_business_

Collective Leads Pack Falling Rates Scramble Money Market Leaders

By JOSEPH R. ZELNIK The continued decline in interest rates totally scrambled the leaders in this . paper's monthly survey of money market deposit accounts. Collective Federal Savings & Loan, with county offices in Rio Grande. North Cape May and Ocean City, last week was paying 7.4 percent on the money market savings account ($1,000 minimum, six transactions a month), 7.5 percent on its money market passbook, and 6.4 percent on the socalled Super Now (unlimited transactions) Ocean City Home Savings & Loan and Sturdy Savings & Loan tied for second, paying 7.35 percent on the money market and Anchor Savings & Loan was third with 7.1 THE PERENNIAL interest leaders in these accounts — Crest Savings & Loan of Wildwood Crest and First Savings & Loan of Sea Isle City, were back in the pack paying 7 percent, a rate also available at Cape May County Savings & Loan. These are the lowest rates the accounts have paid since they were introduced in December 1982. That's a reflection of two things: falling

rates nationwide and more local deposits than the institutions know what to do with (see related story elsewhere in this issue). Nationally, the 91-day U.S. Treasury Bill, which many of these accounts used to be pegged to. last week was paying 6.92 percent, second lowest in five years. FALLING interest rates are good news if you're looking for a home mortgage, although those remain in double figures. But the interest rates are a problem for retirees and people who invest conservatively because they don't have all that much money. Anyone with money market fund investments as a principal source of income is taking a shellacking. As an example, this time last year one could get 9.79 percent on a money market account at Sturdy. If you had $60,000 salted away in that account, you would receive close to $6,000 a year in interest, depending on frequency of compounding. But put that amount in today at 7.5 percent and the return is $4,500. Thirty dollars a week can mean the difference between an eye roast and ground chuck. ANYONE TRYING to figure out what interest rates will do next might better go to the track or the casinos. Six months ago the T-bill was at 8.64 percent and the

"experts" in banking and economics were saying a robust economy would send the rates up In fact, the economy is in decline and that's onfi reason rates are low — jflhe hopes people wilMJdrrow and build and buy and stimulate the economy. Here's a rundown of the county's 15 financial institutions in alphabetical order, and their money market and Super Now interest rates, as of last week : Anchor Savings & Loan. 7.1, 5.85. Cape May County Savings & Loan. 7. 6.25. Collective Federal Savings & Loan, 7.4, 6.4. Crest Savings & Loan, 7, 6. First Fidelity Bank/South. 6.7, no Super Now. First Jersey National Bank/South. GMMA, 6.55; LIA. 6.55; Super Now. 5.37 First National Bank of Tom's River. 7, 6.25. First Savings & Loan, 7, 6. Heritage Bank. 6.65, 5.4. Marine National Bank. 6.5, 5.75. Midlantic Union Trust. 6.6, 5.3. New Jersey National Bank, 6.32, 6.32. Ocean City Home Savings & Loan, 7.35, 6. Security Savings & Loan. 6.85, 6.6. Sturdy Savings & Loan. 7.35, no Super Now.

CONTINUOUS GUTTERING SALE Summer Special As Low As $99 50 Running Feet Call For Free Estimate '729-4583-KINS ENTERPRISES "30 YEARS EXPERIENCE IN SEASHORE AREA"

FREE LEGG MASON SEMINARS DON'T ROLLOVER YOUR CDs Sat.. July 20 10:00 to 11.00 a.m. Avalon Community Hall Sat.. July 27 11:00 to 12:00 noon Avalon Community Hall Sat.. Aug. 3 11:00 to 12:00 noon Avalon Community Hall Sat.. Aug. 17 11:00 to 12:00 noon Avalon Community Hall * "Avalon Community Hall is located at 30th and Avalon Drive Topics to be discussed will include: Alternatives to CDs • Social Security and how it affects tax free municipal bonds • Utility dividends • some can be tax deterred • Life insurance as a tax shelter • Tax-deferred annuities • Ginnie Mays and Zero Coupon Bonds The popular Legg Mason Seminar on "Alternatives to CD's" draws record crowds Please reserve your seals early Speaker Michael R Dohohoe. member o! the International Association of Investment Planning and a frequent speaker at investment seminars fiaaH FOR RESERVATIONS CALL Meg James 1 800 245 3070 Mr Donohoe is also available for Investment counsefcng on mv [» LM | h tl retirement planning by appointment 2254 ' "i " " Ocean Drive. Avalon 609 9678289 Discussions " *""■£».. uk will include Legg Mason Cash Reserve Trust "1-800-245-3070

Accreditation OK j For Hospital Lab

) COURT HOUSE - The laboratory at Burdette Tomlin Memorial Hospital has been awarded a twoyear accreditation by the Commission on Laboratory Accreditation of the College of American Pathologists (CAP), based on results of a recent onsite inspection. The CAP Laboratory Accreditation program is one of the few recognized by the federal government- as requiring adherence to standards equal to or more strigent than the government's own.

The inspection itself is one of the most rigorous a laboratory can experience, and may require up to a year of advance preparation by the laboratory staff. THE PROGRAM sends pathologists, doctoral scientists, medical technologists, and pathology residents from college-accredited laboratories to inspect and evaluate laboratory services and provide unbiased consulting services to the laboratory. Each inspection team is headed by a board-certified pathologist with specialized training in the inspection process. The inspectors examine the records and quality control of the laboratory for the preceding two years, as well as the education and qualifications of the total staff, the adequacy of the facilities, the equipment, laboratory safety, and laboratory management to determine how well the laboratory is serving the patient. Ham Meeting COURT HOUSE - The Cape May County Amateur Radio club will meet at the emergency management office of the County Library 7:30 p.m. Thursday, July 25. For further information, call 886-2361 or 886-6739.

t Every construction project presents unique insurance problems. rs of experience have shown us As an independent insurance agency itterences among the insurance we can draw on the experience of needs of different contractors contractor specialists at a variety ol Your protect has a unique mapr insurance companies, like combination of on-site CNA This gives us more options . risks, equipment and lo help make sure your construe > tradesmen and. therefore. lion business is protected in a las unique insurance professional manner nents Call and lei us put Ijllj:;; J I INSURANCE SPfClAUST *OW S£t VING rou A T TWO LOCA TK)NS~ \ 1 s too new Jim r a venue ,u ' 1 WILOWOOO, NEW JERSEY 04263 1 ^ 522-3406 * ^ ' 967-3003

Money for College. You need it. Sturdy has it. * Guaranteed Student Loans a rWrofun Savings & Loan When you're in college, the last thing you need to worry about is money. That's why Sturdy Savings and Loan smooths the course with Guaranteed Student Loans through the NJ Department of Higher Education. The combination of low interest and deferred payments for those who qualify makes it easier for just about anyone to attend college. Don't postpone your dreams. Stop in or call Sturdy Savings and Loan soon to see if you qualify for a simple interest Guaranteed Student Loan. Tom Maclin, Student Loan * Officer, will be happy to assist you at our Stone Harbor office or ' call him at 368-8217. tom maclin i~- ffi | LM1 HISICMIM ESLEl S me Harbor — 368-2911 • Avalon — 967 7541 Denmsville — 861 -51 52 • North Cape May — 884-5656 I Cape May Court House — 465-2700 y