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Dover Times Reporter Newspaper Archives Dec 13 1982, Page 1

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Dover Times Reporter (Newspaper) - December 13, 1982, Dover, Ohio Theres Charlie Brown snoopy. Hes going Christmas shopping. Only 12 pays to go forecast times the reporter 80th year no. 144 Dover new Philadelphia Ohio monday december 13.1982 25 cents Complete weather report on Page a-10.thousands throw away is checks official says to special report there Are uncounted thousands of social Security recipients who seemingly done to care if the system goes bankrupt. While Congress and the administration search frantically for ways to find the $150 billion to $200 billion the social Security Trust funds need Over the next seven years to remain solvent these individuals treat their monthly government checks As so much waste paper. They done to even bother to Cash them presenting the social Security administration with a four decades old a Sun negotiated Check problem that it and Congress just now Are beginning to tackle. Who Are they a we really done to know who they Are a a said social Security administration spokesman John Trollinger pointing out that neither the is a nor the Treasury department has the finely tuned data gathering capability needed to determine which of the 36 million social Security recipients Are throwing their Money away. A some people May have their checks stashed away in a suitcase or a Footlocker a he said. A others simply throw them away. They re living with a son or daughter for example and they get their Check and they just done to need it. Sometimes they bring the Check Back to the government and say a i just never needed a there is a second major category of social Security recipients who never Cash their monthly checks and they neglect to do so for Good reason. They Are deceased and reports of their demise have not yet filtered Back to the computers at the ssi and the Treasury department. The sea contends it eventually stops sending checks to just about every beneficiary who Dies and leaves no Kin eligible to receive survivors benefits. At the same time it attributes much of its a negotiated Check problem to checks received by the dead. A the biggest cause is people who Are sent checks and then die before they re negotiated a said Trollinger. A when there is no surviving spouse the Check remains out there an ineligible person who seeks to Cash a deceased a Check usually is apprehended and criminally indicted Trollinger hastened to add. Uncashed checks Are in fact a gift to the Treasury and for that reason correcting the problem has never been a High government priority. Lately however officials have become concerned that the social Security Trust funds Are debited for the unclaimed amount by the Treasury department which writes and mails social Security checks. This makes the Trust funds deficit look worse than it actually is. Social Security estimates that since 1940 some $325 million Worth of checks have been neither cashed nor returned to the government. Counting interest losses officials say the Trust funds Are being unnecessarily debited $30 million annually and that it is time for the bookkeeping quirk to be corrected. See is checks .a-3 too much unfinished work Congress not Likely to punch out Early by Cliff Haas associated press writer Washington after two weeks legislators have done Little of the work planned for their lame Duck session and Capitol Hill leaders Are All but abandoning Hope of adjourning the 97th Congress on schedule Friday. In the Senate leaders Are trying to choke off a filibuster preventing consideration of president Reagan a proposed Nickel a gallon hike in the Federal gasoline tax to finance Highway Bridge and mass transit repair jobs. A vote on a move by Senate majority Leader Howard h. Bakerjr. A Tenn to break the filibuster and take up the measure was scheduled for this afternoon. On a 79-10 vote last week conservative republicans opposing the tax increase lost an attempt to postpone debate until next year. The tax hike will pass in the Senate predicted Senate finance committee chairman Bob Dole a Kan a it May not be until new years eve but it will pass a he said sunday on lbs news a face the meanwhile the House will be taking up a Stopgap spending Bill that includes a $5.4 billion democratic package of help for the nations unemployed As Well As a Chance for members of Congress to raise their salaries. Republicans say the president will veto the Bill if it reaches his desk in its present form. Technically failure to pass a Stopgap spending Bill by Midnight Friday will leave the bulk of the Federal governments agencies and programs without Money. A a in a still planning to be out on the 17th, but senators should be on notice it May be difficult to do that a Baker told his colleagues As the Senate recessed for the weekend. A a we re All going to be in Here singing a Jingle Bells on dec. 24,�?� rep. Silvio o. Conte a Mas the top Republican on the House appropriations committee said before that panel sent the Stopgap Bill to the full House for action expected tuesday. The Bill is necessary because Congress has not acted on All the necessary spending Bills for the fiscal year that began last oct. I. In september Reagan asked the leaders of the House and Senate to Call both Chambers Back into session after the elections to work on Money Bills. When Congress recessed for the november elections final action had not been taken on to of the 13 regular appropriations Bills necessary annually to keep the government in business. Congress has been at work for two weeks now in the Post election session but none of the to remaining spending measures has been sent to the White House. Since the Stopgap Bill is expected to be the last major measure moving through the 97th Congress it is becoming a a Christmas tree for legislators who want to attach pet projects. Conte was especially critical of the multimillion Dollar jobs plan democrats attached. A these Arentt programs they re he said. . Would have loved this democrats included Money for a variety of emergency Public works jobs housing Aid and assistance for the unemployed including food and shelter. Rep. Jamie l. Whitten a miss the appropriations committee chairman said the jobs package was just a a Small the appropriations committee also attached an amendment to the Stopgap Bill which would remove the Cap that holds the salaries of members of Congress to $60,662.50 annually. Aides said the aim of the move is to allow the pay ceiling to be raised to a higher level. A separate vote will be taken on the pay Issue when the Stopgap Bill comes to the House floor. to attend Dover meeting a group of teachers concerned about negotiations that currently Are being conducted is expected attend tonight a Dover Board of education meeting. The session which will be held at South elementary will begin at 7 30 . Three negotiation meetings have been held and a fourth is scheduled this afternoon. Or. Thomas Coyne of Akron and Don Peters administrative assistant Are representing the Board in the talks. Coyness fee varies depending on whether it is on an hourly basis or on a contract basis. He generally receives about $50 per hour. Leatrice Armstrong of the Ohio education in serv and Stuart Ferbrache chairman of the Dover education negotiating committee Are handling the bargaining for the Browns blues capitalizing on a nonexistent Cleveland offence that included two interceptions and a Fumble the Cincinnati bengals blitzed the Browns sunday 23-10. Page a world May end martial Law the polish government May suspend its remaining martial restrictions which were put into effect just a year ago. Page a-2index 36 pages 4 sections classified .d-2tod-5 comics.d-7 court records .a-10 editorials .a-4 hospitals .a-10 hot line.d-6 localife.b-6, b-7 obituaries.a-5 sports .c-Ltoc-4 stocks.a-10 television .d-6glenn ready to push for presidential bid Baltimore apr Ohio sen. John h. Glenn or. Will begin an All out Effort to capture the democratic presidential nomination next month according to a published report. The Baltimore Sun quoted an unnamed Glenn adviser sunday As saying that the second term . Senator would begin a a nicely operational presidential campaigns in january but that a formal announcement be made until the Spring or summer. Glenn will try to stake out the Middle of the political spectrum and will attempt to win the endorsement of organized labor now that sen. Edward Kennedy of Massachusetts has bowed out of the race the newspaper reported. Glenn also has reportedly decided to run in every primary and caucus and citing the appointment of Reagan a close Friend a Nevada sen. Paul Laxalt a As the Gopas general chairman has abandoned his View that president Reagan will not seek area Farmer files suit against fertilizer firm a former re i Bolivar Farmer has filed a $500,000 damage suit in Tuscarawas county common pleas court blaming a fertilizer company for the deaths a year ago of 23 prime Dairy cattle abortions in six others and damage to the herds milk production and Quality rating. Willard Himes in a suit against the agrico chemical co. Of Canton and Tulsa okla., says that the urea fertilizer he bought was unsafe and not fit for its use because it was harmful and or lethal to farm animal life. The suit states that Himesh cattle a became aroused by the Aroma and fragrance of the fertilizer and trampled through a wooden Gate to begin eating it. Himes claims the deaths of his cattle the subsequent devaluation of his Herd and milk product and veterinary expenses ultimately forced him to liquidate his Dairy farm at a a great financial new ways to save Money begin by Louise Cook associated press writer a savings and checking revolution begins this week for anyone who has at least $2500. New accounts will provide High interest a about double what you re getting now a and Low risk. And you will have easy Access to your Money. Starting tuesday Banks and savings and loan institutions will offer Money Market savings accounts which will pay interest comparable to Money Market Mutual funds. Beginning Jan. 5, be offering High interest super now checking accounts. Unlike the Money Market funds both new Bank accounts will be insured by the Federal government for up to $100,000 each. Federal officials have set certain rules for the Money Market and super now accounts and individual institutions can. Within limits add their own regulations. Some institutions for example May charge monthly service fees while others May not. Some May compound interest daily others May choose to do it less often. Here is How the new savings accounts will work you must Deposit at least $2500 individual institutions can set higher minimums if they want. At least one new York City Bank requires an initial Deposit of $5000. There is no ceiling on interest each institution is free to set its own rate. The rates Are expected to be about the same As those paid by Money Market funds and usually will be first in a series tied to what Are called a Market interest rates a the rates paid on things like government securities. James Kendall of the . League of savings institutions said he expected initial rates of about to percent. The current interest on conventional passbook savings accounts is a maximum of 5la percent at commercial Banks and 5v2 percent at savings institutions. Some Banks and a amp is offered premiums to customers who signed up for Money Market accounts in Advance and advertised initial rates of up to 11 percent to lure depositors. The interest rate will fluctuate a depending on Market conditions. Government regulations prohibit Finan a a a a i Cial institutions from guaranteeing the Money Market account rate for More than one month. Some Banks and a amp is will change the rate weekly a few will change it every Day. Each institution will set its own rate some will tie the rate to a specific financial Index but others wont. The rate theoretically could be the same for several months if Market conditions Are stable but there Are no guarantees. You can take your Money out and close the account at any time subject to restrictions imposed by the individual institution. You can make withdrawals in several ways. There is no limit on the number or size of withdrawals you can make in person. You can make up to six other withdrawals each month a by Check by Telephone or by the kind of reauthorized agreement you sign for an automatic Bill paying service. No More than three withdrawals May be by Check. There is no limit on the number of deposits you can make. Nor is there a limit on the size of deposits. Unless the institution has its own rules to the contrary you can switch Money from existing accounts into a Money Market account by Telephone. If your balance Falls below $2500, the interest rate will drop. Some Banks will pay no interest at All. The maximum interest allowed by the government on Money Market account balances of less than $2500 is 5vi percent. Because of the fluctuating interest rates Money Market accounts will mean some uncertainty for the consumer. You won t know what the interest rate will be for longer than one month. Based on current Market conditions however the Money Market account will give savers the Chance to earn substantially More than the current maximum on passbook accounts which is the 5vi percent paid by savings and Loans. Here Are some examples suppose you have $2500. At 5va percent compounded daily you earn $141.34 in interest in one year. See Money a-3 the final touch photo by Erie Albrecht Denise Demarinis to of Malvern puts the crowning Star on a live Christmas tree girl scout troop 369 donated to the Village. The rest of the scouts Are surrounding her singing Christmas carols. The Village also has a Large Christmas tree erected downtown. A

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