Asbury Park Press from Asbury Park, New Jersey • Page 1

a a a a a a I he carried the sell Cloudy, Cloudy, Colder. Warmer (See Today; Page 3.) Tomorrow, EDITION WEATHER ASBURY FINAL PARK EVENING PRESS THE EVENING FIFTY-FIRST YEAR. NO. Court Extends City's Limit On Refunding Perskie Gives Council Extra Month to Secure 85 Percent Agreement to Proposal. Federal Hearing On Beach Delaved Supreme Court Justice Joseph B.

Perskie in Atlantic City today extended until Jan. 31 the deadline for holders of 85 percent of defaulted city bonds to agree to the city council's refunding plan. Ward Kremer, city refunding agent, told the court that the city has consents in writing or bondse In addition, said, $470,000 is lined up for consent or deposit within the next 24 to 48 hours. There was no opposition to the application to extend the time limit. Justice Perskie, in approving the refunding plan last July 10, ordered the consents be obtained by Jan.

1. The municipal finance commission was represented by William A. Stevens, its attorney. James Carpenter. and Julius Ripple represented the Rippel Bondholders, Protective Hearing Off committee.

Meanwhile, a hearing slated for today before a federal court in Trenton in which the Asbury Park beach commission was ordered to show cause why a group of Asbury Park property owners should not be allowed to intervene in the suit of a bondholder to enjoin the beach group from operating was postponed. Mr. Kremer yesterday announced approximately $5.600.000 in bonds were pledged toward the refunding plan. Approximately $500.000 in consents was obtained yesterday. Considering the promised $470.000.

the amount pledged is $6,595,828.89. the city agent told the court today. This is approximately 63 percent of the $10.402.200 in default. 85 Percent Needed However, the Barker bondholders' committee has a judgment for 000 in defaulted bonds that must be paid by the city. If the refunding embraces only the remaining $9.000.000, the figure cited by Mr.

Kremer today is 73 percent. The necessary percentage is 85. The bondholder seeking to enjoin the beach commission from operating IS Emanuel Reisler. The argument over the intervention of the local property owners in the suit was postponed because Mr. Kremer was unable to appear in the capital today.

David Goldstein, counsel for the property owners, said. It may not be re-scheduled for hearing until after the court rules 011 a motion by James D. Carton. beach commission counsel, to strike out the entire Reisler proceedings. If the complaint is dismissed there will be no need for the court to hear the intervention controversy.

Road Foreman Dies of Hurts TOMS RIVER--Stephen Bills. a supervisor in the county road department, died in Paul Kimball hospital, Lakewood, last evening of injuries received when he was struck by a light delivery truck here yesterday morning. Mr. Bills, who would have been 40 tomorrow, received severe head injuries and a broken leg as he was hurled 60 feet against a pole in the accident. He was jumping back from a sputtering tar melting cart when he was struck.

A charge of technical assault and battery with an automobile was made against Floyd V. Wilkins, 23. of 120 Third avenue. Seaside Park, driver of the truck. Wilkins, who is connected with the Wilkins Electric shop, this place, was released yesterday in $1.000 bail.

Mr. Bills is survived by his wife, two daughters, a sister, Carlton Elwell, and his mother, Mrs. John Bills. He lived at Pleasant Plains, Dover township. Funeral services will be held at 2 p.

m. Saturday at Pleasant Plains church. Burial will be at Riverside cemetery. Shore Concession Damaged by Blaze ATLANTIC HIGHLANDS- Police and fire officials today were investigating the cause of a blaze which early last evening destroyed the Dodge 'Em concession in the Atlantic Beach Amusement park with an estimated loss of $5,000. The blaze was discovered by a passerby who sounded an alarm.

ze Large metal fences which enclose the park caused considerable difficulty. Firemen were forced to lay hose under the fence before getting water on the fire. In addition to the building, about 12 small "scooters" were lost in the fire. News Briefs THROCKMORTON SENTENCED (Staff Correspondent) P. Throckmorton, 55, lifelong resident of Freehold and boro clerk for many years.

was sentenced to two to five vears in county jail today by Judge J. Edward Knight on a charge he embezzled $30,132.29 of public money. Throckmorton resigned as boro clerk June 21 when the shortage was discovered. Wanamassa Gardens New Year's Eve reservations, $3 per person. A full course dinner, including imported champagne cocktail.

A union band will play for dancing. A talented New York show, and the usual favors and noisemakers will be the beginning of a Happy New Year. Call A. P. 3434.

A. P. 5376, or A. P. 7284-R.

adv 306 Entered at as Asbury second Park. ciass N. Heads County Group JOHN T. LAWLEY Realtors Name Lawley to Job Middletown Man Is Made Governor of County Group's Directors. John T.

Lawley, Middletown, retiring president of the Monmouth County Real Estate Board, was last night elected to the governorship of the board of directors of association. He will head panel of 12 directors the elected at a dinner meeting in the Berkeley-Carteret hotel. Mr. Lawley had been president of the board since its formation 18 months ago. He succeeds Albert Robbins.

this city, as governor. Other members of the board of directors elected are: James McAfee. Manasquan: Ray H. Stillman. Eatontown: Lew Tannenbaum, Freehold: Hubert Farroe.

Red Bank: L. D. Edwards. Sea Girt: Fred Beegle, Asbury Park: Harold B. Snyder.

Avon; Joseph Sauta. Asbury Park: Nafie Garrabrandt. Belmor: Charles Hawkins, Red Bank: Albert Robbins, Asbury Park, and Samuel Walker, Keansburg. Officers for the coming year will be elected by the board of directors at a meeting to be called by Mr. McAfee Jan.

6. Mr. Lawley last night advocated a plan for highway advertising by the board. Theodore F. Appleby, this city.

reported on the state convention al Atlantic City last month. He was named a state vice president at the convention. The board presented a desk blotter. desk light and fountain pen set to the retiring president. County Citizens Group Files Corporation Writ (Staff Correspondent) certificate of incorporation was filed yesterday in the county clerk's office for the Citizens Committee of Monmouth county with offices at 1020 Sewall avenue, Asbury Park.

The certificate named Henry Carpentier, 1020 Sewall avenue. as the agent. The purpose of the organization was listed "to promote civic. political and welfare activities in the county of Monmouth and also to promote legisla-1 tion to reduce taxes and to give the citizens good government in Monmouth county." Five trustees named were Ralph Bennett. 829 Dunlewey street.

Asbury Park: Joseph Mara, 211 Hoover road. Neptune: William Conn. 619 Sewall avenue. Asbury Park: Richard Newman. 1103 Second avenue Asbury Park.

and Mr. Carpentier. Hearing Is Promised In Bay Mine Testing WASHINGTON (P). Rep. William H.

Sutphin of Matawan, N. has notified his protesting constituents that army engineers promised a public hearing would be held before action was taken to reserve an area in Sandy Hook bay for submarine mine testing. which would force shifts in fish pounds. Army engineers. Mr.

Sutphin said. assured him the mine blasts would atfect only a small area of water. matter June 30. 1937 the postoffice under the act of Mar. 3.

1879 Assassin Kills Chinese Aiding Country's Foes Head of New Civic Body Is Slain in Street by Peddler-Terrorist Wave Feared. Defense Stiffens Around Tsingtao SHANGHAI (P)-J. Lo Pa-hong, China's most prominent Catholic layman and the chairman of Shanghai's new civic association. was killed in the French concession today by an assassin disguised as an orange peddler. Police expressed the fear that the slaying was the start of a terrorist campaign to prevent Chinese from cooperating with Japanese establishment of a new regime.

The assassin, who escaped. was believed to have been a patriot angered because Lo's civic association had planned to work with Japanese in rehabilitating areas around Shanghai. Founder of the Catholic Action SOciety here. Lo had directed collection of large sums for Catholic charities. His work had received world-wide recognition.

Knighted by France The French government had made him a knight of the Legion of Honor. and the Belgian government, Knight of the of Leopold II. Lo visited the Vatican and was decorated by the pope last year. He had been delegate to the international Catholic conference held at Chicago in 1927 and was knight of the Order of St. Gregory the Great.

At one time. Lo was manager of the Nantao Electric Light and Tramways company. Japanese Meet Resistance While Lo's death occupied attention in Shanghai, Japanese armies met stiff Chinese resistance on the Shantung province fronts outside Tsingtao, the dynamite-rocked North China seaport from which a number of Americans were in flight. Japanese sources themselves sent word fierce fighting some 100 miles west of Tsingtao, between the railroad centers of Weihsien and Tsingchow. South of Tsinan, the conquered provincial capital, warfare on the outskirts of Taian gave China's sacred mountain.

Tai Shan, a baptism of fire The United States gunboat Sacramento docked in Shanghai and barked first American civilian refugees from the threatened port 400 miles to the north. Twenty-five Americans. with a number of nurses and dependents, made the trip. More Refugees Leave Another contingent of American Tsingtao refugees headed for Shanghai on the steamer Shuntien. The United States cruiser Marblehead and destroyer Pope stood ready to evacuate remaining Americans.

Still more Americans fled from the spreading warfare deep in China's 'interior A flag-decked refugee train left Hankow for Hongkong with 313 Americans and other foreigners under Japanese assurance of safe passage over the frequently bombarded route. Even tho resistance delayed the Japanese advance on Tsingtao, Chinese apparently were resigned to loss of the city. They spread destruction with dynamite and flames to leave for the war machine engaged in swallowing five North China provinces only "scorched earth broken tile." Italy. Japan Sign Treaty ROME. P--Italy and Japan agreed today upon a basis for Japanese trade with Italian East Africa.

The accord. which Foreign Minister Count Galeazzo Ciano and Japanese Ambassador Masaaki Hotta signed at Palazzo Chigi was described as supplementary to the commercial treaty between the two countries. A semi-official explanation said the agreement constituted another step in the development of closer political and economic relations between Italy and Japan. The accord was described in Japanese circles as "very important." Such an accord was foreseen when Italy. Japan and Germany signed an antiCommunism agreement.

PAINT CAUSES FIRE local fire department was called ou. yesterday when John Vanderwaal. boro building inspector. upset a can of paint on his lighted range. Little damage resulted and the blaze was immediately extinguished.

High Seas Homicide Probed; Six on Yacht Are Rescued SAN PEDRO. Cal. -Thru fogshrouded seas off the Mexican coast. the coast guard patrol boat Perseus beat a course to port today. concealing in official silence the story of the mysterious shooting of a wealthy yacht owner on a disastrous pleasure cruise.

Not until some time after midnight, when the Perseus is expected to put in here with the derelict. 59-foot schooner Aafje in tow. may the circumstances be told of Owner Dwight L. Faulding's death on the high seas. His body, bullet -pierced, lay on the Aafje's deck yesterday when the Perseus.

answering radio messages for aid from, coast guard amphibian planes. foundi floundering helpless 190 1. cht. the vacht to the southwest. ently Six Without Food.

Water rule Aboard the Aafje, without food water for three days. were six persons. one an expectant mother. who had sailed with Faulding Dec. 20 on what Marlborough Hotel Gala New Year's Eve party.

$2.50 per person. Good dance music. Fine supper. Excellent New York entertainment. Reservations, Phone 7020.

adv Schadt's Sea Food Market has moved I to 1106 Main between 3rd and 4th Aves. adv' ASBURY PARK, N. THURSDAY, DECEMBER 30, Extension Is Granted To Community Center The Monmouth Title and Mortgage company has granted executives of the Belmar Community Center a 15-day extension in which to arrange a "definite plan" for amortization of a $20,000 mortgage and interest. E. Donald Sterner, chairman of the building's board of trustees, announced last night.

The center was to be closed to all activities tomorrow under the original deadline set by the title and mortgage company. Mr. Sterner informed other officials of the building that the extension had been granted following a conference, with L. R. Ward, the creditor firm's trustee.

have made very satisfactory progress," the state highway commisreported, "but I do not feel in a position to release actual figures at this time. Negotiations to determine the total amount of debt against the center have been underway for approximately three weeks. "By this time next week we should definitely know our position," Mr. Sterner said. "At least the creditors realize that efforts are being made to solve the problem." Dr.

Robert E. Watkins, president of the building, added. Proposal Likely Next Week It is believed a formal proposal, asking the boro to take over the center. will be ready for presentation to the board of commissioners some time next Railroads Ask Service Slash Shore Lines Petition State for Right to Cut Out Stations. TRENTON.

(P)-The New York and Long Branch railroad asked the state board of public utility commissioners today for permission to curtail station service "in view of a very serious deficiency in operating revenues and the resulting necessity for drastic economy." Proposed changes affecting stations along the North Jersey Shore were scheduled to begin last Sunday, but were deferred by order of the utility commission. The commission said it had received protests from several municipalities. In its application, the New York and Long Branch road was joined by the Pennsylvania and the Central Railroad of New Jersey which operate trains over its tracks. They contended that numerous station agents were on duty "largely from custom rather than cessity" especially during winter months. Probe Is Ordered The board's bureau of railroads was directed by President Harry Bacharach to investigate the application.

A pubJic hearing will be ordered after the investigators' report completed. The utility commission said the railroad planned to permanently close passenger and freight stations at Hazlet. Branchport and Middletown as well as curtail daily station service. At South Amboy Sunday hours would be given only from 9:50 a. to noon and from 1 to 6:50 p.

m. From Oct. 1 to May 15, the commission said the railroad planned to eliminate Sunday station service entirely at Little Silver. West End, Deal, Allenhurst. North Asbury Park.

Bradley Beach and Avon. During the same period. Sunday service would be reduced at Elberon. Belmar. Spring Lake, Manasquan and Point Pleasant.

Voters Support Site for School (Staff Correspondent) SPRING LAKE HEIGHTS- Voters of the Spring Lake Heights school district last night approved a site for construetion of the boro's new school by all overwhelming majority of 79 to 10. Two ballots, both marked with Yes" 111- stead of "X', were rejected in the light poll. The property approved 1S the tract on the southeast corner of Brighton avenue and Route 4N. The frontage on Brighton avenue is 348.48 feet and on Route 4N. 489.92 feet.

The board of education had originally planned to construct the school on the old Rogers tract, adjacent to the approved site. but abandoned the scheme after several unsuccessful attempts to acquire a clear title to the land. Construction is expected to get underway after Jan. 1. The project will cost the boro $49,909, of which $32.000 will be covered by a bond issue.

A federal grant of $22,909 has been approved. The first set of bids will be received when the board meets Monday night. Son of Warden Injured in Crash MANAHAWKIN-Harold Crowley. jr. 23, son of the game warden, Tuckerton, received a fractured jaw, lacerations Oi the face and left hand and possible internal injuries early this morning when his car collided with another and then crashed into a light pole on the Manahawkin-Surf City causeway.

The young man was taken to the Royal Pines Hotel and Clinic. Pinewald According to state police, Crowley was driving east on the road when hi car struck that of Leon Boshenski. Ship Bottom-Beach Arlington, who was driving back on the road after being parked at the side. The Crowley car then crashed into a pole. Both vehicles were demolished.

Demonstrator 1937 De Soto coupe, radio, heater, and over At a sacrifice. Asbury Auto Repairs. 904 Sunset Ave. Tel. A.

P. 4460. adv Three Floor Shows-10, 12, 2 New Year's reservations, $1. Pine Tree Inn, Eatontown. adv 1937 Published daily, except Asbury Sunday, Park, N.

at J. 605 By Economists Business Dip In 1938 Seen Avres and Edie Assert Recession Will Hit Bottom in Mid-Year. Outlook Dark. New Deal Attacked At Gloomy' Parley ATLANTIC CITY. (A)-Three nationall -known economistsLionel D.

Edie and Charles Frederick Roos, New York, and Leonard P. Ayres, Cleveland -say they think prosperity is not even just around the corner this time. In speeches last night before the American Statistical Association, all three painted gloomy pictures. Ayres and Edie said they thought the present business recession would reach bottom during the first half of 1938. Roos said "conditions leading to deep depressions are getting worse" and what this country needed was a "new brain trust in Washington." Avres offered a "ray of hope." He predicted.

however, that 1938 industrial production would drop at least 13 points, that automobile production would dive 25 to 35 percent. that freight traffic would decline at least 12 percent, that stocks would slide to a level not far from that of 1934 and is pretty low Edie said the whole situation WaS caused by heavy inventories piled up by businessmen in anticipation ot inflation. He said "retailers will get rid of their surplus stocks by the end of January, wholesalers will catch up by the first of April, and manufacturers will clear their warehouses by midyear. Then, he said, recovery will be well under- -way. Earnings Paid Out "At a time when producers needed additional funds to finance increased labor and raw material prices resulting from the preceding inflammatory stimulus of the bonus payment, and to add to their productive capacity so as to insure higher standards of living and prevent further inflation, they were induced to pay out their Roos said thus added to the previous stimulus and prices began to soar.

'At this point. the Federal Reserve board. on the basis of inadequate analysis. became frightened by the inflationary movement then under way and, in a mental panic, raised reserve requirements of the bank. In taking this action over a year ago the board failed to recognize the temporary influence of the flood of dividends in sustaining buying power for consumer goods at a time when new capital goods Mere needed.

Excess reserves of banks at the time amounted to nearly $1,000.000,000. but they were not distributed in the bustness and agricultural areas where they were needed to meet current needs. To meet credit demands of these interior banks, city banks were compelled to sell government bonds. Interior banks used the proceeds from the sales to meet rising demand for commercial loans. and thus government bond prices weakened.

As a result, further selling to avoid capital losses developed and an actual deflation of bank depositsmoney supply began last December, (Continued on Page Two) Coast Cities Buses Will Use Tokens Coast Cities Coaches. today launched its new fare-collecting SV5tem, substituting tokens for tickets. The change will be made today on the North Asbury Park line. running from the Casino to Wanamassa. It will be placed in effect other lines in two or three weeks.

New registers have been installed on buses so that passengers drop coins or tokens into a coin box instead of pay1119 the driver. This allows the driver to devote his entire time to driving. It was said at the bus office today A change to the lower fare on the Manasquan-Asbury Park run will be made as soon as new registers are installed on those buses. Under a plan recently approved by the Public Utility commission the number of zones between the two points was cut from three to two, reducing the fare from 30 to 20 cents. The company will sell three tokens for 25 cents.

Single rides are 10 cents. Mattison Ave. PRICE THREE CENTS Se By per Mail copy Plans to Merge Building Loans Here Revealed week. A public hearing onl the issue probably will follow. Aware of the possibility the question may be decided thru a referendum.

Mr. Sterner said: "There is no sense in wasting the taxpayers' money with a special election. especially when we have petitions representing the sentiments of more than 2.500 residents." More than 20 organizations have passed resolutions urging the boro to take over the building. Charles Keiderling, chairman of a "steering" committee, reported added support had recently come from the county Y. M.

C. the child welfare organizations of the boro. American Legion post and the 40 and 8. and a number of bowling teams, all of whom are active at the center. It also was pointed out that the board of education had saved money thru use of the building.

Edward C. Broege. a member of the board. told the session the school might have to abandon a number of its extra-curricula activities. were not the Community Center available.

Another meeting will be held next week on1 the call of the president. Others attending last night's session were: Charles J. Markus, Thomas C. Madigan. Edwin R.

Smock. Kenneth Mayer. William Hurley, Harry Lewis. Dr. Fred V.

Thompson. Stanley Dodd. Ross Thatcher and the Rev. James O'Sullivan. Agents Obtain Robinson Clue Marinelli Says Politician Secured Passports for Vanished Couple.

NEW YORK. -The state departmant was given the opportunity to question a minor Democratic politician alleged to have sponsored the passport applications of "Mr. and Mrs. Donald L. Robinson." who disappeared mysteriously in Russia.

The name of the politician was given federal authorities in confidence by Albert Marinelli, former New York county clerk, whose office the applications were made. Marineili said the man asked that the applications be handied expeditiously. made the same request for a passport for "Adolph Arnold Rubens." Gets New Evidence The state department in Washington has received new evidence indicating "Mrs. Robinson" may be Ruth Marie Rubens. New York.

the former Miss Ruth Boerger. Philadelphia. This is the name listed in another passport record as the wife of Rubens, married in May, 1935. The Rubens sailed from New York to Naples in October on the Italian liner Rex. Several members of the crew of the Rex.

which docked here today, said they remembered the Rubens. Arturo Sacco, dining room captain, identified a passport picture of "Mrs. Robinson" as having been a passenger, Thomas Fitch, heading the state department investigation of the Robinson-Rubens tangle in New York, would not discuss the case. altho it. was known he questioned Marinelli three hours yesterday and several more persons are slated to tell him what they may know.

Two Captured In Boro Home (Staff Correspondent) RED -Trapped, police said, in the act of ransacking a home, a 19- year-old Red Bank high school student and a younger accomplice face arraignment on breaking and entering charges today. The pair. Patsy Spagnuolo. 19. of 37 Leighton avenue, a student, and Victor Amato, 17.

of 172 Monmouth street. a bakery employe. were found by police in the home of Capt. Harold H. Brown.

80 Riverside avenue. Police Lt. George Clayton and Officer Sprig Williams said the pair was ransacking an upstairs closet when they closed in on them. They were prepared to escape with a number of old but valuable musical instruments. Lt.

Clayton said. The pair gained entrance by torcing in a rear window. No one was home at the time. A telephone tip led police to the capture. Bank Clearings Drop In 22 Major Cities NEW YORK (P- Total bank clearings in 22 leading cities for the fiveday week ended Dec.

29 were 942.000. drop of 14,5 percent from $5.837.205.000 a in the comparable 1936 week, also a five-day week period, Dun and Bradstreet reported today Clearings this week fell $1,653,482.000 from the six-day week preceding. while the 1936 comparative showed a drop of $1.925.463.000. In New York clearings stood at 081.251.000, a decline of 17.4 percent from $3.730.710.000 in the like week last year. Turnover in cities outside New York was $1,910.791.000 against 495.000 a year ago, a loss of 9.3 percent.

Bennett Made Fire Chief SPRING LAKE -Paul Bennett. 28- sistant chief of the local fire department. was advanced to chief in the annual election of the department last night. He succeeds Louis VanNote. Myron O.

Morris was chosen as assistant chief. Both elections were unanimous as there was no opposition. Marlborough Hotel Gala New Year's Eve party. $2.50 per person. Good dance music.

Fine supper. Excellent New York entertainment, Reservations, Phone 7020. adv Call The Wayne. A. P.

2387, for New Year's pastries. Egg nog a specialty. adv Active in Merger HARRISON C. HURLEY Freehold Banks Slash Interest Two Institutions Cut Rate to 1.5 Percent: Cite Low Earnings. (Staff Correspondent) FREEHOLD Two Freehold banks announced today that their interest rates will drop from 2 percent to 112 percent beginning Jan.

1. The banks making the change are the Central National bank and the First National bank. Freehold Third bank, and the Freehold Trust company, will continue its interest rate of 2 percent. A statement from the two banks asserted that "prevailing money rates on United States government and other high grade securities are at the lowest point 111 the financial history of our country. Sound management policies require that the rate of interest paid on deposits bear a definite relation to the return on such investments.

In line with the practice of leading banks thruout the country, the boards of directors have fixed the rate of interest for the period beginning Jan. 1, 1938 at percent per annum Asbury Park Man Convicted by Jury (Staff Correspondent) FREEHOLD--Abraham Lewis. 43. of 914 Fourth avenue, Asbury Park. was convicted by a jury vesterday oll charge of assaulting Edward Zergeibel, 1311.

Tenth avenue Neptune, April 23 He will be sentenced by Judge Percy Camp Jan. 6. Zergeibel and Lewis, the testimony revealed, conducted adjoining food stands on Ocean avenue, Asbury Park, and Zergeibel charged that Lewis struck him behind the car as he was removing part of a fence which rail between their two properties Lewis testified that Zergeibel tripped over the fence and denied that he struck him. He was represented by Alvin Newman. Asbury Park.

Assistant Prosecutor Edward F. Juska appeared for the state, Glendola Bungalow I- Ruined by Blaze An unoccupied bungalow 011 Wall read. Glendola, was almost completely destroyed by fire of undetermined origin early this morning. Firemen termed the structure a total loss. Companies from Glendola and West Belmar fought the blaze unsuccessfully for more than half an hour.

The root and the kitchen at the rear of the dwelling were a mass of flames when firemen arrived Water was obtained by laying a line to a nearby brook. No estimate of the damage was made, Red Bank Mail Carrier Quits After 39 Years of Service RED BANK. -William H. Elliott has punched the clock at the Red Bank pestoffice for the last time. After covering nearly 100.000 miles 85 a mail carrier 111 this boro.

"Bill' has retired. bringing to a close 39 years and one month's affiliation with the local office. He walked his route for the last time on Friday, tho the retirement does not officially take effect until Jan. 1. Last night, his fellow mail carriers and the clerical staff of the postoffice gave Mr.

Elliott a testimonial at the Elks club. They assembled to honor the man who has become personally acquainted with more than 75 percent el the people in this boro, who has watched Red Bank grow from a small town of than 5.000 population to a bore of less more than 11.000. They honored the survivor of the quartet which inaugurated free mail delivery in Red Bank on an eventful Dec. 1, 1898. It Att'n.

Ladies and Gentlemen Free roast turkey at the 708 Main New Year's Eve. No cover, no minimum. Bring your friends and enjoy the evening. Music. Dancing.

Entertainment. Favors. Noise makers. adv Special permanent, croquignole curls, $2.95, Each item 25c. Elks Beauty Salon.

328 Cookman, Tel. 8623. Open eves. adv A-bury Park and Home Associations Call Meeting of Shareholders for Jan. 19.20.

Withers Approves Consolidation I- First of Type in State -New Firm Insured. A plan to reorganize and merge the Asbury Park and the Home Building and Loan associations here was announced today in letters sent by the boards of directors of the two corporations to their respective shareholders. Approval of a plan under consideration for two vears, to consolidate, segregate and create an insured elation rests with the stockholders of the two associations. The letters, which will be mailed late today, ale notices of special meetings of the two groups of shareholders to be held in the Asbury Park high school auditorium Jan 19 and 20. The proposal is the first of its type in this state and has been passed upon by Karl K.

Withers, state commissioner of banking and insurance: the Federal Home Loan bank. New York: the Federal Savings and Loan Insurance corporation. Washington; the Federal Home Loan Bank board. Washington, and the officers of the New Jersey Building and Loan league, The federal insurance corporation 1.9 a $100.000.000 governmental agency. Directors Meet Boards of directors of the two cations met last night and drew final plans for the meetings of stockholders to obtain final approval.

Commissioner Withers' signature of approval is being attached to the plan today in Trenton. The satety of all savings accounts in the new organization, to be known as the Keystone Building and Loan association, will be protected up to $5.000 by the Federal Savings and Loan Insurance corporation. Now in its fourth year, this corporation safeguards the savings of more than 1,600,000 persons in 1,889 building and loan associations. The move on the part of the two local organizations is in line with the policy of the state department of banking and nisurance to strengthen the position of building and loan associaLions in New Jersey. On Dee.

9 Commissioner Withers announced he had directed more than 100 New Jersey building and loan associations to strengthen their financial situations. He instructed them to submit 111 writing within 60 days a plan contemplating one of three methods-reorganization O1 merger. voluntary dissoluttion. or disposal of real estate by a sales program. The Home and the Asbury Park groups were not included in the notice, their plan having been well under way at the time.

During the past both corporations have disposed of considerable real estate by selling it in exchange for shares. Board Recommended Recommended in the letter to share holders for the board of directors in the Keystone association are Herman Bennett, retired. Spring Lake: Samuel H. Calvert, real estate operator. Asbury Park: William E.

Harrison, city lector and assessor. Asbury Park: Bloomfield hotel operator. Asbury Park: Harrison C. Hurley advertising, Asbury Park. George D.

Morrow, superintendent of Fitkin hospital, Asbury Park: Arthur Pharo, Neptune township treasurer. Neptune: George A. Smock, retired. Asbury Park; Otto W. Sutts, builder, Bradley Beach: William E.

Taylor, builder, Ocean Grove: Harry A. Watson, building and loan ecutive, Asbury Park. and Henry H. Winsor, banker, Wayside, The new association will have an existing group of more than 4.200 shareholders in some 15 shore communities. In addition to 1.000 Asbury Parkers, holders of shares live in Ocean Grove, Neptune, Bradley Beach, Avon.

Neptune The Press Today SPECIAL FEATURES was to have been a two-day excursion to Santa Catalina island. An O. scrawled on a sail. led to the rescue. A navy patrol plane.

sighting it, flew closer and discovered the schooner's plight. As terse messages flashed to naval and coast guard bases here and at San Diego, the case of Faulding's death was turned over to the department of justice. A special agent. W. H.

Osborne, was ordered to board the cutter 442 and intercept the Aafje at sea. The Aafje, apparently battered by a storm. had lost her mainsail and her auxiliary engine was idle, lacking fuel. The list ot rescued announced by the coast guard was' Mrs. Gertrude Turner and her 8- year -old son.

Robert Tufor. of Dos Pueblos Rancho. Goleta, Cal. Mrs. Jack Morgan, expectant mother, Los Angeles, and her registered nurse, (Continued on Page Three) Announcement Opening today.

The Beauty Studio, 1122 3rd Spring Lake. Jessie Miller. formerly Jessie's Beauty Shop, Bradley Beach. adv Blue Moon Inn Make reservations for New Year's Eve now. Farmingdale 307.

was on that day that William H. Elliott and four other young men. flushed with pride at their success in postal examinations, first slung mail bags across their shoulders and began daily treks thru the boro with letters. cards and parcels for waiting residents But Mr. Elliott isn't going to retire to a life of reminiscence and leisure.

Rather, upon returning from a planned winter stay in St. Petersburg the veteran will find much to occupy his time Carpentry His Hobby "I have always believed in having 8 knowledge of more than just one thing. he said yesterday. He was an expert maker of fine brushes and a carpenter betore entered postal service, and the as has on latter art a he hobby during the past 40 years. The home in which he and Mrs.

Elliott now reside bears many testimonials to his prowess with hammer and (Continued on Page Two, Shore Building Loan Will exchange for equal amount A. P. Bldg. Loan. Box 115b Press Office, adv Fresh blue fish or Spanish mackerel, 18c lb.

Frost fish or small river flounders, 3 lb. for 25c. Also eels, striped bass. shad. pike.

carp. and white fish at Grossman's Fish Market, 812 Lake Ave. Tel. A. P.

555. adv Answers to Questions Pg. 20 Comics Pg. 11 Editorials Pg. Hollywood Pg.

11 Lock and Learn Pg. Modern Etiquette Pg. 11 0. 0. Mcintyre Pg.

Radio Pg. 5 Social News Pgs. 10-11 Sports 13 Weather Record Pg. Wile Preservers Pg. 11 Women's Page Pg.

11 Seamon's 1-3 Off Clothing Sale At 3:30 P. M. today until 8 P. M. morrow we will our entire stock of suits.

overcoats and trousers at 1-3 off. $22.50 suits and overcoats. S15: $25 $16.66 $30 grades, $20. $35 grades, grades $23.33 $2.95 pants. $1.96.

$2.95 at $2.63. $5.95 at $3.96. $7.50 grades at $5. $19.50 suits at $13.07. Other grades 111 proportion.

Phil Seamon. 159 Main, A. P. adv Frederick Drake, Optician 11 years with Reilly Now located at 404 Cookman Ave. opp Elk's.

adv Deal Fire Company will not hold open house New Year's day due to death of member. adv Alteration Sale. Closing out everything. Lila Lee, Opp. McCrory's, adv.