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New Braunfels Herald-Zeitung (Newspaper) - September 11, 1983, New Braunfels, Texas Business ttoraldZfitmit September OA Legislature must tackle million problem Business mirror AUSTIN AP A million problem in collecting taxes from Texas banks is an almost sure subject or the next legislative special or Whether Texas needs new laws or Just different methods of collecting the taxes will be the big On July 5 the Supreme Court ruled that federal such as Treasury bills and bonds owned by Texas are exempt from property That decision shook not only Texas banks but practically every Texas school district and other taxing Taxing banks federal securities is the major source of revenue from banks for local governments which live mostly on property The legal controversy began in 1980 when the American Bank and Trust and 51 other Dallas banks sued Dallas alleging the county was unlawfully taxing federal securities held by the According to the such taxation was prohibited by federal law that said federal obligations are exempt from state or local The Dallas district court originally held tor the but the Supreme after three finally sided with the the decision will reduce the annual tax collections of schools and other taxing entities by an estimated said a statement prepared by the Texas Municipal Of this cities will lose about Some authorities said the decision might void existing state laws authorizing local governments to tax any or all bankheld the Judgment was retroactive to After the suit was some counties and school districts put aside taxes collected from bank securities in escrow to await the final court Others did Localities that have already spent the bank tax revenue are faced now with two said the increase taxes or cut back spending to pay back the The impact mainly will be felt in major urban where most banks are The ruling does not directly affect savings and loan because they pay a state franchise tax on their which banks do I think that something will have to be done at the next whether its a special session or the 1966 regular said Stan D chairman of tlte House Ways and Means which would have first vote on any tax bill considered in a special It probably will be some sort of a franchise tax for collected by the state then returned on a pro rata basis to local Schlueter There are some problems with but I think we can do While the bank tax case was going through the the Texas Bankers Association backed un successfully in 1961 and 1963 a proposal to remove the bank securities from taxation and substitute a state franchise tax for banks that would not apply to federal We have not altered our said Leonard general counsel of the Texas Bankers There is no reason why Texas banks should be taxed differently from other Texas Passmore said if the law is not some banks with extensive holdings of federal securities would have zero Dollar contributes to unemployment NEW YORK AP If you take great pride in the strength of the which is to say its superior buying power in relation to other you might not have thought the issue This is especially true if you are because the dollars so often portrayed as a symbol of economic is a direct contributor to the high rate of domestic This strengthisweakness scenario is accomplished by making it difficult for American companies to price their exports and making it easier for foreigners to undercut producers in their home How many Jobs Hundreds of The Commerce Department says at least 20 percent of all jobs are tied to and since the trough of the recession late last year net exports have fallen by Which do you want A dollar that continues to rise in value or one that begins to lose some of its international buying power If you choose a stronger dollar you in express sup port for housing and other credit sensitive because a stronger dollar might mean a continuation of low inflation moderate interest If you choose a weaker dollar you will be siding with those who seek to make manufacturers more competitive in in ternational simply because a weaker dollar would mean lower price tags on Financial focus GNP important as an economic indicator By Stan Edward Economic as we have pointed are signposts which tell us the overall movement of our economy at a One of the major signposts or indicators is the Gross National Product generally referred to as the This is reported quarterly on an annual basis by the Department of The GNP shows the total current dollar value of new goods and services produced or purchased Its a good overall measure of our economic GNP is important because it shows the amount of direction of business and government spending and therefore helps estimate future business For if the GNP rises this would tend to indicate expanding corporate sales and hopefully increased A rising GNP would be a positive investing all things being There is also the Federal Reserve Board Index of Industrial This shows the combined physical output in mining and utility in The FRB Index measures activity in the most important basic industries like industrial chemical paper products and electrical and gas It shows us production and sales trends in the industries which produce over onethird of the nations and thus is a valuable There are other indicators of production trends in specific industries such as steel auto electrical power output and petroleum These are reported We could go on indefinitely but I feel the picture is It is possible to get a clear indication of trends in almost every sector of our of are just facts and They must be utilized to conclusions and investment decisions By RUSSELL STOLLEWERK SCHRIEWER ft ASSOCIATE INSURANCE AGENCY Q Will my homeowners policy provide tor legal defense and settlement costs lor Injury to another person which is alleged to be due to my negligence A In most yes There are certain You company will lor pay lor intended damages or injury to another Your homeowners policy also will not cover business liabilities Those should be covered under commercial insurance Your homeowners of will not provide such coverage lor injury or damages done by a motor vehicle This comes under the jurisdiction ol automobile liability Separate coverages may also be necessary lor marine property and liability il you own a large usually over 26 loot This is generally true ol boats with engines developing over 50 horsepower Witcher choice Waterdrilling firm uses traditional means to find water BOERNE AP Hugo Schwope tips back his hitches up his coveralls and directs his water witcher gripping it tightly in his work worn He waits only a few seconds sure theres a steady inexorable pull that ends with the contraption pointing straight at the he says Ive never been is one of about known water witchers in the United but his Godgifted talent has a rather unusual He drills water wells for a thousands of I always witch a water well before I he and Ive ever drilled a dry He founded Schwope it Sons water drilling com pany 35 years ago in this Hill Country about 25 miles north of San and it didnt take long for word to spread about his I enjoy doing he You feel like if you get people youre really being a big He discovered his he during the 1952 drought that parched the local Hill Country He began with the most rudimentary equipment a green forked wooden stick that folklorists say is directed to the water by the sap or refers to the practice of using a forked pendulum or similar device to locate underground minerals or other hidden or lost Schwope now uses a stick he bought in Florida many years ago for about and then jazzed up with bits of a broom plastic tubing and a which strengthens the rods A sixinch vial on the sticks tip holds whatever substance Schwope is ferreting out gold or We had a guy come here out of Houston and Id just like to see that work Schwope He put a Kruggerand under a Styrofoam cup and lined the entire road with I put some gold in the tip of my walked right to that one Krugerrand and made a believer out of he Schwope has four but only one is God gifted with dowsing he Very few people can do he and a lot of people flat just dont believe Skeptics insist that dowsers unconciously move the rods and that its unusual to drill a hole and not hit at least a trickle of One of Schwopes former a Jehovahs was deeply disturbed by his boss unor thodox method for seeking Schwope He if that aint then I dont know what Schwope He said it was the work of the He didnt mind if I did but he didnt want to be around when I Schwope said he even relied on his witcher when he was hired by the state of Texas to drill two water I told these two state I know youre engineers and you probably went to college and you probably wont believe this but he I witched and one of the wells we drilled pumped 450 gallons a References to witching date back to the in a passage where Moses strikes a rock with a rod and water gushes It wasnt until after 1675 that dowsing began to be mentioned in connection with witches and Theres even an American Society of headquartered in but Schwope doesnt He doesnt want to be scholarly about For it End of Its certainly not something I think he I just do And I dont charge for the wit I feel like if I charged for Id lose If youre gifted enough that you can do then you ought to do it for Hearing Aid Center 615C W Hwy 81 Kroger Shopping Plaza 6291561 NEW BRAUNFELS ONLY HEARING AID OFFICE When you buy your Hearing Aid from we will be here to give you Announces Hearing Aid Workshop September 12 thru September 17 Phone 6291561 For An Appointment FREE HEARING TEST Im no deaf 1 just cant understand sonic NO CORDS NO TUBES NO WIRES Special Price ALL TYPES OF HEARING AIDS Allmthe and Body No one knows when bull market will awaken NEW YORK AP Wall Streets bull market is showing signs of stirring again after a summerlong But analyst arent certain just yet whether it is ready to wake In the past few the Dow Jones industrial average has edged close to the record highs it reached in But the latest rise in stock prices has been for the most with trading volume running relatively light and only a few doien of the mare than issues listed on the New YorH Stock Exchange reaching new 52week There has been some nearterm improvement in the Stan a specialist in technical analysis of market told readers of his letter The Professional Tape Reader early this but not enough by far to give the all clear for the intermediate term From the viewpoint of marketwatchers who fundamentals such as the economic one important plus of late has been a slowing in the growth of the money supply Most agree that this development his improved chances for lower in ternet retee in the months A surprise decline in the money supply reported by KM federal Reaerve just before the Labor Day Weekly Wall Street weekend was cited as the major force behind the advance in stock prices over the past The New York Stock Exchange composite index gained to and the American Stock Ex change index was up at Big Board volume averaged million shares a against million the week Stockmarket activity of late has moderated in step with a slowdown in the pace of the economic Somewhat like a apace vehicle attempting to successfully launch into the proper the economy is endeavoring to slip into just the right trajectory without falling short of the mark or overheating and burning observed Lee research director at the brokerage firm of Dean Witter Reynolds As the efforts by the Federal Reserve and other policymakers to guide it he most investors have taken to the sidelines to watch the New Braunfels National Bank Employee of the Month Dianne Gregg Supervisor of DriveIn Tellers Has been selected by her fellow workers at New Braunfels National Dianne was selelcted for her outstanding contributions and Come through the DriveIn and introduce yourself to She will be more than happy to give you superb banking Dianne Gregg 1000 Walnut 6258587 Texao
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