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Cedar Rapids Gazette (Newspaper) - July 19, 1974, Cedar Rapids, Iowa 2 The Cfdar Rapids Gazelle: Frl.. July 19, 1974 The Investor's Guide By Sam Shulsky Q I am 21, with about to invest. My financial experience equals zilch. How can I find a good investment counselor? I need someone who can explain what my money will be doing? Please send me information on corporate and tax-exempt bonds. A I think you had better resign yourself to a "do-it- yourself" operation for awhile at least until you are in a position to invest a lot more money. Investment counselors work on a fee basis. You can see that even an annual charge of 1 to 2 percent of your capital would hardly compensate a professional for spending any time on your problems. I'm sending you some suggestions on where you can get investment information. In addition, of course, there are the public libraries, where you will find many books on in- vestment fundamentals. Since you live in a city with many large brokerage firms, there is no reason you can't start a monthly investment plan under which you may in- vest as little as every three months. You could discuss your plan with a broker. You could, also, look into mutual funds, on which I am sending you some fundamentals in the envelope you've provided. In addition, I'm including a fact sheit on hunds and tax- exempts which. 1 would guess, you don't want, for the simple reason that at 21 you should be buying common stocks in the hopes of capital growth. assume, of course, that you already have a savings account and if you must protect someone now or intend tn in the future life insurance 1 am 29, serving over- seas, with in a stateside savings bank two-year cer- tificate. I feel there something I should be doing to increase my capital and, also, to help reduce income taxes. A You are, of course, increasing your savings by compound interest. That is one perfectly acceptable way of in- vesting. If you want to try for more rapid growth, you must be prepared to take more risk by which I mean investment in things which can go up or down in value: real estate, antiques, rare coins, common stocks. Sam Shulsky Lots (if money has been made in all these ventures. The only >UU call sa> 111 fiUi'l iff stocks is that if you are not an expert in the field, a share of slink u-pit-senia not om> pan ownership of a business, but the management as well. As to taxes: You could wipe out the tax on the income from this by putting it all in- tn municipal (tax-exempt" bonds. At the same time, of course, you would give up any hope of capital gain, since bonds are dollar-fixed invest- ments Income tax regulations exempt the first of dividends received by a person filing a separate return from taxable income. So if you put of this money into good quality slocks paying 3 per- cent, you would not have to pay any on that in dividends. Q About a year ago I in- vested in a two-year certificate at a savings and loan association in our town. recently noticed that the insurance insignia on the win- dow is not the Federal Deposit Insurance Corp. seal at all! Needless to say, I'm worried. Inflation Makes It Rough on Gourmets Address your requests lo Sam WIN AT BRIDGE By Oswald James Jacoby If you think that experts don't get into trouble, look at this hand from the finals of the Bermuda Bowl won again bj Italy. When the runner-up Americans sat North and South the bidding went as shown in the box. The spade lead was won in dummy and the 10 of clubs lee for a deep-sea finesse. Wesl took the trick with his jack and led a second spade. South won entered dummy with the ace of hearts and tried a second club NORTH 19 A V A8654 832 WEST EAST (D) 4j 10 98762 5 4 3 VQJ2 10 SOUTH J954 Both vulnerable ;West North East South 1 N.T. 3X.T. Pass Pass Pass Opening finesse. West won and ran spades. East discarded all his hearts and one diamond and the last spade squeezed South. He couldn't keep the high heart and a diamond stopper and was down six tricks. Strangely enough. North America showed a profit on the hand. At the other table South elected to overcall with two clubs. Eric Murray decided to create excitement and jumped to four spades. Had North doubled, Eric would have been set two tricks, but North bid five clubs. When this got back to Eric he doubled and opened his singleton diamond. Sammy Kehela sitting East took three diamonds and led a fourth. Eric overruffed South's nine with the jack. Later on South tried a club finesse and Eric made his unguarded king to set the hand three tricks doubled. Uili At Age Discrimination The bidding has been 19 West North East South U Pass 1 N.T. Pass Pass Pass You, South, hold. 4AQ654 VAQ654 K 2 Whal do you do now? A your conscience be your guide. We wouldn't critic- ize a six-heart bid and maybe even a pass would be the winning action, but our recommendation is to bid five hearts. TODAY'S QUESTION Instead of bidding four hearts your partner has jumped lo four spades over your three hearts. Whal do you do now? Answer Tomorrow ON THIS DATE in 1918, (lur- ing World war I, German ar- mies began retreating across the Manic river after their last great offensive in France was repulsed by the Allies. By Sylvia Psrter NEW YORK The opening salvo has been fired at last in a new, no-nonsense crackdown against our most rampant and devastating form of job discrimination "ageism." Just two months ago (May the giant Standard Oil Co. of California agreed in an his- toric settlement of a case brought by the labor depart- ment to award million in back pay to 16fl older employes the company had illegally discharged between December 1970 and Dec. 31, 1973 because of then- age. Standard also agreed to rehire 120 of these workers. The settlement made history because it was by far the lar- gest ever made under the little known 1967 Age Discrimination in Employment Act. Railroad Suit One month later, the labor department filed a suit against two of the nation's leading railroads the Bal- timore Ohio and the Chesapeake Ohio on the basis that the railroads had illegally fired, demoted or denied work to no fewer than 300 employes between 40 and 65 in violation of the age discrimination law. The Chessie suit made his- tory not only because of its size in dollars but also because it challenged, for the first time in the law's history, the com- pany's mandatory retirement age of 62. Should the workers involved ae awarded the full million ay the U. S. district court, it would mean an average settlement of more than 'or each worker. Should the ban on the man- datory retirement age of 62 be upheld by this court, the implication would be that vir- :ually every corporation now pegging retirement at this age ould be legally vulnerable. Merely a Hint These suits, says labor department attorney William Cilberg, are merely a hint of what's to come. Under the law, ncluding an important round if new amendments signed in- o law by President Nixon long with the minimum wage mendments on April 8: Private employers with 28 or more employes may not discriminate against workers between 40 and 65 because of their age unless age is a "bona fide occupational qualifica- tion" as, say, for a baby clothes model. The ban applies not only to hiring; it also applies to hiring, promotion, awarding fringe benefits, other job practices. Job ads may not discriminate against older workers (e.g., by specifying a "young "recent college and discrimination by employment agencies and unions also is banned. Coverage under the act Is extended to nearly 14 million federal, state and local government employes In ad- dition, the yearly budget authorization by congress for enforcement of this law was hiked from J3 million to million. Sylvia Porter Before you raise even a fee- ble cheer, however, let it be understood that the liberaliza- tions and the new aggressive stance by the labor department enforcers have been painfully long in coming. In an enormous number of workplaces, a person who is over 40 is designated as an "older worker." Age discrimination in job recruit- ing and job ads remains per- vasive, as I have reported again and again. While in fiscal 1973, thousands of workers did get some help from the labor department wage and hour division in keeping or regain- ing job privileges which had been illegally denied them, the number of U. S. workers being hit by this form of discrimina- tion is surely in the millions, not the thousands, and the amount of money forfeited by these victims is surely in the billions, not the millions. inflation's Bind On top of this illegal discrimination, the older worker in the U. S. (and there are 37 million of us between the ages of 40 and 65) is being squeezed by today's murder- ous inflation spiral. And this squeeze is not only on current incomes but also on carefully accumulated nesteggs and pensions. The specter of rising unemployment at a time when today's queasy economy could quite easily tilt downward rather than rebound is far more serious to the older than to the younger worker. Both public and private training and retraining programs are another form of discrimination against the older worker and all too frequently, those special "hire the older worker" programs1 ask the older worker to volun- teer or to work for minimum wages. While our laws and the labor department scratch the sur- face of the problem, private industry mandatory-re- tirement-age policies appear to become ever more rigid. Which, I ask you, is ugliest: Sexism? racism? or ageism? Archer Foe of ions Nabbed LONDON (UPI) Argen- tine-born Juan Henshore disliked pigeons because they spread disease and made a mess of Trafalgar Square. That's why, he told the judge, he was stalking them in London's Green park with a bow and arrows. Police confiscated his archery gear and the judge gave him a one-year suspended sentence. "It's a. shame my bow and arrows have been taken from Henshore said, "as I was getting a better shot every time I used them." Pigec BIG GEORGE! Virgil Partch "Melvin has let the place get sort of run down." ON THIS DATE in th( "V for Victory" campaign in I World war II was launched j with a broadcast by Britain's Prime Minister Winston Churchill. For the Fittest In Paints HEAPING PECK HEAPING PECK ....J8.50 HEAPING FULL PECK GillctllommiH'O'ttllw fut Dtlirar li Ltto Hostitil DALE'S FRUIT MARKET 33JJ dntw PL Rd. NE I 3HJ3M OptilliE I Ins A Savings and loan in- surance is provided by the Federal Savings and Loan In- j surance Corp., which is at government agencv. iust as is i the Federal Deposit Insirance Corp., which covers member banks. They are similar agen- i cies covering different fields j and I see no reason In frei Any savings and loan carrying the word "Federal" in its title MUST be covered hy FSLIC Many other s Is, of course, may be similarly protected. LKIiAL LIST: A list of in- vestments approved by various states for purchase by institu- tions and fiduciaries, such as insurance companies and banks. Legal lists are often restricted to high quality securities which meet specifications set by the state. Mr Shulskv welcomes written ques- tions, but he will fie oble to provide answers only through the column. For By Dick WASHINGTON (DPI) La- test cost of living figures show food prices tailing off slightly, or at least rising at a less ap- paihng rate- While this is good news for most consumers, it is not necessarily cause for universal rejoicing. Being limited to market basket staples such as meat, bread and potatoes, the Con- sumer Price Index does not take into account the upsurge of specialty items without which many of us poor gour- mets would surely starve. Every Hour When 1 dine at home, 1 start out with canapes prepared as follows: First, four saltines bakod fresh every hour on the hour hy trappist monks in Bavaria and flown in twice daily by Epicurean Airlines; Upon which spread a generous layer of authentic Philadelphia cream cheese imported from Pittsburgh; Next a lavish mound of caviar from the roe of Black sea sturgeon, each certifiably a virgin, the eggs individually tested for uniformity in size, color and flavor; Finally, a sliver of lemon of exquisite tartness mellowed by weeks coir) storage and aged to perfection on the produce shelves of Have you any idea tow much more these things cost nowadays than they did when one first developed a taste for them? The caviar increase alone would propel price index per- centages another place tn (lie left of the decimal. Even when one compromises taste fur economy, four ounces of domestic salmon roe caviar goes for Only the caviar of the Iceland lumpfish has remained within reason. And sometimes they don't get all the lumps nut. Snails de Paris It's the same story wherever you look. Two and a half ounces of Denmark shrimp. A can of 12 Snails de Paris, At 59 cents for a 4'-> ounce tin, spiced octopus isn't ton badly inflated. But Swiss mushrooms, Spanish artichoke hearts, Brazilian hearts of palm. South Carolina hominy grits and Mississippi fat back are out of sight. French goose pate rises al- most weekly as does Texas okra pickled in a brine of delicate salinity and enhanced with genuine chemical addi- tives ihe better to retain their fuzzy, spiny texture. Any gourmet whose inheri- tance is still in probate surely will weep when he visits his Dick West favorite legume dealer and sees how much pinto beans have gone up. That sinking feeling returns when he calls on his green grocer and learns what has happened tn the price of collard greens. If cost of living figures are to he meaningful they must be broadened to reflect the price of delicacies. Those of us with educated palates count for something too, you know. LAPP A DAY "How come the LIGHT things are always in the right Spring Recess Scheduling at Easter Barred MIAMI (UPI) Dade county schools have been or- dered to stop scheduling spring vacations around Easter weekend because the practice has the "direct and immediate effect of advancing religion." The order by U. S. District Judge C. Clyde Atkins came as a result of a suit filed by Leonard Speiller, a social studies teacher who is Jewish. Atkins also ordered the county school board to allow teachers to use as much of their annual 10 days' sick leave as they wish for religious ob- servances. The board had limited use of sick leave for observance of religious holidays to two days a year. Speiller's suit argued that Christian teachers get paid vacations at Christmas and on Good Friday while non-Chris- tians must take sick leave to observe their religious holidays. Atkins ordered the schools to set spring vacation over a "uniform established period that does not fluctuate from year to year." However, he ruled that, since Christmas always falls on the same date and has a "secular and indeed universal the winter recess may continue to coincide with Christmas. A school official said the 1975 spring vacation had beenj scheduled for March 24-28.! March 28 is Good Friday. The official said it would be rescheduled. For Better Health High Fever or Disease May Cause Hallucinations DRIVE SAFELY! By Dr. S.L. Andelman When a person sees or hears something that's not present in his environment, he's having hallucination. Hallucinations are associat- ed with the various senses. A person may see an object or a person not in the room or hear nonexistent voices; he may also have bodily sensations, which he says are caused by a machine, or may report tastes or smells unrelated to reality. Hallucinations are often experienced by a person in a delirium caused by high fever, disease or injury. The alcoholic who is suffering from delirium tremens is having a hallucina- tion when he sees insects crawling on the walls of his room or wild animals ready to attack him. Certain Drugs Hallucinations may also be caused by certain drugs that produce startling alterations in consciousness and perception. These drugs, called hal- lucinogens, cause the user to see fantastic images and brilliant colors, and to hear strange sounds. They have a long history of use in primitive mystic and religion rites. Mescaline. which comes from the peyote cactus plant, has been part of a religious rite among Central American In- dians. Certain varieties of mushrooms growing in Mexico are similarly used. LSD. derived from a fungus, is the most recent of the hal- lucinogenic drugs. Hallucinations exist only in the mind, not in reality. But if a person sees or hears! something that actually exists but misinterprets its meaning or its source, he is having a delusion. Thus, if a paranoid patient hears real voices in another room but interprets them as coming from his imagined persecutors, he is having a delusion in this case, a delusion of persecution. Mental Therapy Hallucinogens are often used with success in mental therapy, although they may cause the patient to cross the border between visions and FREE GOBLET with deposit! First National Bank of Marion 1'Mi.i.r. reality. This means that because the hallucinogens are psychomimetic (they produce a psychotic reaction in a nor- mal they can cause an undiagnosed psychotic, under- going treatment, to cross into the area where hallucinations become reality. They also cause users lo experience repeat effects long after the drug is taken. Most users of the hal- lucinogens are aware of an increased sensitivity. Smell is more acute, colors more vivid and hearing more sensitive. Many drug users claim that the Dr. S, L. Andelman hallucinogens give them new insights into themselves and a new burst of creativity, but these claims are generally without basis in reality. Dr. Andelman welcomes let- ters outlining problems which he may discuss in future columns. He regrets, however, that he cannot personally answer mail. Write to him in care of The Gazette. HEATHCLIFF Grain Belt MfflgS ODD Contest Winners (Week of July 7th to 13th) FIRST WEEKLY PRIZE ALUMACRAFT 17' QUETICO CANOE MINN KOTA 35 ELECTRIC FISHING MOTOR GOULD POWERBREED 60 BATTERY Michael Hoffman Mahtomedi, Minn. 55115 SECOND WEEKLY PRIZE ARCTIC 10 SPEED BICYCLE Mr. L. H. Crosby Minneapolis, Minn. 55441 THIRD WEEKLY PRIZE BASS TAMER ROD REEL Gail Einerson Minneapolis, Minn. 55404 FOURTH WEEKLY PRIZE NORDIC WARE OUTDOOR COOKING SET Robert Boren Ashby, Minn. 56309 FIFTH WEEKLY PRIZE ,t.M COLOR PRINT FILM AND PROCESSING Elmer J. Berg Fergus Falls, Minn. 56837 SIXTH WEEKLY PRIZE GRAIN BELT 56 QUART METAL COOLER William F. Lohr Sioux City, Iowa 51104 ENTER OFTEN ..ONLY WEEKLY PRIZE WINNERS ARE ELIGIBLE FOR GRAND PRIZES. 1
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