Logansport Pharos-Tribune from Logansport, Indiana on March 30, 1988 · Page 6
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Logansport Pharos-Tribune from Logansport, Indiana · Page 6

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Wednesday, March 30, 1988
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Page 6 Pharos-Tribune, Logansport, Indiana, Wednesday, March 30, 1988 Business Dow Jones average 30 Industrials; daily close; H-Holiday Bond Buyer index 20 municipal bonds; Friday close Money supply [Ml] In billions of dollars; Monday close Commodity futures index 21 key commodities; Friday close The Week's Worth 175012 19 26 4 11 18 25 1 8 Feb. Mar. Apr. Chicago Trlburw charts 6.5 2229 5 121926 4 11 18251 8 Jan. Feb. Mar. Apr. Souro: Bond Buyer 720 18 25 1 8 15 2229 Jan. Feb. Source: Federal Reserve 7 14 21 28 Mar. 2002229 5 12 1926 4 11 182518 Jan. Feb. Mar. Apr. Source: Commodity Rewourcs Bureau Business Briefs Massage Therapy Opens In Walton Darrell Day, 302 E. Grace St., Walton, is operating a MASSAGE THERAPY business from his home. Day graduated in January from the Graham School of Massage in Marion. He was valedictorian of his graduating class. Day will offer therapeutic massage, dealing with back pain, headaches and muscle spasms; Swedish massage, dealing with relaxation and stress relief; sports massage; and reflexology. The therapy is offered by appointment only, by calling 219-626-2488. Local Law Office In Design Competition Dimensions, Inc., has announced that the building housing the law offices of WALKER STARR AUSTEN & TRIBBETT has been entered in the American Bar Association (ABA) Journal's Office Design Competition. The building at 210 S. Third St. has been occupied by Walker Starr Austen & Tribbett, attorneys, since January 1, 1987, following extensive interior renovation and restoration of the structure. Dimensions, Inc., of Kokomo, was the architect for the renovation project with Gerald J. Cittadine serving as the primary architect and Tim L. Miller as the designer. Constructed in 1911, the structure was originally known as the Rubsam and Holloway building. Prior to the renovation, the building contained two offices on the main level and apartments on the second and third floors. A closed up shaft, measuring 6 by 12 feet, rose from the main level to the ceiling in the center of the structure. The architect elected to design around the shaft by opening it from the main level to the second floor. The result was an open design, integrating the first and second levels as a single, functional unit with an atrium creating the impression of a much larger office. The private offices, conference room, law library and reception area open into the atrium. The office has been entered in the AMA Journal competition under the categories of law offices under 20,000 square feet and adaptive re-use, restoration or historic preservation of building space for law office use. Security Federal Has Financial Services Division SECURITY FEDERAL SAVINGS BANK, 314 Fourth St., has announced the organization of a new Financial Services Division. James C. Hendrlcks has been named by the bank to head up the new divison. Richard Cassidy, president, said that with the changing role of financial institutions today, Security Federal felt it essential to expand its services to better serve its customers. Hendricks said that Security Federal will now offer a complete line of financial products, including tax-deferred annuities, self-directed Individual Retirement Accounts, and a full-service securities brokerage operation in addition to its standard line of certificates of deposit, checking and savings accounts. "Security Federal is the first financial institution in our area to offer this full line of fiancial services, an example of our continuing commitment to remain in the forefront of innovation and service to our customers," Cassidy said. Security Federal, formerly First Federal Savings and Loan Association, adopted a savings bank charter and changed its name last September. K mart Preparing Easter Food Baskets For the third consecutive year, members of the Good News Committee at the K MART store, Eastgate Plaza, are preparing Easter food baskets for 10 local financially disadvantaged families, Anna Marie Hardy, personnel manager at K mart, said committee members will fill baskets with such items as ham, potatoes, cans of vegetables, bread and fruit. Committee members will personally deliver the baskets on Friday. Mary Kay Fincher is chairman of the local K mart Good News Committee. K mart Good News Committees consist of employees who volunteer their time to participate in "good works" activities in K mark store communities. Major Labor Loss Worker hazard notice bill rejected in Senate WASHINGTON (AP) - Labor unions have suffered their first major loss in the Senate since Democrats gained a majority in the 1986 election, as senators refused to guarantee warnings to workers facing on-the-job exposure to toxic chemicals. The Senate's rejection on Tuesday of a bill to require notice for workers exposed to carcinogens and other job hazards ended a string of union victories this congressional session. In earlier industry- labor showdowns, the Senate had approved measures to ban most uses of lie detector tests and require advance notice of plant closings. Sens. Howard Metzenbaum, D-Ohio, and Edward M. Kennedy, D-Mass., chief sponsors of the worker notice bill, could get only 42 of the 60 votes needed to cut off an eight-day filibuster led by Sen. Orrin Hatch, R-Utah. "In this one I've lost," Metzenbaum said afterward. "But as long as workers are kept in the dark about occupational hazards, we will continue to try to bring them light." Majority Leader Robert C. Byrd, D-W.Va., had indicated earlier he would turn the Senate's attention to other legislation if its supporters could not muster at least 55 votes Tuesday. He did so immediately. Opponents of legislation often use a filibuster to continue debate indefinitely and effectively defeat a bill that otherwise might win Senate passage. Unlike an up-or-down vote on a bill itself that requires a simple majority — 51 votes if all 100 senators are present — breaking a filibuster to cut off debate requires 60 votes. The hazard notice bill, which was passed by the House last October, would have set up a seven-member panel of scientists in the Department of Health and Human Services to identify the most dangerous carcinogens and other toxins on the job and the groups of workers at most risk. The National Institute of Occupational Safety and Heath would have been ordered to notify individually up to 300,000 of those workers a year at an annual cost of $25 million. Employers would have had to pay for medical monitoring of those workers at a cost of up to $250 a year for each. Armed with the results from such medical tests, workers could file liability suits against their employers. The American Cancer Society had estimated that Metzen- baum's bill would have reduced cancer deaths by 250,000 over the next 10 years. But business opponents led by the U.S. Chamber of Commerce and the National Association of Manufacturers claimed that liability suits could cost employers $6 billion a year or more. NIOSH officials have estimated that one in every four Americans has been exposed to carcinogens or other potentially disabling toxins on the job at some time during their work life, most of them unaware of it. "For workers exposed to toxic substances, the Senate's action is a tragedy," said Margaret Seminario, a health and safety specialist for the 14-million- member AFL-CIO. "Workers need to know; it's their health at stake." Trade Bill Headed For Veto Could be saved by deleting plant-closing issue WASHINGTON (AP) - Congress can save its sweeping trade bill from a presidential veto if lawmakers drop a provision requiring advance notice of plant closings, says the nation's top trade negotiator. "My judgment is that it would precipitate a veto if it remains," U.S. Trade Representative Clayton K. Yeutter said Tuesday. His comment came hours before a House-Senate panel voted to approve the provision, which would require employers to serve 60-day notice of impending plant closings involving 100 or more employees. Companies would be required to give notice of any layoff of 50 or more workers if those being furloughed made up at least one third of the work force at the plant. In layoffs involving 500 or more workers, notice would be required regardless of whether they represented one-third of the work force. An exemption would be provided for faltering businesses. Violation would carry a penalty of up to $500 a day, payable to local governments. The plant closings issue was fiercely debated when the Senate approved the 1,000-page trade bill last year and decided to include such a provision. Business groups say it would spawn lawsuits by communities trying to save factory jobs. The House omitted such a plan from its version of the bill. President Reagan said Monday in a speech in Richmond, Va., that the plant-closings provision was one of three that would prompt him to veto the trade bill. The others were mandatory import curbs and disclosure of foreign ownership of property in the United States — issues lawmakers hope to resolve before their spring break next week. They have been tentatively planning to bring a final product to the floor soon after they return. The plant-closings provision was approved on a voice vote by a subcommittee of the House- Senate conference committee on the trade bill. Its inclusion and resulting concern over a possible veto raised the question of whether the subcommittee could be reversed or induced to backtrack. Or, as a last resort, if it would be possible to override a veto. Yeutter held out hope that the plant-closings provision could still be erased somehow and said no final conclusions should be drawn until "the end of the legislative day." "It's not over until it's over," he said. Labor Secretary Ann McLaughlin also urged that the provision be dropped. "If not, I have no recourse but to recommend a veto (of the trade bill),"she said. Senate Finance Committee Chairman Lloyd Bentsen, D- Texas, said it was "a possibility" that the provision could be removed. "But I know of nothing that would indicate that it's a certainty." Ball Corp. In S. Korean Venture MUNCIE, Ind. (AP) - Ball Corp. is planning its second partnership venture with an Asian firm, reaching out to what company officials believe is the region's huge potential market, an official said. Ball plans to join Young Poong Can Co. in constructing a beer and beverage can plant in suburban Seoul, South Korea. Ball spokesman Molly Ford Plodder said Tuesday the company expects to obtain the required clearance from the South Korean government within six months. Construction is expected to take about 20 months. Muncie-based Ball, a specialist in glass and metal packaging products, will own 20 percent to 30 percent of the company. Young Poong will own the remainder. Flodder said Ball will work on design, construction and technical advice for the project. The company also plans to he!p train workers after the plan opens. BalJ accomplished a similar venture in 1986 with MC Packaging Ltd., a Hong Kong firm. The partnership built a beer and beverage can plant in Canton, China. The Chinese plant has already been expanded and recently paid Ball Corp. a $300,000 dividend. Judge Blocks Training Of Non-Union Pilots WASHINGTON (AP) - Using an air cargo company to train non-union pilots to fly Eastern Airlines jets in a possible strike against that passenger airline violates Eastern's labor agreement, a federal judge ruled in blocking the activity. U.S. District Judge Harrington D. Parker issued the preliminary injunction pending trial on a lawsuit by the Air Line Pilots Association. The order says Eastern must stop training non-union pilots on its planes by Orion Lift Services, Inc. In the order handed down late Tuesday, Parker said the training program "constitutes a unilateral repudiation of the collective bargaining agreement" Eastern has with the pilots union. "The plain language of the agreement requires that Eastern utilize pilots from the system seniority list to perform any type of flying" — including flight training, the judge said. Moreover, "Eastern has failed to offer a reasonable interpretation of the contract which would justify its conduct nor has it proven that this type of leasing arrangement is justified by past practices," Parker said. The judge dismissed as "completely spurious" the company's argument it was entitled to engage in strike preparations "irrespective of the terms of its agreement with ALPA." Deposit Box Burglaries Rare Q. My wife and I are concerned about the safety of valuables kept in bank safe deposit boxes. We know that losses seldom happen but some do occur. Local bankers, while admitting the contents of the boxes are not insured, argue there is nothing to worry about. We tried to insure the contents of our safe deposit box through one of the biggest insurance companies and were told it does not underwrite such coverage. Do you know where we might find a company willing to protect these investments? A. Many insurance companies provide that kind of coverage. You might be able to get a rider on your homeowner's or renter's insurance policy to cover the contents of your locked box. This column never points readers toward specific sales organizations. Check with the agent or broker handling insurance on your home. Safe deposit box insurance can best be described as "sleep insurance" for people who worry an extra lot. Go ahead and buy it, if it will keep you from tossing and turning the nights away. However, considering the Investors' Guide By William Doyle extreme rarity of safe deposit box burglaries, I'd call that insurance an unnecessary expense. Q. When banks were going bust in the early 1930s, did customers lose the contents of their safe deposit boxes? A. There are no detailed records on which to base a firm reply. But old-timers in the banking business tell me that there were relatively few cases in which bank customers lost anything from their safe deposit boxes. As a general rule, the contents of those boxes were safe. Keep in mind that, in order to open a customer's safe deposit box, the customer's key must be used. Q. If I buy a U.S. Treasury bill direct from the Treasury Department, how do I pay for it — by check or what? A. If you pay by check, it must be an official bank check or a certified check. Payment can also be made by presenting Treasury securities maturing on or before the issue date of the new T bill, a Treasury Department check for matured Treasury securities or U.S. currency — folding money. Paying for a new T bill with a maturing T bill is a "rollover," which can be done quite easily through the "Treasury Direct" method of purchasing and owning Treasury securities. Doyle is a syndicated columnist with King Features Synidcate, Inc., New York. He welcomes written questions, but can provide answers only through the column. U.S. Contractors Being Urged To Bid On Japanese Projects WASHINGTON (AP) - American builders are being urged to bid on Japanese construction projects and test a settlement of the bitter dispute over their exclusion from that country's public works boom. U.S. Trade Representative Clayton Yeutter and Japanese Deputy Chief Cabinet Secretary Ichiro Ozawa on Tuesday jointly announced the agreement resolving one of the major trade conflicts between the two countries. Ozawa and the U.S. chief negotiator, deputy trade representative Michael Smith, both urged U.S. firms to try out the new accord admitting them to bidding on Japanese public works and semi-official construction. Deputy U.S. Commerce Secretary W. Allen Moore said, "Our side feels fairly good about the outcome of these talks, but the real proof of access will be in the future." He said Commerce Secretary C. William Verity next week plans to call heads of major U.S. construction companies to Washington and "urge them to take advantage of what we sincerely believe is a real opportunity." Ozawa negotiated as a personal representative of Prime Minister Noboru Takeshita, who, he recalled, agreed with President Reagan in January that the construction dispute could be solved amicably. "It is my great pleasure to see a settlement that is amicable, mutually satisfactory and fruitful," Ozawa said. Yeutter said he wanted to pay tribute to Takeshita and Ozawa for their efforts. The settlement proves that through negotiation the two countries "can manage difficult bilateral trade disputes," he said. Officials said the accord provides for U.S. participation in construction of the offshore Osaka International Airport and some other projects on which the two governments had basically agreed last year. Added to it were procedures for nondiscriminatory bidding on other public works projects financed by the Japanese central government, and a third category of local public works as well as private projects franchised or approved by the central government. These include airport terminals which U.S. builders said they have been prevented from bidding on despite an edge in experience and competitiveness. The agreement provides for bidding credit, to be granted for experience outside Japan. Officials said that besides the multibillion- dollar Osaka airport project the agreement covers entry of U.S. builders in the bidding on $16.9 billion worth of other specific projects.

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