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Show WESTERN feriulb Ord-- r Churtflv:nt University of Utnh pelt lakeClty, Utah 01X2 VOLUME 16, NUMBER 166 SALT LAKE CITY, UTAH Utah Supreme Court Decisions Capsule County Commission Overruled COURT BACKS LIQUOR COMMISSION DENIAL OF LICENSE THE ROGUE, Plaintiff and Appellant Louisiana to Abolish Stock Market Reform Plan Recommended State Tax on Property BATON ROUGE, LA. (UPI ) The Louisiana Legislature has approved Gov. Edwin Edwards bills to abolish the states property tax and replace the lost funds with a one-cetax on gas. The legislatures action is a tory for the consumer at toe expense of big business. The 30-- 8 vote in the State Senate was a major victory tor Edwards v. UTAH LIQUOR CONTROL COMMISSIONS, et al, Defendants .... the law does not require that whenever Supreme Court: the county commission has given its approval it becomes mandatory upon the Liquor Commission to grant the application. It seems obvious that if this were the law, the Liquor Commission would be deprived of the authority conferred upon it by Sec. 32-- 1 6(b) to Decide the number and location of the stores and package agencies to be established in the state." Plaintiff counsel: Raymond A. Hintze, 4835 Highland Drive Defendant counsel: Vernon B. Romney, Wm. Evans, Tank V. .... .... -- Nelson See Wails page 4 and Finance, hoping to remedy toe problems that brought toe stock market to the brink of collapse in has urged wide-rangin- TUESDAY, AUGUST 29, 1972 nt vic-197- 0, g reforms keyed to greater broker and protection for in- divided investor. mlVlWeSTW! Detroit Set ByLeeRuwltch Miami Review The Improved U.S. economy has given renewed impetus to the growth rate despite the uneasiness of foreign countries, over the international monetary situation and continued U.S. deficits in our balance of payments. Of course this inflationary pressure forces consumer prices higher. GOP Platform hearings review golowing tributes to the New Nixon Economic Policy. Some warned that inflation could become a problem again after the election. Tax; reform and the value added tax were passed over lightly. The international monetary crisis was quickly forgotten among the glowing testimonials. Michael Weintraub has been elected president of the $315 million-depos- it Pan American Bancshares. Joe Weintraub is chairman and James Wilson is of vice-preside- nt the ,holding company. W. Sloan McCrea is chairman of the $108 million-depos- it Pan American Bank of Miami. Robert J. Spicer is president and director of the Pan American Bank. Pan American Bancshares with current assets of $400 million controls five Dade County banks in addition to banks in Fort Lauderdale, Orlando, Sarasota. Atico Management Corporation is the companys mortgage banking affiliate. Pah American Bancshares awaits approvel to acquire the $30 million Capital National Bank of Tampa and has applications for three more banks. Investor-owne- d Automate Court Files To hospitals-doc-to- rs, health administrators and laboratory operators, have launched hospital chains. They use modem management techniques and group buying to improve profits. Some chains started as nursing homes. Industrialized factory built homes will eventually have their day but they are still in virtual infancy. Builders look at recent troubles and hope that the ftiture will be brighter. Interest rates will gradually edge up to higher levels, with toe prime rate up to 6 percent (from toe current 5V percent) by June of 1973. Business expansion will create sharp demands for funds. Se Securities and Exchange Com- - session, Oil and gas lobbyists argued the mission for permitting a "state of chaos to reign on Wall Street. It gas tax increase over the 'hreatened legislation unless current 2.3 cents per 1,000 cubic feet failings are remedied voluntarily, tax would drive industry out of The report was compiled ltoelAOuisianq and hurt state gas subcommittee, chaired by Rep; John Jrbaufcers. E. Moss, after a year-lon-g Why Gulf Oil Company paid one sign, a included Mfcore for a sigrh-gg- n, that investigation 87 26 from at witnesses single sigq'pi&hltrodome than testimony nt Urban Projects Financing Aided f., nnU r Uvu&ktg6Ts going to cost them, days of public hearings. DETROIT (ACCN)-T- he Wayne Many of its findings jibed closSEffivards said. County Circuit Court will institute a with those of a The state will lose $33 million by comparable Senate new plan September 1, which is the panle-t- ous indicating the direction repeal of the state propery tax which first major step in reorganizing the securities legislation may take when must still be approved by voters. speedup of court administration in toe new Congress convenes next But Edwards plans to substitute Michigan. Plana call for codification January. the lost revenue with the $46 million of cases chronologically and by case toe new gas severance tax will yield recomthe major Among type. For example mendations: every year. would indicate the case was Edwards maintained throughout Eventual elimination of all stock assigned a number in 1972, it is for certificates to reduce toe crush of the property tax repeal and the gas Felony Murder and toe number is paper work that nearly drowned severance tax fight that the 023456. Wall Street in recent years and to proposals were mainly aimed at This first start of a revised system thwart slick thieves, who have made saving Louisiana homeowners from goes further in enabling assignment in stolen securities a court-ordere- d tax property on a priority basis and leads off toe trading multibillion business for dollar equalization. beginning of installation of the three-to- organized crime. The states property tax accounts priority computerization 10 per cent of the total property for Gradual abolition of fixed projects considered by toe Michigan commission rates for securities tax bill the average homeowner Supreme Court for toe past year. transactions in favor of open pays. Experience from this beginning to competition for brokerage business, The governor denied the gas tax spread throughout the State next no matter what toe size of the order. would hurt the oil and gas year. Permission for institutional producers, arguing most of toe tax Chief Justice Thomas M. investors such as mutual funds, would be absorbed by Kavanagh established toe Court insurance companies and pension consumers who use 65 per cent of all Procedures Technology Committee funds, to become Stock Exchange natural gas produced in Louisiana, last Fall and first studies glaringly members as He said toe oil companies, which long as they are barred showed need for a Case Information from handling business for their now pay half of all taxes in Control System, computerization of affiliates. Louisiana, would only have to pay Detroit's Traffic Court and toe $10 million of the increase out of Stiffer penalties, up to a $10,000 Recorder's Court Criminal Division, fine and a five-year . prison term, for because of toe high volume of violation of I I I securities laws and X Mennen Williams heads the Supreme Courts regulations. Establishment of a single net Committee actions and h&d been capital rule to make entry into the working with all courts in the state securities business easier for and administrators at all levels. Wayne County Circuit Court Administrator L. M. (Pat) Jacobs IV heads toe 3rd Judicial Cirdfit ac- tivities under presiding Judge Joseph A Sullivan. Einar Bohlin U U projects consistency and the $2 billion that was pledged for the program. The money has financed - Librarv Addition SANTA CLARA, CALIF. (ACC- N) Construction has begun on a $220,000 addition to the law library at the University of Santa Clara, here. The two-stor- y building will in- - 1 1 crease the capacity of the reading room and stack area by about one-third. y program job-creati- ng of corporate social responsibility. The new program is being supported by 433 life and health in- surance companies which are members of four major trade United States, the Commerce UpartmOTt said Thursday. The deficit in toe merchandise excess of imtrade balance-t- he ports over exports was $542 million last month, $48 million less than in June and toe smallest monthly deficit since January. Imports, adjusted for seasonal variations, totaled approximately $4.6 billion in July, $22 million ahead of the previous record in January. July exports were about $4 billion. 0n 8 basis, associations in the business. FNMA Mortgage Yields Stable Yields were virtually unchanged in the most recent free market system auction of mortgage commitments of toe Federal National Mortgage Association. Oakley Hunter, president and chairman of the board of FNMA said the corporation has issued $81.7 h million in commitments WASHINGTON, lh however, exports improved (aster than imports, accounting for the narrowing of the trade deficit. Assistant Commerce Secretary Harold C. Passer said, prospects are for an improving trend in the trade balance in the months ahead although every month may not show an improvement. construction or of apartment and housing, enterprises, community service and health care facilities in hundreds of cities throughout toe country. The urban program represented the first major effort by a single business or industry to respond to social problems on a nationwide basis. The commitment o U the life insurance business in this area is being continued under a new single-famil- IQUC nionth-to-mon- ! the rehabilitation (UPI)-T- he WASHINGTON nations trade performance improved in July despite a record inflow of foreign-mad- e goods to the COQSt LOW SChOOl in- of rs Work Begun on West , In- had committed or disbursed $1.96 billion 98 per cent Said Better streamlining operations, expenses and personnel application for toe State's 242 fcourts is the objective; In Michigan there are 45 Circuit Courts with 126 judges; 101 District Courts With 172 judges; 81 Probate Courts Wkh 100 judges, Detroits Recorders Court, Criminal and Traffic & Ordinance, with 23 judges, Detroits Common Pleas Court with 13 judges, plus 28 municipal courts with 42 judges. The big backlog in Michigan courts is not through criminal cases. Civil cases make up about 48 percent of the load (taking about 70 percent of court's time). Divorce takes nearly half of this load, and Criminal cases account for only about 8 percent in Circuits. that are being financed companies s. was named last Fall to toe position for the Supreme Court, Director of an eventual "central market Systems. system. Speeding of actions, maintaining The study grew out of passage, in fO flCfi The program, established in 1967 as an industrywide effort to help improve living and work conditions for people in blighted city neighborhoods, is approadhing completion. As of July 15, life insurance FQ H D 1 1 QIJ through the special Urban vestment Program of toe life surance business. PorTfirnflO I Cl I Ul VC Id HPP competent Creation, by Jan 1, 1974, of uniform accounting procedures for broker-dealeand by Dec. 31, 1975, of a single national system of clearance and settlement of securities transactions, leading to broker-dealer- I ") These are among the latest . G. I YORK NEW (ACCN) low income 96 Apartments for families in Houston, Texas . . .A mobile home park in a minority area Two day care in Raleigh, N C Houses centers in New York City in a black for individual ownership neighborhood in Ios Angeles. . . . out-of-sta- te caseload. Justice Preed,n8 Ule.g?hsd Powerful oilmen fiercely fought the gas tax increase and it was defeated when Edwards first brought it up at an earlier legislative committee severely criticised die performance of toe securities in- dustry and toe government agency charged with regulating it the Z Z Jan't see anyUtingbut. disaster agraSg0Ven,rtr,Ve one-ce- Economic Periscope their pockets. What theyre (oil companies) telling citizens of Louisiana and the legislature is the oil industry cannot bear a $10 million tax burden. Thats just not a saleable argument, Edwards said. ' Lawmakers from oil producing areas of touisiana led the opposition .. . . . (ACCN) -- four-mont- on . d home at an mortgages average yield of 7 630 which converts to a price of 95 38 ($95.38 per $100 of outstanding mortgage) for 7 of per cent FHAVA government-backe- mortgages. |