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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.
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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.
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‘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
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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.
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