24 Golesbura ReaisfeNM*'!. Galesbura. I Thursday, AUQ. 2, 1973 Firm's Sales, Earnings Up Last uarter Walgreen Co. reported record sales and earnings for the third quartw ol fiscal year 1&3. ! Charles E. Walgreen III, president of the drugstore chain, said third quarter sales tor the period ending June 30 hit $281,099,120, conipared to $205,422,819 for the same quarter fcat year. This represents an increase of 7.6 per cent. \ Earnings for the period were $2,249,484, tip 49.5 per cent. Walgreen attributed the outstanding earnings increase to the fact that "all retailing divi- doWb-^gstores, Globe department Stores and restaurants showed knpiwed profit performances, aided by sales in- and further benefits creases tarn; our cost control program.*' * Both volume and earnings for thd first nine months of fiscal 1973 constituted Walgreen Co. records. Sales far the Jknonth period ending June 30, rose 9.2 per dent to $706,485,433, compared to $046,300,635 for the same period last year.. Earnings for the first three quarters were $9,682,504. Retires From Railroad 172 N. Whitesboro Pictued with Stevens are Gail Thiel and H. St., retired recently after more than 30 years with the Burlington Northern Railroad. E. Shipman. Stevens began work at BN in October 1942. He retired July 16. The need for economic control is permanent, while (he power to establish it will dwindle, the Illinois Business fteyiew said today. i(, Ttete is no longer any virtue in Attempts to return to the 'free market/" economics Prnf. V. Lewis Bassie said in an editorial. " Modem industrial organdza* tion has already made the determination for us thai it cannot be. "THE ALTERNATIVE to this dream of a return to the gcod old days is to control the economy as we find it," he said. "Enforcement of social responsibility — meaning specifically here prevention of the profiteering, hoarding and misallocation which are so frustrating in the current situation —is essential. 9 ' In the current issue of the Review, published by the Bureau of Economics and Business Research at (he University of Illinois, Bassie said it seems that adminis tration pottcy can neither get really tough, on controls nor ignore the political outcrtes about lack of them. "Such temporizing can lead ter crises, from Phase 4 to 5, and on and on, to Phase X, never quite knowing what we are about, or what Phase X ought to be/' he said. "THE TROUBLE with what is being done currently is not that it is wrong, but that it is still so much based on politics," Bassie said. "Its time perspective is only a few months. If that period shout give favorable results, policy will again turn about, with elf - congratulations, on the mistaken view that control is no longer needed." in tightening controls, it lies in the view that the need Is temporary," Bassie said, "A knger perspective suggests that we shall have to keep an incomes policy consistently active, and mandatory controls should be permanently w rea * available for use at critical sons why Phase 4 may work j^ures. better than is generally expected: • • * "IT WE CLING to the idea that the current difficulty is Temporary, elements in a ri ^ matters, (hen we the situation may be playing could wait it mt} but then we shall find ourselves one day themselves out. GOVERNMENT fiscal again in a Phase X as futile cy has taken an anti -inflationary turn. Recent labor settlements provide a startling indication that the futility of striving for maximum money gain is recognized. — The cyclical boom, though it has gained new life, has but few months to'run. "If there is any mistake as Phase 3. The need for control is permanent, and our power to establish it will dwindle * • • "The question is," he said, when we come to Phase X, will we have controls on a working basis, with guidelines, procedures and regulators, or will it be just another crisis?" Bishop Elected to Board Richard M. Bishop, president of First Galesburg National Bank and Trust Co., has been elected to the board )f directors of the Association for Modern Banking in Illinois. \ AMBI is Illinois' new bank trade association. Formed in February of this year to work toward modernizing the state's banking structure, the association plans a full range of services for its members, which now total more than 180. Thirty prominent Illinois bankers were elected to the board of directors. Sales, Earnings Are Admiral Corp. reported increased sales and earnings for both the second quarter and first six months of the year. Operating income for the quarter—on a fully taxed baas—increased 33 per cent to $2,291,000 from $1,728,000 in 1972, while the six months period increased 32 per cent to $5,317,000 from $4,032,000 in 1972. Sales for the second quarter increased 16 per cent to $124,166,000 from $107,278,000 in 1972, with the six months total up 13 per cent to $253,526,000 from $225,420,000 in 1972. Honor Knoxville Florist KNOXVILLE-Knoxville Florist, 236 E. Main St., has been selected as a Gold Medal Florist by the national selection committee of Gold Medal Florists. • Outstanding florists around the country are selected for the honor. Selections are based on excellence in design and quality, business standards and contributions to the community. Knoxville Florist, owned by- Mrs. Lavonne Henderson, has served Knoxville for 11 years. Mrs. Henderson was superintendent at the Knox County Fair for 21 years, serving the domestic arts division. She is a members of the Order of the Eastern Star and the Methodist Church. Mrs. Henderson is also an active member of the Knoxville PTA. F Funeral Service Seminar Michael Trumbold, an employe at Martin Funeral Home, 120 S. Side Square, Knoxville, recently attended a seminar on mortuary science and funeral service held in Springfield. seminar was designed and conducted by faculty of Southern Illinois University mortuary sc program to aid the "second man" who frequently main •hp funptvil home when the owner is away. U.S. p viet Trade W< es Are Largely Ide igica I 9 Some of the difficulties of doing business with the Soviet! Union are outlined in the current issue of the Illinois Business Review. The lead article in the publication points out some of the reasons behind the obstacles that still remain in the way of U.S.-Soviet trade. Written by James K. Weekly, professor of business eco- imics at the University of Toledo, the article said these obstacles exist despite the reduction of political and legal barriers to business relationships between the world's two most powerful economies. "WHAT NOW confronts U.S. r firms seeking trade with the U.S.S.R. is the formidable task of dealing with an economic system which, thougW no longer hostile, is still distinctly alien," Weekly said. ' 1 For American business managers steeped in the private enterprise milieu, the! initial encounter with Communist economic philosophy and the institutions and meth- costs, competition and profit odologies which reflect that philosophy wiH inevitably be an unsettling experience," he said. ' 'Adjustment to such 'ideological shock' will not be easy. margins. "Prices an the Soviet economy are essentially fixed by governmental fiat and are derived from the objectives and priorities of the central "Nevertheless, firms and economic p^an," Weekly said. managers that are adept and successful in making such an adjustment will stand to reap sizable returns." WEEKLY ANALYZES Soviet trade objectives and organization, indicating how the unique features of the Soviet foreign trade mechanism might affect efforts by U.S. companies to establish commercial ties with Russia. i Among the conflicting viewpoints- of U.S. and Soviet managers is the way they regard prices, he said. For American businessmen, the normal and compelling considerations in arriving a* prices include production! THUS, HE SAID, Soviet foreign trade specialists dealing with U.S. businessmen see prices as independent of such factors as costs and profits. "This places American firms in the position of nego« dating prices within an un- f ami liar and 'iiratdonaiT framework," he said. "Coincidentally, it provides the Russians with substantial bargaining leverage. "Indeed, the reputation' which the Soviets have ac- • quired for tough dealing in foreign trade negotiations may be attributable largely to the indifference to market forces engendered by the Marxist theory and system of pricing," Weekly said. Celebrates A nniversary Co Galesburg dent; Craig Johnson, vice president, and Ted a ban- Quails, vice president. Quails, the first em- Lights, ploye at the store, was presented a plaque Four of the firm's officers are pictured last night by the firm's owrier and founder, Harbor They Hilding Hilding Johnson. seminar Funeral Directors Assn. Business Issued Charter Secretary of State Michael J. Howlett has issued a state corporation charter to VSM Trucking Inc., 901 N. Monroe, Abingdon. VSM Trucking is chartered as a company using motor vehicles for the transportation of personal property. McDonald's Sets Record McDonald's Corp., the restaurant chain, today reported record earnings for both the first half and second quarter ended June 30. Earnings for the first six months of 1973 totaled $25 148,000, up 46 per cent over $17,277,000 in the 1972 period. Second quarter earnings increased 39 per cent to $14,602,000 from $10,510,000 in the 1972 period. Fred L. Turner, president, said record sales for all company-owned and licensed restaurants totaled $687,in the 1972 half. Second-quarter sales were $375,633,000, an 353,000 for the six months, up 47 per cent over $467,579,000, an increase of 48 per cent over $253,270,000 in the 1972 quarter. Galesburg Electric Supply Co., 739 S. Henderson St., celebrated its 20th anniversary Wednesday. Founded and owned by Hilding Johnson, the local business is a wholesale electrical supply outlet. JOHNSON, who worked for Fox Electrical Supply Co., Elgin, for 28 years before coming here, started the business Aug. 1, 1953. In the beginning, Galesburg Electric had three employes, Johnson, his wife Lucille and Ted Quails, who is stUl with the firm. Today Galesburg Electric has 15 employes and serves a 30-mile area around Galesburg. The firm supplies schools, municipalities, electrical contractors and others. "We've.been blessed with a good business and wonderful customers," Johnson said. We've made many, many friends over the years." EMPLOYES of Galesburg Electric Supply Co. gathered last night at Harbor Lights to celebrate the firm's 20th year in business. Officers of the company are Johnson, president; Quails, vice president and store manager; Don Gillenwater, vice president and purchasing agent; Lucille Johnson, secretary, and Craig Johnson, vice president and assistant store manager. Craig is the son of Mr. and Mrs. Hilding Johnson. 282 Plants Expanded, Built in 9 73 Frank A. Harshbarger Fwok A. Ilairshiharger Jr., an engineer for Burlington Northern Railroad, retired July 30 after 45 years of service. Harshbarger, .whose . father and two brothers also had brig careers wiih the railroad, began work July 23, 1929 as a fire- ^^^^^ man. Harsihbarger worked on the scoop - shovel, haind - firing Engineer Retires switches and later on the stoker engines. With the change to diesed engines, Harshibarger fired the original Zepher. He was promoted to locomotive enginaer on March 2, 1951. He has bean an engineer on passenger orains for the last several years. Frank, known by the older rails as Dutch, was the last member of the Harshbarger family to retire from the railroad. A14 totaled, his family had 178 years with Burlington Northern. In addition to working as an engineer, Harshibarger also held jobs in the rail yard, repair yard, storehouse, baggage room, freight house, steel car shop, round hause and coach rapa'ir. SPRINGFIELD - Howard Fricke, director of the Illinois Department of Business and Economic Development, reported today that 282 compa* nies established new manu* factoring plants or expanded existing ones in Illinois during the first six months of 1973. The comparable figure for the same period of 1972 was 248, The 1973 new and expanded plants created a total of 16,434 new jobs, compared with 12,440 new jobs created during the same period of 1972, Fricke said. Though much of this new Illinois industrial activity is located in the counties surrounding the Chicago area, other parts of the state also shared in this economic growth. Some of the sou nois counties where new plants were established are Clinton, Franklin, Jackson, Jefferson, Marion, Perry and Randolph. Central Illinois counties where new plants located include Champaign, DeWitt, Ford, Piatt and Shelby. Steak Chain Restraint Is Honored System Will By Magazine Be Offered Bonanza Sirloin Pit restaurant chain was named one of the 'Tops in Growth 11 in this year's survey of 400 leading firms in the foodservice-lodg DETROIT American Motors said today that the new passenger restraint system to he used on its 1974 cars is designed to encourage acceptance and usage by "its convenience and ease of adjustment." For driver and night seat Netza Portilio Knox Graduate Is Transferred Netza Portilio, an engineer at Deere and Co., Moline, has been transferred to John Deere Horicon Works, Horicon, Wis. A graduate of Galesburg High tag industry by INSTITUTIONS / VFM Magazine. Bonanza International, Inc., which today has 360 re&tau- passengers, the system^which rants in 36 states, moved up must operated in sequence to 48th place on the coveted "400" list - jumping 19 places from its rank last year of 67th place. Bonanza was able to ir crease its Industry standing by showing a 48 per cent rise in 12-month chainwide sales i&s of February 25, 1973) ktaJang $98.9 million compared to $66.6 million for the onsistsj of an "Auto-Loc" iap belt and vehicle inertia reel shoulder harness which are connected to an ignition interlock. The interlock requires the belts of occupied seats to be buckled after the occupant has been seated and ^-fore the car can be started. School and Knox College, Por- same period one year ago. tillo has been involved in laboratory and stress analysis testing since joining Deere and Cq, in 1967. In his new position, Portilio will be testing snowmobiles, and lawn and garden tractors. He has traveled across much of the Bonanza's 48 per cent sales increase in the past year was well above the gains shown by other finns on the "400" list, which posted an industry wide increase of only 12 per cent. And among the specialized category of the 72 fi anchise foodservice firms United States conducting field l.&ted, Bonanza ranked in 13th tests of John Deere equipment, place. In operation, the lap and shoulder belts, which are already attached to each other, make up AMC's single safety harness and connect to a fitting adjacent to the buckle on the lap strap. The lap portion retractor then automatically locks into position when the occupant stops pulling it out, or snaps it shut in the buckle.
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