Sulphur Springs News-Telegram (Sulphur Springs, Tex.), Vol. 102, No. 74, Ed. 1 Thursday, March 27, 1980 Page: 2 of 16
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J
2-THI NEWS-TELEGRAM, Sulphur Spring*, Texai, Thursday, March 27,1980.
fif
Lenders put squeeze
* <
on credit card users
By ROBERT BURNS
AP Business Writer
NEW YORK (AP) - The
squeeze op consumer
borrowing has tightened once
again with actions by Bank of
America and Citibank — the
nation’s two biggest banks — to
make credit card use more
expensive and loans harder to
get.
Finance companies, retailers
and other banks also are in-
stituting stricter credit policies
to meet new Federal Reserve
requirements to hold down loan
growth and President Carter's
program to cool inflation by
reducing consumer spending.
Beneficial Corp , the nation’s
largest finance company with
$4.3 billion in loans outstanding,
plans to reduce its loans by 5
percent this year. Sears,
Roebuck and Co., with 23
million charge customers, has
boosted its minimum monthly
payment on charge accounts
from $8 to $10.
As the largest bank issuer of
credit cards with 8.3 million
cardholders, the San Fran-
cisco-based Bank of America
said Wednesday it will boost its
minimum monthly payment
requirements on Visa and
MasterCard accounts and
stiffen criteria for new card
applicants.
Credit card customers with
the country’s largest bank will
have to pay 6 percent of each
month’s unpaid balance or $25
— whichever is greater — in-
Texans pay $400,000
for rare silver coin
BEVERLY HILLS, Calif?
(AP) — The mast expensive
silver coin ever sold will be
displayed in a Texas museum
by the pair of El Paso coin
dealers who paid $400,000 for a
silver dollar at an auction here,
spokesmen said.
Bidding opened at $175,000
and increased in $25,000 in-
crements for the 1804 U.S.
silver dollar sold on the, first
night of a three-day rare coin
auction Wednesday at the
Beverly Wilshire Hotel, said
publicist Roger Beck.
The silver dollar sold “in
about 60 seconds,” Beck said.
The buyers, Larry Hanks and
Bill Pullen, both 31, said they
will display the silver dollar in
an El Paso museum before
possibly reselling it.
"It's the highest price ever
paid for a silver coin in the
world,” Beck said, ‘‘and the
second-highest ever paid for
any coin.”
A gold 1787 Brasher Doubloon
was auctioned off for $725,000 in
New York about two months
ago, he said.
The silver dollar commanded
a high price because only 15
silver dollars were minted in
1804 "and only 12 are still
known to be in existence,” Beck
said.
The sale was the first time
"in over 20 years” that an 1804
U.S. silver dollar has been on a
public auction block, Beck said.
About 325 bidders attended,
paying an average of about
$8,000 per coin in the first two
hours, he said.
A rare coin dealership
organized the event and ex-
pects the auction to bring $7
million in three days.
stead of the;current minimum
of 4 percent or $10.
Meanwhile, Citicorp an-
nounced plans to move its
credit card operations from
New York to Sioux Falls, S.D.,
so it can charge a higher in-
terest rate on its, 5.8 million
credit cards.
Citicorp, whose chief sub-
sidiary Citibank is one of the
country's biggest consumer
lenders, said it is losing money
under a New York usury limit
prohibiting interest rates of
greater than 18 percent on
credit card balances of less
than $500 and 12 percent on
greater balances. Starting May
1, South Dakota’s usury limits
will be 18 percent on the first
$500 charge balance and 24
percent on greater amounts.
The company has no specific
target date for the move,
although it could occur as soon
as July, a spokesman said. He
added the company still is
hoping- the New York usury
limit will be lifted soon.
Citibank has not yet decided
what rate it will charge when
the move is completed, but a
spokesman said it would be
higher than its current rate.
A spokesman said most of the
2,500 jobs affected would be
filled in Sioux Falls, and the
move would add about $90
million in revenue to the South
Dakota economy.
Earlier this week, No. 2-
ranked Citibank announced it
would Issue no new MasterCard
or Visa cards; minimum
monthly payments of $15 up
from $5, limits of $300 on cash
advances and no installment
loans to new customers.
A spokesman for No. 3-
ranked Chase Manhattan Bank
said the bank also has been
considering moving its credit
card operations from New
York,
Grand champion...
Vicki Mabe and Brown Swiss winner
Showmanship champ...
"k* ■ ...Eric Mabe and top trophy
M-G youths top show
Members of the Miller Grove
FFA chapter continued their
winning ways-with top honors
at the Pittsburg Junior
livestock Show.
Mark Garrett won Class III
Brown Swiss and Vicki Mabe
captured Class II and the
Brown Swiss cow class. Vicki
also received the Grand
Champion Brown Swiss trophy
for her efforts at the show.
In the showmanship class,
Eric Mabe demonstrated his
ability in the show ring by
winning the showmanship
trophy with his three-year-old
Brown Swiss.
Other members exhibiting
animals were Rickey Jennings,
Brian Lennon, Robin Garrett,
Cathy Weatherly and Donald
Birchfield.
"American Express Money Orders Sold Here"
QUICKY FOODS
(ilLMKR STREET AT RADIO ROAD
PHONE 8M5-2646
All Lunds
dryland Club
Maryland
Club
COFFEE
All Grinds
1 Lb.
Can
*2
69
CRISC0
Pure Vegetable
Shortening
3 Lb. Can
199
9 With Otl
A 0< $10 <
With Other Purchases
Of $10 Or More
49 Oz.
Giant Size
Kleenex
DISPOSABLE DIAPERS
Toddler ^ 79
12 Ct.
1
Wilkin's Pride
Grade A
La,8e
EGGS
69*
Dozen
Del Monte
CUT
GREEN
BEANS
No. 300
Cans
J1
GLADI0LA
CORN BREAD
MIX
White or
Yellow
6 Oz.
Pkgs.
5 £99*
Market
Sliced
Lb.
Pratt’s
Hickory Farm
BRAND
BOLOGNA
*i“
County Fair
BREAD
2 *Lb 89
fm Loaves
4
Bird’s Eye
COOL
WHIP
Mary Kitchen
CORNED
BEEF
HASH
No. 300 Can
Reg. 99*
69*
8 Oz.
Ctn.
69
4
V%* u.s.
No. 1
RUSSET POTATOES
49*
5 Lb. Bag
Decker's Quality
BACON
lb.
$J29
4 Roll
Pkg.
Hi-Dri
BATHROOM
TISSUE
69
4
t
K0TEX
Feminine Napkins
12’s
Reg. and
Super
98
4
Pilgrim’s
Pride
Grade A
Whole
FRYERS
49*
Lb.
For Your Convenience We Are Open 8 a.m. • 6 p.m.
On Sundays
WE ACCEPT
FOOD STAMPS!
WE APPRECIATE
YOUR BUSINESS!
QUANTITY
RIGHTS RESERVED!
Prices Effective
Thurs., Fri. & Sat.
Custom Cuts
Always
Available In
The Butcher's
Shoppe!
All
Jeans
14 H SWEET IT IS!
SALE
Now is the time to buy that Prom or
Party Dress!
Prom & Party Dresses
20% OFF
Special Rack Junior & Misses Of\Q7 Arr
Easter Dresses ZU/oUrr
10% OFF
Blouses. Tops & Tubes 10% OFF
10% OFF
Store Hours....9 a.m. - 6 p.m.
All Junior
Play Clothes
V7S4
The
Village Press Shop
...Best Little Dress Shop In Texas!
1135 Mockingbird
Phone 885-2242
SPRING
AHEAD
GARDENERS!
SAVE $32.95
YaRDMaN
A COMPACT
& TILLERI
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Lightweight,
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MODEL
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Width
Rugged and
dependable...
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• Save your back! t Save your temper!
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MODEL Suggested List Price $249.95
21030 'Spring Ahead Sale Price $21 7 00
YOU SAVE $32:95
116 U«dt Or.
The Saw Shop
885-5931
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Keys, Clarke. Sulphur Springs News-Telegram (Sulphur Springs, Tex.), Vol. 102, No. 74, Ed. 1 Thursday, March 27, 1980, newspaper, March 27, 1980; Sulphur Springs, Texas. (https://texashistory.unt.edu/ark:/67531/metapth824735/m1/2/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Hopkins County Genealogical Society.