The Piqua Daily Call from Piqua, Ohio · Page 13Click to view larger version
January 21, 1977

The Piqua Daily Call from Piqua, Ohio · Page 13

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The Piqua Daily Call i
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Piqua, Ohio
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Friday, January 21, 1977
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Page 13
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IP/quo banker honored Order of George to Havener ! THE ANNUAL ORDER of George Award was presented to Lou Havenar, Piqua National Bank, at last night's Piqua Area Chamber of Commerce Banquet at the Piqua Country Club. The affair drew a capacity crowd. Havenar 155 E. Snodgrass Road has been active in Chamber and community affairs. He is a resident of Springcreek Twp., serving as a trustee and past president of the County Association of Trustees and Clerks. A graduate of the Kent State University School of Installment Credit, he has attended Miami Jacobs on agriculture credit. He is an active member of Toastmasters and Kiwanis Clubs, Warren Lodge 24, Eastern Star Chapter and Council and Ancient Accepted Scottish Rite of Dayton. Perennial chairman of the Chamber's Annual Stag, he has been a member of the Travel and Tourism Committee. A charter member of the Chamber's Ambassadors, he is presently serving a term on the Board of Directors. HE HAS SERVED AS chairman for two Piqua school bond issues and was chairman of the Piqua Bicentennial Commitee. He has served in various capacities in United Fund drives and has given free auctioneer services to the Piqua Police Department, the Altrusa Club, the Jaycees, Kiwanis and other local organizations for worthwhile events. He has received the Jaycee Boss of the Year award and has been elected president of the Central Western Section of the Consumer Bankers Association. He now holds a term as a member of the national board of Lou Havenar, left, receives the Order of George Award from its first recipient, Robert M. Hance, at last night's Piqua Area Chamber of Commerce Banquet at Piqua Country Club. (Fogt Photo). Caven on PNB board Howard Caven, president of Caven's Meats, Inc., has been named to the Board of Directors of Piqua National Bank. He and his father, the late Clay Caven, founded .the Caven and Son Meat Packing Co. which operated' under that name for 24 years before HOWARDS. CAVEN being destroyed in a fire in 1974. A new plant was built and opened Feb. 17, 1978. Caven's wife Helen is secretary of the firm, his son Victor is vice .president and plant superintendent. Another son, Dean, is treasurer and also is a student at Wittenberg. Caven also is a member of the Brown Twp. Board of Appeals and a member of the finance committee of the newly organized Brown Twpo. Emergency Ambulance Fund. He is a member of the finance committee of the Miami Chaplancy Council for Dettmer Hospital. Insurance available ARLINGTON, Va". (AP) - Low-cost flood insurance is now available for property owners in Salem and Hartford, Ohio, the National Flood Insurers Association said Thursday. Private insurance agents and brokers are authorized to offer flood insurance for residential and nonresidential property under a program partly subsidized by the federal government, the association said. directors of that same organization. With Piqua National Bank he has moved through the ranks to his present position of vice president and manager of the Consumer Loan Department. SEVERAL INDUSTRIES were honored in a new category -- The Quarter Century Club. The Club was formed this year to honor firms in business more than 25 years. the oldest firm to enter.the club was Orr Felt Co., founded in 1871. Piqua Granite, 1882, followed, with The Piqua Daily Call, 1883, and Piqua Milling Co.,. 1884 joining the ranks of the oldest firms. Others founded prior to the turn of the century included Champion Cutter, 1885, Armco Piqua Quarries. 1894. Hammer Graphics, 1895 and Medalist Allen-A, 1898. Others entering The Quarter Century Club were: Hartzell Industries, 1900; Piqua Paper Box, 1908; Miller-Meteor, 1923; Seaton Printing, 1929; Sussman Inc., 1931; Aerovent, 1932; Piqua Poultry, 1940; Francis Schulze, 1940; Enpo-Cornell Pump, 1946; Siedel Communication, 1946; Wagner Aluminum, 1947; Piqua Printing, 1948; Miami Metal, 1950 and Container Corp., 1950. NEW INDUSTRY AWARDS went to The Hampshire Co., 1971; Tri-Mark Inc., 1973; Jackson Tube Service, 1972; Crayex Corp., 1972: Nick's Plating, Hustler jury near completion CINCINNATI ( A P ) -- Opening arguments in the trial of Hustler magazine publisher Larry Flynt and three others facing obscenity charges were expected to follow selection of two alternate jurors today. A jury of seven men and five women was selected Thursday after eight days of challenges in the court of Hamilton County Common Pleas Judge William S. Morrissey. Flynt, liis wife, Althea Leasure Flynt, Ms brother Jimmy. R. Flynt and circulation manager Al Van Schaik are charged with engaging in organized crime and pandering obscenity. Hustler, a men's magazine published ' in Columbus, Ohio, distributes 1,448,000 copies monthly, according to the most recently audited circulation figures. 1974; Perfecto Inc., 1972; Formulus Industrial Inks, 1973; Master Industries, 1973; Piqua Castings, ,1975; Buckeye Bearings, 1975 and Readi Temp, 1973. New. industries were honored for growth and increased employment since opening. EXPANSION AWARDS went to the following firms: ' Miami Industries; Bramco; Piqua Daily Call; Industry Products; Tempo Trophy; Hartzell Industries; Kantwet; Piqua Printing; The Hampshire Co.; Crayex Corp.; Wagner Aluminum; Forest Products; Aerovent; Hammer Graphics; Siedel Communications; Miller-Meteor; Sussman Inc.; Readl- Ternp; Container Corp. and Piqua Battery, Inc. EMPLOYMENT AWARDS WENT TO: Miami Industries; Bramco; Enpo- Cornell Pump; Champion Cutter; Industry Products; Tempo Trophy; Hartzell Industries;, Kantwet; Piqua Printing; Container Corp;; .The Hampshire Co.; French Oil Mill; Forest Products; J.M.Mold; Aerovent; Crayex Corp.; Hammer Graphics; Siedel Communications; Piqua Milling Co.; Sussman Inc.; Piqua Paper Box; Piqua Aircraft; Wagner Aluminum; Readi-Temp; Container Corp. and Piqua Battery Inc. , Manager asks help CINCINNATI (AP) -- City Manager William Donaldson has authorized the hiring of private contractors to help the Cincinnati water works department catch up on its January work. About 200 residents have reported frozen pipes and other weather related problems, Donaldson said, and the city is still way behind in repairing water main breaks. The city highway maintenance department tried to help the water works personnel, but has been busy with its own duties, Donaldson said. SYLVIA PORTER. A tax cut's impact Q. Let's assume that with White House leadership, Congress does vote a tax cut to help reduce the unemployment rolls and spur economic growth -- in addition to taking steps focusing directly on creating more jobs. What might be the impact of the tax cut on stock prices? A. Quite favorable, based on the stock market's response to previous reductions in taxes during the 1960s and 1970s. STOCK PRICES ALWAYS tend to anticipate events -- and it well may be that the higher stock prices already have absorbed some of the good news tax cuts would mean -- specifically, more money left in the pockets of consumers and businesses to spend and by this spending to spur employment and overall economic expansion. Documenting this point in a dramatic way is a study of the stock market's reaction to other recent tax cuts, by Yale Hitsch in a recent issue of his privately circulate newsletter "Smart Money." The table below shows the tax cut's effective date and the percentage gain of the Dow Jones industrial average in the index from three months before the tax cut's effective date to one year after the effective date. THE MARKET GAINED 20 per cent in the three months preceding and the 12 months following the tax cut effective March 1,1964; it gained 58 per cent in the three months preceding and 12 months following the tax cut el- fecUve Feb. 19, 1975; it gained ap- proijnutely 22 per cent in the three months preceding and 12 months following the tax cut effective Jan. 1, 1976. What would a tax cut passed this year show in the way of a maket gain in tne three months preceding and the 12 months following its' effective date? Another 21 or 22 per cent? IT' NOT OFTEN that Paul Samuelson and Milton Friedman -both Nobel Laureates in the field of economics -- are found in agreement on a controversial economic issue. Hirsch points out. But they do have something in common in the area of tax reductions, Friedman states that "any time you can get a tax cut through Congress, you ought to do so" -- his basic point being that the funds will be put to better use in the hands of consumers and business than in the budgets of government. Samuelson argues another point -namely that tax reductions "are almost as powerful a weapon against mass unemployment as are increases ^in dollars of government expenditures." NOW TO THE PROVOCATIVE- details on how stock prices have responded to past tax cuts or rebates. 1964: The minimum rate on taxable income was reduced from 20 per cent in 1963 to 16 per cent and then later to 14 per cent. Maximum rates on all returns were lowered from 91 per cent to 71 per cent and finally down to 70 per cent. The effective date was Mar. 1,1964. The Dow Jones average three months prior to the effective date was 751.91; the Dow Jones industrial average one year after the effective date was 899.76. The gain in this'widely followed index of Market by barry brandt and tyrus cottey 30 stocks was 20 per cent in this lirne span. 1975: Standard deductions were increased from 15 to 16 per cent of adjusted gross income. A $30 credit for each allowable exemption was granted or 2 per cent of .taxable income for low · income earners. Allowance was voted of up to a $400 refund-which decreased as earnings rose. This refund went to low income earners who maintained a household with at least one dependent. The tax rebate of 75 was effective Feb. 15. The Dow Jones average three months prior to this date was 647.61; one year later it was 958.30. The gain in the index was 58 per cent. 1976: The maximum standard deduction for joint returns was increased to $2,600 while the single deduction rose to $2,300. The previous maximum for each was $2,000. Each allowable exemption justified a $35 credit or 2 per cent of Uie first $9,000 in taxable income. Child ,care deductions were granted. When husbands and wives were both working, a credit of up to $800 was granted for two or more dependents. Personal service income items were expanded to include items such as pension'payments which would be subject to a tax not exceeding 50 per cent. The effective date was Jan. 1. The Dow Jones index three months before this was 784.16; one year later, it was 1004.65 (Dec. 31). The gain, approximately 22 per cent. 1977: Timing, probably spring. Dow Jones, three months before effective date (Dec. .11) at 1004.05. Dow Jones one year later? Another 21 to 22 per cent? Well above 1150? Over 2000? f PSYCHOLOGICALLY SPEAKING The bear market attitude is still visible even though the market has risen from its 1974 DJIA low of 585 to the 1000 area. The long bear market of the early 70's apparently continues to affect investors' attitudes about securities long after the economic conditions which caused those attitudes have altered. AS IN THE PAST, it can take years of rising corporate earnings, increased dividends, and general prosperity before some investors will psychologically overcome the effects of the last bear market. Rising security prices are nurtured and fed by investors who are confident about their personal economic future and how they perceive the political and economic future of their country and world. It took years for investors' confidence to be restored after the 1929 market crash and the ensuing years of the Great Depression. After years of being conditioned to bad news people could not believe that events were improving. DR. DOUGLAS HAYES, professor of finance at the University of Michigan, refers to this as the "Double-Cross Effect." Investors were double-crossed by their prior experiences. We may be seeing this same "Double-Cross Effect" at work today. The presidential election was fought over the economic condition of the country which was portrayed by one candidate as being in terrible shape. Yet, the economic news during the last two months has been almost the opposite, portraying the economy as being healthy and improving. Time will tell whether "Taurus" the bull who is an optimist or "Ursa" the bear, the pessimist, is correct in foretelling which direction the market will take in 1977. Around the hub Fisher appointed rep 'Allied earnings up Alan Fisher, 29, has been named southeast sales representative for Midmark Industries, Minster. He will select and train Midmark distributors in South and North Carolina, Virginia, Georgia, Florida, Alabama and Tennessee. Fisher received his bachelor's degree from Ohio State University and his master's from the University of Florida. He is based in Columbia, S.C. Allied Technology Inc. has reported sales and earnings for the last half of 1976 up from any previous six-month period. During the half sales were $7,228,396, up 91 per cent from the previous year. Profits were up more than five times, the firm reported. Backlog orders are up 122 per cent. MICHAEL YONNOCCI Yonnocd joins Jamieson Michael Yonnocci, has become associated with the Jamieson Funeral Home, Piqua. A licensed funeral director and embalmer, Yonnocci attended Urbana College and the Ohio State University, and graduted from the Cincinnati College of Mortuary in 1975. Prior to moving to Piqua, he worked for the Jackson, Lytle, and Cof fman Funeral Home in Springfield. Michaels named GAA Jack Michaels has been named general manager of WMVR AM-FM Radio, Sidney. Michaels, 40, follows David Poore, who is joining an area industry. He has been with the station since September as assistant general manager and sales representative. He worked 15 years as news and sports director of WPTW, Piqua. Currently a Piqua resident, he plans to move to Sidney. Doc" Hennessey Griffin leaving WPTW retires Robert A. Hennessey, plant superintendent of Armco Steel Corporation's Piqua Quarries, has retired after 30 years. Hennessey, known as "Doc" to the community, has been a lifetime resident of Piqua and intends to remain in the area. After serving in the Army Air Corps in the Pacific during World War II, he was hired at the quarry in 1946 as an accountant. At this time the quarry was owned by the Ohio Marble Co. In 1951 Armco purchased the site and Hennessey remained with the facility, replacing Larry Townsend as plant superintendent. Hennessey, who officially retired Dec. 30, 1976, received a gift from the Employes Association of the quarry, Ralph Wood, president. Donald Griffin, employed since August of 1973 as an account executive with WPTW Radio, Piqua, has accepted a similar position with WCKY in Cincinnati. A University of Dayton graduate, he began his career as an announcer and sports reporter at WPTW in 1969 and has done play-by-play of Piqua High School football and basketball. In his new position he will call on major accounts in Cincinnati and Indianapolis. Davis appointed Mr. Wiggs Department Stores Inc. has named Lyle Davis as hardlines merchandise manager. He has been with the firm since 1973 and will supervise the sporting goods, toys and lawn and garden departments. Mr. Wiggs has a store in Piqua and 17 other outlets in Ohio, Kentucky and Indiana. It is headquartered in Beach- · wood, near Cleveland. Parties unite for election · NEW DELHI, India (AP) - Four parties opposed to Prime Minister Indira Gandhi have formed a united front and say they will run a single slate of candidates in the March parliamentary elections. "We hope to win a thumping majority, not just a small majority,"said former Deputy Prime Minister Morarji Dcsai in announcing formation of the new Janta (People's) party Thursday. The coalition is made up of the Socialists, Desai's Opposition Congress, the Indian People's party and the Hindu nationalist Jana Sangh. By uniting behind one candidate in each district to oppose the candidate from Mrs. Gandhi's Congress party, the opposition leaders hope to prevent the · fragmentation of the antiCongress vote. Tliis vote splitting enabled the Congress party to win big majorities in the lower house of Parliament in the past five elections even though in most of the districts it got less than half the votes nnd won by pluralities. The Congress party's share of the total popular vote has never been over 45 per cent in general elections, and in 1967 and 1972 it was only 40 per cent. In the 1972 election the Congress party won 352 of the 526 seats in the lower house, while the opposition factions that have now united won about 50. However, the opposition vote was also split with the Marxist Communist party, which won 25 seats, and the pro-Moscow Communists, who got 23. There is no prospect that either Communist party will join the coalition. Meanwhile, Mrs. Gandhi went ahead with the relaxation of some of the restrictions she put into effect when she had a national emergency proclaimed 19 months ago. Most political prisoners were ordered released, domestic press censorship was removed and the ban on public meetings was revoked. Despite the lifting of censorship, a variety of press restrictions remain ill force. Business page PIQUA DAILY CALL 13 Friday, January 21, 1977