Logansport Pharos-Tribune from Logansport, Indiana on March 20, 1988 · Page 23
Get access to this page with a Free Trial

Logansport Pharos-Tribune from Logansport, Indiana · Page 23

Logansport, Indiana
Issue Date:
Sunday, March 20, 1988
Page 23
Start Free Trial

Pharos-Tribune, Logansport, Indiana, Sunday, March 20, 1988 Page 23 Business Business Briefs White County REMC Re-elects 3 Directors Three directors were re-elected to three-year terms at the 48th annual membership meeting of the WHITE COUNTY REMC held in the North-White School in Monon last week. Re-elected were Gary Gerlach, Rt. 2, Star City, representing the east area of District I; Willcina Tiede, Rt. l, Monon, west area of District II; and Donald Yerk, Rt. 1, Chalmers, central area of District III. Board President Gary Gerlach announced that the REMC had achieved a goal of 50 percent equity level during 1987. He said that by maintaining a good financial position, the REMC was able to return $53.107 in capital credits this year to members who were served by the REMC in 1962. The REMC began paying back capital credits in 1943 and since that time has returned more than $800,000 to REMC members. General Manager Robert Dever reported that 1987 was a good year not only in kilowatt hour sales, but also in revenue received. He said there would not be a rate increase in 1988. The last general rate hike for the REMC was five years ago. White County REMC, incorporated in 1939, will be celebrating its 50th anniversary next year. A "Guess the Kilowatt Hours Purchased" contest was held in which members guessed kilowatts purchased by the REMC in 1987. Winners were Vernon Herrick, Rt. 1, Star City, who came closest to the actual kilowatts purchased of 85,116,875; second place went to Jackie L. Tarn, Rt. 1, Monticello; third to Arthur Bush, Rt. 2, Francesville; fourth, JohnRebm, Rt. 1, Burnettsville,; and fifth, Julia Malchow, Rt. 1, Idaville. Dealership Personnel Cited James L. Ulerick, sales manger for MIKE ANDERSON PONTIAC-GMC, INC, 4301 U.S. 24 East, graduated recently from the Dealership Management Development (DMD) Program in Tampa, Fla. The four-week DMD program is sponsored by the various General Motors Divisions and is conducted by Marketing Educational Services, Troy, Mich. The DMD program is open to future dealer candidates who currently work for a GM dealership. Two other employees of the firm, have qualified for membership in the Pontiac Master Sales Guild, a Pontiac Division recognition society. Salesmen Melvin Price, Rt. 1, Twelve Mile, and Ray Sims, Logansport, qualified for Guild membership by placing among the top 20 percent of all enrolled salespeople nationwide in 1987. To qualify, each salesperson sold an average of 11 new Pontiacs a month for 12 consecutive months. Price, Sims and Ulerick will be honored at the Cincinnati Zone's Recognition Honors Banquet in Columbus April 9. Investors' Guide By William Doyle New Arbitration Plan Still A Long Way Off Q. Some months ago, you wrote about the Securities and Exchange Commission's "comprehensive proposal to improve the arbitration process" for settling disputes between brokers and customers. It's high time. I've gone to arbitration twice and got the short end of the stock both times. I now have another complaint. But, before I get involved in arbitration again, I want to be reasonably sure of getting a fair shake. Has the SEC's plan been put into effect? A. Not yet. It probably will be months before the SEC's proposal is approved and several years before it becomes fully operative. The SEC announced its proposal on Sept. 10, 1987. Since then, there has been a great deal of negotiation on the proposal's details between that federal agency on one hand and the stock exchanges and the National Association of Securities Dealers on the other. Cynics might say this is yet another case of the brokerage fraternity being dragged kicking and screaming into the modern world. Because the exchanges and NASD are "self-regulatory organizations" — SROs, for short — the SEC can't flat-out order changes in the arbitration process. Instead, the commission recommended changes in the Uniform Code of Arbitration, which is prepared by the Securities Industry Conference on Arbitration. After that code is revised, it must be adopted by each of the SROs. Then the appropriate rule changes of the SROs must be approved by the SEC. Yes, it is a roundabout way of getting things accomplished. But it gives the federal agency veto power over new and/or revised rules of the stock exchanges and NASD. The major hang-ups causing delays in revising the arbitration process seem to be on the points of awarding punitive damages to brokerage customers, making the decision of arbitration panels public and defining exactly who are "public members" of such panels. Each three-person arbitration panel now has one member from the securities industry and two from the general public. But some "public" members are retired brokers, lawyers and other professionals with current or former ties to the securities business and brokers' spouses. The SEC's proposal would remove those people from the list of public arbitrators over a three-year period. If agreement can be hammered out on that, every arbitration panel will have two truly public members — by the year 1991. Doyle is a syndicated columnist with King Features Syndicate, Inc., New York. He welcomes written questions, but can provide answers only through the column. Logan Mall Asks Variance Zoning exception needed for First National drive-up facility ByMARGOMAROCCO Business Editor Rein Logansport Associates, owner of the Logansport Mail, is seeking a. special exception from the Logansport Board of Zoning Appeals to permit First National Bank of Logansport to operate a drive-up banking facility. The Mall also is seeking a variance from developmental standards to permit fewer than the specified number of parking spaces. Both requests are in connection with proposed expansion at the Mall. The petition filed with the board states that the special exception and variance for reduction in parking spaces will enable the Mall to construct an addition housing more than 9 new tenants, creating at least 40 jobs and additional tax revenue for the community. According to the planning staff report, the new addition, a total of 20,000 square feet, will be built onto the south entrance of the Mall. When completed the Mall will have 290,000 square feet (255,500 gross leasable area >. Specifically, the special exemption is for a new drive-in facility for First National Bank of Logansport, to be located at the south end of the proposed new addition. The developmental standard variance is needed for parking. According to the report, a total of 1,490 parking spaces, a ratio of 5,5 spaces per 1,000 square feet of gross leasable area, will be provided upon completion of the project. The total number of new spaces is fewer than the current 1,700 spaces. However, the 1,700 includes Controls, Guarantee Auto, and TrustCrop areas while the new figure does not. The zoning board in February approved a drive-up banking facility on one of the Mall outlots 1'orTrusWorp. The planning .staff findings indicate the proposed use is consistent with the environment of the Logansport Mall. Because the site plan indicates there may be some "criss-crossing" of traffic exiting the drive-in facility with other turning motions, the staff recommends that this be re-evaluated and corrected, if possible, and approved by the zoning administrator prior to permit issuance. The report states that the new parking lot will be well designed and landscaped with more "channelization" of through traffic than presently exists, In its final recommendation, the staff says the special exception should be approved with the condition that the traffic flow into and out of the drive-in facility and adjacent to it bo restnrlied' and redesigned. The staff also' recommends that, the parking variance be granted because it is in line with the staff's proposed parking standards amendment, The current /.oning ordinance on parking standards requires one space per 100 square I'eel of public floor area. The stall acknowledges (hat for shopping centers this is difficult to use to calculate parking. The staff is currently preparing revised parking standards for the zoning ordinance. For shopping centers, 5.5 spaces per 1,000 square feet of gross leasable area is proposed. This figure is based on industry and planning suggested guidelines. The zoning board will conduct a public hearing on Die Mall's requests at 4 p.m. Monday in the council chambers of the City Building. GenCorp Automotive Expands Grants aid new jobs, retraining in Logan, Marion, Wabash WABASH - A division of GenCorp. Automotive plans a $20 million, three-plant expansion project that will create a total of 221 new jobs at Logansport, Wabash and Marion, state and company officials announced Friday. "This announcement is proof that shakers and movers in our state's economic development arena are existing Indiana businesses," Lt. Gov. John Mutz said at company headquarters in Wabash. "Nearly two-thirds of all of Indiana's economic development dollars go for taking care of our own." The Engineered Elastomers Division of the company also plans to retrain 369 employees at the three locations, officials said. The upgrading of equipment and employee skills was begun two years ago and will continue through 1988, officials said. Mutz said the state will provide two $110,000 training grants to aid the project. The state will assist GenCorp Automotive with employee training costs by providing a $110,000 Training for Profit Grant and a $110,000 Basic Industry Retraining Grant. These two grants will assist with the cost of materials and in- structors for training and retraining employees with the company's expansion efforts, according to Mutz. State and company officials said 87 new jobs will be created and 232 workers retrained at Logansport, where the company manufactures vibration control products for the automotive industry. At Wabash, where automotive door and window seals are produced, 76 workers will be hired and 87 retrained, officials said, In Marion, 58 new jobs will be created and 50 workers retrained at the plant that manufactures automotive weather seals and strips, The Engineered Elastomers Division of GenCorp began operations in Indiana in 1936 and has 1,081 employees in the state. Those joining Mut/ for the announcement at GenCorp's headquarters in Wabash included GenCorp, Vice President of Manufacturing James Rippy; Wabash Plant Manager Robert Snyder; Marion Plant Manager Carl Carpenter; and Logansport Plant Manager Frank Morris. Mutz, executive director of the Department of Commerce. heads up Indiana's economic development efforts. A Closer Look At Non-deductible IRAs NEW YORK (AP) - As they file their tax returns this year, many savers and investors are making a decision by omission — skipping any contribution for , 1987 to their individual retirement accounts. A recent study commissioned by Fidelity Investments found that less than half the respondents with IRAs from previous years planned to add any money to them this time around. Their reasoning isn't hard to understand. The tax deduction for contributions has been eliminated for anybody covered by an employer's retirement plan who has income of $35,000 or more ($50,000 for married couples filing joint returns). In the $25,000-$35,000 income range ($40,000 to $50,000 for married couples), only part of the contribution is deductible. All working Americans are still eligible to put up to $2,000 each year in an IRA, whether they can claim the deduction or not. The interest, dividends or capital gains their money earns can still compound without being taxed until withdrawals from the account begin. However, money invested in an IRA — including nondeductible contributions — can't be withdrawn before the year in which you reach age 59' a without incurring a penalty tax. Why tie the money up, people seem to be concluding, if the incentive of the up-front deduction no longer exists? Besides, the new rules have taken the simplicity of the old system and replaced it with a lot of paperwork hassles. What's the point of spending extra time or professional pre- parers' fees on a venture whose after-tax value is less than it was before? These are sensible questions, to be sure. But some advisers suggest that many people who are no longer eligible for IRA deductions give the matter some extra consideration. After all, they say, no matter what happens with the tax law, the need to save and plan for retirement hasn't changed. "The discipline of automatic, annual contributions is especially useful to people who spend instead of save," says Wallace Head, tax partner at the accounting firm of Arthur Andersen & Co. "They need only ask themselves if they can afford to invest cash for many years. If the answer is yes, IRAs should be considered an effective investment." For anyone who does make non-deductible contributions, good record-keeping is a must to avoid paying taxes on that money twice — now, and again when you make withdrawals from the account. The Internal Revenue Service requires that any non-deductible contributions be reported on the new Form 8fi06, which the tax- payer attaches to his or her return for the year in quest ion. You will probably want to save a file of extra copies of Form 8606s for 1987 and subsequent years, or start a notebook, to serve as documentation for when you start taking money out of your IRA. Although this paperwork may be burdensome, it can make a big difference in the taxes you will have to pay in the future. Suppose at some point around the year 2000 you have accumulated $100,000 id an 1HA. of which $25,000 came from noti deductible contributions, and you want to withdraw $20,000 from the account. Since 25 percent of the total value of your IRA is money that, has already been taxed, having the proper records will enable you to establish that you owe taxes on only $15,(KM of tin- distribution, rather than the full $20,000. Baker Heads Group Studying Market Regulation WASHINGTON (AP) - President Reagan has named Treasury Secretary James A. Baker III to head a working group to coordinate recommendations for altering the government's regulation of financial markets. The group was appointed under a presidential order after Nicholas F. Brady, head of Reagan's task force on the Oct. 19 stock market crash, told Congress on Thursday that a repeat of that event could occur unless the government's regulatory authorities are put under one roof. Brady's commission earlier had called for making the Federal Reserve Board a "super regulator" with authority over both the Securities and Exchange Commission and the Commodities Futures Trading Commission in regulating financial markets. But that idea has been rejected by the heads of all three agencies. Federal Reserve Chairman Alan Greenspan has said he doesn't want the added authority. And a turf fight has erupted between SEC Chairman David Ruder and the CFTC's new chairwoman, Wendy Gramm, over which agency should regulate stock index futures. The SEC has blamed trading in stock index futures for worsening the October crash, which saw the Dow Jones average of ,JO industrial slocks fall more than 500 points in one day. Ruder has suggested that regulation of trading in index- futures be transferred from the CFTC to his agency, an idea opposed by bolh Gramin and Brady. Commodity exchanges where the futures are traded and the CFTC have maintained that activity on the index futures markets Oct. 19 had no affect on the severity of the collapse in stock prices. 7 , 75 % THE HIGHEST CD RATE AVAILABLE I IN LOGANSPORT IF&M FDIC Logansport 722-2274 Walton-Galveston

What members have found on this page

Get access to Newspapers.com

  • The largest online newspaper archive
  • 11,200+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Try it free