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► k K * •i A B A Endorses “6 to 10 Percent” Tax Hike The American Bankers A sso ci ation has announced its support for an across-the-board increase in corporate and individual income taxes, provided that substantial reductions, are made in nondefense spending. In testimony before the House Ways and Means Committee, ABA President Jack T. Conn said the rate “ should range from 6 to 10 percent and that the percentage of increase should be measured by the decrease effected in non defense spending and a better and more timely evaluation of the predicted economic boom.’ ’ The ABA officia l further stated that the increase for both corpo rations and individuals should become effective October 1, 1967. The text of Mr. Conn’ s state ment follow s: “ The American Bankers As sociation endorses an across-theboard increase in income taxes to be applicable after all tax credits for corporations and indi viduals. The soaring costs of the Vietnam War with attendant bur geoning of the Federal deficit make such legislation imperative. Failure to enact an increase would result in further inflation, place an almost intolerable burden on the Treasury, threaten a return of tight-money, weaken our balance of payments position and jeopar dize the soundness of the dollar. “ This endorsement is condi tioned upon substantial cuts in nondefense spending. There can be no justification in increasing the tax burden as a war measure and continuing nonwar related spending at present and proposed le v e ls . “ The ABA considers the rate should range from 6 percent to 10 percent and that the percentage of increase should be measured by the decrease effected in non defense spending and a better and more timely evaluation of the predicted economic boom. While business indices indicate an up turn the last part of this year and the first quarter of 1968, there are soft spots in the econo my, including the disappointing number of housing starts thus far this year. The percentage increase should not be so high as to effect a downturn of the economy, now sluggish in some areas. “ For the purpose of averting injurious inflation and aiding in reducing the current Federal budgetary deficit to sustainable proportions, the Association be lieves the increase should become effective October 1, 1967. We op pose making the tax increase applicable to corporations effec tive July 1. To impose the tax retroactively on corporations would not only be discriminatory but also inequitable in that it would impose a tax after the fact. “ This statement of position has been approved by the Admin istrative and Economic Policy Committees of the A ssociation.” NATIONAL NEWS KANSAS CITY, MO.: George D.Roy er, Jr., retired August 31 as vice president in charge of the exam ination department at the Federal Reserve Bank of Kansas City. LOS ANGELES: EdmundF. Schnieders, senior vice president and assistant to the chairman at the Security First National Bank, is retiring after 40 years with the bank. Mr. Schnieders began his banking career in 1922 in St. Louis, and joined the audit de partment at the Security First National in 1927. He was elected vice president in 1946, comptroller in 1949, to the bank’ s executive committee in 1956, senior vice president in 1957 and assistant to the chairman in 1962. SAN FRANCISCO: Byron G. Framsted has been promoted to vice president in the national division of the Bank of America. Mr. Framsted joined the bank in 1938 and has been assistant vice president in the national division for four years. In the N o rth w e st it's jfc Northwestern COMPLETE CORRESPONDENT B AN K SERVICE MEMBER Federai Deposit Insurance Corporation jÉ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4plsm« ^ PHONE 330-8123 Northwestern National Bank M a y we help you today? OF MINNEAPOLIS WORLD’S FINEST complete line of financial equipment from one reliable source. < Tom Horn John Diefendorl Gene Hagen. . . . bring the Security National Bank personal service to every correspondent. Personally! SECU RITY NATIONAL BANK r CEDAR RAPIDS, IOWA 52406 IOWA NEWS BATTLE CREEK: The First State Bank moved into its new building over the Labor Day weekend and will open Tuesday, September 5, for the first day in the new quar ters. Open house for the public will be held Sunday, September 10, according to Michael D. Mickelson, president and cashier. BETTENDORF: The Bettendorf Bank and Trust Company has elec ted William J. Bowe and Charles F. Wasker to the board of direc tors. Mr. Bowe is president of Bowe Machine Company of Betten dorf and Mr. Wasker is senior partner of Hanrahan and Wasker, Attorneys at Law, of Des Moines. CEDAR RAPIDS: Peoples Bank and Trust Company has made ap plication to the Federal Reserve Board to construct a drive-up bank ing facility and parking lot on First Avenue East, between 35th and 37th Streets N.E. COLESBURG: JosephC. Bolsinger, who had been a director of the Farmers S avings Bank for 44 years and president of the bank for 27 years, died suddenly at home. He was 88 years old. DES MOINES: First Federal State Bank has filed an application for erection of a drive-in bank and parking lot at 2nd and University Avenue in Des Moines. MISSOURI VALLEY: Two new as sistant cashiers have been named at Peoples State Bank. They are Paul J. Kovar and James F. Schwertley. Mr. Kovar has just retired as a Colonel in the United States Army after 27 years of service. He is an attorney and was in the Judge Advocate divi sion. His father is John Kovar, vice president and cashier of the bank. Mr. Schwertley is a native of Missouri Valley and has been employed the past five years at Western Electric Company in Omaha. SAC CITY: Harry J. Best has re signed as cashier of the Citizens Savings Bank to become cashier of the Community State Bank, Galesburg, Illinois. Promoted to cashier to succeed Mr. Best is Douglas G. McDermott, formerly assistant cashier and installment loan manager. Dudley L. Martens recently joined the bank as manag er of the installment loan depart ment. Mr. Martens was formerly with the Credit Bureau of McCook, Nebraska. WORTHINGTON: The State Bank of Worthington held open house August 29 to celebrate its 30th anniversary. Assets of the bank have increased more than 35 times to $3 million in the past 30 years, according to O. F. Tegeler, pres ident. NEBRASKA NEWS BEATRICE: James C. Cripe has been named a trust officer at the Beatrice National Bank and Trust Company. Mr. Cripe has been with the Internal Revenue Service for the past two years in the estate and gift tax field. BIG SPRINGS: Dan Mercer joined the staff of the Farmers State Bank September 1. ELWOOD: Marion Morgan, president of the First National Bank in Elwood and president of the Nebraska Bankers Association, resigned from his position as mayor of Elwood on September 1. Mr. Morgan Municipal Agencies 4 % Vi Bonds Personal Attention to A ll Your Correspondent Needs Invi AREA CODE / FARM CREDIT BLDG. O M AH A Inc • PHONE 345-2241 99 ÛÛ CALL 402 Stocks Bank Under the Big “ The Bank That Cares’ 341-8765 CENTRAL Member Federel Deposit Insursnce Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NATIONAL BANK AND TRUST COMPANY M ember Federal Deposit In su ran ce Corporation ♦ I I I V I ^ * ^ ^ I IVI U IM U U U M X - EDP Accounting with a Personal Touch has held the position for 28 years. * LYMAN: The Farmers State Bank has named Dennis Osmera as its new cashier. Mr. Osmera has been manager of the Scottsbluff National Bank’ s motor bank for the past three years. He succeeds Jerry Wharton, who recently resigned. MALMO: Richard A. Barry of Wahoo, president of the Malmo Security Home Bank, died recently at the age of 76. OMAHA: The new First Westroads Bank opened for business recently in a trailer at the Westroads Shop ping Center. The bank will occupy the trailer until its quarters in the shopping center are completed late this year, according to Darrell Green, president. Other officers of the new bank are Ralph Peterson, vice president, and Gary Frieden bach, assistant cashier. WAYNE: Funeral services were held recently for Herman Lundberg, 88, of Wayne. Mr. Lundberg had been chairman of the board of the State National Bank in Wayne for a number of years. MINNESOTA NEWS li AUSTIN: Walter Strangman, cash ier at The First National Bank of Austin, has taken the position of cashier at the Northfield National Bank. David L. Dämmen has been advanced from assistant cashier to installment loan officer at The First National. BROOKLYN CENTER: A1 Kowalczyk was elected vice president in charge of the installment de partment at the Brooklyn Center State Bank recently. Elected as sistant cashier of the bank to assist Mr. Kowalczyk was Neil J. ^ *r you get w hat you w ant | fy | w ! I0W A -D ES M OIN ES NATIONAL BANK George Harnagel BRANDON: C. L. Larson, pres ident of the Citizens State Bank, has announced the election of Paul Koep of Urbank to the bank’ s board of directors. ELY: George T. Somero has an nounced that Northwest Bancorporation has offered to buy not less than 85% of the stock of The First National Bank of Ely, of which Mr. Somero is president and major stockholder. S tockholders in First National would exchange their shares for shares in Northwest Bancorporation, if the Board of Governors of the Federal Reserve System approves the purchase. HASTINGS: Richard Greene has been appointed assistant cashier of the Northwestern National Bank of Hastings. Mr. Greene, who joined the bank in 1964, will continue his duties as auditor of the bank. MINNEAPOLIS: Harold Iverson, Thomas Eagan and Richard Geddes have joined the Minneapolis dis trict office of James Talcott, Inc. Mr. Iverson was formerly with General Electric Credit Corp.; Mr. Eagan was with the First National City Bank, New York, and Mr. Geddes was a national The myriad tools of modern banking . . . and men who know how to use them. ÌéI i Good reasons why ovor had the banks in Iowa are MNB correspondents so many ways we can help you W l V t MERCHANTS NATIONAL BANK K ID n o C edar R ap id s, io w a https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Member Federal Deposit Insurance Corporation Polaski. Mr. Polaski has been manager and supervisor with Associates Investment Company in Minneapolis and Denver. Peter Bailey Assistant Cashier * W e're here to help . I I'. mB A H iff |p . 1 *‘ c h i l l i 1 HiS |L 1 i l l ip | jjj .1 jp S c-tÿ/l H '• -’W" *1 1 Ils y bank examiner for the U.S. Treas ury Department. MINNEAPOLIS: Dennis Feist re cently joined the Third North western National Bank as a full service officer. He was previously assistant cashier and manager of the installment loan department of the Columbia Heights State Bank. MINNEAPOLIS: Herbert B. Wallin died last week at the age of 69. Mr. Wallin was manager of the safekeeping department of the Minneapolis Federal Reserve Bank. MINNEAPOLIS: Ed Erickson was elected cashier of the University National Bank last week. Mr. Erick son, who will head all the bank operations and personnel manage ment, joined the bank earlier this year. Walter Rafteseth was elected assistant cashier of the bank in the installment loan department. Mr. Rafteseth, who was formerly with the Security First National Bank of Los Angeles, will also manage the bank’ s new credit check operation. ------------------------------------------- \ Bank at the Financial Center of the Chicago Stock Yards B e rn ie M iller Io w a R e p re se n ta tiv e DROVERS N A T IO N A L B A N K of C h ic a g o P h o n e ( 3 1 2 ) 9 2 7 -7 0 0 0 J Jarry Parker is deeply Earnest If you're eornestly seeking better correspondent banking service, it's high time you got in touch with Jarry Parker and his associates at Commerce Trust. They don't fool around. For example, they see that transit mail is picked up 40 times a day at the main post office. Isn't this the earnest service you want and deserve? Call us soon. (ommerce Trust (ompany’ Kansas City's Oldest and Largest Bank Member Federal Deposit Insurance Corporation SAUK CENTRE: Ben DuBois, 82, retired executive director of the Independent Bankers A ssociation of America, and chairman of First State Bank here, is reported recu perating comfortably in Saint Michael’ s Hospital in Sauk Centre following surgery. Mr. DuBois, a founder o f IBAA, underwent sur gical amputation of his right leg August 12 in St. Paul due to a circulatory stoppage. WACONIA: Ben H. Hartmann has been named executive vice pres ident, and Wilmar Feltmann has been named cashier of the First National Bank. Both positions were occupied by Clarence H. Ortlip until his sudden death in July o f this year. Mr. Hartmann, formerly an assistant cashier, has been with the bank since 1930. Mr. Feltmann, also an assistant cashier, joined the bank in 1962. WAYZATA: David M. Bowman has been elected assistant cashier at the North Shore State Bank. Mr. Bowman joined the bank a year ago. SOUTH DAKOTA NEWS CLARK: M. J. McGillivray, pres ident o f the Citizens State Bank, has announced his retirement from the bank, effective September 1. Mr.McGillivray also announced the purchase of a majority of the bank stock by a group of Aberdeen investors. Mr. McGillivray helped found the bank in 1922 in Garden City. The bank moved to Clark in 1945. He will continue as in active president and director of the bank. RAPID CITY: Charles T. Undlin has been elected president and chief executive officer of the First National Bank of the Black Hills to succeed President and Chairman Harold Horlocker, who is retiring. Mr. Horlocker joined the bank in 1929, and was elected president in 1960 and chairman in 1961. In other action, L. C. Don aldson, vice president and a ssist ant manager of the bank’ s Sturgis office since 1957, was named to the same position at the Newell office. He will succeed to manag er o f the Newell office when F. J. Boettger retires from that post at the end of 1967. Duane D. Friez was named assistant vice pres ident and assistant manager at the Sturgis office. WYOMING NEWS CASPER: The annual installment credit conference of the Wyoming Bankers Association will be held September 14 and 15 at the Ramada Inn in Casper. COLORADO NEWS DURANGO: William N. Hurd, ex ecutive v ice president of the First National Bank of Durango, died in a Denver hospital following removal of a lung. Mr. Hurd, who was 67, had been in charge of the Durango bank operations for the past 12 years. your capital city correspondent gives you THE RIGHT COMBINATION T r for il fl Member PDIC a■ y ° ur correspondent banking ENGLEWOOD: Robert F . Clark, head of the trust department at the First National Bank of Engle wood, has been elected senior vice president of the bank. WANT ADS Rates 25 cents per word per Insertion. Minimum: 12 words. NORTHWESTERN BANKER 306 15th StM Des Meines, Iowa POSITION AVAILABLE $20 million eastern Iowa bank needs mature banker to fill execu tive position. Operations experi ence required. Salary open. Write in confidence to F ile CCX, in care of the NORTHWESTERN BANKER, 306 Fifteenth Street, Des Moines, Iowa 50309. FOR SALE Loan application forms for the modern agricultural banker. Sam ples on request. Farm Business Council, Inc., P.O. B ox F , Urbana, Illinois 6 1801. BANK OFFICER OPPORTUNITY Immediate opportunity for opera tions officer in rural $2^ million bank in Red River Valley. Some agriculture loan and insurance ex perience desirable. Good future potential. Send resume, picture and if desired, state salary require ments. F ile RRV, in care of the NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309. POSITION WANTED Specialist in overlines and cattle loans desires work. Offers years of banking experience. Intense desire to please. Backed up by staff of specialists in all phases of banking. For immediate action call Max Roy in Iowa City at 338-5224 or at La Salle National Bank, 135 South La Salle Street, Chicago, Illinois 60690. (Area Code 312) STate 2-5200. E X P E R IE N C E / K N O W L E D G E / S E R V IC E YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE. VAULT AND TIMELOCK EXPERTS National Bank of Commerce F. E. DAVENPORT & CO . P H O N E 3 0 8 4 7 7 -8 9 1 1 - L IN C O L N , N E B R A S K A 68501 O M AHA No. 1052 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 50tf per copy, $6 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address (Forms 3579), manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis