STRICTLY BUSINESS: "T+3" A NEW SEC RULING

"T+3" won't go into effect until June, but the new Securities and Exchange Commission ruling already has some stock investment representatives talking about it.

The new ruling, say financial-services people, could affect the way individual investors conduct their securities transactions.

Specifically, investors will have three business days, rather than the current five, to pay for securities purchases or to deliver certificates after a transaction.

The new regulation is being referred to as T+3, which stands for "Trade Day Plus Three."

The move toward the shortened settlement started in late 1991 when a group of international bankers known as "Group 30," started a campaign focused on settling trade in three days or less in the U.S. Securities markets.

The SEC approved the proposal for implementing the three-day settlement last year, with a June 1 target date. In the addition, the SEC has hinted at a "next-day" settlement, and eventually maybe a "same-day" settlement.

Joe Domian and Donna Domian, Cape Girardeau representatives for the financial services firm of Edward D. Jones & Co., say the new ruling is designed to help curb the risk in securities market.

"Over the past 20 years, we've seen an incredible increase in the use of computerized trading as well as growth in the sheer volume on the New York Stock Exchange," they say. Yet, the business of paying for all those securities has remained the same."

Many nations have already reduced their settlement periods to three days or less. The new ruling will enable stockbrokers to keep pace with technology, with the volume of trading and with other world markets.

The new ruling also means that investors will receive proceeds from selling securities two days earlier.

"Reinvestment dollars will be put to work more quickly than in the past," said Marsha Limbaugh, branch manager and vice president of the Cape Girardeau A.G. Edwards branch office. "Investors should start preparing for the change today."

A shorter settlement may affect the way many investors transact their securities business. In most cases, using the postal service to remit payment or send in certificates for trade will no longer be fast enough. Rather, payment for securities may need to be on deposit in the investor's account at the time a transaction is executed.

A portfolio review, say investment brokers, is a good first step. Some investors may want to consider establishing accounts that offer a money-market option to provide easy access to the cash they need to pay for purchases and that also offer safekeeping securities so that certificates are readily available for sales.

A full-service asset management account with a brokerage company typically allows a person to clear all securities transactions through one account and tracks those transactions. In addition, some accounts offer the same benefits of traditional banking accounts, including check-writing privileges, direct deposit and debit cards.

Additional information concerning T+3 and strategies to effectively do business in the T+3 environment are available at area stockbrokers' offices.

Mr. Charlie `dry-ribs' king

Ribs for Christmas?

That "non-traditional" meal is what one Cape Girardeau family opted for several years ago. Making the dinner even more non-traditional was the fact the ribs were prepared at Memphis' famous Rendezvous Restaurant.

The shipment of ribs to a clientele around the world was commonplace for Charlie Vergos and his Rendezvous Restaurant and because of customer demand, soon will be again.

The legendary Memphis eatery, whose "dry-style" pork ribs are known throughout the world, was recently selected as the 1994 "National Pork Restaurant of the Year" by the National Pork Producers Councils (NPPC).

Pork is king at the Rendezvous and its owner, "Mr. Charlie," is known far and wide as the dean of the dry school of barbecuing.

The ribs, Vergos said, are rubbed with a special seasoning blend that combines Greek spices with Southern and Cajun flavors. They're baked until crispy, but hold their juices until the customer bites in.

My acquaintance with the Rendezvous came on a cold winter night about 30 years ago when I wandered into the restaurant. It's been a regular stop on my many visits to Memphis since.

The restaurant, a downtown Memphis landmark, is tucked away in a basement, located in an alley across Union Street from the equally famous Peabody Hotel.

Rendezvous cooks prepare food over open grills, in full view of the customers. On an average working day, they cook about a ton of ribs, 500 pounds of pork shoulder and pork loins, 200 pounds of ham and 100 pounds of pork sausage. Twenty-one of the 26 food items on the Rendezvous menu are pork, and on a Saturday night, more than 2,000 people drop by for dinner.

There are no reservations, but the wait is seldom a long one, and when customers are seated, they are only a few minutes away from having food on the table.

The decor at the Rendezvous is interesting. Every inch of wall space contains some type of collectible items, all given to Vergos during his 46 years of business in the same location.

On one wall customers will see a signed picture of Alabama's noted football coach, the late Bear Bryant. In another wall case are autographed pictures of Elvis Presley. Old farm implements, newspapers, firearms, books and just about anything you can name can be found at the Rendezvous

Vergos and his associates, sons John and Nick, Tina Jennings and the entire Rendezvous staff, will be honored by the pork industry during a special ceremony at the restaurant Oct. 10.

And, yes, the king of rock 'n' roll used to chow down on the Rendezvous ribs until Elvis Presley become so famous his presence at the restaurant would become disruptive. After that, he had Vergos send ribs over to Graceland.

Business under new ownership

Flori Sales & Service, 101 William in downtown Cape Girardeau, has been sold.

Al Stoverink, director of the physical plant at Southeast Missouri State University, recently purchased the heating and air-conditioning business from Ralph Flori, who founded and operated the business more than 25 years.

Stoverink, Flori's son-in-law, won't be involved in the day-to-day operation of the business.

The business will retain its name.

"I'm looking to retirement, but I will remain with the company for a couple of years," Flori said. "I didn't want to leave my customers without service."

The new management team consists of Flori as service manager, Susan Hart as office manager and public relations coordinator and Joe Melvin Jr. as sales representative.

The reorganized business will combine the skills and knowledge of Flori's 40 years of experience with the talents of a new team dedicated to maintaining the same quality customer services, Stoverink said.

The company specializes in heating, cooling and refrigeration and offers full sales and service for residential and commercial needs.

Future plans include expansion into total facilities maintenance with electrical, plumbing and general repair services.

The company will hold a ribbon-cutting ceremony Tuesday at 9 a.m.

The new owner served as assistant city manager at Cape Girardeau before joining the university.

Flori founded the business more than 25 years ago and located it at 1634 N. Kingshighway. Last December he purchased the 10,600 square building at 101 William. The business occupies about a third of the space in the large building, which during the 1950s was Biederman's Furniture Store warehouse.

The business is open 7:30 a.m. to 5 p.m. Monday through Friday, but is available 24 hours a day for service.

Used-car dealership expands

Cape Girardeau Motors Inc. has expanded.

The used-car dealership which opened in 1992 at 1754 Independence in Cape Girardeau recently purchased the adjoining property to add more space for pre-owned vehicles.

With the new 135 x 55 foot expansion, the company has space for as many as 60 vehicles.

"We want to keep an inventory of about 50 to 55 vehicles," said Mike Mathes, "that doubles the previous inventory of about 25 to 30 vehicles."

Mathes and Richard Kirkpatrick are owners of the company, which offers a variety of late model, pre-owned vehicles cars, trucks and vans.

Mathes, a native of the Ironton area, has 10 years experience in auto sales and management and Kirkpatrick, a native of the Charleston area, has more than 10 years in the business.

Mathes and Kirkpatrick purchased the former Sam's Auto Sales facility in June of 1992 and following renovation of the building, opened in August.

Toll House Restaurant open

The Toll House Restaurnat, located south of Cairo near the entrance to Fort Defiance Park, opened recently and will hold a grand opening Saturday at 3 p.m.

The restaurant, which formerly housed a subdistrict office of the Illinois State Patrol, has been completely refurbished.

Sharon K. Williams has leased the restaurant from the Confluence Community Development, Inc., a not-for-profit organization that leases the restaurant property and Fort Defiance Park from the state of Illinois.

The new restaurant is open daily from 11 a.m. to 10 p.m. but plans are in the works to start opening at 5 a.m. for breakfast in early October.