Cedar Rapids Gazette, December 29, 1974, Page 3

Cedar Rapids Gazette

December 29, 1974

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Issue date: Sunday, December 29, 1974

Pages available: 238

Previous edition: Saturday, December 28, 1974

Next edition: Monday, December 30, 1974

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Publication name: Cedar Rapids Gazette

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Cedar Rapids Gazette (Newspaper) - December 29, 1974, Cedar Rapids, Iowa The Cedar Rapids Gazelle: Sun.. Dec, 29, 1974 isiiiSii New American Gold Rush Expected To Begin NOTE A new American gold rush is expected when private ownership of the precious metal again becomes legal on Dec. 31. There are many kinds of gold to choose from, bul officials are warning buyers lo be skeptical of promises of wealth and to beware of fraud. By Chct Currier AP Business Wrlfcr It comes in wafers, coins and brick-shaped blocks, us well as paper contracts and certificates that stand (or it Beginning Tuesday, Americans will gel their first chance in 40 years to buy it, at brokerage houses, coin dealers, bank tellers' windows and even at some conventional retail stores. It is gold, of course the lustrous, hefty metal that has occupied a special place in the world of investment and finance, and in the human imagination, since earliest civiliza- tion. By an act of congress several months ago, the legal ban on private ownership of gold imposed by President Franklin Roosevelt during the Depression will be lifted this week. Nobody knows for sure how enthusiastically people will respond. But one large firm which deals in gold is pegging its plans to a national demand of 6 million to S million ounces in the first year. At its recent prices in the to an mince range, that would mean at least billion in gold sales. "I'm sure that figure is on the low side." added Dr. Henry Jarecki, chairman of Macotta Metals Corp., the nation's big- gest dealer in precious metals. Some experts say that gold in- vestment during 1975 will reach billion. Gold Plans in C.R. The gold rush in Cedar Rapids may be somewhat tem- pered by unfamillarity. A wait and see altitude seems to prevail. A survey of brokers anil banks by The Gazette his! week revealed that few special plans were being made. No gold inventories were be- ing planned by any banks con- tacted. Most said if a customer desired to purchase gold, arrangements for that purchase would be made through corresponding institu- tions. Most brokers and bank of- ficials reported few inquiries and some indicated thai because of the uncertainty and newness of the market they would attempt to dissuade im- mediate gold investment. There will be at least one outlet that will inventory gold In Cedar Rapids, Jerome's Rare Coins and Stamps, 101 IE Tower. .lerome 1'adxensky, proprie- tor, said he will be operating a buy and sell market as soon as gold is available, lie plans to deal in one ounce gold bars. Though they will not have local inventories, two other firms, Merrill Lynch Pierce Fenner and Smith, Inc., Davenport, and Slifel Nicolaus and Co., Inc., Cedar Rapids, plan both wholesale and retail gold sales. Each has es- tablished five ounce mini- mums. Other brokers reported they are prepared to deal in gold futures. However, most are not planning any special emphasis. Safe Haven Or Volatility? What will investors get for their money'.' A safe haven from the world's economic troubles or a volatile investment carrying the risk of big losses? There are vehement opinions on both sides. Either way, financial advisers and gold experts agree, no one should get into the market without a solid awareness nl the sometimes intricate rules of the game and its potential risks and rewards. Would-be buyers will be able lo choose a wafer as small as one-twentieth of an ounce lhat will cost based (in current prices: or a 41111-ounce bar that will go for something like As the world market has demonstrated in the last two years, those prices could fluctuate widely. Buyers also will Camp Good Health Donations Previously reported.......................................... In lieu of Christmas cards from Engineering Dept., Iowa Manufacturing Co....... 78.59 In loving memory of Kerry McEnany....................... 25.00 In memory of my husband, Lawrence Olson..............25.00 In memory of our parents, Grace and Bernie Stall, and Mary and Eugene Morenead, from Mr. and Mrs. Ken- neth Morehead................................................... 25.00 In loving memory of my husband, Anton Voracek, Jr., from Genevieve 25.00 In memory of our parents from Mr. and Mrs. Harold K. Spurrier......................................20.00 In loving memory of Elizabeth Privatsky on her birthday, Dec. 30. from her husband and daughters....................................... 15.00 In menwry of mother. Motile wlck.................................................................. 12.50 In memory of my wile, Alflocy, from Tom.................................................................. 10.00 Alpha Delta 10.00 In memory of my husband, Carl Calvert, Sprlngville......................................................... 10.00 In memory of Fred and Allene Diek 10.00 F. A. DaVal, Ml. Vernon............................ 10.00 Carlton Hall........................................ 10.00 In memory of Clara Hensley from Tom and Vera Sexton................................................. 10.00 In loving memory of in> husband, Wes- ley Kopecky, on Christmas and his birthday, from Mary........................................... 10.00 In memory of our grandpa, Lawrence Olson, from Doug, Theresa, Jenny. Curtis and Eric Olson......................................... 10.00 Roy and Betty Stepanek............................. 10.00 In loving memory of Arthur and Dora Young, Iowa Falls, from Ralph and Jrannette Brcndes, Olin...................................... 10.00 In lieu of local Christmas cards from Edward Holdahl, Ml. Vernon................................ li.OO In memory of Grandma Brccht from Ellen, Sally and Bill............................................. 5.00 In loving memory of my parents from Elinore Berry Holmes.................................. 5.00 In lovJag memory of Edward D. Hospo- darsky, on his birthday, from his wile, Anne, and daughter, Karen Ann.................... 5.00 In memory of our granddaughter. Amy Rae Ingcls, from Mr. and Mrs. War- ren E. Walters..................................................... 5.00 In memory of Carl Schmleder................................... 5.00 Christmas memories of Mary and Joseph Tlusly i 00 Total 1974 Budget 00 Vet to be raised J k illh 7h Military Rockets Don't Bother Them If you were warned to leave your house because rockets soon would be winying over- head, you might be nervous. Not ranchers in the Ameri- can Southwest. They've been living with the missile age for years. Each time the army test- fires one of its Pershing missiles from launch at Blanding, Green Riv- er, and Gilson Butte, Utah, or Fort Wingate, N.M., from 20 to people in the two slates vacate homes along the ballistic missile's 4011-mile flight path. Soldiers man highway road- blocks, stopping motorists un- til the two-stage rockets have roared by. These are among Ihe pre- What's in a Man The body of a 160-pound man consists of about 100 pounds of water, 29 pounds of protein, 25 pounds of fat, 5 pounds of minerals, 1 pound of carbohydrate and one-quarter ounce of vitamins. cautions taken against acci- dents whenever the big artil- lery missiles or other rockets used for research are launched. There have been no injuries or serious property damage to date, although a spokesman at the White Sands Missile range in New Mexico remembers when a rocket "landed so close to a cow lhat the animal died of fright." The owner was paid (he price of a new cow. cow. One rocket hurtled into the clear desert air neglected to come down. It overflew the missile range and later was found in an isolated part of the state of Chihuahua, miles below the Mexican bor- der. Earlier, when guidance sys- tems were less sophisticalcd, a captured Naxi V-2 rocket being leslcd at White Sands turned soulh instead of arcing nrirth over the range. The missile landed about a mile and a half out- side Juarez, narrowly missing a building used by a Mexican mining company to store blasting powder and dyna- mite. .But such mishaps have been rare among Ihe hundreds of rockets launched .since White Sands was set aside as a prov- ing ground in 1945. The missile range, the larg- est military reservation in the U.S.. covers an area miles wide that begins near- Las Cruces. N.M., and continues north for miles. II was here June Ifi. lhal the first atomic bomb was exploded. The uninhabit- ed valley lhat holds the world's largest surface deposit of milky-white gypsum sand had been public grazing land before World war Ii. As longer-range missiles were developed, another 1.6011 square miles were added tn White Sands for part-time use. Some !lll families live in this 40-mile-long extension, hike others in the missiles' flight paths, they are paid by Ihe hour whenever they are re- quired to evacuate their homes. The Sleep Inducer Watirtwd owners report they suffer fewer back aches, get bet- ter rest, and stoop more comfortably. They find red, baggy eyes and tension wrinkles disappearing. With the radiant heat from a thermostatically controlled heater your waterbed feels warm and soothing. This conductive heat is tbe same kind used In hydrotherapy to relax muscles and induce sleep. You'll wake up feeling refreshed and energetic. And the better you feel, the bet- ter you look. Inner new ideas in comfortable living INNER M 111 INC. Specializing in waterberja contemporary furniture. 839 SECOND AVCNUE S.E. 365-4775 I MASTERCHARGE BANKAMERICARD I Turquoise is the December Birthstone and you'll find the most complete selection al TOUCH of the SOUTHWEST Open Weeknights 'til 9, Saturday 'til 5 321 3rd Street SE Downtown Cedar Rapids Flowers for your New Year's Hostess... festive beautiful flowers plants to delight your hostess. Designs for every whim or fancy! 'h Centerpieces Flowering plants Corsages -Ar Tropical plants PIERSON'S FLOWER SHOP A GREENHOUSES, INC. Open Monday thru Saturday 8 to 1800 Ellis Blvd. NW FLOWERPHONE 366-1826 AVENUE FLORAL BOTANICALS by Pferson's 39 16thAve. S.W. 366-7148 8 to Mon. thru Sat. Parking In Roar have In pay 10 to 12 percent. ur possibly more, of the basic price for such tilings as broker's nuimii.ssions, taxes, insurance, shipping and storage. That means gold prices will have to rise III to 20 percent over the period of ownership for Ihe investor just to break even. The choice is broad indeed. Beyond gold bullion itself, there arc gold coins; gold futures, or contracts to purchase gold at a specified future time, shares in gold funds, which plan lo pool Ihe money of individual investors and buy gold under tile principle nl a mutual fund, and gold mining slocks, which have been available to Americans all along. Each has its advantages and disadvantages. Kor example, .lames Dines, the Wall Street adviser who is known as a leading advocate of gold investment, says lie favors shares of mining companies over bullion itself. He gives several reasons, a principle one being that the stocks can produce dividends, while gold itself offers no dividend or interest possibilities. On the other hand, gold stocks, unlike bullion, can be af- fected by the issues that confront all businesses quality of management, strikes, rising costs and so on. The choice of where to buy and sell is likely to be miiially broad, al least at the outset. A good many banks and brokerage houses have busily prepared to compete for gold business, in some cases forming partnerships with London gold firms and American companies that process it. Savings and loan associations were prohibited from dealing in gold by the Federal Reserve board, the office of the comptroller of the currency and the Federal Deposit Insurance Corp. The financial regulatory agencies also issued guidelines aimed at discouraging banks From dealing in gold because of the price fluctuations. Coin dealers and jewelers will be trying for a slice of the market, particularly in smaller items like coins and miniature bars. In Ihe rush of interest that greeted the decision of congress this year to permit private ownership of gold, it was believed that other retailers such as department stores would play a big part. That prospect is less certain now after such companies began looking into the security problems, competition and other complications. Sears, Roebuck and Co.. the nation's biggest retailer, said early this month it had no plans lo get into the gold business, although coin dealers with concessions at a handful of its stores might do so. Alexander's, a New York department store chain widely reported to be planning to sell gold, says it considered the idea but decided against it. "It was fell lhat it wasn't worth the effort." a spokesman reported. "It would be loo complicated, both lor the customer and the store." More at Start, Less Later As in most new industries, the number and variety of firms in Ihe business may well be large at the start and less later on. "We'll probably see a shakeout in due course, because it looks like there are loo many getting into Dines observed. Federal agencies have warned Americans lo use extreme caution before investing in gold. However Ihe investor chooses lo enter Ihe market, financial advisers say he should keep several important questions in mind. A typical list: What arc the costs of buying, such as commissions and insurance, going lo be? Can Ihe Investment be readily resold, whom, and with whal accompanying vosls? Is Ihe authenticity and security of the gold Involved as- sured? Does Ihe particular means of Investing being chosen closely match Ihe degree of risk you want to take? r'nlurcs. (or instance, are likely lo provide a much wilder ride, up or down, than a high-yield mining stock. The justice department said it already has underway "a major effort lo delect and prosecute the growing number of frauds involving gold and other precious metals." No banker or broker, no mailer how reliable, can provide assurance on one point Ihe vagaries of the market itself. Cold prices since had gone from Silill to more than an ounce, and there have been some intermediate downward swings along the way. Anyone buying gold Is subjecting his funds to some powerful forces beyond his control. The V. S. government itself demonstrated lhal poinl dramatically early this. month, when it announced plans to sell 2 million ounces of gold .Ian. Ii. setting off immediate drops of 5 lo 8 percent in various world gold prices. That represents only a tiny fraction of the 276-million- ounce (J. S. gold reserve, worth about billion today. The decisions of other governments and big time investors also have an important influence on the market. Gold reserves outside this country are worth about billion. Skeptical observers can make a case that Americans buy- ing gold in Ihe next few weeks may be putting themselves in a vulnerable position because they represent the lasl visible un- tapped reservoir of demand for gold in the world. In other words, the argument goes, they might be buying at the very top. Prices for bullion reached a record high of more than S1IIO an ounce about a month ago, but then dropped lo in mid- December. Anticipation of U.S. demand helped push the prices back up lo a record of about an ounce on Friday. Cold mining slocks in December were noticeably below previous peaks. Many gold advocates urge ignoring short-term swings and holding gold as a lasting defense against economic uncertain- ties. "When I came to Wall Street, an ounce of gold would buy you a good business suil." said Austin Barker, a gold ad- vocate and consulting economist at Thomson and McKinnon Auchincloss Kohlmeyer. "Then it was Sliri. Xuw a good iniMiiesh Miil is around and all ounce of gold is still good enough to buy one. That is whal is meant by a store of value." >n' 77m Wt' FESTIVE NEW YEAR'S POMPON CENTERPIECE ;in assort nil.1 nt t.f munis and pum- IHins bursting in vibnmi assorted niliirs! Everyone at Willy's joins in wishing you the happiest of New Year's! Floral Designs 1501 Isl Avf. SK Opfn Monday ThrouKh Saturday jvilly THE JOB CORPS MAY BE FOR YOU! Job Corps ii a Federally Funded training pro- gram for young men or women; 16 to 22 years of age. They may bo either Hiah School Graduates or dropouti. This ii on opprtunity for a High School Diploma or GED, if needed, trade training, relating to peers, and social living, There is no cost to parents or enrollees. Depending upon their choice of training, it con be from 6 months to two years duration. They will receive transportation, meals and lodging to the train- ing center; and upon successful completion, their return to point of origin. Thpy will rnmivp mrxiirol room and board, work clothing, cash allowance over a period of time for street wear clothing, per month savings upon successful completion, to pocket money per month, and after six months, a two vacation back to point of origin. We Help You Help yourself! HERE ARE SEVEN JOB CORP. MEMBERS: MIKE J. PETCHULAT Here is Mike Petchulot oi 6511 laurel Lane, HE. Cedar Rapids, Iowa. Mike it home for the Christmas Holidays from Boxelder Civilian Conservation Center. He hos been in Job Corps at Boxelder (or seven months. At Boxelder, Mika has been receiving vocational training in Union Carpentry on projects in the Blatk Hilk National Forest Al the same time he has been working towards a high school equivalency diploma Since arriving at Boxelder, Mike hot received promotions to Specialist and Senior Specialist bringing rm monthly poy to S40.00. Along with this living allowance pay he receives his clothing, meals, lodging, training and numerous recreation opportunities. Mike his GED, and completed his iroming. CHARLES KIRKPATRICK Here is Charles Kirkpatritk of 339 Pebblt lone, Hiownthn Charles is home for the Christmas holidays fiom Boxtildnr fivtlion Conservation Center He has in Job Cwrn nl Boxeldei for three monlhv At Boielder, Charles hos hein receiving vocational training in Slock Clerk an projects in ihe Blark Hilk Notional Fowl At the same time he has been working towards a high school equivalency diplomo Since arriving at Boielder, Charles has received a promotion lo Specialist bringing his monthly pay to 135 00 Along with Ihis Irving allowance pay he receives his clothing, meals, lodging, training and nurrmous recreation opportunities Charles will he returning to Boulder during early Junuoiy lo Is (mining GARY FABOR Here is Gary labor of R.R. 2, Plaine, Iowa Gary it home for tbe Chrittmat holidays from Boxelder Civilian Conservation Center He hat been in Job Corps at Boxelder for months. At Boxelder, Gary hat been receiv ing vocational training in Carpentry on projects in the Block Hills National forest. At the some lime he hat been working towards a high school equivalency diploma. Since arriving al Boxelder, Gary bos received promotions to Specialist bringing hit monthly poy to S35.00. Along with this living allowance pay he receives his clothing, meals, lodging, training and numerous recreation opportunities. Gory will be returning la Boxelder during early January lo compete his training. LARRY MONTAGUE Here rs Larry Montague of 1129 16th Avenue S.W., Cedar Rapids, Iowa. lorry it home for the Chrittmat holidays from Boxelder Civilian Conservation Center. He has been in Job Corps at Boxelder for five montht. At Boxelder, Lorry hos been receiv- ing vocational training in Masonry on projects in Ihe Black Hills National forest. At the same time he bat been working towards a high school equivalency diploma Since arriving at Boxelder, Larry hat received promotions to Specialist, Senior Specialist and Laaderthip bringing hit mon- thly pay lo Along with Ihii living allowance pay he receivet his clothing, meok, lodging, training and numerous recreation opportunities, latry will be returning to Boxeldtr during eorly January to complete his training. MICHAEL MATNEY Here it Michael Matney of 364 Wilton Avenue S.W., Cedar Rapids, Iowa. Mike K home for Ihe Christmas holidays from Bonelder Civilian Conservation Center. He has been in Job Corps at Boxelder for eight months. Al Boulder, Mike hat been receiving vocational training in Masonry on projects in Ihe Black Hilk National forest. Al the tame time he has been working towards a high school equivalency diploma. Since arriving at hat received promotions lo leadership, Specialist, Senior Specialist and Merit bringing hit monthly pay lo Along with this living allowance my ho we'ivn. hit rlothing, meaK, lodging, "pining numerous recreation opportunities. Mike will be returning to Boxelder during eorly January to complete hit framing. SCOTT PETERS Here is Scot! Peters of Fairfoi, Iowa Sifltt n home fw thi (hrislmas holidays Irom Bowlder dvilton tomervntion (tnler has been in Job (orps at Roxeldir lo( lout months Al BniitlnH Soft hos reviving vocational training m Stock Clerk on pfnjecli in the Blark Hills Notional (west Al the same limi he has beiin workinq lawnirfs a hiqh uhool diplomo Mnvlng ol tovelder, Siott hits revived promotions lo SoMiofcil, Senior ond londprihip bringing his mon Mf pay to WS 00 Along wirh living ollownmn pay he his rlolhmg, rtwnts, Mgmq, ttflininq ond mimfrous rmentmn Scott will reluming tit Boieldir dunnq wrly Jwuxiry lo tompltir hts trnmmg MATT SALYARS Hen K Man Solyon of 812 3rd St. K.W., Cedar Rapids, Iowa Matt K lot the Christmas holidays from Boxeldtr Civilian Conservation Center. He hat been In Job Corps at Bowlder fat nine months. At Boxelder, Matt hos been receiv- ing vocational twining in Masonry on projects in the Black Hilk National forest. At the same time he hos been working towards a high school equivalency diploma. Since arriving al Boxelder, Matt has received promotions lo Specialist and Senior Specialist bringing his monthly poy lo S40.00 thh living allowance poy he receives his clothing, meok, lodging, training and numerous recreation opportunities. Matl will be returning to Baielder during early January to complete his training For Complete Information, contact FRED E. MUMM IOWA STATE EMPLOYMENT SERVICE 601 Eighth Avenue S.E. P.O. Box 729 Iowa 52406 Phone 319-365-9474. ;