[Congressional Record Volume 140, Number 68 (Thursday, May 26, 1994)] [Extensions of Remarks] [Page E] From the Congressional Record Online through the Government Printing Office [www.gpo.gov] [Congressional Record: May 26, 1994] From the Congressional Record Online via GPO Access [wais.access.gpo.gov] SALUTE TO CHESTER KRAUSE ______ HON. THOMAS E. PETRI of wisconsin in the house of representatives Thursday, May 26, 1994 Mr. PETRI. Mr. Speaker, next Monday, Memorial Day, the people of Iola, WI will join in a special community salute to Chester Krause, civic leader and entrepreneur who, over a period of 40 years, transformed his central Wisconsin village of 1,125 residents into a publishing empire. Krause Publications, Inc., internationally known publisher of hobby and collectible magazines and guidebooks, was founded in October 1952 when Chet Krause's desire to have a means by which to exchange information with fellow coin enthusiasts led to his producing and disseminating the first issue of a 1-page newspaper he called Numismatic News. For that early dining-room-table effort, Chet solicited the ads, sold the subscriptions, and wrote the copy, while pursuing his original occupation as a carpenter. Now acknowledged as America's foremost hobby publications firm, Krause Publications employs 350 people and publishes 26 periodicals and 50 books annually. In addition to the seminal Numismatic News, publications include magazines devoted to old cars, baseball cards and other sports collectibles, and old record, toy, firearm, and comic book collections. In 1990, after a decade of phenomenal growth in his business, Chet was named Wisconsin's Small Business Person of the Year by the Small Business Administration. Although he retired as company president in 1988, he remains chairman of the board. It is not only for his tremendous business acumen and entrepreneurial success that Chet Krause is being recognized by his fellow citizens this weekend, but also for his extraordinary and heartfelt commitment to public service, to his employees and to his community. He is Iola's leading citizen, and it is difficult to imagine that one man has left so great an imprint and transformed so completely the life of a town. Twenty years ago, Chet parlayed a lifelong interest in vintage automobiles into the annual Iola Old Car Show, one of Wisconsin's largest festivals and tourist attractions and the biggest such event in the Midwest. Proceeds from the show are funneled back into the Iola community and have supported innumerable charitable and civic development projects over the years. Recognizing the vital role his employees have played in the success of Krause Publications, upon his retirement as company president Chet sold 30 percent of his ownership back to the company to be given to employees as part of an employee stock ownership plan. Not only has the plan allowed Krause workers to have an interest in the company's profitability, it has worked to ensure the company's continued viability in the village of Iola. Chet has served as a village trustee and as member of the Waupaca County Selective Service Board. He is a combat veteran of World War II and is active in organizing reunions for his batallion. Still an inveterate collector, Chet has a growing collection of World War II military equipment. On the national scene, Chet has played a crucial role in the development of public policy relating to the minting and sale of commemorative coins. I was privileged to work with him and his company's personnel in 1982 when they directed my attention to a badly flawed House Banking Committee proposal which would have allowed a private firm to make windfall profits from the marketing of Olympic coins. Chet and his people were instrumental in providing me with the background information I needed to help derail this costly and misguided effort and replace it with an Olympic coin program that returned millions of dollars more to the U.S. Olympic Committee and served as the prototype for future Olympic coin programs. Over the years, Chet Krause has been an invaluable source of sound advice on legislation dealing with coinage and similar topics, and our country owes him a debt of gratitude for his participation in this arena of public policy. He has testified many times before congressional committees, beginning in 1967 with his successful effort to restore mint marks on U.S. coinage. In 1961, President Kennedy appointed him to serve on the Annual Assay Commission, and in 1977, he was awarded the American Numismatic Association's Farron Zerbe Award, the most prestigious honor bestowed by America's coin collecting community. I will be honored to join with the people of Iola this Memorial Day as we gather to express our thanks to Chet Krause for all his many contributions to the village of Iola, the State of Wisconsin and our country. ____________________