Cedar Rapids Gazette, April 21, 1974, Page 6

Cedar Rapids Gazette

April 21, 1974

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Issue date: Sunday, April 21, 1974

Pages available: 168

Previous edition: Saturday, April 20, 1974

Next edition: Monday, April 22, 1974

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About Cedar Rapids Gazette

Publication name: Cedar Rapids Gazette

Location: Cedar Rapids, Iowa

Pages available: 2,920,552

Years available: 1932 - 2016

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Cedar Rapids Gazette (Newspaper) - April 21, 1974, Cedar Rapids, Iowa 11 pp Th* Cedar Rapids Gaiettet San., April SI* IPU As all four are supplied by Merchants, however, this situation will probably change unless Merchants gets more pennies from the Federal Reserve. Peoples Bank and Trust is the only other local bank to order directly from the Chicago bank. Harlan McCaw, assistant vice-president, says his firm has very seldom had to order coins but has done so the last two weeks. Two weeks ago an order of 800 was placed, and last week 500. In both cases, the Federal Reserve sent them 300. McCaw remarked that a similar shortage occurred six or seven years ago. More pennies were issued to solve the problem, and a large surplus was created. He foresees a similar outcome in the present penny pinching. the United State bank, says Wednesday he ordered 30ft pennies from Merchants anti got none. Thursday the bank was given 150. Hrabak commented that there has been an increased demand for pennies since the 1974 coins came out. His bank has cut its allotment to businesses in half. Guaranty Bank and Trust ordered coins Wednesday from Merchants, and it was left empty handed. Officials say there is just enough for tellers to use in cashing checks. Giving coins to businesses and collectors has been halted. City National, Brenton Bank and Trust, First National Bank of Marion and First Trust and Savings bank all indicate a stepped up demand for pennies by their customers but say they now have enough to meet normal needs. Officials at the Fairfax State Savings bank say they’ve never had a problem and don't now. Presently the bank has about $200 worth of pennies, more than is needed. The bank, about once a month, takes its surplus pennies to Merchants. And Eugene Robison, executive vice-president of the Swisher Trust and Savings bank, says his bank has “plenty for its needs.” It too takes its extra coins to Merchants. A third outlying bank, the Palo Savings bank, reports that it normally has a surplus but in the last two weeks has been forced to buy pennies. The bank faces no immediate problems however. Things are almost uniformly bleak in Cedar Rapids, though. Dennis Hrabak, cashier at By Tom Fruehling Due to misguided hoarders, there is a temporary, but severe, shortage of pennies, according to local bankers. Most feel the shortage was brought on by news reports which indicated the coins might be worth more in the future because of the price of copper. But, they say, this probably is not true. Merchants National is the largest dealer in pennies in the area, and Assistant Cashier Leo McLain reports that its allotment from the Federal Reserve bank in Chicago was cut by two-thirds a week ago. Since Merchants in turn is the supplier for most other banks in the area, almost everyone is feeling the pinch. McLain said that two-thirds of its penny supply is sent to other banks. Two area banks, contrary to the situation in the city, report a surplus of pennies. ■Open Monday 9 a.m. to 9 p.m Gazette Photo bv Tom Merrvman These two figurines, representing the mascots of the Republican and Democratic political parties, will be * major attraction of the tenth annual Gem and Mineral show, sponsored by the Cedar Valley Rock and Mineral society. The figurines were crafted in 1972 by Linde Stars, the jewelry products department of Union Carbide Corp., and have a retail value of $35,000 each. The elephant contains approximately 1,810 carats of sapphires in red, white and blue, and about 308 carats of simulafed diamonds. The donkey contains about 1,250 carats of sapphires and 500 carats of simulated diamonds. The show, April 27 and 28 at Hawkeye Downs, will also feature many exhibits and demonstrations of glass blowing, pottery making, jade minerals, fossils and Indian artifacts. Chairman of the show is Truman J. Ramsell, 505 Greenfield street NE. The hours are 10 a.m. to 9 p.m. Saturday and 10 a.m. to 5 p.m. next Sunday.Last President’s RR Car Cost Just $10 The last official presidential railroad car, named the Ferdinand Magellan, was purchased for Harry S Truman for $10 and was equipped with protective boiler plate and bullet-proof ; glass. When retired, the car; went on display at the Univer-j sity of Miami where it remains today.MULtt\Urr J Open Monday Night ’til 9 2Vt acres ef everything for the home Drapery Dept., 2nd Floora drapery for all seasons.Our cozy solution to conserving fuel, and giving your home beautiful draperies. Open A Smulekoff’s Budget Account Take Months Hundreds of square yards of beauty-for floors galore-now at prices you can afford! Yard save 20% on our finest self-lined textured twill draperieswith insulated Roc-ton®* backing 'also prevents fading from the sunCumuloft Nylon PatternNylon Patterns With Foam Back Long wearing “Rec.” room and kitchen carpet in 9 new designs with lustrous colors. 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ITPleated to cover areas up to 84” wide: 48 ' long, reg. $20.99 $16.79 72" long, reg. $36.99 $29.59 96" long, reg. $46.99 $37.59 120" long, reg. $59.99 $47.99 144" long, reg. $69.99 $55.99 Tough nylon for extra wear and thick foam back for extra bounce! Select from red, olive, gold or orange. Medium shag for durability. Decorator colors are blue, ivory, mist green and avocado. Richly carved pattern. Extra long wearing. Choice of gold, blue, bronze colors.Acritan® Carved Pattern Monday, Tuesday and Wednesday Commercial weight, wear-tested carpet. Pick your color from I 2 fabulous tweeds! Truly fine quality carpet. Your choice of 6 beautiful multi-colors. BRING IN YOUR WINDOW MEASUREMENTS OR CALL US AT 362-2181. WE'LL GLADLY MEASURE FOR YOU. FREE PARKING for our customers, Use the Park A Shop Plan SMULEKOFF’S Have What You Want Today Take Months to Pay. EARLY BIRD SPECIAL! 100% Continuous Filament Nylon Exciting new sprinkled-dyed colors in gold, blue and green, copper, olive and gold. With quality foam backing. J3 88 5q. Yd. Free Parking For Our Customers, Using Park and Shop. SMULEKOFF’S ;