The Des Moines Register from Des Moines, Iowa • Page 16

8STIIE PES MOINES REGISTER Tuesday. Julv 26. 1988 Corn, soybeans suffer limit losses FOREIGN EXCHANGE Pillsbury hires new chief; Wall Street unimpressed Park Inn sold; $2.6 million fix-up planned nation's fourth-largest food conglom erate, produces Green Giant vegeta NEW YORK, N.Y. (AP) Troubled food giant Pillsbury Co. named the head of rival General Foods Corp.

as us new top exec utive Monaay, out the announcement drew a negative re al action on wau Analysts said they were skeptical that PhiliD Smith, who lacks solid ex- philip taurant business, smith would be able to quickly turn around Pillsbury's flagging Burger King fast-food chain as well as engage in tough competition to defend the company's consumer food products. Pillsbury stock fell $1.75 a share to in nationwide trading of issues listed on the New York Stock Exchange. Smith, 54, has been chairman of General Foods, the nation's largest food concern, and vice chairman of Philip Morris which acquired General Foods in 1985. He is to begin his new job Aug. 1.

He is taking over from William Spoor, who returned from retirement to run Pillsbury on an acting basis nearly five months ago when the previous chief executive was pressured to leave the company. Minneapolis-based Pillsbury, the CHICAGO, ILL. (AP) Crop futures closed sharply lower Monday on the Chicago Board of Trade on perceptions that drought-stressed corn and soybean fields were gradually recovering. Most contracts for future deliver ies of corn and soybeans plunged their permitted daily limits, 10 cents and 30 cents a bushel, respectively. Soybeans for August delivery have skidded more than $1.90 a bushel over six consecutive losing sessions.

Light, scattered showers fell during the weekend and Monday In the Midwest, continuing a pattern that developed in mid-July to replace the unusually warm and dry conditions that had dominated the region during the previous three months. "There is certainly a lot of varying opinion over how much benefit it may have done for the crop, but traders clearly are responding to the fact that moisture exists, and that's a significant departure from what we saw in April, May and June," said Ted Mao, grain specialist with Shearson Lehman Hutton Inc. in New York. At the close, wheat was 6 cents to 13 cents lower, corn was 7 cents to 10 cents lower, oats were Vi cents to 7 cents lower, and soybeans were 21 Ms cents to 30 cents lower. CENTRAL IOWA MARKETS Country elevator bids In areas near Des Moines showed the following Monday Corn No.

2 yellow S2.55-2.58 Soybeans No. 2 yellow S7.25-7.41 Wheat $3.624 Grain prices are sublect to variations In differ ent sections of the state due to transportation, handling and storage costs. IOWA REGIONAL MARKETS Iowa elevator bids on corn and soybeans com piled by the Federal-Slate Grain Market News office In Des Moines Monday Corn prices were 7 to 20t lower soybean up 414. No. 1 dark northern ordinary-17 protein 3.94'i Tesl weight premiums: 0 lo 1 cent each 1 pound 58 to 60 lbs; 1 lo 2 cent discount for each va pound under 58 lbs.

Protein prices: Ordinary, 3.94V4 nom up 11 percent, 3.9414 nom up 414; 12 percent, 3.94V. up 4tt; 13 percent, 3.9914 down 'A; 14 percent, 4 13 down 6i; IS percent, 4.3S'4 down 64; 16 percent, 4.40'4 down 644; 17 percent, 4 42' down 644. No. 1 hard Montana winter 12 percent to 3.73 down 644. 1 hard winter 12 percent to 3.73 down 644.

No. 1 hard amber durum: Milling 4.75 bid lo 7.60 nom; terminal Minneapolis 4.40 nom; Dululh 4.50 bid, unchanged lo up 60 cents. Prices unchanged lo up 60. Number traded: milling 6 cart; lop traded milling 0 cars. Discounts, amber 10-30 cents; durum 15-40 cents.

Corn No. 2 yellow 2.63a down 14. I Oats No. 2 heavy 2.78-3.15 unchanged to down 12. Barlev cars 159, a year ago 83.

Mailing 65 PI, MorexRobust 65 percent, 2.50-4.50 unchanged; azure 2.50-4.25 unchanged. No. 2 feed barley Minneapolis no quote; Dululh 2.15 unchanged. i Rye No. 1 2.50 nom unchanged; No.

2 2.50 nom-2 60 nom. Soybeans No. 1 yellow 7.47Vi bid, down 38. Sunflower seeds Dululh 12.00, down 25. i WHEAT FUTURES: I Sep 4.04V4 Dec 4.09 Mar 4.12Vi May 4.09 .10.

i sales 1,102. I open Int 10,110, oft 135. I i BOARD OF TRADE CHICAGO, ILL. (AP) Futures trading on the Chicago Board of Trade Monday: Open High Lew Settle Chi WHEAT 5,000 bu minimum; dollars per bushel Sep 3.82 3.82' 3.69 3.7l'4 .13 Dec 3.91 3.94 3.80va 3.84 Mar 3.96 3.97' 3.85 3.87 May 3 82 3.82 3.70 3.71 .10 i Jul 3.51 3.53 3.42 3.47 .06 i sales 5,221. open Int 54,987, off II.

CORN 5,000 bu minimum; dollars per bushel Sep 3.09VJ 3.l0'i 3.02' 3.02'i .10 1 Dec 3.17 3.18 3.10'j 3.10V4 .10 Mar 3.20' 3.21' 3.14V4 3.14'4 .10 May 3.32V4 3.22 3.15 3.15 .10 Jul 3.16 3.16 3 0SV4 3.08V4 .10 Sep 2 80 2.86' 2.79 2.82 .07 Dec 2.73' 2.7344 2.66 2.6644 .09 sales 39,315. i open Int 246,311, off 1,291. OATS i 5,000 bu minimum; dollars per bushel I Sep 2.60 20 2.50 2.54 .06 I Dec 2.67' 2.67' 2.57' 2.60' .07 I Mar 2.70' 2.70' 2.61' 2.65 May 2.67 2.63 2.50 2.57 Jul 2.36 2.40 2.33 2.40 sales 25. open Inl 7,556, off 369. SOYBEANS 5,000 bu minimum; doftars per bushel Occidental Petroleum earnings, sales increase prices were 28t to 604 lower Price per bushel: No.

2 No. 1 YHtcw Yeiew Redan Cent Soybeans Northwest S2.40-2.52 S7.00-7.31 North-Cenlrel 2.47-2.58 6.87-7.37 Norlheast 2.49-2.70 7.06-7.45 Southwest 2.40-2.54 7.20-7.46 Soulh-Central 2.43-2.69 7.21-7.49 Southeast 2.59-2.75 7.10-7.59 Slate-wide Payment-In-Kind certificate bids ranged 97-102 of par. KANSAS CITY Aug 8.24 8.25 8.00' 8 00' .30 Sep 8 25 8.28 8.05 8 05 .30 Nov 8.25 8.26 8 01 8.01 .30 Jan 8.25 8.25 8.01' 8.01' .30 Mar 8.25 8.26 8 00 8.00 .30 May 8.17 8.17 7.92 7.92 .30 Jul 8.13 8.13 7.87' 7.92' .25 Aug 7.65 7.80 7.65 7.70 .25 I Sep 7.36 7.60 7.20 7.20 Nov 7.15 7.15 6.91 6.93 sales 51.561. I i i I 26.72 26.72 1.08 26.97 26.97 1.08 27.17 27.17 1.08 27.49 27 49 1.00 4 5 27.45 1.00 27.50 27.50 1.O0 27.60 27.70 .72 27.20 27.30 .94 26.77 1 26.26 26.25 30 24.72 1.00 24.20 1.00 open Int 127,280, up 1.353. SOYBEAN OIL 60,000 tbs; datars per 100 lbs.

Aug Sep Oct Dec Jen Mar May Jul Aug Sep Oct Dec sales 19,053. open Inl 95,529, up 435. SOYBEAN MEAL 100 tons; dollars per tan 27.50 27.50 27.50 27.65 27.75 27.80 28 25 28.30 28.30 28.30 27 28.25 28.25 28.12 28 12 28.00 28.15 27.50 27.50 26.77 26.26 26.26 24.72 24.72 24.72 24.20 24.20 24.20 i I KANSAS CITY. MONDAY (API 1x4. IS' lower to l'4 higher: No.

9 hard .1 7Ai-1 No. 3 3.54'4-3.94'n.' No. 2 red whe 1 3.52'n; No. 3 3.22'4-3.51'n. Corn 58 cars: 71 lower to 10 higher; No.

2 white 3.80-3.85n; No. 2 yellow 2.73'-2.B6'n; No. 3 2.53'-2.85'n. No. 2 mllo 4.47-4.79n.

No. 1 soybeans 7.68'-8.03n. Hoppers 73.00-75.00. WHEAT FUTURES: Sep 3.77' Der 3 SA totA M. 3.92 .11 May 3.72 Jul 3.45 .13.

sales 3,998. open Inl 32,137, up 333. MINNEAPOLIS MINNEAPOLIS. MONDAY (AP) Wheat re ceipts 164, a year ago 428. Spring wheat cash trad ing basis unchanged to up 11.

Prices down 644 to COCOA NEW YORK, MONDAY (AP) Cocoa futures trading on the New York Coffee, Sugar and Cocoa Exchange: 10 metric tons; oer ton Sep 1541 4 Dec 1556 7 Mar 1570 9 May 1590 7 Jul 1615 9 Sep 1643 11 Dec 1678 9. sales 6,277. open Inl 37,266, up 281. Aug 253.50 253.50 244.70 245.20 9 58 Sep 248.00 249 00 240.00 240.20 9 80 Oct 244.00 246.00 238.00 238.00 10.00 Dec 243.00 243.00 234.70 235.10 9.60 Jan 242.00 242.00 233.00 233.00 1000 Mar 239.00 239.00 230.50 231.00 9.50 May 236 00 236 00 229.70 231.50 .20 Jul 238.00 238.00 229.70 232.50 7.20 Aug 222.50 230.00 222.50 227.50 4.50 Sep 228.00 228.00 227.00 227.00 .50 Oct 230.00 230.00 221.00 220 50 1.00 Dec 220.50 1.0Q NEW YORK, N.Y. (AP) Foreign Exchange, New York prices.

Rales for trades of Jl million minimum. Fgn. currency Dollar In In dollars fgn. currency Mon. Frl.

Mon. Frl. f-Argent Australia Austria c-Belgum Brazil Britain Canada Colombia Denmark Finland France Greece Hong Kong y-lndia Ireland Israel Italy Japan z-Mexico Nelhrlnds N. Zealand Norway So. Korea So.

Africa Spain .0612 013 .0804 .025 .0044 1.7190 .8213 .0033 .1425 .2281 .1607 .0067 .1281 .0711 1.4552 0810 12.3100 12.3400 8131 1.2480 1.2300 .0780 .0262 .0044 1.7415 .8326 .0033 .1440 .2308 .1623 .0068 12.45 12.82 38.70 38.18 227.73 224.94 .5817 .5742 1.2176 1.2010 301.25 301.25 7.0190 6.9450 4.3835 4.3325 6.2220 6.1600 147.65 146.00 7.8045 7.8090 .1281 .0711 14.075 14.0740 1.4685 .6872 .6809 .6144 .6144 1.6277 1.6277 .000732 .000740 1366.50 1350.50 .007554.007645 132.38 130.80 .000437 .000437 2290.00 2290.00 .4795 .4855 2.0855 2.0597 .6677 .6677 .1498 .1505 .001386 .001386 .4143 .4163 .008180 .008268 .1573 .1591 1.4980 1.4980 6.6775 6.6430 721.70 721.70 2.4135 2.4020 122.25 120.95 Sweden Swltzerlnd z-Venzuel 6.3580 6.2860 1.5380 1.5190 .6502 .6583 .0285 .0283 35.0700 35.2500 W. Grmnv .5412 5473 1.8478 1.8273 ECU: European Currency Unit, a basket of Eu ropean currencies. The Federal Reserve Board's Index measuring the value of the dollar against 10 other currencies weighted on the basis of trade was 96.41 Monday. up 1.17 points or off 1.23 percent from Friday's 95.24. A year ago the Index was 99.69.

Lale closing prices as of 3:30 p.m. Eastern Time as gathered by First American Bank of New York. c-commerclal rate, f-flnancial rate, y-offlclal rale, z-hoatlng rate, r-revfsed. PRODUCE MARKETS IOWA EGGS: Prices oaid producers Monday for loose eggs at farm, cases exchanged; grade yield basis; cents per dozen; A large 54-56, mostly 55-56; A medium 35-37, mostly 37; A small 14-24, mosny 16- iy. CHICAGO EGGS: A extra large 74-82; A large 72-78; A medium 55-61.

BUTTER: AA 1.37; A 1.36; U4V. NEW YORK EGGS: A extra large 79-81; A large 76-79; A medium 60-63. WEST NORTH-CENTRAL STATES LIVE HENS. 154. CENTRAL STATES TURKEY MARKET: Market generally quiet; y-hens steady; y-loms fully steady.

DRESSED POULTRY: Sales: Y-toms 24-26 lb 66. Offerings: Hens 8-16 lb 71-72; Y-toms 22-24 lb 71-72, 24-26 lb 66, 26-28 lb 66-68, 28-30 lb 70-72. WHOLESALE MEAT DES MOINES, MONDAY (AP) (USDA) Central US estimated gross boxed beef cut-out value of choice 1-3 550-700 carcass up .69 al 105.42, 700-850 up .85 al 105.54, select 1-3 carcass up .46 at 97.29; reported sales 81 loads of boxed cuts, 26 loads beef trim and bnls processing beef; central carlol carcass report steer end heifer corcastes oenerallv steady. Instances 1.00 higher on choice; 41 loads; sleer carcasses, choice 4 600-900 lbs 79 00. select 1-3 600 to 900 lbs 91.00; heifer car casses, choice 3 550-800 lbs 93.00, choice 3 500-550 lbs 91.00, choice 3 400-500 lbs 90.00, choice 4 500-800 lbs 79.00, select 1-3 550-800 lbs 90.00; cow carcasses.

8 loads; utility 500-up lbs 1.00 higher. other grades nol tested, boning utility 1-3 500-up lbs 81.00-82.00. Hide and offal from typical slaughter steer was estimated at 8.56 p-cwt, up .05. Central carlo! pork. 20.50 loads of fresh pork cuts and 1 1 loads of trim-process pork; fresh pork loins 14-18 lbs steady lo 3.50 lower; skd hams firm to 1.25 higher; sdls bellies steady to 1.00 higher; fresh pork loins 14-18 lbs 100.50-105.00; skd hams 17-20 lbs 66.00, 20-26 lbs 68.00; sdls bellies 1Z-I6 lbs 49.00-50.00, 16-18 lbs 44.50.

MUTUAL FUNDS Continued from Page 7S MunNt USGvt SoGen SoundSh 11.8912.39 12.79 13.32 17.62 18.40 LoCop NPro Prspc RIEsI USTF UST Inl ValFra 6.74 NL 1.42 NL .76 NL 9.34 NL 10.80 NL B.A5 8.65 12. TO NL 10.42 NL SAM VT SthtstG 12.94 12.94 sover in ii.ji m.vi State Bond Grp: Com St 6.03 6.S9 Divers 7.24 7.91 Prosrs 9.77 10.68 ToxEx 10 0610.53 US Gov 4.80 5.05 St FarmFds: Bolon 18.16 NL Gwlh 12.98 NL Muni 7.74 NL StStrect Resti: Excn 127.65127.65 Grwth 75.18 75.18 Inv 75.27 75.64 Steadman Funds: Am tnd 2.16 NL Assoc .62 NL Invest 1.32 NL Ocean 3.56 NL Steln Roe Fds: Cop Op 21.84 NL 10.10 10.10 Value Line Fd: Aggrln 8.17 NL Conv 10.64 NL 13.31 NL 5.75 NL 19.11 NL 10.17 NL 11.70 NL 11.14 NL Fund Incom Lev Gt MunBd Spl Sit US Gvt Von ECU: GldRs 5.28 5.71 Int Inv 12.59 13.76 Wldln 9.51 10.28 WldTr 13.38)4.46 VanKampen Men CATF 14.75 15.51 Gwth 14.72 15.48 HiYld 13.67 14.37 InTF a 16.90 17.77 TxFH 15.85 16.67 USGv 14.88 15.65 Vance Exchange: uiscv y.s NL CopE ii.vi NL GvtPlu HYMu HYBds IntMu MgOBd MgOM PrimE Specl Stock TotRet 9.51 NL DbST Diver ExFd ExBo FidEx 55.41 NL 102.71 NL 146.06 NL 128.80 NL 11.41 NL V.Si NL 10.42 NL 8.44 NL 8.61 NL 8.63 NL 14.67 NL 14.59 NL 22.62 NL B4.13 NL 80.37 NL sepia Vanguard OrouD: BdMkt 9.12 NL Convrt Eqlnc Explr Explt I More NoesT Prmcp VHYS Pref ARP Quant STAR TCInt TCUsa GNMA HiYBd IGBnd ShrtTr STGovt US Tr 4 79 NL 10.11 NL 29.59 NL 20.22 NL 11.09 NL 36.12 NL 45.43 NL 14.09 NL 7.72 NL 20.18 NL 10.58 NL 10.79 NL 30.33 NL 26.74 NL 9.40 NL 8.S5 NL 7.76 NL 10.29 NL 9.86 NL 8.98 NL Untv 13.46 NL Stroteale Funds: Capll 5.75 6 28 Invst 3.61 3.95 Sllvr 4.64 5.07 StrotnOv 24.89 NL Strot Gth 19.02 NL Strong Funds: GovSc 9.96 NL Inco 11.99 NL Invst 17.78 17.96 17.52 17.88 10.19 NL 9.26 NL 19.61 19.81 9.519.98 St Bd TFInc Totol TecumEq lecumin 9.72 10.41 Temoleton Grouo: Frgn 19.71 21.54 Glob I 40.98.. Glob II 12.41 13.56 Grwth 13.68 14.95 Inco 10.05 10.98 World 14.39 15.73 Thomson McKInn: CvSec 10.15 10.15 Global 10.16 10.16 Gwth 13.76 13.76 Inco 9.74 9.74 Opor 1 11.74 11.74 ToxEx 10.6910.69 USGv 9.39 9.39 Trnstln 10.74 NL TrnstGr 14.17 NL TreasFt 9.70 NL TrustFunds: Bdldx 9.36 NL SMGv 9.64 NL IntGv 9.45 NL Eoldx 9.76 NL Valu 9.03 NL 10th Century: IdxExt 11.73 NL Indx 500 26.30 NL MuHY 9.71 NL Mulnt MunLd MuLg 11.76 NL 10.16 NL 10.04 NL 11.15 NL 15.27 NL 9.53 NL 9.88 NL 9.14 NL 9.59 NL 11.52 NL 10.31 NL 17.90 NL 14.26 NL 11.27 NL 14.96 NL 16.32 NL 13.11 NL 12.14 NL 10.99 NL MuShf Col Ins NJIns NYlns Pennln vspe VSPG VSPH VSPS VSPT Wellsl Welltn Wndsr Wnas II Wldlnt WldUS NL Venture Advisers: Girt 7.4 7.45 Grwth 12.58 NL Herln 6.10 6.13 IncPI 8.62 9.42 Muni 9.46 9.46 NY Ven 7.93 8.67 RPFB 7.04 7.04 RPFE 19.03 19.03 VlkEgln 13.95 13.95 Wealth 6.96 NL Weiss PeckOreer: Tudor 20.88 NL WPG 20.01 NL Govt 9.78 NL Gwth 91.84 NL WollSt 6.49 6.87 WlltsF IRA: AstAI 11.38 NL Bond 10.68 NL CpStk 17.74 NL SmICo 14.42 NL LTBnd 91.04 NL 27.09 NL 97.05 NL 94.62 NL 7.12 7.15 94.34 NL Select TxEIn TxELT Ultra I USGv Vista 6.38 6.41 USAA Group: Corns! 17. 10 NL Gold Grwth Inco IncStk Sblt TxEH TxElt 9.49 NL 11.59 NL 11.05 NL 9.93 NL 17.15 NL 12.54 NL 11.77 NL 10.35 NL westcore: TxESh STBd IntBd una vail 10.14 10.51 una vail 17.66 18.49 9.87 10.34 Unified Msmnt: Genrl 8.52 NL Gwth 18.67 NL Inco 11.12 NL Indl 8.74 NL Mutt 14.05 NL United Funds: Accm 6.18 6.75 Bond 6.06 6.62 Con tnc 14.80 16.17 GldGv 8.20 8.96 GvtSec 4.78 4.99 BosPI BasVt AAodVl MIOCO 10.14 10.63 1203 12.53 Westwd Wood Struttwn: Neuw 14.66 NL Pine 11.39 NL WlnG 9.91 9.91 YamGlob 9.86 10.35 Ex capital gains distribution. Stock dividend or sptlt.

Ex cash dividend, Previous day's quote. (NLln-No front end load or contingent deferred soles lood. Fund assets are used to pav for distribution costll2(b)(l) plan, Redemption fee or contingent deterred sales lood may apply, Both pond r. IntGth 6.60 7.21 Ml tnc Hllncll Incom Muni MunHI NwCcpt Retire 12.05 13.17 4.69 5.13 16.54 18.08 6.77 7.07 4.81 5.02 5.44 5.95 5.29 5.78 9.75 10.66 ScEng von 10 5.76 6.30 U'd services: GBT 15.87 NL GNMA GidStir Grwth Inco 9.29 NL 3.78 NL 6.96 NL 9.48 NL drought bill Illinois earlier this month, Reagan voiced concern that the relief package might take on the appearance of "Christmas tree," in which lawmakers attach favored amendments on legislation they know will pass the Congress. White House spokesman Marlin Fitzwater said Monday that administration officials expect Congress to resume work on the legislative package this week.

He said "the House is a little ahead the Senate, but we're hopeful for good progress this week on the drought legislation." to 2 lbs Hogs steady to 50c higher Dies, iiaagen-uazs premium ice creams and Van de Kamp's frozen fish. In addition to the Bur ger King cnain, it also owns Steak Ale and Bennigan's restau rants. Separately, Pillsbury announced Monday it had agreed to purchase Bumble Bee Seafoods a privately held San Diego-based producer of canned seafood with annual revenue of $265 million. Pillsbury also said it had decided to sell off its grain mer chandising division and use the pro ceeds to finance the Bumble Bee ac quisition. Analysts have been critical of Pillsbury, saying it lacked clear and vital leadership over the past few years.

Its after-tax profit plummeted 62 percent in fiscal 1988 to $69.3 million on sales of $6.2 billion, largely because of a restructuring charge asso ciated with the sale of the Godfather's Pizza chain and a number of other restaurant operations and consolidations. The restaurant unit, which accounts for nearly half of the company's total revenue, reported a 5 percent drop in sales in the fiscal year ended May 31 as Burger King continued to lose market share to rival McDonald's Corp. THE BUSINESS TIDE today deadline for a response from Wilson officials. Pitt-Des Moines reports sharply higher earnings Pitt-Des Moines a steel fabrication company that has operations in Des Moines, said its earnings climbed to $2.3 million in the second quarter, up from $1.1 million in the same period a year ago. Per-share earnings were 88 cents, compared with 43 cents last year.

Sales were $82.9 million, up from $80.6 million. For the six months, profits were $3.6 million, or $1.23 a share, com pared with $1.3 million, or 53 cents, a year ago. Revenues were $148 mil lion, compared with $136.6 million. Treasury security rates highest since October Interest rates on short-term Trea sury securities were mixed in Monday's auction. The Treasury Department sold $6.6 billion in three-month bills at an average discount rate of 6.88 percent, up from 6.76 percent last week.

An other $6.6 billion was sold in six-month bills at an average discount rate of 7.09 percent, the same as last week. The three-month rate was the highest since Oct. 13 when the bills sold for 6.96 percent. The rate on six-month bills was last higher on Oct. 19, when it averaged 7.21 percent.

Illinois company to open Cascade plant, employ 40 Products Unlimited a Sterling-Ill. based firm, said it will begin operations in Cascade within three weeks and will employ between 40 and 50 people. The firm will produce compactors, small switches for central air conditioning units. Products Unlimited is a 10-year-old company with 700 employees in Iowa and Illinois. Iowa plants are at Sabula, Tipton and Guttenburg.

Wages will range from $3.40 to $6, the company said. The workers will be trained through a program at Northeast Iowa Technical Institute at Peosta. as opposed to an investment in which they want to take early control." I.C.H officials could not be reached for comment. Several companies have attempted takeovers of Statesman in the past year, but all have failed. Bach Companies of San Francisco first made an offer in July 1987, but Statesman spurned it.

In December, a subsidiary of Southmark a Texas real estate and insurance company, asked insurance regulators for permission to buy up to 100 percent of Statesman's stock. Southmark owned about 5 percent of the stock at that time, but backed down from its offer in February because it had its own financial problems. In April, Statesman turned down an offer from Bach Companies to buy American Life, Statesman's largest operating unit, for $65 million. innaaMia By JO EL BRENNER Register Business Writer Robert J. Conley, new owner of the former Des Moines Park Inn, said Monday he has dreamed for years of owning the hotel.

Now that he has his chance, Conley said he is risking it all, saying he'll spend $2.6 million to remodel the motel. Following a year and a half of negotiations with Integra Hotel Corporation of Dallas, Conley closed the $4 million sale last week. He's renamed the hotel the Capital Plaza, and he said he's confident that it will be affiliated with a national chain by Oct. 1. Conley said he's talking with Radis-son, Ramada Inn and Holiday Inn for a franchise agreement.

The hotel, just off Interstate 235 at 1050 Sixth Street, was built in 1971 as a Holiday Inn, but was converted to Park Inn in 1986. Although he's only been on the job for eight days, signs of construction are already visible. The planned face lift includes removing the revolving restaurant on the 12th floor to in crease banquet facilities, redecorat ing all 255 guest rooms, enclosing the outdoor swimming pool and increas ing the number of meeting rooms. "It will be better than when it was brand new," boasted Conley. Norwest Bank of Des Moines, Farm Bureau Life and Allied Insurance provided financing for the pur chase and renovation.

'I've always felt this property had a great deal of potential that was nev er realized because of market placement," Conley said. "They've given me the chance to make my dream come true. Conley is not new to Des Moines or hotels. He's been in the business for 16 years and worked at the Park Inn in the mid-70s and at the Hotel Fort Des Moines. His new corporation, As sociated Hotel Services is his first venture into ownership.

'It's our first hotel in Des Moines, but it probably won't be our last," he said. earnings rise NEW YORK, N.Y. (AP) Exxon the nation's biggest oil compa ny, said Monday its after-tax profit rose 4 percent in the second quarter from a year ago, while Mobil the No. 2 company, reported a 60 percent surge in earnings. Atlantic Richfield Unocal Corp.

and Ashland Oil Inc. also reported gains. Exxon, with headquarters in New York, had a net profit of $1.2 billion, or 90 cents a share, in the April-June period, which was up from $1.15 billion, or 81 cents a share, in the same period of 1987. Revenue rose 7 percent to $21.63 billion from $20.16 billion. For the first half of the year, Exxon reported earnings of $2.66 billion.

Mobil, also based in New York, said its second-quarter profit jumped to $487 million, or $1.18 a share, from $304 million, or 74 cents a share, a year earlier. Revenue rose 16 percent to $14.2 billion from $12.3 billion. In the first six months, Mobil's profit jumped 78 percent to $992 million. Atlantic Richfield, which is based in Los Angeles and is the sixth biggest U.S. oil company, attributed a 21 percent rise in its earnings to the recent reorganization of its refining and marketing operations.

Arco's quarter profit rose to $400 million, or $2.19 a share, from $330 million, or $1.80 a share, in 1987. Revenue rose 12.2 percent to $4.6 billion from $4.1 billion. In the first half of the year, the company earned $801 million. Unocal, also based in Los Angeles and ranked 13th, reported a 3 percent rise in second-quarter profit to $64 million, or 55 cents a share, from $62 million, or 53 cents a share. Revenue rose 6 percent to $2.55 billion from $2.42 billion.

In the first six months, Unocal earned $242 million. Ashland, an Ashland, Ky. -based concern that is the No. 14 oil company, said its net income jumped 42.5 percent in the third quarter of its fiscal year, rising to $57 million, or $1.02 a share, from $40 million, or 66 cents a share, a year earlier. Revenue increased 15.8 percent to $2.2 billion from $1.9 billion.

For the nine months ended June 30, Ashland earned $149 million. Reagan questions 1 Continued from Page 5S only deter our efforts to provide this much-needed aid," Reagan said in the letter to Senators Patrick Leahy Vt.) and Richard Lugar "We hope that the Congress shares our drought relief objectives and will continue to work the administration to enact them promptly into law," Reagan said in the letter. During a tour of drought-stricken corn and soybean crops in Southern xxon, Mobil a of Occidental Petroleum Corp. said its earnings for the second quarter were $77 million on sales of $4.7 billion, compared with $59 million on sales of $4.3 billion for the same period last year. Per-share earnings were 34 cents, compared with 23 cents in the second quarter a year ago.

Occidental, which owns a majority interest in IBP said its 1988 results included an extraordinary loss of $10 million from the retirement of approximately $200 million of high-cost debt. The 1987 results included an extraordinary gain of $17 million reflecting a tax loss carryforward and a gain of $81 million in connection with the sale of an oil and gas subsidiary in Colombia. Occidental also said the loss of duction and revenue resulting from the North Sea oil platform accident could lower earnings by 5 cents to 10 cents a share in 1988. IBP said last week its earnings dropped to $11 million in the second quarter from $17 million in the same period in 1987. The decline reflected lower beef margins, IBP said.

Braniff to expand Kansas City service Braniff Airlines Inc. announced it would begin serving four new cities and expand service to 14 other cities from Kansas City International Airport beginning Sept. 12. The Braniff flights are expected to fill some of the void that will be left Aug. 31 when Eastern Airlines cuts all but six of its 53 departures from the Kansas City airport.

On Sept. 12, Braniff will add nonstop flights from Kansas City to Boston, Houston, Oklahoma City and Philadelphia. Pizza-sausage company in merger offer to Wilson Doskocil Cos. offered $12.50 a share for Wilson Foods proposing a $127.2 million merger. Anticipating resistance from the Oklahoma City-based meatpacker, Doskocil filed three lawsuits.

Wilson has operations in Cherokee and Clarinda. "We are a relatively conservative company. We are not corporate raiders. We are not greenmailers. The only other stock we own besides Doskocil is Wilson Foods and that's because we are interested in acquiring them," David Smoak, Doskocil's chief financial officer, said in a telephone interview from New York City.

Doskocil, a South Hutchinson, supplier of beef and pork toppings and dry sausage, set a 3 p.m. sales 16,113. open Int 71,1 13, off 308. J00, ln5luo1; 3 no 'or mouv inuuBioie, cony sales siaugnter and heifers I.5O-2.OO higher; slaughter iXStXS: ZrT" "nd lare trome no 'w 57.00,- slaughter miters; tL00? Ib 3m-smi select 2-3 61.00-63.00. swiMM.rAUL south st.

paul, monday iap (usdai CATTLE llOO; Small supply slaughter steers and heifers active, 50 lo mostly 100 higher. Holsleln mxr'i' 50 to 100 higher. Slough-, ler cows moderately active, fully steady. Slaughter 1M r' pared with Friday, active to 100 higher; Sows. 400.

Compared to Friday, slaughter lambs slow, mostly 2.00 lower. Slaughter ewes and feeder lambs moderately active, steady. PEORIA 1 t-vnm, mwniyn i v-r- nwvj otfuu; irou- Ing moderate; barrows and gilts mostly steady. In-, ianic dm maner compared wun i-noay. i-j 220-250 lt 47.50-48.0Q, 35 head at 48.50; 2-3 240-260, crsz with last Monday, early sales slaughter steers 10 00 hlner- nlglw; slaughter.

heifers generally steady early; nol enough early, sales of slaughter cows or bulls for a market Slaughter steers: choice 2-4, mostly 3 lb 64.50-65.50, load at 66 00; Ib 63.00-65 select and choice 2-3 lbs 59.00-63.50.. Slaughter heifers: choice 2-4, mostly 3 40 nn.i-i in. i SXX ZZ. 59 00-63 50 1 UIY1A11A MA' MONDAy (USDA) H06S 'dv lo 25 higher; mod-; vtd.cit ouib, uj i-j 4U-43U 4.MJ-40.W, IUU, v. 4.oo, tew 210-220 ids, 44.00-46.50.

Sows: Under 500 Ib steady to 50 hioher; 1 5.5 -iv no kn 0 JU'50J s- earTLB r.i,.. 1 enn ter seeTs and h.Jr. on Lest 1-2 00 htahlrihr i.d!,r,,,eiv ac lve '-50 2 00 higher than last Wednesday; saugh-, Wei" 4 Lvi fhn Ch0'5! 3 4 I 15 J4! iVoo-49 00 49 "S'-00; M-46 0oVoO-43 stutititituiiiiii etlBBfl ff IIPIIIIIUVBI RHIuAuD MERCANTILE CHICAGO, ILL. AP) Futures trading on Ihe Chicago Mercantile exchange Monday: 11 ui. kmi r-k I cattle I awT 66 12 66 42 65 75 66 35 23: rZ? 0 90 00 2 9 12 SSL ig lift 73 I ijS um III llli li t'S.

Au Er 4-11 1 7 1 1 FEEDER CATTLE -MI Au I li'A V. ll Se Oct 77 4 5 78.50 77.60 78.37 .50, Nov 79 40 80.30 79.40 80.15 .53 Jan ryeu ou.m rv.a w.w JT S3 JtS S3 May 77.80 77.80 77.80 77.85 1 iu fjl 1 oow "'443' u0 1M' 30.OO0 cents per lb. Aug 46 30 44.30 45 20 45.52 .60 Oct 42 90 42 90 40.75 40.95 Dec 44 07 44 27 42 8 5 43.35 .55 Fh 47 5S 4740 44 60 47I) 55 Apr 46 90 47 20 44 10 46 10 .80 Jun 51 50 51 50 50 20 50 85 .45, Jut 51 80 51 80 50 40 51.00 .80 Aug 49.80 49 80 49.80 49.80 1.10, sales 8.822 Frl 's open int 25,942, off 1,697. ci 1 ie ujm rmi nr 1 7 M80 39 10 uao van -2 00. JTjn JS 2 -155 Jf T.V.

J-JJ, "-JJ Jj Au S4" 54 60 1W 4 open Int 15.256, oft 288 Interior Iowa and southern Minne- SOta hOg prices Were mostly 50 CentS higher in active trading Monday. Omaha barrows and gilte were steady to lo cents higher. Peoria hogs were mostly steady, with instances of 50 cents higher. Hogs reached $47.50 at interior country Doints and Daekint? nlante. PtttMn6 P'anw paid $48.50.

Omaha topped at $48.25, and Ppnria'e. hioh uroe tsa an ana reona lUgn Was ffO.DU. Interior cattle prices were not es- tablished. Omaha Cattle prices SOld $1.50 to S2 hiffher with a stantrhtpr Qtoor tnn 7 tV SIaU6nler Steer t0P of $67.25. Peoria steers were steady to $1 higher, reaching $66.

Heifers i SOid Steady. LIVESTOCK RRrF'IPTS Livestock receipt. ntl. Md.y SE-r "i 2'222 15S Oklahoma City 650 800 0 Joseph 500 1,500 0 Sou W0 2,700 0 South St. Paul 1,000 2,500 400 LIVESTOCK SI.AIICHTFR WASHINGTON, TUESDAY (USDA) Esll- mated dally livestock slaughter under federal In- spectlon: Hons Cattle Sheon Today 278.000 12 000 ow Week ago 276,000 127,000 17 000 Year ago 236,000 123idO0 18 000 I1UT17R iitn inwi nnrc UN I CtUUK IUWA DES MOINES, MONDAY (AP) Estlmeted receipts at lowa-soulhern Minnesota direct hog- buying stations 90,000, week ago 88,000, year ago 86,000, actual Friday 74,000 and 16,000 Saturday.

Barrows and gills mostly 50 higher than mid ses- sion Friday trade active iiuhi oKerina anrm am- S-WSI Country points US 1-3 210-250 lbs 46.00-47.00, few 45 50 and 47.50; 1-3 240-260 lbs 45.50-47.00, 2-3 260-280 lbs 43.50-46.00. 3-4 280-300 lbs 42.50-45 00; SOWS 1-3 300-500 lbs 28.00-31.00, 500-650 lbs 23.00- Packing plants U. 1-3 210-250 lbs 46.50-48 00. few al 46 00 and 48.50; 1-3 240-260 lbs 46.00-48.00, 2-3 260-280 lbs 44.00-47.00, 3-4 280-300 lbs 42.00- 46O0, SOWS 1-3 300-500 lbs 29 500-650 lbs IOWA CATTLE nc umun urMun.x DcS MO NES. MONDAY (AP) (USDAI Iowa-southern Minnesota direct cattle trade: CATTLE 800; live sales trade llaht to moderate; slaughter steers and heifers not established, firm undertone noted; demand moderete fo good; seller nterest moderate with many cattle priced higher; live seles slaughter steers, mostly choice 2-4 1100-1300 lbs 65.50-66 00, few 67.00.

mixed select and choice 2-3 none; slaughter heifers, mostly choice 2-4 1000-1100 lbs few 64 50-6500. two mH 64.00 and 66.00; mixed select end choice 2-3 50-80 choice none; most cattle delivered fo packing plants wllh weighing conditions equivalent to 3 shrink at the feedlols. Carcass basis, steers and heifers uneslabllshed, firm undertone; weight only steers, mostly choice 2-4 600-900 lbs 104.50-105.50, load 106 00; mostly Choice holsteins none: welohl onlv helfen. rrwullv Choice 2-4 550-800 lbs few 102.50-103.00. NATIONAL STOCKYARDS EAST ST tOUH uniimv api urw-.

trade active; barrows and gilts 50 higher; sows 300-500 lbs 1.00 higher; over 500 lbs 1.00-2 00 higher; 1-3 300-500 Ib 31.00-35 00; over 500 Ib 30.50-32 50, boars over 300 lb 31.50-32.00; under 300 lbs 31 00-31 50 CATTLE and calves 940: as comoarerf In Monday, slaughter steers opened steady lo 50 higher, closing sales moslly steedv; slaughter half- ers higher; cows and bulls fully steady with last week's terminal market close; bulls 1.00-2.00 higher. SIOUX CITY SIOUX CITY. MONDAY (AP) (USDA) HOGS trade ectlve; compared with Friday, barrows and gills 220-270 lbs 50-100 higher, few 270-280 tbs 1.00-1.50 higher; above 280 lbs too few test; US 1-3 220-260 lbs 47.75-48 50, volume 46.00, 200-220 lbs 45 00-44 50. 260-270 lbs 47.00-40 00. few 48.50.

2-3 270-280 lbs 46.00-47 00; sows, 300-450 lbs steedv; 450-500 lbs steady fo 50 higher; 500-650 lbs 00-2 SO higher; 1-2 300-450 lbs 31 50-33 00, 450-500 30 50-3100, 1-3 SO0-65O lbs 32 boars. 350-700 lbs 31.50-32.00. Statesman raises cash Continued from Page 5S convert Statesman's notes, which will pay 14 percent interest, at any time into 8 million shares of common stock at $6.25 a share, or a 42 percent stake in Statesman. Issuing the new stock would bring the total outstanding shares to 18.8 million. If I.C.H.

exercises this option, it would be the largest single stockholder in Statesman, Noble said, poising it for a possible takeover of the Des Moines-based financial services holding company. "It certainly would put them in that posture, although they have said it is not their intent to seek control of Statesman," Noble said. "You certainly could reach that conclusion, but I don't believe it will happen. They are approaching this as an investment in which they want a yield,.