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About Griffin daily news. (Griffin, Ga.) 1924-current | View Entire Issue (Jan. 12, 1977)
Page 4 — Griffin Daily News Wednesday, January 12,1977 ?! • : jJWj! ‘ h gjj■»HI rjLf i r•i r■ ' !•" r . KMSMnj BS Kif: t • • -’ at * i» <m W 9 >n u» I < «f • •’’•fl n b w BJ •• !."■ Bn-- gr -1 ■*•** -' 1 ■BHL ’ lr- *4| B 5 ' EhtfS E fl '■' k“ :; -..•- **u~ , ~^ v /C ... ••-... W'lT?* Shoe fits STREATOR, Di.—A two-week-old boxer is small enough to fit into the boot of her owner, Larry Gillman of Streator, DI. The youngster is one of eight in a litter. (AP) Regulators are baffled by money professionals By JOHN CUNNIFF AP Business Analyst NEW YORK (AP) - Every so often those people who seek to encourage you to invest your funds in away that will provide them a commission — the bankers, brokers and insurance men especially — violate each other’s turf. The savings banks obtain checking account privileges once reserved for commercial banks, the commercial banks sell stocks, the brokers sell in surance, the insurers depart from their guaranteed, fixed return philosophy and offer variable payouts, based on stock market performance. It’s happening again. Brokers have been sizing up the possi bilities in the game commercial bankers play. And while the brokers are so occupied, bank ers have been moving into the brokers’ game. Regulatory officials eventual ly will clear the fields, but until they do it’s possible the games might become quite confusing, because: 1. Securities firms are seek ing to become fiduciaries of trust accounts for individuals and corporations in the same way as commercial banks now handle such business. Brokers already act as ad visers of such accounts, but they do not take title to them as trustees having an obligation to manage portfolios for benefi ciaries. The difference is one of degree — but an important one. 2. Commercial banks increas ingly have moved into the busi ness of raising money for cor porations by putting them in touch with large institutional investors, a middleman’s job now considered the province of investment bankers and bro kers. For regulators, this type of activity makes them earn their pay. If a bank lends money to a company and then helps ar range for the sale of shares in the company, is there a conflict Il I * F ■fl k I « IX Future head? HOUSTON, Texas—James A. Baker 111, Houston at torney, pours himself a last cup of coffee before leaving his law offices. Baker is backed by President Gerald Ford for the Republican national chairmanship. Baker, «, directed Ford’s recent presidential campaign. (AP) of interest? Could be. For the public, however, the big concern is whether or not such competition results in bet ter service to them. In the past it sometimes has. Fearing that they were losing business to commercial banks, savings institutions in some states pressed for the right to offer checking accounts. They succeeded, and because of the competition some commercial banks were forced to lower their charges on such accounts. Not to be outmaneuvered, some commercial banks now would like to see an end to Regulation Q of the Federal Reserve, which limits the inter est they can pay on savings to one-quarter point less than the savings banks. But competition among sav ings banks and commercial banks can be counter-produc tive too. Past competition has had negative effects on housing, 1 for example, and has even i endangered the stability of sav , ings banks. The touchy job that regu lators have is to let the various money institutions compete just i enough for your dollar without endangering their own exis tence and that of the economy which depends on their in vestments. But can it be denied that there is some social benefit also in keeping these institutions on their toes, on guard, a bit un certain, a little uncomfortable? That seems to be when the public benefits. rqMflfliYAMP b J TAX TIPS REPORTING RETIREES’ INCOME According to the Georgia CPA Society, persons under 72 re ceiving Social Security bene fits could lose some of those benefits if other 1976 income exceeded $2,760. Anyone in that position must submit an annual earnings report to the Social Security Administra tion by April 15. the / fgaaa bankamericard ( \ W | \ ; ; IjVM II m 9-DAYS OF THE BIGGEST MONEY SAVI OT’B M M \ WE MUST REDUCE OUR INVENTORY J f Erf' hundreds of items reduced for a ..yr x Living Room u P ho,ster * I Brookwood Coniemporary Sofa H DcOuHlg .jigK 8 ; Looße pUlow b,ck Whototered ■ . Q . -• $ . 4 ■ In fine poliohed cotton fabric. || 1 URiy I Win dize MI fl C '' . I fli Beautyrest by Simmon! SoSilssSSSiE, | •*M9>955229 ■ I £*££. 459; MBS || Sa* f 79985 Rho <*es! 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