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Stocks plunge 733 points amid renewed economic worries

by The Associated Press

Wednesday October 15, 2008, 4:30 PM

NEW YORK - Despair over the economy sent Wall Street plunging again today, propelling the Dow Jones industrials down 733 points to their second-largest point loss ever. Stocks fell on a combination of disheartening economic data, including a big drop in retail sales and a Federal Reserve report that said tight credit conditions are hurting businesses across the country.

The government's report that retail sales plunged in September by 1.2 percent -- almost double the 0.7 percent drop analysts expected -- made it clear consumers are reluctant to spend amid a shaky economy and a punishing stock market.

The Commerce Department report was sobering because consumer spending accounts for more than two-thirds of U.S. economic activity. The reading came as Wall Street was refocusing its attention on the faltering economy following stepped up government efforts to revive the stagnant credit markets.

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Ex-official at Mountainside company accused of bilking firm

by Jeff Whelan/The Star-Ledger

Wednesday October 15, 2008, 4:23 PM

The former information technology chief at a Mountainside company was arrested today on charges he bilked his employer out of $900,000 to pay for Caribbean cruises and other personal extravagances.

Robert Gonzalez allegedly abused his corporate credit card and submitted fraudulent expense reports and fictitious and inflated invoices at Comstock Images Inc., an international supplier of professional photography images. Gonzalez, authorities said, was responsible for purchasing computers and computer-related goods and services for the company.

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N.J. environmentalists issue global warming mandate for new president

by Rudy Larini/The Star-Ledger

Wednesday October 15, 2008, 4:19 PM

An environmental group fighting global warming said in a report issued today that the next president of the United States will face the challenge of establishing target dates and goals for reducing greenhouse gas emissions and investing in clean energy.

Environment New Jersey cited temperature statistics in releasing the report, "Feeling the Heat," which warns of the need to address global warming by investing in renewable energy technology to reduce greenhouse gases.

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Mountainside Hospital names new president, CEO

by Angela Stewart/The Star-Ledger

Wednesday October 15, 2008, 3:54 PM

John Fromhold, the chief operating officer of Merit Health Systems, has taken over as president and CEO of Mountainside Hospital in Glen Ridge.

Fromhold replaces C. Barry Dykes, who had run the hospital since it was purchased by Merit last year, company officials said today.

A 24-year veteran of hospital administration, Fromhold initially served as interim CEO of Mountainside when the Kentucky-based, for-profit hospital company purchased the financially ailing institution from Atlantic Health for $30 million in June 2007.

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Congress allocates $11.7M for LBI beach replenishment

by The Star-Ledger Continous News Desk

Wednesday October 15, 2008, 3:52 PM

The long-discussed Long Beach Island beach replenishment project will receive $11.7 million in federal funding, the Asbury Park Press reports.

The Congressional allocation is part of the "Consolidated Security, Disaster Assistance and Continuing Appropriations Act of 2009,'' passed by the house on Sept. 26 and signed by President Bush on Oct. 1, the newspaper reports.

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Warren Twp. divorce mediator accused of threatening girlfriend with gun

by The Star-Ledger Continuous News Desk

Wednesday October 15, 2008, 2:36 PM

Amanda Brown/The Star-LedgerJonathan Linden appeared in Superior Court in Somerville today.

Authorities seized six handguns and two shotguns from the home of a Warren Township man taken into custody Tuesday night after allegedly threatening his live-in girlfriend and engaging police in a two-hour standoff, prosecutors said today.

Jonathan Linden, 52, was arrested after 25 members of the Somerset County SWAT team surrounded his home on Olsen Drive. The standoff ended peacefully when he emerged from the rear of the house to walk his two dogs, authorities said.

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NJ Transit monthly passes to go on sale earlier

by The Star-Ledger Continous News Desk

Wednesday October 15, 2008, 2:33 PM

NJ Transit riders can now purchase monthly passes for transportation or parking at NJ Transit facilities a day earlier than before.

Passes will now go on sale starting at 5 p.m. on the 19th of every month, instead of midnight on the 20th of each month.

The sales time changes apply to all NJ Transit ticket offices and ticket vending machines systemwide for bus, rail and light rail lines.

Only a handful of parking facilities are incorporating the sales time change, however.

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New Jersey lost 3,900 jobs during September

by Dunstan McNichol/The Star-Ledger

Wednesday October 15, 2008, 2:27 PM

Times PhotoHamilton Township workers protested proposed layoffs outside town hall in June.

New Jersey lost 3,900 jobs last month, bringing the total number lost this year to 21,100, the state Department of Labor reported this morning.

The job losses in September included 1,900 in the financial services sector, reflecting for the first time New Jersey's fallout from the collapse of Wall Street. Despite the job losses, the state's unemployment rate dipped slightly, dropping from 5.9 percent to 5.8 percent.

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Ex-Parsippany school official gets fine, probation for not paying taxes

by Al Frank/The Star-Ledger

Wednesday October 15, 2008, 1:04 PM

A former Parsippany board of education member was sentenced today to three years probation and ordered to pay a $10,000 fine for failing to pay taxes on profits on homes he sold under a sweetheart arrangement with a prominent local developer.

John Montefusco Jr., 41, said he accepted full responsibility for his actions, although he downplayed them as part of a larger, ongoing federal investigation in Parsippany.

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Gunman robs Woodbridge convenience store

by Tom Haydon/The Star-Ledger

Wednesday October 15, 2008, 12:18 PM

A gunman held-up a convenience store in Woodbridge today in a rare daylight robbery, police said.

No one was injured during the robbery at the Welsh Farms store on Inman Avenue, where the bandit entered shortly after 11 a.m., threatened the employees with a gun, stole an undetermined amount of cash and then walked out, police said.

Police were searching the area.

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Montclair H.S. football player had concussion before brain hemorrhage

by Phil Read/The Star-Ledger

Wednesday October 15, 2008, 10:57 AM

A 16-year-old Montclair High School football player hospitalized following a brain hemorrhage during a game Monday had suffered a recent concussion, but was cleared by a doctor to resume playing, a school officials said today.

Ryne Dougherty in a yearbook photo from last year.

Ryne Dougherty, a linebacker on the school's junior varsity team, remained in critical condition today at Hackensack University Medical Center, said Judith Weiss, the school's interim principal. He had undergone a CAT scan before being allowed to return to the field, she said.

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Stocks decline amid worries about economy

by The Associated Press

Wednesday October 15, 2008, 9:45 AM

Stocks are falling sharply in early trading today after economic readings raised the possibility that the country is either in a recession or moving toward one.

Chris Hondros/Getty ImagesTraders work the floor at the beginning of the trading day at the New York Stock Exchange today.

The government's report Wednesday that retail sales plunged in September by 1.2 percent is fanning concerns about consumers. The decline was steeper than expected and is worrisome because consumer spending accounts for about two-thirds of U.S. economic activity.

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September retail sales suffered biggest drop in two years

by The Associated Press

Wednesday October 15, 2008, 9:11 AM

Retail sales fell off a cliff in September, plunging by the largest amount in two years as worried consumers shunned the malls and auto showrooms in the midst of the country's financial meltdown.

The Commerce Department this morning reported retail sales decreased 1.2 percent last month, nearly double the 0.7 percent drop that had been expected. The surprise showing significantly increased the risks of a recession because consumer spending is two-thirds of total economic activity.

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Wallenda breaks high-wire record in Newark

by The Star-Ledger Continuous News Desk

Wednesday October 15, 2008, 8:54 AM

Morning commuters gazed nervously skyward in downtown Newark this morning as a circus daredevil walked, then bicycled, across a tightrope suspended high above Mulberry Street.

Nik Wallenda, seventh generation of the Flying Wallendas, performed the stunt outside the Prudential Center and drummed up a small media circus to coincide with Ringling Bros. and Barnum & Bailey's first Newark appearance in 52 years.

"It was a little hairy for a bit there," said Wallenda, who performed without a safety net and set a Guinness World Record for the longest and highest bicycle ride on a tight rope.

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Parsippany man is scheduled for sentencing on tax charges

by Al Frank/The Star-Ledger

Wednesday October 15, 2008, 7:19 AM

A former Parsippany board of education member is scheduled to be sentenced in federal court this morning on charges he failed to pay taxes on profits on homes he sold under a sweetheart arrangement with a prominent local developer.

John Montefusco Jr., 41, admitted in June he made $97,576 after developer Edward Mosberg permitted the former insurance agent to acquire homes at little or no downpayment and "flipped" them before repaying Mosberg and pocketing the profit.

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N.J. bankers say they don't need federal investment

by The Star-Ledger Continuous News Desk

Wednesday October 15, 2008, 6:29 AM

New Jersey bankers said they support the U.S. Treasury Department plan to buy $250 billion in stock in troubled big banks, but don't need to want that type of support, according to a report on NJBiz.com.

The report said James Silkensen, president of the New Jersey League of Community Bankers in Cranford, said "there are not many, if any, New Jersey banks that are in need of that direct injection of cash." N.J. bankers said in the immediate term, owners of small and medium-sized businesses would benefit from the Federal Deposit and Insurance Corp.'s plan to provide unlimited, temporary coverage of non-interest-bearing deposits.

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Dolphins seem to be leaving N.J. rivers

by The Star-Ledger Continuous News Desk

Wednesday October 15, 2008, 6:17 AM

Andrew Mills/The Star-LedgerA dolphin swims in the Navesink River near where it meets the Shrewsbury River, June.

Bottlenose dolphins have been sighted in the Shrewsbury River in recent days, possibly indicating that they may be heading toward the open sea after spending several months in the Navesink River, according to a report in the Asbury Park Press.

Robert Schoelkopf, director of the Marine Mammal Stranding Center in Brigantine, told the newspaper "we're assuming" the dolphins are the same ones that have been hanging around the Oceanic Bridge in the Navesink River. The bridge, which is farther inland, connects Rumson with Middletown.

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Injured N.J. balloonist's car is burglarized in New Mexico

by The Star-Ledger Continuous News Desk

Wednesday October 15, 2008, 6:13 AM

A van used by a North Brunswick man who survived a fiery hot air balloon crash in New Mexico last week was burglarized Monday, according to a report on MyCentralJersey.com.

The report said members of Sproul's crew found several items, including a laptop computer and a digital camera, missing from the van as it was parked outside the Holiday Inn North in Albuquerque. They discovered the van had a broken window.

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Sunny, mild day

by The Star-Ledger Continuous News Desk

Wednesday October 15, 2008, 6:09 AM

Tony Kurdzuk/The Star-LedgerCathy Grygiel of Sauderton, PA sits beneath an umbrella of color as she does some Plein Aire painting this afternoon in Washington's Crossing Park.

It will be a sunny and mild day with temperatures in the 70s.

The day began partly sunny and will turn mostly sunny this afternoon, according to the National Weather Service. Tonight will be mostly cloudy and cool with lows in the mid 50.

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