Herald & Lantern 18 May '83

~r

z

business

Local Money Markets Still Top Private Funds

S. Harbor Lot Brings $260,000 STONE HARBOR - Despite criticism that it would never collect its asking prices, the borough is finally selling its lots in Stone Harbor Point. In September, the borough unsuccessfully tried to sell 12 lots in the r vicinity of 122nd Street. Not a single bid was offered. Now 11 of the 29 Point lots have been sold at auction, the latest to a Gwynedd Valley, Pa. couple last Thursday for the minimum bid of $260,000 According to Margie Wohn, borough clerk, the couple was the only party to apply as a potential buyer and deposit the required 10 percent of the minimum bid. As soon as a valid application is received with the check, she said, an auc tion is scheduled even if on ly one bidder applies. Another auction is slated for May 31, Wohn noted, since another application has been received for Lot No 214 of Block 121.3, a 60-fool by UO-foot parcel with a minimum price of $110,000 Borough administrative assistant Ted Pam has reported that, although the minimum prices for 10 of the lots totaled $1,440,000,' the auctions have brought the borough a 20 percent increase over the acceptable amount, or $1,728,000

Cape May County financial institutions continue to pay insured money market account interest rates somewhat higher than private, uninsured money market funds. But the spread seems to be shrinking. The private money markets, which continue to lose assets, paid an average seven-day yield of 7.91 percent last week. Thirteen of the county's financial institutions top ped that by from .1 to .7 of one percent. Marine National Bank matched it, and Union Trust Co. of Wildwood paid less — 7.88 percent. First Savings & Loan still pays the highest money market interest rates in the county, .6 percent higher than the 91-day Treasury Bill rate The T-Bill was 8.14 last week; First Savings paid 8.64 Although one savings inOrthodonist Wins Award COURT HOUSE - Or Jeffrey W. Vecere has been awarded the Kress Award by the Middle Atlantic Society of Orthodontists for the outstanding thesis submitted to Temple University School of Orthodontics for his Master's Degree in the Science of Dentistry In addition, Dr Vecere was the top graduate in his 1982 class Vccere currently practices orthodontics here in partnership with Dr Stephen Paul McConnell. He resides in the area with his wife and two children

stitution. Anchor Savings & Loan, last month reduced its formula for calculating interest rates, citing too much money being invested, two banks were advertising bonuses to customers for opening money market accounts. First National State Bank, through Monday. May 16, was paying interest bonuses of $25 to $100 for opening what it calls First Money Market Investment Accounts of from $2,500 to $10,000. First Jersey National Bank is still paying $20 in cash or gift for a new Liquid Investment Account of $2,500 to $9,999 and $40 in cash or gifts for $10,000 or more. The new, insured money market accounts were introduced in midDecember Private money markets have lost about $60 billion in deposits since then, falling from $232 billion to about $172 billion. The strong stock market has been cited as one factor recently. Financial instituions can change the rates on these insured money market accounts as often as they wish and pay whatever they like Most are keying them to the T-bill rate; some merely cite “competitive factors '' Most change their rates every Tuesday. In addition to the money market accounts, which permit a maximum of six transactions, three of them checks, there are so-called Super Now accounts with unlimited checking, but lower interest rates Following list of the county's 15 financial institutions m alphabetical

order gives their money market interest rates followed by their Super Now interest rates’. Anchor Savings & I>oan. 8.14.7.14. Cape May Courtly- Savings & Loan, 8.14/6 5 Citizens United Bank. 8. 6.5. Collective Federal Savings & Loan, 8.25, 7 f5. Crest Savings & Loan. 8.14, 7.14 First Jersey National Bank. 8 16, 6.72. First National State Bank of South Jersey, 8.172, 6.918. First Savings & Ixwn. 8.64, 7.64 Guarantee Bank. 8.14, no Super Now Heritage Bank, 8* 6.8. Marine National Bank, 7.91, 6.5. Ocean City Home Sav ings & Loan, 8.515, 7 14 Security Savings & Loan. 8.15,7, Sturdy pavings & Loan. 8.39, no Super Now Union Trust Co. of Wildwood, 7.88, 6.5. Rescue Squad To Test Club STONE HARBOR — A special blood pressure screening test will be made available to the Stone Harbor Seniors Club May 25 Squad Chief Bob Rich said the squad would welcome the opportunity to give the seniors Blood Pressurd tests free of charge The squad has performed these tests for many years during the summer months by erecting a booth outside the Firehouse

37

real estate

Visit the Stobbart Communities in Cape May County

DennisCrcdtVIjJagc 7 i//

dentils woods

ty/ -X- Avalon // ^ Office // [Stobbart)

*11 Shave Van Aiound Ou' County 7 Itnys A Wrch*

Slonn p-.h.M /4 To Wildwood A Ceil

(.ill lor dn A|)|>oinlm«-nt 967 5320

I StobbarU Construction Company Inc. m the FIRST EASTERN REALTY OFFICES 22H5 O.mi-Dmw<- • Av.tlf.ii N ,1 0870? i009. yt. / s:t?n

Business & Professional Directory A HANDY REFERENCE TO RELIABLE LOCAL FIRMS

AUTODCAURS

BURKE ST 5100 PAW BlVD WUDWOOO

n

*8

3 GREAT CARS UNDER 1 BURKE ROOF 0L0SM0BILE* CHEVROLET

CADILLAC

SALES-SERVICE PARTS

522-1475

AUTO REPAIRS FOREIGN

BERNIE'S FOREIGN / <==s. GAR JZr SERVICE 881-2137 All typ** formlgn Car Pmpolr Major or Minor Mon Fri 0 6 Sal 8 30 12 B*av»rdam Rd. So. Oonnlt

CLEANERS & LAUNDERERS

nmr CLEANERS & LAUNDERERS EXPERT TAI10RING SUEDE * LEATHER CARE

FITNESS & TENNIS

JERSEY CAPE

'uet

mh & NAUTILUS

FOniNFOSMATlOf* Call 463-7411

CREST HAVEN RD.

CAP! MAT CT. HSI.

FUELOIL

GRACE OIL CO. Sf*r v ng ( upc* Aloy C 'y Ove» 65 yr» run on ■ ItOUNI GAIOUNI OH ■URMI* VICE •UDOIT PLAN m mu o. m o«s-;

McPherson'» Fuel Service

1936)

24 Hr, Service Burner Repair N«.y Axil W#lcom*

084-3545 4S0 W P«t.y «

M No Am 884 1394 Cop* May

Merchant Of The Week

Burke Motor Sales at 5100 Park Blvd. in Wildwood. 522-1475, features four great cars under one roof: Chevrolet, Oldsmohile, Cadillac and Jeep. They have fine sales and service departments as well as a complete parts

FUNERAL DIRECTORS

GAS SERVICE

INSURANCE

GREENWOOD FUNERAL HOME

1201 CENTRAL AVE, N WILDWOOD 522 2121

GAS SERVICE Propane Tanks Filled VI ,11 - ,t i 411 2M5 Baythore Rd. Vlllet —-474t

you should be here

call 465-5055

I4»oo4 Ay* /. I4».>o4 til 104

t )

INSURANCE

Wood ;;

JOHN M. RICHARDSON AGENCY

»uto • urt • fmi • MOM! • COMM • MARINI

FIXTURES A.EULC. SMPP.

Fnnklin Eltctric Li(hhit| Ctnfar Residential Commefcial Lighting Consultants Lighting Showroom Complete Line Electric Suppbes 522-7738 Spicer Ave b N J Ave Wildwood

O^Fltt gqu». & sumtts GUHRtCo. iMHMe •Office Supplies • Commercial Matibnery ■ CALL 522-2463 4200 Park Blvd WiidwooO

AXELSSON i A JOHNSON INC.

RETill FISH MIRKET

■is or si a root* 1

OCEIN OR CUE MAT j 884 847b 1

lor**

SEPTIC SERVICE WASTE REMOVAL

CAPRIONI CESSPOOL SERVICE ClEANING OF

CALL M1-3473 861 S133

UPHOLSTERY

AAD UPHOLSTERERS

FREE SHOP AT HOME SERVICE CALL 884-7582 | Dtir'- 9 5 Cio'. Sue