The Cincinnati Enquirer from Cincinnati, Ohio • Page 23

Tuesday, December 21, 1982 THE CINCINNATI ENQUIRER BUSINESS B-7 HUE ESS OPEC Fails To Agree On Sales Limits ID.C. Phillips rS3 Chairman Of Chamber rbavid C. Phillips was elected the 1983 chairman of the Greater Cincinnati Chamber or Com-! naerce. Managing partner of Andersen certified Tpijblic accountants, he served as the chamber first vice chairman during 1982 and chaired the mayor's port authority task force. Trustees also elected the following officers for next year: James A.D.

Geier, chairman and chief executive of Cincinnati "Milacron, first vice chairman; -Charles M. Barrett M.D., president, Western-Southern Life, second vice chairman and group vice president-membership; Sister Jean Patrice Harrington, president, College of Mount St. Joseph, secretary; W. George Krall, vice president and general of Evendale production -division, General Electric, treasurer, and James D. Kiggen, presl-dent, Xtek assistant secretary-treasurer.

The chamber's group vice presidents for 1983 are: Donald E. would take suitable measures to protect the interests of the majority in OPEC. The radio did not say what those measures would be, nor did it name the countries it called the transgressors. BEFORE HE reported the agreement, Yamani told reporters his country was not willing to be included in an OPEC production-sharing plan, but insisted Saudi Arabia had tried to accommodate the needs of other OPEC members. The Saudis never committed themselves to the production quota plan worked out last March, but have maintained a self-imposed ceiling on.

a voluntary basis in what they call the interest of cartel unity. Yamani said Sunday that his country was pumping about 5 million barrels a day, well below the Saudis' voluntary limit of 7 million barrels. Iran says it is producing 3 million barrels, compared with the 1.2 million-barrel ceiling it was assigned in March. OPEC's overall output is estimated at 19.5 million barrels daily, well above the total 17.5 million set in March. Indonesia and other countries have said at this meeting that the Saudis should participate in the production quotas.

output is considered by analysts to be essential to OPEC's unity, because a world oil glut has pushed the group to the brink of a price-cutting war. OPEC's official price of $34 a barrel is about $4 higher than equivalent oil sold outside the cartel. Before agreement was reported, Hum-berto Calderon Berti, Venezuelan oil minister, said "We have to keep the price at $34." IRAN AND Saudi Arabia, who hold the keys to an OPEC agreement, had given little indication Sunday that they were ready to compromise on the production-sharing issue. Saudi Arabia is by far the biggest producer in OPEC, but Iran is trying to expand its role in the 13-member organization. Iran made a new, though mainly symbolic, step in that direction by proposing that a member of its delegation be named secretary-general of OPEC.

Marc Nan Nguema of Gabon, who currently holds the Job, is scheduled to step down next year. A more serious problem for OPEC is Iran's insistence that it be given a bigger share of sales at Saudi Arabia's expense. Saudi Arabian state radio on Sunday accused some OPEC members of "premeditated internal sabotage" and said the country VIENNA, Austria (AP)-OPEC oil ministers formally agreed today to a production ceiling of 18.5 million barrels a day through 1983 and to freeze their base price at $34 a barrel, said Ahmed Zaki Yamani, the oil minister of Saudi Arabia. But the ministers put off until later a decision on how to divide the sales among each of the 13 countries in the oil cartel an issue that has threatened OPEC unity. It was not known for how long the ministers agreed to freeze their base price.

Agreement on the ceiling, 1 million barrels less than estimated current production, was reached during the second day of the Organization of Petroleum Exporting Countries' year-end conference, Yamani said. BEFORE THE agreement was reported, sources close to the talks said the new production quotas for individual countries would allow higher sales for Iran, Libya, Venezuela, Indonesia and Nigeria. The sources said Saudi Arabia was being asked to hold its production at about 1 million barrels a day below its current voluntary ceiling of 7 million. In a series of closed-door talks Sunday, the ministers pleaded their cases. The cartel has been racked by disputes over how to share oil sales and avert a price collapse.

A system for limiting each members' DAVID C. PHILLIPS Weston, chairman and chief executive, Gradison communications; Gerald S. Gendell, manager-public affairs, Procter Gamble, economic development; John D. Geary, president, Midland Enterprises, government and community affairs, and Alexander Stolley, president, Northlich, Stolley, local and small business development. Optician Is Man Of Vision Personal Spending Shows Increase Way, is a 20-year veteran of the optical business-prlmarlly in the wholesale end who opened his own shop Just last April.

"It's kind of scary to open your own business," he admitted. "But the advantage of a small operation like this is that you can give extra service like the video thing." He said he had heard of others in the business using video gear this way, but they usually charge extra for what he considers an integral part of the fitting process. Olson said people don't seem surprised at how they look on TV. "No," he said, "they're more surprised at how they sound." It's a conundrum similar to the old "How do I look it up in the dictionary if I don't know how to spell it?" In this case, it's, "How do I know what I'll look like in my new eyeglasses if I try on the new frames sans lenses?" The poor-sighted have always had to drag along a trustworthy friend or squint in a mirror to select a new set of frames not a very satisfactory technique. Technology to the rescue.

A West Chester optician is now using a video recorder to allow clients to see themselves as others will see them. Jerry Olson, proprietor of I Care Optical, 7370 Kingsgate strength was concentrated In sales of automobiles. And he said, "Auto dealers were Just dumping their '82 model cars" by offering special deals. "I haven't seen anything to suggest this holiday season is all that red hot," he said. Baldrige, in a statement distributed by aides, agreed the November income gain was "modest." Consumer price Inflation figures have not yet been published for November, but it seems unlikely they will show an Increase much under 0.4.

The commerce secretary also noted that November spending was led by auto sales. But he indicated there would be good news ahead on a broader front. "Recent declines in interest rates on most types of consumer loans, some rise in consumer optimism and increased housing activity point toward improvement in durable goods expenditures in the coming months," he said. clined for the third straight month. Disposable, or after-tax, Income also rose 0.4 to an annual rate of $2.22 trillion.

The 1.2 increase in personal consumption spending basically everything but Interest payments to business was the biggest since the 1.5 of August 1981. Spending reached an annual rate of $2.03 trillion in November. With spending rising faster than income, Americans' new personal savings dropped 10.5 to an annual rate of $129.1 billion In November. THE NATIONAL savings rate, which measures the amount of disposable income that is not being spent, dropped to 5.8 from October's 6.5. Straszhelm pointed out that previous government reports showed the November spending levels off and the factory workweek expands." Government officials and private economists are generally agreed there has been little or no growth in the overall economy as measured by inflation-adjusted gross national product during the nearly ended fourth quarter.

But most of them expect at least slight growth early next year. Monday's Income-spending report from the Commerce Department said total personal Income reached an annual rate of $2.62 trillion in November, up 0.4 from October. HOWEVER, THE increase was mostly due to government "transfer payments" such as Social Security checks and increased unemployment compensation. Private wages and salaries de WASHINGTON (AP)-Amerl-cans' personal income rose Just In November, probably barely keeping up with inflation, government figures indicated Monday. But consumer spending Jumped 1.2 in what Commerce Secretary Malcolm Baldrige called "a good start for the holiday season." Baldrige saw good news ahead for both spending and income, but his view was far from unanimous.

Donald Straszhelm, vice presl-cfent of Wharton Econometrics, 'said, "My guess is retail sales will be weaker in December, and there's no indication yet of real strength on the income side." Baldrige said sales of relatively expensive durable goods 'should keep rising. And he said "Gains In Income should accelerate from here on as employment Ryland Group Raises Dividend share more than that paid in previous quarters. The company also said that a secondary offering of 300,000 shares of stock will be made sometime after the audit for 1982. Ryland Group, a homebuildlng company, declared a dividend of 21 cents per share payable Jan. 30 to shareholders of record Jan.

15. The dividend is three cents per T-Bill Yields Decline To Early November Level may pay as much as 9.7 and commercial banks as much as 9.45 interest on 2 Mi -year "small saver" certificates. In addition, new tax-exempt "all-savers" certificates Issued by financial institutions through Saturday will pay 6.49 when held to maturity. In order to gain the maximum tax exemption $1,000 for individuals and $2,000 for married couples an ual would have to invest $15,408 at the current rate. accounts linked to federal securities: Savings and loan associations may pay as much as 8.768 interest on six-month certificates and commercial banks as much as 8.518.

The limits had been 8.769 and 8.519. Banks and may pay as much as 7.857 on three-month certificates compared with the past week's 7.995. 8.104, down from last week's 8.205. The yields, a measure of the cost of government borrowing from the public, were the lowest since 7.813 on Nov. 1 for three-month bills and 7.762 on Oct.

18 for six-month bills. Monday's discount rates understate the actual return to investors-an average of 8.13 for three-month bills and 8.57 for six-month bills. Beginning today, in private WASHINGTON (AP)-Yields -on short-term Treasury securities declined slightly in Monday's auctions, hitting the lowest levels In more than a month, officials said. About $5.8 billion in new three-month Treasury bills were sold at an average discount rate Qt 7.857, down from the 7.995 of last Monday. In addition, the government Sold about $5.8 billion in six-month bills at an average rate of jnuu.uu WWU of tree software taclidet Carlisle Buying Illinois Company numerically controlled and computer numerically controlled machinery.

Carlisle, headquartered in Cincinnati, makes a wide range of rubber, plastic and metal products for the recreational tire, automotive, data communications, aerospaceelectronics and construction materials markets. 1 Carlisle Corp. said Monday it has an agreement in principle to acquire Numerldex Inc. of Wheeling, 111. for undisclosed considerations.

Numerldex, which has about 95 employees and annual sales of more than $13 million, Is a privately held concern that provides products and services to users of micROtvnttw I I Hours M-F 10:00 A.M.-8:00 P.M. SAT 10:00 A.M.-5:00 P.M. 1st National Buying Fairborn Bank rs 1 First National Cincinnati Corp. said Monday It has an agreement In principle to buy Bank One of Fairborn, Fairborn, Ohio, from Banc One Corp. of Columbus.

Specific terms were not disclosed. i -The Fairborn bank has three offices In Greene County and total assets of $60 million. First National Cincinnati has assets of $2.2 billion and eight banking subsidiaries which operate 63 offices in central and southern Ohio. First National Cincinnati said it expects to complete the transaction In the first quarter of 1983, assuming necessary regulatory approvals. It Oyjx Uncle Sam .4 Vf 0 i Ik neip tou oumpuienze Your Business Put this TRS-80 in Service Before the End of the Month and Get a Full Year's Depreciation Plus Applicable Investment Tax Credit! OV" It tt -4 mwi deville Jf i IWS4f SALE! Save '500 TTTTppTT TP" 4077I VOIItU MMtn nmu $2999 1 A novel Rx for gift givers A lifer of irreverent humor and superior quality vodka.

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