Oakland Tribune from Oakland, California • 15

-v -I i i 1 1 4 1 J-x-4 al 'Hr i i $. 4 i V-c, r'j DJI. Climbs 2.41 in EWii A Late Corfiebaclc 0aklanb2fCribuneEri. Dec. 17, 1971 15 hdkeup NEW YORK (AP) Stock market prices gave up early modest gains today, then held steady under the influence of profit taking and finally bounced back in toe closing minutes.

Trading was active. The Dow Jones industrial kets recent gains to some favorable economic fundamentals including strong gains in housing starts and industrial production in November and toe trend toward lower inter est rates. I In the news background the Groupof-Ten- finance tninis-ters continued their international monetary talks at a two day meeting in Washington. SMARLCHART by Stansbury CwM 105 AMGKtS TIMES Four-Year Low Point In London Pitfure: rw Milled average dosed at 873.80, up 2.41 in a late recovery. Advances held a moderate lead over declines on the New York Stock Exchange.

Analysts said the profit taking was only normal following two days of solid gains which toe Dow advanced some 16 points. They attributed. the mar 1 sumscopE SUPER DECK! gages, now temporarily waived, be a 1 i and rates be determined by the market. The draft report says also that states should remove statutory ceilings on mortgage Interest rates and impediments to the use of variable -rate mortgages. It recommends guidelines for regulatory agencies to monitor the trust departments of banks under a prudent -man investment rule.

i Also recommended is broadening of tax sheltered annuity plans so that individuals could set up their own retirement systems. The draft says the present prohibition against payment of interest on bank demand deposits should be continued. The power to set deposit -rate maximums on time and savings deposits, certificates of deposit and share accounts of $100,000 or more should be abolished, the report recommends. The 20 member commission was appointed February, 1970, by President Nixon and charged with making what was termed the first general view of regulations on lending institutions attempted since 1907. 1 Loans for your production needs iNis i feed, stock, equipment.

Lets talkf Call Quincy Cass, Mgr, Livermore PCA Livermore (415) 447-1061 Sony Modl 850 Professional-Quality Thru-Motor Stereo Tape Deck with 10W Reel Capacity The magnificent 850 Is the top of the line the finest component stereo tape deck you can buy! FEATURES: Closed-Loop Ouel Capsten Drive provides lowest wow and flutter Die-Cast Tape Guide and Heed Block. Mounting Frame Record Equalization Selector Switch allows optimum performance with either standard tape or Sony low-noise, high-output tape a Logie-Controlled Transport Functions for perfect tape handling a Automatic Program Scanner Detestable Tape Lifters a IS, 7V4 and 3 IPS Tape Speedi a Four-Digit Tape Counter WASHINGTON (AP)-A presidential commission i hkely to call Tor a shakeup of government bank-supervisory agendes and recommend that savings and loan associations be allowed to offer checking accounts. These are among a lcng list of recommendations contained in a draft circulating among members of the Presidential Commission on i a i a 1 Structures and Regulations. Th Assodated Press obtained a copy. While the final report has not been approved by the commission, sources said only changes in details are expected before the formal recommendations are made, probably next month.

National banks now are supervised by the comptroller of the currency; state banks which belong to the Federal Reserve System by its board; other state banks by the states and, if their deposits are federally insured, by the Federal Deposit Insurance Corp. The draft report recommends a new agency, the office of the administrator of state banks, to examine and supervise state-chartered, insured banks. The office also would supervise those savings and loan assodations that acquired a substantia checking-account business. It recommends that the office of the comptroller of the currency be renamed office of the national bank administrator and established as an independent agency outside the Treasury Department Still another new agency? the federal deposit guarantee administration, would take over for existing agencies that insure deposits in banks, savings and loan associations and credit unions. The draft recommends that all state banks and state savings and loan associations that offer checking accounts be required to join the Federal Reserve System.

And it recommends a wide expansion of powers and functions for savings and loan associations and the somewhat similar mutual savings banks chartered in some states. In a i i to checking-account and credit-card services for individuals only, they would be allowed to; Make mortgage loans on non-residential as well as residential real estate and on mobile homes. (SEiQflSYr.ms Compiled from AP and UPI LONDON The Bank of Eng; land removed its support today and set the U.S, dollar plummeting to a Ww four-year low in Britain, hours be- fore the group of ten sat down for crucial monetary talks in Washington. The bank stopped from its support at the 2.52 dollars to the pound level even as Prime Minister Edward Heath packed for a trip to Ottawa and later to Bermuda to discuss the world money crisis and other issues with President Nixon. The 'move dropped the dollar to 2.5282 at one point, lowest for the currency since devaluation of the pound from 2.80 to 2.40 dollars in 1967.

Later, however, the dollar improved to 2.5275. In Tokyo the dollar closed at a new low of 321.18 yen, down from yesterdays record low of 321.38. Todays dose represented a 12.087 per cent upward revaluation of the yen. The dollar edged, up in Zurich and Paris, but eased off Frankfurt and Milan. More Banks Join in Cut Of Prime Rate NEW YORK (AP) More major commercial banks today announced cuts in their prime lending rates, matching reductions from 5 to 5 per cent announced Monday by Morgan Guaranty Trust Co.

and Chase Manhattan Bank of New York. Those announcing that they were making identical cuts, effective immediately, included Bankers Trust Co. of New York, Bank of New York, and Manufacturers Hanover Trust of New York. Chemical Bank of New York, United States Trust Co. of New York and the' First National Bank of Chicago announced cuts to Wa per cent effective Monday.

NEW ISSUE IDEAL 3 Room Will View Hills. door. Call lies a Notes his DOYLE Financial Editor parties those semi-social as many family arguments enjoyable times have economic downturn in most but the picture is a mixed Management Society conduct in 1967 and repeated the that was year firms they plan London light has been a factor in business Our business is probably parties paid for completely Bloom. increase, however, in parties a part of the cost and employe individual workers pay the remainder. national figures which show now fall in that category four years ago.

of party has completely disappeared Goodmans is concerned. We about them any more. That office to which the caterer in trouble at home a Problem society said, too, that concern after imbibing too freely work and the strain on relationships parties were also factors. serving alcoholic beverages cent of those who planned to serve alcohol compared ago. manager of Rods Catering in business is as good as better.

are being held in the office more are held outside the office. premises they are generally are off we are catering primarily evening, she said. said there have been Some year ago but that most customers with that and maintained the Jacques Catering in Oak-land-eaid his company does a full substantially in the last two Situation contrary to the national pattern, increase in delivery of hors plant locations. the same number of business companies are buying less expensive three catering firms told of early in the year by companies when the economy failed to employe groups or individual and rescheduled the event with a minor subsidy from like to party. Banking Will Dividend tional Bank of Burlingame, Tahoe National Bank and Bank of Fairfield.

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The draft report also recommends that limitations on in-J vestments of commercial banks be eased and that they also be empowered to manage and sell mutual funds. Other recommendations are that commercial banks be allowed to: Invest in community corporations providing low cost housing. Invest in equity securities of their own subsidiaries and others directly connected with a particular lending operation. Engage in the kinds of financial, fiduciary or insurance services now permitted to bank holding companies. The draft recommends establishment of a central discount fund for credit unions that could provide temporary advances to credit unions and, manemergency, borrow from the Treasury.

Credit unions would be given wide -ranging authority to offer different lands of share accounts It recommends, too, that statutory interest rate limits on FHA and VA-insured tnort- Lake Merritt Hotel APARTMENTS MONTHLY GUEST ROOMS 1800 Madison St. -832-2300 I December IS, 1971 Dean Witter Co. Incorporated OPEN: THURS. 5-for-4 Stoek Split LONG BEACH Directors of Buffums declared a 5-for-4 stock split and increased the cash dividend. Fourth Head for Two-Track and Quarter-Track Playback Three-Motor Transport with ServoControl Capstan Motor Automatic Shut-Olt Modular Construction Fully Accessible Bias and Equalization Adjustments Front Panel Sound-on-Sound and Echo Control Large Illuminated VU Meters, Calibrated to NAB Standards Plug-in Head Block Assembly for two or Ipur track operation 'TIL $69 Return, Reg.

$189 $119 SAN FRANCISCO OAKLAND EAST BAY OFFICE EQUIPMENT HAYW4ND Of FICC EQUIPMENT 545 MISSION 2F551 FOOTHILL II Vt RHONE Ml I ill PHONE 512 2528 Central Banking Systems, Inc Oakland based bank holding company, will pay a 4 per cent dividend on common stock, according to Michael Rafton, chairmaq -and president. The dividend will be paid Jan. 15 to shareholders of record 31. feanks in the system include Central Bank, First National Bank of Fresno, Livermore National Bank. Peninsula Na- 'f 'V Odd' Lot Transactions NEW YORK (AP) The New York Stock Exchange reported these odd lot transactions by principal dealers 'for of 306,237 shares sales of 562,049 shares 5,253 share! spld By WILLIAM Christmas office events which have provoked as they have provided apparently survived the places around the country one in the Eastbay.

The Administrative ed a survey of office parties effort this year. -The survey shows the number of parties down 1 per cent this with cent of the contacted saying planned a party. Of those who didnt one 61 per cent had 'previously had parties but decided not to this year. Harold Bloom, manager for Goodmans, the Oakland catering firm at Jack Square cast some on why, no question that the depressed economy spending for parties. down 25 to 30 per cent on by the company, said Tlier has been an where the firms subsidize associations or This is in line with that a quarter of the parties compared with 14 per cent Bloom said one type as far as dont even get any calls is the party held in the brought food and drink.

Too many people got said Bloom. Driving Afterwards i The management over employes driving home of alcoholic beverages at on the office after The tendency toward is growing, too, with 74 per parties-this year going with 67-per cent four years Elqpnor Falconer, Oakland, said her concerns usual and maybe a little She said some parties or plant but that many When they are on the lunches but when they dinner dances in the The Rods manager increases in price from a have gone along same quality of event. 6 A spokesman for Frere parties at which catering job have been off years. A Different He 'said, however, thjere has been an doeuvres to office and We are having about contacts but the things, he said. Spokesmen for two or parties that were scheduled and then cancelled improve.

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Treasury Plans T-Bill Auction WASHINGTON (UPI) -The Treasury Department announced a two-part auction of tax anticipation bills $1.5 billion to mature April, 1972 and the remaining $1 billion to fall due in June, 1972. The bills will be auctioned Wednesday, for payment Dec. 29. They may be used at face value for payment of federal income taxes due April 15 and June 15. The Treasury has already Offered in separate auctions $2.5 billion in April tax bills and $2 billion in June tax bills Direct The First Boston Corporation SUNNYVALE ffltE EBUtPMEHT 225S8 FRANCES IkM 245 JUt STEVENS CREEK OFFICE EQUIPMENT 1441 Strnn Cmk II RHONE 244 1141 PALO ALTO OFFICE EOUIPMEHT 171 UNIVERSITY WE PHONE 324 1114 REDWOOD CITY OFFICE EIIIIPMENT 1.