D6-Uncaster Farming Saturday, November 22,1986
BUSINESS NE
(right) igi jg Bren®...-
appointment to service manager at Messick Farm Equip
ment.
Messick Farm Equipment
Promotes Breneman
ELIZABETHTOWN - Messick
Farm Equipment recently an
nounced the promotion of Doug
Breneman to service manager.
Breneman has been with the firm
for 12 years.
“Doug has been to all of the
company-offered service schools
and knows the ms and outs of
equipment service problems,”
Sire Power Honors AI Technicians
TUNKHANNOCK - Artificial
insemination technicians in Sire
Power’s Northeast Sales Division
were recently recognized for
outstanding service at fall
banquets held in each district
Jim Darkas of District 2
(Southeastern Pennsylvania)
captured the first place overall
winner for the Total Performance
Contest. Jim began breeding cows
in May, 1982. The District 1
technicians dominated this year’s
contest with seven technicians
among the top 15 chosen for total
performance. Placing second was
Jake-Myer from District 2.
AGNET Increases Coverage
LINCOLN, Nebr. - The addition
of several hundred reports from
USDA’s Agricultural Marketing
Service to existing AGNET reports
now offers a total approach to
develop a marketing plan.
With the AMS additions to the
marketing information database
called MARKETS, users now have
access to daily cash prices and
market activity reports from
around the country on most
agricultural commodities from
feeder cattle to food grains to
flowers.
Additional weekly market
summaries are available on hogs,
cattle, sheep, poultry, grains and
oilseeds. Futures quotes are now
Cargill Appoints Research Manager
MINNEAPOLIS, Minn. - Dr.
Vemon Gracen, Jr., has joined
Cargill’s Seed Division as research
and development manager.
Gracen is responsible for
research and development of the
company’s hybrid com, sorghum,
sunflowers, wheat and cotton. He
supervises research at 19 U.S.
said Messick vice president Bob
Messick. “His knowledge has been
a big asset to us. We wish Doug the
best of success in this new en
deavor.”
Messick Farm Equipment is a
Case-IH, New Holland and Deutz-
Allis dealer located in the
Elizabethtown area.
The next three placmgs of third,
fourth and fifth were all from
District 1 (Northcentral Penn
sylvania). Veterans of the NESD
technician force, they were: third
place- John Rheam, fourth place-
Gordon Erway, and fifth place
jack Rishel. The distribution of
Total Sales Performance leaders
were as follows: seven from
District 1, four from District 2,
three from District 3, and one from
District 4.
Other Total Performance
Winners include- Robert Fassett-
Distnct 3- 6th; Eldon Ford,
District 3- 7th; Steve Williams,
reported at opening, mid-day and
close, with a final settlement
report also available.
“AGNET clients have always
enjoyed the cost-effective and easy
manner of retrieving marketing
information, but they have
suggested we increase the scope of
our report coverage,” said Pamela
Peters, Central AGNET marketing
coordinator.
AGNET is an international
computer network primarily
serving the agricultural com
munity. For more information
about AGNET, contact the Central
AGNET office, University of
Nebraska, Lincoln, Nebraska,
68583-0713,(402)472-1892.
research stations. The seed is sold
under the Cargill, Paymaster,
PAG and Bounty brands.
Gracen was a professor of plant
breeding, Cornell University,
Ithaca, N.Y., since 1971. He
received his Ph.D. in agronomy
from the University of Florida in
1969 and a B.S. in education from
Georgia Southern College in 1966.
Tenneco Proceeds With Steiger Acquisition
HOUSTON, TX - Tenneco Inc.
said it will proceed with its
acquisition of Steiger Tractor,
Inc., Fargo, North Dakota-based
manufacturer of large four-wheel
drive agricultural tractors.
The announcement came
following notification by the U.S.
Department of Justice’s Antitrust
Division that it would not seek to
block Tenneco’s September 23
tender offer. Steiger filed for
protection under Chapter 11 of the
U.S. Bankruptcy Code June 17.
Tenneco had said that upon
expiration of the waiting period
under the Hart-Scott-Rodino
Antitrust Improvements Act on
Nov. 7, it would accept for pur
chase all shares of Steiger’s
common stock tendered under
Tenneco’s $3.50-per share offer.
As of the close of business
November 6, more than 90 percent
of the outstanding shares of Steiger
had been tendered and not with
drawn, for which Tenneco
promptly will begin paying.
Tenneco said it expects to enter
into an agreement with Steiger and
the committee of unsecured
creditors appointed in Steiger’s
bankruptcy proceedings to provide
guarantees of all outstanding valid
obligations of Steiger and its
subsidiaries.
After dismissal of the
bankruptcy proceedings, Steiger’s
agricultural equipment operations
will be consolidated with Case IH,
Tenneco’s wholly owned sub
sidiary headquartered in Racine,
Wisconsin, which manufactures
agricultural and construction
equipment.
“The acquisition is consistent
with Tenneco’s strategy of building
upon its basic businesses which we
believe will be of substantial
benefit to Tenneco, Steiger and
Case IH,” explained James L.
Ketelsen, Tenneco Chairman and
Chief Executive Officer.
“Steiger’s reputation for
building durable, high quality
products makes them outstanding
District 4- Bth; Roger Miller,
District 2- 9th; Jim Comunale,
District 2- 10th; Jim Garner,
District 1- 11th; Ernest Nipple,
District 1- 12th; Carl Remington,
District 3- 13th; Ken Fetterolf,
District 1- 14th, and Earl Wehr,
District 1- 15th.
These awards are given each
year to technicians showing out
standing sales performance in
their areas. The sales performance
leaders contest was started in 1977.
The NESD Sales and Service
Director is Gary Hennip. District
men are: Leighton Klingler- 1,
Willard Odenwelder- 2 & 4, and
Don Hibbard- 3.
Energy Free Waterer
For All Livestock
GORDONVILLE - The Lapp
Energy Free Drinking Cup
requires no electric or gas for
operation and will not rust or
corrode, according to designer
Alvin K. Lapp of Soudersburg
Manufacturing.
The 13-by-19-by-16-inch high unit
slips over the top of an insulated
nine-inch silo PVC pipe. It operates
with a hydrant valve below
frostline. Made of a durable polj
product, the cup can be mounted at
any height for all types of
livestock, and the water line and
hydrant valve can be serviced and
installed from above ground
The unit has rounded corners
and a water line coming over the
top of the bowl for dairy cattle and
other livestock. For more in
formation contact Soudersburg
Manufacturing, Gordonville, PA,
17529. Phone: 717-768-3218. Dealer
inquiries invited.
additions to the Case IH
agricultural tractor line,”
Ketelsen continued. “At the same
time, die acquisition adds to the
Case IH customer and dealer base
while assuring continued
production, sales, and parts
availability and support for
current Steiger owners.
“We promised our customers a
full line of the most technologically
advanced agricultural equipment
products when we purchased the
agricultural assets of International
Harvester in 1985,” KetelSen said.
“The Steiger acquisition is another
Baltimore Farm Credit Reports
Third-Quarter Earnings
BALTIMORE, Md. - Third
quarter financial reports issued
this week by the Farm Credit
Banks of Baltimore show con
tinued resiliency by mid-Atlantic
region farmers to the economic
difficulties facing agriculture
nationally.
In a letter to his 56,000-plus
stockholder/borrowers, Bank
President Gene L. Swackhamer
said, “The Farm Credit Banks of
Baltimore and most affiliated
Associations had favorable
operating results during the third
quarter; however, financial
assistance to other Farm Credit
System institutions resulted in a
net loss for the quarter for the
Federal Land Bank.”
Before the effects of national loss
sharing assistance the combined
operations of the Baltimore Banks
and local Federal Land Bank
Associations (FLBAs) and
Production Credit Associations
(PCAs) generated net earnings of
$4.9 million for the third quarter
this year compared to $7.9 million
for the same period in 1985. After
the Federal Land Bank con
tributed some $56.9 million out of
current earnings and reserves the
district reported a $52 million loss
for the quarter.
Although the district has con
tributed some $88.7 million year-to
date in loss sharing funds to
financially troubled Farm Credit
Banks in other regions, the
Baltimore district still shows a
healthy reserve of over $222
million.
New Com Hybrids From Seedway
HALL, NY - Seedway, Inc.
announces the release of two new
hybrid field corn varieties for 1987.
Eastland Brand 478 and 591 have
been added to the Company’s line
up of hybrids based on their per
formance in an expanded research
Lapp Drinking Cup
example of our commitment to
fulfill that promise.”
Case plans to maintain Steiger’s
manufacturing and engineering
Operations at Fargo, though
certain administrative functions
there will be eliminated or tran
sferred. Consolidation of
operations, Ketelsen said, will
result in significant cost reductions
that could not be realized by the
two separate companies. •
Steiger employs about 370 in
North America. Case IH employs
about 15,000 in North America and
28,500 worldwide.
Swackhamer explained that
recent legislation passed by
Congress would ease the System’s
cash crunch by permitting ailing
Banks to utilize Regulatory Ac
counting Procedures (known as
R.A.P.) to capitalize and amortize
excess interest costs and ex
traordinary loan losses over a
period up to 20 years.
“This legislation, when im
plemented, will have significant
impact on our Banks and
Associations,” according to
Swackhamer. “The use of R.A.P.
by cash strapped district banks
will give them time to work off
losses and most importantly will
reduce our need to provide
financial assistance. ’ ’
Reporting on the operations of
the Baltimore Banks and
Associations, Swackhamer said
that despite the distressed farm
economy and depressed corp
modity prices, over 96 percent of
the Banks’ borrowers are current
on their loan payments.
Other operating results for the
first nine months of the year show
net charge-offs for the Federal
Land Bank of $22,000 as compared
to $3.0 million for the same period
last year. The combined Federal
Intermediate Credit Bank/PCA
System recorded $1.4 million in net
charge-offs, year-to-date, com
pared to $2.0 million last year.
Federal Land Bank foreclosure
cases numbered 184 at the end of
the quarter, compared to 209 for
1985 PCA foreclosures totaled 70
at September 30 this year, down
from the 86 of a year ago.
program. The Company tripled its
research efforts three years ago
with additional research staff and
testing sites throughout the Nor
theast. Eastland 478 and 591 are
new generation hybrids developed
from the expanded testing effort.
Eastland 478 is a 97-day modified
single cross with rugged roots and
stalks. The variety’s medium-tall
plant has shown very good stan
dability in research trials. Grain
and silage yields have been con
sistently competitive with similar
maturity hybrids available in the
industry. E 478 has been found to be
extremely well adapted to higher
elevation areas.
Eastland 591 is a longer season
single cross rated at 105 days
maturity. Yield results in research
and field tests have been ex
ceptional. The hybrid’s superior
plant health contributes to ex
cellent standability and grain
quality.
Richard Morse, executive vice
president in charge of Production
and Research, indicates that seed
of both varieties was produced
during the 1985 growing season
Northeast corn growers will be
able to acquire modest quantities
for 1987 planting.
Seedway, Inc. is a full-line seed
company based in Hall, NY with
additional locations at York,
Emmaus, and Mifflinburg, PA.
Contact the Company at York, PA
17402; 717-764-9814 for more in
formation about their new hybrids.