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Show 0rd3r Univerelty of Utoh J Salt Lake City,; Utah VOLUME 84112 salt lake city, 15, NUMBER 119 SUPREME COURT - Reintroduce Small Business Tax Relief Act DECISION Capsule - No Liability Insurance OPERATOR LICENSE SUSPENDED LYNDA M. JENNINGS, Plaintiff WASHINGTON V. Trial Court: 1) Ruled , , , review limited to accident reports. 2) Concluded . . . discretion not abused in determining blame based on reports and records. 3) . . . . administrative procedure not a denial of procedural due process. Appeal: Plaintiff asserts (a) not accorded hearing prior to suspension order; (b) review should not be confined to written words and (c) trial de novo should be granted . . . with opportunity to present evidence and 1. A Defendant counsel: Vernon B. Romney, Lauren N. Beasley, David S. Young Continued on page six Would the Board of Examiners need to adopt a regulation similar to the Salt Lake City camping and sleeping ordinance in order to prohibit camping and sleeping on the State Capitol grounds or could the Board of Examiners rely on the Salt Lake City Police to enforce the Salt Lake City ordinance? ANSWER: A regulation of the Board of Examiners is required except in limited circumstances set forth in the opinion. REQUESTED BY: Clyde L. Miller, Secretary of State PREPARED BY: issued tougher bumper safety standards for 1974 model cars June but insisted in Congressional testimony they were to protect the safety of passengers rather than to reduce damage repair costs. Current DOT standards for 1973 models require front bumpers to withstand five collisions into a fixed barrier without damage to lights, radiators, exhaust pipes and fuel lines. The speed is 2.5 MPH for rear bumpers. For 1974 models, the current standard is five MPH for front mile-per-ho- Key Production Index Records Slight Advance - Indus0.7 per (UPI) trial production increased cent in May, the third consecutive monthly advance of the closely-watche- d index of the economy, the Federal Reserve reported June 14. Despite the increase, however, the Index remained 4.2 per cent below its all time peak set in July I960. The repent added to the evidence that the economy is recovering following last year's recession. Many economists consider the Industrial Production Index to be a key barometer of the economy. The May Index was 167.3 per cent of the 1967-5- 9 base period, up from 166.6 per cent in April. Auto assemblies increased 5 per cent in May and the output of furniture alio increased during the month. systems, steering mechanism and brakes. Douglas W. Toms, acting administrator of the National Highway Traffic Safety Administration, revealed the new standards at a Senate commerce subcommittee hearing. He came to testify on two one by Sen. Philip A. Hart, Mils and Sen. Warren G. and the other Magnus on, an administration bill submitted June 15. measure The to dealt according Toms, primarily with economic problems. They concern the automobile owners h., Hart-Magnus- pocketbook, not his life or limbs. Concede! Problem No one who works daily with automobiles can fail to appreciate the strains imposed upon the pocketbooks and nerves of Americans by the more than $6 billion worth of property damage incurred by automobiles annually. However, there must be priorities. Our priority is safety," he said. Our major objection (to the bill) is that it would require the establishment of automobile standards for purely economic reasons. We believe that the vigorous regulation of industry Hart-Magnus- on matters of health and safety is a proper and necessary role of in restriction on Federal - CLEVELAND (ACCN) Small investors are the particular victims of an abuse of the free enterprise principle written Into the rules and operating procedures of the New York Stock Exchange (NYSE), according to a Cornell University business school professor. Speaking at the 24th annual Conference of the Financial Analysts Federation here, Seymour Smidt said the U.S. Security and Exchange Commission (SEC) is now aware of these abuses and has the power to eliminate them. The Cornell professor said his comments were based on more than a year ;md a half of research as assoc ir .e director of the SECs recently completed study of institutional investors. Smidt worked at the SEC while on smaller firms. leave from Cornell's graduate 2. Simplification of tax laws School of Business and Public Adthrough a permanent government ministration where he is a professor committee and an office of small of managerial economics. business in the Treasury DepartHe explained that the rules and ment. operating procedures of the NYSE, of the which are 3. Limited subject to SEC regulation, investment credit tax, scaled down have erected barriers to competition to $50,000 of qualified investment for manufacturing corporations, $10,000 for other corporations, and $5,00C for individuals. 4. Greater freedom for growing businesses to accumulate income for expansion purposes. 5. Provisions for a limited number of surtax exemptions from family businesses and about 35 other A PHILADELPHIA (UPI) substantive and administrative tax law changes. sweeping suit against the Selective Service system has been filed here on behalf of all men subject to the Class Suit Aim Is Draft Law Invalidation - Diplomats Must draft. The suit asked the U.S. District Court to declare the 1967 Military Service Act unconstitutional and sought a preliminary injunction to ur bumpers and four MPH for rear bumpers. New Rules Cover Both But the new standards, published in the Federal Register, require both front and rear bumpers to withstand five MPH fixed barrier collisions. They also require protection for suspension Vernon B. Romney, Attorney General Robert B. Hansen, Deputy Attorney General See detail pagp 5 'I - WASHINGTON (UPI) The of Transportation Department 16, QUESTION: WASHINGTON New Bumper Safety Rules Camping and Sleeping On Capitol Grounds in- collection of deposits for employment and excise taxes to a maximum of once per month for Plaintiff counsel: David S. Dolowitz WHO REGULATES? Thir- terests, terms salutary features" of the present bill, are: Supreme Court: Judgment of trial court affirmed. OPINION - oayi. Smaller Investor Hoes Tough Row In Stock Mart representing small business n. ATTORNEY GENERAL (ACCN) TUESDAY, JUNE 22, 1971 LitiMiuiiiidi teen Senators and Representatives from both parties have reintroduced the small business tax reform and simpleficatlon bill as S. 1615 (the Bible-Evin- s Bill) and H.R. 7692, respectively. The measure has been modified since its first introduction in 1970. Changes suggested by various tax experts and the National Small Business Association have been incorporated in the new draft. Among what the Association, MAHONEY A DEPARTMENT OF PUBLIC SAFETY, Defendants cross-examinatio- Utah Pay Air Travel Tax, IRS Rules protect -DWASHINGTON . (UPI) iplomats, consular officials of foreign government and employes of international organizations must pay the 8 per cent airline ticket tax enacted by Congress last year, the Internal Revenue Service has ruled. The IRS said June 14 that the taxes, imposed under the Airport and Airway Revenue Act, are applicable to employes of foreign governments because they are considered user foes, charges for specific services rendered. draft resisters from prosecution in the meantime. No date was set for a hearing on the suit. Draft Director Curtis W. Tarr, the acting state draft director, Henry the 50 other state draft directors and 4,000 local draft boards were named as defendants in the suit. The suit was filed June 16 on behalf of Andrew Rowland, 18, and Steven S. Rowland, 17, both of Philadelphia, David Freudberg, 17, Wyncote, and David B. Sitman, 17, Huntingdon Valley. government," Toms added. Toms Instead, proposed legislation that would authorize the Secretary of Transportation to develop and disseminate in- formation on damage susceptibility and crashworthiness on more than 500 make and models of autos sold in the U.S. Would Require Data The bill also would require auto insurance companies to furnish DOT with accident claim data relating to personal injury manufacturers cases; to supply auto in- formation on safety improvements and to conduct independent crash testing and consumer information programs. Presently, consumer information is required in only three fields: stopping distances, tire reserve loads and passing and acceleration. Toms also said that there would be consumer benefits in less cosily repairs if crash standards designed to protect the safely of drivers and passengers were imposed. But he Insisted that the standards should be written with emphasis on safety, not reduced repair costs. Judicature Society Names Executive Aide CHICAGO (ACCN) - Allan of that bestow significant monopoly power on the some 400 specialists," who are both members of the Exchange, and a powerful element in Its governance. Reduce Fluctuations According to Smidt: "The function of an exchange specialist Is to reduce temporary fluctuations in the prices of the stocks assigned to him. To carry out his obligations, he is suppossed to buy stock when there is a temporary excess of public selling. Under a competitive system, the specialist who unwilling to buy when there was a temporary excess of stock available would lose business to his competitors. Under the NYSE system the monopolistic specialist' is faced with a real conflict of interest. If he buys stock, he exposes himself to greater risks. If he does not, the price of the stock will decline more than is necessary, and public investors who are selling will get lower, prices ,than they should. is supposed to ensure that the specialists perform their functions. But the lack of ef- vu Self-regulati- fective enforcement makes regulation ineffective. free to Decide In otlior words, specialists are motivated by morality, that is the Exchange regulations, to stabilize stock prices, while they are motivated by the profit incentive to do just the opposite. Although competition is one of the cornerstones of the free enterprise system, the Exchange has succeeded in virtually eliminating this element as a motivating factor for its specialists. Each specialist is more or less free to decide how much risk he will take to try to stabilize prices. Not surprisingly, the range of performance in this regard is very large. The study found that, on days when the price in a sample of similar stocks declined by three to five per cent, one group of specialists bought an average of $276,000 worth of stock to help prevent a larger decline, while a second group bought less than $90,000 worth. As a result, price declines of more than five per cent in a single day occurred more than twice as frequently in stocks assigned to the second group of specialists. SEC Chairman Sees Possible Fund Violation Ash- research man, formerly director and special projects of the National Legal Aid and Defender Association (NLADA), has joined the staff of the American Judicature Society as assistant director. Ashman, a native of Brookline, Massachusetts, is a graduate of Brown University and Columbia law school. Before joining NLADA, he was assistant professor of public law and government on the faculty of the Institute of Government at the University of North Carolina. He will serve in the Societys programs and services department, which conducts meetings, conferences, institutes and seminars, and works with bar associations and others in educational and promotional new and YORK (UPI) - Securities Commission Chairman William J. Casey expressed concern June 18 that mutual funds are using large-bloc- k Exchange stock distributions to merchandise significant amounts of fund secondary reward retail firms that shares This is one of the questions being studied by the SEC in its assessment of the impact of negotiated commissions for large stock transactions, Casey told an investment conference sponsored by Institutional Investor magazine. Since the negotiated fee system, which covers portions of orders over $500,000, went into effect earlier this year, there has been a big increase in the volume of large secondary slock offerings, Casey said. |