Herald & Lantern 23 February '(&

Business Briefs

business

23 Bank Head

Money-Market Drain Continues

. By JOE ZKLNIK This is the first of an occasional “business briefs" column made possible by the fact that three of the writer's second cousins in Columbus, Ohio, gave him a subscription to the Wall Street Journal for Christmas. The column will attempt to offer fascinating tidbits from the Journal's pages It is possible that local business news also may find its way to this space. It can be argued that Wall Street Journal items are about as vjtal to Cape May Countians as a Siberian weather report The author concedes that, with 26 percent of the county unemployed and God knows how many underemployed, advice on how to feed five on 50 cents a day would be more useful

There are three reasons to ignore this logic One, I can't cook. Two, if this column is worthy. I may be able to put the Wall Street Journal on my expense account when my subscription expires. Three, despite the stereotype of the down-and-out Cape May Countian, , telephones at county financial institutions go crazy every Tuesday morning with depositors calling to ask the new interest rate on insured money market accounts. In other words, thbre are moneyed people out there. All those diners waiting 45 minutes to get a table at the Lobster House in Cape May last Saturday night were not tourists. This week's news notes, all culled from the Journal:

Another $2.6 billion in money-market funds departed last week, the 11th consecutive week of losses. Assets have fallen 20 percent, from' a December peak of $232 billion to $192.3 billion Main reason is believed to be transfer to the insured money market accounts born in mid-December. International Harvester Co., which has been warn ing in recent months that it may have to file bankrupt cy. told its annual stockholders' meeting that it is "planning for the worst and hoping for the best." R. J. Reynolds Co. Industries Inc., nations largest cigarette maker, has a great idea on how to avoid $1-a-pack prices in vending machines It's test-marketing 12-cigarette

packs for 85 cents Avon Products Inc . with 440.000 people in direct sales, will spend $6 million to recruit 150,000 more sales representatives this year It's making up for normal post-Christmas tur nover, and also believes families hurt by the reces sion are ripe for new "earning opportunities "

charge card " lacocca will be remembered as the fellow whoMept Chrysler going by^getting a federally guaranteed loan Traffic Up On Bridge

Incidentally, don't think everybody is suffering from the recession One field is booming — bankruptcy. And that means bankruptcy lawyers are in extremely short sup ply and receiving good pay. Finally. Chrysler Corp chariman Lee lacocca call-

ed the federal budget "a /or 15.59 percent national disgrace" and"^ Since Aug 16, 1951, said "Jt’s time someone 438,605,947 vehicles have took away Washington’s eross<tI the bridge

NEW CASTLEujDel During January, Traffic on the Delaware Memorial Bridge increased 173,314 vehicles from January.

1982

Bridge traffic for the month of January. 1983 was 1,284.759 vehicles com pared to 1,111,445Mhitles for January. 1982, Jtml increase of 173,314 vehicles

Announced

BE^ACH HAVEN - Franklin H. Berry Jr., chairman of The First Jersey National BanJc/South announced today the election of Ensley A Tower by the board of directors to the office of president, chief executive officer and director A GRADUATE of New York University with an MBA irf CorporateFinapce, Tower also holds a BS degree in Economics from Seton Hall University Currently a resident of Ho-Ho-Kus. he, his wife and two children plan to move to the southern New Jersey shore area The First Jersey National Bank/South has 15 offices in Ocean. Cape May and Burlington Counties and is a subsidiary of First Jersey National Corp , with total assets of over $1 4 billion.

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