Cedar Rapids Gazette, November 14, 1974, Page 7

Publication: Cedar Rapids Gazette November 14, 1974

Cedar Rapids Gazette (Newspaper) - November 14, 1974, Cedar Rapids, Iowa Thf Cedar Rapids Glzette. Thurs., Nov. 14, 1*74 J Gazette photo by Duane Croft Loros Honor Cedar Rapids Attorney Donald Hines, right, who served as chairman of the Loras college board of regents for more than five years before retiring in October, was honored by college officials at a dinner Wednesday night at the Longbranch. Making the presentation for distinguished service to the college was Loras President Msgr. Francis Fried!, left. At center is C. T. O Dowd, vice-president for business affairs. Commerce Unit Probes NFO Activity Production of DKS MOINES (UPI) - The Iowa Commerce Commission this week ordered the National Farmers Organization to show cause why it should not be required to file a surety bond and an application for a grain dealer's license with the commission Commission Chairman Maurice Van Nostrand said a hearing on the question will be held at IO a rn. Nov. 2H at the Valley State bank building here. The commission staff Oct 17 filed a report with the commission concerning the NFO’s involvement in the purchase of grain for resale. The report included documents which apparently are used by the NFO in its grain transactions, commission officials said Also, officials said, “The commission staff's efforts to investigate the NFO’s role in the grain transaction have been frustrated by the NFO’s denial of repeated commission staff requests to investigate its records. The NFO predicates its refusal on its contention that it is not a grain dealer within the meaning of Iowa law.” However, officials said, “In view of the NFO’s involvement in grain-buying activity and the adverse effect on the1 NFO member-produeer if the “grain dealer' is unable to meet its financial obligations, we find that a hearing should be held to determine if, in fact, the NFO should file an application for grain dealer's license.'’ New Postmaster Sworn In for Toddville TODDVILLE - Colette K McElliott, Ryan. was recently sworn in as Toddville postmaster. She has been with the postal service since 19(54. serving in Ryan, Cedar Rapids, Quasqueton and Toddville where she served for the last eight months. Musical Set WEST UNION - The all high school musical “Once Upon a Mattress” will be presented Friday and Saturday at 8 p.m. in the North high cafetorium at West Union under the direction of Thomas Canfield, vocal music instructor, and Mrs Robert Johnston. English instructor. “Brigadoon ' Set At Sigourney SHK JURNEY - The Sin-ourney high school Little Theater will present the hiusi-cal “Brigadoon" Friday and Saturday at the Sigourney high school. The play will be presented at 7.30 each evening The musical play tells the story of two American adventurers finding Brigadoon. a magic village in Scotland that comes to life every hundred years and disappears afte a single day. Playing the part of the two Americans will be Kevin Lane and John Hegarty. Musicians for the production are Sandra McMeektn, junior high band instructor; Mary Poduska, elementary vocal instructor, and Diane Greenwood. Dramatic director is Sandra Rogers and musical director is Tom Stewart. Student directors are Sheryl Jemison, Dan Wood and Dale Cavin. Choreography is by Bernadine Seip and Linda Hutchcroft. Try a classified ad today and prove to yourself how result fill it can lie I By John Cunnitf NKW YORK (AP) - lf the stock market affected only a relatively few very r uh individuals the losses of recent years might be easier to swallow. As it is, they’re jammed in the throat of economic society. Harvard university reports th** market value of its endowment and other investments dropped $172 million in fiscal 1974 On June 30 its books showed a total value of $1 19 billion; a year earlier the Jigure was $1 30 billion The rise and fall of endowment values is reflected in figures from the New York Stock Exchange that show a total vaine of $1 I billion in 1949, $7 4 billion in 1971, $8 8 billion in 1972 and $7.5 billion in 1973. Tight Restraints That figure has probably, in fact most likely, fallen another billion dollars in 1974 as the bear market continues. More than a few top-flight schools have, as a result, been forced to impose tight budget restraints. Philanthropists, foundations, insurance companies, hanks and workers with an interest in their pension fund all are feeling the impact of lower stock prices, and all must make adjustments. CNA Financial Corp revealed it has considered passing on some of its assets to one of its operating units, Continental Casualty Co., partly because of declining values in the latter’s portfolio. Continental Casualty’s surplus has been sharply cut bec ause of the declining values and adverse claims experience, according to material circulated to CNA stockholders by Loews Corp., which seeks to buy CNA. New Business The material suggests that one consequence of the decline would he to force the insurance company to curtail the amount of new business it accepts, a situation in which no company likes to Ik1 caught. The activities of foundations is also seriously impacted Most people are familiar with the money granted by these institutions and succumb to the mistaken notion that they are above grubbing in the financial world. In order to continue giving that cash away, however, any well run foundation must seek the greatest return possible in the markets. But the fact is foundations had greater stock assets in 1971 — more than $19 billion than they have now. And lest you forget, $19 billion won’t go.as far today as in 1971 Life insurance companies invest a lot more cash in bonds and mortgages than in stocks, but in recent years stocks had become much more prominent than before in their portfolios In 1972, to illustrate, stocks amounted to ll 2 percent of all life insurance company assets, compared with 4 7 percent in 19(52. That 1972 percentage amounted to nearly $27 billion It fell more than $900 million in 1973, and there’s little doubt that a comparable loss has been felt this year. Such losses as these have the same impact on institutions as John Cunniff on individuals, forcing tnem to become more efficient, less wasteful and probably more innovative and competitive too T^steWmdsor instead. sr s UTT ** Just taste Windsor—and you may never go back to your usual whisky. Windsor is the only Canadian made with hardy Western Canadian grain, with water from glacier-fed springs, and aged in the clear dry air of the Canadian Rockies. Windsor rs The smoothest whisky ever to come out of Canada. Stock Slip Hits All SocietySmuletofft NOW! Big Savings With Trade-InFINE HOME FURNISHINGSV J J    9    ° FREE DELIVERY NEW 1975 Models Presenting the XL-1 OOs With 100% solid state 100% Solid State No Tubes to Burn Out Now Big Savings With Trade In Big Trade In Allowance For Your Old Black and White TY Set A fabulous Sale at Smulekoff s, offering outstanding values. Now is the time to give your family the best in TV enjoyment . . . RCA COLOR TV . , . You'll find extra liberal trade-in allowance for your old black and white TV set and an array of cabinet styles from which to choose. Beautiful cabinets, life-like audio and true to life color picture are yours with an RCA COLOR TV. Makes TV enjoyment come alive ... so act now, get COLOR TV enjoyment at rare savings. Come NOW to Smulekoff s in Downtown Cedar Rapids. n mi mu Th# Huson 11 Ie# I Mod* arui) »* ditfon*) IWC'Ult Yes, genuine RCA COLOR TV . . best in the industry ... all new models, yours to choose from. Extra Big Trade-in Allowance for your old Black and White TV Set, n MU MU r*t Bonumro*N I lie ii 5*w8«} ft dliguoil p.etui I MU MU MU 'iMiircHBum, |^0/|    Hie#! lh* I AM AUM MA    I    rn    Ie#    I    Mod*    aim Mi ult! HIW    ft'    ditpontl    pit    (ult JI* dltfontl iMclUtt FREE PARKING For Our Customers, Use Park and Shop Plan Act NOW! Trade In Your Old TV For ROA COLOR TV Open TONIGHT (Thurs.) ’til 9 p.m. Smulekpffs THIRD AVENUE AT FIRST STREET S E. DOWNTOWN CEDAR RAPIDS ;

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Publication: Cedar Rapids Gazette

Location: Cedar Rapids, Iowa

Issue Date: November 14, 1974

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