Galesburg Register-Mail from Galesburg, Illinois on July 12, 1973 · Page 17
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Galesburg Register-Mail from Galesburg, Illinois · Page 17

Galesburg, Illinois
Issue Date:
Thursday, July 12, 1973
Page 17
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Bob Huddle's New Outdoor Studio Opens Huddle Studio, 715 W. Losey St., recently opened its new outdoor studio, the first of its kind in Galesbufg. The all-weather studio utilizes the "riofthetn skylight" principle, which is rtiade possible by a special translucent, white canopy roof. This type of setup prevents direct sunlight and gives a northern skylight effect, said Robert Huddle, owner of the studio. With the modern trend toward outdoor portraitures, Huddle said the new outdoor studio has a variety of different environmental backgrounds, such as stone walls, barnboards and plants. The studio also has settings for bridal pictures and family portraits. Huddle Studio set an all-time record for the number of weddings photographed in June. Holt Attends Distributor's Conference John Holt, president of P.H.C. Supply Co., 515 S. Seminary St., returned recently from Devils Gap Lodge near Kenora, Qnt., where he participated in a planning conference for distributors of home heating and air conditioning. The conference is called annually by Coleman Co., Inc., to study trends in product development and marketing of home comfort equipment. Distributors at the meeting foresaw few problems for the home owner beyond an occasional "brown-out" and spot shortages of heating fuels. Neiilher is expected to prove serious. More homes will be air conditioned this year than ever before and the outlook is for the upward trend to continue, C. R. Henry, Coleman executive vice president, told the distributors. READ THE WANT ADS! Bankers Opposed To Indirect Tax WASHINGTON -* the pensioners, surviving spouses and savefs of America should not have to pay for special supports for brokerage firms, a spokesman for the American Bankers Assn. testified here last week. Thomas C. Theobald, executive vice president of the First Na* tional City Bank of New York, said if Congress judges such support is necessary, consideration should be given to provid* ing it in the form of cash subsidies rather than indirect taxation upon those people who have chosen a cooperative approach to investment. Theobald told a House hearing the ABA was opposed to the Security Industry Association proposal calling for a return to fixed brokerage fees over $300,000. The SIA, he said, cJaim such fees are necessary to keep the brokerage firms healthy. Even if some brokers have not yet learned to deal in a competitive environment others obviously have, he said. "Even in the worst quarter cited by the SIA, the first quarter of 1973, the majority of firms reported a profit," he added. The trust departments, mutual funds, pension and other separate "saving pools" that the SIA classifies under the oversimplified monolith "institutions" invest money for tens (fottjbuffl Reg!,$llf u MoJI, Go.esburg, 11 Motorcycle Shop Opens Dom's Sport Qenter, 1700 Grand Ave., has opened its new Kawasaki motorcycle shop. Construction of a 5,000-square- foot addition on the east side of the sporting goods store is near completion, Pete Calderone, manager of the cycle shop, said tooay. All structural work on the addition has been completed. While the grand opening of the new shop is tentatively set for fall, Calderone said the store's management decided to move the cycle department into the new addition this summer. The local Kawasaki dealer is offering 13 different styles of dirt and street bikes. Dom's Sport Center also has a factory- trained mechanic on duty at all time.. of millions of Americans, Theobald said. He also pointed out that these pools offer the advantage of professional investment advice often at lower broker fees. "A plaintive picture has been presented of the hapless brokers wlose commission rates are dictated by bank trust departments and other investors who invest these millions of dollars in savings," Theobald told the House Subcommittee on Commerce and Finance. "The reality is that dozens of brokerage firms enjoy revenues measured in the tens and even hundreds of millions of dollars," he said. Theobald pointed out the five largest publicly owned brokerage firms have revenues five times greater than the total trust income of the five largest banks. The only equitable solution to the elimination fixed commissions, he said, is institutional stock exchange membership. The ABA has frequently testified that its member bank trust departments do not actively s«ek to be stock exchange members. This position was taken because the association's members find it hard to reconcile the independence of a fiduciary investment manager with the potential conflicts that might arise from serving as broker to a managed account, according to Theobald. "For the same reason," he stated, "as well as to eliminate competitive inequality, brokerage firms should no longer be permitted to serve as both investment manager and broker to the same accounts." Theobald's statement was the second filed by the ABA concerning the Securities Exchange Amendments of 1973. The first ABA statement -filed April 23, 1975, supported the positions of the House Subcommittee, the SEC, and the Department of Justice, all of which favor the principle of competitive com missions. Plan Union Strategy Five men who will play key roles in the upcoming negotiations between the United Auto Workers end auto companies are pictured above. Leonard Woodcock, center, who is president Of the UAW, is flanked by four union vice presidents. UNIFAX Business And Industry Thursdoy, July 12, 1973 17 Coal Firms ! Are Seeking Exemptions WASHINGTON - Carl E. Bagge, president of the National Coal Assn., asked the Cost of Living Council, today to exempt long-term coal contracts from Phase IV price regulations on grounds that they are self-policing price stabilizers. Long-term sales contracts afe esssential if the coal industry is to expand to meet future energy demands, Bagge said in a letter to Dr. John T. Dunlop, chairman of the CLC. They give the coal producer the assurance of a market which he must haVe to obtain financing to install new mines, he said. Long-term contracts set '> a fixed price for coal except for clearly defined cost factors such as labor rates and supplies; these are covered by escalation clauses which are subject to negotiation each timo they ilire applied, Bagge said. Downtown Golesburg July Clearance! MEN'S UGHTWEMtMT SWTS Reserve District No. 7 State No. 70-131 CONSOLIDATED REPORT OF CONDITION of THE FARMERS and MECHANICS BANK of Galesburg, Illinois 61401 And Foreign and Domestic Subsidiaries, at the close of business June 30, 1973, a state banking institution organized and operating under the bankling laws of this State and a member of the Federal Reserve System. Published in accordance with a call made by the State Banking Authorities and by the Federal Reserve Bank of this District. ASSETS 1. Cash and due from banks (including $58,857.67 unposted debits) $3,835,432.85 U.S. Treasury securities 4,266,257.05 Obligations of other U.S. Government agencies and corporations Obligations of States and political subdivisions . Other securities (including $54,000.00 corporate stocks) 7. Federal funds sold and securities purchased under agreements to resell 8. Other loans 24,402,618.02 9. Bank premises, furniture and fixtures, and other * assets representing bank premises 478,528.75 Other assets 441 ,835 .01 881,745.79 2,396,428.09 54,000.00 1,200,000.00 13 14. TOTAL ASSETS $37,956,845.56 LIABILITIES 15. Demand deposits of individuals, partnerships, and corporations ......$11,100,995.62 16. Time and savings deposits of individuals, partnerships, and corporations _ — 17,347,746.84 17. Deposits of United States Government — 356,956.40 18. Deposits of States and political subdivisions — 4,883,044.46 20. Deposits of commercial banks 79,922.33 21. Certified and officers' checks, etc. 327,684.27 22. TOTAL DEPOSITS $34,096,349.92 (a) Total demand deposits ...$13,830,710.56 (b) Total time and savings deposits $20,265,639.36 27. Other liabilities 941,679.76 28. TOTAL LIABILITIES - — —$35,038,029.68 Were $ 75°° - $ 85°° Sale Priced $5988 Were Sale Priced $94 88 Were $ 89' 5 - $ 100 00 Sale Priced *69 88 Were $ 110°°- $ 120 00 Sale Priced *84 M Were M50°°-M60 w Sale Priced $ I14 88 ONE GROUP MEN'S SUITS SPECIALLY PRICED FORMERLY TO $100.00 GREAT SAVINGS Slight Charge For Alterations The CONTINENTAL Downtown Galesburg RESERVES ON LOANS AND SECURITIES 30. Reserve for bad debt losses on loans (set up pursuant to IRS rulings) - 281,382.73 33. TOTAL RESERVES ON LOANS AND SECURITIES 281,382.73 CAPITAL ACCOUNTS 35. Equity capital, total (sum of Items 36 to 40 below) _. 2,637,433.15 37. Common stock-total par value 800,000.00 (No. shares authorized 80,000) (No. shares outstanding 80,000) 38. Surplus , 1,000,000.00 39. Undivided profits 837,433.15 41. TOTAL CAPITAL ACCOUNTS (sum of Items 34 and 35 above) 2,637,433.15 42. TOTAL LIABILITIES, RESERVES, AND CAPITAL ACCOUNTS (sum of Items 28, 29, 33 & 41 above). . $37,956,845.56 MEMORANDA 1. Average of total deposits for the 15 calendar days ending with call date - 33,356,389.14 2. Average of total loans for the 15 calendar days ending with call date ..-.24,699,619.17 I, Larry Inman, Cashier, of the above-named bank do hereby declare that this report of condition is true to the best of my knowledge and belief. LARRY INMAN, Cashier We, the undersigned directors, attest the correctness of this report of condition and declare that it has been examined by us and to the best of our knowledge and belief is true and correct. (NOTARY'S SEAL) GUY ROUTH JAMES S. POWELSON C. F. HUNTER Directors SIZE 878 U BlACKWAll 2 FOR -40 Ptu» 51 .90 por litit F.C .T. and 2 old tires. fUS Barracudas. Chnvy Ms. MANT Novas, Cornels. Darts, falcons SIZES CIS 13,14BIACKWAU 2 FOR 41 Pki «S2.0Mo S2.11 par lire P.E.T. «r>d2otdt!r«i. ,I TS Challenge*!, Duster* IIAajy Hamblen, Falcons, Maverickt,Tamposti SUl H8 11 nt ACKWAU 2 FOR 44 flut 52.31 per lira F.C.T. and 2 old tiros. .... Camaros, ChaveDea, •liny Cougars. Mustangs, w Pairlanaa. Darts, 1 ifeblrds SIZES f/B-U, IS BIACKWAU. 2 FOR '45 Plus 02.50 to* F.E.T. and 2 old tire*. .... Ambassadors. Pryranrih*. Lilly CrMrr »lle«.F86s,Foro)*, mKm ' Tampans, Chavy* H7ESG7I-14,15IUCKWAU 2 FOR 48 Plus S2 67 to 52.73 per lira F.E.T. and 2 old tiros. FITS Cutlasses, Pontiaca, MANY Chevy 3. Dodgnt. fords, Plymouth* SIZES H /l -14, IS HACKWAU 2 FOR •52 Plus S2.34 to 52 96 par lir* F .li.T. and %*! tires. trr« Pontiacs^peciats, liii r Olds. Bulcks, Chryslers, Mercurys. T-Biida SIZES J70-I5. L7B-1S WHIiCWALlS 2 FOR , lil Plus 53.1210 53.31 par lk« F.E.T.and2oldt !res. tin Uukks, Chryolers. OUt, BJAjaT Cadillacs, Imperials, lirtcolns WHITEWALLS ADO $2.50 PER TIRE • FREE MOUNTING 0m aaaaefee* eat •/ imi ih*. asr» jaw rm a "feet efcee." MW «ai law alsltssfr«ieeetf>artaee'aik*. 4 CHARGE 'EM ^IQ^Q Pri<-».l n« ihown At Firestone Stores. Compelilively pritnl »l Firestone Dealers and «l sit service stations distillylng lliajjraejoneslgw^ FOLDING ALUMINUM PATIO CHAIRS J Ideal (or patio, » porch oi lawn Weather-resistant 6x4x4 two-ton* polypropylene webbing, blend* with any decor Deluxe one-inch square aluminum tubing EACH Limit 2 par customs* tt this pric* Additional •4.49 each VANS! PICKUPS! FIRESTONE TRANIPMT" TRUCK TMEI *lf!73 • uo.18 Black Tuba -Tyria Plus 12 .33»J ike oR your vehicle. • •-ply rated. inc pcopic onj people We're RADIAL TIRE Headquarters m 188 E. Simmons Ph. 343-3179 Let Us Service Your Car While You Work. Transportation Service to Your Work or Home. Mon, - Fri. 8 a.m.-5 p.m.; Sat, 8 a.m.-2 p.m. PLENTY OF FREE PARKING Read the Want Ads ROSEN BERRY TEXACO E. Main & Line Knoxville, 111. 289-2151 DAVE & ANDY'S 1-74 & E. Main 343-9477 JERRY'S TEXACO Martin & Monroe Abingdon, 111. 462-2784 TATE SERVICE STATION Seminary & Fremont 343-2018 SMITH & ALLEN 41 N. Kellogg 342-4413 BOUN MOBIL 631N. Henderson 343-1558

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