The Daily Journal from Franklin, Indiana • Page 8

Wall Street NEW YORK A wave of selling swept across Wall Street and stock markets around the world Tuesday after prime minister said he would call a national vote on an unpopular European plan to rescue that economy. The Dow Jones industrial average finished down nearly 300 points. It swung in 100-point bursts throughout the day as investors reacted to sometimes conflicting headlines about the next steps in long-running debt crisis. Treasurys and other assets considered safe surged. The stocks of major banks, including Citigroup and JPMorgan Chase, were hit hard.

Intense selling roiled markets in Europe. main stock index dropped 6.8 percent. fell 5.4 percent and fell 5 percent. The value of the dollar rose, and bond prices jumped so dramatically that analysts said they were stunned. Analysts said the bond action reflected fears that the turmoil in Greece would tear at the fabric of financial system and create a crisis that could engulf the entire European Union, which together forms the largest economy.

The prime minister of Greece said unexpectedly Monday that he would put the European rescue plan to a popular vote, the first referendum to be conducted in Greece since 1974. The plan requires banks that hold Greek national bonds to accept 50 percent losses to help keep the Greek economy afloat. It also beefs up a European bailout fund and requires banks to strengthen their financial cushions. There also were late reports that Greek lawmakers dissented from the plan, raising the possibility that government would not last until a confidence vote Friday. International creditors have demanded that Greece enact painful tax increases and drastic cuts in public welfare programs, and Greeks have shown their hostility to those measures in violent protests and strikes.

If the European rescue falls through and Greece defaults on its debt, the ripple effect would be global. Europe could fall into recession, hurting a major market for American exports, and banks could severely restrict lending. It was only Thursday that European leaders announced a deal that they believed would be a turning point in the two-year debt crisis. Banks agreed to take bigger losses on Greek debt and to boost their levels of cash, while the European Union increased the size of its bailout fund. Global stock markets surged after the plan was unveiled.

The Dow fell 297.05 points, or 2.5 percent, to close at 11,657.96. It was the biggest drop since Sept. 22. The Dow has lost 573 points, or 4.7 percent, in the past two days. The 500 lost 35.02, or 2.8 percent, to 1,218.28.

Some analysts took comfort that the closed above 1,215. A drop below that level would erase nearly all of the gains in October. The Nasdaq composite dropped 77.45, or 2.9 percent, to 2,606.96. The 500 rose from 1,099 on Oct. 3 to 1,285 Friday, or 17 percent.

The past two days, given up one-third of that gain. DAILY JOURNAL, JOHNSON COUNTY, IND. WEDNESDAY, NOVEMBER 2, 2011 A8 MARKETS The stock report after the close of markets Tuesday: price change -x The AES Group 10.94 Corp. 28.70 Alcoa 10.40 Allstate 26.09 Best Buy 25.93 Boston Scientific 5.58 BP Amoco 42.72 24.51 Century Tel 34.54 Comm Health Sys 18.05 Cummins 96.03 Diageo 82.20 Duff Phelps 12.88 Duke Energy 20.20 Exxon Mobil 75.94 Fifth Third Bank 11.39 First Financial 15.51 First Merchants 7.62 Freeport-McMoran 38.76 General Electric 16.02 Heartland Bancshrs 4.50 IBM 181.35 KeyCorp. 6.83 Kimball CIB 5.26 53.18 Kroger 22.49 Lilly Co.

37.22 MainSource 8.80 Meritor 8.69 Navistar 40.91 Nestle 57.00 Owens-Illinois 19.43 Pepsico 62.23 PNC Financial 51.38 Sara Lee Corp. 17.39 Schlumberger 71.13 Sprint Corp. 2.49 Third Century Bncp 2.20 Vectren 27.61 Verizon 36.47 Walmart 56.23 Walt Disney 33.60 WellPoint 66.79 WEATHER ACCUWEATHER FIVE-DAY FORECAST FOR JOHNSON COUNTY REGIONAL SUMMARY STATE EXTREMES ALMANACAIR QUALITY INDEXNATIONAL WEATHER TODAY WEEKLY TEMPERATURES WIND CHILL TODAY RIVER STAGES SUN AND MOON REGIONAL CITIESNATIONAL CITIES TodayThursdayFridaySaturdaySunday High: 66 Low: 43 High: 57 Low: 38 High: 57 Low: 39 High: 61 Low: 47 High: 64 Low: 41 Mostly sunny and warm Mostly cloudy, a little rain; cooler Mostly sunny Mostly sunny Partly sunny, breezy and pleasant Statistics for Indianapolis through 5 p.m. yesterday. Temperature Precipitation Wind Humidity Heating Degree Days Station Fld Stage Chg White River White River (East Fork) Youngs Creek Index of energy consumption indicating how many degrees the average temperature was below 65 degrees for the day with negative values counting as zero Fld: ood stage.

Stage: in feet at 7 a.m. Tuesday. Chg: change in previous 24 hours. FirstFullLastNew Nov 2Nov 10Nov 18Nov 25 Yest. Thu.

City Indianapolis Yest. Thu. Yest. Thu. City High in Evansville Low in Bloomington Indiana yesterday: Indianapolis: Warm today with partial sunshine.

Increasing clouds tonight. Greenwood: Partly sunny and warm today. Increasing clouds tonight. Edinburgh: Mostly sunny and warm today. Some clouds tonight.

Franklin: Mostly sunny and warm today. Some clouds tonight. Weather (w): s- sunny, pc- partly cloudy, c- cloudy, sh- showers, t- thunderstorms, r- rain, sf- snow urries, sn- snow, i- ice. Forecasts and graphics provided by AccuWeather Inc. dailyjournal.net Albuquerque Anchorage Atlanta Baltimore Billings Birmingham Boston Cheyenne Columbus, OH Denver Des Moines Detroit Hilton Head Houston Kansas City, MO Las Vegas Little Rock Los Angeles Memphis Miami Milwaukee Minneapolis Nashville New Orleans New York City Omaha Orlando Phoenix Pittsburgh Portland, ME Portland, OR Rapid City Richmond St.

Louis Salt Lake City San Francisco Seattle Tampa Washington, DC nr Edinburgh 7 0.80 none Edinburgh 12 3.91 Mooresville 9 6.85 Anderson Bloomington Chicago Cincinnati Evansville Fort Wayne Gary Kokomo Lafayette Louisville Muncie South Bend Terre Haute Yesterday 14 Month to date 14 Normal month to date 15 average average Average SSW at 9.8 mph Highest speed 15 24 hrs. ending 5 p.m. yest. 0.00” Month to date 0.00” Normal month to date 0.12” Year to date 39.66” Normal year to date 35.69” High Low Normal high Normal low Record high in 1950 Record low in 1951 Sunrise today 8:13 a.m. Sunset tonight 6:42 p.m.

Moonrise today 2:31 p.m. Moonset today 12:25 a.m. How cold it feels based on temperature and wind speed. 8 a.m.Noon4 p.m. Indianapolis Today Source: IDPW 0100200300400500 0-50, Good; 51-100, Moderate; 101-151, Unhealthy (sens.

151-200; Unhealthy 68 34 60 40 59 31 58 34 54 37 50 37 73 50 Th Sa Su Last highNormal low SnowIceFlurriesRainT-stormsShowers Cold front Warm front Stationary front Shown are noon positions of weather systems and precipitation. Temperature bands are highs for the day. Honolulu Honolulu Hilo Hilo Anchorage Anchorage Fairbanks Fairbanks Juneau Juneau Washington Washington New York New York Miami Miami Atlanta Atlanta Detroit Detroit Houston Houston Chicago Chicago Minneapolis Minneapolis Kansas City Kansas City El Paso El Paso Denver Denver Billings Billings Los Angeles Los Angeles San Francisco San Francisco Seattle Seattle Honolulu Hilo Anchorage Fairbanks Juneau Washington New York Miami Atlanta Detroit Houston Chicago Minneapolis Kansas City El Paso Denver Billings Los Angeles San Francisco Seattle -10s -0s 0s 10s 20s 30s 40s 50s 60s 70s 80s 90s 100s 110s WEATHER HISTORY On Nov. 2, 1861, a hurricane in the Carolinas sank two Union ships. Despite the loss, Union forces managed to capture Port Royal, S.C., ve days later.

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Powerball jackpot: $245 million. Visit dailyjournal.net or read Daily Journal for Tuesday Hoosier Lottery drawings. LOTTERY Donors (CONTINUED FROM PAGE ONE) Tax (CONTINUED FROM PAGE ONE) years by eliminating positions, buying fewer new books and cutting back on their hours. But worry about any further cutbacks in hours, such as when the Greenwood library closed on Saturdays for part of 2009. The library systems plan to reduce hours or lay off staff beyond what they already have.

The county library system has reduced its staff by five through attrition over the past few years, while Edinburgh let one of its seven employees go this summer. Edinburgh started closing an hour early on weeknights two years ago and expect to be able to restore those hours anytime soon, Hamm said. More cuts will be needed because all the libraries expect to bring in fewer tax dollars. Library directors said that they wanted to avoid cuts that would most affect services, such as being open for fewer hours, but had to reduce spending where they could. They expect to buy fewer books and other materials but know how many fewer at this point.

The Indiana Department of Local Government Finance informed the libraries about the projected shortfalls after they approved their 2012 budgets, so have to go back and adjust spending. The libraries plan to trim expenses by hiring less- expensive contractors to do plumbing and equipment maintenance, putting off employee raises and buying fewer books and other materials. They also hope to raise more private funds to pay for programs, such as story time. For example, the county public library district plans to set up a fund with the Johnson County Community Foundation to help bring in more money for programs and services, director Beverly Martin said. a lot of The library currently is doing a marketing campaign to promote the value it offers to the community.

Library officials would focus on the services the library provides while soliciting donations but also could raise money through special events, such as talks by high-profile authors, Martin said. Private donations eventually could go toward operating expenses, such as stocking new books, she said. talking $700,000, a lot of she said. hurts when there already much cushion in your Johnson County has enough in savings to cover a few months of operating expenses but want to touch that money, Martin said. The library needs to maintain savings in case tax dollars come in late or other emergencies occur, she said.

The four county library branches have as many new books or materials next year because the district have many other places it can cut expenses, Martin said. The library has more control over how many books it buys than it does over what it pays to heat and cool its branches, she said. The decline in tax revenue affect the plans to build a new Franklin branch because expected to have the same amount of staff as the current library. The county system has been spending borrowed money to plan the new branch. Johnson County hopes to reduce its operating costs by purchasing less-expensive digital books instead of paper volumes and hiring a maintenance worker, Martin said.

The library believes it will save money by having an employee plow snow in its parking lots, make repairs and do light plumbing work instead of hiring contractors to do those jobs. Aside from that position, the library hiring any new employees and been filling vacancies when employees leave, Martin said. more with Johnson County also be able to afford upgrades at any of its current branches, such as by replacing furniture, carpets, boilers and mechanical equipment more than 25 years old in some cases, Martin said. lot of it is what we be able to do or will have to put she said. got chairs with holes that we Greenwood be able to afford renovations or raises for its employees next year, director Margaret Hamilton said.

Hamilton has been reviewing all the contracts the library has to look for ways to save money. The library already has replaced the companies it uses to do plumbing and electrical work after finding businesses that would do it for less. Even with the cuts, Greenwood be able to buy as many books, audio books or other materials, Hamilton said. The library have as many copies of popular best-sellers and will have a smaller selection of new books. Edinburgh has been making cuts, such as by letting go a part- time employee and hiring a new, less-costly company to provide its magazines.

The 2012 budget will be about $19,000, or 8 percent, less than it was in 2000, Hamm said. had to do more with she said. reviewing all the other contracts to see if any other expenses can be reduced. local governments are struggling right she said. doing the best we can, with small as a staff as we have, to remain the hub of the The Johnson County Public Library system has received about $24,000 this year in donations.

The Friends of the Greenwood Public Library has raised $77,000, about 25 percent more than it brought in two years ago. Libraries will have to look at bringing in even more money from private donors because not getting as many tax dollars, said Jane Weisenbach, director of communications and marketing for the Greenwood Public Library. Greenwood, for instance, expects a $160,000 shortfall next year. The library will need donations to continue popular programs and maintain the same level of service that residents have come to expect, she said. The library believes it can get public financial support because of valuable services it provides to the community, director Margaret Hamilton said.

People depend on the library to search for jobs, pursue lifelong learning and provide educational opportunities to their children, she said. Demand for library services, such as free computer classes, has grown in the economic downtown, Weisenbach said. finding because of the economy that more people are coming to us because no longer able to do the things they used to do, like go to Barnes and Noble and buy a book, or buy books for their whole she said. demand has just been increasing and Greenwood has had to bring in more private donations to meet the demand, she said. Contributions to the Friends of the Library nonprofit group have grown from about $10,000 five years ago to about $77,000 this year.

money is essential at this she said. The library also has been pursuing more sponsorships to pay for programs such as story time, a monthly gourmet food cook-in, holiday parties and outdoor movies in Old City Park, Weisenbach said. Community Health Network, Endress Hauser and other businesses, for instance, helped pay for this summer reading program. Greenwood also is going after more grant money and recently received a $2,000 Johnson County Community Foundation grant to start a financial literary program next year. The Johnson County Library District also is looking at ways to raise more donations to pay for programs and special events, director Beverly Martin said.

The library is planning to set up a fund with the Johnson County Community Foundation that could be used for operating expenses, such as buying books and other materials, she said. The library wants to set up a nonprofit foundation of its own, Martin said. A foundation would allow the library to pursue grant dollars and stage fundraisers, such as luncheons with author panels, she said. A library foundation also could raise money by bringing in high- profile authors and charging people to hear a reading or lecture, Martin said. have the tax revenue to do all the things like to be able she said.

we want to make sure we can offer programs that will benefit the Record (CONTINUED FROM PAGE ONE) classmates were reading comics and following sports, he was reading about the criminal code, civil procedures and landlord tenant law. He also observed Greenwood city court, which was often standing room only, he said. was apparent and obvious that there was an overload he said. Residents and businesses have many ways to resolve small disputes. A landlord who was trying to collect on a bounced $50 check or evict a tenant could hire a lawyer and take the matter to regular court, but that was often seen as more trouble than it was worth.

Justices of the peace were better equipped to handle smaller issues, and Griffin approached the county commissioners about filling the White River Township position, which was vacant, he said. To qualify as a justice of the peace, a person was required to be a township voter. Griffin was 17 when he approached the commissioners in 1974, but he would turn 18 before the general election, and that meant he was qualified for the primary as well. While he have any professional legal experience, neither did many others who held the position, he said. might have been the youngest, but I the only non-lawyer or non-legally trained he said.

Griffin was appointed by Gov. Otis R. Bowen on Feb. 19, 1974. As a justice of the peace, Griffin could rule on civil matters involving up to $500, and he had jurisdiction over all criminal offenses, although prosecutors never filed felony cases with him.

Typically he handled speeding and reckless driving cases along with dealing with domestic disputes, he said. He usually worked 50-hour weeks, he said. He also performed marriages for hundreds of couples. Griffin remembered one couple who wanted to be first newlyweds in 1976, and at 12:01 a.m. on New Day he pronounced them husband and wife.

Griffin had to begin campaigning in advance of the 1974 primary shortly after Bowen appointed him. He had one challenger for the primary, who filed a complaint with the election board stating that Griffin never should have been appointed because of his age. The lawsuit coincided with a recommendation from the attorney general that Griffin was too young for the position. The case was moved to Shelby County, and the court ruled Griffin was qualified to hold the position. He continued to serve as a justice of the peace until 1976, when the justices began to be phased out.

Griffin decided it was time to go to college, so he could finally earn his law degree, he said. Griffin was doing online research for a case about four weeks ago when he saw an article naming a Texas man the youngest judge. The man had become a judge at age 18. contacted Guinness and I said, want to break a he said. Guinness just take his word for it.

Griffin had to mail the commission, his birth certificate, photo identification, affidavits and newspaper clippings to London before they confirmed that Griffin was the youngest judge. like reliving what happened 37 years ago, bringing back a lot of great he said. STAFF PHOTO BY SCOTT A woman browses the shelves at the Greenwood Public Library on Tuesday. With dwindling budgets, the library is looking for ways to raise money..