Cliarlotte 3^osit
WEDNESDAY, November 27,1996
7A
STRICTLY BUSINESS
I
I
§
Profits in
interest
hikes
CHARLES ROSS
Your
Personal
Finance
Sambo’ comes back
When interest rates are on the
rise the causes can include
robxist job creation, lively retail
sales and surging commodity
prices, in short, a rejuvenated
economy.
Given the current economic
scenerio, some experts fear that
there may not be much room
left for expansion. This may
prompt Federal Reserve action
to increase short-term interest
rates.
Rising interest rates are bad
news for stocks because bonds
and bond funds provide increas
ingly attractive retuns and draw
investors away from stocks.
Some stocks and stock funds
that fare badly during a rising
interest rate period are utilities,
financial services and real
estate. Funds that may profit in
rising-rate environments
include gold funds and interna
tionals. With CEueful investing,
rising interest rates can mean
rising profits too.
Utilities are one kind of fund
to be avoided. For example, dur
ing a rising period in 1993-‘94,
30-year Treasury bonds rose
and the Standard and Poor’s
500 held steady, while utility
funds averaged a 13 percent
loss. Funds that invest in banks,
insurance companies and other
financial services did better
than utilities in the 1994 rate
rise but still lost ground. And
the Real Estate Index lost 11
percent in 1994. These kinds of
investments should be avoided
during rate-rise periods.
Funds that profit
There are two funds that tend
to be profitable during these
periods.
One is the most favored of
inflation hedges, the gold fund.
During a rate rally in 1987, gold
funds roared ahead 48 percent,
a shining performance by any
one’s standards. In fact, during
that period 15 of the top 20
, funds were precious metals
I portfolios.
I Investing globally is a second
[ way to increase your odds of
’ defying domestic doldrums.
Diversification can reduce the
overall risk of your fimd portfo
lio.
( L^endary global investor Sir
John Templeton advises: All
, nations suffer bear markets, but
they do not occur at the same
time. Therefore a fund that
invests in many nations will not
' lay captive to market cycles like
i a fund that invests in only one.
THE ASSOCIATED PRESS
NEW HARMONY, Ind. -
Bookstore owner Robert J.
Brooks kept copies of “Little
Black Sambo” in a back storage
room for years, sensitive to com
plaints that the children’s fable
demeans blacks.
But soon the book will be
prominently featured in a win
dow display at Brooks’ store.
Golden Raintree Books, here.
The occasion is the release of
two new versions of the book,
one by two African Americas,
writer Julius Lester and artist
Jerry Pinkney. The other is set
in India
“Part of the statement we are
trying to make is that just
because something has racist or
stereot3rpical elements doesn’t
mean it is not without virtue.
'There is a clear case if you take
the racism out, you have some
thing quite dehghtfiil and won
derful,” Pinkney said.
Although he didn’t want to
contribute to racial stereotyping
and prejudice. Brooks said he
didn’t want to be a “part of the
S5^tem that censors reading.”
He said he’s always loved
Helen Bannerman's 97-year-old
children’s fable of the quick-wit-
PHOTO/CALVIN FERGUSON
Dr. Hazel Juanita Harper, president of the National Dental Association, keynoted the Old
North State/Palmetto dental associations last week.
Harper keynotes dental confab
By John Minter
THE CHARLOTTE POST
Dr. Hazel Juanita Harper,
the recently installed presi
dent of the National Dental
Association, was keynote
speaker at the fourth annual
meeting of the Old North
State/Palmetto dental asso
ciations Friday at
McDonald’s Inn on Beatties
Ford Road.
Dr. 'Thomas Mack was local
arrangement chairman for
the event. Dr. Gwyn Davis is
a member of the steering
committee for the joint meet
ing of the N.C. and S.C.
associations of African
American dentist.
Harper, a graduate of
Howard University College
See DENTAL on page 8A
Briefs
• Derrick L. Young has been
named banking officer of
Wachovia Bank of North
Carolina N.A.
The announcement was
made by Bruce A. Ledwith,
Wachovia’s sales finance man
ager.
Young began his career with
the bank in 1994 as a sales
ted boy who bested some dim-
witted tigers.
'The retelling of “The Story of
Little Black Sambo” is one
example of many classic texts
that are being revisited by
authors, editors and illustrators
in an attempt to fi«e the magic
of the stories from the preju
dices of their eras.
“Cultures have a way of
changing literature to make it
appropriate for them,” said
Marie T. Wright, an associate
librarian at Indiana University-
Purdue University at
Indianapolis. She also
teaches a children's literature
course.
“It is part of what communica
tion is all about - telling the
See SAMBO on page 8A
Fannie Mae
donates new
computers
By John Minter
THE CHARLOTTE POST
Charlotte’s NAACP
Community Development
Resource Center will receive
new computers fix)m a grant by
Fannie Mae, the nation’s largest
source of home mortgage fimds.
The $36,000 grant to the
national NAACP will buy 16
computers that will be placed in
eight of the organization’s
CDRCs. Others are in Atlanta,
Baltimore, Las Vegas,
Columbia, S.C., Austin, Texas,
and Richmond, Va.
'The computers will be used in
home buyer education efforts.
'Ihe cOihbination of computer
hdfdwarfe and Fannie Mae’s
Desktop Home Counselor soft
ware will increase each CDRC’s
capacity to provide quality home
buyer education to its chents.
CDRC staff received training
from Fannie Mae staff in the
use and capabilities of Desktop
Home Counselor.
“The NAACP, through its
Community Development
Resource Centers, is an able
partner in guiding lower income
or minority borrowers to home
ownership. Fannie Mae is
pleased to provide resources
that will help us both meet our
shared goals of increasing home
ownership opportunities to
imderserved buyers,” said Julie
Gould, Fannie Mae’s vice presi
dent for community lending.
Fannie Mae has also provided
free co^ifeS of' DSsfcttm Home
Counseibl td'ihbre than 500
nonprofit organizations since
the 1994 announcement "of its
See NAACP on page 8A
Money Management
Charitable gifts
merit tax break
By Amanda Danchi
SPECIAL TO THE POST
finance management associate
in Wilmington. In 1995, he
was promoted to dealer credit
manager, his current position.
Young, a native of Raleigh,
is a 1994 graduate of N.C.
State University.
Are you thinking about giving thanks for your blessings this
'Thanksgiving by making some charitable contributions? Before
you reach for your checkbook, read what the North Carolina
Association of CPAs has to say about the tax advantages of
donating appreciated property.
Whether it’s shares of stock in a high-tech company or the
antique armoire you inherited, donating appreciated property
can save you valuable tax dollars — in most cases, significantly
more than donating cash. Appreciated property has a fair market
value in excess of your adjusted basis — that is, your original cost
adjusted hy certain increases (such as capital expenditures for
improvements) or decreases (such as depreciation). Such property
includes stocks, bonds, real estate, antiques, and jewelry.
See CHARITABLE on page 8A
BUSINESS TO BUSINESS
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