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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Aug 10, 1977
Page
15
A scramble of stock quotes and market chatter fills the page reflecting a busy trading session. Names like Sumitomo Bank and various bankers surface amid figures, percentages, and exchanges, highlighting shifts in prices and sector commentary.
A bias complaint to the California state superintendent of banking seeks to block Sumitomo Bank of California’s plan to acquire 19 new branches from Bank of California for 191.8 million dollars unless the bank addresses alleged discriminatory employment practices. The deal would add branches in Long Beach and elsewhere, with two Long Beach locations named, and includes nine additional branches in Northern California. The complaint urges regulators to require a one year moratorium on expansion until community needs standards are strengthened and corporate social responsibility codes are adopted.
New York AP reports a quiet session as investors await federal money supply figures. The Dow edged up to 879.85, the NYSE composite rose modestly, and volume remained light with many traders staying on the sidelines awaiting Fed signals. Consolidated Foods fell after weaker fourth quarter earnings.
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