Full text of The Northwestern Banker : April 7, 1975 : Northwestern Banker Newsletter, Vol. 3, No. 101

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Vol. 3 No. 101

Sees End of Recession by Mid-Year

f »

April 7,1975

Des Moines, Iowa

Economist Harvey N. Daniels of
the F irst N ational Bank o f
Minneapolis has forecast the end of
the recession in
mid-year, with
m odest e c o
nom ic grow th
in the second
half of 1975.
For the year
as a w hole,
how ever, M r.
Daniels sees a
4.3 per cent deH. N. DANIELS
cline in real
Gross National Product, double the
'rate of 1974. He defines real GNP
as the sum of consumer expendi
tures, investment, net exports and
government purchases, discounted
by a “ price deflator” to reflect the
effect of inflation.
Asserting that the flow of
economic news in the near future
will be discouraging on balance,
Mr. Daniels said, however, that
forces now are at work which can
lead to recovery. He cited among
them lower interest rates, moder
ating inflation, savings inflow into
thrift institutions, modest upturn
in auto p rod u ction , end o f
inventory
accum ulation
and
strengthening of the common stock
and bond markets.
A basic assumption in his

mid-year recovery forecast is the
expectation of $25 billion tax relief
in 1975, (announced right after his
forecast was released), followed by
$26 billion of added tax and
spending stimuli in 1976.
“ There is so wide a gap between
the current depressed level of
output and the economy’s potential
to produce that substantial expan
sion can occur before inflationary
pressures reappear,” Mr. Daniels
commented. He cautioned, how
ever, that “ if strong stimuli are
repeatedly applied over coming
years, the gap will close late in the
decade.”
Excessive stimuli, he warned,
could cause failure of the U.S.
economic system.
Highlights of his forecast in
clude:
Consumer prices -- rate of
increase 7.1 per cent of the fourth
quarter of 1974 to the fourth
quarter of 1975. That compares
with the peak annual rate of 15.6
per cent reached last August and
September.
Umemployment -- up to 9 per
cent during 1975, and persisting for
some time after economic recovery
commences.
Consumer income -- annual
growth rates of 12.8 and 20.8 per
cent for the second and third

quarters of 1975, stimulated by the
1974 tax rebate.
Housing - sales of single family
homes have improved in recent
weeks. Continued improvement will
absorb excessive inventory and
encourage added construction.
Business capital investment —
plant and equipment spending up 3
per cent of 1975, a much smaller
increase than the 12 per cent in
1974.
Corporate profits -- decline of 36
per cent from the $157 billion peak
to the $100 billion level during the
second and third quarters before
modest improvement becomes evi
dent.
Prime rate -- expected to bottom
out at around the 6 per cent level
sometime in the next several
months.

Financial Institutions Act
Fate Is Still in Doubt
Although President Ford terms
the Financial Institutions A ct
(legislation resulting from the Hunt
Commission Study) a priority
measure needed to “ speed the
n a tion ’ s return to econ om ic
health,” his view is not shared by
Congressional leaders and the
savings and loan industry. Admin
istration sources look for passage of
FINANCIAL ACT. . . .
(Turn to page 5, please)

When you choose a city correspondent,
do what over half of the banks in Iowa do
— bank at MNB.
John Mangold
Senior Vice President

Merchants National Bank 1:1

222 Second Ave. S.E.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Cedar Rapids, Iowa 52401

A ‘BANKS OF IOWA BANK

named electronic banking officer.
Mr. Lund is coordinator of many of
the electron ic system s being
developed by the bank.

Ä S T NATIONAL BANK

Gary Stavanaon,
Vice Präsident

Doug VanMaetaran,
Correspondent Rep.

Improve your bottom line with our Correspondent Services from First
National where your customers are our concern, too.

logether; w e have a lot to share
Comptroller Seeks Comment
On Travel Agency Ruling
The Comptroller of the Currency
sent to the Federal Register on
March 28 a proposed revised
interpretive ruling on the subject of
national banks providing travel
services.
The p rop osed interpretation
states that national banks are
without power to operate full-scale
travel agencies but may, in the
C om p troller’ s opinion, continue
certain travel related activities such
as making travel loans, selling
travelers’ checks, foreign currency,
letters of credit, transportation
tickets and providing free travel
information.
Activities deemed to be pro
hibited would include travel promo
tion, soliciting travel business from
the public at large and organizing
or planning individual or group
trips.
Comments on the interpretation
are requested to be submitted to be
received by May 1, 1975.

Iowa News
AM ES: The Federal Reserve Bank
of Chicago has approved the
formation of a one-bank holding
company, K-Three Enterprises,
Inc. The company’s only bank is
University Bank and Trust Com
pany of which Dean Knudson is
president.
CLINTON: Myron Weil, president
o f F irst N ational Bank, has
announced the appointment of

Rudolph D . B ianchi as vice
president and accounting officer
and Mary Ruth Thornton as
director of public relations.
E A R LH A M : The Earlham Savings
Bank will hold a grand opening in
its new full service banking facility
April 12 from 9 a.m. to 5 p.m.
FAIRFIELD: An application by
the Iowa State Bank and Trust
Company here to acquire the
Farmers Savings Bank of Packwood has been denied by the Board
of Governors of the Federal Reserve
System.
LUANA: Larry A. Riveland has
joined the Luana Savings Bank. He
is a graduate of the University of
Iowa, Iowa City.
MT. PLEASANT: Funeral services
were held recently for John P.
Budde, 86, president and chairman
of the Henry County Savings
Bank. Mr. Budde had been in
banking since 1910.
PARKERSBURG: Norman Gerdes
has joined the Parkersburg State
Bank as vice president. He
form erly was associated w ith
Maquoketa State Bank.

Nebraska News
OM AHA: Paul D. Kadavy, man
ager of the personal trust depart
ment of the United States National
Bank, has been promoted to vice
president. He joined the bank in
1969. Norman P. Lund has been

Were in our new home at Seventh and Walnut.
Stop in and visit us soon.

B ern ie K e rs e y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Iowa-Des Moines
national Bank banco
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

O M A H A : W illiam H . R iley,
director of banking, has issued a n ^ ^ * ^
order of approval to the First
Westroads Bank, Inc., to establish
***
a detached auxiliary teller facility
in the vicinity of 108th and West
Dodge Road.
OM AHA: John L. Bilby, Jr., has
been appointed to the advisory
board of Douglas County Bank &
Trust Co. He is vice president of
the John L. Bilby Construction
Company.

Minnesota News
Hearings will be held by the
Minnesota House April 10 on
HF929, the Consumer Banking
Facilities (EFTS) sponsored by the
Minnesota Bankers Association.
The Senate version of the bill is
SF1000. The M BA supports the
bill.
Hearings were held April 3 on
SF639, a regional branch banking
bill which would authorize banks to
open branches anywhere in their
economic development region. This
bill em bodies re c o m m e n d a tio n s ^ ^
from an independent study source
^
for the M BA. The M BA is not
taking a position for or against the
-4
bill. There were two amendments
proposed: 1. Prohibit branching by
merger, consolidation or purchase
of an existing bank if the combined
deposits would exceed 20% of
deposits in the region or state. 2.
Prohibit branching of any kind in a
community of 2,000 population or
less if one bank is already there.
MINNEAPOLIS: The Board of
Governors of the Federal Reserve
System has announced its denial of

S E R V IC E
WITH NO SM ILE.
All our computer knows how to
do is work. Quickly. Efficiently.
But no smile.
Bill Rickert and Ken Young
are the ones who smile.
Especially when they’re showing
somebody how our straightfaced computer works.
Call Bill or Ken today.

1-800-772-2015

National Bank of Waterloo

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9229 Natural Bridge
St. Louis, MO

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BANK & TRUST CO.

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biggest time-saving and money-saving bargains you
can find today.

SAVING TIME
AND MONEY

Wells

You probably have seen or heard advertisements
telling about the convenience of having a checking
account at the bank. But have you ever stopped to
think what that "convenience” means to your own
family? Or, what it could mean to you—if you don't
already have a checking account, or (possibly more
important) if you have one but aren't using it to
full advantage in paying bills.
Nobody has ever seriously questioned that writing
a check and putting it in the mail is the easy way to
pay a bill.

But a time-and-cost study made three

years ago—before all the 1973-74 inflationary price
rises and gasoline problems—even made us at the bank
sit up and take notice. The results clearly show that
a family checking account at our bank is one of the

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

The study involved a mid-income couple living in
a city of about 125,000 population—giving you an
idea of how their "downtown" traffic situation and
bill-paying chore compare with your own. For one
typical month, this couple assumed they did not
have a checking account. Instead of writing checks
and letting the postman deliver them around the city,
they paid all bills in person. They tried to do it ef
ficiently by taking care of as many bills with one trip
as possible without incurring penalties for late pay
ment. Time and automobile mileage used in paying
bills were carefully recorded.
After 12 trips, driving 83.8 miles in stop-and-go
traffic, and spending 4 hours and 35 minutes paying
bills, the study concluded, "This couple had a better
appreciation for their checking account and postmen."
Paying bills by check and mail would save them more
than 1,000 miles of city driving, 49 hours and $230.40
a year—on the basis of charging 15.5 cents a mile
and arbitrarily valuing the couple's time at only
$2 an hour.
You may save more or less by using your checking
account to full advantage—depending on mileage costs
and value of your time.
We are pleased when we can help people save or
make money—in fact, it's our job. That goes for
all your banking needs.

ORDER FORM
Please accept our order for______________
MoneyWise II per month.
Begin with the release for_______________
Print with bank logo and bank officer using:
Dblue; Dsand; or D ivory paper.

copies of
(month).

DW e want to save $35 (masthead make ready) —
by paying 6 months in advance.
□ We prefer to pay monthly.
Authorized by_______________________________ __
(name & title)
Bank name____________________ ______________ _
Address_______________________________________ _
City, State, Zip_____________ ____________________
I understand that this order is for six printing months
and that it renews on a like basis unless modified or
cancelled 15 days before each extension.

SPECIAL INSTRUCTIO NS
Masthead Copy — send letterheads, condition statements
or slicks. Black and white copy is best. We will re
turn proposed bank masthead for approval.
Officer's Photo — send black and white glossy. Print
name and title on back with soft pencil.
Camera Ready Copy for Inside Spread — observe margin
requirements (no bleeds) and ship to arrive by the
first of the month preceding release date. Set-up
charge—additional $35. If materials arrive late, we
reserve the right to "skip-month".
The BankVertising Co., 1300 Hagan, Champaign, IL 61820

Fletcher E. Wells, Vice President and Cashier

phone 217/356-1339

The mini newsletter attached is an actual
sample of MoneyWise II.
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with advance payment).
^ A lte rn a tive ly, may be printed with your
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The rate schedule on back shows how
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t h e a n k e r t is in g
Federal Reserve Bank of St. Louis

company

Thoughts To Live B y

taylor

BY DON LONG

A GOLD MINE IN YOUR HEAD
A British neurophysicist recently estimated
it would take $3 billion to build an electronic
computer that could match the human brain.
Just think, y o u ’re carrying around a couple
pounds o f gray matter worth $3 billion. Why
not use it more?
The more you use your brain, the better it
works. The main reason that we fail to get
good ideas is just a lack o f use. Our minds get
rusty and dull.
Louis Pasteur made some o f his greatest
discoveries after he had a stroke that des
troyed half his brain. Professor William James
said, “ Compared with what we ought to be,
w e’re only half awake. We’re making use o f
only a small part o f our mental resources.”
George Bernard Shaw wrote, “ Few people
think more than two or three times a year. I
have an international reputation by thinking
once or twice a week.”
Here are some ideas from the experts on
using that gold mine between your ears.
Write down some o f your specific goals in
life. When y o u ’ve listed them, read them over
often—think! Take notes. Jot down your
ideas before they escape. Share your ideas and
dreams. They may stir another person to
think.
Your mind is a valuable asset, better than a
computer. But y o u ’ve got to use it!
C o p yrig h t 1975, T H E B A N K V E R T I S I N G C O M P A N Y , 1300 Hagan, Cham paign, IL 6182 0

PROSPECTS FOR RECOVERY: Although
the econom y still is slipping and uncertainties
make forecasters jittery, better times are in
sight. What’s ahead looks like this—a bottom
ing out o f the slump this summer—then a
leveling o ff, followed by a long, slow grind
upward continuing into 1976.
This is based on the assumption that auto
sales and housing starts will perk up by mid
year. Here are some good signs: (1) Wholesale
prices—especially fo o d —are down a little and
retail price-rise has slowed, (2) Interest rates
are declining. (3) Tax refunds and rebates
along with higher unemployment insurance
benefits and an increase in social security
checks are imminent.
At the same time, burdensome business in
ventories are being sold down. Before long
factories are expected to be turning out more
goods for restocking store shelves.
TAXES ARE TOO H IGH -That is the real
reason behind pressure for a tax cut—and why
Congress is so willing to go along. Federal,
state and local tax collectors now take more
than a third o f every dollar o f income gen
erated in this country—37 cents o f every
$ 1 —w ith the federal government getting
$2.49 for every $1.21 that goes to state and
local collectors. The tax take is nearly nine
times what it was in 1944—up from $48 bil
lion to $423 billion. The average person
works about 3 hours every day to meet his or
her tax bill—more time than required to buy
food , clothing and housing.
CONSUMER-BUSINESS TRENDS-Census
bureau reports show that the average U.S.
household dropped to 2.97 persons in 1974.
This reflects the decline in birth rate plus an
increase in single-occupancy households. . . .
Retail store credit is getting tighter and some
firms offer incentives for cash.

5
> *

C A L L ON T H E “P ER FO R M A N C E TEA M ”

where comm on transactions are handled uncommonly well.
FIRST NATIONAL LINCOLN
13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C.

the application of Gamble-Skogmo,
Inc., for exemption from the Bank
Holding Company A ct’s restric
tions relating to nonbanking
activities and acquisitions.

Don Rainer,
Agricultural
Representative . . .

7*ry

Illinois News

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►

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Bankers Trust
Use our toll free WATS line: 800-362-1688

COUNTRYSIDE: A charter has
been issued to the State Bank of
Countryside, 6801 Joliet Road.
T otal capitalization w ould be
$1,250,000, consisting of $500,000
in both capital and surplus and
$250,000 in reserves. Officers are
John C. Wheeler, chairman; David
J. Robinson, president, and Hen
rietta Pokrajac, cashier.
GIRARD: State Bank of Girard
has received permission to establish
a motor facility at 113 North
Second Street here. It also has
eceived permission to exercise
imited trust powers.

t
»»-

wants to build a solid correspondent
banking relationship with you.

BELLEVILLE: Bank of Belleville
has received approval to exercise
full trust powers.

G LEN C A R B O N : C ottonw ood
Bank and Trust Company’s appli
cation for Federal deposit insurance
has been approved. Capital ac
counts of the bank total $1,000,000.
NORTHFIELD: An application for
a permit to organize The Glenbrook
Bank here has been filed. Total
capitalization would be $1,000,000.
RIVER GROVE: A charter has
been issued to the River Grove
State Bank at the corner of
Belmont and Thatcher. The state
bank’s total capitalization will be
$1,375,550, consisting of $550,220
in both capital and surplus and
$275,110 in reserve. Officers are
Nels E. Werner, chairman; Sal
vatore A. Lombardo, president,
and Donald B. Kaufman, acting
cashier.
ROMEOVILLE: An application for
a permit to organize BolingbrookRomeoville Bank has been filed.
P ’otal capitalization w ould be
*$1,500,000.

North Dakota News
The
N orth D akota Bankers

https://fraser.stlouisfed.org
Association will hold the 1975
Federal Reserve Bank of St. Louis

Consumer Credit Conference at
Andrew’s Steak House in Rugby
April 10-11. Registration begins at
4 p.m. Thursday, April 10. Some of
the topics of discussion include:
“ Healthy Lease Operation,” “ Your
M istakes are M y P rofit--T h e
Trustee in Bankruptcy’s View
point,” and “ Legislative Review.”
Before adjourning March 26, the
North Dakota legislature passed
the EFTS enabling bill sponsored
by the North Dakota Bankers
Association. Purpose of the bill was
to permit North Dakota banks to
compete with S&Ls granted powers
by the FHLBB, as well as with
national banks granted powers by
Comptroller James E. Smith to
operate unmanned teller terminals
at remote locations on an unre
stricted geographical basis.
DICKINSON: Richard Kingsley
has been named auditor at the
Liberty National Bank. He former
ly was a bank examiner for the

BETTER TALK TO A

DROVERS
MAN

BERNIE MILLER
ED RIETZ
FRED CUMMINGS

6th & Locust/
Des Moines, Iowa 50309

Federal Deposit Insurance Corpo
ration.
PARSHALL: Peoples State Bank
has received permission to exercise
limited trust powers.

Colorado News
LITTLETON: John T. Waltershausen has been appointed trust
officer of the United Bank of
Littleton, according to W. G.
Johnsen, president. He began his
banking career in 1963 with United
Bank of Denver.
SALID A: The Chaffee County
Bank’s application for Federal
deposit insurance has been ap
proved. Capital accounts of the
bank total $505,000.

M aybe you
should take
a fresh lo o k
at things.
Call and ask for
Gene, Ed or Jim
in our Banks and
Bankers Division.
712277-6517

At The M ost Experienced Agricultural
Financial Center In C h icag o.

PHONE (312) 927-7000

THE

DROVERS

N A T IO N A L B A N K O F C H IC A G O
47th and Ashland Ave.

Chicago, III. 60609

Member F.D.I.C.

Security National Bank

6th & Pierce Street, Sioux City, Iowa
D q w ntow n • M o rn m g s id e • Lf;f;ds
M em ber F D I C

—

„ , „ Call our
Bond Department
äSk
FUL
ING

For up-to-the-m inute,
a ccurate inform ation

C ommerce Bank
o f Kansas C ity

10th and Walnut
(816) 234-2000

Member FDIC

FINANCIAL ACT. . . .
(Continued from page 1)
a bill this year; sources on the hill
are not that optimistic.
The Administration-backed ver
sion would now continue the
present deposit rate ceilings and
rate differential between S&L’s and
banks for 5 lA years, then abolish
them. Originally, the White House
bill would have “ phased out” the
differential advantage enjoyed by
S&L’s over the 5V§ year period.
Even this revision to continue the
differential for 5 V2 years hasn’t won
S&L su pport. They want it
continued, while obtaining all the
other features in the bill advanta
geous to S&L’s and at the expense
of commercial banks.
These further advantages would
give S&L’s third party pow erschecking accounts, NOWs, and
credit card operations. Addition
ally, S&L’s would have lending
authority to include consumer
loans, real estate loans and
construction loans. Their invest
ment authority w ould include
investments in community welfare
and development projects, com
mercial paper, high grade corporate
debt, and banker’s acceptance on a
limited basis.
N ational banks w ould have
liberalized powers to make, real
estate loans and additional author
ity for community welfare and
development investments.

Walter Knowles
Vice PresidentManager
Bond Department
234-2458

Cecil Denton
Vice President
Government and
Municipal Securities
234-2450

WANT ADS
Rates 35 cents per word per
insertion. Minimum: 12 words

POSITION W A N T E D

Experienced banker, age 40, seeks
opportunity for broader responsibility
and advancement. Now No. 2 man in
$50MM deposit bank; responsible for
installment loans, commercial and real
estate loans, personnel and operations.
Will relocate. Write Box ASM, c/o
NORTHWESTERN BANKER, 306 15th
St., Des Moines, la. 50309.
POSITION A V A IL A B L E

Cashier—E xcellent opportunity for
someone with 3 or 4 years bank
experience. Replies confidential. Con
tact Chas. Ertzinger, 815/562-7071 (not
562-7171 as shown in March 24 edition).
BE YOUR AREA’S LEADING AG
BANK. Doane’s Farming For Profit can
fill a gap in your marketing program.
Send this exclusive ag newsletter to the
best farmers in your area. For a free
6-month sample subscription, write: D.
R. Gorr, DOANE, Dept. 702, 8900
Manchester Road, St. Louis, Mo. 63144.

8 0 0 - 362-1615

POSITION W A N T E D

* 4

Young man, age 32, with extensive
experience in all phases (application
through closing) in mortgage lending,
and in special lending. Several years
with Minneapolis savings and loan as
loan officer, then manager of five
departments. Have BA degree in
Finance from Roosevelt University,
Chicago. Wish to enter commercial
banking. Have references. Will relocate.
Married, two children. Box SSI, c /o
NORTHWESTERN BANKER, 306 15th
St., Des Moines, la. 50309.

FOR SALE

Would like to sell N.C.R. Postronic and
N.C.R. Proof Machine for a Burroughs
Sensimatic Posting Machine. Pleasantville State Bank, Pleasantville, Iowa.
515/848-5741.
OUR SPALDING “Pin-Flite” GOLI
BALLS will keep your officer call
program up to par! The price of $7.13 per
dozen is possible because we have the
warehouse and the dough. Of course,
there is a slight catch. You must order 48
dozen at a time. Are you game?
Warehoused, so no samples. But you will
be so-o-o-o pleased. Bankers who know
buy from Bob! BOB TUCKER ASSOCIATES, BOX 1222, PT. ARTHUR, TX
77640. “ Since 1958”

-<*

^
B

BANK OFFICERS WANTED

Ready To Sell Your
Majority Bank Stock?
Write or Call:
J. Mason Henry, President
C H A R L E S E. W ALTER S CO ., INC.
P. O. Box 1313, Omaha, Nebr. 68101
Phone: (402) 553-6400

■PP
When
you need
■O k
a little help
i F t
call us on our
toll free
Correspondent Bank Department
wats number
Central National Bank & Trust Com pany
EDDIE A.
WOLF

Jim Peters
Asst. Vice President
Money Market Center
234-2219

WILLIAM B.
GREAVES

RUSSELL G. GREGORY S. GERALD B.
PLAGER
WOLFE
MURPHY

TR U S T— Head for$20MM Oklahoma bank........ $14,000
TR U S T— Missouri bank over $10 0M M .................$18,000
C O M ’L L O A N — S20MM west Texas bank. Some
trust experience helpful........................... $18,000
TR U S T— Mo. holding co. o v e r$ 2 0 M M ............... $20,000
TR U S T— Small dept, near Gulf C o a s t ................. $16,000
AGRI-LOAN — $20MM Iowa b ank......................... $15,000
IN STALLM EN T L O A N — $20MM west Kansas
b a n k .................... ^....................................$15,000
AUDITOR— Mo. holding co. over$200MMM .. .$18,000
C .E .O .— $17MM Kansas s u b u rb a n ..................... $20,000
SENIOR C O M ’L L O A N — $400MM Missouri
holding c o ................................................. $24,000
TR U S T— with investment exper. & J. D. degree.
Large holding co., N. D a k o ta ................. $18,000
C O M ’L LO AN (2)— $100MM Kansas b an k . . .$15-20,000
Applications completely confidential. This is just a
sample of some of the opportunities available in the
Midwest and Southwest.

"IT TAKES A BANKER TO KNOW ONE”

TOM HAGAN & ASSOCIATES
Box 12346, N .K .C ., Mo. 64116
(816) 474-6874

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