December 30, 1965 (20 pages)

o o 0 20 a a e 8 O « As} 3 > o a w. 2, a So . o o o Q E o 3) o A SPIDERY EDWARDS ‘CROSSING BRIDGE on the road between Nevada City and North Bloomfield. Credit Union Man Disapproves Of Federal Reserve Discount Move A spokesman for the California Credit Union League in Pomona has expressed regret at the recently-announced hike in the discount rate, by the Federal Reserve Board, principally because of its effect on the cost of consumer credit, Wil W. Wyatt, managing director of the credit union association, said, "Those persons least able afford it, the average and lowincome families who must rely On credit to meet many of their long -termneeds, will be the most seriously affected, " The Federal Reserve Board last week raised the basic interest rate, the rate charged. banks borrowing money from it, from 4 percentto4-1/2 percent. This led many commercial banks to raise their own prime rate, or basic rate for loans to business from the previous 4-1/2 percent to 5 percent. “Consumer loans will feel the impact of the Board's action also," continued Wyatt, “Interest rates will be upped by most financial institutions, except credit unions, " Credit unions cannot, by law, charge more than 1 percent per month on unpaid balance for loans, explained Wyatt. The basic rate increase will actually improve the competitive. position of credit unions, “However, we regret the action that will make consumer credit more costly to those persons who donot have access to credit union services, Credit unions, who pioneered low-cost credit, have ‘always believed the welfare of all is better served if credit costs are kept low. "Further, we deplore those who would pass off the Federal Reserve's: action asnegligible by saying that consumers pay little attention to interest rates anyway," added Wyatt. As merchants will have to pay more for business loans, the cost is likely to be passed on to the consumer, THE STORY OF THE LANDMAR aa xX. 7 a. ae tattered K Edwards Crossing structure is told succinctly andclearly ona plate bolted to the bridge railing. The bridge is always an object of interest--and worry--to travellers coming for the first time into precipitous South Yuba River canyon. Viewpoint, Sierra College Literary Magazine, recently: opened its annual short story and poetry contest. Prizes of $20 each will be awarded the best short story and the best poem, This year for the first time, an additional $20 will be offered for the best art entry, Deadline for all entries will be January 31st, 1966, All material will be considered for publication in Viewpoint, but only Sierra students are eligible for prizes, Art work suitable for acover design is especially needed, Material may be submitted to Viewpoint Advisor, Bill Hotchkiss, to the Sierra Library desk, or to Viewpoint, Sierra College, 5000 Rocklin Road, Rocklin. = College Magazine Sets Rules fa For Short Story Contest The author's name must not appear anywhere on the manuscript itself, but his address and signature should appear on a separate sheet stapled to the material, Selection for publication will be made by the editorial] board of Viewpoint, Dog Licenses for the year 1966 a Delinquent March 1, 1966 Bicycle Licenses for the yea January 1, 1966 ending Decemb Publish December 30, 1965 if you Didn’t Get Notice To Dog Owners Notice To Bicycle Owners Built in 1859 -»lately restored and refitted in the manner of the Gold Rush times.now offers splendiferous overnite accommodations. Call (916) 265-5135 or write the Red Castle 109 Prospect St., Nevada City, California re due and payable January 1, Fee $2.00 r 1966 are due and payable er 31, 1966 Fee .50¢ OFFICE OF THE CITY CLERK CITY OF NEVADA CITY what you Wanted for Christmas .Come and see us. We Service All Foreign Cars 580 E, Main St, Phone 273-2251 Grass Valley, Calif, Start the New Year Right in a DATSUN from . Nevada County Imports

o o 0 20 a a e 8 O « As} 3 > o a w. 2, a So . o o o Q E o 3) o A SPIDERY EDWARDS ‘CROSSING BRIDGE on the road between Nevada City and North Bloomfield. Credit Union Man Disapproves Of Federal Reserve Discount Move A spokesman for the California Credit Union League in Pomona has expressed regret at the recently-announced hike in the discount rate, by the Federal Reserve Board, principally because of its effect on the cost of consumer credit, Wil W. Wyatt, managing director of the credit union association, said, "Those persons least able afford it, the average and lowincome families who must rely On credit to meet many of their long -termneeds, will be the most seriously affected, " The Federal Reserve Board last week raised the basic interest rate, the rate charged. banks borrowing money from it, from 4 percentto4-1/2 percent. This led many commercial banks to raise their own prime rate, or basic rate for loans to business from the previous 4-1/2 percent to 5 percent. “Consumer loans will feel the impact of the Board's action also," continued Wyatt, “Interest rates will be upped by most financial institutions, except credit unions, " Credit unions cannot, by law, charge more than 1 percent per month on unpaid balance for loans, explained Wyatt. The basic rate increase will actually improve the competitive. position of credit unions, “However, we regret the action that will make consumer credit more costly to those persons who donot have access to credit union services, Credit unions, who pioneered low-cost credit, have ‘always believed the welfare of all is better served if credit costs are kept low. "Further, we deplore those who

would pass off the Federal Reserve's: action asnegligible by saying that consumers pay little attention to interest rates anyway," added Wyatt. As merchants will have to pay more for business loans, the cost is likely to be passed on to the consumer, THE STORY OF THE LANDMAR aa xX. 7 a. ae tattered K Edwards Crossing structure is told succinctly andclearly ona plate bolted to the bridge railing. The bridge is always an object of interest--and worry--to travellers coming for the first time into precipitous South Yuba River canyon. Viewpoint, Sierra College Literary Magazine, recently: opened its annual short story and poetry contest. Prizes of $20 each will be awarded the best short story and the best poem, This year for the first time, an additional $20 will be offered for the best art entry, Deadline for all entries will be January 31st, 1966, All material will be considered for publication in Viewpoint, but only Sierra students are eligible for prizes, Art work suitable for acover design is especially needed, Material may be submitted to Viewpoint Advisor, Bill Hotchkiss, to the Sierra Library desk, or to Viewpoint, Sierra College, 5000 Rocklin Road, Rocklin. = College Magazine Sets Rules fa For Short Story Contest The author's name must not appear anywhere on the manuscript itself, but his address and signature should appear on a separate sheet stapled to the material, Selection for publication will be made by the editorial] board of Viewpoint, Dog Licenses for the year 1966 a Delinquent March 1, 1966 Bicycle Licenses for the yea January 1, 1966 ending Decemb Publish December 30, 1965 if you Didn’t Get Notice To Dog Owners Notice To Bicycle Owners Built in 1859 -»lately restored and refitted in the manner of the Gold Rush times..now offers splendiferous overnite accommodations. Call (916) 265-5135 or write the Red Castle 109 Prospect St., Nevada City, California re due and payable January 1, Fee $2.00 r 1966 are due and payable er 31, 1966 Fee .50¢ OFFICE OF THE CITY CLERK CITY OF NEVADA CITY what you Wanted for Christmas ..Come and see us. We Service All Foreign Cars 580 E, Main St, Phone 273-2251 Grass Valley, Calif, Start the New Year Right in a DATSUN from . Nevada County Imports