The Journal Times from Racine, Wisconsin • 4

E. lUB gecKnew 802 Unchanged? 643 4A 56 New lows 29 the Journal Times TUESDAY August 2, 1994 pago edfcr Rot Luehr Total tssutsr 2353 lornpodttToloiDt: 300,932,60 BUSINESS -Canada wheat agreement averts possible trade war WASHTWJTftV fAPi ITS on8 However, sources familiar with the negotiations said the accord would impose heavy tariffs on Canadian wheat shipments above 1.5 million metric tons. In the last 12 months, Canada shipped nearly 2.5 million metric tons of wheat into the United States. American farmers charged that unfair Canadian government subsidies had allowed farmers in that Country to rob U.S. farmers of millions of dollars in sales.

The dispute centered on durum, wheat, grown primarily in Montana and. North Dakota, that is used for making pasta. ton on wheat shipments' above 450,000 tons for durum wheat and 1.05 million metric tons for other wheat for a total of 1.5 million metric tons. high tariff would translate into an additional charge of $1.36 per bushel on durum wheat which in July was selling for $4.40 per bushel representing a 31 percent increase. Kantor, however, said the new import restraints were not expected to result in a substantial Jump in food prices for U.S.

consumers. He contended Canadian shipments still represent only a small portion of Pasta producers had urged the White House to refrain from imposing restrictions on Canadian wheat shipments, saying the high tariffs would raise prices to U.S. consumers. They argued the 64 percent jump in wheat shipments from Canada over the past year was a temporary phenomenon related to flooding in the United States. The sources familiar with details of the agreement, who spoke on condition of anonymity, said that for a year, the United States would be able to impose a tariff of $50 per the total durum wheat market in the United States.

In addition to the one-year import limit agreement, negotiators agreed to set up a blue-ribbon commission Si non-government experts from both countries to study the contentious issue and make recommendations. Farm state lawmakers, who had pressed for limits on Canadian wheat, generally supported the deal. "It's not everything I would like to see, but it nonetheless is the first step that will essentially stop the shipments above a certain level," said Sen. Byron Dorgan, "It will bring the speeding train to 'halt." Sen. Max Baucus, chairman of the Senate Finance subcommittee that handles trade matters, said that while he would have preferred tighter limits on Canadian imports he believed the deal was a good beginning.

"The agreement will cut wheat imports from Canada sharply from current levels. It should restore stability to wheat markets and allow Montana farmers to make a living," be said in a statement Canadian negotiators reached agreement Monday on a proposal to limit Canadian wheat shipments in a dispute that had threatened to spark a full-fledged trade war. The deal, which' would be in effect for one year, would result in a "substantial reduction" in -Canadian wneat shipments to the United States, U.S. Trade Representative Mickey Kantor said in a statement. Kantor refused to release specific figures until the agreement was reviewed today by the Cabinet of Canadian Prime Minister Jean Chretien.

Firstar acquires First Colonial i -7: Africa trade workshop coming to Milwaukee Top business executives' fronT15 "African countries" will meet with U.S. business and government leaders in Milwaukee next month at a workshop 'designed to increase-trade and business between the two countries. Racine Alderman and state Senator Robert L. Turner will preside over the opening ceremonies at the International Workshop on Trade and Business with Africa, Sept. 9 anf 10 at the Hyatt Regency in Milwaukee.

But the list of speakers goes far beyond those who call Racine home. U.S. Secretary of Commerce Ron Brown, Foreign Affairs Secretary for the African National Congress Thabo Mbeki and Deputy Minister of Trade and Industry for the Republic of Zimbabwe S.K. Moyo will be among the speakers. The workshop is sponsored by International Business and Commerce Inc.

and Marquette University. Registration is $325 and includes all breakfasts, evening, receptions and banquets, luncheons, coffee breaks and materials. i For more information, call Chidi Nwachukwu, executive director of IBC at 961-4923. MILWAUKEE (AP) Firstar the largest bank holding company headquartered in Wisconsin, will acquire First Colonial Bankshares Corp. in a $314 million deal, the companies announced.

Firstar envisions profitable growth at First Colonial, which has a large banking presence in the Chicago area, by expnding trust fund, stock brokerage, mutual fund, mortgage banking and insurance sales services, said Jon Stowe, Firstar executive vice president of mergers and acquisitions. The deal H11 allow Firstar to combine the Chicago area operations of the two companies into a single bank with 45 offices and $2.8 billion in assets in northeastern Illinois. Firstar currently operates four banks and 15 offices in DuPage, Cook, Lake, Kane and Will counties. First Colonial hasl? banks and 30 offices in Cook, DuPage, Lake and McHenry counties. "This transaction allows Firstar to almost triple the size of its Chicago area franchise," said Firstar Chairman Roger L.

Fitzsimonds. The consolidation of banking operations would produce savings of $24-million annually, or 22 percent of First Colonial's ing expenses, Fitzsimonds said. Firstar has been increasing its presence in the Chicago market since 1987, Stowe said. The Chicago market is important because of its size about 7.5 million people and its growth, especially on its north and northwest sides, Stowe said. "A corridor is developing toward Wisconsin," Stowe said.

"Firstar is now strong in Milwaukee, Madison and Chicago, and we're Ming in the markets in between." The agreement announced Sunday calls for Firstar to exchange .7725 of a share of its stock for each share of Class A and Class common stock of First Colonial. The merger is expected to be completed in the first quarter of 1995, subject to approval by shareholders and regulators. The transaction would have no effect on employment in Wisconsin, Stowe said. Key economic barometer rises to 6-year high Johnson Hill Press bought FORT ATKINSON (AP) A New York publishing firm said Monday it has acquired Johnson Hill Press, publisher of business-to-business and other trade publications. The 160-employee company will remain in Fort Atkinson and operate as a subsidiary of PTN Publishing of Melville, N.Y., "said Stanley Sills, PTN's chief executive.

Terms of the sale weren't disclosed. The combined company will have annual sales of about $70 million and will be one of the largest privately-held trade magazine publishers in the country, Sills said. Johnson Hill's annual sales are between $20 million and $30 million. Among Johnson Hill's clients are Caterpillar, Case Peterbilt and Sherwin-Williams Co. WASHINGTON (AP) A key barometer of manufacturing activity edged up to its highest level in six years, but other economic indicators including income growth, consumer spending and construction outlays were weaker than expected.

1 The National Association of Purchasing Managers said Monday its industrial index hit 57.8 in July, the highest since July 1988. Still, analysts noted the increase, based on a nationwide survey of 300 industrial 0 companies, was only marginally changed from 57.5 in June. The Commerce Department reported Monday that personal income growth slowed to 0.1 percent in June, although it was the fifth straight advance including a 0.4 percent increase in May. Many' analysts had predicted a 0.2 percent gain. In another report, the department said construction spending inched up 0.2 percent, held in check by the first decline in single-family outlays in 14 months.

The consensus forecast had suggested a 0.5 percent increase. Personal income rose to a seasonally adjusted annual rate of $5,664 trillion in June from $5,659 trillion. Disposable income income after taxes rose 0.1 percent in June after a 1 percent increase in May. Associated Press A Bib for adults SSlhis Spaghetti Smock. Torsella's invention is a cloth bib that covers the front of a person's chest from neck and shoulders down to the waist.

BUSINESS TALK A stroll down the block Best Buv will be property was located in Mount Pleasant until it was annexed by Racine in 1989, Meyer said. The bigger store will include a compact disc selection with 60,000 titles three times bigger than the current selection. A fun and games area will give shoppers a chance to try new video games before they purchase them. A car will be a permanent fixture in the store, giving car stereo buyers a chance to hear the real thing before they invest in a sound system, Bauersaid. The store is expected to open around Thanksgiving, she said.

Mall gets new Jewel Rogers Hollands will open its 42nd jewelry store in Regency Mall next week. The Chicago-based jeweler will have a grand opening Sept. 15-18. New life for old fixtures If you have a heavy, old bureau that needs repair but you're not thrilled about toting it away, Earl Neibaur might have the answer. owns the Furniture Medic, a franchise operation that is building a reputation by repairing damaged furniture in a customer home or business.

Furniture Medic uses a water-based product to give furniture a new finish and also repairs scratches, dents and other damage. i 1 Neibaur can be contacted at 633-4009. Young develops new coolers Young Radiator 2825 4 Mile Road, has a new line of Hi-Fin oil coolers designed for more effective and economical heat transfer for hydraulic, lube, transmission, compressor and other cooling applications. The finned tube bundle heat exchangers are available in one- and two-pass configurations in a variety of sizes and are used in heavy industrial and off-highway equipment. In the Design North 8007 Douglas is one of 20 firms recognized as leaders in the graphic arts field in a book called "Dynamic Computer Design," published by North Light Books of Cincinnati.

1 Design North's work on packaging for Jones Dairy, Farm's "Jiffies" won the firm the distinction. Design North is a 33-year-old firm known for its corporate and brand identity, packaging and marketing work. It represents clients such as Wisconsin Electric Power General Mills and Modine Manufacturing Inc. Kenosha store gets new name A Kenosha retail store operated by Airco Gases has a new name BOC Gases. The store at 5703 77th offers a line of gases and gear, including welding machines and accessories, power tools, hand tools and safety equipment.

During the next 18 months, BOC Gases will appear on all of the company's 300 U.S. plants and stores, 1,200 trucks and 260 railcars. The name change is part of an effort by the BOC Group to bring all of its industrial gases businesses together under one name and to strengthen its global identification. BOC employs 4,000 people in the United States and 27,000 in 60 countries Joining the newlywed game Target Stores have leaped into the wedding game with Club Wedd, a computerized bridal registry for couples planning to marry. The gift registry will be available at the Racine store, 5300 Durand by the end of the year.

Money to fill In the gaps The state Department of Transportation has granted $80,000 to John H. Batten Field to repair cracks and to repave areas of the private airport. Racine Commercial Airport Corp. will be contributing another $20,000 to the project. moving a couple of blocks south this fall into an-.

estimated $1.25 million building twice as big and with an added 40 jobs to the workforce, a company spokeswoman said Monday. Nationwide, the electronics chain based in Eden Prairie, is building 50 new stores and remodeling 25 others. It has 11 locations in including Racine. The store, which opened in September 1987, is in Regency Point at 2308 S. Green Bay Road.

There isn't enough room to expand there, said Laurie Bauer, company spokeswoman. So, Best Buy is in the process of moving south to 2630 S. Green Bay Road in Mount Pleasant, where Bailey's Garden Center sits vacant. The garden store will be razed and the electronics company will build its new home, Bauer said. Bailey's opened in late 1992, only to close about a year later when the Illinois owner suffered a severe heart attack, said Mount Pleasant Development Coordinator Ron Meyer.

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