FCC said.

The commission last year adopted price caps for the nation's largest long-distance provider, American Telephone Telegraph thus ending two decades in which profits, not prices, were controlled under "rate of return" regulation The commission argued then, as now, that regulating the prices phone companies charge, rather than their profits, will give the companies an incentive to lower their own costs or increase customer demand and thereby increase their profits beyond what they could earn under rate of return. Complicated formulas that allow the companies to raise prices at the rate of inflation, minus a "productivity factor" offset that compensates for lower costs of producing phone service, are designed to assure that there are real price reductions. The local companies also will be required to share with customers any profits beyond a specified upper limit. If the company gets too profitable, it would have to return all its profits to customers. NEW YORK 1AP AMome 4) ti Moore Amrtrh 1 16 14'i-t 214 B't- 1 75 33 8't AlrttOr 44 Stock Last Chg A A AOIf 9St Curlnc I 10a CurlW I Cycare Cytlpln Cypiem Cyprus 80 CypM 7S D-D FlOear 136 FostWh 50 France FrkMI nl 07 FrkPr 87 FrkRs 40 FrkUnv 1 12 RoyTl05e FM OilColO FMCC si 10 MCN MDC MDU ME I MCR MIN MMT MFM MFT MGF 8rat 53' at I 01 AAR ACM ACMIn 71 74 7.

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