Herald and Review from Decatur, Illinois • Page 19

NESS Decatur, Illinois Herald Review Friday, July 22. 1994 "Pray for rain, and not too much," advises Garry Kepley of the Illinois Agricultural Statistics Service. Rain isn't the only problem that has bedeviled farmers. Hail has battered several areas, causing some severe damage. And fanners working land near Illinois rivers have to battle the aftereffects of last year's flooding.

Some areas saw purple, stunted corn, and no one knows how that will affect crop yields. The flood also stripped topsoil off some land, leaving sand in its place. At this stage of the season, farmers can generally step back and let their crops grow. Many farmers are tending livestock, repairing machinery, patching barns and doing all the odd jobs put aside during busier seasons. "It's kind of like having a thousand-acre yard you never get caught up," said farmer Ken Taake, who lives in Pulaski County along the state's southern border.

by damp ground. Ironically, that was followed by hot, dry weather that threatened to hurt young plants. But moisture arrived in time to prevent serious damage last month, particularly for corn. "Just as the crop came to the brink, so to speak, we had the rains start arriving," said Martyn Foreman, an analyst for AgriVisor Services Inc. "The situation looked like it could go downhill fairly quickly." Most Illinois corn has finished the critical pollination stage, which determines how much corn forms.

Soybeans are just entering their comparable stage, making the next two or three weeks critical. The concern now is moisture. Despite the rain that helped the young corn and soybeans last month, much of central Illinois still needs more moisture. Parts of southeastern Illinois do, too. But heavy rains could damage the plants.

Better than average results expected after slow start due to weather conditions. SPRINGFIELD (AP) Illinois corn and soybeans have rebounded from early weather problems and seem to be heading for a good year, farmers and analysts said Thursday. "When we started this spring, conditions weren't ideal. But overall, the crops overcame those adverse conditions," said Petersburg farmer Harry Schirding. "Crops have a pretty good chance of being better than average." A fan of rating his crops on a scale of 1 to 10, Schirding gave his corn 8.5 and his soybeans a 9.

Nationally, crops are doing extremely well and might even set records. That abundance is driving down prices. Spring planting in Illinois was hampered in some places Applebee's will open in October 0 03CE(S mmmm I full Amoco plans to cut 4,500 jobs deductions a jCf I CHICAGO (AP) Amoco Corp. said Thursday it will cut 4,500 jobs in a restructuring aimed at paring the oil company's bureaucracy. The reduction of nearly 10 percent of its work force will make the nation's fifth-largest oil company a leaner competitor in an era of stable oil prices and computer-driven cost efficiency, Chairman H.

Laurance Fuller said. He said Amoco will excise an entire layer of management largely lawyers, accountants, and data technicians to shrink its support staff. "We found we had a lot of very smart people who, to oversimplify a little bit, were tossing pieces of paper back and forth and not having a whole lot of impact on the business," Fuller told a news conference. Amoco said it will eliminate 3,800 jobs in the next 12 months and an additional 700 by the end of 1996, through early retirement, normal attrition and layoffs. The moves will result in a $256 million charge against earnings in the second quarter of this year and a $200 million charge in 1996.

The Chicago-based company projected annual cost savings of $600 million before taxes by the end of 1995 as a result of the restructuring. The cuts are "overwhelmingly" among white-collar workers, spokesman James Fair said. About 2,000 of the targeted jobs are among the support staff professionals who are not directly involved in finding oil and natural gas or producing and selling fuel and chemicals. The consolidated support staff will serve 17 business units that were recently created to replace three operating units. Under the old structure, each operating unit had its own support staff The Chicago area will absorb 1,300 job cuts and an additional 1,100 will be in the Houston area, Amoco said.

About 400 jobs will be eliminated in Tulsa, with smaller reductions in Atlanta, Denver and New Orleans. Amoco had 46,000 workers at the end of 1993, including 7,750 in Illinois. Amoco cut 8,500 jobs in 1992 and eliminated 350 jobs among its marketing staff earlier this year. Associated Press CHECJ0KG THE FACTS: Larry Fuller, chairman of Amoco Corp. checks over papers Thursday in Chicago prior to announcing company plans to cut 4,500 jobs in a major restructuring.

Lawmakers support tax deductibility as means to bolster savings. By STEVE MARCY Knight-Ridder Financial News WASHINGTON A bipartisan group of U.S. lawmakers said Thursday that they would introduce a bill restoring full tax deductibility to individual retirement accounts in some instances. Sen. William Roth, told reporters the measure would expand the U.S.

savings rate, and would thereby "go a long way toward providing our nation with needed capital for investment, research and development, manufacturing and job creation." "(Federal Reserve Chairman) Alan Greenspan has said the lack of savings is one of the most pressing problems in our economy today," Roth added. "Indeed, we have fallen behind many of our international competitors nations like Japan." The IRA bill also would create a "flexible" retirement account that would not allow tax deductions for contributions, but that also would not impose taxes on withdrawals. The IRA bill would allow penalty free-early withdrawals for coUege education expenses, first- -4 time home purchases and catastrophic medical expenses. Rep. J.J.

Pickle, D-Texas, a member of the tax-writing House Ways and Means Committee, told Knight-Ridder Financial News that the health-expense feature creates the possibility of passing the IRA bill by attaching it to the health-care bill now moving through Congress. Pickle and other supporters admitted, however, that finding a way to pay for the IRA bill will create problems. Any health-care measure that passes Congress must be deficit-neutral, and the IRA bill's tax deductibility features are expected to cost $25 billion over five years in lost revenues. Housing -still amle msm liper rates APPLEBEE'S Neighborhood Grill Bar will open in Forsyth in early October, says Debbie Tolle, Illinois district manager for TSSO. TSSO of Atlanta, operates seven of the moderately priced restaurants in Alabama, Florida and Illinois, but is constructing a number of new facilities, including outlets at Forsyth and in Bloomington.

Tolle said the Forsyth restaurant will employ about 130 people for seven-day operations. Applebee's menu is revised twice annually and is tailored to regional tastes. Entrees include steaks, chicken and specialties. The menu also offers "mun-chies" (appetizers), salads, burgers and other sandwiches. Applebee's International Inc.

of Overland Park, oversees franchise and company-owned operations that include 415 restaurants in 41 states. ana DECATUR-based McKeever Communications Inc. has opened a second retail store at 370 W. Eldorado St. The store carries Ameri-tech cellular products including mobile and portable phones, tote bags, computer modems, fax machines and laptop computers.

McKeever President Jim Comerford said the store also offers Panasonic Digital Business Telephone Systems and Motorola two-way radio products and accessories. Operating hours are 9:30 a.m. to 6:30 p.m. Monday through Friday and 10 a.m. to 5 p.m.

Saturday. Or phone 475-1400. McKeever is Central Illinois' only authorized Motorola service agent. The company operates 11 sales offices in Illinois, Indiana and Missouri. CEFCU (Citizens Equity Federal Credit Union) is offering a low-income mortgage program requiring only a 5 percent down payment and allowing buyers to commit up to 33 percent of pre-tax income to monthly payments.

Users also need no cash reserves beyond the down payment and closing costs, said Kathy Mitchell, assistant mortgage manager. Participants must be CEFCU members and may be required to take a short home-buyer education class, Mitchell said. In some counties, maximum income eligibility may be restricted. CEFCU, based in Peoria, has 183,000 members in 12 Central Illinois counties. Decatur offices are located at 1900 E.

Lake Shore Dr. and 3301 N.Woodford St. HONORS: Ranger Boats founder Forrest L. Wood gave Areola's Lake Land Marine Inc. an award for sales and service at Ranger's national dealer meeting in Grand Lake, Okla.

Lake Land Chairman Bill McPhee of Mattoon said it was the first time "a rookie dealer" had been so honored by Ranger. Lake Land, which took on the new line last year, is downstate Illinois' largest Ranger dealership and ranks 35th among 235 dealers nationwide. The Areola agency also sells Mercury and Johnson motors, Cobalt, Crown-line, Bayliners and Alumacraft boats. the Midwest and in the South, and the least affordable markets mostly in the West, particularly California, and the Northeast," the survey found. Fifteen of the 25 most affordable areas were in the Midwest, according to the Home Builders' Housing Opportunity Index compiled from the survey of 330,000 sales of new and previously owned homes in 174 urban markets.

Four more were in the South and seven in the Northeast. The Vineland-Millville-Bridgeton, N.J., area topped the index with a 95.6 score. The area, about 40 miles southeast of Philadelphia, replaced Jackson, as the most affordable. "Vineland-Millville-Bridgeton is an area of relatively low housing prices and relatively high income and that's why it topped the list of most affordable housing markets," Thompson, an Owensboro, builder, said. Besides the Vineland area in the Northeast, WASHINGTON (AP) Despite slightly higher mortgage rates during the first quarter, housing remained affordable in many areas of the country, particularly in the Midwest and South, a builders group said Thursday.

"Although there are many places where affording a home is out of reach for many families, the low mortgage interest rates that we have been enjoying for nearly a year make housing more affordable everywhere," according to Tommy Thompson, president of the National Association of Home Builders, which conducted the survey. Thirty-year, fixed-rate mortgages averaged 7.56 percent during the January-March period, up from 7.27 percent the previous three months, the association said. Mortgage rates were in the double digits during most of the 1980s. "Regional trends remained steady, with the most affordable markets found primarily in the most affordable markets in other regions were Kokomo, in the Midwest; Brazoria, Texas, in the South, and Denver in the West. San Francisco, with a 21.7 score, remained the least affordable market, a position it has held since the Home Builders began the surveys in the first quarter of 1991.

The least affordable markets in other regions were New York in the Northeast, Chicago in the Midwest and El Paso, Texas, in the South. San Francisco was one of 17 California markets that were among the 25 least affordable areas in the nation. Five others were found in the Northeast, one in the South and one each in Hawaii and Nevada in the West. The Housing Opportunity Index measures the ability of a typical family to purchase a home in its own market by comparing median family income with median home price. The median income nationally was $39,900 in the first quarter and the median home price was $112,000.

New Ycrtc stocks Metals From reports Market in brief July 21. 1994 DOW (Industrial) NYSE NEW YORK (AP) Spot commodity prices (Wholesale): Final New York Sales Last Chg. 14 7073 39V4 i 18 19579 53 15 9189 59-l' 16 2365 24 27 3026 108- 13 5252 46 20 4913 106 1 29 4296 16 AMEX Prev. Year Day Ago 68.9 54.4 1.60-1.70 200 1.1600 .9570 3B7.45 389.15 5.330 4.950 .38 .32 147.10 137.80 213.00 213.00 407.00-409.00 401.00-409.00 416.00 405.60 190.00 191.00 119.67 106.50 3.6847 3.3840 Today Aluminum, cents per pound. LME 68.9 Antimony, American per lb 1.60-1.70 Copper, Cathode, toll plate 1.2000 Gold, troy oz.

Handy Harman 385.90 Silver, troy oz. Handy Harman 5.330 Lead. lb. .38 Palladium NY Merc spot per troy o. 147.10 Pig Iron, b.

fdry Buffalo gross ton 213.00 Platinum, troy oz. N.Y.(contract) Platinum NY AAerc spot per troy oz. 416.00 Mercury, 76 lb flask N.Y. 190.00 Scrap Steel, gross ton, composite. 119.67 Tin, Metals Week composite lb.

3.6490 Zinc. lb. n.q. -not quoted. revised.

n.a. not available. 11 63 Biosys sales show 114 percent increase PALO ALTO, Calif. Biosys Inc. on Thursday reported a 114 percent increase in total sales in the quarter ended June 30.

The manufacturer of non-chemical pesticides with a facility in Decatur reported sales of $4.4 million in the April-June period, compared with $2.1 million in the same period of 1993. Net losses were reduced from $5.4 million, or 69 cents per share, in the second quarter of 1993 to $2.7 million, 34 cents per share, NASDAQ MWCap 29- Vi 47- 22- 69 25 67 60'4- 58- 35' V2 31 31 69264 7 1353 15 2936 81484 46 4828 58 6432 14 7127 91896 12 24305 26 10110 TO NYSE Diary Advances: f7 16 15439 48'- 14 11929 50' 34 243 44 10 9745 36'- 15 6227 19 Livestock futures CHICAGO (AP) Futures trading on the Chicago Mercantile Exchange: Open-High-Low-Settle- Chg. 40400 cents per lb. New higtis-; New 64 Declines: 1,111 Unchanged; 76S Total tones; 2JM3 82 1 NEW YORK (AP) Stocks: PE Amertech 1.32 Amoco 2.20 ArchDn AtlRich5.50 Boeing 1 Caterp 1.20 CarterW Cilcorp Chryslr 1 CmwE 140 Deere 2 DetEd2.06 DuPontl.76 Exxon 2.88 First Amer Ford .90 GTE 1.88 Gene I sl .44 GnMotr .80 Gdrich 2.20 Goodyear .80 Hanson 1.07e ITT Cp 1.98b lllinova .80 IBM 1 lntPapl.68 mart .96 Kemper Kroger Lowes Meadl Mobil 3.40 Monsan 2.52 Navistar NtlkSo 1.92 PPG 1.12 Penney 148 ProctGm 1.40 RalsRP 1.20 Rockwtl.08 Sears 1.60 Texaco 3.20 UAL UCarb .75 UnElec Unisys Upjohn 1.48 Walgrn WalMart .17 WstgEI .20 Whrlpl 1.22 20 113119 4166 88065 29 4896 60'44 72' 16 16731 60 10 1043 12 3592 24 .75 .57 .37 .12 .10 .50 Dec Feb Apr Jun Aug 68.60 69.75 68 60 69.47 71.22 71.95 71.22 71.87 70.95 71.42 70.95 71.32 70.40 70.75 70.40 70.52 71.82 72.10 71.60 71.67 68.55 69 25 68.27 68.42 67.50 68.00 67.45 68.00 sales 10,347 17 821 34 Composite vobnc: 348,617,620 1993 avg. camp.

toIj 323.714410 AP Over the counter Bid Ask Akorn 2'i 2 Biosys 4ft 5 Fastenal 35 35 Lin Broadcasting 126' 127 MagnaGr 19' 19 Sudbury 64a 34- third annual Business Fair 11:30 a.m. to 1 p.m., Friday, July 29, at the Decatur Club. Member exhibits will highlight business and professional activities. The program and lunch, including door prizes, is $7.50. Call Edith Rossiter, 877-7082, for reservations.

Non-members are welcome. ADM lists cash, stock dividends DECATUR The Archer Daniels Midland Co. on Thursday announced a cash dividend of 2V2 cents a share and a 5 percent stock dividend. ADM's cash dividend is payable Aug. 29 to shareholders as of Aug.

the stock dividend is payable Sept. 19 to shareholders as of Aug. 22. The cash dividend is ADM's 268th cash dividend and 248th consecutive quarterly payment. PPG profits down 9 percent PITTSBURGH PPG Industries Inc.

said Thursday second-quarter prof its fell 9 percent, mostly due to the cost of exiting the medical electronics business. The glass, coatings and chemical company which has a plant in Mount Zion, said profits fell to $96.2 million, or 46 cents a share, from $106.2 million, or 50 cents a share, in the same period of 1993. Second-quarter 1994 earnings included a $51.9 million charge to exit the medical electronics 43 34 1704 20 2607 16 5167 17 4086 83- 76 1 9 1881 12-3-32 Grzin futures CHICAGO (AP) Futures trading on the Chicago Board of Trade Open High Low Settle Chg. WHEAT 5,000 bu minimum; dollars per Sep 3.28 3.28 3.24 3.24 Dec 3.41 3.41 3.37'4 3.38 Mar 3.46 3.46 3.42'4 3.43 JO May 3.39Vi 3.39' 3.36Vi 3.36'i Jul 3.22 Dec 3.32 sales 13,069 Weds open int 56474, up 29 CORN 5,000 bu minimum; dollars per Sep 2.17 2.17 2.14 2.15 .0314 Dec 2.18 2.19 2.17 2.18 MV Mar 2.28 2.29 2.27 2.2714 May 2.35(4 2.35' 2.33 2.33'4 Jul 2.39 2.39'4 2.37 2.37W .02 Sep 2.41V4 2.4!' 2.39 2.39'4 .03 Dec 2.43 2.43 2.40 2.40W sales 53,074 open mt 212,317. up 1JJ71 OATS 5,000 minimum; dollars per Sep l.M 1.14V4 1.13 1.131 J)l Dec 1.18 1.19 1.17' 1.18 MVi Mar 1.24 1.24 1.23 1.23 .02 May 1.27V 1.27V 1.27 1.27 JJ1VS Wed's sales 2,269 open hit 11,892, up SOYBEANS 5400 bu minimum; dollars per 16 2581 64 27 3602 38 12 6816 49 75 4738 53 12 1351 35 13 4543 36l 13 12043 47l 14 2815 63 4233ul033 open int 75,260 FEEDER CATTLE 50,000 cents per Aug 79.30 8015 79.30 79.97 Sep 78.00 78 85 78.00 78.80 Oct 78.00 78 55 77.95 78 42 NOV 78 90 79.55 78.90 79.47 Jan 77.92 7170 77.92 78 65 May 75.90 Mar 76.95 77.00 76.70 76.97 Apr 75.90 76.25 75.85 76.25 sales 1,507 Open int 12,493 HOGS 40400 cents per lb.

.45 .75 .50 .62 .95 .75 .60 .75 American stocks Issues of area interest, provided by Stifel, Nicolaus PE Sales Last Chg. PrattL 14 23 15V4 20 4770 26 32 8 this year. Total revenues for the first six months also doubled: $8.7 million this year compared with $4.3 million in the January-June period of 1993. Lee Enterprises lists 21-cent dividend DAVENPORT, Iowa Lee Enterprises corporate parent of the Herald Review, on Thursday declared a cash dividend of 21 cents per share, payable Sept. 30 to stockholders of record Sept.

1. Lee owns and operates eight TV stations, 19 daily newspapers, 36 specialty publications and manufactures graphic arts products. ABWA chapter sets business fair DECATUR The Monarch Chapter, American Business Association, will hold its 12 1416 7 5933 14 2600 16 1898 Grain Markets Decatur area prices supplied by ADM Grow mark Tabor Co. Corn $2 03 Beans $5 53 Wheat $2.89 35 2517943 25 17 4307 124 13 2709 51-1'4 .78 .70 .42 .40 .57 .32 .20 .10 46.00 46.60 45.77 46.55 44.75 45.50 44.75 45.40 40.75 41.42 40.75 41.22 4045 41.10 40.65 41.10 40.15 40.80 40.15 4047 39.70 39.97 39.70 39.92 44.70 44.90 44.50 44.90 44.90 44.90 44.50 44.90 42.50 42.50 42.50 42.60 Jul Dec Feb Apr Jun Jul Aug Hogs Volume Top East St. Louis 1,300 $43.00 Peoria 1,100 $43.00 Interior 25,000 $44.00 sates 5.3tf 5.86 5.73 5.77 ,09 5.72 5.62 5.66 5.61V 5.54 5.56 .01 5.68 5.61 S.64V .00 Aug 5.85 Sep 5.69 Nov 5.58 Jan 5.66 Mar 5.73 Stock sales are in hundreds a also extra new 52-week tow split or 25 percent stock dividend, fast 12 months paid in stock new 52-week high trading ex-dividend On Business, published Fridays in the Herald Review, highlights new businesses and business developments.

Call 421-7975 to report store openings, relocations, new lines of merchandise or other business news. Cattle Volume Top East St. Louis none Peoria none 5.76 May 5.78' 5.81 open int 27,183 PORK BELLIES 40400 cents per lb. Jul' 3247 33.00 3247 3300 Aug 32.15 32.90 32.00 32.77 Feb 43.67 44 25 43.35 44.12 Mar 43.40 43.80 43.20 43.62 May 44.00 Jul 44.70 45.50 44.70 45.50 Aug 43.20 Wed's sales 2433 open int 8,1 10, up 229 .50 .65 .82 .97 .50 .70 5.69 5.72' 5.751 5.78' 5.78V 5.81 '4 5.79 5.79 5.78 5.79 5.78V 5.80 Jul 5.81V 5.84 Aug 5.79 5.79 Sep 5 79 5.79 Nov 5.11 5.82 sales 46,027 open Int 130,559.