The White Falcon - 05.05.1978, Blaðsíða 3

May 5, 1978
White Falcon
Page 3
May is declared
'National
Savings Bonds Month’
Saving with bonds explained
NATO base kicks off 1978 campaign
May is National Savings Bonds Month and the Secretary of the Navy has announ*
ced the Navy's 1978 "Take Stock in. America" United States Savings Bond Campaign.
Naval Station Keflavik and tenant commands will be conducting the Savings Bond
Campaign during the month. If you are interested in purchasing a bond contact
your departments or commands Savings Bond represenative.
Benjamin Franklin once said, "A penny
saved is a penny earned." His statement
was wise and timeless. However, in
these times of inflation it is not enough
to just save your pennies. You have to
invest them to make money. That is
usually our hopeful goal, getting an
edge on inflation.
One common investment over the years
has been the U.S. Savings Bond and re-
cent statistics show more and more
people are beeinine to purchase bonds
much to the amazement of banking
officials. To collect an average of
six percent on your money invested in
bonds, an individual must hold the bond
for 5 or 10 years. Anyone can earn more
interest on a savings certificate, so
there has to be other reasons to invest
in bonds.
WHY BUY BONDS?
Types of Bonds...There are two types
of bonds available, the "E" and "H"
bonds.
The "E" bond, which is the most com-
mon, sells at a 25 percent discount
from face value and appreciates gradu-
ally until maturity in five years. You
collect the interest when you cash in
the bond. Additionally, you may cash an
"E" bond at any time begining two months
after date of issue and receive four
percent interest.
The "H" bond is purchased at face
value and then interest is paid semi-
annually for 10 years or until you cash
in the bond for the original investment.
CONVENIENCE...Bonds are one of the
most convenient investments for a number
of reasons. First, they are easy to buy.
Through payroll savings you can set aside
as little as $6.25 per month and when
you have enough in the kitty , you get a
bond. Bonds may also be purchased
through an automatic acquisition plan
offered by many banks. Under this plan
you have $18.75 deducted each month from
your checking account for the purchase
of a bond.
Price is another thing that makes
bonds easy to buy. The smallest 'E'
bond sells for $18.75 while savings
certificates usually require a minimum
$1,000 investment.
SAFETY...Bonds are as safe an invest-
ment as you can get. They are backed by
the U.S. Treasury and can be readily re-
placed if they are lost, stolen, damaged
or destroyed.
Another safety feature is the inter-
est rate, which is guaranteed to never
go lower than it is when you purchase
the bond. However, it could go higher.
TAX ADVANTAGE...The strongest point
bonds have is their tax advantage. Bonds
are exempt from state and local taxes
but not federal taxes.
With "E" bonds you have two options
for reporting interest. You can report
it yearly or you can report nothing
until you actually collect the interest
when you cash the bond. If you play
your cards right you can put off paying
interest on "E" bonds almost indefinitely
and possibly avoid it altogether.
One way to do this is if you are
saving for your child's education you
can register the bonds in your child's
name. When it comes time to cash them
chances are the your child's income will
still fall under any taxable
amount. Also, if you are saving the
bonds until retirement at age 65 you will
be entitled to additional tax advantages.
SO WHY BUY BONDS?...For many people
bonds are a good deal. A taxpayer who
can take advantage of the tax deflection
techniques can boost his yield much
higher than 6 percent. Even without the
tax advantages, the safety and conven-
ience of bonds make them appealing to
conservative investors. Sure, you could
make more money investing in other
things, but not without taking risk.
And it is this risk-free feature that
attracts many bond buyers.
Join the Payroll Savings Plan.
The sooner you start, the more you’ll have.
High school takes tourney
base volleyball champs
By Rene C. Mahone
j------ ■ ■>Military news15 ............
CNO reports on state of the Navy
The CNO report on the posture of the
U. S. Navy, prepared by Chief of Naval
Operations James L. Holloway III, is in
distribution to all ship and shore units
The report, an extract from the CNO
FY79 Posture Statement to Congress which
reflects the professional and personal
judgement of the CNO on the posture of
the Navy, is intended for reading by all
officers and senior petty officers.
It describes where the Navy is to-
day and where it needs to go to main-
tain maritime superiority. The report
is also a policy statement which de-
scribes the Navy's mission, functions,
roles, and responsibilities in support-
ing national military strategy. It is
intended for use as a year-round basic
policy reference document.
In the report, the CNO states that
the Navy is capable of carrying out
its mission and tasks within the
national strategy, "however, the
United States fleet currently pos-
sesses this capability with only a
slim margin of superiority over the
Soviets in some scenarios involving
the most vital national interests of
the United States."
Jumper uniforms
Traditional jumper style uniforms
again will appear on Navy ships and
shore stations in early May as the
fleet evaluation of jumper style uni-
form fabrics gets underway.
The move is the result of a decis-
ion made by Chief of Naval Operations
Admiral James L. Holloway III to re-
turn to the jumper style uniform for
El-4 personnel. Selected fleet units
participating in the one year eval-
uation now are receiving the uniforms.
Later in May, other El-4 assigned
to sea duty but not selected for the
fleet .evaluation will be authorized
to purchase the service dress blue
USS Or! 10, first of the new Trident
missile-firing submarines, was unveil-
ed 22 April at General Dynamics' Elec-
tric Boat shipyard in Groton, CT.
The largest submarine ever built,
The report assesses that contin-
uation of current trends will tip
substantially the balance of mari-
time superiority in favor to the
Soviets within the next five to ten
years.
"In order to assure the capabil-
ities required to execute its mission
at an acceptable level of confidence,
the Navy has two principal and distinct
responsibilities: current fleet readi-
ness and the effective modernization
of the Navy to provide a continued
capability to maintain the necessary
degree of superiority in the face
of the projected future threat."
Admiral Holloway states the balance
between fleet readiness and moderni-
zation must be carefully weighed in
the planning, development, and sup-
port of Navy programs.
The report comments that "the FY79
budget is designed to continue both
to address existing deficiencies and
to provide a balance between fleet
readiness and force modernization."
The report will be *distributed to
all Navy commands on a ratio of one
copy for each 25 persons assigned.
jumper uniform through the Navy Ex-
change System.
Other El-4 male personnel on shore
duty including reservists will be
eligible to purchase and wear the
service dress blue jumper uniform
on 1 August 1978 as inventories of
uniforms increase.
Purpose of the fleet evaluation of
new fabrics for the uniform is to
check for easy care maintenance
qualities before final fabrics are
selected.
Guidance for wearing the jumper
style uniform is contained in BUPERS
Notice 1020 of 22 March 1978.
OHIO was moved out of the covered assem-
bly building at the shipyard onto a
waterfront pier where it will under-
go final assembly and testing.
The Vikings of A. T. Mahan, after
completing an undefeated season, kept
their record intact by easily sweep-
ing all opponents in the Base Play-
offs this past weekend. After their
final victory Sunday, the jubilant
Vikings raised their fingers to in-
dicate their number one status on
base and then hurridly carried coach
Gary Harms off the floor to the
showers.
The playoff championships proved
no different from league play as
the Vikings outclassed the rest of
the field. Playoffs began Saturday
afternoon for the Vikings as they
faced 57th and dumped them in two
straight 15-6, 15-9. Later they
faced Rockville, who finished
second in the league, in what prov-
ed to be an outstanding match. The
Vikings ran over the men from Rock-
ville in the first game 15-3 but
dropped the second as Rockville be-
gan to find their range on spikes
from Bill Ludt. The third game
went down to the wire as the Vikings
pulled the game out of the fire 15-13.
Excellent services by Martin Hersh-
field and placement shots by Donn
Haviland proved to be the difference
in the close match. With the win
the Vikings moved into the semi-
finals against IDF on Sunday.
IDF carried the Vikings to three
games and proved to be tancious with
well-placed spikes by Jim Harris.
The first game was close as the
Vikings pulled out a 16-14 win. In
the second game the Vikings fell
15-7. The deciding game was a battle
to the finish with the Vikings win-
ning 15-11. With the win the men from
A. T. Mahan moved into the finals
and IDF fell to the loser's bracket.
With Harris leading the way, IDF
moved through the losers bracket for
the final match against the Vikings.
For the championship, Coach Gary Harms
stayed with the starting six of Martin
Hershfield, John Forsman, Eric Venanzi,
Donn Haviland, Jim Thorpe and Jim
Hollier.
The game started on what proved to
be a bad omen for IDF as Martin
Hershfield served four straight points
that proved too hard for IDF to handle.
Hershfield's overhead serve dropped
rapidly after crossing the net making
it difficult for a return. His ser-
vice gave the Vikings a lead it never
was to relinquish. On John Forsman's
service the IDF team got a break as
it hit the net for a side out. On
thd next series of serves Eric Venanzi
concentrated on getting the ball across
and letting his teammates do the work.
This tactic proved successful as dink
shots by Jim Hollier and smashes by
Donn Haviland gave the Vikings a
commanding lead. Blocks by Jim Thorpe
and Jim Hollier widened the lead force-
ing IDF to call a time-out. After the
time-out, IDF began playing catch-up
with blocks and smashes to make a
match of the contest.
With Jim Thorpe up on the service
line, the Vikings scored six points
in a row without an answer from IDF.
Smashes by Forsman and Hershfield,
failures of return service by IDF
and blocks by Hershfield proved to
be the undoing of IDF. On the next
Viking win of service Jim Hollier
moved the Vikings to within one
point of victory with consistent
serves and smashes by Forsman and
Haviland. Hershfield closed out
the victory with his powerful
serve, 15-4.
In the second game the Vikings
provided a first for the tournament
with a shut-out of IDF. Coach Harms
left his line-up the same not wanting
to take any chances, however this
proved unnecessary.
Forsman started the service in the
second game with a beautiful low driv-
ing serve that fell in for the point,
giving the Vikings a lead it never
surrendered. However, Forsman's sec-
ond service hit the net for a side-
out. Thorpe got the service back with
a tremendous smash that IDF could not
handle. On Venanzi's return of ser-
vice, Haviland unwound with a smash
that bounced off the hands of Harris
and into the net. Four serves by
Venanzi resulted in points mainly by
Haviland's dink shots that were well
placed. After six unanswered points
against IDF, time-out was called for
a regroupong of the IDF team. It was
a saving gesture as IDF won service.
However, the Vikings kept the men
of IDF scoreless on a smash by Hersh-
field. Thorpe closed out the service
and the game for the Vikings after
Haviland served six points to give
the Vikings a 13-0 lead. Thorpe's
first serve resulted in game point
for the Vikings on a spike by Forsman.
IDF failed to return his service for
the game and the championship.
The Vikings, along with Coach
Harms chanted "We're number one" and
from this writer's view they truly
are number one.
in again for El-4
First Trident missile sub unveiled