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Scholarship winner
Nancy I. Kelley of Griffin receives a one-year Rotary scholarship from John Smith,
president of the Rotary Club of Atlanta Airport, while Larry Patterson (1), director of
Financial Aid and Placement at Clayton Junior College, and Dan Wright (r), Community
Services director for the Airport club, look on. She is one of five Rotary scholarship
recipients at the Morrow institution.
SAYLORS CLOTHING
640 W. Mclntosh Road
VALUES OF THE WEEK
NOV. 17-22
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Traveler Blouses 15%°*’
One Group Shells 20% Off
Pants $ 4 44
I Keep Griffin Sound For The Present I
I And Ready For The Future! I
I Vote For The Man I
I Who Has Proven His I
I • SOUND BUSINESS I
I JUDGMENT I
I • LEADERSHIP ABILITY I
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I ELECT I
Louis Goldstein
I Your City Commissioner I
Paid For By Friends And Supporters
State Patrol reports
five weekend deaths
Five persons died in traffic
accidents across Georgia over
the weekend, the Georgia State
Patrol said.
Sandra Ann Sneider, 18, of
Atlanta was killed Sunday when
her car skidded across the
median into the path another
vehicle on Georgia 401 about
seven miles south of Ashburn in
Turner County, the patrol said.
Big wreck
MEXICO CITY (UPI) -
Twenty cars and trucks
smashed into each other on a
highway 30 miles north of
Mexico City Saturday, killing 12
persons and injuring 70 others.
★★★★★★★★
Now You Know
By United Press International
Seals sometimes swim over
6,000 miles without once touch
ing land.
★★★★★★★★
Riverwood
band sets
record
ATLANTA (UPI) - The
Riverwood High School band
set a world record this weekend
for the longest continous
concert — 36 hours, said band
director Terry Kenney.
Kenney said the 64-member
band played from 8 p.m.
Friday until 8 a.m. Sunday with
five-minute breaks each hour
and raised $9,000 from the
Sandy Springs community. The
money will be used to help pay
the band’s way to the Invitional
Mexican Band Festival in
Mexico City next spring.
Kenney said the previous
record of 31 hours and 10
minutes was set last spring by
a high school band in Hastings,
lowa.
Annie Bailey, 60, of Sparta
was killed Saturday night just
north of Sparta in Hancock
County. The patrol said the
woman was a pedestrian on
Georgia 15 when she was hit by
a passing vehicle.
Jharel Albert Davidson, 48, of
Rentz died Saturday night when
his car ran off Georgia 117 and
overturned. The accident oc
curred about one mile south of
Rentz in Laurens County.
Gordon Usery, 63, of Avery
died Friday night when his car
overturned on Georgia 80 in
Jefferson County. The patrol
said the car ran off road, hit a
culvert and overturned about
two miles west of Wrens.
John Stanley Hasty, 26, of
Statesboro died Saturday morn
ing in a two-car collision in
Bulloch Conty. The patrol said
a car struck some cows
crossing Georgia 67, swerved
and crashed into Hasty’s car.
The accident occurred about 2.5
miles south of Statesboro.
| Strike put off
WASHINGTON (UPI) — Four rail shop craft unions
agreed Sunday to delay the strike they threatened for
Tuesday.
The delay will allow President Ford to reconvene a
special board to clarify its position on subcontracting
work to nonunion workers, an issue disputed by the
unions.
The deadline for the strike, which could shut down the
nation's railroads, was pushed back to Dec. 4.
Italian quakes
MILAN, Italy (UPI) — A series of earthquakes Sunday
caused brief panic in Milan, Genoa, Parma and smaller
communities.
No injuries were reported from the shocks, which
ranged from severe to mild.
Police and fire stations were flooded with calls and
panicky crowds fled into the streets. Officials said calm
was restored when it became apparent there was no
serious damage.
Kill agencies
WASHINGTON (UPI) — Sen. Joseph Biden, D-Del., has
proposed a bill that would abolish nine federal regulatory
agencies within one year unless Congress can justify their
existence.
Biden said his bill is aimed at the Civil Aeronautics
Board, the Federal Communications Commission, the
Federal Maritime Commission, the Federal Power
Commission, the Federal Trade Commission, the Inter
state Commerce Commission, the Securities and
Exchange Commission, the Consumer Product Safety
Commission and the Nuclear Regulatory Commission.
How to tax swap
municipal bonds
By JUDITH G. RHOADES
Copley News Service
Q. I have a large capital
gain this year because of
some real estate sales. My
brother suggested that I look
into tax swapping my munici
pal bonds. He told me I can
have a loss without having a
loss. How can that be? —
H.G., Balboa Is., Calif.
A. What your brother is
talking about is offsetting
your capital gains by taking
offsetting capital losses from
your bond holdings. Tax
swapping is the sale of your
bonds at a price lower than
you paid for them and taking
the proceeds from that sale to
purchase other bonds distinc
tive from the ones you sold.
This means that you will pur
chase bonds that were issued
by a different municipality.
The bonds also have different
maturity dates and interest
rates. If you will check with
your tax adviser, you will find
that under current law, the
difference between the price
originally paid, and the price
received for the bonds being
sold is the amount of your tax
loss. The second phase of the
swap is that the purchase of
different bonds preserves
your fixed income that you
had been receiving from the
bonds which were sold. Sup
pose that in 1965, you pur
chased AAA >25,000 State of
California bonds, 3.40 per
cent due in 1985 on the origi
nal offering for which you
paid par (11,000 per bond).
Those bonds today are trad
ing at, for sake of this exam
ple, $757.20 per bond. It is
possible for you to establish a
potential capital loss of $6,070
($25,000 — minus — $18,930
equals $6,070). As your tax
adviser will tell you, selling
your bonds at that price es
tablishes a loss which may be
used, first, to offset capital
gains; then 50 per cent of
long-term losses may be used
to offset ordinary income up
to a limit of SI,OOO if you file a
joint return, or SSOO on an in
dividual return. Then you
would purchase, for example,
AAA rated, Los Angeles,
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Page 8
News summary
By United Press International
bonds, 3.75 per cent due
March 1, 1989 at approxi
mately $733.60 per bond, or
$18,340, for 25 bonds. In this
way, you as the investor, ob
tained not only a $6,070 tax
loss but also an increase in
your tax-exempt income
from SBSO to $937.50 per year.
You have had no dilution in
quality of your bonds or the
face value. Plus, you re
ceived a return of $590 on the
sale ($18,930 — minus —
$18,340 equals $590). You
must take into consideration,
if you do decide to tax swap,
that whatever you do must
meet your investment objec
tives which are clearly every
bit as important in any tax
swap. Do remember also that
the above example has been
oversimplified, and not all
proposals will work out this
ideally.
Thought for the Week: “We
make our fortunes and we
call them fate.” — David Al
roy.
Questions may be sent to
Judith G. Rhoades, Copley
News Service, in care of this
newspaper. Mrs. Rhoades is
associated with a New York
Stock Exchange member
firm.
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— Griffin Daily News Monday, November 17,1975
?x
Olympic security 1
WASHINGTON (UPI) — Government sources say a
proposed U.S. project to help safeguard next year’s
Olympic Games at Montreal from terrorism may be
scrapped because of the administration’s budget squeeze.
A $23 million appropriation request by the Customs
Bureau to set up an electronic security system for the
games July 17-Aug. 1 has been slashed to $2.7 million by
the Office of Management and Budget, sources told UPI.
The project was the creation of a special Olympics task
force within the Customs Bureau to prevent a repetition of
the terrorist disruption of the 1972 Munich games which
resulted in the slaying of 11 members of the Israeli team.
Magazine reports link
NEW YORK (UPI) — The Teamsters Union is still in
close contact with the underworld and is being
investigated by the Labor Department, Newsweek
magazine says.
In its current issue, Newsweek says the underworld has
as strong a hold on the union and its finances as it did 18
years ago during the McClellan investigation.
It says Teamsters president Frank Fitzsimmons has
been criticized for his personal and professional
relationships with mobsters. President Ford, the
magazine reports, has been cautioned to keep the Team
sters at arm’s length, unlike former President Richard
Nixon, who is a friend of Fitzsimmons.
Kennedy: no plot
NEW YORK (UPI) — Sen. Edward Kennedy D-Mass.
says no new facts have convinced him that Lee Harvey
Oswald was part of a conspiracy to kill his brother in
Dallas in 1963.
Kennedy, in an interview in Time Magazine’s current
issue, says he endorses the conclusions of the Warren
Commission, which investigated the assassination of
President John Kennedy.
But the senator said he is not entirely pleased with the
commission.
“There were mistakes made. But I know of no facts that
have been brought to light which would call for a
reassessment of the conclusion,” Kennedy said.
The World’s Greatest
Miracle Healer,
ERNEST ANGLEY
Will Be In Atlanta, Georgia
Atlanta Civic Center Auditorium
395 Piedmont Avenue
2 o’clock P.M.
EVERYONE IS WELCOME!
Rev. Angley Prays For The Sick, Everyone Is
Healed, Delivered, Receives Whatever Help They
Need. Free Prayer Cards Are Given At The Opening
Os The Services. All Seats Are Free.
Come And Bring Someone With You.
"You Will Be Blessed.”
The Ernest Angley Hour — Georgia Station
ATLANTA - WHAE CHANNEL 46
Sunday Evening 9:00 - 10:00 p.m.