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9* Steele: Farmers Face Crisis ,, McHenry county farmers attending a "crisis press conference" called by Illinois Agricultural association president, Harold Steele, last week agree with the tenor of Steele's presentation-that Illinois farmers do face the worpt crisis since the Great Depression. Steele held a series of five localized press conferences in an effort to generate maximum local news coverage, and farmers from each of the 97 county Farm Bureaus were asked to at­ tend so that news people present could interview farmers from their area and obtain local firsthand knowledge as to what Steele was stressing. Steele contends that unless the Carter administration acts promptly and ef­ fectively, the economic crisis will result in 15-20 percent of the farmers going bankrupt and food prices rising sharply. Charles Beard,•'Hebron farmer, raises hogs and says he's losing $25-$30 a head right now with no prospects of a turnaround very soon. "I think Steele's points are valid, and we've been let down by President Carter as Steele said. President Carter promised farmers would not suffer as a result of the embargo but in fact grain prices have dropped con­ siderably and livestock prices have tumbled. "Illinois is the nation's biggest export state, so Illinois farmers are hit hardest. Steele said 15-20 percent of the farmers in the nation could go bankrupt and added the percentage in Illinois might be higher." Clarence Aavang, Huntley farmer, agreed that President Carter should SING AT CHURCH-MOODY MEN'S GLEE CLUB-The Moody men's glee club of Moody Bible institute, Chicago, will sing at the Wonder Lake Bible church, 7500 Howe road, Wonder Lake, Sunday, May 4, at 6 p.m. Comprised of students from the Institute, the group is conducted by Robert Iler. They tour in the United States twice each year ministering to various churches across the nation. The men also toured Hawaii in the summer of 1975. The men's repertoire includes classical selections, traditional and contemporary church hymns, and gospel songs. "Psalm of "Praise" a stereo recording by the men's glee club, has recently been released by Ajloody [Records. ^ REPORT OF CONDITION, CONSOLIDATING DOMESTIC SUBSIDIARIES OF THE First National Bank of McHenry IN THE STATE OF ILLINOIS, AT THE CLOSE OF BUSINESS ON MARCH 31, 1980 PUB­ LISHED IN RESPONSE TO THE CALL MADE BY COMPTROLLER OF THE CURRENCY, UNDER TITLE 12, UNITED STATES CODE, SECTION 161. CHARTER NUMBER 15765 NATIONAL BANK REGION NUMBER SEVEN. ASSETS Thou, of dollars Cash and due from depository institutions 1,662 U.S. Treasury securities. 2,911 Obligations of other U.S. Government agencies and corporations 4,431 Obligations of States and political subdivisions in the United States. 174 All other securities 540 Federal funds sold and securities purchased under agreements to resell 2,380 Loans, Total 10,980 Less: Allowance for possible loan losses . 124 Loans, Net. 10,856 Bank premises, furniture and fixtures, and other assets representing bank premises 279 All other assets 245 TOTAL ASSETS 23,478 LIABILTIES Demand deposits of individuals, partnerships, ond corporations. 4,259 Time and savings deposits of individuals, partnerships and corporations 17,044 Deposits of United States Government. 3 Deposits of States and political subdivisions in the United States 566 Certified and officers checks :... 220 Total Deposits 22,092 Total demand deposits 4,507 Total time and savings deposits 17,585 Federal funds purchased and securities sold under agreements to repurchase Ill Mortgage indebtedness and liability for capitalized leases 3 All other liabilities 225 TOTAL LIABILITIES 22,431 EQUITY CAPITAL Common stock No. shares authorized 33,000 No. shares outstanding 33.000 (par value) 330 Surplus. . 375 Undivided prof its and reserve for contingencies and other capital reserves 342 TOTAL EQUITY CAPITAL. 1.047 TOTAL LIABILITIES AND EQUITY CAPITAL 23,478 MEMORANDA Time certificates of deposit in denominations of $100,000 or more 200 Other time deposits in amounts on $100,000 or more 240 Average for 30 calendar days (or calendar month) ending with report dote: Total deposits 22,146 I. Neida D. Rechisky. Cashier of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief. Neida D. Rechisky April 18. 1980 We. the undersigned directors attest the correctness of this statement of resources ond liabilities. We declare that it has been examined by us. and to the best of our knowledge and belief is true end correct. Ronald k. Graves, Marian H. Busse, M.J. Marty. Jr. Directors keep the promises he made concerning neutralizing the impact of the embargo. "I don't think Carter will call off the embargo even though Steele says that is one of his main points in a 10-point program. "I'm greatly concerned about the effect of the farm depression on our nation. If you take the basement from under a house it collapses and agriculture is the foundation of our United States. Many other jobs depend on agriculture. We can have a domino effect. "We can stand a little shakeout but right now not too much shakeout." Aavang believes the P r o d u c t i o n C r e d i t association and Federal Land Bank association - two f a r m e r - o w n e d c r e d i t sources-will go along and help farmers even though the farmer might have a f i n a n c i a l s t a t e m e n t reflecting a bad year. "I don't like what Russia is doing in Afghanistan. I don't agree with Steele when he declares the embargo is having no impact on Russia. I read the Wall Street Journal, and stories in that publication make me believe the embargo is having some effect. Argentina is not supplying as much grain as Russia needs, the Journal says." In early April Steele had contacted President Carter, urging a meeting between Carter and Illinois Farm Bureau state and county leaders to enable farmers to document their views on the seriousness of the agricultural situation. Carter , last week said demands of his schedule prevented such a meeting but as a result Steele and county Faipm Bureau presidents^ including McHenjry/ County Farm Bureau President Don Luerssen, met with Lynn Daft, Carter's agricultural adviser, on Friday. The meeting took place at Bloomington. Steele said he believes it is a case of misplaced priorities on the part of the p r e s i d e n t . W i t h o u t minimizing the seriousness of the Middle East crisis, Steele said, "I hope President Carter realizes that severe domestic problems, especially those facing farmers, are also important. "Farmers need and deserve the president's personal assurance that he is aware of our problem. He made the promise that farmers would not be ad­ versely affected by the grain embargo. He needs to tell farmers why it has taken so long for those promises to be kept in an effective way." At the press conference held at Rockford, Steele related details of an historic meeting-the meeting of all farm organization leaders of the various farm groups in Illinois. That meeting took place a day before this Rock- ford appearance. He said the farmer organizations unanimously support an Illinois Farm Bureau program designed to (1) minimize the adverse , impact of the embargo of grain shipments to Russia and (2) deal with inflation which has caused high production costs at a time of low farm prices. "Through the U.S. Department of Agriculture, the president has authority to do much of what we ask in our 10-point program, and he can do this without further legislation. "Farmers are in dire need of production money in order to plant their 1980 crops. It cannot be done by increasing g o v e r n m e n t s p e n d i n g . Farmers are caught in a cost price squeeze and face decreased income of 25 percent or more this year. "What would happen to the rest of the United States if people were told their salaries were being cut 25 percent?" Steele presented this 10- point program endorsed by a l l g e n e r a l f a r m organizations of Illinois. In order to minimize the adverse impact of the em­ bargo of 17 million tons of grain to the Soviet Union, we propose: 1. Lift the embargo im­ mediately. 2. Announce an immediate land diversion program to reduce 1980 grain production by 17 million tons. 3. Take actions to remove 17 million tons of the 1979 crop from the market. 4. Keep the grain the government now owns off the market until prices improve. 5. Expand foreign markets and PL480 programs. 6. Cut government red tape to expedite production of alcohol as fuel: In order to deal with in­ flation which has caused high production costs at a time of low farm prices: 7. Increase government, purchases of meat and meat products. 8. Cut federal spending i n s t e a d o f i n c r e a s i n g i t . Tight money and high taxes won't stop inflation. 9. Provide incentives to s t i m u l a t e A m e r i c a n productivity. In order to present a united front of ail farmers: 10. The farm organizations of Illinois have pledged themselves to work together to foster a united front to help themselves. • • * • The worker who al­ ways has a clean desk arouses our suspicions. • * • • If you live by high" principles, you won't have to tell many people. PAGE 9 -PLAINDE ALER - FRIDAY, MAY 2. I960 from HISTORY'S SCRAPBOOK DATES AND EVENTS FROM YESTERYEARS May 1, 1883 -- "Buffalo Bill" Cody stages' his 1st Wild West show. May 2, 1904 -- Bing Crosby, popular crooner of 1930's and 1940 s, singer and Oscar-winning film actor, born Tacomo, Washing­ ton. May 3, 1802 -- Washington, D.C., incorporated as a city by act of Congress. May 4, 1855 -- First hospital exclusively for women opens in New York City. May 5, 1961 -- Comdr. Alan B^Shepard, Jr., becomes 1st American to rocket into space. 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