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74th Year No. 16 Good Morning! It's Fridaj. October 2. 1981 2 Sections - 20 Page - 25 Cents Reagan confident program will work WASHINGTON ( UPI) - President Rea-gan declared Thursday he " will not be swayed" from his economic recovery pro-gram, and vowed to keep federal spending in line by vetoing appropriations bills from Congress that would " bust the budget " He also issued a veiled warning to Israel on its opposition to the proposed sale of AWACS radar planes to Saudi Arabia, and promised he will not allow the oil- nc- h Arab state to " be an Iran " At a news conference on the opening day of the new fiscal year. Reagan defended his budget cuts against critics who say the re-ductions will hurt poor Americans and ex-pressed confidence his tax cuts will spur eco-nomic renewal " What we call our safety net is still in ef-fect," he said " I don't say there won t be some reductions but those totally de-pendent on federal income nothing will happen to them." Although Reagan's first formal meeting with reporters in more than three months was dominated by questions about domestic issues, he made an opening statement that declared it is not the business of other na-tions to make American foreign policy " Asked if the remark was a reference to Is-raeli lobbying against the $ 8 5 billion arms package for the Saudis, he answered, ' Or anyone else " Reagan said the deal including Airborne Warning and Command System radar plans and other sophisticated equipment would significantly enhance the national security of both Israel and Saudi Arabia by improving ' our chances to work constructively with the Saudis and other nations of the Middle East to work toward our goal of lasting peace ' He said the controversial package, formal-ly presented to Congress earlier m the day , represented " no threat to Israel, now or in the future" And Reagan said he would ' guarantee ' that the sensitive AWACS technology would not fall into hostile hands if provided to the Saudi regime, which some have suggested faces threats similar to those that toppled the shah s regime in Iran There is no way that we could stand by and see that taken over by anyone who would shut off our oil,' the president said I have to say, Saudi Arabia we will not permit it be an Iran," he said But Reagan did not specify how the United States might prevent such a possibility Wearing a dark blue pin- strip- e suit the president faced reporters questions in the formal setting of the White House East Room Welcome to my first annual news confer-ence he joked as he stepped behind the po- - ( See REAGAN, Page 14A) KariCatm Shannon Graham ( far right) and Wally Lehmann wait Thursday for Jefferson Starship tickets to go on sale Fans camp in line for tickets By Kim Walsh Missounan staff writer Sure, they like Jefferson Starship But it was their desire to see a concert any concert from the front row that drew them to " campsites" outside the Hearnes Center box office nearly 24 hours before tickets went on sale. By 2 30 pjo. Thursday, 20 people, alone or in small groups, were waiting m line for Jefferson Starship concert tickets, which won't be sold until 8 30 ajn today. The Missouri Students Association Pop Concerts Committee is spon-soring the Oct 18 performance, which features Shooting Star as the warm- u- p band Equipped with pillows, sleeping bags and coolers full of food and dnnk, the die- har- d concert fans prepared to wait out the long night, despite predictions of tempera-tures in the low 40s. Quiet rock mu-sic drifted from portable radios and cassette players, and the smell of corn chips floated on the af-ternoon breeze Two people played backgammon, while those in the front- of- the- h- ne group entertained themselves with a game of Pitch Steve Obercromb, 21, arrived with the first group at 10 ajn Thursday. Camping out for tickets is nothing new to Obercromb, who held the first position in the ticket line for last spring's Cheap Tnck concert He said his group chose the Hearnes ticket window in the hope the spot would be warmer than the alternative location out-side the University's Memorial Union It gets awful cold in that arch," Obercromb say s ' The wind whips through there about 30 miles an hour '" The prospect of sitting out in the cold all night did not seem to both-er Shannon Graham, 18 If I minded. I wouldn't do it," she said with a laugh. Ms Graham, too, is an old hand at ticket vigil sessions She camped out for two day s to get front- ro- w tickets to a Van Halen concert in St Louis' Checkerdome Wallv Lehmann, 21, said he wouldnt get in line so early for tickets to see any other group Jefferson Starship is my favorite group,' he said Intending to make the most of his wait, Lehmann brought a camp stove, as well as snack foods, books and his back-gammon set Come back a little later we're having fried chick-en," he said Although most ticket seekers planned to stay all night, several had broken the long wait into shifts, sharing the burdensome stay with friends U. S caught between two arguments Israeli campaign ma defeat arms sale The Baltimore Sun WASHINGTON The administra-tion has warned Prime Minister Menacbem Begin that Israel's cam-paign against massive American military support for Saudi Arabia could destroy US standing through-out the Middle East That would be the inevitable con-sequence, senior officials say, if Con-gress forbids the sale of 58 5 billion XttSlgltt in air defense equipment to the Sau-dis. Resulting uncertainty in the re-gion, toey argue, could leave the whole Persian Gulf area vulnerable to Soviet pressure The strategic consequences of de-feat have become a basic element of the case the administration has made as it mobilizes for a jarring conflict with Congress But as lines have been drawn over the past seve-ral days, there is substantial evi-dence that the Reagan forces moved too slowly. Already at least 50 members of the Senate are committed tentatively against, the sale Majorities of both ( See CONFLICTS, Page 14A) Group receives loan to build apartments for the handicapped Fiscal vear deadline cause? race By Susan Eggermg Missourian staff writer Four years is a long time to wait, but when patience yields a $ 512,000 loan, somehow the wait doesn t seem so bad At least that's the way Evelyn Bosch sizes up the situation Mrs Bosch, president of Mid- Misso- un Barner- Fre- e Housing for the Physi-cally Handicapped Inc , Wednesday traveled with six other corporation members to St Louis There they hoped to make final plans for a grant from the federal Department of Housing and Urban Development be-fore fiscal 1982 began at 12 01 a m Thursday The group formed four years ago and applied for its first HUD loan in 1978 The race was on Dreading the stroke of midnight which would initiate President Rea-gan's budget cuts the group worked feverishly and successfully to obtain the loan, which will allow the organization to build 13 barri-er- free apartments in Colombia. " You never know with any federal thing," Mrs Bosch said. ' We weren't exactly sure until 8 30 p. m." Their dreams for a one- sto- ry apartment complex designed for the handicapped might have been shat-tered had they not completed the transactions during fiscal 1981 It ( the loan) might not have gone through, and even if it had, it would have been higher interest," Mrs Bosch said That's a lot of money " Treasurer Pete Dohm agreed ' It would have been more difficult in general because it would have in-creased the cost of it ( the housing project), and the interest rate would have gone up 2 percentage points " Now, with its 40- ye- ar, 9l4 percent loan, the group says it hopes to break ground on Oct. 11 and com-plete the one-- and two- bedroo- m apartments by July 1982. Architect Don Mitzel, 410 E Rockcreek Drive, J will design the complex. Reinhardt Construction Co , of Centralia will build the apartments The apart-ments will be rent- subsidiz- ed under another HUD program, Dohm said HUD officials estimated the cost of the project would be $ 625,000 but gave the group a $ 512 000 mortgage Dohm said Funding from two feder-al Community Development Block Grants one for $ 12,500 and another for $ 69,000 will take up some of the slack, as will a $ 1,000 donation from the Columbia Rotary Club When the building is completed, a $ 5 000 gift will come from the Boone County Community Trust Fund The group also will approach the public with a fund- raisin- g campaign to help obtain the remaining $ 20,000 to $ 30,000 After receiving some city funds, the non- pro- fit corporation purchased just under an acre ( 4 hectare ) at 107 N William St , across from Lions- Stephe- ns Park. The group then obtained sponsorship from United Cerebral Palsy of Missouri and filed its first HUD loan application It was ar inch 2.5 centimeters) thick and weighed 32 pounds ( 175 kilograms), Mrs Bosch said. The group must be sponsored by a " parent" group for collateral, m case the group requesting the loan runs into financial difficulties The need for barner- fre- e housing is not a new problem, but it is one that has been long- ignore- d. Mrs Bosch said The one- sto- ry Freedom House" will be the first federally funded, barner- fre- e housing com-plex in Missouri outside of St Louis or Kansas City However, similar complexes are planned for Kirksvifle and Cape Girardeau, Mo Mrs Bosch, an officer on the exec-utive boards of five Columbia social service agencies, recognized years ago the need for housing designed for the handicapped I have a 21- year-- old daughter with cerebral pal-sy I knew we needed bamer- fre- e housing ' First- cla- y All- Save- rs sales brisk Umted Press International Savings and loans and commercial banks even one large brokerage firm went all- o- ut Thursday to sell the new All Savers certificates, leatunng every-thing from gifts to night banking hours with free coffee and doughnuts. Buyer reaction was enthusiastic with a few exceptions. Frank Wood, president of Chesapeake Savings and Loan in Norfolk, Va , said he was forced to open up 10 minutes early " We bad people waiting in line when we opened up this morning It's been very brisk," Wood said. Many Virginia S& L's reported about half the money was new and not funds withdrawn from another account By mid- afterno- on, Timothy Smith, " manager of an Albany, N Y., Savings Bank branch, bad about 50 new applica-tions for All Savers certificates on his desk and still hadn't gotten around to lunch. ' You should have been here during lunch hour," he said. " The response seems to be very favorable " Smith said most applicants were m the over- 420,00- 0 income range, and most were taking money from six- mon- th certificates to put into an All Savers. ' So far, the response has not been as we had anticipated," said Larry Bowles, senior vice president of Gibral-tar Savings of Texas m Houston " If volume doesn't increase the stated aim of the All Savers will not be accom-plished at Gibraltar " A Citibank branch in ew York City posted an Uncle Sam" on the sidewalk to pass out leaflets and a " space alien" mime aside to promote the All Savers -- This is both to inform people and to create a festive atmosphere for what we believe is a goou ueoi iui consum-ers," Richard Kennedy, vice president of Citibank, said In Buffalo, X Y , a steady rain failed to dampen enthusiasm ' I don't think the rain will keep the people away from beating the tax man," said Edward Duch Jr , vice president of Buffalo Savings Bank He estimated the bank took in about $ 250,- 00- 0 in new deposits during the morning alone Georgia Federal Savings & Loan in Atlanta said business had been brisk at all our 54 offices ' Ray Fisher, vice president, said most customers " are going for the maximum amount," on which they can earn tax free interest Many banks were offering 24 hour phone hotlines, Saturday office hours and free gift promotions Citibank and Chae Manhattan Bank, New York's two largest commercial banks were keeping their branches open for extended hours and all day Sat-urday Congress passed All Savers mainly to help the ailing thrift industry, which has lost billions of dollars in deposits to high- yieldi- ng money market funds and other investments, and to boost the housing industry by making more mon-ey avadable for mortgage lending Banks and thrifts expect a flood dur-ing the weekend, especially now that the new rate effective Monday will be 12.14 percent, down from the current 12.61 percent rate The one- ye- ar All Savers certificate can be offered through Dec 1, 1332 It pays a rate of 70 percent of the yield on the monthly US Treasury one- ye- ar notes The first $ 1,000 of interest earned on the certificate $ 2,000 for a couple is tax- fre- e i Fall in interest rate may stir local action By Brad Lehman Missounan staff writer All Savers certificates went on sale Thursday, and already the rates are about to fall. The current 12.61 percent rate will fall to 12 14 percent Monday Local bankers said many inves-tors didn't invest on Thursday to see if the rate would increase next week Because the rate will be lower Monday, customers may hav e to invest today ' The rate will change Mon-day," said Dave Nolke, vice pres-ident of Commerce Bank. ' But after 3 pjn. ( today), deposits be-come Monday's business Three pan. is when we have to meet the computer deadline That's when all deposits are being processed as of the next day's business " Nolke said the deadline varies among financial institutions St Louis Federal Savings and Loan, for example, will sell the certifi-cates at the old rate until noon Saturday The All Savers rate is 70 per-cent of the Treasury Bill rate, which changes monthh The date for this month's change is Mon-day The government announced the new T- B- ill rate, 17 34 percent, Thursday afternoon. The old rate was 18 01 percent. Although thrift institutions Thursday were waiting for hesi- - tant customers, some did well in All Savers sales Activity's been fairly brisk to-day," said Doug Lester, exec-utive vice president of Boone County Bank " There also have been a lot of inquiries ( about the new interest rate) ' " The response has been real good," said Tom MendenhalL as-sistant vice president of St Louis Federal ' People have been in here since we opened The maxi-mum you can deposit is $ 15,8S0 42 ( for a joint deposit), and most are doing that I think this is a real positive, good trend " But at Mid- Misso- un Savings and Loan, only about 12 custom-ers invested in the certificates. Branch Manager Dorothy Sapp said. And Jerry Sinquefield, as-sistant vice president- cashie- r at Century State Bank, said banks won't be able to determine the success of the certificates even by next week. ' We will see a shift from mon-ey market certificates of deposit to All Savers certificates," he said.' It will take 30 to 60 days be-fore we can get a feel on what percentage will be shifted to the All Savers certificates " Money market investors face interest penalties en six- mon- th certificate deposits, Smquefield said. Their money may not be free until months have passed. i today 11 a. nx-- 5 p. m. International Bazaar, outside Read Hall on the University campus The public is invited to enjoy food, crafts and music from all over the world 8 p. m. -- To Be Young, Gifted and Black," autographical play, at the Gentry Studio The-ater, basement of Gentry Hall on the University campus Tickets are 75 cents at the Fine Arts box office 8 and 18 pan. Dave Rudolph, musician and comedian. Me-morial Union Deck, Memorial Union on the University cam-pus Free and open to the pub-lic Astronomers have reported the discovery of an immense I bole m distant space It's so big, they say, that 2,0C0 galax-ies could fit inside it If the finding is confirmed, it would mean scientists would have to re- thin- k some fundamental ideas on how matter organizes itself on a large scale in the universe over billions of years See story. 14A ! Business 12A Classified -- 10A Comics ........ . ... . ...... 11A fti;" i3fi ........ .. 4A I Spcrts S- 7- A 1 Weaker .2A I Weekend. 1-- SB I )
Object Description
Title | Columbia Missourian Newspaper 1981-10-02 |
Description | Vol. 74TH YEAR, No. 16 |
Subject |
Columbia (Mo.) -- Newspapers Boone County (Mo.) -- Newspapers |
Coverage | United States -- Missouri -- Boone County -- Columbia |
Language | English |
Date.Search | 1981-10-02 |
Type | Newspapers |
Format | |
Collection Name | Columbia Missourian Newspaper Collection |
Publisher.Digital | University of Missouri Library Systems |
Rights | These pages may be freely searched and displayed. Permission must be received for distribution or publication. |
Contributing Institution |
State Historical Society of Missouri University of Missouri--Columbia. School of Journalism |
Copy Request | Contact the State Historical Society of Missouri at: (800) 747-6366 or (573) 882-7083 or email contact@shsmo.org. Some fees apply:http://shsmo.org/research/researchfees |
County |
Boone County (Mo.) |
Description
Title | Full Page |
Date.Search | 1981-10-02 |
Type | page |
Item.Transcript | 74th Year No. 16 Good Morning! It's Fridaj. October 2. 1981 2 Sections - 20 Page - 25 Cents Reagan confident program will work WASHINGTON ( UPI) - President Rea-gan declared Thursday he " will not be swayed" from his economic recovery pro-gram, and vowed to keep federal spending in line by vetoing appropriations bills from Congress that would " bust the budget " He also issued a veiled warning to Israel on its opposition to the proposed sale of AWACS radar planes to Saudi Arabia, and promised he will not allow the oil- nc- h Arab state to " be an Iran " At a news conference on the opening day of the new fiscal year. Reagan defended his budget cuts against critics who say the re-ductions will hurt poor Americans and ex-pressed confidence his tax cuts will spur eco-nomic renewal " What we call our safety net is still in ef-fect," he said " I don't say there won t be some reductions but those totally de-pendent on federal income nothing will happen to them." Although Reagan's first formal meeting with reporters in more than three months was dominated by questions about domestic issues, he made an opening statement that declared it is not the business of other na-tions to make American foreign policy " Asked if the remark was a reference to Is-raeli lobbying against the $ 8 5 billion arms package for the Saudis, he answered, ' Or anyone else " Reagan said the deal including Airborne Warning and Command System radar plans and other sophisticated equipment would significantly enhance the national security of both Israel and Saudi Arabia by improving ' our chances to work constructively with the Saudis and other nations of the Middle East to work toward our goal of lasting peace ' He said the controversial package, formal-ly presented to Congress earlier m the day , represented " no threat to Israel, now or in the future" And Reagan said he would ' guarantee ' that the sensitive AWACS technology would not fall into hostile hands if provided to the Saudi regime, which some have suggested faces threats similar to those that toppled the shah s regime in Iran There is no way that we could stand by and see that taken over by anyone who would shut off our oil,' the president said I have to say, Saudi Arabia we will not permit it be an Iran," he said But Reagan did not specify how the United States might prevent such a possibility Wearing a dark blue pin- strip- e suit the president faced reporters questions in the formal setting of the White House East Room Welcome to my first annual news confer-ence he joked as he stepped behind the po- - ( See REAGAN, Page 14A) KariCatm Shannon Graham ( far right) and Wally Lehmann wait Thursday for Jefferson Starship tickets to go on sale Fans camp in line for tickets By Kim Walsh Missounan staff writer Sure, they like Jefferson Starship But it was their desire to see a concert any concert from the front row that drew them to " campsites" outside the Hearnes Center box office nearly 24 hours before tickets went on sale. By 2 30 pjo. Thursday, 20 people, alone or in small groups, were waiting m line for Jefferson Starship concert tickets, which won't be sold until 8 30 ajn today. The Missouri Students Association Pop Concerts Committee is spon-soring the Oct 18 performance, which features Shooting Star as the warm- u- p band Equipped with pillows, sleeping bags and coolers full of food and dnnk, the die- har- d concert fans prepared to wait out the long night, despite predictions of tempera-tures in the low 40s. Quiet rock mu-sic drifted from portable radios and cassette players, and the smell of corn chips floated on the af-ternoon breeze Two people played backgammon, while those in the front- of- the- h- ne group entertained themselves with a game of Pitch Steve Obercromb, 21, arrived with the first group at 10 ajn Thursday. Camping out for tickets is nothing new to Obercromb, who held the first position in the ticket line for last spring's Cheap Tnck concert He said his group chose the Hearnes ticket window in the hope the spot would be warmer than the alternative location out-side the University's Memorial Union It gets awful cold in that arch," Obercromb say s ' The wind whips through there about 30 miles an hour '" The prospect of sitting out in the cold all night did not seem to both-er Shannon Graham, 18 If I minded. I wouldn't do it," she said with a laugh. Ms Graham, too, is an old hand at ticket vigil sessions She camped out for two day s to get front- ro- w tickets to a Van Halen concert in St Louis' Checkerdome Wallv Lehmann, 21, said he wouldnt get in line so early for tickets to see any other group Jefferson Starship is my favorite group,' he said Intending to make the most of his wait, Lehmann brought a camp stove, as well as snack foods, books and his back-gammon set Come back a little later we're having fried chick-en," he said Although most ticket seekers planned to stay all night, several had broken the long wait into shifts, sharing the burdensome stay with friends U. S caught between two arguments Israeli campaign ma defeat arms sale The Baltimore Sun WASHINGTON The administra-tion has warned Prime Minister Menacbem Begin that Israel's cam-paign against massive American military support for Saudi Arabia could destroy US standing through-out the Middle East That would be the inevitable con-sequence, senior officials say, if Con-gress forbids the sale of 58 5 billion XttSlgltt in air defense equipment to the Sau-dis. Resulting uncertainty in the re-gion, toey argue, could leave the whole Persian Gulf area vulnerable to Soviet pressure The strategic consequences of de-feat have become a basic element of the case the administration has made as it mobilizes for a jarring conflict with Congress But as lines have been drawn over the past seve-ral days, there is substantial evi-dence that the Reagan forces moved too slowly. Already at least 50 members of the Senate are committed tentatively against, the sale Majorities of both ( See CONFLICTS, Page 14A) Group receives loan to build apartments for the handicapped Fiscal vear deadline cause? race By Susan Eggermg Missourian staff writer Four years is a long time to wait, but when patience yields a $ 512,000 loan, somehow the wait doesn t seem so bad At least that's the way Evelyn Bosch sizes up the situation Mrs Bosch, president of Mid- Misso- un Barner- Fre- e Housing for the Physi-cally Handicapped Inc , Wednesday traveled with six other corporation members to St Louis There they hoped to make final plans for a grant from the federal Department of Housing and Urban Development be-fore fiscal 1982 began at 12 01 a m Thursday The group formed four years ago and applied for its first HUD loan in 1978 The race was on Dreading the stroke of midnight which would initiate President Rea-gan's budget cuts the group worked feverishly and successfully to obtain the loan, which will allow the organization to build 13 barri-er- free apartments in Colombia. " You never know with any federal thing," Mrs Bosch said. ' We weren't exactly sure until 8 30 p. m." Their dreams for a one- sto- ry apartment complex designed for the handicapped might have been shat-tered had they not completed the transactions during fiscal 1981 It ( the loan) might not have gone through, and even if it had, it would have been higher interest," Mrs Bosch said That's a lot of money " Treasurer Pete Dohm agreed ' It would have been more difficult in general because it would have in-creased the cost of it ( the housing project), and the interest rate would have gone up 2 percentage points " Now, with its 40- ye- ar, 9l4 percent loan, the group says it hopes to break ground on Oct. 11 and com-plete the one-- and two- bedroo- m apartments by July 1982. Architect Don Mitzel, 410 E Rockcreek Drive, J will design the complex. Reinhardt Construction Co , of Centralia will build the apartments The apart-ments will be rent- subsidiz- ed under another HUD program, Dohm said HUD officials estimated the cost of the project would be $ 625,000 but gave the group a $ 512 000 mortgage Dohm said Funding from two feder-al Community Development Block Grants one for $ 12,500 and another for $ 69,000 will take up some of the slack, as will a $ 1,000 donation from the Columbia Rotary Club When the building is completed, a $ 5 000 gift will come from the Boone County Community Trust Fund The group also will approach the public with a fund- raisin- g campaign to help obtain the remaining $ 20,000 to $ 30,000 After receiving some city funds, the non- pro- fit corporation purchased just under an acre ( 4 hectare ) at 107 N William St , across from Lions- Stephe- ns Park. The group then obtained sponsorship from United Cerebral Palsy of Missouri and filed its first HUD loan application It was ar inch 2.5 centimeters) thick and weighed 32 pounds ( 175 kilograms), Mrs Bosch said. The group must be sponsored by a " parent" group for collateral, m case the group requesting the loan runs into financial difficulties The need for barner- fre- e housing is not a new problem, but it is one that has been long- ignore- d. Mrs Bosch said The one- sto- ry Freedom House" will be the first federally funded, barner- fre- e housing com-plex in Missouri outside of St Louis or Kansas City However, similar complexes are planned for Kirksvifle and Cape Girardeau, Mo Mrs Bosch, an officer on the exec-utive boards of five Columbia social service agencies, recognized years ago the need for housing designed for the handicapped I have a 21- year-- old daughter with cerebral pal-sy I knew we needed bamer- fre- e housing ' First- cla- y All- Save- rs sales brisk Umted Press International Savings and loans and commercial banks even one large brokerage firm went all- o- ut Thursday to sell the new All Savers certificates, leatunng every-thing from gifts to night banking hours with free coffee and doughnuts. Buyer reaction was enthusiastic with a few exceptions. Frank Wood, president of Chesapeake Savings and Loan in Norfolk, Va , said he was forced to open up 10 minutes early " We bad people waiting in line when we opened up this morning It's been very brisk," Wood said. Many Virginia S& L's reported about half the money was new and not funds withdrawn from another account By mid- afterno- on, Timothy Smith, " manager of an Albany, N Y., Savings Bank branch, bad about 50 new applica-tions for All Savers certificates on his desk and still hadn't gotten around to lunch. ' You should have been here during lunch hour," he said. " The response seems to be very favorable " Smith said most applicants were m the over- 420,00- 0 income range, and most were taking money from six- mon- th certificates to put into an All Savers. ' So far, the response has not been as we had anticipated," said Larry Bowles, senior vice president of Gibral-tar Savings of Texas m Houston " If volume doesn't increase the stated aim of the All Savers will not be accom-plished at Gibraltar " A Citibank branch in ew York City posted an Uncle Sam" on the sidewalk to pass out leaflets and a " space alien" mime aside to promote the All Savers -- This is both to inform people and to create a festive atmosphere for what we believe is a goou ueoi iui consum-ers," Richard Kennedy, vice president of Citibank, said In Buffalo, X Y , a steady rain failed to dampen enthusiasm ' I don't think the rain will keep the people away from beating the tax man," said Edward Duch Jr , vice president of Buffalo Savings Bank He estimated the bank took in about $ 250,- 00- 0 in new deposits during the morning alone Georgia Federal Savings & Loan in Atlanta said business had been brisk at all our 54 offices ' Ray Fisher, vice president, said most customers " are going for the maximum amount," on which they can earn tax free interest Many banks were offering 24 hour phone hotlines, Saturday office hours and free gift promotions Citibank and Chae Manhattan Bank, New York's two largest commercial banks were keeping their branches open for extended hours and all day Sat-urday Congress passed All Savers mainly to help the ailing thrift industry, which has lost billions of dollars in deposits to high- yieldi- ng money market funds and other investments, and to boost the housing industry by making more mon-ey avadable for mortgage lending Banks and thrifts expect a flood dur-ing the weekend, especially now that the new rate effective Monday will be 12.14 percent, down from the current 12.61 percent rate The one- ye- ar All Savers certificate can be offered through Dec 1, 1332 It pays a rate of 70 percent of the yield on the monthly US Treasury one- ye- ar notes The first $ 1,000 of interest earned on the certificate $ 2,000 for a couple is tax- fre- e i Fall in interest rate may stir local action By Brad Lehman Missounan staff writer All Savers certificates went on sale Thursday, and already the rates are about to fall. The current 12.61 percent rate will fall to 12 14 percent Monday Local bankers said many inves-tors didn't invest on Thursday to see if the rate would increase next week Because the rate will be lower Monday, customers may hav e to invest today ' The rate will change Mon-day," said Dave Nolke, vice pres-ident of Commerce Bank. ' But after 3 pjn. ( today), deposits be-come Monday's business Three pan. is when we have to meet the computer deadline That's when all deposits are being processed as of the next day's business " Nolke said the deadline varies among financial institutions St Louis Federal Savings and Loan, for example, will sell the certifi-cates at the old rate until noon Saturday The All Savers rate is 70 per-cent of the Treasury Bill rate, which changes monthh The date for this month's change is Mon-day The government announced the new T- B- ill rate, 17 34 percent, Thursday afternoon. The old rate was 18 01 percent. Although thrift institutions Thursday were waiting for hesi- - tant customers, some did well in All Savers sales Activity's been fairly brisk to-day," said Doug Lester, exec-utive vice president of Boone County Bank " There also have been a lot of inquiries ( about the new interest rate) ' " The response has been real good," said Tom MendenhalL as-sistant vice president of St Louis Federal ' People have been in here since we opened The maxi-mum you can deposit is $ 15,8S0 42 ( for a joint deposit), and most are doing that I think this is a real positive, good trend " But at Mid- Misso- un Savings and Loan, only about 12 custom-ers invested in the certificates. Branch Manager Dorothy Sapp said. And Jerry Sinquefield, as-sistant vice president- cashie- r at Century State Bank, said banks won't be able to determine the success of the certificates even by next week. ' We will see a shift from mon-ey market certificates of deposit to All Savers certificates," he said.' It will take 30 to 60 days be-fore we can get a feel on what percentage will be shifted to the All Savers certificates " Money market investors face interest penalties en six- mon- th certificate deposits, Smquefield said. Their money may not be free until months have passed. i today 11 a. nx-- 5 p. m. International Bazaar, outside Read Hall on the University campus The public is invited to enjoy food, crafts and music from all over the world 8 p. m. -- To Be Young, Gifted and Black," autographical play, at the Gentry Studio The-ater, basement of Gentry Hall on the University campus Tickets are 75 cents at the Fine Arts box office 8 and 18 pan. Dave Rudolph, musician and comedian. Me-morial Union Deck, Memorial Union on the University cam-pus Free and open to the pub-lic Astronomers have reported the discovery of an immense I bole m distant space It's so big, they say, that 2,0C0 galax-ies could fit inside it If the finding is confirmed, it would mean scientists would have to re- thin- k some fundamental ideas on how matter organizes itself on a large scale in the universe over billions of years See story. 14A ! Business 12A Classified -- 10A Comics ........ . ... . ...... 11A fti;" i3fi ........ .. 4A I Spcrts S- 7- A 1 Weaker .2A I Weekend. 1-- SB I ) |