The Hondo Anvil Herald (Hondo, Tex.), Vol. 80, No. 34, Ed. 1 Friday, August 26, 1966 Page: 2 of 12
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Page 2—Hondo Anvil Herald, Friday, August 26, 1966
Upped Prime Rate Tags Price Tags
By EDNA Me DADE
Last week, on August 16, the First National
City Bank of New York suddenly made 'prune
[ rate" a household term for persons who had lit-
tle idea of what it meant or what effect it
might have on the state of the country.
Since then, prime rate has come in for a lot
of news spread and may be found in headlines
previously top-heavy with implications of in-
flation, recession, and points between.
Readers have learned that prime rate is the
interest banks charge their corporation custom-
ers for short term loans so vital to the smooth
functioning of business. Readers are also learn-
ing that a higher prime rate eventually finds
rest for its percentage on price tags to the con-
sumer.
Since December of last year, when the
prime rate stood at a nominal 4 1/2 percent,
the recent rise to 6 percent as quoted by FNCB
of New York marked the fourth such increase.
This same bank announced that the new rate
is "intended to moderate the continuing extra-
ordinarily high loan demand."
Differences of opinion vary widely and have
been expressed by Secretary of the Treasury
Henry H. Fowler, who warns that it "threatens
to push up the cost of money again for every
borrower" and by bank executives and admin-
istration economists across the nation whose
considered opinions carry the weight of exper-
ience in any major financial situations.
Secretary Fowler explained that bank lend-
ing practices are determined by the banks
themselves, within the limitations and regula-
tions prescribed by any supervisory authorities.
Other major banks have followed the FNCB pat-
tern and announced like increases in their
prime rates.
LOCAL LEVEL
While the action of the nation's larger
banks is of general concern to all busihess,
the average depositor is more interested in what
goes on at the local level.
In Medina County, Hondo National Bank
serves the banking needs of its customers in
this county seat and the surrounding communi-
ties, with their predominantly agricultural e-
conomy.
In answer to the all-inclusive question
"What effect does this recent increase in the
prime rate have on the business needs of
farmers, ranchers, stockmen, industry,
raer-
Dance
SATURDAY NIGHT,
AUG. 27
Gun Club
31
2*?
DON
Music By
SMITH
AND HIS
WESTERN SWING
BAND
Shop
In
Hondo
And
Save!
chants, and the average checking-account de-
positor?", here are some opinions expressed by
the bank’s executives.
James F. Taggart, chairman of the execu-
tive committee, said: "Since prime rate is ap-
plicable only to the larger borrowers served by
the largest banks, the borrowers are usually na-
tional and international corporations. Prime
rate is therefore not established in rural bank
circles.
"However, any change in the going prime
rate must necessarily be absorbed by all outlets
for goods produced by the corporations now pay-
ing more for operating funds. In this manner,
if the price of cars, appliances, or any saleable
goods increases at the production source, every-
one concerned from the top middleman on
down must eventually feel the impact. Event-
ually, any price increase hits the price tag
which the consumer pays.
"The average checking-account depositor
part of your question," said Mr. Taggart, "is
affected by such price tags. It is a matter of
gradual absorption."
Regarding any increases reflected in current
interest rates in banks generally, Mr. Taggart
continued: "Due to the increased cost of the
money mar ket, every bank in the country must
add to their present interest rates in keeping
with sound business practice. Not even banks
can pay more and sell for less."
Having heard an individual who is in busi-
ness for himself boast recently that he did not
need a bank to borrow from as he had friends
who were glad to lend money and make the in-
terest themselves, I asked Mr. Taggart about
this angle. He said, "Any individuals who have
been in the practice of lending personal funds,
whatever the circumstances, should take a
good look at the economic condition of the
monetary situation before committing them-
selves to any loans at any rate of interest."
Henry M. Finger, assistant vice-president,
said, "Loans through our bank are still process-
ed individually and the same loan services are
available to our customers, adjusted to any
mandatory changes in interest rates. Our bank
feels a deep personal interest in its customers,
whatever the 'interest rate' on business trans-
actions.
"With the cost of living creeping up, as all
of us must recognize, it follows that commer-
cial banks must follow that trend. Business is
normal for this time of year with no noticeable
loss of activity in the loan department. Our
customers, so far, are aware of changes which
changing times make necessary."
Walter A. Bendele, president of Hondo Na-
tional Bank, is on vacation this week and was
not available for comment.
F.F.A. NEWS
GILT CIRCLE , ..... .
1 Pat Seifert has proven his ability to propes- >
ly manage a’hog breeding operation.Jlast Ocir*
ober Pat received a weaned gilt from the Hon-
do FFA chapter. This was one of the choice
gilts from the litter of pigs Tommy Stein had
from his chapter gilt. Tommy had bred h i s
Breshire gilt to a Yorkshire boar. All of the
pigs were white in color.
Pat Seifert is the son of Mr. and Mrs. John
Seifert of Bandera Route, Hondo. He had fat-
tened pigs for market in past years and used
his knowledge of hog management to grow
and develop his gilt. She was bred to a D'
Hanis FFA Duroc boar last spring. This summer
she farrowed 12 thrifty pigs. By following a
mp FOR CLASSROOM
SCHOOL OPENS
FLY
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is
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for
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and
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Last Call For
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Flacon Mist
All Popular
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Max ractor’i
SOPHISTI-
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Purse-size Perfume —
held by a jewel-eyed
black velvet cat.
Hypnotiqua — Primltlf
$1.75
The Perfect Accompeniment
for Outdoor and Patio Moals —
PATTY-
CANDLES
Insect-ropollont candles In
attractively decorated
flower-pots to roduco
the annoyance of mosquitoes,
gnats and all kinds of bugs.
$1.00
Pkg. of 4 Citronolta
CANDLES
59c
Dove Season Opens In Medina County
September 1
FLY S are ready with shooting preserve licenses — as well as
other hunting and fishing licenses.
i#I
HWY. 90 WEST PH. HA 6-2332
YOUR PRESCRIPTION PHARMACY
Professional
*
Directory
MY BEAUTY SHOP
APPOINTMENTS TAKEN
AROUND THE CLOCK
MIm Ivotyn A Mr. Francis
At Your Sorvico
KB
CASTROVILLB, TRXAS
MILLER INSURANCE
and REAL ESTATE
MR. mi MRS.
N. RRU MILLRR
1711 Avenue M HA (>114}
TRXAS
BOB BRITSCH WINS
STATE FARMER AWARD
Bobby Britsch, son of Mrs. Fannie J. Britsch
and the late John Henry Britsch, was recently a-
warded the State Far mer Degree on his broom-
corn projects. The requirements for the State
Farmer Degree specify that the applicant must
have earned a labor income (net profit) of at
least $500 from his farming business. T wo -
thirds of this amount must have been earned
from the productive project programs. Bobby
has earned S569J.6 labor income from three
years of broombdrn projects. During the 1964-
1965 school year he earned $475.46 from his
11-acre broomcorn crop. This year he is rais-
ing ten acres of broomcorn as his productive
project. This year's crop was baled last week.
In addition to,his productive projects, Bobby
has earned over $650 by custom work on the
farms and by hauling sand and gravel with his
truck. At the time of filing the application
last April, he had an investment of $1,308 in
farming equipment. He recently bought a
front-end loader to use in loading sand and
gravel on his trucks.
In FFA leadership activities, Bobby was ac-
tive each of his tfiree years in Vocational Ag-
riculture and FFA. He served on soil and live-
stock judging teams. He was also a member
of several farm skill demonstration teams.
Bobby's plan for the future include both the
military service and farming. He is consider-
ing the navy service at present. His plans for
the future include far ming in partnership with
his grandfather, John G. Britsch. Bobby is a
graduate of Hondo High School, class of 1966.
good feeding and management program Pat
now has 12 weaned pigs.
Soon another Hondo FFA boy will be pre-
sented a choice gilt from this litter to start his 1
part of the Gilt Circle. Under proper manage-
ment this boy should have another gilt to re-
turn-to the chapter next September. t
>V<yhe Hondo FFA jpliapter has operatqd4jc^-jh<lt, i
operative Gilt Circle since 1948 when two Du-
roc Jersey gilts were given to two FFA mem-
bers. Through the years some cross-breeding
has been followed in this program. Results
from certain studies show that hybrid vigor
gives greater results in livestock, poultry and
crop? when cross-breeding is followed. One
measure of success of a "sow pig operation" is
the number of pigs farrowed and the number
of pigs weaned. The weight of pigs at farrow-
ing and their ability to grow into good market
hog weights by six months of age is also used
as a measure in hog operations.
The FFA boys have shown good manage-
ment of their breeding gilts. There have been
some unusual results. The high'ey number of
pigs farrowed to chapter gilt was 14 with 12
pigs weaned. The smallest litter farrowed was
8 pigs.
As a part of the gilt circle agreement the
boy takes the weaned pig and feed and devel-
ops her to breeding age. The gilt is then bred
to an acceptable boar. After the litter of pigs
are weaned the boy allows the chapter to sel-
ect a choice gilt from his litter to be used in
continuing the Gilt Circle.
DR. M, S. DERANKOU
OPTOMETRIST
LEINWEBER BUILDING
For Apts. Call HA 6-2541
THURS.-FRI.-SAT.
DR. J. H. JENNINGS
OPTOMETRIST
Phone HA S-SSM
Less Waiting
By Appointment
Closed Mondays
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1602 Ave. M Hondo ftA 6*2132
S.JO to Q 1:30 to 5
Sat. B to 12 noon
Dr. Everett B. Vincent
CHIROPRACTOR
1SU Avenue K, Hondo
Office Pbooe HA 6-2511
RoMdenOe Phono HA 6-2612
Office Hours:*
» to 12 2 to 5:30
Itamday • to 12
Saturdays Ctaaad All Day
Medina County
Abstract Company
TMe Guaranty Policies
HA *-2142 ★ Courthouse
GEORGE L BROCKS
SPECIAL ARRIIT
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Raw 445 it OR 64634
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-a
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Across From The Courthouse
1510 Ave. M Hondo, Texas
i
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McDade, Edna. The Hondo Anvil Herald (Hondo, Tex.), Vol. 80, No. 34, Ed. 1 Friday, August 26, 1966, newspaper, August 26, 1966; Hondo, Texas. (https://texashistory.unt.edu/ark:/67531/metapth811007/m1/2/: accessed July 2, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Hondo Public Library.