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Star Tribune from Minneapolis, Minnesota • Page 15
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Star Tribune from Minneapolis, Minnesota • Page 15

Publication:
Star Tribunei
Location:
Minneapolis, Minnesota
Issue Date:
Page:
15
Extracted Article Text (OCR)

7 Dow Jones Industrials 1,120.55 Minneapolis Star and Tribune i i i i i mi ii Tuesday Up 24.44 June 141983 5B. ttaaV-Mff Marketplace 14,1 XMIf herco 3 Agree orient puts MSP closer to building percent rate most of the time since 1980, said Jim Bechthold, NSP's manager of regulatory compliance and permits. NSP said the new removal standards would be achieved through tighter operating procedures at the plant. NSP moved beyond its earlier agreement concerning its sulfur dioxide emissions at two generating units at its Riverside power plant in northeast Minneapolis. There, the utility had installed an experimental dry scrubber to lower emissions.

maintain and operate the scrubber -and to meet a removal level of nine-tenths of a pound per I million BTUsc (British thermal units) of heat ener-1 gy, compared with the 1.2 pounds the. utility stipulated last year. Without the new equipment, the plant would average 3 pounds per million BTUs. By 1988, the utility also is to cutl emissions at unit 8 of its Riverside plant and at its Allen S. King plant WZ Bayport to 2.5 pounds of sulfur diox ide per 1 million BTUs.

The current average is about 2.8 pounds per Here are details of the agreement: At its existing Sherco 1 and 2 units, NSP is to remove between 60 and 70 percent of the sulfur dioxide that would be released into the atmosphere through the burning of coal at the plant. This sharpens a stipulation with the state and the Minnesota Public Interest Group (MPIRG) that NSP signed a year ago. At that time, the company agreed to exceed a 60 percent removal rate at those units. Though NSP's permit for Sherco 1 and 2 allows for 50 percent removal, the company has exceeded the 60 lished by the federal government for new sources of sulfur dioxide, the chief component of acid rain. The agreement also would reduce permitted sulfur dioxide emissions below present state and federal standards at three other NSP plants.

Most of the modifications involve the installation of new monitoring equipment or the more careful monitoring of the coal burned at the plants. In all, the modifications will cost the company no more than $300,000 in capital costs, with additional annual operating costs of $30,000 at most. NSP continued on page 10B Good news brings Dow's best gain since Feb. 24 billion power plant that NSP and two other groups of utilities want to build on the site of two existing plants. The agreement, which sharpens and in some cases strengthens the emission limits outlined In an earlier pact, now must be approved by a state hearing examiner and finally by the MPCA's citizen board.

Once those hurdles are cleared, the utilities can begin construction, possibly as early as July, NSP said. Under conditions of the plan, NSP agreed that Sherco 3 would meet more stringent standards than estab Associated Press Lji'' jKflrfnjk were government reports Friday that May retail sales rose 2.1 percent?" and that producer prices rose thre(-t tenths of 1 percent. The latter helped allay some concern that may be reviving. The Dow is now only 12 points hind its record close of 1,232.59 set May 6. Lower interest rates and thfe'r-improving economy have been key factors for the market's advance in the past 10 months.

William LeFevre, market of Purcell, Graham said that, with a little more than two weeks remaining before the second quarter ends, many institutional accounts ap- By Alexander R. Hammer New York Times New York, N.Y. The stock market advanced sharply in accelerated trading Monday, propelled by several favorable economic developments. The Dow Jones industrial average rose 24.44 to 1,220.55. It was the Dow's biggest one-day advance since Feb.

24, when it climbed 24.47 points on rumors that the prime rate' would soon drop. The next day, the interest rate that banks charge their most creditworthy corporate customers fell to 10 '2 percent, its current level, from 11 Under, the new agreement, NSP is to Yesterday's advance was broad, with winners on the New York Stock Exchange outscoring losers 1,084 to 556. Turnover climbed to 90.7 million shares from 78.5 million shares Friday. Analysts attributed the market's surge mainly to the report Friday by the Federal Reserve showing that the nation's money supply for the week ended June 1 rose only $100 million, less than expected, after having climbed more than $15 billion in the previous four weeks. Analysts believe the relatively small increase lessens the possibility that the Fed will tighten credit and thus send interest rates higher.

Contributing to the market's advance spring. Donald, Wallace and Douglas Dayton all retired from the board in 1977. Kenneth Dayton joined Dayton's department store in 1946 and became vice president in 1948, general merchandise manager in 1950 and executive vice president in 1965. In 1969 he was elected president of the then newly founded Dayton Hudson Corp. He served as chief executive officer from 1970 to 1976 and chairman of the board from 1974 to 1977.

He has served as chairman of the executive committee of the board since then and retained some management duties until about three years ago. Dayton continued on page 10B By Anthony Carideo Staff Writer Northern States Power Co. (NSP) and a state agency announced an agreement Monday that further ensures the construction of an 800-megawatt coal-fired power plant in Becker, while holding the utility to strict pollution-control standards aimed at reducing the state's acid rain problem. The latest agreement is with the Minnesota Pollution Control Agency (MPCA) in its air- and water-quality permit hearings on Sherco 3, a $1 Driller of Brooten oil wells files suit By Joe Blade Staff Writer Oil driller Douglas Wilmoth, who claimed in January that he had struck oil near Brooten, has sued Ivan Osborn, the Le Sueur, veterinarian who raised the money to drill the two oil wells in west-central Minnesota. Despite the initial excitement generated by the announcement, neither well ever produced more than a trace of oil, if that.

All work on the wells stopped in April amid a welter of unpaid bills that Wilmoth estimated at the time as totaling more than $400,000. Wilmoth and Osborn each have said the other is responsible for paying the debts. Wilmoth's lawsuit, filed Friday in Kandiyohi County District Court, says that Osborn contracted with him to drill 10 oil wells and that the costs were to be borne by Osborn and his company. Earth Science Explorations, Inc. The complaint asserts that under the contract, Wilmoth provided materials, equipment and labor, including his own, with a total value of $567,974.

But, the suit says, Osborn has refused to reimburse Wilmoth even though Osborn at times ordered additional work and equipment. It asks that Wilmoth be compensated for those costs plus $100,000 in compensatory and punitive damages. Arthur Anderson, a Le Sueur attorney who represents Osborn, said Wilmoth was paid for drilling work on two wells that he never completed. Wilmoth "has breached his contract" by failing to complete the work, Anderson said. Anderson, who said he had not seen the suit, said Wilmoth signed a contract with Osborn and was paid a fixed price before the drilling work started.

The contract called for Wilmoth to furnish the labor and materials, Anderson said. Wilmoth also has brought Osborn into another lawsuit that was filed in March in Willmar against Wilmoth Suit continued on page 10B Last Dayton brother Stocks continued on page 1 1 to retire Kenneth Dayton lv lL i Extended phone service Joel Schwartz showed how to use his "expansion phone" last week at the Consumer Electronics Show In Chicago. The phone has a plastic base and standard receiver; the dial is mounted on a five-foot expandable tube that can stretch In any direction. Kenneth N. Dayton, chairman of the executive committee and former chairman and chief executive officer of Dayton Hudson said Monday he plans to retire from the corporation and the board of directors in September.

His departure will leave the company with no Dayton family members for the first time since it was founded by Dayton's grandfather, George Draper Dayton, in 1902. Dayton, 60, is one of the five Dayton brothers who conceived and carried out the corporation's expansion from a single department store to a national, diversified retailer that today has 1,000 stores and annual sales of $6 billion. Bruce Dayton retired from the board of directors this problems der's vehicle leasing and service division is the largest in the world and accounted for 63 percent of the company's revenue and 80 percent of its 1982 pretax profits of $124 But how does Ryder do it at a time when three Minnesota trucking companies have ceased operations or cut back severely since Jan. 1 and Eden-Prairie-based Gelco Corp. itself in the truck-leasing business couldn't make money in the last quarter? Ryder turns truckers' into 'opportunities' yellow rental trucks, which account-1; for a relatively small portion of theT" transportation company's revenues.) But Taylor and others saw oportunitjt where many established trucking companies saw only chaos.

Because'' in the deregulated industry almost; anyone can get permission to ate a truck, many small manufacturers ers decided they could get better service and a cheaper price if they Ryder continued on page 10B Marketplace pulse VI if HAS Money line Current Week Year rate ago ago 3-month 8.73 8.64 11.998 Banks ,9.08 9.04 12.753 Thrifts 9.08 9.04 12.753 114-year Cert: Banks 9.55 9.55 Thrifts 9.8 9.8 Currant rata quoted ar th maximum allowable by law. The maximum rata may not ba available at aH Institutions. nr 1-imKf By John J. Oslund Staff Writer Ryder Systems, In many ways represents the flip side of the coin in the generally depressed trucking industry. While many major, established trucking companies continue to roll into bankruptcy because of the combined effects of deregulation of the industry, a soft economy and tight capital markets, Ryder's earnings in before-with an average load factor of 55.6 percent.

Cargo-ton miles for the first five months were up 28.2 percent. Companies Amhoist sells two manufacturing lines American Hoist Derrick St. Paul, said it has sold the assets of two manufacturing operations of its Smith-Berger Manufacturing Corp. subsidiary in Seattle, Wash. Terms weren't disclosed.

Smith-Berger's salmon-processing equipment line and Marine Fairleader line were sold to a group of investors led by James Montgomery, who had been a vice president of Amhoist and president of Smith-Berger. Amhoist will continue manufacturing and sales operations for its logging-equipment operations in Seattle. IC acquires 20.796 ofTraneCcstock IC Industries, Chicago, said it boosted Its stake in Trane Co. to 20.7 percent of Trane'a outstanding shares by buying an additional 1 .6 million shares. IC Industries had said In April that it may acquire as much as 25 percent of the La Crosse, manufacturer of air-conditioning creased 9 percent for the first quarter on top of record earnings of $82.6 million for 1982.

"Those problems are our opportunities," Marshall Taylor, Ryder vice president and treasurer, told Twin Cities securities analysts last week. Miami-based Ryder, which posted revenues of more than $2 billion last year, came to town boasting of its strong balance sheet, market leadership and reputation for quality. Ry equipment. At that time, IC Industries said in a letter to Trane that it had no intention of making a tender offer to gain control of Trane. However, in an AprH filing with the Securities and Exchange Commission (SEC), IC Industries said that at some future date it may decide to propose a business combination with Trane.

In its recent amended filing with the SEC, the Chicago firm said its present intentions-have not changed from those stated in its original filing. Labor Wilson, meatpackers recess negotiations Talks between Wilson Foods Corp. officials and leaders of its striking meatpackers' union were recessed over the weekend after four days of negotiations. Company and union officials said they expect to resume talks, possibly later this week. Wilson spokesman Dave Thompson said progress was made during the negotiations, but declined to comment further.

A union spokesman declined to comment. More than 5,000 meatpackers represented by the United Food and Commercial Workers went on strike June 4, protesting 40 percent wage cuts imposed when Wilson filed for financial reorganization under federal bankruptcy law. The strike includes 1 ,300 workers at Wilson's plant in Albert Lea, the second largest of 1 1 Taylor lays the groundwork for his explanation carefully. When it comes to the trucking industry, he said, 1980 marked a crucial turning point. That's the year Congress deregulated trucking by opening the market to virtually anyone with a truck who could find something to haul.

"We really didn't participate in that regulated Industry," Taylor said of the years before 1980. (In fact, Ryder is still best known for its familiar The agreement involving Kenneth Niebuhr of Edina and Kennedy Transmission North, of Fridley was filed In Ramsey County District Court, Humphrey said. Under the settlement, Niebuhr and his company deny any wrongdoing, the attorney general said. Humphrey alleged in the court documents that Niebuhr's company had sold many customers complete transmissions, costing an average of $500 each, when their cars could have been repaired for far less. He also alleged that the company had often deliberately understated the likely cost of repairs.

The Fridley company is operated independently under a franchise from Kennedy Transmission of Bloomington and is a separate corporation wholly owned by Niebuhr. Humphrey said there are no allegations against any of the six other independent shops operated under Kennedy Transmission franchises. In brief Fox Systems, a privately held Wayzata firm that designs computer software for real estate applications, said it signed a contract to supply a specially-designed system to Realty World Corp. The system will operate on a personal business computer selected by Fox. Potential computer hardware and software revenues from the contract are more than 1 5 Carter-Day Co.

Fridley said it has been named the exclusive marketing organization for Oliver Manufacturing Rocky Ford, -7 II which makes cleaning and conditioning equipment for agricultural products. Oikfyne, Inc. a Minneapolis-based manufacturer of hydraulic cylinders, gear pumps, motors and other equipment, has been acquired by Commercial Shearing, of Youngstown, Ohio. Terms were not disclosed. Oildyne will continue to operate under its current management as the Oildyne Division of Commercial Shearing.

Compiled from staff reports and Star and Tribune news services. I I 1 4 to T-bills at highest level since last year About $6.2 billion in three-month Treasury bills were auctioned Monday at an average discount rate of 8.73 percent, up from 8.64 percent last week. About $6.2 billion In six-month bills were sold at an average rate of 8.83 percent, up from 8.79 percent. The yields were the highest since Aug. 9 for three-month bills and Oct.

4 for six-month bills. The auctions result in new Interest rates on three-month and six-month certificates of deposit. Transportation NWA lists improved mileage statistics Northwest Airlines reported it flew a record 1.37 billion revenue-passenger miles In May 1 983, a 1 7.5 percent increase from the year-eartier total of 1.1 65 billion miles. The May 1982 statistics were affected by a mechanics' strike that began May 22 and partly curtailed Northwest's operation for the remainder of that month. (One (are-paying passenger flown one mile equals one revenue-passenger mile.) Capacity in May this year was 2.398 billion seat miles up 25 percent from the May 1982 strike-reduced capacity of 1 .9 1 9 billion.

The passenger-load factor of 57. 1 percent for the month was down 3.6 points from 60.7 percent a year ago a comparison that reflects the effect of higher load factors logged during last year's strike, when fewer planes were flying but with more of their seats filled. Northwest said the May 1 983 level was 1 0 percent greater than May 1981. Cargo traffic jumped significantly as well, increasing 47. 1 percent from 48.4 million cargo-ton miles last year to 7 1 1 million ton miles last month.

For the year so far, Northwest has flown 6.3 billion revenue-passenger mHes up 13.4 percent over 5.57 billion passenger miles the year I I 1 I I 9 plants in the Wilson chain. It is one of seven Wilson plants shut down by the strike. Litigation Owner to close shop in Fridley, pay fine An Edina man has agreed not to operate a transmission repair business in Minnesota for five years, and he and his company will pay a 1 5,000 civil penalty following an Investigation of alleged consumer fraud, Attorney General Hubert Humphrey III said Monday..

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