fl FEB 10 business & the economy Tuea., Feb. 10, 19M 5C ST. LOUIS POST-DISPATCH Walgreens Buys Skaggs Stores The Walgreen Co., one of the nation’s oldest and largest drug store chains, has purchased the five St. Louis-area Skaggs Drug Centers, Skaggs employees are being told. The Skaggs stores reportedly will be closed Saturday but it could not be determined whether they would be reopened any time soon as Walgreens outlets. A regional Skaggs official from Memphis reportedly visited at least two of the St. Louis County stores Monday and was visting the others today, reading a prepared statement that said the stores would close Saturday and the employees would lose their jobs. Also unclear was whether Walgreens planned to hire any of the Skaggs employees if that firm reopens the stores. When questioned by workers, the regional Skaggs executive reportedly told employees that he was not an employee of Walgreens and could not say what that firm’s plans for the stores are. There have been rumors for more than a month that the area Skaggs stores were for sale. Last month, a spokesman for Salt Lake City-based Skaggs confirmed that there had been talks but, at that point, nothing had been agreed upon, he said. When contacted late Monday, the same spokesman referred callers to another Skaggs executive, who could not be reached. The area Skaggs stores are In Webster Groves, Kirkwood, Florissant, Ballwin and St. Charles. Skaggs purchased the stores from Katz Drug Co. 10 years ago and changed the stores’ name from Katz to Skaggs two years later. Skaggs reportedly has not fared well in the St. Louis market in recent years. Observers cite several factors Sunday openings by grocery chains, discount store competition, Skaggs merchandising and advertising practices, the recession and too few stores. There are 24 Walgreen outlets in the St. Louis area and they generally are significantly smaller than Skaggs units. The Walgreen stores also are usually located in shopping malls and centers, while most Skaggs Drug Centers are large tree-standing stores. Walgreen Co., with headquarters In Deerfield, III., has annual sales of over $1.5 billion and is one of the nation’s leading marketers of basic consumer products and services. More than 90 percent of its total volume comes from the drug stores, of which there are roughly 750. 4 An Early Valentine At Chromalloy American jit’s ‘always nice to know your boss thinks you’re doing a fine job and has confidence in you. ..Jit’s -a bit unusual, however, when your boss feels he has to go public with such accolades. But’ihat was the case late Monday wlien! Chromalloy American Corp. Issued’ a press release with the headline: “Chairman of Chromalloy announces ‘complete confidence’ in company’s president and chief executive officer, Frank P. Nykiel.” The statement was issued following Chromalloy’s annual management seminar here Monday, at which company Chairman Norman E. Alexander said he wanted to “announce openly” that Frank P. Nykiel . . . “has my complete confidence.” Alexander’s statement followed reports of an alleged disagreement between he and Nykiel. Chromalloy’s goals and objectives, as reconfirmed by company directors in late 1980, were the topic for discussion at the management seminar. “The board elected Frank Nykiel as president and chief executive officer of the company,” Alexander said, “and in my opinion Frank is doing a great job carrying this (board policies) out.” Although Alexander expressed confidence in his top lieutenant, his statement did not deny that there had been disagreements. Alexander became chairman of Chromalloy last August, about two and one-half years after his company, Sun Chemical Corp. of New York, began Investing heavily In Chromalloy shares. This past week. Sun Chemical’s executive committee authorized management to boost the company’s stake in Chromalloy to about one-third of the St. Louis company’s outstanding voting securities. In a filing with the SEC, Sun Chemical said it currently holds 3,832,258 common shares of Chromalloy, or roughly 27.6 percent of the outstanding common stock. The filing said the additional purchases would require long-term borrowing from financial institutions of about $38 million. At Monday’s management seminar, Nykiel announced that Chromalloy’s 1980 net sales would be a approximately $1.51 billion, down from $1.54 billion in 1979. He characterized 1980 as “a satisifactory year operationally.” Analysts generally are estimating that Chromalloy earnings for 1980 will be below those of 1979. Nykiel also indicated that Chromalloy is considering switching to LIFO (last in-first out) method of inventory evaluation. William H. Lacey Named Ralston Vice President William H. Lacey has been named a corporate vice president of Ralston Purina Co. and will assume the responsibilities formerly held by William P. Stiritz, who has been named president and heir apparent to Chairman R. Hal Dean. Lacey, 40, had been division vice president and director of marketing for the grocery products division. He now assumes responsibility for all operations of that division and will continue to report to Stiritz. Lacey joined Ralston Purina at its St. Louis headquarters in 1967. He was named a division vice . president in 1973 with responsibility for dog food product marketing and VJr ; William H. Lacey Repaces Stiritz subsequently was given responsibility for all marketing activities in the grocery products division. Busch Sets Profit, Sales Records Anheuser-Busch Cos. Inc. Monday announced a 23.1 percent increase in earnings for the fourth-quarter and record sales and earnings for 1980. August A. Busch III, chairman and president of the St. Louis-based brewer, said fourth-quarter earnings reached $35.1 million, or 78 cents a share, up from the $28.5 million, or 63 cents a share, earned in the final quarter of 1979. Gross sales were up 14 percent to $925.2 million from year-earlier sales of $811.5 million. For the year, net income was $171.8 million, or $3.80 a share, up 19.1 percent from 1979 earnings of $144.3 million, or $3.19 a share. Sales in 1980 rose 17.1 percent to $3.8 billion from 1979 sales of $3.3 billion, the previous record. Earnings for 1980 include 48 cents per share resulting from the adoption of accounting techniques requiring the capitalization of interest on projects under construction. Earnings for 1979 are before recognition of the one-time cumulative effect of the change in the method of accounting for the investment tax credit, which abnormally increased earnings by $52.1 million, or $1.15 per share. Net interest costs for Anheuser-Busch interest expense less interest income were $73.2 million in 1930, up $41.3 million from 1979’s net interest costs of $31.9 million. The company said the substantial increase reflects higher interest rates and increased borrowings required for its capital investment program, designed to provide more brewing capacity for future sales growth. Operating income, which measures the company’s performance before net interest costs, rose 26.6 percent in 1980, to $312.9 million. Fourth-quarter operating income rose 41.5 percent to $65 million. Anheuser-Busch Inc., the company’s brewing subsidiary, earlier had announced record beer volume sales for 1980 of 50.2 million barrels, its 24th consecutive year of leading the industry. Harvey Saligman Ronald L. Aylward Interco Inc. Selects Two New Executives Interco Inc., the St. Louis-based holding company, has elected Harvey Saligman to replace John K. Riedy as president and chief operating officer. Saligman, 42, was formly an Interco vice-president and president of Queen Casuals, Inc., a manufacturer of women’s apparel based in Philadelphia. He joined Queen Casuals in 1968 and Interco in 1976, when the holding company acquired Queen Casuals. He was elected a member of the board and vice president of the parent company in 1978. Interco also announced that ‘ Ronald L. Aylward, formerly vice president and general counsel, has been elected executive vice-president, administrative. Aylward, ‘. 50, has been with Interco since 1964. 1 Riedy, 64, became president of ! Interco in 1970. He will now be vice ; chairman of the board of directors. Saligman will move to St. Louis within the next few months, a spokesman for the corporation said. Interco companies manufacture and retail clothing, footwear, 1 furniture and other products and ! services. Treasury Bill Rates Rise Dollar Is Lower; Gold Prices Rise LONDON (UPI) The dollar opened lower against most currencies on world money markets today and the price of gold moved higher in Zurich and London. “Gold edged modestly forward in quiet trading,” gold dealers said. In Zurich gold opened at $517.50, up $12 from Monday’s closing price of $505.50. In London gold moved up $2.25 to $518.75 from a close of $516.50. “A reasonably active two-way market was reported at the outset, with the dollar tending to soften slightly against most major currencies,” a dealer for Barclay’s Bank said. The dollar opened lower in Frankfurt at 2.1265 marks from Monday’s close of 2.1435. In Zurich it dropped to 1.93425 Swiss francs from 1.94025, and in Paris it fell to 4.9250 French francs from 4.9275. In Brussels the dollar opened lower at 34.4050 Belgian francs from 34.5250, and in Milan it opened down at 1,0009.50 lire against 1,013.05. In Toyko, where the money market closes when European markets open, the dollar closed at 203.20 yen against Monday’s close of 204.20. However, the pound fell against the dollar, opening in London at $2.3395 against $2.3405. WASHINGTON (AP) Interest rates on short-term Treasury securities reversed a two-week slide Monday, rising more than two-thirds of a percentage point. The average rate on 26-week Treasury bills climbed to 14.43 percent from the 13.735 percent of a week earlier, the Treasury reported after its weekly auction. The new figure is the highest since the 14.471 percent reported Jan. 19. The average rate on 13-week Treasury bills rose to 15.397 percent from 14.657 percent the week before. Monday’s level was the highest since the 15.595 percent of Jan. 19. As a result of Monday’s auction, banks and thrift institutions may pay as much as 14.68 percent on six-month money market certificates, beginning Thursday. The current ceiling on the $10,000-minimum-deposit certificates, which are linked to the 26-week Treasury rate, is 13.985 percent. Customers choosing 2’j-yea certificates which do not require as large a deposit can earn 12 percent at thrift institutions and 11.75 percent at commercial banks. The discount rate on short-term Treasury bills understates the actual return to an investor because a portion of the price is refunded at the time of purchase. The actual return, or investment rate, came to an average of 15.78 percent on 26-week bills and 16.24 percent on 13-week bills at Monday’s auction. Commerce Banc. Raises Dividend 5 sports shorts Motor Sports ‘. Bobby Allison, driving a Pontiac LeMans, averaged 194.624 mph to earn the pole position for Sunday’s Daytona 500 Grand National stock car ; race at the Daytona International Speedway in Daytona Beach, Fla. Darrell Waltrip, driving a Buick Regal, earned the other front-row position with a 194.506 mark. Basketball Philadelphia forward Caldwell Jones, who helped the 76ers record a 4-0 mark last week with his defense and rebounding, has been named the National Basketball Association’s player of the week. The 6-foot-ll Jones, who played with the , Spirits of St. Louis, averaged 14.3 rebounds a game and had 20 rebounds in Wednesday night’s ‘; game with Boston and 18 in Sunday’s contest with ” Los Angeles. ‘ Baseball . 1 -‘. I ,r Second baseman Joe Morgan, who signed a . ‘ one-year contract with San Francisco on ‘ Monday, says he plans to fight for a starting job with the Giants in spring training. Morgan, 37, hit .243 in 141 games last season with the Houston Astros. Harding Peterson, executive vice-president and general manager of the Pittsburgh Pirates, says the Pirates are “not for sale.” Peterson was responding to a report that a group of investors which included Stan Musial had expressed interest in purchasing the Pirates. Football Former National Football League quarterback Bill Kilmer has been named commissioner of the 10-team American Football Association, a minor professional league that is scheduled to open its season May 30. Hockey Former Blues defenseman Steve Durbano has been charged in Toronto with importing cocaine into Canada and possession of cocaine for the purpose of trafficking. Police seized $71,000 worth of cocaine when they arrested Durbano on Saturday night when he arrived at Toronto International Airport from Peru. Goalie Dan Bouchard of the Quebec Nordiques has been named the National Hockey League player of the week. He is unbeaten in five starts since being obtained in a trade from the Calgary Flames. Tennis Claudia Kohde, a 17-year-old West German, upset Martina Navratilova, 2-6, 6-4, 7-6, in a first-round match in the $125,000 Avon tournament in Oakland. Commerce Bancshares Inc. has increased its dividend 5 percent, from 40 to 42 cents. The first dividend payable at the new higher rate will be March 31, to stock of record March 2. Commerce recently reported consolidated net income of $27.14 million, or $5.62 a share, a 16 percent increase over 1979 profits of $23.4 million, or $4.73 a share. The Kansas City-based bank holding company, which has 14 banks in the St. Louis area, had total deposits of $2.23 billion as of yearend 1980, versus $2.14 million at the end of 1979. Deposits of the 14 area Commerce banks were $567.3 million as of Dec. 31, 1980. Dividends MONDAY DIVIDENDS DECLARED Per- Stk.of Pay-riod rate record able IRREGULAR NanonwaKitst -zs Pgrnam CvFd Putnam HiYld Putnam InvFd 2-l 2-19 2-9 2-20 Barden Cotd Guardian Ind x – subject to shrhldr approval. 3.295 .17 .695 STOCK, 25oc 3-3 3-17 Hoc 0-24 7-15 2-17 2-25 2-9 2-20 UnionCapFdtnc x-i tor i spin. INlKbASED 2-13 2-14 Allied Secur Commrc Bncshr EIPasoElec Fabric Whlslrs IRT Proo Meredith Co MinnM&M Union NBk Pitt Kerox LP 10 .42 .305 .075 . .40 .75 3-27 4-30 3-2 Ml 2-25 3-15 -20 3-6 2-19 3-2 2-20 3-13 J-M 3-2! 2-20 3-10 -.8 INTERIM RacalEI ADR x x – approx S0.27 per Depositary share. WKKtlllUN NtlMineSvc x .14 2-17 3-6 x – record date revised by company. EXTRA SthestnCap 100 INITIAL Barden Corp n x .25 x-squal to .3125 prior to split. Dotarpnerm n .us Lominum co n Stalev AE n Chuck BarrlsPrd REGULAR 3-6 4-1 29 3-16 2- 19 2-27 3- 3 3-17 2-27 3-13 2? Am Brdcst Am Hospital Atlanta Gas Beckon Dcknsn CitinsSthnGa Cooper Tire CrulcherRsrces DEKALB AoRs ElPasoCo FPA CP .40 .23 .42 .25 .10 .225 09 .11 .37 .10 2-23 3-14 2-25 3-23 2- 20 3-1 3- 10 3-31 3-3 3-13 2- 27 3-31 3- 31 4-14 2-11 3-4 2-27 3-31 2-27 3 r 1 FREE 1 praltuionflrily ffpwi iwrh of 25 pmsMfaad fern Wrt-rt NO OHUGATtON M oMrf ACCOM’, Word hwm Opan Hmm on footer — cowpliti Mm of vwd eranukig w&fmw wl b m Mt- mt fAJbUNO. f l: 737-rooa Area Wrestlers In Sectionals The Missouri Class 4A and 1A-3A high school wrestling tournaments continue tomorrow night with sectional competition at three St. Louis area sites and eight sites statewide. Class 4A sectionals begin at 6:30 p.m. at Hazelwood West and 7 p.m. at Meramec Community College. Area Class 1A-3A wrestlers will compete at ! 7 p.m. at Pacific. Class 4A wrestlers who advanced from the Fort Zumwalt district tournament will “compete at 7 p.m. at Columbia Rock Bridge not at ; Marshall, as was reported Monday. . Hazelwood Central and Riverview Gardens .advanced eight wrestlers and defending Class 4A runner-up Pattonville advanced seven to the ! sectional and are considered the favorites at Hazelwood West. ‘ Despite its third-place finish in the Hazelwood West district, Pattonville is a leading contender for the state title. The Pirates have two-time state champion Doug Anderson, who has won 60 ‘consecutive matches, at 167, undefeated Shawn “Griggs at 145 and Mark Flnklang (24-1-1) at 126 . among their seven sectional competitors. De Soto has four undefeated wrestlers competing in the Meramec sectional and is expected to improve on last year’s eighth-place finish at state. Leading the Dragons is defending 126-pound state champion Jim Siekmann, who has won all 56 of his varsity matches. Parkway West, Lindbergh and DeSmet will be among De Soto’s top challengers for team honors at Meramec. Francis Howell has a formidable lineup in the Rock Bridge sectional, led by undefeated 138- pounder Keith Kennon. The Vikings will be challenged by Springfield Glendale, which has wrestlers in 12 of the 13 weight classes. Maplewood advanced all its wrestlers and Pacific advanced 12 to the Class 1A-3A sectional at Pacific, and both teams are contenders for the state title. Blue Springs and Brookfield will defend their Class 4A and 1A-3A championships, respectively, at this weekend’s state finals at the Hearnes Center in Columbia. Friday’s sessions begin at 11:30 a.m. and 6 p.m., with wrestlebacks, fifth-place and third-place matches at 10 a.m. Saturday. The championship matches in each class begin at 2:30 p.m. Saturday. After the state finals, three St. Louisans will be inducted into the Missouri Wrestling Coaches Hall of Fame. Former Normandy High wrestler Roland Aubuchon, former Ritenour High wrestler Bill Cox and longtime area wrestling official Marino Garcia will become the ninth, 10th and 11th members of that institution when they are honored at a dinner Saturday night at the Columbia Ramada Inn. Aubuchon wrestled from 1946-50 at Normandy, compiled a 100-8 record and won three state championships after finishing third as a freshman. Cox also wrestled from 1946-50 and was first in the state at 138 as a sophomore, first at 154 as a Junior and first at 165 as a senior. His four-year record was 46-2-1. Garcia has been officiating area wrestling on the junior high, high school and college levels since 1961, and has been a state tournament official since 1967. MANUFACTURERS’ DRIVE (FENTON) 4,250-36,000 Sq. Ft. New offictwarehouse Bidg. Sprinklered. Fin. jihad let tnit Lmu ‘bakewell! I 314) 162-5555 ZZSSS? I OFFICE BLDG. SITE! From 2’i to 10 acres at Interstate 70 and 270. B.r price entire area. 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