News Herald from Port Clinton, Ohio • 7

Tuesday, Oct. 20, 1981, News Herald 7 Business analysis: i Brief Mortus wins Economy in 'Catch-22' national award underscored with measures to "foster a greater perception of risk by financial intermediaries." But the problems run deeper, said Kaufman. At the beginning of his address to a meeting here of the Financial Executives Institute he laid it on the line in unmistakably clear observation. "For the moment," he said, "it is sufficient to say that in the past few decades, our consumption and life style have overwhelmed our industrial and innovative zeal." Kaufman's influence on securities prices, corporate decisions, and government policy can be vast. His speech made poor entertainment high level of Interest rates, combined with the rapid growth of the variable interest rate costs structure of business, is taking its toll on corporate profits.

"The interest expense of non-financial corporations accounted for 30 percent of profits before taxes in the first half of 1981. This ratio averaged 25 percent In the 1970s and only 19 percent in the 1960s." "Unfortunately," he told the financial executives, "some pain will continue to be Inflicted on the economy and credit markets. We have backed ourselves into NEW YORK (AP) The U.S. economy is snared in a world of Catch-22 situations, "a sort of paradox wherein one set of events is contradicted by another," says Henry Kaufman, Wall Street economist. "Escapes, if any, are few and hold real problems," he told a meeting of financial executives.

"The chances of going wrong in anything we do are many." Solutions create problems; to fill a hole you dig another. Said the man "the street" considers an economic seer: "The best-intended decisions may produce the wrong results; measures of relief for some may produce unanticipated pain for others." Corporations and banks are strapped for credit. Liquidity, or the availability of assets quickly convertible to cash, in some cases may be a myth, dependent on further short-term borrowing, he suggested. "Indeed, a noose is tightening around the credit markets," and interest rates now falling will rise again, he said. He expressed displeasure with President Reagan's approach to economic problems.

It would have been preferable, he said, to have had "a sharp thrust to a balanced budget in fiscal 1982," plus tax cuts limited to spurring investments, and a monetary policy Donald M. Mortus, an employee at United States Gypsum Company's Gypsum, Ohio plant, has been named one of five national recipients of the first Community Service Award sponsored by United States Gypsum Company. United States Gypsum plans to make the awards annually. The award, which recognizes outstanding individual achievement in community activities, includes a donation of $1,000 to the charitable organization of Mortus' choice, a personal gift and a plaque to be permanently displayed in the Gypsum plant. Mortus has named the Port Clinton emergency medical squad as the $1,000 recipient.

A general maintenance foreman at the Gypsum plant, Mortus was chosen for his long service with the Volunteer Fire and Emergency Services Department of Port Clinton. He has spent 22 years with the fire department and four years with the emergency medical services department, helping to protect life and property in the community and surrounding area. The Gypsum plant, which manufactures sheetrock brand Gypsum Board, has operated in the community for 80 years. United States Gypsum Company employs about 450 individuals from the surrounding areas of Port Clinton, Catawba Island, Oak Harbor and Lakeside-Marblehead at several departments which manufacture paper, ceiling tiles and panels, and other products. Genoa Chamber meets tonight Developing natural gas as a source of energy will be discussed by Craig Bergman, the speaker at tonight's meeting of the Genoa Area Chamber of Commerce.

Bergman, manager of community relations for Columbia Gas Company, will discuss "New Supply Development Projects." A social at 6:30 p.m. will precede the monthly dinner meeting, to be held at 7 p.m. at the Fire Hall in Genoa, located at Washington and Sixth streets. The Genoa Firettes will prepare and serve the dinner. GTE has toll-free number A new toll-free number for General Telephone Company customers in Ottawa County is now available, according to Terry Schultz, customer service manager for the Port Clinton area.

Phone books for Port Clinton and Oak Harbor will include the repair service number in the introductory pages. Residents of Port Clinton, Lakeside-Marblehead, Oak Harbor, Kelly's Island and Put-in-Bay now can use the toll-free number, 1-668-4411, to reach the repair center. Schultz urges all customers to review the introductory section of the book for tips that can save them time and money when using the telephone. Customers will find numbers for company services, GTE Action Line, emergency numbers, dialing instructions, rates for long distance calling and other information. Schultz said that anyone not receiving a book by Oct.

23 should contact the company's business office. LaSalle's is now Macy's TOLEDO Effective Oct. 1, 1981, the Lasalle's has changed its name it is now "Macy's." Lasalle's has been a division of R.H. Macy and since 1923. In November 1980, the eight Toledo-based Lasalle's stores and the 13 stores of Macy's Missouri-Kansas were combined into one central operation, Macy's Midwest.

The name change is one of the final steps in the completion of this amalgamation. Combining the divisions would allow Macy's Midwest to be organized and run like the other Macy's divisions, while combining buying operations and most management functions into a central operation, according to Leslie Ball, chairman and chief executive officer of Macy's Midwest. MORTUS a difficult corner." DUPP'S PRINTING SUPPLY 1 26 Madison St. At PC Area Chamber meeting Gillespie to speak The annual meeting of the Port Clinton Area Chamber of Commerce will be held at the Catawba Island Club on Saturday. Members are urged to make their reservations with the office.

The featured speaker will be John Gillespie from Channel 13 TV in Toledo by Wednesday. John Gillespie came to the 13 Nightly News sports anchor desk in March 1980 bringing with him an extensive background in tele vision sports reporting. In his career, Gillespie has wrestled a 500 pound bear, lost 20 pounds in ite weeks while taking a body building course and stepped into the boxing ring with a former Golden Gloves contender, Before joining Channel 13, he was a reporter and anchor for KDFW-TV, Dallas, Texas. In this position he traveled extensively to cover the various major league teams in that city. Before working in Dallas, he broadcasted in Wisconsin.

High assets forTT TOLEDO George W. Haigh, president and chief executive officer of Toledo Trustcorp, reported record assets and deposits. By the end of September, total assets reached an all-time high of $1.3 billion, an increase of $130 million over the same period in 1980. Total deposits Increased $80.9 million from $860.5 million reported in 1980 to $941.4 million during that nine-month period. ONE-WRITE PEG BOARD ACCOUNTING SYSTEMS Time Saving Accurate Adaptable To Almost Any Bookkeeping System.

Ideal for Accounts Receivable, Payroll and Disperamenti GILLESPIE Finke Pharmacy Reduce: y0 changes hands reDortedlv sold the OAK HARBOR Oak Harbor Apothecary owner Joe Baumgartner has bought Finke Pharmacy, 1T 1IT 1 in vv. vvaier iieie ami vi 1 1 mnira lite vY wrm ml win uiuvc mo piiaiiiiavjr business to the Finke location Nov. 1. Finke's will become Oak Harbor Apothecary and me Dreseiu Auuuieccuv vfe location, 161 W. Water will become a gift and greeting card shop owned TSQ2X-FC3EE DDDtoPOSQ business so he and his wife can travel.

Finke operated the pharmacy the past 30 years. Baumgartner said Finke will work as a part time pharmacist for the Apothecary. Baumgartner said both the new pharmacy and the gift and greeting card shop will operate under the name Oak Harbor Apothecary at the present time. He added that he expects to change the name of the gift shop in the future. Baumgartner said the new business is not a "merger." He added that he foresees no change in personnel with the Apothecary's move and the establishment of the gift and card shop.

and operated Dy Baumgartner. Baumgartner purchased the former Lentz's Drug Store at the 161 Water St. address in 1979. Both he and his wife Elsebeth are registered pharmacists. Baumgartner then recently bought Finke's from Emerson Finke, who (ESQStiD E3DuQaS DIAMOND SAVINGS TAX-FREE "All Savers" Certificate 13.50 TAX-FREE BONDS TO MATURITY First $2,000 of interest earned filing a joint tax return ($1,000 filing individually) is TAX-FREE.

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