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Show 5 2 K The Salt Lake Tribune, Sunday, April S.L. Native 9, 1978 Joining U.S. Industry Money Matters 26. 8 Increase In Swiss Franc By Dr. Robert F. Bohn Brigham Young University the U S. dollar has dropped in value relative to some currencies (ie, Swiss franc), ther-- ' has been a renewed interest in Swiss bank accounts. If you had deposited $10,000 in a Swiss savings account on Jan. 2, 1977, your deposit would f be worth $12,680 at the end of the year. That is a gain of 26.8, only 4 of which came from interest on the account. The balance of 22.8 was the result of appreciation of the Swiss franc relative to the U.S. dollar. Swiss savings accounts are called Deposit Accounts and pay from 3 to 4 'A percent per annum. Because of the decline of the U.S. dollar in relation to the Swiss franc, the Swiss government has announced a series of actions that have somewhat affected the flow of U.S. dollars into Swiss francs. For example, the Swiss government announced on Feb. 24 a 40 tax on all Swiss franc bank accounts of 5 million francs (about $2.5 million) or larger beginning April 1. On March 1 the Swiss announced they would apply 10 tax on the Swiss accounts of foreign central banks. These actions are directed at very large blocks of money such as large U.S. and foreign central banks and Arab oil sheiks who are trying to avoid the plunging U.S. dollar by purchasing Swiss francs and As " ' W VW Readies 1st American Auto Associated Press Writer PITTSBURGH Volkswagen, the German automaker that pioneered the idea of cars, becomes the fifth member of the giant American auto industry Monday. The first of Volkswagens Rabbit models is scheduled to roll off the assembly line at the e New Stant plant 35 miles southeast of Pittsburgh. We have everything in place to build cars," said plant public relations director Chet Bahn, who was busy building press kits for the event. The cafeterias arent yet complete and the administration building still needs partitions and carpeting, but Ive already seen a great many car bodies built and painted. Noon Event Nearly 1,200 employees have been riveting, welding and stocking parts at the Westmoreland County facility for weeks. Only the final component of that first historic Rabbit will be installed at nearly-complet- The hospital association handles hospital and medical services for more than 33,000 present and retired Union Pacific Railroad employees. A native of Salt Lake City, Mr. Kelly joined the association as a clerk in 1956 following Army duty. He has been secret- since ary-treasurer 1969. He succeeeds Blaine L. Openshaw, who joined Union Pacific in 1941 as a locomotive fireman. SALE Air Compressors Sale Price & After Army service from 1942 to 1948, Mr. Openshaw worked as a fireman and engineer until 1948, when he returned to college to pursue a law degree. Mr. Openshaw had been with the association since 1968. 1 J gas station equipment. Everything goes including the buildings. Move or salvage April 1 7th 9 A.M. Foothill Village Shopping Mail, S.LC. Currently, interest is not paid on an account wherein the balance exceeds 20,000 Swiss francs ($10,000) and a tax is applied on that portion of each account that exceeds 100,000 Swiss francs ($50,000). Accordingly, if you have a Swiss franc account exceeding 20,000 Swiss francs, you should open more accounts in order to keep your balance below 20,000 Swiss francs. For additional information about opening Swiss savings accounts or purchasing Swiss stocks or bonds, contact an experienced broker. For example, some brokers specialize in foreign placements. ifCiNnu Readers desiring further information on "Money Matters" may write to Or. Bohn in care of The Salt Lake Tribune Home Services Dent., P.O. Box 847, Salt Lake City, Utah MHO. 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Kelly Union Pacific Built by Chrysler The structure was built by Chrysler Corp. in 1968 but left unfinished when the auto market declined in 1970. Volkswagen bought the plant two years ago after Pennsylvania assured it $70 million in loans as an incentive. From the outset, the company set lofty goals at New Stanton, scheduling an April 1978 start-u- p date. The goal was reached by rapid construction, sometimes employing as many as 1,400 workmen. Some thought that our timetable was impossible, said James W. McLemon, president of Volkswagen Corp. of America. Notable Achievement This has tven a notable achievement in which all parties government, labor and industry worked closely to bring a new industry to together life as quickly as possible in an economically-depresse- d area. inn $245.00 $287.00 $823.00 $899.00 $1649.00 $2799.00 Charles spend up to $250 million on the facility in an effort to bolster its standing. the noon event. The car is expected to be sent to the Volkswagen museum in Wolfsburg, Germany. The remaining 200,000 cars Volkswagen will produce here annually will go to dealer showrooms, however, as part of the German firms push against challenges from Japanese and U.S. sii.pll cars. Volkswagen hopes the plants production will help return their company to a dominant position in the American marketplace. Dollar Weakens In recent years, the U.S. dollar has grown weaker in relation to the German Mark, cutting Volkswagens former price edge amid increased competition. As recently as 1971, Volkswagens share of the American market was 6 percent with sales of 570,000 cars per year. In 1977, the companys new car sales dropped under 260,000 units, only 2 percent of the market. Volkswagen board chairman Toni Schmuecker said the company will By Gene Grabowski 4 U.P. Hospital Unit Chooses manager e J |