Cedar Rapids Gazette (Newspaper) - November 14, 1974, Cedar Rapids, Iowa
Thf Cedar Rapids Glzette. Thurs., Nov. 14, 1*74 J
Gazette photo by Duane Croft
Cedar Rapids Attorney Donald Hines, right, who served as chairman of the Loras college board of regents for more than five years before retiring in October, was honored by college officials at a dinner Wednesday night at the Longbranch. Making the presentation for distinguished service to the college was Loras President Msgr. Francis Fried!, left. At center is C. T. O Dowd, vice-president for business affairs.
Commerce Unit Probes NFO Activity Production of
DKS MOINES (UPI) - The Iowa Commerce Commission this week ordered the National Farmers Organization to show cause why it should not be required to file a surety bond and an application for a grain dealer's license with the commission
Commission Chairman Maurice Van Nostrand said a hearing on the question will be held at IO a rn. Nov. 2H at the Valley State bank building here.
The commission staff Oct 17 filed a report with the commission concerning the NFO’s involvement in the purchase of grain for resale. The report included documents which apparently are used by the NFO in its grain transactions, commission officials said
Also, officials said, “The commission staff's efforts to investigate the NFO’s role in the grain transaction have been frustrated by the NFO’s denial of repeated commission staff requests to investigate its records. The NFO predicates its refusal on its contention that it is not a grain dealer within the meaning of Iowa law.”
However, officials said, “In
view of the NFO’s involvement in grain-buying activity and the adverse effect on the1 NFO member-produeer if the “grain dealer' is unable to meet its financial obligations, we find that a hearing should be held to determine if, in fact, the NFO should file an application for grain dealer's license.'’
New Postmaster Sworn In for Toddville
TODDVILLE - Colette K McElliott, Ryan. was recently sworn in as Toddville postmaster. She has been with the postal service since 19(54. serving in Ryan, Cedar Rapids, Quasqueton and Toddville where she served for the last eight months.
WEST UNION - The all high school musical “Once Upon a Mattress” will be presented Friday and Saturday at 8 p.m. in the North high cafetorium at West Union under the direction of Thomas Canfield, vocal music instructor, and Mrs Robert Johnston. English instructor.
“Brigadoon ' Set At Sigourney
SHK JURNEY - The Sin-ourney high school Little Theater will present the hiusi-cal “Brigadoon" Friday and Saturday at the Sigourney high school. The play will be presented at 7.30 each evening
The musical play tells the story of two American adventurers finding Brigadoon. a magic village in Scotland that comes to life every hundred years and disappears afte a single day.
Playing the part of the two Americans will be Kevin Lane and John Hegarty. Musicians for the production are Sandra McMeektn, junior high band instructor; Mary Poduska, elementary vocal instructor, and Diane Greenwood.
Dramatic director is Sandra Rogers and musical director is Tom Stewart. Student directors are Sheryl Jemison, Dan Wood and Dale Cavin. Choreography is by Bernadine Seip and Linda Hutchcroft.
Try a classified ad today and prove to yourself how result fill it can lie I
By John Cunnitf
NKW YORK (AP) - lf the stock market affected only a relatively few very r uh individuals the losses of recent years might be easier to swallow. As it is, they’re jammed in the throat of economic society.
Harvard university reports th** market value of its endowment and other investments dropped $172 million in fiscal 1974 On June 30 its books showed a total value of $1 19 billion; a year earlier the Jigure was $1 30 billion
The rise and fall of endowment values is reflected in figures from the New York Stock Exchange that show a total vaine of $1 I billion in 1949, $7 4 billion in 1971, $8 8 billion in 1972 and $7.5 billion in 1973.
That figure has probably, in fact most likely, fallen another billion dollars in 1974 as the bear market continues. More than a few top-flight schools have, as a result, been forced to impose tight budget restraints.
Philanthropists, foundations, insurance companies, hanks and workers with an interest in their pension fund all are feeling the impact of lower stock prices, and all must make adjustments.
CNA Financial Corp revealed it has considered passing on some of its assets to one of its operating units, Continental Casualty Co., partly because of declining values in the latter’s portfolio.
Continental Casualty’s surplus has been sharply cut bec ause of the declining values and adverse claims experience, according to material circulated to CNA stockholders by Loews Corp., which seeks to buy CNA.
The material suggests that one consequence of the decline would he to force the insurance company to curtail the amount of new business it accepts, a situation in which no company likes to Ik1 caught.
The activities of foundations is also seriously impacted Most people are familiar with the money granted by these institutions and succumb to the mistaken notion that they are above grubbing in the financial world.
In order to continue giving
that cash away, however, any well run foundation must seek the greatest return possible in the markets. But the fact is foundations had greater stock assets in 1971 — more than $19 billion than they have now. And lest you forget, $19 billion won’t go.as far today as in 1971
Life insurance companies invest a lot more cash in bonds and mortgages than in stocks, but in recent years stocks had become much more prominent than before in their portfolios In 1972, to illustrate, stocks amounted to ll 2 percent of all life insurance company assets,
compared with 4 7 percent in 19(52. That 1972 percentage amounted to nearly $27 billion It fell more than $900 million in 1973, and there’s little doubt that a comparable loss has been felt this year.
Such losses as these have the same impact on institutions as
on individuals, forcing tnem to become more efficient, less wasteful and probably more innovative and competitive too
Just taste Windsor—and you may never go back to your usual whisky. Windsor is the only Canadian made with hardy Western Canadian grain, with water from glacier-fed springs, and aged in the clear dry air of the Canadian Rockies.
The smoothest whisky ever to come out of Canada.
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