18

.business.

Herald & Lantern 21 September '83

My son,— the genius!

• V

1

He Showed Me a Thing or Two About My Business Insurance.

ii gives me Me troa^p'oteciion

i neec at a pt<ce i can aMo-a Like a biankei limrt ol property

coverage proaa crime coverage sign coverage even Coniioeniais Comprehensive Business income proieclion ii also provides broad '■abiiily projection WilK^H lh|| big business protection p us the easy payment plan t'd say Business Owners xtr a IS the best thing to hap . pen So small busmessesih years

My sop says my Business

Owm.*rs Xtra policy w>n give me

e protectibn for my insurance -

dollar t d say the hid deserves a

promotion wou'dntyou' 7

g.

wie

Find out how Business Owners Xtra

works for small

3'MC.

AT TWO LOCATIONS: 520Q.N»w Jersey Ave. and 30th and Dune Drive Wildwood OPEN: 8:30-4:30 Mon.-Frl. Avalon / 522-3406 9:00-12:00 SAT. 967-3003 ^ Representing

Fhe Continental Insurance Companies

First Savings, Sturdy Cut Interest on Savings

■ . St -Try, J 4 ^ .

First Jersey oilers Investors Access... me discount brokerage service that saves you money on every trade. If you make your own slock market decisions, here’s your opportunity to save

on every trade With Investors

Access Discount Brokerage Service: you gel fast, efficient, execution of all trades. PLUS big discounts on commissions (as much as 70% less than you're paying now). Prompt confirmation, extended hours,

up-to-the-minute quotes.

Investors Access provides written confirmation of every transaction and you'll receive a monthly statement detailing account activity Unlike some discount brokerage services that offer limited hours. Investors Access is available to you from 8AM to 8 P M . to handle your trades and to give you up-to-the-minute market quotations and account information.

•Service provided by a division of Tweedy Browne Clearing Corp

Member NYSE.

flRSTJERSEY Banting Offices fbrouebou! Atlanjic. Bergen. Budingion. Cape May. Essex. Gloucester. Hudson. Midcestx. Monmouth. Ocean and Union Couniies

By JOSEPH ZELNIK Two more Cape May County financial institutions have reduced the interest rates they're paying on insured money market savings accounts. First Savings & Loan of Sea Isle City, which was paying a rate equal to the 91-day Ui>. Treasury Bill plus .5, cut its interest to the T-bill plus .25. Even with that reduction, First Savings is still paying the county’s highest interest rate on insured money market accounts. Sturdy Savings & Loan, whose home office is in Stone Harbor, was paying a rate equal to the 91-day Tbill plus .25. It slashed that to match the T-bill, a formula also followed by Crest Savings & Loan of Wildwood Crest. The T-bill paid 9.04 percent last week Thus Crest and Sturdy paid 9.04 and First Savings paid 9.29. Ocean City Home Savings & Loan paid the fourth-highest rate, 9 percent, based on matching the local “Federal Funds Rate," the fee banks charge each other for overnight reserve lending. THE 11 OTHER financial institutions in the county set their rates according to competitive factors. They ranged from a low of 8.15 percent at Union Trust'Co. of Wildwood to a high of 8.78 at Marine National Bank. First Savings and Sturdy Savings apparently decided to drop their rates last

Alotofbank for your money

Call, visit or clip the coupon . . . For more information and to receive a FREE Investors Access Kit, call us collect at (201) 547-7800; visit the First Jersey office nearest you; or just mail the coupon. T PLEASE SEND ME A FREE INVESTORS

1 ACCESS KIT

Name_

Address. City

. State.

Zip Code. Phone

Mai! coupon to:

FIRST JERSEY NATIONAL BANK Branch Administration.

P.0 Box 970

Jersey City. New Jersey 07303

month when the T-bill peaked at 9.57, forcing First Savings, for example, to pay double-digit interest rates of 10.07. Ironically, the T-bill rates have been declining ever since. . Sturdy Savings President John Armour said his board of directors decided to change their method in August and gave some 850 money market savings account customers 30 days notice by informing them in their monthly statements. "We felt we wanted to be more competitive with the other financial institutions in the area,” said Armour, “more in tune with the other associations." FIRST SAVINGS President Mrs. Linda Brown declined to discuss her institution's decision. Sources at First Savings, however, said the board of directors made the decision on Aug. 15 which was the week after T-bill rates peaked. Those sources, who asked not to be named, said First Savings has not informed its customers of the change in rates, and has no plans to do so. “No one has asked," said the source. First Savings also declined to report how many money market savings account customers it has. The insured money market accounts were created last December and aimed specifically at attracting money then deposited in uninsured money market mutual funds. They achieved that goal, draining some 867 billion from the mutuals in the last eight months. IN RECENT WEEKS, though, the mutuals ‘interest rates have been climbing and the T-bills’, basis of the interest rate paid on many of the insured money market accounts, have been declining. Thus last week, for example, Marine National Bank, consistently paying one of the county’s lowest money market, account interest rates, found itself near the top. That’s because Marine bases its interest rate on the Donoghue Money Fund Report which averages money market mutual fund interest rates. Donoghue last week reported the seven-day average yield of the mutuals was 8.78 percent. Marine last week paid 8.78, a rate higher than that being paid last week by 10 of the county’s financial institutions. FOLLOWING LIST in alphabetical order of the 15 financial institutions in the county gives last week’s insured money market account interest rate followed by the Super Now interest rate. Anchor Savings & Loan, 8.5,7.5. Cape May County Savings & Loan, 8.61, 6.5 Citizens United Bank, 8.25, 6.75. Collective Federal Savings & Loan, 8.7, 8.25. Crest Savings & Loan, 9.04. 8.04. First Jersey National Bank, South, 8.5, 7.01. First National State Bank of South Jersey, 8.35, 6.9.

First Savings & Loan, 9.29, 8.54. Guarantee Bank, 8.4, no Super Now but a computer "sweeps" checking accounts daily and puts anything above a designated amount in the insured money market account. Heritage Bank, 8.4, 7.1. Marine National Bank, 8.78, 7. Ocean City Home Savings & Loan, 9,8.04. Security Savings & Loan, 8.45, 7.15. Sturdy Savings & Loan, 9.04, no Super Now. Union Trust Co. of Wildwood, 8.15,7. More Funds For Oyster Research

TRENTONAssemblyman Joseph W. Chinnici, (R-lst), has introduced a bill that would appropriate 824,000 additionally, to conduct research by the Rutgers University Shellfish Research Laboratory in Bivalve, on the MSX disease that has devastated the oyster harvest. Chinnici stated, “In 1957 a previously unknown oyster disease, now called MSX, appeared in Delaware Bay, and within three years, oyster production dropped from nearly 1 million bushels annually to 30,000 bushels. Since then, there has been a slow recovery, and this is very much contingent upon the continuing research on the MSX disease.” TTie federal government allocates 810,000 for MSX research and the State of New Jersey appropriates 816.000. This total of 826,000 is not sufficient, according to the chairman of the Advisory Board of the Rutgers University Shellfish Research Laboratory at Bivalve, Robert L. Morgan, and be requested that an additional supplemental appropriation of 824,000 be requested by legislation to bring the total money for MSX disease research to 50.000. O Combatting Mail Crime

PHILADELPHIA - The U.S. Postal Inspection Service, in cooperation with the Crime Prevention Coalition, has prepared a booklet entitled, “A Consumer’s Guide To Postal Crime Prevention." McGruff, the crime prevention dog, is working with the Postal Service to alert consumers about mail fraud and mail theft. The 27-page booklet contains information and tips to help consumers “take a bite out of crime." * A copy of the booklet is available free of charge by writing to: Postal Crime Prevention Booklet, P.O. Box 7560, Philadelphia, PA 19101-9000