The Mail-Journal, Volume 21, Number 41, Milford, Kosciusko County, 24 October 1984 — Page 15

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VOLUME 21

Dana reports third quarter results, increases dividends

Dana Corporation reported sales of $863 million for the third quarter ending September 30, 1984. Net income for the period is $48.6 million. For the same period in 1983 sales were 710 million and net income was $31.8 million. Net income per share for the third quarter is 86 cents, compared to 57 cents in 1983. Third quarter 1983 profits were increased by an extraordinary income item of $3.7 million, or sevefi cents per share, because of a stock-for-debt exchange. Sales for the nine months ending September 30 are reported at $2,705 billion company to $2,075 billion for the same period in 1983. Net income for the first nine months of 1984 is $142.6 million against $76.2 million a year ago. Net income per share through September 30is $2.53 compared to $1.38 in 1983.

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The nine month profits and earnings per share for 1984 were reduced by a one-time charge taken in June, 1984 of $6.7 million, or 12 cents per share, due to the write-off by Diamond Financial Holdings, a wholly-owned subsidiary of Dana, of its investment in Cherokee Insurance Company. The 1983 nine-month profits included a $6 million, or 11 cents per share, gain because of a retroactive tax adjustment and related interest income, plus the $3.7 million, or seven-cents-per-share, extraordinary income item referred to above. The board of directors declared a quarterly dividend of 32 cents per share, an increase of two cents. The dividend will be paid December 14, 1984, to shareholders of record on November 26, 1984. This will be Dana's 188th consecutive

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quarterly dividend. This dividend increase is the second two-cents-per-share quarterly increase this year, tn April, the board of drectors increased the quarterly dividend from 28 cents to 30 cents per share. Gerald B. Mitchell, chairman of the board, said, “Sales so far this year are 30 percent higher than they were a year ago, reflecting the strong demand for Dana products in our motor vehicle original, equipment and replacement markets as well as significant Sales increases to the mobile off-highway market. Our profits are up 87 percent from last year’s nine month report, even though we have hald or lowered prices on the majority of our product lines during this period. Cost reductions and productivity gains by Dana people throughout the company have made it possible for us

to be competitive and to continue to grow faster than our markets.” Robert E. Byrket, chief financial officer, stated, “We expect sales for all of 1984 to be about $3.5 to $3.6 billion with profits of approximately $lB5 to $l9O

Reith attends banking school

Paul E. Reith of First National Bank of Milford was among more than 1,200 bankers who attended this summer’s two-week session of the Graduate School of Banking at University of WisconsinMadison. Registrar Janet A. Primus said each banker at this year’s 40th annual session took two dozen courses ranging from commercial loan analysis to strategic issues in bank management. The

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million, or $3.30 to $3.4 per share. This would represent a 65 to 70 percent improvement over the 1983 profit of $112.8 million and the $2.04 per share. This forecast assumes that several major Dana customers are able to settle their union contracts without a prolonged work stoppage.”

“students,” mostly young banking executives,, receive graduation certificates only after attending three of the summer sessions and finishing extra problems between terms. Begun in 1945 with 47 students from three states, the banking school this year drew from more than 40 states. It is presented by the Central States Conference of Bankers Associations, representing 16 Midwestern states, and by UW-Madison.

■ I i ■ BfFB kfl I El NEW BOAT COVER — Dick McDaniel of the Dewart Lake Protective Association presents Koscuisko County reserve officer Jerry Black with a new boat cover for the patrol boat that is kept on Dewart Lake during the summer months. Looking on is Koscuisko County Sheriff Al Rovenstine. McDaniel also presented Black with a donation from the Dewart Lake Protective Association to the reserve officers for the time they donate at Dewart Lake during the summer. (Photo by, Tom Charles)

End-of-year fun and games

By R. L. KOHLS Agricultural Economics Department Purdue University Once again, as usual, Congress was not able to complete on time its work on appropriation bills necessary to run the government. It had to pass a continuing resolution which permitted government agencies to spent money at the previous year’s rates until they completed their work on the new money bill. If it had now done so, we would have to go through the ritual of shutting down the offices of government since spending authorization ended on October 1. This dilly-dallying on the part of Congress is not unusual. It has become the rare occasion for Congress to complete its budgetary work on time!' Interestingly, it was only in 1976 that the government changed its fiscal year from July 1 to October 1. This was done because Congress has not been able to complete its budget work by July 1. The year was changed to October 1 to give it more time! So here we are, less than 10 years later, back at the same old stand. You can imagine what would happen if you ran your business like this! Or if on April 15 we all notified the government that it would have to wait on our taxes because we had not finished our work! This inability of Congress to make its spending decisions for the next year on time certainly doesn’t contribute to efficient government operations. However, what goes on in the final days of the process of passing the money bills is still a bigFFA teams to state meet Area Future Farmers of America soils judging teams will be among the 59 4-H and FFA teams from 40 counties competing in the 31st annual state soils judging contest on Saturday, Oct. 27, in Delaware County. Participating from this area are two teams from Fairfield Junior-Senior High School; Wawasee High School; and Triton Junior-Senior High School. All three schools are in Area 10. The teams qualified for the state finals during the past few weeks by winning area soil judging events. Some 250 youth are expected to ‘participate in, the state contest. The top five teams in both the 4-H and FFA divisions will earn the right to compete in the International Land Judging Contest next spring in Oklahoma Participants will register at Delta High School at 8 a m. The first group of contestants will start judging at the sites at 9 a.m., with the second group starting at 10:15 a.m. In addition to the 59 teams, a few youth have qualified for the state events and will compete as individuals not on a team. Contestants will judge at four different pits during the morning, then participate in a critique session, before returning to the school for lunch. A short program will precede the announcement of winners and presentation of the awards at 2:30 p.m. Winners of the Invitational Soil Judging Contest conducted at Purdue University in September also will be recognized at this session.

ger problem. Attempts are made to attach all kinds of special provisions to money bills on the assumption that controversial issues are easier to get through that way. This year delay has been caused by argument over a propose'd special civil rights amendment to the spending authorization bills! Here also is where the time honored rituals of log-rolling and filling the pork barrel really take over. If you remember your high school course in government you will recall the meaning of these two time honored practices in our government operations. Log rolling refers to the idea of “I’ll vote for your favorite project if you vote for mine.” The pork barrel refers to all the government financed goodies that a Con : gressman could get for his home district. These special project requests of our Congressmen consist of all sorts of things. Several billion dollars worth of new water projects for different areas of the country are involved. Some special tariff considerations that are important to local constituencies that would cut tax revenues are on the list. A long list of special subsidies to different businesses and projects are also proposed. Each cost only a few million dollars — small potatoes when compared to the size of the total budget. Yet the total of all the requests can end up costing the government billions in lost revenue or additional spending. Yet after the bills are passed, our elected representatives will return to their home districts voicing their firm conviction that .current huge budget deficits must be reduced. The deficit was $173 billion for the year ending October 1. It is projected to get even larger in the years ahead. Perhaps all of this helps explain why it is proposed that taxes must be raised if the budget is to be balanced. There is much talk but little stomach to curtail spending! We are a republic in which our Congressmen are voted in or out by the home folks. “Getting something special for my district” is a time honored practice for helping an incumbent keep his seat. This kind of activity meant little when budgets were roughly in balance and were relatively small. However, in our present setting this really demonstrates the lack of fiscal responsibility that the government has developed over time.

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/ Local Photos / Spot News

Why doesn’t the president veto such outlandish practices? Our procedures now require that an entire appropriation bill be accepted or vetoed. It is not accident that all these special projects are tacked to an already late appropriation bill. A veto now would literally close down government operations while the measure was sent back to Congress for revision. Governors in many states have the power of line-item veto. That is, they can accept part of a proposed bill while rejecting part. It has been proposed that the president be granted si(/:h discriminatory power. Perhaps it is time to give the president this power to help restore some semblance of discipline to the business of government. 128 calls answered at Webster North Webster Town Marshal Judy Coleman submitted the monthly police report for the North Webster Police Department at the October 17 meeting of the North Webster Town Board. The report is as follows: There were 128 calls answered by the department during September with 254 information calls answered. Officers received 35 fire and Emergency Medical Service calls and extended 64 courtesy services. During the month there were two warning traffic tickets issued, five traffic arrests, and five traffic accidents investigated. Officers received seven theft reports with items valued up to $9,477. There was one stolen property item recovered that totaled $9,000. North Webster Police Officers were called to six civil and domestic disturbances. There were seven disabled vehicles, four lockouts and one door found open. Officers made 14 escorts to the banks and answered eight alarms. There were 12 dog complaints and one dog impounded. o There were nine title checks and officers attended five fire arid first aid calls, assisted other police departments on eight calls. Officers issued one deer kill permit and one handgun permit application. Officers drive the police cars a total of 1,776 miles and the cars used 146.9 gallons of gasoline.

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