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Vol. 21 No. 29 ' "85 TK« Smwo«« Corp All righto rurrvtd

July 17, 1985

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Business Booming at Local S&Ls

The county's savings and loans are booming, with growth Tates far exceeding the state average. The continued influx or retirees with accumulated savings is thought to be a key factor. The New Jersey Savings League reports that the five institutions headquartered in the county have recorded better than 20 percent increases in assets, deposits, and mortgage loans outstanding and an IB per cent hike in net worth in the 12- month period ending May 31. Those five are Cape May County Savings & Loan. Crest Savings & lx>an. First Savings & Loan. Ocean City Home Savings & Loan and Sturdy Savings & Loan. A SIMILAR BOOM is assumed at S&Ls with branch offices in the county, but figures are available only for the "multicounty operations of Anchor. Collective Federal and Security. Comparable statistics on the seven banks with offices in the county were unavailable since they report annually. Comparing May 1985 with May 1984. the five local S&Ls saw assets go from $280 million to $337 million, a 20.4 percent increase: deposits from $257 million to $312 million, a 21.3 percent increase, and mortgage loans outstanding from $228 million to $276 million, a 21 percent increase. And in net worth, the key figure that represents the difference between assets

and liabilities, there was an 18 percent jump, from $16.5 million to $19.5. SAVINGS LEAGUE President Edmund Lawlor said the county increase "far exceeds the experience in the rest of the state" where, he said, the average growth of deposits was 12.8 percent and assets increase was 12.6 percent. Lawlor said the county S&Ls' 18.3 percent net worth growth is "another strong indicator — what they put aside in surplus earnings in excess of liability is an indica-

tion of healthy growth." The statewide figure, he said, was 13.9 percent. The mortgage loans growth. Lawlor pointed out. is a good sign because the new loans are "higher than the average rates in their portfolio." Although mortgage rates are declining, they are still higher than several years ago. Lawlor said he assumed the "substantial growth" was a reflection of an increased number of retired persons coming to the county and putting their money in S&Ls "which pay better rates." N. I

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Sl Jj [ Mi Don* U'o'd SENSIBLE — These young ladies looked at the temperature over the weekend and did the only sensible thing: took a jug of cold drinks to the beac h. 95th Street in Stone Harbor. Left to right. Helen Lloyd. Swainton: Laura Harrison. Stone Harbor; Lisa Olson. Stone Harbor; Pam Turner. Cape May Court House: Jenny Raab. Cape Mac Court House; and Kathy Plitnick. Dias Creek.

The Dennis Solution: A Local Police Force

By JOE ZELNIK COURT HOUSE — County and state officials have suggested "the three Es" — engineering, education and enforcement — as the best solution for Dennis Township residents plagued with traffic problems. The emphasis was on "enforcement" — with a local police force. Two dozen residents from the Dennisville and Ocean View areas came to last week's freeholder meeting to voice their complaints about speeders, truck traffic, illegal parking, etc. —insidg- . . XI ijijM sot COAT items lot starter fip| antique collections. Antiques by Arthur H. Schwerdt, page 16. RETRIES with money market savings are hurting, page 61 NO, YOU OONT need a boat operator's license, loo Rodis. page 58. HUNDREDS of enlisted men dressed as dominoes. Report from Seaside Goat, page 23

"Eventually a child is going to get killed." several predicted The contingent came to the county because the roads are county and some of the trucks are bound for the county MUA (Municipal Utilities Authority) landfill in Woodbine. The county had John McCarthy, state traffic engineer, present, to pinch-hit with See story page 18. solutions. The "three Es" were his answer, with a special plug for enforcement endorsed by the freeholders •Dennis has no local police force and the group complained it was getting inade quate attention from the state police But the freeholders turned down the citizens' request assistance from the county sheriff "That's a very controversial subject in New Jersey," said Freeholder James S. Kilpatrick Jr . who heads public safety and public works. "The sheriff does no road patrol work. "Enforcement is a local governing bodyresponsibility." said Kilpatrick if the sheriff did it. he'd be doing the job of the municipality." "Then 16 municipalities would be bear ing the cost of police for two or three." added Freeholder Director Gerald M 'Page 69 Please)

A Loss for Middle County Will Buy Rio Grande Site

By JOE ZELNIK RIO GRANDE — "There goes another ratable." said Middle Township Mayor Michael Voll. The county has announced its plans to buy. for a reported $1 .2 million, the Social Services Building it now leases at Routes 9 and 47. The county reportedly will add a modular unit to handle overcrowding.

Voll said the county and its MUA ( Municipal Utilities Authority > already own township property assessed at almost $26 million, and tax-exempt. That amounts to a loss of about $526,353 a year in county, school and township taxes, he said The latest planned purchase is assessed at about $990,000. Voll said, and will cost another $21,000 a year in taxes \ DEVELOPER had proposed to buy the same building from Rio Bowling Lanes Ine as part of a nine-acre site and replace the Social Services Building with a three-story office building with rental space for the county Dr Robert Benzell. developer of Village Shoppes of Rio Grande across Route 9 from this site, also planned a bowling alley, a theater building and a restaurant with a total value, he said, of S8 million "We not only lose a ratable, but we lose the development of additional rotables, said Voll "That's the top piece of real es late in the county They've already got ex empt land in Crest Haven Why not build it there?" "WE DIDN'T WANT to pay $600,000 a year in rent, which was indicated by Dr Benzell." said Freeholder James S Kilpatrick Jr . who handled the negotiations ' That's five times w hat the current rent is. and 50 percent of what it will cost to acquire the site "That's totally inaccurate." said Benzell "That was based on them being a tenant for their sole use We never made a formal proposal and they never gave us a counter offer The rent would have been in relation to the purchase price, but we never got to that. "I don't think they're purchasing it at that • Page 69 Please >

News^l~_ f~™v • " m Week's DlgGSt TopStor.es Too (rood to Be True COURT HOUSE - Freeholders last week rejected a $15,000 low proposal to design a covered bridge in Marshallville in favor of the next highest at $24,000. County Engineer Neil Clarke said he was concerned that $15,000 was too low. and the firm "hasn't designed a bridge recently" whereas the $24,000 price came from from "a very reputable firm " Too Bad and Not Through COURT HOUSE - Freeholder-Director Gerald M Thornton voted "no" last week on a $11,000 appropriation to A. G. Lichtenstein and Associates, the countyconsultant on the Great Channel Bridge reconstruction. Lichtenstein was owed money because the bridge work dragged on (it still isn't finished). Thornton said he knew his colleages were forces to vote "yes" (presumably rather than go to court), but he had to "express my dissatisfaction and displeasure" with delays. ( Page 4 Please!

County Union to 'Demonstrate'

COURT HOUSE - The union that represents 700 county employes said Monday it will enlist "helpers" from the AFLCIO in Philadelphia and the Atlantic CityBuilding Trades Council to lead demonstrations Ralph Wiiiiams. general representative for Local 1983 of the INE International Brotherhood of Painters and Allied Trades. AFL-CIO. said he intends to have protesters "march around the courthouse" within two weeks and "jam the freeholder meeting room" next week The board meets next Tuesday afternoon

The employes have been without a contract since Dec 31 and negotiations appear to be at a standstill. "I think everybody's just sitting on their rear-ends." said Williams "The county's not sitting on its duff." responded Lawrence A Pepper Jr of Vineland, the county's labor counsel "We just don't have anything to consider There are no new developments " WILLIAMS SAID he mailed a proposal to Pepper on June 28 with five items he'd like to negotiate. < Page 69 Please >