New Braunfels Herald Zeitung (Newspaper) - June 26, 1983, New Braunfels, Texas
Sunday. June 26,1983
This is what New Braunfels National Bank will look like following expansion
Hendricks joins NB National Bank
By JACQUELIN SMI1H Staff writer
O E “Pete" Hendricks had our of th** shortest retirements on record
He left (Im* administrative offices of tile Nev* Braunfels Independent School l>i.tr et .it noon last Wednesday, retiiing frmn a 17-year career as superintendent of that school district And three short flours later, Mendrit ks was in the offices of New Braunfels National Bank his new plat e of euiploynieiit
Silt* two yeai old Hendricks tuts joinetl Nev* Braunfels National as a marketing rcprenriHativt. according to an anriouia einent mad*1 Friday by bank president TI. Walker ami Herbert H Schneider, chairman of Hie board
In his new capacity, Hendricks will be responsible for * all asp**t is" of mar kelt riK. Bete will call un existing ami ptitential
customers to enhance communication," according to a statement issued by Walker.
Bank officials called a press conf creme late Friday afternoon to announce Hendricks* employment and reveal plaits for Hie bank's expansion to four times its curl ent sire. (See story, pan** IA i
Following this conference. Hendricks said he was anxious to get started" with his work at New Biaunfels National.
Banking will Im* a new field for the former school superintendent, who had been in public education for almost Bl years when he retired from NKI SD Huh week
In addition to his years of teaching and administrating in Texas schools, Hendricks had also taught in louisiana ami Mexico
Although Hendricks has been involved in education for most of his life, lus chosen field of study in
college was business and economics.
He holds a bachelor of science degree in business with a major in economics from louisiana Tech in Huston. I m. In addition, hr obtained a masters degree from Texas AAI University at Kingsville, once again concentrating on business and economic study.
Ironically, Hendricks first job after graduating from college during World War ll was that of being a bookeeper for a grocery store in louisiana
While at that job, officials from a school district in that area offered Hendricks a bigger annual salary ($1,750) if he’d come to work for Uiem as a teacher and as head coach and athletic director. Hendricks took the job and since that year 1943 stayed in the education field
Until this week
O E. "Pete" Hendricks
Tax-exempt bonds offer an alternative for investmentWestPoint feels recovery effects
Recovery from the 1981-82 recession is clearly underway throughout most of the economy — including at WestPoint Pepperell, that company's chairman said.
“While we were able to maintain earnings during the recession, we certainly welcome the general recovery," J.L. linier noted rn reporting his company's third quarter earnings.
And that’s good news for New Braunfels, since the company, which operates Mission Valley Mills and the Iselin Plant locally, is the city’s largest employer.
“At this tune it is most evident to us in our carpet and rug business Consumers are more inclined now to commit for larger ticket purchases and demand for more carpet should come soon from the increase in housing starts occurring over the last six months," limier said Third quarter net inc of ne of $14 7 million or $1 43 per share for the period ending May 28 was a “new quarterly record, six percent more than the previous high of $1.37 reached tlx* same period of last year," said lamer.
Sales for the quarter of $320 million were up ll percent.
“Sales increased in all business segments but Hie most significant gam was in household fabric sales which reflected continued growth in bed and bath products at good margins and a nice recovery in carpet volume and profits," he noted Profits and sales of knit apparel fabrics were up sharply in the third quarter, however, woven apparel
markets — except for heavyweight denim — remained generally weak. Industrial fabric sales were up for the quarter but margins and profits were off substantially from last year.
Sales for the first nine months of $881 million were up about five percent and net income of $35.7 million was 12 percent ahead of the same period of fiscal 1982 Rattlings per share of $3 48 compare with $3 16 last year.
“Growth in sales and earnings this year is from bed and bath products, carpets, and knit apparel fabrics," lamer said “Sales of woven apparel and industrial fabrics are below last year and profits from these lines for the first nine months are down significantly.
“However, some improvements in prices and demand for industrial fabrics and for selected woven apparel goods is developing which should yield better profits from these items in the fourth quarter and into fiscal 1984. ” he added
lamer is expecting his firms carpet profitably to improve further by the "consolidation of all manufacturing in our two plants in Dalton, Georgia The City of Industry, California, carpet plant will be* sold in the fourth fiscal quarter of this year.
“Even though we are facing higher raw material costs for cotton and certaui synthetic fibers and yams, we expect fourth quarter results to surpass the $1.11 per share earned last year. It should be another record year for WestPoint Pepperell," lamer concluded
Bank's parent firm declares dividends
Texas Commerce Bancshares, Im* , has declared its 246Hi consecutive quarterly dividend of 32 cents per share to be paid July I to cotiunon stockholders of record as of June IO
This dividend was declared as a result of the company's reported earnings of $44 7 million for the first quarter of 1983 On a per share basis, earnings were $1 40, up 7 percent from
ti.31 earned in the first quarter of 1982
As of March 31.1983, the 59 member banks of Texas Commerce had consolidated total assets of $16 9 billion, total deposits of $12.7 billion and total loans of $9.7 billion
Texas Commerce Bank is represented in Central Texas by one bank each in New Braunfels and San Antonio and by two banks in Austin
By STAN CUNNINGHAM Edward D Jonas and Co
lf from oui pa st dis* uxsion on tax-exempt bonds you feel Hwy may fit into your investment plans pertiaps you may have some questions about them So, let s try to answer in very generic terms some of Ow most widely disc ussed uivestment features of Municipal Bonds
According to Ha* text fund.uiwitsls of Munu iftsJ Bot nil, publi bed by Hie investment Bankers Asoktatiun of Antrin a. Ha re are four outstanding investment features of municipal bonds;
I) Pie security of st* h bonds is generally cort.idered to be second only to bunds of the United States Government
21 The marketability of sui h bonds assures Hut an investor can always aril them if la* wishes to do so
ll Hie diversity of issues and maturities enables an investor to obtain Uatds issued by an issuer
loc ated iii tike geographical area of his preference and maturing at the time lie w istle**
4» Hie interest un such bonds is exempt from all present federal in* < cane taxes.
While municipal bonds are generally considered as second only lo Hie United States goveriunent in security, there are variations in Hie security behind different municipal lionds dependent un many factors.
It is therefore prudent on the part of any investor to consult reliable, professional assistance for advice as to what municipal bonds would best suit his investment need It is well worth your time lo investigate the U»nd prior to your investment
Just as you and I I lave a name, likewise each bond has a complete name Wlien a bond is quoted all Htese fat tors must be noted in order for us to know exactly which borid we prefer a I face amount and maturity; bl intel est rate, cl and type or purpose of bond We ll discuss these next weekBusiness mirrorThe 'little president'syndrome keeps growing in government
By JOHN CUNNIFF AP Business Analyst
NEW VORK (AF. - They hold minor titles and leave little official authority but they often exercise great power as "dedicated public servants," a self effac ing term that veils their true goals
They are the 'little presidents," the liobgobbna of heads of state such as Ronald Reagan and Margaret Ilia Ic her They have a consuming desire to be in charge and subservient to none, including the boss little presidents, says Eugene Jennings, who has studied them in corporate life, government, academe.
religious institutions, are attracted to power because they tee it aa life's ultimate value It is in government that they are must mischievous because they seek to formulate policy, says Jennings, a Michigan State University professor of business administration and confidential consultant to corporate
chiefs and occasionally to heads of slate.
They assume rights that constitutionally are limited only to the chief, and they hide behind the chiefs responsibility to the electorate, but are not accountable to the electorate themselves."
They are found on congressional
staffs, rn presidential cabinets and among ambassadors, he says, where they may x*,vk to dictate foreign policy because they believe they are more aware than the president The UIS government at Hus time is vulnerable to little presidents because, says Jennings, "it is so big and gangling and spread over to many
areas that it presents wide opal opportunities "
Jennings believes the Utile president syndrome is a rather common human trait.
Ambassadors seem especially vulnerable to the problem, ainee within their limited area they are a chief executive’s official spokesman.
New Braunfels ties another specialty business Automotive Street Owner Gene Saegert, doing what tie does best,
Audio, which specialties in cai sound systems and equip prepares a radio unit for its installation into an automobile
merit and then installation, has opened its doors at 358 tar Ida The firm specializes in custom installation