January 20, 1988 25 Cents Volume 18 Numbers

A GREATER 1H3*TFWJT3TO*T*7TT=T Mh T h WRM F R E L P U 6 165 MOIN ST MAT Pi WAN, N J 0 7 7 4 JANUARY 20, 1988 25 CENTS VOLUME 18 NUMBERS frosty fun Pamela Smith (front), 8, Mindy Cron, 8, and Joel Smith, all of Lincroft, catch their breath after sledding down a hill last week in Holmdel Park. Warm weather this week has been meiting the snow blanketing the area. ' Photograph by Martin Petterchak 2 JANUARY 20,1988, THE INDEPENDENT Continuing Strength DECEMBER 31, 1987 OFFICERS ASSETS ROLAND LEWAN, JR ............................................. President DOREEN R. B YR N ES......................Senior Vice President CASH........................................................ $ 40,317,804.73 ROBERT J. MOIR .............................Senior Vice President JERRY PANZER ............................... Senior Vice President U.S. GOVERNMENT OBLIGATIONS. 1,587,988,932.20 MATHEW F. RAFTREE, C PA ... .Senior Vice President WILLIAM F. WARD ...........................Senior Vice President OTHER SECURITIES.............................. 96,482,904.54 JULIUS KOEHLER, JR ...................... First Vice President MORTGAGE LOANS.............................. 296,519,076.49 CHARLES L. LYNCH ........................ First Vice President EUGENE F. RADELL.... =................ First Vice President OTHER LOANS....................................... 35,816,539.89 DANIEL F. RYAN ....................First Vice President ROSE SIGLER ...................................... First Vice President ASSOCIATION PREMISES JOHN B. STR U C K O ...........................First Vice President AND EQUIPMENT - NET........................ 2,693,944.71 DONALO J. BODE........................ Second Vice President RICHARD J. DOUGHERTY... .Second Vice President ACCRUED INTEREST DIANE C. KRAEMER....................Second Vice President RECEIVABLE........................................... 28,108,604 79 ROSEMARIE LOMONACO... .Second Vice President CHRIS C. MATALAS . .Second Vice President OTHER ASSETS..................................... 562,183.61 ISABEL PIZZOLATO ....................Second Vice President JOHN F. W O LG A ST....................Second Vice President $2,088,489,990.96 MARIE CROSBY................................Third Vice President GERALDINE DePETRA.................... Third Vice President JOHN N. DeTORE............................. Third Vice President c DOLORES LINFANTE .......................Third Vice President CATHERINE L. C O SS A .................... Third Vice President DOREEN R. B YR N ES............................................. Secretary LIABILITIES—RESERVES-SURPLUS MARYANN F. YOUNG ............................................. Treasurer M ICHAEL T. H O L M E S .................................Senior Auditor SA V IN G S.........................................................$1,060,895,164.46 DAVID W. ROSSNAGEL............................................. Auditor PATRICIA E. GALLAGHER Assistant Secretary REVERSE REPURCHASE MARY LOU PHIFER ......................... Assistant Secretary AGREEMENTS..................................... 865,229,687.50 JUDITH N. SCHROPE.......................Assistant Secretary MARY LOU KOESTLE.......................Assistant Treasurer ADVANCE PAYMENTS BY MORTGAGORS FOR TAXES DIRECTORS AND INSURANCE................................ 1,490,592.18 ROBERT A. BOYD, JR. ANDREW G. KRESS, JR. EDWARD E. BRUEN, JR. ROBERT F. LeMOINE OTHER LIABILITIES................................. 4,173,916.45 NEIL W. BUIE ROLAND LEWAN, JR. C. STEWART HAUSMANN JOHN F. MULLER, JR. ADVANCES FROM FEDERAL JULIUS KOEHLER, JR. A. LOEW RICKERT HOME LOAN BANK ............................ 50,000,000.00 CHARLES A. SCHAIBLE RESERVES - SURPLUS. 106,700,630.37 DIRECTOR EMERITUS W ILLIAM B. HORBACK $2,088,489,990.96 COUNSEL HERRIGEL, BOLAN, MANAHAN & TROXELL m u e d m INVESTORS SAVINGS AND LOAN ASSOCIATION HOME OFFICE: 249 Millburn Avenue, Millburn EAST ORANGE • FREEHOLD • HILLSIDE IRVINGTON • NAVESINK • PLAINFIELD SHORT HILLS • SPRINGFIELD SPRING LAKE HEIGHTS • UNION Member F.S.L.I.C. A Sound, Conservative Savings Institution THE INDEPENDENT, JANUARY 20, 1988 3 INSIDE STORY Session set Saturday on fire district plan Three nominated financial difficulties had prompted five If verified, it will be sent to the state De companies to petition for a district. partment of Community Affairs. The Union Beach Borough Council Eleven companies, If the state approves the petition, the will probably choose one of three But, if the township increases funding to Democratic nominees Thursday to fill township aim each of its 11 companies, he said, a district committee must establish a fire district. its vacancy, the mayor said. would not be needed. “We feel strongly that 5 percent of the O’Shaughnessy suggested that the com people should not be allowed to dictate to PAGE 5 . at compromise mittee increase its aid to each fire company 95 percent of the people,” O’Shaughnessy By Liz Sheehan from $19,000 annually to the $35,000 per said. Ritz workers adjust mitted by state law, and pay each $35,000 Township Attorney William Dowd said MIDDLETOWN — Firemen who want for equipment each year. he thinks the township has sufficient time to Charles of the Ritz employees’ fears to establish a fire district will meet Saturday The proposal would be less expensive for negotiate a compromise. were confirmed last week, when Rev with opponents of the proposal and towns taxpayers than a fire district, he said. The fire companies that asked for a dis lon announced its plans to close the hip officials to attempt to compromise. Holmdel plant. O’Shaughnessy estimated that the tax rate trict have said that township funds and pri The session was planned Tuesday at a would increase by 2.4 cents per $100 of as vate donations are not enough to meet their PAGES 6 ,7 Township Committee workshop, after Ri sessed valuation if the township’s donation expenses. chard O’Shaughnessy of Middletown Fire were raised. Taxes would increase by 4.5 If a fire district were created, rsidents Company No. 1 said that the entire towns cents per $100 if a district were established, would be taxed to pay for the annual district Pollution fought hip must be included in any fire district. he said. budget. New rules restricting sludge dump O’Shaughnessy said that an official of the A fire company’s average annual expen Committee members said that the matter ing will not significantly reduce pol state Department of Community Affairs ses are $70,000, he said. must be resolved by March if the township lution near the New Jersey coast, had told him that fire districts could not be Five companies — Belford Independent, is to increase fire funding in its 1988 budget. according to the executive director of established in only part of a municipality. East Keansburg, Community of Leonardo, The six companies opposing the dis the American Littoral Society. The six fire companies oppposed to a dis Belford Engine and Old Village — submit trict — Navesink Hook and Ladder, Bre- PAGE 8 trict, he said, would not stop others from ted a petition signed by 5 percent of towns vent Park and Leonardo, Port. Monmouth, having one as “long as we are not forced in hip voters asking for a fire district. Middletown Township No. 1, River Plaza that district.” The petition is being examined by the Hose and Lincroft — have retained attor Housing plan scored O’Shaughnessy acknowledged that severe township clerk. ney Daniel Waldman. Objectors to Middletown’s afforda ble housing plan report little movement in mediation sessions. Aberdeen authority proposes $100 fee hike PAGE 9 “We expect sometime in the future we’ll composted at the Cliffwood Beach site in Plant im provm ents be looking at reduced rates,” he said. “The special containers. Builder may sue costs (of the improvements) will be spread Truck traffic in and out of the sites would A developer may sue Middletown before Planning Board over more customers.” remain at present levels, Karasiewicz said. for permission to build 32 condomini By Liz Cannon Sewer connection fees from the additio Responding to questions from residents ums on a section of the Bamm Hol nal housing will also offset the costs, he and Planning Board members, Karasiewicz said. low Country Club. ABERDEEN — The annual sewer fee is said the increased capacity of the Cliffwood The authority, seeking preliminary site Beach plant — up by 500,000 gallons to PAGE 13 expected to increase by 71 percent to $240 to finance improvements to the township’s plan approval for the improvements, ex 1.25 million gallons per day — would ac two sewage plants. pects to complete its presentation before the commodate “the filled-out growth of that Hotel on hold Planning Board tonight. section of the township.” A public hearing will be held Jan. 28 on The board last week had requested that The River Gardens plant will be conver Discussion of a $20 million hotel- the proposed rate increases for the Aberdeen the plan be revised. ted into a pumping station to the Cliffwood convention center proposed for Aber Township Municipal Utilities Authority. Beach plant. deen will probably resume in March. Plans for the Cliffwood Beach sewage Irwin Forman, authority chairman, said treatment plant include a grit-and-grease-re- ATMUA officials have said the Strath PAGE 14 the annual sewer fee of $140 will be increa moval facility, two round above-ground ae more plant will continue to operate at its sed by $100. ration tanks covered with geodesic domes, present million-gallon-per-day capacity, but Forman said he expects the rates to go two

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