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Coitiity Residents by PENNY FISHER What Has Happened Is That Depositors Have Withdrawn Healthy Reserve

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Coitiity Residents by PENNY FISHER What Has Happened Is That Depositors Have Withdrawn Healthy Reserve f f f < tMl •*•• % add Maw* Rti Bank Arm ^ _ .. •^BS^S* JSi U&fl WS» ' i Bank Register, lac, UM. MONMOUTH COUNTY'S HOME NEWSPAPER FOB 87 YEARS 0Ut 7414010 flmxudr TifcU*. Snort Ctaw Mas* 7c PER COPY VOL. 88, NO. 19 ' «1 lUUlw Ofttttt. FRIDAY, JULY 22, 1966 PAGE ONE Coitiity Residents By PENNY FISHER What has happened is that depositors have withdrawn healthy reserve. And with the average rate of return on in- A spokesman at Shadow Lawn Saving and Loan Associa- The tight mortgage money market has had a marked effect , their money from these "small-profit" lending institutions and terest loaned out below the 6 per cent ceiling, it is becoming tion, Long Branch, said, withdrawal of Savings is running difficult for these mortgage-supplying thrift institutions to make "about 20 per cent heavier than last year" and the situation , id the shore area. deposited it into higher yield investment instruments, includ- : : En addition to individual home buyers and sellers, ing commercial banks' certificates of deposit. a satisfactory margin of profit. has created "more difficulty" for the consumer iij obtainiaf who aw prime victims of the tightening in available , limited by Law "We Just can't compete with higher interest rates other a loan. The spokesman said, however, that "new money It coming in in other deposits." •••.-' funds, are* lending institutions, realtors, builders, laborers Unlike commercial banks, whose lending policies include investment institutions • are offering," Mr. Millward says. tad building material supplien are also suffering from this all types of personal and corporation Joans, savings and loan "We're. still making good loans," he adds, "but we're Most commercial banks, on the other hand, tend to play period of stringency. associations in New Jersey are limited by law primarily to spacing, them out and anyone'who takes out » mortgage ap- down the tight money situation although some admit their Area, reaction on the severity of the situation runs the residential tending, their'opportunities for high yield profits, plication today is told the money won't be available until mortgage lending policies have tightened. September." , . ..•• ,;..,-.... ..•. : .. * : .'. gamut from "mild" to "critical," depending upon what side therefore, are not as great, which, in turn, finds them unable ; An exception is Monmouth County National Bank, which of the fence one happens to be sitting cm. to compete with rising interest rates other investment - con- its president, George L. Bielitz, says "is not taking mortgage Hi B. Millward of Red Bank Savings and Loan Associa- cerns are offering customers. ; applications at all." tion takes a dismal view. Like other savings and loan associa- The savings and loan association's solution is explained by Applications Stopped tions and Jeading institutions who deal in low yield mortgage Mr. Millwardj j»h». says "All we can do is sit tight'and make The bank stopped accepting applications several months loans, Red Bank Savings, and Loan has had to limit its lending fewer loans." He says the savings association pays customers . ago on the theory it was better to refuse all applicants than of mortgage money to area residents limply because the money 4i/4 per cent interest on passbook sayings. An additional l»/4 begin selective choosing. • . Is no longer available. per cent is needed to pay operating expenses and insure a (See TIGHT MONEY, Page 3) An Editorial: tf.S, Marines Welcome, Sweeps Battle Elite The 27th annual running of the National Sweepstakes Regatta will focus national attention on the Navesink River tomorrow-arid Sunday. Our beautiful, landlocked river and the Sweeps have given Red Bank the title of "River Sports N. Viet Force Center of the East." SAIGON (AP) - U.S. Marines ing the raids yesterday brought , This is deserved, we believe, because many people have labored to make )»ttled through the night against the toll over the north to nine the event outstanding. We welcome the regatta contestants and the visitors large force from an elite. North this, week. who will come to watch them, confident that area residents, as they have in the ietnamese division in the jun- One of the pilots was rescued. ;les and hills nearly atop the The other' was listed t* missing. past, will be gracious hosts and hostesses. 17th Parallel frontier. At dawn, A U.S. spokesman refused. to Ranking with the Gold Gup and the President's Cup, the Sweeps are rich bey called in Marine planes to say whether any of the Soviet*' in history, starting in 1927. Its most colorful period probably was the post revent the enemy from fleeing built missiles brought down eith- er of the jdanes. Vforld War H years when Guy Lombardo drove his Tempo to four victories. ioward Laos.\ Hard fighting pushed the prob- Marine Corps planes and ar- They were the days when such famous drivers as "Wild Bill" Cantrell came ble Communist toll in the eight- tillery battered a }uog|e-covered here to thrill thousands of people at Marine Park and along riverfront proper- day Marine drive to more than hill Identified.by a captured 15- ties. ' •' . .. ' ''•:•'•'•• •..•.'..'•. ,000 killed, the Marine com year-old private a«; a Nbrtji Viet- mand said. In Saigon, U.S. .mill' namese regimental commanfl Though Guy and Bill will not be among this year's competitors, the thrills tary headquarters said the foe post. U.S. officer* t °d the Cotrf- and excitement they engendered will return. That's assured because among was the crack North Vietnam- munists may be pulling back in- the 130 entrants on hand will be nationar champions from California, Ohio;, the ese 324-B Division of 8,000 to 10,- to the. suwnile-wide demtlltartKd ARSON — Some 100 Middletown firemen battled flames at the vacant 52-room 000 men. under the qommand of zone or westward toward Laos Carolinas, Florida and our neighboring states of Pennsylvania and New York, tough mountaineer genera bu( wen wary of a posiible «w- to mention a few. Haikell mansion this morning. Building was gutted. Police and firemen labeled the known to favor, "human. wave'1 my trap; fo? the- Marines; ^ [ '• •/• We wish the best of racing luck to all the. marine speedsters who have blaze anon. Value ef the itructure was ejtimated at more than $200,000. ssaults. , . , . , • The. 3d Battalion of the 1st Ma- : I Register Staff Photo by pon Lordi) It was the first time, in the rine XtfifiqaeAt came under heaty traveled front far and near to put on this spectacular show for us, and, we con- war a full Norm Vietnamese di- »maH»anns and mortar A | gratulate Commodore Stuart Edington and his officers and committee members vision has been reported in.ac- for arranging the excellent program. • ...•>:':•..• •: .:.'•. Suspect Haskell Estate ion in the south as a single or- ganized force. a strafejic hi(Wa> poaJUon S Planes Downed imating three escapp e p Over the Communist north, ward LatL * flbflbe MarimMi s repJJad U.S. jet plane, fcept Uf tb* » relenting afr war,'attacking nine CawK& oij depots and touching off. ffrea kflled in i» yearr it 1«$ been at seven of them, despite a y. g stroyed, the-brick walls and con heavy barrage pt IV mlstflen. to Operation w thr"j&a.oat«d Housed fox no parp - , . o*«-; ;* the loss ot two mor*. pTtnei (jjur- on t»ie Amory L. Hasten ticulail r reason exceppt for its iso- itff. ilrenle'n bafc estate—was put to the torch this lation and the foreboding aura tied the flames for. more than it provides at night. two hours. No injuries, were re- gbtfets had nothing to do with it. Other members of the Haskell 'jried. .'•'•-• -^ I'TKeSfcroom ftd^briclt" struc family live in other houses, Chief. Maxson said tfoere wai worfh an estimated $200,- dit Astronauts Set no danger of the building, co was engulfeg d to flames by The entire estate, including the lapsing since it was built' with the time firemen arrived at the newer mansion where Mrs. Has- reinforced steel beams and poured Scene at 2:40 a.m. which is about the concrete floors and roof. In the Seven Records 'It had to be set." said Pfre same size as the 1909 building, rear of the structure is'.an aban- Alviri Mtxoh. "There is no put up for sale in April doned ' garden, complete [with CAPE KENNEDY,' FU. fAP> their brilliant ,fHght late yetter possible after the death of Mr. Haskell. concrete cotunins.- end a swim- —Gemini 10's astronauts fly back day, attest 0«nW 10 to a There was fire. in every sec- Police reported that the ming .pool,' weeds grm*in| to Cape Kennedy today tw fill near perftpt MMfing to the w«. ram of the building, and flames "Haunted House" has been through' die cracks. in the details of one of man's era Atlantic Ooean about 5{0 coming out of every first story drawing more and more teen • There were 10 fire trucks 41 most remarkable space flights—mites east wutiwast of Cape window when we got here." agers recently. It has been ran' the scene, from Belford! Englm an adventure that set guidelines Kennedy. investigators will be sacked several times, household Co.. BeWord Independent. Co. for the moon and for military The ipaoecrait splayed down on the scene later today search- items stolen and much of the old Navesink Hook and Ladder and man-in-space programs.' only 7.5 miles from, the; Guadal- ing for clues to the arson. The furniture broken up. Middletown Company 1. The Navy Cmdf. John W. Young canal. Less than haif an hour structure was gutted.
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