Carrol Daily Times Herald from Carroll, Iowa on November 4, 1970 · Page 28
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Carrol Daily Times Herald from Carroll, Iowa · Page 28

Carroll, Iowa
Issue Date:
Wednesday, November 4, 1970
Page 28
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10 Time* He/aid, Carroll, la. Wednesday, Nov. 4, 1970 Old Tradition of Saving Up is Changing By JOHN CUNNIFF (AP Business Analyst) • NEW YORK (AP) - It is an • honored American tradition to save one's pennies until they ac• cumulate to one dollar and then put *he dollar into a savings ac. count. Everybody has been taught the story. The dollars grow into . hundreds and then thousands. It may take many years, but . through the magic of compound 'interest, those pennies eventually become a fortune. The savings tradition still exists in frugal America, which in recent months has been putting about 7.5 per cent 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 ifihe past few months hasn't seen a chart showing how money invested in certificates of deposit can double in less than 15 years? But there is a 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 behind the change. Social Security has lessened fears of insolvency in old age. And there has been a quite perceptible broadening of the attitude thalt money should be used now rather than at some later date. Analyzing the old tradition, a good many savers have concluded that the process of turning pennies into dollars may have made some enduring fortunes, but for the heirs rather 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 1959 was worth, in real doll'ars.only $1,124 in 1969, which is hardly 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 .the payoff Shriveled by inflation. At the same time, none but the unsophisticated could fail to understand the forces ait 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. I This realization is forcing changes in financial institutions Mrs. Ed Reiter Has Pinochle Club (Times Herald News 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. Oaussen, Mrs. Ker- miit Reiter and the hostess. Mr. and Mrs. M. C. Holly of Pineriver, Minn., were guests from Monday urtbil Thursday in the Ed Albreoht home. On Wednesday they were all lunch guests in the Ken Logan home at Humbolt. Mr. and Mrs. Holly | left Thursday for Apache Junction, Ariz. The South Sac Pioneer 4-H Club met at the home ot Bruce Gerdes on Monday evening, Oct. 26th. Mr. and Mrs. Bill Paysen of Wayne, Neb., were guests over the weekend In the Bert R. Gerdes and Lloyd Paysen homes. DOUBLE BREAK DENVER. (AP) — Bad breaks came in pairs for 12-year-old Andy Sengenberger. While playing tag on a school playground he fell and broke his right arm. Exactly one week later Andy slipped while running on wet grass and fractured the left el- ROLLS IN STOCK T iiim'j'iiimiii .1 . .,1, PARKWAY FURNITURE „ *3 LJ- 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! 26 Rolls... 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 Rolls... 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 • • • 22 Rolls... 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 Now...5 88 Sq.Yd. 17 Rolls...Nylon and Polyester Now...6 88 Sq. Yd. $9.95 VALUE TWEED OR PATTERNED NYLON OR POLYESTER PILE 14 Rolls...Nylon and Polyester Now...7 88 Sq. Yd. $10.95 VALUE AWARD WINNING PATTERNS 18 Rolls...Dacron Polyester... Now...8 88 Sq.Yd. $12.95 VALUE EXTRA HEAVY DACRON POLYESTER PILE SHORT ROLLS AND REMNANTS All 1st Quality SAVE UP TO 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 BIERL'S PARKWAY FURNITURE CARPET . .. DRAPERIES East of Carroll on Highway 30 BUY NOW FOR CHRISTMAS . . . EASY PAYMENT PLAN, NO PAYMENTS UNTIL 1971 STORE 9 a.m. to 9 p.m. Wed. O Fri. HOURS 9 a.m. to 5 p.m. Saturday 1 to 5 p.m. Sunday

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