The Buffalo News from Buffalo, New York • 20

Buffalo Evening News Charge lt 4 All Interest Isn't Same Page 20 Plant Manager The application filed with the 854 5943 Get a st5oo tax deduction for ws retire with as much as mooo and earn a tax stieltered guaranteed 1120 10 JS Open or add to your IRA few 14 Erie Savings Bank Serving Western New York Member DIC I SOUTHSHOREPLAZA uWeesiioW and 15 at $100 Divide by 30 and you get an average daily bal ance of $250 The interest at P2 percent is $375 more than twice as much as you pay if the creditor uses the adjusted balance method Third Investor Group Seeks TV Channel 49 HUIS DEPT STORE PLAZAS Amherst Homburg annual interest TAX SHELTER Attn: CPA's Well conceived program for your 50 tax bracket clients designed for 24 after tax re turn per year with initial $11 000 investment recovered in 1st year WALKOWIAK REAL ESTATE' fijMtanni you get to use less and less of the money each month The annual percentage rate is 145 percent IGURING OUT the annual percentage rate gets complicat ed mats wny tne taw makes creditors do the job for you The law also requires lenders Town of Hamburg NY 3125 sq ft Between Hens Kelly and mart tee he spotted slight ray of in last month's reports on commodity prices He pointed out that 3 percent of the respondents reported prices the first sighting of price cuts since ebruary 1978 (21 months ago) when 4 percent said they re ceived reduced price quotations from suppliers or the majority however Businessinance riday November 30 1979 CLARENCE METROPOLITAN BLDG 4300 SQ AVAILABLE WILL DIVIDE (Corner Main at Schmerville) 675 3000 Great Lakes Carbon plant at 5700 Pine Ave Niagara alls He succeeds Robert Rosene of Grand Island who becomes man ager of customer service for the Graphite Products Division Mr Sabin has been the gener al manager If you have a pension plan where you work you can get one at the Big Your deposit is tax deductible on your federal and New York State income tax return and all interest is tax sheltered until distribution or further information call 842 5454 and ask for the Big IRA team period then divides by the number of days to get an aver age The interest charge is applied to the average Take that same $400 balance Acain It is more likely however you pay $300 The creditor gets that you will pay back the your payment on the 15th day money in 12 monthly install of a 30 day billing period Your ments of $9 each You get total balances for the month to use the $100 for a full year will be $7500 15 days at $400 pay $6 in interest on the $400 account no matter how much you paid during the month Interest rates are governed by state usury laws and vary widely Mncf ctatec rvnrmit intnfAst charges of 1 percent a month or 18 percent a year on the first $500 of revolving credit and 1 percent a month or 12 percent a year on everything above that If been spreading out your purchases among several cards you may be paying more than you have to Cash advances also usually are charged at a lower rate than purchases it may be cheaper to take a cash advance against your credit card THE END THE APPLICATION pro poses to locate the antenna at the corner of Wash ington Ointon Sts in down town Buffalo at a height of 376 ft' above the ground Presum ably this means it would be atop the Hotel Lafayette WNED TV once operated a UH station from studios in the Hotel Lafayette before moving to its present location on Bar ton St THE PRESIDENT of Channel 49 Buffalo Television Inc is list ed as Julian Smith 59 of Baltimore According to the application Mr Smith owns 49 percent of the stock Other Investors in the station their title and the percentage of the stock they own are: Hines Tow son Md director executive vice president secretary and treasurer 39 percent Hoop Poto mac Md director 2 percent Moore Balti more Md director 2 percent Clemens Poto mac Md director 2 percent Stanley Resnick Balti more Md director 2 percent Radio Institute Baltimore Md 391 percent In September 56 percent had the same business conditions neither up nor down from the previous month Worse conditions were noted on 25 percent of ques prices their upward tionnaires compared to 22 per month Mr Graeco cent who indicated a downturn said He noted that higher nrices were received bv 79 nor cent of the purchasing man EIGHTEEN PERCENT of the purchasing managers said they increased their inventory levels last month up 3 percent age points from the previous survey Reduced inventories were noted by 25 percent down 3 percentage points from September ifty seven percent said their stockpiles were the "same" compared with 63 percent who had an unchanged inventory Mr Hoop Mr Moore Mr Clemens and Mr Resnick are also directors and owners of 2 percent of the stock each in Bay Television and Indianapolis 59 Inc Mr Clemens is identified on the application as an electrical engineer at the IDefense Com munications Engineering Cen ter in Reston Va Mr Moore as general manager of Chesa peake Precision Products in Baltimore and Mr Resnick as a Baltimore certified public ac countant al the today ON 4 YEAR TERM ACCOUNTS OPENED BY NOV 30 This rate cannot be guaranteed beyond the 4 year term1' cumulative IRA balance assumes regular annual deposits of $1500 for 35 years by a qualified IRA depositor and an annual interest rate of 8 for the full 35 year period Interest rates are guaranteed only for the 4 year term of the accounts in an IRA Rates for future terms may be higher or lower and will affect the cumulative balance 1 accordingly i "Interest and principal must remain oh deposit a full year to earn annual yield shown DIC regulations permit from regular time deposit accounts prior to maturity only with prior bank consent and subject to a substantial interest penalty However withdrawals from IRA time deposit accounts prior to maturity are not subject to this penalty it the beneficiary is years of age or older or is disabled (as defined by law) Senate Banking Committee In return for the tw'o year wage freeze employees would get $250 million worth of the common stock giving them about 40 percent control of the firm The Senate Banking Committee voting 10 4 Thursday sent the measure to the Senate floor where it will be consider ed Dec 9 Trade Deficit Narrows nd 38 in St Petersburg la and president and owner of 49 percent of the stock in Indi anapolis 59 Inc applicant for an CC license for Channel 59 in Indianapolis Ind Commercial Radio Istitute which Mr Smith and Mr Hines head is the of CC discloses a great deal WPTT TV in Pittsburgh an about the principals in the new applicant for Channel 28 in company and how they plan to Columbus Ohio and owns 391 finance it It also discloses that percent of the stock in Bay tney are investors in stations or Television inc ana uiaianapoiis have applications pending in 59 Inc respectively Pittsburgh Columbus St Pe tersburg and Indianapolis HINes According to the application vice president secretary treas there are seven stockholders in er and owner of 39 percent of Channel 49 Buffalo Television the stock in Bay Television Inc Inc The New York corporation and Indianapolis 59 Inc nas zvuvu snares oi common stock authorized but only 510 shares issued sand per months It says that Channel 49 plans 115 hours of programming in a typical week including 5 of news and 116 hours of pulbic affairs ing credit you would pay $150 in interest The average daily balance method is more complicated and more costly It takes into account when you pay as well as how much you pay the creditor adds up your balances year period and pay a finance for every day in the billing cnarge or js it you can Keep the entire $100 for the full year paying back the whole amount at once the annual percentage rate is 8 percent I By MIKE Mr KEATING I Neun inancial Editor A group of Baltimore investors has filed an application with the ederal Communications Com mission for permission to start a new UH television station in Buffalo The Buffalo Evening News learned today The application was filed wjttLthe CC on behalf of a cor poration called Channel 49 Buffalo Television Inc which listed its address on the appli cation as 3500 Parkdale Ave Baltimore Md The application seeks an CC license to operate with a power of 5000 kilowatts Baltimore group is the third to apply for a license for Channel 49 which has been re served by the CC for the Buffalo market for a number of years" On June 19 Anax Corp filed an application with the CC for Channel 49 Principals in Anax are Paul A Willax president of Erie Savings Bank Alfred Anscombe a former cable TV station owner and Paul Koessler and John Koessler Jr members of the family that owns Greater Buffalo Press On Oct 31 a group called Great Erie Telecasting Corp filed an application for Channel 49 Principals in Great Erie Telecasting are George ritz inger who operates radio sta tion KAC in Los Angeles and National Health Enterprises a California based health care firm The Great Erie Telecasting proposal involved a partial pay TV operation tell you how they calculate interest They may base charges on the adjusted bal ance on the average daily bal nn An hA aitut ui vn inc pturiuuo balance The adjusted balance method is the simplest and it is also the cheapest for the customer The There are two important fig creditor takes the unpaid bal ures: the finance charge and ance subtracts any payments the annual percentage rate then figures out the interest on The finance charge is the dol the difference Suppose for lar amount you pay for the example you have a balance of 1 credit It covers interest $400 You pay $300 during the charges and any service fees billing period The creditor insurance premiums etc Sup charges interest on $100 At 1 pose for example you borrow percent a month the most $100 for one year and have to common basic rate for revolv 1 pay $7 interest plus a Ji I service fee The finance charge i is $8 The annual percentage rate I sometimes listed as the APR is the relative cost of credit on a yearly basis Again sup i pose you borrow $100 for a one Wage reeze Stock Plan Part of Chrysler Package WASHINGTON (AP) The Chrysler Corp would get $125 billion in government loan guarantees and its em ployees would have to chip in $132 billion through a wage last monfh 18 oj freeze or other means under legislation approved by the the purchasing managers down from 13 percent who naa jess employment in September Inventory positions were muted last month as the per centage increase in the group showing more goods on hand was offset by an equal percent age change in those reporting smaller stockpiles questionnaires: deteriorating" going up beyond so called guide "Where is the recession? Au gust better than July Septem ber better than August October better than September No sign of a expansion on stream Expect approval of estimated $15 million expansion 1980" hiiCU Ctiffarinra in the exemptions Although it would apply Only in taxable from low inventory as we cut years beginning after Dec 31 1980 the committee recom back during summer and now mended it be attachd to the windfall profits tax as a vehi are having trouble cranking up cle for quick congressional passage GITS HEADQUARTERS OR BUALO TIESJEWELRY BELTS OR MEN WOMEN ree catalog on request By LOUSE CO4IK 1 Associated Press Writer i Shop for credit before you shop for gifts this Christmas How you pay affects what you pay for goods and services and you can waste hundreds of dollars if you don know what to look for There are two major types of credit: closed and open A closed end loan is a one time arrangement You borrow a fixed amount for a fixed peri od of time and repay it in regu lar installments usually monthly Onen end credit also called JESSE SABIN of Lewiston revolving credit is reusable You can borrow over and over nas ou nrortit tn up lu a pic scri wvvi wuiuul making a new application eacn time Bank cards retailers and overdraft checking programs involve revolving credit THE EDERAL truth in lending law requires creditors to tell you how much you have to pay to use their money Area Purchasing Agents See a 'Ray of Sunshine' Rep Conable To Address Tax Seminar Here Rep Barber Conable Jr Alexander the senior GOP member of the House Ways and Means Committee will be the main speaker at a two day federal tax seminar Dec 6 and 7 at the Hotel Statler Mr Conable now serving his eighth term in Congress is scheduled to speak at a 12:30 pm luncheon on Dec 7 He is one of 19 tax experts set to participate in the annual Institute on ederal Taxation sponsored by the State Univer sity of Buffalo the Erie County Bar Association and the Buffa lo area chapter of the State Society of Certified Public Accountants THE APPLICATION esti mates that the station will incur total first year operating costs of $2172000 total equip ment costs of $1332000 and total start up costs of $235000 The document says that Channel 49 Buffalo has a com mitment from Maryland Na tional Bank for a loan of up to $18 million in working capital at 23 above crime and that all MR SMITH in turn is presi equipment will be leased from dent and owns 218 percent of Maryland National Bank for Commercial Radio Institute five years at an approximate and Mr Hines is executive vice cost of 232 percent per thou president ana owns 243 percent of Commercial Radio Institute Mr Smith is also president and owner of 49 percent of the stock in Bay Television Inc of Baltimore applicant for Chan By DON 'A of was seen in Western New general business conditions last month by mejnbers of the Purchasing Management Association ot Buttaio In their latest business sur vey report 29 percent of the purchasing managers said new orders for goods and services increased during October That was the highest percentage to note an upturn since ebru 42 percent Twenty two percent reported busi a month earlier ness conditions in September An unchanged flow of new JERRY GRECCO phair agers up 1 percentage point orders was cited last month by man of the purchasing associa from September 46 percent of the respondents tion's Business Survey Commit Eighteen percent said they had the prices during October down from 22 percent usiness 'amonth7iicri MS THE employment picture also brightened last iibwiji IVw month as 21 percent of the pur a cnasing managers spotteo nign er payrolls up from 11 percent who found more people on the job in September Steady employment levels were maintained by 61 percent of the firms in October against 70 percent who had the "same payrolls the previous month ewer emnlovces were count Price Hike Of 26 Set By US Steel PITTSBURGH (API Two days after announcing the clos ing of 16 plants: US Steel Corp said it would raise prices on two thirds of its steel: products But the boosts effective Jan 1 are not enough to offset' THE PREVIOUS balance steeply rising costs the method is the worst deal of all jargest steelmaker said Thurs You get no credit at all for pay qe increases amount to' ments made during a billing about 26 percent when aver pcriod Yoq pay interest on the age(j over the entire steel prod full amount outstanding at the uct line 1 end of the last billing period some major steelmakers said Under this system you would they were studying US Steel's: price move others naa no com ment But if past practice is fol lowed other producers will' match the new prices because US Steel dominates the mar ketplace Among the products affected are steel sheets used heavily in consumer goods like automo biles and appliances WASHINGTON (UPI) The US trade deficit with the" rest of the world narrowed to $202 billion in October because strong exports of manufactured goods and farm products outweighed another big increase in oil imports The Commerce Department said total exports grew by $1 billion or 64 percent to $1684 billion in October while imports grew by 1 percent to $1886 billion Wages Up Not Enough A CLTTKTmXT A TVm eatre iraaaa a Xz nrH 9 1 nXthc Contractors were listed increased a record percent during tne three months amAn? ir in short sun ending in September But that was still not enough to keep piy" The list also includes pace with inflation which rose 32 percent during the same bearings kraft paper forgings period cobalt high grades of second ary fibres (waste paper) and Money Supply Up Bit and skids NEW YORK (UPI) The basic money sup PURCHASING managers ply" known as Ml rose $13 billion to a seasonally adjusted made these additional com $3798 billion in the latest reporting week the ederal Re ments on their October serve Bank ot New yotk sata rnursaay me rise was about in line with what analysts had expected and signaled that'ed pressure on interest rates may ease further Tax ree Interest Voted WASHINGTON (UPI) The Senate inance Commit teb woted Thursday to exclude from federal taxes up to $200 for individuals or $400 for married couples in savings account interest and investment dividends or the first 1 from government savings bonds is included Ltv 4 'I i i I 1 a I.