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Show The National Enterprise, July 27, 1977 Page four It's not news to us Fed halts reporting system For the first time since 1918, local banks need not report their debit and deposit totals to the Federal Reserve Bank. According to Mattie Von Turk, vice president of the bank, deletion of the 573x debit series, as it is called, is a result of President Carters continuing program to reduce the reporting burden on banks. Every month, 2,000 reports are prepared for the Fed by banks, she estimated. We dont use the data We generated regionally. only use it on a national We scale, she explained. now have a way of collecting only national data, so we are eliminating the cumbersome debit survey. Von Turk said the greatest obstacle for most banks in the western region was the branch-ban- k phenomenon. We had one reporting bank with 500 branches, and they had to turn in 500 reports every month, she said. The Feds new system involves random samples taken from banks in the region, she continued. This information is used to interpret moves in the she exmoney supply, And now we can plained. get reliable numbers without universal coverage. The turnover rate (the ratio of checks written and deposits maintained) will no longer be calculated on a local or regional basis, she said. Rather, it, too, will be calculated only on a national basis. Although local bankers have expressed unanimous support for the decision, Salt Lake economist Kelly Matthews and Thayne Robson have responded with concern. I would say we are losing a rather important said piece of information, economist at First Matthews, This has Security Bank. been a good indicator of spending activity, payments, banking activity and the overall economy, he added. Matthews himself has been comparing the Federal Reserve debit information with other indicators such as growth in retail sales to judge the health of the economy. Although he expressed concern, Thayne Robson, director of Bureau of Economic and Business Research, noted other sources could provide adequate substitutes for the We can use Fed report. clearing reports (from Salt Lake Clearing House), FDIC quarterly reports, quarterly reports from the Federal Hone Loan Bank Board and other Federal Reserve Bank reports, he said. He noted the branch banking system had begun to be a problem in the 573x With branch bankseries. ing, it has been difficult to pinpoint the exact source of he said. the information, Banks now have branches in many different places. Although organizers of the proposed Sheraton Hotel have not yet secured a final commitment, financing spokesman Weldon Daines says theyve been working with the developers of a proposed shopping center to be located across from the ZCMI Mall on Main Street. Daynes says the announcement made by Crossroads Association regarding n dollar mall the this month was no surprise We have been to us. co- ordinating with them all along. The Sheraton is planned for the southwest corner of the block targeted for the shopping mall, at the corner of First So. and West Temple. Demolition of the building presently located on the hotel site is underway, as a is being built and workers are emptying the building of valuables. construction-wal- l multi-millio- .i f. 1 doing in the waste compaction business? Promoter will stand trial Joseph Jiminez, former soccer and stock promoter, has been bound over for final trial in Salt Lake City Court, charged with theft by deception. During a preliminary hearing held last week, who claimed last had purchased a he August professional Salt Lake soccer team, was held over on five counts in two different com- J inline, plaints. property formerly owned by Anthony Escobar, over which Jiminez allegedly took control by deception, intending to Escobar of it. dc-pri- sc Four counts relate to money Jiminez allegedly took from people as advance fees for finding loan money or Jiminez funding projects. supposedly took these fees, representing himself as an a officer of Corp., a h Nm !! Tri-Delt- One related count to California corporation. nswer: Could you be the next real estate professional in your neighborhood? Stake your future on a company national and neighborly. thats both three of the best lines in commercial waste handling systems. Cobey. Baler. Each line a consistent performer. 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