OCR Text |
Show Rage 3b The Enterprise Review , June 16, 1976 SEC Wants Banks to Tell All Albertsons Projects Sales SEC demands for disclosure by banks is consistent with the concept of free enterprise and would lighten the burden of government regulation, according to John R. Evans, commissioner of the Securities and Exchange Commission. Evans spoke before the Bank Administration Institute conference June 7 at the Salt Lake Hilton. Evans said public disclosure is important for the investor in making investment decisions, and the SECs concept of disclosure by banks is in line with that policy. Banks should have to make the same kind of full disclosure to investors and depositors as the banks require of their borrowers, Evans said. Until recently banks had not been concerned with SEC requirements for public disclosure because the Securities Acts of 1933 and 1934 ex' empted them from the re- quirements placed on other public corporations, he said. In fact, Evans added, until the 1970s, the SEC had not really concerned itself with bank disclosure requirements. Only banks that wrere part of bank holding companies were considered to be under SEC jurisdiction. Because of the recent turn in events in the banking industry, explained Evans, such as the much publicized . continued from page 2b company feels that the automated front-en- d system will be an integral part of the future supermarket. In other business at the meeting, Mr. B. Z. Kastler, Chairman of the Board and Chief Executive Officer of Mountain Fuel Supply Company in Salt Lake City, Utah, w'as elected a Director to replace Mr. L. S. Skaggs, Chairman of Skaggs Com panies, Inc. of Salt Lake City, who did not stand for re-electi- Albertsons Board of Directors at their quarterly meeting the same day, declared a regular quarterly cash dividend of 18 cents per share. The dividend payment will be made to shareholders of record August 6, 1976, and will be paid on September 3, 1976 10 MILLION DOLLARS A YEAR meat processing, slaughtering, & rendering plant PLUS 250 acres PLUS Flexible Terms Much More. $850,000 $120,000 a month volume. 10 fast food restaurants', Banks should have to make the same kind of disclosure to investors as they required of their borrowers, said John R. Evans to the BAI. difficulties with and failures of some of the nations largest banks, the SEC has become increasingly insistent that bank holding companies provide more meaningful disclosure. closure requirements involving banks would not be as detailed as those required in the prospectus of a public corporation, but the reporting procedure would be in tune with economic realities. all free standing $525,000 o SELLING YOUR BUSINESS IS Evans explained the dis ' o PLEASE CALL: Defendants Cleared of Wrongdoing There is no cause for action in the suit brought by directors of Fransican Oil, a Utah corporation, against E. H. Coltharp, E. H. Coltharp & Co., Leslie Glen Spencer and Dale F. Killian, said Judge J. Elmer Banks. Walker E. Anderson, attorney for the plaintiffs, said charges by his clients were brought against the defendants on the grounds of fraud and deceit. He said he would have to discuss with his clients whether or not to appeal the case, but no action is planned at this time. MY BUSINESS 1343 S. State Street (801) Salt Lake City, Utah 84115 486-544- 1 More specifically the vancing the money to Mineral charges brought in Third Dis- Supply Company, a Nevada which .of trict Court say the defendants corporation, caused the plaintiffs to sign Coltharp was president, blank checks for the corporation (Fransican Oil) and deliver them to the defedants. The defendants then alillegedly frauduently and legally used the checks for their own purposes and treated the funds as their own. The amount in question totaled UNITED " BUSINESS INVESTMENTS. INC. $48,050. The plaintiffs further claimed that the defendants misappropriated the funds by loaning, disbursing and ad- - Independents Toil in Rigged Market Alternative energy sour-ce- s will never be developed in an economic manner until monopolistic energy laws are repealed and government gets out of the way, Steve Trotter, Libertarian Party candidate for U.S. Senator, told a meeting of Ogden Jaycees recently. Trotter said government favoritism benefits conventional energy producers to the detriment of new and inde- pendent energy producing to companies. It is one thing redevelop a new energy source but it is quite another matter to compete in a market rigged by government in favor of current said. producers, he Until all producers have full access to a free market, wind power, solar energy and other sources of energy will not become significant factors in meeting the nations energy needs, he added. Trotter criticized bureaucratic red tape, price fixing by government and other artificial barriers to the marketplace which reduce incentives and impede the efforts of independents who could help to fill our energy requirements. If you hold your sales meetingsconventions downtown, youre asking for trouble. Sales meetings and conventions are meant to be attended. So why risk losing your flock to the downtown attractions? We Although were located away from the downtown area, we dont think youll miss a thing. serve delicious meals in surroundings that are relaxed, yet conducive to productive seminars. Audio-visuequipment, sound systems, special lighting, and a variety of room arrangements will You bet. guarantee you all the versatility necessary. Adequate parking? se we have to. At Four Seasons for groups-becauWe specialize in providing large al full-servi- ce West, the groups stay large. FOUR SEASONS WEST 3618 HIGHLAND DRIVE 466-437- S |