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Newspaper
Indiana Evening Gazette
Location
Indiana, Pennsylvania, United States of America
Date
Jun 29, 1972
Page
24
A ponderous financial piece questions Indiana County residents wealth by outlining a hypothetical family balance sheet. It examines cash savings, home equity, autos, property, furnishings, insurance, pensions, and other assets against liabilities to reveal net worth.
A survey using Federal Reserve data shows a direct link between family earnings and net worth. In Indiana County the average local family carries about 19 700 dollars in net worth with brackets ranging from 13 000 to 140 000. Total county net worth is estimated at 482 500 000 with real estate, deposits, and valuables offset by debts and obligations.
Harrisburg State Rep. C Doyle Steele proposes lowering the Pennsylvania income tax from 2 3 to 2 percent after leading a $150 million cut in the 1972 73 budget. He says the surplus should be spent on tax relief, notes that each tenth of a percent tax drop yields about $43 million, and emphasizes preserving vital services while restraining overall spending. He defends cuts as necessary for economic stability and protects education subsidies despite reductions.
The Lions Club Pet Show at Mack Community Center Fairgrounds will open Tuesday July 4 at 11 a.m. with entries welcome from youngsters bringing any pet to the grandstand by 10 45 a.m. Prizes celebrate largest smallest ugliest prettiest most unusual best trained and more. Each entrant gets a free Blue Ribbon Rides Carnival ride ticket. No formal entry needed.
Vandergrift reads milestone anniversary with a 10 day Diamond Jubilee starting today and culminating Saturday July 8. Aerial acts carnival parade and time capsule burial headline the week as Lions Club hosts events at Kennedy Park and Davis Field. Notables include Pirates rider Bob Prince anticipated in parade and a 150 unit procession at Belle View Road.
A Rural Valley district barn and livestock were destroyed by a fire reported at 3 p.m. on Rural Valley Road 1. Assistant Fire Chief Tom Krizmanich said the fire was out of control on arrival. Damages were set at $10,000 with farm equipment and hay lost. Firefighters remained for hours, returning at 10 p.m. to dampen the ruins. No injuries were recorded.
Dwight D. Bailey, 19, was arrested by state police undercover officers and Punxsutawney Borough Police after selling marijuana to an undercover agent at 103 Liberty St. in Punxsutawney at 9 15 p.m. Wednesday. He was charged with violation of the controlled substance act and jailed in default of bond, awaiting district court action.
The U S Army Corps of Engineers continues to release water from the Conemaugh Dam near Tunnelton to make room for runoff after a record high flood. Water behind the dam dropped from near 90 feet to 948 feet above sea level, a 21 percent decrease since Monday evening. The Bairdstown Bridge at Blairsville reopened as water receded, though debris-covered walkways remained flooded up to 21 feet.
Directors of the Farmers Bank and Trust Co of Indiana have declared a 90 cent per share dividend payable July 25 to shareholders of record as of July 10, 1972. The information is reported by S Barbor, bank press service.
YMCA of Indiana County maps the Youth Mobile program for summer activities at Risinger Elementary Homer City Coral Graceton Lucerne and Aultman ballfield. Two Indiana County youths Tom Wiley and Donna Ercole will staff sessions from June 29 to August 25 featuring games relays softball nature study and arts and crafts for children aged six to 13. Schedule includes Aultman Coral Graceton Homer City Risinger Lucerne with weekly slots and partner groups include Chi Alpha Sigma Fraternity Homer Center School District Indiana University of Pa. and McGill Motors. For more information call 465-2655.
Indiana University Theatre by the Grove presents Neil Simon's The Star Spangled Girl at Fisher Auditorium through July 1. Mary Ann Jacobs stars as Sophie Rauschmeyer with Bob Crowther Norman Cornell and Chuck Whetzel in lead roles as the company features Indiana University students and alumni under director Robert W. Ensley with set design by Larry Mullican.
State police reported two traffic accidents in Indiana district with no injuries. TANOMA near Legislative Route 32063 at 8:45 a.m. Wednesday caused about 2000 dollars damage to trucks driven by David Albright 28 and John M Toth 18. HOMER CITY at 2:20 a.m. today Michael Yurick 28 of Indiana escaped injury when his car crossed Route 119 north of Homer City, rolled over, and settled on the south berm with unspecified damage.
State police and Indiana University of Pennsylvania campus police pursued the case into an alleged attack on a female student reported last night as detectives reviewed evidence and interviewed witnesses.
Harrisburg report notes flood relief programs bogged down in red tape as Gov. Milton Shapp appeals to the legislature for 50 million in disaster funds. He cites delays, declares federal offices lacking staff, and tallies heavy damage across 62 counties with Wilkes-Barre hit hardest.
Firefighters responded at 4 p.m. to a basement blaze under four South Seventh Street businesses in the borough. Fire chief George Thompson said the fire damaged electrical wiring but stayed in a small basement area. A janitor admitted burning paper in a furnace, sparking the blaze. no one was injured.
The Indiana Area Recreation Department limits noon free swim to 60 swimmers at a time at the Junior High Pool. First arrivals receive ankle bands allowing entry. once full, entrants must wait for a band to be surrendered. Some youths will be turned away. a two hour window on Wednesdays from 3 to 5 pm alternates groups, with the first group leaving at 4 pm to allow a second group entry.
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