The Daily Register from Red Bank, New Jersey • 1

mumm Weather 7 a.m. temperature 69. Partly cloudy May with a high In the 70 inland and 60' near the beach. Low in the SO tonight. Tomorrow partly cloudy with a high about 70.

I Independent Daily MONDAY THROUGH TUDAYtST. Mt RED BANK, N. TUESDAY, MAY 29, 1962 rr 04 VA 1mu4 dillf. Monitf ibroufti frMy Second Cite Pouai VvJii, O', INvy, XOJ i(j 4q4 4 Addltloati Hailing Offices. PAGE ONE todk 7c PER COPY to get rid of stocks on a widespread belief that inflation is over.

When inflations in force, investors feel that their money will grow in stocks. When a non-inflationary trend sets in they convert to bonds and savings deposits. CAPTURED A line of Viet Cong guerrilla, captured during the Dan Tien operation soma 48 miles southwest of Saigon, are marched toward camp. The Viet Cong guerrillas were reported to have lost 95 killed, 45 wounded and 34 captured. (AP Wirephoto by radio from Tokyo) NEW YORK (AP) The stock market has been battered by its worst loss since the crash year of 1929, The big question: Has it hit bottom? The markets long, sharp decline swelled to titanic proportions yesterday as trading rocketed to the highest level since Oct.

28, 1929 the day before climax of the crash. The plunge wiped out an estimated $19.5 billion from the quoted value of stocks listed on the New York Stock Exchange, based on the fail of the Associated Press 60-stock average. This cut the total value to $301.5 billion from $388 billion at the end of 1961. Average Falls The AP average fell 13.40 to 211.20. The Dow Jones average plummeted 34.95 to 576.93.

These were the biggest tumbles taken by these averages since Oct. 28, 1929. Reject Appeal Of Eichmann Small Investor How He Fared NEW YORK (AP) How did the small investor prepare for the greatest daily stock market fall since 1929? He was just a shade brighter than usual, based on statistics of odd lot purchases and sales. An odd lot is a transaction of less than 100 shares on the New York Stock Exchange. The small-time investor or speculator buys in lots of 10, 20, 50, 60 shares, or so.

The big shot doesnt deign to deal in anything less than 100 shares of the usual stock. During the week preceding yesterdays huge decline, the odd lotter sold a total of 2,137,500 shares and bought 2,103,052. On Monday (May 21) and Tuesday he bought more than he sold. On Wednesday and Thursday he sold more than he bought. On Friday the session before the big blue Monday drop he reverted to buying more than he sold.

Purchases that day totaled 573,214 and sales 572,241. Statistics were not immediately available for his showing during yesterdays dizzy decline. Among his sales were 97,543 short sales. This refers to the method of borrowing stock to sell at current prices with the hope that the stock can be repaid in the future through buying an equivalent amount at lower prices thus making a profit. The small-timer sold -short 97,543 shares of the total 2,137,500.

With (he market declining every day of last week, these were his short sale totals: Tuesday, 15.956; Wednesday, Thursday, 23,776, and Friday, 24,780. So to make real hay out of the swift decline he was smartest on Wednesday when he did most of his short-selling. And he wasnt too much dumber on Thursday and Friday. Psychological Influence Is Cited in Zoning Issue JERUSALEM (AP) The Israeli Supreme Court rejected Adolf Eichmanns appeal today and left the former Gestapo officer only the slender chance of executive clemency to escape the gallows for his part in the Nazi massacre of millions of European Jews. The 56-year-old former chief of the Gestapos Jewish Affairs Section stared fixedly at the five Supreme Court judges as Associate Justice Simon Agranat began reading the judgment affirming without hesitation or reserve the death sentence imposed on Eichmann last December.

JUichmanns defense counsel, Dr. Robert Servatius, was expected to submit an appeal for clemency to Israeli President Iz-hak Ben-Zvi immediately. Justice ministry officials said a decision is not likely before mid-June. Execution Order A certificate rejecting clemency would constitute an execution order. Eichmann probably would American Telephone, the most actively traded issue on 282,000 shares, was particularly hard hit by margin calls.

A technicality allowed stockholders with rights to buy add.tion-al stock to carry the purchases on 25 per cent margin. What happened to bring on the stock price debacle while the economy is rolling along at a rapid pace? The market is unraveling the speculative excesses of the past three or four years when anticipations of values far exceeded the realization of earnings and sales growth," suggested the big brokerage firm, Bache Co. We cannot say that this will be the low because who knows where emotion goes, but on the figures, the statistics, the earnings, the dividends and the general healthy state of the U.S. economy, stocks are rapidly be- coming realistic." Others blamed the great rush whether or not Mr. Hoffman would be influenced by any in-1 terest, but the potential for psychological interest is present, and thus it becomes material.

I Mr. Berich quoted a state law which states that no member of a planning board can act on any matter in which he has a direct or indirect personal or financial interest. Apys Opposing Views Chester Apy, Red Bank attorney representing the builders of the proposed apartments, argued that there is no conflict of interest, because Mr. Hoffman is an employee of the borough, not of the mayor. Mr.

Apy also said state law requires that one of the Planning Board members must be one of the boroughs public officials. Mr Hoffman was appointed according to law, he said, and hence there is no conflict of interest. Citing a decision in the case of LaRue vs. East Brunswick, Mr. Apy said the court ruled that a conflict of interest in public office arises only when contradictory desires are present, tugging the official in opposite directions.

(See ZONING, Page 2) RED BANK A potential of psychological influences was given last night as a reason why a zoning classification in the Spring St. area should not be changed. 'Albert 1. Berich of the Wise, Wise and Wichmann law firm presented that argument to the Mayor and Council, which had called a special meeting solely to hear the opposing attorneys views. The fact that M.

Hoffman, building inspector and a voting member of the Planning Board, voted on the proposal raises a conflict of interest, he said, be For Car Washing Volume of 9.35 million shares swamped the high-speed ticker tape. The tape was one hour and 9 minutes late at the 3:30 p.m, close, the longest lag since the speedy tape system was installed in 1930. It finished reporting the last transaction at 6 p.m. The massive selling gnawed deeply into the prices of blue chip stocks the solid, high-priced issues considered the foundation of the market. International Business Machines slumped $37.50 to $361, Du Pont $12.50 to $202.50, American Telephone $11 to $100.62, and Standard Oil Co.

(New Jersey) $5 to $46. The wave of selling blamed on a panicked public was accelerated by- calls for more margin. The requirement is for a 70 per cent cash down payment on stock but losses of more than 30 per cent have hit many issues. cause he is a paid borough employee and the area in question involves land owned by Mayor Peter Falvo." Integrity Not Involved Mr. Berich represents a number of Highland Ave.

residents who oppose a zoning change which would permit garden apartments on the east side of Spring St. The area is now zoned residential. Mayor Falvos property at 239 Spring St. is within the Mr. Berich stressed that Mr.

Hoffmans integrity is not involved. He said it is not material day or night, leaving meals and work, to put out fires, come to the rescue of folks flooded out of their homes in time of disaster, or to help police in their searches. We ask the public not to be misled by a few rabble rousers about a few cars being washed or no water meters in the fire houses. (There are no water meters in any of the fire houses.) Deny Other Rumors The department went on to deny what was termed several other erroneous rumors circulating in our town. Officials made these points: 1 The department is volunteer not paid.

2 The department supplied water to homes only during emergencies. 3 Union Beach has a very low fire insurance rate because we have one of the best if not the best fire department for its size in the county. 4 Firemen themselves purchased and own the fire trucks and the buildings which house them. 5 If residents do not donate enough during fund drives, taxes will increase because Borough Council will have to increase the fire departments budget. Mayor Opposes Use Of Police in Parade i -I ye1 I 4 4 1 fX 1 6 Police Appeal Verdict KEANSBURG Several mem bers of the police department have appealed to Superior Courts Appellate Division a court ruling upholding the boroughs ban on police moonlighting." George E.

Ostrov, borough attorney, said last night he is now preparing briefs in reply to the appeal. In June, Borough Council adopted an ordinance prohibiting policemen from holding outside jobs. Seven-Page Opinion In March, i Court Judge Gene R. Mariano, in a seven-page opinion, ruled that courts have previously upheld the right of municipalities to set up "reasonable regulations and discipline of members of a police department, including the right of their off duty hours. The policemen had claimed that the ordinance was arbitrary, discriminatory and illegal.

Oral Agreement They also claimed that policemen appointed between Nov. 6, 1946 and June, 1955, had an ora! agreement with borough officials that they could take outside jobs. Judge Mariano ruled that there is a complete lack of authority on the part of the municipality to enter into the alleged contract. The policemen who filed the original suit were Capts. Robert Kronenberger and Joseph Fucci and Patrolmen George W.

Preston. Frederick Loder, Frank J. Peters, James J. Beatty, Jack Keelen and Eugene Bennett. It is expected to be several months before the Appellate Di vision conducts a hearing on the appeal.

College Degree For Carpenter BOULDER, (AP) As-Itronaut Malcolm Scott Carpenter receives today the college degree he won by orbiting the earth three times last Thursday. The nation's newest space hero will get a bachelor of science degree in aeronautical engineering during a 90-minute ceremony honoring him at University of Colorado. In 1949, as a senior, Carpenter dropped out of the university on the assumption he was failing a course in heat trans-1 fer. i Oceanport; Col. Sidney D.

Framp-ton, quartermaster, at Oakhurst; Maj. W. J. Coczon, Surveillance Department, U.S. Army Signal Research and Development Agency, at Bradley Beach; and Chaplain (Maj.) Attilio A.

Ponsiglione, wl.j will speak at the Eatontown Memorial Service. Maj. Forrest flicus, Officers Department, will be the speaker at Red Bank memorial services. The Fort Monmouth band, under the direction of SFC Richard Gigger, will lead a parade in Keansbjre in the morning, and in the Highlands in th afternoon. The U.S.

Armv Signal School regimental ceremonial unit will parade in Avon and will then perform at the dedicaion of a war memorial there. Second Lt. Da-, vid J. Hu.isaker will be officer-' in-charge. Seventeen firing souads from! the regiment, the 301st Base' Maintenance Signal Company, Special Troops.

and from USASRDL. are scheduled to par-(See SERVICES, Page 2) Telegraph Hill Road County Planners Protest Closing be hanged soon after, behind the grim sandstone walls of Ramleh prison, near Tel Aviv. The modernistic auditorium in which Eichmann was tried last year by a special three-judge tribunal was again packed with spectators. Relatives of many of them were victims of the Nazi slaughter which befell the Jews. Eichmann again sat in the bulletproof glass cage as the judgment was read in Hebrew and translated into German, English and French.

Still wearing the dark suit and stiped tie he wore through his 4'i-month trial, Eichmann occasionally pressed his lips together and twitched his mouth as, one by one, every defense he put up to escape the gallows was rejected. The judgment began with a brief review of the 15-count indictment charging Eichmann with crimes against the Jews and against humanity. Then Mt (See APPEAL. Page 2) Association have urged that access remain open. Sign Petition Meanwhile in Holmdel, a petition w'ith approximately 750 signatures of local residents has been sent to the Highway Authority protesting the closing of Telegraph Hill.

Signatures were collected by the following organiaztions. Civic Association, Property Owners Association, Republican and Democratic Clubs, Junior Chamber of Commerce and Youth Activity Association. 1 In the petition residents ask for a public hearing to discuss the issue with the agency. Copies of the petition also were sent to Gov. Richard J.

Hughes, (See COUNTY, Page 2) No Register Tomorrow The Register will not published tomorrow, Memorial Day, and Its business office will be closed. holiday. At high noon, Taps will be sounded, followed by a salue of 21 guns. Then the flag, which will have been flown half mast from reveille until noon, will be hoisted to the top of the staff. The ceremonies will close with a musical salute.

Fort Monmouth speakers, firing squads, and other troops including the 389th Army Band and the U.S. Army Signal School ceremonial unit will participate in parades and memorial services in some 25 communities in Monmouth, Middlecex and Ocean' counties. Speakers will include: Chaplain, (Lt. Col.) Daniel O. Wilson, w'ho will be the principal speaker at Union Beach Residents Annual free rabies vaccinations will be conducted by the Board of i Health on June 1, 1962 between 7 and 9 P.M.

at the Daughters of, America Hall on Cambridge Avenue. John D. Crowley, Secrelaryj Board of Health Adv. I Only Pew9 Firemen Using Free9 Water Keith Funston, president ct the New York Stock Exchange, said the market drop is not a calamity." 'Funston, interviewed in San Antonio, where he went to speak at Trinity University (See STOCKS, Page 3) policemen march had not yet been completed. The plan ha not "jelled," he said.

Mr. Kosene said that during the celebration there would be an unprecedented number of in the borough. This was the time when the most trained policemen should be available, he added. Damico Explains Damico said the chiefs plan called for the use of other part-time special officers who, during the parade, would man -two police cars in the area and the police headquarters on River Rd. -The councilman said 15 Civil Defense workers would be on duty.

Chief Jakubecy commented later that a group of Monmouth County fire police also are expected to be in the borough during the parade. The parade will start at 2 p.m. It will proceed from Wood- land Ave. via River and Hance Rds. to the Knollwood School.

A reviewing stand is to be located at the Fair Haven Shopping Center, River Rd. The road would be blocked to traffic during the parade. In June he was examined by Dr. Frank Miele, police physician, who found him mentally and physically fit for duty. Borough Council ordered him back to work on Aug.

1. Keelen refused to report for duty. Five departmental charges were immediately filed against him. Found Guilty After a lengthy hearing before Mr. Blum, the manager found him guilty of being absent without leave and willfully disobeying an order of a superior officer.

Mr. Blum fired Mr. Keelen. The patrolman promptly appealed the decision to the Civil Service Commission. Highlight of the hearings was testimony from several doctors to the effect that the patrolman was suffering the effects of a post concussion syndrome.

Dr. Joseph Villap'ano, Asbury Park, testified that he examined him for a d.sability claim anl found the patrolman hal 2 F'T cent dnabil.ty. FAIR HAVEN A plan for the police department here to march in the Golden Jubilee parade Saturday, June 16, is causing some worry to Mayor Mil-ton Kosene. During last nights Borough Council meeting, the 50th anniversary of the boroughs first council meeting held in 1912, Mayor Kosene objected to a proposal that the police force march in the Jubilee parade. The psychological effect on the parade viewers would be poor, FREEHOLD The Monmouth County Planning Board yesterday protested the planned closing of the free Garden State Parkway access at Telegraph Hill Park.

The board is sending telegrams to Gov. Richard J. Hughes and the New Jersey Highway Authority, operator of the parkway, urging reconsideration of the authoritys order to shut off the Telegraph Hill road for public use tomorrow. Chairman E. Donald Sterner recommended that the authority consider a temporary 10-cent toll booth there.

Mr. Sterner noted that this stretch of the parkway Is 8 Yj miles long without an in-tprehange the longest stretch in the entire parkway. Freeholder Director Joseph C. Irwin, also a member of the board, offered the motion. He said permission to use the access should be given until an interchange is constructed in the area.

The Monmouth County Board of Freeholders, the Monmouth County Municipal Association and the Holmdel Property Owners' Monmouth to 3Iark Memorial Day Retired Gets State Pension UNION BEACH-Fire department officials yesterday threw a glass or two of cold water on complaints that firemen are washing their cars at the fire houses. In an official statement issued by the department, the Board of Fire Commissioners stated: There is a loud hue and cry because a few firemen wash their cars at the fire houses. Out of 80 men in the department, perhaps 10 or 12 wash their cars at the fire houses and we think this is little enough compensation when these same men turn out at all hours of the Youth Held In Car Theft RED BANK Robert John Laurino, 20, of 109 Court Shrewsbury, was arrested yesterday in Virginia on a charge of grand larceny of a car in Red Bank, Police Chief George H. Clayton said today. Laurino was seized by Virginia State Police at Hanover, the chief said, and was brought back to Red Bank last night by Red Bank Police Detective Capt.

Irving Krakowitch, Detective Lt. Benjamin Glover, and Patrolman Paul Lang. The car, a 1959 Oldsmobile sedan, owned by Rassas Brothers, 365 Broad also was returned. It was stolen from the firms used car lot Friday, police said, and was valued at $1,600. Chief Clayton said that when the car was recovered it bore New Jersey registration plates previously issued to Laurino for another car.

The chief said three other youths were in Laurinos company when he was arrested but that none were implicated in the car theft. Laurino was held in jail here last night and was scheduled to be arraigned in municipal court this morning. May Sale Bernat Knitting Worsted (100 wool) 40 colors 4 oz. skem. Value $1.49 98c.

Knitters' World, Monmouth Shopping Center, Eatontown. Adv. Services, Parades Set Hold Hotel Auditor For Grand Jury RED BANK The bookkeeper-auditor of the Molly Pitcher Hotel for the last 12 years was arrested yesterday on a charge of embezzling upwards of $1,000 in hotel money over a period of years. Police Chief George H. Clayton said this morning.

The employee, Philip Bernard Mangogna, 44, of 24 West West Long Branch, was arraigned immediately before Acting Magistrate Whitney Crowell. Mangogna waived a hearing, pending action of the Monmouth County Grand Jury, and was released in $7,500 bail. Mangogna was represented in court by former Monmouth County Judge John C. Giordano, serving as private counsel The complaint was -signed by Rigaud B. Paine, hotel manager.

Chief Clayton said Mr. Paine has not yet determined the pxact sum missing but, he added, it is high. Mr. Paine could not be reached for comment Chief Clayton said Mr. Paine reported the loss to poljce headquarters Saturday and signed a complaint.

Police were unable to locate Mangogna Saturday or Sunday, but learned yesterday that he had retained Mr. Giordano as counsel and would appear voluntarilv at headouarters. The chief said Mangogna declined to give police a statement. Detective George Scott assisted! in the investigation. Questions about the account de- veloped.

Chief Clayton said, when Mr. Paine last week wrote small check on the hotel ac-J count and was notified by his bank that the account was over-l drawn. Mr. Paine then contacted the Bargalnland Customers office of the hotel ownership at See our display ad in Thurs-1 New York and a private auditor davs paper. Bargainland, 22-A' was dispatched to investigate.

Eatontown. Adv. i the mayor said. They would ask, Whos taking care of the store? he claimed. Contingent of 10 The regular police force is made up of eight police officers and two special officers who are employed full-time by the borough.

The group of 10 men would make up the contingent for the parade. Mr. Kosene said he had discussed the plan with the Police Chief Carl J. Jakubecy earlier yesterday. The more he thought about it, the more worried he became, he declared.

Councilman John C. Damico said the plan to have all the Keelen Keansburg Cop KEANSBURG The case of the borough versus Patrolman Patrick Keelen has come to an end after a year of hearings and wrangling. C. Bernard Blum, borough manager, reported last night that the patrolman has been granted a disability pension by the state pension board on the basis of examination by psychiatrists. As a result, said Mr.

Blum, the case is closed and the patrolman has retired from the police department. He said the state board granted the pension on the basis of the examinations. Leave of Absence Patrolman Keelen was granted a six-month leave of absence this; time last year after he produced medical certificates stating he was suffering from the effects of a beating he received at the hands of hoodlums in March, 1961. Monmouth County will remember its war dead tomorrow in its parks, in front of its borough halls and before its war memorials. Most area municipalities will gather in the morning for wreath laying ceremonies and brief religious services of remembrance.

Several parade are scheduled. Cloudy weather is forecast for the events but the day promises to be warm and dry. Here is a roundup of the scheduled events: FORT MONMOUTH-Excepting for those required to perform essential fatigue and security details and for participation in ceremonies honoring the nation's war dead, all post military and civilian personnel will be excused from duty as the nation celebrates Memorial Day tomorrow. On post, the day will be marked by simple ceremonies. Shortly before noon, the chaplain will give a talk at Cowan Park on the significance of this solemn national.