Tuesday, December 3, 1974

Cedar Rapids Gazette

Location: Cedar Rapids, Iowa

Page: 10

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Text Content of Page 10 of Cedar Rapids Gazette on Tuesday, December 3, 1974

Cedar Rapids Gazette (Newspaper) - December 3, 1974, Cedar Rapids, Iowa More Food Price Jumps Foretold DKS MOINES (AP)— Iowans and other Americans can expect more increases in food prices the next three to five years and possibly some shortages, according to several major business leaders. Some of the other gloomy predictions voiced by seveal major business leaders Monday about the economic outlook were: Money will he tight In 1975, if net tighter than it has been this year, especially on longterm business and home loans. National unemployment will average about ti 8 percent for the 1975 calendar year and could reach seven percent during the final three months of the* year. The rate this year was about 5.5 percent. Further decline In the homebuilding industry, at least through the first throe months of the new year Slowdown in retail sales during the early part of the year, with a slight increase toward the end of the year Further decline in the amount of natural gas available in Iowa, meaning that some large businesses, schools and hospitals that have “interruptive” service will have more frequent interruptions. The businessmen made their predictions al the 18th annual Iowa business trends meetings sponsored by Iowa Des Moines National bank Future Farmers R. Wayne Skidmore, chairman and president of Pioneer Hi-Bred International, Inc., headquartered in Dos Moines, said the food situation is becoming critical and that national priorities and policies need to in* established immediately to encourage farmers to produce more. “Agriculture is a long-range business that cannot be turned on and off like an assembly line,” he said, adding that farmers will not produce the food that is needed if they do not * have a reasonable assurance that they will be abb* to make a profit. Skidmore noted that the United States has less than a month’s reserve of grain and that a national policy is needed on how this reserve can In* built up again, so that farmers do not have to pay the entire cost of maintaining the world’s food reserve. Fuel Crisis He added that he expects “unstable prices for meat” because of adjustments in national and world consumption patterns and because of higher costs of grain needed to produce meat. Dwight ll Swanson, chairman and pres ident of Iowa Power and Light Co. of Des Moines, said the fuel crisis has not been solved because domestic oil and gas reserves are being used up rapidly and “we’re fast approaching the bottom of the barrel.” He also was highly critical of the federal government for not doing more to ease the nation’s energy problems. “I see little constructive action on the federal level to alleviate the coming crunch on energy,” he said, adding that fedeeral action is needed immediately to “avoid a grim future of energy scarcity.” Swanson said the only alternatives he sees as a longrange solution to the fuel crisis is for more homes to be heated with electricity. “Without major new discoveries, the U.S. has only 15 to 20 years supply of domestic oil and gas from conventional sources,” he said Governing Bodies to Earn More Interest on Deposits DES MOINES (AP)- Gov-erning bodies will be able to earn significantly more interest on time deposits of public funds in banks under new rates effective Thursday. State Treasurer Marucie Ba ringer said Monday. The new rates, made possible in part by a change in federal regulation Q, set the rate that banks must pay on state funds of SKN).OOO or more deposited for from 30 to 59 days at 9.25 percent, compared with nine percent previously. Baringer said that because of the change's in federal regulation Q, the rate on state deposits of less than $100,000 for a 30-day minimum is 7 5 percent. Deposit Maximum Both rates become the maximum which banks can pay on deposits of other gov- DES MOINES (AP) -County boards of supervisors must follow bidding procedures in contracting for pharmaceutical supplies for county homes, the Iowa attorney general’s office said Monday. Asst. Atty. Gen. Larry Blumberg said there is nothing in the chapter providing for county homes that requin's the supervisors to take bids for such supplies. But he said another chapter relating to support for the poor requires the board of TUCSON. Ariz. (AP)—C. Lloyd Bunker, 72. former publisher of The Muscatine Journal and Ottumwa Courier, died Monday morning at the Tucson Medical center. Bunker had been in failing health. There will be no funeral service. The body will cremated and a committal service will bt' held at Ev- ernmental funds. State law permits them to pay as much as one percent less on local government deposits than on state funds. Baringer said the changes in federal regulation Q. which is the federal reserve system regulation covering interest on deposits, was changed effective Nov. 27. It permits governmental units to hold saving deposits in commerical banks. That privilege heretofore has been limited to school districts, Barringer said Interest Ceiling The interest ceiling on such deposits now is five percent. The new rates were set by the Iowa rate setting committee, which adjusts interest rates quarterly on public deposits. The committee consists of the state treasurer, state insurance commissioner supervisors to contract with “the lowest responsible bidder” for furnishing supplies to the poor. Blumberg said county homes were established primarily for maintenance of the poor, and that means contracts for supplies must be with the lowest reponsible bidder, he said. “It matters not that some residents are able to pay and do pay for services rendered,” he addl'd. The opinion was requested by Sen. Ralph Potter (R-Mar-ion). ergreen cemetery in Tucson Bunker was publisher of The Muscatine Journal from 1943 to 1957 when he was appointed to the same post at Ottumwa. He retired at Ottumwa in 1967 and he and his wife, Carmeme, moved to Tucson about four years later. He is survived by his widow and two daughters. and state superintendent of banking Rates on time deposits of state deposits of HOO,(KXI or more for longer than 59 days include: On deposits of 60-89 days—9 percent;    90-120    days—8.75 percent;    121-179    days—8.5 percent;    180-365    days—8.25 percent, and one yeaf or more —8 percent. In each category, banks may pay up to one percent less on deposits of other government funds, but the state rates are the maximum Board Votes Funds to House Retarded Persons TAMA—Members of the Tama County Assn. for Retarded children have voted uinanomiusly to contirbute an additional $5,(KH) to Centra! Iowa Residential Services, Inc. for the purchase of older homes to bt* convertd into residential homes for retarded citizens. At present, three such homes have been proposed for Marshalltown with one building having been purchase. Future plans include the location of residential homes throughout the four counties which comprise area six, including Tama county. One home planned in Marshalltown would be for children 14-18 and the second structure would house persons in their 2()’s. ‘Winter’s Tole’ Shown At Cornell College MT. VERNON—The Winter's Tale,” a Shakespearian drama, will be presented at Cornell college Thursday, Friday and Saturday. Curtain time for the play, which is being directed by senior Michael Huber, is 8:15 p.m. in Armstrong Theatre. Tickets, at $1.50 for the general public, will be available at the door. Boards Must Follow Bid Procedures for Supplies Former Publisher of Ottumwa Courier Dies vt Matching Jackets '' ■ Bags and Caps Vs TO V2 OFF Jackets, bats and bags in your choice of Sherpa or Mink Cloth available in several colors. Also on sale, hats and bags of cord, suode cloth or wool. Aisle Bar, Downtown Street Floor Only Take your Time the timepiece of your choice Free for Saving Swe^lOW" * Saue*5000° # (in a new or old account)    (in    a    new    or    old    account) (limit one per family)    (limit    one    per    family) Clutier Opens Funeral Home CLUTIER—An open house was recently held for the Clutier Community funeral home which is owned by the Mason-Hand home in Tama. A remodeling project transformed the old Hach residence one block south of the Clutier schoool into a modern funeral facility which is for all faiths. It is the first funeral home in Clutier. Mr. and Mrs. Abe Mochal, Cluitier have charge. James Fryer Trial Scheduled for Dec. IO according to district court officials. His two brothers, Allen, 31, and David, 24, are serving lib* ROCK RAPIDS (AJO— James Fryer, 22, is to go on trial Dec. IO in connection with the slayings Nov. 17 1973, of four teenagers in Gitchie Manitou state park, ■' mmmm HNI rn Senior Citizen Buses Cedar Rapids System Telephone 363-8244 Area Ten (SEATS) In Cedar Rapids 398-5605 Elsew here 800-332-5934 ' ' t ■    y    '?£    pi *y ' / i''    Wm prison terms at the Iowa state penitentiary in connection with the slayings. Observers at Lyon county district court here said Monday that it is possible that legal counsel for James Fryer may move for a change of venue. ON THIS DATE in 1808, Madrid surrendered to French forces under Napoleon. To Order Your Cai oft* Want Ad DIAL 398-8234 . rn • A.M. to 5 P M. Monday thru Friday. ’Til Noon Sof. KjTgHCM £OTO% I ROO TIK BXT.moCM FOR ANY DRAINAGE FAILURE 365-2243 or many others or many ethers SLINGS 4 Savings & Loan Association 1135 Seventh Avenue Marion. Iowa 52302 IN! OC 3 FFI O LU UP TO f40,000 M *C[ co*? 0 .