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THE BATTALION Page 11
MONDAY, SEPTEMBER 7, 1981
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Pull, fish, pull!
Fish Brett Thompson and Fish Robert
Mayer, both of Company D-2 , grit their
teeth and pull during a tug-o-war Saturday
on Duncan Field. D-2 won the battle but
Fish Mayer suffered slight rope burns in
the process.
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Questions pouring in
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United Press International
WASHINGTON — Govern-
ent officials and financial institu-
ims report a strong interest in the
ew 'All Savers” certificate, a sign
|t may funnel more money than
irpected through ailing savings
lse ' and loan associations,
off™'! The interest rate for the tax-
‘ ll ^ : exempt certificates will be 12.61
a r; lercent when they go on sale Oct.
1. By itself, this would be
decidilediocre compared to an average
lealwWof about a 17 percent yield for
er recesimoney market mutual funds.
I But for savers with taxable in
comes of more than $24,000, the
combination of the tax exemption
and the interest rate could make
them better deals than any other
d . low denomination deposit with or
' without federal guarantees.
Vt And the higher the tax bracket,
L the greater the return. For fami
lies with taxable incomes of
around $50,000, the “All Savers”
^ prtificates would return yields
/ equivalent to about 24 percent or
more.
J.S.Sf ' The one-year certificates can be
offered by banks, savings and
$400 a fens and credit unions in denomi-
landiis lations of any size, although the
t mone'lp specifies institutions must in-
va t e liiji elude in their offering denomina-
s Kons of $500 and multiples of
iney k 1 |M-
y "Bel Treasury Department officials
26 a ft e P ort they have received what
rchasin! Ppears to be an unprecedented
it | H , ni]; lumber of inquiries about the new
i daugk-fivestment, not only from the
ona tj public, but also from banks and
jvings and loan associations who
emselves have been deluged
1th questions.
Most questions involve the in
fest rate, the denomination and
the tax exemption.
Although estimates have varied
on the amount of new deposits the
tax exemption is expected to lure
nto bank and savings and loan
^ faults, a figure frequently men-
ioned during congressional de
late was $120 billion.
The unique feature of the “All
Savers” certificate is its exclusion
from income tax of the first $1,000
in interest earned by an indi
vidual, or the first $2,000 in in
terest earned by a couple who file
a joint tax return. A couple can
earn the exclusion even if all certi
ficates owned are in the name of
one spouse.
The Internal Revenue Service
ruled Thursday financial institu
tions can offer short-term, high-
interest bonus payments to attract
“All Savers” customers as long as
there is an opportunity for the cus
tomer to withdraw his money
without penalty before purchasing
the certificates on Oct. 1.
Many institutions had been
offering high interest this month,
in some cases up to 50 percent, to
savers who agreed to “roll over”
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Soviet task force
leaves U.S. coast
United Press International
SAN FRANCISCO — A four-
ship Soviet task force is “pulling
away” from the California coast af
ter approaching as close as 200
miles to land, the Navy reported.
The Navy at Treasure Island
said Friday night that the four
ships were 500 miles west-
northwest of San Francisco and
traveling in a south-westerly dire
ction at 14 knots. A public infor
mation officer said they were
pointed toward Hawaii.
The task force was first spotted
in the Gulf of Alaska on Aug. 28,
and its southerly cruise was the
first time since 1971 that such a
group of vessels came as close as
200 miles to the West Coast.
The Russian ships were the
574-foot guided missile cruiser
Petro Pavlovsk, the 410-foot
guided missile frigates Retivyy
and Reskiy and the 400-foot oiler
Irkut.
The Navy destroyer Fife kept
the task force under surveillance
from 3 miles away, the Navy said.
In Washington, the Navy said
the ships might have been sent in
response to incidents last month
off the coast of Libya and North
Korea.
A spokesman said the Soviets
might have been conducting a
freedom of navigation cruise —
something which the United
States “does on a routine basis.’
Americans start
settling claims
Controllers say
Reagan broke
campaign oath
United Press International
SAN FRANCISCO — Presi
dent Reagan broke his oath to
air traffic controllers and not
vice versa, says one of five
members of the Professional Air
Traffic Controller Organization
indicted for violating federal
laws against strikes by govern
ment workers.
Robert Butterworth and Wil
liam Newton, president and
vice president of PATCO Local
534, and three other union
organizers pleaded innocent
Friday before a federal magis
trate.
They were told to appear be
fore U.S. District Judge Stanley
A. Weigel Sept. 10 to set a trial
date. If convicted of the charge,
each could be sentenced to one
year and one day in jail and
fined $1,000.
“The Reagan administration
would rather indict us, jail us,
fine us and fire us than engage
in good faith negotiations with
us,” Darrell Reazin said.
“Reagan promised on Oct.
20, 1980, in a letter that he
would, if elected president,
work with PATCO to change
the miserable conditions air
traffic controllers must endure
on a daily basis.
“It is Reagan who broke his
promise. If anyone violated his
oath, it is this administration,
which has failed to keep its word
to 12,000 air traffic controllers.
Robert Kenney and Albert
Stephens were the other two
PATCO members indicted.
Union attorney Burton F.
Boltuch said the indictments
were similar to 70 others
brought nationwide against the
12,000-member union.
their account into “All Savers”
certificates on Oct. 1.
Under the new IRS rule, the
institution could stand to lose the
bonus if the customer decided at
the last minute to take it and run,
rather than convert the new de
posit into a tax-exempt certificate.
Many institutions switched their
advertisements to lesser bonuses,
down to the level of a toaster or
other kitchen appliance.
Congress created the new certi
ficate as an experiment available
only for a limited time — Oct. 1,
1981, to Dec. 31, 1982. It is in
tended to make available high in
terest rates to small savers, pump
new deposits into hard-pressed
savings and loans and therefore to
rejuvenate mortgage lending for
housing.
United Press International
WASHINGTON — The State
Department said Saturday it has
taken a first step toward settling
American claims against Iran that
stem from the hostage crisis.
The department said it has sub
mitted to Iran five volumes of
material describing more than
2,300 claims received to date from
Americans seeking settlements of
less than $250,000.
All claims of less than $250,000
must be registered by the end of
this month, the department said.
It said claims of more than
$250,000 should be submitted be
tween Oct. 20 and Jan. 19 to the
Iran-U.S. Claims Tribunal in The
Hague.
The department will negotiate
an agreement to settle the smaller
claims by a lump sum payment
from Iran. A government agency,
such as the Foreign Claims Settle
ment Commission in the Justice
Department, then will distribute
the funds.
The department warned that
claims of less than $250,000 not
received by Sept. 30 may be ex
cluded from the settlement nego
tiations. They must be registered
with the administrator for Iranian
claims, Office of the Legal Advis
er, Department of State,
Washington, D.C., 20520.
The larger claims will be de
cided by the international arbitra
tion board established under
terms of the agreement that freed
the 52 U.S. hostages Jan. 20.
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