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Show Ferialfc Ori:r University of Uth celt LukeCity WESTERN AMERICANA Orjurtir-f- it Ut-'- I ..112 VOLUME 16, NUMBER 202 Capsule No Prejudicial Error GRAND LARCENY AFFIRMED Appellants Counsel: F. Giant IBM Vows Fight Against Antitrust Suit Savings Bank Business Form Cited as Model Utah Supreme Court Decisions SAMUEL LEE SIMMONS ATLANTIC CITY John Hill (ACCN) --The mutual form of organization, characteristic of the savings bank BAD CHECK CONVICTION industry, provides an unmatched corporate mechanism for responding to the changing needs of todays modern economic environment, Francis B. Nimick, president of the National Association of Mutual Plaintiff was aware of his rights under law Appellant: ROY IRWIN PRICE Counsel: Bruce C. Lubeck Savings Banks, said here. Preferred Stock In Security Rules New Corporation By Janies W. Freed May often play helpful role in For Pharmacies when the parties interests adjusting are making unequal contributhey tions of capital. Preferred stock may be issued to cover extra amounts contributed. This would make it possible for the minor contributor in money to have not only equal voting jjower with the major, but also an equal amount of the basic equity of the company, thus enabling them both to share equally in future growth. At the same time the major contributor would receive a preferred status for his excess contributions, both so far as the return on his investment is concerned and also in connection with the replacement of his investment There can be more than one class of preferred stock with different rights and privileges. There may be a preference in dividends which may be cumulative. Voting rights may be given or withheld. There may be a preference in liquidation. Holder of preferred can be given a veto power over certain types of corporate action. Preferred may also be convertible into some other class of stock. Next Concept of Leverage of a New Corporation. - WASHINGTON (ACCN) The of and Bureau Narcotics Dangerous Drugs is developing security standards for pharmacies that are designed to prevent and abort criminal attacks, BNDD Director John E. Ingersoll today told pharmacists from across the nation. Ingersoll also criticized the advertising media for bombarding the American public with catchy little jingles, cute sketches and somber warnings, offering drugs and medicines to cure most little symptoms of real or imagined illness or to provide escape from reality. The average medicine cabinet gives testimony to the success of this mass media campaign. And the rows of bottles and vials of pills and tablets are a sad commentary on a society that once was noted for its ability to endure hardship in seeking its destiny, he said. Corporation Counsel to Hear PHILADELPHIA Robert C. (ACCN) -- Gottschalk, Patent Record Access in-hou- se Solar Rays Cut by Smog legal department; patent management as a profit center; the trial team concept in serving corporate clients; and what cost accounting means to the legal department. The conference is, specifically designed for the general counsel, chief patent counsel, and others in the legal, patent, or other departments who may benefit by this (UPI)-ClaiSAN FRANCISCO meeting. Information may be obtained by that every cloud even one of of smoke and soot has a silver writing to the Conference 928 lining, a researcher says smog American Legal Executives, Station Building, reduces the chances of getting Suburban 19103. Pa., sunburn or skin cancer. Philadelphia, ming independent and competitively balanced entities. The government brief, the latest move in a suit against the worlds largest computer manufacturer, is considered the most important antitrust action since the 1911 order to break up Standard Oil Co. IBM said in its answering brief that the Justice Department "consistently failed to comply with agreements reached with officials of both the Nixon and - Johnson'! administrations. The agreements IBM said, were that the company would have the opportunity to negotiate before being slapped with an lan: tftrust suit. Nonetheless, the Johtigon- Administration filed the suit Jan. 17, 1969 its last business day, IBM - contended. The day before that, it said, then Attorney General Ramsey Clark agreed at a meeting with IBM executives that the government might well not have sufficient or complete information as to the nature of the matter, the company manufacturing and marketing structure. It asked for the "formation of the total domestic and international computer systems facilities of IBM into several descrete, separate, independent and competitively balanced entities capable of competing successfully in domestic and international markets with one another and with other domestic and foreign competitors. In addition, it asked that IBM be prohibited from marketing its computer systems and support (services using package deals. The firm should be stopped from price discrimination and from announcing new computer products before' those are developed, since both practices hinder competition, - 'the'JbitidN IBM argues that there are 2,500 companies offering computers and hardware and a variety of computer services. Because of that, the company said, there can be no real basis to the governments charge that IBM has a monopoly. IBM had a net income of $305.7 million for the first three months of this year. The computer business is said. ' The Justice Department said it easily among the worlds fastest growing. Poll Finds Tax Congress to Be Asked For Tougher Drug Laws LAKE CITY (UPI)-Attor- General Richard Commissioner of the U.S. will be a featured speaker at the Conference of American Legal Executives for Corporate Counsel to be held at WASHINGTON (UPI)-T- he Stouffers Inn in Atlanta, Georgia on Supreme Court has let stand a ruling Oct. 26 and 27. which narrowed the application of The list of speakers include Keith the Freedom of Information Act, W. Blinn, vice president & general designed to make federal records counsel, Continental Oil Company; available to the public. Gray C. Castle, counsel, legal last down was handed The ruling operations, Xerox Corporation; Lee May 4 by the 2nd U.S. Circuit Court F. Driscoll, Jr., executive vice of Appeals in a case involving in- president. ARA Services, Inc. vestigation by the Securities and The topics which will be covered Exchange Commission (SEC) of the and audience Occidental Petroleum Corp. and its by speakers, panels include: administering participation president, Armand Hammer. function in a the legal corporate The Circuit Court held that the diversified corporation; developing SEC need not produce certain a modem salary program and indocuments requested by a group of ventive plan for attorneys; effective, Occidental shareholders who were management of legal information; suing Hammer and the company for training for corporate damages. organizing and managing The Supreme Court rejected attorneys; the office service function for the without comment October 10, the group's appeal from the decision. other lenders combined, should certainly prove that mutual savings banks are fully responsive to changing customer needs within their present service range. The question is, why should our banks not be allowed to offer a uniformity full range of family financial services? he said. Why should we not be allowed to compete inin . serving families and dividuals?" Nimick asserted that the industrys present system of state chartering has produced an unreasonable variation in savings bank service powers among the several savings bank states. SALT Patents Head Supreme Court Fails to Widen Nimick, who is also president of the Dollar Savings Bank, Pittsburgh, Pa., said that this record of service, together with the fact that savings banks consistently finance more homes in Connecticut than all sought "divestiture relief designed to dissipate the enormous market power of the current IBM computer NEW YORK (UPU The Justice Department in a major antitrust action is asking that International Business Machines (IBM) be broken up into several discrete, separate, ney G. Kleindienst announced the Nixon Administration will ask the next Congress for tough new narcotics laws that would make mandatory sentences for first time traffickers and make simple possession of heroin or cocaine a felony. Kleindienst outlined the proposals in a speech prepared for delivery to the 79lh annual conference of the International Association of Chiefs of Police (IACP). President Nixon had touched on them Sunday in a radio address. Kleindienst said the objective of the penalties would be "to use the justice process to curb the narcotics menace rather that menace sympathy that trafficker than than to encourage through misplaced cares more for the for the public. Amost four years ago to the day, the administration sent Congress proposed legislation which was passed in 1970 to make possession of any illicit drug for personal use a misdemeanor with sentencing at the discretion of the judge. The emphasis then was on downgrading harsh penalties under which a first offender convicted of possessing any drug faced a five to twenty year prison term. The new proposals include: Making possession of heroin or cocaine a felony offense. Imposing strict minimum mandatory sentences for first time traffickers and still tougher minimum mandatory sentences for second offenses. Prohibiting probation in federal courts for convicted heroin or cocaine traffickers. Prohibiting the releasd of a convicted heroin or cocaine trafficker while he is awaiting sentence or the results of his appeal. Placing upon the defendant in federal narcotics cases the burden of convincing the court that his release on bail would not pose a danger to another person. Kleindienst also said the Justice Department was undertaking a study at the request of President Nixon of some of the lenient sentences various courts have given to hardened drug traffickers. Of 955 heroin and cocaine defendants convicted in federal courts in fiscal year 1972, he said a survey showed 27 per cent were not even sent to prison. Kleindienst reiterated his recent statements that the administration has brought to a standstill the crime wave that mounted so alarmingly in the 1960s. Democratic He attacked presidential contender George McGovern for a statement that the nations plice chiefs were "pressured to underreport the actual amount of crime in order to please the administration and thereby get more federal money. I don't like to see a United States senator and a major partys presidential candidate refusing to recognize your accomplishments in controlling the crime wave, Kleindienst told the 4000 police executives. I don't like to see a United States senator insulting your honesty. I dont like to see a United States senator accusing you of cheap trickery to fool the public. You and I know that many crimes are unreported but we also know vhat this. has always been so. Reform Support From Public WASHINGTON (AOCN)- -A tax reform would be the best revenue means if the federal government must seek sources, a nationwide opinion poll by the Advisory Commission on Intergovernmental Relations has shown. The poll offered three choices: A value-adde- d tax, increased in- dividual income tax rates and tax reform. Forty per cent of those responding expressed preference for the plan to reduce special tax treatment for capital gains, cut tax deductions for charitable contributions, state and local taxes, medical expenses mortgage payments, and the like. THE VALUE-ADDEtax drew 34 cent on the per poll; increased income taxes, 10 per cent, and 16 per cent expressed no preference. On the question, If your state must government raise taxes substantially, which would be the best way to do it', the response D was: State sales tax, 46 per cent; state income tax, 25 per cent; state property tax, 14 per cent; other means, 5 per cent, and dont know, per cent. a question concerning fair taxes, the response favored federal income tax by 36 per cent and state sales tax, 33 per cent. Local property taxes were the least favored. "you get the most for your money from which level of government? had these results: federal, 39 per cent; local, 26 percent; state, 18 per cent; and dont know, 17 per cent. The tax poll was conducted tor tne commission by the Opinion Research Corporation. Personal interviews were conducted with a representative crosssection of adults across the country. 10 On |