The Daily Journal from Fergus Falls, Minnesota on April 26, 1976 · Page 5
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The Daily Journal from Fergus Falls, Minnesota · Page 5

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Fergus Falls, Minnesota
Issue Date:
Monday, April 26, 1976
Page:
Page 5
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Investment club popularity gains By JOHN CUNNIFF APBusuKM Analyst NEW YORK (AP)-Interest in stock investment clubs is rising again after declining sharply during the dark days of the economy. Planning for the future, rather than merely securing the present, looks attractive again. Also spurring interest is the quick recovery of some clubs that continued to invest during the big price decline of 1973 and 1974, and which thus picked up blue chip shares at tarnished goods prices. Many clubs during the past year have outperformed the returns obtained by professional portfolio managers. In the 14 or 15 months .ending with December 1974, one club reported its value increased 212 per cent. Thomas O'Hara, chairman of the National Association of Investment Clubs, reports inquiries on the rise again, suggesting strongly that the number of member clubs soon will • rise above the current recession-induced total of 7,000. The dubs, which in effect are small, private mutual funds that are managed as well as owned by the members, generally involve about 12 people of similar goals, although often of dissimilar but complementary Complaint help is provided B,v The Associated Press White there are more outlets for complaints than ever before, it's not always easy to find the right person to talk to. In an effort to help, the government has 74 Federal Information Centers designed to direct people to the right agency. A booklet IJsting these centers and other federal consumer services U available by writing Consumer Information Center, Dept. 6, Pueblo, Cob. 81009. • Here are some of the states which have centers and their telephone numbers: ILLINOIS Chicago 312-34W242 MICHIGAN Detroit 313-226-7016 MINNESOTA Minneapolis 612-725-2073 WISCONSIN Milwaukee 414-271-2273 Property case appeal dismissed ST. PAUL, Minn. (AP) The Minnesota Supreme Court has refused to reinstate prosecutions against two Itasca County men who had been charged with damaging property belonging to their wives. In each case, the prosecution had been dismissed in line with a 1931 ruling by the high court which said, in effect, that it isn't a crime when one spouse damages property of the other. The 1931 ruling was based on the theory that a man and wife were legally one, and thus couldn't be split apart for prosecution purposes. The Supreme Court indicated skepticism about the 45-year- old case but did not directly overturn it. In the two new cases, the Itasca County attorney's office had appealed the lower court orders dismissing charges against Keith T. Mayhood and Daniel L. Crisman. Crisman allegedly took the batterj* out of his wife's car and threw it through the vehicle's windshield. Mayhood allegedly poured sand in the gas tank, radiator, power steering pump, battery and carburetor of his car and ripped out wiring to the spark plugs. Charges were dismissed on grounds that the crime of intentional damage to property does not exist when the property is owned by one's spouse. The Supreme Court upheld both dismissals on technical grounds related to the right of prosecutor's to appeal. The high court suggested that county attorneys use caution in such cases, perhaps referring such malter to family court for conciliation ralher than charging a crime in domestic spa Is. In other cases: -The court said Kiltson County and the Caledonia Community Hospital may continue with lawsuits against several contrators for allegedly defective work, despite a statute of limitations. The county is disputing with contractors over ' defects in a courthouse and the hospital is suing over collapse of a wall. —The court upheld the burglary conviction of Charles David Annis, Mankalo, convicted of stealing scrap metal Jan. 17, 1S74. skills. The clubs permit members to team about investing, to invest small amounts at a time, to spread the risk through diversification, to compare investment research and, if they do well, to see their assets grow. Their importance seems to have been underscored by the recent decision of the New- York Stock Exchange to discontinue sponsorship of the Monthly Investment Plan, which permitted small investors to buy even fractions of shares. Merrill Lynch continues to operate its SharebuUder Plan, which is similar, but other brokers seem to have lost interest in — and it is claimed, money on — small accounts. Clubs fill this gap. Although their purchases may be in round lots of 100 shares or more, the individual members' percentage of the total often is an amount that most brokers wouldn't consider handling. Generally a club has informal beginnings among a few friends, each of whom invites others to an initial discussion meeting at a home or office. If agreeable, a second meeting may be scheduled. Those who return usually are genuinely interested in organizing, the details of which may be obtained from the Association's manual, which costs Ji, a sum that is returned if the dub becomes a member. Although some large clubs might have 25 or more members, O'Hara believes most clubs initially operate best with about 12. Officers generally are elected at the second meeting, and two or three members are assigned to research and give reports on stocks. A broker also is chosen tentatively and invited to attend future meetings. The most common investment per person is 120 to $25 each month, although $5-or 510 often is as effective an amount as (60 or (100. The clubs regularly invest their assets, usually each month. Dividends are reinvested. While successful clubs never need join the National Association, there are advantages to doing so. Dues are (15 a year, plus (3 for each member, which entitles the chib, among other things, lo a $25,000 bond. The htter, which protects members against misappropriation and theft, is an often-used benefit, said O'Hara, who relates the unfortunate news that some dubs formed among the best of friends do not always share the best fates. Membership also includes the monthly magazine, "Better Investing," and the opportunity to buy assorted material — charting and bookkeeping items, for example. The magazine is also available to nonmembers for (6 a year. The National Association of Investment Clubs is at 1515 East Eleven Mile Road, Royal Oak, Mich., 4*67. Fergus Falls (Hi.) Jnrul Hon., April 26,1976 13 Head Start story error cited by A.P. BOSTON (AP) - TTie Associated Press erroneously described the federal government's Project Head Start program as "defunct" in a story on early childhood education on Aprils. The program, a federal demonstration project, is still operating, but with budget increases of less than one per cent a year for the past 10 years, according to the National Head Start Association. Federal funds for public schools, on the other hand, have increased almost 240 per cent during the same 10-year period. The budget increases for Head Start have not kept pace with inflation, and some communities have dropped the program after being forced to make up funding gaps caused by inflation and small federal increases. The program now serves less than 10 per cent of those wlx> are eligible. The Ford administration has recommended a $434-million Head Start budget for fiscal 1977, $20 million less than the budget for 1576. The Head Start Association estimates An increase of $40 million is necessary in fiscal 1977 "just to maintain the. existing level of program services without reducing the number of children served or severely diluting the quality of program services offered." FABRICS THAT ARE CRISP and COUNTRY-FIED! FABRlCS...a brand new fashion feeling where everything is natural, soft, fresh- free! Marvelous, soft-touch materials in Gauze, Crinkles, Cottons, Muslins, ... all very, very new, very natural, very exciting! GAUZE KRINKLE DENIMS A combination of casual fabrics that are as new as tomorrow! See our exciting collection now! 00 YARD 88 $£< TO^f 10% POLYESTER MATERIALS Just great for sewing today's fashions. Get that natural feeling in delicious shades. Pick exciting sewing materials from our display of fabrics. YARD, FROM 50 00 00 Open Thursday Nights until 9 p.m for your shopping convenience. THE FABRIC SHOP PRICE REBEL GALLON JUG WITH COUPON BELOW Thertfsa great spirit at Red Owl! 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