European Stars and Stripes (Newspaper) - September 22, 1985, Darmstadt, Hesse Sunday september 22, 1985 the stars and stripes Page 19 business news Baldrige eyes antitrust change easing Sfax uses May help . Compete he says Washington not the Rea Gan administration is considering asking Congress to relax the nation s anti monopoly Laws because they might inhibit amt i can Industry s ability to compete abroad Secretary of Commerce Malcolm Baldrige said. The Secretary who has been advocating such changes for months said that the president had been urged to cite the possibility in a Trade policy speech. Other countries Aren t impeded by the kinds of antitrust Laws that we have bal Drige said in an interview. Section repeal among the changes Baldrige said the administration will consider is his recommendation for repeal of Section 7 of the i9i4 Clayton act. That act one of the pillars of antitrust Law prohibits mergers that would tend to diminish Competition. Baldrige also suggested eliminating the statutory provision for courts to order pay ment of triple damages for some antitrust violations permitting successful do investor s guide pendants in antitrust cases to recover their Legal costs from plaintiffs and allowing companies in depressed industries a five year exemption from the Laws to let them merge into larger More competitive Busi Nesses. Since Early this year Baldrige has been pressing for changes in the anti monopoly Laws to Little Avail but the growth of the nation s deficit in foreign Trade and the rising protectionist sentiments in Congress appear to have heightened the administration s interest in such changes. Modification of Laws Treasury Secretary James a. Baker who is the president s top economic offi Cial As chairman of the economic policy Council has indicated that he would be receptive to a modification of the Laws As they affect Trade. The White House meanwhile has established a special working group to examine the Laws attorney general Edwin Mcnese said. The group which reports to me Csc and Baker held an organizational by William Doyle q. My wife and i opened an account in our granddaughter s name at a local Bank approximately nine Yean ago. We put our borne address on he account and made deposits totalling about $100 in the first two or three years. Last year we went o the Bank explained thai the passbook had been mis placed and that we would like an update on the account. The Teller checked the Bank s list of accounts and said there was no record of our granddaughter s account. We were told a further search would be made and we would be advised. \ year has gone by with no communications from the Bank. We have resided at the same address for 50 years and Are Well known in this town. Should t the Bank have contacted us if there was any problem with the account a. Certainly. Given the facts As you spell them out thai account had to be recorded somewhere at the tank. Per haps the Teller you spoke to never Fol Lowed through. Let s Hope you know that under the Law of escheat dormant accounts whose owners cannot be located arc turned Over to the slate after any where from five to 25 years depending on the Rule in the particular state. However before that happens the Bank is supposed to make efforts to reach the account owners. Based on what you say there should have been no problem reaching you. If the Money had been turned Over to the state you can get it Back for your granddaughter. You will of course have to prove ownership. That brings up a Point about which i Hope you won t feel i m questioning your veracity. You la have to provide More than your say so about that account. After All the Bank or the state won t hand Over Money to someone who walks in and says i opened an account years ago lost the passbook and want to with draw the you had better make a careful scarch of your Home for that misplaced passbook. Q. My husband bought a luxury car in May 1984, taking a five year loan a 13.88 percent interest. Our monthly pay ments Are $324.07 and Ite loan balance is still $14,583.15. Today most car Pur Memling last Ivock. Baldrige said in should Complete its work in december. The administration would be Likely to face significant opposition to major anti Trust relaxation in Congress especially from pc scr w. Rodino jr., d-n.j., who is chairman of the House judiciary commit tee. Earlier proposals in a statement last february following Baldric s earlier proposals of an overhaul of the Laws. Rodino said that the Pace of corporate mergers had risen even without such changes and that the Laws help protect Consumers from High prices and de Clining product Quality. A spokesman for Rodino said the chairman s views had probably not changed. Opposition to major changes could arise is Well in the antitrust Divisi Oti of me Csc s Justice department. Charles l. Rule Dep Uty assistant attorney general in the Divi Sion said the Laws certainly warrant he said the department had been bringing enforcement of the Laws into line with foreign Competition. A Csc has not stated his views. Baldric a former industrialist said he considers the antitrust Laws written before the country faced much foreign Competition outdated. Competition with Large for eign companies he said prevents the anti competitive practices that could arise when a Large company sought to Prev Cal Competition in the Domestic Market. Baldric said he thought the Sherman act of 1890 provided the Bedrock Protection against monopolistic practices. It says that if you arc colluding we Are going to get you he said. Chases Are being financed at much lower interest rates and i m upset thinking of All the interest we Are paying. Should we try to get a personal loan at a lower rate of interest from a local Bank and pay off the Auto loan or would we save interest costs by doubling the amount we pay each month on the car loan a. If there s no repayment Penally clause in the Auto loan you naturally will save by paying it off Early either in a Lump sum with Money borrowed at a lower rate elsewhere or increasing your monthly car payments. But you should Check the Fine print in the car loan contract carefully. Some of those Loans have strange clauses such As the infamous Rule of 78" which clobber you when you pay off depending on the Type of personal loan you might or might not be Able to gel one at lower interest. A secured personal loan backed by col lateral has a lower interest Rale than an unsecured personal loan backed Only by your signature. An Auto loan is a secured loan. You might be Able to refinance inc car loan. Doubling up your car loan payments will shorten the length of that and certainly will save inters if there s no repayment penalty. If you can afford to pay $648.14 a month on that loan Why in the world did you go into Hock for five years q. When i ried to give a bottle of Bourbon to the Bank Rice president who approved my latest loan he said be could t Lake in because of some new Law. I be Given bottles to Bank officers in the past. Just what is this new Law a. It s the crime control act of 1984, which prohibits officers and Oiher employees of federally insured Banks Sav Ings and loan associations and credit unions from accepting some thing of value from customers. That stiff Satule is aimed at cleaning up Hanky Panky in the banking business. If that Bank up had accepted the booze and you were caught and prosecuted both he and you could face five years in the Slammer and $250,000 fines. King feature column Dovle welcomes Wilhen questions but he can provide Niwen Only through me column. You can write 10 him in Cere of the Slark and stripes Apo Mil . made in the .a. Tags that will be required by Law in All american made clothing Are examined by Edwin Ramirez at Artray Label co. In new York City. Independent studies cited by inc crafted with Pride in America Council reveal americans pre Fer to buy american and the lags Are expected to help. 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