42 business Herald & Lantern 2 May '84

'9HH 399-015^ SHOEMAKER ^vi mh • w«t *»•.,

■10 ^**$1.20 PtCKtP W *T F/UW * GROWS ON 4NY SO/LJ * FREE HOMEOWNER INSTRUCTION! *FREE DELIVERY ON 2000 SO. YDS. ^yUCKAMOC lfURF FARMS INC. ■V*=rai 628-2415 Box 366 - Tuckahoe, N J. 08250 Phone 628-24 1 5 ^ SOD FARM J ^kNEWJERSEl^ERTTFIEyUJE^RAS^O^^^

DECK| J ,-ggV ' OUR NEW TOP S . V-r" ^ £ •• J DECK SETS SAIL 5 ^ . • ^5*|;A WITH A SALE! k, yJI Z Z Ph h MAY 5th ; pff THROUGH 20th j f 40% OFF 40% OFF I ■ 1984 Outdoor furniture collections Flnkle outdoor umbrellas 5 from Samsonite, Tropitone, Telescope! rv * ' OFF H6QUUW PWCg. I ■I Our entire Top Deck is see-worthy! It's a new second floor addition ■ to Seashore True Value, with a bigger selection of tables, chairs. h CEOCZUC1DB ■ ■I chaises and accessories and hundreds of other items at special U ■ECbiZMTI^JibE H I prices to help you enjoy the great outdoors in comfort and style! , ^ TMJEI ! HIT THE DECK! FOR 40% OFF! on 96th Street, Stone Hwtoor, N.J. 3W-3191 1:38 AM Is 5 PM Monday thnwffc Saturday. Sunday 9 to 5 PM aiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiR

Atlantic Electric Keeps Rates Stable

SMITHVILLE - Atlantic Electric's success in 1983 is good news for customers as well as shareholders who attended the company's annual meeting according to. the utility's executive vice president, E. Douglas Huggard. 'Tor the third consecutive year, the average price paid by our customers has remained stable at about 83* per kilowatt-hour, ' ' ne reported. "By nearly every significant measure of success, 1983 was one of the best years in the long and impressive history of Atlantic Electric." This was the opening statement and an ongoing theme in Huggard's remarks to Atlantic Electric shareholders. OTHER SIGNIFICANT V events included record sales of 5.9 billion kilowatthours, a record peak de5 mand of 1.3 million £ kilowatts, and revenues which reached a record $517 million. Those record sales and demand levels

were attributed to the weather in 1983. "Our customers' maximum demand reached a record 1.3 million kilowatts on a very hot July evening — a 6.8 percent increase over the previous year." said the executive. Dividends of $2 30 per share were paid to shareholders in 1983, extending to 31 consecutive years the utility's record of dividend increases. "One of this company's long-term goals has been to achieve a solid "AA" status with all major rating agencies," Huggard said. "A significant milestone towards that goal was reached in 1983 when Standard and Poors raised their ratings of our long-term debt and preferred stock from "A + " to ::AA-," he went oh. "We now have this status with all major rating agencies — further recognition of our improved financial performance." IN 1983. the company also successfully negotiated a contract with Pennsylvania Power, and

Light Company (PP&L) to purchase 125,000 kilowatts of coal and nuclear generated capacity through the year 2000. An earlier agreement to purchase only nucler-fueled power from PP&L through 1991 had been challenged by conflicting orders from the New Jersey Board of Public Utilities, which ordered Atlantic Electric to terminate the agreement, and the Federal Energy Regulatory Commission, which accepted the contract. The conflict was resolved in September when the New Jersey BPU officially endorsed the contract to purchase both coal and nuclear generated capacity. "This agreement with PP&L protects the interests of both our customers and shareholders," Huggard explained, "because it will provide needed capacity through the year 2000 without incurring the expensive capital costs of power plant construction." The PP&L contract is * also an example of Atlantic ) Electric's continued success in achieving a diverse fuel mix. "Ever since the 1973 oil embargo, the energy message for the future has been loud and clear — conservation, coal and nuclear power," said Huggard. THE COMPANY HAS clearly taken heed of that message: Its Energy Team campaign has introduced over 40 conservation programs for customers, the use of fuel oil for electric generation has been reduced from a high of 76% in - 1974 to just 20% in 1983, and the increased use of coal (62%) and nuclear power (16%) completes the balanced combination.

"Over the years, this company can confidently say that we have done all we can to control operating costs and Aocept to stabilize our customers' rates, as well as earn a fair return from our shareholders — because that's our job," Huggard said. "But we depend upon adequate revenues to ensure the continued financial health of the electric utility industry." . J

Refund for Water Co.

SWAINTON - For the second consecutive year, the county Municipal Utilities Authority has been able to credit a refund to the New Jersey Water Co., operators oflthe Ocean City wastewater collection system. After the final 1983 audit was completed last month, a total of $73,057.37 was credited to the New Jersey Water Co.'s account. It will be an adjustment to the first billing in 1984 to the water company. The 1982 audit produced a $72,710 refund credit. The MUA operates the wastewater treatment * plant and pumping stations in Ocean City.

"WHAT THIS means is that MUA spent less than it took in, Chairman William Band explained. "It says something positive about the efficiency of the operation of the MUA." The 1983 rate the MUA charged the municipalities for treating wastewater was 2.5 percent less than the 1982 rate. The 1984 rate adopted in December 1983 is within 1 percent of the 1982 rate. The Ocean City Regional system began functioning in January, 1982, while the Cape May Region treatment facilities went into operation two years later in February, 1984.

Completes AF Basic Course NORTH CAPE MAY - Airman Terrence J. Brady, son of Agnes E. Brady of 620 Town Bank Rd., has been assigned to Chanute Air Force Base, 111., after completing Air Force basic training. The airman will * now receive specialized instruction in the flight training equipment field. He is a 1979 graduate of Wildwood High School.

Statewide Earnings, Assets Up TOMS RIVER - Joseph W. Robertson, Statewide Bancorp's president and chief executive officer, reported an increase of 32 percent in first quarter 1984 earnings over the first quarter of 1983. Net income - for the first quarter of 1984 amounted to $2,396,000 compared with $1,818,000 for the first quarter of*1983. Earnings per share were $.91 for the first quarter of 1984 compared with $.69Tor the comparable 1983 quarter. Total assets increased by $271,793,000 since March 31* 1983 to $965,811,000, an increase of 28 percent. Return on average assets through March 31, on an annualized basis, was 1.17 percent, up 8 percent from the 1.06 percent return experienced through the end of the prior year first quarter. Robertson attributed $123 million of the asset growth to the acquisition of four banking offices from First Jersey National bank/south in February and seven banking offices from First Peoples Bank of , New Jersey in March. These 11 new locations, coupled with a new Pt. Pleasant branch under construction, have swelled The First National Bank of Toms River to 38 branch offices. Statewide has completed the public sale of a new convertible preferred stock issue totalling $13,750,000 which has materially improved its capital adequacy ratio to a position in excess of 7 percent.

Break on Interest For Flood Victims

NEW YORK, N.Y. - Regional Director B.J. McKeon of the Federal Deposit Insurance Corporation has announced that the FDIC has granted bank depositors who suffered flood-related losses temporary exemption from the interest rate regulations that penalize holders of time deposits for withdrawal of funds prior to maturity. This waiver is limited to depositors who suffered losses as a result of .severe flooding in the New Jersey counties, including Cape May which were declared major disaster areas by the President April 12. INSURED statechartered banks that are

not members of the Federal Reserve System, whether or not they are located in the immediate disaster area, may allow depositors who can show that they have been damaged as a result of the disaster to withdraw all or part of their time deposits before maturity without paying any penalty. Depositors seeking to avail themselves of the suspension will be required to furnish their banks with proof of losses occasioned by this particular disaster. This suspension will be in effect for six months. This will provide eligible depositors sufficient time to determine their losses and their need for funds.