business

First , Crest Paying 9% • • \ On Money Mkt. Accounts

By JOSEPH R. ZELNIK Although U.S. Treasury securities are paying their lowest rates in 19 months, some of the county's financial institutions are still paying relatively high rates on the insured money market deposit accounts. The 91-day T-bill last week was paying 8.38 percent. But First Savings & Loan of Sea Isle City and Crest Savings & Loan of Wildwood Crest were each paying 9.5 percent on the accounts that requires a $2,500 minimum and limits the investor to six transactions a month, three checks and three deposits. Ocean City Home Savings & Loan was paying 9 percent qftd Collective Federal Savings & Loan was paying 9 percent on its new m¥n e y market passbook V account: same minimum^jut unlimited transactions^ But local investors should keep their eye on next month because effective Jan. 1 the federal government will permit lower minimum balances on these insured accounts,

going from $2,500 to $1,000. SO FAR, ONLY one local financial institution, New Jersey National Bank with offices in West Cape May and Woodbine, has said it will drop its minimum to $1,000 making those more attractive interest rates available to persons who couldn't manage to keep a $2,500 balance and were stuck in passbooks paying* 5V4. New Jersey National also will drop its minimum on the so-called Super Now to $10,000 from $20,000. The Super Now is similar to the insured money market deposit account, but it permits unlimited checking. First Savings and Crest Savings also are paying the county's highest Super Now rates with 8.5 percent interest. Ocean City Home Savings & Loan must have taken a new look at that account because it dropped the rate to 7.35 percent after paying the county's highest rate of 9.17 percent last month. FOLLOWING LIST, in alphabetical order, gives last week's money market interest rates followed by

the Super Now interest rates paid by the county's 15 financial institutions. Anchor Savings & Loan, 8.5, 7.25. Cape May County Savings & Loan, 8.7, 6.5. Collective Federal Savings & Loan, 8.75, 7.75. Crest Savings & Loan, 9.5, 8.5. First Fidelity Bank South, 8.25, 6.8. ptrst Jersey National Bank/South, GMMA 8:25; no super Now; LIA, 8,10, 6.64. First National Bank of Tom's River, 8.3, 7.5. First Savings & Loan, 9.5, 8.5: Heritage Bank, 8.3, 7. Marine National Bank, 8.25, 6.85. Midlantic Union Trust, 8, 6.2. New Jersey National Bank, 8.32, 8.32. Ocean City Home Savings & Loan, 9, 7.35.

Security Savings & Loan, . 8.5, 7.15. Sturdy Savings & Loan, 9.3, no Super Now.

Art Consultant For Home Named

COURT HOUSE — Anne Fabbri Butera, director of the Noyes Museum, Oceanville, has been selected by the Cape May CountyCultural and Heritage Commission to serve as art consultant to the Crest Haven Nursing Home project.

Butera is a graduate cum laude of Radcliffe college and possesses an M.A. in History of Art from Bryn Mawr. She has also studied as Visiting NEH Fellow, Dept. of Art and Archeology, Princeton University; Visiting Professional Program, Smithsonian Institution; as lecturer and educator at Villanova and Drexel Universities; and served as juror and panelist for various national and regional cultural organizations. BUTERA WILL be paid a fee of $150. New Jersey established its own Arts Inclusion program when the Public Building Arts Inclusion Act became law in 1978. Under terms of the act, up to 1 Ms percent of the cost of new buildings being constructed by the state may be spent on art. Cape May County adopted its own Arts Inclusion program in 1963. The first project being built under the new program is the library in Upper Township. In November 1984, the board of freeholders passed a resolution designating $50,000 each for original art for the planned Crest Haven Nursing Home and for an addition to the County Court House.

Machine Added fcOURT HOUSE - The welding shop of the Cape May County Vocational Technical Center now has as part of its equipment inventory a new gasoline-powered portable welding machine. This new unit of professional welding equipment will provide students the opportunity to have on site welding experience. It will also enable than to face and solve the same welding problems which confront a welder in business for himself. IN ADDITION, it will serve to meet the needs of the industrial and business concerns of the county. Albert Clark, welding instructor, invites the public to visit his class and learn more about Ihe welding/metal trades industry.

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