Sunday, May 02, 1999
TIPSHEET
Shoppers cling to their cotton
Tristate residents and the Peanuts cartoon character Linus have a lot in common, based on market data gathered in a Northgate Mall survey.
The survey found that almost 70 percent of all shoppers cling to their favorite cotton items, much the same way Linus clutches his favorite security blanket.
The survey was conducted as part of Northgate's Cotton Sails event, a cotton-products sale to run through May 9.
The survey indicates that most people who take advantage of the sales won't be replacing items. Instead, shoppers will probably be looking to add to their cotton inventory.
More than 70 percent of the respondents said they'd never give up their favorite cotton item, even if it was too damaged to wear or use.
“It seems that no matter what the latest fashion trends become, everyone has that something special they won't give up,” Cindy Morr, marketing director for Northgate, said. “Cotton fabric is what everyone had in common, no matter what style of clothing it was.”
— Randy Tucker
Passing on oil
Valvoline Co., Ashland Inc.'s branded motor oil business, considered but decided to pass on pursuing Quaker State Corp., acquired by rival Pennzoil Co. for $950 million in January.
“We thought, "Do we want to have that as a business opportunity, or do we want to compete against it?' ” said Jim O'Brien, president of Lexington-based Valvoline.
He said achieving the $100 million in savings needed to justify the purchase would have been “not impossible ... but difficult” to achieve.
In a speech a week and a half ago, Paul Chellgren, Covington-based Ashland's chief executive, wasn't that frank but acknowledged: “We knew Quaker State was for sale. It wasn't a secret.”
But Mr. Chellgren said the merger of No. 1 Pennzoil with Quaker doesn't necessarily put pressure on No. 2 Valvoline to make its own acquisition.
About 80 percent of the motor oil market is divided by the top six brands, he said, and early indications are that Pennzoil doesn't plan to consolidate the two brands. — Mike Boyer
Congress a joke?
Economists say a number of economic issues deserves attention from Congress, including “fast track” and other trade issues, saving Social Security and improving aid for displaced workers.
Action, however, isn't likely. Here's a joke one Hill-watcher tells to explain the problem:
Newt Gingrich is playing right field when a fly ball is hit in his direction. “I got it,” he yells, but the ball whacks him in the forearm and rolls away. From the dugout, the manager curses, but Newt assures him that he's got it under control.
But Newt blows two more fly balls the next inning. The manager angrily yanks him and puts Dennis Hastert in his place.
On the first pitch, a high fly ball is hit to Hastert, but he loses it in the lights and drops the ball. The manager storms out to right field. “What the heck's wrong with you?” he demands.
Hastert replies: “Newt's got this position so screwed up nobody can play it.” — John Byczkowski
5/3 passes test
Fifth Third, already one of the nation's most efficient banks, thinks that it has solved the Y2K problem seven months early.
Last Sunday, the city's largest bank shut down all of its operating computer systems to test itself for the next century.
The bank said auxiliary systems — including automated-teller machines — worked when they were supposed to and the so-called Year 2000 computer bug was, well, zapped.
The test came after Fifth Third received hundreds of calls monthly questioning the bank's readiness for the next millennium.
“People are really concerned if we'll be operational and they'll be able to get their money,” Fifth Third spokeswoman Robbie Jennings said.
Execs at Provident, PNC, Firstar, KeyBank, Huntington and Bank One locally say their systems also are tuned up for next year. - Jeff McKinney
Items for Tipsheet are gathered by Enquirer business reporters and compiled by Lisa Biank Fasig of the business staff.
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