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The Indianapolis Star from Indianapolis, Indiana • Page 33

Location:
Indianapolis, Indiana
Issue Date:
Page:
33
Extracted Article Text (OCR)

FINANCE THE TUESDAY, INDIANAPOLIS DECEMBER 17, STAR 1985 Comics Obituaries 36 37 31 Classified 38-44 PAGE Bank acquisition is complete THE TAPE FROM STAR WIRE SERVICES Judge OKs UPI sale A federal bankruptcy judge gave preliminary approval to the sale of United Press International to a Mexican newspaper publisher, but barred him from a role in management until creditors have voted to approve the deal. The judge ruled that if Mario Vazquez-Rana of Mexico refuses to accept those terms within 24 hours, bids from rival suitors may be considered by UPI's creditors, management and employees union. Texaco files suit Texaco Inc. has filed a federal court suit in New York seeking to block enforcement of a Texas law that would require it to post a $12 billion bond before appealing the record damage award won by Pennzoil Co. A lawyer for Pennzoil contended Monday that the lawsuit was "an act of desperation." saying the nation's third largest oil company was attempting to buy time while trying to find ways to avoid paying the judgment.

which totals $11.1 billion with interest. Chairman may leave The recent top management shift at American Motors Corp. could set the stage for newly elected chairman Jose Dedeurwaerder to return to France next year to take a top sales post at Renault, Automotive News reported. The weekly trade publication said Dedeurwaerder, who will be 53 next week. could return this spring to take charge of French carmaker Renault's marketing and sales operations while being responsible for its manufacturing operations outside France and Belgium.

Union still faces woes Three years after agreeing to landmark contract concessions. the United Steelworkers will negotiate next year in an atmosphere of continued plant closings, union bargainers were warned in a report by Locker- Albrecht Associates Inc. of New York. The report also said that the union may find its bargaining leverage reduced to doling out concessions to slow the loss of jobs and pay. New exports to China The Reagan administration announced it is relaxing restrictions on a wide variety of goods exported to China.

Commerce Secretary Malcolm Baldrige said easier trade relations can be had with the Soviet Union, too, but that much still depends on Soviet progress on human rights. The secretary said licensing changes would expand from seven to 27 the number of of products that categories be shipped to China withcan out special review. He called the action major step in trade relations between the two nations. Securities firm fined The National Association of Securities Dealers, accusing Prudential-Bache Securities Inc. of falsely reporting stock trades, said it censured the brokerage firm, fined it $100,000 and suspended it for 20 business days from making a market in one security quoted on NASDAQ.

its trade reporting service. The association, which regulates over-the-counter stock trading, also said it fined and suspended two Prudential-Bache employees and one former employee. Directors' pay higher Corporate directors received higher pay in 1985 than the year before, but the gain was less than those recorded during the past decade, according to a Conference Board study. The study, which covered 956 companies from a broad major sample of U.S. businesses.

showed that total pay for outside directors of manufacturrose by a slim ing companies 0.5 percent this year after an 11 percent 1984 hike. American Fletcher Corp. completed its acquisition of Union Bank and Trust Co. of Franklin, Indianapolis holding compasaid Monday. The deal was announced in July, and was the first bank takeover announced by AmeriFletcher.

The estate of AFC Chairman Frank E. McKinney owned 32.9 percent of Union Bank's stock before the transac- Union Bank will keep its name and operate as an AFC unit. Chloral H. Hilderbrand, Union Bank chairman, said bank officials "are enthusiastic about expanding our greater loan resources and quality financial Fort Wayne State officials have filed a lawsuit in Allen Superior Court alleging securities violations against a Fort Wayne-based company, the office of Secretary State Edwin J. Simcox announced Monday.

The suit seeks a permanent injunction and appointment of a receiver for Bankers Finance Acceptance Corp. of Fort Wayne. The Indiana Securities Division charging Bankers Finance and several additional defendants with sale of unregistered securities. the sale of securities by unregistered agents and securities fraud. Dow Jones point gain Friday, the popular mer record of 168.91 set July Dow industrial index climbed 12.

The Dow transportation inFactory Operating Capacity Total Industry Percentage of utilization 80.1% (Index: 1977 in November NDJFMAMJJASON 1984 1985 UNITED PRESS INTERNATIONAL Industry use rises The operating rate of U.S. factories, mines and utilities UNITED PRESS INTERNATIONAL New York The Dow Jones industrial average crashed through the 1,550 mark Monday as investors anticipated further interest rate declines in the seventh heaviest trading in history. The Dow Jones industrial, transportation and utilities averages set records as did the broader market indexes. After racking up: a 23.97- services through American Fletcher." Besides expanding AFC's presence in Johnson County. McKinney said.

"'We are also optimistic about establishing new banking relationships with individuals and businesses in neighboring Columbus and Bartholomew County." After the acquisition was announced. Union Bank applied to regulatory authorities to open a Columbus branch. That operation began on Dec. 9, before the transaction, was Union's complete. Columbus As a branch does not count against American Fletcher's cross-county branch limits.

Under the banking law firm faces Other defendants are Discount Auto Sales Fort Wayne: Indiana Board of Trade Manchester: First Transportation Leasing Corp and Bankers Finance Corp. in North Vernon: and First American Capital Corp. in Frankfort, Ky. Also named were J. Franklin Dennis, Fort Wayne: Roy E.

Stroup. South Bend: Glenn E. Voris, North Manchester: and Thomas M. Shatto and Dan R. Schiller, both of North Vernon.

The state said that more than 100 investors in six Indiana average cracks another 17.89 points to close at 1.553.10. surpassing its previous all -time high of 1535.21. Late profit-taking dragged the Dow down from a midafternoon height of more than 28 points. The Dow closed above 1.500 for the first time last Wednesday. Bouyed by continued optimism about interest rates, the Dow utility average rose 2.21 to 171.01.

breaking through its for- edged up slightly to 80.1 percent of capacity in November, the Federal Reserve Board reported Monday. The 0.2 percentage point increase followed two consecutive declines. Durable goods production jumped 0.4 percentage point to 77.7 percent of capacity while production of non-durable goods was at 83.5 percent, a 0.1 percentage point drop. passed this year by the Indiana General Assembly, holding companies the size of American Fletcher can only open two cross-county branches between 1985 and 1990. As of Sept.

30, AFC had $3.5 billion in assets. Union Bank had $75.3 million in assets. AFC's main unit is American Fletcher National Bank. The company has pending acquistions of banks in Plainfield and Carmel. Also Monday, Indiana National Corp.

completed its purchase of Fidelity Bank of Indiana in Carmel. The deal was announced earlier this year, with Indiana National paying $11.5 million. lawsuit counties "have allegedly purchased investment from the defendants. Nancy G. Wissel, deputy commissioner for enforcement in the securities division, said that Dennis was an owner of Bankers Finance and an officer of several of the company defendants.

Dennis could not be reached for comment. Stroup and Voris, contacted by The Star, declined to comment. A hearing on the case is scheduled for Feb. 11. 1,550 mark dex exceeded a high set Friday, driving ahead 0.70 to 722.61.

Among the broader market indicators, the New York Stock Exchange climbed 1.07 to 121.90, its fourth new record in as many sessions. Standard Poor's 500-stock index rose 2.08 to 212.02. its sixth new high in six days. The price of an average share jumped 33 cents. Eli Lilly stock split 2-for-l Eli Lilly and Co.

announced Monday a 2-for-1 stock split and the naming of three executive vice presidents. The stock split is the first since September 1971. "The board's (board of directors) action resulted from the growth in company sales and earnings and the increase in the stock price." said Richard D. Wood, chairman of the board, in a written announcement. The 2-for-1 split will be made in the form of a 100 percent stock dividend payable to shareholders of record Dec.

31. Lilly's stock closed up on Monday at That is its high for the year. The low is Last week the stock rose to After the stock split the first quarter dividend will be increased from 40 to 45 cents a share. The dividend is payable March 8. 1986, to shareholders of record Feb.

14, 1986. The pharmaceutical concern also announced that Vaughn D. Bryson, Earl B. Herr Jr. and Eugene L.

Step have been elected executive vice presidents of the corporation. Herr will continue to be president of Lilly Research Laboratories and Step will continue as president of the pharmaceutical division. Bryson retains his responsibilities for Elanco Products Co. and Medical Instrument Systems Division. Goodrich Tucker Ill Litten Tucker principals agree to sell out to three insiders By JEFF SWIATEK STAR STAFF WRITER F.C.

Tucker Jr. and three other principals of the state's largest real estate firm said Monday they will sell out to three insiders. One of the proposed new owners is Fred C. Tucker III, who will succeed his father as president of F.C. Tucker Co.

The move was portrayed by the principals as a way to put younger management in charge of the Tucker brokerage business, which this year will be involved in $500 million worth of real estate transactions. "Our style has been to plan ahead," said Bud Tucker, 67, whose father founded the Indianapolis company in 1918. "It's important to identify the ongoing leadership." The other principals the four of them own 80 percent stock ownership in the company are Edward J. Boleman, Robert E. Houk and John A.

Wallace, who are in their 60s. The four men have run the Tucker Co. since the 1950s. They will stay on as consultants under the new owners, as well as remain active in real estate development activities separate of the Tucker Co. Besides "Fred the Third." as the 39-year-old Fred Tucker is known, the buyers are David W.

Goodrich, 37, and H. James Litten, 39, who will become executive vice presidents. Goodrich, who joined the Tucker Co. six years ago, is marketing manager of the division while Litten, a 13-year company official, is co-manager of the firm's Keystone at the Crossing office. The three also have arranged to buy the remaining 20 percent of company shares from 15 other shareholders.

Fred Tucker, an attorney who will rise to the top of the firm without ever selling a house, is expected to try to diversify the Tucker Co. into real estate-related services, such as title insurance. "We're obviously looking at opportunities," he said. Initially, the new owners "just want to make sure we keep a good business going," he said. The three owners-to-be were tapped to take over leading positions in the firm about two years ago, when they were named to a four-member committee that plans long-range strategy for the Meanwhile, said Goodrich, the principals in the past few years had done less day-today running of the Tucker Co.

and become more involved in Tucker Hotels and Indalyn separate development and investment companies. "We've been having a good time, but it's time to make a change," Houk said. The purchase price wasn't disclosed. Bud Tucker said he and Houk will stay active in Tucker Hotels, which runs the downtown Canterbury Hotel, Hilton at the Circle and the Airport Hilton. All four principals also have interests in Indalyn, which owns strip malls in central Indiana and other real estate holdings.

The Tucker with 600 employees, dominates the Indianapolis residential and commercialindustrial real estate markets. Fred Tucker said the firm has. been approached numerous times about buyouts in the recent past, but he denied that talk of any outside merger or takeover prompted the sale and consolidation of stock in three hands. Land options are being bought in Shelby County STAR METRO REPORT Shelbyville. Ind.

A real estate company is taking options to purchase land in Shelby County that may be a good industrial or commercial site, but no one is saying why. The land is near Old U.S. 421 and Shelby County Road 300, about five miles north of here. "We're just barely scratching the surface." said Kenny Baird. of Baird Company Realtors, indicating the optioning process has just started.

Baird said he didn't know why his client wanted the land. He would not identify the client. The area has access to Interstate 74 and a Conrail railroad line, said John M. Thomas, a Shelby County councilman. He said he didn't know about the optioning taking place, but the Indiana's farm-income me rank drops a place nationally with sales totaling $4.3 billion.

The drop in total receipts occurred in part because of a loss in export sales caused by the high value of the dollar and increased competition from other exporting countries, Park said. The drop in ranking occurred because of increased production of corn and soybeans primarily in Nebraska and Minnesota in area was "one of the prime target areas" for Mitsubishi. Officials of the joint ChryslerMitsubishi venture ended up chosing a site near Bloomington. Ill. for their automobile assembly factory.

A Shelby County man who farms land in the area said the "option on it is (for) a little more than farm land is worth." A spokesman for Lt. Gov. John M. Mutz said he wasn't aware of the optioning. "It's not related to any project that we know the spokesman said.

Michael W. Hauk. executive vice president of the Shelby County Chamber of Commerce, said he knew the optioning was taking place, but hasn't come from any particular company as far as I know." Indiana dropped from 10th to 11th place nationally in cash receipts from the sale of all agricultural commodities in 1984 but may regain its former ranking this year, a Purdue University agricultural economist belleves. Indiana farmers should do better this year for several reasons, including the fact that they are receiving more for their corn and exporting more of it than farmers in Western Corn Belt states, said economist David C. Petritz.

Last year. Hoosier farmers received $3.92 billion from the sale of all commodities, reports Earl L. Park. federal-state agricultural statistician at Purdue. In 1981 Indiana ranked ninth INDIANA FARMING By ERNEST A.

WILKINSON recent years by farmers who converted wheat, pasture and hay acreage to corn and beans to take advantage of a then-expanding demand for those grains from abroad, Park said. Those states expanded soybean and corn production more rapidly than did Hoosier farmers and did it on marginal land, Park added. Indiana farmers are getting what export market exists for corn this winter because they are closer to river and sea ports. Petritz said. And because of this they have been receiving at Ohio River ports about $2.50 per bushel for corn compared to the $2.20 Minnesota farmers are receiving, he added.

He also sees Indiana's ranking going back up because of large grain surpluses in the Western Corn Belt. To improve their income, those farmers will have to reduce corn and soybean production to receive government crop subsidy payments, Petritz pointed out. He also is optimistic about farm income in Indiana gross going back year because of than normal participation by Hoosier farmers in grain price support programs and unexpected improvement in grain prices. "In general 1985 and 1986 looks better for Indiana." Petritz said. Cash receipts from the sale of crops totaled $2.15 billion, placing Indiana 10th among all states in this sector of agriculture.

Livestock and livestock products accounted for $1.77 billion, placing the state 18th nationally. Leading commodities in Indiana last year with total sales and national ranking listed were corn. $985 million, fourth place: soybeans. $810 million, fifth: hogs. $743 million, third; dairy products.

$306 million. 14th: and eggs. $291 million, third. Nationally, cash receipts last year totaled $141.8 billion, a 4 percent increase over 1983. California led all states with a total of $14.2 billion followed by Texas, lowa.

Nebraska, Illinois, Minnesota, Kansas, Wisconsin, Florida and North Carolina..

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