Heard On The Street

CANCELED. The first week of the year recalled the days when school closings actually meant something to us, such as we got the day off. Early morning radio announcements about the cancellation of classes in area schools are a hallmark of this time of year. The classic series of alphabetical listings: Weableau, West Plains, Wheaton, Willard, Willow Springs and Viola; and of course, Fair Grove, Fair Play, Fordland. Does anyone know where Marion C. Early or Harold E. Barber are? Our vote for the smoothest delivery of school closings is Michele Skalicky of KSMU (and a contributor to these pages). In other cancellation news, Michele reported for "All Things Considered," National Public Radio's afternoon news program, on Sen. John Ashcroft's decision not to enter the 2000 presidential race.

BUILDING. Greene County released its year-end Building Regulation Department stats at the Jan. 4 Greene County Commission meeting. In 1998 the county issued 895 building permits for single-family residences, part of the 7,415 total permits the department issued last year. The department collected $325,604.50 in fees in 1998. For its permitting purposes, the department showed an estimated cost of construction of $68.2 million in 1998. Officials with Building Regulation said, however, that the true cost of construction in the county is from three to four times that figure, which merely reflects data used for fee calculation. In 1999 the county will include true cost-of-construction information with permits.

HOT MARKET. If Springfield has seemed like the hottest banking market in the known universe, information from the Missouri Division of Finance bears that out. The state agency said in its January newsletter that the 15 new state bank charters issued from 1993 to 1998 are comparable to the 13 new charters issued in the 1986-1988 period. In that earlier rush to enter the market, however, 10 of the 13 new charters went to the St. Louis area. In this latest charter binge, eight of the 15 new charters were issued for Greene, Christian and Webster counties, the Springfield Metropolitan Statistical Area. And, the Division of Finance reported (and as has been reported here previously), those new banks are proving their application projections wrong by exceeding them. About 87 percent of new charters since 1993 have beaten first-year loan growth projections within an average of four months. And 73 percent of those new charters have exceeded first-year deposit growth projections, on average, in fewer than seven months.

DIVIDEND. Great Southern Bancorp Inc. announced Jan. 4 a second-quarter dividend of 12.5 cents per share. The dividend was the 36th consecutive one since Great Southern Bank became a public company in December 1989. The company also announced the repurchase of 207,079 shares as a part of a buy-back plan that began April 24, 1998. Outstanding shares of the company, traded on the NASDAQ market under the symbol GSBC, now stand at just more than 7.8 million.

BOND, DOUBLE-A BOND. Associated Electric Cooperative Inc. has had its bond rating upgraded for $141 million in pollution-control revenue bonds. Fitch IBCA, a credit-rating agency, gave AECI the AA rating after reviewing its operations. "AECI's continued ability to position itself as one of the lowest cost utilities in the region, improve its already strong financial position and compete in an increasingly competitive environment" is the basis for the rating, according to a release from Fitch IBCA. The rating is up from the AA- previously given to AECI from Fitch. "The rating is unusually high for an electric utility and will provide substantial present and future financial benefits to Associated and our members," said Mike Miller, chief financial officer for AECI. Fitch IBCA said AECI's 3.1-cent per kilowatt hour wholesale rate was very low-cost. And AECI's 1997 financial performance was noted. The cooperative has a 26 percent equity-to-capitalization ratio, up from 9 percent in 1991. Management had targeted a 25 percent ratio prior to 2000.

SLICE OF NICE. Applications are now being sought for the 18th annual Sertoma Chili Cook-Off. The Cook-Off will be held Feb. 20. at the University Plaza Trade Center. Proceeds from the event benefit the Springfield Boys and Girls Club and will finance improvements to the club's baseball facility on Park Avenue. To recieve an application, contact Sertoma Clubs at 318 S. Campbell or call Marcia Tranor, executive secretary, at 863-1231. The team entry fee is $75 and as many as 10 people can be on a team. Tickets for the event are $2 in advance, $3 at the door and will be available by mid-January at all Springfield area Consumers and Dillon's stores or from any Sertoma Club member. Last year the event earned more than $65,000 for the Boys and [[In-content Ad]]