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Herald and Review from Decatur, Illinois • Page 9
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Herald and Review from Decatur, Illinois • Page 9

Publication:
Herald and Reviewi
Location:
Decatur, Illinois
Issue Date:
Page:
9
Extracted Article Text (OCR)

Business A9 Decatur, Illinois Herald Review Saturday, October 12, 1996 On the Money mmm country ra MS mm i niimr Ti price they get for their efforts fall sharply from a year ago. "I think the days of $5 corn are gone for quite awhile," said Bill Graff, who farms 460 acres of corn and 380 acres of soybeans in Middletown, near Springfield. "We sold some corn early for $3 a bushel; today, you're looking at $2.87, and falling." Illinois farmers produced record corn yields of 135 bushels an acre, and will turn in 1.46 billion bushels of the 9.01 billion bushel U.S. harvest, the Agriculture Department estimated in its October crop production report released Friday. The Illinois crop would be second only to Iowa's estimated production of 1.67 billion bushels.

Soybean production will come in at 384.15 million bushels, on yields of 39 bushels an acre Iowa will produce 415.8 million bushels of the nation's 2.35 billion bushel crop, the USDA estimated. The gains came despite a rocky growing season in which it was first too cold to plant, then too wet. After fanners finally did get crops into the ground, the summer remained relatively cool and dry. "If you looked at the weather scenario for the summer, nobody would have guessed these numbers," said analyst Martyn Foreman at AgriVisor Services Inc. in Bloomington.

"It's like the crop is almost bulletproof here It makes you wonder what would happen if we had had what you'd consider to be good weather." The air of uncertainty had caused futures prices to trend sharply higher as investors bet an early frost would sharply reduce the harvests and produce a second year of tight supplies. But frost didn't come early enough in most states, and the crops managed to muddle through. Futures prices for corn and soybeans fell sharply Friday after the USDA's estimates surpassed even the most liberal crop estimates. Second onty to Iowa, state soybean, corn yields will bring lower prices for consumers. CHICAGO (AP) A rainy start to the planting season and a cold finish didn't deter Illinois farmers, who the Agriculture Department on Friday said will produce bin-busting corn and soybean harvests second only to Iowa.

That's good news for consumers suffering from higher prices for basic goods, but bad news for farmers, who likely will see the A at RIDING INTO THE SUNSET: After 32 years of business, Leora Corley is retiring and closing the doors of Corley's Western rf-tr-iriifiiiifr--' in ill Herald ReviewStephen Warmowski Wear. Owner will mosey into retired living working and start enjoying life" Corley both lived and worked at the South Franklin Street location, notable by its rearing Appaloosa sign, since buying the former motel and starting her business in September 1964. "Until then, there was no place in Decatur to buy tack for horses or Western wear," she said. "We had been driving to Bloomington ourselves." Although the business has seen its ups and downs, the retail barometer had little to do with the decision to close "When (the movie) 'Urban Cowboy' came out, we couldn't CURRIER Money funds: Razzle-dazzle out, success in STOCK INVESTMENTS may be hogging all the financial headlines, but money market mutual funds have set some records of their own this year. In recent weeks the total amount in these modern versions of the old-fashioned savings account has hit record levels above $850 billion, according to a tally kept by IBC Financial Data in Ashland, Mass.

That represents an increase of some $120 billion from a year ago. The money funds' success story has continued even though the return they provide investors pales beside what stock funds have achieved of lata Over the 12 months through Sept. 30, reports the research firm Lipper Analytical Services general money market funds returned an average of 4.89 percent. That was less than a third of the 16.9 percent gain recorded by the average domestic stock fund. "IT'S A LOUSY conversation starter at cocktail observes Daniel Wiener in his newsletter Independent Adviser For Vanguard Investors.

"Can you imagine: 'Boy, I really nailed down a nifty seven-day yield on my money market last week!" Nonetheless, says Wiener, "money market funds have a place in every investor's portfolio." They act as a convenient, easy-to-reach storage place for an emergency cash reserve, and for whenever you want to wait awhile before deciding where else to invest. Money funds aren't covered by federal deposit insurance, the way many bank savings vehicles are. But they have a big yield edge over liquid bank money-market deposit accounts, which were returning an average of 2.64 percent at last report from Bank Rate Monitor. Indeed, money funds even yield more than the typical six-month certificate of deposit, at 4.70 percent. And CDs can't normally be tapped for unexpected short-term needs without paying an early-withdrawal penalty.

A MONEY FUND yielding about 5 percent has lately kept its investors on pace with inflation after taxes. Perhaps even more important, a cushion kept in a money fund can serve to stabilize an investor's results. The Federal Reserve has steadfastly decided against pushing interest rates higher of late But if rates should begin to move up, with or without a nudge from the Fed, money funds may prove especially consoling to their owners. Rising interest rates would weigh down prices of bond investments, and quite likely stocks as well. But yields on money funds would start moving up.

There is a risk in the opposite direction that rates might fall, lowering the yields produced by money funds. Beyond that, many advisers lament that money funds encourage procrastination, and sometimes excessive caution, by investors who could get substantially better returns elsewhere on long-term savings. HARDLY ANYBODY recommends money funds for tax-favored retirement savings programs, such as individual retirement accounts and company-sponsored 401 (k) plans. Considering all that, Wiener still says, "I believe that in the current market environment a cash holding of anywhere from 5 percent to 30 percent of assets, depending on your penchant for risk and your desire to grow or protect capital, is prudent. "Call me a worrywart," Wiener concludes, "but having some cash available doesn't hurt." Chet Currier covers personal finance for The Associated Press.

On the Money is published Saturday in the Ground Round sold to Lone Star By the Herald Review DECATUR The long-rumored sale of Decatur's Ground Round restaurant to Lone Star Steakhouse and Saloon Inc. was completed Friday. The sale is part of a $16 million deal announced July 1 in which Ground Round Restaurants Inc. planned to sell up to 16 of its stores to Wichita, Kan. -based Lone Star Steakhouse Ownership of the Decatur store was transferred Friday and the Ground Round did not open for dinner.

No information was immediately available about when or if Lone Star would open the restaurant under its flag. Terms of the Decatur store's sale were not released. About 85 part-time and full-time employees are affected. The company will help its employees find jobs with other local restaurants, Ground Round Chairman Daniel R. Scoggin said in statement issued late Friday.

"All of our employees made a commitment to us to provide customer service that's second-to-none We're proud to have given them skills that are highly transferable and in need within the industry," Scoggin stated. The Decatur restaurant's sale had been expected since the July 1 announcement, and speculation intensified after it discontinued lunch service The sale also makes sense from a business standpoint. Although the Ground Round operated in Decatur for 14 years, the next closest store is in St. Louis. Lone Star Steakhouse has outlets in Springfield and Champaign.

Braintree, Ground Round plans to use some proceeds from the sales to reduce debt. Lone Star Steakhouse, begun in 1992, owned or operated 174 restaurants as of June. yet, analysts say GM added no layoffs Friday to the 2,000 already announced 1,050 at an engine plant in Tonawanda, N.Y., and 950 at a transmission plant in Ypsilanti, Mich. The plants make parts that aren't needed in Canada during the strike Financial News Updates at your 475-7000 jHeadlines 5025 jDow Averages 5026 iMarket Indexes 5027 jNYSE Winners 5028 jNYSE Losers 5029 Weekly Winners 5030 Weekly Losers 5031 NYSE Active 5032 IAMEX Active 5033 NASDAQ Active 5034 CBOT Overview 5035 CBOT Prices 5036 Chicago Merc 5037 Precious Metals 5038 Money Rates 5039 1.77 1.78 1.82 1.80 1.80 1.75 175 1.704 12.133, up 357 jTreasuries I 5040 Treasuries II 5041 iCorp. Bonds 5042 iCSCE 5043 NYCE 5044 iSpot Crude 5045 jExchange Rates 5046 By GARY MINICH Staff Writer DECATUR Leora Corley is hanging up her spurs after 32 years selling Western wear, boots and saddles at 1675 S.

Franklin St. Corley's Western Wear will close Christmas Eve and Leora will leave for Arizona where she intends to live six months a year, spending time with two grand-chilren, enjoying her retirement condo. "I began to realize that I'm seeing the children of people who were children when I opened," Corley said. "It's time to stop Canada strike If walkout goes beyond October, plants may close every few days. DETROIT (AP) Massive layoffs may be weeks away for workers at General Motors plants that not causing widespread General Her sons are now 40 and 42 and she has five grandchildren, ages 4 to 10.

Three live in Decatur, where she will spend the other six months a year in a newly purchased home on Lake Decatur. Inventory has been marked down as much as 70 percent for the sale, which will end Christmas Eve Until then, Corley's is open 9 a.m. to 6 p.m. Monday through Saturday and noon to 5 p.m. Sunday.

Stock includes boots, jackets, hats, shirts, skirts and blouses, as well as remaining supplies of tack. Motors layoffs President Buzz Hargrove said from Toronto on Friday that the union deliberately increased the strike only gradually to avoid massive layoffs in the United States. But he said that strategy will only allow the U.S. plants to operate for a few weeks. Chicago (AP) Futures trading on the Chicago Merchantile Exchange: Open High Low Settle Chg.

CATTLE 40,000 cents per lb. Oct96 71.40 71.85 71.25 71.S5 .08 Dec 96 65.90 66.20 65.52 65 62 Feb 97 63.95 64.15 63.70 63.7S Apr 97 65.75 65.80 65.50 65.55 Jun97 63.60 63.60 63.22 63.27 --20 Aug 97 63.40 63.40 63.05 63.05 Oct 97 65.87 65.92 65.70 65.70 Thu's sales 15,963 Thu's open int 68.392, down -555 FEEDER CATTLE 50.000 cents per lb. Oct 96 63.55 63.95 63.00 63.12 -23 Nov 96 64.30 64.60 63.65 63.70 --25 Jan 97 64.95 65.45 64.55 64.60 Mar 97 64.40 64.75 64.15 64.15 .03 Apr 97 64.85 65.15 64.60 64.70 .06 May 97 65.30 65.55 64.97 64.97 Sep 97 66.50 66.50 66.40 66.40 .40 Thu's sales 3,037 Thu's open int 14.526. down -38 H0GS-Uve(297 Laan) 40,000 cents per b. Oct 96 59.20 59.20 56.12 58.12 Dec 96 56.60 56.60 55.30 55.40 Feb 97 77.65 77.65 76.20 76.37 Apr 97 73.65 73.65 72.30 72.55 Jun97 77.45 77.47 76.20 76.40 Jul 97 75.00 75.00 73.95 74.10 Aug 97 70.75 70.90 70.05 7045 Thu's sales 10,018 Thu's open Nit 38.142, up 507 PORK BELLIES 40.000 cents per to.

Feb 97 76.95 76.95 74.55 74.60 Mar 97 76.70 76.70 74.57 74 65 May 97 78.10 78.10 76.25 76.90 Jul 97 77.50 78 30 77.45 77.47 Aug 97 74.80 76.00 74.80 76 00 Thu's sales 1.294 Chicago (AP) Board of Trade: Open 5,000 bu Dec 96 423 Mar97 4.14 May97 3.94 Jul 97 3.74 Sep 97 3.76 Dec 97 Jul 98 Thu's Thus open 5,000 bu Dec 96 2 89 Mar 97 2.96 May 97 2.96 Jul 97 3.05V4 Sep 97 287 Dec 97 2.86 Mar 96 2.881 Thu's Thu's open 5,000 bu Dec 96 1.69 Mar 97 1.75 May 97 Jul 97 1.79 1.80 Sep 97 Dec 97 Thu's Thus opsn 5.000 bu Nov 96 7.30 Jan 97 7.37 Mar 97 7.43 May 97 7.43V4 Jul 97 7.44 Aug 97 7.20 Sep 97 7.05 Thu's keep enough stock. "Everyone wanted boots and hats. The manufacturers had a backlog of orders." Apart from such periods of cowboy mania, she says there has been a steady clientele of horsing enthusiasts and others who favor Western styles. "My success was due to friends and loyal customers," Corley said. "In the early years, I was here 9 a.m.

to 9 p.m. seven days a week." She converted part of the motel into a home for herself and her sons. "I'd put a sign on the store when I went to cook their supper, 'Knock on fourth door to the analyst with Lehman Brothers of New York City. "They don't have six months in parts stashed to be able to run the U.S. plants.

If it goes beyond the end of October, you will start to see one or two plants close every few days." Canadian Auto Workers (Industrials) Grain Markets Decatur area prices supplied by ADM Growmark-Tabor Co. Com $2.80 Beans $6.86 Wheat $3.92 Hogs Volume Top East St. Louis ....700 58.00 Peoria 600 57.50 Interior 40,000 57.00 Cattle tmm volume Too Close Qg East St Louis .0 n.a. Peoria 0 n.a. 5969.38 372.89 580.41 1248.27 561.74 700.66 646.15 359.49 6866.28 4 VI 2.54 0.42 11.30 5.25 6.05 2.95 1.57 49.72 Spot commodity prices: Prev.

Year Close Day Ago Aluminum 59.1 59.0 75.8 Copper 97.00 96.00 134.00 Gold 380.75 381.75 383.80 Silver 5.015 5.005 5.385 in the Treasury market: Yield Prev. Spot commodity prices Prev. Close Day audj Arabian light 22.06 23.09 North Sea Brent 23.66 24.69 West Texas I. 24.68 24.28 Alaska-West Coast 2221 22.03 5.1875 5.0625 4.99 4.88 5.61 5.72 6.56 6.47 6.84 6.74 depend on factories struck by the Canadian Auto Workers. Analysts say GM has left itself well stocked with parts to keep operating despite the shutdowns in Canada.

"The truly significant impact would likely come at the end of October," said Joseph Phillippi, an DOW Index Name Futures trading on the Chicago High Low Settle Chg. WHEAT mininium- aoilars per bushel 4.30 4.19V44-24' .00 4.17 4.09VS4.12V 3.97 3.913.93VS 3.78V2 3.71 3.74V4 3J30 3.76VS 3.78 3 84 3.74 sales 9,762 int 66,483, down -831 CORN minimum- dollars per bushel 2.90 2.83 2 83 2.97 2892.89 2.98 2.94V4 2.95 3.05V1 2.97V4 298V4 2.88 2.85 2.86 04U 2.86 281 282 2.89 2.88 2.89 sales 44.926 int 320,130, down -838 OATS rrtnknum- dollars per bushel 1.73 1.69 1.69 -JJ7V4 1.78 1.74 V4 1.74 52-wk 52-wk 52- Hi Lo Name Last Chg. Hi Lo Name Last Chg. Hi Lo Name Last Chg, 97V4 63 AMR 85 45 27 Deere 42'4 7B 48 29 Lucent 48 49V4 38 69 53V Disney 64 11 10 MYR 10 -Ms 51VS 38VSAbtLab 501'2 41 29 Donlley 31 'B 28V2 21 MagGp 27 25V2 11VfcAirgass 22 92Vj 65 DowCh 79 54V4 38 McDnWs 46 4 3V4 2VsAkom 218 95 60V6 DuPont 96 1 72 55 Merck 69V4 66 37AlcoSts 45-1 6 1 EglFd 4- 71 49 MerrLyn 691 52 34 Allstate 52V4 26 21 EqtCos 26'A VS 13879 Microsoft1373 64 43V4 AHomes 631'4 90 72 Exxon 86 V4 51 Vi 28 Milcmln 40 V4 42 24 AmStores40 17 11 FalconPd 14 71 55 MMM 721V4 66 49 Ameritch 55'A 18 11 FamDIr 18 'A 120'498VS Mobil 117 75 63 Amoco 72 50 28 Fastenl 43V4-5V4 42 19V4 Monsan 41 V2 40 31 Anheus 38 7 5 Fedders 6Vt 70 44 Motorola 48 V4 42Vi 16 AppleC 24'A 53 41 FstAm 52'4 4 12 8 Navistar 9'4 'A 34V4 17 Applebee 241A 26 19 FtFnCp 25'A 92 72 NttkSo 92'42 20 14ArchDan 20 4-Vi 31 26 FMidBc 31 55'A 41 PPG 54 '4 131104'AAtlRich 130 14 11FstMuti 14 57 41 Penney 54V4 37 23 AutoZone 27 32Vz 29V4 Firstbklll 31 35 25'A PepsiCo 29 'A 41 30 BancOne 41 37Vl 2714 FordM 32 4 107V282 PhilMr 93 48 36 Baxter 45 44 31 FrptMcs 32 23 19 PlmcoAd 22 2BVt 12BestBuy 20 -Vi 2 2 FruTrail '2 100 78 ProctQm 94 19 12BobEvn 13'A V4 49'A 37 GTE 39 3 1Roadmst 1 41 'A 34CIPSCO 36 94'A 60GenElec 94 2 53 32 Sears 48 1A 30 23CNBBcsh29 V4 58 43GnMotr 50 'A 25 18Svcmsts 25 76 64 CPC 76 45 30 Goodrch s44'A 13 7 Sudbury 12 21 13CPI 21 53 37 Goodyear 45V41 'A 61 34 Tandy 39 53 39 CSX 49 4 30 25GrndMet 30 22 13TeleComA14 31 22 Cabot 27 -'A 10 6 Hansons 6 98 64 Texaco 98 1 28 15CarsPir 26- 57 36 HewlPks 46'A1 8465Transm 71- 18 10CartWal 11 59 36 HmeDep 57 'A 45 29Tyoolnts 44 -'A 25 16Caseys 18? 31 23 IllinCtrs 30'A 'A 6038UALs 45 'A 7550Caterp 73'A1'A 30 24 lllinova 26 35 22 Unicom 25 66 46 Chevron 65 47 33 IngerRd 45 'A 44 36 UnElec 37 35 23Chryslrs 31 'A 1 07 49 Intel 105 5 9 5 Unisys 7 45 37ViCilcorp 38 12983 IBM 129 2 8 3 VentSt 3 53 3514 CocaCI 49 44 34 IntPap 42 3626WMXTc 34 'A 17 12ConPd 16 16 5 Kmart 10 28 192 WalMart 27 40 25'A Comingln 38 46'A 31 Kroger 44 37 26 Walgreen 37 Z7 15CrkrBrl 22'V7 24 19LeeEnts 23'A 30 25V4WallCSs 28'A 'A 45 32 Crane 45 57 40 UncNatJ 46 21 13WstgEI 18 -V 62 45 DWDsc 58 'A 43Vw26'A Lowes 42 61 47Whrlpl 48 Dow Jones Industrials NYSE Composite Amex Index NASD Composite NMS Composite Value Line Arithmetic Value Line Geometric Wilshire 5000 sales int 1.80 SOYBEANS minimum- dollars per bushel 7 JO 7.O0V 7.00VK -30 7.37 7 07 7 07 30 7.43 7.13Y7.13V 7.43VI 7.15 7.15 -30 7.44 7.15 7.15 7.22 7.09 7.09 -30 7.05 6.92 6 92 -30 sales 54.011 Thu's open int 178.629. down -2630 Key barometers Federal Funds 3-month bill 1 -year bill 10-year rate 30-year bond mos.

New Issue tn past 52 weeks, pi in past 52 weeks, New 52-week higb. FOOTNOTES: New 52-week low. dd loss in last 12 Preferred. Split or stock dividend ot 25 percent or more Thus open int 6,844, down -59 Gregory Huck Bart Idle William Krueger Joseph Meyers Ronald Miller William Modlin Kit Paulin Mark Reynolds Edward Seymour Gerald Sheehan Gregory Bafford Thomas Caufield Rodney Damery Paul Hagenbach George Hubbard AGEdwards he Investments Since 1887 2884 N. Monroe Decatur, IL 62526 (217) 876-8500 800-388-1808 Michael Sheehan Roger Tice Kenneth Wade Frances Williams Rork Williams IM-39-0297-EDE.

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