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For American People Inflation Changes Approach In Investments NEW YORK (AP) -- Commercial paper. Treasury bills. Floating interest rate lonfg-term notes. ,; A few years ago they were obscure concepts in specialized generally require a minimum investment of $100,000. B u t small investors, attracted by the 10-per-cent-plus yields this year, have found ways to buy. Some have simply pooled corners of the financial world, their money, the way members Today they are as likely to come up in cocktail parly conversation as Watergate or "The Exorcist." What has made the difference is inflation, and one of inflation's key by-products, high interest rates. Indeed, the surge.in the cost of living -- 8.8 per cent last year, an even higher rate this year -- is changing the - approach Americans take toward investing as profoundly as it is altering their spending habits. -Record high interest rates b'ave lured many newcomers into the short term 'money markets, where banks, industrial corporations and the government borrow from each other through such instruments Treasury bills, commercial paper and certificates of deposit. , The Federal Reserve Bank of New York, part of the nation's central banking system, reports receiving more than one th'ou Band phone queries a week this Qummer for information abou Treasury bills and other inter est-bearing government secu fities. This is double the num tier of queries received las' summer. ; Treasury bills, with interes fates this year ranging from 7 to 9 per cent, start at $10,001 *nd go up in increments o $5,0000. They are t h e in Btruments the B'ederal govern Went uses lo borrow money Fo ihort periods, normally threi months to a year. ' WAYS TO BUY . Certificates of deposit, whic tanks issue to acquire money and commercial paper, throug jvhich big business borrow? * Makeup For Summer Â· Makeup for the last warn Bays of summer is sheer an natural, lighted by accents o true, clear color. This is mad easy with the help of a silky textured Moisture Makeup. I ilips on easily without itnoisterizing and gives' you fkin a glowing, polished tural-looking finish in just on easy step. For your eyes ihere are creamy eyeshado^ crayons that glide on as quic is a wink. The lipstick is mac with a formula based on ligh delicate sesame oil plus super iich moisturizers. stock market investment lubs do, appointing .an individ- al or committee lo manage le money. Others have gone to the half- oxen or so new mutual funds hat specialize in the currently u c r a t i v e money markets, hcse funds invest the money 'ey receive in securities and ass interest payments along to ndividual shareholders, in the arne way that many other unds operate in the stock mar- et. The Reserve Fund, the targ- st of the new money-market unds, lias acquired assets oi ver $250 million from investors n the less than two years it's oen operating, according to .ipper Analytical Services vhich keeps track of mutua und performance. Michael Lipper, president o ,ipper Analytical Services ays the new money-market unds are drawirrg a consider able amount of "indecisive noney" --- the capital of peopk vho can't figure out, in the present inflation-clouded cli mate, any better place to put i' at the moment. For the investment commu nity itself, the shifting attitude md flows of money create un certainty and upheaval. The National Association o Mutual Savings Banks, repre .enting 482 savings banks in 1 states and Puerto Rico, report ed that deposits in savings ac counts declined by $480 rm'llio: ;n the first six months of 197' During the same 1973 period there was a $1.5 billion net crease in deposits. A simila decline in deposits has been ve ported by savings and loan as sociations and other savings stitutions whose deposits pa less than 6 per cent interest. FIRST DROP Last year the New Yor Stock Exchange reported til first drop in decades in th number of investors in stock; By contrast, the .Chicago Boar of Trade -- the nation's largcs commodity futures market listed a 36.5 per cent jump i contracts traded during Iff compared with 1972. The'tren continues this year. Some of the money flowin out of the stock market and ou of savings bank deposits being invested in a new, coi troversial security: long-term oles with floating interst ales. They are notes that pay n t e r e s I after the first 10 onths and then semi-annufllly. ic interest rate fluctuates one ercentage point above an av- rage interest ry bills. Citicorp, parent company of irst National City Bank, is- ued the first of these floating nterest rate notes on July 24 -$650 million, 20-year issue in enominalions of $5,000 initially nd $1,000 later. The opening nterest rate was 9.V per cent. he notes can't be redeemed or two years. After that they an be cashed in every six months, or held the full 20 ears. The New York Bank for Sav- ngs, the nation's fourth largest avings hank, followed City lank with an announced issue f $50 million in floating inler- st rate notes. They are lo go in sale Wednesday (Aug. 14). Olher banks and financial in- tilutions are planning similar ssues. A depreciating dollar, mean vhile, has drawn . other in- Today In History rate for Treas- By The Associated Press Today is Wednesday, Aug. 21, the 233rd day ot 1974. There are 132 days Ictt in the year. Today's highlight in history! On this date in 1951, the United States ordered construction ot the first atomic submarine. On this dale: In 1680, Pueblo Indians took possession of Santa Fe, N.M., after driving out the Spanish. In 1858, slavery was an issue as the famous debates began between political contenders Abraham Lincoln and Stephen Douglas. In 1918, the World War I battle of the Somme river be 'estors gibles" toward art, such wine, "tan- silver coins and commodity futures -contracts for the future delivery of such things as soybeans or copper. Many yourrg people "are ready even to overspend a bil v) get into things -- things that .hey see as likely lo be worlh nore tomorrow, unlike money," said James D. Farley, executive vice president in charge f retail banking at New York's First National City Bank. gan in France. In 1940, Communist revolu tionary Leon Trotsky died ol wounds inflicted by an assassin in Mexico City. In 1945, the United States halted World War II lend-lease operations, In 1959, Hawaii officially be came the 50th state of the up ion. Congress had passed a bil admitting Hawaii, on March 18. Ten years ago, eight people were killed and eight injure when a heavy truck rammec into a passenger train nea Leonard, Onl. Northwwt Artuuucn TIMES, WM., Aufr 21, 1974 Â· II FAYITTIVILLI. AHKAMSA* " Tourists Visit Iguazu Falls Â· IGUAZU FALLS, Brazil (AP) - Sightseers come from thou- ands of miles away to watch ons of river water tumble nois- ly over high brinks beside sub- ropical woods. And there's al- vays a roaring welcome for isitors at Iguazu Falls, the Niagara ot South America. But the welcome stops at the edge of the adjacent Iguazu forest, a primitive preserve of cinnamon trees, palms, wildcats, deer, monkeys, snakes and butterflies. "Man is prohibited," says Jaime de Paiva Bello, adminis- ralor of Ihe 420,000-acre na- lional park. Bello said a force of 50 forest rangers has orders to keep anyone without special permission from penetraling the virgin areas of the dense woods. "We should not go into the forest because we pollute it for animals," he told an interviewer. "It is a museum of the flora and fauna of southwestern Brazil. It maintains a primitive state and system of ecology." Tourists can scan the forbid den forest from above when th airliner bringing them to this remote corner of Brazil dips and circles the famous cata racts. Woods similar to those of Ihe park can be seen along the oad from the nearby airport,' which is being expanded for big etliners that will bring growing droves of sightseers to the falls. Visitors entering the park for a close-up look at the cascading vater of the Iguazu River may lep into the shady fringe of the orest preserve. But they will see little or none of the wildlife lidden deep insid the restricted wilds -- the panthers, parrots, tapirs, an testers, furry spiders and giant beetles. TOURISTS INCREASE The park administrator said 286,000 tourists came to see the falls in 1972, and 326,000 in 1973. The growing number of sightseers, however, isn't seen as the greatest threat to the forest's natural habitat. Bello said more damage is done by hunters, woodcutlers and settlers, And thieves. "They steal a lot of palmettos," he said. The palmetto tree, which produces succulent and marketable hearts of palm, is among the wide va riely of plant life in the nation al park. The settler problem, Bello said, dates back to the early years of the park, which wa: founded in 1939. He said abou 30,000 acres of parkland is oc cupied by about 430 families -mostly farmers of German ant Italian origin. "They bought lhÂ« lands, buti herÂ« was a sale that wasn't luite right," the administrator aid. Bello. a 58-year-old retired irmy colonel, was brought into he park's top job three years ago with the main goal of re- iettling the 430 families on outside land. "There are persons who accept this, and others who don't." he said. "But what is certain is that they all will get out." One complication in the move that some of tha new land designated for the settlers may be flooded by a giant reservoir, be created in the Itaipu lydroelectric dam project. Bello said other land will have to be found for the settlers before work is finished on the 10.7-mil lion-kilowatt dam, planned as the most powerful in the world. TO FLOOD FALLS The $3-billion structure, to be built in eight years by Paraguay and Brazil on the Parana River between them, is also expected to flood the Sele Quedas waterfalls on the same river. Sete Quedas, 150 miles north of Iguazu Falls and also part of national park, is known for the force and velocity of its plummeting waters. It is not as high or spectaeu ar as the Iguazu Fads, nor *s accessible to tourists. But some nature lovers have complained hat a major natural wonder vill be eliminated when the Itaipu reservoir backs up In Sete Qudas Falls. The Itaipu project will not Â»1- :er the Iguazu Falls or river, whose waters flow into the Parana downstream from the planned dam. T h e dam's construction, which will bring thousands cf workers and better transportation to the area, is expected to boost the number of visitors lo Iguazu Falls. Once finished, the high dam and the big reservoir will be added attractions for visitors. But Iguazu Falls will remain the area's main magnet for sightseers. Many visitors travel from nearby Paraguay, while others come all the way from Europe and the United States. Argentina, which faces the falls from the other side of the river, has similar tourist traffic to the scenic spot. "Iguazu" is an Indian word meaning "big water." The falls are formed by some 300 cascades around the edge of a U- shaped cliff that is more than 200 feet high at places." Two Jailed GRASSY SOUND, N.J. (AP) -- A hitchhiker and the man who picked him up both were charged with drunken driving after each had an accident in Ihe same car, police report. Officers told this story: James Kelly, 22, of Philadelphia, thumbed a ride on North WildwoDd Boulevard early Monday with Edward Wolf, 37, also of Philadelphia. As Wolf pulled out, the car veered off the road and struck a small pole. Kelly commented on Wolf's condition and offered to drive. Wolf agreed. But when Kelly got behind the wheel, he swerved across the road and struck another pole. Tile men were held in Cape May County jail in lieu of $250 bond each. Going Away To Go ege? TAKE ADVANTAGE OF THE SPECIAL OFFER OF THE NORTHWEST ARKANSAS TIMES: SALE OF SALES ^^^^ ,,,,. ,, _ _ - _. .- rTBT-- . -,,r,i,itf\mt,im i* n itiir p-rx- i f ttf.* *4 *Â·*,,,,** , . 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