Go CONDO! Drinking Age Unless Neighboring Opinion
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20 — MANCHESTER HERALD. Tuesday. May 29. 1984 Business Mobil and Northeast clash over gas bill By Joseph AAlanoWany gas drilled before 1978. accelerate dependence on less reliable importdd in Brief United Press International Major companies are pushing for a complete price energy supplies." ' ; Threats to Americans Microwaved rice decontrol, while most officials from Northeastern However, representatives of New York and New NIorlarty named chairman Heritage posts loss WASHINGTON — The Mobil Oil Corp. is squaring- states argue that the initial cost would be too much of a England don't quite see it that way. ‘ ! Is the way to go Heritage Savings & Loan Association of off against New York and New England over pending financial hit on the region. "That’s a ‘Chicken Little’ argument,” counter^ of block grant committee spur embassy shuffle Manchester recorded a loss of $23,057 for the natural gas legislation, arguing that the approach The measure favored by the Northeast, which Brad Johnson, head of New York's Washington office/ second fiscal quarter ending March 31, according supported by the states could cause serious long-term would leave price controls on the "old gas" supplies, “I don't think the sky is falling.” ' i ... page 3 ... page 8 ... page 14 to a statement issued by the bank. supply problems for the region. is awaiting full House action, expected to come this "I don't see how protecting consumer interests is The loss compared with net earnings of $98,449 Officials from the giant oil company came to summer. bad policy,” Johnson added, noting that the major oil for the same period last year. Washington last week and specifically targeted the The company charged that the House measure was and gas companies stood to make huge profits For the six months ending March 31, the bank Northeast, contending that the pricing legislation based on "short-term political goals,” and would do prices on old gas were decontrolled. ! ^ had net earnings of $51,969, or 15 cents per share, supported by many in the seven states could end up nothing to encourage new natural gas exploration, “The big, big, big issue in natural gas is whether toj compared with earnings of $235,951 or 69 cents per prompting more problems than it would solve. possibly leading to the long-term shortages. decontrol old gas,” added Bailey Spencer, head of the share for the same period a year ago. Raising the spectre of school and factory closings New England Congressional Caucus. "Most of tHd( Heritage President William H. Hale attributed because of energy shortages, the company said the "New York and New England rely heavily on gas New England members and the New England states; the quarterly loss to start-up costs associated pending bill would inject "new uncertainty into an and oil for heat and power generation,” the company are generally quite supportive" of the House bill. > Manchester, Conn. with the Heritage Mortgage Co., which opened an already risky business." said in a statement. "Oil imports are starting to That support comes at least in part from a study Rain tonight; At the apparent crux of the disagreement is what to increase again as economic activity increases. done late last year which estimated that any plan tq W ednesday, M ay 30, 1984 office in Fairfield County during the period, and More rain Thursday an expanded commercial lending division which do about the current supplies of "old gas” — generally Domestic gas shortages induced by legislation would decontrol old gas prices could cost consumers in the Single copy: 25C opened an office in Hartford, Neither has reached six New England states up to $400 million between 198^ — See page 2 its full income-producing potential but have and 1990. , I progressed according to projections. Hale said. New York, meanwhile, estimates that a completq "We anticipate that the results of operations ‘Demutualization’ could be deregulation could cost gas customers in the Empire will improve significantly by year-end if this level State in the vicinity of $450 to $600 annually. > of activity continues.” he said. “That's gas they've already discovered and it’s gaq they can already sell," Johnson said of the pre-1978 product. "How are they going to lose money by selling Sylvester hits million wave of insurance future it? What they'll lose is a chance to make additional profits.” Flood warnings Peter C. Sylvester of Manchester, an insurance By Cal A/lankowski Prudential. agent with the Equitable Life Assurance Society United Press International A Prudential unit is studying the various methods of of the United States, has qualified for the Million converting, and trying to assess what it would cost. TOWN OF MANCHESTER Dollar Round Table. LEGAL NOTICE . 3 2 NEW YORK — Some of the nation's big mutual life Gillen said a decision on whether to demutualize Along with the honor. Sylvester has been insurance companies may be switching to stock probably would be made sometime in 1985. The Zoning Board of Appeals at a meeting on May 21,1964 in effect today made the following decisions: , .1 invited to attend the Million Dollar Round Table ownership later in the 1980s. This "demutualization” In fact, most of the big mutual life companies say Appl. No. 1005 - Chorches Motors, Inc. - Variance on plontf gathering in New York June 17 to 21. About 5,500 Ings approved/ variance on sign denied * 80 Oakland Streets could be pleasant for millions of policyholders, but they are studying the possibility of converting to stock Appl. No. 1006 - Sidney Green - Variance approved - 320 Wes9 members are expected to attend and 40 countries they shouldn't start counting their money yet. ownership. Metropolitan, the second biggest, and No. Middle Turnpike. ^ .. , will be represented. The complexities of rearranging the structure of 4 New York Life, say they are studying the question. Appl. No. l007-lreneM.Rov-Vorlanceapproved-83Wolker The Million Dollar Round Table comprises across the state such huge institutions is bound to make the process a Mutual Benefit Life Insurance pf Newark, N.J. is Appl. No. 1008 - Robert and Michael Walsh dba Walsh M an insurance agents who have sold more than $1 drawn out affair. - another that has a study in progress. agement - Variance approved -1221 Tolland Turnpike. million worth of life insurance in a year. From now on, individual policyholders would be In recent interviews with executives at a number of Appl. No. 1009 - Edmund ond Beverly Amos - VarlancS 9 well advised to take careful note of the literature mutual companies, all were quick to give one primary opproved - 92 Croll Drive. B v United Press InteTncliatlonal 4:30 p.m. because ol flooding but Appl. No. 1010 - Maurice and Jean Dumont'- Variance 0 was reopened an hour later. Tourism office opens companies send out with their bills. reason for considering the switch; the changing approved - 235 Oak Street. ’ For one thing, policyholders should make sure they nature of the financial services industry. Appl. No. 1011 - KIm-Kerrv Inc. - Variances approved, Spe-. As torrential rains pounded the He said some rivers had spilled clal Exception approved with the following conditions; (U soaked state for a third day, three over and flooded some roads but WILLINGTON — A new tourism office off of know what type of company they are insured with. In March. Union Mutual Life Insurance Co. of All prevloustv granted limited repairer's and general re for the most part there were “no Interstate 86 in WillingtfflrTwa^opened Friday by Some of the mutual companies have "mutual" in their Portland, Maine, with $4 billion in assets, announced pairer's licenses are rescinded. (2) Elevations and contours swollen rivers causecK weather the East of the RiveixTourism and Convention name but not all of them do. plans to pursue a conversion. Union Mutual hopes to on the site plan shall be referenced to N.G.V.O. A bench officials to post flood warnings and major problems" and the flooding District. mark shall be shown on the plan. (3) The hondicopped park an impassable bridge gave 4,300 had not forced the town to evacuate A mutual company is owned by all the policy win approval from Maine insurance regulators and ing stall shall require a sign erected at the base of the precast any residents. The opening of the office, located at a rest area holders, while a stock company has stockholders the two-thirds of its policyholders in time to become a concrete wheel stop that stotes "Handicapped Parking Only New Milford students a day off on the westbound side near exit 101, featured same as any public corporation. stock company in mid-1985. - State Permit Required". (4) A 6 foot high stockade fence from school. Elsewhere in New England, shall be erected adlocent to the south property line, starting While national weather service weaving, spinning and basketry demonstrations Prudential Insurance Co., the biggest life insurer, IS feet from the street line of Church Street easterly along flood warnings were posted in an by representatives from the Gurleyville Mill in and Equitable Life Assurance, third largest, actually Union Mutual's president, Colin C. Hampton, notes the property lines up to the start of the south building eleva officials warily watched both area ranging from the Berkshires Storrs, and animals from the Lutz Children's started out as stock companies and switched to a the emergence of such concerns as Sears, Roebuck tion. (5) The enclosed dumpster shall be moved to the north small and large streams overflow of Massachusetts into southern with its Allstate, Dean Witter Reynolds and Coldwell side of the existing building location, subject to approval of their banks, disappointed sky- Museum in Manchester.