Cedar Rapids Gazette, December 3, 1974, Page 9

Cedar Rapids Gazette

December 03, 1974

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Issue date: Tuesday, December 3, 1974

Pages available: 99

Previous edition: Monday, December 2, 1974

Next edition: Wednesday, December 4, 1974

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Publication name: Cedar Rapids Gazette

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All text in the Cedar Rapids Gazette December 3, 1974, Page 9.

Cedar Rapids Gazette (Newspaper) - December 3, 1974, Cedar Rapids, Iowa Cedar Kaplds Gazette: Ott. J, More Food Price Jumps Foretold DBS MOINES lownns and other Americans can expect more Increases In food prices the next three to five years and possi- bly some shortages, according to several major business leaders. Some of the other gloomy predictions voiced by seveal major business loaders Mon- day about the economic outlook were: Muey will bt light li 1J75, If tighter than It has been this year, especially on longtcrm business and homo loans. .Nallnal MtnipUymot will average about 6.8 percent for the 1975 calendar year and could reach seven percent during the fi- nal three months of the year. The rule this year was about 5.5 percent. Further decline In the homcbuildlng In- dustry, at least through the first three months of the new year. Slowdown In retail sales during (he early part of the year, with a slight increase to- ward the end of the year, Further decline In the amtiint of natural available In Iowa, meaning that some largo businesses, schools and hospitals that have "Interruptible" service will have more frequent Interruptions. The businessmen made their predictions at the annual Iowa business trends meet- ings sponsored by lowa-Dcs Moines National bank. Future Farmers H. Wayne Skldmorc, chairman and pres- ident of Pioneer IH-Bred International, Inc., headquartered in Des Moines, said the food situation is becoming critical and that nation- al priorities and policies need to bo estab- lished Immediately to encourage farmers to produce more. "Agriculture Is a long-range business that cannot be turned on and off like an assembly 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 able to make a profit. Skldmoro noted that the United States has less than a month's reserve of grain and that a national policy is needed on how this re- serve can bo built up again, so that farmers do not have to pay the entire cost of main- taining 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 H. 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 case the nation's energy problems. "I see little constructive action on the federal level to alleviate the coming crunch on he said, adding that fedeeral ac- tion Is needed''Immediately to "avoid a grim future of energy 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 he said. Governing Bodies to Earn More Interest on Deposits DES MOINES Gov- erning bodies will be able to earn significantly more inter- est on lime deposits of public funds in banks under new rates effective Thursday, State Treasurer Marucie Baringer said Monday. The new rates, made possi- ble in part by a change in federal regulation Q, set (he rate that banks must pay on state funds of or more deposited for from 30 to 59 days at 9.25 percent, com- pared with nine percent pre- viously. Baringer said that because of the changes in federal regu- lation Q, (he rate on state deposits of less than for a 30-day minimum is 7.5 percent. Deposit Maximum Both rates become the maximum which banks can pay on deposils of other gov- 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 inlerest on deposits, was changed effec- tive Nov. 27. It permits governmental units to hold saving deposits in commerical banks. That privilege heretofore has been limited lo school districls, Barringer said. Interest Celling The interest ceiling on such deposits now is five percent. The new rates were set by the Iowa rate selling com-' mitlee, which adjusls interest rates quarterly on public deposits. The committee cons- ists of the state treasurer, slale insurance commissioner and slale superintendent of banking. Rates on time deposils of slale deposits of or more for longer than 59 days include: On deposits of 60-80 perccnl; 90-120 days-8.75 pcrcenl; 121-179 percent; 180-365 days-8.25 percent, and one year1 or more percent. In each category, banks may pay up to one percent less on deposits of other gov- ernment funds, bul Ihe state rales are (he maximum. Boards Must Follow Bid Procedures for Supplies DES MOINES (AP) County boards of supervisors must follow bidding proce- dures in contracting for pharmaceutical supplies for county homes, the Iowa at- torney general's office said Monday. Assl. Ally. Gen. Larry Blumberg said there is no- thing in the chapter providing for county homes lhal re- quires Ihe supervisors lo lake bids for such supplies. But he said another chapter relating to support for the poor requires Ihe board of supervisors to contract with "the lowest responsible bid- der" for furnishing supplies to the poor. Blumberg said county homes were established pri- marily for maintenance of the poor, and lhat means con- Iracts for supplies must' be with the lowest rcponsiblc bidder, he said. "It matters not thai some rcsidcnls arc able lo pay and do pay for services he added. The opinion was requested by Sen. Ralph Poller (R-Mar- Former Publisher of Ottumwa Courier Dies TUCSON, Ariz. Lloyd Bunker, 72, former publisher of The Muscaline Journal and Ollumwa Courier, died Monday morning al Ihe Tucson Medical center. Bunker had been in failing heallh. There will be no fu- neral service. The body will cremated and a committal service will be held at Ev- ergreen cemetery in Tucson. Bunker was publisher of The Muscatine Journal from 1943 lo 1957 when he was ap- pointed lo Ihe same post at Ottumwa. He retired at Ot- lumwa in 1967 and he and his wife, Carmeme, moved lo Tucson aboul four years later. He is survived by his widow and Iwo daughters. Board Votes Funds to House Retarded Persons of the Tama County Assn. for Re- tarded children have voted uinanomiusly to conlirbule an additional lo Central Iowa Residential Services, Inc. for the purchase of older homes to be convertd inlo res- idenlial homes for relarded citizens. At present, three such homes have been proposed for Marshalltown wilh one build- ing having been purchased. Fulure plans include the location of residential homes throughoul Ihe 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 20's. 'Winter's Tale' Shown At Cornell College MT. Winter's a Shakes- pearian drama, will be pre- sented al Cornell college Thursday, Friday and Satur- day. Curtain lime for Ihe play, whicli is being directed by senior Michael Hubcr, is p.m. in Armslrong Thcalre. Tickets, at for the gener- al public, will be available at the door. 1 DAY Matching Jackets Bags and Caps OFF Jackets, hats and bags in your choice of Sherpa or Mink Cloth available in several colors. Also on sale, hats and bags of cord, suede cloth or wool. Bar, Downtown SlrMt Floor Only Killians Opens Funeral Home open house was recently held for the Clutier Communily funeral home which is owned by Ihe Mason-Hand home in Tama. A remodeling projecl Iransformed the old Hach resi- dence one block soulh.of the Clutier schoool inlo a modern funeral facility which is for all faiths. It is (he firsl funeral Ironic in Clutier. Mr. and Mrs. Abe Mpchal, Cluiticr have charge. James Fryer Trial Scheduled for Dec. 10 ROCK RAPIDS according lo district courl James Fryer, 22, is to go on trial Dec. 10 in connection wilh the slayings Nov. 17. 1873, of four teenagers in Gitchic Manilou slate park, Senior Citizen Buses Cedar Rapids System Telephone 363-S244 Area Ten (SEATS) In Cedar Rapids 398-5605 Elsewhere 800-332-5934 according officials. .His two brothers, Allen, and David, 24, are serving life prison terms at the Iowa state penitentiary in connection with the slayings, Observers at Lyon county district court here said Mon- day 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. (E To Orotr Your Gowltt Wont M mt DIAL 398-8234 A.M. lo i P.M. Monday Friday. TH Noon M. FOR ANY KOTO" DRAINAGE FAILURE 365-2243 yourTime the timepiece of your choke free for Sating SwelOOO001 (in a new or old account) (limit one per family) (in a new or old account) (limit one per family) or many others or many others Savings Loan Association 1135 Seventh Avenue Marion, Iowa 52302 ;