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About Sandy post. (Sandy, Oregon) 1938-current | View Entire Issue (Oct. 11, 1979)
Thur« Oct I t , 1979 (S k insj by LOUIS RUKEYSER Kennedy, on the other hand, is thought to be in tra nsigently hostile to this sort of activity. To the extent that the Massachusetts senator has a coherent economic philosophy at alKand, as with most politicians, there is often less there than meets the eye), he consistently has opposed any efforts to expand existing concentrations of private economic power. Hence, he has surprised some people by his advocacy of less governmental regulation of the airline and trucking industries — changes designed to increase competition in those areas — and hence, too, he has been an outspoken critic of the trend toward corporate mergers as opposed to individual company growth. IF A SECOND Kennedy presidency begins to seem more likely in the months ahead, thoae corporations currently itching with an urge to merge can be expected to accelerate their courtships — in the hope of sneaking in under the m arital wire before it's too late. As president, it ’s feared, Kennedy would seek to call a halt both through tougher administrative antitrust actions (via the Justice Department) and through proposing sweeping new antimerger legislation. The theoretical objections to excessive merger ac tivity certainly are clear: from the standpoint of national well-being and the country’s economic future, it would be preferable to see companies growing Inn gets vigorously on their own than cannibalizing their com petitors (or, in some cases — though the issue blurs here — noncompetitors). In the best of a ll worlds, true and perfect competition would be universal. But it is not mere robber-baron rapaciousness that has spurred the recent frenzy of takeover activity. In a deeper sense, it is a reaction to a succession of governmental actions, notably in the tax and regulatory areas, that has served over the last decade to discourage fresh investment and make it historically risky. Equally pertinent is that the takeover binge tells us some of the smartest financial brains in America are convinced the 1979 stock market is sensationally underpriced. Why does it tell us that? Because corporations look around and see the stocks of their own, and other, companies priced in many cases substantially below even what their assets would be worth in a going-out-of business sale. To issue more stock under those con ditions strikes them as giving away the store at a discount. How much more tempting, then, to use existing cash not to expand one’s own business but to take over another company for less than its assets are worth. If the market is underpriced, in other words, why not be a buyer rather than a seller? new sales director M argo Antis has been named director of sales for the Red Lion Inn at Rippling River. In announcing the promotion, Ed Furst, Red Lion general manager, said, “ We’ve expanded our sales staff due to the great demand for meeting and convention facilities at Rippling River. Margo’s expertise in the business and her knowledge of the Mt. Hood area w ill prove invaluable to meeting and convention planners. ” Antis joined Bow m an’s Resort six years ago in a front desk capacity and has since served in various positions including reser vations, and room and group sales. Prior to being ap pointed director of sales, she held the position of con vention coordinator. WHAT THIS suggests is that one fundamental cure for the runaway urge to merge would simply be to improve the overall economic and investment climate. When companies are again selling, not at a discount but at a healthy multiple of their net assets (or “ book value” ), the natural financial impulse w ill be to grow internally rather than to buy somebody else’s fully priced firm . To that extent, much of the apparent problem could prove self-correcting, with or without Kennedy. Kennedy’s antimerger posture is not, of course, the only source of Wall Street uneasiness about the New England Democrat. Investors fret that his staff of in tellectual advisers seems singularly devoid of knowledgeable businessmen. And they worry about the seriousness of his commitment to eradicating inflation. It would be reasonable to expect Kennedy, as his campaign solidifies, to address these concerns and offer some reassurances. But given the depth of his apparent feelings on the merger question, it seems safe to con clude : the more likely a Kennedy presidency becomes, the greater the likely rush for companies to merge while the merging is good. As director of sales, Antis w ill be responsible for all booking and convention arrangem ents including recreational functions and activities She and her fam ily have lived in Rhododendron for the past eight years. The Red Lion Rippling R iv e r represents Thun- derbird Red Lion Motor Inns’ first true resort property. 2 k. Firaiida Dining * Lounga •TiV FREE COFFEE OR Small SOFT DRINK . . W ith purchase o f any sandwich o r d inner. G ood 7-10 p.m. Oct. 11 (C) 1979McNaught Syndicate Inc. On Proctor & Shelley in Heritage Square Lumber * •> industry 668-4979 * SANDY v near capacity The western lumber in dustry operated at 97.7 percent of capacity in July, the highest month-to-date in 1979, according to the W estern Wood Products t Association. The industry operated at 91.1 percent this June and at 91.5 percent in July, 1978. 1979 year-to-date figures v for the first seven months show the industry running at 92.4 percent of capacity compared to 94.1 percent for the firs t seven months of 1978. “ We experienced a solid demand fo r dimension products in July,” Fred Reseburg, director of the Association’s economic services said. “ Also, the projected slump in housing 300 Tablets starts really never reached - 5 Grain - the point many of the ‘gloom REG. $2.35 and doom forecasters’ though it would. “ In fact, housing starts were stronger than expected in July because many people see a home as one of the best hedges against inflation. Tie in starts with the many who decided to do a little rem odeling ra th e r than traveling this summer and it makes for the type of July we 500 Mg. had.” 100 Tablets WWPA has established the 12-state western lumber p r o d u c in g in d u s t r y ’ s REG. practical capacity for any $2.79 given month as the highest actual production reached in that month during the last five calendar years including the current month. SPECIAL MOONLIGHT SALE HOURS 7-10 P.M., OCT. 11 Aspirin Staff photo Elizabeth Hooley of Liz’» Flower Basket recently moved her shop from Pleasant Steet in east Sandy to a downtown location in the new Western Alley Building on Proctor Boulevard. N e w r u le s p r o t e c t c o n s u m e r s P ublic U tility Com missioner John Lobdell has adopted new rules to guide electric and gas utilities on procedures they must follow p rio r to te rm in a tio n of service to residential customers. The rules include a ban on termination of service at any time if it would significantly endanger the physical health of a residential consumer or any member of the con sumer’s household. The rules became effective October 1. The 1979 Legislature passed a law requiring the commissioner to adopt rules p ro h ib itin g te rm ina tion during the winter heating season. Lobdell said ba expanded the directive since It’s possible that the health of a customer — such as one receiving kidney dialysis treatment at home — could be significantly endangered at any time of the year. Certification of a health problem could be made orally to a utility by a physician, registered nurse, n u rs e p r a c titio n e r , physician's assistant, or a public or private agency providing physical or mental health care services. The rules also say the utility must give 15 days w ritte n notice to the custom er p rio r to te r mination. The termination date must be specified. A clear explanation of the reason for the termination must be provided. If the customer is unable to pay the bill in full, he may enter into a paym ent agreement to bring the ac count in balance within 10 months If tbs pay. tb a list of public and private social services agencies that may be able to provide help. The u tility must make an e ffo rt to contact the customer in person at least 72 hours before termination. Vitamin C $ The Sandy Post (USPS 481-180) Ow"°°* P«W'»h-"8 C* Sondy Oregon 9 70SS Second dots postage paid et Sondy Oregon Vitamin E $ 9 .0 0 M lnO ra«on ouMida M ulinam ah and Clachama* C o u n t... p a ' » « o r ................ S t.O O Insta-pure Faucet Head .lX i In N o rth w H . and F a u lk Coo.1 H a t . . owluda O ra«en par yaor ....... ..................... $ 1 0 . 0 0 Outride Northwest end FoU lk Coart s'atat par raar ............................................. $ 1 3 . 0 0 Sandy Oregon 970$$ No. 41 DOZENS OF ITEMS, A TO Z Values you won’t believe! COSMETICS * HAIR COLOR AN D LIGHTENER SKIN CREAM * SHAVING CREAM * ASPIRIN * ANTACIDS * DEODORANT * LAXATIVES * SHAVE LOTION * SOAPS * COLD TABLETS NERVINE * SERATAN * NASAL SPRAY * SUCRETS * AN D MUCH, MUCH, MUCH MORE . . . See special counters! 400 Unit 100 Tablets REG. $6.39 66D-5548 tanricaman .any addraM .......................... HALF PRICE a THURS. OCT. 11 «O> 6« SUBSCRIPTION RATES In Mwllnomah andCtochom M Counlla* p *. re o . .................................... 3 us mess W i l l ta k e o v e r g a m e end? NEW YORK — Savvy Wall Streeters have one little- publicized fear If Edward Kennedy attains the Presidency next year: It could be, they believe, the end of the great modem takeover game. In recent months the merger boom often has been the liveliest, if not the only, game In town. Individual stocks have surged spectacularly on rumors that somebody intended to buy the entire company they represented; sometimes the rumors even turned out to be true Picking takeover candidates” has become a major preoccupation of Wall Street analysts. I) SANDY ( O r r ) ROST Oct. I I . 1979 - By Water Pik - REG. $29.95 SUDDEN BEAUTY Hair Spray 8 OUNCE REG $1.79 Asst d. Colors Throw Rugs Many styles, large REG $6 99 $ Cut Glass VASES REG. »7.49 $A99 3 HRS. ONLY ULTRA-CARE Hand Lotion - PHONE 66 8-41I I ... $199s (Sandy Rexall Drugs f.r.
