Logansport Pharos-Tribune from Logansport, Indiana on March 22, 1988 · Page 18
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Logansport Pharos-Tribune from Logansport, Indiana · Page 18

Logansport, Indiana
Issue Date:
Tuesday, March 22, 1988
Page 18
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Page 18 Pharos-Tribune/, Logansport, Indiana, Tuesday, March 22, 1988 Business Cass Jobless Rate Inches Up To 6.3% We Sell & Install Furnaces & Boilers pit*. Schmidt's Ht g . 415 8th St. By MARGO MAROCCO Business Editor Cass County's unemployment rate edged up to 6.3 percent in January from 5.7 percent in December, still below the state's seasonally adjusted rate of 6.5 percent. The newest figure is based on preliminary statistics compiled by the Indiana Department of Employment and Training Services (DETS), division of labor market information and statistical services. The January jobless rate in Cass is based on a workforce of 19,050, with 17,850 employed and 1,200 unemployed. The increase is typical for the post-holiday period with its normal seasonal layoffs in construction trades and industry. A slight improvment should be seen in the February figure, according to Anna LeDonne, Assistant Manager at the Lo- Cass County's Unemployment Rate 15 14 13 12 !1 10 9 8 6 5 4 fl 9 •=^ -7 1^3 .6 1^» 5.4 *+~~ 5.8 •*'•* •* 5 c N " 1^1 J5.2 4.8 „ 5.7 ?^— 5.6 • !• •• 5.7 .—•*•* .3 KMAMJJASONDJ """ 1987 "" 1988 gansport DETS branch. In January of 1987 Cass started the year with an 8.1 percent jobless rate, dropping to a low of 4.8 percent in September, and closing out the year at 5.7 percent. All but one of the six Loganland counties posted an increase in unemployment in January, with White County posting the greatest increase. The January jobless rate in Carroll County climbed to 7.2 Area Employers Cited For Hiring Veterans Three area employers were honored Monday for their participation in the Veterans Job Training Program. The Indiana Department of Employment & Training (DETS) Logansport Office presented a Commendable Service Award to Dennis Terkula, Modine Manufacturing and Ron Droscha, Creative Realty, Peru. Don Hill, Wilson Foods, also has been recognized but was not available for the award presentation Monday. The program is administered in Indiana by the Veterans Administration in conjunction with DETS. Veterans who qualify for the job training are eligible to be hired by participating employers who are reimbursed half the wages of each veteran they employ and train, up to $10,000. To be eligible, Korean and Vietnam veterans must be unemployed in at least 10 of the 15 weeks immediately preceeding their application. "Through the cooperation of employers such as these, this program has been very successful since it was introduced in 1983," Eugene Smith, manager Dennis Terkula, personnel manager for Modine Mfg. of the Logansport office said. Harrison Breedlove is the Veterans Representative at the Logansport branch of the DETS. Sharp Decline In Durable Orders WASHINGTON (AP) Orders to U.S. factories for "big ticket" durable goods fell again sharply in February, the government said today in a report that surprised analysts who had been looking for a rebound. The Commerce Department said orders for durable goods, items expected to last three or more years, totaled a seasonally adjusted $111.4 billion last month, a 1.8 percent decline which was identical to the drop in January. It was the first time since the spring of 1986 that durable goods orders had been down for two consecutive months. The back-to-back declines were the largest since a 2.3 percent plunge last August. The two drops surprised analysts, who had been predicting that orders would turn up again in February following a January decline which was blamed on volatility in the aircraft sector. percent from 6.5 percent in December; Fulton County increased to 6.4 percent from 514 percent; Miami County to 8.8 percent from 7.4 percent.; and White County, 8.9 percent from 7.3 percent. The unemployment rate in Pulaski County dipped to 7.4 percent from 7.5 percent. All 13 of Indiana's metropolitan areas had fewer unemployed workers in January compared to the same time a year ago, and the Gary-Hammond area had the largest decrease, the DETS reports. The 13 metropolitan areas had 39,000 fewer Hoosiers out of work, while the jobless rate dropped by 16,300 workers in the Gary-Hammond area in 1987, said executive director Thomas Miller. The department reported 75 of 92 counties had lower unemployment rates in January 1988 than in the previous year. Short-Term T-Bill Yields Up , WASHINGTON (AP) - Interest rates on short-term Treasury securities rose in the latest auction, with rates on three-months bills climbing to the highest level since late January. The Treasury Department sold $6.4 billion in three-month bills Monday at an average discount rate of 5.76 percent, up from 5.65 percent last week. Another $6.4 billion was sold in six-month bills at an average discount rate of 5.96 percent, up from 5.78 percent last week. The rates on three-month bills were the highest since Jan. 28, when they averaged 5.85 percent. The rates on six-month bills were the highest since they sold for 6.03 percent on Feb. 16. The new discount rates understate the actual return to investors — 5.93 percent for three-month bills with a $10,000 bill selling for $9,854.40 and 6.23 percent for a six-month bill selling for $9,698.70. In a separate report, the Federal Reserve said the average yield for one-year Treasury bills dropped to 6.63 percent last week from 6.72 percent the previous week, Orange County had the state's highest rate at 13.8 percent in January with Crawford County at 13.4 and Sullivan at 13.3. Unemployment rates increased in eight metropolitan areas during the December 1987-January 1988 period, Miller said. The Anderson metropolitan had the highest unemployment rate for January at 8,4 percent with 4,900 people out of work, a jump of 900 from the previous month when the area's rate was 6.6. Workers in the cities of Lafayette and Bloomington were in the best shape, according to the statistics. Unemployment hovered around 3 percent in both cities. Investors' Guide By William Doyle Utility Counselor Seeks 9 Percent PSI Cut Now Trustee-To-Trustee Transfers Unlimited Q. It was my understanding that I could move my individual retirement account from one place to another as often as I want. But I recently read that an IRA participant is limited in the number of changes he can make. Is this correct? A. It is in some cases, not in others. It's correct if you take possession of your IRA money from one IRA "trustee" — such as a bank, savings and loan association, brokerage firm, mutual fund organization or insurance company — and place the money with a different IRA trustee. Under federal rules, you're permitted to make that kind of a rollover only once every 12 months. Furthermore, you must open the new IRA within 60 days after receiving the check from the previous IRA. Miss that deadline and you have to pay income tax on the IRA money. Also, if you are under age 59'/2, you're socked with a 10 percent tax penalty. However, federal rules allow you to move your IRA from one trustee to another as often as you like, if you don't take possession of the IRA money. That's a "trustee-to-trustee transfer." You do that by contacting your new IRA trustee and signing the necessary transfer papers. The new trustee sends those papers to the old trustee. You never touch your money and it is transferred to the new IRA trustee. It must be noted that some IRA trustees are awfully slow sending out money in trustee-to- trustee transfers. Also, if your IRA is in a certificate of deposit at a bank or S&L, you'll probably be socked with an early withdrawal penalty if the transfer is made before the CD matures. Q. If I put my IRA into a "load" mutual fund, will the commission load I pay be tax deductible in addition to my regular BRA contribution? A. No. Let's say you put $2,000 into your IRA to buy mutual fund shares with an 8.5 percent load. That buys you $1,830 worth of mutual fund shares. Internal Revenue Service Ruling 86-142 specifically prohibits you from topping out your IRA contribution with another $170 and taking a total $2,170 deduction. The same thing applies to commissions on the purchase of stocks, bonds and other securities in a self-directed IRA at a brokerage firm. INDIANAPOLIS (AP) - The state's utility consumer counselor believes Public Service Indiana should cut its electric rates by 9 percent right away and eventually reduce its rates by 13.2 percent. In arguments filed Monday with the Utility Regulatory Commission, consumer counselor Thomas E. Kieper also contended PSI should be required to give its customers a one-time, $50 million refund. The commission has scheduled hearings this spring on PSI's rates. Kieper said his evidence shows that PSI has weathered the financial emergency brought on by the cancellation of the Marble Hill nuclear project. In response to that emergency, Kieper and the company negotiated an agreement that called for an emergency 8.2 percent rate increase and four-year extension of a 5 percent increase originally granted in 1984. In March 1986, the commission approved a rate order modeled after the Kieper-PSI agreement. "I believe that the ultimate evidence will clearly show that PSI can return rates to pre- emergency levels," said Kieper. He said that if PSI were eventually ordered to reduce rates by 13.2 percent and issue the refund, he could support removing restrictions placed on the company as part of the 1986 order. For example, PSI cannot pay common stock dividends during the life of the 1986 order. Kieper first urged the commission in December to force PSI to reduce its rates. In January, PSI offered to cut its rates by 7 percent, provided that it could resume paying dividends. In February, the company amended that proposal and suggested a 9 percent rate cut, 6 percent on May 1 and the remainder on July 1. In October, the Citizens Action Coalition, the city of Terre Haute and others recommended a 27 percent reduction in PSI rates. The commission has scheduled a series of hearings. After PSI files its rebuttal to Kieper and other parties in the case, the ,URC will hold a public hearing April 11. PSI serves in 69 counties. 544,000 customers SHARP CARKUSEL H MICROWAVE OVENS TURN THE FOOD SO YOU DON'T HAVE TO. ONLY MODEL R7180 •CAROUSEL COOKING SYSTEM 'MINUTE PLUS 'AUTO-TOUCH CONTROL PANEL •VARIABLE COOKING CONTROL '600 WATTS MICROWAVES AS LOW AS R7180 AUTO-TOUCH MICROWAVE FROM SHARP MINDS OQME SHARP PRODUCTS' STYLE ATTRACTION SALON Full Family Service OPEN WON. THROUGH SAT. We carry NEXUS products! 722-1361 927 Erie Avc. DRIPPING FAUCETS WASTE MONEY! For Repairs or Replacements CALL 753-3790 JIM DAVIDSON B&M Plumbing & Heating i AUTO GLASS REPLACEMENT •FREE ESTIMATES •Mobile Service •Insurance Work •Popular Windsheilds in Stock HARRIS GLASS 805 Burlington 753-5115 A&BTV DON ALBRIGHT, Owner IN SHOP SERVICE ON ALL BRANDS OF TV'S AND STEREO'S IN-HOME SERVICE ON ADMIRAL & ZENITH TV'S WE PICK UP & DELIVER LICENSED & CERTIFIED ELECTRONIC TECHNICIANS 30 Years Experience Open lOom-SpmMon.'Fri., Sot. lOam-lpm, Phone 753-3530 US 24 We«t, Across from the Ambers, logansport Plumbing Special... Ibllet Tfcak Jtopaic Vrnlv* fits most tanks. Non-conosive, & stops shut- oft leaks & whistles. 417 383/aooAU-25) Mon.-Fri. 8:om to 8:pm Saturday 8:am to 6:pm Sunday 9:am to 3:pm Arone Hardware 130 Burlington 'We Have It!' 722-4448 Thursday - f riday and Saturday March 24th, 25th and 26th AMELIO'S 431 South 5th Street will be observing the 75th year since the 1913 FLOOD ("Things • will be going on") Thursday - Losagna - Lunch & Dinner Friday - "Our grilled chicken special and Cheese Filled Manicotte Saturday • BBQ Country Style Pork Ribs (Lots of them) *75 years ago on March 25th, water reached a record high of 6 feet, 4 inches inside Amelio's. 301 Eatt Market, Oownlown Logonsporf "THE STORE THAT SERVICE BUILT" 722-4400 or 753-3300 ROYAL CENTER LOCKER —ALWAYS LOGANLAND FRESH— 1 04 N. CHICAGO ..... „ .. . . t (219)643-3275 All livestock is bought locally and grain fed! "14 Years of Meat Smoking & Curing Experience" —THIS WEEK'S SPECIAL- SMOKED <mo PicNic *1 .b Pork on* Steak TT »• Pork O O G Cniicnna T» TIT ik CHOPPED $039 Sriloin patties . . £ lb Pork Cutlets H 3 V g....".^....M". Ring $ , 79 Bologna I *HAMS FOR EASTER BONELESS Whole $O29 or Half * JL IB. SEMI-BONELESS $ 1 59 Hams 1 * BONE-IN $ | 29 Hams ^ | H>. — FREEZ RBEEF— Fronts . $ 1 24 ib. Sides . . M 44 ib. Hinds . . *1 •«*, Prices Include: Curing, Cutting, Wrapping & Freezing Whole or Half Hogs 94* LB. Royal Center Locker. , .A Place Where Quality Counts

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