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V u;» 10 !M V1MH \n:u KlilD \ Y.JANUARY 25.1980 Here Rnd There In Business Ifcwfeii' "tofi Insurance Agents, Legislators Meet Phones Increase As Ma Bell Plans Ahead Realtors At Convention Jackie Palmer of Century 21 Lake Region in McHenry joined over 9,000 other af­ filiated Century 21 brokers, sales associates, regional directors and staff at the seventh annual convention in Las Vegas recently. / They heard Art Bartlett, chairman of the board and chief executive officer, deliver the keynote address of a "Vision to the Future", the theme of the convention. Bartlett previewed many of the new programs that are to become an intergal part of Century 21 offices in the 1980's. Salesman HONORED FOR SERVICES-At a recent party, the Northern Illinois Medical Associates (formerly McHenry Medical Group) honored their tenured staff. Pictured are Dorothy Stoffel, 20 years; Kathryn Hastings, Wagn Sondergaard and Patricia Lippert, 10 years; Peggy Rakestraw, Mary Weiss, Robin Reed and Phyllis Kalemba, 5 years. - * Existing Home Sales Feel Tight Credit Brunt Existing home sales have finally fallen victim to the tight credit policies of the Federal Reserve board, dropping by the biggest percentage figure in the 12- year-history of keeping tabs on such sales. Dr. Jack Carlson, executive vice- president and chief economist of the National Association of Realtors, said recently. "The November sales statistics clearly show that our concern about the housing industry bearing a disproportionate share of the burden caused by stringent monetary policy was well founded," Carlson stated. He added that with mor­ tgage interest rates above 12 percent and with the economy in a recession, further declines in resale activity can be anticipated during the next several months before a modest recovery in mid-1980. Carlson also noted that record-high mortgage in­ terest rates and escalating home prices have sharply boosted the cost of home ownership and placed many potential buyers in an af- fordability squeeze. "The severity of this squeeze", Carlson said, "can be seen by looking at the current monthly payment of $492 that is necessary to satisfy the principal and interest costs on a 90 percent . mortgage on a median priced ($56,300) existing home. Just 12 months ago the principal and interest payment on a median priced ($50,100) home was $396. Thus carrying charges have in­ creased by 24 percent." He said, however, that the rate of increase in the cost of existing homes is falling below the rate of increase in inflation. . The National Association of Realtors represents more than 745,000 individuals involved in all phases of the real estate industry. WM. J. FITZGERALD William J. Fitzgerald has earned Life membership in the Million Dollar club of the Illinois Board of Realtors. He is employed by McHenry County Realty in Wonder Lake. Last week members of the Independent Insurance Agents of Illinois met with Senator Jack Schaffer, Rep. Richard Burnidge and representatives from the offices of Cal Skinnter, Jr., and Thomas Hanahan to discuss various bills af­ fecting the insurance in­ dustry and individual policy holders. Representing the ^ Springfield Office of the In­ dependent Insurance Agents of Illinois (IIAI) were Jay Shattuck and James Logan. Attending from the local area were the following members of IIAI: Frank Low, Mike Low and Tim Low from the Frank Low agency and George Thompson from the George, Thompson agency. Mike Low is presently serving as a newly elected director and George Thompson is serving as vice- president of the McHenry County Independent In­ surance Agents. Of prime concern to the insurance agents in the property and casualty field were the current questions concerning compulsory insurance in the state and the freedom for policy holders to choose their agents without undo outside pressure. The question of licensing and continued education was also discussed by the agents. It was their feeling that the highest degree of professionalism must be maintained in the insurance agents' field to properly protect the insurance buying public. The entrance of the banking related industries as well as workmen's compensation insurance costs and practices were also topics of great interest. It was the feeling of both the agents and the legislators that the insurance industry was being reviewed quite thoroughly by the govern­ mental bodies. It is of the utmost importance that the agents see that the interestes of their clients be protected. It was recommended that agents keep up-to-date on the bills being presented in the House and Senate and to inform their representatives Of their feelings regarding insurance related bills. The legislators emphasized the importance of insuraiyfe availability and competition in the state. They advised many of their constitutents were concerned with the rising cost of insurance. At the invitation of the Independent Agents, members of the McHenry County Life underwriters participated in the meeting. Life, health and accident insurance matters were also discussed. In connection with national and state health insurance plans the agents were informed that the insurance industry, hospital industry and legislators will all play an important part in the future of health care. Many decisions relating to health care coverages and costs will be addressed in the next year. Agents were en­ couraged to keep in touch witlj their representatives on these matters. In 1979, Illinois Bell climaxed the growth era of the 1970's with further im­ provement of products and services while laying the groundwork for continuing change and technological advances in the 1980's. Telephone growth during 1979 continued despite a slowdown in the, general economy. Rapid inflation and the disruptive effects of energy shortages were major factors affecting business conditions. The number of telephones in McHenry at year's end was 21,228, an increase of 801 over 1978. Total Bell system ex­ penditures in Illinois during 1979 were estimated at more than $2.5 billion, excluding the Illinois Bell construction expenditures. This includes outlays for wages, taxes and purchases. In the McHenfy area, these payments totaled $4,549,773. At the end of 1979, the company had approximately 38,600 employees, an in­ crease of 700 workers during the year, but 3,000 less than in 1969. Increasing Natural Gas Costs Evident Northern Illinois Gas customers can expect January and February bills to reflect increasing natural gas costs, according to Owen Bekkum, president. NI-Gas' supply costs which are regulated by federal agencies are currently about 26 cents per 100 cubic feet, an increase of almost 8 cents over a year ago. The increase in costs is passed on to the customer by NI-Gas with no markup or additional profit after review by the Illinois Commerce commission. Uncle Sam Gives Help At Tax Time Home mortgages at 13'2 percent may seem like a lot, but don't forget that Uncle Sam pitches in and helps at income tax time. That, in mortgage interest is a deductible item when figuring your federal and state income taxes. The higher nthe tax bracket Sales-Earnings Down Strikes Have Adverse Effect At Modine Co. McHenry Man Named To Painters' Boards effect, reduces your out-of- you're in, the more you save pocket cost, says the Home on mortgage interest as a Builders Association of deduction. Greater Chicago (HBAGC), trade association of the area's leading builders. C. Cass Collins, HBAGC president, explained that Strikes at major customers adversely af­ fected Modine Manufac­ turing Co.'s fiscal third quarter sales and earnings, it was reported this week. The company's quarterly report just out showed Oc- BE HEALTHY, WEALTHY, WISE 0 Worry less and work more, Ride less and walk more, Frown less and smile more, Eat less and chew more, Preach less and practice more, Talk less and read more. Subscribe to The McHenry PLAINDEALER 385-0170 3812 W. ELM ST: McHENRY, ILLINOIS tober-December sales at $46,839,000, down 16 percent from last year's record $56,015,000. Net earnings of $1,837,000 (3.9 percent of sales) were down 50 percent from last year's $3,654,000 (6.5 percent of sales). EE. Richter, president and chief executive officer, said that in addition to reduced sales volume, earnings were depressed by higher materials costs and by start-up costs and in­ creased fixed expenses associated with two recently acquired manufacturing plants at Lawrenceburg, Tenn., and Jefferson City, Mo. On Jan. 16 Modine's directors declared a quar­ terly dividend of 45 cents per share, payable on March 31, 1980, to shareholders of record on March 3, 1980. Silver, Gold Prices Alarming To Dentists Dentists of the McHenry County Dental society, in their efforts to provide their community with the best patient care possible and fight inflation, are ala£n?ed over the rapidly rising price of silver and gold and its effect on patient care. They feel unscrupulous supply houses are taking exorbitant profits and are exploiting dentists and the patients they serve. Community dentists are looking for alternate sources of supply and are alerting other dental organizations and governmental agencies. The Northeast Illinois chapter of the Painting and Decorating Contractors of America (PDCA) held their annual meeting at Floyd's restaurant in Car- pentersville. The agenda included the annual election of officers and election of trustees to several boards. Tony Pintozzi of McHenry Edison Nuclear Units O.K. Commonwealth Edison's six large nuclear generating units were among the first 20 units in the country to meet the requirements of the Nuclear Regulatory com­ mission's lessons learned from Three Mile Island, the company announced. Sixty-eight U.S. operating reactors were placed in five categories. Edison is in the category of "owners of facilities at which all items have been implemented..." was announced as a member of four boards of trustees that oversee various special funds and activities. Morris Svendsen of Svendsen Brothers, Elgin, was elected PDCA President for a one year term. Svend­ sen has served on the Executive Board of several years. Members also elected three Vice-Presidents: Bud Aurand, Elgin; Dale Bugbee, Oswego and Tony Simon, West Chicago. James Gemmer, Aurora was reelected as Secretary- Treasurer. These officers constitute the Chapter's Board of Directors. Taxable Income Over 000 8,000 12,000 16,000 20,000 24,000 28,000 32,000 36,000 40,000 44,000 52,000 64,000 76,000 88,000 100,000 But Not Over $8,000 12,000 16,000 20,000 24,000 28,000 32,000 36,000 40,000 44,000 52,000 64,000 76,000 88,000 100,000 120,000 Here's a table that shows exactly what the effective interest rate is for various tax brackets Effective Rate of of 13^ Percent Mortgage Percent 10.67 10.24 9.79 9.35 8.75 8.14 7.70 7.27 6.82 6.37 6.08 5.53 5.33 4.88 4.59 4.30 This table should be used only as a guide, Collins said. Harold Nye Elected To Head^Round Lake Bank GOOD TRY After trying everything else, the creditor sent a letter with a picture of his little daughter eni losrd I h<- caption read. I ho reason I need the monev I he next week a photo of a beautiful girl in a bathing suit appeared on the mans desk, also with a caption: The rea son I can t pay!"* I meeting held earlier this month. Nye joined the bank in 1955. He was promoted to cashier in 1959 and to vice- president and cashier nine years later. Nye was elected a director of the bank in 1975. The McHenry man is a graduate of the local high school and served four years in the U.S. Navy prior to joining the Round Lake bank. Nye, his wife, Shirley, and two sons, Daniel and Ronald, reside in Edgebrook Heights. Explain Notarization HAROLD J. NYE Harold J. Nye of McHenry was elected president and chief executive officer of the First State Bank of Round Lake at the bank's annual A new brochure explaining the purpose of notarization and the functions of a notary public is now available - without charge -- to the general public, the National Notary association has announced. The NAA is the oldest and largest educational association for notaries. The new brochure, entitled "What Is A Notary Public?" is intended to clear up misconceptions about notaries and better prepare consumers for. un­ derstanding notarization. Most adults in the United States will require the New in your neighborhood? And still searching for the grocery store and more closet spoce? It s my job to help you feel at home fast. As your WELCOME WAGON Hostess I con supply answers to your new neighborhood questions and bring a basket of gifts to delight your family. Hundreds of people like you in McHenry have called me. I hope you will. too. Judy Wallace 344-3498 Clearance STARTS JANUARY 19th "We're Closing Our Bath Shop" Shower curtains, rugs, florals, decorative towel racks, etc. AH bath Shop Merchandise reduced to ft price. . Limited Quantities and colors. No refunds or exchanges-All sales final. Cash and Carry. Creative Kitchens & Baths 3012 W. file. 120 McHenry, Illinois 60050 (815)344-1180 services of a Notary several times in their lifetime, association officials in­ dicate, often in connection with important real estate, mortgage, and insurance documents. For this reason, the need to understand notarization and proper notarial procedures is critical for the consumer in order to avoid the invalidation of his document and the increasing problem of notarial fraud. Many people mistakenly believe that a notary provides legal services and that his seal automatically "legalizes" a document. The average person is unaware that the notary certifies only a few basic facts. These misunderstandings have led in the past to countless in­ stances of fraud, resulting in severe financial loss to the uninformed consumer. The 10-page, two-color brochure offers advice on where to write or call for help on any type of notarial problems, including negligence and misconduct. Single copies of the brochure are available free by calling (213 ) 347-2035, or by writing to National Notary Association, 23012 Ventura Blvd., Woodland Hills, Calif . 91364. Always Right An executive is a man who can make a decision and stick to it-no matter how wrong he is. -Distributor. San Diego.