OCR Text |
Show 2 - THE CITIZEN - THURSDAY, SEPT. 20, 1973 Bank Interest Rates Increase Council Notes Conventions Set Meetings to nominate city council and mayoral condidates will be held October 18 at 8 a.m. as scheduled by the Smithfield City Council at their Sept. 12 meeting. The Peoples Party will meet at the Armory and the Citizens Party at the public library. In other city business, the council: Heard a request from Jerry Pierson, representing the Smithfield Lions, for permission to install new street signs carrying the Lions emblem on city streets. Proceeds from the movie, Champions Never Quit, to be presented tonight and tomorrow night will be used to finance the project. Accepted a recommendation from the city planning and zoning board to rezone land at 3rd South and 6th East to R-- The land, owned by Lynn Nelson, Jay Rigby and Steven Thurston, will be the site of Hillside Living Center, a private educational institution. A public hearing was scheduled for Oct. 3 at 8 p.m. Leon Hillyard requested the zone change. Postponed action on a city camping ordinance pending further consideration. Forrester Acres was suggested as a possible area where overnight parking might be allowed. Agreed the city will again be responsible for snow JSkview High School on a perjiour Lion-sponsor- ed 2. basis,. Approved the placement ot a banner on Main Street during Sky View's homecoming celebration. Heard a planning and zoning board recommendation from Gene Esplin, chairman, to change a parking ordinance to require more area per parking space in retail store lots. Discussed city assignments for the 200 volunteers expected to work here Thursday afternoon as part of the areawjde LDS Church Young Adult conference. Banks have increased their interest rates for pavers without draining a significant amount of funds from other financial institutions, a Utah banking leader said today. Ronald S. Hansen, vice president, First National Bank of Logan reported on a recent survey which showed no significant movement of savings to banks from savings and loan associations or mutual savings banks. Mr. Hansen said the survey was conducted by the American Bankers Association (ABA) the 110 bankers throughout the nation who make up the ABAs Governing Council. Hansen is a council member. THE SURVEY covered developments since July 5, when banks and other institutions were permitted to pay more ng interest to savers. More than seventy per cent of the responding bankers, 67 of 93, reported decreases in passbook savings deposits since July 5. A smaller majority of 57 reported modest gains in other types of time deposits. DECREASES IN housing financing resulted chiefly from the scarcity of money, Hansen from within the commercial banking industry, not from said. He said another highly Hansignificant factor was that competing institutions, laws in various states Jimit sen said. MOST OF THE increases the interest that financial instireported represented transfers tutions can charge to a rate from other bank accounts. Gen- below what they must pay to erally, bankers reported that no obtain funds. Mr. Hansen also part of the increases came from pointed out that interest rates savings and loan associations or on home mortgages in most mutual savings banks, although parts of the country are gener25 bankers said very small ally far below the prime rate portions of their increases re- charged to large commercial and industrial borrowers. presented such funds. The survey was taken recentHansen said the survey showly when Hansen and other ed that most bankers do not Governing Council members believe it would be advisable to met in Washington to discuss roll back the rates paid to their the nations financial system savings depositors. and to hear an economic briefIt would not be fair to bank ing by Treasury Seel Ury customers. Moreover, it would George P. Shultz. force funds to flow out of all Mr. Hansen, said the survey financial institutions and into also indicated no substantial other instruments such as treasreductions in bank mortgage ury bills, corporate bonds and lending activities despite the other higher yielding investnations tight money situation. ments. This, in turn, would hurt Only 28 of the bankers reported the housing market by deprivreductions in home mortgage ing all mortgage lenders of closings since July 5. sorely needed funds. Increased savings in banks during this period came largely ry . , MEAT DEPARTMENT. Obituary Annie years of age, leaving her and a brother, who later died. She lived with the Bartholomew family until her education was completed and she began teachFuneral services for Annie A. ing school. She married John Heber McMcKnight were held last WedFirst-Fourt- h Knight in 1933. He passed away nesday in Lewiston ward chapel, with Bish- in 1942 leaving her with two op R. Sid Karren conducting. young children, Larry and BonMrs. McKnight died Sept. 8 nie Jean, who is now Mrs. John H. Whiting. following a heart attack. Survivors are her son and Speakers at the service were Clayton Nielsen, Sylmar G. daughter and seven grandchilJessop and Bishop Karren, with dren. the obituary being given by Velma Rawlins. Music was presented by the ward choir, an organ solo, 0 My Father was given by Alta Harrison and a vocal solo, Going Home, by Ada Wright. Prayers were by Lorin Rogers, Grant Chadwick and H. B. Harrison with the dedication of a- Lewiston the in the grave KM KH ESTIMATES Cemetery by John H. Whiting. Pallbearers were Jeff Waiting, John Whiting, Dennis RogONE HOUR ers, Paul McKnight, Sterling MARTINIZJNG Schow and Rulon Lowe. for YOUR VALIT Bom Dec. 22, 1900 at Salem. CARFIT ClEANERS Ida., Mrs. McKnight lost both V fart Mi North, UfM her parents when she was ten Thick Sliced McKnight Lb. Turkey Roasts Fish Sticks Corn Western Family Cream or Whole Kernal OJ Lb . Lb .7 5 for 9 7523174 At en .fje Cacte Published every Thursday at Ilenrichsen Printing 48 West 1 North Smithfield, Utah Publisher Editor Second class postage paid at Smithfield, Utah 84335 Subscription Rates: . 85 per year 88 per year outside Cache Valley . Dennis Watkins Marjorie Byers la CirD D) Smithfield, Utah Miirlk'? |