Carrol Daily Times Herald from Carroll, Iowa on November 4, 1970 · Page 10
Get access to this page with a Free Trial

Carrol Daily Times Herald from Carroll, Iowa · Page 10

Carroll, Iowa
Issue Date:
Wednesday, November 4, 1970
Page 10
Start Free Trial

10 tlriwt fteratd, Carroll, 1* W«<Jn««d«f, Nov. 4, 1970 Old Tradition of Saving Up is Changing By JOHN CUNNIFF (AP Busineu Analyst) NEW YORK (AP) - It is an honored American tradition to save one's pennies until they ac• cumulate to one dollar and tihen put foe dollar into a savings account. Everybody has been taught the story. The dollars grow into hundreds and then thousands. It may take many years, but through tiie magic of compound interest, those pennies eventually become a fortune. The wving* tradition still exists in frugal America, which in recent months has been putting about 7.5 per «ent of take-home pay into savings of one sort or another, an extraordinarily high rate. Savings banks vigorously promote the concept of small savings being the road to security. Who in the past few months hasn't seen a chart showing how money invested in certificates of deposit can double in les than 15 years? But there fe • perceptible change now in the old tradition. Inroads have been made, per- hiaps permanently. Savers have become more sophisticated, a bit more cynical and much more impatient. Rising inflation and taxes have been major factors behim the change. Social Security has lessened fears of insolvency in old age. 'And there has been a quite perceptible broadening o the attitude that money should be used now rather than sf some later date. Analyzing the old tradition, a good many savers have conclud ed that the process of turning pennies into dollars may have made some enduring fortunes but for the heirs raither than for the savers. And most Americans suspect, if they don't know for sure, that while the bank may tell them their meony will double in a specified number of years, the truth is it may not grow at all or may even decrease if inflation isn't contained. One thousand dollars placed in a commercial bank in 195 C was worth, in real dollars ,onlj $1,124 in 1969, which is hardlj the road to wealth. An equivalent in U.S. Savings Bonds gained only $19. Among the most frugal of the penny savers have been those with whole life insurance policies which 'they expected to provide cash value in their retirement years. But millions have found ithe payoff Shriveled by inflation. At the same time, none but the unsophisticated could fail to understand the forces at work in equity markets. In the same 10-year period in which $1,000 in U.S. Savings Bonds earned only $19, the same amount in industrial stocks grew to more than $1,700. And even larger increases were common in real estate investments. This realization Is forcing changes in financial institutions Mrs. Ed Reiter Has Pinochle Club (Time* Herald N«w* Service) WALL LAKE — Mrs. Ed Reiter was (hostess to Pinochle Club Tuesday evening in her (home. Mrs. Elvin Claussen was a guest. Winers were Mrs. Ken Bundt, Mrs. Claussen, Mrs. Kermit Reiter and the hostess. Mr. and Mrs. M. C. Holly of Pineriver, Minn., were guests from Monday until Thursday in the Ed Albreoht home. On Wednesday they were all lunch guests in the Ken Logan home at Humbolt. Mr. and Mrs. Hotly left Thursday for Apache Junction, 'Ariz. The Soufih Sac Pioneer 4-H Club met at the home of Bruce Gerdes on Monday evening, Oct. 26th. Mr. and Mrs. Bill Paiysen of Wayne, Neb., were guests over the weekend in the Bert H. Gerdes and L*>yd Paysen homes. OOUiLI BRfAK DENVER (AP) came In pata lor 12-year-old Andy Sengwberger, While playing tog on a school pUy ground he fell and broke hU right arm. E*a<?tty om week tot* Andy slipped while running on wet grasi and fractured the left el bow. giBf****^**********^**"**"""*" ••••••••••• OVER 385 ROLLS IN STOCK BIERL'S PARKWAY FURNITURE IT 1 •' ' ^^^^^^^^^^^•qij^^^^^^^^^^^MBil^^MjIMnl^^BBlM wHfffHUtffHHIIfliil^^^^HfiffHK^^^^fltHf^^f^^^^^^^^^^^^^^^^^^^^^^^^^^^^ •^•^ BB ^ BBI ™ 1 ™ FANTASTIC CARPET OVERSTOCK SALE 135 ROLLS ON THE BARGAIN BLOCK! ADD THIS TO OUR EXISTING STOCK OF OVER 385 ROLLS AND YOU HAVE A SELECTION OF BRANDS, COLORS, DESIGNS AND FIBERS UNEQUALLED ANYWHERE!! THESE NEW SHIPMENTS ARE FROM SPECIAL VOLUME PURCHASES ... THAT MEANS SPECIAL LOW PRICES FOR YOU! S Nylon, Polyester, Herculon, High Low, Shag, Low Level, Kitchen Type, Some on Rubber Back, • • • Some High Density. $6.95 VALUES, 12 FOOT WIDTHS, BEAUTIFUL SELECTION OF COLORS NOW...3 88 Sq. Yd 38 S Nylon, Polyester, Herculon, High Low, Shag, Low Level, Kitchen Type, Some on Rubber Back, •••Some High Density. $6.95 VALUES, 12 FOOT WIDTHS, BEAUTIFUL SELECTION OF COLORS I) II mf ft||C I^WIU* •• Nylon, Polyester, Herculon, High Low, Shag, Low Level, Kitchen Type, Some on Rubber Back, Some High Density. $8.95 VALUES 12 FOOT WIDTHS, BEAUTIFUL SELECTION OF COLORS 17 Rolls...Nylon and Polyester Now...6 88 Sq. Yd. $9.95 VALUE TWEED OR PATTERNED NYLON OR POLYESTER PILE ^^^^^^^^^^^^^^^.^^^^^^^^^^^—^^^^^^^^^—-—^^—^^^^^-—-—-^-^^--—-—-—^-^—^-^—j^--^^-^---^--- ^••••••••••••••i . —•B»aBBaa»^»^»«a^»»»»^»^^»^»^»»^»»»^»^"^a»«^"^"^^a^"^"^^"^"^"^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 14 Rolls...Nylon and Polyester Now... Sq. Yd $10.95 VALUE AWARD WINNING PATTERNS •••••••••••••••••••••••••••••••••••••••••••••••••••"•i"^^^^^^^^^^^^^^^"™" 1 ™ IN — • in. —18 Rolls...Dacron Polyester... Now...8 88 $12.95 VALUE EXTRA HEAVY DACRON POLYESTER PILE SHORT ROLLS AND REMNANTS All Ut Quality SAVE UP TO 70* PATTERNED KITCHEN CARPET OZITE COMMERCIAL LEVEL CARPET 12 Ft. Width Rubber Back Solid Colors 288 ^™ Sq. Yd. $4.95 Value INDOOR-OUTDOOR 6 fir 12 FT. CARPETING DURING THIS SALE ONLY! OUR EXPERT CARPET MEN AVAILABLE TO INSTALL BEFORE THE HOLIDAYS OUR FACTORY TRAINED CARPET MEN WILL INSTALL IT FOR YOU CREATING Beautiful Rooms for the 70's I 'ARKWAY FURNITURE CARPET . . , DRAPERIES East of Carroll on Highway 30 BUY NOW FOR CHRISTMAS . . . EASY PAYMENT PLAN, NO PAYMENTS UNTIL 1971 STORE 9 o.m. to 9 p.m. Wed. fir Fri. HOURS 9 a.m. to 5 p.m. Saturday 1 to 5 p.m. Sunday

What members have found on this page

Get access to

  • The largest online newspaper archive
  • 11,100+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Try it free