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Cedar Rapids Gazette (Newspaper) - October 2, 1974, Cedar Rapids, Iowa The Cedar Kaplds Gazette: Wed., Oct. 2, 1S71 U.S. Faces Shortage of Capital as Stocks Slump Hy Sylvia I'ortcr NEW YOHK Kor lens than (he price iif a shirt, >-0u can now buy a share of stock in more than one-third of the companies listed on the New lost of a series York Stock Exchange or 620 out of the stocks representing the top of American industry and business. Of the CM, about 230 are selling at under a share. .Just since January number of listed stocks selling under a share has more than tripled while the number selling under a share has jumped by more than five limes. The bitter Irony of (his Is that against today's background of a debacle In the stock market, a pervasive atmosphere ol the outspoken threat of worldwide slump, the nation's securities markets arc hclng called upon to supply addi- tional trillions of dollars to help finance an Imperative ex- pansion of our industry's ef- ficiency (productivity) and capacity to produce. Yet. with slock prices at these levels, raising the funds through the Issuance of new slocks is next to Impossible. In the first half of 1974. only billion of new stocks was is- sued against billion in and billion in 1972. It's not only too expensive for com- panics to raise money by is- suance of new shares at these low prices. Equally as depressing, after years of los- ing money, investors just don't want to buy the slocks. Stamp-Coin Design "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" pos- tage stamp against the design- er of the drummer hoy re- verse of the Bicentennial quarter dollar. William A. Smun, designer of the Bicentennial stamp, claims that Jack L. Ahr pla- gcrized his concept of a drummer boy he submitted to (he U.S. postal service for one byMort Reed of (he four "Rise of Ihe Spiril of Independence" Bicentennial stamp scries released in 1973. Ahr, however, claims he used his son, a junior high school drummer, to hold the drum sticks during his prepa- ration of the coin design, and he further contends thai he was unaware of the drummer boy stamp design, having never seen it. Intends To Respond "He's wrong, pure and sim- Ahr told reporters, "and I intend lo respond lo Mr. Smith's claim." His wife, who attended Ihc Philadelphia presentation ceremony? said she did purchase a package of U.S. Commemorative stamps late in July after mint offi- cials had notified Ahr of Smith's complaint. According lo Mrs. Ahr, this was her husband's firsl look at the stamp in question, as well as the other Iwo winners of the national de- sign contest, received prix.es after their designs were selected by a panel of judges from the National Sculpture Society and approved by Treasury Secretary George Slrnltz. Stamp designer Sirfilh addressed letters in Mary Brooks, director of the mint and to Postmaster General E.T. Klassen in which he said: "A number of artists, journal- ists and numismatic experts have written and telephoned me about what they describe as an obvious utilization of the foreground figure an my stamp, the Colonial Drummer, for (lie design of the new quarter dollar piece for which a Mr. Jack L. Ahr has been awarded a prize." Subsequent comparison of the Iwo Illustrations prompted his filing a formal complaint to the two doparlmenl heads. Two Live Models Smilh claims he used Iwo live models dressed in (lie costumes of thai period, add- ing: that there have been countless drawings and paintings of the colonial drummer, I make no claim of course to exclusive rights to Ihe subject mailer, bill Mr. Ahr has copied my design." Smilh's Idler continued "...the inequity of permitting Mr. Ahr lo accept for himself the arlisliu credit for Ihe concept I feel certain, the seeds of scandal. Certainly il seems lo me highly inap- propriate for Ihe design of a new quarter to be open lo an accusation of plagiarism." In a Idler lo Smilh. Mini Director Brooks replied: "As you point onl in your letter lo the Secretary there have been countless drawings and paintings of Colonial drummers, including the well- known portrails painled in the late 19th and early 20th cen- lury by Archibald M. Willard. "Considerable resemblance among the various Colonial drummer designs does appear to he unavoidable. Neverlhe- less, I am quile sure the Na- tional Sculpture Society committee of judges which evaluated some enlrics submitted during the national competition found Mr. Ahr's design sufficiently original to recommend lo the secretary for its adoption lo our Biccn- tcnial coinage." No Copyright Author's Comment: Since both designs appear on gov- ernment obligation, no copy- right is involved. Ahr's design does resemble that of Smith's bul so docs Ihe illuslralion of the Liberly Bell on Ihe reverse of Ihe Bicentennial naif 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 Internalional Coin Corp., was (he guest speaker at a meeting of the Forl Lauderdale Coin club following Ihe close of the ANA convention al Bal Harbour, The subject of his lalk was "Our Bicentennial in 1976 -Will it be only a Tom discussd the part coin clubs and organizations could play in the upcoming celebra- lion and whal numismatists in all parts of the country could do to lend real dignity to (lie occasion. Historical Displays He suggested historical displays in banks and public places with open meetings to intercsl both Ihe young and old collectors and noncollec- lors alike. As usual, Tom struck out at the hucksters who are already flooding Ihc market with "cheap and disgraceful souve- nirs." Sylvia Porter To clarify this vital slory even more: Q. Why must so much in- vestment capital be raised? A. In terms of national priorities, "very conservative estimates" place energy demands at billion by 1985, reported NYSE chairman James Ncedham; nousing demands, al trillion; other areas of the private sector, at another trillion; expansion needs of basic materials (steel, cement, paper, etc.) at billion; transportation, includ- ing mass transit, at billion; government demands for funds, at billion. Funds- needed during the next decade alone, Necdham emphasizes, reach the fanlaslic total of trillion. Q. Where will the money eome from? A. Personal and institutional savings, retained corporate earnings and the amounts that corporations arc 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 availa- ble funds by a huge billion. Q. What does a billion shortfall mean? A. Thai amount of money could provide decent new housing for the entire popula- tions of New York, Chic'ago, Los Angeles, Philadelphia, troit and the next eight largest U. S. cities. That sum could feed every man, urul child in the U. S. for years. What might he the of that 5651) billion shortage? A. It would confront us with an excruciatingly painful choice of priorities, for something would have to give. Housing? Energy? Mass tran- sit? "I'm not sure these arc choices we want lo Needham adds, "but if we aren't able to generate enough capital for business lo 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 work- force will shrink." Q. What, then, must be done? A. Obviously, inflation must be brought under control, so inlerest'rates will decline, stocks will become more at- tractive to investors and savings again will become available to buy new securities and thus to raise the essential funds. Tax incenlives to increase the flow of savings are being actively considered. Moves are being weighed to attract more foreign capital in ways consistent with our na- lional interests. For decades, the whole world has looked with envy at this nation's magnificently struc- tured 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's 3 DAYS ONLY! 'Genie" the Petite Wig fhe carefree wig to make your pretty little head prettier! Regularly 25.00 The petite wig made to comfortably fit the smaller head. A capless wig of Dynel the touchable fiber that feels like ntal hair. A beautiful w.ig for a breezy care hair-do. Plain colors and frosteds. 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