Cedar Rapids Gazette, October 2, 1974, Page 5

Publication: Cedar Rapids Gazette October 2, 1974

Cedar Rapids Gazette (Newspaper) - October 2, 1974, Cedar Rapids, Iowa rtV’V %>>*»» «-%^ a «#* »<~v*««i»-- •r-y”*.-1 "    •    ,»■    .    .•    .ip    ....    ,    ".■■’•    / >.. >    >    ■**■'#    -    ■    ,    J    '    V    „    .»    .»    j    JU*    i» r jMb lf «., <* w , ii i-M    »>'i ii *<jWiViNn^’rtftrvyr <    if »■*». The Cedar Rapids Gazette: Wed., Pct. 2, 1974    5^U.S. Faces Shortage of Capital as Stocks Slump By Sylvia Porter NEW YORK — For lens than SIO, the price of a shirt, you can now buy a share of stock in more than one-third of the companies listed on the New last of a series York Stock Exchange — or 020 out of the 1,543 stocks representing the top of American industry and business. Of the 620, about 230 are selling at under $5 a share. Just since January 1973, the number of listed stocks selling under $10 a share has more than tripled while the number selling under $5 a share has jumped by more than five times. The bitter ireay of this is that against today’s backgroind of a debacle Ii the stock market. a pervasive atmosphere of jtloom, the outspoken threat of worldwide stomp, the nation’s securities markets are being called upon to supply additional trillions of dollars to help finance an imperative expansion of our industry’s ef ficiency (productivity) and capacity to produce. Yet, with stock prices at these levels, raising the funds through the issuance of new stocks is next to impossible. In the first half of 1974, only $2.3 billion of new stocks was issued against $9 3 billion in 1973 and $15 3 billion in 1972. Ifs not only too expensive for companies to raise money by issuance of new shares at these low prices. Equally as depressing, after years of losing money, investors just don’t want to buy the stocks. Sylvia Porter Controversial Stamp-Coin Design ■ ■ ■ TW rrrrrwrt I dMMhJDeBbOJfcdhJBMlbJhJKJbJlUKJD^hdSbJUD. “Coin World” staffers have come up with a real winner. A story in the Aug. 28 issue of the coin collectors’ newspaper pits the designer of the drummer boy "Rise of the Spirit of Independence” postage stamp against the designer of the drummer boy reverse of the Bicentennial quarter dollar. William A. Smith, designer of the Bicentennial stamp, claims that Jack L. Abr pla-gerized his concept of a drummer boy he submitted to the U.S. postal service for one Men CLIPS by Mort Reed of the four “Rise of the Spirit of Independence” Bicentennial stamp series released in 1973. Abr, however, claims he used his son, a junior high school drummer, to hold the drum sticks during his preparation of the coin design, and he further contends that he was unaware of the drummer boy stamp design, having never seen it. Intends To Respond “He’s wrong, pure and simple,” Ahr told reporters, “and I intend to respond to Mr. Smith's claim.” His wife, who attended the Philadelphia presentation ceremony? said she did purchase a package of U.S. Commemorative stamps late in July after mint officials had notified Abr of Smith’s complaint. According to Mrs. Ahr, this was her husband’s first look at the stamp in question. %Ahr, as well as the other two winners of the national design contest, received $5,000 prizes after their designs were selected by a panel of judges from the National Sculpture Society and approved by Treasury Secretary George Shultz. Stamp designer smith addressed letters to Mary Brooks, director of the mint and to Postmaster General E T. Klassen in which he said: “A number of artists, journalists and numismatic experts have written and telephoned me about what they describe as an obvious utilization of the foreground figure on my stamp, the Colonial Drummer, for the design of the new quarter dollar piece for which a Mr. Jack L. Abr has been awarded a $5,000 prize.” Subsequent comparison of the two illustrations prompted his filing a formal complaint to the two department heads. Two Live Models Smith claims he used two live models dressed in the costumes of that period, adding: “Recognizing that there have been countless drawings and paintings of the colonial drummer, I make no claim of course to exclusive rights to the subject matter, but Mr. Ahr has copied my design. ” Smith's letter continued "...the inequity of permitting Mr. Ahr to accept for himself the artistic credit for the concept has, I feel certain, the seeds of scandal. Certainly it seems to me highly inappropriate for the design of a new quarter to be open to an accusation of plagiarism.” In a letter to Smith, Mint Director Brooks replied “As you point out in your letter to the Secretary (Simon), there have been countless drawings and paintings of Colonial drummers, including the wellknown portraits painted in the late 19th and early 20th century by Archibald M. Willard. “Considerable resemblance among the various Colonial drummer designs does appear to be unavoidable. Nevertheless, I am quite sure the National Sculpture Society committee of judges which evaluated some 1,000 entries submitted during the national competition found Mr. Ahr’s design sufficiently original to recommend to the secretary for its adoption to our Bicen-tenial coinage. ” No Copyright Author's Comment: Since both designs appear on government obligation, no copyright is involved. Ahr’s design does resemble that of Smith’s but so does the illustration of the Liberty Bell on the reverse of the Bicentennial half dollar. It is very close to John R. Sinnock’s bell on the reverse of the Franklin half dollar 1948-1963 Tom Haney, former coin columnist with the New York Times and presently writing for Paramount International Coin Corp., was the guest speaker at a meeting of the Fort Lauderdale Coin club following the close of the ANA convention at Bal Harbour. Fla. The subject of his talk was “Our Bicentennial in 1976 -Will it be only a Carnival?” Tom discussd the part coin clubs and organizations could play in the upcoming celebration and what numismatists in all parts of the country could do to lend real dignity to the occasion. Historical Displays He suggested historical displays in banks and public places with open meetings to interest both the young and old collectors and noncollectors alike. KilliaHs Special! As usual, Tom struck out at the hucksters who are already flooding the market with “cheap and disgraceful souvenirs.” To clarify this vital story even more: Q. Why mast so mack in vestmeat capital be raised? A. In terms of national priorities, “very conservative estimates’’ place energy demands at $820 billion by 1985, reported NYSE chairman James Needham; nousing demands, at $1 trillion; other areas of the private sector, at another $1 trillion; expansion needs of basic materials (steel, cement, paper, etc.) at $330 billion; transportation, including mass transit, at $225 billion; government demands for funds, at $180 billion. Funds needed during the next decade alone, Needham emphasizes, reach the fantastic iota! of $4.7 trillion. Q. Where will the maney came tram? A Personal and institutional savings, retained corporate earnings and the amounts that corporations are allowed to “shelter” on a temporary basis from income taxes through depreciation allowances. Still, says Needham, the next decade’s anticipated needs will exceed anticipated available funds by a huge $650 billion. Q. What does a $650 billion shortfall mean? A. That amount of money could provide decent new housing for the entire populations of New York, Chicago, Los Angeles, Philadelphia, Detroit and the next eight largest U. S. cities. That sum could feed every man, woman and child in the U. S. for 2^ years. Q. What might be the impact of that $659 billion shortage? A. It would confront us with an excruciatingly painful choice of priorities, for something would have to give. Housing? Energy? Mass transit? “I’m not sure these are choices we want to make,’’ Needham adds, “but if we aren’t able to generate enough capital for business to expand, our standard of living will decline, our goods will become less competitive in the world’s markets, the number of jobs created for our growing workforce will shrink.” Q. What, then, most be done? A. Obviously, inflation must be brought under control, so interest rates will decline, stocks will become more attractive to investors — and savings again will become available to buy new securities and thus to raise the essential funds. Tax incentives to increase the flow of savings are being actively considered. Moves are being weighed to attract more foreign capital in ways consistent with our national interests. For decades, the whole world has looked with envy at this nation’s magnificently structured and functioning financial machinery and the ability of this machinery to create the money needed to meet not only our economic but also our social priorities. killian bonus / / Killian's 3 DAYS ONLY! S' “Genie” the Petite Wig the carefree wig to make your pretty little head prettier! 16.99 Regularly 25.00 The petite wig made to comfortably fit the smaller head. A capless wig of Dynel ... the touchable fiber that feels like real hair. A beautiful wig for a breezy care hair-do. Plain colors and frosteds. Downtown Second Floor I I - mm i • * * st J * Sale! 8.90 Regularly 22.00 Loafers by Bass Weejuns Bass Weejun Loafers for women, as American as apple pie! Loafers have all leather uppers and long wearing soles. Tie, strap and slip-on version of the basic loafer. An amazing offer at this towhee. 5-10. Narrow widths also available. Cedar Sapid*: Downstair* Budget Store and Lindale Plata, Iowa City: Mall Shopping Conter what is a KILMAN BONUS? A WEEKI? SERIES Of SENSATIONAL VALUES PLANNED IN COOPERATION WITH ONLY THE • EST OF MANUFACTURERS. EACH IONUS ITEM MEETS OUR RIGID STANDARDS Of QUALITY AND WILL IE SOLD AT LOW •ONUS PRICES ONLY WHILE SPECIAL QUANTITIES UST. Over 200 Winter Coats ... 15 great styles Spectacular Sale! Famous Label Coats 35.00 RiOULARLY 58.00 A sale to beat all sales!! Rich wool blends. Choose solids, tweeds or novelty weaves in 15 different styles! Coats are by a famous maker known for smart detail and design. A magnificent assortment! Silos 6 to 18 and 16Vs to 24Vi. and Lindale Budget ! Budget ;

  • Archibald M. Willard
  • George Shultz
  • Jack L. Abr
  • James Needham
  • John R. Sinnock
  • Mary Brooks
  • Mort Reed
  • Sylvia Porter
  • Tom Haney
  • William A. Smith

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Publication: Cedar Rapids Gazette

Location: Cedar Rapids, Iowa

Issue Date: October 2, 1974

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