Daily Republican-Register from Mount Carmel, Illinois • 14

Thursday, May 1 1, 2000 Daily Republican Register, Mt. Carmel, IL Page 14 Money funds brought many individuals into investing IE (USD MESS FINANCIAL FOCUS Gibson Station announces transfer JONES CO. When Jim Benham established the first money market mutual fund for individuals in 1972, little did he know that his invention would be one of the most potent forces in bringing millions of ordinary Americans into the stock market and helping to fuel the longest bull market ever. Money market funds pool individuals' investments and invest them in short-term money market instruments such as commercial paper, bankers' acceptances, government securities, certificates of deposit and other highly liquid and stable securities. These funds pay interest rates that vary depending on rates in the money market.

In the early 1970s, the onset of double-digit inflation, combined with regulations limiting how i i I jf John Burke has recently transferred to the Energy Commodities Business Unit Project Control Group. He began his employment with CinergyPSI at Gibson Station working in the Coal Yard in 1978. John spent the next 20 years of his career working in the Operations Department. In 1998, John transferred to the Long Term Planning group where his extensive power plant operations experience made him very valuable in Outage coordination and planning. That experience provided John with many of the skills necessary to be successful in his new position.

John will be headquartered at Gibson Station. He and his family make their home in the rural Snap-on announces record first quarter results BY EDWARD much banks could pay deposi-. tors, meant money in the bank was rapidly losing purchasing power. Alternatives were few: Treasury bills paid as much as 16 percent, but you needed $10,000 to buy one. The average bank deposit at that time was less than $3,000.

Going straight from bank deposits into the stock market was unheard of. Benham felt that money market funds would give people who had never had their money anywhere other than a bank an almost risk-free entry into Bahco Group AB (formerly Sandvik Saws and Tools) acquired on Sept. 30, 1999. Excluding Bahco and the effects of currency translations, organic growth was 5 in the quarter. "We are pleased to begin the new year with solid sales and strong earnings from operations," said Robert A.

Cornog, Snap-on chairman, president and chief exective officer. "With Project Simplify largely behind us, our focus is squarely on global business results. This is demonstrated in the significant increased in operating income before net finance income." Operating profit increased 39.6 in the quarter. The results were driven primarily by increased net sales, higher productivity and the savings from Project Simplify actions. Operat rates began to fall.

But instead of heading back to banks, many of these new investors began looking at conservative investments, such as mutual funds that invested in government bonds. Investors gradually became more savvy and began searching out other funds that met their needs, eventually adding individual stocks to their portfolios-Today, there are more than a thousand money market funds, with assets of more than $1 trillion. Nearly 8,000 mutual funds exist, with assets of more than $5 trillion, and individual investors have more than $5.5 trillion invested in individual stocks. What began as a small idea opened the door to a myriad of opportunities, enabling individual investors to achieve the dream of financial security quarter of 2000 compared with the first quarter of 1999. The addition of Bahco and incremental sales to new-car dealerships, under management facilitation agreements with manufacturers, contributed to the increase.

The increases were partially offset by negative cur- rency effects on European equipment sales and lower Industrial sales to the depressed aerospace sector. Bahco contributed to results as expected. Organic sales grew 9, excluding the impact of currency translations and the contribution of Bahco. Finance income declined, as anticipated, due to difficult comparisons with ,1999, which included gains from receivables sold in connection with the for- mation of the financial services joint venture. Office Cle UNITED BUILDING SERVICES Janitorial Contractors The Office Cleaning Professionals" aning Owensvillearea.

John Burke Snap-on announces appointment KENOSHA, Wis. Snap-on Inc. (NYSE: SNA), a global leader in tools, diagnostics and equipment, announced that Anders Agren will succeed Goran Gezelius as president of the Bahco Group AB (formerly Sandvik Saws and Tools). Gezelius, who will be leaving July 1 to pursue other business interests, will assist during the transition period. "Anders brings to the position exceptional leadership skills and knowledge of the industry," said Robert A.

Cornog, Snap-on chari-man, president and chief executive officer. "We are confident that Anders and the strong Bahco management team will execute Bahco's ambitious business plan for 2000 and beyond. The performance of the Bahco Group to date reflects their commitment to doing so." Agren was named executive vice president of Sandvik Saws and Tools in 1994 and continued in that capacity subsequent to the acquisition of the Saws and Tools group by Snap-on in September of 1999. Prior to 1994, Agren was vice president distribution and logistics. He joined Sandvik Saws and Tools in 1985 after serving 16 years at Sandvik Stell in various functions at different Sandvik business areas in Sweden and around the world.

"Agren holds a bachelor's degree in engineering. Many Americans haven't saved enough for retirement, study finds Business Professional DIRECTORY mm investing. They allowed small investors to earn yields that more or less followed inflation. Individuals at first moved carefully; eventually, they began pouring money into money funds, which ended up being good for the country as a whole. It contributed to the lifting of restrictions on how much interest banks could pay and also encouraged capital formation.

In turn, U.S. industry became more efficient, and living standards improved. Eventually, however, interest ing expenses as a percent of sales declined to 36.2 in the quarter compared with 40.3 in the first quarter of 1999. "Project Simplify is delivering the expected results in savings and in improved performance," Cornog said. Growth in Global Transportation, the worldwide dealer van channel, was driven primarily by continued strong dealer sales in North America, up 6 excluding emissions testing equipment sales.

On a worldwide basis, reported sales grew 3 in the first quarter of 2000 over the comparable period in 1999 after giving affect to emissions testing equipment sales. Global Operations, the company's non-dealer tool and equipment products business, had a 44 sales increase for the first ResldentialCommerca Interior Designs that reflect your personality ana Duaget NANCY L. HALL 263-3486 (5 Farm and Home RURAL KING Your Big Store Rt. 15 West Mt. Carmel 262-7134 Glass Services GLASS UNLIMITED "Wabash County's Auto Glass Pros" 630 Market Street ML Carmel Phone 618-262-8800 SvV or 1-888-601-8833 Guttering LINSON'S SEAMLESS GUTTERING Jeff Linson, Owner i 930 Plum Street ML Carmel, IL SV (618)262-5088 Homa Care Systems FILTER QUEEN SALES, SERVICE SUPPUES Only Factory Authorized in area.

Aleo vec systems. Phone (618) 48-2874, ask about new enviropure (Dealers Needed) ENERGY AWARENESS Therapeutic Ussssge By Acpoirwnsnt Onry 2-46S SUes tnd Ftotx, 901 Wmt Mntn SI Chris KrmipfOsmm OrtkrUiiHginnatCMMittilwds tt 262-7585 By Marcy Gordon AP Business Writer WASHINGTON (AP) More than half of U.S. households have saved less than they should for a comfortable retirement, and -59 percent of Americans expect their standard of living in old age to be lower than it is now, according to studies released today by a consumer group. An analysis based on Federal Reserve data found that 56 percent of households are lagging in saving for retirement. Families with higher incomes tended to have adequate savings, while only 23 percent of households with annual income between $10,000 and $25,000 had a sufficient cushion, the analysis released by Consumer Federation of America showed.

It also found that African Package Liquor JIM'S CORK BOTTLE 207'W. 9th 262-7862 iL. oiaie Louery geni Plumbing Rick Son's Plumbing (618) 262-5839 or (888) 35PLUMB Ml American and Hispanic households were much less likely to have adequate retirement savings than white ones. On average, it found that 47.6 percent of white households had sufficient savings, compared with 28.4 percent of black households and 24.5 percent of Hispanic families. And unmarried people, both men and women, tended to be less likely to have sufficient savings than married people.

The analysis by Catherine P. Montalto, an economics professor at Ohio State University, found that job-related retirement plans are the easiest way to build savings, helping assure adequate retirement savings for about 55 percent of people who participate in an employer-sponsored retirement plan such as a pension plan or the increasingly Friday's location in the Levin-son Restaurant Group portfolio. It will be a welcome addition to the Friday's family, and to the landscape of Evansville." The new Friday's restaurant hired more than 165 full and part-time employees. The restaurant is approximately 6,800 square-feet and seats more than 218 people in the dining room and bar area. The restaurant's normal operating hours will be: Monday through Thursday from 11 a.m.

to midnight, Friday and Saturday from 11 a.m. to 1 a.m., and Sunday from 11 a.m. to 11 p.m. All major credit cards will be accepted. Since the first TGI Friday's restaurant opened 'its doors in Snap-on Inc.

a global leader in tools, diagnostics and equipment, announced record results for first quarter 2000 net sales, net earnings and earnings per share. First, quarter diluted earnings per share increased to $.58 from $.57 in 1999, excluding $.02 per share in non-recurring charges in 1999 related to Project Simplify actions. First quarter net earnings increased to $33.8 million from $33.4 million in 1999, excluding 1999 non-recurring items. After giving affect to nonrecurring charges, net earnings in the first quarter of 1999 were $32.2 million. Net sales in the quarter increased 20 to $544.3 million from $452.6 million in 1999, reflecting solid gains in dealer sales and the contribution from popular 401(k) investment plans.

Few lower-income workers only 11 percent of those earning less than $10,000 a year have access to those retirement plans through their jobs. ''Retirement savings would dramatically increase if all workers had access to a retirement plan at work," Stephen Brobeck, executive director of Consumer Federation, said at a news conference. "Payroll deductions are the easiest way to save." He noted, matching contributions made by employers in some retirement investment plans "provide a powerful incentive" for workers to save. Adequate retirement savings were defined as enough money to allow people to maintain a lifestyle close to their current one. in Evans ville New York City in 1965, Friday's restaurants have embodied the spirit of a quintessential American bistro for millions of guests.

Now operating in 49 countries, Friday's restaurants feature trend-setting American appetizers, entrees and beverages as well as a vintage-style -decor of classic antiques, stained-glass windows, wooden floors, brass accents, Tiffany-style lamps and red and white stripes. The restaurant has popularized many American favorites, including "potato skins" appetizer and has popularized many specialty regional items, including a wide array of frozen and ice cream drinks. ting a new look in their new location next to DeJong's. They'll be carrying a more extensive selection of gift ideas In this larger location and, as always, will be offering their creative engraving services. They plan to move from their existing kiosk location by the end of May American Eagle is projected to move back to their newly remodeled store by mid-May.

They have been operating out of a temporary location while their store was completely refurbished with the updated American Eagle look which features white plank walls and a natural wood Coo Casual Corner is currently moving to a new location near Lazarus. Their re-opening is scheduled for May 15. With the addition of these new stores, Eastland Mail, the Tri State area's iargt enclosed mall, continue to improve and grow, and will seen ci'tr shep-pr 8a larger variety cf fashion retaikrs. TGI Fridays restaurant debuts License 058-136664 HERSCHEL JOHNSON IMPLEMENT, INC. ARCTIC CAT "A Whole New AnimaP 1 Eitt 61M4M802 Albion, Auction Service GRANT AUCTION APPRAISAL CO.

121 St. Joseph 262-7691 "The Top Dollar Team' Auto Boay snop LANDINGHAM KROLL AUTO BODY Complete Auto Body A Glass Service Hwy. 15 West ML Carmel, IL PhoneFax (618) 263-4059 Jeff Landlngham Roger Kroll Automotive AUTO ELECTRIC Alternators Generators Starters Batteries Car, Truck, Boats Farm 1301 W. 7tn, ml carmel, 262-8829 SxxSs Auto Salvage SNELUNG'S AUTO SALVAGE TOWING 415 W. 1st ML Carmel 262-5923 262-5256 24 Hour Wrecker CsT Dcauty Shop AIRPORT 229 Poplar Street ML Carmel, Phone (618) 262-6862 Jaleigh Laehbrook, OwnerStylUt Micneue Setter, Iteeaeoe Therapist Roberts Lambeft, Sfyfist ct Cbcning MICHAEL'S CARPET CLEANING Famy Owned Trucfanount Systems IICaeFiy Insured nMtW4 or To! Frae 1-l77-65S-2500i i I i I SWi.

WW ti IbW I fVll I htf C71S or Ct Csfi announces several new stores TGI Fridays restaurant debuted in Evansville on Tuesday, May 2 at 11 a.m. The new restaurant, located at 800 N. Green River Road, in front of Eastland Mall, shares TGI Friday's tradition of an irreverent, after-work attitude that can be enjoyed by family and friends. The restaurant is owned and operated by Levinson Restaurant Group, a licensed-franchisee of TGI Friday's Inc. "Neighborhood diners and shoppers will receive Friday's trend-setting appetizers and entrees, served by friendly people in an upbeat atmosphere," said Paul Warner, general manager.

Warner added, "The Evansville TGI Friday's is our ninth Eastland Mall EVANSVILLE, Ind. -'Throughout the next four months, Eastland Mall will be bringing some exciting new changes to our shoppers including several new retail stores. Four new stores and three remodeled stores are in the works. The new stores include: Journey's, Apropos tale, Aber-crombie and Aveda Salon and Retail Centre. The newly remodeledrelocated stores are: American Eagle, Things Remembered end Casual Comer.

New Stores Journey's is the one-stop shop for the hlppest guy's and gal's shoes on the planet They carry brandname shoes popular with today's teens, like Doc Martens, Skechers, Steve Madden, Timberland. Vara. Air-walk. Adidas, Candies, Lugz, GBX and MIA. Lock for then to cpen near deJong's this Afrcpcitale hai tn a a American dot his manufacturer itr.ee 1337.

Th? carry th latest for four.f trulls. Printing CORWIN PRINTING Phone 263-3936 Owners Kyle Connie Day Sewing Repair LARRY'S SEWING MACHINE Repair Free Pick up and Delivery CaO Tod Free (888) 386-1 1 02 105 E. Broadway Princeton, IN Monday -Friday 10:00 4:00 Stained Wanda's Stained Glass Shop Class, St4Ve and Related Tooit Hwy 15 West mass West of Fsirfiett, I (til) U2U34 Oven Tuee. FrL; Ooeed Monday -Ma CI AflM. ST A 1121 W.3fdS!rt ML CaTT), B.

(618)213-3537 Tm -1 reyel-rJATVs) (jirrs "Aeropostale culture is about being an individual and respecting others Apropos tale Is projected to open next to Eddie Bauer in the JC Penney wing June 17, Abercrombie for kids comes to Eastland in time for back to school shopping. Projected to begin construction next to Kitchen In early Max aber-crombi offers the same great looks that have made Abercrombie Fitch so popular with the teens, only for little sisters and brothers! Aveda Salon and Retail Centre plans to open in July near Lazarus. This new fall service day spa will specialize in skin and hair treatments, which will include manicures, pedicures, facials and more. will carry the full line of is products including hair products, cosmetics, body lotktrj tath products, Er5oe Is and rt locations Ttirr Is g-. BOB'S CYCLE Polaris Parts.

Service Sales Hwy 1 end 14 CrossviHe, IL (518)9G5-3731 BEAUTIFUL NAIL Ml C---. I fc.