PAGE FOUR
THE PIEDMONITOR
AUGUST, 1970
From The Front Office
By T. H. DAVIS
Questions for this column concerning Piedmont's plans, policies,
or procedures are ivelcomed. They should he directed to the Editor,
The Piedmonttor, INT-ZY and designated as "Questions to The Front
Office.” All questions must be signed, but all signatures will be con
sidered confideiittal ivith the editor.
QUESTION: As a participant in the Piedmont Stock Purchase
Payroll Plan, I watch the daily quotation on Piedmont stock. I was
under the impression that our stock was being purchased at the best
price each month. However, the average price paid per share quoted
each month in the Piedmonitor seems to run higher than the market
quotations. Can you clarify?
As pointed out in the Stock Purchase Plan booklet, stock is pur
chased only once each month on approximately the third day of the
month. This may or may not be the lowest price during that month
since the price may change day by day. The employee price does
not include broker commissions which are paid by the Company.
The newspaper quotations do not include broker commissions either
but this is added to the price paid by an outside purchaser. You did
not mention specific dates but, for example, the Piedmonitor shows
average price paid by employees for June purchases to be $6.10. The
public price on June 3rd was $6.62 bid and $7,00 asked. Since that
time the market price has dropped slightly. For further information,
call 919-761-52.31 or write to Stock Purchase Plan, Trust Department,
Wachovia Bank and Trust Company, Post Office Box 3099, Winston-
Salem, North Carolina 27102.
QUESTION; If an individual has, for example, $50.00 per month
deducted from his pay each month starting in January and continues
to do so through July but has to draw out this money in August to
pay an unexpected bill, does this money draw interest? It is my
understanding that the Piedmont Credit Union is making enough
money to pay more than 6% interest each year but there is a
law to prohibit this. If either or both of these things are true I think
paying interest semi-annually might be in order.
[n answer to your first question. No! In order to receive dividends
on savings deposited in your Credit Union account, the savings must be
on deposit through the end of the year. If you have unexpected or
emergency cash needs which are substantial, it is recommended
that you consider applying for a loan and use your savings as
collateral. At the close of the dividend period you may pay the loan
with your savings and still receive the dividend which your savings
earned, plus remain eligible for the insurance benefits which apply
to savings and loans. You are correct in your second statement. The
l^iedmont Aviation Credit Union was chartered by and operates under
North Carolina laws. The North Carolina laws which govern Credit
Unions state that no dividend shall be declared or paid at a rate in
excess of 6 percent per annum. The Credit Union has consistently
earned sufficient profits to return a 6'/c dividend to its investors, pay
all ooerating expenses, and provide reserves required by North
Caror ia laws. It should also be considered that the interest rate
charged to borrowers has also been consistently less than that which
is charged on the open market. The Credit Union Board of Directors
has considered semi-annual dividends but are not prepared to pursue
this program at this time.
Piedmonitor Pix
INTERESTING INTERLINING
MNNAIR is ringing sleigh bells in the summer, for interliners that
is. An escorted 5-day winter wonder-weekend tour is available for
only $89. Departures start October 15 and continue through April of
next year. Even meals are included in the skiing, skating, swimming
and sauna spectacular. Eligible personnel include Piedmont’s passen
ger and cargo sales, reservations and ticket counter employees and
their spouses. For reservations or further information contact any
Finnair office.
BWIA-(!RAND CAYMAN announce the key to a great new holiday
for Piedmont interliners is a $10 bill, the cost of round trip transporta
tion between Miami and (!r;md Cayman. For another $10 per person
the f’ler can enjoy accommodations (breakfast and dinner included)
at a choice of eleven first class hotels. If “room only" ar-rangements
are your choice they are available at three well situated cottage
colonics for only $5 a day per person. Hotel accominodations for this
price are good only until the 30th of November, but the air fare, which
is space available, will continue to be offered throughout the year.
More information is yours for the asking at any BWIA office or
from the Cayman Islands Tourist Board at 125 S.E. Third Avenue,
Miami, Florida 33131.
CHINA AHILINES has announced that their interline tours to the
Orient, as publicized in the June issue of the Piedmonitor, have been
completely sold out for all dates and destinations. If you put off
booking space, we're sorry. The Piedmonitor will keep you posted
on any new offerings that may come up for trips to that area.
AMERICAN AIRLINES is offering Piedmont employees round
trip flights to Hawaii for $20. AA started their service to the Island
Slate on August 1. An annual vacation pass available to each Pied
mont employee, spouse and dependent child may be used on all their
routes to Honolulu. Service charge (one way) is $10 coach, $25 first
class. What's more, employees also may take advantage of a new
interline hotel rate of $5 per person double, $8 single, offered in
Honolulu b\ Flagship Hotels, an AA subsidiary, at its just-opened Ala
Moana Hotel. The special rate is subject to space availability at time
of request. To apply for the vacation pass. Piedmont employees
simuly submit a request signed by their supervisor to the Pass Bureau,
INT-ZZ. Requests should be submitted at least 15 days before a trip.
To make reservations at the Ala Moana, a letter signed by the
supervisor should be sent well in advance to General Manager, The
Ala Moana Hotel, 404 Piikoi St., Honolulu, Hawaii 96814. Once reserva
tions are confirmed, employees need only present their airline
identification at the check-in desk. American has also begun ser\ice
from the mainland and Honolulu to Australia, New Zealand, the Fiji
Island and American Samoa. Interline travelers are eligible for a
75 per cent space-available discount and 50 per cent positive-space
discount on those routes.
AT THE HEAD TABLE for
the last service pin lunch
eon was Winston-Salem
Lead Mechanic, Agnew
Myers who received his
25 year pin from President
Davis.
\
¥:
SHARING THE HONORS
for long term service pins
recently was Sam Smith,
i also a Lead Mechanic
* based in Winston. Mr.
"* Davis presented Sam with
a 20 year pin.
^ if'-
"RIGHT ON SCHEDULE", says Bill Barber, of the work is progressing as planned,
construction of Piedmont's new Central Reservations taken from the front, right angle of
Office. Despile the heavy rains of recent weeks the Griffith Road in Winston-Salem.
This picture is
the location on