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A Trade Measure and Other Undented Optimism By NEA London Economist News Service BRUSSELS - (LENS) The recent visit by Secretary of Commerce Frederick Dent for a meeting with Common Market trade and energy officials had slightly other-worldly overtones. The increasing fallout from Watergate on American EEC relations and, in particular, on the American trade bill and the round of multinational trade negotiations that the trade bill is supposed to facilitate was undoubtedly in the forefront of everyone's minds. But it remained well in the background of their talks. Dent radiated confidence that the trade bill would be passed this year. Such confidence conflicts starkly with reports from Washington that enthusiasm for trade legislation is fading fast in the wake of the excitement provoked by the prospect of the possible impeachment of President Nixon. But if the bill does get through Congress, Dent seemed to discount, almost to dismiss, the possibility of a veto by the President because of Congressional amendments to its Title 4. This is the section written into the bill by the House of Representatives to link more liberal emigration policies in Russia and other communist countries to America's willingness to grant credits and most- favored-nation trade status to those of them that do not already enjoy it. Dent's remarks could be an important indication of presidential intentions. In the past Secretary of State Henry Kissinger, has threatened to recommend the veto of any bill that imposes conditions on Russia in return for American trade concessions, even if such a veto scuppered the trade negotiations. Time* Herald, Carroll, la. Tuesday, May 7, 1974 14 As Dent arrived in Brussels straight from Moscow it is possible that his words indicate some sort of understanding with the Soviet Union on this issue. They could also suggest that Kissinger has exaggerated the veto threat in trying to persuade the Senate to soften the House's Title 4 amendments. On agriculture, Dent was obviously very conscious of the still tender European bruises left by the abrupt Nothing in the Economy Seems to Tie Together Draws the Line — At least the owner of Chuck's service station in Portville, N.Y. isn't suffering a shortage of humor as this sign will testify. Complying with the many, and sometimes contradictory, guidelines Eight Break Out of Prison NEW YORK (AP) - Eight inmates broke out of the Rikers Island prison facility Monday night, commandeered a tugboat and forced the skipper to take them to the Bronx, police said. for gasoline sales. Chuck finally drew the line at being ordered to check license plates in accordance with New York's odd-even gas purchase program. Police said at least three of the prisoners were captured, but gave no details immediately. Riker's Island is in the East River just offshore of the South Bronx. The eight escapees scattered after they were taken to the Tiffany Street dock in the Bronx, police said. The breakout occurred at 9:05 p.m.. but was not detected immediately, they said. NEW YORK (AP)-After a long. hard, puzzling week, several prominent New York business economists, some of whom are inclined to depart early on Fridays, gathered instead for dinner and discussion. As one of them said. "We'd been comparing notes all week long and we didn't seem to agree on much. I'd been on the road a good deal and I just didn't understand other viewpoints and I think I should." To the distress of this economist and scores of others, nothing in the economy seems to tie together neatly. Frayed. loose strings are hanging everywhere and it's almost impossible to trace them to their source. For example: Joblessness in April dropped to 5 per cent of the labor force — from 5.1 per cent in March and 5.2 per cent in both January and February — when almost all forecasts were for an increase. If this was a recession, in other words, it certainly wasn't showing up in the unemployment figures. The nation's industrial output may have shrunk, but for debatable reasons the number of jobless dropped by 95.000. State Bank No. 925 : Consolidated Report of Condition of Commercial Savings Bank of Carroll in the State of Iowa and Domestic Subsidiaries at the close of business on April 24. 1974. ASSETS Cash and due from banks S 1.770.899.95 U.S. Treasury securities 2,745.095.97 Obligations of other U.S. Government agencies and corporations 1.049.415.05 Obligations of States and political subdivisions — 444.965.15 Federal funds sold and securities- purchased under agreements to resell 6.500.000.00 Other loans 8.466.918.16 Bank premises, furniture and fixtures, and other assets representing bank premises 42.998.29 TOTAL ASSETS 21.020.292.57 of LIABILITIES individuals, partnerships. Demand deposits and corporations Time and savings deposits of individuals, partnerships, and corporations Deposits of United States Government Deposits of States and political subdivisions Deposits of commercial banks Certified and officers' checks, etc TOTAL DEPOSITS $18.899.969.51 (a) Total demand deposits $ 9.975.003.41 . (b) Total time and savings deposits S 8:924.966.10 Other liabilities TOTAL LIABILITIES " RESERVES ON LOANS AND SECURITIES Reserve for bad debt losses on loans (set up pursuant to Internal Revenue Service rulings) .. TOTAL RESERVES ON LOANS AND SECURITIES 7.923.233.63 8.737.671.50 263.089.55 1.461.465.96 177.893.31 336.615.56 125.215.49 19.025.185.00 126.317.95 126,317.95 CAPITAL ACCOUNTS Equity capital, total 1.868.789.62 Common stock-total par value 200.000.00 (No. shares authorized 2,000) (No. shares outstanding 2.000) Surplus 400.000.00 Undivided profits 1.268.789.62 TOTAL CAPITAL ACCOUNTS 1.868,789.62 TOTAL LIABILITIES, RESERVES AND CAPITAL ACCOUNTS. 21,020,292.57 MEMORANDA Average of total deposits for the 15 calendar days ending with call date 19,404,359.24 Average of total loans for the 15 calendar days ending with call date 15,452,471.96 Unearned discount on installment loans included in total accounts ...'....'. 6,829.16 We Robert M. Moehn and James F. Kerwin of the above- named bank do solemnly swear that this report of condition is true and correct, to the best of our knowledge and belief. Robert M. Moehn, President James F. Kerwin, Cashier Correct—Attest: Patrick R. Moehn, Frank J. Liewer, Thomas C. Rogers, Paul Zimbeck, Directors. State of Iowa, County of Carroll, ss: Sworn to and subscribed before me this 3rd day of May, 1974, and I hereby certify that I am not an officer or director of this bank. My commission expires September 30, 1977 (Notary Seal) Mary Fehring, Notary Public. The various economic pieces are numerous as those in a jigsaw puzzle, but they don't seem to fit at all. Inflation rages, for instance, but labor so far this year seens less insistent than last year on big pay increases. And if there is a downturn in the economy, you certainly can't tell it by corporate profits. They're way up. And you'd hardly know interest rates are at historic highs, because capital spending plans are higher too. In fact, the latest survey by McGraw Hill indicates that business intends to spend 19 per cent more on improvements to plant and equipment than it did last year. That would mean a total of $119.1 billion, or $19.4 billion more. It is spending intentions such as this that have the Federal Reserve Board as anxious as it ever has been in years. imposition of export controls on soy beans and other farm products by the Nixon Administration last summer. He was almost contrite in promising that America would try to consult its trading partners in advance if such restraints ever proved necessary again. And he sought to reassure Europeans that America would prove a reliable supplier this year. This optimistic forecast is based on •a reform of America's agricultural policy that moves away from the old system of maximizing production. The new policy has brought about 50 million extra acres of land into crop production during the past two years — an addition of about 15 per cent to total American acreage, and equivalent in itself to more than France's entire arable land and to two-and-a-half times Germany's. Dent told the commission that he expects a record harvest, big enough not only to satisfy demand from European customers but to rebuild American stockpiles. But he left himself an escape route. It all depends on the weather. And what he did not say is that America's entire arable land area is now, for the first occasion in modern times, in production. There are no more idle acres — unless entirely fresh ones are to be reclaimed from the desert and scrub — to put under the plough after this. TEEN LINE An additional private line ends frayed tempers, missed calls. Order from your telephone business office orask any telephone employee. I Northwestern Bell Most people who have high blood pressure dorit know it But their hearts do. It's been called our most ignored disease. 25 million Americans have it and half of them probably don't know it. A lot of them are going to find out about it when they have a heart attack or stroke. When it's too late. And that's too bad. The control of high blood pressure is the easiest and most effective way to control heart disease and stroke deaths known today. Finding out about your blood pressure takes only minutes and can add many years to your life. Bringing it down to safe levels is usually a matter of medication. Have your blood pressure checked as soon as you can before something serious tells you it's too high. We care. Blue Cross® Blue Shield® of Iowa ® Des Moines/Sioux City •Registered Mark Blue Cross Association ^Registered-Service Mark of the National Association of Blue Shield Plans j BETTER HEALTH IOWA. WE CARE.