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Page 2--Thursday, September 11, 1980-The Michigan Daily
Re gulation
to limit
banks'
giveaways
From the Associated Press
You may find fewer giveaways at
your local bank, and persuading a
friend to deposit money won't earn you
a bonus any more, under rules announ-
ced by a federal regulatory committee
this week.
The committee imposed new restric-
tions on the premiums-the clocks, the
toasters, the pots and pans-that many
financial institutions have been using to
attract customers. It also outlawed the
"finders fees," which were particularly
popular in the Northeast. These
fees-paid not to the depositor but to a
third party-were often worth hundreds
of dollars in cash or in merchandise like
television sets.
AT THE SAME time, the regulators
set a 5/ per cent limit on the amount of
interest that can be paid on NOW ac-
counts-interest-bearing checking ac-
counts-and decided against an im-
mediate change in the maximum
allowable 'interest rates on passbook
savings accounts.
The regulations-which take effect
Dec. 31-will mean that banks and
savings and loan associations will start
stressing service instead of gifts, ac-
cording to industry officials.
"Banks are going to be offering
packages of services," said Barbara
Harrelson of the American Bankers
Association. They might, for example,
offer a debit card to anyone who opens a
NOW account. A debit card looks like a
credit card but is used instead of a
check; the money is subtracted from
your account as soon as the record of
the transaction clears the bank.
The rules were issued Tuesday by the
Depository Institutions Deregulation
Committee, which was set up earlier
this year to supervise the gradual
deregulation of the banking industry.
SIN BRIEF
OUR APOLOGIES
TO ALL
HIGHLAI
Do
EU
PLOYEES.
We've decided to celebrate
our 47th Anniversary with
one of- the biggest, sales our
customers have, ever seen.-To wit,
we've cut every price in every
Highland store.Of course, this means
our stores will be busy with
customers for 10 exhausting days.
Compiled from Associated Press and
United Press International reports
Arguments continue on
Detroit census conflict
DETROIT-The battle continued yesterday over the 1980 census here
where lawyers argued that the results for Detroit were significantly lower
than the actual population, and demanded a revision.
"What is involved in this case is a most fundamental principle of
democratic government in this nation," argued Robert Sedler, one of the
city's two attorneys. He argued that without a correct population figure,
Detroit will lose millions of dollars in state and federal aid.
"When we put aside the statistics," Sedler argued in his closing
argument, "and the numbers and scientific techniques, we are talking about
people. We are talking about the right of people to equal representation."
It is now up to U.S. District Judge Horace Gilmore to issue a decision in
the case.
China has new premier
PEKING-China's parliament, ending an historic 12-day session,
formally installed Zhao Ziyang as premier yesterday, and passed a series of
new laws bringing the nation of 1 billion a step closer to democracy.
Three new ministes were brought in to fill the vacant seats in a new 14-
man cabinet-down from 18. The carefully orchestrated reshuffle is the
biggest bloodless leadership change in 31 years of Communist rule. Nearly
all the new leaders share the currently-overriding vision of a modern,
prosperous China through political and economic reforms and the renun-
ciation of the nation's ideology-dominated past.
"We should strive to further unfold the democratic spirit of this
session," said congress Chairman Ye Jianying. He hailed the leadership
change as "greatly significant to our cause of modernization."
Egyptian poet summoned for
violating 'Law of Shame'
CAIRO-Abdel Rahman el Abnoudy, a popular Egyptian poet, appeared
before a court yesterday, the first literary figure known to have been sum-
moned for investigation under the Law of Shame.
The Law of Shame, passed by Parliament in April at the personal urging
of President Anwar Sadat, seeks to control public behavior and check
corruption and abuse of power. The summoning of Abdel Rahman caused
concern among moderate and left-leaning opposition party leaders that this
might be the first step by the Sadat regime to silence critics.
Abdel Rahman, who opposes Sadat's peace moves with Israel, and
writes in simple coloquial Arabic criticizing aspects of ordinary life in
Egypt, appeared with two lawyers. There is no word on the next step in the
case, and the poet said he did not know whether he would be called for fur-
ther questioning.
Study reveals companionship
aids mother during childbirth
BOSTON-Women who have a friendly companion with them during
childbirth experience faster, simpler deliveries and are more affectionate
toward their newborn babies, a study shows.
"Certainly a rule is that no mother should ever labor and deliver alone
without a companion," Dr. John Kennel, one of the researchers, said in an
interview. "That's awfully clear."
The results are "particularly relevant to the care of low-income, single,
or teen-age mothers, who may not recieve positive support from their
families during labor and delivery and who may have had no formal or
strong cultural preparation for childbirth," the researchers wrote in the
study, published in today's issue of the New England Journal of Medicine.
Cutler defends
President Carter
White House Counsel Lloyd Cutler disclosed yesterday that Billy Carter
agreed to register as a Libyan agent within one day of being advised to do so
by his brother, President Carter.
In testimony before a special Senate subcommittee, Cutler defended the
president's action in urging his younger brother to comply with Justice
Department demands that he file under the Foreign Agents Registration
Act.
Meanwhile, the House voted 260-124 to pursue its independent in-
vestigation of Billy Carter's affairs. The vote means the House will continue
to press for documents bearing on the case.
r
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NJ
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Sorry about that.
SALE STARTS TODAY, THURSDAY - ENDS SATURDAY, SEPT. 20
SAVE $60 I~~ SAVE $4'
MA
PIONEER SX 580
AM/FM RECEIVER
20W/ch., min. RMS, 8ohms,
20-20k Hertz, no more than
0.5% THD. Wood grain cabinet.
$108
SANSUI R-70
AM/FM RECEIVER
65W/ch., min. RMS, 8 ohms,
20-20,000 Hertz with no more
than 0.08% THD. Regular $299.
SAE45.88
sem
METAL TAPE COMPATIBLE
SHARP RT-10
CASSETTE DECK
Front-loading deck uses ei-
ther standard or metal bias
tape. LED meters. Reg. $129.
$E8
AUDIO TECHNICA
STEREOPHONES
Super lightweight dynamic
planar moving coil stereo
headphones. ATH1. Reg. $29.88.
$1899
SAVE $61
TECHNICS SU011
INTEGRATED AMP
25W/ch., min. RMS, 8 ohms,
20-20,000 Hertz with no more
than 0.08% THD. Regular $149.
SAVE $45
~b 3Mtrn lana l
Volume XCI, No. 7
Thursday, September 11, 1980
The Michigan Daily is edited and managed by students at the University
of Michigan. Published daily Tuesday through Sunday mornings during the
University year at 420 Maynard Street, Ann Arbor, Michigan, 48109.
Subscription rates: $12 September through April (2 semesters); $13 by mail
outside Ann Arbor. Summer session published Tuesday through Saturday
mornings. Subscription rates: $6.50 in Ann Arbor; $7 by mail outside Ann
Arbor. Second class postage paid at Ann Arbor, Michigan. POSTMASTER:
Send address changes to THE MICHIGAN DAILY, 420 Maynard Street,
Ann Arbor, MI 48109.
The Michigan Daily is a member of the Associated Press and subscribes to United Press International.
Pacific News Service, 'LosAngeles Times Snydicate and Field Newspaper Syndicate.
News room: (313) 7640552, 76-DAILY; Sports desk: 76s-0562; Circulation: 764-0558; Classified advertising:
764-0557: Display advertising: 764-0554; Billing: 764-0550; Composing room: 764-0556.
6
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SAVE ON KENWOOD
2-WAY SPEAKERS
8" woofer, 1-/" tweeter. Wood-
grain finish cabinet. Handles
up to 40 watts. Regular $59.88.
$39 99EA.
B.I.C. 40Z BELT-
DRIVE CHANGER
Belt-drive changer turntable
with anti-skate, cueing, base
and dust cover. Regular $99.88.
PIONEER TP-900
8-TRACK CAR STEREO
Under-dash FM Supertuner and
8-track player. Fast forward.
Program repeat. Regular $129.
'84
Editor-in-Chief .................. MARK PARREt*
Managing Editor .................. MITCH CANTOR
City Editor....................PATRICIA HAGEN
University Editor .................. TOMAS MIRGA
Opinion Page Editors ................ JOSHUA PECK
HOWARD WITT
Elaine Rideout, Beth Rosenberg, Julie Selbst, Kevin
Tottis, Gregg Wolper.
PHOTO STAFF: Paul Engstrom, David Harris,
John Hagen, Lisa Klousner, Jim Kruz, Maureen,
O'Malley (Chief Photographer), Peter Serling.
Business Manager ......... ROSEMARY WICKOWSKI
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