Fed Asked to Ease Economic Controls WASHINGTON (AP) - the Reagan Admin- to Fill Credit Demands
Total Page：16
File Type：pdf, Size：1020Kb
The Daily Register >1 on mouth County's Great Home Newspaper VOL.104 NO. 83 SHREWSBURY, N.J. MONDAY, OCTOBER 5, 1981 25 CENTS Fed asked to ease economic controls WASHINGTON (AP) - The Reagan admin- to fill credit demands. only that "the Fed stick to its policy of steady istration, concerned that the nation's money and "We are coming to a time here when a monetary growth. ... We are not calling for an credit supply may be pinched too tightly with a change has to be made," Treasury Secretary easy-money policy, simply that the Fed should recession looming, wants the Federal Reserve Donald T. Regan said in an interview published stay within the target range of monetary policy Board to loosen its grip a bit to get the economy yesterday in The Washington Post. that it has chosen." moving again. Regan said the Fed in the past has "held on The money supply actually has been growing Treasury Department spokesman Marlin too tightly to the monetary reins," exacerbating more slowly than the Fed intended. Fitzwater said yesterday that the adminis- recessionary periods. The Federal Reserve has been trying to tration is not calling for an "easy-money poli- "What we are trying to do this time, and I manipulate the money supply so that the meas- cy" or asking that the Fed change its policy. know the Fed is as sensitive to this as I am, is to ure known as M-1B — cash and most checking Rather, be said, the board should not clamp anticipate that and not stay in a low-supply accounts — grows at an annual rate of 3.S down any harder than it had said it would. mode any longer than is necessary in the down- percent to 6 percent this year. National industrial production is stagnant turn," he said. During the first six months of the year, and housing and other credit-sensitive industries "I'm not going to try to tell the Fed ... however, it grew at an annual rate of only 2.2 — including thousands of auto dealers and other exactly what mechanisms to use in order to do percent. It fell by $1.3 billion last week. small businessmen — are mired in some of their this," he added. But he said the result "would At the same time, the broader measure worst times ever. Economists in and out of be a sufficiency of money to enable the economy known'as M-2 — including all of M-1B plus such government blame the hard times on high in- to recover nicely from its current flat period,'' categories as money market mutual funds which terest rates resulting from a scarcity of money Fitzwater said Regan's comments suggested See Fed, page 5 Hornik blasts Muhler By PAMELA JANIS FREEHOLD - Stephen C. Hornik, 12th Dis- RnllUr PMU M Urrv Pmi trict Democratic candidate for the state As- UP IN FLAMES — Long Branch firefighters battle a blaze early this morning which sembly, yesterday labeled Republican As- destroyed the former Monmouth Plumbing Supply building on Second Avenue. Fire semblywoman Marie S. Muhler's call for State officials have labeled the fire "suspicious." Education Commissioner Frederick G. Burke's resignation "politically motivated." Muhler, Hornik's opponent in the November general election, has citicized Burke over the latter's reasons why state SAT scores are the' 80 firemen battle lowest among the industrial Middle Atlantic states. In the wake of disclosures that the test scores —used to measure a student's ability to do college-level work — have declined although state Minimum Basic Skills test scores have 'suspicious' city fire improved, Muhler and other critics have con- tended that the MSB tests are deceptive gauges By PAMELA JANIS doned building had last been used as a surfboard of scholastic competency. warehouse at least five months ago, but that the However, in response to Muhler's charge and LONCi BRANCH - Flame licks and smoke building had been sealed and boarded up since her subsequent call for Burke's resignation, billows engulfed the former Monmouth Plumb- then. ing Supply building on Second Avenue early this Drums of flammable substances apparently STEPHEN C. HORNIK MARIE S. MUHLER morning, as approximately 80 firefighters used in surfboard manufacture, however, re- fought unsuccessfully to save the vacant build- mained in the rear of the building where Faye Related ttory, page 4 education is responsible for setting educational gains of any state in the region. ing said the blaze started. The substance, as yet standards in the stats. You can't do well in a In addition, Muhler said, Burke's contention Fire officials who responded to the 1:33 a.m. unidentified, fed the flames that shot through Burke demanded that the legislator prove her basic skills test and do poorly on the SATs and that state average SAT scores are lowered by call later termed the fire "suspicious" and said the windows and roof the two-story wood and contention or apologize to him. According to tell people you can't compare them." the increased number of students taking the the blaze would be investigated by the city brick building. Burke, the MSB scores cannot predict SAT And, Muhler noted, educational officials, test, does not account for the fact that other police and fire department arson squad. For more than an hour, the flames were achievement and the statewide average SAT from another Middle Atlantic state, New York, states also reported an increaae in test-takers. Fire Chief Robert Faye said that the aban- See fM, pag«S score is lowered by a larger pool of students pointed to that state's MBS test scores as an Other states, Muhler said, grapple with the taking the test than in other state indication of its rising SAT scores, the highest See Hornik, pageS In a press release issued from Hornik's of- fice, the candidate defended Burke and charged Better attitude seen that Muhler's call for his resignation was "po- litically motivated." "Rather than asking for the commissioner's Retiring shop owner resignation as a political ploy," Hornik said, toward Viet veterans "the Assemblywoman should be looking at the alcohol and drug abuse among teen-agers. An By BOB HKAMI.KY recalled his first contact with a Gold Star Pa- estimated 6,000 teen-agers, who reside in Mon- rent. mouth County, have a drinking problem. Only saluted by friends MIDDLETOWN - The national attitude "I was escort officer for one of my fighter 31,576 teen-agers are enrolled in Monmouth The store, which has been the oldest store toward veterans of the Vietnam War is slowly pilots who was shot down. I brought bis body County high schools. These facts tell me that a EATONTOWN - All the people that at- home. It was my first contact with a Gold Star large percentage of teen-agers attending grades tended last night's testimonial dinner for in continuous operation in the borough, was changing for the better. started by Wolcott's grandfather in 1891, and This was the theme stressed by speakers at Parent ... I never realized how much you all 9 through 12 are potential candidates for the James N. Wolcott Jr., couldn't have fit into gave up," Self said to the assembled parents. disease of alcoholism." his hardware store, and that's probably part then passed on to his father and uncle. James last night's sixth annual Vietnam Gold Star of the reason they were there. Wolcott Jr. joined the store in 1946. Parents dinner-dance at Buck Smith's restau- "God bless you." And, the release continued: "A legislator, Police Chief Joseph M. McCarthy termed the "You symbolize the era of small business For 35 years, he good-naturedly helped rant, East Keansburg. especially one who is a member of the Assembly customers find the right "thing-a-ma-jig"— dinner a memorial to all the young men who lost Education Committee (as Muhler is), should with personal service that's hard to find "I'm a Vietnam veteran and I'm not their lives in Vietnam. today," Joseph Jennings, president of the as master of ceremonies Joseph Perrotto put look at all of the reasons for a drop in test it. ashamed of it; I'm proud of it," said Mayor and "They have not been honored properly, but scores. By instituting vigorous outreach pro- local Chamber of Commerce told Wolcott at Freeholder Frank A. Self, who flew fighter jets this organization has turned the tide. People like grams, within the school system, and follow-up the dinner attended by about 175 of Wolcott's And last night they paid him back with in Vietnam as an Air Force combat pilot. Self See Better, page I family services we can raise the public aware- friends, family members, customers and certificates, plaques, and accolades. ness of addiction-related problems and thereby business associates. But perhaps it was Harry Conberg, repre- raise the SAT scores to exceed the national Wolcott, 75, recently announced that he senting the "citizenry" of the borough, who average." was retiring and closing his store at 27 Main best captured the old-time rapport that St., bringing an end to an institution that has Wolcott established with the community. "That's putting two separate problems to- See Retiring, page 5 gether," Muhler responded last night. "He's served the commmunity for 90 years. welcome to defend Fred Burke if he wants to — I still feel he should resign. The commissioner of The Inside Story THE WEATHER Partly sunny and mild today with highs 70 to 75.