Area May Be Immune to Money Woes MANCHESTER HAS IT! First of Four Stories Barrier to an Otherwise Difficult Recession
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i r 16 - EVENING HERALD. S«t.. June 21. I860 y Area may be immune to money woes MANCHESTER HAS IT! First of four stories barrier to an otherwise difficult recession. "I wouldn’t say an increase in saving runs contrary to those ripples from becoming waves.” That recession made itself known nationally earlier what happens during recessions,” Johnson said. "People Tile bankers called local depositors cautious by nature, By KEVIN FOLEY this month when the unemployment figure hit 7.8 percent put more away because they want to have Something and Hale said, "They want safety as oppos^ to risky in and a 21 percent drop in new housing starts was recorded BUSINESS DIRECTORY GUIDE FOR Herald Reporter there in case they lose their job. ’They Want to keep the vestments or high flyers.” While his bank has seen what in April, the worst showing in 17 years, according to Cen anchor to windward.” he termed “a negative deposit flow” from savings over I in the MANCHESTER — The rest of the country may be sus Bureau figures. Bearing out the bankers’ statements is Richard Picks, the last year. Hale pointed out much of that money was facing a long, hard recessionary siege, but three iocai The advice from the three bankers surveyed? Avoid a spokesman for the State Labor Department in being invested in insured money market certificates, MANCHESTER AND SURROUNDING bankers agree Manchester, and the Hartford vicinity in risky investments and channel savings into "sure bet.” Wethersfield. Saying the department has always con something the Heritage and other financial institutions generai, may be one area immune to the money woes "The east of the river labor market has always run con tended UTC is one of Connecticut’s "great streng&s,” he have been recommending. ‘ ‘ beginning to show up eisewhere. trary to what the rest of the state and nation are noted that such divisions as Electric Boat in Groton and Tlie certificates, unlike standarch savings accounts, VICINITY Those same bankers also agree local wage earners experiencing,” Hale remarked recently. "Our market Pratt and Whitney have contracts "they won’t be able to require a minimum deposit of $10,000 and yield around 9 'HetmmAt^JGlaslioiibiiry, should exercise caution with their savings. William Hale, seems to be much more constant; Pratt and Whitney and fill for ten years." percent after a six-month maturity is reached. A two- president of the Heritage Savings and Loan, Nathan the Hartford-based insurance companies have something year certificate is also offered, yielding upwards of 11V4 ^To IHInulet from Maneheiter SSiveTy "And we have a^number of other strong points,” Picks Agostinelli, president of the Manchester State Bank and to do with it.” said. "Many corporations are moving headquarters into percent after two years. Like Hale, Agostinelli said he FEATURING THIS WEEK .. Got A Pslnllng froblem? Wi'll Help! William Johnson, president of the Savings Bank of Agostinelli echoed Hale, saying the luxury of a firmly the state and 17,000 to 20,000 more people were employed has moved larger depositers over to the money market as Manchester, each say savings are on the rise at their entrenched employment tase is one reason he and other CUNUFFE AUTO BODY Service etill meene lometfilng to ue— ind lifvloe fw n e ipeodlfto enDooT in April 1980 than in April, 1979.” a hedge against spiraling inflation. time with you to help yw eelect the noM peint flnlih for met )ob you're plerv banks. bankers have noticed the swing towards saving. Still, Picks pointed out, Connecticut’s labor force Inflation —the flip side of a recession —Hale blames on The sliding economic trends in the rest of the nation nlofl. See ue tor peint end eervloe when you plen youreiext oroleci. Johnson tempered his optimism by saying although experienced a 4.9 percent unemployment rate but he loose credit. He said the public “has been playing it have not surfaced to a large extent in Manchester, they deposits were up slightly, a recession which affects the added no “mass layoffs” had been registered. lazy,” by “using the plastic when the cash isn’t CUNUFFE AUTO BODY contend. two major industries would have a backlash affect in “We have seen a ‘ripple effect’ from what the rest of available.” Recent restrictions imposed on Pederal 6 4 3 -0 0 1 6 Wu/o^«o»PAINTCQ All three bankers credit the presence of a healthy Pratt Manchester’s economy. This in the face of United the U.S. is experiencing,” Picks said, "with more claims, Reserve banks may stem the flow of easy credit, but Hale QUALITY WORK AT COMPETITVE PRICES and Whitney Aircraft in East Hartford and a solid in Technologies Chairman of the Board Harry Gray’s two-tenths of a percent higher unemployment in April and the others still call it America’s “number one” ^O M FUm COLLISION UPAIR tOuR surance industry in Hartford as the key elements in the pronouncement that UTC is all but "recession proof.” problem. •fORIION AND AMERICAN CARS INDEPENDENT and a decline in personal income. But our stengths stop •RUSTY JONES RUST PROOFINO D4D.4501__ pNofW 646-0863 OPTICAL^,. 763 MAINS! Clerk OKs iianrliFBtFr 341 Broad St. • '( * ' L' * Manchsitsr 643-1191 :? ' . k Mancheiler 191 I P'oleisionil Park ' Suita lO S MAIN ST MANCHESTER Bftty Gallagher CHNLIFFE A<ah«rli«d ■•ky prop MQTQR tAUM r ....^ 643-1900 tax, freeze , \ “".it WE SERVICE AND INSTAU INDUSTRIAL AND CDMMERCIAL ^ ■ ’■ ■ ^aa j i * ■ IF AIR CONDITIONING - REFRIGERATION Ivol XCIX No. 226 UtenoftettaTr Conn., Monday, June 28,19B0 HEATING and SHEET METAL *♦ signatures EXTERIOR HOME CLEANING -'rs- .-.■’'.i- ' New England Mechanical Services, he. A COMPLETE SPRAY CLEANING SERVICE i i J- « .a Aluminum, Wood and Vinyl Siding By MARY KITZMANN of Directors can set the mill rate and 166 TUNNEL no. FREE ESTIMATE & DEMONSTRATION Herald Reporter act on fiscal policy. VERNON, CT. 06066 PHONE 646-2198 TTie MPOA is prepared to obtain a 871-1111 MANCHESTER - The Town "/.rt UK /irig/ifrii up vour /uimr For/rn ** court ruling of the petition’s validity, Clerk’s Office has verified the tax but must obtain an “adverse vote' freeze petition of the Manchester Serving Manchetler over 50 yrt, ' from the Board of Directors before Property Owner’s Association has beginning the litigation. ^ D A D a u to the required number of signatures to PARTS force a referendum. The 45-day wait, which gives the Pentlsiwl Th6 F/orfsf board an opportunity to study issues, "AUTO PARTS FOR LESS' •COMPLEn COUISION WORK Edward Tomkiel, town clerk, •WRECKER SERVICE according to O’Brien and Mayor HOURS 24 BIRCH ST. notified the Board of Directors, that Stephen Penny, delays the group’s 8 TO 8 MON.-FRI. TEL. 843-6247 - _ it has 45 days from June 18 to act on •FREE ESTIMATES •COMPETITIVE PRICES court action. 8 TO 5 SAT. A SUN,' 843-4444 F.T.D. the petition which would limit 307 E. CENTER ST. (REAR) municipal spending increases to in However, several directors in •COMPLETE PAINT JOBS •FOREIGN & AMERKAN GARS MSTH CHG WDRLO WIDE creases in the Grand List. dicate they will follow the town at MANCHESTER AMEA EXPAESit BEHIND LENOX PHARMACY •CUSTOM IMRON PAINT WORK SERVICE The board has two regular torney’s ruling and reject the peti •LOANERS AVAILABLE meetings, the July meetings, before tion, unless ^a court order fdrees a MODERN JANITORIAL AND the August 2 deadline to act on the referendum. After the 45-day wait, HANDTMAN SERVICE Hello FID’S Cake Decorating Supplies Inc. referendum request. the town clerk sends the petition to Name it and tee’ll do ill Fully Inturtd 646-0220 875-3252 Tomkiel said the petition easily the town attorney who verifies wor Cleaning ssrvics lor prolessio'nal buildings Call Me about met the m ark of about 1470 ding and legality. Since the opinion Storms and screens removed and reodlred RUSTY JOKES A COMPLETE LINE OF WtTONCMEDGCOMHONS signatures needed to force a referen ruling the petition’s invalidity, has Clogged sinks and tolleto the best auto - Rt dum. After verifying the required Goodbye rusty cars. 1t1 CENTin ST. 70 UNION ai. already given, legal action is Air-conditioners iiutaiiod and removed rustproofing TALCOnVILLE, CT. MANCHltTCR. CONN. ROCKVILLE, CONN. amount were valid plus about 50 expected after that. House watching, iight moving and dump service Mon. • Set 10-i HOURS more signatures, Tomkiel said there Thun., 10-t L ' M ; 1 . : Estate and iandiord service guarantee in CLOSED TUBS. were several pages of signatures left It is expected that the MPOA will Cutters, yards, windows, celiars, attics, garages town. DAILY 10-S over. try to submit a Writ of Mandamus, 643-0016 ordering the town clerk to schedule a Mrs. Sadloski, president of the Folk dancing at shell 643-5747 643-0053 Wedding Cakes A Specialty referendum, which cannot be done MPOA, had estimated about 1800 due to legal opinion. Dancers of the Rancho Folclorico of Hartford, swirl and munity College. The dancers shared the stage with the Inter signatures were given to the Town OVER 4 5 ’The MPOA wishes to place the twist in one of the dances they performed Sunday at the nationals Band of New Bedford in a Portuguese program. Clerk's Office at the direction of the MMCHESTER question on the November ballot. ADVERTISE HEREI YEARS Board of Directors. Bicentenniel Band Shell on the campus of Manchester Com- (Herald photo by Pinto) PERSONAL TEE EXPERIENCE MEMCRULCC. Mrs. Sadloski had tried to present ;,71 CALL Opp. East Camatary the petition to the Board of Direc C A L L 64C-5807 tors, but was told to submit it to the QUALITY clerk’s office for verification.