Daily Court Review, June 20, 1972

Daily Court Review

June 20, 1972

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Issue date: Tuesday, June 20, 1972

Pages available: 8

Previous edition: Monday, June 19, 1972

Next edition: Wednesday, June 21, 1972

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Publication name: Daily Court Review

Location: Houston, Texas

Pages available: 56,081

Years available: 1925 - 1977

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All text in the Daily Court Review June 20, 1972, Page 1.

Daily Court Review (Newspaper) - June 20, 1972, Houston, Texas CUICUI MICROFILM iNc 1 BOX BOX TEXAS 75235 PUBLISHED SINCE 1889 HARRIS TEXAS TUESDAY AFTERNOON JUNE 1973 FEATURING REAL PROFESSIONAL AND GENERAL NEWS SINGLE COPY Thirtyfive Cento National Institute of Justice Plan Proposed By Phil Smith A proposal to create a Nation al Institute of Justice a pub lic corporation that would co ordinate and speedup moderni of the nations legal and judicial systems has been out lined by the president of the American Bar 1 Leon speaking at the opening session of the three day Illinois Judicial at Chicago last said the Institute would concern itself with the system of justice as a providing for the first time a national contin experimentation and re and designed to synth esize the now widely fragmented efforts in the field of judicial im Independent Body The Institute he be an not for prof it corporation chartered by Con gress to be governed by a quali fied board insulated from parti san controls and funded from public and private Jaworski explained the ABA has appointed a special task force to explore procedures for creating the proposed new agen Chief Justice Warren Bur ger has hailed the concept as one that would meet the need for national coordination of court modernization and reform ef The ABA official said the pro posed Institute would not replace or duplicate the work of existing federal or state agencies in deal ing with problems of the it would complement their activities and widen the base of support for The purpose and function of the Jaworski would be to 1 Provide direction and lead ership to improve the legal sys serving as consultant and Events In the News Trade Winds Southwestern Savings Associa tion has announced the signing of three leases in its commercial center in the Sugar Creek subdi vision and plans move its branch office into the square foot This is the first phase of a planned commercial development for the Art Lowery will occupy 2 TOO square feet Et Cetera will occupy 700 square feet and the Bill Reed Construction has leased 760 Gary Southwesterhs branch manager and leasing the new quarters will permit Southwestern Savings to offer a wider variety of financial and community services Sta tioners Distributing has an Continued on Page 8 Altering Tax Structure Looms As Major Issue Before 73 Congress By Lou Schneider Longrange planning by busi ness is based on the knowledge that the tax structure of the United States looms as one of the major issues in the next regardless of who is elected President in November And there is a feeling of cer tainty the tax changes will toe directed against the upper mid the corpora tions and tax exempt founda The rates will not be low but shifted and perhaps in Every politician has heard the cry for tax and is aware it has public support especially from labor educators and news There isnt any doubt the Tax Reform Act of 11969 isnt popular in the Senate and There will be House Ways and Means Committee and Senate Finance Committee tax major hearings held in Goal Fur ther tax or possible to tal tax code The nation cannot avoid more inflation without balancing the That cannot be accom plished without paying higher The changes in the mak ing will more than likely affect the manner in which individuals and institutions manage their own and other peoples Thus the upcoming tax changes might jolt the stock and bond Corpor ate profits could be a prime tar get under the guise of tax re The Daily Investor Redemption of Bonds Purchased At Premium Not Always Deductable By Charles Elia As a I think you should clarify your recent com ments on the tax basis of muni cipal bonds purchased at a pre There are many cases where redemption of such bonds doesnt give the seller a tax de ductible Section 171 of the Internal Rev enue Code deals with amortiza tion of bond premiums and sev eral subsections provide that no deduction shall be allowed for amortization of premiums on wholly taxexempt Regulations under that section provide that amortization of tax exempt bond premiums is man datory will oper ate to reduce the taxpayers basis in the bond without bene fit of tax The ob vious net result of this is that a purchaser paying any price over par for a taxexempt bond which is redeemed at par at ma turity can claim no deductible It is possible that the taxpay er will have a deductible Bank Clearings Houston Clearing House Debits Credits June 20 but only If the bond is sold or redeemed at a price below his adjusted cost basis of below par I welcome your comments by way of clearing up a parti cularly knotty tax feature on tax As in all matters in volving tax invest ors are best advised to hire tax counsel for detailed My broker always seems reluctant to give me informa tion about Is this because of low commissions for bonds How can I keep track of hew issues For a utility company whose shares I own notified de some time ago of a new issue but thats the last I ever heard about Your broker is your best bet for keeping tabs on bond market developments and if he isnt willing to give you you should get a new some brokers are a lot less interested in han dling bond trades for small in vestors because bond commis misions are relatively smaller than stocktrading Not only bond buyers in the smallinvestor category tend to be longterm holders and the broker may be unhappy to see a or account prac Continued on Page 8 Howard vicepresi dent of the Chicago First Nation al says we are now oper ating in an antibusiness psychol Profits has become a dirty It isnt only under attack from Democrats and Ralph Nader but from the Re publican Administration as Not many years ago the prof it motive was given credit for bringing the one of the highest standards of Hallengren Today we hear the pursuit of profits de nounced as being to blame for the the oppiession of minorities and pov Chicago banker Hallengren went I do not believe that we can see the stock market moving to significantly higher levels as long as the political cli mate remains as decidedly anti business and antiprofits as it is He cautions that investor psy chology is as President Kennedy learned in 1962 and President Nixon in I doubt whether the market can withstand many more body blows of the type it has been receiving he Hallengren says it has become almost impossible to make an investment Reasons There is no way to predict what form increasing taxes will take in and what industries will be attacked next by the antitrust division of the Justice Depart There is this to add from longpull investors New posi Continued on Page 8 advisor to all components of jus tice at federal and state 2 Comprise a permanent body charged with developing an overview pf the law and identifying priorities for needed and responsible for coordinating educational re research and projects of the organized 3 Serve as fiscal agent to receive and disburse public and private funds for evalu ation and Jaworski emphasized that the Institute would be largely advis ory in character and that it should be free from political Closer Cooperation We are entering upon a new era of closer cooperation be tween the bar and which can lead to solid ad vances in the administration of he He noted significant progress already being such as the ABAproposed Standards of Criminal which are guidelines for refashioning the whole criminal justice system the promulgation of new Stan dards of Judicial and efforts to bring needed improvements of cor rections facilities in the nations Traders Corner By Upliam June 1972 Carter Wallace CAR was selected for the Traders Corner on 1 at with an objective of Support is evi dent at Stock is still rated a Place stop at Chelsea Industries was recommended as a trade on 10 at with an obi jective of CHD is still rated a Morse Electro Products MOR was originally mentioned on 13 at with an ob jective of MOR is rated a with a stop at Philips Industries was recommended March 1 at with a potential objective of has penetrated the last given support level at This does negate temporarily the originally suggested price objective and of resulted in a loss of nearterm The stock is currently in a secondary support level in the 1819 area and does appear to represent a quite oversold We Continued on Page 8 Gee Boss Office Hanky Panky Spells Trouble By Eleanor Harris Girls who cry easily should never take on a boss for a hap py interlude between 9 and Pick up any Dear Abby or Dear Ann and you will find a tearful letter from some girl who had impetuously hopped into a ro mance with her Now that the romance has fizzled down to his noticing her typing the girl poignantly What shall I do Must I leave my good paying job the an swer shot back from the ad visory twins do not to the nearest Thisri advice is okay even if were not sure whether theyre telling her to resign or to com mit but they should have but get a character ref ence The trouble with ofnce passion is when the passion sox does the It is not the boss who packs and All hes got to the is find a re But shes got to find a This is not to imply that all bosses and secretaries are the kind who play house on office but there are a few who feel that passion keeps the pro ductive juices So while it is true that there are some who believe that sex in the of fice makes the world look bright there are many more who be lieve that bifocals will do the same But for those who shun glass Id like to point out that when a boss and secretary be come emotionally involved with each it raises Also And her One man is doing it because it raises his blood The main question it raises is the one asked by a new prospec tive Why did you leave For personal is the This raises another question in his mind how personal did she get To say she left because she wanted more money marks her as an undependaple opportunist to say nasty things about her former boss her as This makes her a marked so you tis not better to have loved and lost tis better to have loved and found another job What I to pave the way for her new way of is a mandatory letter of recom mendation from all bounder as a part of the separa tion I know this is tough on the boss who is not sure which part he is to recom especially since hes not too familiar her working But a simple letter with in the framework of truth will do This will in troduce Miss Smith who was a pleasure to Continued on Page 8 Inside the Daily Court Review ITEM PAGE Abstract of Assignment of Liens 4 Assumed Birth Building Court 7 Divorce Federal Tax Harris County Land Transaction 6 Jury Docket of Civil Cases 3 Beer Permits 8 Marriage Licenses MaterialmensMechanics 3 Public 8 Suits in Civil Courts 2 Trustee Sales for July 6 District Whats the ;