Herald and Review from Decatur, Illinois on April 26, 1982 · Page 6
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Herald and Review from Decatur, Illinois · Page 6

Decatur, Illinois
Issue Date:
Monday, April 26, 1982
Page 6
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PageA6 Marketplace Decatur, Illinois, Monday, April 26, 1982 DETROIT (AP) General Motors Corp. says reverting to an old marketing-approach may help reverse disappointing sales of its new J-cars. but analysts see little hope of turning what they call a "dismal failure"' into a strong seller. The No. 1 U.S. carmaker introduced the Chevrolet Cavalier, Pon-tiac J2000 and Cadillac Cimarron in May 1981, hoping they would boost slumping sales and provide an attractive alternative to imports. . GM projected sales of more than 417,000 J-cars for their first 11 months on the market. The actual total, however, is less than 195,700. Analysts said the vehicles' problems began when a $50 million advertising campaign brought customers to dealer showrooms before many cars were in stock. Then, when they were in greater supply, buyers complained the cars were underpowered and hard to start in cold weather. Slow sales produced an 11-month supply of J-cars, when a two-month supply is considered optimum, resulting in plant closings and layoffs. ' John Hemphill, vice president of J.D. Power & Associates, an auto motive market research firm, termed the J-cars "a dismal'fail-ure." The automaker "did not do the best job in the world introducing that car," said Donald McPherson, an executive in GM's North American car group. "In retrospect, we. made several mistakes." Among them was the company's attempt to market as do Japanese automakers, offering a "complete" car with features such as coin holders, side window defoggers and quartz digital clocks that usually are optional on domestic models. "We used the approach (that) the public was ready, willing and waiting for a fully equipped car. That, by necessity, forced up the price," McPherson said. The price tags ranged from $6,996 for the Cavalier to $12,131 for the Cimarron at least $1,000 more than industry observers expected. GM is offering "basic" J-cars with options now, along with a more powerful engines, and has made other technical improvements. The cars will remain a part of GM's long-term product line because it "is definitely going to have to replace some of our older, rear-wheel drive cars." McPherson said. For example, GM said Chevrolet is introducing a convertible version of the Cavalier in 1983. But analysts suggest the changes may be coming too late. "It s awfully hard to make a big fresh hit out of a car line that has been on the market for a year already." David Healy. an auto analyst for the New York brokerage firm of Drexel, Burnham, Lambert Inc., told the Detroit Free Press. "These steps will help, but they won't turn it into any great seller." J-cars 'dismal failure' Women miners fight back CHARLESTON. W.Va. (AP) - Darla Baker says she was warned before she started working in the Appalachian coalfields five years ago that she would be harassed by male miners. Now she says such warnings were understatements. The warnings started in 1977, when Ms. Baker, then 20 years old, became one of the first female coal miners at Consolidation Coal Co.'s Shoemaker Mine in Wheeling. "I got laughed at a lot, and the men did anything they could to embarrass me. At that time, the men exposed themselves a lot. They took great delight in that, but they don't do that much anymore," she said. Ms. Baker, who builds block walls to aid ventilation in the underground mine, said she once was assaulted on the job. "I was attacked in the mine by a man, and he threatened to rape me. A supervisor and a group of men sat and watched the whole thing," she said. Ms. Baker is one of eight women who, claiming they have experienced years of sexual harassment in the mines, are seeking $5.5 million in damages from Consolidation Coal. The catalyst to the suit was the discovery of a peephole in the women's shower room at the Shoemaker Mine, Ms. Baker said. It was poked between tiles in a wall that divided the shower room from a first-aid room accessible only to a handful of supervisors. ' The women say officials of Consol, the nation's second-largest coal producer, knew about the peephole, and they allowed it to remain unfilled for more than a year. The suit says men regularly peered through the hole and that the women suffered damages from invasion of privacy. - "The company knew about it and allowed it to go on," said Diane Smith, another plaintiff. "The first time the hole was discovered, we went to a lampman and asked him to fill it in, but it was not done. We stuffed toilet paper in it, but in a few days it was gone." Graffiti cover the walls of the mine, and Mrs. 'Smith said the women became increasingly upset when the markings started containing graphic references to them. "That's when we realized something was going on," she said. "The graffiti included things done and said that nobody should have heard or seen but people in the shower bank." Consol officials refuse to discuss the case. Spokesman Len Gross said the company won't . comment because the suit is pending. "I can't imagine them settling the case out of court based on their action up until now," said Jame Bordas, the women's lawyer. "The women's suit could portend more lucrative settlements in the wave of sexual discrimination and harassment cases that has hit business and industry," said Betty Jean Hall, a lawyer for a women's advocacy group. The invasion of privacy claim represents a significant step in the fight to protect women in the workplace, said Ms. Hall, counsel for the Tennessee-based Coal Employment Project. She said prior sexual harassment cases have not addressed the issue. "The theory is to base your suit on any law that can get money damages. It's no big deal to a company if they're just told not to do it anymore," Ms. Hall said. Most sexual harassment and discrimination suits are filed under Title VII of the 1964 Civil Rights Act, but Bordas filed the lawsuit based on privacy laws. "He picked invasion of privacy because harassment is very hard to prove. He thought invasion of privacy would be easier to prove," said Ms. Baker. "Up until now, the only remedy has been to make the company quit what they've been doing. You can't get any punitive damages," Ms. Hall said. Ms. Baker said the company should do more than warn women about harassment they might experience in the mines. She said Consol should operate programs to halt such behavor rather than warn women to expect it. Market Report 1J f Stocks show uncertainty NEW YORK (AP) -The stock market was mixed today amid uncertainty over the course of interest rates. The Dow Jones industrial average, which rose 9.04 points Friday, slipped 2.95 points to 859.21 at noon. But gainers led losers by a 7-to-6 margin on the New York Stock. Exchange. Uncertainty over the outcome of budget negotiations between the" White House and Congress pushed interest rates higher in early trading today. Preoccupation with federal deficits dampened hopes for lower interest rates that had been kindled Friday by a Federal Reserve Board report of an unexpected decline in the nation's money supply and a Labor Department report of the first decline in consumer prices since 1965. The NYSE's composite index fell .19 to 68.06. At the American Stock Exchange, the market value index was off 1.06 at 274.74. Big Board volume reached 26.25 million shares over the first two hours of trading, down from 34.12 million at noon Friday. Chicago futures Provided by Blunl Ellii Loewi Pr-v 1 1 45 . Net Cioe Today Change LIVE CATTLE km 69 30 69.92 .12 Ajq 64 9 65 37 .40 Oct 63 27 63.80 .53 LIVE HOGS Jun 59 45 59 55 .10 Jul 60 12 60 1 5 .03 Aug 5945. 59 55 .10 CORN .May 2.78' 2.78' -.00'i Jul 2.88 j 2 89' j 003-. Sp 2 92'? 2.92J .00 '.-4 SOYBEANS ' May 6 63 6 64 .01 Jul 6.76 6 76!? .00'? Aug 6.80.7 6 80J' .OO'.a Decalur grain Prev. Noon Close Today chg Allis Chalmers I4V 4'1 -' ADM 16J'8 16 -'-4 AT&T 564 55", -H Borg-Warner 27 27'i ' '4 Cjterplllar 46' a 47 va CIPS 13'4 13'i Firestone 10'a lO'-i -'1 Gen.' Electric 65 . 651s 3-s Gen. Motors 44 433'4 -''4 Illinois Power 2P' 21 IBM 653-4 65'-4 -' K mart 19' 19' -V4 Lee 26 26' Mobil 22s' 22'. -V, N&W -48 48'-4 '4 Ozark 11 '4 I1H ' J.C. Penney 37 363-4 -W PPG. 32'-. 33 34 ' Revere H3 H3 Sears 20 193'. -'4 A.E. Staley 18 18 Whittaker 27' 27's -' Wicies - - 3'i . 3'e Housing sales still below basement WASHINGTON (AP) Sales of existing single-family houses are continuing to creep upward but remain far below their level for the same period of last year, a new private survey indicates. The National Association of Realtors released figures today showing that sales rose 2.1 percent in March, less than half the 4.8 percent February gain. Sales declined in January. Government figures have indicated that sales of new single-family houses fell sharply in both January and February. The Commerce Department's report on March new-house sales is due Thursday. Jack Carlson, chief economist for the real estate trade group, said its figures showed "the March level of existing home sales is 23 percent below the level reached during the same period last year and off more than 50 percent from the peak reached in November 1978." If the sales pace does not pick up soon, he said, "there is a strong probability that sales of existing single-family homes for 1982 will not even match last year's depression-level total of 2.4 million units."- In March, he said, sales reached a seasonally adjusted annual rate of 1.99 million units. The median price for houses last month was $67,200, up from $66,900 in February, the report said. But Carlson said that price was up just 4.3 percent from March 1981, an inflation rate well below price increases for the economy as a whole. In addition, he said, "It is important to note that sales prices would be lower if not for the expanding opportunity for use of lower-interest-rate creative financing techniques. "While new commitment mortgage interest rates from thrifts and banks average 16 to 17 percent, mortgage interest rates on existing loan assumptions are only 12 to 13 percent, and the rates from seller-provided funds are only 11 to 12 percent." Study Hardo At noon. Trump Brothers reported corn unchanged, soybeans up H cents, wheat down 1 1 4 cents and oats unchanged. ' Noon prices Com. $2.62 Wheat, $3.36 Soybeans, $6.38 Oats, $2.18 Noon stocks Provided by Rowland & Co. . it &&&&iS&ji Save 25 on your auto insurance. Studies show better students are better drivers. So if that includes you, we will offer you a better auto insurance rate. Just keep a B average in school, and you may be able to earn a 25 discount on your auto insurance premium. Various discounts apply for students in high school, and on up to age 29. Call your Country Companies agent today to rind out if you qualify. Better rates for better students; more claims offices than anybody else for faster service. According to the Illinois Department of Insurance, we've consistently had one of the lowest auto consumer complaint ratios in the state. And many of our customers are so pleased with the service they receive they come to Country Companies for tneir life, health, home and business insurance, too. Now that's the Spirit of the Country. Call your Country Companies agent right now. A Farm Bureau Service , Insurance and Investment Services Macon County Office 1150 W. Pershing Rd. Decatur, IL 217-877-2830 Call the Country Companies agency office above Or see the Yellow Pages for the one nearest you. '11429 REPORT OF CONDITION Consolidating domestic subsidiaries of the South Shores National Bank of Decatur in the state of Illinois, at the close of business on March 31, 1382 published in response to call made by Comptroller of the Currency, under title 12, United States Code, Section 161. Charter number 15553 National Bank Region Number 7. ASSETS Thousands of dollars Cash and due from depository institutions 5,268 U.S. Treasury securities 4.227 Obligations of other U.S. Government agencies and corporations None Obligations of States and political subdivisions in the United States 2230 All other securities 15 Federal funds sold and securities purchased under agreements to resell 1,500 Loans, Total (excluding unearned income) 4257 Less: Allowance for possible loan losses 53 Loans, Net 4204 Lease financing receivables None Bank premises, furniture and fixtures and other assets representing bank premises 467 Real estate owned other than bank premises 43 All other assets 367 T0TALASSETS 18,321 LIABILITIES Demand deposits of individuals, partnerships, and corporations 3,516 Time and savings deposits of individuals, partnerships, and corporations 11,463 Deposits of United States Government 32 Deposits of States and political subdivisions in the United States 217 All other deposits None Certified and officers' checks . 48 Total Deposits 15276 Total demand deposits 3.597 Total time and savings deposits 11.679 Federal funds purchased and securities sold under agreements to repurchase 1,150 Interest-Bearing demand notes (note balances) issued to the U.S. Treasury and other liabilities for borrowed money None Mortgage indebtedness and liability for capitalized leases None All other liabilities 466 TOTAL LIABILITIES (excluding subordinated notes and debentures) 16,832 Subordinated notes and debentures None EQUITY CAPITAL Preferred stock No. shares outstanding None (par value) None Common stock No. shares authorized 25,000 No. shares outstanding 25,000 (par value) 250 Surplus 250 Undivided profits and reserve for contingencies and other capital reserves 929 TOTAL EQUITY CAPITAL 1.429 TOTAL LIABILITIES AND EQUITY CAPITAL 18.321 MEMORANDA Amounts outstanding as of report date: Standby letters of credit, total None Time certificates of deposit in denominations of $100,000 or more 668 Other time deposits amounts of $100,000 or more 200 Average for 30 calendar days (or calendar month) ending with report date: Total deposits 13,662 We, the undersigned directors attest the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief is true and correct. P.C.Wise J.B. Waller, M.D., Directors David C. Behnke I, Glenn E. Ramey, Cashier of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief. 11454 REPORT OF CONDITION Consolidated report of condition of Hickory Point Bank, 16337 of Forsyth and subsidiaries at the close of business on March 31, 1382. Published in response to call of the Commissioner of Banks and Trust Companies of the State of Illinois. ASSETS Thousands of Dollars 1. Cash and due from banks 1178 2. U.S. Treasury securities 1685 3. Obligations of other U.S. Government agencies and corporations 2283 4. Obligations of States and political subdivisions none 5. Other bonds, notes, and debentures none 6. Corporate stock none 7. Trading account securities none 8. Federal funds sold and securities purchased under agreements to resell 1840 9. a. Loans, Total (excluding unearned income) 4480 b. Less: Reserve for possible loan losses 53 c. Loans, Net 4427 10. Direct lease financing none 11. Bank premises, furniture and fixtures, and other assets representing bank premises 674 12. Real estate owned other than bank premises none 13. Investments in unconsolidated subsidiaries and associated companies none 14. Customers' liability to this bank on acceptances outstanding none 15. Other assets (Item 7 of 'other assets' schedule) 294 16. TOTAL ASSETS (sum of Items 1 thru 15) 12381 LIABILITIES 17. Demand deposits of individuals, partnerships, and corporations 1028 18. Time and savings deposits of individuals, partnerships, and corporations 7218 19. Deposits of United States Government 4 20. Deposits of States and political subdivisions 2448 21. Deposits of foreign governments and official institutions none 22. Deposits of commercial banks 38 23. Certified and officers' checks 38 24. TOTAL DEPOSITS (sum of items 17 thru 23) 10834 a. Total demand deposits 1336 b. Total time and savings deposits 9438 25. Federal funds purchased and securities sold under agreements to repurchase 419 26. Other liabilities for borrowed money 21 27. Mortgage indebtedness none 28. Acceptances executed by or for account of this bank and outstanding none 29. Other liabilities (Item 9 of "other liabilities" schedule) 214 30. TOTAL LIABILITIES (excluding subordinated notes and debentures! 11488 31. Subordinated notes and debentures none EQUITY CAPITAL 32. Preferred stock a. No. shares outstanding none (par value) none 33. Common stock a. No. shares authorized 40,000 b. No. shares outstanding 40,000 (par value) 400 34. Surplus 400 35. Undivided profits 93 36. Reserve for contingencies and other capital reserves none 37. TOTAL EQUITY CAPITAL (sum of items 32 thru 36) 893 38. TOTAL LIABILITIES AND EQUITY CAPITAL (sum of items 30, 31 and 37) 12381 MEMORANDA 1. Standby letters of credit outstanding 66 I, Judy L Vincent, Vice Pres. & Cashier of the above named bank, do solemnly affirm that this report of condition is true and correct, to the best of my knowledge and belief. Correst-Attest Judy L Vincent Dave Rathje Herbert C. Fritz W.W.Koester Dean H. Ortinau Steve R.Horve Larry Lawler State of Illinois, County of Macon.ss; Sworn to and subscribed before me this 15th day of April, 1982. My commission expires 10-28, 1385. Jariice W. Schramm, Notary Public Directors

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