April 26, 1979

NY Clearing House Assn urges Fed Reserve Bd to amend plan to let Edge Act bank subsidiairies provide full banking services nationwide to companies that depend on imports or exports; proposes subsidiaries be allowed to service companies that depend on imports for 40% of purchases or on exports for 40% of sales; says it would accept 50% test, but not 2/3 Fed proposes; Sen Adlai E Stevenson 3d, who was primarily responsible for Internatl Banking Act section directing Fed to liberalize its rules on Edge Act subsidiaries, lauds general thrust of board's proposals but urges 50% test, letter to Fed Reserve Chmn Miller; he and clearing house association recommend that Fed cut minimum amount of capital it has proposed for such subsidiaries; Fed's proposals revd (M)

Article on curved furniture displayed at Southern Furniture Market trade show, High Point, NC; illus (M)

An article in Business Day yesterday incorrectly described the earnings of the RCA Cotporation, which reported record first‐quarter income of S62.1 million, 13.1 percent above the level of a year earlier.

Verification of Soviet compliance with a strategic arms limitation treaty will be possible from the day a pact is signed, President Carter declared unequivocally. In a major address, the President warned that the alternative to the projected accord was “a dark nightmare of unrestrained arms competition.” [Page A1, Column 6.]

Article on conversion of old military bases, which has proved to be economic boon to several cities (M)