Logansport Pharos-Tribune from Logansport, Indiana on March 23, 1988 · Page 6
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Logansport Pharos-Tribune from Logansport, Indiana · Page 6

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Logansport, Indiana
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Wednesday, March 23, 1988
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Page 6 Business Pharos-Tribune, Logansport, Indiana, Wednesday, March 23, 1988 Dow Jones average 30 Industrials; daily close; H-Hdlday Bond Buyer index 20 municipal bonds; Friday close Money supply [Ml] In billions of dollars; Monday close The Week's Worth $770 Commodity futures index 21 key commodities; Friday close 17505 12 19 26 4 11 18 25 1 Feb. Mar. Apr. Chicago Tribune charts 6.515222951219264 1118251 Jan. Feb. Mar. Apr. Source: Bond Buyer 240 230 220 210 720 11 18 25 1 8 15 2229 7 14 21 Jan. Fab. Mar. Source: Fcdwil Ftowrvt 200 152229 5 12 1926 4 11 18251 Jan Feb. Mar. Apf. Sourot: Commodity Rtcourct Bureau Business Briefs Hanni Re-elected Head Of State " Savings Bank MONTICELLO — Robert Hanni was re-elected president and chief executive officer of STATE AND SAVINGS BANK during the board of directors annual reorganization meeting held recently. John M. Guy, a director of the bank for the past 22 years, was named chairman of the board. Guy replaces Max Rubeck, who retired effective Dec. 31,1987. Other officers are: Daniel GottschalkSr., vice president and loan administrator; David Thackery, vice president and controller; James Fisher, vice president and cashier; Gerald Delzell, vice president and trust officer; Edythe Ruemler, executive secretary; Arthur Allison, vice president and Monon branch manager; Robert Fox, assistant vice president and Brookston branch manager; Karen Hatter, vice president; Lee Ecklund, assistant vice president; Carol Griesey, assistant vice president; Gregory Meents, assistant vice president; Lilalltley, assistant vice president; Helen Stiller, assistant cashier; Jean Rusk, assistant cashier; Nancy Kelley, assistant cashier; Connie Brisbin, marketing officer; and Debra Wert, auditor. Karen Hatter was promoted to vice president from assistant vice president; Gerald Deizell to vice president and trust officer from trust officer; Gregory Meents and Lila Utley, to assistant vice presidents from loan officers. The following directors were re-elected: John Guy, chairman; Robert Hanni, Max Rubeck, Melvin Hubbard, David Hornback, Richard Roach, David Wuethrich, Devon Querry, John Holden and Donald Batchelor. Rush Completes Training Seminar Steven Rush, Walton, district manager for Moorman Manufacturing Company, Quincy, 111., recently completed a one-week training seminar in Elkhart. Areas covered in the seminar included disease prevention, terminology and diagnosis interpretation; the manager of the 1990s; and hiring, training and development of sales representatives. Boe Completes Personnel Management Course James Boe of ERNY'S FERTILIZER SERVICE, recently completed requirements of the nine-week personnel management course offered by the Purdue University Center for Agricultural Business (CAB). A total of 25 agribusiness managers from North Central Indiana attended the night course which focused on the personnel management functions of retail agribusiness. Personnel management is the second course.in the Professional Agribusiness Management Program: a three-year managerial certification program for agribusiness personnel interested in furthering their managerial abilities. Educators Attend Rural Education Conference Several area educators attended a two-day national conference on rural education held in Des Moines, Iowa, recently. The conference was sponsored by Pioneer Hi-Bred International, Inc. Attending were Richard Crimmins, representing Pioneer Hi-Bred International Inc.; Sarah Jane Crimmins, president of Pioneer School Board; GenePettit, superintendent of Pioneer School Corporation and David McKee, superintendent of Caston School Corporation. They were anoung nearly 400 people from 21 states attending the conference. Speakers included Dr. Duane N. Nielsen, deputy director of the Division of Innovation & Development, Office of Vocational and Adult Education, U.S. Department of Education. Investors' Guide By William Doyle American Eagle Coins Not Best IRA Choice Q. I have been studying Internal Revenue Service Publication 920 "Explanation of the Tax Reform Act of 1986 for Individuals." On page 23 there is a statement that individual retirement accounts "will be permitted to invest in gold and silver coins issued by the United States and acquired after Dec. 31,1986." I am past age Wk. and, as required, have been making withdrawals from my IRA. Considering this, plus the fluctuations in the price of gold and silver and the fact that they produce no interest of dividend income, how could any IRA participants invest in gold or silver? A. Some people will buy gold and silver, no matter what. Those precious metals have a mystic, which my dictionary defines as "beyond human comprehension." For just the reasons you cite, gold and silver have to be counted as out-and-out speculations — not investments. The '86 Tax Act included that provision to boost the sales of American Eagle gold and silver coins, which are sold by our federal government. With Amer- icans speculating in foreign nations' bullion coins, Congress figured that the U.S. Mint should get in on the action and turn a profit. Anyone who buys American Eagles for his or her IRA cannot take possession of the coins. They must be handled and stored by an IRA trustee, such as a bank or brokerage firm. Many trustees are not set up to do that. When the time comes to make withdrawals from an IRA holding American Eagles, the trustee has to sell some of those coins in order to send the required amount of money to the IRA participant. The sale might be at a prof it or a loss. Sensible people do not take big risks with their IRAs. Considering the highly speculative nature of gold and silver, I'd say Congress added to its long list of bloopers and blunders by authorizing the inclusion of American Eagles in IRAs. Doyle is a syndicated columnist with King Features Syndicate, Inc., New York. He welcomes written questions, but can provide answers only through the column. $525,000 Remodeling Project Under Way At Switches, Inc. By MARGO MAROCCO Business Editor Switches Inc., 516 North St., has begun a $525,000 remodeling project. Employee relations manager Dan Frey said workmen are now in the process of gutting the second floor of the structure in preparation for housing accounting and data processing operations. The second floor has not previously been used extensively. Renovation work also will be done on the east side of the first floor where materials control and purchasing functions will be located. This part of the project will involve some electrical and heating work and office re- layout, Frey said. The final phase of the remodeling project will be on the west end of the building involving offices and a lab for product design engineering employees, Frey said. There will be no production shutdown during the construction period. Wolf Construction Company of Logansport is general contractor for the project. "We are shooting to have everyone moved in by the latter part of May or first part of June," Frey said. Study Shows PSI Won't Need New Power Plant Until 1996 INDIANAPOLIS (AP) Public Service Indiana, the state's largest electric utility, should be able to avoid building a new generating plant until the late 1990s, a new study says. . A report issued Tuesday by the staff of the Utility Regulatory Commission predicted PSI probably will not need new electric generating capacity before 1996. The projections in the new report are consistent with PSI's own forecasts, said PSI spokesman H. Michael Goss. "That's exactly in keeping with our current forecast," said Goss. "We've said that we'd probably need power in the late 1990s — by late, meaning the last five years." The report by the commission's economics and finance division projects that PSI will experience an annual average growth of 2.2 percent in electricity sales from 1987-96 and a 2.3 percent average annual growth in peak demand during the same period. Using those projections, the commission staff estimated that PSI's reserve margin, which represents the capacity in excess of maximum demand, will dip below 25 percent in 1996. That is the point that the Plainfield-based utility has adopted as a target for planning of expanded facilities, the report said. The company currently has a reserve margin of about 45 percent, Goss said. State SDAs Receive JTPA Funding Indiana's job training services conducted under the Job Training Partnership Act (JTPA) will receive $50.3 million to train and retrain Indiana's workforce through the end of June 1989, according to Lt. Governor John Mutz. Mutz's Department of Employment and Training Services will distribute the $50.3 million in July to 17 service delivery areas (SDAs) in Indiana where JTPA programs are designed and administered to meet local employment needs. The exception is the funding for summer youth programs, which will be distributed in May. Of the total allocation, $28.8 million is earmarked for general youth and adult training; $1.1 million for older workers; $15.8 million for the 14-to-2l-year-olds who will enroll in summer training programs; and $4.6 million for dislocated workers. Dislocated worker programs will be supplemented with $3.7 million in state matching funds. The North Central Indiana SDA, which include Cass, Fulton, Howard, Miami, Tipton and Wabash counties, will receive $1,208,083 for youth and adult; $41,990 for older workers; $678,924 for summer youth; and $226,031 for dislocated workers. The Tecumseh Area Partnership SDA, which includes Benton, Carroll, Clinton, Fountain, Montgomery, Tippecanoe, Warren and White counties, will receive $876,047 for youth and adult; $41,990 for older workers; $474,893 for summer youth; and $156,348 for dislocated workers. The Kankakee Valley SDA, which includes Jasper, LaPorte, Newton, Porter, Pulaski and Starke counties, will receive $2,025,891 for youth and adult; $44,144 for older workers; $1,051,807 for summer youth; and $366,009 for dislocated workers. Good Business Plan: path to profit A business plan provides the prospective or actual owner/manager of a small firm with a pathway to prof it. To draw up such a plan, the owner/manager should consider the following questions: •What business am I in? •Where is my market? •Who will be my customers? •What is my competition? •What is my sales strategy? •How much money do I need to run the firm? •What management controls are needed? Answers to these and many other questions are crucial to construct the business plan. Time, energy and patience are needed to construct a good business plan. Your honest questions and answers will insure success. Planning reveals many pitfalls. Knowing and solving these in advance saves costly mistakes or even a business failure later. A business plan offers at least four benefits. 1) It gives you a path to follow. 2) It gives you an easy way to let your banker in on your thinking and action. If your banker is clued in on your plan, he'll have real insight if there are points where you need money. 3) It's a communications tool when you want to let your sales personnel, suppliers, and others know about your operation and goals. 4) It helps you develop as a manager. It provides you with practice in thinking about competitive conditions, promotional opportunities and situations advantageous for your business. The first step in the business plan is to write down what business you're really in. Silly? Not at all. Some owners/managers go broke because they're confused about the kind of business they're in. Mr. X had a small radio-TV store. He thought of his business as a retail store, though he serviced and repaired everything he sold. As a nearby suburb grew, appliance stores appeared and cut. heavily into his sales. However, there was an increased call for repair services. When he considered the situation, he decided he was in the repair business. As a result of thinking and planning, he profitably ASK SCORE built his repair business and secured service contracts from the appliance stores. Successful marketing starts with owner/manager. He must know his service and the needs of his or her customers in the area served. Determine how many customers in your area will need your services or products. Will your customers be industrial, commercial, consumer or all of these? Think about the following elements in choosing the community in which to locate: •Population and growth. •Income, age and nature of occupations. •Number of competitive firms. •Local ordinances, including zoning regulations. •Special factors, such as seasonal business. If you take your work or service to your customers, the conduct of your employees is even more important, for you can't see them in operation. Yet their impact is even greater, since they are almost the sole factor the customer encounters. Pleasantness and promptness help make satisfied customers, and this may be your best form of advertising. Control of your image must be a part of your plan. The ASK SCORE column is provided by the Service Corps of Retired Executives (SCORE), a non-profit organization sponsored by the U.S. Small Business Administration. SCORE conducts counseling sessions every Tuesday morning in the Logansport/Cass County Chamber of Commerce office in Logansport Square, 300 E. Broadway. Counseling sessions, by appointment only, may be arranged by calling the Chamber office at 753-6388. There is no charge for counseling and all discussion remains absolutely confidential. Insurance Major insurers in conspiracy? SAN FRANCISCO <AP) - The nation's largest insurers conspired to fabricate a liability crisis, which crippled businesses and forced nationwide cutbacks in police, child care and other services, according to suits by seven states. The lawsuits, filed Tuesday in U.S. District Court here, accuse dozens of insurance companies of collaborating in a global boycott of certain types of general liability insurance through secret agreements and internal pressure. The suits, filed by California, New York, West Virginia, Wisconsin, Minnesota, Massachusetts and Alabama, named 32 insurance companies, underwriters and associations, including Lloyd's of London. Arizona planned to sue in the same court today, and Texas filed a separate suit in its state court because the state "has one of the toughest, best antitrust laws in the nation," said Texas Attorney General Jim Mattox. "These defendants have sucked the blood of our nation's economic well-being," Mattox said at a news conference in Austin. New York State Attorney General Robert Abrams said the case was one of the largest ever tackled by a group of states in a federal court, adding that the states had to take action because the federal government did nothing. One of the companies, Aetna Life and Casualty Co., condemned the suit as "another political move by political officeholders who have consistently opposed any and all efforts to address the real problems of the nation's liability system." A spokesman for the Insurance Services Office, a 1,400-member industry trade group also named in the suit, called the allegations unfounded. The lawsuits claim the companies targeted for elimination coverage for pollution accidents and general liability for damage discovered after the life of a policy, known as "occurrence" coverage. Airlines Eastern says ruling 'gravely dangerous' WASHINGTON <AP) - Eastern Airlines is telling a federal judge that his order prohibiting the carrier from selling its East Coast air shuttle service plunges the financially troubled company into even deeper problems. The airline asked U.S. District Judge John H. Pratt on Tuesday to reverse his own March 10 contempt finding against P^astern and allow it to begin taking steps to sell its profitable shuttle operation. The company also asked the judge to partially rescind penalties that he levied againts Eastern on Monday, including : the threat of future $10,000-a-day fines. In its court papers, Eastern said that forbidding the shuttle deal "will tie the hands of management struggling to cope with ongoing financial losses of a troubled company." The documents, filed by John J. Gallagher, a lawyer for Eastern, called the judge's orders "unprecedented and gravely dangerous to Eastern.'' An attorney for the union that has sought to block the shuttle deal said the labor group would continue its struggle. "This argument that somehow they're paralyzed is really aimed more at trying to get the sympathy of the court," said John Edmond, a lawyer for the International Association of Machinists and Aerospace Workers. "The IAM has never attempted to stop Eastern from running a business." Under the stay Eastern has requested, the airline would be allowed to proceed with its efforts to sell the shuttle but would not be permitted to complete the deal until the entire case was decided. In the meantime, Eastern would face no penalties. The case stems from a bitter dispute between Eastern and its largest union, the machinists. The machinists, who represent 12,000 Eastern mechanics and other ground workers, have opposed various efforts by Eastern and its parent company, Texas Air Corp.. to sell some of Eastern's most valuable assets.

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