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Show ft The Salt Lake Tribune, Sunday, August 23. 1981 Banks, S&Ls Agree NEW YORK (AP) interest-payin- g NOW ' There was little august accounts. about August in the na-- I With all these suits and lions banking communchallenges flying around ity if an amalgam of and deregulation making y the industry as nervous ; money center banks, reg-- . on the as a ional and local banks, first youngster day of school, how is institutions ; savings and it that these people can credit unions can possiagree on anything? bly be considered a comThe answer, munity. enough, was The thrifts sued the by Congress, in provided federal government and its passage of the allwon, at least temporari- savers savings certifily, continuance of their cate, allowing anyone traditional right to pay with $50 to spare for a slightly higher interest year to collect fairly on deposits than the comgenerous interest tax mercial banks. Then the commercial free. banks sued another fedIts a game virtually eral agency to keep $18 anyone can play, and billion of their deposits many bankers and thrif-terif you will, are in from organizations and government unanimity that it is a good sign. agencies from flowing out to the thrifts into While many of them '.high-powere- big-cit- , s, non-prof- it Notes Good Idea rs grown like weeds in the last year of high interest rate At last count the money funds had $142.5 billion a growth of $2.5 billion n the past week. hope it may attract back some of the billions of dollars that have flown k into the money market mutual funds, others suggest that is largely wishful thinking. The money market funds, which have been around for 10 years, have non-ban- they were invented in,, and have flourished in, a Interest Rates Will Stay High Continued From Page F-- 6 fell 1.90 to 75.10, and the American Stock Exchange market value index lost 13.44 to 364.65. Big Board volume averaged 40.69 million shares a day, against 45.93 million the week before. The Feds resolve to stick to its guns in the battle against inflation may be the main reason why analysts look for continuing high interest rates, but it is by no means the only one. For one thing, many of them say, the very fact that rates have been so high for so long militates against any rapid decline. Would be borrowers, whether home buyers wanting a mortgage or corporations looking to raise money through sales of debt securities, have in many cases had to postpone their financing plans. That pent 'up demand is considered highly unlikely to wait until rates get down very far before rushing into the market, exerting new upward pressure on rates. Presumably, borrowing demand would be dampened by a substantial slowing of the economy. There is evidence that a recession already is in progress, but as William Griggs and Leonard Santow at New Yorks J. Henry Schroeder Bank & Trust Co. observed recently, it does not look right now as 1 though it is following the standard recession script. In past recessions, the Fed would usually ease ' policy substantially and interest rates would decline significantly, they said. Current monetary policy ; is a far cry from the past. Salem of Bache Stuart Shields Inc., says that while M. Halsey unregulated non-ban- k, environment. But until things change more dramatically in the traditional banking-thrif- t world, that money seems largely gone. For example, George And why not. They pay the highest interest in town, thanks to the fact some money market funds may be attracted to the new savings instrument, money fund holders will be reluctant to give up some of their features, including over Well pany. 100,.300 o established high growth comTremendous income potential. w tave Preseason SALE! Commission. CALL TOLL FREE MISS QUALITY WOODBURNING LOTT What Sells A stoves & rs STOYES & FIREPLACE INSERTS h largest selection of quality woodburning fireploce inserts in Utah Woodburning Stove? (Answer) Quality is still the 1 Best Seller UUlli' iiiiiiiiii TRS-8- 0 MEMORY KITS 16K RAM Memory Kit $64. Ports, installation 277-934- 7 chackovt A ir HEAT KINO STOVES HEAT KING INSERT BENEFIRE INSERT weather and Fair Prices Paid Permanent Location We also buy and sell all forms of GoldSilver Bullion Call our 24 hr. line for latest quotes 486-438- THOR INSERT Get prepared for cold for Class Rings, Wedding Bands, Sterling Silver & other Gold & Silver items, including coins. EMBER HEARTH STOVES LAY AWAY PLAN 3 Utah Coin Gallery 0 Brickyard Plaza 3300 South 13th Eaat 486-438- 1 BLAZE KING STOVES - Down - save $$$ over winter prices 30 days - MAJESTIC FIREPLACES FIREPLACES wVmwd Balance in 60 Days WILLS that is, night liquidity being able to cash in the funds at will, without penalty. certifiThe cate must be held for one year. If it is redeemed eleearly, the tax-fre- e ment is lost and some interest may be as well. SALES EXECUTIVE GAME CENTER PACKAGE WE PAY CASH Aree Analysts All-Save- AND ESTATE PLANNING SEMINAR Wednesday, Aug. 26th 7:00 to 9:00 PM BLOCK BUILDING 177 East 900 South H & R a STEPS a STEPS TO AVOID PROBATE TO REDUCE INHERITANCE AND ESTATE TAXES WHO WILL GET YOUR MONEY WHAT WILL HAPPEN TO YOUR MINOR CHILDREN WHAT WILL A WILL DO HOW CAN A TRUST HELP FAMILY HELD BUSINESS JOINT TENANCY MAY CREATE ESTATE TAX PROBLEMS. PLEASE CALL 355-464- 6 TO RESERVE A SEAT THERE WILL BE NO CHARGE c ESTATE & LaiFif FINANCIAL PLANNERS- HR BLOCK - THE INCOME TAX PEOPLE ENiRGYISAVINGHEADQUARTIRS 0 L r.aTEB. SGEHOG at 1345 Foothill Dr. Salt Lake City, Utah Offered sale Gob at approx. 4.5 x gross PRICE: $900,000.00 TERMS: $200,000.00 Down on Balance 25 years 8 0 Together with existing contract balance approx. $235,000.00 at 8 at 25 years. Subject to tax free exchange. Financial statement required to see this excellent property. No realtors For apt. call Dave Flynn 066-70- A 05 Commercially Designed Microcomputer NEED A COMPUTER? IF YOUR NEEDS ARE: MedicalDental Patient General Accounting Accounting AP, PR, gL, InyG Write-U- p eWord Processing AR, nt Other SINGLE-USE- MULTI-USE- R HARDDISK SYSTEMS FROM FLOPPY DISK SYSTEMS FROM R 10,730 $5,995 Application software not included INFORMATION W Retrieval Systems t55 sTsoo W. s i c uTwToT (801)531-823- 5 Effective thru August 24th Murray First Thrift is paying an extra 1 on certificates for a limited time only. And that is 1 V2 banks and savings and loans. You get a special bonus on $1,000 Money Market 1 1 6.89 $1000 rate: 1 5.89 To receive 9 on special passbook accounts-ju- st in your account for the calendar quarter. It's that Murray First Thrift FAvJI' ' A money market higher than certificates too. maintain $1,000 easy. and Loan Accounts protected up to a maximum of $10,000 by the Industrial Loan Guaranty Corporation of Utah, a private corporation which is not an instrumentality of the State of Utah or of the federal government. THfttFT AND LOAN CO MURRAY-FIRS- m MAIN OFFICE 135 South Main I;, ' V yT.-- It V Street i MURRAY BRANCH FOURTH SOUTH OFFICE WEST VALLEY BRANCH BOUNTIFUL BRANCH 5899 South State Street OREM BRANCH 558 East 400 South 2000 West 3500 South 298 West 500 South 420 South State Phone 521-654- 3 for all offices. 4 Phone: 225-923- 4 |
