Herald & Lantern 25 May '83

Business Briefs ’82: Income Lagged; Tax Refunds Rose

business

51

New Head of Savings, Loan

By JOSEPH R. ZELNIK million.

If you had a vague feeling that 1982 was a pretty lousy year, you’re abolutely right. The U.S. Commerce Department reports that per-capita personal income had its smallest increase in more than 16 years — 5.3 percent, which didn’t keep pace with the 5.9 percent inflation rate. And that also held down cost-of-living increases normally granted many wage earners plus pension and Social Security recipients. ON THE OTHER hand, individual federal income tax refunds were up from an average of $712 in 1981 to $740 last year. Taxdeductible contributions to Individual Retirement Accounts (IRAs) were part of the reason G.C. MURPHY, with two stores in Cape May County, isn’t complaining Its earnings rose from $4.9 million in 1981 to $11.7 million in the last fiscal year, although sales showed only a modest growth, to $822.3 million from $817.8 million. Inventory reduction, costcutting and upgraded merchandise were credited FIRST JERSEY Na tional Corp,. still striving for the right formula to acquire Guarantee Bancorp, sweetened the deal a second time last week. The price, in cash and stock, has climbed from $37 million to about $40.5

First Jersey South, incidentally, promoted Arthur J. Olson to senior vice president in charge of its loan department. STATE FARMERS have been reminded by the state Secretary of Agriculture to sell their products only to licensed agricultural dealers. State law mandates that dealers in perishable agricultural products file a security or bond each year to cover nonpayment claims from farmers. IF YOU’RE using one of those home computers for business, better check your

homeowners’ insurance policy. It may not cover them IF THE FINANCIAL climate — complex interest rates and possible withholding on dividend and interest income — is tempting you to put your mohey in gold, think again The 23,394-member public employes union in Alaska in late 1980 bought 75,000 ounces of gold for about $25 million, an average price of $613 an ounce. It bailed out last March at $414 an ounce, or a ^total of $17 million. Likely loss, $8 million. —Complied from news releases and the Wall Street Journal.

HERBERT L. HORNSBY

COURT HOUSE - Herbert L. Hornsby Jr., a Stone Harbor resident, has been elected president of the Cape May County Sav ings and Loan Assn., sue ceeding Frank Strohm who recently retired Hornsby has been involv ed in setting up NOW accounts. adjustable mor tgage loans, and other in novations which have mov ed the organization from its traditional home mortgage base to an aggressive financial organization Hornsby wan instrumental in the transformation of the old Acme site here to the headquarters for the savings and loan The building will also include rental space for profes sional offices and a new home for the local post office. Hornsby is the current vice president of the Cape May County Savings

League He earned a degree in business administration at Pennsylvania Military College, now Widener University He grew up in Stone Harbor ^and went to Middle NTownship High School Hbwsby was honorably discharged with the rank pf captain in the United States Ariqy Reserve Recently Hornsby resigned from the Stone Harbor Borough Council to devote his full time to the savings and loan presiden cy He retains the office of treasurer of the Stone liar bor Rescue Squad, of which he was a founder He is also treasurer of the Stone Harbor Firemen’s Relief Assn and a member of the Fire Department Hornsby is married to the former Maryann Burkhart and they have a daugher and son.

Realtors Plan Scholarships

NORTH WILDWOOD - Realtor Robert T Spalding, president of the Greater Wildwood-Cape May County Board of Realtors, has announced that the New Jersey Association of Realtors Educational Foundation wiH be awarding five $1,000 scholarships to students pursuing careers in real estate or associated fields Students must be bonafide residents of New Jersey in their first to fourth years, or in advanced graduate programs. Ap^ plications may be obtained from the local Realtor Board office, at Professional Plaza 9, Anglesca Drive, and must be returned to the New Jersey Association of Realtors Educational Foundation office in Edison, N.J. by June 15. THE SELECTION of recipients for the 1983-1984 academic year will be made on or before Aug 15, by a committee of five trustees of the foundation alter review of all applications and personal interviews with candidates This will be an annual program. The foundation hopes to increase the number of scholarships granted in the future.

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