The Daily Courier from Connellsville, Pennsylvania on March 2, 1973 · Page 9
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The Daily Courier from Connellsville, Pennsylvania · Page 9

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Connellsville, Pennsylvania
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Friday, March 2, 1973
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Page 9
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FRIDAY, MARCH 2,1173 THE DAILY COUtttt, CONNEUSVIUI, PA. PAGE NINE Branch Bonk Bills Face Long Battle MOK AND MORE HKH SCHOOL GRADUATES (Percent 100 HARRISBURG (UPI) _ Statewide branch banking bills go to the legislature this month, prompting a battle that will affect banks, businessmen, borrowers, savers and spenders. Big and small banks are lining up on opposite sides of the issue, which may plague the legislature all year. The impact of the outcome could be both immediate and long-range. Most big banks back the Shapp Administration's proposal for statewide branching. Small, rural institutions oppose it. Bnudws Restricted Statewide branching would allow institutions to open offices anywhere in Pennsylvania. Current law restricts branching to the few counties surrounding the bank's home county. Banking Secretary Carl K. Dallmuth is leading the administration's move, called for in Gov. Milton J. Shapp's budget message. D. Emert Brumbaugh, former banking secretary and politician, is a leading opponent of Dellmuth's plans. Brumbaugh heads a small bank near Altoona and is a leader in the Pennsylvania Independent Bankers Association (PffiA). A Dellmuth aide said a two- bill package will be introduced in the legislature, probably the week of March 12 when lawmakers return from a recess. One bill would allow state branching by bank mergers. The other would allow "de novo"- branching--opening of branches without merger. Brumbaugh, banking secretary from 1947-52, said Dellmuth's plans "would not benefit banks or consumers." Forging Opposition A two-term Congressman and one-term state senator, Brumbaugh plans to use his knowl- ut politics to baiUe toe proposals. He has already forged opposition among most members of the 196-bank PIBA. Brumbaugh charged statewide branching "would eliminate the major part of the banking industry and place it in a few powerful hands of the larger banks." He said small, community- owned and controlled banks in rural areas would be gobbled up or forced out of business through competition. "These community banks have paid higher interest rates on savings on an average and have provided lower loan rates than the larger metropolitan banks," he said. Brumbaugh said approximately 30 Peraisylvania banks now control 75 per cent of the state's banking assets. "These are the banks that now want to carve up the other 25 per cent," he said. "Matter of Survival" "Local stockholders, directors and depositors should take a positive stand against statewide branching," he said. He termed it a "matter of survival." "The rules established by the banking act limiting branching to contiguous counties has worked well," he said. "It has controlled the large accumulation of assets from becoming concentrated in a few hands." Brumbaugh is a former president and current executive committee member of PIBA. He is chairman of the board of Central Pennsylvania National Bank in Claysburg, an institution with $37 million in assets. - The assets of Brumbaugh's bank are dwarfed by those of the institution Dellmutb left to become'banking secretary last year. Dellmuth left Fidelity Bank, Philadelphia, which has $1.9 million in assets. Dellmuth rejects the argu- ments of Brumbaugh and other opponents of statewide branching. The banking secretary, in an upcoming article, tells why changing the law will benefit consumers, business and banks. Designs and Builds "Kart" William Pazer of Connellsville recently designed and built this "kart" in his spare time. The "kart's" engine is a McCullock 101AA and is capable of speeds of 85 to 90 mph. Pazer is a member of the Red Line Kart Club, Inc. The club now has 35 members from Connellsville, Uniontown and Belle Vernon areas. Stickler's barn near Route 201 is the track location. The track will be run as an organized race course this year with a point system and trophies. Classes for most types of engine and ages vnR be sponsored by the club. Will you allow the furies of inclement, unpredictable weather to sabotage your auto's well being? That good paint job? The expensive rust-proofing? Other critical areas? Poplar Grove Auto Wash Rt. 119 North, B«sid» Kentucky Fried Chicken Best Car Wash in The Trl-State Area ARRIVING DAILY Fashion Ideas for you, your family, And your hpnieJ OPEN 10AM-10PM !WMIMMIM HMUNMIHWT Won Street Chatter NEW YORK (UPI) - At the moment, Standard Poor's The Outlook observes, "the securities markets remain preoccupied with negatives." Even with corporate profits moving at good clip, interest in equities is quite lovr, with much speculative interest now focused on commodities, for example. The occasional rallies have not followed through, and "in the circumstances, prudence warrants a continuing wait-and-see policy," the company says. The current debate among investors over whether this is a bull or a bear market "may be likened to the attitude of a person who, after a knife has already been plunged into his back, wonders whether the blade is curved or straight," the Spear Market Report says. The real issue is how to take advantage of declines by picking stocks with rebound potential Since the main reason for the declining list, the report adds, is psychological, and investors should therefore look for good fundamentals. iKrastsUVA The Veterans Administration disclosed recently that minority employment in the federal government's second largest agency showed a period from May to November, 1972. Full-time minority employment increased from 47,764 to 49,671 during that period, rep- 12 Million Bowl In Japan Tokyo -- More' than 1,70^ bowling centers in Japan a--^ v:omnvods.t* 12 million bov.ltfvy on 45,000 lanes. The sport was" introduced into the country in 1952, but in the following 1') years only 26 centers were built *, resenting 29.3 per cent of VA's full-time employes! compared with 19.6 per cent in the total federal civilian work force. JT CUSTOM BUILT We Can Help Secure A Mortgage Loan With As Little As 10% Down For As Long As 30 Years W« MM From Your Hans or Our* FOR ADDITIONAL INFORMATION, CALL- RAYMARTiN Builder - Contractor R. D. 1, Box 414A 438-4171 Or 42S-243S Dunbar * · Knowledge is power and also popular, judging from the steady rise in average educational leyel for the U.S. population. The years of formal schooling hove been increasing steadily since 1940. Currently almost three-quarters of the population between the ages of 25 and 34 has at least a high school education, as against about 35 per cent in 1940. By 1980, it is expected to be over 80 per cam. Similar percentage increases are registered in all age groups. "The main reason we are still optimistic for a market advance by March, "the Dines Letter explains, "is that there are simply too many underpriced stocks around for a crash now." With downside targets now being reached, and many technical and fundamental indicators still behaving bullishly, the market should Mushroom Scare Hits Pizza Shop OSSINEKE, Mich. (UPI) Mario Fabbrini, an Italian im- nine years reputation as a master pizza maker, only to have it tarnished by the recall of Fabbrini, 41, was told by the Food and Drug Administration ^JS^L^L^ (FDA)Feb.l9thatLhefirmtfcat being t- j xi. t j - - L iruA!reu.istii2iuisuriii ZSSttSTlZ'*" -*^ ta solved satisfactorily to parties," the letter says. all . * ' Can ^ ag rf East Palestine, Ohio, had supplied him with some musb- sanitary landfill "There sure are a lotsa nice people in the world," said FabbrinL "For instance, a man came over here today and said. "Listen, I don't have no money, j but I got some stock, and 111 put it up for collateral if you need it.' He also said his congregation is praying for us. "A bank teller also told me a priest is praying for us. That's really worth something, 111 tell you. "It sorta makes you goose The market seems . rooms suspected of containing pimples about America. I tell DC t-_*-,i;_--. irrni T licrAd mufor facracm PENNSVILLE FARM AND GARDEN SUPPLY 27U MEMORIAL BLVD. DIAL 42S-2S29 VEGETABLE SEEDS PLANTER KITS Vej. and rtowcf................co. 95' Blue Lustre Shampoo and Shampooer Rental 'botulism. you, I lived under fascism, nazism and communism. I came here after World War worrying^i"the best brainy in ^ i could think was, «0h, Washington" are «w to fight my g^ m me what % off a new flood of inflation, somebody gets sick or dies from from Flume, Italy. It's now part Walston Co. says. None- this'" said Fabbrini Monday as of Yugoslavia. But believe me, I theless, the business boom u _ _ _ _ HODOr David Bruce O'Casek, son of Mr. and Mrs." James O'Casek, 204 E. Monday, March 5 Is Absolutely Last Day Of Our ANNUAL RCIORIfSPCNSORSJ abflut of sectors, and many companies h are jumping .at the change to boost dividendsJHundreds of stocks are priced very very nings, contaminated f auit of MS own. re . reasonably in relation to ear- ^ preparations' to bufl- --·» the firm adds. XT5W» of the pies into a This Funny World* L1BRARV F. We were occupied by the Nazis. They put the black shirt (the Fascist symbol) on me when I was 6 years old. In order to go to school in those days you had to believe in that" Fabbrini started his wholesale business at home when friends and local innkeepers asked him to make frozen pizzas in his native style. He moved from his home kitchen to what has become one of the most modern pizza factories in the nation, employing 22 persons with a capacity for turning out 45,000 pizzas per week. "We're not like a big nationwide outfit which just puts on pepperoni and cheese," Fabbrini said proudly. "We got a fine product, with hams and mushrooms and whatever anybody wants." The negative publicity in the recall hurts. Not only was there the former Jenny Fleming of 206 W. Green St, Connellsvffle. Robert E. Crawford of 107 Gallatin Ave., ConneDsvflle, is one of 21 men who recently pledged Sigma Alpha Epsilon Fraternity at Gettysburg College, Gettysburg, where he is a freshman. an estimated $30,000 loss in the recalled pizzas, but there will be a loss of future business. There have been no cases of Papa Fabbrini pizzas causing sickness, an FDA spokesman said, though 17 persons have attempted to blame bad pizzas for illnesses. SALE SAVE up to ... on Magnavox Stereo Theatres, Stereo Consoles and Component Systems. Also enjoy great savings on radios, tape recorders, portable phonographs and monochrome TV. 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