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ws»meWiR«iwsasyiSc^'^ 24 - THE HERALD, ‘niuri.. Aug. Zl, 1961 Old-fashioned price war rjr. -.v 1 .T:-,. ■: Lydall buys firm mPe ..page 4 Millard H. Pryor Jr., preiident and chief executive officer of Lydall Inc., and Charles C. Helmold, president and chief executive Officer of Jacobs Rubber Co., a privately owned Dayvllle Banks bid for manufacturer, announce. that an agreement in principle has been reached fqr Lydall to acquire tying up their money for the year. Band-Aid to get the industry over its Jacobs Rubber. The agreement is subject to ap­ WASHINGTON (UPI) — Gas staUons The catch is the extraordinarily high interest rate lasts only until Oct. 1, when Cong]^ created the all savers cer-' financial squeeze. Manchester, Conn. proval by Lydall's board of directors. did it, grocery stores do it and now some tiflcate at the urging of the beleaguered Patchy fog tonight; Jacobs is a $9 million manufacturer of molded savings institutions are engaging in their the money is funneled Into the one year Congressional proponents and finan­ certificates, which wlU pay up to 70 per­ thrift industry, whidh said it needed help cial experts hope the certificates will Friday, Aug. 28, 1981 rubber products specializing in extrusions, seals own version of the old fashioned price to combat a severe cash flow problem cloudy Saturday and rubter-to metal bonding which sells to both in­ cent of the rate on 5-weck Treasury bills. generate a new pool of savings that can war. > There are penalties for not putting the caused by paying out high interest rates be to make mortgage loans — a — See page 2 25 Cents dustrial and consumer markets. Del L. Peterson, In the financial community, the battle on deposits while stuck vrith a pile of old, division president of Lydall’s Acadia Division in takes on a different form — offering high money into all savers certificates or for boon to consumers and the homebulldlng withdrawing the funds early. low-interest rate mortgages. industry. MrralJi Chicago, III., under which Jacobs Rubber will interest rates aimed at attracting With T-bill rates running at about 14 The thrift institutions also have seen operate, commented that the newly acquired facili­ deposits for the new "all-savers” cer­ their deposits shrink as consumers have A new study by the U.S. league of ty will further broaden Lydall's markets and tificates authorized by Congress. percent, interest on the all-savers cer­ Savings Associations estimates that tificates would run about 10 percent. put their money into money market capabilities and fits the division's long-range The certificates, created as part of the funds and other high-yield investments. during the 15 months the new certificates development strategy. Charles C. Helmold will re­ record tax-cut bill signed by President Frank Dellomo, president of the / wiU be offered - from Oct. 1 through Brooklyn Savings Bank, which started Although there-will be a new Ujl. main as chief operating officer of Jacobs Rubber. Reagan, offer a »1,000 per person — »2,- exemption with the all saver certlficam, Dec. 31, 1982 — about two-thirds of the 000 per couple — tax exemption for In­ the trend in New York a few, weeks ago, projected $250 billion expected to be Lydall Inc.’s Acadia Division, is a major supplier said Wednesday he was convinced “there another one — the existing $200 per per­ of customer formulated elastomers and 'Teflon terest earned. son exemption for interest and dividends g^erated will go to thrift institutions. which are molded and machined into a wide range Banks and thrift institutions may begin was a lot of money out there and the first one that could get it wpuld keep it.” — would be dropped, reverting to a flOO One of the criticisms of the certificate is of engineered seal and precision industrial com­ offering the certificates Oct. 1. f Pi h Garage sale Dellomo said since Aug. 10, his bank per person exemption for dividends oidy, that it will merely recycle money from ponents. Anticipating a flood of money, some beginning Jan. 1. financial instituUons, particularly in has attracted an additional |14 million in e»i«ting savings accounts rather than new deposits because of the all savers With the tax-exempt status, thrifts generate new savings. New York, Chicago and Los Angeles, hope the all-savers certificates will at­ already are competing for the funds. promotion, but still is down $10 million in CBIA promotes net deposits for the month. tract money now being invested But the league estimated about ^ 0 They are offering consumers up to 35 elsewhere, allowing them to hold onto billion of the projected $ ^ billion will percent Interest, plus cash bonuses, if He speculated many potential savers HARTFORD — Kenneth O. Decko, president, are waiting until Oct. 1 to see what rate the money a little longer and pay lower be “new” dollars. they deposit their money now and later interest rates — perhaps enough of a Connecticut Business and Industry Association, has roll it over into all-savers certificates. will be offered on the certificates before solution near announced the promotions of three staff people. By Paul Hendrie plans may force a change in the their reputation in the community.” Promoted to vice Market Big car Herald Reporter definition of the “non-production Berman said he sees no president of com­ work” the company plans for the roadblocks to a final agreement. munications is Brian Two major breakthroughs, un­ garage. Earlier, Multi-Circuits said Sylvester said he decided the way J. Matthews, who veiled Thursday at ? Board of Direc­ non-production work would be to solve the problems was to ”go has served as CBIA's is gone tors subcommittee meeting, have ' limited to personnel, maintenance back to square one.” He said the director of com­ paved the way for a solution to the and production control. issues had become so complicated, munications since return long-running dispute between Multi- Berman and Stevenson agreed to that he felt it was time to simplify 1980. In his new posi­ Circuits Inc. and a local negotiate the details. Mayor matters. tion, he will continue for metals neighborhood. Stephen T. Penny asked for an "Now they can sit down and work to manage the Representatives of the company agreement in writing by the Sept. 8 out the details,” he added. association’s com­ NEW YORK (UPI) - The “Great and the Holl Street Residents Board of Directors meeting and As surprising as this incipient munications Meltdown of 1980” that saw Americans Association agreed in principle to both sides said that should be possi­ compromise was the announcement program, including lined up to sell everything from priceless unlikely support the sale of the Harrison that the alteration of the existing ble. advertising, media, hejirlooms to the . family silver Street town garage to Multi- Berman said this morning that he water shop at the Charter Oak relations, member evaporated with record prices for gold Circuits, as long as the sale is tied to received word of Sylvester’s in­ Street recreation area to house the communications and and silver and many of the metals buyers Continued from page 21 an agreement that the company tervention about an hour before Parks and Cemeteries garage is a publications, and disappeared along with it. won’t expand farther at that loca­ Thursday’s meeting. practical idea. employee informa­ “It’s unbelievable what happened,” them to the hilt. They are no longer tion. “ He should be congratulated, ” General Manager Robert B. Weiss tion programs. said Jack Brod, who has operated Em­ clearly cheaper than large cars. Meanwhile, the town resurrected said Berman. ’’Multi-Circuits said the town reconsidered the site Brian Matthews Matthews, former­ pire Diamond and Gold Co. in New And the full-sized, modeb themselves a previously rejected site at Charter should be congratulated, too, for ly served as director York’s Empire State building for 50 have been made lighter and more fuel- Oak Street for a new Parks and taking a giant step toward repairing I’lea.sc lurn In page 8 of communications years. “When gold was over |700 an efficient, capable of up, to 20 miles per Cemeteries garage. for the Greater New ounce and silver over $40 everybody gallon with special economy packages. The compromise, confirmed by Haven Chamber of wanted to buy it. Today nobody does.” Auto executives are betting those fac­ Multi-Circuib Controller William Commerce and as a Brod said many dealers, some in tors will encourage sales of what are Stevenson and residents’ attorney project manager in business for years, have either gone now nnid-sized cars — the brge car of Jon Berman, was reached through bankrupt or are teetering on the b ri^ in the future. the shuttle diplomacy of Republican N. Korea says the public relations department of the precipitous drop in prices and cor­ Pontiac Division (general Manager Director Peter Sylvester. Southern New responding loss of interest in non-money William E. Hoglund said his division Though Sylvester cautioned, in a England Telephone assets. - carefully considered how to keep the letter to the subcommittee, that Co. P rio r to his As for the Johnny-come-Iatelies who set customer who faithfully drove full-sized many details remain unresolved, he SNET experience, he up in motel and hotel rooms to buy Pontiacs for years. said there is now a “foundation for a attack invented millions of dollars worth of precious “The answer we finally arrived at was was a broadcast ., - JR A c - • compromise.” journalist and film metal scrap, Brod said, and other in­ to offer the best of both worlds to these "If that’s the paramoupt concern and audio visual dustry sources agree, “They have folded customers — the luxury and roominess of the residents and if this (agree­ By E.

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