1e, e- er n, id vn ad he et it ay ey by nt d. ke nd he he . all ry ment in Luzerne County at least, was because of several recent labor disputes, plus a drop back in the apparell industry. “The apparell industry is the only one giving us any trouble,” he told NNI, and “if nothing unforseen happens, we look forward to the future. We're looking healthy,”” he concluded. Industrial Growth Herbert Axford, a regional industrial representative for a 10-county area with the Pennsylvania Department of Commerce, admitted that consumer spending might be slightly down. “People aren’t buying things like maybe television sets and automobiles,” Mr. Axford told NNI, “and as a result some of these concerns are a little slack because they were stocked to over capacity in the first place,” he continued. “One day everybody thinks business is good, i the next day they think business is lousy,” the “indica Qorjgeres Department representative lamented. “It’s’a state of mind on the part of the consumer brings on these recession periods.” Speaking generally, Mr. Axford said things look good to him. “The new Metro Life plant is the best thing that ever hit Scranton,’ he told NNI Friday. “There is tremendous in- dustrial activity in Lackawanna County, and elsewhere in Northeastern Pennsylvania.” Concerning the stock market, Mr. Axford said that he thought people were naturally curtailing their spending. “The stock market is certainly a crite; as to what business is goingvo do,” he continued. “Mr. Nixon’s idea is don’t spend so muck. money for capital im- provi™ent.”’ The banks are calling on people for more collatoral because of the condition of the stock market, the industrial representative explained. “If the market would show a continued rise, I think people would begin to spend again.” During the last three days last week, the New York Stock Exchange showed a substantial increase, from its seven-year low early in the week, gaining a total of 69.28 points, or nearly 11 percent. Monday the market gained another 9 points, but at Tuesday's closing showed a de- crease of about one point. Penn State Report In a report from business analysts at Pennsylvania State ini." a sound trend was ed, with only a few signs of letdown in Luzerne County economy. On the whole, the local economy is withstanding the national decline in economic activity rather well, the report saidgThe extent to which checking accounts are being used in the area suggest that business conditions generally continue to be quite brisk. The weakness, if there is any, according to the report, is occurring in activities of manufacturing industries. Always short in comparison with the average workweek of factories in other parts of the state, the average for this area during the first quarter of 1970 fell to 36.2 hours, two percent below the comparable quarter for 1969. Don’t buy a life inslirance policy. ® Buya lifeinsurance program. Aviad [ I, pRaeRA With a program, you get the most out of your insurance premiums. And with Pru- cen Dollar Guide Serv- ice 1 can tailor a program to fit your precise needs. Just call Edward J. Hannigan 91 Wellington Ave. Dallas, Pa. 18612 675-3193 PRUDENTIAL % = THE PRUDENTIAL INSURANCE COMPANY OF AMERICA a mutual life insurance company 464 Wyoming Avenue Wyoming, Pa. 18644 693-1316 Sales of new passenger cars have lagged in the area as they have nationally, the report continues. Sales of trucks and other commercial vehicles have risen, however, suggesting that businesses are going ahead with capital spending plans even if consumers are reluctant to buy goods they can postpone. Contrary to the report to some extent, was a statement from Clem Bielman, personnel manager for American Cigar, Mountaintop. He told NNI Monday that his plant main- tains about 1000 employes, with no discernable slow trend in hiring. He indicated that his company is advertising for workers now, has been for some time, and can feel no crisis in terms of unemployment. Utility Collections Steady Robert Manley, Scranton manager for Pennsylvania Power and Light, said that he can see no signs of a recession in the area. “This area has been known to be slow paying bills for years,” he told NNI. “I don’t know why this is, but it has been evident for a long time. More recently, however, people have been paying their electric bills better than ever before, and this holds true for the city of : Scranton, as well as other municipalities,” he continued. Mike Kuchta, public relations executive for Com- monwealth Telephone, told NNI virtually - the same thing regarding people paying. their bills on time. ‘‘There is no ap- preciable indication of slow pay’ of telephone bills as compared to other periods, he maintained. When asked about the hiring trend of the utility, he pointed out that from May 1968 to May 1969 the company hired 51 new employes, but during the same period in 1969 and 1970 the company hired 72 new em- ployes, a distinct increase. ROBERT N. HALLETT & ASSOCIATES 18 Pierce Street Kingstcn, Pa. 18704 288-9361 PENSION and PROFIT SHARING PLANS GROUP MEDICAL and LIFE INSURANCE ‘mini-recession’ felt in two-county area (continued from PAGE ONE) Bankers Optimistic Bankers in the greater Scranton-Wilkes-Barre area were generally optimistic about present and future business trends. Frank Hemelright, chairman of the board of Northeastern National Bank and Trust Co. told NNI that “there appears to be no in- dication of recession in the area, and perhaps there will be none.’’ Unemployment looks steady at less than six percent, the banking executive con- tinued. ‘‘Bank deposits have been holding up very well, and there is a good demand for loans.” Additionally, ‘people are taking care of their loans,” Mr. Hemelright said. ‘“Those who think money is tight often don’t realize that sometimes the - banks are fairly well loaned up in their ratio of loans to deposits,’”’ he explained. “We have noticed fewer home loans in Scranton,” the banking official indicated, ‘‘but this is more than made up with the home loans in the suburbs.” Earl Phillips, investment officer at the United Penn Bank, Wilkes-Barre, followed the Scranton banker with agreement. He indicated that he can see no sign of any recession with people paying their loans as good as ever before. He added that home loan trends remain steady and that bank deposits are holding firm. Robert V. Horger, Scranton National Bank president, told NNI that he agrees that the area is experiencing a slight recession. “I think we have a mini-recession,’”” he said bluntly. “But I hasten to add that I think we have weathered the worst of it, and that it has been caused by forces beyond the area.” The banker said that he thought the stock market decline has depressed the at- titude of the people, though it was his opinion that the econ- omy was sound. “We see some slowness in the repayment of loans . . . somewhat slower than they have been. But we certainly see nothing alarming,” he con- tinued. ‘“We must keep our cool and weather the storm.” The bank executive said that he thought the key question was the attitude of the con- sumer. ‘‘If people become pessimistic about the stock market, about the economy, and lose faith in their govern- ment over the Cambodia and Vietnam situations, then I think the economy would be in some difficulty. If the consumer continues to earn and spend, then our economy locally should prosper and we will be over what I hope is this mini- recession,”” Mr. Horger said. The banker indicated that at his bank home loans are down in number, because of the lack of new construction. ‘But deposits are higher than a year ago, and loan demands generally are high, above last year,” he indicated. “Some of our customers say they do have some slow-pay BAKED GOODS AUCTION June 13th—11 A.M. until LEHMAN HORSE SHOW GROUNDS NEW AND USED GOODS Sponsored By IDETOWN COUPLES CLUB M.E. CHURCH REFRESHMENTS oo hardship to mone. DEDICATED TO = DIGNIFIED SERVICE Richard H. Disque and Son Funeral Home For 27 years, our aim has been to render the finest service to all . . . with financial 672 Memorial Highway DALLAS, PA. 675-3255 WALL TO WALL CARPETING OR ANY ROOM SIZE RUGS COMMERCIAL CARPETING FOR KITCHENS, BATHROOMS, OR HEAVY TRAFFIC AREAS WALKER'S THE REGION'S LARGEST RUG MART ROUTE 309 HAZELTON — ROUTE 6 EYNON 1-459-5879 PHONE COLLECT 1-876-2828 ‘Open Every Night Until 9 NO DOWN PAYMENT— 3 YEARS TO PAY. SAMPLES BROUGHT TO YOUR HOME ‘THE DALLAS POST, JUNE 4, 1970 McAuley Guild ends year's social events College Misericordia’s Mc- Auley Guild-Parents’ Associa- tion is sponsoring a dinner- dance June 13 at the Fox Hill Country Club in West Pittston. Neil V. Dwyer, Kingston, general chairman, announced that reservations are to be made at the college by June 9 with Robert J accounts; and they are ap- prehensive. Money is so ex- pensive, and this is true of some of the larger, triple A concerns. People are not rushing to pay their bills as they used to,” Mr. Horger said. Banks are being charged erroneously with tight money and high interest rates, ac- cording to Mr. Horger. “The real problem is that Uncle Sam is not able to balance the budget, and then comes out for new money. On refunding old issues he continues to give higher and higher interest rates. The result is that Uncle Sam is constantly increasing the interest rate and taking Gower, director ' of development, who is co- ordinator and treasurer of the association. Cocktails will be served at 6:30 with dinner at 7:30. Bobby Baird’s Orchestra will play for dancing. Mr. Gower said members are cordially in- vited to bring guests to the year- ending social. more money out of circulation to keep his debt position in line.” Though maintaining that he is optimistic the economy. will continue to grow, Mr. Horger said, ‘the most dire prognostication is that we are heading towards a depression. But I don’t believe that.”’ The gross national product is too high, he suggests, ‘and experts tell us that the demand for money is going to double in the next five years.” Where the money is going to come from, Mr. Horger says, remains a mystery. ‘“This is going to force interest rates higher and higher,” he concedes. ‘This is a good time to be a saver.” PAGE THREE BALLOON LANDS IN DALLAS (continued from PAGE ONE) Dallas, Pennsylvania. Your finders, Carol and Barbara Cartier. P.S. Visit Beautiful Pennsyl- vania. Learning that the Cartier family, who moved to Dallas years ago from Burlington, Vt., had spent the weekend wondering why the balloon was sent and did it really cruise here in just five days, a Post reporter decided to call Hastings, Mich., and find out. A very thrilled Mrs. Miller explained that the balloon was one of 450 released to celebrate Youth Day during Michigan Week. The balloons were passed out to the children on Main Street in Hast- ings, a town of 7,000, to release all during the day, May 23. So far only eight of the balloons have been accounted for. Several traveled 15 or 20 miles, one went to Detroit, one landed in Ontario, Canada, and one came to Dallas. Mrs. Miller, executive director of the Campfire Girls, was helped with her project by the Campfire Girls and members of Tri-Hi-Y, a senior YMCA program. The idea to promote hospitality in Michi- gan occurred to Mrs. Miller because she loves to work with children and thought that the town’s children would love the idea of sending miniature messages out into space in a balloon. So that explains how one tiny party balloon, possibly released by a Campfire Girl in Michigan, journeyed across the United States and came into the hands of a Girl Scout and a Brownie in Dallas. FOR SENIOR CITIZENS AND THE RETIRED ...FREE CHECKING ACCOUNTS with unique features especially for you at MWortheastern Vv ational bank All ‘‘Senior Citizens'' and retired men and women throughout the area are urged to look into this unique offer being made by Northeastern National Bank. FREE CHECKING ACCOUNTS means exactly what it says: no service charges * no fee per check * no minimum balance * no limitations * no charge for checks or checkbooks. And, your FREE Northeastern National Personal Check- ing Account is truly ‘‘personal’’. Checks are personalized ‘with your name and address. You may, also, select your own checks and checkbook in a style and color to suit your individual taste and requirements. In addition, a customized bank-by- mail service featuring a ‘‘turn-around’’ mailing envelope has been developed especially for your convenience. Why put it off? Visit one of our near- by banking centers and take advantage of this special opportunity without delay. Northeastern Pennsylvania National Bank & Trust Co. « Member F.D.I.C. Scranton West Scranton Viewmont Mall Wilkes-Barre Hazleton Clarks Summit Mt. Pocono Carbondale Tobyhanna Army Depot
Significant historical Pennsylvania newspapers