The Salina Journal from Salina, Kansas on January 19, 1986 · Page 31
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The Salina Journal from Salina, Kansas · Page 31

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Salina, Kansas
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Sunday, January 19, 1986
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Page 31
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Personals The Salina Journal Sunday, January 19,1986 Page 31 Firm honors employees School Specialty Supply recently honored four retirees and presented service awards. John Pollard, Loveland, Colo., was honored for 22 years service traveling in Colorado, Wyoming and Nebraska. He has been a director for the past five years. Other retirees, from Salina, were: Helen Wolfson, 16 years, order processing; Lois Dandurand, 13 years, shipping postage clerk; and Gertrude Dicke t , 12 years, accounts receivable. Service awards were presented to Edgar Smith for 20 years, and Robert Young for 15 years. Ten-year certificates were presented to Phyllis Basom, Nancy Altman, Michelle Lawson, Carol Moritz and Perk Reitemeier. Cooper Hurley Planters promotes three Tom Poos has been promoted to senior vice president at Planters Bank and Trust Co. Judy Cooper and Barbara Hurley have been elected as new off icers of the bank. Poos, who heads the commercial loan department, joined the bank in 1978. Before joining Planters, he was an attorney with a Wichita law firm and worked for three years at Poos First Bank and Trust of Salina. Poos received a degree in accounting from the University of Kansas and is a graduate of KU Law School. Cooper has been elected operations-deposit services officer. She started with Planters in 1973 as a teller and was head teller before her promotion. The Salina native graduated from Salina High School in 1959. Hurley has been elected operations-accounting officer. The native of Connecticut was employed by Planters in 1971. She has worked in several departments at the bank and was senior accounting clerk before her promotion. Hurley previously worked at First National Bank of Salina. All of the bank officers and the following directors have been reelected: Q.A. Applequist, Investments; Ronald L. Baldwin, executive vice president, Fourth Financial Corp.; Richard E. Brown, general manager, Elmore Inc.; William M. Cole, vice chairman of the board; Carl C. Engstrom, chairman of the board, Salina Concrete Products Inc.; Sam Evans, chairman of the board; George L. Frisbie, president, Frisble Construction Co. Inc.; William H. Graves, retired chairman of the board, Graves Truck Line; Graham Larson, investments; Richard Morrison, president, Thermo-Flex Inc.; Roger Morrison, vice president, Morrison Grain Co. Inc.; Bruce Roberts, consultant to Wilson & Company Engineers & Architects; Dr. James E. Roderick; Gary W. Rumsey, president and chief executive officer; and Charles W. Walker, chairman of the board, Blue Beacon International. Farmer joins KNNN Mike Farmer will join KNNN Radio Monday as an account executive. Farmer began his broadcasting career at KNCK in 1967. For the past six years he has been dean Farmer of admissions at Kansas Technical Institute. Darrah elected to board CHAPMAN — James L. Darrah, Chapman, has been elected to the board of directors of McPherson Bank & Trust Co. Darrah is a native of McPherson, chairman of the board and president of Chapman State Bank and chairman of the board of First State Bank of Junction City. Reece receives award SCANDIA — H.W. "Bill" Reece, president of Reece Construction Co. Inc., Scandia, recently received a "Rebuilding America" award from CIT Corp. in recognition of his com- mittment to restoring America's roads, bridges and waterways. Reece has been active in many industry-related groups that contribute to building public awareness about the country's deteriorating transportation system. Cox qualifies for club Bryan R. Cox, Salina, representative for the Century Companies of America, has been named to the organization's 1985 President's Club for superior production during the year. Eighty-nine of more than 500 representatives qualified for the honor. Joint ownership more practical Jones Zuel Mize Association elects officers The Saline-Ottawa County Bar Association recently elected new officers for 1986. They are: Tom Williamson, president; John Mize, vice president; Scott Price, secretary; and Dusty Moshier, treasurer. Consolidated gets awards Consolidated Printing and Stationery Co. of Salina recently received several awards, including four gold awards, for printing excellence at the Sixth Annual Mid-Kansas Superb Printing Competition in Wichita. All gold award winning entries will be submitted to international competition. Curtis Krob, art director of Consolidated, received two awards for his illustration work for an album cover designed for the Hays band, "The Heat." Krob also was honored as "Illustrator of the Year." Wal-Mart promotes two Two employees of Wal-Mart Discount City in the Mid-State Mall have been promoted. Richard Zuel has become an assistant manager and will be transferred to Scottsbluff, Neb. He has worked at the Salina Wal-Mart for three years. Ronald Jones has become a management trainee and is being transferred to Hays. He has been an employee since August. Pannabecker is editor McPHERSON — John Pan- nabecker, associate professor in industrial education at McPherson College, has been elected assistant editor of the Journal of Industrial Teacher Education, a research journal. Bengtson is shareholder Greg A. Bengtson has been made a shareholder in the Salina law firm Clark, Mize & Linville Chartered. He has been an associate at- A torney with the firm since 1980. Bengtson is a native Salinan and obtained his undergraduate and law degrees at the University of Kansas. NEW YORK — Married couples are a lot touchier about jointly owned property than they used to be. Many of them flat-out don't like it. For women, separate property has become a symbol of financial independence. For men, it suggests freedom from long-term obligations, if the marriage breaks up. Ironically, just when joint property has become emotionally suspect, it is starting to make better sense under the law. I used to write columns about the ways in which joint ownership cost married couples time, money and flexibility in decision making. But many of those old constraints no longer exist. For example, it used to be that jointly owned bank accounts or safe- deposit boxes were frozen when one spouse died; money was often tied up for quite a while. But estate planners tell me that rarely happens any more. Banks are giving surviving spouses the. access they need to joint accounts, to pay , their bills and keep up the household. Each of you might want to have a modest amount of money in separate names, just in case difficulties arise. But frozen bank accounts are no longer good arguments for keeping property separate. Another example: Many spouses used to face a tax on joint property when the other spouse died. That's no longer true. In fact, nowadays the case for jointly owned assets in your marriage seems to me to be very strong, for the following five reasons: (1) You get the other half of the joint property automatically, when your spouse dies. There is no need to go through probate, which will certainly save your survivor some money. (2) If your spouse dies owing money, the creditors cannot norm- Teens spend $65 billion CHICAGO (AP) - Teen-agers held the purse strings to $65 billion last year, spending $30 billion of their own money on such things as videotapes and fast food, and $35 billion of Mom and Dad's money on groceries and gas for the family car, a research company said. Topping the items that the 1,600 teen-agers surveyed bought most often in 1985 were fast food, soft drinks, shampoo, deodorant, toothpaste, clothes, ice cream, bubble gum and movie tickets. The company, which surveys teenagers nationwide every six months, sells the data to advertising agencies, retailers and other companies. Eastern, TWA report big losses/ few signs of turnaround visible NEW YORK (AP) — The skies began to clear for most U.S. airlines in 1985 but Eastern and TWA suffered heavy losses with few signs of a certain reversal in sight. : Many airlines have achieved labor peace that includes new low-cost contracts as they struggle to compete 'during increasing competition. But at Eastern, a shaky power-sharing pact with militant unions, a $2.5 billion debt and impatient creditors have thrown the airline into a crisis industry analysts are calling the most serious in the airline's turbulent history. And Trans World Airlines, target of a bitter takeover fight that ended in victory for corporate raider Carl C. Icahn, lost an estimated $140 million last year and reportedly is losing about $1 million a day. 1 The two airlines are facing possible strikes by demoralized employees and as a result have concentrated on building up emergency cash. "If the economy withers, then Eastern's in a lot of trouble, quite frankly," said Timothy P. Pettee of L.F. Rothschild, Unterberg, Towbin, a New York investment firm. "The situation is indeed immediate." The problems at Eastern were underscored last week by a fourth-quarter and year-end earnings statement that said the Miami-based carrier lost $67.4 million in the last three months of 1985 and posted only a $6.31 million profit for the year on sales of $4.8 billion. Athough this represented the airline's first profitable year since 1979 and compared with a 1984 loss of $37.9 million, the numbers also shattered predictions a few months ago that Eastern would earn $90 million for the year. "It appears the profit they had in the first three quarters was lost in a disastrous fourth quarter," said Anthony Hatch, who tracks the airline industry for Argus Research Corp. in New York. "It doesn't look like a quarter they could swallow." The earnings report intensifies pressure on Eastern management to renegotiate a historic 1983 pact that gave Eastern's 38,000 employees 25 percent ownership in the company, access to its books and four seats on the board of directors in return for $380 million in labor concessions. Despite that agreement, Eastern's labor costs still consume nearly 37 percent of the company's revenue, compared with a 35 percent industry average and 20 percent at no-frills, non-union discount pioneer People Express. Eastern narrowly averted default on its long-term debt Dec. 31, and Chairman Frank Borman has promised creditors he will get labor concessions by the end of next month. The airline has amassed a $400 million cash reserve in the event of a strike. A consultant study leaked to the media last week recommended the airline file for protection under Chapter 11 of the federal bankruptcy law unless it gets the 25 percent cuts in Eastern's $2 billion labor costs sought by Borman. His main antagonist is Charles Bryan, head of the machinists union at Eastern, who has called on employees to buy enough stock to gain management control. Eastern's executive committee has denounced that idea. Eastern's problems have been aggravated by competitors encroaching on its traditionally strong Florida market, and the airline has ielt obliged to join continuing fare wars that offer prices as low as $90 for coast-to-coast travel. Some industry analysts consider the situation worse at New York-based TWA, which has steadily been losing domestic traffic to competitors and was expected to report a $90 million loss for the last three months of 1985. Icahn, who won control of the airline by outmaneuvering rival bidder Texas Air Corp. in September, enjoys cordial relations with the pilots and machinists, who gave him $300 million in labor concessions in exchange for profit sharing. But he faces hostility from TWA's flight attendants, who have offered fewer concessions and are not ruling out a strike. Jane Bryant Quinn WASHINGTON POST Bank employees steal millions MIAMI (AP) — Federal statistics indicate that bank employees stole $382 million in 1984, nine times more than bank robbers, and experts say that's only one example of increasing worker thefts which may cost businesses more than $1 billion yearly. Up to 75 percent of the 119 bank failures last year may have been prompted by fraud and embezzlement, said Caridad Matthews, asso- '• ciate deputy U.S. attorney general. "It seemed, superficially, to be a case of bad management," he said. "But as the FBI looked into it, they realized (embezzlement) was a problem." In Florida, the FBI solved 319 cases of bank fraud and embezzlement in 1983, The Miami Herald reported. The next year, they solved 509 such cases. Banks aren't alone with these losses, industry experts say. Employee theft is far more serious a business liability than shoplifting and burglary in the retail industry. Insurance companies paid out $344 million in 1984 on employee theft claims, nearly double the amount, they paid out four years earlier, said Robert Hepburn, vice president of the Surety Association of America. ally put a lien against joint property that has passed to you (unless you also signed the debts). (3) If you hold real estate in another state, joint ownership saves you from going through probate there. (4) The marriage becomes a true economic partnership, share and share alike. (5) Joint ownership protects the interests of both partners in case of divorce. In most states, marital property can now be divided equally (or unequally, as the courts decide) regardless of who holds formal title. But your out-of-court bargaining power is stronger if your name is on everything. You might take this point as an argument for separately held property. But remember: You would have to hold 50 percent of the marital property in your own name, to equal the interest you'd get from joint property. In the nine community-property states, you get many of the advantages of joint property automatically. In fact, you'll need legal help if you decide that you want to hold some property separately rather than together. I can think of only four situations when joint property might cause problems for married couples: (1) Your spouse is vulnerable to court judgments. His creditors could file a lien against the joint property, and even though your share normally can't be seized, it's complicated to get your money out. Depending on state law, the creditor might force the sale of a jointly owned house, in order to get at the spouse's half. In this case, the non-vulnerable spouse would do better to hold property in his or her separate name. Even then, warns New York attorney Edward Fogel, you're courting a lawsuit if you transfer property in order to evade paying a judgment. (2) You have a net worth above $500,000 (above $600,000 in 1987). This makes you liable for federal estate taxes, which can be avoided if each spouse holds some property separately and leaves it in trust. A few states levy their own inheritance taxes on sums well below $500,000. When writing your will, ask your lawyer whether separate ownership would save any taxes in your own state. (3) You have children from a prior marriage. If you put everything into joint names with your new spouse and then die, the spouse inherits everthing — and he or she may may not provide for your children. To guarantee their inheritance, keep your property separate and leave it to them in your will. If a house is your chief asset, joint ownership may be more convenient. In this case, consider providing for your children by naming them beneficiaries of your life-insurance policy, Fogel says. (4) You fear that your marriage won't last. A disgruntled spouse can clean out a joint bank account, a joint safe-deposit box and, often, a joint brokerage account. Separate ownership protects your personal property. Jointly held real estate, however, cannot be sold out from under you — a good reason to own the family house in both names. 9.6O% 8.50% 10.00% U.S. GOVERNMENT GUARANTEED BONDS FEDERAL INCOME TAX-FREE* MUNICIPAL BONDS IRAANDKEOGH** RETIREMENT PLANS 'Interest may be subject to state and local taxes ** Based on A-rated Corporated Bonds Rates Expressed As Yield To Maturity Edward D. JariM & Co. MtmMr Niw York Stock Exchanaa. Inc "Msmber SscuntiBs IrwBSlor Prowcttofl Corporation" Jack Schwartz Registered Representative 111S. 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