New Friday Section: Heal Estate Today' SEE PAGES 3M2i The Weather Sunny today, high around • FINAL 50. Clear tonight, low in 30s. Kerf Bank, Frtvhold Sunny and mild tomorrow. Sunday cloudy and mild. Lung Branch EDITION 32 PAGES Monmouth County's Outstanding Home Newspaper VOL.95 NO. 185 RED BANK, N.J. FRIDAY, MARCH 23,1973 TEN CENTS ^nimwiUMiniiHiiiiiiiiiiiiiiiiiiiiiiiiiiiiin iiiiiiiiiniiiiinuniiiiiiiiiHiHiiiiiiiiiiiiiiiiMiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiniiiiniiiiia Nixon Pressing Bankers, Meat Men in Price Fight WASHINGTON (AP) - The loans to its best customers. mittee on Interest and Divi- banks to give "prompt consid- est charged to a bank's best a dollar-for-dollar basis any Dunlop said. prices. Nixon administration is put- This still is a quarter of a per- dends told bank representa- eration" to a proposal for a customers and is seen as a ba- decreases in their costs. The regulation previously Stein predicted the rate of ting pressure on meat packers centage point above the old tives during a day-long meet- dual prime rate, with one rate rometer of interest charges had applied to meat packers increase in food prices, which The order, announced by and Banks in an effort to help rate. ing in Washington yesterday for large corporations and a generally. with more than 1250 million in was 2.2 per cent in February council Director John T. Dun- the housewife and homebuyer. that it felt the increase was second for small businesses. annual, sales and the new or- alone, will decline to an annual (See related story oa page 3) unjustified. Burns "reiterated the great lop, was a move to ensure rate of 2.5 per cent or less by Franklin National Bank of that a recent decline in whole- der extended it to virtually all At least one bank, Continen- "The prime lending rate for public importance of contin- December. He said this would New York indicated it would But it indicated it would not sale meat prices will be meat packers. tal Illinois Bank & Trust Co. large corporations could re- uing to practice moderation in be an acceptable increase be- try to stay with the 6% per look unfavorably on an in- passed along to the consumer of Chicago, announced it was spond flexibly to changes in interest charge's to farmers, Herbert Stein, chairman of cause real wages should be in- cent criticized by the adminis- crease to 6% per cent, noting at supermarkets. cutting back on an increase in tration. Continental and that the cost of "interest-sen- open-market rates. However, homebuyers and consumers," the President's Council of creasing faster. the statement said. its prime lending rate after Franklin were among seven sitive" funds used by banks special moderation would be Wants Cuts Passed On Economic Advisers, said yes- the government said the in- £anks that increased their has risen considerably. observed with respect to loans In another consumer action "The council expects such terday that consumer boy- "It is Only when they hit 2.5 crease'was too high. • . prime rate to 6% per cent on DM! Rate Urged to smaller businesses," a yesterday, the Cost of Living decreases to be passed cotts against high costs may per cent in a month that ev- Continental said the new Monday. Committee Chairman Ar- committee statement said. Council ordered the nation's through the distribution chain have contributed to the de- erybody knows there is a food rate would be 6% per cent on The administration's Com- thur F. Burns also urged the The prime rate is the inter- meat packers to pass along on to the ultimate consumer," cline in wholesale meat crisis," he said. Laos POW________ _____s Deadlock' Delays Release of 138 SAIGON (AP) - The Sunday instead of waiting un- two civilians captured in Loas "Brig. Gen. John A.' Wick- ernments at the cease-fire ne- United States and North Viet- til next Wednesday, the dead- would be released. ham Jr. of the U.S. delegation gotiations in Paris that "the nam failed today to resolve line set by the Paris cease-fire The North Vietnamese said told the Communists at the U.S. POWs held in Laos would' the deadlock delaying the re- agreement for the release of release of the nine men cap- meeting today that the letter be released in Hanoi and lease of 138 American prison- American prisoners and the tured in Laos was up to the he gave them Wednesday ac- coincident with the implemen- ers captured in Vietnam. Both withdrawal of American Pathet Lao and not Hanoi's cepting their proposal "mere- tation of the Vietnam agree- said the POW transfer could troops. responsibility. They refused to ly was a response to the North ment." not start tomorrow as planned The United States at first hand over the list of 138 Amer- Vietnamese proposal and did earlier. accepted the proposal, but ican POWs awaiting release not constitute a definite A U.S. spokesman com- The United States delega- yesterday announced troop but said they were ready to go agreement." mented after the meeting, "It tion also told the Communists withdrawals had been sus- ahead with their original pro- Wickham also contnded that seems unlikely that the re- at a 31/. hour meeting of the pended until Hanoi also gave posal if the United States car- there had been an "under- lease of the American prison- . Joint Military Commission it official notice when seven ried out the troop withdrawal standing" between the U.S. ers will come in advance of that it had evidence con- American military men and part of the bargain. and North Vietnamese gov- the end of the 60-day period." firming that North Vietnam had reestablished an antiair- craft missile site near Khe :'.•••'< AP wir«mi«i» Sanh, in the Northwest corner UP AND AWAY — Stote Sen. Joseph Azzollna, R-AAonmouth. tosses a spe- of South Vietnam. It was 7th Ave. to Be City Hall Site cial commission report on capital punishment into the air as he leaves the threatened retaliatory action. Senate chamber yesterday. Sen. Azzolina, sponsor of a bill providing for The South< Vietnamese gov- LONG BRANCH - City The consensus of council, tablish a committee for that last night's meeting. reinstatement of death penalty, scored the study report which recom- ernment charged that Com- Council President George Mr. Hoffman said, was that purpose. Carmen Scaglione, 298 Nor- mended the Legislature delay action'on the matter. munist forces fired a rocket' Hoffman last night said the the site of the existing city He added that council will grove Place, chairman of the into a refugee camp in the governing body has decided to hall-library complex would be expedite plans for the new City Hall Site Plan Com- Mekong Delta 95 miles south- unanimously back a proposal in the best interest of the city city complex. He said city of- mittee, said last night that he west of Saigon, killing 24 refu- by Mayor Henry R. Cioffi to in general. ficials will contact Jules Gre- has not yet heard of council's gees and wounding 40 oth- build the new city hall com- He added, however, that the gory, a professional planner decision. Azzolina Raps Death ers. plex at the Seventh Ave. city governing body agreed that it for Uniplan, Princeton, to re- Mr. Scaglione declined to Weekend Releases hall site. will proceed as rapidly as pos-' sume construction plans for comment until he has had The North Vietnamese and Mr. Hoffman said council sible to devise a plan to re- the complex "as soon as pos- time to digest the contents of Viet Cong had proposed re- met privately last, night with vitalize the downtown busi- sible." council's recommendation. Penalty Study leasing the last 138 prisoners Mayor Cioffi and several ness area, a plan long sought Mayor Cioffi, a longtime The city hall study group Report by the merchants. they admit to holding tomor- members of the downtown sponsor of the proposal to con- had recommended that the TRENTON (AP) - Suppor- Gov. William T. Cahill, who Dickey, R-Camden, chairman row and Sunday in Hanoi pro- businessmen's group which Mr. Hoffman said council struct the new complex at the new complex be constructed ters of proposed legislation to appointed the commission, of the Judiciary Committee in vided the United States with- favored another site for the will meet next week with a Seventh Ave. site was not at the oceanfront site of the revive the death penalty in said he would withhold com- the lover house, said his com- drew the last of its troops by complex. delegation of merchants to es- available for comment after Garfield Memorial Park. New Jersey say they will ig- ment until he has more time mittee would meet Monday to nore a report by a special gu- to review the panel's brief re- decide whether to release a bernatorial study commission port. death penalty bill fora floor and seek legislative approval Burden Seen vote. this year of a measure'to The commission said, "the Storm Hampering Sea Wants Action reinstate capital punishment. passage of a capital punish- Dickey said he wanted to The commission recom- ment statute before clari- see action on the issue be- mended yesterday that the fication by the Supreme Court cause "New Jersey should be Legislature postpone any at- would place a great and ex- in the forefront rather than Search for Ship Crew tempt to pass a death penalty pensive burden upon New Jer- waiting for other?." bUl until the U.S. Supreme sey's taxpayers, prosecutors A bill to reimpose the death NEW YORK (AP) - A law to contain electronic sig- They were joined later by the Court clarifies the con- and courts.