Cedar Rapids Gazette (Newspaper) - April 21, 1974, Cedar Rapids, Iowa
Th* Cedar Rapids Gaiettet San., April SI* IPU
As all four are supplied by Merchants, however, this situation will probably change unless Merchants gets more pennies from the Federal Reserve.
Peoples Bank and Trust is the only other local bank to order directly from the Chicago bank.
Harlan McCaw, assistant vice-president, says his firm has very seldom had to order coins but has done so the last two weeks. Two weeks ago an order of 800 was placed, and last week 500. In both cases, the Federal Reserve sent them 300.
McCaw remarked that a similar shortage occurred six or seven years ago. More pennies were issued to solve the problem, and a large surplus was created.
He foresees a similar outcome in the present penny pinching.
the United State bank, says Wednesday he ordered 30ft pennies from Merchants anti got none. Thursday the bank was given 150.
Hrabak commented that there has been an increased demand for pennies since the 1974 coins came out. His bank has cut its allotment to businesses in half.
Guaranty Bank and Trust ordered coins Wednesday from Merchants, and it was left empty handed. Officials say there is just enough for tellers to use in cashing checks. Giving coins to businesses and collectors has been halted.
City National, Brenton Bank and Trust, First National Bank of Marion and First Trust and Savings bank all indicate a stepped up demand for pennies by their customers but say they now have enough to meet normal needs.
Officials at the Fairfax State Savings bank say they’ve never had a problem and don't now. Presently the bank has about $200 worth of pennies, more than is needed. The bank, about once a month, takes its surplus pennies to Merchants.
And Eugene Robison, executive vice-president of the Swisher Trust and Savings bank, says his bank has “plenty for its needs.” It too takes its extra coins to Merchants.
A third outlying bank, the Palo Savings bank, reports that it normally has a surplus but in the last two weeks has been forced to buy pennies. The bank faces no immediate problems however.
Things are almost uniformly bleak in Cedar Rapids, though.
Dennis Hrabak, cashier at
By Tom Fruehling
Due to misguided hoarders, there is a temporary, but severe, shortage of pennies, according to local bankers.
Most feel the shortage was brought on by news reports which indicated the coins might be worth more in the future because of the price of copper. But, they say, this probably is not true.
Merchants National is the largest dealer in pennies in the area, and Assistant Cashier Leo McLain reports that its allotment from the Federal Reserve bank in Chicago was cut by two-thirds a week ago.
Since Merchants in turn is the supplier for most other banks in the area, almost everyone is feeling the pinch. McLain said that two-thirds of its penny supply is sent to other banks.
Two area banks, contrary to the situation in the city, report a surplus of pennies.
■Open Monday 9 a.m. to 9 p.m
Gazette Photo bv Tom Merrvman
These two figurines, representing the mascots of the Republican and Democratic political parties, will be * major attraction of the tenth annual Gem and Mineral show, sponsored by the Cedar Valley Rock and Mineral society. The figurines were crafted in 1972 by Linde Stars, the jewelry products department of Union Carbide Corp., and have a retail value of $35,000 each. The elephant contains approximately 1,810 carats of sapphires in red, white and blue, and about 308 carats of simulafed diamonds. The donkey contains about 1,250 carats of sapphires and 500 carats of simulated diamonds. The show, April 27 and 28 at Hawkeye Downs, will also feature many exhibits and demonstrations of glass blowing, pottery making, jade minerals, fossils and Indian artifacts. Chairman of the show is Truman J. Ramsell, 505 Greenfield street NE. The hours are 10 a.m. to 9 p.m. Saturday and 10 a.m. to 5 p.m. next Sunday.Last President’s RR Car Cost Just $10
The last official presidential railroad car, named the Ferdinand Magellan, was purchased for Harry S Truman for $10
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