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Show THE SALT LAKE TIMES FRIDAY, APRIL 13, 1973 Page Three Utah Savings and Loan Officials Sound Family Saving Habit by See Uncertainty in Interest Rate Purchase of U.S. Savings Bonds Recent developments in the money market and a heavy demand for mortgage money have generated some feelings of uncertainty with regard to interest rates or mortgage loans. However, savings and loan leaders in On May 1, 1941, President franklin D. Roosevelt bought he first Series E U.S. Savings 3ond, initiating a program which oday accounts for 23 percent of he public sector of the national and debt. It has had a vast and bene- The decline in construction of apartment housing units will e due to some overbuilding," Mr. Kelly said. Gene Donovan, chairman of the board and president of Pru- dential Federal Savings Utah see no major interest rate Loan Association, said the vol- ficial effect on the American ume of housing starts will be economy and the financial habits ir ic "eases in the offering, remands for credit from the somewhat less than in 1972, how- of Americans. The sale of Treashoro buyers have been increas- ever, 1973 will be an excellent ury Bonds dates back to 1776 year. Savings and loan associations will have adequate funds available to support the level of housing starts this year and the mortgage interest raets will not change significantly." Gerald R. Christensen, president of First Federal Savings and Loan Association, said the demand for single family housing is exceedingly strong and will continue so during the year whereas the demand for multiple ing to $783,056,896. Walter E. Kelly, senior vice dwellings will decline substanpresident and secretary of the tially. J. Ralph Brown, president of Western Savings and Loan Co., State Savings and Loan Assn., said the number of starts for L. Hardy, president Emerson and single family dwellings will remain about the same as in 1972. of Deseret Federal Savings and However, there will be a decline Loan Association, note there is a trend toward more town house in multiple dwelling units. condominiums to obtain greater density, especially in the Salt Lake City, Ogden and Provo disPredator Controls ing in Utah and the U. S., adding pressure for high interest rates. For the first two months of 1973 Utah's insured savings and loan associations have provided for mortgage loans as compared .with $25,121,934 for the same peroid in 1972 which was a record year for mortgage loans. At the end of February, Utahs insured associations had mortgages outstanding amount$34,-336,0- 42 tricts. Backed by Sen. Moss G. Blair Bradshaw, president of American Savings and Loan In a statement before the U.S. Senate Commerce Committee, Utah Senator Frank E. Moss called for a "crash program" to develop new, technique to control animals who prey on . non-tox- ic Association, comments that high costs and shortage of materials will cause a slowdown in construction of multiple dwelling units. the valuable livestock that is so and bond drives were important during the Civil War, the Span-sh-Americ- an War, and World War One. But the Series E Bond represented a new and lasting departure. selling and the volunteer sales force had been highly effective in the Civil War. In the War of 1898, the Treasury bonds found get enthusiastic response and, in World War One, those devices were combined in the highly successful Liberty Loan drives. However, all those earlier bonds had been sold on the same basis as the usual marketable security and were, therefore, subject to market fluctuation. Inexperienced investors were surprised to learn that bonds cashed before maturity might return less than they had cost originally. In 1935, to protect such investors, the Treasury introduced Baby Bonds, direct predecessor of the current Series E and H Bonds. Those Series A thru D Savings Bonds, in denominations of $25 to $1000 sold at 75 percent of face value. After a House-to-hou- se low-denominati- on short initial period, they were redeemable at any time. They were registered, and could be replaced, in event non-negotiab- le, of destruction or loss. It was impossible to lose money on them, whether or not they were held to mateuriay. The Series E Bond started out with the same characteristics as the Baby Bond. Since the beginning, it has sold in denominations ranging upward from $25. During World War Two, the Treasury called on volunteers in numbers never before envisioned. School children, housewives, bankers, businessmen, entertainers, even newspaper carrier boys joined together to put over the most successful Bond-sellin- g job in history. Many such volunteers fewer in number but just as cated, are still on the job. dedi. In 1941, the nation striving to become the Arsenal of Democracy and to prepare for its own role in the world conflict s. needed money in then The expansion of industry, at the same time, made cash plentiful at a time when consumer goods were scarce. The sale of Savings Bonds raised money for the defense and war efforts; spread the national debt among a much broader segment of the population; held down inflation by taking cash out of circulation, and generally stabilized the economy by encouraging unlieard-of-amount- thrift. After Pearl Harbor, the need and the determination of the nation increased dramatically. Industrial firms, schools, and retail stores sold Savings Stamps and Bonds. Labor unions, parent-teachgroups, veterans organizations, and civfc groups joined in the five great bond drives of World War Two, while songwriters created words and music, such as Irving Berlins Any Bonds Today." Film, radio, and stage stars joined in the dramatically successful effort to Back the Attack." In the postwar years, even without the same patriotic pressures, sales of Savings Bonds have shown that the habit of saving took. Today, the amount of Series E and H Savings Bonds held by the public stands at a record, total of more than $58 billion. The Savings Bond concept is still basically the same, but there have been some changes The current-incom- e Series H Bond was introduced in 1952, and various attractive new features have been added to the Bond Package. In its various forms Baby War Defense Bond, Bond, Bond and Bond, and, Savings with its numerous improvements the U.S. Savings Bond today remains what it started out to be. It is a highly popular piece of practical patriotism, which represents a sound saving habit, plus a significant factor in stabilizing the nations economy. The current rate of interest is 5 percent percent, with the actually a bonus, when held to the improved maturity of 5 years, 10 months. er , vital to the economic well being Symphony to of our country. POWs and Vets Moss said he hopes the predator control hearings will provide Of Vietnam War Symphony is rolling the vehicle for carefully exam- outThe Utah the welcome mat to all POW ining the experience of the past and veterans of the Vietnam War year. He said one of the problems by extending an invitation for has been a lack of solid informa- them to attend one of the Orthree upcoming special tion regarding effectiveness of chestras as honored guests. various predator control pro- concerts announcement was made The grams. Herold L. Gregory, executive Through research to develop by new ideas is necessary, we can director of the Symphony. We feel its the least we can not wait for those results before do, observed Mr. Gregory, to we act. Substantial funding for aerial show our gratitude to those who Host . shooting, trapping, the use of bounties and all other reasonable methods of control do not present bad environmental side effects must be implemented immediately and on a broad scale," Sen. Moss said. January Wildlife Arrest Reoort Waterfowl hunters led wildlife law violators sent to Utah courts in January, according to a Division of Wildlife Resources arrest renort. Twenty-fiv- e Dersons were charged with taking migratory birds before or after hours in the first month of the year, and nine other waterfowl related cases were heard in the states courts. January fines totaled $2,843 and violators were sentenced 461 days-ijail. Salt Lake County offenders were fined $624 in 21 cases, and Utah County's 29 cases netted $566.50. Judges heard 124 cases, of which 55 involved juveniles. They suspended 422 days of jail sentence and $634 in fines. Nine cases were dismissed. Other offenses included 12 citations for carrying loaded guns in vehicles; 5 for taking wildlife without a license on person; and 11 for fish related violations such as fishing without a license, fishusing more ing in closed waters, or using illegal than one pole lure. or bait have given years of service to their country sometimes at the risk of their own lives. Mr. Gregory explained that every Vietnam veteran would receive free tickets for himself and his partner to attend one of the following Utah Symphony concerts: 1. Family Concert with awardwinning barbershop choruses and the Evans Quartet conducted by Ardean Watts on April 10 at 8 p.m. in the Highland High Auditorium. 2. Book of Mormon Oratorio with the Utah Chorale and soloists conducted by Maurice Abra-vanon April 21 at 8:30 p.m. in the Salt Lake Tabernacle. 3. Glade Peterson special Maurice Abravanel conducting the full Utah Symphony as a tribute to Utahs local boy who made good May 16 at 8 p.m. in the Salt Lake Tabernacle. With all Americans, said Mr. Gregory, we rejoice as our servicemen return from battlefields and prison camps to their homeel Robert Wagner Robert Wagner and Bette Davis are dedicated professionals. They're of different generations, to be sure, but they share a like, uncompromising love for their craft. The Beams, too, are craftsmen. And for 178 years now, son following father, they've respected their craft and excelled at it. The result is a proud Kentucky Bourbon. Smooth and light and mellow. Jim Beam. For six generations; one family, one formula, one purpose. The world's finest Bourbon. land. We realize that many Vietnam veterans returned long ago, he noted, and we include them all in this invitation. A1 they need to do is present their credentials at the symphony box office, 55 West First South, Salt Lake City, Utah 84101, and they will receive their tickets for the concert of their choice." and Bette Davis. The worldfc finest Bourbon since 1795; 86 PROOF KENTUCKY STRAIGHT BOURBON WHISKEY DISTILLED AND BOTTLED BY THE JAMES B. BEAM DISTILLING CO., CLERMONT, BEAM, KENTUCKY |