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business

Herald It Lantern 30 November '83

Wildwood .to-. 522 0211 Cop. C H ator. 465 3141

SAVE GAS TIME & MONEY SHOP THE CATALOG

Gas Company Sees More Cape Growth

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FOLSOM - In an address to the Ocean City Lion's Club, Richard T. Sigmund, senior vice president of South Jersey Gas Company, presented and overview of his company and its role iji the economic development of the area serviced by the company. Sigmund described South Jersey Gas Co , as the natural gas distribution subsidiary of South Jersey Industries, Inc. Currently, South Jersey Gas serves 160,000 residential, commercial and industrial customers in 112 municipalities covering 2,500 square miles in all of ^Atlantic, Cape May, Cumberland and Salem /counties, and in portions of Burlington, Camden and Gloucester counties. The company supplies natural gas through 3,850 miles of main throughout .the seven-county territory. Of the total customers, approximately 93 percent are residential customers, approximately 7 percent are commercial customers and less than .4 percent represent industrial customers. ••SOl.TH JERSEY Gas Co., has experienced a decided improvement in natural gas supplies," Sigmu?..' indicated, "and the outlook for continued growth in the area is optimistic. Although gas supplies are improving and new marketing activities are proceeding vigorously, South Jersey Gas maintains an ongoing effort to stress the importance of conservation of natural gas, especially through the company’s conservation

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plan." Sigmund reported that as a result of continuing development in and around Atlantic City, South Jersey Gas has been expanding its distribution system to support the increasing demand for natural gas. With the recent acquisition of Cape May County to its service territory, 27,000 new customers were added to the rolls of South Jersey Gas. Cape May County provides the company with the opportunity to add new customers since the county stands to benefit from the growing gaming industry in Atlantic City. The company welcomes the opportunity to provide service to its new customers in Cape May County and eagerly looks forward to contributing to the economic development of the county, Sigmund said. A marketing program, which was originally concentrated in The other six counties served by South Jersey Gas, is being extended to this southern most county. ADDITIONALLY, the company is planning to open two energy saver 'centers in the county. The centers will stock natural gas appliances and conservation items for sale on a retail basis. Just as in the other six counties, the Cape May County customers will be able to finance the purchase of high efficiency natural gas beating equipment at a nine percent interest rate. "South Jersey Gas, as 9 public utility, is regulated by the State of New Jersey through the Board of Public Utilities," Sigmund stated. "In addition, the federal government also plays a major role in the regulatory process. However, a shift in federal control has been brought about by the Reagan administration, especially over the issue of deregulation of natural gas." Sigmund- declared that approximately 50 bills, which deal with natural gas pricing, were introduced in Congress in 1983. Some of these proposals seek to ex-' tend price controls, while others urge the total decontrol of the price of natural gas. He reiterated South Jersey Gas Company’s position on the issue by indicating, "Our company stands firm in its belief that any modification to the Natural Gas Policy of 1978, which calls for the gradual deregulation of natural gas by 1985, must have the security of gas supplies at the lowest possible price as its objective.”

1st Jersey Dividend

JERSEY CITY - At a meeting of the board of directors Nov. 16, the First Jersey National Corp. declared a regular quarterly dividend on common stock of $.40 per share payable to stockholders of record Dec. 2, to be paid Dec. 30. First Jersey National Corp. recently reported net income for the third quarter ended Sept. 30 of $3.7 million, compared to $2.9 million reported for the same period in 1962. Net income for the nine-month period ended Sept. 30, 1983 was $11.4 million compared to $8.6 million for the first nine months of 1982.

Ostoipates Offered Aid

RIO GRANDE - The Cape May County Ostomy Society, which meets 7:30 p.m. every second Tuesday in the Socipl Services Buildjpg, offers help to new ostomates and their families. The American Cancer Society is particularly interested in aiding cancer patients who have ostomies, and such help can be provided by the local group, which offers proof that an ostomy need not interfere with work, marriage, travel, or recreation.

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