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NOBXHWESTERN
l / J U U l i U l f f M JK J M.
' IS i
m
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S. E. Coquillette,
C h a ir m a n of th e Board
St a nl e y M oh rb ac he r, Vice President,
In s t a ll m e n t Loan D e p a r t m e n t
Joseph M cAndrew , Director,
M N B Electronic D a t a c e n t e r
Correspondent Banking is
Service
at The Merchants National
As an MNB Correspondent Bank customer you will enjoy the services
of an organization with the experience, knowledge and reputation —
to help you with any financial problem or situation. But even more
im portant, our bank uniquely tailors its services to your particular
problems and preferences. This personal service is no doubt one of
the reasons why over half of all Iowa banks are Merchants National
correspondents. If you aren't one of them , w e’d like to tell you more
about us. Just give us a call.
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Federal Reserve Bank of St. Louis
M E M B E R F .D .I .C .
*
H o w A n A le r t B a n k e r
L a n d e d Im p o r ta n t N e w B u s in e s s
Recently an officer of one of our correspondent
banks in a neighboring state spotted two sur
veyors sighting a field outside his town. Being
b o th com m unity-m inded and alert for new
business, he questioned them and learned th a t
a large Chicago firm had an option on the land
for a branch plant site.
The bank officer went right to work. He
called his friends a t The N orthern T rust, re
questing information about the company and
its plans. We immediately went to work, dis
covering th a t the Chicago com pany was a
highly desirable prospect for him. The pro
posed branch would be a source of substantial
new business in our correspondent’s area. How
could we help him obtain the new plant account?
A Northern T rust officer prom ptly called on
the Chicago company’s chief financial officer
and recommended the correspondent bank. At
the same tim e he arranged an early meeting
between the company treasurer and an officer
of our correspondent.
T he result? Our correspondent got the new
plant account, as well as the personal accounts of
many of the plant executives.
While we naturally can’t assure such an o ut
come every time, we always work closely with
our correspondents, placing at their disposal
our facilities and our staff—promptly.
Wouldn’t your bank benefit from such per
sonal service? I t will, as a correspondent of
The Northern T rust.
NORTH ERNTRUST
N O R T H W E S T
LASALLE
C O R N E R
AND MONROE
In th e H e a r t o f th e F in a n c ia l D is tr ic t • C h ic a g o , Illin o is • F in a n c ia l 6 - 5 5 0 0 • M e m b e r F .D .I.C .
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Federal Reserve Bank of St. Louis
4
the Irving takes your point of view
Pinpoint the areas o f interest that mean profit- ices, your Man at the Irving very often can help
able business to you— and you ’ll find a man at you develop new business contacts, advise you
the Irving ready to assist you. His flexibility in advance about businesses to be established
and experience in visualizing your needs can in a region, or introduce you to the man who
lead to expanded business opportunities for makes the decisions in a national organization
you and your customers.
— all with your best interests in mind.
To aid you further, he can draw upon the reConstantly traveling throughout the country,
sources o f Irving men familiar with operations Irving representatives are ready to work with
in many fields— Manufacturing, Public Utili- you. When questions arise, your Man at the
ties, Retailing, the European Common Market, Irving can be reached quickly and easily on his
Aviation or Commodities— just to name a few. own direct dial phone. Look upon him as a
And in addition to the usual banking serv- member o f your own staff and consult him freely.
IRVING TRUST COMPANY
Capital F u n d s o ver $155,000,000
G
eorge
A. M
urphy,
One Wall Street, New York ij, N.Y.
Chairman o f the B oard
N a tio n a l D iv isio n — H . M
W
il l e r
La w
der,
T o ta l Assets over $1,750,000,000
il l ia m
E . P e t e r s e n , President
Senior Vice President in Charge
M EMBER FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
N o . 897. N o r th w e s te r n B a n k e r is p u b lis h e d m o n th ly b y t h e N o r th w e s te r n B a n k e r C o m p a n y , 306 F i f t e e n t h S tr e e t, D es M o in es 9, Io w a . S u b s c r ip tio n 35c
p er co p y , $3 p e r y e a r. S eco n d c la s s p o s ta g e p a id a t D es M o in es, Io w a . A d d re s s a ll m a il ( s u b s c r ip tio n s , c h a n g e o f a d d re s s , F o r m 3579, m a n u s c r ip ts ,
m a il ite m s ) to a b o v e a d d re s s .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-v
'
5
M oves to C hicago Area
Jam es E. F letch er, a ssista n t vice
p resid en t of th e A m erican E x p ress
F ield W areh o u sin g C orporation, has
b e e n appointed
m an ag er of th e
C h i c a g o office
w i t h h e a d q u a r
te rs a t 208 South
LaSalle S treet. He
w ill be in charge
of th e firm ’s b u si
ness in th e G reat
L akes Region.
W ell-know n by
b
a
n k e rs of t h e
J. E. FLETCHER
m iddlew est, Mr.
F le tc h e r has been in charge of field
w arehou sin g activ ities for his com
p any in th e Iow a and N ebraska area
for 15 years, h ea d q u a rte rin g in Des
Moines.
Don Tracy, w ho has handled th e
com pany’s b u siness in th e D istrict of
Colum bia and M aryland area for th e
p ast four years, w ill succeed Mr.
F letch er in th e Iow a and N ebraska
area w ith h e a d q u a rte rs in Omaha.
C hase P r o m o te s 3 M en
The Chase M an h attan B ank in New
York has announced the prom otion of
th ree m em bers of its co rrespondent
b an k portfolio review division.
R alph W. B errey has been nam ed
a ssistan t vice p resid en t and H illiard
F a rb e r and D onald W. F o rsy th have
been m ade a ssista n t tre a su re rs.
O ld est F in a n c ia l Jo u rn a l W est o f th e M ississip p i
for your A P R IL , 1 9 6 2 , reading
68th Year
No. 897
EDITORIALS
18
A c ro s s th e D e sk f r o m th e P u b lis h e r
13
14
10
26
28
29
F r o n t i s p a g e — “ B o y ’s B e s t F r i e n d ”
F P R A R e g io n a l I s S la te d f o r C h ic a g o , A p r il 30
L in c o ln B a n k e r S u g g e s ts U . S. L e t T o u r is ts U se I t s F o r e ig n
C re d its
C u b a n B a n k e r B e g in s N e w C a r e e r in Io w a — A N o r th w e st e r n
B a n k e r Intervieiv w ith Rigoberto Aveces
4 W a y s G o v e rn m e n t C a n H e lp C a ttle F e e d e r — George H. Spence
M a n a g e m e n t S u c c e s sio n a n d S ta ff T r a i n i n g — P at DnBois
S B A S im p lifie s T e rm L o a n s T h r o u g h B a n k s —
30
33
F in a n c i n g A g r i c u lt u r e f o r th e F u t u r e
Im p ro v e C u s to m e r R e la tio n s w ith T h is E a s y 5 -P o in t P l a n —
34
A d v a n c e R e f u n d in g b y T r e a s u r y I s S u c c e s s fu l—
FEATURE ARTICLES
25
Logan B . H endricks
D avid A . Shern
R aym ond Trigger
INSURANCE
C o lle c tio n T e c h n iq u e s —-Rosser Long
K son don O p e n in g
STATE BANKING NEWS
M in n e s o ta
T w in C ity
S o u th D a k o ta
N o r t h D a k o ta
M o n ta n a
C o lo ra d o
W y o m in g
61
62
65
67
68
69
69
N ew s
N ew s
N ew s
N ew s
N ew s
N ew s
N ew s
71
72
74
80
85
94
N e b ra sk a N ew s
O m aha N ew s
N e b r a s k a G ro u p M e e tin g
P ro g ra m s A re A nnounced
L in c o ln N e w s
Io w a N e w s
D e s M o in e s N e w s
OTHER FEATURES
97
98
99
100
C o n v e n tio n s
In d e x o f A d v e r tis e r s
T h e B a n k e r s ’ M a r k e t P la c e
In th e D i r e c t o r s ’ R oom
NORTHWESTERN BANKER
304 15th S treet, Des Moines 9, Iowa, Telephone CHerry 4-8143
FO R M A L O PE N IN G cerem onies in
L o n d o n m a rk e d th e b e g in n in g of op
e ra tio n s o f C o n tin e n ta l Illin o is N a
tio n a l B a n k & T ru s t C o m p an y ’s first
b ra n c h b a n k o v erseas. T he o p en in g
m a rk e d th e e sta b lis h m e n t of th e
first o v e rsea s b ra n c h b y a n in la n d
U n ite d S ta te s b a n k . D a v id M. K en
nedy, rig h t, C o n tin e n ta l b o a rd c h a ir
m an, is show n g re e tin g th e b ra n c h ’s
first cu sto m er, d isc o u n t b ro k e r Ron
ald B. G illett.
Publisher
A ssociate Publisher
Clifford De Puy
Malcolm K. Freeland
A ssociate E ditor
Doyle Minden
Circulation D ep a rtm en t
Elisabeth Cole
Lena Sutphin
Field R ep re se n ta tive
AI Kerbel
Ben J. H aller, Jr.
A ssociate E ditor
W a lte r T. Proctor
A d ve rtisin g A ssista n t
E ditor
A u ditor
Bertha Soderquist
Field R epresen tative
Paul Masters
Frank P. Syms, Vice President, 550 Fifth Avenue, New York 34, JUdson 2-7124
Milton P. Bock, Vice President, 454 Baker Building, Minneapolis, FEderal 4-5357
DE PUY PUBLICATIONS: Underwriters Review, Northwestern Banker,
Iowa-Nebraska Bank Directory
Northwestern Banker, April, 1942
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Federal Reserve Bank of St. Louis
Bank Counter Equipment
Northwesfern Banker, April, J962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
pi
'in the Diebold Tradition
The same quest for product perfection that pro
duced the Diebold-Basic vault door and has resulted
in the finest bank equipment for more than a
century, is now embodied in Diebold Bank Counter
Equipment.
DIEBOLD
I N C O R P O R A T E D
Unique in its engineering and design, Diebold Bank
Counter Equipment fulfills your requirements today
. . . anticipates those of tomorrow through utiliza
tion of the modular concept. To this end, Diebold
Bank Counter Equipment accomplishes what we call
“ engineered teller efficiency” . . . does so within
a framework of good looks completely worthy of
your organization’s name and position.
New Diebold Bank Counter Equipment literature
th at conveys the scope, function and styling of this
equipment is now ready for you. Simply use the
coupon to secure your copy without obligation.
DIEBOLD,
INCORPORATED
Dept. B-123
Canton 2, Ohio
Gentlemen:
Please send me your new literature on
Bank Counter Equipment.
Name
Title
Company
Address
City
SAFE COMPANY
Zone
State
DIB-1896
In Canada: Diebold of Canada, Ltd., Toronto • Ahern Safe Co., Montreal
Northwestern Banker, April, 1962
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Federal Reserve Bank of St. Louis
8'
Ist ot K J . S ta rts A u tarnation
A U T O M A T IO N E Q U IP M E N T in s ta lle d a t th e F i r s t N a tio n a l B a n k of K a n sa s C ity in
cludes th is IB M R e a d e r R e co rd e r. I t so rts a n d re a d s checks a n d d e p o sit slips a t th e
ra te o f 950 p e r m in u te . I t w ill be in o p e ra tio n M a y 1. Show n w ith th e new m achine
a re T a y lo r S. A b e rn a th y , le f t, F i r s t N a tio n a l b o a rd c h a irm a n a n d c h ie f e x e c u tiv e officer,
a n d B a r r e t S. H ed d en s, J r ., p re sid e n t. T h ey e x p la in e d f e a tu re s o f th e new p ro g ra m to
200 c o rre sp o n d e n t b a n k e rs a t a m e e tin g in K a n sa s C ity la s t m o n th .
H E F irs t N ational B ank of K ansas
City w ill be the first b an k in the
M issouri-K ansas area to utilize an in
teg rated m agnetic tape com puter for
dem and deposit accounting, b an k offi
cials rep o rted early last m onth, as the
initial u n it of th e auto m ated complex,
th e IBM R eader Sorter, w as placed in
service.
In discussing some of the technical
details of the equipm ent, T aylor S.
A bernathy, ch airm an and chief execu
tive officer, and B a rre t S. H eddens, Jr.,
president, stressed th e fact th a t b ank
em ploym ent and advancem ent oppor
tu n itie s should increase th ro u g h addi
tional volum e and im proved services
m ade possible by autom ation.
As an exam ple, F irs t N ational
should be able to su sta n tia lly increase
its flow of tra n s it business th ro u g h
high-speed operations, th e y disclosed.
The b an k has been developing a staff
of autom ation specialists since 1958.
The 1412 R eader S orter w ill be used
p rim arily for posting checking ac
counts, co rrespondent dem and deposit
accounting, and tra n s it operations.
W hen connected to th e m agnetic tape
com puter, about May 1 n e x t m onth, it
w ill tra n sm it m agnetic ink data into
th e com puter for p osting checking
accounts.
The com puter, w hich w as scheduled
for delivery A pril 1, and read y for use
a m on th later, w ill store custom er
records on high den sity m agnetic tape
and tra n sm it th em into th e com puter
at a speed of 42,000 c h aracters per
second. It w ill process deposit ac
counting, savings accounting and o th
er related b an k accounting applica
tions.
A special featu re is th e co m p u ter’s
T
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
versatile p rin ter, capable of p rin tin g
rep o rts and custom er docum ents at
th e ra te of 1,285 lines p er m inute. It,
too, w ill be th e first p rin te r of its kind
in th e M issouri-K ansas area. The
v ersatile p rin te r w ill be a v ital ele
m en t in a highly advanced system of
tr u s t accounting, developed and tested
by th e tru s t d ep artm en t of F irs t N a
tional Bank.
U nder th is new system , all custom er
asset records w ill be m aintained on
m agnetic tape. Records w ill be u p
dated daily at a high rate of speed, al
low ing alm ost in stan tan eo u s access
to c u rre n t tru s t statistics. The v e r
satile p rin te r w ill th en provide m ore
clear and com prehensive statem en ts
th a n ever before.
N atio n a l Cash to U se NCR
The N ational Cash R egister Com
pany, w hich gave b irth to the term
“cash reg ister,” has announced th a t
in th e fu tu re it will identify itself
chiefly by its initials, “NCR.”
The 78-year-old com pany w ill con
tin u e to use its full corporate nam e,
b u t m any products w ill eventually
c a rry th e in itials “NCR” in a new ly
designed nam eplate. A dvertisem ents,
letterh eads, and o th er com pany m a
terial w ill also featu re th e initials
“NCR.” The new sym bol supplem ents
the tra d e m a rk ‘N ational” w hich will
continue to be used on certain prod
ucts and in certain countries.
The new com pany m ark w as devel
oped a fte r several m o n th s’ stu d y and
research. The letters “NCR” are of
m odern sans-serif design and each
le tte r is set off in a “box” to symbolize
th e m odular aspect of th e com pany’s
products.
IO W A
CEDAR RAPIDS
Le Febure Corporation
714 Oakland Rd. N.E.
W . J . Redmond
DAVENPORT
P. O. Box 434
M. R. Pearson
DES MOINES
2724 - 53rd St.
C. Hayward
MASON CITY
310 So. Taylor Ave.
G . H. Howard
MASON CITY
209 So. Kentucky
H. M. Kerr
SIOUX CITY
401 Queens Court
W. L. Drommer
«
*
SIOUX CITY
2134 Kennedy Drive
G . Vinson
MINNESOTA
MINNEAPOLIS, 24
5120 Danens Drive
D. Clark
MINNEAPOLIS, 10
3537 W. Fuller St.
L. Clark
ST. PAUL, 4
1821 University Ave.
D. A . Oie
ST. PAUL, 4
1821 University Ave.
G . A. Tauer
M ONTANA
HELENA
P. O. Box 448
J . J . Stonekinq
NEBRASKA
OM AHA, II
3915 Curtis Ave.
J . P. Car
SOUTH DAKOTA
SIOUX FALLS
P. O. Box 893
P. Tucker
<
Representatives through out
the United States and
many countries o f the
Free World
8
9
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The design of Chexpediter necessitates tie-up of
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Le Febure
Corporation
Cedar Rapids, Iowa
Le Febure is a
subsidiary of Craig
Systems, Inc.
Northwestern Banker, April, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10
T o Stem G old O u tflow —
i
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THAN
JUST
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Northwestern Banker. April, 1962
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Federal Reserve Bank of St. Louis
MAneoln H anker Suggests
Tourists Use Its C orei g n C redits
PLAN for providing at least a
p a rtia l solution to th e k n o tty bal
ance of paym ents problem w ith for
eign nations has been proposed by
B yron Dunn, ch airm an of th e N ational
B ank of Commerce T ru st & Savings,
Lincoln, Nebr. Basic elem ents of the
proposal have been accepted by the
U nited States T reasu ry and th e State
D epartm ent.
The plan provides for A m erican
g o v ern m ent em ployees, servicem en,
U. S. to u rists and businessm en to
m ake use of U nited States governm ent
credits in foreign countries instead of
paying additional A m erican dollars for
goods or services purchased in those
countries. In a n um ber of countries
th e U nited States w ill sell goods, es
pecially food, and receive “cred its” in
local cu rren cy instead of p aym ent in
dollars.
Mr. D unn’s proposal is for A m eri
cans, w h e th e r governm ent w o rkers or
p riv ate citizens, to use these “cred its”
w hile trav elin g or w orking in th e fo r
eign country. T his elim inates addi
tional dollar expenditures, as these
dollars in tu rn can be exchanged by
th e foreign nation for our gold. Mr.
D unn has been discussing this sug
gestion w ith T reasu ry officials for some
tim e and states it has been favorably
received. Mr. D unn w rote the following
re p o rt to the N orthw estern B a n k e r :
“Y ears ago w hen I found th a t a lot
of our factories w ere opening foreign
branches, I could see th a t we would
be losing our balance in export and
im port, w hich w ould affect our gold.
“I sta rted to discuss th e problem
w ith th e various m en in W ashington,
p a rtic u larly th e S ecretary and U nder
se c re ta ry of th e T reasury.
“It is m y th eo ry th a t we should
lim it th e am ount of U nited States
cu rren cy tak en out of our co u n try by
our tra v elers and G overnm ent re p re
sentatives, b u t to sell th em some of
our cu rren cy frozen in those coun
tries, a t a discount. It is m y u n d er
stan d in g th a t we sell goods to foreign
countries th a t can ’t pay; Uncle Sam
picks up the tab and leaves the m oney
in th e foreign country. If th a t m oney
could be m ade available to our tra v
elers, our diplom ats, congressm en and
servicem en, th e y w o u ld n ’t need to
tak e m ore cu rren cy w ith them , all of
w hich comes back here and we have
to pick it up.
“Since I have been discussing this
problem , new arran g em en ts have been
made. I u n d erstan d th a t th e new
A
*
agreem ent states th a t p a rt of th e p ro
ceeds can be used by our em bassy and
m ilitary m issions. Our S tate D epart- V
m ent has trouble nego tiating these
deals because th e
foreign countries
w a n t our money.
Personally, I am +
c o ld t o w a r d s a
country that
n e e d s o u r fo o d
b u t refuses to ne- H
gotiate so we re
c e iv e some pay
m ent. Our U nder
se c re ta ry of th e
BYRON DUNN
T r e a s u r y has
given a sym pathetic ear to the prob
lem and is w orking on it.”
The U nder-Secretary, in correspond
ence w ith Mr. Dunn, noted th a t th e X
suggestion w as incorporated in Public
Law 480 au th o rizin g such use of fo r
eign credits. He explained, how ever,
th a t th e over-all ex ten t of such transactions m ay likely be relativ ely small.
The reason for th is is th a t th e coun
tries w here am ounts of cu rrency are
held in excess of our needs are in
general not ones w here the bulk of v
A m erican tou rism takes place. Also,
th ey are less-developed nations suffer
ing from shortages of foreign ex
change w hich is one reason th a t th e y.
U. S. agreed to accept foreign currency
paym ents in th e first instance.
H ow ever, a few countries have
agreed to such use of cu rren cy held
by the U. S., it is rep o rted and th is ■
w ill be m ade available as outlined
above.—End.
Los A n g eles P r o m o tio n s
*
R obert M. Howe has been elected a
vice p resid en t of Security F irs t N a
tional Bank, Los Angeles, it w as a n
nounced recently by Lloyd L. A ustin, A
chairm an. Mr. Howe w ill devote his
tim e to consum er m ark etin g activi
ties.
Mr. A ustin also announced the advancem ent of J. Louis Munoz, Jr., to
a ssistan t vice presid en t in charge of
in tern atio n al business developm ent.
O n M ercan tile T rust B oard
K enton R. Cravens, ch airm an of th e
board of M ercantile T ru st Company,
St. Louis, has announced th a t M. R.
C ham bers has been elected to the
board of directors of th e bank. Mr.
C ham bers is p resident of In te rn a tio n
al Shoe Company.
4
11
A p p ro xim a te ly 95,000,000 Americans w ill take vacation trips
of a t least three days during 1962, at a cost th a t w ill exceed
21 b illion dollars. Vacation Club plans ava ila b le through
local financial institutions make many of these trips possible.
“Getting to know you”
the third step
When this family learned the value of regular
weekly savings through Christmas Club mem
bership, they took their first step toward the
achievement of their financial goals. The second
step was inevitable . . . the proper use of all the
services of their local financial institution.
Now they are enjoying the third step . . . a
happy one for them and a profitable one for you.
They have learned, along with millions of others,
that their “vacation pay” somehow never gets
set aside for vacations. Rent, food, taxes, utili
ties, insurance take care of that. So they joined
Vacation Club, still another service they learned
about after getting to know you.
Won’t you get to know us and the services we
offer? For over fifty years our services have been
helping financial institutions to know their
customers better. Just drop a note and we will
arrange for a staff member in your area to con
tact you. No obligation, of course.
SEND FOR OUR FREE BOOKLET ON VACATIONS AND
THE VACATION CLUB PLAN
Photograph courtesy o f
the New York Savings Bank
Cfjristmns Cititi
a (¡Corporation
230 Park Avenue, New York, N. Y.
Founded by Herbert F. Rawll
Builds C haracter • Builds Savings • Builds Business fo r Financial Institutions
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker, April, 1962
12
We aren’t, of course, yet using inter
planetary missiles to deliver tran sit items.
But, we are utilizing every available pres
ent-day mode of transportation to provide
the speediest possible C o r r e s p o n d e n t
Service . . . on an “around-the-clock” basis.
We’re anxiously awaiting the privilege of
serving you.
IOWA’S FAVORITE
CORRESPONDENT BANK
NATIONAL BANK & TRUST COMPANY
DES M O IN E S , IO W A
Telep ho ne — C H e rry 3 - 8 1 8 1
MEMBER
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FEDERAL
DEPOSIT
INSURANCE
CORPORATION
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
14
F P R A R egion a l Is S la ted for Chicago. A p r il SO
H E m idw est regional m eeting of
the F inancial Public R elations
A ssociation is scheduled for M onday,
A pril 30 at the Sheraton-Chicago H otel
in Chicago. A dvance reg istratio n s in
dicate an o th e r heavy atten d an ce for
th is one-day, “m in iatu re natio n al con
ventio n ,” according to R obert H.
T
O’Toole, regional chairm an of the
m eeting. He is vice p resid en t of the
P ullm an T ru st & Savings B ank in
Chicago. He said the u sual “E arly
B ird R eception” w ill be held Sunday
evening, A pril 29.
The them e for th is m eeting and the
o th er tw o regionals to be held A pril
25 in Buffalo, N. Y., and May 4 in San
F rancisco is “A dvance P lanning for
Added Profits.” All p a rts of th e pro
gram w ill be geared to th is them e.
The com plete program follows:
Sunday, A pril 29
Sheraton-Chicago H otel
P. M.
6:00—6:45
C. J. S C A N L O N
H. W . L E W I S
J. P. A N D E R S O N
E. G. G E A R H A R T
E arly B ird’s Reception.
Monday, A pril 30
A. M.
8:00 R egistration.
R. A. B A C H L E
V. S C H W A E G E R L E
Attention Bankers:
WESTERN AND SOUTHERN
Will Help
You
Promote Your
CREDIT LIFE
PROGRAM
For Complete Information
Contact Our
CREDIT INSURANCE
DEPARTMENT
P. O. Box 1119
Cincinnati 1, Ohio
THE
WESTERN AND SOUTHERN
LIFE INSURANCE
COMPANY
A M utual Com pany
W illia m C. Safford, President
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9:00
“Society for the P revention of
Lost Sales”—Inform al show ing
of F P R A ’s new sound slide
films.
9:30 G eneral Session.
A ddress — C harles J. Scanlon,
P resident, F ed eral R eserve
B ank of Chicago.
Sym posium by FPR A Officers:
“P lanning for Staff Selling”—
E rn e st G. G earhart, Jr., F irst
Vice P resid en t F P R A and Vice
President, The F irs t N ational
B ank of Miami, Fla.
“P lanning a C ustom er Call”—
H arold W. Lewis, Second Vice
P resid en t FPR A and Vice P re s
ident, The F irs t N ational B ank
of Chicago.
“P lanned P u b licity ” — Charles
H. Hoeflich, T hird Vice P resi
dent FPR A and P resident,
U nion N ational B ank & T ru st
Company, Souderton, Pa.
“P lan n in g
the
A d v ertising
B udget” — R obert A. Bachle,
T re a su re r F PR A and Vice P res
ident, N ational B o u l e v a r d
Bank, Chicago.
“FPR A Can W ork for You Best
—w ith Y ou”—V ernon Schwaegerle, E xecutive Vice P resid en t
FPRA , Chicago.
Question and A nsw er Period.
P. M.
12:15 L uncheon Session (Speaker to
be announced).
2:15—3:15 D epartm ental Sessions (sim ultaneous).
Not-so-large Banks:
“ B e t t e r M erchandising for
C ountry B anks via Do-it-Yourself R esearch.”
“The B ankers R esponsibility
in Our New A g ricu ltu re.”
L arger Banks:
“P resen t S tatus and C hanging
Role of the B ank M arketing
F u n ctio n .”
“W hat Do You Do w ith A uto
m ation E q u ip m en t th e O ther
20 H ours E ach D ay?”
3:30 “Your C ustom er — Your Best
P ro sp ects”—J. R. Ozanne, J. R.
Ozanne Associates, Chicago.
“A New Look a t th e Corporate
Im age”—Jo h n J. McDevitt, Jr.,
L ippencott and
M arguelies,
New York.
5:30 Reception.
6:30 B anquet—Address: “Give P u b
lic R elations th e S tatu re It De
serv es” — Jo h n P. A nderson,
P resid en t F PR A and Vice President, F irs t N ational B ank of
Passaic County, P aterson, N. J.
A d jo u rn m e n t—End.
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" M e t h o d s p e r f e c t ly t a ilo r e d t o
t h e n e e d s o f a s m a lle r b a n k "
Says C. P. C a u d il l , president, Peoples Bank, Morehead,
Kentucky: “When we first approached Bank Building, we
weren’t sure they’d be interested in a relatively small bank like
ours. But we found they had wide experience in working with
smaller banks such as ours, and knew our problems thoroughly.
Their methods are perfectly tailored to our needs as well as
those of larger banks. The results prove it. Since we began
modernization in 1957, deposits are up 34% and we have
50% more depositors.”
Top-flight design is especially important to the smaller bank
today. Expanding services require that every square foot be
precision-engineered for maximum efficiency and profit. At
Bank Building Corporation, your plans pass under the experi
enced eyes of financial building specialists who’ve created
hundreds of smaller banks. Their practical know-how can give
you exactly the building you want. Call or write, no obligation.
C. P. Caudill, president,
Peoples Bank,
Morehead, Kentucky
V
Exterior: Fresh, modern
design that would command
favorable attention in
any size community
>
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Interior below:
A functional layout
that builds business
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OF AMERICA
ST. LOUIS. 1130 HAMPTON AVENUE
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
ATLANTA • CHICAGO • DALLAS • NEW YORK • SAN FRANCISCO
16
A nteriean E xp ress H as A id s for
H a n k s' T ravelers Cheek Sales
N E W “package” of sales prom o
tion aids has been released to the
n atio n ’s banks by A m erican E x p ress
Company.
Leaflets, p o sters and point-of-sale
displays, along w ith television, radio
and new spaper ad v ertisin g m aterials
are included in th e 1962 program .
T hey prom ote v ario u s consum er b a n k
ing services, including loans, safe de
posit boxes, and savings accounts.
A m erican E x p ress d istrib u te s all of
these prom otional m aterials to banks
in quan tity , on request, and w ith o u t
charge. T hey are designed to increase
b an k traffic and sales w hile rem inding
consum ers of th e tra v e le rs cheque
service.
F eatu re d in th is y e a r’s set of m a
terials is a m otion display, a set of
b ank staff tra in in g aids, and a series
of full-color legal holiday notices. A
m otion p ictu re film, “Careless Cash,”
suitable for both staff tra in in g and
b ank public relations, d ram atizes th e
role of b an k services in helping con
su m ers p ro tect th e ir funds.
A portfolio describing all prom o
tional m aterials is available by w rit
ing to Jam es A. H enderson, vice pres-
A
ADVERTISDSTG M A T E R IA L S developed
b y A m e ric an E x p re ss C om pany to a id
b a n k s in p ro m o tin g se rv ice s a re show n
h e re b e in g c h ec k ed o v er b y H orace Foulks,
a s s is ta n t vice p re sid e n t, a n d A nn Lapatriello, a s s is ta n t in th e a d v e rtis in g d e p a r t
m en t. L a s t y e a r th e co m p an y d is trib u te d
o v e r 40 m illio n p ieces o f p r in t m a te ria l to
b a n k s.
ident, A m erican E x p ress Company, 65
Broadw ay, New Y ork 6, N. Y. R equests
for th e m aterials them selves also m ay
be addressed to him.
National Boulevard Bank of Chiicago
In the Wrigley Building • 400*410 N. Michigan Ave. • Superior 7-2323
Tailor-made
correspondent
services
City N a tio n a l, K .C .,
T o B u ild H u ge V ault
P lans w ere form ally announced last
m onth by th e City N ational B ank and
T ru st Company, K ansas City, for th e
construction of the larg est b ank v au lt
for th e storage and safekeeping of se
cu rities in any com m ercial bank in
K ansas City.
C onstruction w as to s ta rt im m edi
ately on th e v au lt w hich is to be lo
cated some 20 feet below the street
level, surro u n d ed by solid rock and
below the b a n k ’s p resen t safe deposit
vaults. It w ill be th e first com m ercial
ban k v a u lt in th e area to be b u ilt of
a specially designed, heat-treated type
of m etal w ith interlaced layers of steel
w ebbing. O ther protection m easures
to be utilized w ill be th e latest in
electronic alarm system s, a 15 inch
v au lt door and th e ro u tin g of all pipes,
conduits, etc. th ro u g h a specially protected vestibule area su rro u n d in g the
v au lt entrance.
The over tw o th o u san d square feet
of space w ith in the v a u lt itself featu re s a filing system w ith ro ta tin g
storage racks th a t are accessible from
floor to ceiling. T he v a u lt w ill also
have its own h eat pum p to control the
v au lt tem p eratu re year round.
The protective vestibule around the
v au lt door is electronically controlled
and includes v ertical panes of bullet
re sista n t glass th a t provide added
safety even w hen th e v a u lt door is
open.
Out of tow n b an k custom ers of th e
F irs t N ational B ank of St. Joseph,
Mo., have been invited to atten d the
b a n k ’s an n u al B asketball P arty. The
yearly event is alw ays held in conju n ctio n w ith th e final ro u n d of the
W om en’s N ational A. A. U. B asket
ball T ourney in St. Joseph. The to u r
ney th is y ear w ill conclude on S atu r
day, A pril 7, and th e ban k ers and
th e ir w ives w ill m eet w ith the hosts
from F irs t N ational for a reception
and d in n er p rio r to the game.
Invested funds in all five operating
u n its of Jam es Talcott, Inc., reached
record highs d u rin g 1961, according to
the com pany’s ann u al rep o rt, issued
last m onth. The five u n its are: Com
m ercial financing, factoring, in d u strial
tim e sales, rediscounting and leasing.
T otal funds invested by th e com pany
rose from $250,000,00 a t th e end of th e
last q u a rte r of 1960 to $332,000,000 at
th e end of 1961, an increase of about
33 p er cent, the re p o rt indicates.
As previously reported, consolidated
n et incom e for 1961 w as $5,215,296, a
19 per cent increase from n et earnings
of $4,377,030 for 1960.
No rthw este rn Banker, April, 1962
W
t
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B ask etb all Party
T alcott H as R eco rd Y ear
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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These are builders’ tools. One tool is missing—credit. Smaller-town bankers are builders . . .
helping to finance the building of all kinds of enterprises—from stock feeder pens to schools.
Our business is to help build the financial ingenuity—and loaning versatility—of our customer
banks. We can provide the ‘missing tool.’ May we serve you, too?
A m e r i c a n N o t io n a l B a n k
AND TRUST COMPANY OF CH ICA G O /LA SA LLE AT WASHINGTON
M E M B E R FE DE RAL D E P O S IT I N S U R A N C E C O R P O R A T IO N
FRANKLIN 2 -9 2 0 0
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
18
A C R O S S the D E S K
f y 'io t n
th e
P u M u h e i
*
Ÿ
Thus the government received $25,000,000 more
income than the owners of your bank ($59,000,000
(bflCUU U)JJLLlCU7L
Tyix^PuidJisn^ WMhiin
Chairm an, Board of Governors,
F ederal R eserve System ,
W ashington, D. C.
W ith interest on our national debt of over $9
billion a year, w ouldn’t it be w onderful if just once
the adm inistration would recommend reducing our
total expenditures and thus our total taxes.
If just once the president would announce th at
this year, or almost any year, th a t $1 billion or $10
billion would be applied to reducing our $308 bil
lion national debt, it would be marvelous.
The chances of having this done are very slim
indeed, but the alternative is to spend our way into
national bankruptcy.
In discussing A m erica’s financial solvency you
s a id : ‘“The least we can do for our country is to
stop asking it to do more for us. . . . Is it too
much to expect the richest society the world has
ever known to get its income and expenses into line
— in one way or another—so that it isn’t perenni
ally passing out I Oil’s instead of paying its hills?”
I t may be “too much to expect,” Mr. M artin, but
it is sound business and sound economics to stop
piling up our national debt.
*
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Qhamplmu:
Chairm an, Chase M anhattan B ank, N ew Y ork.
I t has always seemed to us th a t taxes paid by a
bank or any other corporation should not be more
th an the stockholders receive who own the business.
The government contributes nothing to the m an
agement or the wise counsel or the constant effort
and energy th a t goes into m aking a bank a success.
In your own statem ent for 1961 you “set aside
$59,6(34,000 or $4.27 per share for income taxes ap
plicable to operations.”
You “paid $34,583,000 in cash dividends or $2.50
per share to 100,000 stockholders.”
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
less $34,000,000 equals $25,000,000).
Is this ju st and fair?
C ertainly not, but it will never be changed u n til
our total national governm ent expenditures are
drastically reduced—and th at m ay be a long, long
way off.
'/?
O & w i* ^
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. J< . D i& n n s jd ij^ :
P resident o f the U nited S tates,
W ashington, D. C.
In your budget of $92.5 billion you hope to have
a surplus of $500 million, based on estim ated re
ceipts of $93 billion.
This is a very thin “m argin” to work on, Mr.
P resident, and we don’t believe you will make it,
and especially since not in one year since W orld
W ar I I have financial budget results come within
$1 billion of the first estimates.
The following figures give the items in the 7
largest estim ated budget expenditures for the fiscal
years 1962 and 1963.
Y
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Estimate of 7 Largest
Budget Expenditures
(In Millions of D ollars)
1962
1.
2.
3.
4.
5.
1963
Increase
or Decrease
Defense
48,250 49,700
+ 1,450
T reasury
9,973 10,431
458
+
A griculture
—
7,177
6,709
468
V eterans
—
5,560
5,285
275
H ealth and
W elfare
4,469
5,183
714
+
6. Atom ic E nergy
2,830
2,880
50
+
7. F oreign Aid
1,935
2,235
300
+
Y our hope, Mr. President, is to balance the
budget by having a very m arked rise in the level of
our economy, while on the other hand you w ant to
raise the national debt lim it $10 billion, or from
$298 billion to $308 billion, or in other words bor
row enough money to cover the overdraft (if any)
in your budget.
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a n o th e r
FIRST
fro m th e u p p e r
m id w e s t's b e s t
known p o stm an
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
21
D ie b o ld D if t
S A F E A T H O M E — W o rld S eries
p itc h in g hero, W h ite y F o rd , 25-gam e
Y a n k e e w in n e r la s t y e a r, tr ie s th e
c o m b in a tio n o f a D ie b o ld hom e sa fe
p re s e n te d to him by T om m y H e n ric h ,
fo rm e r Y a n k e e r ig h t fielder a n d first
b a se m a n , now w o rk in g fo r D iebold,
In c .
T he sa fe w as p re s e n te d a t
W h ite y F o rd N ig h t cerem onies a t
L e v itto w n , L. I., N. Y., a t w h ic h 900
y o u n g ste rs a n d p a re n ts h o n o re d th e
p itc h e r. T he W illia m sb u rg h S a v in g s
B a n k sp o n so red th e a ffa ir.
C an did ate fo r A .B .A . T reasu rer
Jo h n H. Crocker, ch airm an of the
hoard of th e Citizens N ational B ank of
D ecatur, Illinois, last m o n th w as u n a n
im ously endorsed for the office of
tre a s u re r of th e A m erican B ankers A s
sociation for th e 1963-1965 te rm by
G roup 8 of th e Illinois B an k ers Associ
ation.
Follow ing th is action, Mr. Crocker
also received th e en dorsem ent of
Jacob W. M yers, president, and th e
officers of th e Illinois B ankers Associ
ation, w hich action w as unan im o u sly
approved by th e executive com m ittee
of the A ssociation.
Mr. C rocker is the second m idw este rn b an k e r to announce for th e A.B.A.
tre a s u re r post in recen t w eeks. As re
p o rted in th e M arch issue of th e
N orthw estern B a n k er , Jo h n B. Keeline, p resid en t of th e C entral T ru st
and Savings B ank at Cherokee, Iowa,
announced his candidacy for th e sam e
post in F eb ru ary , receiving th e su p
p o rt of th e Iow a B ankers A ssociation.
Mr. C rocker has been active in af
fairs of th e Illinois B an k ers Associa
tion for m any years, serv in g as
tre a s u re r in 1927-28, th e n on th e ex
ecutive com m ittee and council of
ad m inistratio n . He w as A.B.A. state
vice p resid en t in 1941, has served
seven term s on th e executive council,
six term s on th e a g ric u ltu ra l com m is
sion and th re e term s as ch airm an of
th e la tte r com m ittee. He is p resen tly
serv in g his second three-y ear te rm as
a d irecto r of th e F ed eral R eserve
B ank of Chicago.
THE CHECK LOOK IS THE QUALITY LOOK
The fam iliar safety paper appearance tells your customers their
checks are on a quality paper — created specifically for check use
to provide protection against alteration and counterfeiting.
To give your checks the quality look, do as so many banks do —
specify LA MONTE SAFETY PAPER.
THE
WAVY LIN ES, ®
THE NAMES
BASKETWEAVE ®
AND EXCHANGE (i
S A F E T Y
AND THE
DISTINCTIVE
F O R
BASKETWEAVE LINES
P A
P E R
C H E € K S
ARE
LA MONTE TRADE-MARKS.
GEORGE
LAMONTE
& SON
•
NUTLEY
10,
NEW
JERSEY
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
22
N C R I h ’r t ’h t / t s
W ir Cheek Sorter
N EW docum ent sorter, w hich
w ill electronically read and sort
1,620 checks a m inute, has been join tly
developed by Pitney-Bow es, Inc., and
th e N ational Cash R egister Company.
The new “Class 403” m achine w ill
handle in term ix ed docum ents of v a ry
ing sizes, thicknesses, and w eights. It
is believed to be th e fastest m achine
y e t announced for so rtin g b ank checks,
deposit slips, and o th er docum ents.
In a jo in t announcem ent, PitneyBowes and NCR said th e 403 so rter
w ill in corporate a new high-speed
tra n sp o rt and a new read in g m echan
ism w hich w ill m ake it possible for a
b an k to so rt checks m ore th a n 30
tim es faster th a n by m anual m ethods.
Pitney-B ow es w ill m an u factu re the
m echanical tra n sp o rt of th e so rte r and
NCR w ill produce th e electronic read
ing m echanism . The so rte r w ill be
m ark eted to b anks exclusively by
NCR.
NCR also m ark ets th e Pitney-Bow es
NCR Class 402 so rter to banks. More
A
th a n 200 of these m achines have been
installed in banks th ro u g h o u t the
country. The Class 402 sorts at a speed
of 750 item s a m inute.
“NCR’s new Class 403 so rter has
been developed especially for those
banks w ith a volum e req u irin g a
g re a te r sorting speed th a n th a t of the
C om pany’s Class 402 so rter,” accord
ing to H. C. K eesecker, vice president,
m arketing.
F irs t deliveries of the new so rter
are scheduled for mid-1963. The m a
chine has been priced at $90,000 and
can be ren ted for $2,000 a m onth.
J o in s N o rth ern T rust
R aym ond E. Zelder has been ap
pointed associate econom ist of the
N o rth ern T ru st Company, Chicago.
A g raduate of H arvard, Mr. Zelder
also received his Ph.D. degree at the
U n iv ersity of Chicago. H is previous
business associations include E astm an
K odak and The B ank of America.
PERIPHERAL GADGETS
Our budget for machinery and
equipment this year provides for
the acquisition o f certain items
which only a few years ago would
have looked strange in a print shop.
For example, we note that $90,000
is allocated for 15 machines to clean
electrotypes used to print bank
names on catalog checks. Formerly
we scrubbed them by hand and
sometimes we got them clean, but
now we dunk them in a solution
on a 2-minute cycle and really get
them clean. Seems like a lot o f
money to spend but the end result
is sharper printing.
Another little item o f $46,000 is
set up for 23 tape regenerators
which we use to "read” punched
paper tape on reorders. They read
fast and give us accurate tape
reproduction for the automatic
Teletypesetters that operate our
typecasting machines. Here is one
for $28,000 to buy planing plates,
which enable us to gently plane the
type in the printing chase without
damaging the slugs used for en
coding. And another, for $27,500,
for control accessories to hang on
eleven new presses in order to
A s we search for better methods
to achieve product uniformity, we
frequently cook up refinements
which do not always show up in
the product itself and yet they
represent a substantial outlay of
money. However, having searched
for them and having found them,
we cannot afford not to adopt them.
W e ourselves know they help to
build "the plus you get from us”
and over the years we think their
significance becomes apparent to
those who use our checks.
DELUXE
C HEC K P R I N T E R S INC.
C L IFT O N
CHICAGO
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
make them print the way we want
them to print.
Then we notice such items as AddPunches, mat detectors, Tickometers, Lowerators, microfilm units,
packaging machines, and eight
different types o f conveyors. W e
will, o f course, acquire presses and
other conventional equipment, but
these peripheral gadgets are begin
ning to run into important money
and each year more of them creep
into our budget. It would be diffi
cult to measure the value o f any
one o f them, but in the aggregate
they are beneficial to us.
N O RW ALK
KANSAS CITY
PAOLI
C LEV ELA N D
ST. PA U L
DALLAS
D E T R O IT
IN D IA N A P O L IS
C H A TSW O R TH
PO RTLA N D
B an k ers T ru st P r o m o tio n s
R obert C. M orris, vice presid en t of
B ankers T ru st Company, New York,
has been elected
first v i c e p resi
dent, W illiam H.
Moore, chairm an,
announced l a s t
m onth. Mr. Mor
ris is in charge of
the b a n k ’s bond
d ep artm en t and
th e
in vestm ent
portfolio.
Elected assist
a n t v i c e presi
dents w ere M organ J. M urray and
Jo h n W. Kelly. Mr. M urray is in the
co n tro ller’s departm ent. Mr. K elly is
assigned to the eastern banking divi
sion.
“ C areeer D ays” P a n elists
Jack Sm ith, vice p resid en t of L a
Salle N ational Bank, Chicago, w as
m oderator of a banking panel for “Ca
reer D ays” at the U n iversity of Iowa
in Iowa City last m onth.
A ppearing w ith him in th is program
to in te re st senior u n iv ersity students
in the banking profession w ere these
th ree young bankers: David Cox, a
trainee w ith H arris T ru st & Savings
Bank, Chicago;
Don M agnuson, a
train ee at N ational B ank of D etroit,
and R obert K rane, Iowa-Des Moines
N ational Bank, Des Moines.
Mr. Sm ith, a native of Des Moines,
and th e th ree panelists all w ere g rad
uated from the U n iversity of Iowa.
*
Y
v
%
♦
y
>
R esig n s at 1st o f D en v er
John B. W elborn, executive vice
p resid en t of The F irs t N ational B ank
ofDenver,
has resigned from the
bank, effective A pril 1, 1962.
E ugene H. Adams, president, made
th e announce
m e n t s ta tin g ,
“W e r e g r e t e x
ceedingly to an
nounce th a t John
B. W elborn will
leave th e b ank to
e n g a g e in th e
ran ch in g business
in W yom ing. Mr.
W elborn has p u r
c h a s e d a ranch
J. B. W E L B O R N
n ear Pinedale and
plans to move from D enver in A pril
or M ay.”
Mr. W elborn joined the ban k in 1931
and w as nam ed senior vice p resident
at the tim e of the m erger betw een the
F irst N ational and th e In tern atio n al
T ru st Com pany in A ugust, 1958. He
w as elevated to executive vice p resi
den t in Ju n e, 1961. He w ill continue
as a director.
A.
y
r
*
4
23
J O H N PISARKIEW ICZ
. . . a n d F ra n k L e x a , h e a d o f M e r c a n t ile ’s
In te rn a tio n a l D e p a rtm e n t, a r r a n g e an a ir m a il t r a n s fe r
o f fu n d s to L e e d s , E n g la n d , to a c c o m m o d a te
a v a c a tio n in g c u s to m e r o f a c o r r e s p o n d e n t b a n k .
ASSISTANCE OVERSEAS
. . . o n e of 5 8 types of corr espondent service provided
during the month by YOUR MAN FROM MERCANTI LE
Other services this month included, to mention just a few
. . . purchase o f Federal funds . . . guidance on loan pro
posals . . . public relations co u n sel. . . staff training assist
ance . . . and publication o f an economic letter. More than
100 separate correspondent services are regularly furnished
by M ercantile. How m any has your bank used?
MERCANTILE
T R U S T
COMPANY
MEMBER
F . D. I . C .
S A I N T L OUI S 66, M I S S O U R I
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker, April, 19A2
24
NEW GROWTH AND NEW DEVELOPMENTS CALL FOR A NEW MARK!
To symbolize the many new systems, services and products which THE NATIONAL CASH REGISTER COMPANY
offers businesses everywhere, we have adopted a new business m a rk ...
N e w m a rk o f The N a tio n a l Cash R egister
C o m p a n y, d e d ic a te d to p ro v id in g the fin e s t
in to ta l systems . . . fro m o r ig in a l e n try to
f in a l re p o rt — th ro u g h NCR a c c o u n tin g m a
ch ine s, cash re g iste rs, a d d in g m achines a nd
e le c tro n ic d a ta processin g . 1 ,0 3 9 o ffic e s in
121 co u n trie s— 78 years o f h e lp in g business
save m o n ey.
NEW FROM NCR— “ TOTAL SYSTEM S” TO
SERVE Y O U BETTER. N ew te ch n olo gica l de
NEW FROM NCR— NEW DEVELOPMENTS
IN HIGH SPEED COMPUTER SYSTEM S. The
NEW FROM NCR— NEW PRODUCTS FROM
RESEARCH AND DEVELOPMENT. M ore than
velopm ents now ena b le NCR to serve business
fa ste r, more e ffic ie n tly than ever b e fo re w ith
u n iq u e C a r d R a n d o m A c ce ss M e m o r y
("C R A M ") developed fo r the NCR 315 com
p u te r stores more than 5 m illio n characters
2,000 p eople are w o rk in g a t
new a nd im p o rta n t projects.
Encapsulation— the m ethod
uids o r solids can be enclosed
capsules— holds the prom ise o f
"T o ta l Systems."
An NCR cash register in a re ta il store . . .
an NCR accounting machine in an o ffice or
b a n k . . . NCR
a d d in g
m a chines
w h e re v e r
fig ure s a re h a n d le d — a ll can p rovid e m edia
th a t flo w s to NCR e lectronic d a ta processing
o f in fo rm a tio n on p lastic cards.
The ve rs a tile NCR 390 a nd NCR 310 com
puters b rin g electronics to thousands o f busi
nesses o f a ll kinds.
NCR's new o p tic a l re a d in g system, w hich
perm its d ire c t processing o f p rin te d d a ta w ith
systems.
Today y o u 'll fin d NCR Data Processing
Centers in ce rta in m a jo r cities . . . w hich re p
o u t firs t co nverting it to a m achine lan g u a g e ,
w ill create re v o lu tio n a ry advances in h a n d lin g
resent the b eg in nin g o f a n a tio n w id e netw ork.
records.
No rthwestern Banker, April, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NCR on many
b y w hich liq
in microscopic
tasteless castor
o il, " d r y g a s o lin e ," more sta b le rocket fuels,
and m any o th e r things.
O th e r d ra m a tic developm ents a re a new
NCR " r o d m e m ory" th a t switches in b illio n th s
o f a second, a nd new photochrom ic data-storage techniques based on co lo r changes which
occur under v a ry in g w ave lengths o f lig h t.
X
25
A fte r Castro takes his hank . . .
Cuban R anker Regins
New
Career in iowa
A N orth w estern B a n ker In terv ie w w ith
RIGOBERTO ARECES
MR. A N D M RS. RIGOBERTO A R ECES
W IL L be g ratefu l if you w ill
w rite in y o u r sto ry to y o u r b a n k
er-readers th a t th e y can obtain
good, qualified b an k help from th e
g reat n u m b er of fo rm er b an k ers of
Cuba w ho are now w aitin g in Miami
for job o p p o rtu n ities.” T his w as th e
plea m ade d u rin g a N o r thw estern
B ank er in terv iew last m o n th w ith
R igoberto A reces, 48, now w ith th e
N evada N ational B ank, N evada, Iowa.
“The ban k in g system s of th e U nited
S tates and of Cuba (before Castro)
are practically identical and m ost of
th e 500 fo rm er b a n k e rs available are
h i g h l y qualified,” he c o n t i n u e d .
“A m erican b an k ers can contact th e
C uban Refugee E m erg en cy C enter in
M iami and stu d y records th a t have
been com piled on th ese m en and th a t
have been approved by th e F ed eral
B ureau of In v estig atio n .”
I
A N e w Career
Mr. A reces, w ho fled Cuba w ith his
fam ily only a few h o u rs a fte r C astro
m ilitiam en took over his bank, seized
th e o p p o rtu n ity to leave M iami th e
first p a rt of last w in te r to begin a
new career in th e Iow a com m unity of
ap p rox im ately 4,500 people.
He is regarded as “v e ry b ra v e ” by
his frien d s in M iami for v e n tu rin g so
far from fam iliar g round to accept a
job in m id w estern U.S.A. — un k n o w n
te rrito ry .
“M any are afraid ,” he said, “b u t
th e y are fam iliar w ith Miami—a big
city—and do n o t know how w arm and
frien d ly and helpful th e people in th e
re st of th e U nited S tates can be.
“W hen I re tu rn e d to M iam i tw o
w eeks ago to get m y wife, I w as re a l
ly in th e sp o tlig h t as scores of friends
w ere ask in g ‘W h at is Iow a really
like?’ and ‘H ow do you like y o u r job
. . . th e people?” In fact, I w as p u t
on radio and TV in M iam i and gave
reassu ran ces to Cuban refugees—fine
C uban fam ilies—th a t th e re is y et op
p o rtu n ity for th em to reb u ild th e ir
A u d ito r
N ev a d a N ational B an k
N e v a d a , Iowa
lives in various sections of the U nited
States. I talked for 30 m in u tes.”
“O utstanding Man”
Sam McHose, p resid en t of the Ne
vada N ational, later told th is in te r
view er th a t Mr. A reces “certain ly is
an o u tstan d in g m an. It takes an o u t
stan d in g m an to come alone, at age
48, to a sm all Iow a com m unity to
s ta r t a new life. We had h eard th a t
a select group of F lorida ban k ers had
in terv iew ed form er Cuban b ankers
and w ere acting as a sifting com m it
tee. W e studied records and finally
picked Mr. Areces from th ree we w ere
considering. I am pleased th a t we did
and we are planning to m ake him the
b a n k ’s first full-tim e au d ito r.”
“B anking in th e U nited States and
in Cuba (before C astro) is v ery sim-
----------- C O V E R P H O T O — -----WARM IOW A W ELCOME is ex
ten d ed form er Cuban banker, R igo
berto A reces, right, by Sam Mc
H ose, p resid en t of th e N evada N a
tio n al Bank.
ilar,” said Mr. Areces. “We m ade
a g ric u ltu ral loans, in stallm en t loans,
offered th e sam e in te re st rates on sav
ings, encouraged savings w ith prom o
tio n s . . . and Cuban b an k em ployees
had a good w ay of life.
Castro T akes B ank
“T his is all different now. M any
b an k s have been closed. The people
have only enough to live on and n o th
in g left for savings.”
T h ere w ere four banks in Colon,
Mr. A reces’ hom e tow n of about 30,000 population, b u t now th ere is only
one. A b an k in Cuba now exists as
a num ber, such as B ranch No. 36 of
th e N ational B ank of Cuba. C astro’s
m ilitiam en took ev ery th in g from the
b an k s th e y closed. “W e had air con
ditioning, background m usic, nice fu r
n itu re and fixtures,” he said, “and
th e y took it all. The building w as
stripped and crops from th e co u n try
now are stored in it.”
T his is a h ard blow to a m an w ho
w as a p a rtn e r in th e b ank his fath er
founded in 1896. He operated th e
b ank w ith a b ro th e r and a sister and
w as vice presid en t and m anager of
th e loan departm ent. Also, th e Areces
fam ily ow ned the A reces H otel in H a
vana and 56 square m iles of sugar
plan tatio n s around Colon. All of this,
too, w as confiscated by Castro.
N evada Opens A rm s
How has N evada tak en to the for
m er Cuban b an k er and his wife? T he
w rite r found m any people in th e com
m u n ity w ho knew th em and w ho
sm iled w ith real Iow a friendship
w hen th ey discussed th e new fam ily.
Mr. A reces is sincere, easy to ta lk to
and m akes friends quickly. H is wife
is b eautiful and ch arm ing and has
m ade an im pact on th e N evada social
scene. H er m an n er and n a tu ra l charm
are such th a t several N evada w om en
have asked h er to come to th e ir hom es
to teach them Spanish. The all-after
noon sessions are a com bination S pan
ish lesson-social visit, usu ally com
plete w ith coffee, tea and cookies, so
Mrs. Areces is “having a w onderful
tim e” as she describes it.
“How about this record Iow a w in
ter? W h at did you th in k of it? ” th ey
w ere asked. T hey ad m itted having
seen snow before, b u t n ot “falling
snow .”
“It w as w onderful,” both agreed.
W h at does Mr. A reces th in k about
C uba’s future? Two or th re e m onths
ago he w as optim istic as C astro com
m itted him self and his efforts to Com
m unism , th ereb y losing th e su p p o rt
of m any Catholic followers. But, he
is w o rry in g now th a t Cuba m ay be
lost forever to Com m unism because
th e people, even th o u g h th e y are beCU BA N B A N K E R . . .
(T u rn to page 48, please)
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
26
/ Ways Government Can Help
Y
1. Grade for Quality and Yield
+
2. Check Grade Difference Between Areas
3. Curtail Meat Im ports
*
4. Strengthen Packers and Stockyards Act
F A LL th e m an y different incom e sources of to
d ay ’s farm er, none is quite as im p o rtan t as his
cattle sales. These account for 21 to 22 p er cent
of all farm cash sales. Hogs, lam bs, and o th er protein
m eats account for an o th e r 32 to 34 p er cent of farm
income. Clearly, th is is an im p o rtan t segm ent of farm
incom e and has a g re a t b earing on th e over-all econom y
of agricu ltu re.
Though I am a plain farm er and cattle feeder—not an
ex p ert in an y sense—past experience and problem s often
have caused me to w onder about our p re se n t farm pro
gram , and th e W ashington a ttitu d e tow ard agriculture.
C ertainly, I do not w an t th e federal g o vernm ent in m y
business, n o r do I w an t to see gov ern m en t controls in
the livestock in d u stry . But, I do have some definite
ideas on how th e gov ern m en t can help th e cattle feeder,
w ith v e ry little cost, and 1 w ould like to pass four of
these ideas on to th e read ers of th e N orthw estern
O
B anker.
Grade for Q uality and Yield
F irst, our govern m en t agencies could provide a
g reat benefit to th e cattle in d u stry on a w hole
by m aking some m ajor changes in th e p resent
system s of grad in g carcass beef. Today, p rac
tically all beef is sold on the basis of U.S.D.A. govern
m ent grade, and th is n a tu ra lly has a g re a t b earin g on the
carcass and live cattle price. T here has been a v ery no
ticeable tre n d in th e m eat business in th e p ast few years
tow ard th e “m eat-type” steer.
U nder our p re se n t g rading system th e retail outlet
gains th e big p ercentage of th e added cu to u t value of
th is type of steer, v e ry little advantage goes to the pack
er, and p ractically n o th in g to th e actu al pro d u cer of the
m eat type steer. Yet, th e re is a trem en d o u s range in
the reta il value of cattle th a t grade th e sam e u n d er our
p resen t system . The yield of th e prim e cu ts—loin, rib,
round, and chuck—m ay v a ry all th e w ay from 40 to 70
per cent of th e en tire carcass. T h at v alue range is far
g reater th a n th e range in m a rk e t prices to th e feeder.
T ests have been ru n on tw o steers w eighing w ith in ten
pounds of th e sam e w eight on th e hoof, and th e ir dress
ing percentage alm ost identical; yet, th e re ta il value
of one w as actu ally $51.10 m ore th a n th e other. It is
im possible to tell how m uch benefit th e feeder received
from this, b u t it is safe to say it w as considerably less
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
th a n the $4.55 per cwt. th a t the cu to u t value show ed
could be realized only at the retail level.
The D epartm ent of A griculture has been doing some
ex p erim ental w ork in th is field for some tim e, referred
to as dual grading. In stead of one carcass designation
we w ould have two. One, the grade, w ould denote qual
ity, and the other, th e yield score, w ould denote the quantity of retail cuts.
The D epartm ent m u st see some need for th is to con
duct these experim ents, and I w ould like to see th is form
of grading pushed and p u t into practice w ith in the Federal grading system . The producer w ould th e n get some
of the price advantage for producing the type of anim al
th a t today’s m eat trad e dem ands.
Check Grade D ifference B etw een A reas
A nother segm ent of our F ederal grading sys
tem th a t I w ould like to see checked is th e socalled differences of the sam e grade betw een
different areas in our country. The governm en t agencies say th ere is v ery little difference betw een
grades in various areas and th a t th is is m erely sales
talk on the p a rt of the packers. N onetheless, in visiting
w ith m any m eat and cattle m en w ho have had years of
experience in th e business, th ere is a tendency to be
lieve th a t th ere are some variations.
If this is th e case, th en it is definitely a situation th a t
should be corrected, because a large percentage of car
casses are sold e n tirely on th e grade in the large wholesale m eat m arkets. T his gives an u n fair advantage to
th e producer w ho is producing a low er grade carcass, but
is gettin g a b etter grade on it because he happens to be
operating in an area w here the feed available or the
feeding program does not produce a large percentage of
choice carcasses. Once m eat is graded it sells at prac
tically the sam e price, according to each grade, in the
w holesale m arkets. And, if one or any p a rt of the in
d u stry is in a position w here it m u st produce a b etter
carcass in order to get th e sam e grade, th en th a t p artic
u lar section is w orking u n d er a handicap. T his n a tu r
ally raises th e cost of production, c u ttin g the gross profit.
T his is a v ery controversial subject and I do not profess to know th e answ ers, b u t I do know th ere is m eat
being shipped from some of the riv er m arkets, ungraded,
and th en graded at the destination w ith th e hope of
y
v
>
Y
X
r
H
y
27
Cattle Feeder
onry, inflation, and increased o p erating expenses for
A m erican producers.
Look at the change in th e over-all econom y since 1930.
Costs and all o th er price levels have m ore th an doubled.
To give the A m erican producer any protection, our ta r
iffs should have been doubled, b u t instead th ey have been
cut nearly in half. How long can the dom estic producer
continue to subsidize the m an u factu rers, by the im por
tation of cheap m eats, so th ey can sell th e ir products
abroad? W ith to d ay ’s general economy, it is m y belief
th a t A m erican producers should insist on doubling the
1930 levels of tariffs on all m eat im ports.
S tren gth en P ackers and Stockyards A ct
W ritte n E specially for
The N orthvjestern B anker
B y GEORGE H. SPENCE
A g r ic u ltu r e R e p r e s e n ta tiv e
A m e ric a n TSational B a n k
a n d T ru st C o m p a n y , Chicago
f
t
gettin g a b e tte r grading. I believe th is is a p art of our
in d u stry th a t should be checked.
Curtail M eat Im ports
/
A no th er area in w hich I th in k th e g o vernm ent
could help the livestock in d u stry is in cu rtail
ing th e u nbridled im p o rtatio n of m eat. W hen
prices sta rte d to rise in 1957, a flood of im
p o rted beef began en te rin g th is country. In 1958, 8.4 per
cent of th e total beef consum ed h ere w as im ported. In
1959, im p o rts am ounted to 8.3 p er cent and in 1950, 5.9
p er cent. The total figures are not y et released for 1961,
b u t I u n d e rsta n d im ports are up again. F ig u res quoted
in the A pril, 1960, issue of W e ste rn L iv e sto c k stated th a t
we im ported 40 tim es as m uch m utton, 15 tim es as m uch
beef, and about 16 tim es as m uch p o rk from abroad as we
im ported only eight y ears ago. W e have come to the
v ery u n u su al position w h ere we are th e second largest
im p o rters of m eats in th e w orld today.
A nd all th is is being b ro u g h t into a co u n try th a t is
supposed to be plagued w ith an over supply of cattle and
hogs as w ell as a trem en d o u s stockpile of cereal feed
grains! W hile we spend m ilions to su p p o rt g rain prices,
we im p o rt m eats th a t could be produced here w ith this
sam e grain. I realize th a t im ported beef is used p ri
m arily for processing and ends up in sausage, w ieners,
ham bu rg er, bologna, and so forth, b u t it is still m eat and
as long as it is available it tak es sales aw ay from dom es
tic producers.
The tariff ra te set up in 1930 on beef and veal, frozen
or fresh chilled, w as six cents p er pound, b u t in 1947 a
tariff change cu t th is to th re e cents p er pound. At the
sam e tim e th e U nited States reduced th e d u ty on cattle
w eighing 200 pounds from 2% cents to IV2 cents on the
first 200,000 head im ported annually. The d u ty of 2%
cents p er pound rem ained th e sam e on cattle from 200
pounds to 700 pounds, b u t th e ra te on cattle over 700
pounds w as reduced from 3 cents p er pound to IV2 cents
p er pound on the first 400,000 head en te rin g in an y 12m onth period. Sim ultaneously, th e tariff w as reduced
from 3 cents to 2% cents p er pound on all cattle en terin g
th is co u n try over th e above specified num bers. A long
w ith th is change, tariffs w ere cu t on p reserved m eats
from 20 to 10 per cent.
All th ese tariff cuts w ere in the face of a rising econ-
I-------N
A nother segm ent of our livestock in d u stry
!
\ th a t I th in k should have m ore and b etter suLm
pervi si on falls u n d er th e ju risd ictio n of the
*
P ackers and Stockyards Act. Passed in 1921,
this act originally applied to term in al m arkets. Due to
the decentralization of the livestock business, the act w as
am ended in 1958 to extend its provisions to all in te rsta te
tran sactio n s in livestock by packers, dealers, and m ark et
agencies in all m ark etin g outlets. I believe th e P ackers
and Stockyards A dm inistration is doing a good job today,
b ut as a resu lt of the fast-changing m ark etin g system , its
problem s are m any and complex. F o r instance:
A. One of th e c u rre n t problem s has to do w ith w eigh
ing procedures, th e practice of adju stin g w eights to com
pensate for th e sh rin k or fill of anim als being sold. This
is called the “pencil sh rin k ” and is a certain per cent of
th e an im al’s total w eight, agreed upon at the tim e of th e
sale, and deducted from th e live an im al’s actual w eight.
This, to me, is a double sh rin k as the producer has al
ready tak en a norm al sh rin k in sortin g the anim als,
tru ck in g and o ther general hauling. T his ex tra sh rin k
allows the buyers to pay a higher live price and creates
an unbalanced and fictitious m arket.
T his w eight adju stin g could ju st as w ell be handled
through price a d ju stm en t and w ould be m uch less con
fusing to the actual producer. This practice w as started
by direct co u n try buying, and has now spread to some
sale b arn s on fat cattle. A lm ost certain ly it w ill have to
spread to term in al m ark ets in the future, if th ey are to
stay on an equal price basis.
The practice also leads to o th er irreg u larities. F o r in
stance, a dealer buys livestock w ith such a “pencil
sh rin k ,” th en im m ediately resells it on the rep resen ta
tion th a t th e original w eight ticket w as the buying
w eight. This is one reason a cattle feeder should never
take w estern w eights unless he check-weighs the cattle
a t th eir d estination and m akes sure th a t his tra n sp o rta
tion sh rin k is not excessive.
B. A nother problem th a t I w ould like to see th e P ack
ers and Stockyards A d m inistration control is the bond
ing of co untry buyers. All operators on term in al m ar
kets and sale barn s m ust be bonded to g u aran tee pay
m ent for the p roducers’ livestock. B ut the packer can
buy cattle direct w ith o u t a bond. We have had actual
experiences w here packers have gone broke and the pro
ducer w as nev er paid for his fat cattle.
C. Still an o th er lam entable practice is the w ithholding
of m oney owed, not paying for cattle u n til th ey are
graded by the packer. M any tim es these carcasses are
already sold and m oved from the packing house before
the producer is paid.
D. One final procedure I w ould like to see elim inated
(if th e P ackers and Stockyards A dm inistration has th e
pow er) is the practice of sale b arn operators sta rtin g the
price and m any tim es buying the cattle th a t go through
CATTLE F E E D E R . . .
(T urn to page 41, please)
No rthwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
28
A
Y
“Your w h ole organ ization depen ds and succeeds on com m unication.
T h e best idea in th e w orld cannot be carried out unless it
can be com m u n icated to those responsible for carrying it out.
G ood com m unication m akes for a good team effort.”
M anagem ent
A n d S t a f f T r a h i in g
B y PAT DuBOIS
E x e c u tiv e V ice P r e s id e n t
F irst S ta te B an k
S a u k C en tre, M in n e sota
N MY opinion th e re w ill be no
p at s o l u t i o n or clearly-defined
ch a p te r on m anag em en t succes
sion and staff train in g . I th in k th is is
an individual b a n k m a tte r and th e
solution w ill be changed from tim e to
tim e by changing conditions and de
m ands.
M anagem ent succession is th e basic
resp o nsib ility of th e board of direc
to rs and senior m an ag em en t in each
bank. It is th e ir resp o n sib ility to
select capable executive personnel and
to lay dow n fu n d am en tal lines of p ro
cedure. I t is im p o rta n t th a t execu
tive m anag em en t c a rry out th e busness of banking.
Once th e resp o n sib ility for m anage
m en t succession h as been recognized
by th e board, it becom es th e basic
responsib ility of m anagem ent.
I
Train R eliable Men
I t is necessary th a t top m anage
m en t seek out reliable personnel, em
ploy th e m and estab lish tra in in g p ro
g ram s w hich provide education and
train in g . R esponsibility for th e tr a in
ing pro g ram m u st be divided b etw een
staff m em bers in p rop o rtio n to th e ir
ab ility an d au th o rity . In larg er banks,
designated officers have th e m ajo r re
sponsibility. In m an y cases, th ese
m en are specialists. In sm aller banks,
th ese m a tte rs fall to th e president,
w ho is all th in g s to his bank.
In som e b an k s th e re exists a lack
of u n d e rsta n d in g of resp o n sib ility and
au th o rity . T his b rin g s stra in e d w o rk
ing relationships, inefficiencies and
often th e d eterio ratio n of a good em
ployee. M a n a g e m e n t m u st define
Northwestern Banker, April, 1962
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Federal Reserve Bank of St. Louis
areas of responsibility and th a t a u
th o rity m u st be clearly outlined.
A m ong m an y excellent schools for
developm ent of b an k personnel are
th e A.I.B., th e G raduate School of
B anking and th e School of B anking
a t M adison, Wis. Sem inars are held
by b an k organizations freq u en tly and
it is im p o rtan t th a t m anagem ent in
trod u ce th e ir people to courses of
stu d y and encourage th e ir attendance.
The best, m ost successful m ethod of
enco u rag em ent is th e paying of th e
course and expenses involved in a t
tending. If we are to develop quali
fied in dividuals for advancem ent, we
m u st be w illing to do w h a t o th er in
d u strie s do—foot th e bill!
T hree B asic S teps
M aterial for tra in in g b ank perso n
nel is alm ost unlim ited. A.B.A. has
a w hole series carefully w orked out
and are excellent. A.I.B. courses have
w ell-prepared tra in in g m aterials and
m an y colleges have special courses for
im proving b an k personnel.
To develop em ployees for higherlevel m anagem ent positions, th e re are
th re e basic steps to be followed:
1. C larify th e job req u irem en ts
of executive positions in th e bank.
2. A ppraise th e in dividual’s p e r
form ance on his p resen t job as
m e a s u r e d against th e re q u ire
m en ts d eterm ined in Step One.
3. P lan th e counseling and de
v elopm ent of th e person so areas
of need can be filled or w eak
nesses corrected.
I t is n o t necessary th a t supervisors
hold an official title, b u t th ey are at
V
th e first level of m anagem ent and
hold key positions in a bank. Some
of th e g reatest problem s banks have
had have been caused by poor organi
zation and tra in in g of supervisors.
Too freq u en tly th e practice has been
to select as supervisor th e em ployee
w ith th e longest service or th e highest skill of operation.
I t is im portant, du rin g th e train in g
program , to evaluate th e progress be
ing m ade and to counsel w ith th e
trainee. Develop his ability to m ake
a decision and to c a rry it out.
^
^
y
F or Team Effort
T he p rogram should be devised to
educate, coordinate, develop leader
ship and responsibility. I t should be
conducted u n d er th e b est leadership
possible and should help personnel
fully u n d erstan d th e function of th e
b an k and its d epartm ents. One m eth
od is staff m eetings, called and con
ducted in an inform al thought-pro
voking m anner. These m eetings b rin g
out little problem s and p erm it com
m on u n d erstan d in g and corrections
before th ey grow into serious p ro p o r
tion. Also, th ey help develop a team
effort and a b e tte r w orking relatio n
ship a t all levels of em ploym ent.
In m any instances th e person first
considered for advancem ent is th e son
or o ther relativ e of th e p resen t banker. Often, his rise is faster th a n th a t
of th e others, so it is advisable th a t
special em phasis in th e tra in in g p ro
gram and education be encouraged.
Too often th e son or relativ e finds
him self faced w ith responsibility be
fore he is prepared. H is struggle
som etim es is not in th e b est interests
of th e bank. B ut w ith p roper education and tra in in g he can be b e tte r p re
pared.
Probably th e m ost im p o rtan t aspect
of staff tra in in g and m anagem ent suecession rests in com m unication be
tw een th e board and m anagem ent,
m anagem ent and staff, staff and p e r
sonnel. C om m unication is your memo,
your new spaper ads, y o u r radio and
S T A F F T R A IN IN G . . .
(T u rn to page 44, please)
Y
y
T
V
y
*
y
^
29
E KNOW th a t p roviding te rm
financing for sm all b u siness is
a relativ ely new field for m any
banks, a field w hich m an y banks,
quite u n d erstan d ab ly , are re lu c ta n t to
enter. B ut it is exactly th is ty p e of
financing th a t so m any sm all b u si
nesses need if th e y are to grow and
p ro sp er and th a t is w h y th e SBA
financial assistance p ro g ram exists.
In our new Sim plified B ank Loan
P articip a tio n P lan we have m ade a
v e ry d eterm in ed effort to provide a
ready m eans w h ereb y b an k s can su p
p lem en t th e ir lending activ ity to
sm all firm s seeking te rm loans. W e
th in k we have succeeded, and th is is
evidenced by th e read y response we
have received from so m an y banks.
Our new p lan w as p u t into effect last
Septem ber and in four m o n th s of op
eratio n m ore th a n 550 loans totalin g
m ore th a n $33 m illion w ere approved.
A t p re se n t a stro n g 25 p er cent of th e
loan applications com ing in are u n d er
th is plan, and since some 85 p er cent
of th ese applications are approved, it
is evident th a t th e SBA is m oving
strong ly in th e direction of heav y re
liance on th e su p p o rt and assistance
of th e p riv ate banks.
W
E xp and s Loan V olum e
W e th in k th is is a h e a lth y trend,
and we believe you w ill agree. W e
believe, also, th a t th ro u g h th is p ro
gram we can help th e b an k s to give
g re a te r service to th e ir sm all business
custom ers, and th u s help stre n g th e n
th e ir com m unities.
F o r exam ple, a b an k desirin g to be
p ru d e n t and y et p rogressive m ay
budget $2 m illion of its lending funds
for te rm loans to d eserving sm all
businesses in th e com m unity. W hen
th is $2 m illion has been com m itted,
th e b a n k w ould be inclined—in order
to stay w ith in its bu d g et—to stop con
siderin g an y m ore loans of a te rm
n atu re.
B ut now consider th e b a n k ’s posi
tio n if it had m ade th ese te rm loans
u n d er our sim plified plan, w ith th e
b an k ta k in g a 25 p er cent sh are and
th e SBA 75 p e r cent. T he b a n k could
th e n have advanced w ith in th e com
m u n ity $8 m illion in te rm loans and
y et th e b a n k ’s exposure w ould rem ain
a t th e bud g et lim it of $2 m illion. Of
course, u n d e r th is program , a b ank
m ay tak e a larg er sh are th a n 25 p er
cent if it cares to. Indeed, w e are
R ep resen tativ es of th e Sm all B usi
ness A d m in istratio n have p resen ted
details of its new Simplified B ank
L oan P articip atio n P lan to b an k er
groups in m an y states. Mr. H endricks
delivered th is address a t th e recen t
m id-w inter conference of th e M inne
sota B an k ers A ssociation.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S H A S im p lif ie s
T e rm L im n s
T h r o n ifh H a n k s
B y LOGAN R. HENDRICKS, D ire c to r
Office o f L oan P r o c e s s in g , S m a ll
B usiness A d m in is tr a tio n , W a sh in g to n . D . C.
h appy to have th em do so as we w an t
to keep as m uch sm all business term
financing as possible in th e p riv ate
b an k in g system . In some cases a b ank
m u st take a larg er share th a n 25 p er
cent if th ere is considerable existing
b an k debt to be refunded from th e
loan.
M eets Credit N eeds
B ut we are also h appy to have th e
b an k s tak e full advantage of th is p ro
gram by tak in g a 25 p er cent p artici
pation, for th ro u g h th is m ethod of
collaboration w ith SBA a b an k can
m eet th e credit needs of m any cus
tom ers it m ig h t otherw ise be unable
to serve. T his accom plishes our m ain
objective of helping finance sm all
business and doing it by u tilizin g th e
services and credit know ledge of th e
p riv ate banks.
I cannot em phasize too strongly
th a t th e v ery h e a rt of th is plan is our
heav y reliance upon th e b a n k ’s credit
judgm ent, based on its know ledge of
E xam p le 1
D ow ntow n N ational B an k
B udget for te rm loans to
sm all businesses .......... $2,000,000
W ith SBA 75 p er cent p a r
ticip ation and b an k 25
p er cent, to tal budget
for te rm loans can b e .. 8,000,000
B an k ’s exposure rem ain s. 2,000,000
N.B. N ational B ank need n ot count
SBA sh are of deferred p articip a
tio n loan against its own legal lend
ing lim it.
its custom ers and its experience in
th e ban k in g field.
By elim inating un n ecessary pap er
w o rk and procedures, w e have sh o rt
ened th e application form used in th e
plan to one page. I am speaking
here of th e form w hich th e b an k fills
out and sends to SBA, asking it to
p articip ate in a loan.
The SBA can review th e new sim
plified application form v e ry quickly.
In fact, in m ost instances, we are able
to notify th e b an k of our decision
SBA TERM LOANS . . .
(T u rn ot page 52, please)
E xam p le 2
D ow n tow n N ational B an k
$100,000 te rm loan to sm all business
at 6 per cent, w ith 75 p er cent SBA
deferred participation. B ank col
lects 6 p er cent in terest, pays SBA
% per cent on SBA’s $75,000 share,
and n ets a little m ore th a n 514 p er
cent on in v estm en t largely g u a ra n
teed by th e governm ent.
A dvantages: 1. Safety and q uality
of a go v ern m en t bond. 2. H igher
yield th a n b an k can obtain on any
o th er go v ern m en t security. 3. Li
q u id ity of asset because 75 p er cent
of loan m ay be sold to SBA at any
tim e.
If SBA p articip ates actively in
loan, it pays th e b an k V2 per cent
of th e in te re st on SBA’s sh are of
loan for servicing th e e n tire loan.
B ank re ta in s 6 p er cen t on its 25
p er cen t of loan.
No rthwestern Banker, April, 1962
30
From
Comments
at the M ontana
A g ricu ltu ra l Credit
Conference in
Bozem an
F inancing"
-Ÿ
in A m erica is
changing w ith each day. T ech
nological advances are chang
ing th e m ethods of farm in g and ra n c h
ing and n arro w in g profit m argins are
changing th e size of each unit. W ith
th e changes in a g ric u ltu ra l m ethods
w ill come changes in a g ric u ltu ra l fi
nancing. M ethods of financing a fa rm
er or ra n c h e r today m ay be of little
value to the farm er or ra n c h e r of the
1970’s.
Follow ing are com m ents from th ree
persons on th e fu tu re of th e farm er
and ran c h e r and on th e fu tu re of a g ri
c u ltu ra l financing. T hey discuss who
th e ran c h e r and farm er of tom orrow
w ill be, th e problem s of ag ricu ltu re
and a g ric u ltu ra l financing in th e fu
tu re, and th e m ethods of financing
th a t m ay be used to m eet th e needs
of space age farm ers and ranchers.
These com m ents w ere m ade at the
recen t M ontana B ankers A ssociation’s
A g ricu ltu ral C redit Conference:
A
are inclined to forget th a t a situation
in our own back yard, of w hich we
have in tim ate know ledge, is only as
clear as m ud to our city correspond
e n t unless we pass on all of our
knowledge.
S o m e r e a s o n a b l e u n d erstan d in g
m u st be arriv ed a t betw een the coun
try ban k and its city correspondent
providing for the servicing of the
loans. In our own b ank we do all the
servicing. H ow ever, if it w ere neces
sary and requested by us th a t the
ag ricu ltu ral rep resen tativ e of our city
correspondent come out to assist in
servicing a participation, we w ould
anticipate being charged a percentage
of th e expense of the trip relative to
our particip atio n in the loan.
Last, b u t not least, th e officer in the
co u n try ban k and the officer in the
city b an k responsible for agricu ltu ral
loans, m u st have a m u tu al respect for
each other as ag ricu ltu ral credit men.
g r ic u l t u r e
4-
r
V
y
i
G overnm ent C om petition
PRO
OE TH E
out of every th ree banks serving ag ri
executive vice cu ltu re received one or m ore o th er
'president, First National Bank, Brown w ise acceptable applications for ag ri
ing, Mont.:
c u ltu ra l credit for am ounts larger
■ A . M. G r een sh ield s ,
As w e look a t ag ricu ltu re financing
today and into th e fu tu re, th e re are
th re e areas th a t need p a rtic u la r a t
tention. If we are to m eet th e fu tu re
needs of our farm and ran ch custom
ers and of our stockholders we m u st
pay p a rtic u la r a tte n tio n to (1) Gov
e r n m e n t a n d Quasi - G overnm ental
Agencies, (2) Im proving C orrespond
en t R elationships, and (3) Selection
of th e R an ch er and F a rm e r of the
1970’s.
C orrespondent B anks
A recen t stu d y by th e ag ricu ltu ral
com m ittee of th e A m erican B ankers
A ssociation reveals th a t in 1961 one
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
th a n it could handle.
A good correspondent relationship
w ith a large b ank is a m ust for the
sm all co u n try b ank if it desires to
m eet the com petition. The sm all bank
m u st give consideration to carry in g
an adequate balance in its account
w ith the city correspondent in order
to m ake it w o rthw hile for the city
b an k to provide th e additional serv
ices required.
The co u n try b ank m u st provide ade
quate form s on w hich to relay all p e r
tin e n t inform ation reg ard in g th e loan
so th a t th e city b ank can ascertain
th e credit factors readily. M any of us
I believe th a t m any b an k ers in the
1930’s, w hen m ost governm ent com pe
titio n originated, felt th a t relief measu r e s w ere o n l y
t emporary and
th a t th ey w ould
g r a dua l l y fade
out of th e picture
as th e ag ric u ltu r
al e c o n o m y re
covered from the
d e p r e s s i o n and
th e drouth.
This wishful
th
in
k in g has not
A. M. G R E E N S H I E L D S
materialized,
E ven though m ost banks serving ag ri
c u ltu ral areas are w illing and able to
fu rn ish sound ag ricu ltu ral credit, the
governm ental com petition is rapidly
expanding. I believe th a t such comp etition is p erm an en t and th a t it be
hooves us as b an k ers to devise w ays
and m eans to m eet and live w ith it.
-p
r
*
j
4
x
31
A g r ic u ltu r e fu r th e F u tu r e
To in orrow ’s Ope rat ors
M anagem ent alw ays has been an
im p o rta n t factor in th e extension of
farm and ran ch credit. H ow ever, in
the p ast few y ears it has becom e a
m ajor problem . M any of our farm
and ran ch o p erato rs today are unable
to cope w ith th e n arro w in g m argin
betw een costs and income. M any also
are unable to cope w ith im proved
m ethods and new technology, and it
w ould ap p ear th a t some of them
w ould be b e tte r off in some o th er line
of endeavor.
All lenders in th e a g ric u ltu ra l cred it
field are financing u n its w h ere it is a
know n fact th a t th e m anagem ent is
w eak. W e cannot afford to continue
to finance app lican ts for a g ric u ltu ra l
cred it w ho do not have th e p o ten tial
ab ility to do th e job th a t will be re
quired in th e fu tu re. W e have a re
sponsibility as lenders to pick th e in
dividuals w ho w ill be ra n ch in g and
farm ing in th e 1970’s. The success or
failure of those engaged in ag ric u ltu re
tom orro w w ill in a large p a rt depend
on th e sound ju d g m en t of th e lenders
of today.
CUSTOM ERS
OF TH E FU TU RE
■ C harles E. S w e e n y , vice p resi
dent, Big H o rn C ounty S ta te B ank,
H ardin, M ont.:
W hen we try to visualize w ho th e
ra n c h e r and farm er of tom orrow w ill
be, we as com m ercial b ankers, are tr y
ing to d eterm in e our role in agricu l
tu ra l financing from today into to m o r
row.
If we can d eterm in e w ho w ill be
th e farm e r and ra n c h e r of tom orrow ,
it w ill be m uch easier to determ in e
th e effect th e tra n sitio n from today
into tom o rro w w ill have upon ra n c h
ers and farm ers and to d eterm in e the
role com m ercial banks play in ag ri
A recent survey conducted by the
cu ltu ra l financing of th e p resen t and D ep artm ent of A griculture show s th a t
th e fu tu re.
th e average sm aller operator cannot
The size u n it the ran ch er and farm m eet his an n u al depreciation costs
er of tom orrow operates w ill be of and w ill u ltim ately go out of business.
It also show s th a t the average sm aller
v ital significance. It is p re tty m uch
com m on know ledge th a t the tren d of income operators is v ery relu ctan t toth e p ast several decades has been to decrease his living expenses in a n y
w ard larg er and few er u n its in ag ri m an n er p roportionate to income. R e
su lts of th is su rv ey are show n in th e
culture.
accom
panying chart.
T his is explained readily w hen we
I t is obvious th a t w ith th e increase
consider th a t increased efficiency re
su ltin g from increasing size to a cer in size, capital req u irem en ts w ill be
ta in point dim inishes u n it costs. A n m uch greater. The big question is:
“W here w ill th is capital, or land, or
oth er re su lt of th is tran sitio n to larger
u n its is the disappearance of the equipm ent, or livestock come from for
sm aller, sub-m arginal farm s th a t are those w ho don’t have it?”
unable to com pete w ith th e larger,
The m ore fo rtu n ate w ill be able to
m ore efficient units.
obtain backing from p aren ts or rela
It also is ap p aren t th a t m echaniza tives w ho do have it, and w ho are
tion has tended to force ag ricu ltu ral w illing to risk it. Those w ho have
op erato rs to increase th e size of th e ir p roper security and have dem on
u n its to fully utilize m odern equip strated m anagem ent talent, ch aracter
m ent.
and ability, will obtain capital th ro u g h
M o n ta n a F a rm 0 ont p a r i son
Items
Largì 1
N um ber of F a r m s ......................
A verage Size (A c re s)............................................
C apital Investm ent:
L and ....................................................
B uildings ............................................
M achinery ..................................................
L ivestock ....................................................
Sm all
.
10,446
.
.
.
12,119
13,089
16,020
$27,296
4,394
6,827
5,484
.$122,619
$44,001
Cash R eceipts (M arketings & G overnm ent P a y m en ts). .$ 28,952
Cash E xpenses ..............................................................
. 11,236
$ 7,650
$ 3,316
T o ta l.....................................................................
N et Cash In co m e............................................................ .$ 17,716
F ed eral Incom e Tax (F am ily of 4 ) ......................
$
4,334
.$
2,944
$
81
$
14,772
3,600
$
4,253
3,600
.$
.$
11,172
2,421
$
$
633
1,217
Less L iving A llow ance..............................................
A vailable to Service Debt and Replace C ap ital........
A nnual D epreciation ................................................
15,141
1,063
n orth w estern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
32
acre on th e farm initially, amor*'C redit
Is
Provide Itesiper
itzing $50 p er acre du rin g th e course
of th e lifetim e. In tim e, the loan
Financint/ the F a rm A s a
w ould be reduced to $100 per acre.
Only in te re st paym ents on o u tstan d
Sini/le Unit o f Operation **
ing debts w ould be req u ired w ith op
friends, b anks or o th er lending in sti
tutions.
M anagerial ab ility w ill be m ost im
p o rta n t in th e success of a farm in
th e fu tu re. E v en w ith sufficient capi
tal and adequate size, som e o p erato rs
w ill n ot last long if th e y do not have
m anagem ent ability.
H ow ever, m arg in al farm s still w ill
exist tom orrow . Some o p erato rs w ill
be w illing to accept a sub-standard
living to stay in business. Also, some
of th e good farm ers of today w ill go
backw ard to becom e th e m arg in al
farm er of tom orrow .
In general, th e ra n c h e rs and fa rm
ers of tom orrow w ill be those w ith
larg er units, larg er am o u n ts of capital
or a w ay to get it, and m uch b e tte r
m anagerial ability th a n th a t of th e
average o p erato r today.
The farm or ran ch o p erato rs of to
day th a t possess th e m an ag erial ab il
ity, th e p o ten tial and w illingness to
increase in size, and th e n ecessary
capital, or access to it, w ill still be in
business tom orrow .
Also, th e re w ill be those in business
tom orrow w ho are not in business to
day. I believe th is class of o perators
w ill average few er in n u m b ers each
year, as th e req u irem en ts of gettin g
into ag ric u ltu re becom e increasin g ly
dem anding. Those of th is group w ho
do succeed w ill be su p erio r m anagers
and m ore fo rtu n a te th a n m an y of th e
farm ers and ra n c h e rs of today.
Com m ercial b anks w ill play an im
p o rta n t role in d eterm in in g w ho w ill
be th e ra n c h e r and farm er of to m o r
row. B an k ers m u st keep one eye on
th e p re se n t and th e o th er on th e fu
ture.
B ankers M ust U se Judgm ent
As lenders, b an k ers m u st use th e ir
b est ju d g m en t and u tm o st discretion
to in su re th a t tom orrow w ill be p ro f
itable for th e b a n k as w ell as for th e
a g ricu ltu ra l custom er.
Y oung operato rs w ho have th e po
te n tia l to be in b u siness tom orrow
m u st be given p ro p er guidance. By
th e sam e token, those w ho lack th e
necessary quality to be th e o perators
of tom orrow , m u st be dealt w ith fa ir
ly b u t firmly. The ra n c h e r and fa rm
er of tom orrow w ill be allow ed v ery
few w ro n g decisions. M argins w ill be
too fine for him to rem ain in business
if he guesses w ro n g too often.
B ank ers m u st continue th e ir duties
w ith th e deepest sense of responsibil
ity, in te g rity and concern for th e
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ra n c h e rs’ and th e fa rm e rs’ tom orrow
also is th e b a n k e rs’ tom orrow .
F IN A N C IN G
IN TH E FU TU RE
head, Agri
cultural Economics Department, Uni
versity of Minnesota, Minneapolis:
■ D r . S herwood O. B erg ,
Is th e com m odity financing ap
proach to ag ricu ltu ral lending ade
q uate for to day’s farm s?
The com m on approach used today
is th a t a fa rm e r’s credit needs are ap
praised from a view point of financing
feeder cattle, dairy, farm m achinery,
broiler, etc. T his
is a frag m en tary
pattern.
1
Increased s i z e
f
of com m ercial ag***'
r i c u l t u r e u n its
has led us to the
point w here lendin g a g e n c i e s
m u st be in a po
sition to finance
a
n entire farm
D R . S. O. B E R G
operation ra th e r
th a n ju s t a portion of it. G enerally,
sp lit lines of credit re su lt in m ore
lim ited availability of credit th a n a
farm operation w arran ts.
C redit is provided best by financing
th e farm as a single u n it of operation.
U nder such a system w e w ould not
b reak credit dow n into short-term , in
term ed iate and long-term segm ents.
I suggest th a t in th e y ear ahead we
have need for an open line of credit.
T his w ould m ean th e expanded use
of open-end m ortgages. Such an a r
ran g em en t w ould reduce, or elim i
nate, th e cost of new loans because it
w ould reduce successive appraisals,
title s and th e like. It w ould provide
th e one-stop, one-package credit th a t
farm ers need.
The increased size of operations and
larg er capital req u irem en ts p er farm
suggests a need for a change in our
philosophy tow ard th e holding of
farm debt. A t th e p resen t tim e, it is
th e goal of every young m arried farm
couple to achieve full ow nership of
th e ir farm . T his is w h at society has
set up for th em as a goal of achieve
m ent.
W ith th e trem endous capital re
q u irem en ts in ag ricu ltu re today, is it
reasonable to expect this? M ight it
n o t be possible to p u rchase a farm
w o rth $200 per acre, borrow ing $50
tional principal paym ents.
U nder such an arrangem ent, th e
b o rro w er’s earnings over in te re st cost
could be used to m ain tain or im prove
production efficiency or th e fa rm e r’s
level of living. The lender w ould
have a relativ ely riskless loan, and
presum able h ig h er re tu rn s in other
loans in ag ricu ltu re since th e p e r
m an en t in v estm en t reduces adm inis
tra tiv e costs in th e loan portfolio.
T here is fu rth e r justification for re l
atively low eq u ity in farm real estate.
T his p erm its a relativ ely easy tra n s
fer of th e farm from one generation
to th e next; m oreover, it w ould be cer
tain th a t the control of m anagem ent
w ill rem ain w ith th e individual opera
tor.
A dm ittedly, th is idea req u ires a sub
stan tial sh ift of our attitu d e tow ard
debt, b u t the system has w orked suc
cessfully in o th er countries, nam ely
those in th e Scandinavian area.
Can our p resen t lending in stitu tio n s
adapt th e ir organization to our new,
pressing needs? In a sense we are
adjusting. W e are beginning to use
o ther form s of equity financing.
F o r exam ple, th ere has been consid
erable grow th in th e use of land con
ditional sales contracts. F am ily farm
corporations are also m aking th e ir ap
pearance. These are at least partial
answ ers to th e capital problem in ag
riculture.
Js
t
"f-
T
~v
y
A.
R esearch K ey to Change
R esearch is recognized as th e key
of ad ju stin g to change. T here is need
for capable, im aginative m en in fi
nance adm in istratio n to face the tre
m endous changes in agriculture. To
m eet th e research and developm ent
needs of changing agriculture, it m ay
be w ise for a nu m b er of com m ercial
banks in an area to in teg rate th e
function of a g ricu ltu ral lending so
th a t a core of specialists could be de
veloped.
As changes occur in our general
econom y and in ag ricu ltu re in p artic
ular, th ere is a real need for a th o r
ough reap p raisal of our credit in stitu
tions. T here are needs for local lend
ing agencies to be capable of tak in g
on larger loans for m uch longer pe
riods of tim e; for single agencies to
m eet th e v aried dem ands of th e sin
gle borrow er; and th e need for bor
row ers and lenders alike to keep
ab reast of th e technical revolution in
our ag ricu ltu re and in our ru ra l com
m unities.
À
Y
T
y
T
À
f
33
“A satisfied custom er is you r greatest business d eveloper. H e’s so
p ro u d to be considered im p o rta n t to you r bank . . . and because
of th e warm frien d sh ip he receives from you he ju st c a n t keep
it to him self. H e’s goitig to te ll others how good you are.”
Improve Customer Relations
. . . with this easy 5-point plan
E HAVE been ra te d at th e b o t
tom of th e frien d lin ess c h a rt
m an y tim es by our custom ers
. . . and th is w o u ld n ’t be so bad except
th a t we are com peting w ith credit u n
ions, savings and loan com panies,
sm all loan com panies, sales finance
com panies, life in su ran ce com panies,
agencies of th e federal g o vernm ent
and even th e federal gov ern m en t it
self . . . and w e’re losing g ro u n d all
th e tim e.
One of th e p rim a ry reasons for th is
loss is o u r public relations. I t has
m ade pro g ress th e p ast few years, b u t
th e re ’s room for m ore im provem ent.
W
B an ks Can B enefit
Public relatio n s is defined to in
clude y o u r relatio n s w ith th e com m u
nity, y o u r custom ers, y o u r govern
m ent, y o u r ch u rch es and all o th er
people or groups w ith w hom you or
yo u r b a n k have contact. All b anks
can benefit by hav in g th ese v ario u s
publics th in k w ell of th e b an k in g p ro
fession generally.
Two m ajo r steps in estab lish in g a
forw ard-looking public relatio n s p ro
gram in a b an k are (1) b an k m anage
m ent m u st in a u g u ra te policies to
guide th e pro g ram and give it im petus
and (2) th e e n tire staff m u st be in
form ed and educated as to b an k policy
and to b an k in g generally.
No p ro g ram w ill be effective if th e
staff isn ’t p a rt of it. To a g re a t m any
of y o u r custom ers, th e teller and not
y o u r p re sid e n t or th e cashier re p re
sen ts th e bank. So, it is im p o rta n t th a t
th e b a n k ’s public relatio n s policies
and tech n iq u es of h an d lin g custom ers
be clearly defined, u n d ersto o d and
practiced by everyone in th e bank.
L e t’s develop b e tte r custom er re la
tions.
Com m on C riticism s
A large eastern b an k recen tly had
an in d ependent s u r v e y conducted
am ong its custom ers to determ ine the
m ost com m on criticism s. M any of
these m ay n ot apply to you or your
bank, b u t m any will:
1. U nfriendly attitude.
2. Indifference.
3. L ack of courtesy.
4. A p p aren t disinterest.
5. Cold, im personal service.
6. Only in terested in m oney, not
custom ers.
7. T alks only w ith fellow em ploy
ees.
8. Does o th er w ork w hile custom er
w aits.
9. H ard to get inform ation.
B y DAVID A. SHERN
A ssistant V ice P r e s id e n t
First N ation al B a n k o f St. P aul
St. Paul, M in n e sota
to. L ack of recognition.
11. Sent from w indow to window.
12. Im patience.
Did it daw n on you as you read the
list th a t m ost criticism s cen ter on the
h u m an elem ent? W e h u rt th e ir feel
ings and th is is intolerable! People
can stand a lot of physical inconveni
ence if th ey are m ade hap p ier in th e
end. T hey are king. T hey’re our
bread and b u tte r and w ith o u t them
we have no b an k . . . no job.
W e can ju st as easily inflate th e ir
ego and m ake th em feel th e y are the
m ost im p o rtan t people in th e bank.
W hen you do this, you have at y o u r
com m and th e m ost pow erful ad v ertis
ing m edium ever devised. A satisfied
custom er is yo u r g reatest business de
veloper.
A 5-Point P lan
H ere is a 5-Point P lan for im prov
ing custom er relations. Use it. P rac
tice it. I prom ise you your custom
ers w ill leave th e b ank w ith a sm ile
instead of a frow n.
1. T ogetherness.
2. “W e’ll take care of ev ery th in g .”
3. “May I suggest” . . . ask for busi
ness.
4. Com plim ent liberally.
5. T h an k sincerely.
Now, let’s discuss them individu
ally.
P oin t 1—Togetherness. An individ
ual alone is tragic, pathetic. People
are basically insecure and dependent.
T hey alw ays have sought com panion
ship. T hey need assurances th a t th ey
are not alone.
N ow here is th is m ore tru e th a n in
a bank. W e bu ilt our banks like m au
soleum s . . . th ey echo w ith every foot
step. The custom er feels so self-con
scious he can’t help b u t w an t to get
out as fast as he can. F u rth erm o re,
th e w hole business of b anking is a
m y stery to him. W hen th ey have a
problem , th ey don’t need to be chas
tised, th ey need th e assurance of a
teller or officer w ho w ill say, “Well,
let’s see if we can w ork th is out to
g eth er.”
Use “u s” and “w e” and “to g eth er”
5-POINT P L A N . . .
(T u rn to page 46, please)
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
34
4 P er Cent In terest a F actor
I d r a n c*#* K v f u n d in ig
I hg T r e a s u r y
i s S u e e e s s ïn l
B y RAYMOND TRIGGER
In v e s tm e n t A n a ly st
N ew Y o r k City
H E w indup of w in te r saw the
bond m a rk e t seeth in g w ith u n ex
pected stren g th . The clim ax of
a succession of b u llish su rp rises w as
the response to th e T re a su ry ’s last ad
vance refu n d in g —th e m ost sw eeping
of th e five m oves of W ashington since
Ju n e of 1960 to stre tc h out th e m a tu r
ity of th e public debt.
W ith in a fo rtn ig h t a fte r holders of
m ore th a n $5,000,000,000 of T reasu ry
obligations h ad accepted th e T reas
u ry ’s extension of m a tu rity invitation,
m ost T re a su ry issues of long term
w ere selling a t hig h er prices and low
er yields.
F ifteen T re a su ry issues w ere selling
a t m ark e t yields of 4 p er cent or m ore
in m id-F ebruary. A w eek or so after
the advance refu n d in g closed, the
num ber of T re a su ry issues selling at
yields of m ore th a n 4 p er cent had
sh ru n k to eight. T his despite th e fact
th a t holders of m ore th a n $1,200,000,000 of w ar bonds due in 1972 tu rn e d
th em for 3%s due in 1990 and holders
of m ore n early $3,000,000,000 of 3s due
in 1964 and 2M>s due in 1965 exchanged
th em for 4s due in 1971 and 1980.
T
A m erican T elephone & T elegraph
bonds at a price to yield 4.52 per cent,
b u t once the success of the new tele
phone issue w as assured, the in stitu
tional inv estors m ade no serious ef
fo rt to resist th e m ark etin g of prim e
new corporate issues a t yields of u n
der 4Vz p er cent. The D uke Pow er
Com pany p u t out an issue of 4V2s th a t
m oved quickly to a su b stan tial p re
m ium . T h ereafter the bond syndicate
p ricers designated a yield of 4.43 per
cent for a new issue of W est P enn
Pow er obligations. This, too, w as a
success.
The ru sh into long-dated m unicipals
w as touched off late last year by the
decision of the F ederal R eserve Sys
tem to allow the business lending institu tio n s to pay up to 4 per cent in
te re st on savings deposits.
Most
banks hastened to exploit to the full
the new a u th o rity for m aking them ,
in the savings deposit field, m ore competitive w ith m utual savings banks
and building and loan associations.
The successful outcom e of the T reas
u ry ’s last advance refu n d in g underscores th e sam e point. The T reasu ry
debt conversion created a new bond
—4s of 1971—w hich w ere subscribable
by holders of e ith er the 3s of 1964 or
the 2%s of 1965. The new 1971 matu rity attracted — m ostly from banks
— conversions totalin g $2,802,000,000,
w hile th e reopened 4 p er cent issue
due in 1980 attracted conversions of
only $558,000,000.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
^
"f
.
^
^
“Operation N ud ge” Dead?
The T re a su ry ’s d e b t e x t e n s i o n
m akes for a w ry com m entary on “Operatio n N udge”—th e move m ade early
in 1961 to force down th e long-term
rate at th e sam e tim e th a t the sh o rt
term w as being pushed up to check
th e gold outflow. The fact is th a t
since Ju n e of 1960—the first advance
refu n d in g effected u n d er th e E isen
how er A d m inistration — m ore th an
$22,000,000,000 of public debt has been
extended in m a tu rity by advance re
M unicipal P urch ases Up
funding und ertak in g s, of w hich the
The en largem ent of com m ercial 1962 operation w as th e m ost sweeping.
b an k holdings of prim e local govern Of the total, about $10,000,000,000 rep
m en t securities due in from 15 to 20 resented extensions of m a tu rity ru n
y ears has gone on all w inter. In stead n ing from 9 to 28 years.
of th e b u ying in te re st w aning after
It is open to question, of course,
m id-w inter, th e p urchases seem to w h eth er such an extension of public
have been stepped up, w ith m any in debt in the long-term area is consiststitu tio n s joining in after hav in g been e n t w ith the K ennedy A d m inistra
indifferent a t th e start. T his bank tio n ’s repeated com m itm ent to reduce
b u ying has depressed th e yields on long-term in te re st rates. B ut so is the
prim e m unicipals due in 20 y ears by K ennedy com m itm ent. As for the a r
25 yield basis points. The statistics b itra ry m ove of the governm ent to
on th e w hole indicate, how ever, th a t dence—th u s far only ten tativ e—of a
P rice R esistan ce D isappears
b an k b u y in g of m unicipals has been pay bondholders, on debt not yet
As th e in v estm en t m a rk e t place be no g re a te r th an in recen t years.
due, m ore in te re st th a n th a t desig
gan to sense fully th e im plications of
The ru sh of the banks to buy the nated in the bond contract, it is prob
th e T re a su ry ’s a le rt and bold rev am p tax-sheltered local governm ent bonds ably tru e th a t public u tility com panies
ing of th e debt stru c tu re , m uch of the in th e yield-rich, middle-long m a tu ri answ erable to F ed eral regulation in
resistance of in stitu tio n a l inv esto rs to ties gives em phasis to w h at probably financial m a tte rs w ould not have been
th e price levels of th e late w in te r has been th e single m ajor influence able to follow a like course w ith o u t
bond m ark e t began to disappear.
for h ig h er bond prices—th e fact th a t W ashington raisin g th e cry of scan
F ew efforts w ere m ade to outw ait th e 1961 business recovery fell sh o rt dal. I t is indisputable, how ever, th a t
invest-banking syndicates th a t had of th e b riskness and b read th p re th e T re a su ry ’s recastin g of th e public
priced aggressively new issues of dicted for it.
debt stru c tu re on a m ore balanced ba
N ot w an tin g to be caught illiquid, sis is in th e public interest. F ew will
prim e public u tility bonds p u rchased
a t public sealed bidding. W ith in a w ith in v estm en t portfolio holdings of be critical of th e opportune w ay th e
o th er th a n sh o rt term —securities th a t T reasu ry has m oved to th is end d u r
few w eeks, th e going yield on prim e
could be changed to lendable m oney ing a period of economic pause, one
u tility bonds of corporate issue sh ra n k
from arou n d 4.6 p er cent to w ell below
only at a loss—th e banks this tim e in w hich the req u isitions of private
w ere all set w ith secondary reserves
4.5 p er cent.
It took m ore th a n a few days to dis of liquid assets for th e boom th a t IN V E ST M E N T S . . .
trib u te fully a $300,000,000 issue of nev er came.
(T u rn to page 50, please)
Northwestern Banker, April, 1962
A
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)'
A
X
T
35
N yh avn C anal, C o penhag en —ju s t 20 m in u te s fro m a B a n k o f A m e ric a o ffic e . P h o to b y P h ilip Lustig.
M an-on-the-spot. . . in Copenhagen.
P la n n in g d is trib u tio n in
D e n m a rk ? His c o n ta c ts comici p rave in valu ab le, A new p la n t in P a k is ta n ?
C h e c k w ith e u r K arach i s ta ff, F ram Les A n g e le s to Lagos —in C a lif ernia,
across th e IL S .A ., around th e w orld — BANK
OF AMERICA can sim plify
yo u r o peratio ns, safeg u ard your in te re s ts , W hen you need th e services of
a m a n -o n -th e -s p o t, g e t in to uch w ith B ank of A m erica — firs t in ban king ,
BANK OF A M E R IC A N A T IO N A L TRUST & SA VING S ASSO CIATIO N (Member Federal Deposit Insurance Corporation) — S A N FRANC ISCO , LOS A N G E LE S : OVERSEAS
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BANK
OF A M ER IC A
TRAVELERS
CH EQ U E S — K NOW N
AND ACCEPTED
THROUGHOUT
THE W O RLD
© Bank of America N .T .& S .A ., 1962
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Federal Reserve Bank of St. Louis
36
Á
Com m erce T ru st P la n s Conference
ORE th a n 1,000 b an k ers are ex guest speaker, N eal J. Dean, vice pres
pected to converge on K ansas id en t in charge of m anagem ent and
City for Com m erce T ru s t’s 1962 Con
inform ation system s for Booz, Allen
ference for C orrespondent B anks to & H am ilton, Inc., of Chicago.
be held A pril 4. The all day business
“W hy Our B ank P erm itted a City
session w hich featu res 5 p ro m in en t B ank to Take Over Its B ookkeeping,”
speakers w ill be follow ed by a social w ill be th e subject of K riss W. Barnes,
hour, d in n er and executive vice p resid en t of P oudre
V alley N ational Bank, F o rt Collins,
a s ta r-s tu d d e d
Colorado.
show.
The luncheon speaker, Dr. Charles
R eg istratio n be
gins at 8:30 in th e K im ball, presid en t of th e renow ned
m o r n i n g a t th e M idw est R esearch In stitu te in K ansas
H otel C ontinental City, w ill speak on “Some Econom ic
a n d t h e d a y ’s Benefits from Space E xp lo ratio n .”
events get u n d e r
In th e afternoon session, Dr. Gordon
w ay at 9:45 a.m. W. M cKinley, vice presid en t and chief
w ith a m essage of econom ist for F. W. Dodge C orpora
w e lc o m e f r o m
tio n of N ew Y ork w ill discuss “The
J. M . K E M P E R , JR .
Com m erce T r u s t
president, Jam es M. K em per, Jr. The
m oderator for th e business program
w ill be Bill M. L am berson, vice p resi
d en t in charge of th e b a n k ’s co rre
spondent b an k division.
M
V arious officials of th e b a n k ’s staff
also w ill p articip ate to p oint out how
o th er d ep a rtm e n ts in th e b an k can
serve th e needs of correspondents.
In th e m orning “A utom ation for
Sm all B an k s” w ill be th e topic of
N . J. D E A N
K. W . B A R N E S
Do yo u r
h a v e questions about
TA XA TIO N ...
CANADA?
"Y our Guide To B usiness in Canada , ” p u b lis h e d
b y C a n a d a ’s F i r s t B a n k , in c lu d e s a s u rv e y in
la y m e n ’s la n g u a g e o f t h e m a jo r C a n a d ia n ta x e s
a ffe c tin g y o u r c lie n ts ’ b u s in e s s o r p e r s o n a l in
t e r e s t s in C a n a d a . T h e s e in c lu d e F e d e r a l a n d
P ro v in c ia l ta x e s , a n d s p e c ia l s u b s id ia rie s , in v e s t
m e n t c o m p a n ie s a n d oil, i l a t u r a l g a s a n d m in e ra ls .
Y o u r C a n a d ia n -m in d e d c lie n ts w ill fin d i t " m u s t ”
re a d in g .
T o o b ta in y o u r copy, w r ite o n y o u r l e t t e r h e a d to
o u r n e a r e s t U . S. office, o r to t h e B u s in e s s D e v el
o p m e n t D e p a rtm e n t, H e a d Office.
A
A
D R . C. K I M B A L L
W . M. W IL L Y
Outlook for B usiness, Prices and In
te re st R ates in th e Y ear A head.”
The concluding guest speaker on
th e program is W. M. W illy, presid en t
of th e S ecurity Bank, M adison, South
D akota, w ho w ill b rin g to th e group
his address, “An A udit P rogram in th e
Sm aller B ank.”
Staff G ets A n n u a l R ep o rt
The n in th an n u al “R eport to th e
Staff” of th e F irst N ational B ank in St.
Louis w as m ailed to th e hom es of the
b an k ’s 1,000 staff m em bers. The re
p o rt’s in tro d u ctio n is by Jam es P.
Hickok, ch airm an of th e board, and
Jo h n B. M itchell, president.
W ritte n in sim ple, every day lan
guage, th e rep o rt show s em ployees
how o perating incom e w as realized
from loans, inv estm en ts and fees for
services perform ed and sp ent for in
come taxes, in terest, supplies, serv
ices, salaries, em ployee benefits and
dividends to stockholders.
The booklet also includes pictures
of new d irecto rs and b an k officers and
staff m em bers w ho w ere advanced to
new positions du rin g th e year.
The F irs t N ational staff of 1,052 em
ployees is m ade up of 486 m en and
566 w om en—w hich includes 172 em
ployees w ith 25 y ears or m ore of
service.
The booklet cites th e fact th a t the
b a n k ’s em ployees, p articip atin g in an
incentive aw ard program , bro u g h t in
$719,969 of new business du rin g 1961,
com pared w ith $634,154 th e previous
year.
Staff m em bers received a total of
$2,339 for acquiring th is volum e of
new business. T w enty six suggestions
w ere accepted and p u t into practice
du rin g th e y ear for a total of $341 in
cash aw ards.
\
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A
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D ie b o ld A p p o in tm e n ts
B
,
a n k
o f
M
accada'd 'p erd i
o n t r e a l
(P oadt- ta - (?o<zdt
BRANCHES IN ALL TEN PROVINCES
District Headquarters:
Halifax, Toronto, Winnipeg, Calgary, Vancouver
NEW YORK: Two Wall Sf. ' SAN FRANCISCO: 333 California St.
CHICAGO: Special Representative's Office, 141 West Jackson Blvd.
'Z /e a d ó fó te e : 'Wù m &i e o i
850
BRANCHES IN CANADA, U .S ., GREAT BRITAIN AND EUROPE
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
RESOURCES EXCEED $ 3 ,5 2 5 ,0 0 0 ,0 0 0
The in tern atio n al division of Die
bold, Inc., a t Canton, Ohio, has an
nounced th e ap pointm ents of Charles
A. Rogler as sales m anager of Mexico
and C entral Am erica, and of Jorge E.
T rian a as sales m anager of th e Carib
bean and South A m erican district.
These prom otions w ere revealed by
R aym ond Koontz, president.
A
37
Exclaimed Douglas Davis:
"You can almost see Europe from here!”
We ran across H. Douglas Davis,
President, Plainfield Trust State N a
tional Bank of Plainfield, New Jer
sey, and Vice President David Scott,
international banking specialist in
Chase M anhattan’s U. S. D epart
ment, admiring the view from our
sixtieth floor. Asked if he cared to
say why his bank had selected Chase
M anhattan as its New York corre
spondent, Mr. Davis replied:
“D o n ’t m in d a t all. In a w o r d s e rv ic e . T a k e to d a y , fo r in sta n c e .
C a m e in to w n to se e D a v e a b o u t an
u rg en t e x p o r t p r o b le m I th o u g h t
w o u ld ta k e a c o u p le o f d a y s to u n
ra v e l. N o th in g o f th e s o r t . . . to o k a
c o u p le o f p h o n e c a lls! . . . S a y , y o u
ca n a lm o s t se e E u ro p e fro m h ere !”
Working with Chase M anhattan’s
international bankers does make it
seem that way. For wherever you or
your clients do business abroad, or
plan to, you are as close to foreign
trade facts and figures (and banking
services) as if you were there
through Chase M anhattan’s global
network of branches, representatives,
and correspondents.
Chase M anhattan’s foreign trade
knowledge, experience, contacts, and
results . . . these add up to another
good reason why nearly half of all
banks with a New York correspond
ent depend on Chase M anhattan.
TH E
Q
CH ASE
M ANH ATTAN
BANK
C H A R T E R E D IN 1799
1 Chase Manhattan Plaza,
New York 15, New York
Member Federal Deposit Insurance Corporation
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
38
M
U A ’s
i s t
V .i* .
A »Irin-tit ini/ Etra neh
J. C A STILLE of L afayette, M innesota, M issouri, Illinois and W is
• Louisiana, has resigned as first consin. H is position in th is m atter
vice p resid en t of The In d ep en dw
enast c o n trary to association policy.
B ankers A ssociation. Mr. Castille is
“None of the o th er points m entioned
presid en t of the G u aran ty B ank and in his le tter w as an im p o rtan t factor
T ru st Com pany in L afayette.
in the com m ittee’s decision.”
The anno u n cem en t w as m ade by
B radford B rett of Mexico, M issouri,
O. D. H ansen, p resid en t of th e B ank
second vice presid en t of the associa
of Union County, E lk Point, South tion, likely w ill be th e com m ittee
Dakota, im m ediate p ast p resid en t of nom inee to the office of presid en t at
th e association and ch airm an of the th e P ittsb u rg h convention. Mr. B rett
nom inating com m ittee for th e 1962 is p resid ent of The F irst N ational
convention, to be held in P ittsb u rg h , B ank in Mexico and is M issouri direc
at the H ilton H otel, A pril 30 to May 2. to r of th e association.
Mr. H ansen released th is le tte r of
The com m ittee w ill also nom inate a
resignatio n from Mr. Castille:
first and second vice presid en t at the
“Since you and y o u r com m ittee in convention.
form ed m e in P ittsb u rg h on F e b ru a ry
27 th a t I w ould not be recom m ended
H ead s F ed A d visory C ou n cil
for p resid en t of our A ssociation for
George A. M urphy, chairm an of the
th e year 1962-63 for th e reasons that:
I favored b ran ch banking; w as ad board of directors, Irv in g T ru st Com
vocating changing th e h ead q u arters pany, New York, w as elected p resi
of The In d ep en d en t B ankers Associ dent of th e F ed eral A dvisory Council
of the F ed eral Re
ation from Sauk Centre, M innesota,
serve System for
to W ashington, D. C.; and th a t sta te
1962 at a recent
m ents m ade to th e press should come
m eeting held in
from the p resid en t of th e A ssociation
W ashington, D.C.
an d not from our executive director,
R euben B. Hays,
I hereb y te n d e r m y resig n atio n as
chairm an of the
first vice p resid en t of our A ssociation,
board, The F irst
effective M arch 5, 1962.”
N ational B ank of
Com m ented Mr. H ansen, “M em bers
C incinnati, w a s
of the com m ittee, all of w hom are past
elected vice p res
p residen ts of the association, w ere
ident.
concerned about statem en ts by Mr.
D irectors elect
Castille in w hich he advocated ex ten d
ing branch ban k in g to those states ed w ere: Ostrom E nders, chairm an,
w hich do not now p erm it it, such as H a rtfo rd N ational B ank and T ru st
R
4 2 Years of Crop Hail Protection
for Midwestern Farmers
STATEMENT OF CONDITION
Total Admitted Assets
Liabilities
$3,361,512.79
LIABILITIES
Reserve for Federal and State Taxes
Other Liabilities .............................................................................. ........................................
74,103.70
4,334.49
Total Liabilities
.......................................... ......................................... .................................
78,438.19
Surplus to Policyholders
3,283,074.60
$3,361,512.7?
Securities carried at $391,333.20 in above statement are deposited with
public authorities as required by law.
SQUARE DEAL INSURANCE CO,
(MUTUAL)
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R etires at B o f A
A fter m ore th a n 35 y ears in the
bond in v estm en t field, Russell A.
K ent, vice p resid en t and head of B ank
of A m erica’s bond in v estm en t depart-
A
A
-f
A
A
Y"
D . L. G R O V E
R. W . G IL M O R E
m ent, retired at the end of F eb ru ary ,
it w as announced by P resid en t S.
Clark Beise.
The b a n k ’s governm ent bond activi
ties w ill now operate as a p a rt of the
cash ier’s d ep artm ent, un d er Vice P res
ident and Cashier Clarence H. Baumhefner, Mr. Beise also announced th e
following appointm ents:
David L. Grove, vice p resident-inter
national relations and form er head of
the b a n k ’s economics departm ent, has
been nam ed to ad m in ister the b an k ’s
governm ent bond portfolio as vice
president.
R obert W. Gilmore, now a ssistan t
vice p resident in th e bond in vestm ent
departm ent, has been advanced to
vice p resid en t and will supervise the
b a n k ’s governm ent bond operations.
y
Y
•V
X
V
E arnings H it $ 9 ,2 0 0 ,0 0 0
At Close of Business December 31, 1961
ADMITTED ASSETS
Assets
U. S. Government Bonds
$2,151,699.32
Other Bonds ................................................................................................... 610,096 73
Stocks ........................................................................................................ ..........
135,799 82
Accrued Valuation
...............................................................................
38,895.80
Cash in Bank and Home Office
425,021.12
Company; R obert B. Hobbs, chairm an,
F irst N ational B ank of Baltim ore, and
K enneth V. Zwiener, president, H arris
T ru st and Savings Bank, Chicago.
The above five co nstitute the execu
tive com m ittee of the Council.
H erb ert V. Prochnow , p resid en t of
The F irs t N ational B ank of Chicago,
was re-elected secretary, and W illiam
J. Korsvik, vice president, The F irs t
N ational B ank of Chicago, w as re
elected a ssistan t secretary.
DES MOINES 8. IOWA
A m erican E x press 1961 n et earnings
reached an estim ated $9,200,000 com
pared w ith $9,006,735 in 1960, H ow ard
L. Clark, president, announced re
cently, following a m eeting of the
board of directors. These earnings
are equal to $2.06 p er share for 1961,
com pared w ith $2.02 for 1960. Gross
income in 1961 totalled an estim ated
$78,000,000, as ag ain st $74,708,357 in
1960.
Mr. Clark also announced th a t the
board had declared a q u arterly divi
dend of 30 cents per share, payable
A pril 2, 1962, to sh areholders of rec
ord M arch 9, 1962. The com pany has
paid dividends to its shareholders an
nually since 1870.
Y
y
AROUND-THE-WORLD HELP WITH
YOUR INTERNATIONAL. BANKING
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access to some 33,500 banking offices throughout the world. Our staff is experienced in
every phase of international banking, and will apply that experience in serving your par
ticular needs. Even if you have a highly specialized request, you’ll find we have the facilities
and know-how to handle it—in our London branch as in Chicago. Why not let one of our
people call on you with full details? Or telephone us at 828-2730, Chicago.
CONTINENTAL
IL L IN O IS
N A T IO N A L
BANK
A N D T R U S T C O M P A N Y O F C H IC A G O
Lock Box H, Chicago 90
London Branch: 58/60 Moorgate, London E. C. 2
1105*
YEAR
h^ember Federal Deposit Insurance Corporation
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
40
To
View A utom ation System
fund d eb entures and a proposed issue
of 319,090 additional shares of com
m on stock of th e com pany. The com
m on stock is to be offered to existing
stockholders of th e com pany on the
basis of one sh are for each twenty-five
shares held.
The re g istratio n statem en t discloses
th a t consolidated sales of The N ational
Cash R egister Com pany in 1961 totaled
$518,884,000, w hich rep resen ts an in
crease of 13 per cent over consolidated
sales of $457,822,000 for 1960, and th a t
n et incom e for 1961 w as $21,708,000,
com pared w ith $20,024,000 for 1960, or
an increase of 8 per cent.
A
A ssistant C o m p ro ller
C O R R E SPO N D E N T B A N K E R S w ill m eet A p ril 18 a t th e C ity N a tio n a l B a n k a n d T ru s t
C o m p an y o f K a n sa s C ity to h e a r a fu ll p r e s e n ta tio n of th e h a n k ’s n ew d e m a n d d e p o sit
e le c tro n ic d a ta p ro c e ssin g system . V isito rs w ill be g iv e n a to u r of th e p ro c essin g c e n te r
w h ich now is in fu ll o p e ra tio n . A social h o u r a n d d in n e r in th e b a n k ’s n e w ly e n la rg e d
R oof G a rd en a d jo in in g th e c e n te r w ill be h e ld fo llo w in g th e p re s e n ta tio n . A bove, Glen
D ensm ore, le ft, m a n a g e r o f th e p ro c essin g c e n te r, a n d R. Crosby K em per, c h a irm a n , d is
cuss u n it o p e ra tio n s. T h ey w ill a d d re ss th e A p ril 18 m e e tin g . O th e r sp e a k e rs w ill be
L e x B. W ilk in so n , v.p., A m e ric a n F le tc h e r N a tio n a l B& T, In d ia n a p o lis , a n d J e ss e M .
L y n ch , se n io r c o n s u lta n t w ith T ouche, Ross, B a ile y & S m a rt.
NCR to Issu e $ 5 0 ,0 0 0 ,0 0 0
S in k in g F u n d D e b e n tu r e s
R obert S. Oelman, ch airm an and
p resid en t of The N ational Cash R egis
te r Com pany, announced follow ing a
recen t board of directors m eeting, th a t
th e com pany is filing w ith th e Securi
ties and E xchange Com m ission a reg
istra tio n statem en t covering a p ro
posed issue of $50,000,000 of sinking
Irv in g Seam an, Jr., president, N a
tional B oulevard
B a n k , C h ic a g o ,
has announced
th e board of dir e c t o r s has
nam ed Jam es L.
R i n g e l assistan t
com ptroller.
Mr. R ingel has
been w ith N ation
al B o u l e v a r d
j. l . R i n g e l
B a n k s in c e De
cem ber, 1961, and
w as form erly associated w ith Peat,
M arwick, M itchell & Company.
T~
The new Mosler Auto-Banker lets this teller deliver any banking service to
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Federal Reserve Bank of St. Louis
41
4 Waif s üavernm ent Can H elp Cat tie F eed er
(C ontinued from page 27)
th e sale barn. M any tim es th e o p erato r ow ns th e cattle
he is selling. N atu rally , he can control th e price of any
cattle th a t are sold th ro u g h his auction, if he so desires.
Most of th e te rm in a l m ark ets, in th e in te re st of fair
m arketing, have rules passed y ears ago th a t no m em ber
of th e exchange can b u y cattle th a t are consigned to him
for sale, and th is p ro tects both the ship p er and the
buyer.
I do not m ean to im ply th a t sale b arn s are dishonest;
in fact, th e y serve a v e ry useful purpose in to d ay’s live
stock m arketing. B ut I do feel th a t all segm ents of the
in d u stry should operate u n d e r the sam e rules.
R ep o rts to Staff
The th irte e n th a n n u al R ep o rt to the
Staff has been d istrib u ted to th e m ore
th a n 700 m em bers of th e A m erican
N ational B ank and T ru st C om pany of
Chicago, settin g fo rth in d etail all of
th e 1961 developm ents w ith in th e
bank.
T his re p o rt had its origin in th e de
sire of m an ag em en t to com m unicate
m ore effectively w ith th e b a n k ’s staff.
In th e belief th a t m ost an n u al rep o rts
to stockholders w ere p rim a rly aim ed
a t info rm in g in v esto rs about th e finan
These are some of th e problem areas in the livestock
in d u stry w here I feel the governm ent can give a ssist
ance. A gain I state th a t I do not w ant to see extensive
governm ent in terv en tio n or control, for the livestock
m an stands as one of th e last fro n tiers of rugged individ
ualism . He is not well organized and he w an ts no sub
sidies. H ow ever, w ith the c u rre n t big business trend,
unionized labor, and a tendency tow ard a controlled
economy, he has an uphill fight. I do believe th a t ex ist
ing law s should be enforced and progressive legislation
passed to help him stay th e individual operator th a t he
w an ts to be.— E n d .
cial progess of a com pany, A m erican
N ational saw the need for a separate
re p o rt designed to tell em ployees of
all aspects of th e b a n k ’s year, includ
ing activities n ot directly related to
th e fiscal aspects of th e com pany’s op
erations.
T his y e a r’s R eport publishes the
source and d istrib u tio n of the b a n k ’s
income, breaking dow n operating costs
in detail. Also included is a review of
th e significant developm ents in each
of th e b a n k ’s v arious divisions, and
these activities are ilu strated profuse
ly.
“We send the R eport to th e staff
m em bers’ hom es,” R obert E. Strauss,
president, com m ented, “and we have
found th a t th e fam ilies enjoy seeing
photographs of the staff m em ber’s
w ork areas as well as p ictures of his
co-w orkers.”
A com prehensive review of the
b a n k ’s profit sh arin g and pension
plans is included in th e publication.
The R eport indicates th a t th e tw o
funds had a com bined value of $5,547,346 at year-end. C urrently, over 525
staff m em bers p articip ate in each of
the plans.
a drive-in customer hundreds of feet from the main bank building
W ith c lo s e d -c irc u it TV and p n e u m a tic c a r
rie r tu b e s , th e new M o sle r A u to -B a n ke r
S n o rke l p u ts c u s to m e r and te lle r on a
fa c e -to -fa c e basis — th o u g h th e y ’ re h u n
d re d s o f fe e t a p a rt! B u t th e re ’s m ore here
th a n m ee ts th e eye: Because th e te lle r is
in s id e th e b a n k she has access to all n e c
essa ry re c o rd s and she can d e liv e r a fu ll
range o f b a n k in g se rvice s w ith th e M o sle r
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Federal Reserve Bank of St. Louis
A u to - B a n k e r ., .s e rv ic e s w h ic h o r d in a r y
d riv e -in f a c ilit ie s s im p ly c a n n o t o ffe r .
A u to -B a n k e r u n its have served up to 4 0 0
c u s to m e rs a day. T h a t’s a b o u t one m in
ute per c u s to m e r. (The d e p o s it c a rrie r
tra v e ls 2 5 ft. p er second. I t ’s b ig eno ug h
to c a rry ro lle d co in and all papers in vo lve d
in a n y t r a n s a c tio n .) T h e M o s le r A u to B a n ke r le ts you serve c u s to m e rs b e tte r,
w ith fe w e r te lle rs . It e lim in a te s delayed
p o s tin g o f tra n s a c tio n s ; re q u ire s less cash
e xposure; e lim in a te s re m o te b u ild in g s ;
and it m akes m ore p a rk in g space p o ssib le .
W rite to M o sle r fo r fu rth e r in fo rm a tio n .
T he M o s le r S a fe
C o m p a n y , D e p t.
NB 1, 3 2 0 P a rk
Ave., N .Y. 2 2 , N.Y.
I l / I SX f t I /N * *
I V I U o l w l
th e m o sler s a fe c o m pany
42
C hem ical Mtanh S ta rts .Moria
of tw o of its largest
banking offices, both in th e h e a rt
of the financial district, w as m ade re
cently by Chem ical B ank New York
T ru st Company, C hairm an H arold H.
H elm announced.
The new locations are 67 Broad
S treet for th e office form erly a t 30
Broad S treet, and 20 Pine S treet for
the ban k in g q u a rte rs form erly a t 165
Broadw ay.
The tra n sfe r of com m ercial b anking
operations from 165 B roadw ay m ark s
the beginning of a 2-month m oving
T
ra n sfer
job for Chemical New Y ork’s head
office. W hen th e executive officers are
relocated at the end of April, it w ill be
th e first tim e in the b an k ’s 138-year
h isto ry th a t its h ead q u arters have not
been on Broadway. F ounded in 1824
as an au x iliary business by th e New
York Chemical M anufacturing Com
pany, the bank w as the first to open
doors on Broadw ay — at 216 across
from St. P a u l’s Chapel. Twenty-six
years later, in 1850, th e banking house
w as m oved to larger q u arters at 270
B roadw ay. It rem ained here until
1928 w hen a fu rth e r expansion w as
m ade into 165 Broadway.
Today, Chem ical New York m ain
tain s a total of 110 offices in New
York.
Chemical New Y ork’s new office at
67 B road is one of the m ost m odern
banking branches in Low er M anhat
tan. In addition to being larger, it is
on th e street floor w hereas the p re
vious location at 30 Broad w as on the
second floor.
At 20 Pine Street, th e b ank has been
conducting a m ajor renovation and ex
pansion of the 38-story stru c tu re p re
viously occupied by Chase M anhattan
B ank and m any of its te n an ts at 18-20
Pine S treet and an adjacent property
at 22-24 Pine Street. Com pletion of
the building is scheduled for the end
of 1962, at w hich tim e it w ill be occu
pied en tirely by th e Chem ical Bank.
Vice P resid en t H u n tin g to n M. T u rn
er, w ho has supervised the b a n k ’s
com m ercial b an king business in the
dow ntow n M anhattan area, w ill m ake
his h ead q u arters at 20 Pine Street.
A ssociated w ith him w ill be Vice P re s
ident R obert L. Cushing. Vice P resi
dent George I. K ing w ill tra n sfe r from
30 Broad S treet to th e new office at
67 Broad S treet w here he w ill be in
charge.
h
Á-
ï
Í
T
J o in s B elg ia n B ank
From A ir F lig h t
to Our O wn F le e t o f P o s ta l T ru cks
—
T o m atch the speed with w hich today’s business is transacted the world over,
the F IR S T N A T IO N A L B A N K of Kansas City m aintains its ow n fleet of postal
and express trucks.
These trucks are at the airport w hen the giant Jets and Props bring in the m ail.
T h ey’re at the union station and outlying points of the city at the very m om ent w hen
pick-ups mean faster handling of business for our ow n bank and yours.
Yes — w e have a great battery of IB M m achines and other electronic equipm ent
to handle the least intricacy of routine, but the need to “go places and get things” at
a steady, high level pace can only be handled by our own trucking system. Just
one more of the minor features that becom e major in one of the country’s major banks.
The First National Bank . . .
Famous for its "Men on the Go"
F IR S T N A T IO N A L B A N K
1886
1962
O v e r T h r e e Q u a r t e r s o f a C e n t u r y o f B a n k in g S e r v ic e
M EM BER
OF
FEDERAL
D E P O S IT
Northwestern Banker, April, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
IN S U R A N C E
C O R P O R A T IO N
B radford A. W arn er has been elect
ed senior vice p resid en t and a direc
to r of Belgian-A m erican B anking Cor
poration and sen
ior vice president
of Belgian-Am eri
can B a n k and
T r u s t Company,
it w as announced
by Louis Van
Dam m e, p resid en t
of both organiza
tions.
P rio r to assum„B . A . W A R N E R
ing
his
new
du.
__
,,,
ties, Mr. W arn er
w as a vice presid en t of M anufacturers
T ru st Com pany and, since Septem ber
8 last year, of M anufacturers H anover
T ru st Company, in charge of business
developm ent.
H arris B ank U ps S u rp lu s
K enneth V. Zw iener, president, H ar
ris T ru st and Savings Bank, Chicago,
announced last m onth th a t th e b a n k ’s
board of directors authorized th e
tra n sfe r of $5,000,000 from undivided
profits to surplus. The tra n sfe r raises
the H arris B ank su rp lu s account to
$32,700,000, and w ith $27,300,000 in
capital th is brings com bined capital
and su rp lu s to $60,000,000.
X
43
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Northwestern Banker, April, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
44
M a n a gem en t Successim i
and St af f Training
(C ontinued from page 28)
TV ads, y o u r direct m ail and outdoor
advertising. C om m unication is th e
w arm th and frien d lin ess of an sw erin g
your telephone, th e exchange of ideas
a t staff and personnel m eetings, co
ord in atin g em ployee effort in th e
daily job.
C om m unication Is Im portant!
I t is th e connecting link betw een
y o u r staff and y o u r custom er. Your
w hole organization depends and suc
ceeds on com m unication.
I t m u st be clear, concise . . . and it
m u st be fair.
A good tra in in g pro g ram m u st in
clude adequate tra in in g in com m uni
cation. The best idea in th e w orld
cannot be carried out unless it can be
com m unicated to those responsible
for carry in g it out. M any tim es m an
agem ent comes up w ith a splendid
idea b u t neglects to com m unicate
p ro perly and clearly to th e people
th ey expect to c a rry it out. Good
com m unication m akes for a good
team effort.
T hrou g h staff train in g , th e b a n k ’s
public relatio n s pro g ram is launched.
All p ersonnel w ho come in contact
w ith th e public are th e fro n tlin e of
public relations. We m u st tra in them
so th e y are a credit to them selves and
to th e ir bank. A careless handling of
a custom er by a teller can often offset
a trem en d ous am ount of public re la
tions effort by executive m anagem ent.
The job of personnel tra in in g along
th e lines of good public relations is
som ething we cannot afford to forget
a m inute.
I believe it is advisable for m any
of the sm aller banks to tra in young
m en for advancem ent into larg er in
stitu tio n s. I th in k it is w rong to as
sum e th a t a young m an should spend
th e re st of his life at th e bank. Too
m an y of our young m en are getting
aw ay from b anking as o th er in d u s
trie s realize th e potential th a t exists
and are quick to enroll th em as em
ployees.
A dequate Salaries
B ank salaries paid are im portant, as
ban k in g is com pared to o th er in d u s
tries. It is up to m anagem ent. B ank
personnel m u st be well paid and
banks m u st develop th e earnings nec
essary to provide adequate salaries.
W e m ust secure, tra in and hold the
best personnel possible in banking,
b u t we cannot if we are not w illing
and able to pay salaries com m en
su rate w ith o ther industries.
In conclusion, let me urge you to
give serious consideration to your
b a n k ’s m anagem ent succession schem e
and to staff and personnel training.
Take a second look, try to see y o u r
self, your staff, y o u r em ployees as
o thers see them . W hat kind of image
are you creating? Hold staff m eet
ings. Develop th e team effort.
The im portance of tra in in g is p u t
to th e test w hen th e em ployee is dele
gated responsibility and au th o rity .
A dvancem ent and tra in in g now con
tin u es th ro u g h doing and responsibil
ity. The em ployee’s ability and p e r
form ance should be evaluated and dis
cussed w ith him.
The b anking business is one of de
cision, responsibility, selling and pub
lic relations. If y o u r staff is w ell
train ed and prepared, y o u r satisfac
tion w ill be in know ing th a t y o u r or
ganization is perform ing at a high
standard.—End.
k
T w o N am ed V ice P r e sid e n ts
Two a ssistan t vice presidents, Rob
e rt F. Jackson, Jr., and R obert L. H ol
lis, w ere elected to vice presidencies
last m onth at a m eeting of th e board
of directors of th e F irst N ational B ank
of K ansas City, Mo.
tR. F. J A C K S O N , J R .
R. L . H O L L IS
Mr. Jackson joined F irs t N ational
B ank in 1949, w as nam ed a ssistan t
cashier in 1953 and w as elected assist
a n t vice presid en t in 1958. As a m em
ber of the correspondent b ank divi
sion, Mr. Jackson trav els extensively,
serving correspondent banks th ro u g h
out M issouri.
Mr. Hollis, w ho becam e associated
w ith F irst N ational B ank in 1954, w as
appointed a ssistan t cashier th e sam e
year and w as elected a ssistan t vice
p resident in 1958. Mr. H ollis also is a
m em ber of th e correspondent b ank di
vision, trav elin g th ro u g h o u t K ansas,
last year, afte r having served Okla
hom a correspondent banks for several
years previously.
Northwestern Banker, April, T962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
45
wwC
1
^
1
Dorry, but becomes
w^Yes indeed!
w ith Lawrence
m tke picture.
W HEN COLLATERAL IS A PROBLEM,
Y E T IN V E N T O R Y A N A S S E T , loan
officers look upon Lawrence as a partner in
successfully resolving a difficult loan applica
tion. This has been fortified by an unblemished
record of almost fifty years, during which
Lawrence field warehouse receipts have been
held by more than 2000 banks.
Lawrence assures you maximum protection
through the most comprehensive bond cover
age... reduces your clerical detail by furnishing
an I.B.M. Loan Officer’s Monthly Collateral
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Federal Reserve Bank of St. Louis
Northwestern Banker, April, 1962
46
.7 - 1*0 #"«/
P. . .
(C ontinued form page 33)
as often as you can. 1 trad ed for a
new car recen tly and th e salesm an
used “w e” th ro u g h o u t th e discussion.
W hen he w ent to see th e boss about
m y offer, T felt th a t he and I w ere to
g eth er g ettin g th e boss to m eet our
price offer.
R elieve A n x ieties
Point 2—“W e’ll tak e care of e v ery
th in g .” T his can relieve a cu sto m er’s
anxieties faster th a n a n y th in g you
can do and m ake him feel th a t you
and the b an k are the m ost friendly,
helpful people in th e w orld. W hen
you tell a custom er th is you are tell
ing him to forget his difficulty and
th a t you are relieving him of his load
com pletely.
P oin t 3—“May I suggest.” How
m any tim es have you said, “I can’t
cash th is check for you. You’ll have
to see an officer?” You’ll split your
cu sto m er’s th in skin twice. You’ve
told him you can’t do som ething he
has asked you to do and y o u ’ve told
him he has to do som ething. A cus
tom er doesn’t like to be told he has
to do som ething.
People like to be asked, not told.
How m uch b etter it w ould have been
to have said, “I don’t believe I know
Jo h n Sm ith, m ak er of th is check. May
EXTRA MANPOWER
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C o m m u n ity Bank T rust O ffic e rs
W ho Need A s s is ta n c e
"FROM THE TRUST VIEWPOINT”
For information on the Council’s services, write Dept,
nw-i
STUDLEY, SHUPERT
T r u st I n v e s tm e n t C o u n c il
1617 Pennsylvania Boulevard, Philadelphia 3
155 Berkeley Street, Boston 16
CALIFORNIA'S
in
to tluL uuMcL
I suggest th a t you have Don Olson,
our cashier, okay it and th e n I ’ll be
happy to cash it for you.”
“May I suggest” also is the w ay to
sell your m any b ank services!
À
A
R ecognize Q ualities
P o in t 4—Com plim ent liberally. Peo
ple can p u t up w ith a lot of rough
treatm en t, red tape and d isappoint
m ent if you let them know you recog
nize th e ir good points. W hen you
tu rn dow n a loan, m ake your custom
e r feel a lot b e tte r about it by s ta rt
ing out w ith a com plim ent. It really
takes the sting out.
P o in t 5—T h an k sincerely. L et your
custom er know you like him and re a l
ly appreciate his business. A nd do
th is sincerely not m echanically. To
day you need your cu sto m er’s bu si
ness. Tell him so.
Look w h at happens w hen you
th a n k a custom er for criticism . He
comes into th e b ank an g ry because
he has found an e rro r in his sta te
m ent. Go over it w ith him , determ ine
w ho m ade the error, reconcile the
error. If the bank m ade the error,
th a n k him for calling you on it
prom ptly. You’ve tak en th e w ind out
of his sails.
D on’t try to escape th e blam e for
an e rro r by passing th e buck. To the
custom er the b an k m ade th e error,
and you are the b ank to him at th a t
m om ent, regardless of y o u r position.
In conclusion, good custom er rela
tions are n a tu ra l relations. Be cour
teous, friendly, sincere. J u s t be y o u r
self. You don’t have to be a loud
glib, back-slapping ex tro v ert to be a
good salesm an for your bank. People
like you best th e w ay you are. A sin
cere sm ile and a h e a rty laugh are
w o rth a th o u san d s words. T ry to
m ake your fellow m an glad you w ere
born.— End.
■i
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Northw estern Banker, April, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R ichard H. W ayne, vice president
and head of th e correspondent bank
division, H a rris T ru st and Savings
B a n k , Chicago,
c e le b r a te d h is
35th an n iv ersary
w ith th e ban k last
m onth.
M r. W a y n e
sta rte d w ith H a r
ris B ank in 1927
in the m ailing and
m essenger d ep art
m en t and w orked
in th e tru s t de
p a rtm e n t before
m oving in 1936 to th e ban k in g d ep art
m ent, becom ing head of th e corre
spondent b an k division in 1948. He
w as elected a ssistan t cashier in 1943,
a ssistan t vice presid en t in 1947 and
vice p resid en t in 1951.
y-
y
Y
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X
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.
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********
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*******
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♦»»•.;.>i|;
View from Brooklyn Bridge. Write for our booklet, "New York,” available upon request.
©Bankers Trust Company 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Member Federal Deposit Insurance Corporation
48
W ill T ravel fo r City
N atio n a l o f K ansas City
Two additions to City N ational
B ank and T ru s t C om pany’s corre
spondent b an k d ep artm en t have been
announced by E xecutive Vice P re si
dent F .P h illip s G iltner. C harles M ehr
er has been assigned th e state of
M issouri for City N ational w hile Van
Cooper w ill assum e like d uties in th e
state of K ansas.
Ju n e of 1959. He sta rte d w ith the
b a n k ’s p ersonal loan d ep artm en t and
th is p ast J a n u a ry w as appointed as
sista n t cashier. Mr. Cooper w ill be
a tten d in g his first convention th is
year, th e K ansas convention early in
May.
In addition to Cooper and M ehrer,
tw o o th er City N ational correspondent
b an k ers w ill be m aking convention
“firsts” th is spring. Vice P resid en t
Sam Blasco w ill a tten d the Oklahoma
convention in Oklahom a City, w hile
Mr. G iltner, in charge of City N a
tio n a l’s b ank division, w ill m ake his
initial appearance at th e A rkansas
convention in H ot Springs.
A rizona F astest G row in g
C. M E H R E R
V. C O O PER
Mr. M ehrer has been w ith City N a
tional of K ansas City since 1958 w hen
he sta rte d in th e b a n k ’s in v estm en t
services d ep artm en t. A g rad u ate of
the U n iv ersity of M issouri and a
m em ber of Sigma Chi fra te rn ity , he
w ill be a tten d in g a M issouri conven
tion for the first tim e th is year.
Mr. Cooper, a n ativ e of Springfield,
Mo., atten d ed th e U n iv ersity of K an
sas before joining City N ational in
A rizona w ill en ter its 50th y ear of
statehood w ith the unchallenged honor
of being th e n atio n ’s fastest-grow ing
state according to th e 17th an n u al edi
tion of V alley N ational B ank’s S tatis
tical R eview .
Ten out of 12 indices upon w hich
econom ists rely in m easuring eco
nom ic g ro w th find A rizona perched on
th e u p p erm o st ru n g of th e 50-state
ladder says H erb ert A. Leggett, vice
president.
CUBAN BA N K E R . . .
(C ontinued from page 25)
ginning to suffer hard sh ip s and food
shortages, are afraid. T hey do not
know w hom to tru s t and are not al
lowed to congregate or even rem ain
up p ast a certain hour. Also, he
pointed out, the you n g sters are be
com ing indoctrinated w ith C om m un
ist teachings, m any of th e older ones
being sent to R ussia for m ore learn
ing.
D iscu sses In v a sio n F ailure
LA LINDA
Motor Hotel
Many luxuries are enjoyed
here by famous personali
ties. You, too, will enjoy
spacious rooms, air-condi
tioning, TV. Unique fresh
Two of Mr. A reces’ nephew s w ere
cap tu red du rin g the so-called Cuban
invasion last year. He believes the
a tte m p t w as poorly planned and said
he w as sick w hen he heard invasion
forces had landed in M atanzsa p ro v
ince, only 30 m iles from his home.
“The area is all sw am ps w ith ju st one
little road,” he said.
W hen no air su p p o rt show ed up,
the atte m p t collapsed. If only one
U. S. airplane had flown over, he said,
the people w ould have succeeded in
ousting Castro. Men w ere fishing all
along one area w atching for planes
and as th e m inutes spread into hours,
th ey becam e sick because th ey could
not relay th e word.
The advent of th e Areces fam ily on
the scene in Nevada, Iowa, is an ex
cellent exam ple of how people in the
U nited States, p articu larly bankers,
are w illing to offer a h and to a m an
w ho is anxious to prove him self. Mr.
Areces is such a m an. “A nd,” Mr.
Areces rem inds, “th ere are m any
m ore in Miami w ho are anxious to
serve in m idw estern ban k s.”— End.
k
A
"f
<
G am b le-S k ogm o R ep ort
R esults of operations of GambleSkogmo, Inc., M inneapolis, both as a
w holesale-retail m erchandising organization and as a
! com pany w ith dills k I
versified i n v e s t
m ents, registered
im p o rtan t prog
ress du rin g 1961,
B. C. G a m b le ,
c h a i r m a n and
president, s a i d
last m onth.
C o n s o lid a te d
f
n et sales for the
B . C. G A M B L E
year am ounted to
$139,780,698 as com pared w ith $135,836 a y ear earlier.
Profit before taxes am ounted to
$11,130,447, including th e gain on th e
sale of investm ents, and com pared
w ith a 1960 pre-tax profit of $28,051,121,
w hich included th e gain from th e sale
of Gamble-Skogmo’s inv estm en t in
W estern A uto Supply Company, K an
sas City, Mo.
Consolidated n et income, a fter fed
eral, state, and C anadian taxes on
income, totaled $6,603,109, including
$2,304,691 derived from th e sale of
W alker and Company, M ichigan o ut
door advertisin g firm, w hich w as ac
quired in D ecem ber, 1960, for roughly
$4,900,000 and sold on October 11,
1961, for approxim ately $8,800,000 in
cash and notes.
A
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Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Minnesota Commercial Men’s
Association
Minneapolis 4, Minnesota
2550 Pillsbury Ave. S.
1
49
Banking service as you like it—
in Chicago!
Have you met the officers from D ivi
sion F here at The First National
Bank of Chicago? You should.
These bankers can be very helpful
to you. They are trained to introduce
you to the highly specialized realm of
facts and information that guide an
important bank in its transactions.
This knowledge can often assist you,
too, in your dealings.
In business and financial matters,
it’s to your advantage to have a com
plete picture of a situation. Get in
touch with Division F today. An offi
cer will be happy to explain, in detail,
how our organization is set up to serve
your needs with banking assistance
tailored to current business trends.
The First National Bank of Chicago
Dearborn, Monroe, Clark & Madison Streets • Building with Chicago since 1863
MEMBE R FEDERAL. D E P O S I T IN S U R A N C E C O R P O R A T I O N
Northwestern Banker, April, I9&2
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
50
V lan A rizo n a
H IG H rise m ulti-m illion dollar over B ank in Septem ber, 1961. Since
skyscraper, tow erin g 30 to 35 sto r th e m erger he has been coordinator
ies above the P hoenix skyline, willof business developm ent for th e b a n k ’s
house th e new hom e of A rizona’s sta te M etropolitan division, com prising its
wide Valley N ational B ank system in larg er M anhattan branch offices.
th e nex t few years.
The election of G ilbert D. L aw rence
Designed to be th e tallest in the as vice p resid en t in charge of M anu
southw est, th e stru c tu re w ill occupy factu rers H anover data processing
th e frontage on M onroe from C entral and research program also w as an
to F irs t S treet, and on C entral A venue nounced last m onth.
from Monroe to Van Buren.
W alter R. Bim son, ch airm an of the
M osler S a fe Secretary
board, said th e sk y scrap er “w ill be one
The election of Monroe Steinhacker
of the m ost a ttra c tiv e in th e so u th as secretary of The M osler Safe Com
w est, w ith g arden plazas, arcades, and
p any has been an
parking.
nounced by Jo h n
No a rc h ite c tu ra l r e n d e r i n g s are
Mosler, president.
available as yet. Mr. Bim son indicated
Mr. S teinhacker
a firm of national statu re, w orking in
w ho w as form er
concert w ith local architects, w ill p re
ly associated w ith
pare final plans.
Pfeiffer and
C urrently, V alley B ank operates 74
Crames, also
offices th ro u g h o u t A rizona, w ith at
serves as M osler’s
least one in each of the s ta te ’s 14
corporation coun
counties. F o u r m ore are stated to
sel. He is a m em
open th is year.
b er of the Asso
W ith resources in excess of $750
ciation of the Bar
million, V alley N ational now ran k s of th e City of New York and is vice
am ong th e 40 larg est of th e 14,000 com p resid en t of th e U nited Hom es for
m ercial b anks in th e U. S.
Aged H ebrew s.
A
H eads B u sin e ss D e v e lo p m e n t
IN V EST M E N T S . . .
P hilip H. M ilner, vice p resid en t of
M anufactu rers H anover T ru st Com
pany, New York, has been appointed
officer in charge of th e b a n k ’s de
p a rtm e n t of public relatio n s and b u si
ness developm ent, it w as announced
last m onth. He succeeds B radford A.
W arner, w ho resigned recently.
Mr. M ilner began his ban k in g ca
reer as a clerk in th e cred it d e p a rt
m ent of M anufactu rers T ru st Com
pany in 1934 a fte r atten d in g W ashing
ton and Lee U niversity.
In 1959 he w as placed in charge of
the b a n k ’s new office in the Tim e &
Life B uilding in R ockefeller Center,
w here he rem ained u n til the m erger
of M anufactu rers T ru st and The H an
(C ontinued from page 34)
business on th e long-term capital m a r
ket w ere not onerous.
In fact, th e re su lt of th e advance
refu n d in g has been so satisfying to the
T re a su ry th a t it is tak en for g ran ted
th e re w ill be fu rth e r m oves in th is
direction unless the business u p tu rn
soon generates a force th a t so far has
been lacking, a force th a t w ill swell
b an k loans to business and in d u stry
sizably and prod expanding e n te r
prises to fund short-dated loans in the
long-term m arket.
Business Outlook Better
W ith th e passing of w inter, the
prospects for a m ore pronounced busi
ness recovery of this so rt seem s to be
NEWEST ALL-YEAR RESORT UNDER THE SUN
(fiudCC
A
R
I Z
O
N
I A
N
SCOTTSDALE, ARIZONA
Meeting and
Banquet Facilities
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
DON DAVIS, General Manager
better. The unem ploym ent p icture has
been brightening. M oreover, th e fact
th a t th e fu tu re in tern atio n al standing
of the dollar has been b rought into
question has im posed on W ashington the discipline of realistic th in k
ing about how to stim ulate, ra th e r
th a n handicap, th e priv ate en terp rise
econom y of w hich the dollar is the
in tern atio n al symbol.
The m oves of th e K ennedy A dm in
istratio n to sp u r in d u stry to expand
plants by the prom ise of tax incen
tives is one evidence of the new Washington attitu d e. A nother is the p a rt
nersh ip betw een the governm ent and
th e F ederal R eserve System to p re
v en t the short-term in te re st rate here
from becom ing non-com petitive w ith
h igher rates open to investors in the
m oney m a r k e t s of Europe. The
pointed com m ent of the Federal Re
serve B ank of New Y ork in this respect is as follows: “As an objective
of m o n etary policy, the defense of
th e in tern atio n al value of the dollar
has come to occupy a position along
side the goal of stable dom estic
g row th.” T his m eans th a t W ashing
ton has had to p u t aside a stock w eap
on in the anti-business arsen al and
to b rin g back into official grace the
notion, unfashionable for m ore than
20 years, of “sound m oney.”
A
^
V
^
-f
H arder F ed Credit P olicy
R ecent w eeks have tu rn e d up evi
dence-—th u s far only ten ta tiv e —of a
hard en in g of F ed eral R eserve credit
policy. D uring m ost of last year, F ed
eral R eserve controls held the total
of unpledged reserves of the com m er
cial lending in stitu tio n s to around
$500,000,000. In recen t w eeks, the ceil
ing for th e aggregate of free reserves
seem s to have been low ered to $400,000,000. T his suggests th a t th e cen
tra l b ank is sensing th e buildup of
th e long-talked-about business expan
sion and is m oving aw ay from an easy
credit policy to one of neu trality .
Y
At th e m om ent, the values in the
bond m ark et m ost difficult to appraise
are those of th e tax-exem pt obliga
tions of state and local governm ents.
T here can be no question b u t th a t
m uch of the going prices for such ob
ligations have been influenced stro n g
ly by the w in ter bank dem and. Given
a full-dress business recovery, it is
difficult to see how th e deposit in sti
tu tio n s could continue to be buyers
of th e tax-sheltered inv estm en ts at the
rate of the w in ter m onths. A nd w ith
the b an king system a trad itio n al buy
ing source for a large fraction of the
m unicipal bonds p u t out each year, it
w ould not take m uch of a reduction
in such buying to influence adversely
th e tre n d of m unicipal yields.—End.
4
51
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Northwestern Banker. April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
52
S B A Sim plifies Term L ea n s Through B a n k s
A
(C ontinued from page 29)
w ith in a few days a fte r receipt of
request.
If we approve th e loan, th e n
SBA funds are available upon
w h erev er th e b an k is read y for
bursem ent.
th e
th e
call
dis
SBA w ill particip ate in a loan on
e ith e r an im m ediate basis, disbursing
its sh are of th e loan a t th e tim e the
loan is closed, or on a deferred basis,
providing its sh are of th e loan w hen
the b an k asks it to do so.
B ank May U se Own F orm s
A dvan tages to B anks
Incidentally, th e b an k m ay use its
ow n form of m ortgages and agree
m ents, and does not need to subm it
copies of these u n til a fte r th e loan has
been disturbed. In o th er w ords, our
inspection of loan docum ents is in
th e n a tu re of a post review .
If th e b an k w an ts to handle th e
loan on a deferred basis—th a t is, ad
vance th e en tire proceeds of the loan,
w ith SBA com m itted to u n d e rw rite 75
p er cent or less—no loan docum ents
need be sub m itted to th e agency u n til
such tim e as th e b an k w an ts SBA to
take up its share.
One reason w e developed th is sim
plified p articip atio n plan w as our
hope th at, as m ore b anks becom e fa
m iliar w ith th e ad v antages of m aking
te rm loans to sm all business, th e y will
m ake th em w ith o u t gov ern m en t p a r
ticipation.
W e believe th a t the deferred p artici
p atio n a rran g em en t offers su b stan tial
advantages to banks.
F irs t of all, it enables a b an k to re
ceive its norm al in te re st rate on the
full am ount of th e loan. The only fee
th e b an k pays SBA is a percentage
w hich v aries from one-half of one per
cent to one percent, depending on the
SBA po rtion of th e loan.
As an exam ple, let us assum e th a t a
b an k er m akes a $100,000 term loan to
a sm all business, at 6 p er cent in te r
est. A ssum e fu rth e r th a t he sells
SBA a 75 p er cent participation, or
$75,000 of th e loan.
The b an k w ould th en receive in
come a t 6 p er cent a year on th e u n
paid balance of th e loan, less only
th ree-fo u rths of one per cent on the
SBA share. T hus th e b an k w ould ob
tain a ra te of a little m ore th an 514
per cent on an inv estm en t of some
d u ratio n w hich had been largely g u ar
anteed by th e governm ent.
Other V alues
BA N K IN G
P O SIT IO N S
INVESTMENT OFFICER
to $20,000
Q u alifie d to assume responsibility
of Sen ior Invest. O ffic e r. Bank
of consid erab le size.
LOAN OFFICER
to $18,000
Executive o ffice r experienced
C o m m ercial Lending— Public
Relations— Bus. Developm ent
TRUST OFFICER
to $18,000
C o m p le te supervision of
all trust ac tivitie s.
CO M M ERCIAL LOANS
$10 to 12,000
Knowledge all form s of loans
cap ab le m anage branch.
TRUST DEPT.
$10 to 12,000
A d m inistratio n of all trustsestates— ag encies and corp orate
SECURITY ANALYST
$9 to 10,000
H an d le C o rp o ra te Trust
and Fid u ciary.
AUDITOR
In ad dition to b ringing a v ery a t
tractiv e re tu rn to th e bank, deferred
p articip atio n loans offer o th er adv an
tages w hich banks w ould do w ell to
consider.
Loans of th is type offer a ban k the
safety and quality of a governm ent
bond, a h ig h er yield th a n th e ban k
can obtain on an y o th er governm ent
security, and liquidity of asset, be
cause th e b an k can call on SBA at
an y tim e to buy th e deferred p artici
pation.
A no th er point to be considered is
th a t a n ational b an k need not count
th e SBA share of a deferred p artici
pation loan against its ow n legal lend
ing lim it.
A lthough we p refer to m ake loans
on a deferred ra th e r th an an im m edi
ate p articip atio n basis, and in fact by
$8 to 10,000
Execute internal au d it program
and safeg uard s.
W a yn e H um m er a C o.
CHICAGO
A ll contacts kep t in absolute confidence.
ARVID D. JO H N SO N
C adillac A sso cia tes, In c .*
29 E a s t M a d is o n B ld g ., C h ic a g o , I ll in o is
F i n a n c i a l 6-9400
* “
W here m ote E xecu tives find their posi
tions than anywhere else in the world.”
Horthwestern Banker, April, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M EM BERS
N E W Y ORK ST O C K EX C H A N G E
law m ust first seek to arran g e a de
ferred participation, we realize th a t
th ere w ill alw ays be instances w here
a b ank w ill w an t SBA to participate
on an im m ediate basis. W e stand
read y to do so.
I m ight point out th a t w here an im
m ediate particip atio n loan is serviced
by the bank, we pay th e b ank a serv
ice fee of one-half p er cent of the
in te re st on SBA’s share of the loan.
W e pay th e sam e fee w here SBA has
tak en up its share of a deferred p a r
ticipation loan and th e b ank continues
to service th e en tire loan.
I cannot stress too strongly one
o th er point w hich m any of you m ay
not know. The Sm all B usiness Ad
m in istratio n has in its portfolio a
n u m ber of w ell-seasoned loans, and is
authorized to sell these loans to com
m ercial banks for th e unpaid balance
and accrued interest.
SBA Is S upplem entary
H ere is proof of our assertion th a t
we do not com pete w ith the banks.
We are eager to sell our seasoned
loans—we w an t th em to be handled
by th e com m ercial banks. W e w ill
be happy to provide full inform ation
about these loans we have for sale to
any of you w ho m ay be in terested in
them .
In closing m ay I say th a t th e p hi
losophy of the SBA and th e national
adm in istratio n is th a t SBA should
supplem ent the lending activities of
banks, not atte m p t e ith er to replace
or to com pete w ith them .
In short, we have no desire to en
gage in th e b an king business. T hat
is y o u r field, not ours. B ut we do
w an t to assist you, in every w ay we
can, to help the sm all businesses of
your com m unities.— End.
B an k o f M ontreal D irecto r
The Hon. Leslie M. F rost, P.C.,
Q.C., LL.D., D.C.L., M.P.P., p rem ier of
O ntario from 1949
to 1961, has been
appointed a direc
to r of th e B ank
of M ontreal, ac
cording to an an
nouncem ent by G.
A r n o l d Hart,
president a n d
chief executive of
ficer. P ro m in en t
in m any fields,
L. M . F R O S T
Mr. F rost, an a t
torney, has served in th e O ntario leg
islatu re continuously since 1937, and
rem ains as m em ber for Victoria.
A
4
53
Our correspondent bank m en are more
often at your desk than theirs. (It wasn’t easy to
get them all together for this picture.) Spending much of their
time in the field enables them to understand your problems
better and help you more skillfully. Direct service is one w ay
we help our correspondents. We d like to help y o u .
H A R R IS — B A N K
O r g a n ized a s N . W . H a r r is & C o . 1 8 8 2 — In c o r p o r a te d 1907 — M e m b e r F e d e r a l R e s e r v e S y s t e m . ..F e d e r a l D e p o s it I n su ra n ce C o rp o ra tio n
111 WEST MONROE STREET—CHICAGO 90
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
54
into account n um ber sequence to p e r
form ing th e com plete bookkeeping
operations.
A
New R eservation Service
A
M O B IL E H E A D Q U A R T E R S fo r th e Je ffe rso n C o u n ty S h e riff’s M o u n te d P a tr o l is p r e
se n te d b y Ja m e s H . Roos, c h a irm a n , R ocky M o u n ta in B a n k , as a g if t fro m th e b a n k .
Show n w ith M r. W ood a re, fro m l e f t : M a jo r A r t S c h rieb e r, of th e S h e riff’s M o u n te d
P o sse ; In s p e c to r T o n y E ro sk y , sh e riff’s officer, a n d J a c k B row ne, posse c h a r te r m em b er
a n d o ld est m em ber. O th e r m em bers o f th e posse a re show n in th e b a c k g ro u n d .
O zark A ir Lines, St. Louis, has en
tered into a contract w ith the U nivac
D ivision of R em ington R and for ad
vanced electronic equipm ent for the
alm ost in stan tan eo u s processing of
passenger reserv atio n s betw een O zark
and all o ther airlines.
The basic equipm ent consists of a
giant U nivac electronic b rain located
in Chicago and an electronic device at
each O zark station know n as Unicall.
In operation, th e schedules of all
airlines for m onths in the fu tu re are
fed into th e electronic m em ory m a
chine. A vailability of seats on each
flight is kept c u rre n t by each airline.
A iSn nie 's Hi ft tn Bindurn tinsse
Chase Plans SB1C
P TEL E V ISIO N p rogram s and w est Sheriff’s M ounted Posse w as started
ern m ovies can be tak en as the u n d er Sheriff Carl Enlow in th e early
least bit authentic, we can assum e 1950’s. It has been called upon to
th a t the follow ing scene m ay have
search for lost children and adults,
tak en place som ew here in Jefferson
has p articipated in civil defense drills,
County, Colo., aro u n d th e tu rn of the
and w as alerted to search the area
century;
around M orrison in the Coors kidnapA lone horsem an gallops through
n in g case.
m ain street, reins in his horse in fro n t
M em bership is lim ited to 40 m en per
of the last Gasp Saloon, dism o u n ts be troop. T here are tw o active troops in
fore the horse stops, leaps to the w ood th e county. T here are no financial
en sidew alk and dashes through the
re tu rn s to an y of th e posse m em bers.
sw inging doors.
All are v o lu nteers w ho supply th e ir
“M en,” he yells, “som e d irty va r ow n equipm ent, horses and ex tra gear.
m in ts have m ade off w ith m ah cattle.
It is estim ated th a t each m em ber has
You got guts enough to come w ith m e, about $2,500 invested in necessary
or do I havta round ’em up m ahself?” equipm ent.
The posse m ay not be called on to
A fte r th a t eloquent speech the bar
ro u n d up as m any ru stle rs as the
room clears, a posse is form ed, the
posse of old did, b u t w ith th e gift
rancher’s cattle are saved, and the
“d irty v a rm in ts” are hanged before from th e Rocky M ountain Bank, resi
den ts of th e area can be assured th a t
the su n sets.
T his is the w ay th in g s m ight have th e posse w ill be able to respond to
happened aro u n d the tu rn of th e cen m odern-day em ergencies w ith m oderntu ry , b ut th in g s have changed. T here day m ethods and equipm ent. — End.
still is a posse in Jefferson County, b u t
it doesn’t spend m uch of its tim e
New Service fo r Banks
F irs t N ational City Bank, New York,
chasing cattle thieves. Today m ost of
the posse’s efforts are devoted to re s announced recently its D em and De
posit A ccounting Service designed to
cue work.
A recen t gift from th e Rocky M oun assist correspondent banks w ith elec
tro n ic bookkeeping and check h a n
tain B ank in Lakewood, Colo., points
out th e extensive m odernization of a dling. U tilizing th e latest electronic
equipm ent, the ban k sees th is service
posse.
The gift from th e b an k is a two- as an aid to o th er banks in control of
room house tra ile r to be used as a operatin g costs.
F irs t N ational City becom es th e first
mobile h e a d q u a rte rs and com m unica
New Y ork City b ank to offer such
tions center. Its p rim a ry use is on
services to o th er banks.
rescue m ission, and in addition to
In m aking th e announcem ent, the
radio and cooking facilities, th e posse
b ank stated th a t by m eans of its new
has fitted out th e tra ile r w ith com plete
first aid equpm ent. It m akes th e J e f service o th er banks can now derive
ferson C ounty Sheriff’s M ounted Posse th e benefits of autom ation w ith o u t en
one of th e m ost effective rescue u n its te rin g into full-scale program s of th e ir
own. The scope of th e services offered
in th e area.
H istorically, th e Jefferson County ran g es from sim ply sorting checks
George Champion, chairm an of the
board of The Chase M anhattan Bank,
New York, announced last m onth th a t
th e ban k w ill req u est approval from
federal and state au th o rities to organ
ize a sm all busin e s s investm ent
c o m p a n y. M r .
C h a m p i o n i n d icated the applica
tion would b e
m ade very soon.
H e a d i n g t he
w h o l l y - owned
subsidiary will be
J a c k s o n
D.
B reaks, vice presi
J. D . B R E A K S
d e n t in th e U nited
States dep artm en t and c u rre n tly in
charge of C hase’s Iow a-N ebraska district.
Mr. C ham pion stated, “Our plans to
set up a sm all business in vestm ent
com pany rep resen t an o th er step in
Chase M an h attan ’s continuing pro
gram of assisting deserving sm all busi
nesses to obtain the funds th ey need
for expansion.
Mr. B reaks joined The Chase in 1950
as an a ssistan t vice p resident in the
New York State-New Je rse y district.
He had previously served as financial
secretary of th e P enn M utual Life In
surance Company, Philadelphia, from
1942 to 1950.
He w as advanced to vice president
in the U nited States d ep artm en t of
The Chase in 1951.
Mr. B reaks is a native of Crawfordsville, Ind., w here he w as born Sep
tem ber 3, 1904. He w as graduated
from P hillips E x eter A cadem y in 1922,
and th e W h arto n School of the U ni
v e rsity of P en n sylvania in 1926 w ith
a B.S. degree in B usiness A dm inistra
tion.
I
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
X
*
y
'V
A
V
- ♦
4
A
iT
55
How's it done? With Burroughs A 4001
Automatic Reader, of course. Working with a
Burroughs F 4200 Electronic Bookkeeping
Machine, the Automatic Reader makes it pos
sible to complete trial balances without an
operator. ■
The operator stacks the state
ments into the Automatic Reader and flips
the switch, That’s all. She’s then free to enjoy
a coffee break or perform other routines. As
simply as that, your trial balance becomes an
accurate, automatic operation—troublesome
errors of manual listing are eliminated. The
fast and automatic features of this machine
may also be used to similar advantage on
your balance transfer. ■
Arrange to talk
with a Burroughs representative about the
A 4001 Automatic Reader by calling our nearby
branch. Or write us at Detroit 32, Michigan.
B u rro u g h s F 4200 E le c tro n ic
B ookkeeping M a c h in e
with
A 4001 Automatic Reader. The
F 4200, using an advanced mag
netic stripe technique to store
all account information, elimi
nates routine and repetitive work.
This is done by automatically
picking up old balances, extend
ing new balances, verifying ac
count selections, aligning forms
to e x a c t p o s tin g p o s itio n s ,
and balancing with zero proof.
Burroughs—TM
B urroughs Corporation.
so many banking problems end with
Northwestern Banker, April, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
56
4
BEYOND AGE
i
6
5
À
f
BANKERS LIFE LIBERALIZES
h
DEPOSITORS INSURANCE PLAN
To the scores of rural com m unity bankers
now cooperating in bringing the benefits
of Bankers Life Com pany’s Iowa D epos
itors Insurance Plan (individual Life In
surance and individual or fam ily H ospital
and Surgical coverage) to their customers,
here’s an announcem ent of im portance.
Other bankers seriously interested in find
ing insurance th ey can recom m end to their
own depositors w ill also find this m essage
in teresting:
A ll existing policies and all new p o licies
issued under the Iotva D epositors Plan
w ill au tom atically he ex ten d ed beyond
age 65.
B
A
N
K
E
R
-V
This is just one more reason why this
plan, w hich pays its fu ll schedule of
benefits despite any other coverage the
depositor m ay have, is one of the most
outstanding services banks can bring to
their depositors today.
Rural com m unity banks throughout the
upper m idwest are now cooperating in
bringing to their depositors sim ilar, upto-date plans written by Bankers L ife
Company. Policies are sold only through
an established local agent recom m ended
by the bank. For com plete details write
Old Northwest Company of Iowa, Inc.,
Attn. J. F. Lamoureaux, Box 404, Des
Moines 2, Iowa.
S
DES MOINES«
Northwestern Banker. April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C O
M
IOWA
P A
N
Y
y
dì
INSURANCE
u o i.i .eu tio x
TEC H N IQ U ES
B y R O SSER LONG
C h a ir m a n , A g e n c y M a n a g e m e n t C o m m i t t e e
N a tio n a l A s s o c i a t i o n o f I n s u r a n c e A g e n t s
F a y e t t e v i l l e , W e s t V i r g in ia
PO SIT IV E fram e of m ind is
ju s t as necessary for p ro p er col
lection m ethods as it is for p ro p
er sales m ethods. I don’t th in k an y of
us w ould go out to sell saying, “You
don ’t w a n t a policy today, do y ou?”
You have not com pleted a sale u n til
you have m ade y o u r collection. It is
ju st as im p o rta n t to m ake definite a r
ran g em en ts for th e collection, as to the
tim e and m ethod of paym ent, as it is
to decide th e lim its and type of policy.
I h ad an exam ple of im p ro p er col
lection m ethods th e first y e a r I opened
m y agency th a t ta u g h t me th e neces
sity of a firm and definite collection
agreem ent.
A
N ever Is C onvenient!
I sold a $10 policy to a long-time
frien d of m y fath er. He did not have
$10 w ith him and said, “W hen can I
pay y o u ?” I said, “W hen ev er it is
convenient,” th in k in g th a t, of course,
he w ould give m e a check w h en I de
livered or m ailed th e policy to him , or
sen t him th e first of th e m o n th sta te
m ent. B ut m uch to m y su rp rise, I
got a check n e ith e r tim e. So I sent
him a sta te m e n t on th e first of th e fol
low ing m onth. Again, I d id n ’t get a
check, so 15 days la te r I w en t out to
see him , sta tin g “You probably have
overlooked paym ent. He said, “Oh,
no, no, I d id n ’t fo rg et it. You said
th a t I could p ay w h en it w as conven
ient. I t h a sn ’t been co nvenient y e t.”
N ever allow y o u rself to g et in such a
trap . Make y o u r p ay m en t d ate ju s t
as positive as th e effective date of th e
policy.
How m an y of us give o u r assureds
a definite p rem iu m date?
W e are all fam iliar w ith ex p iratio n
and effective dates on policies. But,
do th ese term s or dates really m ean
a n y th in g to our policyholders, in rela
tion to paym ent date? T hey are on
th e invoice, for our convenience, b u t
are th ey convenient for th e custom er?
W hile atten d in g a m eeting in N orth
Carolina, one of th e agents said he
has p rin ted on th e face of his invoice
a line m ark ed “P ay m en t Due D ate.”
Can you th in k of an y th in g sim pler?
I have not y et included th is on our
invoice, b u t I believe it w ill be m ost
effective and w ill include it on our
n ex t order.
In order to have a pro p er collection
system , to m ain tain a balance of ac
counts receivable equal to 20 or 30
d ay s’ business, or definitely less th an
10 p er cent of yo u r to tal an n u al vol
um e, we m u st operate w ith a definite
positive system and m ain tain it.
Im portan t R eq uirem ents
F o u r req u irem en ts are:
1. D efin itely arrange for pay
m ent on d elivery of th e policy.
2. P rovide for budget p aym ents
that m eet the n eed s of your
custom ers.
3. U se of exp iration and prem ium
n otices for sm all p olicies and
p rev io u sly slow -pay custom ers.
4. An efficient sy stem of office
accounting, w ith p o sitiv e fo l
low-up.
A gents w ho have low accounts re
ceivable balance, concur in having one
p erson in th e ir office responsible for
collections. T here should be a person
w ho w atches th e cash receipts records
v ery closely and w ill follow a positive
collection procedure. I t is v ery neces
sary in m ain tain in g p ro p er low b al
ances th a t th is person also have su p
p o rt of m anagm ent and producers.
Some of you say “Our custom ers
expect us to c arry th e ir accounts, we
alw ays have.” Did you ever th in k how
th is w ould sound if you rev ersed th e
w ords “we have alw ays carried our
cu stom ers’ accounts. T hey expect us
to.” I believe you get the real m ean
ing from the second expression. These
custom ers have been train ed to expect
us to carry th e ir accounts, so th e y can
pay w hen convenient.
I have talked to m any agents w ho
by definite effort and positive action
have b ro u g h t th e ir collections in line
w ith o u t loss of business.
“N otice of N o tice”
W e live in a sm all tow n and collec
tion letters have not been successful
for us, b u t we have used quite suc
cessfully w h at we call our “Notice of
N otice” form as set up by F ran cis P.
Lyons, a N orthham pton, Mass., agent.
In stead of m ailing an actual notice of
cancellation, we m ail th is sim ilar form
th a t has been m ost effective.
If a custom er has definitely agreed
to take a policy—not ju st m ailed p rio r
to expiration date — or b e tte r yet,
signed a budget form , you have perfect
legal grounds for collections. And, it
is m y advice th a t you use legal m eans
for collecting “p ro m isin g ” accounts.
We have gained m ore good custom ers
th an we have lost poor custom ers by
suing.
Jo h n D. B aum dehauer of Mobile,
Ala., has one of th e b est collection
ideas I have ever heard. D uring th e
m onth of Septem ber, for exam ple, he
m ails out, as m ost of us do, policies
due d u rin g th e m onth of October. On
COLLECTIONS . . .
(T u rn to page 58, please)
Northwestern Banker, April, 1962
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Federal Reserve Bank of St. Louis
58
Insurance
N a tion a l R eserve U f e Tops
M . ‘t 0
0
. 0
0
0
. O O O
S of M arch 1, N ational R eserve
Life In su ran ce C om pany of To
peka and Sioux F alls exceeded the
$300,000,000 in su ran ce in force m ark,
according to an-'If nouncem ent m ade
by H. O. C hap
in a n , president,
.......
f P • -rt:.
mmmm and S. H. W itm er,
ch airm an of th e
board. T h e a n
n ouncem ent came
a t a p artic u a lrly
s i g n i f i c a n t m o
m ent, as it w as
ju st 20 y ears ago
H . O. C H A P M A N
on F e b ru a ry 14,
1942, w hen th e p re se n t m anagem ent
took over th e active conduct of th e
com pany’s business. At th a t tim e the
original N ational R eserve Com pany
had ju st a little over $13,000,000 in
surance in force, in Decem ber, 1941,
and an extrem ely lim ited agent sales
force.
Mr. Chapm an and Mr. W itm er, both
w idely know n th ro u g h o u t th e in s u r
ance in d u stry , w ere the organizers in
1919 of the P olicyholders Life In s u r
ance Com pany in South Dakota. W hen
the group headed by Mr. C hapm an
and Mr. W itm er acquired th e N ational
R eserve Life Com pany in 1942, th e
affiliate South D akota com pany had
ju st over $22,000,000 in su ran ce in
force. F o r th e follow ing decade th e
operations w ere conducted as “tw in
com panies.” In 1951 th e y w ere com
pletely m erged as N ational R eserve
Life Insu ran ce Company.
Today, th e com pany ran k s in th e
u pper one-fourth size b rack et of all
A m erican in su ran ce com panies, oper
ates in over one-half th e states of th e
nation, and is also licensed for o per
ation in the D om inion of Canada. The
agent field force of N ational R eserve
Life has been p ain stak in g ly b u ilt up
th ro u g h o u t th e p ast tw o decades and
is c u rre n tly recognized as one of th e
m ost capable of an y m id-w estern com
pany.
In the late fall of 1961, N ational R e
serve Life occupied its im pressive new
Topeka regional office building, w hich
provides g reatly increased facilities
for service to policyow ners.
A
A llie d M utual A ssets U p
Allied In su ran ce G roup agents p ro
duced m ore th a n $19 m illion in p re
m ium s in 1961, L ester T. Jones, p re si
dent of A llied M utual In su ran ce Com
pany, rep o rted a t the 33rd an n u al
policyholders m eeting a t th e hom e
Northwestern Banker, April, 1962
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Federal Reserve Bank of St. Louis
I F
tw o-thirds of its assets as reserv es for
policyholders.
Over 200 agents, fieldmen and com
i l i apany
r e executives attended th e annual
sales conference in Des Moines.
office in Des Moines, last m onth.
Mr. Jo n es rep o rted an increase in
assets of $2% m illion for Allied Mu
tu al for the p ast year and a gain
in su rp lu s of m ore th an IV2 m illion.
P re se n t assets of Allied M utual now
to tal m ore th a n $27 m illion, Jones
said, w ith com pany su rplus at new
high figures of m ore th an $11 m illion.
S q u are D eal S h ow s G ains
In every respect, 1961 w as year of
progress and increased service for th e
S quare Deal Insu ran ce Com pany (M u
tu a l), Des Moines, a com pany w ritin g
exclusively hail,
fire and lightning
i n s u r a n c e on
grow ing crops, ac
cording to Merle
Morgan,
p resi
dent.
Severe
hail
s t o r m s in t he
three
states
S q u a re Deal
serves — I o w a ,
M. D. M O R G A N
M issouri and Illi
nois—caused claim paym ents to reach
a to tal of $2,157,855, the second h ig h
est figure for any season in th e com
p a n y ’s 42-year history.
On th e o ther hand, p rem ium in
come w as $2,378,828, and insurance in
force increased approxim ately 8 per
cent. T his w as regarded as an o ut
stan d in g accom plishm ent, especially
in view of the g overnm ent soil bank
and adverse p lan tin g conditions in th e
spring.
Square D eal’s assets totaled $3,361,512 as of D ecem ber 31, 1961, and
liabilities w ere $78,438, for a policy
holder su rplus of $3,283,074.
S how s U n d erw ritin g P rofit
All officers and tw o directors of
F a rm e rs M utual H ail In su ran ce Com
p an y w ere re-elected recen tly at the
com pany’s 69th an n u al m eeting at the
hom e office in Des Moines.
D irectors re-elected w ere Max D.
R utledge and G lenn G h arrett. Offi
cers re-nam ed w ere Max R utledge,
president; F. O. R utledge, secretary,
and A. L. W agner, treasu rer.
Max R utledge rep o rted th a t in spite
of increased hail and tu rk e y losses in
1961, th e com pany show ed an u n d e r
w ritin g profit. He also rep o rted th a t
assets w ere increased over a half m il
lion dollars to a total of $13,894,055,
and cited th e fact th a t th e com pany
continues to m ain tain approxim ately
G ains in 5 0 th Y ear
A ssets of E m ployers M utual Casu
alty Com pany passed th e $60-million
m ark in 1961, Jo h n W. Gunn, p re si
dent, announced in Des M oines last
m onth.
This w as ju st
one of the m ile
stones attain ed by
the com pany d u r
ing its fiftieth an
n iv ersary y e a r ,
Mr. G unn said.
A ssets
gained
$4,567,000 o v e r
th e previous year,
reaching $60,037,000 at year end.
J. W . G U N N
N et p r e m i u m s
w ritte n increased by $829,000 to a 1961
total of $41,895,000. Surplus gained
$1,168,000, reaching $15,017,000.
P rem ium s in fire and inland m a
rine insurance passed th e five milliondollar m ark.
EMCASCO In su ran ce Company, a
wholly-ow ned subsidiary of E m ployers
M utual, form ed to w rite low-cost, com
pany-billed autom obile and homeow ners lines, increased its prem ium
volum e 44 p er cent over 1960.
E m ployers M utual is Iow a’s largest
fire, casualty and bonding company.
COLLECTIONS . . .
(C ontinued from page 57)
October 1, he sends a statem en t show
ing a balance due on any policies due
p rio r to October 1. Below he lists
“Policies due d u ring O ctober” w ith
th e prem ium . He says it is asto u n d
ing th e n um ber of policyholders w ho
pay in advance of th e due date in
stead of w aitin g u n til th e 1st or 10th
of th e m onth following.
A direct w ritin g com pany had, or
has, th e follow ing p rin ted w ords on its
prem ium statem ent: “NOTICE. You
have been given credit for . . . . days
out of force betw een th e policy due
date and date of paym ent, as show n
above.” Again, I do n o t necessarily
recom m end th is system to you, b u t it
seem s to have certain proofs of suc
cess.
As an o th er exam ple, I w ould like
to quote from a recen t direct w rite r
statem ent: “You don’t have to rem em
ber w hen to pay either, we w ill send
you a bill before each q u a rte rly p re
m ium p aym ent is due, and th ere is
no ex tra charge m ade for th is con
v enient w ay to pay for your automo-
Insurance
59
bile insurance. You p ay y o u r p rem i
um s in low q u arter-an n u al am ounts
30 days in advance of each q u arter.
Because of th is advance p ay m en t and
because of th e savings u n d er a con
tin u o u s policy, we are able to provide
th is convenient p rem iu m a rra n g e m en t
w ith o u t any service or financing
charge. W hen th e policies are first
issued, th e first p ay m en t is due on
th e effective date. The n ex t paym ent
is due 60 days th e re a fter. A nd all
subseq u en t p ay m en ts fall due every
th re e m onths. Please m ake p aym ents
on or before due dates.”
How m any of you w ould like to
adopt th is m ost generous policy of
not m aking a charge for a prem ium
paid 30 days in advance? —End.
W estern M utual H as G ains
A sizable increase in prem iu m vol
um e w ritin g m ade 1961 th e larg est p re
m ium w ritin g y ear in th e 56 y ears of
operation of th e W estern M utual In
su rance Com pany
of Des Moines, it
is rep o rted by J.
Dolliver Ke n t ,
president.
Other results
posted in th e an
n u al re p o rt show
1961 w as a v ery
favorable y e a r for
th e com pany. The
s h a r p e s t p rem i
J. D . K E N T
um increase w as
in fire in su ran ce lines w hile o th er
m ultip le lines show ed a gain over
th e ir record y e a r of 1960.
T otal assets a t th e end of 1961 w ere
m ore th a n $10,500,000. S urplus at
year-end w as $4,978,686, an increase of
m ore th a n $363,000 over 1960.
D uring the p ast 20 years, assets of
th e com pany have grow n m ore th a n
20 tim es and su rp lu s is m ore th a n 30
tim es larg er th a n it w as 20 y ears ago,
as indicated by th ese year-end figures:
Total
A ssets
S urplus
1941 ..................$
515,609
$ 151,500
1946 ..................
1,560,094
525,830
1951 ..................
4,923,397
1,851,218
1956 ..................
7,583,873
3,544,539
1961 .................. 10,566,132
4,978,686
W estern M utual is licensed in 17
states and w ritin g in 15 states.
T here w ere 3,000 m ore claim s proc
essed by th e com pany in 1961 th a n
in 1960. A n o th er new loss office w as
established th is p ast year, located in
G rand F ork s, N. D. W estern M utual
now m ain tain s loss offices outside th e
hom e office, in Cedar R apids and W a
terloo, Iowa; Lincoln, Neb.; M ankato,
Minn., and D enver, Colo.
W hen your custom ers’ inventory can be converted
into prime collateral, your bank gains new security
for its loan services. Through field warehousing,
St. Paul Term inal W arehouse provides Preferred
W arehouse R eceipts—the best collateral for credit
extension, beyond open line lim its. In addition, you
also increase loan profits because you are able to
m ake more loans. And, you add to custom er good
will by extending loan services.
St. Paul Term inal’s dependability, flexibility and
security in field warehousing is unm atched. So keep
the m any benefits of this valuable service working
for your bank . . . contact St. Paul Term inal today!
ST. P A U L T E R M I N A L
WAREHOUSE COMPANY
O ffic e s in p r in c ip a l c itie s
4 2 5
East
8th
Street
•
St. Paul. M i n n e s o t a
Northwestern Banker, April, 7962
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Federal Reserve Bank of St. Louis
60
PARTNERS IN PROGRESS
P la y b all is th e cry! T o m illion s o f
Americans, it ’s out to the ball parks to
see the hometown favorites . . . from line
drive smashing “little-leaguers” to 61a -sea so n hom erun h itte r s. W hy i t ’s
America’s national pastime!
Yes, the baseball and bat are partners
in a kind of progress that stands for our
better way o f life. More leisure, more
com petitive sports and more individual
opportunity.
The “M en o f M arquette” are partners
in this progress through service to our
Correspondent Bankers. B y providing
Correspondent Banks with the m ost m od
ern and diversified Banking Services, the
“M en of M arquette” play a vital role in
American progress.
We would like to invite you to become
our “partner in progress” . When you’re
in need of efficient, correspondent serv
ice, call on the friendly “M en of M ar
quette” . W e’re always glad to see and
be of assistance to you.
W e h o p e to s e e y o u in P i t t s b u r g h , A p r i l 3 0 t h - M a y 2 n d , a t th e 2 8 t h I n d e p e n d e n t
B a n k e r s A s s o c i a t i o n A n n u a l C o n v e n t i o n a t th e P i t t s b u r g h - H i l t o n H o t e l .
DEPARTMENT OF BANKS AND BANKERS
OTTO H. PREUS
Vice President
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Federal Reserve Bank of St. Louis
JO H N T. PAIN, JR.
Assistant Vice President
AVERY FICK
Assistant Vice President
61
and th e new ow ners are Mr. and Mrs.
D. L. G avin of A lbert Lea.
Mr. M achecek had been an a ssistan t
cashier for m ore th a n 40 y ears w hen
he becam e presid en t in 1954. H e had
been a director since 1917 and w ill re
m ain a d irector of th e bank.
Mr. G avin has served in b an king at
the N orthw ood State B ank and banks
in A lbert Lea, Minn., and T ipton and
B ennett, Iowa.
M innesota
NEW S
P. R. KENEFICK
K. A , WALES
President
Secretary
Mankato
Minneapolis
Scholarship P ro g ra m s A n n ou n ced
UCH of th is m o n th ’s new s from
M innesota b an k s concerns p a r
M
ticipatio n in scholarship p rogram s
and scholarship loan fund p rogram s
to encourage M innesota y o u th s w ho
w ish to becom e an asset to th e ir state
as a b etter-than-average farm er.
The S ecu rity State B ank of W ells
has co n trib u ted $2,500 as a gift to set
up a scholarship loan fund for needy
stu d e n ts a t W ells P ublic Schools.
Loans are to be a m axim um of $500
to any one stu d e n t to atten d an y re c
ognized college, u n iv e rsity or trad e
school. R epaym ent w ill com m ence
th e th ird m o n th a fte r th e recipient
has gone to w o rk and is scheduled to
be repaid w ith in one year. R epay
m en t for th e m ax im u m of $500 is
scheduled a t $50 p er m o n th for 12
m onth s and in no case shall th e fo r
m er stu d e n t p ay m ore th a n th e p rin
cipal plus 6 p er cent.
Two-year scholarships are being of
fered by m an y b anks in th e ir resp ec
tive co u n ty b a n k e rs associations to
young m en w ho are high school g rad
u ates and w ho are in terested in fa rm
ing as a career. E ach scholarship is
in th e am o u n t of $400 and m u st be
used to a tte n d th e College of A gri
cu ltu re on th e St. P au l C am pus of
th e U n iv ersity of M innesota. Am ong
th e county associations offering schol
arship s are th ese rep o rted to th e
N orthw estern B a n k e r : Blue E a rth
County, C arver County, M cLeod Coun
ty, Nobles C ounty, P ipestone County,
Redwood C ounty and Sibley County.
In crea se S u rp lu s, R eserv e
D irectors of th e S tate B ank of B ird
Islan d have added $15,000 to su rp lu s
and $10,000 to re se rv e for con tin g en
cies, m ak in g su rp lu s now $90,000 and
reserv e $50,000.
P ercy C. R eco rd s
P ercy C. Records, 73, p resid en t of
th e F irs t S tate B ank of Castle Rock,
died recen tly a fte r an illness th a t
plagued him all w in te r long. Mr. R ec
ords had been know n th ro u g h o u t M in
nesota as a ban k er, sportsm an, conser
v atio n ist and fo rester. In his y ounger
days he w as a fo rest ran g er.
Mr. Records founded th e b ank in
1917 and w as constantly leading civic
activities in the area.
1st A m erica n P r o m o tio n s
The board of directors of th e F irst
A m erican N ational B ank of D uluth
has appointed W arren B. K regness,
Claude A. L utzka and R alph J. M rak
B en ja m in F. A bbott
B enjam in F r a n k l i n Abbott, vice
president, Peoples S tate Bank, F razee,
died of a h e a rt attack recently, after
serving the b an king in d u stry since
1908. He had been a resid en t of F r a
zee 26 years.
M oves to F u ld a
V. L. K irk, vice president, State
B ank of W o rth in g to n th e p ast four
years, resigned M arch 1 to accept a
sim ilar position at th e Citizens State
B ank of Fulda. He succeeds F. W.
Penrod, w ho had resigned at F ulda.
H ead s In su ra n ce D ep a rtm en t
KR EG N ESS
LUTZKA
MRAK
to a ssistan t cashier positions.
Mr. K regness cam e to th e b ank in
1948 and has served as an installm en t
loan interview er.
Mr. L utzka has been w ith the bank
since J a n u a ry 16, 1957. He has been
m an ag er of th e bookkeeping, proof
and tra n s it d ep artm en ts since No
vem ber 1, 1958.
Mr. M rak has been w ith th e bank
since Ju n e 24, 1957, and is cu rren tly
m an ag er of th e IBM departm ent.
J o in s N o rth ern City N ation al
E lection of C. G lenn Rye, form erly
v i c e p r e s i d e n t , M idland N ational
B ank, Billings, Mont., as a vice p resi
den t of th e N o rth ern City N ational
B ank of D uluth, has been announced
by J. G. Sellwood, ch airm an of N o rth
e rn City N ational.
H is banking career has included
service at th e W o rth County State
B ank, N orthw ood, Minn.; C entral N a
tio n al B ank & T ru st and th e F irs t
F ed eral State, both of Des Moines,
Iowa. He w as executive vice p resi
den t and a director of th e F irs t F ed
eral before m oving to Billings.
N ew O w ners at L on d on
H ave B ank O p en H ou se
Open house w as held recen tly at the
London State B ank so resid en ts of the
area could see th e newly-remodelecl
b ank and m eet th e new ow ners.
G lenn C. M achacek, 67, has retired
F red T rau tm an n , N o rth w estern Mu
tu a l Life In su ran ce Company, has
been appointed to direct th e H astings
N ational In su ran ce Agency, it w as a n
nounced recen tly by th e N o rth w est
ern N ational B ank of H astings. He
succeeds Claude Zweber, w ho recen t
ly joined th e staff of The B ank of
W illm ar.
M ankato G rou n d B rea k in g
The N ational C itizens Bank, W ater
loo, held ground b reaking cerem onies
recently at th e site of its planned new
building, H ickory and Second Streets.
Am ong those tak in g p a rt w ere R ex
Hill, M ankato m ayor; P. R. Kenefick,
b ank president, and directors of the
bank.
The new stru c tu re w ill be a onestory 80 by 132 foot building, fe a tu r
ing th e m ost m odern ban k in g facili
ties, including th ree enclosed drive-in
teller windows.
N ew A ssistant C ashier
Sidney Storm , form erly w ith the
W estern State B ank at M arshall, has
accepted new duties as a ssistan t cash
ier and a ssistan t to the in stallm en t
loan officer of th e A m erican State
Bank, M oorhead.
T o B ank A g P ost
C urtis J. Johnson, a ssistan t county
agent, Clay County, has been nam ed
a ssistan t a g ricu ltu ral rep resen tativ e
w ith th e F irs t N ational B ank in Moor
head. Mr. Joh n so n is a 1957 grad u ate
of th e U n iv ersity of M innesota w ith
a bachelor of science degree in ag ri
culture.
Northwestern Banker, April, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
62
D. CLEARY has been ap
pointed to th e staff of th e d e p a rt
m ent of b anks and b an k ers as official
rep resen tativ e, announces J. F. N ash,
president, American N a t i o n al
B ank of St. Paul.
Mr. C leary has
had diversified
experience in var^
i o u s p h a s e s of
banking, i n c l u d
ing operations,
consum er credit,
com m ercial lendi n g, correspond
en t ban k in g and
b ank m anagem ent. He served 10 years
as a corresp o n d en t b an k re p re se n ta
tive trav elin g th ro u g h o u t th e N inth
F ed eral R eserve D istrict and is well
know n to b an k ers in th is te rrito ry .
J
OHN
F ifth N orthw estern N ational Bank,
M inneapolis, celebrated its m ove to
spacious q u a rte rs in th e new Sons of
N orw ay B uilding last m onth w ith an
open house.
The bank, now in its 35th y ear of
operation, occupies a m ajor portion of
th e street-level area and th e low er
level of th e building a t 1455 W est
Lake Street.
A draw in g w as held and prizes
aw arded included a c o m b i n a t i o n
stereo, TV and FM radio console, an
outboard m otor, a p o rtable TV, a p o rt
able stereo, tw o bicycles and th ree
bar-b-que grills.
R efresh m en ts w ere served d u rin g
th e two-day observance and special
to u rs w ere conducted for th e visitors.
Key to th e b a n k ’s new facilities is
th e L-shaped lobby on th e m ain floor,
w hich provides a straight-line te lle rs’
section adjacent to the officers’ sec
tion and th e custom er service area.
* * +
A lphonse J. Grim, assista n t vice
p resident of F irs t N ational Bank, M in
neapolis, re tire d recen tly a fte r 45
y ears in banking, 35 y ears of w hich
w ere w ith F irs t N ational.
Northwestern Banker, April, 1962
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Federal Reserve Bank of St. Louis
Mr. G run plans to rem ain active in
banking, how ever, as p resident and
d irecto r of the F o rest Lake, Minn.,
State B ank w hich he has headed since
1957.
W ith th e exception of tw o y ears in
Los Angeles, Calif., his en tire b an k
ing career has been in M innesota, his
nativ e state. He entered banking in
1917 in w h at w as know n as the Peo
ples B ank of St. Paul. He later w as
w ith th e Stockyards N ational B ank
of South St. P aul and the F arm ers
M erchants T ru st Com pany of St. Paul
before joining F irst N ational in M in
neapolis in 1927.
A lthough not at the com pulsory re
tire m e n t age of 65, Mr. G run said he
is re tirin g in order to devote full tim e
to th e affairs of th e F o rest Lake State
B ank w hich has show n outstanding
grow th. D eposits have increased m ore
th a n $1 m illion the p ast five years.
The b an k soon w ill move into a new
hom e now u n d er construction, sched
uled for com pletion about Ju n e 1.
* =(=
The M arquette N ational B ank of
M inneapolis, th ro u g h Carl R. Pohlad,
president, announces th e appointm ent
of John T. Pain, Jr., and A very F ick
to a ssista n t vice presidents in th e cor
resp o n d en t banking departm ent, and
V in cen t C onover to a ssistan t cashier
in th e com m ercial banking d ep art
m ent.
Mr. P ain joined th e M a r q u e t t e
b a n k ’s in v estm en t d ep artm en t in Sep
tem ber, 1957, from the bond d e p a rt
m ent of th e F irs t N ational B ank of
Chicago w here he w as em ployed for
J. T . P A I N , JR .
A. F IC K
five years. C urrently, Mr. Pain has
been serving correspondent b ankers
in Iowa, W isconsin, U pper P eninsula
of M ichigan and M innesota.
Mr. Fick joined M arquette in April,
1960, having previously been associ
ated for 13 y ears as m anager of the
feeder finance d ep artm en t of N u tren a
Mills, a division of Cargill, Inc. He is
calling on M arquette correspondent
b ankers in N orth and South Dakota,
M ontana and M innesota.
Mr. Conover joined M arquette in
October of 1957 afte r serving for eight
y ears in th e sales and advertising spe
cialty field.
^
Clarence A. A dam s has been ap
pointed general m anager and an as
sistan t vice presid en t of th e M inneap
olis D istrict of Jam es Talcott, Inc., an
n o u n c e s B u ssell
R. Campbell, vice
president, mid
w est region.
This district
e m b r a c e s an
eight-state a r e a
including M inne
sota, Iowa, w est
e rn Wisconsin,
the Dakotas, Ne
braska, W yom ing
C. A. A D A M S
and Montana.
Volume of in stallm en t paper p u r
chased in th e M inneapolis d istrict in
’61 topped $30 million.
A v eteran of 20 y ears in the in stall
m ent financing field, Mr. A dam s pio
neered some of the first financing
plans in the LP gas industry. He w as
associated w ith Com m ercial E q u ip
m ent F inance Corp., M ilwaukee, Wis.,
before joining the in d u strial tim e sales
division of Talcott. P rio r to th a t he
w as w ith th e F irst A cceptance Corp.,
M inneapolis, w hich now operates as a
division of Talcott.
H erbert G. H agen, a ssistan t cashier
at N o rth w estern N ational Bank, Min
neapolis, has retired after 46 years of
service w ith the bank.
k
4
t
Jr
J
V
N
4~
Minnesota News
Mr. H agen began at th e b an k in 1915
as a m essenger and subseq u en tly
w orked in th e tra n sit, te lle rs’ and col
lection d ep artm en ts. He later m oved
to th e m ortgage d e p a rtm e n t and w as
nam ed a ssista n t d e p a rtm e n t m anager
in 1952. He w as elected an assistan t
cashier in 1952.
W hile w o rk in g at th e bank, Mr.
H agen a t t e n d e d n ig h t classes at
N o rth w estern College of Law and re
ceived th e L.L.B. degree in 1923.
Mr. H agen w as active in th e M ort
gage B an k ers A ssociation of M inneap
olis and th e M inneapolis Hom e B uild
ers A ssociation and is a m em ber of
Sigm a Nu Phi, a legal fratern ity .
* * *
E lection of F . W ayne Packard, p res
ident and secretary of C ulligan Soft
W ater Service Com pany, St. Louis
P ark, Minn., to the board of th e F irs t
E din a N ational B ank w as announced
recen tly by E. AAT. Oredson, president.
Mr. P ackard, w hose C ulligan d ealer
ship is th e larg est in the U nited
States, has been w ith C ulligan since
1946.
* * *
E dina and S outhw est b an k ers re
cently received prom otions. D arrel W.
Sm ith, Jr., Jack P. Sm ith, Gordon F.
Clarke, John E. AVesthoff and John
S. M onroe, Jr., all executives w ith th e
F irs t N ational B ank fam ily, w ere
nam ed to h ig h er posts.
D arrel Sm ith, cashier, F irs t E dina
N ational since 1957, becom es a ssistan t
secretary , tru s t d ep artm en t, F irs t N a
tional of M inneapolis.
Jac k Sm ith, assista n t cashier, in
v estm en t d e p a rtm e n t since 1958, is
now a ssista n t vice president, th a t de
p artm en t.
Mr. Clarke, w ith the b an k since
1913, w as prom oted from operations
m anager, in stallm en t ban k in g d e p a rt
m ent, to a ssista n t cashier.
Mr. W esthoff, w ith th e F irs t N ation
al since 1954, w as prom oted from as
sista n t co n tro ller to a ssista n t vice
president.
Mr. Monroe, w ho received th e W all
S treet Journal P rize for the hig h est
ran k in g senior in econom ics and b u si
ness a d m in istratio n w hen he w as
g rad u ated from M acalester, has been
nam ed a ssista n t controller.
* * *
F irs t S o u t h d a l e N ational Bank,
E dina, held open house last m onth
m ark in g com pletion of an extensive
rem odeling and expansion program .
Donald AV. Judkins, president, said
featu res of th e rem odeled q u a rte rs are
new w alk-up teller w indow s, four new
telle r units, new in stallm en t loan
q u arte rs, new conference room s and
a lobby n e a rly double its previous
size.
The b an k aw arded a round trip for
63
T ra il Híazvrs Conifratalated
C A R L R. P O H L A D , le f t, p re s., M a rq u e tte N a tio n a l B a n k of M in n e ap o lis, c o n g ra tu la te s
new m em bers of th e T ra il B laz ers C lub, le f t to r ig h t: M iss E ld a Jo h n so n , d e p t., of
b a n k s a n d b a n k e rs ; J o h n N elson, a.c.; E rn e s t G-earino, v.p., a n d V e rn o n Sw anson, a.c.
M e m b ersh ip in th e Club is com posed o f em ployees o f th e M a rq u e tte N a tio n a l, U n iv e r
s ity N a tio n a l, C h icag o -L ak e S ta te B a n k a n d a ffiliated in su ra n c e ag en c ie s, w ho h a v e 15
or m ore y e a rs ’ service.
tw o by jet to Orlando, Fla., to see the
M innesota T w ins in action in th eir
sp rin g tra in in g h ead quarters. O ther
prizes w ere box seats for any of th e
T w in ’s hom e gam es in th e Tw in
Cities. A special d raw ing w as held
for children.
Mr. Ju d k in s also announced the
election of tw o new directors and an
a ssista n t cashier. D irectors are Rob
ert J. Crabb, executive vice p resid en t
of Southdale M anagem ent Company,
E dina, and Donald E rickson, president
of G lacier Sand & G ravel Company,
Edina. John S. Strom , w ho joined
F irs t Southdale in 1959 as m anager of
the in stallm en t b anking departm ent,
w as prom oted to a ssistan t cashier.
N ew C ashier at Savage
H ow ard A. W estlie has been elected
cashier and executive officer of the
Savage S tate Bank, Savage, announces
R ay A lm quist, president. Mr. W estlie w as cashier at th e St. A nthony
b an k p rior to joining th e staff of the
Savage bank.
P u rch a ses M urdock B ank
Jo h n Bohm er, presid en t of the State
B ank of Brooten, recently purchased
controlling in te re st in th e F irs t State
B ank of M urdock from W illiam T.
E strem .
M IN N E SO TA CALENDAR
May 9, M inneapolis Chapter, A m eri
can Institute of Banking, Annual
Banquet, Radisson H otel.
June 5-6, M BA 72nd Annual Conven
tion, Leamington H otel, M inne
apolis.
Mr. B ohm er has been in banking
since 1946 and has been p resident of
th e B rooten b ank since 1952. Mr. and
Mrs. E strem left im m ediately for an
extended vacation in Florida.
It is understood th a t th e staff at the
M urdock bank is to rem ain th e same.
C apital In crea se at O din
A 10 per cent cash dividend in addi
tion to a 25 per cent stock dividend
w as voted recently at th e Odin State
Bank, Odin. Also, an increase in p er
m anent su rp lu s brings the capital
stru c tu re to $25,000 capital and $50,000
surplus.
Also in the new s in th e Odin area
w as th e Odin State B ank’s ladies bow l
ing team w hich w on first place in th e
St. Jam es city to u rn am en t, and Mr.
and Mrs. M. T. Laingen, w ho recently
spent a tw o w eeks’ vacation in A ri
zona, C alifornia and Nevada, m aking
th e trip to and from via jet airliner.
Mr. L aingen is vice p resid en t and
cashier of the bank.
Canby B ank S p o n so rs
T o R eq u est R eview
Local sponsors of the proposed state
b ank at Canby have decided to have
a review by th e M innesota Suprem e
C ourt of the recen t decision by the
Commerce Com m ission to deny the
application.
The application w as denied on the
grounds th a t e v i d e n c e presented
failed to prove a reasonable public
dem and for an o th er b an k in Canby.
The sponsors feel th ere w as su b stan
tial evidence, hence th e plans for a
review .
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Minnesota News
Offers
ing, using th e b a n k ’s IBM data proc
C en tra lized A utom ation
essing equipm ent and IBM 1401 com
FROM L E F T , John D. Chisholm, O lm sted C o u n ty B a n k & T ru s t, R o c h e ste r; W alter
K ulaw sk e, cash., P e o p les S ta te , P la in v ie w ; John H. Schad, cash., F i r s t N a tio n a l, P la in v ie w ; E. D. Z illg itt, cash., L a k e C ity S ta te , L a k e C ity, a n d A llan C. P eterson, cash.,
F i r s t N a tio n a l, B loom ing P ra irie .
HIRTY-TW O p residents, or th e ir
rep resen tativ es, f r o m so u th east
M innesota b anks atten d ed a recent
sem inar conducted by Olm sted C ounty
T
B ank & T ru st Com pany officials to
h e a r Jo h n D. Chisholm , president, de
scribe a plan to provide them w ith
centralized dem and deposit account
p u ter and M agnetic C haracter R eader
Sorter, now on order.
Such service w ould be available to
the banks by March, 1963, Mr. Chis
holm said. Checks and deposit tick
ets from the banks w ould be sent in
the afternoon to Olm sted County
B ank’s data processing c e n t e r in
R ochester, w here th ey w ould be ta b
ulated, all accounts updated and se
lected m anagem ent rep o rts prepared.
By th e follow ing m orning, everything
w ould be re tu rn e d by courier to each
b ank in tim e to s ta rt th e new business
day. Such a fully autom ated com
p u te r system , Mr. Chisholm stated,
w ould reduce th e per item cost of
check handling from 8 to 2 cents and
provide g reater efficiency and accu
racy. D uplicate copies of custom er
tran sactio n s w ould be stored in Olm
sted C ounty B an k ’s v au lts to enable
p articip atin g ban k s to readily recon
stru c t such records in the event of
fire or an atom ic attack.
A n ok a O p en H o u se
Open house w as held recen tly at
the S tate B ank of Anoka as officers,
directors and em ployees celebrated
the b a n k ’s 70th an n iv ersary . R efresh
m ents w ere served guests w ho came
to congratulate b ank personnel.
FOR THE B E ST
Siouxland Banner Correspondent Service
STANLEY W . EVANS
I s+ Vice President
EDW ARD L. NEWELL
Assistant Vice President
The
The
The
LIVE STOCK
LIVE STOCK
LIVE STOCK
NA TIO NA L
NA TIO NA L
NA TIO NA L
BANK
BANK
S io u x
B a n ker,
A p ril,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J962
BA NK
Io w a
M em ber
N o rth w estern
R IC H A R D K. DRAPER
Representative
F e d e ra l
D e p o s it
Insurance C o rp o ra tic
65
and a w alk-up te lle r’s window. The
b anking hours w ill be extended and
the en tire area around the b an k w ill
be hard-surfaced w ith a spacious p a rk
ing lot at the re a r of th e building.”
South D akota
NEW S
C. C. LIND
A. S. GULLICKSON
President
Secretary
T o u r B an k at M iller
Aberdeen
Huron
SiPHA Com m ittees A p p o in ted
C. LIND, presid en t, F irs t Na- m anager of th e S turgis Office, said the
• tional B ank, A berdeen, and p re s new u ltra-m odern building w ill be
ident of th e South D akota B ankers con stru cted on p ro p erty w ith a 75-foot
A ssociation, has announced th ese com frontage and 150 feet deep.
m ittee ap p o in tm en ts for th e forthcom
“It w ill have th e latest type drive-in
ing a n n u al convention:
b an k in g w indow ,” he said, “a 24-hour
SDBA N o m inating Com m ittee — J. depository for both envelopes and bags
S. H oldhusen, Ipsw ich State Bank,
Ipsw ich, chairm an; V ern E. B orm ann,
F a rm e rs S tate B ank, P ark sto n ; O. D.
H ansen, B ank of U nion County, E lk
Point; W alter K. Johnson, F a rm e rs
S tate Bank, E stelline; M artin K othe,
C uster C ounty B ank, C uster; C urtis
B. M ateer, P ie rre N ational Bank,
P ierre, and Jo h n O’Donnell, F irs t N a
tional Bank, Lem m on.
SDBA R esolutions C om m ittee—E a rl
F. N ixon, D akota State B ank, Milbank, chairm an; G. P. Bzoski, C itizens
Bank, Mobridge; Ja c k H. McMillan,
S tockyards B ranch, N o rth w est Se
c u rity N ational B ank, Sioux Falls; C.
E. N eu h arth , F irs t N ational Bank,
Pierre; M. O. Lindell, B ank of Veblen,
Veblen; W a l t e r Pailing, A m erican
N ational B ank, R apid City, and K en
n eth G. K latt, D akota State Bank,
T ripp.
ABA N om inating C om m ittee—J. N. FRO NT V IE W o f th e new S pearfish Office
Shelby, M itchell N ational Bank, M itch
N S P IT E of zero tem p eratu res,
ell, chairm an; T. R. B risbine, S anborn
3,113 people braved the w eath er to
C ounty B ank, W o o n s o c k e t; Jo h n
Thom son, B ank of C enterville, C enter a tte n d th e g rand opening of the new
ville, and Boyd Knox, ABA vice p re s Spearfish Office of th e F irs t N ational
ident, McCook C ounty N ational Bank, B ank of th e Black Hills.
Salem.
Of those r e g i s t e r e d , 2,140 w ere
ad u lts and 973 w ere children. They
reg istered for $1,000 in savings certifi
D rive-In B an k P la n n e d
C onstruction of a n ew drive-in b ank cates for adults, and tw o speed bikes
build in g for th e S turgis Office of th e for grade school you n g sters from the
F irs t N ational B ank of th e B lack H ills first th ro u g h th e sixth grades, and
has been announced by H arold R. tw o portable ty p ew riters for stu d en ts
H orlocker, president. W o rk is to be from th e seventh th ro u g h high school.
C
Open house w as held last m onth at
th e new ly-rem odeled, enlarged F irst
N ational B ank B uilding in Miller.
T hree door prizes of $100, $50 and
$25 savings accounts w ere given and
despite cold w eather, a fine tu rn o u t
of people inspected th e bank, now
nearly double its previous size.
New featu res include a large Com
m u n ity Room, capable of seating 40
persons for a d in n er or 100 for a m eet
ing; spacious display w indow for use
of local m erchants; n ig h t depository;
additional conference room s and new
te lle rs’ m achines.
at Spearfish\(Ppeninf/
I
gin th is sp rin g w ith occupancy ex
pected before th e first of n e x t year.
L aV ern M itchell, vice p resid en t and
R eg istrations indicated th a t th ere
w ere v isito rs from 12 states.
More th a n 4,000 cookies and dough-
The National Bank
OF S O U T H DAKOT A
M em ber o f F ederal D eposit Insurance Corporation
of th e F i r s t N a tio n a l of T he B la c k H ills.
n u ts w ere served w ith 75 gallons of
coffee and 20 gallons of milk. Several
thousand balloons w ere distrib u ted
am ong th e youngsters w ho also w ere
tre a te d to a free m ovie at the local
th eater.
The new bank, 10 m onths in the
process of construction, w as bu ilt at
a cost of about $250,000, including land
and fu rn itu re and fixtures. It fea
tu re s m any new services not p re
viously offered in Spearfish, including
drive-in banking, o v ernight depository
service, stock m ark et w ire service,
free park in g lot and a com pletely
equipped com m unity room for the use
of th e public w ith o u t charge.
SIO U X F A L L S , 100 N o rth P h illip s A venue
SO U TH B R A N C H , 2501 S o u th M innesota A venue
★ EA S T B R A N C H , 2301 E a s t 10th S tre e t
★ V E R M IL L IO N
★ HURON
ir
■jc
A ffiliated w ith F IR S T B A N K S T O C K C O R P O R A T IO N
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
South Dakota News
66
Ag
Conference fs A p r il 1 1 - 1 2
P R IL 11-12 are th e dates of th is
y e a r’s South D akota A gricu ltu ral
Conference, to be in th e C om m unity
Room of the P ierre City Hall, in th e
sta te ’s capital city. One of th e fea
tu red sp eakers is to be Dr. T y ru s R.
Timm, head of d ep artm en t, ag eco
nom ics and sociology a t T exas A&M
College. H is subject is “A m erican Ag
ricu ltu re in th e W s . ”
A
Them e of the m eeting is “M eeting
th e Needs of A g ricu ltu re” and fea
tu re d w ill be panel discussions such
as “bull sessions w ith bull w hippers
as leaders.”
George Spence, ag rep resen tativ e,
A m erican N ational B ank and T rust,
Chicago, w ho is a cattle m an and
rancher, w ill talk about th e cattle in
d u stry and the fu tu re for cattlem en.
N ew A u to Bank
A low bidder for construction of a
new auto bank for the A m erican N a
tional Bank, R apid City, w as an
nounced recently by W alter Pailing,
president, and construction already
has begun. The b a n k ’s p resen t drivein facilities w ill be rem oved w hen the
new drive-in b an k is com pleted. “We
hope to have the facility in operation
by the m iddle of Ju ly of th is y ear,”
said Mr. Pailing.
The new m odernistic auto b ank will
have th ree drive-in w indow s, each be
ing adjustable to vary in g heights to
accom m odate any vehicle from com
pacts and sports cars to trucks. In
addition, th ere w ill be tw o walk-up
w indow s, w ith am ple lobby space
w hich w ill be heated and air condi
tioned. The double lane drive-in en
tran ce w ill be from K ansas City Street
as now, and no in te rru p tio n of drivein service is expected du rin g th e con
stru ctio n period.
C o n so lid a tio n R eq u est
y
■i
X
y
An application has been m ade for a
consolidation of the A m erican N ation
al B ank of R apid City and the Bear
B utte V alley Bank, Sturgis. It is con
tem plated th a t all offices of the banks
w ill continue to be operated.
B uys U n d erw o o d B ank
C ontrolling in te re st in the U nder
wood S tate Bank, form erly ow ned by
the late Carl P oshusta, has been sold
to C harles H. B urke and associates
of Pierre, w ho p resen tly own and op
erate the P ierre N ational Bank. The
late Carl P oshusta had been associated
w ith th e bank for m ore th a n 40 years.
Mrs. P o shusta said th e disposal of h er
late h u sb an d ’s in te re st w ill in sure the
co n tin u ity of com petent m anagem ent
of the b ank so it m ay continue to
serve th e people of New Underw ood
and W all and the su rro u n d in g te rri
tory.
W. A. Joyce w ill continue as presi
dent of th e b ank and said no changes
w ill be m ade in personnel.
>
.f
P r o m o te d at W atertow n
W e’re alw ays glad to h e a r from you.
N
W N o rth w est
BANK
Security
National
B an k
Sioux Falls, Brookings, Chamberlain, Dell Rapids,
Gregory, Huron, Madison, and S. F. Stockyards
M EM BERS
Northwestern Banker, April, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FED ER A L.
D EP O SIT
IN SU R A N C E
C O R P O R A T IO N
M arvin W est has been prom oted to
supervisor of the bookkeeping d ep art
m ent at F a rm e rs and M erchants Bank,
W atertow n, announces W. C. Talen,
president. S upervising seven girls,
his im m ediate responsibility is to com
plete th e account n u m bering system
being used w ith th e electronic book
keeping equipm ent at the bank.
P lan N ew B u ild in g
Officials of the F arm ers State Bank
in W inner recently announced the
purchase of the N icholson and Smook
*
67
'
r
pro p erties a t th e co rn er of F ifth and
South M ain S treets in W inner.
A new and m odern b an k building
w ill be erected on th e site in the n ear
future.
“Our purpose is to provide th e best
in b an k in g facilities for our custom
ers w ho have co n trib u ted so m uch to
our g row th d u rin g th e p ast 52 y e a rs,”
said W illard Lynch, executive vice
president, and L eroy A bbott, Alliance,
Neb., p resid en t of th e in stitu tio n , in
a jo in t an n o u n cem en t com m enting
upon th e p u rch ase and th e proposed
plans for th e new building.
A
N . W . S ecu rity C hanges
f
C. A. Lovre, p resid en t of th e N o rth
w est S ecurity N ational B ank of Sioux
Falls, announced several staff changes
follow ing th e M arch m eeting of the
board of directors.
M aurice D. Olson and Gordon J. Curren, both a ssista n t vice presidents,
have been assigned to th e H u ro n of
fice as a ssista n t m anagers. Mr. Olson
m oves from the Sioux F alls office and
Mr. C urren has been w ith th e H uron
office. T hese ap p o in tm en ts follow th e
resign atio n of Jo h n M. McCregor, w ho
w as a ssista n t vice p resid en t and as
sista n t m an ag er a t H uron.
R obert E. Hall, Jr., a ssista n t cashier
at th e M adison office, has been tra n s
ferred to Sioux Falls. E lto n J. B udahl
has been advanced to a ssista n t cashier
and ag re p re se n ta tiv e at Sioux Falls.
The board also nam ed P aul M. Natw ick to be in charge of safekeeping of
securities in th e Sioux F alls tr u s t de
p artm en t.
N orth D ak o ta
NEW S
GARY L. LERBERG
BILL DANER
President
Secretary
Parshall
Bismarck
D akota N ation al O p en s
D rive-In F a cility
The public w as invited to drive into
th e new drive-in b an king and p arking
facilities of the D akota N ational Bank,
Fargo, recently, the day before the
drive-in addition w as opened for busi
ness.
T here are tw o teller w indow s, each
w ith its own separate drivew ay, and
ho u rs of th is convenience are 10 a.m.
to 3 p.m. M ondays through F rid ay s
and an ex tra tw o hours M onday eve
ning, 6 to 8 p.m.
In addition to these facilities, the
b ank is undergoing a m ajor rem odel
ing project, w hich includes an addi
tion to th e re a r of the building. The
ex terio r is to have an all-new brick
S e le c te d
Several b u s i n e s s e s are m oving
around in dow ntow n Minot, a few go
ing into new buildings, o thers m oving
into larger, m ore suitable q u arters.
Several older buildings are to be
razed, tw o of them to m ake w ay for
a new U nion N ational B ank Building.
P lans for th e new bank building w ere
com pleted last fall. E stim ated to cost
approxim ately $300,000, th e stru c tu re
is to be bu ilt on an L-shaped piece of
p ro p erty 98 feet wide and 150 feet
deep.
M oliall R e m o d e lin g C om p lete
W ork at th e new ly-rem odeled Citi
zens State Bank, Mohall, is com plete
now, w ith the exception of some addi
tional fu rn itu re on order.
The bank is com pletely m odern and
basic wood designs m ake th is one of
the m ost a ttractiv e banks in th e area.
Jo h n D. B anker is p resid en t of the
bank and m ost of the planning w as
done by him and his wife.
GEORGE M. TH O M PSO N, le ft, is co n
g r a tu la te d b y Ted W. S ette, r e tir in g m a n
a g e r o f T he B a n k of N o rth D a k o ta . M r.
T hom pson, w ho has b e en w ith th e b a n k
26 y e a rs, w as a p p o in te d a c tin g m an a g er,
e ffectiv e A p ril 1, b y th e I n d u s tr ia l Com
m ission of th e S ta te o f N o rth D a k o ta , to
succeed M r. S e tte , w hose re s ig n a tio n w as
effe c tiv e th a t sam e d a te .
Gus W. Carlson, Jr., a m em ber of
th e banks and b an k ers d ep artm en t of
M arquette N ational B ank of M inneap
olis the p ast tw o years, has purchased
control of the F irs t State B ank of Re
gent and has been nam ed its presi
dent.
Mr. C arlson’s wife is inactive vice
president. Donald Loh continues as
cashier and A rdm ore Quamme, a ssist
an t cashier.
The new p resid en t spent 10 years
w ith the B ank of th e Southw est in
H ouston, Tex., before joining the M ar
quette.
G.
H. (B ert) G lendenning has re
Iren e R e m o d e lin g D o n e
tired as a d irecto r of the C itizens State
R em odeling at th e F a rm e rs State
Bank, A rlington. He becam e a direc
Bank,
Irene, has been com pleted and
to r of th e b an k in 1904, becam e vice
presid en t in 1926, and p resid en t in th e m ain stru c tu re has been con
nected to th e adjacent building. P a rt
1927. He w as also p resid en t of th e
F irs t N ational of A rlington and re of th e annex building w ill house the
signed as p resid en t of th e C itizens public lib rary and also w ill be used
S tate in 1942. In ’44 he again becam e for sm all group m eetings.
active w ith th e C itizens State, th is
R etires A fter 5 5 Y ears
tim e as vice president, re tirin g from
H en ry Gross has retired as presi
th a t position in ’51.
dent of the Bowdle State B ank and
G. B. Gross has succeeded him.
H en ry Gross re tire s after 55 years
in b an king and 21 y ears as p resident
of th e bank. B eginning his career in
1906 at Selby, he m oved tw o y ears
later to the F irs t State of Bowdle. It
closed in 1932 and th e Bowdle State
B ank opened Decem ber 31, 1932. He
w as elected its presid en t in 1940.
H otel a n d /o r m otel reserv atio n s are
being tak en now by A. F. Junge, vice
president, F irs t N ational Bank, Sioux
Falls, for th e 1962 A nnual Convention
of th e South D akota B an k ers Associa
tion. Mr. Ju n g e is ch airm an of th e
reserv a tio n and housing com m ittee.
T he convention is set for May 17-18 in
Sioux Falls.
B ert G le n d e n n in g R etires
,
U n io n N ation al to B u ild
P u rch a ses B an k at R egen t
SD B A C o n ven tion
R eserv a tio n s
-
facing. E stim ated cost of the project
is $200,000.
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
68
com posed of M innesota, N orth D ako
ta, South D akota and Montana.
M ontana
C apital In crea se N oted
NEW S
R. D. RUBIE
President
R. C. WALLACE
The F irs t N ational B ank of H elena
has increased its capital to $1 m illion
and its su rp lu s to th e sam e figure.
Total capital accounts now are in ex
cess of $2,600,000, announces Nels
T u rnquist, president.
Havre
Secretary
Helena
H a m ilto n B an k er A p p o in te d
V. C. H ollingsw orth, p resid en t of
the Citizens State B ank, H am ilton,
has been appointed to th e advisory
council of th e N ational A ssociation of
S upervisors of State B anks for 1962.
P re sid e n t of th e NASAB, R obert L.
Myers, m ade th e announcem ent from
his W ashington, D. C., headquarters.
He will rep resen t the 9th D istrict,
COLORADO
is our business. . .
H a rry C. Fields, presid en t of the
N o rth w estern Bank, Lew istow n, has
announced th a t W ilfred Hancock, for
m erly cashier of th e Billings S tate
Bank, has been added to th e N o rth
w estern staff as cashier.
W ith C ontinental Oil Com pany 10
years, Mr. H ancock began his banking
career w hen th e Billings State w as or
ganized in 1945. He becam e assistan t
cashier in 1948, ag rep resen tativ e in
1952 and cashier in 1960.
Lee W. Johnson, B illings State
Bank, Billings, has been advanced to
assistan t vice president, according to
O. B. Silvey, p res
ident. He form er
ly served as as
s is ta n t c a s h ie r
w ith th e Billings
S t a t e B a n k and
p rio r to th a t w as
a s s o c i a t e d w ith
an affiliated bank
in Groton, S. D.
He is a graduate
of the N o rth ern
L. W . J O H N S O N
S ta te T e a c h e rs
College of A berdeen, S. D., and h a n
dles th e b an k ’s a g ricu ltu ral services
and loans.
We’re geared to the needs of
today...helping create tomorrow's
opportunities.
Colorado n a tio n a l Bank
OF DENVER
«
Member FD1C • AC 2 9311
-f
T
N ew C ashier at L ew istow n
A d van ced at B illin g s
Reaching for the stars, or rooted
in the fertile earth, your Colorado
business deserves our depend
able, efficient banking service.
17th and Champa
y
à
V
y
A
y-
A ccep ts R o u n d u p P o sitio n
Another Denverbuilt USAF
TITAN ICBMby
the Martin Co.
lifts off from
Cape Canaveral,
Fla., headed for
long-range flight.
Northwestern Banker, Apr if, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
L. A. (Lew) V anover, form erly as
sistan t cashier at th e Conrad N ational
Bank, K alispell, has joined the staff
of th e M iners & M erchants B ank of
Roundup.
A t th e K alispell bank, he started in
1948 and served as bookkeeper, head
teller, office m anager (in stallm en t
loan dep artm en t) and assistan t cash
ier.
V
h
~"Y
T o w n sen d B a n k er S e lec ted
Bill K earns, State B ank of Tow n
send, has sta rte d tra in in g at th e F irs t
N ational B ank of H elena u n d er a
m anagem ent train ee program . C orre
spondent banks using th is plan accept
personnel from sm aller banks to give
th em on-the-job tra in in g in m odern
banking m ethods and finance.
Mr. K earns is to tra in tw o years,
th en re tu rn to th e T ow nsend bank.
y
a
69
Colorado-Wyoming ¡News
A . E. FORDHAM, Gunnison
President
Colorado Bankers Assn.
C asper B an k er S p eak er
A . E. KENDIG, W heatland
President
Wyoming Bankers Assn.
J o in s C entral B an k Staff
Y
The ap p o in tm en t of Carl H. K ent as
vice p resid en t and tr u s t officer has
been announced by Elw ood M. Brooks,
ch airm an of the
board of The Cen
tra l B ank and
T ru s t Com pany,
D enver. He w ill
be head of th e
tr u s t d ep artm en t.
Mr. K ent comes
d irectly to C entral
from th e Toledo
T r u s t Company,
T oledo, Ohio,
w h ere
he
has
been an officer since 1950, and vice
p resid en t and tr u s t officer su pervising
th e ir in v estm en t functions since 1955.
H e is a d irecto r of th e F in an cial A n
aly sts F e d e ra tio n and w as a m em ber
of th e evening facu lty of W estern
R eserve U n iv ersity w h ere he ta u g h t
in th e field of b an k in g and in v est
m ents and tr u s t adm in istratio n .
T o M ark etin g P o sitio n
A,
D onald M. W hitem an, vice p re si
dent, D enver U nited S tates N ational
Bank, D enver, h as been nam ed m a r
k etin g re p re se n ta tiv e for th e b a n k ’s
new ly-organized m ark etin g division.
H e has been assigned to th e co rre
spondent b an k section th e p ast eight
years.
F ort M organ
H ugh J. W hitcom b has been elected
a ssista n t cashier and m an ag er of th e
in stallm e n t loan d e p a rtm e n t of th e
F irs t N ational B ank, according to W.
E. P erren o u d , president.
All o th er officers w ere re-elected.
r
Las A n im as
Louis B ogner has been prom oted to
a ssista n t cashier of th e F irs t N ational
Bank.
N am ed to A d visory B oard
Two chief executives of Denverbased n ational firm s have been nam ed
to th e advisory board of th e D enver
U nited States N ational B ank in Den
ver. B oard C h a i r m a n R oger D.
K night, Jr., announced th e election of
Jo h n W. Hall, p resid en t of th e Potash
Com pany of A m erica and H. von B er
gen, p resid en t of the A m erican C rys
tal Sugar Com pany as a re su lt of the
b o ard ’s action a t the reg u lar m onthly
m eeting in mid-March.
W y o m i n g A>#r,v
R.
W. Miracle, tru s t officer, W yo
m ing N a t i o n a l Bank, Casper, ad
dressed m em bers of th e L ady of F a
tim a H oly Nam e Society recently on
the im portance of draw ing up wills.
P ointing out peculiarities of W yom ing
law s w hich m ake a w ill im perative,
Mr. M iracle said m ere joint tenancy
is no su b stitu te for a will.
C h eyen n e L ob by D isp la y
The A m erican N ational Bank, Chey
enne, recen tly sponsored an exhibit in
th e b ank lobby com m em orating the
100th an n iv ersary of th e passage of
the H om estead Act of 1862.
The H om estead Act exhibit is cen
tered aro u n d a large p ain tin g p rin t
illu stra tin g a typical “P rairie Schoon
e r” used by th e early pioneers du rin g
th e g reat w estw ard m igration of th e
1860’s. In addition, photographs of
hom estead docum ents and an early
land office are included.
The H om estead Act, signed into law
by P resid en t Lincoln on May 20, 1862,
is generally credited w ith opening the
great w est, forcing A m erica’s fro n tier
to th e Pacific Ocean.
V isit G rey b u ll S c h o o ls, B ank
K en d ig D isc u sse s B on d s
W illiam C. M agelssen, a s s i s t a n t
cashier, and K ay McDonald, both of
th e S ecurity T ru st and Savings Bank,
Billings, Mont., recen tly presen ted
p rogram s on b anking a t th e G reybull,
Wyo., schools.
T hey also p resen ted a sh o rt p ro
gram on “Public R elations in B ank
in g ” for em ployees of th e F irs t N a
tio n al B ank of Greybull.
A. E. Kendig, vice presid en t and
cashier, S tate B ank of W heatland, and
p resid en t of the W yom ing B ankers
A ssociation, spoke to C heyenne area
business and in d u stry leaders last
m onth on prom oting U. S. Savings
Bonds.
He pointed out th a t savings bonds
have th ree appealing features: (1) A
guaran teed in te re st ra te of 3% per
cent for seven y ears and nine m onths;
(2) a tax advantage in th a t in terest
accrual is not taxable u n til th e bond is
cashed (and it can be rolled over
u n til afte r th e holder retires, w hen his
tax th ereo n m ay be little or nothing);
and (3) the savings bond is a U. S.
T reasu ry obligation, so th ere is no
risk of loss.
S ch o la rsh ip W in n ers
A. E. Kendig, vice presid en t and
cashier, S tate B ank of W heatland, and
p resid en t of th e W yom ing B ankers
A ssociation, visited tw o scholarship
w in n e rs at th e U n iv ersity of W yom
ing cam pus recently. W inners of the
new $400 scholarships are Sam Down
ing, Cheyenne, and Louis Chamberlain, P ine Bluffs, both freshm en in
th e U n iv ersity ’s College of Commerce
and In d u stry .
F ru ita
Donald A. T u rn er, a 1960 grad u ate
of th e U n iv ersity of Colorado, has
been nam ed a ssista n t cash ier by th e
d irecto rs of th e F ru ita S tate Bank.
Jam es W. M ackley, cashier, w as elect
ed to th e board to fill a vacancy caused
by th e d eath of J. C. W olfengarger.
last May. P rio r to com ing to the
ban k Mr. W ard w orked for a num ber
of years w ith M ountain States Realty.
P r o m o te d at C asper
R. B. Dick W ard, 35, has been
nam ed a ssistan t vice presid en t of the
S ecu rity B ank & T ru st Company, Cas
per. W ith his new title he w ill re
m ain real estate m anager, w hich du
ties he has had since joining th e staff
T ran sit B y H e lic o p te r
A uthorization has been g ran ted to
U nited California B ank by th e Los
A ngeles City Council for th e opera
tion of helicopter landing facilities at
th e b a n k ’s $7,000,000 E lectronic Data
Processing C enter on N o rth V erm ont
A venue adjacent to th e H ollywood
F reew ay. H elicopter service w ill ef
fect tra n sfe r of checks and docum ents
betw een b ran ch offices and th e Center.
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
70
m
Take it easy!
Don’t be like th is poor guy — th e re ’s no need fo r it. Why rush around
frantically when all the correspondent information and service you need is
available from U. S.? □ We advertise that, “ We’re here to help you get what
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ice, too. Transit service, participation loans, auditing information, portfolio
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problems smaller and your customers’ satisfaction greater. □ All our corre
spondent services are yours for a phone call — 341-8765 — Omaha.
Member Federal Deposit Insurance Corporation
Northwestern Banker, April, Ï962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
71
est in atten d in g th e fair by m any
Cozad people, and the F irs t N ational
B ank has m ade it easier for these
people to m ake plans to attend. A
large new spaper ad inform ed th e pub
lic th a t reserv atio n s for hotel-m otel
lodging d u rin g th e F air, A pril 21
th ro u g h October 21, can be m ade
th ro u g h th e bank. Also, tickets p u r
chased at th e b ank p rio r to M arch 15
w ere obtained at a discount.
N eb ra sk a
NEW S
B. D. BERKHEIMER
President
HARRIS V. OSTERBERG
Secretary
Gordon
Omaha
S h ow s Bad C heck T rick s
v
'
'
#
*
^
The B ank of B ellevue p resen ted a
“Bad Check and Shoplifting C linic”
for Bellevue m e rch an ts an d th e ir em
ployees late last m onth. The p rev en
tive clinic w as staged th ro u g h th e re
ta il com m ittee of th e C ham ber of Com
m erce, w ith special a tte n tio n given to
h ab its of bad check w riters. A tte n
tion also w as given to tric k s of some
know n shoplifters and m easu res th a t
can be ta k e n to p re v e n t or d etect shop
lifting by others.
S p o n so rs F e e d e r s’ P rogram
A m eeting designed to give cattle
feeders th e latest info rm atio n on feed
ing and th e m a rk e ts w as p u t on recently by th e F irs t N ational B ank in
N ew m an Grove. H. L. G erhart, p resi
dent, g reeted th e g u ests and in tro
duced th e p rin cip al speaker, Dr. Paul
G eyer of th e U n iv ersity of N ebraska
college of a g ric u ltu re a t Lincoln. The
m eeting w as open to th e public.
W o rld ’s F air D isp lay
A unique lobby display at the F irst
N ational B ank in Cozad is focusing
a tte n tio n of th a t a re a ’s resid en ts on
th e forthcom ing 1962 W orld’s F a ir at
Seattle, W ash. C enter of the display
is a th ree foot high model of the
Space Needle w hich is topped w ith a
Jan ies H . K em p
Jam es H. Kem p, 90, vice p resid en t
and directo r of th e F irs t N ational
B ank in F u llerto n , died recen tly in a
F u lle rto n hospital. Mr. K em p w as an
atto rn e y in F u lle rto n since 1898 and
served as p resid en t of th e N ebraska
Senate in 1913.
D ean D e a r in g e r R e sig n s
Dean T. D earinger, p resid en t of th e
Am erican N ational B ank a t K im ball
since Ju ly , 1958, resigned from th e
bank effective M arch 31. Mr. D ear
inger said he w ould announce his
fu tu re plan s at a la te r date and th a t
his “first o rd er of business is to take
a vacation.”
Mr. D earin g er’s fam ily w ill rem ain
The b an k also suggested th a t F air
v isitors purchase th e ir A m erican E x
press T ravelers Cheques p rio r to de
p artu re. R ichard H ansen, assistan t
cashier, rep o rts th e display and new s
paper ad have received ex trem ely fa
vorable acceptance by custom ers and
non-custom ers alike.
New T im e-T em p C lock
An electric tim e-tem perature clock
has been installed on th e corner of the
new F irs t N ational B ank and T ru st
Com pany building in C o l u m b u s .
M ounted at an angle, the sign is v is
ible from the corner for at least tw o
blocks.
N ew O gallala B an k O p en s
The new K eith County B ank opened
its doors for a “form al opening” in
Ogallala on St. P a tric k ’s Day, M arch
17, last m onth. B usiness had actually
been conducted th ere for th ree w eeks
prio r to th e g rand opening.
The new bank, w hich opened w ith
$200,000 capital, w as form ed by M elvin
Adams, Sr., presid en t of th e B ank of
Brule. H is son, Melvin, Jr., w ho has
been executive vice p resid en t of the
B ank of B rule w ill be executive vice
p resid en t and m anaging officer of the
K eith County Bank. Mr. Adams, Sr., is
p resid en t and G. J. M cGinley of Ogal
lala is vice president.
K osm an H ead s Lym an B ank
H.
D. K osm an, p resid en t of th e
Scottsbluff N ational B ank, and a
group of stockholders from his bank
have p u rch ased th e F a rm e rs State
B ank of Lym an. Mr. K osm an has been
elected p resid en t of th e L ym an bank.
He w ill continue his principle position
as head of th e Scottsbluff bank.
t
in K im ball u n til th e end of the school
year.
He w as vice p resid en t of th e F irs t
N ational B ank of Golden, Colo., for
four and one-half y ears p rio r to m ov
ing to Kim ball. In July, 1958, Mr.
D earinger and R obert B entley and as
sociates p u rchased m ajo rity stock in
th e A m erican N ational. Mr. D earinger
becam e p resid en t at th a t tim e and Mr.
B entley vice president.
1962 W ORLD’S F A IR d isp la y , com plete
w ith th e S pace N e ed le a n d its re v o lv in g
r e s ta u r a n t, a tt r a c t s a tte n tio n to th e F i r s t
N a tio n a l’s v a c a tio n se rv ice s.
re s ta u ra n t th a t tu rn s co n stan tly at a
slow ra te of speed so d iners can see
th e e n tire fairgrounds du rin g th e ir
meal.
The replica has b ro u g h t forth inter-
The new b ank is housed in re
m odeled offices th a t form erly served
th e A g ricu ltu ral Stabilization and
C onservation Office. A drive-in w indow
has been installed in one w all of the
building. C ustom er p ark in g also is
provided.
Ogallala also is served by the F irs t
N ational Bank.
MfM*2 N e b r a s k a G r o u p M e e t i n g s
G roup
3
2
1
5
6
4
Monday
Monday
Tuesday
W ednesday
Thursday
Friday
D ate
A pril 23
A pril 23
A pril 24
A pril 25
A pril 26
A pril 27
Town
N orfolk
Fremont
Lincoln
Kearney
A lliance
McCook
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
72
A. J. H allas, president, and Cecil
M eans, vice president, Stock Yards
N ational Bank; Donald R. Ostrand,
Omaha News
vice president, The F irs t N ational
B ank of Omaha, and John M. S hon sey,
executive vice president, The Omaha
N ational Bank.
* *
DWARD W. LYMAN, p resid en t of
the U nited S tates N ational B ank
of Om aha has announced th e election
of M organ B. Her
to vice p resid en t
in charge of system s and r e
search.
F o rm e rly w ith
th e N o r t h w e s t
B ancorporation in
M inneapolis, Mr.
Iler served Bancorporation affili
ated b anks since
M . B. I L E R
1958 as a consult
a n t in system s and procedures, includ
ing research into th e application of
electronics and autom ation.
A n ativ e of Canada, Mr. Iler joined
th e C anadian B ank of Com m erce in
1935 and began w o rk in th e system s
and m ethods area in 1946. He served
as jo in t m an ag er of th e developm ent
and organization d ep a rtm e n t and as
m anag er of th e m ethods and o rgani
zation d e p a rtm e n t of th a t bank.
* * *
E
The F ir st N ational B ank of Omaha
received tw o silver tro p h ies from th e
Omaha A dvertisin g Club recently.
The aw ards w ere p resen ted to th e
b an k and its ad v ertisin g agency,
B ozell & Jacobs, Incorporated, in th e
follow ing categories:
N ew spapers G eneral R ate, Black
a n d W hite; Subject: “In sta llm e n t
L oans,” and Radio B rands Service u n
der R etail for th e b a n k ’s drive-in p ro
m otion.
T he Om aha A dvertising Club m akes
these aw ards an n u ally to businesses
and th e ir ad v ertisin g agencies on th e
use of ads in v ario u s m edias.
* *
Mrs. S teph en W irtz, 63, died last
m onth in Phoenix, Ariz., follow ing a
stroke suffered th e re a few days e a r
lier. She is survived by h e r husband,
w ho re tire d in 1960 as vice p resid en t
of T he O m aha N ational Bank. T hey
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
had since lived in Sun City, Ariz.,
spending th e ir sum m ers in M innesota.
One son, R obert, also survives in
Omaha.
^ 5ji
The board of directors of th e South
w est B ank of Om aha announces th a t
Jerry P itts, age 29, has been appointed
a ssista n t cashier of th e Southw est
B ank of Omaha. Mr. P itts joined th e
b ank w hen it opened in December,
1961. He form erly w as em ployed by
th e South Om aha B ank as assistan t
auditor.
Mr. P itts w as chief counsel on th e
A m erican In stitu te of B anking board
of governors in 1961.
^
y
Chiles & Company, form erly ChilesSchütz Company, Om aha in v estm en t
firm, has announced th e election of
new officers according to W arren D.
Chiles, president.
j
John J. Bohrer, form erly vice president, has been elected to th e addition
al office of secretary.
^
D onald L. A nderson, w ho has been
w ith th e firm seven years, w as elected
vice president.
R obert R aw ley, com ptroller, has
been elected treasu rer.
The firm is in th e process of en-
A
^
The 14th A nnual N ational L ivestock
Conference, sponsored by th e Omaha
C ham ber of Commerce in cooperation
w ith livestock in terests and th e ex
ten sio n services of N ebraska and Iowa,
w as held in Omaha last m onth. The
one-day m eeting had as its them e,
“T oday’s T rend—T om orrow ’s P ro m
ise.”
P resid ing at th e opening session w as
F red W. Gilmore, p resid en t of the U n
ion Stock Y ards Company, in w hose
larging its offices on th e fo u rth floor
of th e F a rm C redit Building.
Chiles & Com pany is w idely know n
th ro u g h o u t th e state, w ith offices in
Lincoln, C hadron and L exington.
y
^
M oves to H arrison
F. W . . G I L M O R E
W . M. T H O R N D Y K E
building au ditorium th e affair w as
held. The afternoon presiding officer
w as W ayne M. T horndyke, vice p resi
d en t of th e U nited States N ational
B ank of Omaha and vice ch airm an of
th e O m aha C ham ber’s conference com
m ittee.
O ther Omaha b an k ers serving on
the conference com m ittee included:
Ted K ing resigned recen tly as ag
rep resen tativ e for th e Alliance N ation
al B ank and last m onth joined th e ^
staff of th e Sioux N ational B ank at
H arrison. H ow ard E. H all of Lincoln
recen tly p u rchased m ajo rity stock of
the H arriso n b ank from J. R. Ivins, \
president.
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
F. E. D AV EN PO R T & CO.
OM AHA
Y
73
J. “Pete" Jeffrey, Omaha N ational B a n k Correspondent B a n k D ivision
B anker on wheels . . .
The men of the Omaha N ational Bank’s Correspondent Bank Division
devote most of their time to your banking problems. “Pete” Jeffrey’s
schedule for example averages four days out of ten on the road — the
other six in working w ith other members of the Division on Correspon
dent bank service. “Pete” may be our m an calling on you but his brief
case carries the combined experience and judgm ent of the entire bank
staff.
T
h
e
O
m
a
17t h and Farnam Streets
h
a
N
a
t i o
n
a
l
B
a
n
k
Member Federal Deposit Insurance Corporation
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
74
Nebraska News
X eh raska Uroup Mvvtintj
H E N ebraska B an k ers A ssociation
group m eetings w ill again be held
d uring a one w eek p eriod th is m onth,
sta rtin g w ith M onday, A pril 23, and
continu in g th ro u g h F riday, A pril 27.
F ro m advance in te re st show n th ere
w ill be large re g istra tio n s at th e m eet
ings this y ear due to im p o rta n t m a t
ters to be discussed at each of th e
six group sessions.
T
★
★
In line w ith this, a “closed door”
m eeting for NBA m em bers only will
be held by each group to acquaint
b an k ers w ith details of a few of the
m ost p ressin g m a tte rs of im portance
in th e in d u stry today.
The seven Omaha and Lincoln
b an k s com prising th e N.B.A. C orre
spon d en t B ank Club w ill again be
hosts a t the social hour at each m eet
ing. T hese banks are F irs t Conti
★
★
★
★
B usiness A dm inistration, K an
sas City, Mo.
Recodification of S tate B ank
ing Law s — R alph E. Misko,
D irector of Banking, S tate of
N ebraska, Lincoln.
U niform Com m ercial Code —
A rth u r C. Sidner, atto rn ey , Sidner, Lee, G underson & Svoboda, F rem ont.
A ssociation A ctivities — N.B.A.
officers and staff.
R eport of N om inating Com m it
tee — George H. L o o s c h e n
(ch airm an), p r e s i d e n t , F irst
N ational Bank, Hooper; P aul F.
B radley, vice president, Colum
bus Bank, Colum bus, and H a r
old O. Q ualsett, executive vice
president, C l a r k s o n Bank,
Clarkson.
iìroup Tiro
K EN N ETH A.
TOOL
P resident
P r e s id e n t , F ir st
N a t io n a l B a n k
W ahoo
A pril 23—F rem on t
A.M.
11:00
P.M.
R eg istratio n —P ath fin d er Hotel.
L uncheon—Presiding, K enneth
A. Tool, p resident, G roup Two,
and president, F irs t N ational
B ank, W ahoo.
W elcom e — The Hon. D w ight
Hollins, M ayor of F rem ont.
R em arks — B. D. B erkheim er,
president, N ebraska B ankers
A ssociation, Inc., and president,
F irs t N ational Bank, Gordon.
Your B ank and S.B.A.—C. I.
Moyer, R egional D irector, Sm all
#Vo#/fVff#f* A r e AnninMnvvd
5:30
Social H our and B anquet—P re
siding, K enneth A. Tool, p resi
dent, G roup Two.
D inner Music — Dale Roberts,
H am m ond electric organ.
G uest S p e a k e r — Dr. H en ry
R odgers, “T ranquilizers — R e
su lts and Effects.”
M unicipal and C orporate Bonds
L isted Stocks
U n listed and Local Stocks
ORDERS EXECUTED ON A LL PR INC IPA L EXCHANGES
a— : a
= *
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r
-
CHILES & COMPANY
OM AHA, NEBRASK A
L IN C O L N , N E B R A S K A
412 F a r m C r e d it B u ild in g
1321 P S tr e e t
P h o n e 346-6677
P h o n e H E m lo c k 2-3324
L E X IN G T O N , N E B R A S K A
CH ADRO N, NEBRASK A
E r n s t & B ie c k B u ild in g
999 E a st 6 th S tr e e t
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
n en tal N ational B ank and T ru st Com
pany and N ational B ank of Commerce
in Lincoln; the F irs t N ational Bank,
The Omaha N ational Bank, Packers
N ational Bank, Stock Y ards N ational
Bank, and The U. S. N ational Bank,
all of Omaha.
P ro g ram s for the six m eetings have
been announced by th e group p resi
d ents and th e y appear below in chron
ological order:
★
★
★
f
-i
-i
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0kronp Throe
k
D O N A L D M.
ROBERTS
~7~
P resident
C a s h ie r , F a r m e r s
N a t io n a l B a n k
P ilg e r
h
A pril 23— N orfolk
A.M.
11:00 R eg istratio n —H otel Madison.
P.M.
12:00 Luncheon — Presiding, Donald
M. R oberts, president, Group
Three, and cashier, F a rm e rs
N ational Bank, Pilger.
W elcome — The Hon. W arren
R. Cook, M ayor of Norfolk.
W isconsin School of B anking—
C. H. W alcott, president, Secu
rity N ational Bank, Sioux City,
Iowa.
Your B ank and S.B.A.—C. D.
B ohrer, A ssistan t Chief, F in a n
cial A ssistance Division, Small
B usiness A dm inistration, K an
sas City, Mo.
Recodificaion of State B anking
Laws.
y
■À
T
F
U niform C om m ercial Code —
R obert C. Guenzel, attorney,
Crosby, Pansing, Guenzel &
Binning, Lincoln.
N.B.A. A ctivities — L ym an M.
Stuckey, vice president, Ne
b rask a B a n k e r s Association,
Inc., and president, L exington
S tate Bank, L exington.
1962 A g ricu ltu ral Outlook —
F r a n c i s K utish, A g ricultural
E xtension E c o n o m i s t , Iowa
Sate U niversity.
R eport of N om inating Com
m ittee—C. B. M isfeldt (chair
m an); cashier, F irs t N ational
Bank, Stanton; R. A. Roush,
cashier, The B ank of Madison,
and P. H. L angenberg, presi-
t
U.
t
75
DO YOU K N O W BILL F E S E R ?
Bill’s in charge of the F irst N ational Bond D epartm ent. He pro
vides our correspondent banks w ith one of our most im portant
services . . . knowledge of the bond m arket. He’s been w ith us
20 years . . . and during th a t tim e he’s handled bond tra n s
actions for m any of our correspondents. He’s another reason
why we say our kind of banking is person-to-person-man-tn-man.
FIRST M T U )M L BANK OF OMAHA
16TH & FARNAM
■
OMAHA, NEBRASKA ■
MEMBER FEDERAL DEPOSIT
INSURANCE CORPORATION
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
76
Nebraska News
dent, F irs t N a t i o n a l Bank,
W althill.
5:30 Social H our.
6:30 B anquet—P residing, D onald M.
R oberts, p r e s i d e n t , Group
T hree.
Invocation — R everend Jam es
M. B a r r e t t , P astor, T rin ity
E piscopal Church, Norfolk.
E n te rta in m e n t — S tanton H igh
Singers, u n d er th e d irection of
K en C. W acker.
“A F a rm e r Looks at Indian
A g ricu ltu re” — R alph Olsen,
E llsw o rth , Iowa.
L ad ies’ Program
P.M.
12:30
L uncheon — “Ye Olde T a v e rn ”.
E n te rta in m e n t.
5:30 Social H our.
6:30 B anquet—H otel Madison.
Oronp
H. R. K IL L IN G E R
President
E xecutive Vice
P re sid e n t, T h ay er
C ounty B ank
H eb ro n
A pril 24—L incoln
A.M.
11:00
R eg istratio n — Lincoln Hotel,
M ezzanine Floor.
John Van Horne
P.M.
12:30
L uncheon — Presiding, H. R.
K illinger, president, Group One,
and executive vice president,
T hayer C ounty Bank, H ebron.
Invocation — R everend W. N.
S m itheran, A ssociate P astor, St.
P aul M ethodist Church, L in
coln.
R em arks — B. D. B erkheim er,
president, N ebraska B ankers
A ssociation, Inc., and president,
F irs t N ational Bank, Gordon.
Y our B ank and S.B.A.—C. I.
Moyer, Regional D irector, Small
B usiness A dm inistration, K an
sas City, Mo.
R ecodification of S tate B anking
L aw s—R alph E. Misko, D irec
to r of B anking, S tate of Ne
braska, Lincoln.
U niform Com m ercial Code —
R obert C. Guenzel, attorney,
Crosby, Pansing, Guenzel &
B inning, Lincoln.
A ssociation A ctivities — N.B.A.
officers and staff.
R eport of N om inating Com m it
tee—H. W. Schepm an (ch air
m an); executive vice president,
Jo h n so n County Bank, Tecumseh; Jo h n W. Cattle, president,
The C attle N ational Bank, Sew
ard, and P ercy Mays, senior
vice president, C itizens State
B ank, Lincoln.
5:30 Social H our.
6:30 B anquet—H. R. K illinger, p res
ident, Group One.
Edwin Van Horne
Michael Van Horne
4% BOTHER YOU?
FOR ANSWERS TO YOUR INVESTMENT
AND MARKET QUESTIONS . . . SEE US
AT THE NBA GROUP MEETINGS.
In v e s tm e n ts # '
FARM CREDIT BLDG.
OMAHA
PHONE
Inc •
345 2241
It is our aim and effort to give such service to our patrons that
they profit from our dealings and recommend us to their friends.
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
G uest Speaker—G. R obert Gadb erry, vice presid en t and tru s t
officer, The F o u rth N ational
B ank & T ru st Company, W ich
ita.
v
^
firnnp Five
M A R IE E.
W O L D EN
H eb ro n
y
President
C ashier, F a rm ers
State B ank
W allace
A
A pril 25—K earney
A.M.
11:00
R egistration—F o rt K earney Ho
tel.
P.M.
12:30
L uncheon—Presiding, M arie C.
W olden, president, Group Five,
and cashier, F a r m e r s State
Bank, W allace.
Invocation — R everend R ichard
F. Miles, P astor, St. L u k e’s
E piscopal Church, K earney.
W elcome—J. W. DeBord, p resi
dent, P latte Valley S tate Bank,
K earney, and M ayor of K ear
ney.
R em arks — B. D. B erkheim er,
president, N ebraska B ankers
A ssociation, Inc., and president,
F irs t N ational Bank, Gordon.
Y our B ank and S.B.A.—C. I.
Moyer, R egional D irector, Small
B usiness A dm inistration, K an
sas City, Mo.
Recodification of S tate B anking
L aw s—R alph E. Misko, D irec
to r of B anking, S tate of N e
braska, Lincoln.
U niform Com m ercial Code —
F re d T. H anson, A ttorney at
Law, McCook.
A ssociation A ctivities — N.B.A.
officers and staff.
R eport of N om inating Com m it
t e e — D. W. R eynolds (ch air
m an); president, F irs t N ational
Bank, Cozad; Dale E. W alkenhorst, vice president, F irs t Na
tional Bank, N o rth P latte, and
C. H. Rowan, president, Ne
b rask a S tate Bank, B roken
Bow.
5:30 Social H our.
6:30 B anquet — P residing, M arie C.
W olden, president, Group Five.
Invocation—Rt. Rev. Msgr. R ay
m ond Miles, St. Jam es Church,
K earney.
G uest Speaker — Dr. Charles
Karsakoff, “Soon W e W ill Buy
T ickets to th e Moon.”
A
f
t
77
YEP!
B U T T H IN K H O W
I T S A GINGH
N IG E IT'LL B E T O KICK U P
NO G R A S S 'L L
O U R H E E L S W IT H S O M E
G RO W U N D ER
R E A L N IG E F O L K S A T T H E
OUR FEET
G R O U P M E E T IN G S IN
T H IS M ON TH !
N O R FO LK , F R E M O N T LINCOLN.
K E A R N E Y A L L IA N C E ,
'N M oOOOK!
John MoGumber
Oeoil Means
STOCK YAR
THE ONLY BANK
ONAL BANK
N STOCK YARDS
A
Member of Federal Deposit Insurance Corporation
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Nebraska News
78
G ro u p
H . L. M c K IB B IN
P resident
P r e s id e n t, F ir s t
N a tio n a l B a n k
M itc h e ll
A pril 26—A lliance
A.M.
11:00
P.M.
12:30
R eport of N om inating Com m it
tee—L. H. M ehling (chairm an);
vice presid en t and cashier, The
A m erican N ational B ank of
Sidney; Jacob L. K ats, vice p res
ident and cashier, F irst N ation
al Bank, Lew ellen, and E. R.
Spray, p r e s i d e n t , C raw ford
S tate Bank.
5:30 Social Hour.
6:30 B anquet—Presiding, E. L. McK ibbin, president, Group Six.
G uest S peaker—Sam uel J. Rassm ussen, “R ockets W ill R un the
U niverse.”
R eg istratio n —E lks Club.
L uncheon—Presiding, H. L. McK ibbin, president, G roup Six,
and p resident, F irs t N ational
Bank, B ayard.
W elcom e — G len Fiebig, p resi
dent, A lliance C ham ber of Com
m erce.
R em arks — B. D. B erkheim er,
president, N ebraska B ankers
A ssociation, Inc., and president,
F irs t N ational B ank, Gordon.
Y our B ank and S.B.A.—C. 1.
Moyer, R egional D irector, Small
B usiness A dm inistration, K an
sas City, Mo.
Recodification of State B anking
L aw s—R alph E. Misko, D irec
to r of B anking, S tate of N e
braska.
U niform Com m ercial Code —
D aniel Stubbs, atto rn ey , Stubbs
& Metz, Alliance.
A ssociation A ctivities — N.B.A.
officers and staff.
TAX
EXEMPT
BONDS
L. L. Lawrence
PRESIDENT
Frank Williams
EXEC. V.P.
E X C L U SIV E L Y
You are invited to m ake full
use of our experience and
Patrick Rensch
\ .P . is COUNSEL
G ro u p F o u r
R K
ARM STRONG
P resid en t
P re s id e n t, M in d e n
E x c h a n g e N a tio n a l
B ank
M in d e n
Lincoln.
U niform Com m ercial Code —
F red T. H anson, a tto rn ey at
law, McCook.
A ssociation A ctivities — N.B.A.
officers and staff.
R eport of N om inating Com m it
tee—H arold E. L arm on (ch air
m an); vice president, The F irst
N ational B ank of McCook; Glen
J. A nderson, vice president,
The F irs t N ational Bank, Holdrege, and Donald A. H ansen,
president, S e c u r i t y N ational
Bank, Superior.
5:30 Social H our.
6:30 B anquet—P residing, R. K. A rm
strong, president, Group Four.
D inner Music—H arold E. L a r
mon.
E n te rta in m e n t—The Rebels.
G uest Speaker — S. J. Sparks,
“L a u g h s I ’ve Had on the
B ench.”
A
i
Y
k
A
L ad ies’ Program
E lks Club — Cards, coffee all day.
Golf after 1:00 p.m.
h
C om m an d er in N avy
A pril 27— McCook
A.M.
9:00
11:30
P.M.
12:00
Golf—Tee off betw een 9:00 a.m.
and 1:00 p.m. G reens fee, $1.50.
R eg istratio n —E lks Club.
L uncheon — Inform al, D utch
treat.
3:00 B usiness M eeting (p ro m p tly )—
P residing, R. K. A rm strong,
president, Group Four, and
president, M i n d e n E xchange
N ational Bank, Minden.
R em arks — B. D. B erkheim er,
president, N ebraska B ankers
A ssociation, Inc., and president,
F irs t N ational Bank, Gordon.
Y our B ank and S.B.A.—C. I.
Moyer, Regional D irector, Small
B usiness A dm inistration, K an
sas City, Mo.
Recodification of S tate B anking
L aw s—R alph E. Misko, D irector
of Banking, S tate of N ebraska,
H arold J. Luchtel, vice p resident of
the Colum bus Bank, has been pro
m oted to C om m ander in th e U. S.
Naval Reserve. He is com m anding
officer of an electronics reserve u n it
in F rem ont.
y
Á
Fred J . T im m
F red J. Timm, 60, vice president
and d irector of the F arm ers State
B ank at E ustis, died suddenly last
m onth of a h eart attack. He had been
a p rom inent civic leader in E ustis for
m any years.
E lected D ir e cto r
X
Dale J. Black, F u llerto n real estate
m an and secretary of the N ance Coun
ty N ational F a rm Loan Association,
w as elected a d irector of the F irst Na
tional B ank in F u llerto n last m onth,
according to E. M. Black, president.
He succeeds Jam es H. Kemp, who died
recently.
K
YOU ARE INVITED!
facilities for analyzing m u
nicipal bonds. No obliga
tion on your part.
JIM FOLEY
William March
SECY, is TREAS.
ROBERT E.
S C H W E S E R CO.
and
208 SO. 19TH ST.
OMAHA, NEB.
Northwestern Banker, April, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-y
will welcome you at the Group III Bankers meeting in
NORFOLK, NEBRASKA - APRIL 23 - MADISON HOTEL
— SEE
INVESTMENT BAN KERS • UNDERW RITERS
TAX EXEMPT BONDS EXCLUSIVELY
HARVEY HAYES
you
THEN —
O M A H A P R I N T I N G CO.
1301 Farnam Street
Omaha 2, Nebraska
t
79
A NEW DEPARTMENT AND SERVICE
CLIFFORD H. JORGENSEN, V.P.
CHARLES S H E L L - L i n c o l n
ROGER J O H N S O N -L in c o ln
Director Farm Management
Lincoln
Northeast Nebraska
Territory
Southeast Nebraska &
Kansas Territory
R. HOWARD ANDERSON — York
DENNIS CHOQUETTE- H o ld r e g e
KEITH ARTERBURN — McCook
Central Nebraska — East
Central Kansas Territory
South Central Nebraska
Territory
West Nebraska — Kansas
Colorado Territory
FARM MANAGEMENT DEPARTMENT
Yes! Now N ational Bank of Commerce T ru st and Savings has a complete farm m anagem ent departm ent ready
to serve you. Staffed with agricultural college graduates with practical farming experience, it is ready to help
you w ith farm m anagem ent problems, farm
and ranch appraisals, and counsel with you on
any agricultural m atter. If you wish our help
contact any of these men and they will be glad
to assist you.
NATIONAL
’There is no substitute for experience’
MEMBER: F D I C.
TRUST&SAVINGS
L IN C O L N
Northwestern Banker, April, 7962
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Federal Reserve Bank of St. Louis
80
C ustom ers of F ir st C ontinental N a
tional B ank and T rust Com pany re
ceived an old fashioned “T h ank You
for B anking w ith U s” du rin g V alen
tine W eek. The event tu rn e d out to
be a double celebration w hen on F eb
ru a ry 15 top officials of th e b ank w ere
on h and to greet th e custom er m aking
th e deposit th a t b ro u g h t th e to tal of
deposits a t th e 13th and L D rive-In up
to a half-m illion nu m b er of deposits
f-
Y
'll.
■4
H E new P atio B ank walk-in, drivein facility of th e N ational B ank of
C om m erce T rust and S avin gs has been
receiving good patro n ag e ever since
its opening, according to b an k offi
cials. Located at 10th and O Streets,
th e facility w as opened early in J a n
u a ry alth o u g h con stru ctio n w as still
in progress.
E v en th e signs w ere not installed,
and finishing touches both in th e in
te rio r and ex terio r w ere accom plished
w ith custom ers doing th e ir ban k in g
over, u n d er and aro u n d ladders.
In spite of this, response by th e
custom ers w as trem endous. A p re
m ium prom otion of a 10-inch silver
serving tra y w as used to call a tte n
tion to th e new P atio B ank opening.
T he free gift w as given for new check
ing or savings accounts or for savings
add-ons of $100 or m ore. T his prom o
tion, officials reported, w as highly
successful.
The in te rio r of th e b an k is finished
in A rk an sas Pine Log stone, glass,
w a ln u t and w h ite form ica. A polished
terazzo floor and a sprayed ceiling
com plete th e decor. Six teller stations
are inside and th re e drive-in pods are
u n d er cover outside.
T
Edw ard C. H oudek, 64, died of a
h e a rt a ttack in Lincoln last m onth. He
m oved to Lincoln five y ears ago after
serving 15 y ears in a b an k at Belle
ville and 11 y ears p rio r to th a t w ith
th e b an k in Hubbell.
* =k *
B yron D unn, ch airm an of th e board,
and Glenn Y aussi, presid en t of N ation
al B ank of Com m erce T ru st & Sav
ings, have announced th e form ation
of a farm m anagem ent d ep artm en t to
serve cu stom ers in N ebraska, K ansas
and Colorado.
D irector of th e farm m anagem ent
d ep artm en t is Clifford H. Jorgensen,
vice president. He w ill be assisted by
five m en, tw o of them a t th e bank
h e a d q u a rters in Lincoln w ith Mr. J o r
gensen, and th ree of th em living in
o th er cities in N ebraska. The men,
and th e areas th ey serve, are:
Charles S hell of Lincoln, n o rth w est
N ebraska; R oger Joh nson of Lincoln,
N ebraska and K ansas; R. H ow ard
A nderson of York, cen tral N ebraska
and east cen tral K ansas; D en nis Choquette of H oldrege, south cen tral N e
b raska, and K eith A rterburn of Mc
Cook, w estern N ebraska, K ansas and
Colorado.
j%ew P a tio B a n k
à
-f
I
A V A L E N T IN E box o f c a n d y is p re se n te d
b y W heaton B a tte y ( l e f t ) , c h a irm a n of
th e F i r s t C o n tin e n ta l N a tio n a l, to V irgil
Schindler as th e l a t t e r m ade th e 500,000th
tra n s a c tio n to go th ro u g h th e b a n k ’s D riveI n fa c ility .
-y
A
since th e facility opened M arch 14,
1960.
V irgil Schindler w as a b it bew ildered
by all th e atte n tio n b u t expressed his
appreciation for a large heart-shaped
box of candy presen ted to him. He
w as photographed by new spaper and
TV rep o rters and interview ed over
tw o radio stations. Mr. Schindler said
X
11 a lk -tn B v iv e-In F a cility
V
V
A R K A N S A S P IN E LOG STO NE, g lass, w a ln u t a n d w h ite
fo rm ic a h ig h lig h t th e b e a u ty o f th e in te rio r, p h o to a t le f t,
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
w h ile u ltra -m o d e rn d e sig n e n h an c es th e e x te rio r, a t rig h t,
o f th e N a tio n a l B a n k of Com m erce, L in c o ln .
Y
81
One o f a series fea turin g the ladies behind
the men yo u know and w ork w ith at
F irst C ontinental
A
First Continental
FIRST LADY
I
MRS. LYLE STONEMAN
Margaret Stoneman’s activities revolve principally around daughters Donna (a
Lincoln High School sophomore) and Andrea (a sophomore at the U n ive rsity)-a n d ,
of course, husband Lyle. She has taken an active part in Girl Scout work, has
served as an o ffice r in Eastern Star and has worked with Job’s Daughters through the
M other’s Club. Her busy days also include occasional baby sitting hours with Debbie,
daughter Nadine’s little girl.
Mrs. Stoneman has come to know many Nebraska Bankers and their wives through the
years, and always looks forward to renewing these acquaintances and making
new ones at convention time.
s
t
FIRST CONTINENTAL
NATIONAL
I
2
T
H
&
N
B A I\ Iv
S T R E E T
Sl
L
I
TRUST
N
C
O
L
N
,
COMRAT VY
N
E
B
R
A
S
K
A
m em ber F.D./.C.
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Banker,
April,
1962
82
Nebraska News
he liked ban k in g at th e D rive-In be
cause of th e g reat convenience.
T hro u g h o u t th e special V alentine
W eek, a color new sp ap er ad and TV
and radio spots invited frien d s of the
bank to stop in and have coffee. M any
people g ath ered aro u n d th e decorated
refresh m en t table each day and v is
ited w ith b an k em ployees. Some of th e
bank officers w ere on h an d th ro u g h o u t
the week.
C hanges at G erin g N ation al
Dale V. Sorensen has re tire d as p res
ident and cashier of th e G ering N a
tional B ank and has m ade plans to
m ove to Arizona.
Succeeding him as
p resid en t is Jack
G. E lliott, wellk n o w n Scottsbluff i n s u r a n c e
man and presi
d en t of th e U ni
v e rsity of N ebras
ka board of re
gents. Mr. E llio tt
is now p resid en t
J . G. E L L I O T T
and chairm an. He
form erly w as vice president, inactive.
Added to th e b a n k ’s board is Jo h n
Gayer w ho will also tak e Mr. E llio tt’s
place as vice president.
Mr. E llio tt announced th e prom o
u
tions of Roy O. Yaley and Joe J. Huckfeldt from a ssistan t cashiers to as
sista n t vice presidents. M elvin M athis
w as advanced from a ssistan t cashier
to cashier.
S p e c i a l A r c a r ti
Í
Kay B. C alkins
R aym ond R. Calkins, dean of St.
Joseph, Mo., bankers, died last m onth
a fte r a long illness th a t had confined
him to the hospital for th e p ast year.
He w as 85.
Mr. C alkins had w orked his w ay up
from m essenger boy to p resid en t of
th e A m erican N ational B ank in St.
Joseph. He retired in 1959 as ch air
m an of th e board. His service w ith
the b an k spanned th e 62 y ears from
1897 to 1959.
S crib n er C hanges
As announced in last m o n th ’s issue,
R. H. F reu d en b u rg and his son, Eldon
G., both of W est Point, have p u r
chased both th e F a rm e rs State B ank
and F irs t N ational B ank in Scribner.
R. H. F reu d en b u rg will serve both
b anks as p resident as well as co n tin u
ing as p resid en t and chairm an of the
F irs t N ational of W est Point.
E ldon G. F reu d en b u rg w ill be vice
p resid en t of th e S cribner banks, as
w ell as continuing as executive vice
p resid en t and cashier of the W est
P oint bank.
*
4
D E A N V O G E L , rig h t, exec, v.p.,
T he U n ite d S ta te s N a tio n a l B a n k
of O m aha, a c c e p ts sp e c ia l D is tin
g u ish e d S e rv ice A w a rd fro m P h il
V ogt, p re s., N e b ra s k a G oodw ill I n
d u strie s . M r. V ogel has se rv e d as
a m em b er o f th e G oodw ill b o a rd
of tru s te e s since 1943 a n d as b o a rd
p re s id e n t fro m 1959 to 1961. The
scope of a c tiv itie s of th e In d u s trie s
h a s e x p a n d e d g re a tly d u rin g M r.
V o g e l’s te rm s as a b o a rd m em ber
a n d a n ew b u ild in g w as b u ilt a n d
o ccupied d u rin g h is y e a rs as p re s i
d e n t.
H. E. V ackiner, form er cashier of
th e F irst N ational in Scribner, is the
new cashier of the F arm ers State
Bank. Delwin R um ery has been ad
vanced from a ssistan t cashier to cash-
a
-y
*•
r
y
’r e Going to the
N E B R A S K A G RO UP M E E T IN G S . . .
A P R IL 23-27
IO W A G RO UP M E E T IN G S . . .
M AY 8-11 A N D M A Y 22-25
We hope you’ll be th ere too w ith us
m eeting old friends and m aking new
ones. We look forw ard to seeing you.
The TOOTLE-ENRIGHT
National Bank
S A IN T JO S E P H , M ISSO U R I
M e m b e r F e d e r a l D e p o s it I n s u r a n c e
N orthw estern Banker, April, T962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C o r p o r a tio n
Nebraska News
ier of S crib n er’s F irs t N ational.
A ssociated w ith th e F re u d e n b u rg ’s
as d irecto rs of th e S cribner h an k s are
A. S. Chaves, vice p resid en t of th e
F irs t C ontinental N ational B ank &
T ru st Com pany, Lincoln, and W. L.
H asebroock, vice p resid en t (inactive)
and d irecto r of th e F irs t N ational of
W est Point.
B eatrice B a n k er H o n o red
W. W. Cook, p resid en t of th e Be
atrice N ational B ank, last m onth w as
honored by B eatrice Jaycees as “Boss
of the Y ear” at th e ir an n u al banquet.
J o in s B an k o f V alley
Jam es C. K arlik joined th e B ank of
V alley at Valley, Neb., M arch 26 as
executive vice p resid en t and cashier.
Mr. K arlik had been w ith th e Stock
Yards National
B a n k of O m a h a
s i n c e 1946 a n d
w as elected as
sista n t vice p re si
den t in Ja n u a ry ,
1959.
He w ill succeed
W. R. H a r r i s ,
w ho has resigned
as cashier to ac
cept a p o s i t i o n
j. c. K A R L I K
w ith th e Bank of
H onolulu. H is principal w o rk th e re
w ill be m aking appraisals and h an
dling in terim financing on co nstruc
tion jobs. Mr. F a rris had been w ith
the B ank of V alley for about eight
years. He and his wife and th e ir th ree
ch ildren plan to leave V alley about
May 1.
L ex in g to n P r o m o tio n s
L ym an Stuckey, presid en t of the
L exington State Bank, has announced
th e follow ing prom otions m ade by the
hoard of directors:
George K eller, advanced from vice
p resid en t to executive vice president.
83
Mrs. V irginia B raithw ait, from cash
ier to vice p resident and cashier.
D uane Phillippi, from auditor to as
sistan t cashier and auditor.
J o in s Y ork State Staff
W ayne F. Sm ith has joined th e staff
of the Y ork State B ank as ag ricu ltu ral
rep resen tativ e, it w as announced last
m onth by Dean Sack, president. F or
th e p ast five years, Mr. Sm ith has
rep resen ted an inv estm en t fund firm
in A urora. P rio r to th a t he w as a vo
cational ag ricu ltu re teacher for nine
years in N ebraska high schools.
A ttr a c tiv e Superior ttanh
N EW LY -R EM O D LED A N D E X P A N D E D Q UA R TER S of th e S e c u rity N a tio n a l of
S u p e rio r f e a tu r e a n all-n ew lo n g er m o d ern f r o n t a n d a m ore spacio u s b a n k in g room
w ith new f u r n itu r e , fix tu re s a n d b a n k in g fa c ilitie s .
First N ebraska Securities, In c .
Member New York Stock Exchange
»
American Stock Exchange (Assoc.)
Complete investment service and facilities to serve you
Dominick and Dominick Private Wire
Municipal and Corporate Bonds
Listed and Unlisted Stocks
M utual Funds
★
★
★
★
★
★
First N ebraska Securities C orporation
Underwriters and Distributors
Evert M. (Bud) Hunt, Pres.
Jerome (Jerry) Druiiner, V. P. & Secy.
Dale C. Tinstman, Exec. V. P.
Gene H. Tallman, V. P. & Treas.
Charles J. (Chuck) Burmeister, Asst. Secy. & Asst. Treas.
Home Office: Lincoln Bldg., 1001 O St., Lincoln Nebr.
Branch Office: Stitt Bldg., 237 N. St. Joseph Ave., Hastings, Nebr.
Tel.: 477-9221
3-3141
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A WHOLE NEW WORLD *
OF PROGRESS FOR
CORRESPONDENT "
BANK SERVICE
Bankers Trust
Company
The Des Moines Bank for YOU
Member: Federal Deposit Insurance Corporation • Federal Reserve System
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
85
the n um erous schools available
ban k ers th ro u g h o u t th e nation.
Iowa
A IB Group Organized
NEW S
CHARLES H. WALCOTT
PRANK WARNER
President
Secretary
Sioux City
Des Moines
,\ e tr It u s in e s s . 4 % I n t e r e s t R u t e
H it/M it/h t S p rin t/ C o n fe r e n c e
B E N HALLER, JR.
E d ito r
AD w ea th e r cut atten d an ce a t the
41st an n u al S tate B anking Con
ference of th e Iow a B an k ers A ssocia
tio n in Des Moines last m onth, b u t it
certain ly did not lessen in te re st in
topics up for discussion. The confer
ence is th e an n u al m eeting of m em
bers and officers of th e Iow a C ounty
B ankers A ssociations and th e Iowa
Ju n io r B an k ers A ssociation. A tten d
ance w as n e a rly 150 bankers.
Two of th e prin cip al subjects of in
te re st dealt w ith increasin g th e b u si
ness of b an k s and how to live w ith
th e new 4 p er cent savings in te re st
rate.
D uring th e Conference, officers w ere
elected for 1962-63 for both of th e
sponsoring organizations as follows:
B
F ed eration of C ounty B an kers
A ssociation s
P resid en t — Jo h n A. K ovar, vice
p resid en t and cashier, Peoples State
Bank, M issouri Valley.
V ice P resid en t — E lm er H. Mertz,
president, H ayesville Savings Bank.
S ecretary — R obert E. Coon, p re si
d en t and cashier, F irs t S tate Savings
Bank, McGregor.
Iow a Ju nior B an kers A ssociation
P resid en t —R obert A. H elgerson, ex-
to
ecutive vice president, H edrick Sav
ings Bank.
V ice P resid en t —Donald W. Heineking, assistan t cashier, S tate Savings
Bank, B axter.
Secretary- —Ted J. K etelsen, assist
ant cashier, L ib erty T ru st and Sav
ings Bank, D urant.
One of w in te r’s w orst storm s sw ept
across n o rth e rn Iowa th e n ig h t before
th e Conference, p rev en tin g attendance
of m an y b an k ers from th a t p a rt of the
state, including C harles H. W alcott,
p resid en t of the IBA and presid en t of
S ecurity N ational Bank, Sioux City.
H is greetings to th e m eeting w ere ex
tended by IBA Vice P resid en t Charles
R. Atw ell, president of M ount Pleas
a n t B ank and T rust.
Train Y oung B ankers
In his talk, “W hat Do B anks Owe
T heir Young M en?” Leo F. Kane, re
tirin g p resid en t of the Iow a Ju n io r
B ankers, stated, “It is necessary to let
young m en gain enough experience so
th e y can establish a basis for good
ju d g m en t.” Mr. Kane, w ho is vice
p resid en t of A m erican T ru st & Sav
ings, D ubuque, also said, “No other
profession offers m ore education and
schools th a n banking.” He th en listed
L E F T — E . H . M e rtz , new v.p. o f F e d e ra tio n o f C o u n ty B a n k e rs
A ssns. a n d p re s., H a y e s v ille S av., a n d J o h n A. K o v a r, new
p res, o f F e d e ra tio n a n d v.p. & cash., P e o p les S ta te , M isso u ri
V a lle y . E IG H T — D o n a ld W. H e in e k in g , n ew v.p. o f la . J u n io r
R ichard J. N achazel, vice p resid en t
and cashier of th e F a rm e rs and M er
ch an ts Savings Bank, B urlington, re
lated steps leading to organization of
“Our New Des Moines C ounty Group
Study Class.” Two y ears ago follow
ing a m eeting sim ilar to th is Confer
ence, Mr. N achazel re tu rn e d to B u r
lington, discussed th e lack of A.I.B.
study classes w ith o ther B urlington
bankers, and later gained approval of
the Clearing H ouse th ere to initiate
such activity.
The G roup Study Class w as begun
Septem ber, 1961, and is now in the
m idst of a 28-week school session,
m eeting each Tuesday from 4:30 p.m.
to 6 p.m. The first class tak en up w as
“P rinciples of B ank O peration,” w ith
Mr. N achazel as in stru cto r. T here are
23 stu d en ts enrolled, including one
b an k director. The la tte r is an a tto r
ney w ho has been m ost helpful in
m any discussions of legal points re la t
ing to banking, Mr. N achazel said.
The cost is $25 per stu d en t w ith the
fee paid by respective banks.
Jo h n E. Mangold, A.I.B. associate
councilm an for Iowa, com plim ented
Mr. N achazel’s group for its progress,
adding th a t th e “biggest job in banks
today is tra in in g replacem ent perso n
nel.” Mr. Mangold is vice president
of th e M erchants N ational Bank, Ce
dar Rapids.
N ew B u sin ess C ontests
An in terestin g talk on developing
new business th ro u g h staff sales con
tests w as given by W illiam N. Flory,
a ssista n t vice p resid en t of H arris
T ru st and Savings Bank, Chicago.
T elling “How to T u rn Y our E m ploy
ees Into Salesm en,” Mr. F lo ry re
counted the successes of m any banks,
including H arris T rust, w ith contests
th a t engender friendly com petition
am ong employees.
He pointed out th a t the typical bank
B a n k e rs A ssn, a n d a.c., S ta te S a v in g s o f B a x te r; R o b e rt A.
H e lg erso n , n ew p res, of th e J u n io r B a n k e rs a n d exec. v.p. of
H e d ric k S a v in g s, a n d L eo F . K a n e , r e tir in g pres, of th e J u n io r
B a n k e rs a n d v.p., A m e ric a n T & S of D ubuque.
Northwestern Banker, April, J962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
86
Iowa News
*
L E F T — E r n e s t W. B acon, d ist. d ir. o f I n t e r n a l R e v en u e S ervice,
D es M o in es; W illia m N . F lo ry , a.v.p., H a r r is T & S, C hicago,
a n d C. R. A tw e ll, v.p. of Io w a B a n k e rs A ssn, a n d p re s., M t.
P le a s a n t B. & T. A ll th re e m en a d d re ss e d th e c o n feren ce.
could have lost 20 p er cent of savings,
10-15 p er cent of checking accounts
and up to 25 p er cent of special check
ing accounts in th e p ast year. The
co n stan t job, he stated, is to replace
th is business, w hile gaining new busi
ness in addition so th e b an k w ill grow
and be able to serve m ore people.
He suggested th a t m ost people could
w rite a list of 100 nam es of persons
th ey m ight possibly influence. U sing
th is as a guide, each em ployee of th e
bank, w ith his diversified in te re sts
and contacts, and living in all p a rts of
the city, can help create city-wide in
te re st in th e new business contest.
The p rereq u isite for any such con
test, he pointed out, is to have a
sound bank, w ell ru n , w ith w ell
train ed em ployees so th a t new b u si
ness can be handled w ith o u t confu
sion, and good sales prom otion m ate
rial th a t w ill help th e staff. Some of
th e points considered by m any banks
using contests are: sales b u lletin for
th e staff w ith liberal use of nam es
and em ployees’ sales records; cash
a n d /o r m erchandise prizes available;
trip s to be w on if offered, and oth er
aw ards.
H arris B an k ’s Sales Incentive P ro
gram , Mr. F lo ry reported, is a low
pressu re contest ru n n in g about six or
seven m onths. One seven-m onth cam
paign produced 2,077 new business ac
counts w ith sta rtin g value of $2,000,000.
N eed Trained T ellers
The n e x t speaker, T hom as O. Coop
er, presid en t of Jefferson State Bank,
discussed “A B an k ’s F ro n t L ine—The
T ellers,” show ing how w ell-trained
tellers can b rin g in th e new business
th a t is needed in every bank. He
pointed out th a t if all th e tellers in
Iow a w ere all th e ir m anagem ent
w ould w a n t th em to be, m ore th a n
25,000 Iow ans w ould be w ritin g Con
gress ag ain st th e dividends w ith h o ld
ing tax bill and in favor of ta x equal
ity am ong financial in stitu tio n s. He
said b anks h a v e n ’t done a b e tte r job
because th e y h a v e n ’t k ep t w ell enough
inform ed, have n o t kep t th e public
w ell enough inform ed, and have not
Northwestern Banker, April, 1962
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Federal Reserve Bank of St. Louis
R IG H T — A. V. D ieken, pres., F a rm e rs S a v in g s, G ru n d y C e n te r;
R o b e rt D. D ixon, pres., R o lfe S ta te , a n d K e n n e th B enda, exec,
v.p., H a rtw ic k S ta te . T hese th re e m en spoke on th e su b je c t
o f 4 p e r c e n t sa v in g s in te r e s t ra te a n d its effect on b a n k s.
kep t th e ir tellers w ell enough in
form ed and trained.
“W e should teach our tellers,” he
em phasized, “so they are efficient, ac
tive and productive in th e sh o rtest
tim e at th e low est cost.” He listed
am ong the m any points to be covered
in teller tra in in g the im portance of
com plete know ledge of m achines they
use, w h at to do in un u su al circum
stances, such as holdup, and m ost im
p o rtan tly, th e relationship of his job
to th e e n tire b a n k ’s operation.
O ther speakers covered the im por
tance of th e lending function, includ
ing th e prudence th a t m ust be used
in g ra n tin g of loans.
P aul S. Amidon, presid en t of P aul
S. A m idon & Associates, Inc., Minne
apolis, w as luncheon speaker. He re-
P a u l S. A m id o n e x p la in in g h is firm ’s '‘I n
A c co u n t w ith Y o u th ” p ro g ram .
view ed his firm ’s “In A ccount w ith
Y outh” program th a t is sponsored in
51 Iow a com m unities by 62 banks.
The high school course teaches stu
d ents th e fundam entals of economics
and finance and how banks serve th eir
com m unities.
In tern a l R evenu e Speaker
E rn e s t W. Bacon, d istrict director
for th e In te rn a l R evenue Service, Des
Moines, asked all Iow a banks to m ake
th e ir cu stom ers m ore fully aw are of
th e im portance of filing pro p erly th e ir
form 941, th e em ployers’ q u arterly
re p o rtin g form for taxes w ithheld. He
said 502 of Iow a’s banks are a u th o r
ized to issue D epositary Receipts.
A ny em ployer hav in g a m onthly tax
of $100 or m ore m ust purchase and
file a D epositary Receipt w ith his
bank.
^
Mr. Bacon also pointed out th e im
portance of banks com plying w ith th e
law req u irin g th e filing of T reasu ry
C urrency R eports. Since 1945 finan
cial in stitu tio n s have been required to ^
file a TCR-1 m onthly to show nam es
of individuals w ith d raw in g $2,500 or
m ore of currency. T his w as started
originally to defeat th e narcotics traf- y
fic b u t has tu rn e d out to be a tre
m endous assist to the incom e tax divi
sion.
4 P er Cent R ate D iscussed
-Y
A good portion of the afternoon ses
sion centered around th e controver
sial 4 p er cent savings in te re st rate.
P ractically everyone expressing an ^
opinion w as against th e new rate, b u t
stated th ey w ere forced to go to it
because th e public felt th e rate w as
“the new law ” or because other banks
w en t to it and th ey had to follow.
A. V. Dieken, presid en t of the F a rm
ers Savings B ank at G rundy Center,
told how b an k ers in his county op
posed th e new level, b u t had to go to >
it due to com petitive position. O ther
speakers on the 4 per cent rate, and
w h at to do about it w ere R obert D.
Dixon, presid en t of th e Rolfe State
Bank, and K enneth Benda, executive v
vice presid en t of the H arw ick State
Bank.
F in al speaker w as W endell B. Gib
son, w hose Des Moines firm is th e Y
legal atto rn e y for th e Iow a B ankers
A ssociation. He discussed th e basis
on w hich b ank deposits are taxed or
not taxed. At th e last session of the
Iow a legislature (1961) a bill w as
passed rem oving th e 5 m ill tax on
tim e m oney and CD’s on deposit in
Iow a banks. All non-interest bearing
accounts, such as checking, had previously been exem pted from the 5 m ill
m oneys and credits tax. The one m ill
levy to finance the K orean W ar Bonus
w as left on savings accounts un til
th is obligation is met.
In form er years, Iow a banks w ere
plagued w ith trem endous w ithdraw als
X
87
.
E F F IC IE N T
O n e out o f e v e r y te n b a n k s in the n atio n n o w
b e n e fits fro m th eir prom pt an d in terested h a n d
lin g o f co rrespo n den t m atters. T r y them . Y o u ’ll
lik e the results.
(ommereejr ust (ompany3
K a n s a s C ity 's O ld e st a n d L a r g e s t B a n k
Member Federal Deposit Insurance Corporation
Northwestern Banker, April, 1962
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Federal Reserve Bank of St. Louis
88
Iowa News
of m oney a t th e year-end by custom
ers w an tin g to avoid th e m oneys and
credits tax. Mr. Gibson review ed th is
legislation, show ing w hich accounts
are exem pt, and on w hich accounts
tax m u st be paid. —End.
E van sd ale B an k to O pen
The F irs t N ational B ank of E v a n s
dale plan s to open for business on
A pril 15, according to D onald E. Noller, president. The new bank, re c e n t
ly ch a rte red by th e C om ptroller of
th e Currency, w ill have $100,000 capi
tal, $100,000 su rp lu s and $50,000 u n d i
vided profits for to tal s ta rtin g capital
of $250,000.
E xecutive vice p resid en t and cash
ier w ill be H arold A. Stowell, w ho had
previou sly served as executive vice
presid en t of th e F irs t N ational B ank
in M arion.
Mr. N oller is a p ro m in en t busin ess
m an in Sigourney w h ere he is also a
d irecto r of th e K eokuk C ounty State
Bank.
The E vansdale office of the F arm e rs
State B ank a t Jesu p w ill be closed
w hen th e new b an k opens.
G uy D . S c h o o le r
A h e a rt a tta c k last m o n th claim ed
th e life of Guy D. Schooler, 75, c h a ir
m an of th e board of th e H artfordCarlisle Savings B ank at Carlisle. He
had been a b a n k e r a t Carlisle for 48
years, joining th e Hai’tfo rd Savings
B ank in 1914.
In 1933 Mr. Schooler m erged th e
H artfo rd Savings w ith th e Carlisle
Savings into th e p re se n t nam ed b ank
and becam e vice p resident, and later
p resid en t before assum ing th e board
chairm anship.
He is survived by Mrs. Schooler; a
son, W illiam R ichard, p resid en t of th e
bank; a d aughter, and tw o bro th ers.
g rad u ates of Iow a State U niversity.
Mr. Lom en has been w ith th e bank
since Ju ne, 1959.
On C ollin s B oard
G rainger Buck, a re tire d farm er, has
been elected to th e board of th e E x
change State Bank, Collins, succeed
ing R ussell P. Blake w ho died J a n u
a ry 24. Mr. Blake w as on th e board
for six y ears p rio r to his death. He
also w as presid en t of th e F a rm e rs
State Bank, M itchellville.
M itc h e llv ille P r e sid e n t
A. E. C hittenden has been nam ed
p resid en t of th e F a rm e rs Savings
Bank, M itchellville, Iowa.
Mr. C hittenden continues as p resi
d ent of th e E xchange S tate Bank, Col
lins, Iowa.
T o T ravel Iowa
A rth u r H. Siegel has been nam ed to
rep re se n t Colum
bia A rt W orks,
b an k check divi
sion, in eastern
Iow a and in the
n o rth e rn tie r of
counties in Illi
nois. H e succeeds
R obert A. Schulz,
w ho w ill be con
centrating
on
so u th ern W iscon
sin.
Mr. Siegel has been w ith th e firm
since 1945.
N ew D ik e D irecto r
R alph G. T huesen has been elected
a directo r of th e Iow a Savings Bank,
Dike. He succeeds his father, Jen s G.
T huesen, w ho died recen tly after serv
ing on th e board since 1939 w hen the
b an k w as organized.
Set A g S c h o o l D ates
Ju n e 11 th ro u g h Ju n e 22 have been
set as th e dates for th e 17th an n u al
A gricu ltu ral C redit School a t Iow a
State U niversity.
P rofessor H. B. H ow ell is in charge
of th e school. The n u m b er of stu d en ts
is lim ited to 50 p er unit. Only one
u n it w ill be set up u nless sufficient
persons apply for en ro llm en t to ju s ti
fy a second unit. A pplications and en
ro llm en t fees ($75) should be sent to
Professor H ow ell at Iow a State U ni
v e rsity at Ames.
C larion C hanges
E. R ich ard Lom en, cashier, W rig h t
C ounty State B ank, Clarion, has been
elected a m em ber of th e board of
directors. B u rt Day w as elected as
sista n t cashier.
Both Mr. Lom en and Mr. Day are
Northwestern
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Federal Reserve Bank of St. Louis
J962
B eco m es State B an k
The A dair County Bank, Greenfield,
Iowa, one of the largest of nine p ri
v ate b an ks in th e state, has been ch a r
tered as a state bank, effective J a n u
a ry 2. The b ank now is know n as the
A dair C ounty State B ank and is a
m em ber of th e F.D.I.C.
The b ank w as organized as a priv ate
b ank in 1875 w ith D. H eaton as its
first p resident. J. E. Howe, chairm an,
has been w ith th e b an k 49 years. O th
er officers are T. N. Howe, president;
K. F. L eu th au ser, vice president; R. E.
A nderson, cashier, and E ldon E.
E rbes, a ssista n t cashier.
T otal resources of the b ank are in
excess of $4,300,000.
In crea se B oard , S u rp lu s
The board of directors of th e Home
S tate Bank, Jefferson, Iowa, has been
increased from seven to nine m em bers
w ith th e election of E dw ard J. Hol
den, Scranton, Iowa, farm er, and Jo h n
M. Shandra, cashier.
D irectors also voted to tra n sfe r
$50,000 from undivided profits to su r
plus, raisin g th e su rp lu s account to
$250,000 and th e loan lim it to $70,000.
All officers w ere re-elected at the
an n u al m eeting.
H ead s F lorid a B ank
H a rris E. Long, p resident of the De
catu r County State Bank, Leon, Iowa,
has been elected presid en t of The
Gulf-to-Bay Bank, a new state b an k in
C learw ater, Fla.
The bank, w ith p resen t capital ac
counts of $750,000, expects to open for
business about N ovem ber 1 w ith nine
to 12 employees.
Mr. Long m akes his hom e in Florida,
b u t has m ajor in terests in several
Iow a banks and visits th e state fre
quently.
Im p re ssiv e R ep o rt
One of th e m ost im pressive annual
rep o rts from a sm aller b an k w as p re
pared th is y ear by Don Curry, p resi
dent of the F a rm e rs Savings B ank of
M assena.
In addition to th e u sual com parative
statem en t of condition, th e 16 page
booklet featu res a re p o rt on com m u
n ity projects, definitions of statem en t
term s, a m essage from Mr. Curry, a
histo ry of th e bank, h isto ry of the
tow n, and an outline of 25 services
offered by th e bank. B ankers desiring
a copy m ay contact Mr. C urry at
M assena.
P ro g ress R ep o rted
Dale H. Sm ith, form erly of Tipton,
rep o rts th a t the F airfax County N a
tional B ank in W ashington, D. C.,
w hich he now serves as presid en t and
ch airm an of th e board, has ju st be
come a $10 m illion bank. The bank
show ed a 21 p er cent gain in deposits
over th e p ast y ear and m arked grow th
w as show n in all phases of its activity.
The m ain office of the b an k is in
Seven C orners Shopping C enter in the
V irginia suburbs of th e city.
A p p roves D riv e-In ;
A n o th er A p p lic a tio n F ile d
T he office of th e C om ptroller of the
cu rren cy rep o rts th a t an application
for a drive-in facility for th e M erch
an ts N ational B ank of Cedar Rapids
has been approved. The facility w ill
be located at 300 Second A venue S. E.
in Cedar Rapids.
Also, an aplication for a drive-in
facility w as filed by th e Citizens N a
tional B ank of Charles City.
Iowa
A sk S p e n c e r C harter
An application for a new state b an k
at Spencer h as been filed w ith th e
S tate B anking D ep artm en t and inv es
tig atio n of th e proposal is u n d e r w ay
by th e d e p a rtm e n t and by th e F.D.I.C.
The Spencer Shopping C enter w as
listed as a possible location for th e
new bank. C apitalization of $125,000
in capital, $75,000 in su rp lu s and $50,000 in undivided profits has been p ro
posed.
Jo h n J. G reer, Spencer a tto rn e y w ho
is rep re se n tin g th e group proposing
th e bank, stated th a t th e suggested
nam e of th e new b a n k is th e N o rth
w est State Bank.
It is expected to tak e from 90 days
to six m onths to com plete th e in
v estigatio n of th e application.
News
89
Two guys
at home
anywhere in Iowa!
Take Mr. La Salle and team him up with Max Roy
and you’ve got a winning combination! Max knows Iowa
and Iowa farming, and Mr. La Salle represents a staff
that can help La Salle’s Iowa correspondents with
C apital In crea sed
C apital stock has been increased at
th e E x change State B ank, Springville,
from $25,000 to $50,000 by a com m on
stock dividend.
trust work, business development, operations—well, you
name it—and Mr. La Salle will do his best to oblige!
Why not call Max and tell him you’d like to meet his partner!
Max Roy lives nearby in Iowa City, but he headquarters
J. M. H u tc h in so n H o n o r ed
J. M. H utchinson, executive vice
president, D avenport B ank & T ru st
Co., D avenport, has been nam ed “Man
of th e Y ear” by Rock Islan d B’nai
B ’rith Lodge 1016. The aw ard is based
on ou tstan d in g com m unity service.
at La Salle National Bank, 135 So. La Salle Street,
Chicago 90, Illinois. STate 2-5200.
V ote H o sp ia l G ift
Stockholders of th e Ida C ounty
S tate B ank, Ida Grove, voted recen tly
to co n trib u te $15,000 to th e Ida C ounty
C om m unity H ospital.
B u ys In su ra n ce A gen cy
H arold G rim stad, p resident, S ecur
ity B ank & T ru s t Co., Decorah, and
E rn e s t A rn d t of n e a r Des Moines,
have p u rch ased th e Je n n e rjo h n In
surance A gency in D ecorah. The agen
cy w ill be located in th e b an k after
A pril 1.
N am ed O d eb o lt D ir e cto r
W alte r F. K essler has been elected
a directo r of th e Odebolt S tate B ank,
Odebolt, Iowa, to fill a vacancy caused
by th e re c e n t d eath of R. B. Sw ason of
W ebster City. Mr. K essler is a re si
d en t of Odebolt.
J o in s S ib ley Staff
T.
R o b ert N elson has joined th e
staff of th e Sibley S tate B ank, Sibley,
and has been elected cashier. E. C.
Yappen, w ho had held th e positions of
vice p re sid e n t and cashier since th e
first of th e year, resigned as cashier.
He rem ain s vice president.
MEMBER FDIC.
COMPLETE TRUST SERVICES
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Federal Reserve Bank of St. Louis
90
Iowa News
N ew A lto o n a O fficer
J e rry A. H ickok has been elected
a ssistan t cashier a t th e A ltoona State
Bank, Altoona, succeeding
Carol
Skoog, w ho resigned as a ssistan t cash
ier M arch 1.
Mr. H ickok joined th e b an k last Oc
tober, com ing from Council Bluffs.
Mrs. Skoog w as elected a ssista n t cash
ier in Septem ber, 1960, and had been
w ith th e b an k since it opened Ju ly 15,
1960.
-r
y
4
P la n A tlan tic B u ild in g
The A tlantic S tate Bank, A tlantic,
has p u rchased th e P a rk H otel p ro p er
ty at Sixth and C hestnut in A tlantic
and w ill raze th e building to m ake w ay
for m odern drive-in b an king facilities.
The p ro p erty includes four lots in the
100 by 150 foot tract.
W ork of razing th e three-story hotel
w ill begin about J u ly 1 and plans for
th e new drive-in facility are being
prep ared by architects. C onstruction
is to begin about Septem ber 1.
L
T o Leave S p e n c e r Staff
Rod Parsons, a ssistan t cashier,
F a rm e rs T ru st & Savings Bank, Spen
cer, has p u rchased R eed’s R un, a long
established re so rt on th e east shore of
Big S pirit Lake. H e resigned his posi
tion w ith th e b an k effective May 1.
T o B u ild at W all L ake
The W all Lake Savings B ank
announced th a t plans are u n d er
for a new b an k building. The old
office building and an adjoining
have been purchased.
has
w ay
post
site
Rej o in s Sac City Staff
M ary B ahrenfus has rejoined the
staff of the Sac City S tate B ank as as
sista n t cashier afte r six m onths w ith
th e Citizens F irs t N ational B ank in
Storm Lake.
Miss B ahrenfus had been w ith the
Sac City b an k for 14 years before leav
ing for Storm Lake.
H eads Layette B an k ers
P aul H arrison, executive vice p res
ident of th e M aynard Savings Bank,
M aynard, has been elected president
of th e F ay ette C ounty B ankers Asso
ciation. Vice p resid en t is Cliff A very
of the F irs t N ational B ank of Oelwein,
and L aurence K nudtson, m anager of
th e W adena office of th e E lgin State
B ank is secretary -treasu rer.
■Jr
N am ed Buss o f th e Y ear
A lvin J. V onderhaar, executive vice
president, Iowa State Bank, F o rt Madi
son, w as nam ed “Boss of the Y ear” by
th e F o rt M adison Ju n io r C ham ber of
Commerce.
Northwestern Banker, April, 7962
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Federal Reserve Bank of St. Louis
V
r
Iowa News
91
•Moins i oni i ovni n i Illinois St uf f
IN D LEY F IN C H h as resig n ed as d u rin g the y ear enabled W aterloo law
p resid en t of N o rth w est Des en forcem ent agencies to cap tu re forg
Moines N ational B ank in Des Moines ers.
to join th e n atio n al group staff of th e
C ontin en tal Illinois N ational B an k
H o n o r ed on R e tir e m en t
and T ru st Com pany, Chicago. Mr.
H elen B raun, savings teller at the
F inch has been elected vice p resid en t M uscatine B ank & T ru st Co., w as hon
by directo rs of the C ontinental Illi ored on h er re tire m e n t M arch 1 for
nois N ational.
44 y ears of service to th e bank. She
In his new po w as given a w hite gold w atch in ap
sition he w ill help preciation of h er services.
serve b an k s in Il
linois, Iow a and T o B u ild D rive-In
In d ia n a in p a r
One of M aquoketa’s fam iliar land
ticular, w ith re m arks, th e B lessing B uilding at P la tt
spect to any b ank and Second, is being razed to m ake
service connected
w ay for a drive-in b anking facility for
w ith ag ricu ltu re.
th e Jackson State Savings Bank. Com
Mr. F inch has pletion of th e new facility is scheduled
been w ith Bren- for late July. It w ill include walk-up
ton b anks in Iowa and p ark in g facilities.
for m any years,
w ith w ide experience in farm m a n
N am ed A g C on su ltan t
agem ent w ork. He w as executive vice
G erald F ankl, Irv in g to n farm er,
presid en t of th e B ren to n State B ank
stockm an and feeder, has joined the
at Dallas C enter, Iowa, th e n becam e
S ecurity S tate B ank of Algona as an
executive vice p resid en t of N o rth w est
a g ric u ltu ral consultant. He is 40 y ears
Des M oines N ational w hen its p re
old and has been in th e farm ing busi
decessor b an k w as founded in 1950.
ness all his life. He has a 680-acre
L a te r he w as elected president.
operation a t Irv in g to n w ith cattle
H is in te re st in farm in g dates from
feeding a m ain project.
his y o u th w h en he w orked on th e
fam ily farm n e a r C am eron, Mo. A
7 0 th A n n iversary
grad u ate of Iow a S tate College at
The M ontezum a State B ank recen t
Ames w ith a B.S. degree in agricu l
tu re in 1935, Mr. F in ch la te r g rad u ly celebrated its 70th a n n iv ersary w ith
ated from th e Stonier G raduate a two-day program . Open house w as
School of B anking a t R u tg ers in 1959. held on a F rid a y and on S aturday
H is th esis w as “The V alue of th e y o u n g sters w ere guests of th e b ank
for an afternoon and evening of free
Swine In d u stry to Iow a B anks.”
skating.
K eith Cox is th e fifth presid en t of
Bank L iq u id a te d ;
th e bank. He joined th e b an k in 1931
O w ner D ie s D ay Later
and w as elected p resident in 1951
W illiam M. M cDonald, 78, re tire d
p resid en t of th e Sioux V alley Savings
B an ks N ear C om p letio n
Bank, Sm ithland, died recently, th e
C om pletion of th e new q u arters for
day a fte r th e b an k he had headed w as
th
e
N evada N ational B ank and the
liquidated to becom e S m ithland office
State B ank & T ru st Company, both in
of th e F irs t S tate B an k of M apleton.
Mr. M cDonald re tire d as b an k p re s N evada, Iowa, w as expected late last
ident on a S atu rd ay and becam e ill th e m onth. H ow ever, no date has been
sam e day. The b an k officially w en t announced for occupancy by eith er
into liquidation th e follow ing M onday bank.
and on T uesday Mr. M cDonald died.
R e m o d e lin g Started
The Sioux V alley Savings B an k had
The F a rm e rs State Bank, Schleswig,
served th e S m ithland com m unity
since 1907. Mr. M cDonald h ad directed m oved th e ir offices to th e basem ent
th e b an k since its organization, se rv recen tly w hile th e m ain banking floor
ing as bookkeeper, cashier and p resi undergoes a com plete rem odeling.
dent. He w as p resid en t and cashier at Also, an addition is being constructed
on th e w est side of the building.
th e tim e of his retirem en t.
L
R obert M axd orf H o n o r ed
R obert M axdorf, a ssista n t cashier,
N ational B an k of W aterloo, w as th e
recip ien t of a recen t E xchange Club
Law E n fo rcem en t C itizens A w ard. H e
received th e aw ard for h av in g tw ice
YOUR STATE BANKERS ASSO CIA TIO N
O F F IC IA L SAFE, VAULT AND
TIM ELO CK EXPERTS
F. E. DAVENPORT & C O .
7
BOB WILLIAMS,
La Salle Vice
President in charge
of advertising,
knows how to blow
the advertising horn
of plenty. Experience
with many successful
promotions proves
he’s hitting the right
notes. Need to boost
business? Why not call
on Bob? H e’s at
STate 2-5200. That’s
L a S a l l e N a t io n a l
B a n k , 135 S. La Salle
St., Chicago 90, 111.
Member FDIC.
Complete Trust
Services.
OM A H A
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
92
Iowa News
B etten d o rf B a n k Serres
t 'ustom er in in d ia
H E B etten d o rf B ank & T ru s t Com
“Since w e’ve n ever heard of an o th er
pany, B ettendorf, Iowa, is claim personal savings account kept active
ing th e w o rld ’s record for long dis a t such long range by mail, it w ould
tance savings.
ap p ear th e Quirozes and B ettendorf
E nvelopes b earin g th e re tu rn ad B ank & T ru st Com pany hold the
dress “Oberoi H otels, C alcutta, In d ia,” w o rld ’s record for long-distance p e r
are delivered reg u larly to th e desk of sonal savings by m ail,” Mr. K napp
R obert K napp, vice p resid en t of th e said.
B ettendo rf bank. E nclosed are sav
“Mr. and Mrs. Quiroz opened th e ir
ings deposits from Mrs. E s th e r Quiroz, account w hen th ey w ere residents of
w ho serves on th e m an agem ent staff B etten d o rf in 1951. Since th a t tim e,
of th e Oberoi H otels in C alcutta, some th e ir vocation has tak en th em to Mex
10,787 m iles from B ettendorf.
ico, A rgentina, and a nu m b er of o th
T
er countries. But, no m a tte r w here
th ey e s t a b l i s h e d r e s i d e n c e , th e
Quirozes continued to do th e ir b an k
ing, by mail, a t B ettendorf.
We suspect th a t th e B ettendorf
B ank & T ru st Com pany is one of the
few $5 m illion banks in th e country
th a t can claim w orld-wide banking
operations. —End.
Gar w in O p en H ou se
The F a rm e rs Savings Bank, G arwin,
celebrated the 50th an n iv ersary of its
opening last m onth. The b ank opened
for business on M arch 13, 1912
Jasp er B an k ers M eet
The annual m eeting of th e Ja sp e r
C ounty B ankers A ssociation w as held
recently and th e follow ing officers
w ere elected:
P resident, W. C. Ilstru p , president,
N ew ton N ational Bank, N ewton; F irst
Vice President, Collin F ritz, vice p res
ident, Ja sp e r C ounty Savings Bank,
Newton; Second Vice P resident, D. W.
H eineking, a ssista n t cashier, State
Savings Bank, B axter, and SecretaryT reasu rer, C. M. Stinson, cashier,
F irs t N ational Bank, Colfax.
D uring th e p ast y e a r th e Jasp er
County B ankers A ssociation has con
trib u te d a total of $900 to com m unities
and individuals in th e area served by
the association.
Included in th is to tal are a $500
scholarship to th e w in n er of th e Miss
Ja sp e r County C ontest, $300 tow ard
th e expenses of a trip to th e In te r
natio n al L ivestock Show in Chicago
for tw o ou tstan d in g 4-H girls and tw o
ou tstan d in g 4-H boys in Ja sp e r Coun
ty, and $100 in aw ards to th e top
Ju n io r Cattle F eed ers in th e county.
Serving Iowa Banks
For Over 79 Years
M arshalltow n
T H E
officers ol th e D rovers B anks in C hicago sp en d m uch
o f th e ir tim e servin g th e n eed s o f Iow a banks and bankers.
B anks through out th e H aw k eye State, as show n on th e above
m ap, have learn ed to d ep en d u p o n D rovers’ 79 years of e x
p erien ce in assisting th em w ith th eir m any b a n k in g p rob lem s.
N ext tim e y o u n eed a h elp in g h an d , call or w rite B ern ie M iller
at th e D rovers.
Y ou
w ill receive im m e d ia te
and
p ersonal
E. J. Paul, vice presid en t of th e
F id elity Savings Bank, has retired
after 49 y ears service w ith th e bank.
He w as nam ed vice p resid en t in 1942.
Follow ing Mr. P a u l’s retirem en t,
Orville T h u rsto n w as nam ed first vice
president; Jo h n B artine, cashier, w as
nam ed a vice president, and Leo Bald
win, a new com er to th e bank, w as
nam ed a vice president.
attention .
N orth w ood
^DroversHanks
Drovers National Bank • Drovers Trust & Savings Bank
UNION STOCK YARDS, CHICAGO 9, ILLINOIS
MEMBERS, FEDERAL DEPOSIT INSURANCE CORPORATION
Northwestern Banker, April, J962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Mrs. P aul E b ert, w ho has been w ith
th e N orthw ood State B ank since 1958,
has been elected a ssista n t cashier.
O sage
W es Birdsall, co-owner of a local
gas and electric com pany, has been
elected a m em ber of th e board of the
Home T ru st and Savings Bank.
93
Banker Gronstal (left) and Purina Dealer Juergens
are interested in helping farm folks make money.
The modern plant of Juergens Produce and Feed
is designed to serve animal agriculture.
JOE H. GRONSTAL
President, Carroll County State Bank
Carroll, Iowa
P u r i n a D e a l e r , wi t h b a n k ’ s h e l p ,
b e c o m e s a bi g b u s i n e s s in t o w n
“A business serving agriculture m ust
keep a step ahead of m odern m ethods
of producing milk, m eat and eggs,”
says P u rin a D ealer Vernis Juergens.
“ I t m ust be ready to serve when serv
ice is needed.”
Bank President Joe H. Gronstal, agree
ing w ith this policy, gave the expan
sion program of Juergens Produce and
Feed the financial support of Carroll
C ounty S tate Bank. A little m ore th an
three years ago, the P u rin a D ealership
m oved into a new, m odern farm serv
ice center, equipped for grain banking,
bulk delivery and Check-R-M ix grind
ing and mixing. From end to end, the
dealership is designed to help farm ers
w ith progressive feeding and m anage
m en t practices.
T he b a n k ’s sup p o rt has enabled the
PURINA
dealership to grow into one of C arroll’s
biggest businesses . . . to become one
of th e b a n k ’s big-volume depositors.
Service of the dealership, plus feeder
financing by the bank, has helped
farm ers raise more cattle and hogs to
increase their incomes. Added farm
income has m eant m ore business for
Carroll, more jobs in town, more vol
ume for Carroll C ounty S tate Bank.
*****
“ Trips to the Purina Research Farm and
attendance at dealer conventions and
feeder meetings have been helpful to
m e ,” s a y s Banker Gronstal. “ They h ave
given me a better understanding of serv
ice needed by agriculture.” A sk your
Purina Dealer or the Purina Salesm an
about joining the next farm trip, dealer
convention or feeder meeting.
Q UALITY
S E R V IC E
. . . YOUR
PARTNER
IN
SERVING
ANIMAL
AGRICULTURE
_____
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
94
D
A V ID G. W RIGHT, form erly vice
presid en t and cashier of th e
N orthw est Des M oines N ational Bank,
has been elected executive vice p resi
dent and m an ag er of th e bank, a n
nounces W. H arold B renton, board
chairm an. L indley F in ch , president,
has resigned to becom e vice president,
C ontinental Illinois N ational Bank,
Chicago. A sto ry of Mr. F in c h ’s ap
pointm en t ap pears on page 91 in th is
issue.
W . H. B R E N T O N
D. H. W R I G H T
Mr. B renton succeeds Mr. F in ch as
p resid en t of th e N o r t h w e s t Des
Moines N ational, b u t th e la tte r con
tin u es as a director.
R obert W. Goodson, vice president,
has been elected vice p resid en t and
cam e directly to th e Iowa-Des Moines
a fte r g raduation from W aterloo B usi
ness College in 1917.
* * *
Joe D. Young, form erly in the tru s t
d ep artm en t of th e C entral N ational
Bank, has been nam ed d irector of ad
vanced u n d erw ritin g for th e E q u ita
ble Life In su ran ce Com pany of Iowa.
H e w as w ith th e City N ational of
K ansas City before joining the C entral
N ational staff in 1958 and since th a t
tim e has tau g h t C.L.U. and L.U.T.C.
classes in th is area
* * *
“P roviding for Y our F am ily by P lan
n in g ” w as th is y e a r’s topic at the
Iow a State B a n k ’s discussion for farm
fam ilies. Donald L. B evin g, attorney,
led th e discussions both days, M arch
14 and M arch 21, and covered (1)
Types of ow nership of farm property,
(2) M ethods of tra n sfe rrin g farm
property, including deeds, wills, gifts
and o th er m ethods, (3) Taxes and how
to m inim ize them , and (4) Ideas for
fam ily farm ow nership and its dispo
sition, in order to p rev en t th e “w ork
of a lifetim e” from being dissipated
or w asted in expenses and taxes.
cashier.
Mr. W rig h t has been w ith th e b ank
since 1951; Mr. Goodson joined th e
B renton organization in 1947 a t th e
Dallas C ounty S tate a t Adel, m oving
to th e Des M oines b an k in 1958.
=!= *
R ichard C. B ee, vice president, Cap
ital City State Bank, has been elected
p resident of th e E a st Des Moines De
velopm en t A ssociation. The associa
tio n ’s plan to incorporate new con
cepts b ro u g h t out by u rb a n renew al
and th e freew ay w as approved re c e n t
ly by the City P lan and Zoning Com
m ission and th e city council.
* * *
Iren e M eyers, secretary to H arry
W ilson, cashier, Iowa-Des M oines N a
tional Bank, re tire d last m o n th after
45 y e a rs’ service to th e bank. She
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A. B. D ressier, a ssistan t cashier,
C entral N a t i o n a l Bank, w on the
speech contest of th e Des Moines
C hapter of A m er
ican In stitu te of
B anking recently
and w ill r e p r e
sen t th e area in
an eight-state dis
tric t speech con
te st A pril 7 at
Cedar Rapids.
In th e D es
M oines c o n t e s t ,
R obert W . Goodson, v i c e p r e s i
den t and cashier, N o rthw est Des
Moines N ational, w as second, and Mrs.
Ma d e le n e J e n n y , C entral N ational
B ank & T rust, w as third.
*
The Des Moines C hapter of A m eri
can In stitu te of B an king has a busy
spring schedule planned and the fol
low ing events are set for April:
A pril 7—D istrict speech contest at
Cedar R apids A large group from
Des Moines is expected to m ake the
trip.
A pril 12—A dding m achine, typing
^
and m oney counting contest. T his
an n u al contest of skills is to be at the
H ighland P a rk State Bank. Co-chair
m en are John K ern and Jim M athis,
both of th e host bank.
^
A pril 17—W om en’s din n er at the
E lk ’s Club.
A pril 17—Caucus for candidates of
ch ap ter offices. Candidates w ill preA
sent th e ir platform s du rin g th is in te r
esting evening of politics.
A pril 23 — Speech Club m eets at
Y ounkers.
1
* * *
Mrs. M ary H olstad, a ssistan t cash
ier, C entral N ational B ank & T ru st
Company, has been nam ed “S ecretary
>
of th e W eek” by m em bers of the
H aw keye C hapter, N ational Secre
taries A ssociation. She w ill be the
featu red secretary locally d u ring Sec
re ta rie s’ W eek, A pril 22-28, and on VY
S ecretaries’ Day, A pril 25.
Mrs. H olstad w ill re p re se n t the lo
cal ch ap ter a t a division m eeting in
May a t O ttum w a. T here w ill be 12
f
or 13 secretaries rep resen tin g other
ch apters at th is m eeting and judges
w ill select from th is group a secretary
to rep resen t Iow a at th e national conven tio n th is J u ly in Chicago.—End.
On M aquoketa B oard
K enneth J. E hlinger, for th e p ast
eight y ears a p a rtn e r in th e Beck &
E h lin g er In su ran ce and Real E state
Agency, has been elected to the board
of th e Jackson State Savings Bank,
M aquoketa. He w as associated w ith
th e b an k p rio r to becom ing a p a rtn e r
in th e in su ran ce firm. He w as m an
ager of th e b a n k ’s D elm ar office and
teller and officer in charge of the installm en t loan departm ent.
^
v
k
E n large R u tgers F a c ilitie s
New facilities u n d er construction at
R u tg ers—The State U niversity—New
B runsw ick, N. J., w ill p erm it greater
flexibility in th e operation of The
Stonier G raduate School of B anking.
C onstruction has com m enced on
new dorm itories, classroom and as
sem bly facilities, and on th e College
for Men dining hall. A ttached to the
dining hall w ill be a new dorm itory
for g raduate students, w hich w ill ac
com m odate th e S.G.S.B. faculty d u r
ing th e ann u al sum m er sessions.
A
^
95
A / a
^d
_______ ^
^
^
k
OUR 90th
$ANNIVERSARY *
YEAR
0
6
.
0,
Ä
A
H 3^ m b £
Jà£3Iç)
TT HEIL5Í © T T
Walnut at Fourth
© © M H PJàK H T
Oes Moines, Iowa
F.D.I.C.
Northwestern Banker, April, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
96
Iowa News
i S t A ff C o n f e r e n c e A t t r a c t s I 2 . Ï
IO W A B A N K E R S , p h o to a t le ft, a t lu n ch e o n session of A gric u ltu ra l C o n fe ren c e fo r F a rm L e n d e rs le s t m o n th a t Io w a S ta te
U n iv e rs ity , A m es. S p e a k e rs show n ab o v e a re, fro m l e f t:
D u d ley L u c k e tt, H . B. H o w ell a n d K a rl F ox, a ll o f th e IS IJ ’s
d e p a rtm e n t o f econom ics.
★
★
★
★
★
★
p p r o x i m a t e l y 125
iow a b an k
ers h eard valuable discussions at
last m o n th ’s A g ricultural Conference
at Iow a State U niversity, Ames.
A
Sponsored by the d ep artm en t of eco
nom ics and sociology of th e U niver
sity and th e a g ricu ltu ral com m ittee
and ag ricu ltu ral credit school com m it
tee of th e Iow a B ankers Association,
th e program featu red talk s by I SU
professors, one N ebraska b an k er and
tw o Iow a bankers.
Am ong th e highlights w ere the fol
low ing (speakers not identified are
m em bers of I SU dep artm en t of eco
nom ics):
Speakers
see
NATIONAL
BANK
OF
WATERLOO
Let our complete facilities. . . our
staff of friendly, helpful Iowans . . .
save you valuable time on all items
and collections.
Send your items to us for fast,
accurate, efficient banking service.
Northwestern Banker, April, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
“Costs and R etu rn s — Specialized
F a rm s ”—E. G. Stoneberg. “L ivestock
P roduction — How Big and W h ere” —
H. B. Howell. “F a rm O utlook”—F ra n
cis K utish. “M arketing Efficiencies”
—Lee K olm er. “M arket O rders and
Q uotas” — Lee F letcher. “A nalyzing
Non-Real E sta te Loan A pplications”
— E v e r e t t Spangler, In term ed iate
C redit Bank, Omaha, w ith R obert F.
M almberg, executive vice president,
C enterville N ational Bank, C enter
ville, and E. L. Tubbs, farm re p re se n t
ative, Jackson S tate Savings Bank,
M aquoketa. “R u ral A rea D evelopm ent
P o ten tials”—Dr. M arvin A nderson, as
sociate director, ISU cooperative ex
tension service. “Low T em perature
M onkey B usiness”—Dr. Sam Legvold,
professor of physics, ISU. “L and
V alues — T rends and Im p lications” —
Jo h n Tim m ons. “How Young People
E xpect to F inance T heir F arm in g
B usiness”—E b er E ldridge. “The New
G overnm ent P ro g ram for A g ricu ltu re”
—W allace Ogg. “Public and P riv ate
F inancial Policies and P ractices” —
D udley L uckett.
97
*
G o t a p ro b lem ?
C O N V E N T IO N S
i-
A p r il 16-18, N A B A C N o r t h e r n R e
g io n a l C o n fe r e n c e , A b r a h a m L in
c o ln H o t e l, S p r in g fie ld , 111.
A p r il 30, F P R A R e g io n a l,
S h e r a to n , C h ic a g o .
C h ic a g o -
A p r il 30-M ay 2, I n d e p e n d e n t B a n k e r s
A s s o c ia t io n , 2 8 th A n n u a l C o n v e n
t io n ,
P itts b u r g h - H ilt o n
H o t e l,
P it t s b u r g h , P a .
T
M ay
16-19, A m e r ic a n S a fe D e p o s it
A s s o c ia t io n , 3 1 st A n n u a l C o n v e n
t io n , S h e r a to n -P a la c e H o t e l, San
F r a n c is c o .
M ay
17-19, S o u th D a k o ta B a n k e r s
A s s o c ia t io n A n n u a l C o n v e n t io n ,
H o t e l S h e r a to n C a ta ra ct, S io u x
F a lls .
M ay
24-26, N o r th D a k o ta B a n k e r s
A s s o c ia t io n , A n n u a l C o n v e n t io n ,
P la in s m a n H o t e l, W illis t o n .
J u st p h o n e the famous old bank at
the Chicago Stock Y ards Gate.
Im m ediately, you can have the
undivided attention o f a special
ist to counsel you on feeder
loans, livestock data, bonds,
m arket inform ation, in fact
anything financial.
Ask a
Specialist at
LIVE STOCK
H u n d re d s o f o u r c o rre
sp o n d en t banks place a high
v a lu e o n th is fa st, e ffic ie n t
p h o n e c o u n se lin g serv ice fro m
Live Stock.
M a y 28-30, C o lo r a d o B a n k e r s A s s o c i
a tio n , A n n u a l C o n v e n t io n , B r o a d
m o o r H o t e l, C o lo r a d o S p r in g s.
O u r p h o n e lines are always open.
Y o u r call, visit, or inquiry by letter is
m ost w elcom e, anytime.
M a y 2 8 -J u n e 1, A m e r ic a n I n s tit u te o f
B a n k in g , A n n u a l M e e t in g , C h a se
H o t e l, S t. L o u is .
J u n e 5-6, M in n e s o ta B a n k e r s A s s o c ia
t io n , 7 2n d A n n u a l C o n v e n t io n ,
L e a m in g t o n H o t e l, M in n e a p o lis .
J u n e 11-12, S to n ie r S c h o o l o f B a n k in g ,
R u tg e r s U n iv e r s ity , N e w B r u n s
w ic k , N . J.
Phone Y A rds 7-1220
J u n e 14-16, M o n ta n a B a n k e r s A s s o
c ia t io n , 5 9 th A n n u a l C o n v e n t io n ,
M a n y G la c ie r H o t e l, G la c ie r N a
t io n a l P a r k , M o n ta n a .
J u n e 14-16, W y o m in g B a n k e r s A s s o c i
a t io n , A n n u a l C o n v e n t io n , Jack so n L ak e L o d g e , M oran.
J u ly
12-14, C e n tr a l S ta te s C o n fe r
e n c e , A n n u a l M e e tin g , G le n w o o d
S p r in g s , C o lo .
SINCE 1 8 6 8
A u g u s t 6-24, N a t io n a l T r u s t S c h o o l,
N o rth w estern
U n iv e r s ity , E v a n
s to n , 111.
S e p te m b e r 23-26, A m e r ic a n B a n k e r s
A s s o c ia t io n , 8 8 th A n n u a l C o n v e n
t io n , A t la n t ic C ity , N . J.
O c to b e r
11-12,
N eb rask a
B ankers
A s s o c ia t io n , 6 5 th A n n u a l C o n v e n
t io n , C o r n h u s k e r H o t e l, L in c o ln .
O c to b e r 14-17, R o b e r t M o r r is A s s o
c ia te s , 4 8 th A n n u a l C o n fe r e n c e ,
W a ld o r f-A s to r ia H o t e l, N e w Y o r k .
O c to b e r 14-18, F P R A , 4 7 th A n n u a l
C o n v e n t io n ,
C h a lfo n te - H a d d o n
H a ll H o t e ls , A t la n t ic C ity , N . J.
O c to b e r 21-24, Io w a B a n k e r s A s s o
c ia t io n , 76th A n n u a l C o n v e n t io n ,
H o te l
F ort
D es
M o in e s ,
D es
M o in e s .
O c to b e r 21-23, A B A R e g io n a l M o r t
g a g e W o r k s h o p M e e tin g , H o t e l
L e a m in g t o n , M in n e a p o lis .
O c to b e r 22-24, N A B A C , 3 8 th A n n u a l
C o n v e n t io n , A m e r ic a n a H o t e l, B a l
H a r b o u r , F la .
ST/ie
S ervin g
N o v e m b e r 8-9, M id -C o n tin e n t T r u s t
C o n f e r e n c e , 3 1 st A n n u a l M e e tin g ,
H o t e l D r a k e , C h ic a g o .
In du stry A n d
N o v e m b e r 12-13, N a t io n a l A g r ic u lt u r a l
C r e d it C o n fe r e n c e , 1 1 th A n n u a l
C o n f e r e n c e , S h e r a to n - F o n t e n e lle
H o t e l, O m a h a .
For O ve r
A g ricu ltu re
N in e ty Y ears
LIVE STOCK
A.]%"K
4150 South H alsted Street, Chicago, Illinois
M EM BER FE D ER A L D E P O S IT IN SU R A N C E C O R P O R A T IO N
N orthw estern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B a n ker,
A p ril,
7962
98
WANT ADS
Rates 20 cents per word per
New M olin e Klnnhing ÎÇuurters
insertion. Minimum: 10 words.
NORTHWESTERN BANKER
306 15th St., Des Moines, Iowa
W A N T E D TO BU Y
A b a n k o f $1% to $4 M illio n d e
p o s its in Io w a , M in n e s o ta , o r S o u th
D a k o ta . W ill p u r c h a s e f o r c a s h o r
on c o n tr a c t. I a m a n e x p e rie n c e d
b a n k e r a n d w ill f u r n i s h r e fe r e n c e s
u p o n r e q u e s t. M a y I h a v e a c o n
fe re n c e w ith y o u ? W r ite W B X , c /o
N O R T H W E S T E R N B A N K E R , 306
1 5 th S t r e e t , D e s M o in e s, Io w a .
P O S IT IO N S A V A IL A B L E
f o r b a n k e r s o f a ll s k ills a n d e x
p e rie n c e .
I n a b s o lu te c o n fid en ce
w r ite to
BANK PERSO N N EL
C L E A R IN G H O U S E
a n d E m p lo y m e n t A g e n c y
503 N . W a s h in g to n
N a p e rv ille , Illin o is
F R IE N D L Y C O L O N IA L w elcom e g re e ts c u sto m ers o f th e n ew hom e of th e S o u th e a s t
N a tio n a l B a n k in M oline, 111. T he o n e -sto ry s tru c tu re is p la n n e d fo r o p e ra tio n a l effi- "f
c ie n cy as w ell as e y e-p lea sin g a p p e a ra n c e . Tw o d riv e-u p te lle r w indow s a n d off-street
p a rk in g a re in clu d e d . B a n k B u ild in g a n d E q u ip m e n t C o rp o ra tio n o f A m e ric a w ere
c o n su lta n ts fo r th e p ro je c t.
G
C O L O R F U L P O S T E R S to p ro m o te
y o u r b a n k in g s e rv ic e s . E y e - c a tc h
in g !
E ffe c tiv e !
F r e e i l l u s t r a te d
b ro c h u re . A lla n K . J e n s e n , A u d u
b o n 10, Io w a .
BANK REMODELING
Waterloo, Iowa
G r o s s , K ir k ,
C om pany
...................................
98
I XVI EX O F
A Il V E H T l S E It S
H a r r is T r u s t a n d S a v in g s B a n k ............. 53
H e in r ic h E n v e lo p e C o m p a n y ................... 1 9 -2 0
H u m m e r , W a y n e , a n d C o m p a n y ............. 52
APRIL, 1962
I o w a - D e s M o in e s N a t io n a l B a n k ..............102
I r v i n g T r u s t C o m p a n y ......................................
4
II
I
A
A c o r n P r in tin g - C o m p a n y ..............................
A m e r ic a n E x p r e s s C o m p a n y .......................
A m e r ic a n N a t i o n a l B a n k a n d T r u s t
C o m p a n y — C h ic a g o ........................................
A m e r ic a n T r u s t a n d S a v in g s B a n k —
D u b u q u e ..................................................................
B
B a n k o f A m e r ic a ..................................................
B a n k B u i l d i n g a n d E q u ip m e n t
C o r p o r a t io n ..........................................................
B a n k o f M o n t r e a l ................................................
B a n k e r s L i f e C o m p a n y — D e s M o in e s . .
B a n k e r s T r u s t C o m p a n y — D e s M o in e s . .
B a n k ers T ru st C om pan y— N ew Y o r k ...
B u r r o u g h s C o r p o r a t io n ...................................
98
51
17
90
35
15
36
56
84
47
55
C
C a d illa c A s s o c i a t e s , I n c ..................................... 52
C e l- U - D e x C o r p o r a t io n .................................... 99
C e n t r a l N a t io n a l B a n k a n d T r u s t C o .. . 12
C e n t r a l S t a t e s H e a l t h a n d L if e C o. . . . 1 0 1
C h a s e M a n h a t t a n B a n k , T h e ....................... 37
C h ile s a n d C o m p a n y ........................................... 74
C h r is t m a s C lu b a C o r p o r a tio n .................. 11
C o lo r a d o N a t io n a l B a n k — D e n v e r ............. 68
C o m m e r c e T r u s t C o m p a n y ............................ 87
C o n g r e s s o f M o to r H o t e l s .............................. 48
C o n t i n e n t a l I l l i n o i s N a t io n a l B a n k a n d
T r u s t C o m p a n y ................................................... 39
D
D a v e n p o r t , P . E ., a n d C o m p a n y . . . . 7 2 , 91
D e L u x e C h e c k P r in t e r s , I n c ......................... 22
D ie b o ld , I n c .................................................................. 6-7
D o w n e y , C. L., C o m p a n y ................................. 10
D r o v e r s N a t io n a l B a n k ................................... 92
E
E x e c u t i v e H o u s e A r iz o n ia n .........................
50
F
F a r m B u s i n e s s C o u n c il, I n c . .......................
F ir s t C o n tin e n ta l N a tio n a l B a n k and
T r u s t C o m p a n y ................................................
F i r s t N a t i o n a l B a n k — C h ic a g o ..................
F i r s t N a t i o n a l B a n k — K a n s a s C it y . . . .
F i r s t N a t io n a l B a n k — O m a h a ....................
F i r s t N e b r a s k a S e c u r it ie s , I n c ....................
99
81
49
42
75
83
K
98
K o ch B ro th ers
L
L a M o n te , G e o r g e & S o n ................................. 21
L a S a lle N a t io n a l B a n k ................................8 9 -9 1
L a w r e n c e W a r e h o u s e C o m p a n y ............... 45
L e F e b u r e C o r p o r a tio n ....................................... 8-9
L iv e S t o c k N a t i o n a l B a n k — C h ic a g o . . 97
L iv e S t o c k N a t i o n a l B a n k — S io u x C ity 64
M
M a r q u e t t e N a t i o n a l B a n k ............................ 60
M a s s a g lia H o t e l s ....................................................46
M e r c a n t i le T r u s t C o m p a n y ......................... 23
M e r c h a n t s N a t io n a l B a n k ............................
2
M in n e s o t a C o m m e r c ia l M e n ’s
A s s o c i a t i o n .......................................................... 48
M o s le r S a f e C o m p a n y .................................. 4 0 -4 1
N
N a tio n a l B a n k o f C o m m erce T r u st and
S a v in g s ....................................................................
N a t io n a l B a n k o f S o u th D a k o t a .............
N a t i o n a l B a n k o f W a t e r l o o ................... 96
N a t i o n a l B o u le v a r d B a n k o f C h ic a g o . .
N a t i o n a l C a sh R e g i s t e r C o m p a n y ..........
N o r t h e r n T r u s t C o m p a n y ..............................
N o r t h w e s t S e c u r it y N a t io n a l B a n k . . . .
79
65
ACORN
O
O m a h a N a t i o n a l B a n k ......................................
O m a h a P r i n t i n g C o m p a n y ............................
73
78
R
R a l s t o n P u r i n a C o m p a n y .............................. 93
R e c o r d a k C o r p o r a t io n ...................................... 43
S
S t. P a u l T e r m i n a l W a r e h o u s e C o ........ 59
S c h w e s e r , R o b e r t B ., C o m p a n y ...............
S q u a r e D e a l I n s u r a n c e C o m p a n y .............
S t o c k Y a r d s N a t io n a l B a n k — O m a h a . . .
S t u d le y , S h u p e r t T r u s t I n v e s t m e n t
C o u n c i l ........................................
78
38
77
46
T
U
Registers
THE ACORN PRINTING CO.
Oakland, Iowa
N orth w estern
B a n ker,
A p ril,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
w
16
24
3
66
T o o t l e - E n r i g h t N a t io n a l B a n k .................. 82
"Accepted Sale Registers by Bank
Clerks Everywhere"
For information write
y-
U n it e d S t a t e s C h e c k B o o k C o m p a n y . . 44
U n it e d S t a t e s N a t i o n a l B a n k — O m a h a . . 70
V
V a l l e y B a n k a n d T r u s t C o m p a n y ...... 95
V a l l e y N a t i o n a l B a n k o f A r i z o n a ... 14
V a n H o r n e I n v e s t m e n t s , I n c ...........................
w
W e s t e r n a n d S o u t h e r n L if e I n s u r a n c e
C o m p a n y .................................................................. 14
A
99
The Bankers’ Market Place
A P a g e T e llin g W h a t’s N e w fo r B a n k s an d B a n k e r s
E ach m o n th the B a n kers’ M arket Place w ill bring you listings of new
products, specialty item s, banking equipm ent, and g ift item s w hich w ill
help yo u and yo u r sta ff do a better job. T h is is the selection for this m onth.
“PLA N N IN G Guide to Successful
M otor B anking in th e S ixties”
has been p rep ared by B ank B uilding
and E q u ip m en t C orporation, St. Louis.
A n u ts and bolts book of th e downy to-earth problem s and th e ir solutions
as related to drive-in banking, the
“P lan n in g G uide” covers th ese m ajor
subjects and more: P re-planning stage,
a b lu e p rin t of th e autom obile from a
drive-in point of view, factors to con
sider in p a rk in g area planning, dim en
sions and considerations necessary for
the drive-up lane and w indow area,
T and a look a t th e la te st drive-up and
w alk-up w indow equipm ent.
A
H E N ational Cash R egister Com
pany has unveiled a new 10-key
adding m achine designed to speed up
figure w ork in th e average business
office.
The m achine is th e first entirely
new 10-key design to be developed in
th e U nited States since 1958.
T
N EN TRA N CE m at w hich is u n
usual in th a t it com bines two
types of surfaces, each for a specific
f u n c t i o n , has been announced by
A m erican M at C orporation, Toledo,
Ohio.
The pyram id top surface gives a
firm er grip th an a co rrugated surface
and allows quick drainage in four
directions. The pebbled bottom also
perm its excellent drainage and aera
tion.
A
Also included are w ell illu stra te d
exam ples of th e basic types of m otor
b ank accom m odations. B an k ers in te r
ested in a copy m ay w rite B ank B uild
ing and E q u ip m en t C orporation, 1130
H am pton A venue, St. L ouis 10, Mo.
N E W heavy-duty folding p a rti
tion has been announced by H ol
comb & H oke M an u factu rin g Com pa
ny, Inc., of Indianapolis. D esignated
as the F oldoor Multi-X12, th e door fea
tu re s a heavy-duty, in te rn a l steel
fram e w ith m assive 12% inch accor
dion hinges, providing special struc* tu ra l stren g th , m i n i m u m stacking
space and ease of operation.
A
Specification sheets are available on
request.
“P A L L E T I Z E D ” s y s t e m for
w arehouse storage of sem i-active
business files w as featu red a t a recen t
^ display by B an k ers Box Com pany,
F ra n k lin P ark, 111.
A
press is offering a special foreign in
v estm en t checklist.
The checklist outlines a v ariety of
problem s firms should look into be
fore settin g up operations in a foreign
country. It suggests a n um ber of
questions th a t m ight be asked on m at
te rs such as m o n etary system s, ex
port-im port controls, m ark etin g con
siderations, labor relations, real estate,
law, taxes and governm ent.
T his special checklist can be ob
tained by w ritin g the Overseas B ank
ing D epartm ent of The A m erican E x
press Company, Inc., at 65 Broadw ay,
New York 6, N. Y.
N E W 10-K EY A D D IN G M A C H IN E
A ccording to H. C. Keesecker, NCR’s
m ark etin g vice president, this new
‘Class 10’ series “provides NCR w ith
a com plete line of adding m achines
and com plem ents our full-keyboard
and ‘live’ keyboard series.”
The Class 10 series is priced from
$295 to $375. F irs t deliveries are
scheduled for late spring. The m a
chines w ill be available in a wide
range of colors, including tan, w hite,
blue, green, gold, and gray.
OR the increasing n um ber of
A m erican executives considering
overseas investm ent, A m erican E x
F
WO business developm ent plans
have been announced by T raining
D ynam ics, Inc., Glen Ellyn, 111.
P lan 1, a creative selling sem inar,
is designed to provide know ledge and
basic skills in how to plan and m ake
successful sales calls and is especially
applicable to relativ ely inexperienced
personnel, and sm all and m edium sized
banks.
Plan 2, a business developm ent con
ference, provides intensive and ad
vanced train in g in th e knowledge,
skills, and tools needed to develop new
bank custom ers.
Com plete details are available on
req u est w ithout obligation.
T
Designed for m ass h an d lin g of rec
ords, th e new system p erm its as m any
v as 24 tan d em storage files to be m oved
or sto red at a single tim e. The firm
says th e system can speed h an d lin g of
large volum es of records by as m uch
as 50 p e r cent.
NEW , low-cost coin b an k called
“Mr. H a p p y , t h e p erso n ality
piggy b an k ,” has been announced by
Savings Specialties Com pany, 53 W.
Jackso n B oulevard, Chicago 4, 111.
A
The th re e and one-half inch tall
“h appy p ig ” com es in solid colors: red,
C- yellow , blue and pink. T hey are con
stru cte d of good q u ality plastic and
generous space is provided for a d v er
tisin g m essages, a slogan, etc.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OUTSTANDING CHOICE
OF OUTSTANDING BANKERS
The bank newsletter for modern agriculture
— providing an excellence of quality that
elevates bank promotion to the full service
level. Preferred by 8 out of 10 farmers be
cause it helps with their "money matters."
the FARM PICTURE
N o rth w estern
B a n ker,
Dept. 43
P.O. Box 221
Urbana, III.
A p ril,
7962
100
In the
!
DIRECTORS
Wrote Own Criticism
A young au th o r sen t a m an u scrip t
to an editor w ith a le tte r in w hich he
stated: “The ch aracters in th is story
are p u re ly fictional and b ear no re
sem blance to an y p erso n living or
dead.
A few days la te r he received his
m an u scrip t back w ith th e penciled no
tation:
“T h a t’s w h a t’s w rong w ith it.”
kicking you u n d er the table to rem ind
you we d idn’t have an y ?” she asked.
“I d id n’t feel any kicks,” he said.
A Best Seller
H ave you heard about th e clergy
m an w ho recently com piled a list of
720 vices? He claim s he has been
sw am ped by req u ests for copies from
people w ho th in k th ey m ay be m iss
ing som ething.
Planning Ahead
“R em em ber, m y boy, said th e elder
ly relative, “th a t w ealth does not
brin g happ in ess.”
“I don’t expect it to,” an sw ered th e
young man. “I m erely w an t it so I
can choose th e kind of m isery th a t
is th e m ost agreeable to m e.”
Natural Aptitude
“W h a t’s the idea of h irin g a cross
eyed m an for store detective,” de
m anded th e d ep artm en t store man- ^
ager of th e personnel director. “Well,
ju st look at him ,” calm ly replied the
director. “Can you tell w ho h e ’s
w atching?”
+
Enough’s Enough!
“I ’m a dollar sh o rt in m y pay check
th is w eek,” th e em ployee com plained.
“We overpaid you a dollar last w eek
and you d id n ’t com plain,” his boss re
plied.
“One m istake I can overlook, b u t a
second is inexcusable.”
1962 Truism
The new ’62 m odels are noted for
th e ir quiet operation, even at speeds
of 60, 70 or 80 m iles an hour. The
head-on crashes, how ever, are ju st as
noisy as those of th e older models.
Let’s Be Consistent
“Tom m y, go get the old horse.”
“W hy the old horse, Pop?”
“W ear out th e old ones first, th a t’s
m y m otto.”
“Okay, Pop, th e n yo u go get th e
horse.”
Wrong Guy
W hen Bill b ro u g h t his boss hom e to
dinner, his w ife took him aside and
gave him stric t orders not to offer his
guest an y sh e rry because th e y had
none in th e house. B ut Bill soon fo r
got and as soon as his em ployer w as
seated a t th e table he offered him a
glass of sherry. The em ployer jerk ed
sharply, tu rn e d red and said he d id n ’t
really care for any.
“Oh, come on,” insisted Bill, ju st a
sm all glass.”
H is boss tu rn e d even red d er and
said he d id n ’t care for any.
A fter th e evening w as over and the
guest had departed, B ill’s w ife tu rn e d
to h er husband.
“W hy did you continue in sistin g he
have a glass of sh e rry w hen I kept
N o rth w estern
B a n ker,
A p ril,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7962
The W orm Turns
T hey had been m arried ju st two
w eeks and he w as going th ro u g h a
batch of m ail th a t had arriv ed th a t
m orning.
“H oney,” he said, “a re n ’t these bills
for th e clothes you bought before we
w ere m arried ?”
“Yes, darling,” she replied. “You’re
not u pset about it, are you?”
T
“W ell,” he retorted, “don’t you th in k
it’s u n fair to ask a fish to pay for the
bait he w as caught w ith ? ”
iilf'
Grass Roots Thinking
A farm er w ho w as m uch troubled
by tre sp assers d u rin g th e n u ttin g sea
son consulted a botanical friend. The
b o tan ist fu rn ish ed him the technical
nam e of the hazelnut, and the farm er
placed th e follow ing notice at conspic
uous points:
“T respassers, take w arning! All p e r
sons en terin g this wood do so at th e ir
ow n risk, for, a l t h o u g h com m on
snakes are not often found, the Corylus A vellana abounds everyw here, and
nev er gives w arn in g of its presence.”
The place w as unm olested th a t year,
and th e farm er gath ered his crop of
h azeln u ts in peace.
W hen ?
Long-suffering W ife: Douglas, I ’ve
had enough of this. The n ight before
last you cam e hom e yesterday. L ast
n ig h t you cam e hom e today. If to
n ig h t you come hom e tom orrow , I ’m
quitting.
Rye Hutu or
G etting old is m erely a m a tte r of
feeling yo u r corns m ore th an your
oats.
^
Most Thoughtful
The w ealth y T exan w as show ing
his d au g h ter aro u n d his recen tly com- *
pleted m ansion. At th e sw im m ing pool
th ey stopped to w atch several young
m en diving and stunting.
‘Oh, Daddy,” exclaim ed th e girl,
“and y o u ’ve stocked it ju st for me!” ^
Logical Timing
An old tim er, after placing some
flowers on a grave in the cem etery,
noticed an old Italian placing a bottle
of red w ine on a n earb y grave and
asked: “W hat tim e do you expect your
friend to come and d rin k th e w ine?”
Italian (w ith a sm ile): “Same tim e
your friend comes up to sm ell th e
flowers.”
says Mr. Gary P. Bauman, Executive Vice-President,
The Tilden Bank, Tilden, Nebraska
“ For 75 years we have been known as a progressive
bank. That’s why we were the first rural bank in North
eastern Nebraska to install an electronic posting machine, the
first rural bank in North-eastern Nebraska to offer drive-in
facilities to our customers and why 12 years ago, we became
associated with Central States Health & Life Co. of Omaha.”
“ My 35 years experience in the banking and insurance
business has fashioned for me an axiom; ‘always do business
with responsible men and men who know their business’.
That’s why we unconditionally recommend Central States’ Bank
Health program to all those banks who inquire of us.”
Progressive banks such as The Tilden Bank are looking
at the opportunities of Central States Bank Health Plan:
opportunity to perform a valuable customer
service . . . to build goodwill . . . to earn a fair
return for their efforts. Can we tell you more
about it? Simply write . . . wire . . . or
phone Central States 346-7500 in Omaha.
IN OVER 700 BANKS
IpSÈE
I uillii
B i Llliii
Il
*Voluntary Insurance Protection
Ce n t r a l S t a t e s
H ealth & L ife Co.
o f O m ah a
T. LESLIE KIZER, President
CENTRAL STATES INSURANCE BUILDING
HOWARD AT 18TH STREET • OMAHA
UN D ERW RITERS
AND
LIFE,
IN SU R A N CE
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O F CO N SU M ER CRED IT
H EALTH ,
THROUGH
A C C ID E N T
AND
F IN A N C IA L
IN SU R A N CE
H O S P IT A L
IN ST IT U T IO N S
D ir e c t N o tific a tio n : always a little faster
M any Iowa Banks tell us enthusiastically that our Direct
Notification Plan is an unusually fast, low-cost way to report
non-payment checks of $500 or more.
With this system, one phone call does the work of two or
more telegrams when the previous endorser is not the bank of
deposit. Also, notification is immediate. More complete informa
Je rry Nelson
Geo. H a rna g e l
tion can be obtained by phone. The cost is substantially less.
The benefits are even greater when you use our Direct
Notification Plan with our round-the-clock mail pick-up and
night transit service.
For complete information on how our Direct Notification
Plan can serve your bank better, just drop us a line.
Bob B u e n n e ke
Ben Eilders
Jo h n H u n t
W e’re here to help you get what you want
Iow a D e s Mo in e s •National Bank
6th and Walnut, Des Moines 4, Iowa
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CHerry 3-1191
M em b er Federal D ep o sit Insurance C orporation
@FedFRASER