Pam* 22

The Herald And The l^nlrrn

Thursday, June 21,1979

I Dont Know But I II Never Quote The Pretidejj lf»*Frortt Of My Mo mo Agoin...

Letters To The Editor

Parishioners Praise Schad

To the Editor. Open letter to the piirishoners of Maris Stella. Avalon The old saying 'Our loss is your gain certainly explams the U'elmps ol many of the St Hose parishoners with the olficial announcement that our Pastor is moving tin How I ordinate you are to have Hishop Schad in >nur midst. SI Hose today' has an attitude that tpok years to develop St. Rose is alive and well because of many I actors, one of which has t>ecn leadership. Our school today enjoys a reputation of excellence and dedication with an . increasing enrollment Mass attendance has in creased’f PI) and Youth * L*rngrarm. although still in need of grow th. continue to show, small improvements. Visitors for Christ has been ! launched with much success The success of our Parish cannot Ik* measured on only the programs and ••projects, but rather on its people. With Bishop Schad supplying the leadership, t lie great people of this Parish have time and time again answered the call. I have never seen a place where you didn’t have In

I teg lor volunteers, here, the pogale come to you I have seen 3 - 4 -5 different things happening at St Hose on the same night I have seen people really involved in so many ways to help others. A brag on my part’’ YCs. hut only to highlight what I leel has been a great blessing to the people of St. Rose ‘BISHOP SCHAD We have had a fellow brother as priest, as our leader and as our friend A person who works too many hours a day—a person who does not hesitate to beg for our parish—a person who is humble-a very strong person, but full of love—a person who is not easy to convince, but one who will hack you all the way. As^ve have been blessed, now it is your turn to have this wonderful person of find To all the Parishoners of Maris Stella and your new Pastor, we send our prayers, love and hope that we all will continue to grow in the love of God. Your in Christ. Joseph A Kiefer President. Parish Council

Our Thirteenth Year Serving Cape May County P.O. Bom O 2719 Dune Drive Avalon, N.J. M202 Phone Y47JM1J H7 7M4 -Published Every Thursday By the Seawave Corporation Darrell Kopp Editor and Publisher Bill Sherman Sports Editor Kathleen Co* Schaeffer Reporter J. A. Cunningham Feature Writer Cheryl Crews Feature Writer Peter Dunne Columnist Charles P. Lamey Columnist Cheryl Crews Graphics Contributor Gail Carino Advertising Graphics Susan Carr Compositor News & Photos Monday—3 p.m. Advertising... Monday—3 p.m. Classified Advertising Tuesday • Noon Subscriptions — 17.00 PER YEAR Neither participating advertisers nor the publishers of the HERALD will be responsible or liable for misinformation, misprints, typographical errors, etc., in any issue. The editor reserves the right to edit any letter or articles submitted for publication.

Inflation Investing

No mailer whal you mighl have heard to Ihe contrary Ihere is a greal deal of wisdom and lore scallered about the investment marketplace Much of its is encapsulated in clever and witty sayings with so much tongue-in-cheek humfr the nuggets of t rut h I end fo be obscured Over the years we investment editors and authors of Inflation Investing have compiled a collection of these utterances. Some of them are so good we’ve made them a basic part of our investment philosophy and strategy. We’re happy to report that on more than a few occasions these sayings have helped us to limit a loss or expand a profit Inasmuch as our present inflation investing battle has heated to a near unprecedented temperature, we thought this might be an exemplary time to pass along a few of these truisms and hope that they’re as helpful to you as they've been to us. Among Ihe more valuable variety of clever stock market quotations are those that describe 1 conditions in which selling stocks (rather than buying or holding* is the better part of valor. One of our favorites in this context is: "When you begin to doubt, begin io get out!" Or another version. "If in doubt, the best policy is to get in cash ” Another more humorous variation that prescribes the same medicine: "If speculation keeps you awake at night. sell down to 'the sleeping point And finally. "Living with a loss is folly - taking a loss is wisdom." What all of these selling admonitions are attempting to overcome is an unfortunate investor tendency to live with losses or to overstay an investment. no matter what. There comes a time when many (not all. of courset investments should be sold. The sayings are rooted in the wisdom that selling in certairf circumstances is the only proudent course of action and the wit is intended to cajole the investor into facing that

reality.

There’s good buying advice contained in many of these sayings as well. For example "Never sell a dull market* short!" Or. "Buy on the rumor, sell on the news." (both buy and

and sell advice i. A little amplification might be in order on the buy advice. Dull markets are basically low trading volume and directionless markets. (The one we’re in now is a little like that, but only a little). Dull markets are usually resolved with basic upward surges, so selling is probably a bad idea, buying the better

choice.

Buying on the rumor, selling on the news, is counseling investors not to buy when favorable news is announced because the "smart" money bought in anticipation of the event, and is probably selling on the announcement. If you wait you’re late, top late! Bernard Baruch perhaps ‘'Said it more succinctly. "A speculator is a man who observes the future and acts before it occurs." Letting profits ride, and cutting losses short is obvious. Stay with the winners, at least until you "begin to doubt " But some of the best Wall Street sayings are reserved for general perspective, thinking independently and knowing thyself. Example: “If you don’t profit from your mistakes, someone else,will!" A fundamental truth is contained in "Th? best informed investor is the one who knows himself! " This underscores the sad fact that many times the investor is his own worst enBmy and he doesn’t realize it< Another warning of the same sort is expressed in. "Twixt optiihist and pessimist the difference is droll; the optimist sees the, doughnut, the pessimist the

whole!"

Thinking independently is captured a little in the quotation "A bull market climbs a wall of worries!" It suggests that there are at least a few independent thinkers around who look beyond the "worries" Slightly more suitable is. "The word ’crisis’ in Chinese is composed of two characters; the first the symbol of danger; the second, opportunity." The value of independent thought and action is also counseled in: "No one can trade successfully if he does not buy into (market) weakness and sell into strength " But best of all ’’When everyone is bearish, a market must go up because there are no sellers left; conversely, when everyone is bullish, a market must go down

sell advice) Or. "Let your because there are no

profits ride J, and cut your buyers left." losses short." (again buy Happy investing.’

Delegation Nixes License

MILLVILLE - The Cumberland-Cape May delegation in the New Jersey Legislature last week sponsored a resolution placing the state on record against any plan at federal level to license recreational salt water sports fishermen The resolutuon passed the Assembly following its introduction by Assemblyman James R Hurley and Joseph Chinnici. The same resolution was sponsored in the New Jersey Senate by Senator James S. Cafiefo. Addressing himself to the issue Hurley said: "The idea under discussion in the Congress would be detrimental to the future of

salt water angling, would create an additional bureaucratic organization with its burden of paper work and would restrict the poor in their access to its accustomed food source. "It would also be grossly unfair to tax one segment of the users of this resource to the benefit of all other users including foreign fishing fleets which would obtain their catches for nothing. "Recreational salt water sports fishermen are already paying large amounts of incidental taxes into local, state and federal treasuries. And let us not forget the harm licensing would do to tourism." Hurley declared.

The American Public is speedily losing any confidence it might have hid in government regulatory agencies. The Three Mile Island incident demonstrated the flaws in the Nuclear Regulatory Commission. The crash of Jhe DC-10 in Chicago Highlighted an obvious ineptness in the FAA. The FCC unfairly refuses to permit the state of New Jersey to have its own VHF television channel. * The Department of Energy is permitting the American people to flounder helplessly fn a frustrating and uncertain gasoline

situation.

There are many peoplp who are now beginning to wonder who these agencies are supposed to benefit—the public, or the industries they are mandated to regulate. (It is eye-opening to watch congressional hearings, often held on public television. The Congressmen seem to have difficulty in -accepting the testimony and often indicate these agencies should “clean up their

acts".)

The most pressing problem today is the gasoline crisis. What is the Department of Energy doing to help us? It is easy to say. "Cut down on driving and use car pools."

alternatives are not appropriate. Here in Cape May County, mast people find a car a necessity not a luxury. Public transportation throughout the county, and in and out of the area, is minimal. While hundreds of billions of tax money have been spent on highways, and tens of billions on airline travel, water travel, and urban public transportation, only a few billion has been spent on rail travel. It is ironic that trains are popular with the public (in the few places they are available), are environmentally less harmful than aay other mechanical method of transportation, and if available, would use less fuel per passenger and cargo than any other form. Yet they are, •> this day. being forced to cut services Does this make sense? The government should immediately take any steps necessary to begin a crash program to revive the rail industry. Whatever the immediate cost, in the fong run .it would conserve valuable energy supplies while helping with air pollution. In the .>eantime. the Department of Energy should shoulder its obligations and,Tesolve the questions the public has about our supply of gas. J. A. Cunningham

Candidates Seek Greater Solar Energy Commitment

COURT HOUSE

Democrdtic Assembly candidates Jerry Livingston and Randy Wilhelm are calling on the federal government to make a stronger commitment to encourage citizens fo utilize alter-

native energy sources. "I feel that the grants

offered by H.U.D. are an inadequate incentive for the American homeowner to install a solar energy system." said Livingston. He explained that through the Department of Housing and Urban Development a $400 grant is available to all homeowners to install solar energy systems. "This is grossly inadequate considering thal it costs nearly $3,000 to install this par-

ticular type of unit." "There is currently half

a million dollars available for distribution throughout New Jersey for installation of solar energy units

However, out of a possible 1.725 grants of $400 each to New Jersey homeowners, only 341 of these have been allocated so far. Obviously, this incentive is no incentive at all.", ’’Furthermore.” Wilhelm added, rany money not allocated by the end of September. 1979 mast go back to the federal government for redistribution in other

states."

"Jerry and I both agree that there has beeiwtoo much talk and not enough action We need stronger commitments 4>n both the state and federal levels to make it desirable Jor the average homeowner to convert or install alternative energy systems. Wilhelm said that the near tragedy at Three Mile Island emphasizes the need for greater incentives to invest in alternative energy sources. "

‘No-Fault’ Change Sought

The Byrne Administration is supporting long-needed legislation to establish a ‘‘verbal threshold" in the state's automobile no-fault system. In accordance with the purpose of no-fault, lawsuits for damages resulting from auto accidents would be barred except where death, serious injury or disfigurement is involved. The present $200 monetary threshold, which encourages litigation and drives up insurance costs, would be scrapped The Independent Insurance Agents of New Jersey has long advocated

this change as necessary to make no-fault work. While we have been at odds with the Governor on a number of insurance issues, we are gratified thal he. as a lawyer and former judge has decided ip pul his weigh! behind no-fault reform Those who support this bipartisan step towards restoring an orderly automobile insurance situation in the state should get behind Assembly Bill 3383. Introduced by Assemblyman James Bornheimer. and ’companion bill S-3282. .m.troduced by Senator Eugene Bedell