Show ' i Standard - Examiner Monday April 5 1982 9B Most banks in sound Obituaries NEW YORK (UPI) — Some com- mercial banks may have trouble with profits asset quality and excess leverage although the industry as a whole remains sound in the face of dramatic change a major strong alternate intermediary markets have permanently altered the competitive environment of the banking industry” While the firm said US commercial banks “are among the best clear difmanaged in the world the ferences exist among major banking institutions in the degree to which (the new) environment has affected their condition to date and how well they are positioned to meet the future” Moody’s used the report as a forum for downgrading slightly the senior debt rating of a number of large bank holding companies leaving Morgan Guaranty Corp the only one of the top ten to retain a triple-- rating Dropped to double-- were Corp San Francisco New York’s Chase Manhattan Corp Manufacturers Hanover Corp and Chemical New York A Bank-Ameri- ca Corp Continental Illinois Corp Chicago First Bank System Inc and Northwest Bancorp both Min- takes measurements of the augmenter duct on an FI 00 turbofan engine at Pratt & Whitney Aircraft's Government Products Jay Division in West Palm Beach Fla neapolis National City Corp Cleveland and Mellon National Corp Pittsburgh Moody’s said it is giving “greater weight” to the fact that debt of bank holding companies is subordi- The FI 00 nate to that of the underlying banks Moody’s said in a regulated industry it “always regarded (this subordination) as a negative rating factor” but until now “we believed the banking industry’s that strengths offset this factor” Banks are faced with competialmost one and the same thing course of the distinction Now tion as never before: — Money market funds have role but an again important plays just what role is not easy to deter- grown enormously primarily at mine Many consumer behaviorists the expense of deposits suspect today’s consumer is more — Competition from foreign conservative less materialistic banks has intensified more aware of real needs and more — Corporate and consumer liresistant to inducements quidity patterns have changed redeto which this ducing levels of interest-fre- e But the degree might be so can never be known mand deposits — The ballooning commercial with any certainty until the consumer has money in his pocket paper market has taken business d affordable credit and more confi- away especially that of dence that the economy isn’t going companies that are a to collapse bank’s traditional customers leavAlthough the savings rate is ris- ing banks many fear with lower-grad- e ing again it still has a long way to corporate debt At the same time Moody’s said go to get up to the 6 percent and 7 percent rates of the 1960s And asset quality has weakened “Loan many families have used up their quality has declined steadily The credit limits ratios of both net and gross charge-off- s In fact some families might to loans in 1979 and 1980 were have gone a bit beyond the theoret- almost as high as they had ever ical limits among them homeow- been between the end of the Second ners who took out second mort- World War and the severe recesgages based on inflated values of sion of the their homes — values that since Commercial bank leverage has been increasing steadily the rating might have shrunk e would-busers are firm said It expressed particular credit Other can in another concern about “off balance sheet They way: strapped lines additional credit for qualify leverage” it said could signal inbut they cannot afford to use them creased risks bankers are taking to because of the high carrying costs generate more income relative to In the 1960s many states limited assets credit cards interest to 12 percent But James McDermott vice preNow 18 percent is common rate sident at Keefe Bruyette & Woods And millions stear clear of using brokerage which specializes in credit because they are unemploy- bank stocks said while Moody’s ed “is raising legitimate concerns about competitiveness profitability Such things destroy confidence and asset quality it’s leverage and confidence today is abysmally individual banks it that clear low The Conference Board a prithe review haven’t vate research group said today it downgraded in affected by the weak has never recorded a lower level of been equally in the industry” buyer confidence in 15 years of spots McDermott noted that double-surveying still is a high investment rating and But would people buy up a storm that the commercial paper subor-i- f confidence were higher and in- - dinated debt and preferrred stock terest rates were lower and people ratings all were maintained at d more cash in their pockets? ple-- “There’s some question as to Nobody can say with certainty whether the Would-b- e sellers hope that’s all should have said What makes the situation more “Even though some of the banks intriguing is that armed only with have experienced earnings difficulhope so many producers and re- ties some have had spectacular tailers assume that the good old earnings gains” he said “And days of eager consumers will soon even the former may be dealing return with their problems differently” Even Moody’s concludes: “The US commercial banking system is sound despite many challenges “Continued change wiU put add- owned are small’ businesses ‘ performance service or retail ed pressure on bank will pro banks smaller som® a“d operations with little potential for - However for many growth Because of this ’ the report banks sl£erthe worst may have already said the administration’s econom- - occurred” ic policies which are aimed at en- - powers the US Air Force's fighter aircraft F-- 15 and F-- 16 Consumers puzzle experts JOHN CUNNIFF AP Business Analyst NEW YORK (AP) — One of should have at least one minicom- By the unanswered questions in the economic debate is whether the American compulsion to con- 30-ye- ar sumer has faded or whether it merely lies latent and thwarted ready to be aroused again Carmakers ask it and so do homebuilders and airline managers and resort owners too Even cattle raisers who wonder if they can arouse again that once ravane-ou- s American appetite for lean red meats You can also see leaders of the newer technological industries trying to get some action going seeking to convince Americans that any well-ru- n well-equipp- ed home puter The question they are asking is whether the recalcitrant buying habits of Americans in April 1982 are the result of resistance or re- cession Are people choosing not to buy? Or are they simply unable to buy? Prof George Katona who helped develop the understanding of consumer economics at the University of Michigan Survey Research Cent- er always made a clear distinction between willingness to buy and ability to buy That distinction tended to be forgotten however during the easy credit days of the 1960s and 1970s when those little plastic credit cards made willingness and ability Merger forms largest mutual savings bank PHILADELPHIA (UPI) — A merger of the Western Savings Fund Society of Philadelphia into the Philadelphia Savings Fund Society has formed the nation’s largest mutual savings bank The Board of Directors of the Federal Deposit Insurance Corp which assisted the merger approved the merger to save the ailing Western “We consider this to be a solid minimum cost solution to the problems of one of our most seriously troubled savings banks” FDIC William M Isaac said Chairman “We appreciate the work done by PSFS in helping us put the transaction together” PSFS said that Western had subordinated debt obligations totalling $25 million PSFS assumed the debt An FDIC spokesman said all deposit and loan customers of Western automatically become customers of PSFS which will acquire the assests and assume the liabilities of Western All offices of Western reopened as branches of PSFS at normal hours today However top man - top-rate- non-financi- al mid-1970- agement and trustees of Western will not continue with PSFS Prior to the merger PSFS had assets of approximately $74 billion and Western had assets of approximately $21 billion The combined institution is the nation’s largest mutual savings bank The FDIC estimated that a deposit payoff would have cost the FDIC approximately $696 miillion compared to the merger’s estimated $294 million present value cost Under the FDIC’s insurance system 60 percent of the estimated loss or approximately $176 million will be recorded through reduced assesment credits which otherwise would be refunded to insured banks in July 1983 The result is a net cost to the insurance fund of $118 million The FDIC insurance fund currently totals $123 billion and has gross annual receipts from assesment and interest income in excess of $2 billion An FDIC spokesman said the fund which is invested in US Treasury obligations is highly liquid with an average maturity of two years 10 months as-sesm- prepared for the Department of Commerce indicates The report prepared by the consulting firm of James H Lowry and Associates and obtained by UPI said federal government efforts to spur growth in minority businesses have failed Those businesses it said are “in a state of crisis which cannot be remedied unless there are radical changes made in the way minority! businesses are conceived structured and positioned in the American economic system” The report which took eight months to prepare is due for release later this week It calls on the federal government to phase itself out of minority enterprise development and at the same time offer strong incentives to the large companies to assume a role leadership “The sector has unlimited potential for minority job creation inner city rehabilitation and the improvement of the quality of life in urban areas” the report concluded “Unfortunately this potential will neither be realized nor exploited unless a radical new approach is implemented “The key to this new strategy is providing incentives for the private sector Working with the minority business community the private sector will not only relieve the federal gvemment of a burden that it has not been able to carry but also increase the chances for success” Unless such action is taken the report said “Minority business enterprise in the United States could be extinct by 1990” The report notes most minority- well-establish- i ed He married lone Me-d- a Felsted on Oct 16 1919 in the Salt Lake LDS Temple She died Dec 20 1979 He had lived in the Weatherby She married Harvey J Werner on July 23 Tremonton area most of 1913 his life 1965 and and Logan from graduated in He w a s educated in Fielding s” She was a member of the Protestant Church Logan Brigham Young College He served an LDS Mission in stralia He was a Sunday superintendent for 18 years was a high priest group leader and Sunday School teacher He was a retired dry farmer and had raised turkeys He and his wife in operated Lee’s27 Locker Storage Tremonton for years and the School Supply and Lunch Room in the Bear River High School from 1928 to 1944 He was past president and lieutenant Kiwanis Club in governor ofHe the was past president of Tremonton the Utah Turkey Growers He also served as president of the Utah Locker Organization and the Farm Storage He had been executive secretBureau of Chamber of ComTremonton the ary merce Surviving are one son Dr Leland J (Jay) Hansen Jr Riverside Calif two II (Mitzi) daughters MrsMrsRodney Paul (Marjorie) Brady Ogden Kutchinski Corpus Christi Texas 15 grandchildren and 14 Also surviving are two brothers Wynn S Hansen Fielding Lorenso Hansen Logan three sisters Norma Keip Alice Hansen Mary Boeche all of Washington DC Funeral services will be held Tuesday at 12 noon in the Tremonton Stake Center with Bishop Kenneth E Hull officiating Friends may call at the Rogers Mortuary in Tuesday from 11 to 11:30 am and at the stake center following the services Interment in the Tremonton Riverview Cemetery In lieu of flowers donations may be made to a charity Au-Scho- She had lived in Mound Ridge and Newton Kan Surviving are one son and three Melvin Earl Werner Cerritos Calif Mrs Lawrence (Pearl) daughters Coffman Ogden Mrs Leonard (Ruth) Thompson Bell Calif Mrs Thomas (Hazel) Georgianna Areata Calif nine grandchildren 22 and 11 Funeral services will be held at the Rice Mortuary in Maywood Calif Interment in the Rose Hills Cemetery in Whittier Calif Funeral directors Myers Mortuary of great-grandchildr- en Ogden Chester Clay Wilson Chester Clay Wilson 75 of 934 Rush-to- n died Sunday April 4 1982 at the McKay-De- e Hospital of a heart attack He was born Nov 29 1906 in Lewis-tow- n Mo a son of Jesse F and Daisy Glaves Wilson lor in Las Vegas Nev She died Feb 10 1982 He worked in the Transportation Office for the City of Los in Angeles retiring November of 1971 He moved to Los Angeles in 1945 and moved to Ogden in April of 1972 He attended school in Lewistown Mo He was a member of the Lewistown Christian Church He had worked for Homer and Klomp Parking in Ogden He was a veteran of World War II serving in the US Navy Surviving are one brother and one Mary Ann Laguna Beach Convalescent Center She was born Sept 22 1899 in Henefer daughter of John J and Mary Alice Wilson Stephens She married George Daniel Keaton Sept 15 1923 in Salt Lake City He died Warren Shurtleff of the Ogden 31st Ward officiating Friends may call at the mortuary Tuesday from 6 to 8 pm and Wednesday one hour prior to services Interment in Ogden City Cemetery Aug services Burial in the Auburn Cemetery ln memoriam 1976 Church and in 1921 served a mission to the Northern States She was a member of many square dance clubs in Salt Lake and California Surviving are one daughter Ann Keaton Laguna Beach Calif one grandchild five sisters and two brothers Mrs Steward (Thora) Sharp Mrs John (Ilene) Cook Mrs Stewart (Naoma) Gardiner all of Salt Lake City Mrs Alva (Cecile) Dearden Mrs Jewell (Erma) Richins Ordel Stephens and LaVelle Stephens all of Henefer Funeral services will be conducted Tuesday at 1 pm at the Henefer Ward Chapel where friends may call one hour prior to services Interment in the Henefer Cemetery under the direction of the Walker Mortuary Morgan Utah Lorene Farley Snyder Mrs Lorene Farley Snyder 91 of Ogden died Saturday April 3 1982 in a local nursing home She was born Oct 3 1890 in Ogden a daughter of Lafayette and Mary Green-wel- l Farley She married Herbert H Snyder on March 5 1912 in Ogden He died in 1972 She graduated from Weber Academy She was a member of the Ogden 26th LDS Ward and a former member of the Ogden Tabernacle Choir She was also a member of the National Association of Retired Federal Employees Surviving are one grandson and one granddaughter Roy A Snyder Denver Colo and Mrs William D (JoAn-ne- ) Rice Salt Lake City six greatgrandchildren Funeral services will be held Tuesday at 11 am in the Ogden City Cemetery Friends may call at the Larkin Mortuary Tuesday from 10 to 10:45 am Funerals In Mmory of Nelson (Buster) Kenneth Dunn Jr Just when his days seemed brightest just when his busiest Market place in town The services for Geneva Morrn will be held Tuesday at 1 1 a m at Lindquist & Sons Colonial Chapel Friends may call at the mortuary Monday from 8 pm and Tuesday 1 hour prior to services Interment Ogden City Cemetery MORRIS-Furwr- al For buying Soiling Renting M 6-- hopes seemed best God called him from amongst us to his 14 She was a member of the LDS HAPPY CAMP Calif — Larry G Toland 48 of Happy Camp formerly of Ogden died Thursday April 1 1982 of a heart attack at Happy Camp He was bom March 16 1934 in Afton Wyo a son of Garland M and Grace Johnson Toland He attended schools in Auburn and Afton Wyo He was a member of the LDS Church He married Marge Balls on Oct 3 1953 They were later divorced He married Kathy Hill of Ogden He was employed by the U S Forest Service for 25 years and had been stationed in Vernal Ogden Kemmerer Wyo Sitka Alaska and Happy Camp Surviving are his widow of Happy Camp the following sons and daughters Scott G Toland Altamont Utah Mrs Scott (Lori) Daku Lewisville Idaho Kim B Toland Fairview Wyo Melissa Toland Happy Camp Also surviving are his parents of Montpelier Idaho one sister Mrs (Joan) Passey Lanark Idaho two brothers Eugene J Toland Pinedale Wyo Timm A Toland Paris Idaho Funeral services will be held Tuesday at 1 pm in the Auburn Wyo LDS Ward Chapel Friends may call at the Matthews Mortuary in Montpelier Idaho tonight from 7 to 8 and at the ward chapel in Auburn Tuesday two hours prior to rl Keaton Calif — Mary Ann 82 Keaton former resident of Stephens Henefer died Friday April 2 1982 in Mich and Mrs Olivia Veatch Jefferson City Mo four nieces and nephews Funeral services will be held Wednesday at 11 am at Lindquist and Sons Colonial Chapel in Ogden with Bishop De-Ve- S LONG BEACH sister Frank R Wilson Royal Oaks Larry G Toland ol great-grandchildr- On Jan 16 1956 he married Josephine Tay- Ogden Standard-Examine- r CLASSIFIED ADS eternal rest sadly missed but God knows best A From your family DON'T WAIT!! one son Brandunn daughter Lisa your sister mother and father Also Doris love from all of tri-ha- RATES MAY GO UP us A ‘labor-intensiv- We Specialize in 1st FUNERAL DIRECTORS (Realtors CREMATION 394-66- 67 ment will do little for them equip-- : The report calls minority business “a depressed industry” which represents only 38 percent of all US firms generating only 05 percent of business receipts and employing only 06 percent of the work force “These small-scal- e businesses have been unable to attract capital and capable managers Thus they have been unable to gain access to large growth markets and as a result have remained outside the mainstream of the US free All in And the Flowers are furnished by Olive and Mark few well chosen words 2955 Washington I 1 Scfu 7 7UJ Ini W Specialize FUNERAL DESIGNS 1506 Wash 394-45- 75 I — bring this ad for your choice of an digital watch or 1 year's supply of hearing aid batteries Free with purchase of ultra-thi- n aid Classified Ad for anything you want to sell Utah ttoaring Aid Contor FJLO'WER SHOP Call FREE I DISTINCTIVE i the ear Free hearing test our office or your home ( Place a 394-77- 1 CO1 So tiny A CAN BRING A HIGH RETURN ON YOUR INVESTMENT! 2nd Mortgage Incentive) Sole Special m Florists e” couraging investment in Welcome-Referr- al & 0LB WEST M0BTGME 2380 Madison Ave Aerial Scattering LINDQUIST & SONS Minority businesses 'in state of crisis CHICAGO (UPI) — Minority businesses “could be extinct by 1990” unless the private sector starts to bail them out a report Hansen Ogden She was born Jan 15 1892 in Sedgwick Kan a daughter of William and Leona May Turner in Mound Ridge Kan He died March 3 rating service said Moody’s Investors Service said the “effects of 15 years of inflation on the banking sector and its customers compounded by regulatory changes and the emergence of Fighter power Assembler Fox TREMONTON — Leland James Hansen 87 of 445 N 2nd E died Saturday e HospitApril 3 1982 in the McKay-Dein al Ogden He was born Jan 31 1895 m Brigham City a son of Willard S and Annie Christensen Mrs Lillian Myree Weatherby Werner 90 of 6302 Mayflower Bell Calif formerly of Ogden died Sunday April 4 1982 at the home of a daughter in By MARY TOBIN UPI Business Writer United Press International Leland James Hansen Lillian W Werner condition A "" 1 F 43" 25th St -- r' Specializing in Funeral Flowers 0 929 Goddard 392-572- 9 |