Cedar Rapids Gazette, December 29, 1974, Page 4

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 2A The Cedar Rapids Gazette: Sun., Dec. 29, 1174 <*„ vt •A- Ie W 'f -1j:    ^14New American Gold Rush Expected To Begin EDITOR S 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, but officials are warning buyers to be skeptical of promises of wealth and to beware of fraud. By Che! Currier AP Business Writer It comes in wafers, coins and brick-shaped blocks, as well as paper contracts and certificates that stand for it Beginning Tuesday, Americans will get their first chance in 40 years to buy it, at brokerage houses, coin dealers, bank tellers' windows and even at some conventional retail start's 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 civilization. By an act of congress several months ago, the legal ban on private ownership of gold imposed by President Franklin I) Roosevelt during the Depression will be lifted this week Nobody knows for sure how enthusiastically people will respond. But one large firm w hich deals in gold is pegging its plans to a national demand of ti million to 8 million ounces in the first year. At its recent prices in the $170 to $190 an ounce range, that would mean at least $1 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 biggest dealer in precious metals. Some experts sa> that gold investment during 1975 will reach 15 billion Gold Plans in C.R. The gold rush in Cedar Rapids may be somewhat tempered by unfamiliarity. A wait and see attitude seems to prevail. A survey of brokers and banks by The Gazette last week revealed that few spacial plans were being made No gold inventories were being planned by any banks contacted Most said if a customer desired to purchase gold, arrangements for that purchase would be made through corresponding institutions. Most brokers and bank officials reported few inquiries and some indicated that because of the uncertainty and newness of the market they would attempt to dissuade immediate gold investment. There will be at least one outlet that will inventory gold in Cedar Rapids, Jerome’s Rare Coins and Stamps. 101 IF Tower Jerome Pad/ensky, proprietor. said he will be operating a buy and sell market as soon as gold is available Ile 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 Stifel Nicolaus and Co., Inc , Cedar Rapids, plan both wholesale and retail gold sales Bach has established five ounce minimums. 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? \ safe haven from the world’s economic troubles or a volatile investment carrying the risk of big losses’7 There are vehement opinions on both sides Father way, financial advisers and gold experts agree, no one should get into the market without a solid awareness of 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 that will cost $19. based on current prices or a 400-ounce bar that will go for something like $89.OOO As the world market has demonstrated in the last two years, those prices could fluctuate widely Buyers also will Camp Good Health Donations PrevUisly reported.......................................... $14, Id lien af Christmas cards frtm Fngtieeriag Dept., lew a Manufacturing to....... In loving memory et Kerry McFnany...................... In memnry of my husband. Lawrence Olson............. In memory of our parents, Grace and Bernie Smit, and Mary and Eugene Morehead, from Mr. and Mrs. Kenneth Morehead................................................... In loving memory of my husband. Anton \oracek, Jr., from Genevieve.................... in memory of our parents from Mr. and Mrs. Harold K. Spurrier...................................... In loving memory of Elizabeth Privatsky on her birthday, Dec. 31, from her husband and daughters....................................... In inemtrf vt mi mwthv*. VUtW* li«4& ortch.................................................................. In memory of my wife. Alflocy, from Tom.................................................................. Alpha Delta Kappa................................................. In memory of my husband. Carl Calvert. Springville ....................................................... In memory of Fred and Allene Dick ................ F. A Do Val, ML Vernon............................ Carlton Hall........................................ In memory of Clara Hensley from Tom and Vera Sexton................................................. IO. WI 25.10 25 IO 20 00 $21.15    In loving memory    of my husband. Wes ley Kopecky, on Christmas and his 78.50    birthday, from Mary...................................... 25 OO    In memory of our    grandpa. lawrence 25 OO    Olson, from Dong, Theresa, Jenny. Curtis and Erie Olson......................................... IO OO Roy and Betty Stepanek. .......................... IO.to In loving memory of Arthur and Dora Young, Iowa Falls, from Ralph and Jeannette Brendes, Olin...................................... 10.00 In    lieu of local Christmas cards from Edward Hoidahl. MC Vernon............................... ti    OO In    memory of Grandma Brecht from Ellen, Sally and Bill.............................................5    OO In    loving memory of my parents 15.ti    from Elinore Berry Holmes.................................. 5.00 in    loving memory of Edward I). Ilospo 12.50    darxky, on his birthday, from his wife, Anne, and daughter. Karen Ann.................... 5    OO 10.00    In memory of our    granddaughter. Amy Hkto    Rae Ingels, from Mr. and Mrs. Warren E. Walters..................................................... 5 00 It to In memory of Carl Schmieder  ........................5 to It ti    Christmas memories of Mary and Joseph It it    Tlusty................................................................. 5    00 It OO    Total............................................................... $14,913.24 1974 Budget..................................................... $21,500    to 10.00    Y’et to be raised................................................$ 6.596    76 Military Rockets Don’t Bother Them If you were warned to leave your house because rockets soon would be winging overhead, you might bt' nervous. Not ranchers in the American Southwest. They’ve been living with the missile age for years Each time the army test-fires one of its IO.OOO-pound Pershing missiles from launch ■sites at Blanding, Green River, and Gilson Butte, L'tah. or Fort Wingate, N M., from 20 to 1.000 people in the two states vacate homes along the ballistic missile’s 400-mile flight path Soldiers man highway roadblocks, stopping motorists un til the two-stage rockets have roared by. These are among the pre- What's in a Man The body of a 190-pound man consists of about IOO pounds of water, 29 pounds of protein, 25 pounds of fat, 5 pounds of minerals, I pound of carbohydrate and one-quarter ounce of vitamins. cautions taken against accidents whenever the big artillery 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 that the animal died of fright “ The owner was paid the price of a new cow cow One rocket hurtled into the clear divert air neglected to come down. It overflew the missile range and later was found in an isolated part of the state of C hihuahua, 159 miles below the Mexican border Earlier, when guidance systems were less sophisticated. a captured Nazi V 2 rocket being tested at White Sands turned south instead of arcing north over the range. The 4*v-ton missile landed about a mile and a half outside Juarez, narrowly missing a building used by a Mexican mining company to store blasting powder and dynamite. But such mishaps have been rare among the hundreds of rockets launched since White Sands was set aside as a proving ground in 1945 The missile range, the largest military reservation in the IS. covers an area 40 miles wide that begins near I*a.s Cruces. \ M , and continues north for IOO miles It was here June IO, 1945. that the first atomic t>omb was exploded. The uninhabit ed valley that holds the world’s largest surface deposit of milky-white gypsum sand had been public grazing land before World war ll. As longer-range missiles were developed, another I.HOO square miles were added to White Sands for part-time use Some 90 families live in this 40-mile-long extension Like others in the missiles’ flight paths they are paid bv the hour whenever they are require! to evacuate their homes The Sleep Inducer Turquoise is the December Birthstone and you'!! find the most complete selection at TOUCH of the SOUTHWEST Open Weeknight* ’til 9, Saturday 'til S 321 3rd Street Si Downtown Cedar Rapids Waterbed owners roped they suHor fewer beck oches, got batter raft, and sloop mort comfortably. Hwy find rod, boggy ayas and tension wrinkles disappearing. With tho radiant hoot from a thormostoticaHy controlled heater your waterbed fools warm and soothing. This conductive heat is the same kind used in hydrotherapy ta relax muscles and induce sloop. You'll wake up feeling refreshed and energetic. And the better you feel, the bettor yea look. Inner Space—for new ideas in comfortable living INNER SPACE INC. Specializing in waterbeds & contemporary furniture 829 SCC ONO AViNUi Si. a 365-4773 MASTEtCMAftGf • BANK AMERICANO I Flowers for your New Year’s Hostess... , . . festive & beautiful flowers & plants to delight your hostess. Designs for every whim or fancy! ☆ Centerpieces ☆ Flowering plants vV Corsages Tropical plants PIERSON’S FLOWER SHOP A GREENHOUSES, INC. Open Monday thru Saturday 8 to 5:30 1800 mu Blvd. NW FLOWER PHONE 366-1 826 AVENUE FLORAL & BOTANICALS by Pierson’! 39 16th Avo. S.W.    366-7148 8 to 5:30 Mon. thru Sat. Parking In Roar have to pay IO to 12 percent, or possibly more, of the* basic price for such things as broker’s commissions, taxes, insurance, shipping and storage. That means gold prices will have to rise 19 to 29 percent over the period of ownership for the investor just to break even The choice is broad indeed. Beyond gold bullion itself, there are gold coins, gold futures, or contracts to purchase gold at a specified future time; shares in gold funds, which plan to pool the money of individual investors and buy gold under the principle of a mutual fund, and gold mining stocks, which have been available to Americans all along Each has its advantages and disadvantages. For example. James Dines, the Wall Street adviser who is known as a leading advocate of gold investment, says he fav ors shares of mining companies over bullion itself lh* 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 affected 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 equally broad, at 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 bv 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 tho market, particularly in smaller items like coins and miniature bars. In the rush of interest that greeted the decision of congress this year to permit private ownership of gold. it was belies ed that other retailers such as department stores would play a big part. That prospect is less certain now after sinh companies began looking into the security problems, competition and other complications. Sears, Roebuck and Co., the nation's biggest retailer, said curly this month it had no plans to 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 hut decided against it. “It was felt that it wasn't worth the effort," a spokesman reported, “It would Im* tint complicated, both for the customer and the store." — Can the investment be readily resold, to whom, and with w hat accompanying "costs? — Is the authenticity and security of the gold Involved assured?    | — Does the particular meaus of investing being chosen closely match the degree of risk you want to take ’ Futures, for instance, are likely to 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 to detect and prosecute the growing number of frauds involving gold and other precious metals No banker or broker, no matter how reliable, can provide assurance on one point — the vagaries of the market itself Gold prices since 1973 had gone from $99 to more than $179 an ounce, and there have been some intermediate downward swings along the way. • a * Anyone buying gold is suh)erting his funds to some powerful forces beyond his control. The ll S. government itself demonstrated that point dramatically early this month, when it announced plans to sell 2 million ounces of gold Jan ti, setting off immediate drops of 5 to 8 percent in various world gold prices. That represents only a tiny fraction of the 276-million-ounce I S gold reserve, worth about $59 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 $148 billion Skeptical observers can make a c ase that Americans buying gold in the next few weeks may be putting themselves in a vulnerable position because they represent the last visible untapped 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 $199 an ounce aland a month ago, but then dropped to $175 in mid-December. Anticipation of I S. demand helped push the prices back up to a record of about $195 an ounce on Friday dolci mining stocks in December were* noticeably below previous peaks Many gold advocates urge ignoring short-term swings and holding gold as a lasting defense against economic uncertainties. “W hen I came* to Wall Street, an ounce* of gold would buy you a good business suit,” said (’. Austin Barker, a gold advocate and consulting economist at Thomson and McKinnon Auchincloss Kohlmeyer “Then it was $.15 Now a good business suit is around $175. and an ounce of gold is still good enough to buy one. That is what is meant bv a store* of value ’ More at Start, Less Later As in most new industries, the number and variety of firms in the business may well he large at the start and less later on * We’ll probably sec* a shakeout in due course, because it looks like there are too many getting into it." Dines observed Federal agencies have warned Americans to use extreme caution before investing in gold However the investor chooses to enter the market, financial advisers say he should keep several important questions in mind A typical list; — What are the costs of buying. sack as commissions and insurance, going to be? SfH’rial This IT FESTIVE NEW YEAR’S POMPON CENTERPIECE an as.sortnw*nt <*f mum* ami pompons bursting in vibrant assorted enters! 8 cr so Free Wiver* Everyone at Willy’s joins in wishing you the* happiest of New Year’s' willy’s Kl*ril llrsffns TMI Isl \vf si: open Munday fhnttiKh Nalarda* It# $ THE JOB CORPS MAY BE FOR YOU! Job Corp* it a Federally Fonded training program for young mon or women, 16 to 22 years of oge They may be either High School Graduate* or dropout* Thu it on opprtumty for a High School Diploma or G€D, if needed, trod# training, relet mg to peer*, and social living There it no coit to porentt or enrollee* Depending upon their choice of training, if con be from 6 month* to two year* duration They will receive transportation, meal* and lodging to the training center; and upon wccettful completion, their return to point of Origin They wilt receive medical and dental coverage, room and boord, work clothing, cath allowance over a period of time for street wear clothing, $50 OO per month savings upon successful completion, $30,00 to $50 OO pocket money per month, cmd ofter ii* month*, a two week vacation back to point of origin We Help You Help Yourself! HERE ARE SEVEN JOB CORP. MEMBERS: MIKE J. PETCHULAT Mart * blk* Petchutot si *511 lours! lam VI (ador tapas Iowa a bom# for th* Christmas Holiday* from ta* otter I ""ken Conservation Cantor Ms Mn been rn lo* Corp* at kietter for tews wen th* At knotter Mike he* boon rocorvmj Horationot 'rowing in Union (orpoetry on project* rn tho Med HUK notional I ort*? JU (ha mom tuns ho he* boon aortitis toward* a tugh wheel equivalency dtpipmo Who arming at loirttor Hit* he* retorted promotion* to Space**! and Sonar Spec aint bunging hi* monthly pay ta MOOG Along with th iv living nkwanc* pcy Ho receive* hr* clothing, moot* lodging, training ond numerous recreation opportunities Mills ho* he GIB and completed he Homing CHARLES KIRKPATRICK Her* I* Charlo* Kick patrick of IJT F.btote lone Hwwotha (herb* i* home Mr the (hmtmts hohdey* from knitter (intern (on sec vat we (eater He ha* teen * lad Corps at ••tetter fat three month* Al kietter (hade* ho* Ieee 'orervtng emotional trowing rn Stack (lark an protect* rn the Mad Uh Motional fate*! At the lame time he ho* been narking toward* a htgh wheat oqvhtooncy diploma Suite arriving al k< otter (harts* ha* received a promotion to Spectate* bringing hr* monthly pay ta US BO Along with thn bang allowance pay he receive* hr* doth mg, meal*, lodging trowing and nom or ou* recreation opportunities 1 bode* Witt he returning Is I ajitter during early January to fompttlo hr* frown GARY FABOR Hors n Gary fetor of 11 I Iris Flame Iowa Gory n home for the Christmas Hohdoyt from leiettor (ivrhofl Conservation (enter He ha* been rn Job Carp* at knotter far 2VS month* At loc*Ider Gary ha* been rotor* mg rotational hawing rn Carpentry on preset* vt the Black Hit* MotK>not fem! JU the yams time he hat been working toward* a htgh school equivalency diploma Swea arriving et leiettor Gory hoi received promotion* ie Spectate! btmgmg hi* monthly pay to $35 OO Along with thy* bring oho wont t pay he receive* bt* clothing, meat* iodgmg trowing and numerous recreation opportunities Gary wdf be returning lo la*otter during early january ta complete hr* trowing LARRY MONTAGUE Hare n lorry Hen rogue of UTT orb Avenue SM (odor •aped* Iowa lorry is home fei the Christmas hohdey* ham knotter (tvthan Conservation Center He ha* been et Jab Carp* at kidder far five month* At kidder, larry ha* bean recon, mg vocational trowing rn Masonry on preyed* rn Hie Mack HtV* national forest AI the tame nme he ha* been working towards a high school equivalency tpk)ms Swa arming et kidder, larry ha* rteen,od promotions to Spec>otet Settlor Spectate! and tradership bringing hit mon toy pay to $45 OB Along with Hu* hying avowance pay he receive* hts doth mg moot* lodgwg trowing and numerous 'aertattoo opportunities larry wdl he returning ta knotter during early January to complete hi* hommg. MICHAIL MATNEY Here it khchpd Monsey pf 3*4 Wilson Avenue S Mf (odor lapels. Iowa Mike is home far Hie Chi it twos hohdey* hem kiettet Delton Conservation Canter He ha* been rn lab Corp* at kidder to etgh' months At kietter Mike hp* been receiving roc anonol trowwg rn Masonry on preteen ie Hie Black HMH Nation* fart*! At the same time he hp* toe# working toward* a high who* equivalency dipiomc Smet arriving * kidder ’Mike ha* received promotion* ta leadership Spec must Sen we Spec torsi end Merit bringing his monthly pay to SSO OO Along with this hying odd wa nee pay he receives his clothing meats lodging trowing and numerous recreation opportunities Mike will to returning la kietter during early January to rompieto bn trowing MATT SALYARS SCOTT PETERS Hare is Scott fetor* of fatrfo*, (own Scott * home to the (hmtmat holiday* ham kietttt livdma Con servo! ion Center He ha* been ut Job Corp* at kiottei to taw month* Jkl kietter Scott hp* been receiving vocatmrto trowing >« Stork Clerk es protect* ut the Moth Mdh Hatton* faits! At th* tome time he hp* been working toward* a high sche* equivalency diploma Smet bi riving * kidder Scott hoi received promotion* to Spain**). So moi Sp#* ton! and leadership bunging bn mon tidy pay lo VAS to Along with thn living utewame pOf ter eivo* bn r lathing moot* lodging ti ow mg Mid aum* row* rerrtotion apport unit* Scott will I* returning lo kidder during early January Ie compte’e tm burning Here t* Mott Satyr** * ll? 3rd St V W , Cedar I Mott a hams to the Chn cima* hebday* ham Boiette! Civdttn Censor*mien lento He ha* been rn Job Carp* al kietter to aoli month* Al BiiaMet, Matt ha* boca recant mg vocation* trowing rn Masonry on protect* rn th* Mach Hilt* Hone not faro*! At Hi* mm* tim* he ha* been nothing toward* a high *ch#*l equivalency thpttm* Since arming at kietter Matt ha* received premetiem ta Spec aint and Sonar Spinate! bunging hts monthly po* ’a SAC OI attng with Ha* being tttosoiMo pay he receive* tm 'tithing meah lodging hawing and numerous recreation opportunities Matt en! he returning ie kidder during tarty January to complete hr* trowing For Complete Information, contact FRED E. MUMM IOWA STATE EMPLOYMENT SERVICE 60 I Eighth Avenue S E. P O Box 729 Cedar Rapid,, Iowa S24O0 Phone 319-365-9474 ;

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