Money Floods Harbison-Walker Local Banks Closes Plant

Cape May County financial iastitutions have been flooded with millions of dollars in deposits in recent weeks as residents transferred savings from uninsured money market funds and other accounts into new insured money market accounts $ee editorial, page 22 “There is a shocking amount of investment money in the county," said one financial iastitution source But special high interest rates offered in mid-December have been reduced by as much as 33 percent in recent weeks. THE NEW ACCOUNTS are appealing because they are insured by the Federal

Deposit Insurance Corporation (FDIC), are available locally, and, although checks are limited to three a month, they have no minimum amount. But one sales point emphasized by most of the financial institutions was an introductory interest rate as high as 12.5 per cent, but guaranteed for only several weeks or a month. The “premium period" is over now and must of the accounts are paying less than B percent interest One exception is Collective Federal Savings & Loan which was paying about 10.5 percent interest in December and last week was paying 10.05 percent (Page 14 Please)

The Harbison-Walker Refractories plant at Cape May Point in Lower Township will be closed Known to most as “the magnesite plant," the 40-year-old facility was once one of the county’s larger industrial employers, giving jobs to some 150 people Bui it has been plagued with shutdowns, the most recent last July when about 80 were laid off A skeleton crew of a halfdozen salaried employes are all that remain. Top Harbison-Walker officials from its Pittsburgh office were due to meet with officials of Local 110. United Steelworkers of America, at 2:30 Tuesday afternoon, too late for the Herald and Lantern's deadline

THUS DETAILS about severance pay. pensions, how Tong the shut-down would lake, etc . were unavailable Some of those points were said to be addressed by a news release unavailable Tuesday, awaiting approval of the firm's top management in Dallas A phone call to the plant Monday after noon was answered by Richard James who said he was a janitor who “hadn't missed a paycheck in 27 years" at the plant He said he was cleaning up, preparing for Tuesday's high-level meeting. Union sources told the Herald and lantern that wages at the plant had rang ed from $10 to $15 an hour, but in the last (Page 23 Please)

Avalon Mayor Bows Out

Ellsworth Armacoat came to Avalon from Baltimore 16 years go. he said, "with six strikes agaiast me — three as a Democrat and three as Catholic " A year later he was elected cbmmis sioner. a post the 77-year-old former funeral director held until 1973 when he became mayor In June he'll leave that position, having made a "firm decision not

to run again "

Armacost's Democratic history never hurt him in Republican Avalon because of a minunderstanding the day he registered

First of a series on Cape May County mayors,

to vote

“The clerk said what party&' " he said, "and I said. My God. honey, coming from Baltimore I' " She missed the point and registered him Republican. Armacost's health made him a full time resident of Cape May County He'd been vacationing summers in Ocean City for about 10 years when he developed a heart condition His doctor told funeral director Armacost, "You’ve gotta quit or you're go ing in one of those boxes and you won't

make a profit on it." OCEAN CITY almost became his per manent home On the day he was schedul ed to make a firm offer for a duplex, a teen age disturbance forced police to block off several streets That changed his mind "I wouldn't go for anything like that," he said He drove south, came to Avalon, then mostly gravel roads, and built a home al 214 50th St. His wife and niece continued to run the funeral home A year later, tired of cutting the lawn (Page24 Please)

Beer, Wine Issue Splits R estaurateurs With the enthusiasm of one about In take a cold shower in January, the Cape May Chamber of Commerce will poll its members on the hot issue of beer and wine permits for non-licensed restaurants The proposed legislation would create a special license permitting restaurants to serve wine and beer by the glass. It's called A 1969 in the Assembly and S-1863 in the Senate With mutterings about a “no-win situa tion," the executive board of directors agreed last week to mail its approximately 600 members a ballot that will ask if they want to take a position and. if so, which (Chamber executive director R C Patterson Jr said it was first approached by Craig Garrabrant, owner of Garrabrant's Seafood Rcstaiyant in North Wildwood, in behalf of the legislation He represents the Cape May County Garden State Restaurant Association THAT WAS FOLLOWED by a request from Linda Scanlon, an owner of the Deauville Inn in Strathmere. that the chamber oppose the proposal She represents the Cape May County Licensed Beverage Association With members in both organizations, the (Page24 Please)

News—^ niopet ^ ^ lop Stones Biffgent Yet CAPE MAY Chamber of Commerce unveiled'a new tourist promotion guidebook to the city at a reception Mon day night It's a record size — 78 pages - and a record number of 106,000 have been printed and will be mailed free to anyone who requests it from the chamber or city hall The $50,000 project was financed largely by advertising the city is contributing promotion money Boat Miss inf' ATLANTIC CITY - Stale Police divers were scheduled to begin probing the Atlantic off Brigantine Tuesday in search, of a clamming boat, the Christine Ann. believed sunk last Friday Coast Guard authorities said Monday they had stopped their "active seaifch " Aboard were Nicholas J. Huber, 24, the captain. Al Ewing. Jr , 26. and Frederick Fisher, 17, all of Cape May And the Winner lx... WILDWOOD -r With seven orgamza lions vying for four vacancies on a new tourism development board. City Com mission put all the names in a cardboard box last week and let a high school stu dent pick the winners The commission will control an estimated $75,000 in funds from a surcharge on mercantile licenses aimed at promoting tourism Buddies'/ COURT HOUSE Suspended Wildwood patrolman Ralph Allen was (Page 23 Please)