The Press Democrat from Santa Rosa, California on March 27, 1984 · 21
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The Press Democrat from Santa Rosa, California · 21

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Santa Rosa, California
Issue Date:
Tuesday, March 27, 1984
Page:
21
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The Press Democrat, Tuesday, March 27, 1984 7B Gray surprisingly fails to win support for broker issuei New York Timet Service WASHINGTON - By most accounts, when Edwin J. Cray was nominated as chairman of the Federal Home Loan Bank Board In March 1983, his chief assets were his close ties with President Reagan and the administration's Inner circle. For almost two decades, Gray's career has been linked to the fortunes of Ronald Reagan. In the 1960s, he joined Gov. Reagan's staff and advanced quickly to become the chief press aide. In the 1980 presidential cam-' paign, he worked briefly as a press secretary before taking oth er campaign Jobs. And after Reagan was elected, he served for a time as a White House aide. . "I think he Is probably one of the most dedicated supporters of Ronald Reagan that there Is In this country," Edwin Meese said of Gray in an interview last year. It Is puzzling then, say some thrift industry observers, that Gray has had such little success in winning administration support for his efforts to restrict the placement of deposits by money brokers In troubled institutions. "We would have never expected that Gray, of all people, would have got himself caught in such a messy jam with the administration," said a thrift industry executive, who said he supports Gray. Gray has said the proposal, If adopted, Is likely to be viewed as the most significant accomplishment of his tenure in office. Nonetheless, the proposal has sparked opposition In the administration, '. Earlier this month, for Instance? the Justice Department, in an unusually strongly worded letter, said the proposed rule was "overbroad and Is likely to be unenforceable." Stocks drift lower in dull session NEW YORK (AP) The stock market declined slightly today In a drifting session. The Dow Jones average of 30 Industrials, up more than 3 points v.. In early trading, was off 1.88 at ,151.07 by 2 p.m. on Wall Street. V Losers slightly outnumbered, gainers In the overall tally of New ' York Stock Exchange-listed Issues. - Interest rates edged lower in the credit markets this morning. Analysts said some stock traders saw thai as an encouraging development, with the Treasury beginning a large sale of debt securities today. All told, the agency Is scheduled to come to market with $15 billion in bonds and notes this week. Brokers also said American Telephone & Telegraph's formal entry into the computer market this morning stirred up trading interest. The company introduced six models, ranging from desktoo machines to business minicomputers. AT&T stock led the active list, off y4 at 15. Hercules Inc.. which estimated sharply higher first-quarter earnings, climbed yA to 34. The NYSE's composite index rose .02 to 90.26. At the American Stock Exchange, the market value Index was off .29 at 209.14. Volume on the Big Board came to 52.62 million shares with two hours to go. t Drop in. U.S. interest rates weakens dollar LONDON (AP) - A drop In U.S. interest rates pushed the dollar , lower on European currency markets Tuesday. Gold bullion prices were little changed. Traders In West Germany said 'the dollar was hit by a decline in short-term U.S. Interest rates and .softer deposit rates for Eurodollars, dollars held in European banks. - '. The dollar was quoted lower In Europe against all major currencies except the Canadian dollar. T Late dollar rates, compared with Monday, included: 2.5810 West German marks, down from 2.6075; 2.1465 Swiss francs, down from 2.1610; 7.9515 French francs, down from 8.0350; 2.9145 Dutch-guilders, down from 2.9405; 1,607.65 Italian lire, down from 1,618.65; and 1.27705 Canadian dollars, up from 1.27585. The British pound rose to $1.4565, from $1.44435. Gold bullion prices moved little throughout the day in Europe. "It's just a hopeless case," said a chief trader at one Swiss bank. Disney, travel agency sued in drowning ' SANTA ANA (AP) Disneyland and a travel agency have been sued by the mother of a New Mexico teen-ager who drowned while intoxicated last June during a graduation party at the amusement park. The suit contends that the park was negligent in letting a drunken Philip Straughan . enter Disney land on June 3, his 18th birthday, and that Academy Travel Bureau Inc. failed to keep its promise to supervise the high school graaV from Albuquerque during the trip it arranged. Bernice Straughan filed the suit in Orange County Superior Court last week. C1984.BMCA WE KNOW 500 WAYS TO LESSEN THP.TAX BITE. It All vear vour "Uncle" has been takinq pieces of your income. That's why now you need us. We've compiled over 500 deductions, credits and exclusions allowed by the IRS to get you all the deductions you have coming. We've got same-day service to complete your 1040A or 1040EZ with fees as low as $10. So call for an appointment or stop in for the Beneficial9 Full-Deductions Checklist. We don't just know taxes, we know money. O Beneficial IncomeTax Service Open evenings and Saturdays by appointment. SANTA ROSA - 1175 West Steele Lane. . 542-2141 "Complete wntten Guarantee available from your Tan Preparer TIRED OF THE MOVING HASSLE? EARN ON AS LITTLE AS $2,000 THRIFT INVESTMENT CERTIFICATES 12.06 Annual Vield $2,000 minimum 11.75 Annual Rate Term: 48 months 11.80 Annual Vivid . $2,000 minimum 1130 Annual Rate Term: 36 months 1135 Annual Yield $2,000 minimum 11.25 Annual Rale Term: 24 months j Morris Piano 430 E St. 542-8775 24 E. Washington St. (Petaluma) 763-2258 120 OFFICES STATEWIDE "There seems to be good support at this level, and the market seems to form a bottom here, but there Is fresh news needed to bring It up or down." Gold was bid in Zurich at $388.75 a troy ounce, up from $387.85 Monday. In London, the metal was bid at $388.50, up from $387.50. Earlier in Hong Kong, gold rose 76 cents to finish at a bid of $390.58. Silver was bid in London at $9,475 an ounce, up from $9,385 Monday. WADDELL & REED Cordially Invito You lb Attend An Exclusive, Exciting FREE MONEY MANAGEMENT SEMINAR You Owe It 7b Yourself Q ANALYSIS A STRATEGIES Unlisted (Quotations ere from the Santa Rosa office of Bateman Eichler, Hill Richards as of 10:30 a.m. today. Prices do not include retail markup, markdown or commission.) Aero Eur AIM Bak) ' Kl Asm Come. JS' Bohemia tnc 15'. Call) mm 13 1 Can Karctar it Ctow Core. f Coddmt EM. Mi Cart Drug al Dwa TP Oat Data S Docket Doyle Oar 17 7 El Paw Hi Eictiangt fc2l lmoe 2i Jamestwry t Lanca 2S Maoma Ener V McCrmcdiCo: K MCrC National CMi tH Otto CmW ?lt 254 IS J 13 ' ft Hi 72 23 l 5. 11 11 Hi 24' 294 251 S" l Si 22 Oshmais Piiia Time Ouolron UPCO tocfc Cora $MU SdwUnan Scon IS'i 2 4 IIH VI It 3 Seagate Tad) l'1" Semormal W Sonoma VMrdi '' So Cal Mr H1 SvMrn Inc. Is Tandem Como. 33 Tlmbenand 4 Tlooerarv 51 Vacu-Drv P Victoria Sin. Vin fr. ll WainEnar IS WeMmBco 1(1. Wslmflnd Co M i ! J H ll 111, 31, Ml 3 H'l II i; 33 i' Sa rt ( 12 m I5" In today's rapidly changing economic environment it's important to begin planning today for tomorrow's needs. Now more than ever, you owe it to yourself. FINANCIAL PLANNERS Kim Nazarek, C. A.F.P. Waddell & Reed, Inc. HOW TO DEFER income tax on savings and investments. HOW TO SHELTER your earnings from taxes. HOW TO COMPOUND your money. HOWTOLO WER insurance costs. HO W TO SEL ECT a funding vehicle for Keoglt Plan. IRA Plan and TSA Plan. nil ACTIONS U IS & Kerr 1 ogh II TAX PLANNING SPECIALIST Merrill C. Hebrew, C.P.A. Linkenheimer, Hebrew, Cooper HOW THE LA TEST lax changes will ajfe you. HOW TO PERSONALIZE an IRA or At Account to your tax situation. HOW TO BENEFIT from the tax advantages of investments. HOW TO DETERMINE whether you should itemize deductions. YVStddell &Reed COMPLIMENTARY DINNERS WILL BE SERVED AT 7:00 P.M. THE SEMINAR WILL BEGIN AT 8:00 P.M. AND CONCLUDE AT 9:30 P.M. MARCH 29-THE HIGHLAND HOUSE. 600 LOS ALAMOS RD., SANTA ROSA FINANCIAL SERVICES 1 Call 538-8835 For Reservations Seating will be limited to the ISO people who call for reservations. Husbands and wives are encouraged to attend together. 1 la a Series: Califbrnians and their Money. "My father told me, if you don't have an IRA,you must enjoy giving money to the IRS. For once, he was right!' "As long as I can remember, my father and I have disagreed over just about everything. When I was a kid, it was the toys I should have. When I was at college, the courses I took. When I graduated, the career I wanted to follow. "It's always been spendspendspend with me? One thing we nevef-agreed on was the need to save money. Like most of my generation, its always been spend spend spend with me. But the other weekend, my Dad said something to me that really made sense. He said, if you'd opened an Individual Retirement Account '" fit IKK-; k-w ' ,J CurrerK annual rate. 11.00 1Q mnntVix II. 62 current annual yield. lO rnOniflS Rale subject to change. Substantial penalty lor early withdrawal. Thm't still time. If you make a deposit before April 15th, you can still shelter $2,000 per employed person in an IRA account, against your 1983 tax return. when your mother and I did, you could have sheltered $32,000 against tax, with you and Pam both working. I didn't say much at the time, but that really made me think. I knew my folks had always saved at Southern California Savings, so the next . Saturday I went tcx speak with one of their Savings Counselors. "I discovered how IRAs are a double tax shelter They were real helpful. I discovered how IRAs ' are a double tax shelter, because both your contributions and the interest you earn are tax deferred until retirement, when you're generally in a lower tax bracket anyway. I also learned that Southern California Savings has three differ- , " " ent IRA Plans, and that ,& x you can deposit IRA . funds in many of their other savings accounts. 7 can look forward to at least SVi million? Anyway, the upshot was that we opened an IRA account with them, and I can look forward to at least Yi million when I retire. Which makes me very happy, but still leaves me wondering. How come my Dad got so much smarter, as I got older?" lj j soumern cauForma tso savmos Serving Califbrniana Better Since 1887. ELEVEN BAT AREA BRANCHES. City Branches Financial District 24 California St near Market (415) 421-3011 Chic Center 505 Polk St. near Golden Gate (415) 673-2065 Golden Gate Park 1850 Irving St near 19th Ave. (415) 661-5353 Westlake 95 Southgate Ave. and Park Plaza (415) 756-4255 Greater Bay Area Branches Alameda 1410 Webster St and Central Ave. (415) 521-3880 Corte Madera 645 Tamalpais Dr. near Hwy. 101 (415) 924-7770 Cupertino 10050 North Wolfe Rd. and Stevens Creek ( 408 ) 253-5200 Los Gatos 431 North Santa Cruz Ave. M block north of Hwy 9 Menlo Park 2180 Sand Hill Rd. and Sharon Park Dr. (415) 854-3111 San Jose 1780 Saratoga Ave. and Lawrence Expressway (408) 378-5181 Santa Rosa 1995 Mendocino Ave, and Steel Ln. (707) 544-3460 5

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