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Cedar Rapids Gazette: Thursday, November 14, 1974 - Page 7

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   Cedar Rapids Gazette (Newspaper) - November 14, 1974, Cedar Rapids, Iowa                                The Cedar Rapids fiazetle. Thurs., Nov. H, 1974 Stock Slip Hits All Society pliolo by Due Loras Honor Cedar Rapids Attorney Donald Mines, 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 Friedl, left. At center is C. I. O'Dowd, vice-president for business affairs. Commerce Unit Probes NFO Activity DES MOINES (DPI) 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 II) a.m. Nov. 2ti at. the Valley Stale 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 docu- ments which apparently are used by the NFC) in its grain transactions, commission offi- cials said. Also, officials said, "The commission staff's efforts lo 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 predi- cates its refusal on its conten- tion that it is not a grain deal- er wilhin I he meaning of Iowa law." However, officials said, "In view (if the NFO's involve- ment in grain-buying activity and the adverse effect on the NFO mumber-prorlw.'Cr if the 'grain dealer' is unable to meet its financial obligaUons. 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 E. McElliott, Ryan, was recently sworn in as Toddville post- master. She has been with the postal service since 1964, serv- ing in Ryan, Cedar Rapids, Quasquelon. and Toddville where she served for the last eight months. Musical Set WEST UNION The all high school musical "Once Up.on a Mattress" will be presented Friday and Satur- day at 8 p.m. in the North high cafelorium at West Union under the direction of Thomas Canfield, vocal music instruc- tor, and Mrs. Robert John- ston, English instructor. Production of "Brigadoon" Set At Sigourney SIGOURNKY The Sig- ourney high school Little Theater will present the musi- cal "Brigadoon" Friday and Saturday al the Sigourney high school. The play will be presented at each even- ing. The musical piny lells Ihe story of two American ad- venturers 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 Megarty. Musicians for the production are Sandra MeMcekin, junior high band instructor; Mary Poduska, ele- mentary vocal instructor, and Diane Greenwood. Dramatic director is Sandra Rogers and musical director is Tom Stewart. Student direc- tors are Sheryl Jemison, Dan Wood and Dale Cavin. Chore- ography is by Bernadine Seip and Linda Hulchcrnft. Try a classified ad today and prove to yourself how resullful it can be! By John Cunnlff NEW YORK (AP) If the stock market affected only a relatively few very rich in- dividuals the losses of recent years might he easier Lo swallow. As it is, they're jammed in the lliroat of economic society. Harvard university reports the market value of its endow- ment and other investments dropped million in fiscal On .lune III) its books showed a total value of billion; a year earlier the Jigure was billion. The rise and fall of endow- ment values is reflected in figures from the New York Slock Exchange I hat show a tolal value of billion in 1949, billion in 1971, billion in 1972 and billion in 1973. Tighl Restraints That figure has probably, in fact most likely, fallen another billion dollars in 1974 as the bear market continues. More than a few lop-flight schools have, as a result, been forced to impose tighl budget re- strainls. Philanthropists, foundations, insurance companies, banks and workers with an interest in their pension fund all are feeling Ihe impact of lower stock prices, and all must make adjustments. CNA Financial Corp. revealed it has considered passing on some of ils assets to one of its operating units, Con- tinental Casualty Co., partly because of declining values in Ihe laltcr's portfolio Continental Casualty's sur- plus has been sharply cut because of the declining values and adverse claims ex- perience, according to ma- terial circulated lo CNA stockholders by Loews Corp., which seeks to buy CNA. New Business The material suggests that one consequence of the decline would be to force the insurance company to curtail Ihe amoiinl of new business it accepts, a situation in which no company likes lo be caughl. The activities of foundations is also seriously impacted. Most people are familiar with the money granted by these institutions and succumb lo Ihe mistaken notion thai Uicy are above grubbing in (he financial world. In order lo continue giving thai 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 Ihan billion than they have now. And lesl you forgel, billion won't go.as far today as in 1971. Life insurance companies invest a lot more cash in bonds and mortgages Ihan in stocks, but in recent years stocks had become much more prominent than before in their portfolios. In 1972, to illustrate, stocks amounted to 11.2 percent of all life insurance company assets, compared wilh 4.7 percent in 19B2. That 1972 percentage amounted to nearly billion. It fell more Ihan million in 1973, and there's little doubt lhal a comparable loss has been felt this year. Such losses as these have the same impact on institutions as John Cunniff on individuals, to become more efficient, less wasteful and probably more innovative and competitive too. Just taste you may never go back to your usual whisky. Windsor is the only Canadian made with hardy Western Canadian grain, with water from glacier-led springs, and aged in the clear dry air of the Canadian Rockies. FINE HOME FURNISHINGS SoHd State to Burn Out Tim ATHEHTON diiftoiul inil 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. Tlifl ALLISON Modal GTfUO diajiortal piclur RCA XMOO Sow State RCA XirfOO W0% Sold State Color TV 21" Mow Big Savings RGA- Xb-100 100% SoM State Cotes-TV 21" cfaoorul Yos, genuine RCA COLOR TV best in the industry all now rnodols, yours to chooso from. Extra Big Trade-in Allowance for your old Black and White TV Set. For Our Park and Shop Plan urs.) 'til 9 p.m. B THIRD AVENUfi AT FIHST STREET S.E. DOWNTOWN CEDAR RAPIDS   

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