Oakland Tribune Newspaper Archives Dec 17 1971, Page 15

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Oakland Tribune (Newspaper) - December 17, 1971, Oakland, California British drop Ollar support Bank us shakeup Dpi climbs 2.41 in a late comeback William Doyle r 3 office party picture mixed by Doyle tribe financial editor christinas office parties those Semi social vents which have provoked As Many family arguments As they have provided enjoyable times have apparently survived the economic downturn in most places around the country but the picture is a mixed i Jone in the East Bay. The administrative management society conducted a Survey of office parties in 1967 and repeated the Effort this year. The Survey shows that the number of parties was Down 1 per cent this year with 68 per cent of the firms contacted saying they planned a party. Of those who did t plan one 61 per cent had previously had parties but decided not to this year. Harold Bloom manager for Goodman a the Oakland catering firm at Jack Lon Don Square cast some Light on Why. There s no question that the depressed Economy has been a Factor in Busi Ness spending for parties. Our business is probably Down 25 to 30 per cent on parties paid for completely by the said Bloom. There has been an increase however in parties where the firms subsidize a part of the Cost and employee associations or individual workers pay the remainder. This is in line with National figures which show that a Quarter of the parties now fall in that category compared with 14 per cent four years ago. Bloom said one Type of party has completely Dis appeared As far As Goodman s is concerned. We Don t even get any calms about them any that is the party held in the office to which the caterer brought food and drink. Too Many people got in trouble at Home after said Bloom. Driving afterwards a problem the management society said too that concern Over employees driving Home after imbibing too freely of alcoholic beverages at work and the Strain on relationships on the office after parties were also factors. The tendency toward serving alcoholic beverages is growing too with 74 per cent of those who planned parties this year going to serve alcohol compared with 67-per cent four years ago. Eleanor Falconer manager of Rod s catering in said her concern s business is As Good As usual and maybe a Little better. She said some parties Are being held in the office or Plant but that Many More Are held outside the of fice. When they Are on the premises they Are generally lunches but when they Are off we Are catering Pri Marily dinner dances in the she said. The Rod s manager said there have been some increases in Price from a year ago but that most customers have gone along with that and maintained the same Quality of event. A spokesman for Frere Jacques catering in Oak parties at which his company does a full catering Job have been off substantially in the last two years. A different situation he said however contrary to the National Pat Tern there has been an increase in delivery of hours d oeuvres to office and Plant locations. We Are having about the same number of Busi Ness contacts but the companies Are buying less expensive he said. Spokesmen for two or three catering firms told of parties that were scheduled Early in the year by companies and then cancelled when the Economy failed to improve. In each instance employee groups or individual employees went ahead and rescheduled the event at their own expense or with a minor subsidy from the firm. It looks like people just like to party. Central banking will 4% Stock dividend pay Central banking systems inc., Oakland based Bank holding company will pay a 4 per cent dividend on common Stock according to Michael Rafton chairman and presi Dent. The dividend will be paid Jan. 15 to shareholders of rec Ord dec. 31. Trenks in the system include Central Bank first National Bank of Fresno Livermore National Bank. Peninsula a Odd lot transactions new York a the new York Stock Exchange re ported these Odd lot transactions by principal dealers or of of shares shares sold tonal Bank of Burlingame Tahoe National Bank and Bank of Fairfield. Treasury plans to Bill auction Washington up the Treasury department announced a two part auction of tax anticipation Bills billion to mature april 1972 and the remaining Al 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 billion in april tax Bills and billion in june tax Bills. Four year Low Point in London Ompir fun a a Jupi Lyndon the Bank of eng land removed its support to Day and set the . Dollar plummeting to a new 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 Dis cuss the world Money crisis and other issues with presi Dent Nixon. The move dropped the Dol Lar to 2.5282 at one Point Low est for the currency since de valuation of the Pound from 280 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 yesterday s record Low of 321.38. Today s close represented a 12.087 per cent upward revaluation of the yen. The Dollar edged up in Zurich and pans but eased off in Frankfurt and Milan. More Banks join in Cut of prime rate new York a More major commercial Banks to Day 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 first National Bank of Chicago announced cuts to cent effective monday. Washington a p a presidential commission 11 Likely to Call for shakeup of government Bank supervisory agencies and recommend that savings and loan associations be allowed to offer checking accounts. These Are among a King list of recommendations contained in a draft circulating among members of the presidential commission on f i n a n c i a 1 structures and regulations. The associated 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 Proba Bly next month. National Banks now Are supervised by the comptroller of the c u r r e n c a 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 of fice of the administrator of state Banks to examine and supervise state chartered insured Banks. The office also would supervise those savings and loan associations that acquired a substantial Check ing account business. It recommends that the of fice of the comptroller of the currency be renamed office of the National Bank administrator and established As an inde pendent Agency outside the Treasury department still another new the Federal Deposit guarantee administration would take Over for existing agencies that insure deposits in Banks Sav Ings and loan associations and credit unions. The draft recommends that All state Banks and state Sav Ings and loan associations that offer checking accounts be required to join the Feder Al Reserve system. And it recommends a wide expansion of Powers and functions for laying and loan associations and the somewhat similar Mutual savings Banks chartered in some states. In a d d 111 o n to checking account and credit card serv ices for individuals Only they would be allowed to mortgage Loans on non residential As Well As residential real estate and on to bile Homes. Smart Chart by cwt in in let we Tutti billiard Solitt Art make consumer Loans and construction Loans. Directly invest in real estate and subject to limitations in equity securities. Make Loans anywhere in the United states and its pos sessions. Manage and sell Mutual funds. The draft report also recommends that limitations on in 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 Al Lowed 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 Dis count fund for credit unions that could provide temporary advances to credit unions and in an e m e r g e n c a borrow from the Treasury. Credit unions would be Given wide ranging authority to offer Dif Ferent kinds of share accounts it recommends too that statutory interest rate limits on Cha and a insured Mort Lake Merritt hotel apartment guestrooms 1800 Madison St.-832-2300 3 room suite-627 so. It. Will decorate to suit View Lake Merritt Oakland Hills. Public transportation at door. Ample parking nearby. Sensible rent. Call building manager s office 273-2215 the landmark address Tribune Tower 401-13th Street Oakland these notes have not been end Are not being offered to the Public. This advertisement appears Only As a matter of record. New Issue december is 1971 Kaiser Cement Gypsum corporation notes due 1988 direct placement of the above note wan negotiated by the undersigned. The first Boston corporation Dean Witter co. Gages now temporarily waived Blaboli Sherand 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 also recommended is Broad ening of tax sheltered annuity plans so that individuals could set up their own retire ment 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 or More should be abolished the report recommends. The 20 member commis Sion was appointed in february 1970, by president Nixon and charged with making what was termed the first general View of regulations on lending institutions attempted since 1907. New York a Stock Market prices gave up Early modest gains today then held steady under the influence of profit taking and finally bounced Back in the closing minutes. Trading was Active. The Dow Jones Industrial average closed at 673.80, up 2.41 in a late recovery. Advances held a moderate Lead Over declines on the new York Stock Exchange. Analysts said the profit Tak ing was Only Normal following two Days of solid gains in which the Dow average advanced some 16 Points. They attributed the mar Ket s recent gains to some favourable economic fun Daneo tals including Strong in housing and Industrial production in november and the trend toward lower inter est rates. In the news background the group of ten finance minis ters continued their International monetary talks at a two Day meeting in Washington. 5-fom Stock split Long Beach directors of Buffus declared a 5-fom Stock split and increased the Cash dividend. For your by production needs feed Stock equipment. 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Illuminated Vul meters calibrated to Nab standards plug in head Block Assembly Tor two or four track operation Piedmont ave. Oakland 652-f Christmas super Sale Remington electronic calculator with automatic grand total the font Ostic e-3 electronic multiplier with grand total handles almost All problems instantly addition subtraction i Multi plication the e-3 has an automatic memory constant big capacity much More. Just 4 ibs the e-3 even has an easy carry handle perfect for almost every Home school or office a Llou with any Trade open tues., wed., thurs. Til new steel 30x60" exec desk popular contemporary styling in the most wanted size Center drawer Locking 6 big drawers including full suspension file Walnut Grain laminated tops Chrome trim Black or Tan color current list in factory Cartons. 24x40" Home desk Reg. Commodore High Speed credit balance electric adder the famous Model 2021 big 10-11 capacity 2 color print credit balance non Odd key electric Clear. Easy 10-key operation perfect for Home or office new with full warranty. Mfg shstj12950i 6p Remington Power return electric portable All electric with Power return big 12" Carriage full 88 Symbol keyboard 6 repeat key full Tabula Tion Case 5 year War kuranty. Mac s list 50 exec chairs a great swivel or a choir for Home or office1 he Walnut finish Wood construction fully upholstered seat Bock and arms adjustable tilt and swivel and easy Roll costers deluxe Block upholstery. List is 03.30 our Reg j6988 now inst i Back style great gift Superior Comfort and styling at a never before price1 adjustable tilt and swivel full upholstery Hync seat Button Bock he carpet costers lists of our Reg now just always 6 Stop pcs in the Bay area Hayward office equipment 22551 foothill blvd. At i St. Momi Vii Bank Chari cards of my Ftp Ltd a Mamie Steffn scam Pali Alti thu in St met to Tom in 111 Mottl Flint. 144 tin Onwu Jim

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