July 6, 1978

int with Japanese Finance Min Nobuhiko Ushiba on continuing decline of dollar against yen; illus

South Haven Houses (Bronx): $6 million housing project was 90% complete in '74 and on verge of occupancy when complex financial dispute halted construction; NYC Housing Auth now is preparing to take it over from Fed Govt and complete job--at additional cost that could approach $4 million; financial dispute revd; map; illus (L)

SEC releases its rept to Cong on acctg profession; rept urges Cong not to impose direct Govt regulation at this time; recommends auditors be allowed to continue self-regulatory efforts, with active SEC oversight; calls for key changes in self-regulatory plan; notes Amer CPAs Inst Public Oversight Bd lacks direct authority over inst's SEC Practice Sec, key component of plan; warns SEC will call for change or end to plan if sec is not responsive to bd; other SEC reservations noted; rept does not deal with issue of accountant liability for auditing mistakes and merely notes that Public Oversight Bd plans hearings on mgt consulting services offered by acctg firms; Chmn Williams illus at news conf; Repr John E Moss, chmn of HR Subcom on Oversight and Investigations, scores rept conclusions, holding they run contrary to rept's critical findings; orders staff to weigh need for hearings on study; Waiter E Hanson, chmn of Peat, Marwick, Mitchell and of SEC Practice Sec, hails rept (M)

Egypt makes public Sadat peace plan, which calls on Israel to return West Bank and Gaza Strip to Jordan and Egypt in 5 yrs; Palestinian Arab inhabitants would be allowed to decide their own futures at end of 5 yrs (M)

IT is a picture postcard come to life. Geese paddling on the pond. The old stone farmhouse cool in the shadow of giant shade trees, Sweet‐smelling grass, freshly mowed. The distant hum of a tractor toiling through sun‐drenched fields.

Casco Bank & Trust of Portland, Me, says it has discovered 'loophole' in Fed banking statutes to let smaller depositors buy 6-mo ctfs tied to Treas bill rates in denominations of under $10,000; will let depositors borrow difference between funds they have on hand and $10,000 in loan secured by savings ctf itself at rate 1% higher than interest on bills; holds net interest yield will be higher than any other available 6-mo rate; FDIC expresses reservations about plan; says it coordinates efforts with Fed Reserve to determine plan's legality (M)

Survey on unlicensed movers; notes major advantage offered consumers by unlicensed movers is low rates; major disadvantage is that if something goes wrong, it is rare that either side has any official recourse (L)

Hermaszewski and Klimuk illus after return to earth

Article on role of pres and chief exec Paul A Volcker; he comments, int; illus (L)

THURSDAY, JULY 6, 1978

Comment on increased popularity of inexpensive suits; lower demand is having drastic effect on some producers; some exclusive specialty stores are changing mdse to include less expensive suits; drawing (L)

Article describes 30-yr-old Natl Health Service which provides free med care for all; illus; system now costs over $12-billion per yr, almost 7% of GNP and is largest employer in nation; retains great support from Brit public despite financial problems which cause staff shortages and long waits for new facilities and non-emergency care (M)