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Recommends 5-Point Plan For Economy . . . delivered earlier this month before the First National Bank of St. Louis Correspon dent Conference. Considering where we stood early in the year, we have made very encouraging economic progress in recent months. In charting our economic policies for 1975, we originally believed that a recovery would begin by midyear if three fundamental objectives were achieved: (1) The heavy accumulation of inventories was liquidated and new orders began to increase. (2) Consumers’ real income were increased by reducing the double digit inflation and cutting taxes. (3) Employment began to in crease rapidly enough to reduce the unemployment rate and strengthen consumer confidence. Fortunately, all three of these adjustments have been achieved and the recession bottomed out during the spring. We are now in the midst of a healthy recovery—a recovery that can be sustained if we follow sound, hard-headed policies. Five Point Plan To keep the recovery on a reasonably steady upward curve over the long-term, to avoid a resurgence of double-digit inflation, and to strengthen consumer con fidence still further, let me recom- -y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis mend a basic five-point program for the future: First, we must maintain consist ent, steady economic policies in Washington—policies that take account not only of our short-term William E. Simon Secretary of the Treasury Washington, D. C. needs but, more importantly, en sure that we build soundly for the future. This means we must avoid the stop-go government actions and turn our backs on short-run expediencies. Second, as the recovery pro gresses, we must control the growth of Federal spending, work ing our way back to a balanced Federal budget and then actually achieving a budgetary surplus— something that we have done only once in the last 16 years. This would help to eliminate inflation and free up funds for private needs. Let me say again, because this is so important: we must resist big new spending programs that drive-up prices again and put us into an even worse recession. Third, we must lift the heavy hand of the government regulators off private industry in this country, allowing the marketplace to operate more efficiently and at less cost to consumers. I would emphasize to you that this is not a pro-business position: indeed, some of those who have come to rely upon government regulation the most are those very businesses that are protected from competition by the regulators. So what I am advocating is a pro-free market stance, a pro-people posi tion, if you will, because—believe me—consumers will benefit more from a free market than anyone else. F ourth, we m ust tilt our economy away from the heavy emphasis we now place on Federal spending and consumption to a much much stronger emphasis upon savings and capital invest ment. If we are to meet our economic goals of the future—in cluding the creation of almost 20 million jobs in 10 years time—we must triple the level of capital investment in the future. This is ECONOMY................... .............. [Turn to back page, please] For straight talk on corre spondent banking, talk with Homer Jensen at CCB. We do your kind of banking. Des Moines' second largest independent bank. Main Bank East Fifth and Locust, Des Moines, Iowa 50309 515/244-511' A good correspondent bank relationship is still built by good people. Yours and ours. John Pothoven Assistant Cashier Fred Cummings Funeral services were held last week for Fred Cummings, 63, senior vice president, Drovers National Bank, Chicago. He had been with Drovers for 45 years. Golembe Associates Holds National Conference The impact of unrealistic con straints on the ability of banks to serve the public will be examined by a group of experts from govern ment, banking, consumerism and the academic community at a national conference at the Con tinental Plaza Hotel in Chicago December 8-9. The conference is being sponsored by Golembe As sociates, W ashington, D. C., hanking research and consulting firm. Four KEOGH Workshops Scheduled for December Four regional one-day work shops, designed to provide a com prehensive understanding of KEOGH retirement plans, have been scheduled for the first two weeks in December by the American B ankers A ssociation Call me toll free . . . 800 332-5991 - Merchants dfib National Bank 151 Christy Leo Bob Armstrong Kane Scott ‘We h a v e what you want in a correspondent bank’ American Trust Cedar Rapids. Iowa 52401 A BANKS OF IOW A'B ANK Sessions will be held Dec. 2 at the Dallas-Fort Worth Airport Marina Hotel; Dec. 4 at San Francisco’s H yatt on Union Square; Dec. 9 at Stouffer’s National Center Inn, Arlington, Va.; and Dec. 11 at the H yatt Regency O’Hare in Chicago. The sessions will begin at 8:30 a.m. and are expected to run until 4 p.m. Wille Resigns FDIC Post FDIC Chairman Frank Wille has announced his retirement from public service at the end of his term of office March 16, 1976. Mr. Wille said he has “no commitments or plans at this time other than to return to the private sector.” He said he notified President Ford of his intentions on October 17. Acquit Donald E. Lasater A Federal judge acquitted Donald E. Lasater, chairman and chief executive officer of Mercantile Bancorporation, St. Louis, of four counts of perjury in connection with a Federal grand jury investi gation of the personal finances of Warren E. Heames, former Mis souri governor. Iowa News The Iowa Bankers Association and Savings Bank 9TH AND MAIN, DUBUQUE, IOWA MEMBER FDIC-FRS will hold three question/answer workshops on Truth in Lending, Fair Credit Billing Act and Equal Credit Opportunity Act. Dates and locations of the meetings follow: Dec. 11 at the H yatt House, Des Moines, 9 a.m.; Dec. 11 at Buena Vista College, Storm Lake, 1:30 p.m. and Dec. 12 at the Ramada Inn, Waterloo, 9:30 a.m. The agricultural committee mar keting sub-committee of the Iowa Bankers Association will hold a one-day Hedging Workshop on Wednesday, Dec. 10, at Howard Johnson Motor Inn, Merle Hay Road, just off Interstate 80-35. Iowa B ankers Insurance & Services, Inc., will conduct semi nars on IRA and HR-10 plans as follows: Dec. 9-H arbour House, Storm Lake; Dec. 10—Ramada Inn, Waterloo; Dec. 11-Highlander, Iowa City; Dec. 12—Eddie Web ster’s, West Des Moines. Indica tion has been received from IRS that it will permit banks to accept deposits in establishing an HR-10 program on a custodial basis. Meetings start at 9:15 a.m. and adjourn at 3:30 p.m., and will cover these programs in detail, including SERVING PROFESSIONALLY Banking, Financial & Business Personnel Iowa and Nationwide C A P ITA L PERSONNEL SERVICE V il if .In c . IS A SERVICE COM PANY • We do verifications, inventories, lease in spections, floor plans. 2 0 4 Securities Bldg. 51 5— 283-2 545 Des Moines, Iowa 5 0 3 0 9 3011 Ingersoll Des M oines, Iowa 50312 515/274-2121 Don Rainer, Agricultural Representative . . . JOHN RODGERS WELCH Correspondent Banking Officer https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis wants to build a solid correspondent banking relationship with you. Bankers Trust Use our toll free WATS line: 800-362-1688 6th & Locust/ Des Moines, Iowa 50309 CALL ON THE “PERFORMANCE TEAM” I where com m on transactions are handled uncommonly well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. the necessary forms required to implement the programs. DES MOINES: Funeral services were held last week for Charles K. Grochala, vice president of Valley National Bank. He died of a heart attack at age 54. ed by Symposiums Inc., of Middleton, Wise. Topics will include public relations, money handling and basic tran sactio n s, group critiques of banking, security, cross selling bank services and check swindles. TIPTON: Robert Wethington, 46, farmer, has been named to the board of the Tipton State Bank. He fills the vacancy due to the death of Ralph Gaul, 71, a bank director since 1945. CLARKS: Bank of Clarks has announced the following promo tions: Elva M. Church to cashier; Betty Cook to assistant cashier and Terry Connick to security officer. Nebraska News The Nebraska Bankers Associa tion will hold three special Credit Conferences December 2-4 on the Equal Credit Opportunity Act, Fair Credit Billing Act and the Real Estate Settlement Procedures Act. They will begin at 4 p.m. and end at 9 p.m. Dates and places are: Tuesday, Dec. 2, Ramada Inn, Scottsbluff; Wednesday, Dec. 3, Holiday Inn, Kearney, and Thurs day, Dec. 4, Ramada Inn, Lincoln. The NBA also is sponsoring two Teller Symposiums in December. The sessions will be Tuesday, Dec. 9, at the Holiday Inn at Norfolk, and Wednesday, Dec. 10, at the Ramada Inn in Kearney. Each session will run from 9 a.m. to 4 p.m. The program will be conduct Minnesota News BIG LAKE: Jerry Green has joined the Citizens State Bank as vice president and chief loan officer. He most recently was president and chief executive officer of the new Shelard National Bank in St. Louis Park. BURNSVILLE: William L. Brummund has been elected chairman and chief executive officer of the First Burnsville State Bank. For the past 13 years Mr. Brummund has been with the American National Bank of St. Paul, most recently as senior vice president and assistant to the president. MENDOTA H EIG H T S: Mid America State Bank has changed its name to Dakota County Stato Bank. ST. PAUL: Gilbert A. Lord has been elected corporate audit co ordinator of American Bancorporation, Inc. He will coordinate the restructured audit functions for all affiliates of ABI except the American National Bank where James D. Cook will continue as auditor. North Dakota News BUFFALO: The Board of Govern ors of the Federal Reserve System has announced approval of the application of First Buffalo Hold ing Company to become a bank holding company through acquisi tion of First State Bank here. DICKINSON: The North Dakota Bankers Association will hold its agricultural Credit Conference De cember 3-4 at the Ramada Inn here. Personal Attention to A l l Y o u r Correspondent Needs NEBRASKA CALL TOL L WSJr Service innovations a re our business. W h y not m ake them yours? flNr A «1 1 Dorothea Wolfe Iowa-Des Moines National Bank iI3 M EM BER FEDERAL DEPOSIT INSURANCE CORPORATION FREE 800-642-9917 ADJACENT STATES CALL TOLL FREE 800-228-9511 M em ber FDIC US National Bank Omaha, Nebraska Get to know our Correspondent Bankers. Get to know: (left to right) Leon Winters, Harold Kinney, Bill MacMillan, Bill Fleming and Norm Burkepile. And let them get to know you. Then, when you need help with any of our services, you’ll get the help you need. Quickly and efficiently. C'NB , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis INC1! COLORADO NATIONAL BANK -,OfuuiuiSS 17th and Champa • Denver, Colorado 80202 • (303) 893-186: «>Si w UL NG COULSON CANNON AND LEWIS Three of our men on your side at Fred N . C oulson, Jr. ^ 234-2479 Tom C . C annon 234-2481 C ommerce Bank M em ber FDIC ECONOMY...................................... [Continued from page 1] one of the greatest challenges of our time. Finally, we must seek greater public understanding of the choice we now face as a nation: the choice between continuing down the road toward a centralized, governmentcontrolled economy or an economy in which freedom can still flourish in both our commercial and private pursuits. To make that choice wisely, it is imperative that the public better understand how our economy works best. I am an unabashed believer in this country—and especially in the principles that have made this country great. It is my deeply held conviction that the problems we have experienced in the last few years in our economy have not come because our principles and our ideals have failed; they have come because we have failed to live up to those principles. America is still a great nation, an incredibly strong nation that is driven forward by the simplest but purest ideal ever known—a belief in the dignity and liberty of every individual. If we can but restore that belief today, if we can make the individual and not the Government the object of our attention and support, then we can overcome all of the problems we have created for ourselves over these years. I hope that you will leave no doubt where you stand. When you need a little help call us on our toll free wats number 8 0 0 - 362-1615 EDDIE A. WOLF WANT ADS Rates 35 cents per word per insertion. M inimum; 12 words NORTHWESTERN BANKER 3 0 6 15th St., Des Moines, Iowa Edwin B. Lewis 234-2625 ik ^ o Telephone (816) 234-2000 , WANTED Ambitous young person to become loan officer for $14MM county seat bank. Agricultural or consumer lending back ground preferred. Write Box VWV, c/o NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309. FOR SALE OR LEASE WANTED Ideal temporary banking facility. Frame bldg. 12’ x 21’, wood paneling, carpeted, central air, furnace, rest room facilities, two complete Diebold drive-up window units, complete alarm system. Sale price $5,000. Will negotiate on sale or lease. Contact Joseph J. Essay, Cashier or Karl E. Dickinson, President, Gateway Bank & Trust Company, Lincoln, NB. 68505. Phone: (402)467-1188. Cashier. Some com’l loan experience helpful. Good opportunity in southern N ebraska. W rite Box VVV, c/o NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309. WANTTOBUY 1 NCR posting machine, Model No. A-2208 (635), serial number in the 50s and above. Call United Home Bank, Mason City, Iowa - Robert Grathwohl (515) 423-5642. POSITION AVAILABLE Excellent opportunity in east central Iowa in growing bank for loan officer. Some experience necessary; ag back ground helpful. Send resum e in confidence to Box VYV, c/o NORTH WESTERN BANKER, 30615th St., Des Moines, Iowa 50309. BANKERS PARTICIPATING f a a M p l i t H by $nM iAed ^Pe/wiceb, 3 n c. 545 - 31 st Street Des Moines, Iowa 50312 R.L. “DICK” S E LL O N **P .D . “ DUANE” DEVAULT WILLIAM B. RUSSELL G. GREGORY S. GERALD B. GREAVES PLAGER WOLFE MURPHY Correspondent Bank Department Central National Bank & Trust Company ■ ■ ■ WANTED Farm loan officer for $14MM central Iowa bank. Salary in middle 20s. Write Box XZX, c/o NORTHW ESTERN BANKER, 306 15th St., Des Moines, Iowa 50309. FOR SALE E 5400 Burroughs electronic posting machine with automatic reader; under maintenance agreement. Contact: Reed Elwood, Peoples Savings Bank, Elma, Iowa. Phone: 515/393-2301. TRUST OFFICER A trust officer is wanted to be the second person in a three officer $30MM trust department in eastern Iowa. Salary will be commensurate with background and experience. Send resume to Box DMT, c/o NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309. WANTED C.E.O.-$20M M Kansas b a n k ................................$25,000 C.E.O .— Large Bank in m idw est..........................$50,000 SR. COM’L LN— Mature dept, head with exper ience in 7 figure loans & supervision............ $40,000 CONTROLLER— Metro area, bank$65MM, pre fer CPA with 3-5 yrs. bank experience........... $20,000 LOAN & TRUST— Com’l loans & supervise small trust department in southern Kansas .$20,000 TRUST OFFICER— Eventually will head the department.........................................................$23,000 Female Clerical— Are you mobile? Experienced career banker? The market is open in many major cities through us. “IT TAKES A BANKER TO KNOW ONE” TOM HAGAN & ASSOCIATES Box 12346, N.K.C., Mo. 64116 (816) 474-6874 Voi. 4 No. 30 Northwestern Banker Newsletter is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25 cents per copy, $6 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579) manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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