The Philadelphia Inquirer from Philadelphia, Pennsylvania on November 27, 1982 · Page 4
Get access to this page with a Free Trial

A Publisher Extra Newspaper

The Philadelphia Inquirer from Philadelphia, Pennsylvania · Page 4

Philadelphia, Pennsylvania
Issue Date:
Saturday, November 27, 1982
Page 4
Start Free Trial

4-A Saturday. Nov. 27. 19S2 Philadelphia Inquirer Black Friday draws shoppers en masse, but many just to look How Philadelphia-area savings & loans performed (First 6-months. 1982) NAME Atfantic' Financial Federal CommoowMlth Fedwal v First Fdaral of PMtedlpfua , c Red Hill Savings . , Metropolitan Federal New Home Fed.. Wyomissing Home Unity Savings Bell Savings Main Line Federal " liberty Federal "Olney Federal ; Greater Dela. Valley Savings, ; : THird Federal of Philadelphia , FirjtijKeyetdna Federal . ' First Federal of Pottstown First Federal of Bucks County Freedom Valley Federal Hamilton Reliance Savings Malvern Federal pOoytes town Federal Roxborotigtv-Manayunk Federal , first Federal of Perkasia . EimwOOd Federal : . t , " , North East federal Fox Chase Federal Prudential Savings Progress Federal Willow Grove Federal Brandywine Savings ,wr?hoenixvitte Federal y Permview Savings Cheltenham Federal 'Niwtown Savings v .; "v United Savings . Abraham Lincoln Federal York Road Federal Abington Federal Media Federal - Ambler Savings ! dowmngtown Savings Aetna Federal ' William Perm Savings ,Hjreysvil9 Saving Springfield Federal . Sellersville Savings Mid-City Federal Garfield Federal "-. Fidelity Federal . Atfamit Financial on June 30 comprised five S&Le: three from the Pittsburgh ares and two from Philadelphia. East Girard and Community - Federal. It since has added Metropolitan federal of Philadelphia and essocietions in Nazareth. WilKes-Berre end Bloomfield. Sine June JO. Trevose Federal has merged with a Pittsburgh S&L. ' Source: Federal Home Loan Bank Board ' Despite heavy losses in first half, S&Ls see turnaround in second S&LS. from 1A to thrifts by federal regulators to attract and Invest funds would allow the Industry to restructure itself and climb out of the hole. Atlantic Financial, which is a com-.,. blnation of nine S&Ls across Penn-., sylvania. lost more than $3 million in the first six months of the year, at Which time it had only five member (associations. Strecker said that the additional mergers had added financial strength to the company, which he said was now profitable, i The Federal Home Loan Bank Board delays the release of financial : information about thrift institutions, .most of which do not themselves release earnings statements. The turnaround for thrifts has come too late for some institutions thathave been merged into other S&Ls or that may be merged because of their weakened capital base , "I think most of the smaller ones are being merged," said John W. Chaplin, president of the three-office Mid-City Federal Savings & Loan. Mid-City lost $903,809 in the first half of the. year, leaving it with a net worth of only $146,132, or 0.31 per cent of assets. ' Although Chaplin said he could not comment on any merger activity involving his association, he said federal regulators generally began .looking for merger partners when a thrift's net worth-to-assets ratio fell much below 3 percent. He said the merger trend, as exemplified by Atlantic Financial, would continue because S&Ls, to survive in an increasingly competitive atmosphere, have to begin taking on new functions such as commercial lending, equipment leasing and short-term consumer loans that require the hiring of executives with special expertise. One local thrift Garfield Federal had a negative net worth of nearly $2.7 million as of June 30, according to Its report to federal regulators. Net worth is what remains after the book value of a company's assets are subtracted from the book value of what it owes. Executives of the association were not available yesterday to discuss the report. A spokesman for the Federal Home Pt yinlar)elp(na nqmrtr USPS 430000 Published every" Morning and Sunday by Philadelphia Newspapers, Inc. 400 N. Broad St.. P.O. Boi 8763 Philadelphia, Pa. 19101 Member of the Associated Press. The Associated Press is entitled inclusively to the use far reproduction of all local news printed in this newspaper as well as AP news dispatches. MAIL SUBSCRIPTION RATES ZONES 1-2 ' 1 ye. 6 ma. 3 mA. I mo. Only t Sunday .,..$17340 $91.20 $47.60 SIS 46 OelyOnly ,. 107.60 5655 2966 10.30 SundsyOMy. fc 66.10 U6 17.SS 6.16 P.O. 8o 8068 872 PHILADELPHIA. PA. 19177 Payable in advance. For ell other rates apply Mail Subscription Department t Second Class Postage paid at Phils., Pa. POSTMASTER: send address changes to: The Philadelphia Inquirer 400 North Broad Street, P.O. Bo B263 Philadelphia. PA 19101 Classified Ads ....... LO 3-6000 Report News (215) 854-2500 Other Departments (215) 854-2000 fat GusremeMl Home Delivery, or to report delivery prefctom. call loll free In Philadelphia 665-1234 In Pennsylvania (8001222-2765 In New Jersey 1800) 523-9068 In Delaware .. 665-1112 DEPOSITS NET INCOME NET WORTH NET WORTH (In Millions) (LOSS) (In Millions) ASSET RATIO S893.1 (S3.085.352), $21.2 2.01 . 647.3 (2.608.487) 28.6 3.71 608.3 (4.663.529) 25.0 2 81 577.1 2.401.449 59.1 7.81 . 538.8 (1.531.284) 25.6 3.82' 483.1 (3.893.227) " " ' ' 1 3.0 ' f 2.41 300.7 (1.551,920) 11.3 3.51 298.7 (2.891.200) 12.2 2.92 225.0 (1.400.945) 10.0 3.64 213 9 (918.305) 15.5 5.36 ' 205.1 (911.116) 15.6 6.53 . 186 0 90.406 .15.7 . 7.43, 1390 (289.467) 14.6" 8.96 138.7- (374.670) 13.4 7.53 . ...128.8 x (7S6.52D. . , . 5.1 ,;.3.10 , 128.4 (2.217.480) 7.6 4.73 123.7 (450.129) 6.1 4.55 96 8 (606.554) 6.1 5.14 92.8 (1.467.566) 1.8 1.81 91 3 (375.422) 7.2 6.98 87.7. (169,405) 3.8 ' "3.87 86 2 176436 8.6 8 0 84.3 " .. (144.981) , I 5.0 5.52 81,1 ; (275,612). , 3.8 3.88 80.2A. (531.077) . J.5 ,3,89 80.1 1.136,390 5.8 6.55 78 4 (441,466) 6.4 6.82 77.4 (351.454) 2.0 2.28 72 6 (162,290)" 6.1 7.56 72.4 (99.335) 4.8 5.98 '68.7 6.782 . ' 9.1 11.23 68.1 - '(16,347) 4.3 . 5.76 "'66.4 (397,133) 2.6 - 3.60 65.5 (54,781) 5.2 -6.89 ', 63.Q, ' , (435,059). , 1.4 . 1.65 , 61.4 135,974 5.0 7.04 59.8 (267,293) 3.1 3.86 59.7 (390,405) 3.0 4.42 59.4 (188,135) 3.0 4.22 56.4 (124,866) 4.2 6.76 ' 55.7 (268,407) 3.7 6.00 52.8 ' 3.191 3,1 5,17 49.6 (125.992) , 2.7 4.80 47.2 . (350,065) 2.1 .3.80 46.7 . ,: (96.505) . . 2.0 . 3.62 46.7 (322.889) 1.6 3.12 45.6 2.158 3.3 6.67 40.9 (903.809) 0.1 0.31 37.6 (2.107.890) (2.7) NA 35.7 285,508 2.4 6.19 Loan Bank Board said he could not comment on Garfield but said that the net worth of an institution was not the only criterion used in determining whether to merge an ailing institution into a healthier one. . Several executives said that new powers recently granted to thrift institutions including the right to make loans to businesses and to make short-term consumer loans would, over the ' long haul, make S&Ls stronger. ' Most thrift institutions have lost money in the past couple of years because the cost of their deposits skyrocketed while their earnings increased only slowly. Because S&Ls weren't allowed to make variable-rate commercial loans or variable-rate mortgage loans until recently,' most of their assets were in fixed-rate, long-term mortgage loans. The new powers and the drop in interest rates by four to six percentage points since mid-year have meant "significant improvements in operations for us and for other S&Ls," said James M. Kramer, treasurer at Trevose Federal. Kramer said that many associations have returned to profitability in the second half of this year, including Trevose, which lost S4.66 million in the first half. Another new development that is expected to have a big effect on thrifts is the "money-market" account that banks and thrift institu THEOLOGICAL AJ.D08 KIXiSTERiAL GRADUATE STUDIES FOR DEGREE OR ENRICHMENT LaSalle College WHAT WE HAVE TO OFFER: FACULTY Ecumenical; specialists in all fields of Theology and Ministry; national and international scholars; outstanding professional credentials with wide-range of publications; well Known for its availability to and personal concern for each student. Faculty also serve as academic advisors. ' PROGRAMS Concentrations In: THEOLOGY PASTORAL MINISTRY , LITURGICAL MINISTRY RELIGIOUS EDUCATION (children, adults, school, CCD.) SOCIAL JUSTICE MINISTRY YOUTH MINISTRY , -MINISTRY TO MARRIAGE AND THE FAMILY. The curriculum offers 76 courses. Students have the option to follow 1 ' program prescribed lor, each concentration or, with advisor's consent, to select courses from across the whole curriculum. Strong emphasis on biblical-theological foundations lor ministerial studies. Full-time Summer Sessions of three.or six weeks. Evening courses in Fall and . Spring. Degree (30 credits) can be obtained by attending Summer Sessions only, Fall and Spring terms only, or combination of both. STUDENT Ecumenical; national and international; great variety in theological and BODY ministerial background and orientation, making for exciting exchange of experiences; total student body: 350, of which 225 attend Summer Sessions with the balance attending during the year; good mix of male, female, clerical, religious, and lay. Degree and enrichment students welcome. LOCATIONS Courses ire offered at thre locations: Main Campus, 20th ft Olney, Philadelphia Northeast Campus, Archbishop Ryan H.S. for Boys, 11101 Academy Road, Philadelphia New Jersey Campus, Camden Catholic High School, Cherry Hill, N.J. - . i ; APPLICATIONS FOR SPRING SEMESTER NOW BEING ACCEPTED. For Information and application fill in coupon and mall. Or, If you prefer, call: (215) 951-1350 Philadelphia Inquuar tions will be able to offer starting - Dec. 14. - . , . I . - : ::" The account, on whicli an institu tion can pay as much as it chooses, is similar to the money market mutual funds that have been so popular in .. recent ; years. The new account, which will have deposit insurance, will have a minimum deposit of $2,500 to $5,000 and will allow limited check-writing and 'transfers. ' In the short run, the new account could hurt many thrifts because it. could draw money' out of low-cost passbook and interest-checking accounts into the higher-cost new account. But in the long run, most thrift executives think they must have such accounts to keep and attract savings dollars. "This is an uncharted sea we've never sailed on before," said Myron G. Thomas, president of Hatboro Federal S&L, an association that has remained profitable despite high interest rates. Some money will move out of passbooks and force Hatboro Federal to pay more in interest, Thomas said. But fhe association is continuing to gain from the sharp drop in interest rates from earlier this year. As old certificates of deposit mature and are rolled over into other certificates, Hafboro's cost of funds will come down, he said. . Although it is facing a new environment, the small association is not worried about survival, Philadelphia, PAj Director, Graduate Religion i La Salle College, 20th & Olney Ave. ' J Philadelphia, PA 19141 ' Please send me information and Bulletin i i , I Address ' ' - " I I UtylteteHp ..... ....... ....... --. SHOPPING, from 1-A before plunging in with cash or a credit card to buy the season's most popular items: video games and things extraterrestrial. Nevertheless, Lacy H. Hunt, executive v ice president and economist for Fidelity Bank, said Wednesday that the Christmas season would be bright, with sales up from 6 to 7 percent over last year's level. And yesterday, without having actually seen any surveys of shopper behavior. Hunt stuck to his forecast. "The economy is coming on stronger than generally believed. There's a definite spark of life out there If you get people out, if you get the crowds lyesterdayl and even if they don't buy, it is a strong positive sign," he said. "They are checking prices and will come back-" And. judging from traffic in Philadelphia and on roads leading to suburban malls, consumers at least turned out in numbers consistent with Black Friday. The day after Thanksgiving gets its name from the idea that merchants make, or pray to make, profits black ink in their ledgers rather than red ink on the day on which consumers traditionally begin to think about and purchase Christmas gifts. . - The Christmas blitz accounts for more than half the annual profit for some merchants. It is a day that many economists say indicates the consumers' frame of mind regarding how much they think they can afford to spend for. the holiday and, in essence, fuel the economy through their spending habits. Reports from Philadelphia economists and others indicate that merchants were putting more stock than ever before in yesterday's crowds because forecasts have indicated that Christmas is a "now-or-never" time for the stagnant economy. Economists think that consumers may spend the nation out of its recession this holiday season. "If it doesn't happen during Christmas, then it isn't going to happen," said economist Allen Sinai of Data Resources Inc., a New York consulting firm. , Philadelphia police and merchants said they felt that fewer people visited Center City stores than in previous years. The ones who came to fight their way through crowded department stores where Christmas music was piping constantly said ASSEMBLIES OF GOD HIGHWAY io.l e ) M I A. 11 u ma a spring veuwm auwwa n 8 S63-91S2 8 Rev, Stephen Bogdan, Pastor Morning Worship 10:45 A.M. 0 Evening Service 7 P.M. 8 o TEEN CHALLENGE CHOIR. REH- 6 RERSBURG. According Gov't sposored research into the effectiveness Challenge Program for uiVyia c aiuvi iuiiuo, itiia ciio o img f most successful rehabilitation fa- Q cility known today.. 8 le so. o s Ser- 8 influ- Q Do you know young people troubled? Bring them to this vice. Many lives have been enced as the fellow share life ex- X periences and relate to the prob- Q lems facing our nation'today. Thurs. Ive. 8 P.M. Bible Study and Prayor CALVARY TEMPLE 3301 S. 20th St. 462-0300 EDWARD E. MENALDINO, Pastor 9:45 A.M. BIBLE STUDY All Ages 11 A.M. MORNING WORSHIP 7 P.M. EVANGELISTIC SERVICE Tuesday 8 PM Midweek Worship NURSERY AVAIL. AMPLE PARKING BAPTISTS FIRST BAPTIST CHURCH 17th& SANSOMSTS. tAiinrferf 108 cordially irmf you to 10 A.M. BI3LE STUDY CLASSES 11A.M. MORNING WORSHIP "WAITING FOR CHRISTMAS" 1 2 Noon Fellowship Hour 4 P.M. Phila. Oratorio Choir presents Bach's Christmas Oratorio Wed. 6 P.M. Midweek Supper & Program Rev. Gordon E. Hutchins, Interim Minister Earl Ness, Director of Music ETHICAL SOCIETY .SUN., NOV. IS, 11 A.M.. MICHAIl FRANCH leader Saltlmere Ith. 5oc . "THE ELEPHANT MAN AND THE PURSUIT OF H4PP1SESS" 1006 V tlwentieuse Sq. H -34M FRIENDS QUAKERS r RELIGIOUS SOCIETY OF FRIENDS, MEtTINO FOR WORSHIP Abington G'wcod Mtfiie. Rd 11 15AM 4thard Arch 1D3CAM. CmMPhila mtxt 10.3G A M FranktordUnitytWaki. - '1100AM fraaktord Penn & Orlh-acten 11:00AM Germanlowrr Ctn & 10,30 AM. Green SI. 4 W. School , 1030AM. Chwtnal Hill-lit Mfmaid ' 10 30AM Swwttimore- CoHeje Campus 10 00 AM a? J Y t Philadelphia Inqiwer WILLIAM F. STEINMETZ Children bask in the glow of video games, all the rage this year . they did so mostly out of tradition or to treat the children. Nicole Woodward of North Philadelphia, who is 3. and her brother Leon, 1, were lined up to see Santa in Strawbridge's just when Santa took a coffee break. Squirming out of her mother's arms, Nicole ran over and fiddled with the clock that said: "Santa will be back ..." The Santa, Jerry Donovan. 20, revealed that most youngsters were ordering anything connected with the muddy-brown, slump-shouldered, bony-chested E.T., star of a movie bearing his name. For Madeline Rae Glenn, a 2-ycar-old with delft blue eyes and blond hair who was in town from Harris-burg, the ticket was a simple fire engine that she scooted all around the showroom floor until the knees of her pants were dingy. "Maddy, get it back up on the table there. ... Maddy, slow down. ... Maddy, don't leave. . . . Maddy, come over to Daddy," was the line of conversation that Robert Glenn had going with his spritely daughter. He was not buying just yet, he said, just looking and trying to keep track of his ward. All around Philadelphia were conversations related to choices, prices, reconnaissance and geography. "Now, I'm gonna walk around. If you want to come, follow me. If you don't, why, we'll have to talk about RELIGIOUS SERVICES UNITEO PRESBYTERIAN FIRST PRESBYTERIAN CHURCH IN GERMANTOWN Cheltan Avenue West of Germanlown MINISTERS J. Scottie Orfffin, Jamet B. Wright, Albert H, Kingsley ' Robert Carwithen-Organiii Choirmaster ADVENT COMMUNION 11:00 A.M. ' . y DR. GRIFFIN. Preaching "THE COMFORT AND THE CALL" , . Sunday Church School Classes For all ages 9:30 A.M. Nursery Care CHRISTIAN SCIENCE CHRISTIAN SCIENCE SUNDAY SERVICES 10:00 A.M. Berwyn, Haddonlield 1 1:00 A.M. All other churches 5:00 P.M. first Phila. SUNDAY SCHOOL 10:00 A.M. Berwyn, Haddonfield 1 1:00 A.M. All other churches WEDNESDAY MEETINGS Teitlmenlei el , Christian Science-Healing 7:30 P.M. Filth, Chester, lonsdowne 8:00 P.M. All other churches 8:15 P.M. levittown CHURCHES OF PHIIA. VICINITY Branches of the Mother Church, The First Church of Christ. Scientist, Boston. Mass. FIRST 4012 Wohut Street SECOND 543 Greene St. Germontown THIRD 8044 Stenton Ay. Chestnut Hill FIFTH 1915 Pine Street SIXTH 4720 leiper St. Fronktord ARDMORE Athens ol Lin wood BERWYN Cossott Avenue CHESTER !6th&UplondSts. DOYLESTOWN Church & Stote St. DREXEL MILL 4401 State Rd. ELKINS PARK Church & Stahr Rds. GLENSIOE Abington & Porkdale Aves. HATBORO 50 S. Penn St. JENKINTOWN West Aye. Wash. la. LANSDAIE Elm Dr. at 7th & Brood IANSDOWNE Owen & Stratford Aves. SWARTHMORE 206 Park Aye. UPPER DARBY v Chestnut E of 69th St. NEW JERSEY ' HADDONFIELD 355 Kings Hwy. E. HADOON HEIGHTS MOORESTOWN MOUNT HOLLY WOODBURY 3rd at Station Ave. Kings Hwy. 106 Garden St. 22r-le-Ave. READING ROOMS ore mc lintained by the Churches where the Bible and Chriition Science literature may be read and obtained. One of these is located at 1336 Walnut St. Philadelphia. ALL ARE WELCOME TO ATTEND OUR SER VICES AND LECTURES ANO TO USE OUR READING ROOMS' LUTHERAN HOLY COfelfelUMIOII Cheatnirt Street Wtt of 31t The Rev. William O. Moyer, D.D. Pastor tmeritut Ibte Study. 10a.m. WORSHIP 11 m. ; The Rev. Rltnerd I. Koenle. Gvett Pastor fellewehip Hour 12 noon NON-DENOMINATIONAL MT. LAUREL CHAPEL Seven Domes at 629 S. Church St. Ml. laurel. New Jersey NJ Tpk. Exit 4: Fellowship Rd. Rt. 38 , 1 409-234-5785 or 609-663-407; Worshipping Jesus as Lord Eloquence in Words and Music ' Worship Services: SUNDAY 1 1 1 M.-WEDNESOAY-I M. A Uniqu Bibtt Twxhtng Minn try in tKii f lvnth Hour where to meet and when." said a matron in the middle of a wicker bazaar at the Gallery on Market Street. "Look, honey, it's a hat," said an otherwise serious-looking gentleman with a baby in a sling on his back. H was talking to his toddler and had a bread basket on his head. He was carrying no packages. The little girl laughed. "Oh, it's not a hat? It's 25 percent off, though," he told her. At the Santa complex in the Gallery, Dolores Porrett of Kensington and her husband, Anthony, did not seem to have bought a thing. They did not have time or the extra hands to do so. " "Tony! Tony! Get over here. Tony! . . . Where did he go? . . . Here he is," she said to herself as daughter De-siree talked to Santa Claus and son Dominick behaved himself in the stroller she pushed. "Tony! Tony! ... He's gone. ... Nope, there's a cop with him," she said, exasperated. Back in housewares at Straw-bridge's, Mrs. DeLoach was telling her audience that she calls her worm-like noodles "angel hair," and told an Asian man to feel free to feel a noodle, any noodle. The man, who spoke no English, did so, and added to the Christmas shopping din in Philadelphia by giggling uncontrollably before leaving without buying one of Mrs. Loach's pasta machines. UNITED PRESBYTERIAN 1 1:00 A.M. ARCH STREET i Presbyterian Church 6 "THE CHURCH Of PENN CENTER" 1 8TH AND ARCH STREETS DR. G. HALL TODD, Miniater , .10:45 A.M. . "THE ETERNAL I PRE-EXISTENCE OF CHRIST" S Wed., Advent Midday Service 1 12:30 to 12:50 PM "A GOOD MAN'S UNBELIEF" OH Dr. TnHri uuill nrnnrh 3l3lSiSl5lSLEl5lSlElSlSl5lElEl ? CHAMBERS WYLfE MEMORIAL t PRESBYTERIAN CHURCH 313 S. Broad St. Bible School 9:45 A.M. Morning Worship 11 A.M. 8e "WHERE ARE THE NINE?"! Ur. Wm. A. Zulker Preaching a Inspiring Muiic by ' f Organist & Chancel Singers PRESBYTERIAN TENTH PRESBYTERIAN CHURCH 17th and Spruce Su., Phils., Pa. 1910) telephone 73S-76SS Sunday Services 1 1rOO AM and 7:00 PM . Dr. James M. lolce, Minister Or. Robert Elmore, Organist UNITED METHODIST DR. IAN BARCLAY , Associate of DR. STEPHEN OLFORD SUNDAY 7:00 P.M. FIRST UNITED METHODIST CHURCH Park & Dayton Avenues Collingswood, N.J. REV. PHILIP EVERETTE WORTH, Sr. Minister Religious Announcements appear every Saturday on this page at a special low rate. For further information or assistance in placing your Announcement in The Philadelphia Inquirer please call MISS ROXINE BELL 854-2355 lE151S15lSlSlalSi3

Clipped articles people have found on this page

Get access to

  • The largest online newspaper archive
  • 23,000+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Publisher Extra® Newspapers

  • Exclusive licensed content from premium publishers like the The Philadelphia Inquirer
  • Archives through last month
  • Continually updated

Try it free