The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
NORTHWESTERN
x
S
a
H
K
&
U
“ Twin Accounts
Pian Attracts
Savings Dollars
— Page 23
9 Half-Truths
About Farming
Page 30
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANK'S SOCIAL CLUB PRESIDENT TRIES THE WATER— PAGE 9
OFFICERS
James E. H amilton
Chairman Executive Committee
S. E . COQUILLETTE
Chairman of the Board
John T . H amilton II
President
F red W . S m it h
Vice President
R e g in a l d B . F igge
Vice President
M a r v in R . S eld en
Vice President
Gol den
Grain
R. W . Manatt
Vice President
L e on ar d W . B r o u l ik
Vice President
S. J . M o h r b a c h e r
Vice President
J a m e s E. C oq u il l et t e
Vice President
A r t h u r E. L in d q u is t , J r .
Vice President
E verett C. P r a t t
Cashier
C. F . P e r e m s k y
Asst. Cashier
Persistent
su m m er
sun
and
refreshing
V ictor W . B r y a n t
rains are w orking their m agic on the rich
N . J. D autrem ont
Iowa soil as p eople everyw here await the
Asst. Cashier
Asst. Cashier
R obert A . H a h n
Asst. Cashier
W . F. V om acka
stream o f grain into the breadbaskets o f
the
w orld.
It
is
inspiring
to
have
a
“ grandstand’ ’ view o f the team w ork b e
Asst. Cashier
TRUST DEPAR TM EN T
R u ss e l l I . H ess
Vice President
R . D. B r o w n
tween skilled farm ers and b o u n tifu l n a
ture.
T h e M erchants N ation al B a n k is
located in the heart o f agricultural A m e r
ica in the grain capital o f the w orld.
You
are invited to u tilize our unexcelled fa
Trust Officer
F. F orbes O lberg
Trust Officer
R obert F . L e d w it h
Asst. Trust Officer
MORTGAGE LO AN
D EPARTM ENT
R a y m o n d D. O rr
Manager
cilities fo r w orld w ide correspondent serv
ice, w hich
includes grain
items.
the Merchants
Na
Bank
CEDAR RAPIDS. IO W A
Member Federal Deposit Insurance Corporation
No. 841. Northwestern Banker, published monthly by the Northwestern Banker Company, at 306 Fifteenth St., Des Moines, Iowa. Subscription,
35c per copy, $3 per year. Entered as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, under Act of March 8, 1879.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A n y w a y y o u lo o k a t p e rs o n a l lo a n s
Old Republic c a n h e lp y o u r b u s in e s s
Old Republic’s credit life, accident and sickness insurance is a service that gets loans as
well as makes them more secure. Old Republic is the company with the most experience
in the field . . . with an entire organization devoted to assisting you with both personal
help and materials that fit your operation without extra work by your employes.
• Simple, accepted rate charts
• Really usable ad materials
• Forms that take no extra time
• Personal help when you need it
FOR BO TH MORE BU SIN ESS A N D MORE SECURITY IN P E R S O N A L LO A N S ,
PHONE, WIRE OR W RITE
Old Republic Life Insurance Company
Chicago 1, Illinois
N o r t h w e s t e r n B a n ke r, A u g u s t, 1957
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4
You're on the right track
when you display
the emblem of
Christmas Club
A Corporation
Nearly one-half (46.6%) of all Christmas Club members are in
the 25-44 age bracket— far in excess of the population ratio
(28.5%) of this group.
These young Americans have growing families that require
all your services. They need savings programs, loans, safe
deposit boxes and financial advice. They are your best market
today— and tomorrow!
Bring them through your doors with Christmas Club. A
staff member of Christmas Club a Corporation will gladly call
and tell you the complete story. No obligation, of course.
A n a t io n - w id e s u r v e y m a d e b y C h r is t m a s C lu b
a C o r p o r a t io n s h o w s t h a t C h r is t m a s C lu b m e m
b e r s a r e c o n c e n t r a t e d in t h e y o u n g f a m i l y g r o u p
A g e B rack e t
p n s tfm Jilu h .
*• SPONSORED BY THE INCORPORATED ORGANIZATION CHRISTMAS CLUB
t
ORIGINATORS OF THE CHRISTMAS CLUB PLAN
* R A Y M
E NT
NUMBER
P ro portion of
C h ristm a s C lu b
M e m b e rsh ip
In A g e B rack e t
U n d e r 15 Y e a r s
2 9 .4 %
15-24
13 .3
2 5 -3 4
1 4 .6
2 1 .3
3 5 -4 4
1 3 .9
2 5 .3
7 .8 %
11 .0
4 5 -5 4
11.5
1 8 .0
5 5 -6 4
8 .8
1 0 .9
O ver 65
HEADQUARTERS FOR MEMBERS OF
P ro po rtio n of
To tal P op u latio n
In A g e B rack e t
8 .5
5 .7
1 0 0 .0
1 0 0 .0
"
C fjrtë tm a ô C lu b
a Corporation
Founded by Herbert F. Rawll
2JMI P A R K A V E ., N E W Y O R K 17, A . Y
B U IL D S C H A R A C T E R
•
B U IL D S S A V IN G S
B U IL D S B U S IN E S S F O R F IN A N C IA L IN S T IT U T IO N S
Nor thwest er n
Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
H A R R IS Trust
Anniversary Year
and Savings B A N K
Organized as N. W. Harris & Co. 1882. Incorporated 1907
115 W . M O N R O E S T R E E T
STATEMENT OF CONDITION
June 6, 1957
C H IC A G O 90
DIRECTORS
E D W IN
C. A U ST IN
Sidley, A ustin, Burgess & Smith
R ESO U R C ES
W E S L E Y M . D IX O N
Cash on Hand and Due from B a n k s.. . . . .$164,556,813.57
U. S. Government Securities......................... 118,082,658.12
State and M unicipal Securities....................
59,673,346.14
Other Bonds and Securities...........................
5,647,201.17
Loans and D iscounts....................................... 349,711,326.30
Federal Reserve Bank S to c k ........................
1,050,000.00
Customers’ Liability on A cceptan ces.........
1,148.07
Accrued Interest and Other R esou rces.. . .
3,668,799.94
Bank Prem ises...................................................
4,875,000.00
T o t a l......................... $707,266,293.31
President, Container Corporation
of America
RO BERT W .
G ALVIN
President, Motorola, Inc.
D AVID
GRAH AM
Financial Vice President
Standard Oil Company (Indiana )
FRED G.
G U R LE Y
Chairman of Board
The Atchison, Topeka and
Santa Fe Railway Company
NORM AN
W.
H ARRIS
Room 2 001, Harris Trust Bldg.
STANLEY
G. HARRIS
Chairman, Executive Committee
CH ARLES C. JARCH OW
President, American Steel Foundries
W AYNE
L IA B IL IT IE S
A . JOHNSTON
President, Illinois Central Railroad
Dem and D eposits............$551,540,278.94
Tim e D eposits.................
83,962,792.11
T otal D eposits................................................$635,503,071.05
Bills Payable .....................................................
11,000,000.00
Acceptances........................................................
1,148.07
Reserves for Taxes, Interest, etc..................
7,793,082.97
General Contingency R eserv e......................
7,565,895.44
C a p ital...............................$ 15,000,000.00
Surplus...............................
20,000,000.00
Undivided P rofits......................................... 10,403,095.78
T otal Capital F u n d s...................................
45,403,095.78
T o t a l......................... $707,266,293.31
United States Government Obligations and Other Securities carried at $50,685,142
are pledged to secure Public and Trust Deposits and for other purposes as required
or permitted by law.
W IL L IA M
V.
K AH LER
President
Illinois Bell Telephone Company
E D W IN A . LO C K E, JR.
President, Union Tank Car Company
john
l
. M cCa f f r e y
Chairman of Board
International Harvester Company
F.
B. MCCONNELL
President, Sears, Roebuck and Co.
JAMES L .
PALMER
President, Marshall Field & Company
W IL L IA M A . PATTERSON
President, United A ir Lines, Inc.
CHARLES H . PERCY
President
Bell & Howell Company
JOHN G. SEARLE
President, G. D. Searle & Co.
STU AR T J. TEM PLETO N
Wilson & M cllvaine
M e m b e r F e d e r a l R e s e r v e S y st e m
M e m be r F e d e r a l 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
KENNETH
V.
Z W IE N E R
President
■ y "
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Banker, Augus t ,
1957
fi
c . He r b e r t
co rn ell,
President of the
Fidelity State Bank.
n a t io n a l c l a s s
“ 3 1 ” multiple-duty machine provides fast operation and flexibility for posting many
bank applications.
M in n e s o t a ’ s
la rg est sta te bank
p r o o f -t r a n s i t w o r k l o a d is processed with accuracy, speed, and efficiency
by these National 20-tape central control and proof machines.
uses a 100% National System.
Our G/ffitioncU Machines
repay their cost every 3 years...
return 35% annually on the equipment investment!”
STATE
“ Fine customer relations are a vital
part in the growth of any bank,”
writes C. Herbert Cornell, President
of the Fidelity State Bank, “ As the
largest State Bank in Minnesota, we
feel that much of our continued cus
tomer good will is due to the com
plete banking facilities which our
modern National System enables us
to offer our depositors.
“ W e have a modern N ation al
System that meets the needs of all
of our departments. For checking ac
count posting, we use six National
Unit Plan bookkeeping machines; for
installment loans, a National window
posting machine. Our Mortgage Loan
Department has a Class 41 remittance
control machine. For multiple-duty
bank accounting, we use a National
‘Class 31,’ as well as two National
savings machines and three National
20-tape proof machines.
“ From reductions in operating costs
alone, these National machines repay
their cost every three years, and we
feel that an annual return of 3 5 % on
an equipment investment is worth
every banker’s consideration!”
989 O F F I C E S
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
Minneapolis, Minnesota
Lower operating costs and higher efficiency
make a modern National System a very
profitable investment. For complete details
on the National System custom-fitted to
your accounting needs, consult your nearby
National representative. H e’s listed in the
yellow pages of your phone book.
• T R A D E M A R K REG . U. S. P A T . O F F .
G /fS O o n a l
President, Fidelity State Bank
THE NATIONAL CASH REGISTER COMPANY,
N o r t h w e s t e r n Banker, Augus t ,
BANK
IN 94 C O U N T R I E S
Dayton 9 , Ohio
ACCOUNTING MACHINES
ADDING MACHINES
.
CASH REGISTERS
7
Oldest Financial Journal West of the Mississippi
for your A U G U S T , 1957, reading
EXCLUSIVE
.................................................... ............................
63rd Year
. . . in this issue
No. 8 4 1
EDITORIAL
12
★ ANOTHER NEW PLAN
TO ATTRACT SAVINGS 23
< Chicago bank introduces new
banking concept which en
courages thrift. Read how the
bank uses free checks as a
' new-customer incentive.
A c ro ss the D esk fro m the P ublisher
FEATURE ARTICLES
8
9
D e a r E d itor
On the Cover
21
F ro n tisp a g e — Roughing- It?
23
O ur “ T w in A c c o u n ts” P la n A ttr a c ts N ew S av in gs D o lla rs
24
Second H a lf o f 1957 W ill R em ain Stable
—
A. Andrew Boemi
26 B a n k ers See M ore M on ey fo r F a r m e rs fro m Crops and Stock
— A N orthwestern B anker Survey
28
C o u rt D ecisions on L e g a l Problem s
29
W h y W e M ust Sell “ C areers in B a n k in g ” to Y o u n g People
30
N in e H a lf-T r u th s A b o u t F a r m in g — Ezra Taft Benson
31
B u sin ess E xecu tives Y o u K n o w — R ex R. B a iley
— Isaac B. Grainger
L ★ W HAT THEY SAY ABOUT
LAST HALF OF 1957
24
A NORTHWESTERN BANKER
v "round-up sto ry " combines
the statem en ts of leading
bankers and bu sin essm en
who take a professional look
■r at the months ahead.
32
F ed E xp ecte d to Continue C red it R e stra in t— Raymond Trigger
34
B a n k S tatem en t C om parisons
92
D ouble D o lla r P lan Increases S a v in g s A cco u n ts
— Edward B. Chapin
INSURANCE
57
H e re ’s N e w s A b o u t C red it L ife Insurance
STATE BANKING NEWS
, ★ BANKERS SAY FARMERS
WILL EARN MORE
26
,
An area by area outlook by
bankers throughout the mid
west in this exclusive survey
reveals their farm thinking for
the remainder of 1957.
★ 9 HALF-TRUTHS
>
ABOUT FARMING
N e b ra sk a N ew s
M innesota N e w s
61
T w in C ity N e w s
64
77
80
O m aha N ew s
South D a k o ta N e w s
69
70
84
Lincoln N e w s
Sioux F a lls N ew s
85
S t. Joseph N e w s
N o rth D a k o ta N ew s
73
87
Iow a N e w s
M on ta n a N ew s
75
96
D es M oines N e w s
OTHER FEATURES
104
Index o f A d v e r tise rs
105
W h a t ’s N e w fo r B an ks and B ankers
106
C onventions
106
In the D ire cto rs’ Room
NORTHWESTERN BANKER
30
Bankers will want to read
this h ard-h ittin g, down-toearth message from Ezra Taft
’ Benson about fallacies in our
thinking about the "farm pic
ture."
306 15th S tre e t, Des Moines 9 , Io w a , Telephone C H e rry 4-8163
Publisher
Clifford De Puy
Associate Publisher
M alcolm K . Freeland
Editor
Ben J . H a lle r, J r .
Associate Editor
W a lte r T. Procto r
Associate Editor
D aryl F . V isser
Advertising Assistant
E lizab eth Cole
Auditor
U lad yce Shelton
Circulation Department
Lena Sutphin
Secretary
Susan Morton
Field Representative
J. F. Neumann
Field Representative
A l Kerb ei
Frank P. Sym s, V ice Pre sid e n t, 5C5 F ifth A ve n ue , S u ite 1806
M U rray H ill 2-0326
DE PUY PUBLICATIONS: Northwestern Banker, Underwriters Review,
Iowa-Nebraska Bank Directory
N o r t h w e s t e r n Banker , Au gu s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
V-~,--------- — ------------- 1
D ea r E d ito r
Guaranty Trust Company
o f N e w a rk
140 BROADWAY
FIFTH AVE. AT 44th ST.
MADISON AVE. AT 60th ST.
LONDON
40 ROCKEFELLER PLAZA
T
PARIS
BRUSSELS
Condensed Statement of Condition, Jane 30, 1937
R ESOU RCES
Cash on Hand, in Federal Reserve Bank, and Due
! 686,810,593.20
from Banks and Bankers .
509,304,841.10
U. S. Government Obligations
1,590,673,425.87
Loans and Bills Purchased
44,516,050.25
Public Securities
. . . .
9,600,000.00
Stock o f Federal Reserve Bank
28,119,984.74
Other Securities
. . . .
25,691,481.22
Credits Granted on Acceptances
Accrued Interest, Accounts
37,752,066.76
Receivable, etc..........................
157,903,799.16
Real Estate Bonds and Mortgages
12,224,216.19
11,129,855.49
Bank P re m ise s...........................
Total R e s o u r c e s ......................................$2,95 5,822,514.82
. $ 1 2 0 ,0 0 0 ,0 0 0 .0 0
Capital (6 ,0 0 0 ,0 0 0 shares-$20 par)
2 0 0 ,0 0 0 ,0 0 0 .0 0
Surplus F un d......................
92,680,991.19
Undivided Profits . . . .
........................... $ 412,680,991.19
Total Capital Funds
........................... 2,457,059,892.80
Deposits
...........................
548,000.00
Foreign Funds Borrowed
Acceptances . . . .
. . $ 29,953,722.54
Less: Own Acceptances Held for
2,314,479.48
I n v e s t m e n t ...........................
$ 27,639,243.06
4,800,000.00
Dividend Payable July 15, 1957
Items in Transit with Foreign
3,840,306.16
Branches ................................
18,366,318.38
Reserve for Expenses and Taxes .
30,887,763.23
85,533,630.83
Other L i a b i l i t i e s ......................
........................... $2,955,822,514.82
Total Liabilities
Securities carried at $ 2 0 7 ,5 6 4 ,4 7 5 .6 8 in the above statement are pledged to qualify for
fiduciary powers, to secure public moneys as required by law, and for other purposes.
M e m b e r F e d e r a l D e p o s i t I n s u r a n c e C o rp o r a tio n
J. LUTHER CLEVELAND
WILLIAM L. KLEITZ
THOMAS P. JERMAN
DALE E. SHARP
Chairman of the Board
President
Executive Vice-President
Executive Vice-President
D IR E C T O R S
Director,
Duke Power Company
WILLIAM C. BOLENIUS Vice President, Finance,
American Telephone and Telegraph Company
J. LUTHER CLEVELAND Chairman of the Board
CHARLES P. COOPER
President Emeritus,
The Presbyterian Hospital in the City o f N ew York
GEORGE E. ROOSEVELT
CARROL M. SHANKS
President,
The Prudential Insurance Company o f America
CHARLES M. SPOFFORD
of Davis Polk W ardwell Sunderland & Kiendl
Chairman, Executive
Committee, Illinois Central Railroad Company
EUGENE W. STETSON
ROBERT T. STEVENS
JOHN T. DORRANCE, JR.
Assistant to the
President, Campbell Soup Company
CHARLES E. DUNLAP
President,
The Berwind-White Coal Mining Company
WALTER S. FRANKLIN
Director,
The Pennsylvania Railroad Company
W. ALTON JONES
Chairman of the Board,
Cities Service Company
WILLIAM L. KLEITZ
President
CHARLES S. MUNSON
Chairman of the Board,
A ir Reduction Company, Inc.
D IR E C T OR
N o r t h w e s t e r n Banker , Au gu s t ,
1957
President,
J. P . Stevens & Co., Inc.
JAMES M. SYMES
President,
The Pennsylvania Railroad Company
KENNETH C. TOWE
CLYDE E. WEED
President,
American Cyanamid Company
President,
The Anaconda Company
CHARLES E. WILSON
ROBERT W. WOODRUFF
Chairman,
Finance Committee, The Coca-Cola Company
GEORGE S. YOUNG
President,
The Columbia Gas System, Inc.
E M ER ITU S
W. PALEN CON W AY
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
o f Roosevelt & Son
1
‘ ‘Declines Superintendent Job’ *
“ A ra.ther interesting and amusing human
interest incident occurred the other day from _L
which I thought your readers might find a
chuckle.
“ W hen we mailed our first progress report
to customers, correspondent bankers, and
others, we enclosed a 'sidewalk superintend- y
e n tV card. (Copy enclosed.)
“ A t a directors meeting this week, one of
AAA»
L IA B IL IT IE S
GEORGE G. ALLEN
The following letters are from
Northwestern Banker readers. Your
views and opinions on any subject
are welcome in this column.
òAt,kilfg
tS«5»>
iuiiiiiiB
iiiiiiiiiiiiiiiiiii,iiiiimiiiii)wili}*ii^^|||
Ti il / r
CONTINENTAL
■tlonal Bank
Superintendent^
This attests and affirms that
BEN H A L L E R
has full rights and privileges
to serve as Sidewalk Superin
tendent, First Class, during the
construction o f our new banking
home at 12th and N Streets,
Lincoln, Nebraska.
Chairman of the Board
the directors said he had a complaint about
the use of the cards. It seems one of our
elderly customers called him at 6 :0 0 a. m.
one morning to report that she had received
the card the day before. She was flattered, J she said, but felt she was not well enough to
spend enough time at the building site to do
a creditable job as superintendent— so would
have to decline! He relayed her regrets to
the board.”
>
Marguerite Hughes, Adver
tising Manager, The Conti
nental National Bank of
Lincoln, Nebraska.
“ Editorial Excellence”
“ A s always, I enjoyed the editorials in the
July issue of the N o r t h w e s t e r n B a n k e r ,
particularly the one addressed to Mr. John
Foster Dulles. I could not help but drop you
a line and commend you 011 the excellence of
this editorial in regard to our diplomatic
service, and the unfortunate way in which we
select our Ambassadors.
“ I t is regrettable that more people in publie positions, such as yours, with the power
to influence others by the written word, are
not of the same opinion. It seems incongru
ous that this nation, being the wealthiest on
the earth, is still unable to pay a fair and y '
appropriate salary and expense account to
its representatives abroad.
“ Also, please pass on to Daryl Visser of
9
your staff my sincerest congratulations on a
most competent and thorough job of report
ing our association’s 1957 annual convention
in Rapid City.
“ Once again, congratulations! ”
Carl
E.
Bahmeier,
Jr.,
Executive Secretary, South
Dakota Bankers Association,
Duron, South Dakota.
“ Fine Write-Up”
“ Thank you so much for your letter of
July 1 and for your advance copy of the
N ORTH W E S TERN H a n k e r containing the cov
erage of the 1957 annual convention of the
Montana Bankers Association in Yellowstone
National Park.
“ I t was nice to meet and work with you at
the convention, and we thought you had a
very fine write-up covering our convention.”
A
4
'
*
V. C. Hollingsworth, Presi
dent, Montana Bankers A s
sociation and Citizens State
Bank, Hamilton, Montana.
“ Fine Picture”
“ I will be pleased to receive a copy of the
‘ G R A N D H O T E L ’ picture, as shown in the
July N orthwestern B anker,. This is a
fine picture of the great hotel. I have been
there numerous times for conference. Thank
you kindly for this picture.”
Doane’s “ Farming for Profit”
Builds Bank Business
Monthly report offers farm customers
up-to-the-minute information
on price trends, management practices
City and country bankers alike . . . in agricultural areas . . . are
building new business and keeping farm customers well informed
on the agricultural situation with the monthly report, FAR M IN G
FOR PR OFIT, published by Doane Agricultural Service.
FAR M IN G
FOR
PROFIT
offers
authoritative,
money-making,
money-saving information on farm price trends and latest man
agement practices in the agricultural world.
The First National Bank
of Vinita, O k la h o m a ,
has
been
m a i l i n g
F A R M IN G FOR PRO
W. F. Bloch, Sales Repre
sentative, New York L ife In
surance Company, 417 Ninth
Street, Neenah, Wisconsin.
FIT to its farm custom
ers a n d friends since
October ’52. Mr. George
Reeves, President, and
H. B. Hildebrand, Farm
“ Want to Thank You”
“ A s one of your regular readers of the
Representative, are well
pleased with the service.
> N orthwestern B anker , and especially your
letters which are published regularly on your
editorial page ‘Across the Desk from the
Publisher’ and addressed to various promi
nent people in the United States, we want
to thank you for your good magazine.”
Mr. Reeves says, “ W e ’re
very happy with F A R M
ING FOR PROFIT. It’s
Francis T. Shadle, President,
Iowa Trust <j- Savings Bank,
Estherville, Iowa,
the best thing we do for
the money it costs us.”
ON THE COYER
Vernon McCoy, Vo-Ag teacher, Vinita, Oklahoma, says, “ W e use
F AR M IN G FOR PROFIT in our classes regularly. It helps to keep
us current on new ideas in management. W e sure appreciate the
bank sending it to us.”
W . W . Tallman, farmer, Welch, Oklahoma, says, “ You bet I like
F AR M IN G FOR PROFIT. W e (farmers) need all the help we
can get these days. I appreciate getting the service.”
Robert (Bob) W hite, Veterans’ teacher, Vinita, Oklahoma, remarks,
“ My young veterans appreciate getting FAR M IN G FOR PROFIT
from the bank. They’re interested in current information that
might be of help.”
FIRST N A T IO N A L B A N K of Arizona
gagsters heave Bill Downie, president of
the Finasa Club, employee social organiza_
tion, into the pool at Casa Siesta, wellknown Phoenix resort. The ritual initiates
the seventh summer season that the club
has leased the resort’s extensive recrea
tional facilities fo r the exclusive use of
bank employees, their fam ilies and guests.
Downie, assistant chief clerk in First N ational’ s m ain office, Phoenix, is being
tossed by, left to righ t: Sandra Cooper,
George Cuprak, Joann Lockhart, Lois Pfau
and Roy Schuetze, from three of the
Write for information on exclusive distribution rights for
“ FARMING FOR PROFIT” in your trade area.
A service of Doane Agricultural Service, Inc., St. Louis 8, Missouri.
The Oldest and Largest organization in the United States engaged
in Farm Management and Agricultural Research.
AGRICULTURAL SERVICE, INC.
DOANE
1
5142 DELMAR BLVD.
~r“ s
•
ST. LOUIS 8. MO.
bank’s 14 offices in Phoenix.
Northwest ern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Banker, Augus t ,
1957
10
D IR E C T O R S
BARN EY BA LA B A N
P resident, Param ount Pictures C orporation
MANUFACTURERS
TRUST
EDW IN J . B E IN E C K E
Chairm an, The S p e rry and Hutchinson
Com pany
C LIN T O N R . B L A C K , J R .
Presid ent, C. R. B lack, J r. C orp ora tion
COMPANY
H e a d O ffic e : 5 5 B ro a d S tre e t, N e w Y o rk
112
O F F IC E S
IN
G REA TER
N EW
YO RK
A L V IN G . BR U SH
Chairm an, A m erican Home Products
C orporation
Statement of Condition, June 30, 1957
LO U R . C R A N D A L L
Chairm an, G e o rg e A . Fuller Com pany
b
C H A R LES A . D A N A
Chairm an, Dana C orp ora tion
R ESO U R C ES
H O R A C E C . F L A N IG A N
Chairm an, B oard o f D irectors
JO H N M . F R A N K L IN
P resident, United States Lines Com pany
C a sh a n d Due from B a n k s
$
U . S. G o v e rn m e n t S e cu ritie s
S ta te , M u n ic ip a l a n d P u b lic S e cu ritie s
P A O L IN O G E R L I
P resident, G e rli & C o ., Inc.
6 9 ,2 8 9 ,1 5 5
.
1 6 3 ,7 0 1 ,3 5 6
Stock o f F e d e ra l R eserve B a n k ........................
4 ,5 1 1 ,7 0 0
O th e r S e cu ritie s
E U G E N E S. H O O P E R
President
R O Y T. H U R L E Y
Chairm an and Presid ent,
C urtiss - W rig h t C orporation
JO H N L. JO H N S T O N
D ire cto r, Phillips Petroleum Com pany
O S W A LD L. JO H N S T O N
Sim pson Thacher & B artlett
2 9 ,6 8 4 ,7 5 2
Lo a n s, B ills P u rch a se d an d B a n k e rs ’ A c
c e p ta n c e s
JO H N T . M A D D E N
Chairm an, Em igrant Industrial S a vin g s Bank
JO H N P. M A G U IR E
President, John P. M a g u ire & C o , Inc.
v.
M cL a u g h l i n
V/ce Chairm an, Triborough B rid g e and
Tunnel Authority
W IL L IA M G . R A B E
Chairm an, Trust Com m ittee
H A R O L D C . R IC H A R D
New York City
H A R O L D V . SM ITH
Chairm an, The Home Insurance Com pany
3 9 ,2 9 1 ,5 1 8
B a n k in g H o uses a n d Eq u ip m en t
1 8 ,2 4 6 ,9 5 0
C u sto m e rs’ L ia b ility fo r A c c e p ta n c e s
4 3 ,2 4 5 ,5 9 1
A ccru e d In tere st a n d O th e r R eso urces
8 ,9 6 9 ,6 8 5
$ 2 ,9 7 1 ,6 1 6 ,4 7 4
V
J
>.
L IA B IL IT IE S
C a p it a l ( 5 ,0 3 9 ,0 0 0
s h a re s — $ 1 0 . p a r )
S u rp lu s
.................
U n d iv id e d Profits
V
$ 5 0 ,3 9 0 ,0 0 0
1 0 0 ,0 0 0 ,0 0 0
6 1 ,4 8 7 ,6 0 2
$
2 1 1 ,8 7 7 ,6 0 2
*
R eserve s fo r T a x e s , U n e a rn e d D isco u n t,
In te re st, e t c . .................................................................
2 4 ,3 6 8 ,1 8 4
D ivid e n d P a y a b le J u ly 15 , 1 9 5 7
2 ,5 1 9 ,5 0 0
O u tsta n d in g A c c e p ta n c e s
4 6 ,6 5 3 ,1 1 0
L ia b ility a s E n d o rse r on A c c e p ta n c e s a n d
Fo re ig n B ills
..............................................................
2 2 ,1 5 2 ,6 0 7
O th e r L i a b i l i t i e s ..............................................................
1 ,1 6 5 ,7 3 6
D e p o s i t s ..................................................................................
2 ,6 6 2 ,8 7 9 ,7 3 5
L. A . V A N BO M EL
D irector, C hrysler C orporation
H E N R Y C . V O N ELM
H on orary Chairm an
i
1 ,1 9 0 ,4 8 5 ,9 2 6
M o rtg a g e s
B A R R Y T. L E IT H E A D
Presid ent, C lu ett, P ea b o d y & C o Inc.
K E N N E T H F. M a cL E L LA N
Presid ent, United Biscuit C om pany
o f Am erica
►
6 4 8 ,7 0 1 ,5 4 9
U. S. G o v e rn m e n t In su red F. H . A . M o rt
gages
JO H N G E M M EL L, J R .
C lyd e Estates
g eo rg e
7 5 5 ,4 8 8 ,2 9 2
-A
$ 2 ,9 7 1 ,6 1 6 ,4 7 4
U nited S ta tes G overnm en t and O th e r S ecu rities c a rrie d at $ 1 3 1 ,7 6 3 ,8 3 9 a re p le d g e d to
1
secure public funds and trust d e p o sits and fo r o th er p u rp o ses as re q u ired o r perm itted b y la w .
G EO R G E G . W A LKER
President, Electric Bond and S h a re Com pany
M em ber F ed e ra l R eserve System
M em ber New York C lea ring House A ssociation
M em ber F e d e ra l D ep osit Insurance C o rp o ra tio n
N o r t h w e s t e r n Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
V
A
11
Up to 29,000 pictures
on a 100-ft. roll of
16mm Recordak Microfilm
The film
you use in your
Recordak Microfilmer
plays an important part, too
Recordak Microfilm is made by Kodak
Constant research and developm ent by Kodak
— coupled with R ecordak’ s 29 years’ “ on
the jo b ” experience— have led to ever
higher standards in the uniform ity, speed,
and resolving power o f Recordak M icrofilm .
All o f these advances make easier the
exacting job o f reproducing your records
as tiny, needle-sharp images on a strip o f film.
T h e final step— film processing— is, of
course, im portant, too.
(Subsidiary o f Eastman Kodak Company)
originator of modern microfilming —
now in its 30th year
“
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Recordak” is a trademark
N o r t h w e s t e r n Banker , Au gu s t ,
1957
“ It is likewise difficult for individual manage
ments to resist wage demands successfuly since longstrikes can lead to business suicide.
The record is
clear, moreover, that industry resistance, long con
tinued, always brings government intervention and
an unvarying public verdict that it is better for
wage cost to go up than for production to stay
down.
“ There is no doubt that monetary restraint can
check the ‘demand-puli’ type of inflation, and must
be relied upon for that purpose. But there is no
certainty that ‘cost-push’ inflation can be feasibly
restrained by monetary policy alone.”
You do not give us, Mr. Tyson, an answer to “ our
grave wage-price inflation problem in America,”
but one must eventually be found.
Dr. E. G. Nourse, economic counsel for the Na
tional Citizens Committee to Curb Inflation believes
as you do that, “ The problem is one of price-wage
policy on the part of leaders of industry and labor
— they must exercise restraint.
It’s in their long-
range interest to check inflation now.
‘The first thing we must do is admit the danger—
that something ought to be done.
“ I think we are at present at the stage where
>S t
Ltom
he,D E S K
tk&PubHidh&i
inflation threatens to get out of hand.
The stock
market seems to have accepted the premise that
rising prices will continue.”
The problem of a “new kind of inflation” is with
us, and labor and business must find a solution to
QsucVu {RjohsiAL Q . J ifA & fL :
Chairman, Finance Committee, United States Steel
Corporation
In your discussion of “ Our New Kind of Infla
tion ” yon said that we have “ cost inflation pushing
prices up, rather than price inflation pulling up
costs through competitive bidding for materials
and manpower.”
What has caused this new variety of inflation ?
Basically it has been the constant increase in
continue full employment and at the same time
“ hold the line” on a constantly increasing rise in
wages which in turn increases prices.
The problem is real— but the solution is a dif
ficult one.
(D sndUl
K s J im iL
S z h w s u lh s Iy v L :
Advertising Officer, Chase Manhattan Bank, New York.
Does financial advertising pay dividends?
Is bank advertising worth while?
wages, which in turn has generated higher prices
Are banks still living in the “ dark ages” when
that have brought on our new inflation.
As you expressed it, “ From the last prewar year
plans are being made to “ sell their services” ?
The N o r t h w e s t e r n B a n k e r believes most em
to the second postwar year, hourly earnings in
manufacturing increased 87 per cent— a little less
phatically that financial advertising does pay divi
dends and that bank advertising is most worth
than was experienced in the W orld W ar I period.
while, and that banks are taking a more “ enlight
But from then on the experience has been vastly
ened look” at how to sell their services than ever
different.
before in the history of American banking.
In your recent address, Mr. Schweithelm, you
Each year since 1947 the wage infla
tion has continued so that hourly earnings are now
two-thirds greater than ten years ago. Something
new has been added.
“ Labor union membership was less than 3 mil
lion in 1933. Since then it has expanded to include
about 18 million people who are now covered by
collective bargaining agreements. This is more
than double the gainfully employed in farm occu
pations and about one-third of those in all non-farm
occupations.
agreed with these points when you said :
“ Since banks began to advertise and humanize
their business, the percetitage of the public favor
ing government ownership of banks has dwindled to
about 14 per cent from 36 per cent in 1936. Dur
ing this period bank advertising expenditures rose
from $20 million in 1946 to a?i estimated expendi
ture in 1957 of more than $100 million. Bankers
are learning fast that it pays to advertise.
Northwest ern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Banker, Augus t ,
1957 A
“ W e have learned that there is an ebb and flow
to more competitive interest rates being paid to
in the volume of business coming into the bank.
savings depositors and to the active promotion of
Interestingly enough, these ups and downs seem to
savings by the banks participating in the national
have a relationship to the volume of advertising
campaign, “ The Bank Is the Saver’s Best Friend.”
over a given period of time.
“A t Chase Manhattan we also look to advertising
In recent years the value of thrift has been lost
sight of by many people due to the thesis started
as a vehicle to establish and build our corporate
in Washington
identity.
which believed that borrowing and spending was
In addition, it serves as a Moor opener’
for our sales force.”
during
previous administrations
the way to achieve prosperity.
In answering the question of whether or not a
firm or a bank should stop advertising you told the
Let’s hope that your program to increase sav
ings will continue to be a very successful one.
story of W illiam W rigley who, while riding on a
train to the west coast with some business friends,
was asked:
“Mr. Wrigley, you have the majority of the
chewing gum business; why do you continue to ad
Q sucüu ¿ d w a /u d L
vertise so heavily?
President, Union Bank of Michigan, Grand Rapids.
It would seem that you could
show more of a profit if you cut advertising.”
In discussing consumer credit it is your belief
Mr. W rigley replied, I don’t cut my advertising
for the same reason that the railroad doesn’t cut
off the locomotive from this train.”
that “intelligent optimism” should be used by bank
Today banks are putting “more steam” in their
“ advertising engines” than ever before and as a
There are some economists who believe that in
stallment buying is already too high, but most
result are (1) increasing deposits, and (2) attract
bankers who have developed a large volume of con
ing more customers and (3) improving their great
est asset of all— good will.
sumer credit have done so by making sound loans
Yes, bank advertising does pay dividends, as
ers who wish to build a volume in this department
of banking.
and the results over a period of time have been
very satisfactory.
you so well pointed out, Mr. Schweithelm.
Early in 1956 the President, through the Council
of Economic Advisers, requested the Board of Gov
ernors of the Federal Reserve System to undertake
(ù&Wv (DanioL lx), dioqcm.Qrc.:
President, Savings and Mortgage Division,
American Bankers Association.
According to your figures, at the end of 1956,
savings accounts in banks in the United States
reached a record high of $80 billion dollars.
Since 1946, savings in banks have increased by
almost 60 per cent, but in your report you noted
that, “large as these increases are, the rate of
growth of savings deposits in the past few years
has not kept pace with the increase in personal in
come. This indicates that individuals are not sav
ing as large a proportion of their income as they
once did, and also that the boom we have been ex
periencing has been characterized by less savings
and more spending.”
During 1957, banks started a program to empha
size the importance of thrift and savings, both to
the individual, and to the nation.
a broad study of consumer installment credit.
The
Board of Governors reported “ that a special peace
time authority to regulate consumer installment
credit is not now advisable.”
Every bank is or should be a “ department store
of finance” and the more people who enter your
bank, the more opportunities you have to “sell
them” some services which they are not now using,
and as you mentioned, Mr. Frey, consumer credit
brings customers into your bank in greater num
bers than “ any other type of credit.”
Basically consumer credit must be granted only
on sound assets and to reliable individuals, and if
that is the case, it should continue to prove a help
to the customers and of increasing profits to the
banks and avoid any new regulatory government
agency for consumer credit.
It is up to the bank
ers of the nation to achieve this goal.
As a result, during the first four months of this
year, all banks have increased their savings depos
its by $2,130,000,000, compared with the advance
in shares of savings and loan associations aggregat
P. S . : W ith this August issue of the N o r t h w e s t e r n
anker
1 am observing my 45th Anniversary as
ing $1,318,000,000, and the decline reported by
B
postal savings from total deposits of $1,600,000,000
to $1,500,000,000.
publisher of this 63-year-old magazine.
You attributed the increase in savings in banks
N o r t h w e s t e r n Banker, Au gu s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
19 57
14
Á-
IR V IN G TR U ST COM PANY
N E W
STATEMENT
OF
A
YORK
CONDITION
,
JUNE
30,
1957
V
A SSE T S
D IR E C T O R S
Cash and Due from B a n k s ................
Securities:
U. S. Government Securities . . .
Securities Issued or Underwritten
by U. S. Government Agencies .
Stock in Federal Reserve Bank . .
Other Securities................................
$ 4 3 4 ,2 2 5 ,7 0 8
RICHARD H. WEST
Chairman of the Board
3 2 9 ,4 2 4 ,8 4 5
3 6 ,5 4 8 ,0 4 6
3 ,1 5 0 ,0 0 0
3 ,4 2 2 ,1 6 3
3 7 2 ,5 4 5 ,0 5 4
Loans:
Loans Guaranteed or Insured
by U. S. Government
or its Agencies................................
Loans Secured by
U. S. Government Securities . .
Other L oa n s.........................................
}<
GEORGE A. MURPHY
President
HENRY P. BRISTOL
Chairman, Bristol-Myers Company
WILLTAM N. ENSTROM*
y
Chairman of the Executive Committee
THOMAS C. FOGARTY
President,
Continental Can Company, Inc.
3 6 ,2 4 1 ,5 3 2
8 ,0 5 5 ,1 7 9
7 8 5 ,4 6 7 ,9 7 9
8 2 9 ,7 6 4 ,6 9 0
Mortgages:
U. S. Government Insured
F.H.A. M o r tg a g e s ........................
Conventional First Mortgages
on Real E state................................
1 9 ,860,405
\
I. J. HARVEY, JR.
Chairman, The Flintkote Company
DAVID L. LUKE, JR.
President, West Virginia
Pulp and Paper Company
j. r . Macd o n ald
V
MINOT K. MILLIKEN
Vice President and Treasurer,
5 5 9,045
2 0 ,4 1 9 ,4 5 0
Banking H o u s e s ....................................
16,4 3 0 ,8 8 0
Customers’ Liability for
Acceptances Outstanding . . . .
5 3 ,7 3 3 ,7 7 9
Accrued Interest and
Other A ssets.........................................
7 ,7 5 4 ,8 7 4
Total A s s e ts ..................................... $ 1 ,7 3 4 ,8 7 4 ,4 3 5
Deering, Milliken & Co., Inc.
4
DON G. MITCHELL
Chairman and President,
Sylvania Electric Products Inc.
ROY W . MOORE
Canada Dry Ginger Ale, Incorporated
MICHAEL A. MORRISSEY
New York, N.Y.
PETER S. PAINE
r~
President,
L IA B IL IT IE S
Deposits..................................................... $ 1 ,4 9 6 ,6 6 1 ,6 8 1
3 0 ,0 0 0 ,0 0 0
Bills Payable.............................................
Taxes and Other E x p en ses................
12,721,055
Dividend Payable July 1, 1957 . . .
2 ,0 0 0 ,0 0 0
Acceptances: Less Amount in
Portfolio.................................................
5 7 ,0 4 6 ,6 8 4
Other Liabilities.....................................
6 ,4 6 9 ,4 9 3
Total L ia bilities............................
1,6 0 4 ,8 9 8 ,9 1 3
Le ROY A. PETERSEN
President, Otis Elevator Company
J. W HITNEY PETERSON
*
President,
United States Tobacco Company
DONALD C. POWER
President,
General Telephone Corporation
.V.
RAYMOND H. REISS
President,
C A P IT A L
ACCO U N TS
Capital Stock ( 5 , 0 0 0 ,0 0 0 shares— $ 1 0 p ar)
S u r p lu s .....................................................
Undivided P r o f i t s .................................
Total Capital Accounts................
Total Liabilities and
Capital A c c o u n t s ....................
Reiss Manufacturing Corporation
5 0 ,0 0 0 ,0 0 0
5 5 ,0 0 0 ,0 0 0
2 4 ,9 7 5 ,5 2 2
1 2 9 ,9 7 5 ,5 2 2
$ 1 ,7 3 4 ,8 7 4 ,4 3 5
U . S. Government Securities pledged to secure deposits o f public
monies and f o r other purposes required by law
amounted to $ 9 8 ,8 5 8 ,0 9 3 .
HERBERT E. SMITH
Former Chairman of the Board
and Chief Executive Officer,
E. E. STEWART
National Dairy Products Corporation
W ILLIAM J. WARDALL
New York, N.Y.
FRANCIS L. WHITM ARSH
President,
Francis H. Leggett & Company
*Died June jo,
M E M B E R
Northwestern
Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I9S7
F E D E R A
L
D E P O S I T
I N S U R A N C E
A
United States Rubber Company
rgS7
C O R P O R A T I O N
\
15
V
Purina D e a le r J . M . G e e (left) has just com pleted another loan transaction with M r.
C . T. C ro sb y, p resident o f Farm ers and M erchants N a tio n a l Bank o f G ilm e r, T e x a s .
“ OUR PURINA DEALER IS A VALUED BANK CUSTOMER —
HE’S RESPONSIBLE FOR A LOT OF OUR NEW BUSINESS”
says Mr. C. T. Crosby, President,
Farmers and Merchants National Bank of Gilmer, Texas
When Purina Dealer J. M . Gee comes
into the bank, he may need help for
a farmer in the hog business . . . or he
may know about a capable young man
who needs financing for his poultry
operation.
But whatever the opportunity, Banker
C. T . Crosby knows he can have com
plete confidence in the judgment of this
feed merchant and hatchery operator.
t
J. M . Gee started doing business with
the Farmers and Merchants Bank in
Gilmer about 31 years ago, when he
bought a farm on credit. He paid the
bank in full in just four years.
Since 1926, M r. Gee has borrowed
money to start his poultry business,
to get started in the feed business, and
to buy grinding and mixing equipment
for his Check-R-Mix mill in 1956.
Mr. Crosby and his bank have helped
many farmers in the last 30 years—
short-term loans through the Purina
Dealer, plus some paper the bank has
carried on feeders. Broiler growers have
depended on the Farmers and Mer
chants Bank during the last year to help
them carry on. Gee’s Hatchery and Feed
supplies feed for some 200,000 broilers,
many of which are bank-financed.
President Crosby says: “ From my ex
perience, Fd say the Purina Dealer is a
good man with whom to do business.
He brings us many new customers whom
we might not otherwise get to serve.”
The Farmers and Merchants Bank of
Gilmer, Texas, working with the Purina
Dealer, has meant a great deal in de
veloping the Gilmer community. This
team has not only helped increase farm
income in the area, but also gives
farm ers a better understanding of
business methods.
PU R IN A . . .YOUR PARTNER IN SERVING ANIMAL AGRICULTURE
Northwest ern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Banker, Augus t ,
1957
16
D IREC TO RS
STATEMENT
OF C O N D I T I O N
AM O
A D V I S O R Y DIRECTORS
C LA U D E G . A D A M S *
Vice President,
BranifF International Airways
RO B ER T E. M cK EE , JR .
Vice President, Robert E. McKe<
General Contractor, Inc.
NATHAN A D A M S*
Honorary Chairman
of the Board
G EO R G E N. A LD R ED G E*
Chairman, Loan Committee
H. W . BA SS
A.
D. M A RTIN
President, Central Engineer
and Supply Co.
A
H A R R Y S. M OSS
Independent Oil Operator
W IL L IA M
F. N EA LE
William F. Neale & Co.
At the Close o f Business June 6, 1957
J.
C A R R P. C O LL IN S
Chairman of the Board
Fidelity Union Life Insurance Co.
ASSETS
Cash on Hand and Due from B a n k s ..........................
United States
Government Obligations . . $ 1 2 6 ,5 4 9 ,6 9 4 .8 9
Public Housing
Authority Obligations
(Fully Guaranteed) . . .
4 ,4 9 3 ,3 0 7 .4 3
State, County, and
Municipal Bonds . . . .
1 5 ,8 3 6 .0 1 0 .2 9
Other Bonds .......................................................................
Stock in Federal Reserve B a n k ................................
Loans and Discounts..........................................................
Commodity L o a n s ..........................................................
Income A c c r u e d ................................................................
Letters of Credit and Acceptances................................
Banking House and E q u i p m e n t ................................
Other A s s e t s .......................................................................
$ 1 8 8 ,9 8 2 ,5 2 4 .9 4
J . T. ELL IO T T *
Investments
EA R L F A IN *
Investments
EDGAR
1 4 6 ,8 7 9 ,0 1 2 .6 1
3 ,8 6 7 ,3 8 3 .5 2
1 ,5 0 0 ,0 0 0 .0 0
3 4 6 ,7 2 4 ,4 5 1 .2 9
4 ,6 0 2 ,1 1 2 .7 8
2 ,5 2 8 ,8 1 2 .7 4
5 ,0 0 6 ,3 6 3 .0 3
9 ,7 1 2 ,4 6 2 .2 9
2 55 ,3 8 7 .2 1
$ 7 1 0 ,0 5 8 ,5 1 0 .4 1
LIABILITIES
$ 5 5 ,8 2 6 ,8 2 7 .7 9
7 ,3 4 4 ,3 0 9 .8 0
4 ,5 1 3 ,9 5 0 .7 5
1 ,7 1 7 ,1 2 5 .8 2
10 , 000 , 000.00
5 ,0 0 6 ,3 6 3 .0 3
DEPOSITS:
In d ivid u al.$ 4 3 0 ,8 2 3 ,0 6 8 .1 4
B an k s.
1 4 3 ,3 1 2 ,3 4 5 .8 4
U. S. Government.
. . .
L. F L IP P E N *
H A N S C . G LITSC H
President,
Fritz W. Glitsch & Sons, Inc.
R. A . G O O D S O N
General Manager, Southwestern
Bell Telephone Co., Texas Area
W.
A . G R E EN , J R .*
HYM AN
Y
PEA RLSTON E
G . U . P IC K E R IN G *
President,
Vitalic Battery C o., Inc.
H. N E V ILLE P IE R C E *
President, Southern Fertilizer
& Chemical Co.
W . L. P R E H N *
Consultant, Brazilian Telephone Co.,
Rio de Janeiro, Brazil
H U G O W . S C H O ELLK O PF*
Chairman of the Board,
The Schoellkopf Co.
J . FRED S C H O E L L K O P F , J R .
E. E. S H ELTO N
President, Dallas Federal
Savings & Loan Associatioi
A RTH U R S T A R *
Investments
J O H N T. H IG G IN B O T H A M
Chairman of the Board,
Higginbotham-Bailey Co.
JO S E P H L. H IG G IN B O T H A M *
Vice President,
Higginbotham-Bartlett Co.
R O Y W . H IL L*
President,
Radio City Distributing Co.
.
Capital S t o c k ..........................$ 2 2 ,0 0 0 ,0 0 0 .0 0
Surplus F u n d
2 8 ,0 0 0 ,0 0 0 .0 0
Undivided Profits. . . .
5 ,8 2 6 ,8 2 7 .7 9
Reserved for C o n t in g e n c ie s .......................................
Reserved for Taxes, Etc....................................................
Deferred Income
..........................................................
Federal Funds P u r c h a s e d .............................................
Letters of Credit and Acceptances................................
J . B. D O N O V A N *
President,
Donovan Manufacturing Co.
B. O ’H A R A
Chairman of the Board,
Dr. Pepper Co.
ERN EST H U N D A H L *
Manager, Southwest Division,
United Benefit Life Insurance
Company and Mutual Benefit
Health and Accident Association
R. H. S T E W A R T , J R .
J . C . T E N IS O N *
Investments
RO G ER
V
L. TEN N A N T
A R C H S. U N D E R W O O D *
President, Union Compress t>
Warehouse Co., Lubbock,
Texas
J A C K C. V A U G H N *
Oil Producer and Co-Owner,
Spartan Drilling Co.
A
T. E. J A C K S O N
Southwestern Manager
Pittsburgh Plate Glass Co.
J O H N J . KETTLE
Senior Vice President
LO U IE
A
K IM P L E *
ERN EST L. K U R T H *
President, Southland Paper Mills,
Lufkin, Texas
JA M E S RA LP H W O O D
President,
Southwestern Life Insurance
BEN H. W O O T EN
5 1 ,5 1 4 ,5 1 9 .2 4
6 2 5 ,6 4 9 ,9 3 3 .2 2
T O D D IE LEE W Y N N E
President,
American Liberty Oil Co.
$ 7 1 0 ,0 5 8 ,5 1 0 .4 1
T~
>ry Director»
*
T h e T r e n d is to th e
F I R S T in D A L L A S
fo r P e r so n a l C o rre sp o n d e n t
S e rv ice
m í
k
fes
82 n d y e a r o f g ro w th th ro u g h se rv ic e to p e o p le
NATIONAL B A N K
in D a lla s
MEMBER
N o r t h w e s t e r n Banker, August, 1957
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FEDERAL
DEPOSIT
I N S U R A N CE
f
CORPORATION
A
17
The Ô D a ler P iece. .. n ot a p o ck et coin
Owner o f extensive copper mines,
Unlike the cumbersome move
ment of Swedish Dalers in the
olden days, to d a y ’ s m oney
moves with great speed — and
speed is one of the more im
portant correspondent services
offered by The Northern Trust.
Here, modern time-saving me
chanical and electronic ma
chines serve every d epart
ment. Special fast wire and col
lection services are available.
Continuous processing of checks
at The Northern Trust, day and
night, saves hours in collection.
the Swedish governm ent made
copper legal tender in the 18th
Century and issued increasingly
la r g e r slabs o f the m eta l as
currency in denominations o f
1 D aler to 10 Dalers. This, o f
course, contradicted the generally
acceptedprinciple that coins should
be light in weight and conven
iently portable. The 8-D aler piece
shown above, fo r example, meas
ures 12 inches by 24 inches and
weighs 31 pounds! Consequently,
In every department— banking,
foreign, trust and bond —
you will find experienced staffs.
A d vice on d a y -to -d a y op er
ations, assistance in the man
agement of investment portfolios
and credit inform ation are
among the many services pro
vided to help you serve your
customers completely. If you
are now planning to select a
correspondent bank in the
growing Midwest, write or call
The Northern T rust. . . we will
be pleased to call on you.
in the 1700’s it was common to
see Swedish merchants going about
with wheelbarrows to receive and
make payments in copper Dalers.
N O R T H E R N / ?R U ST
B o x N, C h ic a g o S O
T e le p h o n e F in a n cia l 6 - 5 5 0 0
EMBER
FEDERAL
DEPO SIT
INSURANCE
CORPOR ATION
BANK
N o r t h w e s t e r n Banker , Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J957
18
THE BANK OF N E W YORK
NEW Y O R K ’S FIRST BANK
• FOUNDED 1784
Statement o f Condition, June 30, 1957
TRUSTEES
JOHN C. TRAPHAGEN
Chairman
RESOURCES
JOHN I. DOWNEY
Cash and due from R a n k s ....................... $ 15 9 ,3 4 0,3 9 3.4 3
United States Governm ent Securities . .
8 3,1 47 ,2 29 .58
M unicipal and Other P ublic Securities .
3,380,722.35
Other S e cu ritie s ...........................................
7,7 8 3,3 8 4.0 8
Loans and Discounts
...............................
2 5 5,440,082.75
Vice Chairman
ALBERT C. SIMMONDS, JR.
President
H. ADAMS ASHFORTH
Albert B. Ashforth, Inc.
JERVIS J. BABB
Lever Brothers Company
ALEXANDER CALDER, JR.
Union Bag-Camp Paper Corporation
Banking H o u s e s ...........................................
6 ,6 2 7,459.35
Custom ers’ Liability for Acceptances . .
7 ,5 1 0,568.88
Accrued Interest and Other Resources .
2,185,562.65
$ 52 5 ,4 1 5 ,4 0 3 .0 7
JOSEPH H. CHOATE, JR.
Choate Ronalds Reynolds & Hollister
WILLIAM M. CRUIKSHANK
Cruikshank Company
ARTHUR H. DEAN
Sullivan & Cromwell
ELI W HITNEY DEBEVOISE
Debevoise, Plimpton & McLean
LIABILITIES
MAGRUDER DENT
Joshua L. Baily & Co.
Capital (160,000
Shares—
$100
Par)
. . . .
$ 1 6,0 00,000.00
GEORGE C. FRASER
Texas Pacific Land Trust
S u r p l u s ..........................................................
1 8,0 00,000.00
U ndivided P r o f i t s .......................................
9,0 5 6,7 5 3.8 2
Reserve fo r C o n tin g e n c ie s .......................
2,806,801.01
D ividend Payable July 1, 1957
Deposits
. . . .
......................................................
4 8 0 ,0 0 0 .0 0
4 66 ,5 8 8 ,8 3 8 .6 8
J. WILBUR LEWIS
Union D im e Savings Bank
DUNLEVY MILBANK
N ew York
THEODORE G. MONTAGUE
The Borden Company
M. NIELSEN
The Babcock & Wilcox Company
Acceptances ...................................................
7,546,752.35
Reserve for Taxes, Interest, etc................
4 ,1 5 2,5 9 9.2 8
Other L ia b ilitie s...........................................
7 83 ,657.93
$ 5 2 5 ,4 1 5 ,4 0 3 .0 7
H. LADD PLUMLEY
State Mutual Life Assurance Company
HENRY J. SCHULER
N ew York
WILLIAM SHIELDS
N ew York
HOW ARD C. SMITH
Securities carried at $ 1 5 ,3 9 8 ,5 0 0 .6 3 have been pledged to secure U. S. Government
Deposits and for other purposes as required or permitted by law.
N ew York
JOHN FAIRFIELD THOMPSON
International Nickel Co. o f Canada, Ltd.
FRANKLIN B. TUTTLE
48 Wall Street
Atlantic Mutual Insurance Company
Fifth Avenue Bank Office at 44th Street
Voorhees Walker Smith & Smith
M adison Avenue Offices at 63rd Street and 73rd Street
Baltimore & Ohio Railroad Company
M em ber o f the Federal Deposit Insurance Corporation
N or th we st er n
Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
STEPHEN F. VOORHEES
R O Y BARTON WHITE
Four Great Bank System s
& 4 -/ y u u < / <2 * f / ¿ tr u y c s u H c / .. . M
1 POST-TO-CHECK
A simplified system for handling checking accounts.
Great savings in space, time and personnel are
assured results. Posting accuracy and audit con
trol as never before. Hundreds of banks use it.
O POST-ALL
Simplifies the installment loan procedure from
application to collection. Spreads work load evenly
throughout the month. Positive control of past due
accounts, and automatic trial balance for audit
control.
Complete information on any or all of
these system s available upon request
y é u / ü z / a é - X e d T & c ^ C a c f/
¿ 1 POST-N-FILE
A variation of Post-To-Check adaptable to most
present posting machines, and includes an itemposted ledger. This is another possibility to im
prove customer service and cut operating costs
simultaneously.
4 POST-TO-SAYE
Completely simplifies the savings account procedure.
Deposits, withdrawals, posting, interest computing,
and statement operation easier than ever before.
Customer gets original items, just as in checking
account systems.
CORPORATION
C E D A R R A P I D S , I OWA
REPRESENTATIVES IN MOST PRINCIPAL CITIES
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N o r t h w e s t e r n Banker, Augus t ,
1957
20
NATIONAL BANK
and Trust Company
FIFTH A N D LO C U S T STR EET
M em ber Fe d e ra l
S ta tem en t
(^xncictcon a t
•
Deposit Insurance
DES M O IN E S
C o rp o ratio n
^cc4ttte4.&, tjccn e 6 , 1 9 5 7
ASSETS
C ash an d due from Fe d e ral Reserve & O th er B a n k s..$ 4 1 ,9 8 5 ,5 9 8 .8 6
‘'U . S. G o vern m en t Secu rities.......................................................... 2 4 ,5 7 5 ,1 6 3 .8 7
O b lig a tio n s of U. S . G o vern m en tal A g e n c ie s.................
1 ,8 8 3 ,3 0 0 .4 6
$ 6 8 ,4 4 4 ,0 6 3 .1 9
M u nicip al Securities ...........................................................................................................................
M ark et Bonds ..........................................................................................................................................
O th er Investments .................................................................................................................................
Loans & D isco u n ts.................................................................................................................................
O v e rd ra fts ................................................................................................................................
Stock in Fe d e ral Reserve B a n k .....................................................................................................
A ccru e d Interest R e c e iv a b le ........................................................
B an k Premises an d Equipm ent.....................................................................................................
6 ,5 5 8 ,0 4 0 .2 2
1 ,1 3 1 ,1 3 8 .71
5 0 0 ,0 0 0 .0 0
4 0 ,9 7 7 ,8 1 7 .4 2
4 ,8 7 7 .8 1
1 5 0 ,0 0 0 .0 0
4 2 3 ,7 2 9 .1 2
4 8 5 ,2 1 7 .3 5
T O T A L .................................................................................................................................... $ 1 1 8 ,6 7 4 ,8 8 3 .8 2
LIABILITIES
Common Stock ......................... .................................................................. $ 2 ,5 0 0 ,0 0 0 .0 0
Surplus .................................................................................................................. 2 ,5 0 0 ,0 0 0 .0 0
U ndivided Profits and Reserves....................................................... 2 ,2 0 1 ,2 7 3 .9 8
$
7 ,2 0 1 ,2 7 3 .9 8
Reserves fo r T axes Interest & O th er Expen ses...............................................................
4 4 7 ,6 0 4 .2 6
Discount C o llected ..............................................................................................................................
3 4 8 ,4 9 9 .7 5
Deposits
............................................................................................................................................ 1 1 0 ,6 7 7 ,5 0 5 .8 3
T O T A L .....................................................................................................................................$ 1 1 8 ,6 7 4 ,8 8 3 .8 2
*U. S. GOVERNMENT SECURITIES ARE CARRIED AT COST OR MARKET, WHICHEVER
JUNE 6, 1957.
WAS
LOWER
AS OF
United States Government obligations carried at $4,709,516.75 are pledged to secure United States Gov
ernment and other Public deposits, trust deposits and for other purposes as required or permitted by law.
DI RECTORS
E. F. BUCKLEY................................................ P resid ent
WM. J . G O O D W IN . ...C h a irm a n , B o a rd o f D irectors
KR1EGH G . CARN EY.......................P re s., C onsum ers
W . J . G O O D W IN , JR ................................... P resid en t
C o n so lid a ted C o a l C om pany
Des M o in es C la y C o.
ROSS J . CLEM ENS................... C h a irm a n , S ta n d a rd
LESTER T. JO N ES .................P re sid e n t, Town M u tu a l
G la ss & Paint C o.
A- T. DO NHO W E................................... Vice-P residen t
HAROLD S. EVAN S......................... C h a irm a n , A llie d
M u tu a l C a su a lty C o.
JO H N H. G H R IS T ... .P resid en t, C o lo n ia l B a king C o .
ROBERT
N o r t h w e s t e r n Banke r , Au gu s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
K.
G O O D W IN ................. ...V ic e - C h a irm a n
1957
D w ellin g In s. C o .
EDW. A . KIMBALL
GU Y E. LOGAN
WALTER L. STEW ART....Gibson, S te w a rt & G a rre tt
JAM ES W . W ALLACE................. P re sid e n t, P ion eer
H i-Bred C orn C o.
FRANK R. W ARDEN.
.................V ice-P resid en t
A
21
N o r t h w e s t e r n Banker, Au gu s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
22
BANK
A
BANKER
y
V
A
>
in Automation«*«
Account coding for today’s machines in preparation for the fuliy automatic
electronic operations of the future requires close teamwork between the
banker and the bank stationer. Through close cooperation with machinery
manufacturers, the bank stationers have gained experience which will enable them
to produce checks that can be properly “read” by electronic equipment. The magnetic ink
coding which will provide the “common machine language” must he exact . . . precise.
And . . . your bank stationer will continue to supply checks that will afford your bank
with the finest in quality . . . maximum protection . . . checks on La Monte Safety Paper.
THE W A V Y LINES ® ARE
A LA M O N TE TRADE-MARK
G E O R G E
L A M O N T E
N o r t h w e s t e r n Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
&
T
4
1
23
44To foster savings, neiv incentives which are
adaptable to our banking system must be explored.**
Our *?Twiii Accounts** Plan
Attracts New Savings Hollars
By A . A N D R E W BO EM I
President
________
Madison Bank & Trust Company
Chicago, Illinois
NEW concept of personal bank
ing services introducing an ad
ditional thrift incentive was in
augurated recently at our bank at 400
V West Madison Street. The bank has
linked together the personal savings
and checking accounts of a customer
affording economies and conveniences
to the customer.
A
Called “ Twin Accounts,” it provides
10 free checks each month with no
service charge regardless of the bal
ance of the checking account, if the
savings account is maintained above
$600.
In addition, for each $100 of mini
mum balance maintained in the check* ing account, the bank gives an addi
tional three free checks.
Sixteen Free Checks
For example, if a depositor keeps
his savings account balance above $600
during the month and his checking
account balance also is maintained
*• above $200, he would be entitled to
16 free checks during that month.
'
The charge for additional checks is
5 cents each. At the same time, his
savings account would be earning its
normal interest.
I believe that there is a recognized
need to promote thrift in order to
avoid a runaway inflation in our ex
panding economy. To foster savings,
new incentives which are adaptable to
our banking system must be explored.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The incentive to save in “ Twin Ac
counts” is the free checking account.
In addition, the customer simplifies
his* personal banking by dealing with
one financial institution rather than
two with its resultant conveniences
and economies.
Surveys have shown that more than
900,000 Chicago-land households do not
have any checking account at all.
“ Twin Accounts” will bring the con
veniences of a checking account with
in the range of many of these thrifty
families, for the first time.
I believe that “Twin Accounts” will
be particularly attractive to young
families struggling to accumulate a
small nest egg for emergencies who,
up to this time, could not afford the
modern conveniences of a checking
account.
For Thrifty Family
“ Twin Accounts” afford substantial
profits for the thrifty family compared
to the use of money orders, typical
special checking accounts or regulär
checking accounts even when com
bined with the higher interests rates
available under other forms of savings
programs.
For example, under “Twin Ac
counts,” if a depositor used ten checks
each month and had a savings ac
count of $600 or more and maintained
a small balance in his checking ac
count, he would net $12 per year.
If he invested his savings at a
higher rate of interest under another
savings plan and . . .
(a) used money orders to pay his
bills, he would have a loss for the year
of approximately $6, or . . .
(b) used a typical regular checking
account, he would have no profit for
the year, or . . .
(c) used a special checking account,
he would net only $6 per year as com
pared to $12 under “Twin Accounts.”
Tentative Conclusions
Insofar as customer reaction is con
cerned, we have already arrived at
some tentative conclusions.
(1) We have found that the average
savings account being opened is in ex
cess of $600.
(2) W e’ve found also that we are
reaching middle-income families.
(3) We believe the long-term poten
tial is going to be very good.
(4) We believe that you cannot com
pare the “ Twin Accounts” to give
away gimmicks that bring people in
to the bank in droves. Rather, our
plan is attracting substantial thinkingtype people.
We have a new concept to sell, and
it’s going to take some time and effort
to do it, but it’s helping to identify the
Madison Bank—a new bank one and
one-half years old—in the minds of
Chicagoans as a bank that is doing
new and interesting things.—$$
Northwest ern
Banker, Au gu s t ,
1957
24
. V / f / f ' o f i *■*> K
x v i 'n l i r p s
Second Half of 1957 W ill
B
ANKERS, businessmen and economists around the
nation agree that business conditions during the
second half of 1957 should remain stable at the
present high level of production and consumer activity.
This is the consensus of a number of mid-year business
reports sent to the N orthwestern B anker, some of which
are reviewed in the following comments to present au
thoritative opinions from executives representing various
segments in the economy:
S. MOORE, chairman of the A.B.A. Credit
G EORGE
Policy Commission, and executive vice president of
the First National City Bank of New York, made public
last month results of the commission’s semi-annual sur
vey of business and credit conditions, which revealed that
bankers across the country are unusually optimistic about
the prospects for general business conditions during the
second half of 1957. Bankers polled in the survey com
mented particularly on the health of American small
business and noted that banks generally are taking care
of all legitimate credit needs of small business men. They
predicted little change in the demand for small business
loans under $50,000 during the next six months.
In the current report, a few industries—notably to
bacco and textiles—are singled out for mention as facing
special problems; but the commission notes that industry
is becoming so diversified everywhere that the good and
bad tend to balance out to a broadly favorable prospect.
Most bankers expect a period of stable, high activity, with
employment, income, and demand for credit remaining
much as they are. There was no evidence that a boom
is expected on top of the present prosperity.
In the field of credit, the survey shows that the demand
for credit is expected to remain high and constant, with
some chance of a moderate rise in certain sections due
largely to seasonal factors. Mortgage loans are the ex
ception. They are generally expected to decline slightly.
Some prospects revealed by the survey in midwest
Federal Reserve Districts are:
Chicago (7)—General agreement that business activity
will continue at high levels. In the Detroit area, automo
bile industry prospects for the next six months are re
garded as better than in the corresponding 1956 period,
with the usual third quarter softness likely. Other indus
tries mentioned as likely to experience steady to very
good results include auto parts, electronics, pharmaceuti
cals, aircraft parts, and agricultural supplies.
St. Louis (8)—The outlook is economically good and
will exceed activity for the first six months of 1957 and
slightly exceed activity for the same period last year.
Industrial expansion in the area continues high, and some
slight improvement is noted agriculturally. New factories
coming into the area; public construction of highways,
No rthwest er n
Banker, Au gu s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
streets, federal buildings, schools, and other public buildings in the area indicate increased business activity.
Minneapolis (9)— Business outlook is very good. Em
ployment and industrial activity continue at high levels.
It is expected that activity on the Iron Range will be
greater than last year. As this stage, the crop outlook is y
quite good; moisture has been very adequate.
Kansas City (10)—The outlook for the principal indus
tries in this area is good. The situation for crops and
cattle has changed for the better since last year, and the
consensus is that the outlook is excellent.
HE First National Bank of Chicago asks 12 business
T
leaders at year-end and again at mid-year to present
the outlook for business within their respective indus-
^
tries. Excerpts from the mid-year reports of several of
these men follow:
Roger M. Blough, chairman of the board, United States
Steel Corporation: “ Total production of steel ingots has
followed the expected course, with the first quarter at 96
per cent of capacity and the second quarter at approxi
mately 87 per cent.
“ Steel industries in all forms throughout the economy
are at high levels. We believe that in the next six >
months steel users will attempt to reduce these stocks
and in so doing will cut their buying substantially below
the rate of steel consumption, which should remain near
the level of early 1957. Assuming, therefore, a well-sus
tained rate of general business activity, it is expected that
steel production during the second half of 1957 may well
average between 80 and 85 per cent of industry capacity.”
Edward E. Brown, chairman of the hoard, First Na
tional Bank of Chicago: “ Interest rates during the bal- 4
ance of 1957 will depend primarily upon the level of busi
ness and the monetary policy of the Federal Reserve
Board. The threat of war in the Middle East is appar
ently much less acute than it was six months ago. The
gap between capital expenditures and savings has nar
rowed in the last six months, although capital expendi
tures still exceed savings.
“Business promises to continue on its present high
plateau. Unless it declines in the last half of 1957, both -4
short and long-term rates should continue at about pres
ent levels. If business should decline, short-term rates
would tend to become easier, and longer-term money
rates would also soften.”
y
James I). Cooney, president, Wilson & Company, Inc.:
“ Total meat production during the last six months of
1957 may be about the same as the record rate reached
in the corresponding period last year. Such a second-half
volume, combined with that of the first half, would result r
in a total meat output for the full year of nearly 27¥2
billion pounds—only about 2 per cent under the 1956 rec
ord level, and larger than in any earlier year.”
25
ity will probably continue through the end of the year.
It was his conclusion that soft spots in our economic pic
ture are sufficiently balanced by factors of strength, so
that no cumulative decline or cumulative advance is to
be expected during the remainder of this year. He char
acterized this as not a “maybe up, maybe down” forecast,
but a “maybe it will change but not much” forecast.
Rovini in Stahle
Lou R. Crandall, chairman of the board, George A.
Fuller Company: “ The outlook for the construction in
dustry for the second half of 1957 is very good. The actual
work put in place during the first six months of this
year is 3 to 4 per cent ahead of last year. This pace
-« should continue for the last six months.”
Fred Lazarus, Jr., chairman of the hoard, Federated
Department Stores, Inc.: “We look for seasonally adjusted
department store sales to improve moderately in the sec
ond half of the year, compared to the first half of 1957.
“ This fall probably will show a gain in department
store sales of 2 to 3 per cent over a good second half of
1956. This 2 to 3 per cent gain will be at a slower pace
than the substantial increases of 1955 and 1956. The
v* direction, however, is still upward.”
John L. McCaffrey, chairman of the board, International
Harvester Company: “ The farm equipment industry,
which is now well into the third quarter of its business
year, finds itself in a considerably better situation in 1957
than it was a year ago. I do not mean that we are in a
boom or facing one; I do mean that conditions are sub
stantially improved.
“ In view of these factors, I will be disappointed if the
* end of the year does not find my company showing farm
equipment sales about 10 per cent ahead of 1956. I be
lieve this will also be true of other companies in the
industry.”
v
R. GEORGE W. COLEMAN, economist for Mercantile
D
Trust Company, St. Louis, told the Utah Bankers
Association that the present high level of business activ-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R. MARCUS NADLER, consulting economist to The
Hanover Bank, New York,
on
in his bank report
D
“ The Economy at Mid-Year,” states business activity in
the U. S. may be headed for a sound, upward swing.
The basis for the uptrend lies, paradoxically, in the pos
sibility that the summer decline in business may exceed
the expected seasonal downtrend, the economist states.
The brief setback, while it may be painful to some, is
desirable on the whole, for it should halt the inflationary
forces, stimulate productivity and efficiency, and lead to
an increase in savings, he explains.
Any decline in the near future is sure to be moderate
and short-lived, for the economy at mid-year is essentially
“healthy and robust,” Dr. Nadler adds.
“Wages are rising, the consumer price index has in
creased consistently for the past eight months, and the
end is not yet in sight,” the economist says.
Moreover, wages of unionized workers will automati
cally follow an increase in consumer prices, thus touching
off another round of price increases in various commodi
ties, Dr. Nadler states.
The economist foresees no change in Federal Reserve
credit policies until business shows more signs of weak
ness than now prevails.
TRUST AND SAVINGS BANK, Chicago, in
HAtARRIS
its July Barometer of Business:
the halfway mark in 1957, business confidence re
mains undampened by the gradual loss of momentum
that keynotes recent economic developments. Persistent
creeping inflation persuades some observers to expect a
renewed uptrend in business during the remainder of
the year. In commenting that business has softened, but
only slightly, the Barometer of Business finds that non
farm employment remains near peak levels and unem
ployment continues at a steady 4 per cent of the civilian
SECOND HALF OF 1957 . . .
(Turn to page 36, please)
N o r t h w e s t e r n Banker , Augus t ,
1957
26
Bankers See■
More
A N O RTH W ESTERN BANKER
Survey
B
ANKERS located throughout the upper middlewest
expressed optimism as they looked upon 1957 as a
much better agricultural year than 1956, based
mainly on crop conditions as of July 15. But Mother Na
ture still holds the deciding hand, according to most of
the bankers, just as she has been responsible for cash
grain crops getting off to an excellent start, pastures be
ing the greenest in years, and forage crops producing
heavy cuttings.
Hail and high winds always offer a threat to grain crops
until they are in the bin—but here in an exclusive survey
conducted by the N orthwestern B anker is an area-by
area report on the crop and livestock conditions as they
existed on July 15.
H . W . SCH ALLER
P resident
Citizens First National Bank
Storm Lake, Iowa
ROP prospects are good and much better than a year
C
ago when this area was very dry. We have been
blessed with adequate moisture, but no floods or serious
roughage. Our producers normally sell their feeder cat
tle off the pasture from October 1 to November 15, de
pending on condition of fall pastures. Contract prices in
western areas make us hopeful for cattle prices of at
least $2 per hundred more than last year. This will be
necessary to make a profit.
Fair crops and higher living costs have resulted in an
increase in the number of milk cows and an improvement
in quality. Ewe flocks have been increased or added, as
farmers have received the quickest return per dollar in
vested from sheep. Our customers are raising fewer hogs
and about the same number of cattle as last year. Poul
try flocks have been curtailed sharply because of low egg
and poultry prices.
Even with good crop prospects, we have not had any
rush for farm machinery financing, which is an indica
tion to us that the farmer will be able to keep more of
the dollars he gets or will be able to reduce his existing
debt. Our loan volume is up only slightly. If there is
some increase in cattle prices and if our present crop
isn’t boiled away, our farmers should have more money
in their pockets than they have had for several years.
We anticipate debt reduction and somewhat better busi
ness conditions.
It should be mentioned that a good crop rotation and
the use of commercial fertilizer are showing up rather
dramatically in stand and quality of crop. The abund
ance of moisture has made the difference much more pro
nounced.
storms. Livestock production has been curtailed due to
a short crop in 1956. With improved crop prospects for
1957, feeders are becoming anxious to purchase cattle,
and it appears that there will be a strong demand from
this area.”
C. T. KARPF
First National Bank
Morrill. Nebraska
Cashier
Tire Roberts County National Bank
Sisseton, South Dakota
NTIL the heat of the last few days, the small grain
prospects have been much better than last year and
probably as good as this area has ever had. Most grain
is in the milk or early dough stage and it is too early
to determine the damage the heat may have caused. A
lighter small grain crop may be compensated to some
extent by the rapid growth and recovery by corn and
soybeans. The first hay crop was heavy and of good
quality. July rainfall has been light and rain is needed.
Although we produce substantial numbers of feeder
calves and yearlings there is normally little contracting
for fall delivery. It is expected that the number mar
keted will be about the same as last year, but the number
could be influenced by soft corn and an abundance of
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A
Cashier
F. H. KO UBA
U
-c
'
<e
OCATED in an irrigated valley, we are dependent for
water on the North Platte Watershed in Wyoming
and northern Colorado. This is our first year in three
that we have enjoyed an adequate water supply.
We have had a very wet spring—planting was slow and
late, but a great deal of our corn was “Knee High By the
Fourth of July.” Our beets are slow, but coming along
in fine shape. Bean crop is excellent. First cutting of
hay was good. Potatoes have looked good. Small grain
in most areas is good. We should have a bumper wheat
crop. Of course, all of these prospects depend on our not
getting any hail, which we do have from time to time.
L
r
\
27
From Crops and Stock
r
At the present time, most of my customers are not con
tracting for feeders, but they are talking $2 and up on
their yearlings this fall. For the rancher this is fine,
but we’re also in a feeding area, and some of the feeders
-4 are a little concerned over the prospect of $2 higher
feeders.
We have more feed this year than last, and I think
that some of these growers will tend to hold for a late
market. In this area, we feed considerable numbers of
lambs and to date there has been practically no contract
ing for fall. The talk from the lamb producing areas to
the west of us is $1 to $2 per hundred higher than last
year, and last year the boys that sold their fat lambs early
> didn’t do any good, consequently they will be a little
harder to deal with this year. The attitude this year will
be, “we don’t have to feed lambs, we can always sell our
feed and sit it out.”
This is a very busy time of year for most of our farmerfeeders, and few have taken the time to consider the
feeding situation. We operate on the basis that if a man
can produce all the feed necessary to fatten a critter,
then we can put up the cash to purchase that critter.
There seems to be more of a trend to feed the year
around. The farmer-feeder figures that instead of just
having one chance at the market, he has several, and in
this way will average out his sales and purchase to a
more advantageous situation. Personally, I feel this to
be a good situation.
W . C. ZIM M ERER
Cashier
v
Miners and Merchants Bank
Roundup, Montana
HE crop outlook for this area gives indications that
T
we will have a bumper wheat crop, much better than
last year. Grass is very good in our area. It appears
T
stock will move in September and October with heifers
bringing 19 Ms cents and steers 20V2 cents, or about the
same as last year.
J. A. O'BRIEN
Vice President
Liberty National Bank
Dickinson, Nortli Dakota
ROP prospects are excellent and that means all kinds
C
of crops. One year ago we were suffering from
drouth, so we are far better off as to crop prospects than
one year ago.
There seems to be a general feeling of satisfaction
with livestock prices. Feed prospects are excellent and
haying is in progress now. Our precipitation has been
above normal for this time of year and the prospects
for cash grain and feed of all kinds is excellent.
FRANK C. CRONE
President
National Bank o f Washington
Washington, Iowa
UR crops prospects are much greater than a year
O
ago. We have had plenty of rain this year. Last
year at this time we were 20 to 30 inches short in rain
fall. The farm economy in this area shows an improve
ment of about 3 per cent over last year.
Although we do not have too many feeder producers
in this area, I would guess stock would begin moving
around October to early November, and I feel that good
steer calves should be around $24 to $25 per hundred
and heifer calves about $20 to $21. The outlook is bet
ter than in 1956.
MORE M ONEY FOR FAR M ER S . . .
(Turn to page 101, please)
1957 Feeder Prices
To Be Up S2-S3
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1957
28
>
MÉIk é ..Decisions
X
. .
>
that have concerned bankers
in the Northwestern Banker area
‘rrf»W ■
*S**.*»*s*«*s*■
r*
Q . A decedent left by will in Iowa
certain property to his widow and
two daughters for their respective
lives. At the death of the last of the
three the property was to be “divided
equally between the heirs” of two
other children. The life estate termi
nated. One of the two other children
had 10 children and the other had one.
There was nothing in the will, other
than the wording quoted, to show the
testator’s intention regarding whether
the heirs of the two other children
should take per capita or per stirpes,
that is, at the rate of one-eleventh
each or on the basis of one-half to
the child in the single-child family
and one-twentieth each to the chil
dren in the 10-child family. Should
it be distributed one-eleventh each?
Yes, under a recent ruling of the
Iowa Supreme Court. The gift was
direct to the individuals in that the
will provided for an equal division
between beneficiaries. It did not pro
vide for an equal division between
the two children and then a division
of each half to their respective chil
dren. When an estate is devised to
be equally divided between certain
persons whether specifically named or
designated by more general terms as
the children or heirs of certain per
sons, the language imports the taking
of an equal share by each legatee in
the absence of other provisions show
ing a contrary intention. In other
words, they take per capita and not
per stirpes.
Q . A finance company in Nebraska
made various usurious loans. They
were usurious at their inception in
that they then provided for illegal
charges. The basic device used was
to set up a 12 month installment note
providing for 11 small monthly pay
ments and a large “balloon” payment
at the end. The last payment was the
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subject of a new note having 11 small
payments and a 12th “balloon” and
so on. The note that picked up on
the “balloon” did not itself call for
the payment of illegal charges. Was
it, nevertheless, to be dealt with as
though it were illegal and usurious?
Yes. The usurious character of a
transaction is determined as of the
date of its inception. Where a usuri
ous contract is renewed or supple
mented by the giving of a renewal or
substituted contract, the usury fol
lows into and becomes a part of the
latter contract making it subject to
the defense of usury to the same ex
tent as was the original obligation.
The taint attaches to all consecutive
obligations or securities growing out
of the original usurious transaction,
and none of the descendant obliga
tions, however remote, are free from
it if the descent can be traced.
G ). A South Dakota bank director
carried certain automobile insurance
which he took out in 1952. It was for
a six months’ period and by simply
paying premiums it was renewed for
several ensuing six months’ periods.
Shortly before the end of one of those
periods in 1955 the insurer wrote him
that the insurance would terminate at
the end of the period. He promptly
applied for insurance in another com
pany and answered in the negative a
question in the application regarding
whether any insurer had “cancelled
or refused to renew” any kind of
automobile insurance for him. The
insurer had no knowledge of the ac
tion of the previous insurer and is
sued a new policy to him. Did the
negative answer make the new policy
voidable?
Yes. The Supreme Court of South
Dakota has so ruled in a recent deci
sion involving similar facts. The gist
of the ruling was that the negative
'
X
answer was a misrepresentation of a y
material fact in reliance upon which
the contract of insurance was issued.
Because of this the policy was void
able. It is interesting to note that
the court was divided in the holding, X
four judges finding the policy void
able and one judge dissenting.
Q.
Suppose a man dies leaving a
substantial estate in trust; that an in
dividual is the remainderman; and
that the beneficiary provisions are
such that various people, including X
the remainderman, may become en
titled to the income during the life
of the trust. Suppose further that
the trustee simply holds and manages
the property for the income; that a
chain of circumstances arises whereby
the remainderman becomes the bene
ficiary of the life interest; that no
one else can succeed to any interest
in the trust; and that there is no gov
erning statute on whether the remain
derman may or may not become the
sole owner of the property. May the
remainderman and life beneficiary A
rights be merged so that the trust is
terminated and the remainderman is
set up as sole owner of the property
under the general law applicable to 1.
these matters?
Yes. In most of the cases involving
circumstances analogous to those out
lined, it has been held that if the only
duty imposed upon the trustee is to
hold the property and pay over the
income to the beneficiary, it will be
assumed that the trust was created
only for the preservation of the cor
pus for the remainderman, and where
the remainder and life interest meet
in the same hands the trust has no
further purpose and will terminate.
Minnesota and Wisconsin are among
the states in which this general rule
of law has been specifically recog
nized.—$$
29
“ THE FUTURE and its challenges with population growth and
undreamed of demands for m oney are so intriguing that a hanking career
should have maximum appeal. The industry of hanking is a dynamic and
growing o n e!”
T IS well known that in banking
we have personnel recruitment
problems, just as every other in
dustry has. It is not only competition
with other banks down the street. All
business is competing for the limited
supply of young men and young
women.
What may not be so apparent is that
our problems no doubt will become
more difficult than they are now. By
1965 our population will increase 14
per cent to 193,000,000. But in that
same period, the number of people in
the 25 to 45 age group will actually
decrease by 136,000. This is not an
estimate. This is a fact, because all of
the people in this age group were born
for the most part during the low birth
rate depression years. This is a most
serious problem for all business, be
cause when we are going to need more people in manage
ment because of the expanding economy, we are going
to have less available in the critical “middle management-’
25 to 45 age group.
I
W h y W e M a s ! Sell
“ Careers in
To You a y P eople
Tell Banking’s Story
Obviously, if banking is to meet its recruitment prob
lems, it is going to have to tell its story to the public,
just as all other industries and companies are doing.
First, let’s take pay.
Modern, aggressive banks are offering competitive sal
aries to attract the people they want, for the simple rea
son that this is the only way talent can be obtained.
The days when banks offered “prestige” in lieu of salary
has long since passed.
How do young men make out in pay after they have
been with banks a number of years? The first or second
increase may not come as rapidly in some banks as in
some other industries; but after 10 years, as a Time Mag
azine survey of 9,000 college graduates revealed, a higher
percentage make more than $7,500 in banking than in any
other business field. And I might add that we have our
fair share of $20,000-$30,000 and higher salary opportuni
ties available to those who are willing to work for them
and who have the capacity.
What about fringe benefits?
We know in general that we are liberal with bonuses,
insurance and pension plans, vacation time, etc.
I was interested to learn that a United States Chamber
of Commerce study, made in 1955, showed that banks
paid larger fringe benefits in relation to salary (30 per
cent) than any other form of employment.
What about opportunities for advancement?
Each year banking needs more than 1,000 new presi
dents and more than 4,000 new vice presidents and other
officers.
Promoting from Within
Because of banking’s tradition of promoting from with
in, by far the great majority of these new appointments
come from the ranks. For instance, I am told that in one
of the country’s largest banks, having no branches, out
of 194 officers, all but four started as clerks and worked
their way up. In our own bank with an extensive branch
system, all but 43 out of the 544 officers started as clerks
or trainees.
Educational Programs
What about educational programs?
Banking’s American Institute of Banking, plus the sys
tem of bank-sponsored graduate schools such as A.B.A.’s
school at Rutgers, constitutes not only one of the oldest,
but the world’s largest adult educational organization
affiliated with a single industry.
If knowledge is the goal of the young men or women
entering banking, certainly the opportunities and facili
ties are unlimited and, in most banks,
educational programs are free of
charge to employees.
All banks have on-the-job training
programs.
By ISAA C R. G R AIN G ER
These vary, of course, by size of
President
bank, from informal training by ad
Chemical Corn Exchange Bank
vancement from job to job, to highly
ISew York City
organized programs comparable to the
very best in the industry.
CAREERS IN BANKING . . .
(Turn to page 42, please)
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30
Correct Answers to :
9 Ho
-If
income than with price per unit. It is income that farm
ers spend, not price. Income is the result of production
times price per unit minus costs. I think our price struc
ture in agriculture should have flexibility in it—flexibility
to go up or down in accordance with market conditions.
Truills
A bou t ï'urgttinij
À
0 \ Another half-truth is that farmers alone are ex« 3 f posed to the competitive system, while everyone
" " ™Tr rise is protected from it. It is true that, com
Condensed from an
address at the
Minnesota Bankers
Convention
B y EZR A T A F T BENSON
Secretary of Agriculture
Washington , I). C.
pared with certain other groups, farmers occupy an exposed economic position and lack bargaining power. Non
farm enterprises do not completely escape competitive
forces. Only about three-fourths of the wholesale trade
firms survive their first full year of operation; only about
30 per cent survive more than 10 years. Only about V
three-fifths of the retail trade firms survive their first
year and only about one-sixth reach the age of 10 years.
The economic hazards of our farm people constitute a
serious problem. These can be at least partly counter
acted by farmer cooperatives, sound agricultural legisla
tion, improved farming methods, and sound fiscal and
monetary policy. They cannot be remedied by invidious
and erroneous comparisons.
O
SHOULD like to enumerate nine widely-held ideas
about agriculture. All of them can be made to sound
more or less plausible, but they contain only a frag
ment of truth. All of them stand in the way of sound
solutions to farm problems.
I
I I \ The first half-truth is that there is A single farm
I M Æ problem or A single solution. There are many
problems, not one. And for each problem there
are many potential remedies, not just one. Most of these
remedies are in the hands of individual farmers and their
organizations. Better farming methods, improved mar
keting, power production costs, better choice of enter
prises—these are solutions which may lack political ap
peal, but they are effective.
Another half-truth is that agricultural produc
tion can be controlled with acreage allotments.
Acreage controls can, to a degree, restrict the
output of a particular crop. But controls have little effect
on total production. When a farmer is restricted on the
acreage of a particular crop he picks his best land, fer
tilizes heavily, uses modern methods and increases the
yield per acre. And he uses the acres taken out of one
crop for the production of other crops.
It might be possible to work out regulations which
would be stiff enough really to control production. But
the evidence of 25 years is that farmers do not want
them. The Congress will not enact them and even if
they were enacted it would be difficult to enforce them.
c* \ A third belief, embracing only a fragment of
<3 ) truth, is that farm prices, over the long pull, can
he made in Washington. Are farm prices really
made in Washington? Certainly for a crop like corn, the
level of price support set in accordance with law has an
important influence—at least in the short run. But if the
price is set too far from where the buyers and sellers
themselves would set it, the forces of the market will
ultimately reassert themselves.
j
m
¿A
\ A fourth half-truth is that farm prosperity deÆ pends directly on farm prices. I want to see
farm prices as high as we can have them, con
sistent with retaining and expanding our markets. My
concern, and the farmers’ concern, is more with net farm
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\
f
The sixth half-truth on my list is this: that price
supports protect the small farm operator. Sup-
y
pose a farmer has only a few cows and a few
acres of land, with total sales of less than $1,000 a year.
There are a million and a half such farm families in the
United States. How much will it help a farmer like that
to have higher price supports? His problem is volume,
not price. Two hundred per cent of parity wouldn’t give
him a decent level of living.
Most of the dollars put out to support farm prices go
to the large producers. For every dollar that goes to
a small farm operator, many dollars go to the large unit.
| pm
4
\ A seventh fractional truth is that farmers in- -4
f crease production when prices fall, in order to
maintain income. There are some farmers, with
few alternative opportunities, who operate in this man
ner. Most of them do not. Why have hogs recently risen
above $19 per hundred pounds? Because the low prices
of a year and a half ago caused farmers to reduce farrowings. If we had supported hog prices then, as some
people wanted us to, we would now have heavy supplies
and low prices instead of a good market.
7"
There is no competent research that I know of which
supports the belief that farmers in the aggregate increase
production when prices fall, other things being equal.
On the contrary, a large number of scientists have af
firmed the fact that a high price generally stimulates pro
duction and a low price either reduces output or retards
expansion.
g-k \
m
The eighth on this list of misconceptions is the
belief that the family farm is on the way out.
""■"Tr
The family farm is undergoing changes, but it
is not on the way out. It has had to change in order to
survive. It is becoming larger, it requires more skill, it
takes more capital.
The percentage of our agricultural production which is
turned out by family-sized farms has not changed appre
ciably in the last 15 years. Three-fourths of our farms
are operated by those who own them. Two out of three
farms have no mortgage debt. The family farm has
withstood inflation, depression, war, drought and other
disasters. It is Withstanding the impact of a technologi
cal revolution. It will outlast the pessimists who predict
its extinction.
9 HALF-TRUTHS ABOUT FARMING .
(Turn to page 44, please)
A
31
ita si n ess E x ecu tives
Yon Kaon-
\
R ex R.
President
Doane Agricultural Service, Inc.
St. Louis, M issouri
“ I ’ve come to work for you for I ’ve made up my mind that I
w ant to do the kind o f work you’re doing.” A nd he still is.
N 1924 a young man walked into
the offices of D. Howard Doane,
founder of the Doane Agricultural
„ Service, Inc., in St. Louis, and said,
“ I’ve come to work for you.” What
a prophet he proved to be.
The Doane Agricultural Service,
Inc., today is the oldest and largest
" organization in the United States en
gaged in farm management, rural ap
praising and agricultural research and
much of the credit for this firm’s
v growth must go to that young man
who today is president of the com• pany, Rex R. Bailey.
Mr. Doane gave this account of the
1924 incident, “ So, you’ve come to
work for me? Who asked you to
come?” Mr. Bailey’s answer was,
“No one. I’ve just made up my mind
that I want to do the kind of work you
are doing.”
Mr. Doane gave this matter some '
thought. “ Here is a man who has
traveled more than 1,000 miles to
work at a job he did not have; he must
be in earnest.” So he applied the real
test by saying, “Frankly, we have no
opening in the organization, but if
you really mean what you say, I can
send you to one of our farms where
you could start as a farm hand, milk
ing cows.” And Mr. Bailey accepted.
In less than a year, Rex R. Bailey
I
was sent to Mississippi to assume
charge of a 13,000 acre cotton planta
tion with 1,000 persons working as
unit managers, office staff and share
croppers. From his first day as a
milker, he has never ceased to grow,
leaving his imprint on each position
he has held.
Mr. Bailey was born on a livestock
farm in Nevada, Missouri, and at the
age of 11 his family moved to Okla
homa Indian territory where he lived
five more years. At 16 years of age
he moved to Twin Falls, Idaho, where
he finished high school. There he op
erated a 300-acre irrigated farm for six
years and had experience with raising
range sheep.
Following World War I, he enrolled
for a short course in agriculture at
the University of Idaho and after one
semester entered the College of Agri
culture at the University of Missouri,
where he obtained his Bachelor of
Science degree.
While there he was a member of
FarmHouse F r a t e r n i t y and Alpha
Zeta, honorary agricultural fraternity,
and Gamma Sigma Delta, honorary
graduate fraternity.
His first job with the Doane organi
zation was with Fredmar Farms,
where he helped build the “ Ten Ton
Type” herd of Holstein cattle. His
next assignment was general farm
management work in southeastern
Missouri, which was followed by re
search work in the processing of
meats and manufacture of sausage at
St. Albans Farms, St. Louis. Follow
ing this he took the Mississippi asignment.
He returned to St. Louis due to his
family’s health and was placed in
charge of Country Maid Products Com
pany, a corporation distributing farm
products in St. Louis for Doane cli
ents. He then became branch man
ager in Quincy. Following this assign
ment he was in charge of installing
the first hybrid seed processing plant
in Mississippi. Next was a survey and
plan for a 1,200,000-acre property in
Florida, which involved production of
everything from truck crops to flow
ers to timber.
When the company was incorpo
rated in 1943, Mr. Bailey was named
vice president in charge of its field
division, including all farm manage
ment and appraisal work of the com
pany. He stepped into the presidency
in 1951 when True D. Morse resigned
to become Under Secretary of Agri
culture with Mr. Benson. Each year
REX R. BAILEY . . .
(Turn to page 46, please)
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1957
32
declined by one point for the month
of May, as it did for the month before.
The May decline was an experience
like that of last year. At 143, the in
dex for May was four points lower
than at the end of December.
>
Backlog of Issues
F ed E xp ected
to Continue
Credit liest m in t
Hy R A Y M O N D T R IG G E R
Investment Analyst
New York City
ENSIONS in the capital market
are rising to a new climax at the
same time that underlying cross
currents in important segments of the
supply-and-demand complex suggest
that a relaxation of recent strains may
not be far away. It is conceivable,
however, that the new degree of strain
may turn out to be a base point for
the generation of still further tighten
ing of the market, and that the “tight
money” of today will in time come to
be regarded as just another episode of
changing times, like the re-constitu
tion of the bond market on a free basis
in 1951 and the “314 per cent strin
gency” of the spring of 1953.
T
Contradictions
There are many contradictions vis
ible in the business picture. The costof-living index is continuing to rise.
Steel prices have been notched fur
ther upward. This means that wages
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in certain key fields must rise, too.
With the nation’s supply of money
held in check by the “ passive re
straint” policy of the Federal Reserve
System, the price rises are having the
effect of a positive shrinking of the
money supply: the going mass of the
nation’s gross product of goods and
services, while expressed in larger perunit dollar terms, must press against
the same volume of money. This means
that the earning power of money is
bound to stay high until reversed ei
ther by a sweeping change of policy
by the Federal Reserve or by a deci
sive shift of business activity toward
a recessionary slump.
There are, moreover, straws in the
wind that are suggestive, if not of
slump, then of some respite from the
hectic output and expenditure levels
of the recent boom. The Federal Re
serve index of industrial production
At the moment, signs of business
slackening find no reflection in the
public market for capital. All spring
and holding over into summer, the
atmosphere has been one of strain.
For nearly two months, the backlog
of unmarketed issues of corporate
bonds and preferred stocks has ap
proximated $2,000,000,000, a level rare
ly exceeded in the postwar period.
Borrowing costs have continued to
rise for both the Federal government
and state and local administrative
bodies. The rise in costs on the Treas
ury level has brought some short and
intermediate-term yields to near a 4
per cent basis. The yield average of
typical long-term municipal bonds, as
measured by the Daily Bond Buyer’s
index, rose in June to beyond 3.4 per
cent, the highest since the 4 per cent
level touched at the outbreak of World
War II in September, 1939. While
heavy tax-anticipation b o r r o w i n g s
have been a factor in increasing the
Treasury’s costs, the yields on local
government securities have been ris
ing in the face of a visible decline in
the volume of new borrowing.
The protracted period of market
strain is best told by the sharp up
ward adjustment in yields on new is
sues of prime corporate debt securi
ties, especially those of public utility
companies. A yield of 4.85 per cent
was needed to market the debentures
of the Southern Bell Telephone and
Telegraph Company. This represented
a 60 per cent increase above the yield
appointed for comparable securities in
January of last year.
A major question mark in the cor
porate bond market arises from the
fact that the general rate of credit
expansion in the economy this year is
visibly behind that of 1956. The lag
in residential mortgage financing has
been the most striking. When will
this material decline in requisitions
of the market’s largest borrower begin
to be reflected in an easing of strin
gency in the public market?
Yields Move Up
In the market for the Treasury’s
longer-dated paper, yields have moved
inexorably higher seemingly in pur
suit of the higher levels being struck
by prime corporate bonds of new is
sue. Despite the drastic markdown of
government bonds in the dealers’ mar
ket the yield spread between long
FED TO CONTINUE RESTRAINT
(Turn to page 52, please)
A
D. H. REIMERS
H. P. JOHNSTON
Chairman
o f the Board
and President
Executive Vice Pres.
Like any good bank interested in serving its correspondents, it’s
routine with us at the Live Stock National Bank of Chicago, to han
dle government bond transactions, to participate in loans, to arrange
foreign exchange, to clear daily letters, to supply credit information.
A. S. BAGNALL
P. T. BETZ
Senior Vice Pres.
Senior Vice Pres.
But our people have been trained to render a highly important PLUS
...to give up-to-the-minute information on every aspect of business
carried on here at Chicago’s Union Stock Y ard s...a n d to assure quick
clearance of funds coming to your live stock customers from the
Chicago market. W e’d like to give you a sample of this important
PLUS, and we’re eager, of course, to give you all of the normal cor
respondence services as well. W on’t you call us?
ëT / ie
LIVE STOCK
jV a ft m u il B A J N K
c f?
4 - 1 5 0 S o u t h H a ls t e d S t r e e t , C h i c a g o , I l l i n o i s
M e m b e r F e d e r a l D e p o s it In s u r a n c e C o rp .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
34
H
a n
! i
S
t n
t e r n
e n
t
Figures of June 6 and June 30 , 1 9 5 7
The
i .uvifvst
IO
M onks in th e I n i te d S ta tes
Rank
June 30, 1957
1
2
3
4
5
6
7
8
9
10
Deposits
June 30, 1957
Deposits
June 30, 1956
Bank of America N. T. & S. A., San Francisco____ $8,937,226,893
Chase Manhattan Bank, New Y ork ________________
6,693,721,587
First National City Bank, New Y ork_______________
6,614,182,518
2,728,544,120
Chemical Corn Exchange Bank, New Y ork_______
Manufacturers Trust Co., New Y ork________________
2.662.879,735
First National Bank of Chicago____________________
2,549,136,457
2,457.059,892
Guaranty Trust Co., New York_____________________
2,401,415.674
Security-First National Bank, Los Angeles_________
2.384.073,762
Bankers Trust Co., New Y ork______________________
Continental Illinois Nat’] Bank & Tr. Co., Chicago. 2,293,343,572
$8,498,981,384
6,573,504,874
6,249,720.388
2,734,259,960
2,668,821,091
2,584,065,796
2,448,829,241
2,019,960,509
2,413,571,486
2,359,987,256
Rank
1
2
3
4
5
6
nL
10
8
9
ft lint O ther S ta tem en ts Shair
All Figures of June 6 Unless Marked With An Asterisk '(*.) Indicating June 30, 1957, Figures-.
Last Three Figures Omitted.
June, 1957
Deposits^ Loans
June, 1957
Deposits
Loans
June 3
Deposits
Loans
Chicago
*Ainerican Nat’l ....$ 339,943 $ 127,982 $ 331,126 $ 128,321
148,359
372,242
*City National ....
351,805
154,751
Cont. Illinois .... 2,298,344 1,166,567 2,359,987 1,055,741
20,033
86,182
22,955
91,525
Drovers National
9,182
33,587
10,179
32,316
Drovers Trust ....
*First National .... 2,549,136 1,556,483 2,584,066 1,447,691
355,533
349,711
707,510
635,503
Harris Trust ......
46,526
47,721
130,458
LaSalle National.. 132,246
15,193
61,434
Live Stock Nat’l..
57,880
14,258
225,509
254,337
685,071
661,546
Northern Trust..
June 30, 1956
Deposits
Loans
New Y ork City
Bankers Trust JSL2,38Ä074 1,573,255 2,413,571 1,496,008
Bank of New York 466,589
255,440
Chase Manhattan 6,693,722 4,056,880
*Chemical Corn .... 2,728,544 1,559,240
First Nat’l City .. 6,614,183 3,905,337
Guaranty Trust .. 2,457,060 1,602,898
Hanover Bank .... 1,625,133
936,393
Irving- Trust .... Ì,496,662
850,184
Manufacturers Tr. "2,662,880 1,229,777
New York Trust.. 681,909
411,783
451,879
235,225
6,573,505 3,551,788
2,734,260 1,468,719
6,249,720 3,477,524
2,448,829 1,476,158
1,640,665
909,264
1,492,755
766,647
2,668,821 1,065,731
700,647
415,486
Phoenix
Dallas
First National ....
Republic Nat’l ..
625,650
662,941
351,327
396,685
717,963
683,118
341,340
429,817
*First National ...
*Valley National ..
208,844
428,251
121,768
252,522
841,917
377,738
100,531
204,401
27,449
31,258
9,953
24,644
9,501
12,185
2,276
5,757
27,267
31,519
9,685
25,053
9,180
10,835
2,275
5,497
528,666
552,062
295,907
274,180
553,094
565,926
308,345
289,475
St. Joseph
Denver
Central Bank ....
First National ...
95,370
189,395
50,013
78,835
89,971
193,914
48,297
72,655
American Nat’l ..
First National ....
First Stock Yards
Tootle National ..
193,491
398,232
262,409
90,345
153,197
97,106
194,556
445,016
278,509
94,774
172,344
100,097
*First National ...
^Mercantile Trust..
Kansas City
City National ....
Commerce Trust..
First National ....
Los Angeles
*California Bank ,. 940,603
*Security-First .... 2,401,416
*Union Bk & Trust 339,165
449,035
920,298
157,461
800,379
2,019,961
297,925
393,215
688,544
129,887
St. Louis
San Francisco
*American Trust .. 1,454,862
*Bank of America 8,937,227
*Crocker-Anglo .... 1,329,240
851,201 1,430,221
805,310
5,351,599 8,498,981 5,073,860
778,096 1,318,904
697,839
Tulsa
Milwaukee
First Wisconsin ..
558,865
301,492
548,511
290,113
National Bank of
First National ....
211,137
236,136
82,861
110,163
231,009
253,625
Other Statement Comparisons W ill Be Found In The State News Sections
N o r t h w e s t e r n Banker, Au gu s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
80,321
104,882
35
l $ m
t k
of America
N A T IO N A L J S ^ V gs ASSOCIATION
Condensed Statement o f Condition June 30, 1957
(Figures of Overseas Branches are as of June 24, 1957)
RESOURCES
Cash and Due from B a n k s ............................................................. $ 1,558,367,435.78
United States Government Securities and Securities
1,803,469,268.11
Guaranteed by the Government ..................................................
96,410,491.90
Federal Agency Securities .............................................................
61 1,733,381.99
State, County, and Municipal S e c u r itie s .......................................
106,986,504.84
Other S e c u r i t i e s .............................................................................
Loans Guaranteed or Insured by the United
1,399,558,306.55
States Government or its A g e n c ie s ............................................
3,952,040,536.86
Other Loans and D isc o u n ts.............................................................
106,668,170.86
Bank Premises, Fixtures, etc.............................................................
338,287,889.34
Customers' Liability on Letters of Credit, etc.................................
54,757,432.31
Accrued Interest and Other R e so u rc e s.......................................
$ 1 0 ,0 2 8 ,2 7 9 ,4 1 8 .5 4
T O T A L R E S O U R C E S .............................. ...........................................................
LIABILITIES
C a p i t a l .......................................................
S u r p lu s .......................................................
Undivided Profits and Reserves. . . .
TOTAL CAPITAL FUNDS
Reserve for Possible Loan Losses
f Demand
. . . .
D E P O S IT S
) Savings and Time
Liability for Letters of Credit, etc.
Reserve for Interest, Taxes, etc.
$160,000,000.00
290,000,000.00
122,602,516.31
572,602,516.31
83,806,828.65
$
$4,338,803,917.48
$4,598,422,976.46
8,937,226,893.94
338,338,769.13
96,304,410.51
$ 1 0 ,0 2 8 ,2 7 9 ,4 1 8 .5 4
T O T A L L IA B IL IT IE S
Main Offices in the two Reserve Cities of California
SAN FRANCI SCO • LOS ANGELES
Branches throughout California
Overseas branches: London, Manila, T okyo, Yokohama, K obe, Osaka, Bangkok, Guam
M em b er F e d e r a l D eposit In su ran ce C orporation • M em b er F e d e r a l R eserve System
Bank of America
(International)
A w h olly -ow n ed su bsidiary
Condensed Statement of Condition June 30, 1957
Branches: Duesseldorf • Singapore • Varis
Home Office— New York, N.Y.
(Branch figures are
RESOURCES
Cash and Due fro m B an ks
.
.
.
U nited States Governm ent
O b l i g a t i o n s ..............................................
•
Beirut
of June 24, 1957)
LIA BILITIES
$ 1 7 0 ,0 4 2 ,0 6 3 .9 2
9 ,9 6 4 ,2 8 8 .5 1
O ther S e c u r i t i e s .......................................
4 ,3 1 0 ,4 9 2 .7 6
Loans and D is c o u n t s ...............................
1 3 1 ,2 05 ,7 1 5.4 1
Custom ers' L ia b ility on Le tte rs of
C re d it, e tc ......................................................
1 7 1 ,5 6 2 ,9 0 1 .7 9
A ccru e d In tere st and O ther
R e s o u r c e s ......................................................
2 ,3 0 0 ,0 3 3 .7 4
T O T A L R E S O U R C E S .....................................$ 4 8 9 ,3 8 5 ,4 9 6 .1 3
C ap ital
.
.
.
.
Surplus
.
.
.
.
$ 1 3 ,0 0 0 ,0 0 0 .0 0
6 ,0 0 0 ,0 0 0 .0 0
Undivided P ro fits .
2 ,0 2 8 ,9 2 9 .4 0
.
.
$ 2 1 ,0 2 8 ,9 2 9 .4 0
R eserve fo r Possible Loan Losses
T O T A L C A P IT A L FU N D S .
.
1 ,6 2 4 ,8 6 7 .6 4
D e p o s it s ................
2 8 9 ,7 2 5 ,2 0 6 .7 1
L ia b ility fo r Le tters o f C re d it, e tc .
.
Reserve fo r In te re st, T a x e s , e tc .
.
T O T A L L IA B IL IT IE S
.
.
.
.
1 7 4 ,5 6 7 ,3 1 6 .9 3
2 ,4 3 9 ,1 7 5 .4 5
$ 4 8 9 ,3 8 5 ,4 9 6 .1 3
Northwest ern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Banker, Augus t ,
1957
36
Centralia to Build
Ambrose W. Harbert, executive vice
president of The City National Bank
of Centralia, Illinois, announces the
appointment of Bergstedt and Hirsch,
architects and engineers, to design the
bank’s new facilities. Ephraim A. Ty
ler, bank and office building consultant
with Bergstedt and Hirsch, will be
associated as consultant on this proj
ect.
NABAC School Convenes
The fifth session of The NABAC
School for Bank Auditors and Comp
trollers opened at the University of
Wisconsin on July 28, with 307 stu
dents attending.
The graduating class will consist of
97 seniors, and graduation will be held
on August 9 at the close of the two
week session.
145th Anniversary
The First National City Bank of
New York recently observed its 145th
anniversary.
The original charter was granted to
City Bank of New
Y o r k , J u n e 16,
1812, f o l l o wi n g
the liquidation in
1811 of the first
B a n k of the
United States.
The bank
opened for busi
ness at 52 Wall
Street. Head office
is now situated at
H. C. SHEPERD
55 Wall Street.
The bank operates 75 offices in New
York City and 70 branches in 24 coun-
EXECUTIVE POSITION
INMISSOURI BANK
chairman, and J. S. Rockefeller, presi
dent.
New Ad Manager
Robert W. Williams has been ap
pointed advertising manager of La
Salle National Bank, according to Har
old Meidell, president. Mr. Williams,
who joined the bank in 1948, had been
assistant advertising manager for several years.
^
Federal Reserve Changes
Four changes in the official staff of
the Federal Reserve Bank of Kansas
City have been announced by H. G.
Leedy, president, following a board of
directors’ meeting recently.
Three promotions are those of J. S.
Handford to vice president, Joseph R.
Euans to assistant vice president, and
John W. Snider to assistant cashier.
Willard M. M. Edwards, now director
of the placement bureau and a member of the faculty of the University of
Colorado, at Boulder, has been named
director of personnel for the bank.
*
y
r
SECOND HALF OF 1 9 5 7 . . .
A v a i l a b l e to
Q u a lifie d
(Continued from page 25)
Y oung M an
Bank in 15-million-dollar range,
serving a metropolitan area, is
seeking to fill a position of Vice
President. M an must be well
trained, qualified to assume ex
ecutive duties, and be within
the ages of 38 to 45. It is impor
tant to know that the manage
ment of this bank is aggressive,
ambitious for additional growth
and success. Those who inquire
should have this same desire,
and be willing to work to meet
these objectives.
The responsibilities of this
position will be varied and de
tailed, and will carry authority
over all that it directs. For the
man who is willing to put his
heart in his work, here is an
opportunity that has every re
ward for the experience, ability
and effort required.
The salary will be commen
surate with the qualifications of
those who apply. Pension, in
surance, profit sharing benefits
are in force, of course.
Please apply by letter, stating
your qualifications, your inter
est. All inquiries will be kept in
confidence. Our employes know
of this advertisement.
J. S. ROC K E FELLE R
R. S. PERKINS
tries overseas, according to H. C. Sheperd, chairman; R. S. Perkins, vice
T ake A n o th er Look
at
A rizo n a Banking
f o
u
r
T h ro u g h o u t
A r iz o n a
*Our Casa Grande Office
Opened June 1
Home Of fice
Pho eni x, A r iz o n a
F IR S T
NATIONAL
BANK
OF
A R IZ O N A
ROR, c /o Northwestern Banker
306 15th Street
Arizona's Oldest National Bank
Des Moines, Iowa
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
N o r t h w e s t e r n Banker . Au g u s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
4
*
UN’S Review and Modern Indus
try polled 110 company presidents
for their views on the short-term and
10-year outlook and here are brief
comments on the survey;
Between now and 1967, America’s
industrial growth will break all pre*
vious gross sales records — and this
record-breaking expansion will take
place in an atmosphere of continued
economic stability and domestic peace.
1
Nine out of 10 of these industrial
ists, whose collective company assets
total more than $27 billion, realistical
ly expect their gross sales to climb
anywhere from 26 to 300 per cent in
*
the coming decade.
Not one of the presidents queried
fears a major recession this year, and
nearly three-quarters are confident f
that no important economic setbacks
will occur in the coming decade. Only
a dozen of the 110 presidents see any
likelihood of a major recession or de
pression during the next 10 years, and
r
seven of these 12 rule out this possi
bility until some time after 1960.—$$
D
N ow
4
labor force. Manufacturing man-hours
have decreased and industrial production is four points below its recorded
high of 147 set at year end. Earnings
from labor, enterprise, and investment
have shown little growth recently and
average weekly earnings in manufac
turing are down 3 per cent from the
December highs. On the favorable
side, the steel, automobile, and home
building industries all staged moderate recoveries in recent weeks.
A
37
The First National Bank
of Chicago
Statement of Condition June 30, 1957
ASSETS
Board of Directors
Joseph L. B lock
President,
Inland Steel Company
E dward E. B rown
Chairman of the Board
C hesser M . C ampbell
President,
Tribune Company
J. D . F arrington
Chairman of the Board,
Chicago, Rock Island and
Pacific Railroad Company
M arshall F ield , Jr .
Editor and Publisher,
Chicago Sun-Times
James B. F organ
Vice-Chairman of the Board
W alter M . H eymann
Executive Vice-President
H enry P. I sham
President, Clearing Industrial
District. Inc.
James S. K nowlson
Chairman of the Board,
Stewart-Warner Corp.
H omer J. L ivingston
President
H ughston M . M cB ain
Chairman of the Board,
Marshall Field A Company
H arry C. M urphy
President, Chicago, Burlington
Quincy Railroad Company
A
Cash and Due from Banks
L ouis B. N eumiller
.
.
.
.
U nited S tates Governm ent Obligations .
Chairman of the Board,
Caterpillar Tractor Co.
Other Bonds and Securities
.
.
.
.
.
.
.
.
$
.
.
563,646,861.01
.
Loans and D i s c o u n t s ...........................
1,556,483,156.96
Real E state (Bank Buildings and A d ja cen t Property)
.
.
.
.
.
.
.
Federal Reserve Bank Stock
C u stom ers’ Liability A ccount o f A cceptances
.
.
James F. O ates, Jr.
President, The Equitable
Life Assurance Society
of the United States
W illiam W ood P rince
Chairman of the Board,
Union Stock Yard
andTransit Company of Chicago
549,307,945.40
137,684,337.99
1,348,981.62
6,750,000.00
2,758,525.67
Interest Earned, not Collected
.
.
.
.
.
6,460,620.3*
Other A s s e t s ....................................................................................................1,448,454.5*
$2,825,888,883.59
G ilbert H. Scribner
Winston A Company
LIABILITIES
R. D ouglas Stu art
Capital S t o c k ....................................................................................
Surplus
...............................................................................................
Undivided P r o f i t s ..........................................................................
Discount Collected, but not Earned
.
.
.
.
Chairman of the Board,
Quaker Oats Company
L ouis W are
President, International
Minerals A Chemical Corp.
C. J. W hipple
Chairman of the Board,
Hibbard. Spencer, Bartlett A Co.
John P. W ilson
Wilson A Mcllvaine
Dividends Declared, but U n p a i d ..........................................
Reserve for T axes, e tc.....................................................................
Liability Account o f A c c e p t a n c e s ..........................................
Tim e Deposits .
.
.
.
.
$
538,075,464.83
Demand Deposits
.
.
.
.
1,723,356,834.38
Deposits o f Public Funds
.
.
287,704,158.16
$ 100,000,000.00
125,000,000.00
13,543,051.30
5,281,495.46
2,000,000.00
28,064,146.79
2,863,732.67
2,549,136,457.37
$2,825,888,883.59
R obert E. W ilson
Chairman of the Board,
Standard Oil Company (Indiana)
United States Government obligations carried at $340,692,814.31 are pledged
to secure United States Government and other public deposits, trust
deposits, and for other purposes as required or permitted by law.
R obert E. W ood
Director.
Sears. Roebuck and Co.
MEMBER
FEDERAL
DEPO SIT
IN S U R A N C E
CORPORATION
Building ivith Chicago since 1863
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Federal Reserve Bank of St. Louis
1957
38
Halsey, Stuart Survey Reveals
S chool H o o d s l.c o d JMunicipals
ARKETING of tax-exempt bonds gram. Close behind were water and
reached near-record proportions sewer financing. The dollar bond sec
in the first half of 1957 despite rising
tor of the market, embracing turnpike
interest rates that brought a definite issues, was relatively quiet. “While
downturn in offerings in June, Halsey, additions to the dollar bond section of
Stuart & Company Inc., said in its the list have been slowed by the price
annual Mid-Year Survey of the Tax- of money and the federal highway pro
Exempt Bond Market released recent gram, there will be more such financ
ing as the need arises and conditions
ly.
Issue volume in January established permit,” said Halsey, Stuart.
a new record for that month and set
The outlook is for a reduced supply
the pace for sustained all-time record of tax-exempt issues in the last half
volume through May, but in June the “while borrowers a c c u s t o m them
steady rise in interest rates finally selves to the present price level. It
brought results, the survey pointed seems unlikely that the total of new
out.
issues for the entire year will be of
“ The total amount for the six such record proportions as came out
months, when finally tabulated, will in the first quarter, even allowing for
nevertheless be very close to the $3% the issues which must be sold regard
billion record set in 1954,” it said. less of the price, and the postponed
“Revenue financing will be a large offerings which will become tired of
item in the total, but not so large as waiting for a change,” the survey com
in 1954, which was the ‘turnpike’ mented. School bonds promise to con
year.”
tinue their major role in the market
The largest single category of new as new issues are being approved in
issues was in bonds for educational volume and “school population is still
purposes, which made up about 38 per outgrowing schoolhouses.”
cent of all sales in the six months,
Halsey, Stuart pointed out that the
followed by road and bridge issues big six-month volume of tax-exempts
generated by the federal highway pro- was achieved in the face of a high in
M
KNOW YOUR SUPPLIER
W h en we spend a lot o f money for
materials needed in our business, we
like to know how they are made and
who makes them. W e like to see the
equipment utilized by our supplier
and observe it in operation. W e like
to make the acquaintance o f the
operating group upon whom we are
to depend for service. W e like to
brief ourselves on the financial stand
ing and business philosophy o f the
companies that serve us.
Despite the fact that sales represen
tatives as a rule do a good job when
it comes to reflecting the character
o f their respective organizations, we
believe that buyers who take the
time to visit their suppliers feel a
little more at ease after having seen
their items made and after having
had an opportunity to observe and
talk with those who make them. Our
representatives do a good job when
they tell the DeLuxe story, but never
theless we do not think it is fully told
A
until our customers visit our plants.
Perhaps this was not too important
in the so-called "g o o d old days,”
when checks were ordered once a
year and when delivery time was
flexible. Today it is important be
cause dependable service is keyed to
bank operations, and as time goes
on and we reach the point where all
checks must be imprinted in order
for banks to process them, all buyers
should be sure that their suppliers
have the tools and manpower to
maintain the steady flow o f daily
deliveries.
Price, o f course, will always be an
important factor when deciding on
a supplier. Friendship, too, will con
tinue to be a strong influence. But
when the chips are down and when
service counts, the one thing that
will mean more to the buyer is first
hand knowledge that his supplier
has what it takes in capacity, in
know-how, in stability.
terest level which has not been seen
for 20 years or more.
“ The price structure this year has
been a direct reflection of the determi
nation of the Federal Reserve System
to hold back the expansion of credit,”
said the survey. “At the beginning of
the year the price level as measured
by the ‘average’ was at about the 314
per cent yield basis which had pre
vailed in December and was as low as
had been seen since 1939. By the mid
dle of February, prices had advanced
to about a 3 per cent basis. There
after the level was stable between 3.05
and 3.15 per cent while the market
waited to see what the Treasury De
partment would do about the spring
financing. Apparently dissatisfied with
what appeared, the average turned
down again to 314 per cent in two
weeks and to a 3.48 per cent basis in
late June. The record keepers must
go back to 1933 and beyond to find
comparisons.”
Correspondingly, it continued, buy
ers of tax-exempt bonds are finding
20-year maturities of the best grade of
security available at yields about dou
ble those of five years ago. Four and
5 per cent coupons are being used to
provide yields that will compete with
other investment opportunities.
“Not in 20 years has the investor
been able to obtain as much take
home yield as is now available from
state, municipal, revenue and other
t ax - e xe mpt bonds,” said Halsey,
Stuart.—$$
,
>
A
>
*
V
V
~4
Travelers Cheque Manager
Î
George H. Stanley has been pro
moted to vice president in Bank of
America’s international banking de
partment, it was
announced in San
Francisco recent
ly by President S.
Clark Beise.
Mr. Stanley, su
pervisor of operat i o n s for the
n o r t h e r n Cali
fornia branches of
the bank for the
past 10 years, now
G. H. ST AN L E Y
will be in charge
of B a n k of America’s Travelers
Cheque operations throughout the
world.
W
a y n e
H
u m m e r
V
X-
A
& Co.
CHIC A GO
y
Manufacturing Plants a t:
c l if t o n , p a o l i,
Cl e v e l a n d ,
INDIANAPOLIS, CHICAGO, KANSAS CITY, ST. PAUL, DALLAS
M EM BERS
NEW
Nor thwe st er n
Banker, Au g u s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
YORK
STOCK
EXCHANGE
\
1 6 0 Y E A R S O F P R A C T I C A L B A N K I N G — C . H. H a e s e m e y e r , S ta n w o o d , la ., right, (6 0 y e a r s in b a n k in g ) in sp ects n e w e le ctro n ic p a p e r
m o n e y co u nter with J a c k K lu g , ce n te r, (4 5 y e a r s ) v ic e p re s id e n t, c a s h ie r a n d c h ie f o f o p e ra tio n s a t A m e ric a n N a tio n a l in C h ic a g o , a n d
C h a r lie Kuning (5 5 y e a r s ) v ice p re s id e n t a n d m e m b e r o f A m e ric a n 's C o r re sp o n d e n t B a n k Division.
When a day has a thousand hours
C . H . H a esem ey er, P resid en t o f the U n ion
T r u s t & S a v in g s B a n k at S ta n w o o d , Io w a , has
been a b a n k er fo r 60 yea rs an d a cu stom er o f
th e A m e rica n N a tio n a l B a n k an d T ru s t C o. o f
C h ica g o fo r m ore th a n tw o deca d es. M r.
H a e se m e y e r is well aw are th a t th ere a ren ’t
en ou g h h ou rs in th e d a y fo r h im to d o e v e r y
th in g req u ired b y m o d e rn b a n k in g p ra ctice.
B u t he has lo n g k n ow n th a t b a c k o f C harlie
K u n in g , his frien d o f 45 years, is th e en tire sta ff
at A m e rica n N a tio n a l.
S o, fo r M r . H a esem ey er, e v e r y d a y ca n b e a
th ou sa n d h ou rs lo n g , w ith specia lists n o t o n ly
in o p e ra tin g p ro ce d u re s b u t in th e m a n y oth er
A m e r ic a n
co m p lex ities o f b an k in g w ork in g on his p r o b
lem s. T h ro u g h A m erica n N a tion a l, he has a
tru st d ep a rtm en t, a research d ep a rtm en t, a
foreig n d ep a rtm en t, an in v estm en t d ep a rtm en t
and a score o f oth ers th a t co m m a n d all the re
sou rces o f C h ica g o , the largest financial cen ter
in th e M id d le W e st. A v a ila b le for co n su lta tion
at a n y tim e, in person or b y telep h on e, are m en
o f th e ca liber o f C harlie K u n in g an d J ack K lu g .
T h u s M r. H a esem ey er inclu des w ithin his
ow n w ide ex p erien ce th a t o f th e huge, alert,
w e ll-eq u ip p ed s ta ff o f A m erica n N a tion a l.
W e w ou ld be glad to sh ow y o u h ow y o u can
a vail y o u rs e lf o f these services.
N a t io n a l B a n k
and Trust C om pan y o f Chicago
LA S A LLE A T W A S H IN G T O N
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
F R A N K L IN 2 - 9 2 0 0
40
Honor Arizona Executive
r , S THE NAME
TO INSIST UPON IN
COIN H A N D LIN G PRODUCTS
Q U A L I T Y IS S U P E R I O R
THE S E R V I C E G R E A T E R
THE
. . .
AUTOMATIC COIN WRAPPERS
N
. . . ARE
------- I
M IS T A K E S
'W»n ° ° '
ns
a
THIS
IS
n
AMERICA'S
‘ KWARTET’ COIN WRAPPERS
NO.
1 SELLER
The Teller immediately
identifies the denomination
of contents by color of wrap
per. . . red for pennies, blue
for nickels, green for dimes,
orange for quarters, yellow
for halves, gray for dollars,
prevent transposition. Indi
cia designated by figures.
With tapered edges.
A single wrapper designed
to wrap pennies, nickels,
dimes and quarters in HALF
SIZE packages. Tapered or
gummed edge. Printed in 2
colors. Madeof highestquality Kraft stock for greater
strength.
{Ci'Gï ;
I M P O S S IB L E !
RAINB OW COIN WRAP PER S
A SUPERIOR HALF-SIZE WRAPPER
fmmi
ACCURATE
ARE
None other so accurate. They wrap all coins
from lc to $1.00 so accurately . . . made by a
special machine that affords this unusual pre
cision . . . any chance of error is eliminated!
Patented Red Windows, revealing amount and
denomination, afford “ ease of visibility.” They’re
unequalled by competition.
AM OUNT
a n d
SO
_
OLD ST YLE COIN WRAPPERS
Designed for West and
Southwest, extra wide
and strong, they fill the
need in those sections
where it is the practice
to wrap $20.00 in halves
instead of the customary
$10.00. They wrap all
standard quantities of
coins in regular packages,
in double size package for halves. With tapered
edges. 1,000 to a box.
Made of Kraft stock that
is 10% to 30% stronger,
hence afford greater pro
tection from breakage if
packages are dropped or
roughly handled. Indicia,
figures and letters printed
in standard colors for
triple designation and
greater speed in handling.
With tapered or gummed edges.
QUALITY
BI LL
tso
$100
_ss_
50 Lb. Tensile Strength
Made so extra strong of
quality Kraft paper, they
afford a breakingstrength
of 50 lbs. per sq. inch,
hence they protect longer.
Normal and reverse fig
ures, with color for (12)
denominations, revealing
value of package regard
less of the position.
EX TR A
S T R O N G , 6 6 lb s .
Also a favorite with Banks
. . . extra strong . . . in 7
ISO
standardized colors for quick
iteo
identification of package.
They are V A " wide affording ample space for
marking and stamping. Colored Kraft prevents
transposition.
B A N D IN G STRAPS
T E L L E R ’ S M0ISTENER
Speeds up Teller’s counting and banding of cur
rency. Moisture for finger tips, capillary pad for
Bill Straps, in just the right amount of moisture.
Made of plastic, in rich mahogany finish.
Better Than Rubber Bands
They’re ideal for packag
ing currency, deposit
tickets, checks, etc. Much
better than rubber bands
as they will not break or
deteriorate with age. Size
of band, 10 in. x % in.
Made of strong brown
Kraft with gummed ends.
Packed 1,000 to a carton.
Sponge For Fingers.
Pad For Bill Straps.
The
To D EP T. W
Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C.
L.
DOWNEY
HANNI BAL,
Sen d F o r FREE S A M P L E S
Nor thwe st er n
STRAPS
F E D E R A L B I L L STRAPS
$500
1957
A
A
New Tulsa Director
‘ DUZ IT AL L’ COIN WRAPPERS
C O L O R E D B IL L STRAPS
The honorary degree of doctor of
laws recently was conferred upon W.
Roy Wayland, honorary chairman of
the Valley Nation
al Bank, and one
of Arizona’s bestknown citizens.
The degree caps
a long career of
distinguished pub
lic service.
Be t we e n 1901
and the r ec ent
university degree,
Mr. Wayland, be
W. R. W A Y L A N D
sides his pharma
ceutical interests, has helped make
Valley Bank the largest in the eightstate Rocky Mountain area, has made
two trips around the world and one
jaunt to South America, has been
mentioned several times as a logical
candidate for governor (an office he
has always declined) and has been
named a director or officer of more
than a score of Arizona business and
investment firms.
CO.
MI S S OURI
Robert L. Kidd, president of Cities
Service Oil Company at Bartlesville,
has been named a director of the First
National Bank and Trust Company,
Tulsa, it was an
nounced recently.
Mr. Kidd’s elec
tion br i ngs the
number of First
National directors
to 24. The board
represents a cross
section of busi
ness and industry
in this area, prir . l . k id d
m a r i l y the oil
business and al
lied fields, R. Otis McClintock, chair
man of the board, said.
Tulsa Promotions
The advancement of Roy M. Huff,
vice president and trust officer, to vice
president and senior trust officer of
the National Bank of Tulsa, and Fran
cis G. Hawkins, trust officer, to vice
president and trust officer, was an
nounced by A. E. Bradshaw, vice
chairman of the board and chief exec
utive officer, in Tulsa recently.
Manufacturers Trust Exhibit
Manufacturers T r u s t Company’s
glass and aluminum Fifth Avenue of
fice at Fifth Avenue and Forty-third
Street, New York, which has received
many awards, provided the inspiration
for the bank’s exhibit at the 1957 In
ternational Home Building Exposition
which was held at the Coliseum re-
X-
K
A
41
cently. The exhibit was designed by
Eleanor LeMaire and was a replica of
the lower portion of the Fifth Avenue
building except that the glass walls
were not there—they were unneces
sary inside the Coliseum.
The bank participated in the expo
sition in order to inform present and
prospective home owners of the vari
ous ways in which it can help them,
such as financing home improvements
and providing other types of banking
service.
Canadian Bank Changes
The Canadian Bank of Commerce
announced in Toronto that Peter Hunkin, formerly chief inspector of the
bank, has been named assistant gen
eral manager, personnel, and is suc
ceeded as chief inspector by R. D.
Isaac, who has been an inspector at
the bank’s British Columbia regional
office at Vancouver.
■ H
ïisSISI
Century Club
First National Bank and Trust Com
pany, Alton, Illinois, became the first
member of a newly-formed “ Century
Club” last month. This honorary club
has been organized by Mercantile
Trust Company, St. Louis, in recogni
tion of those correspondent banks
which have been associated with Mer
cantile Trust for 100 years.
p r i n t i n g
Heads Foreign Division
Harry P. Barrand, Jr., vice presi
dent, has been appointed chief ad
ministrative officer of The Hanover
Bank’s foreign department, to succeed
Basil Hwoschinsky, senior vice presi
dent, on the latter’s retirement De
cember 31, 1957.
Mr. Barrand was formerly The Han
over’s European representative before
his election as a vice president in 1956.
Not if you call in our representative.
A M E R I C A N L IT H O , its production and sales depart
ments adhere to the following business principles, which
spell R E L I A B I L I T Y .
1. Rigid adherence to your job specifications.
2. Promises fulfilled.
Mercantile Election
3. Fair prices.
James A. Smith, representative in
the banks and bankers division of
Mercantile Trust Company, St. Louis,
was appointed assistant cashier.
Mr. Smith joined Mercantile in 1954
after graduation from Drury College,
Springfield, Missouri, where he re
ceived an A.B. degree in economics.
4. Judgment to accept only work which we can
efficiently produce.
For any of your business problems that involve printing,
call in an A M E R I C A N L IT H O representative, where
R E L I A B I L I T Y is a full time job.
New Appointments
The appointment of Joseph A. Corrado and William H. Bruton as assist
ant vice presidents of Manufacturers
Trust Company, New York, is an
nounced by Horace C. Flanigan, chair
man of the board.
Both men continue their assign
ments with the International Banking
Department at the bank’s main office,
55 Broad Street.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Sp e cia lists in printed bank supplies, modern business form s,
stationery, insurance form s and sales promotion literature.
N o r t h w e s t e r n Banker, J ul y,
1957
42
Careers
i n i . . .
(Continued from page 29)
Let’s take a look at the diversity of
jobs available.
If a student is interested in market
ing, we have a place for him. Bank
ing today, as never before, has mar
keting problems, particularly since
banking has gone “retail” and has
competition coming from so many
sides.
If a student is interested in manu
facturing, we have a place for him.
Banking does business with all manu
facturers, and all of them have prob
lems that have to be studied. And
if the student feels he doesn’t want to
devote his life to soap, glass, or steel,
but rather is interested in manufactur
ing “per se,” he will welcome the op
portunity to study so many different
types of manufacturing enterprises.
If a student is interested in special
izing in a particular industry, we have
a place for him. In the large banks
we have industry specialists in petro
leum, utilities, etc. And in even the
smallest banks, we are hiring agricul
tural specialists these days.
If a student is interested in the
over-all economy, we have a place for
him. Many of the larger banks have
C H E M IC A L
CORN EXCHANGE
BANK
Founded 1824
165 Broadway, New Y o rk
C jiYaYenienY c/ 7Yoonr/tYron
A t the close of business June 30, 1957
ASSETS
7 52 ,9 2 5 , 4 5 8 .6 5
4 3 4 ,3 5 5 , 7 6 8 .8 2
2 5 4 ,1 58 , 0 4 4 .3 4
1 2,374, 9 7 1 .7 5
1 ,5 5 9 ,2 4 0 , 6 3 8 .4 2
C ash and D u e from B an ks
U . S. G o ve rn m e n t O bligations
S tate, M u n icip al and P ublic Securities
O th er B o n d s and In vestm en ts
L oan s
.
..............................................
B a n k in g Prem ises and E q u ip m e n t
C u stom ers’ L iab ility on A ccep tan ces .
A ccrued In terest and A cco u n ts R eceivab le
O th er A s s e t s ..............................................
18,831, 2 3 0 .0 0
5 2,2 3 8, 4 4 5 .6 8
9 ,48 0 , 4 0 4 .5 9
1 ,91 6 5 5 9 .8 5
$ 3 ,0 9 5 ,5 2 1 ,5 2 2 .1 0
L IA B IL IT IE S
C apital S tock ($10 par)
S u r p l u s ..............................
U n d iv id ed Profits
.
$ 5 3 ,1 3 8 ,2 5 0 .0 0
1 4 6 ,8 6 1 ,7 5 0 .0 0
3 6 ,0 8 8 ,3 5 2 .6 7 $
.
2 3 6 ,0 8 8 ,3 5 2 .6 7
3 ,3 7 1 ,1 8 8 .3 1
R eserve for C o n tin g en c ies.
R eserves for T a x e s , E xp en ses, etc.
1 1 ,8 1 5 ,4 3 8 .0 3
D iv id en d P aya b le Ju ly 1, 1957
A ccep tan ces O u tstan din g (N e t)
2 ,6 5 6 ,9 1 2 .5 0
5 6 ,7 6 2 ,4 3 1 .8 6
5 0 ,0 0 0 ,0 0 0 .0 0
Bills P a y a b l e ...............................
O ther L iabilities
.
.
.
.
D e p o s i t s ..............................................
6 ,2 8 3 ,0 7 8 .9 3
2 ,7 2 8 ,5 4 4 ,1 1 9 .7 0
$ 3 ,0 9 5 ,5 2 1 ,5 2 2 .1 0
Securities carried at $ 223 ,56 5,90 0.7 5 in the foregoing statem ent are deposited
to secure public funds and for other purposes required by law.
C on ven ien t Offices T h rou gh ou t G rea ter N e w Y ork
Every Banking and T ru st Service at H om e and A broad
Charter Member New York Clearing House Association
Member Federal Reserve System Member Federal Deposit Insurance Corporation
Northwest ern
Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
economists on their staffs. And in all
banks it is a requirement of all lend
ing and investment officers that they
have a grasp of the general economic
scene.
What about stability of employ
ment?
Employment in banking is stable be
cause banking is continuously grow
ing. We don’t have the personnel
problems created by gaining a tremen
dous amount of business one year, and
losing it the next, with a consequent
reduction in the work force. And
over the cycle, we are more stable
than most industries.
A banker serves individuals, busi
nesses and his community. He must
learn to be helpful to his customers
or he will lose out to a more helpful
competitor. If he is not a leader in
his community life, he will not be
living up to what is definitely expected of him.
A
^
A
.
Intimate Service
His service is intimate because fi
nancial transactions are by their na
ture intimate. A banker, therefore,
v
gets to know and serve his customers
as in almost no other business. He
becomes part of the lives of individ
uals, businesses, his community. This
y
is one of the banker’s greatest satis
factions.
Finally, what about challenge? Does
banking offer a real challenge to a
young man entering the business to- A
day?
To anyone who has ever sat behind
a loan or investment desk the answer
is obvious. Since most business ideas
y
for their execution r e q ui r e bank
funds, we have to pass judgment on
just about every conceivable type of
business proposition—and from every
conceivable type of business. Every
business day is a new challenge to
our resourcefulness.
Furthermore, in the next 10 years
our expanding economy is going to f,
present us with a demand for money
the like of which we have never seen.
To meet this challenge we are going
to need bankers—men with training,
ingenuity, imagination, vision — to
grasp the opportunities of the future.
And so, in terms of compensation,
fringe benefits, opportunities for ad
vancement, education, training pro- A
grams, diversity of jobs, stability of
employment, public service, and chal
lenge, banking offers great opportuni
ties for worth-while careers. With so
^
much to offer, banking should not
have difficulty in handling the man
power problem, if the opportunities in
banking are presented properly to the
public. It is most important that v ,
banking recruitment for small as well
as large banks be given serious and
adequate consideration now.—$$
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
44
U Nah'- Tra Him A b o u t F arm i n ff
(Continued from page 30)
A ninth and final item on this
list is a complete untruth
and one that especially
arouses my ire. It is the suggestion
that farmers are just a lot of goldhrickers who want government hand
outs. Anyone who makes such a
They are subject to great natural haz
ards. Their markets suffer from huge
surpluses due at least in part to pro
grams of the past. To say that they
have no real problems is outright
folly.
statement simply does not know farm
people and does not know farm prob
lems. Farmers have genuine prob
lems. They are in a cost-price squeeze.
They are adjusting from wartime to
peacetime markets. They feel the im
pact of a technological revolution.
These nine half-truths were the foun
dation for some of the farm programs
of the past. On this shaky base was
erected a great superstructure of pro
duction controls and price supports,
with rigid formulas and detailed
schedules.
Farm Program Needs Repair
Fir s t
IN Y O U R
A
A
¥
X
v
Elected to Board
Donald Danforth of St. Louis, chair
man of the board of the Ralston Pu
rina Company, St.
Louis, has been
elected a member
of the board of di
r ec t or s of the
General A m e r i
can Life In su r
ance Company at
a recent meeting.
Mr. Danf ort h,
57, has been asso
ciated with Ral
ston Purina since
1920. He was elected president in 1932
and became chairman of the board in
January of this year.
FUTURE
/
There’s a w orld
o f differen ce
in correspon den t
banking service
The FirstNational Bank
of
Den v er
Member Federal Deposit Insurance Corporation
PROVIDING
The superstructure is now begin
ning to sag and creak at the joints.
Increasingly, farm people are becom
ing convinced that some changes need
to be made. The architects are assem
bling to draw up new plans.
My plea is that we not just consider
patching up the superstructure, but
that we take a good look at the foun
dation itself. If we simply patch up
the building without fixing the foun
dation, we can be sure that before
long we’re in for trouble again.
There is much that is good in our
present farm laws. What is good
should be saved. What is not good
should be changed. I do not propose
to eliminate price supports. We have
programs that are working well; ex
amples are the programs for soybeans,
oats, rye, barley and grain sorghum.
These successful programs can be a
pattern for the programs that are now
causing difficulty.—$S
BANKING
SERVICES
SINCE
I860
V
Y
v-
Loan Officer Promoted
Donald C. Lahey, formerly associ
ated with The Northern Trust Com
pany, Chicago, has been promoted to
vice president at
head office of the
American Tr ust
Company in San
Francisco. He is
a commercial loan
officer.
Joining the staff
of A m e r i c a n
Trust Company in
1 9 5 0, he w a s
n a m e d manager
D. C. LAH EY
of the credit de
partment in 1951, assistant manager of
the San Mateo office in 1953, and as
sistant vice president in commercial
loans in 1954.
i
>-
Y
Y"
St. Louis Retirement
John J. Griffin, vice president of the
First National Bank in St. Louis re
tired June 30, having reached the
bank’s official retirement age.
Nor thwe st er n
Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J957
i
45
CO N TIN ENTAL
N A T IO N A L B A N K
ILLIN OIS
and T R U S T C O M P A N Y
OF C H IC A G O
^ y i C 'n tw y of'B anking
Statement of Condition
J u n e 30, 1 9 5 7
RESOURCES
Cash and Due from B an k s................................................. $ 636,140,311.15
United States Government Obligations........................
573,628,718.52
Other Bonds and Securities................................................
159,564,764.56
Loans and D iscounts............................................................. 1,166,566,922.38
Stock in Federal Reserve B a n k ........................................
6,450,000.00
Customers’ Liability on Acceptances.............................
2,570,975.22
Income Accrued but N ot Collected................................
8,361,194.12
Banking H ou se.........................................................................
7,350,000.00
$2,560,632,885.95
LIA B ILIT IE S
D eposits....................................................................................... $2,293,343,572.72
Acceptances...............................................................................
2,590,019.57
Dividend Payable August 1, 1 9 5 7 ..................................
2,700,000.00
Reserve for Taxes, Interest, and Expenses
11,263,779.79
Reserve for Contingencies..................................................
10,000,000.00
Income Collected but N ot E arned..................................
2,797,251.00
Capital Stock (2,700.000 shares. Par value $ 3 3 t l ) ........................
90,000,000.00
Surplus........................................................................................
125,000,000.00
Undivided Profits...................................................................
22,938,262.87
$2,560.632,885.95
United, States Government obligations carried at $ 3 1 7 ,5 7 9 ,8 3 2 .3 3
are pledged to secure public and trust deposits and fo r other
purposes as required or perm itted by law
Board of Directors
WALTER J. CUM M INGS,
J.
C h a irm a n
WILLIAM H. MITCHELL
LAW RENCE P. FISHER
Q . ADAMS
Real Estate
CHAUNCEY B. BORLAND
M a n a g i n g Owner
Borland Properties
D ir e c to r
P a rtn e r
G en eral Motors Corporation
Mitchell, Hutchins & Co.
W ILLIS G A LE
ROBERT H. M ORSE, JR.
C h a ir m a n
Commonwealth Edison
Company
CHAMP CARRY
P re s id e n t
Pullman Incorporated
WILLIAM A. HEWITT
Deere & Company
P re s id e n t
Fairbanks, Morse & Co.
PETER V. MOULDER
P re s id e n t
P re s id e n t,
ALFRED C O W LES
Cow les Properties
International Harvester
Company
JOHN HOLMES
C h a ir m a n o f B o a r d
EDW ARD A. CUDAHY
Swift & Company
C h a ir m a n o f th e B o a r d
The Cudahy Packing Company
JO HN F. CUNEO
PHILIP W . PILLSBURY
THEODORE V . HOUSER
C h a ir m a n o f th e B o a r d o f D ir e c t o r s
C h a ir m a n o f th e B o a r d
Pillsbury Mills, Inc.
Sears, Roebuck and Co.
P re s id e n t
The Cuneo Press, Inc.
DAVID M. KENNEDY
CALVIN FENTRESS, JR.
P re s id e n t
C h a ir m a n o f th e B o a r d
JAM ES R. LEAVELL
Banker
Allstate Insurance Company
LO C K
BOX
H, C H I C A G O
FRANK F. TAYLOR
Banker
HERMAN W ALDECK
Banker
9 0 , IL L IN O IS
Member Federal Deposit Insurance Corporation
N orthw estern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Banker,
August,
1957
46
Ii#*.v If. Httilvi
(Continued from page 31)
under Mr. Bailey’s administration, the
business has reached new marks in
growth.
Mr. Bailey has served as vice presi
dent and president of the American
Society of Farm Managers and Rural
Appraisers, is both an accredited farm
manager and accredited rural ap
praiser in Illinois, Iowa, Minnesota,
Mississippi, Missouri and North Da
kota.
He is active in church work and has
served as moderator (highest lay of
fice) in the Congregational Church of
Quincy and is now trustee of the Sec
ond Presbyterian Church of St. Louis.
He is a past vice president of the
Downtown Kiwanis Club, St. Louis;
secretary of the National Council for
Community Improvement; member of
the agricultural committee of the St.
Louis Chamber of Commerce; member
of the agricultural and tax committees
of the Missouri State Chamber of
Commerce; is director of the Friends
of the Land and is a member of Bodley Lodge No. 1, A.F.&A.M.
He is listed in “Who Knows . . .
And What,” “World Biography,” and
“Who’s Who in America.” Mr. Bailey
turns business into pleasure by oper
ating two farms as a hobby. He laugh
ingly says he can pursue his hobby
of fishing any season of the year by
making field trips to Doane offices at
Lake Wales, Florida, or Mankato, Min
nesota. Golf and bowling also rank
high among his hobbies.
He was married in 1926 to Ella D.
Nielson and the couple has three mar
ried daughters, Caryl Jean, Mary Ella
and Phyllis Rae.
When asked for his opinion of the
the most important problem facing
bankers today, Mr. Bailey said, “ One
of the most important problems today
is how to safely furnish farmers with
needed and adequate intermediate fi
nancing so as to enable them to mod
ernize and introduce labor-saving prac
tices into their livestock operations.”
—$$
Joins Management Staff
Complete Foreign
Department
Just make Commerce Trust foreign department
Your Own foreign department! You will
command the skilled and experienced services
of the Commerce Trust staff. And . . .
through our direct network of contacts in banks
abroad...you are provided Commercial Letters
of Credit, Foreign Credit Information,
Import-Export Regulations, Collections and
Transfers, Currency Rates, Overseas
Marketing Assistance and many other
services for your customers and your bank.
(ommercejrust (ompany0
K A N S A S C IT Y 'S O LD EST AND LA R G ES T BAN K
F E D E R A L
D E P O S IT
N o r t h w e s t e r n Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
IN S U R A N C E
Chicago Promotions
C O R P O R A TIO N
+
David H. Reimers, president, The
Live Stock National Bank of Chicago,
announces that at a meeting of the
R. E. H A M IL TO N
C apitai Dun Js C xcttJ 36 W ittion 2)ot
M EM B ER
James J. Maclsaac, formerly with
Stanford Research Institute, Menlo
Park, California, has joined the man
agement staff of Recordak Corpora
tion, subsidiary of Eastman Kodak
Company, wi t h
headquarters in
the executive of
fices, 415 Madison
Avenue, New
York City.
In making the
a n n o u n c e me n t ,
John K. Boeing,
president of Re
cordak, r epor t s
t h a t Mr. Mac
J. J. M acISAAC
Isaac wi l l head
up the new product planning depart
ment whose function is “to investi
gate and define new or improved ap
plications of microfilming in all types
of business systems, including elec
tronics and automation.”
L. L. H OLLAND
board of directors held last month,
Robert E. Hamilton and Lewis L. Hol
land were elected assistant vice presi
dents. Both of these men were for
merly assistant cashiers.
i
47
AMERICAN TRUST COMPANY
San Francisco
Statement o f Condition, June 3 0 , 1957
RESOURCES
Cash on Hand and in Banks
U. S. Government Obligations
State, County, and
Municipal Bonds
Other Bonds and Securities
Stock in Federal Reserve Bank
Loans and Discounts
Bank Premises and Equipment
Other Real Estate
Customers’ Liability
Under Acceptances
Accrued Interest Receivable and
Other Assets
Total Resources
$ 273,512,803.65
342,934,439.09
66,914,379.95
25,592,485.67
2,400,000.00
851,200,681.88
15,049,973.86
Deposits
$1,454,861,787.35
Acceptances Outstanding
1,795,810.36
Reserve for Unearned Discount
14,352,038.14
Reserve for Interest, Taxes, etc.
9,398,035.00
Other Liabilities
2,840,353.09
Capital Funds:
1.00
Capital Stock
($10.00 par value)
1,783,605.58
11,675,750.84
$27,812,500.00
Surplus
52,187,500.00
Undivided Profits 27,816,097.58
$ 1,591,064,121.52
107,816,097.58
Total Liabilities
1,591,064,121.52
United States Government and other securities carried at $189,681,168.08 are pledged to secure U. S. Government
Deposits, other public funds, trust deposits, and for other purposes as required or permitted by law.
FRAZER A. BAILEY
D IR E C T O R S
S a n F r a n c is c o
WAKEFIELD BAKER
P r e s id e n t, B a k e r & H a m ilto n
KENNETH K. BECHTEL
C h a irm a n o f the B o a r d
I n d u s tr ia l In d e m n ity C o m p a n y
COLBERT COLDWELL
C oldw ell, B a n k e r & C o m p a n y
PETER COOK, JR.
R io V ista
RANSOM M. COOK
S en io r V ice P r e sid en t
PAUL L. DAVIES
C h a irm a n o f the B o a r d , F o o d
M a c h in e r y a n d C h e m ic a l C orp oration
CHARLES ELSEY
P r e s id e n t, F ib r e b o a r d P a p e r
P r o d u c ts C o r p o r a tio n
HARRIS C. KIRK
P r e s id e n t
J. R. KNOW LAND
P u b lis h e r , O a k la n d T r ib u n e
DANIEL E. KOSHLAND
P r e s id e n t, L ev i S tra u s s & C o m p a n y
ROGER D. LAPHAM
S an F r a n c is c o
JAMES K. LOCHEAD
DONALD MACLEAN
P r e s id e n t, B . R . F u n sten <fe Co.
FED ER AL DEPOSIT
S en io r V ic e P r e s id e n t
M c C a n n -E r ic k s o n , In c .
WILLIAM L. KEADY
C h a irm a n o f the B o a r d
S a n F r a n c is c o
B. R. FUNSTEN
M E M BER
HENRY Q. HAWES
P r e sid en t, C a lifo r n ia a n d H a w a iia n
S u g a r R e fin in g C o r p o r a tio n
IN SU R AN C E C O R PO R ATIO N
J. W. MAILLIARD, III
V ic e P r e s id e n t
M a illia r d & S ch m ie d e ll
donald
M cLa u g h l i n
ROBERT W. MILLER
C h a irm a n o f the B o a r d
P a c ific L ig h tin g C o rp o ra tio n
GEORGE G. MONTGOMERY
P r e s id e n t, K e r n C ou n ty
L an d C om pany
HERMAN PHLEGER
S a n F r a n c is c o
ALLAN SPROUL
K e n tfie ld
M ARK R. SULLIVAN
P r e s id e n t, T h e P a c ific T e le p h o n e
a n d T e le g r a p h C o m p a n y
BEN F. WOOLNER
A ttorn ey
M EM BER
A M ER IC A N
TRU ST
CO M PAN Y
h.
P r e s id e n t, H o m e s ta k e M in in g
C om pan y
F ED ER AL RESERVE SYSTEM
9 6 B anking Offices
Serving Northern California
BAN KIN G
S in c e 1 8 5 4
Above: Original wood engraving
Telegraph Hill signal tower, San Francisco, 1854
N o r t h w e s t e r n Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
48
New Chicago Officers
Harold P. Johnston, executive vice
president of the Live Stock National
Bank of Chicago, was elected presi
dent of the Chi
cago Chapter of
the Robert Mor
ris Associates for
the 1957-58 chap
ter year.
Other c hapt er
officers were elect
ed as f o l l o w s :
First vice presi
dent, Jo s eph J.
Kaberna, v i c e
H . P. JO H N S T O N
president of the
First National Bank of Chicago; sec
ond vice president, Thomas F. Duffy,
second vice president of the Northern
Trust Company; secretary-treasurer,
Walter B. Dow, assistant vice presi
dent of the Harris Trust & Savings
Bank.
Advertising Award
Harris Trust and Savings Bank, Chi
cago, for the fourth consecutive year
has received an award for outstand
ing achievement in advertising. The
award was presented at the annual
awards banquet of the Chicago Fed
erated Advertising Club and was in
recognition of Harris Bank’s public
service campaign explaining “tight
money.”
Robert Lindquist, Harris Trust vice
president in charge of public rela
tions and business development, ac
cepted the award for the bank.
New President
Robert B. Taylor, 44, Salem, Oregon,
will succeed Len K. Sharp as presi
dent of Mill Owners Mutual Insurance
Company, Des Moines. Mr. Sharp has
resigned because of ill health.
Mr. Taylor, a native of Des Moines,
has just completed eight years as in
surance commissioner of Oregon, and
is the immediate past president of the
National Association of Insurance
Commissioners.
Foreign Exchange Folder
Manufacturers Trust Company, New
York, is distributing a new edition of
its “Foreign Exchange Quotations”
folder. The folder lists current quota
tions of currencies of 141 countries
throughout the world. It also con
tains two tables showing the decimal
equivalents of (a) shillings and pence
and (b) common fractions.
Copies are available at the bank’s
International Banking Department, 55
Broad Street, New York 15, New York.
L O O K TO
Your inquiries on any phase of
Canadian business will receive
prompt attention from any of
our offices
listed below:
COAST-TO-C
V
(
TO2muIO
NC
AN
AD
IAN
S
B
or M
a n k
o n tr ea l
York - - 64 Wall Street
San Francisco - -333 California Street
Chicago: Special Representative’s Office, 141 West Jackson Blvd.
T
of service as Swedish consul for Missouri
and K ansas, Bror W . Unge, right, has re
ceived the coveted knighthood of the Royal
Order of V asa, first class. The presentation
was made on behalf of King Gustaf Adolph
V by the Honorable Gosta Oldenburg,
Royal Consul General of Sweden at Chi
cago, at a dinner given by the Scandina
vian Club of Greater Kansas City.
M r. Unge, assistant vice president and
manager of the foreign department of City
N ational Bank and Trust Company, Kansas
City, Missouri, resigned his post as Swedish
consul to become consular agent of France
for the Kansas City area.
The First National Bank of Arizona
is doubling the size of its Bisbee office
in an extensive expansion and remod
eling program designed to meet the
growing needs of this copper mining
center in southeastern Arizona, ac
cording to Mont E. McMillen, presi
dent of the state-wide financial insti
tution.
First National, which had deposit
increases of 26.9 per cent last year to
make it the fastest growing national
bank in the Rocky Mountain states,
will spend $50,000 on the construction.
C a n a d a ...
lliljl
IN RECOGNITION OF SE VEN Y EA R S
Arizona Bank Expands
F o r th e a n s w e r s
yo u need on
Knitjhtvd
700 BRANCHES ACROSS CANADA
•
RESOURCES— $2,700,000,000
$S& U' A
i■viijAybA?s;A>
A: ■
ASHWELL & COMPANY
.
COLLATERAL
LOANS
COMMERCIAL
PAPER
176 W est Adams Street
CHICAGO 3, ILLINOIS
Telephone RA 6-5432
No rth we st er n
Banker, Au g u s t , 1957
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
49
when
people
are
your
business...
IT PAYS TO HAVE THEM K N O W
All too often people have the mistaken
idea that a bank is a standoffish mem
ber of the community. As usual in a
case like this, the misunderstanding
stems from lack of knowledge of what
a bank is really like.
Now, a new motion picture, “At Any
Given Moment,” has been created
solely to enhance the public relations
of your bank in your own city. There’s
no question that the story line—a series
of lively and entertaining episodes—
should go a long way to dramatize the
vital part your bank plays in the per
sonal lives of your customers and busi
ness affairs of your community.
This full-color, 9%-minute film is spe
cially designed for use on your local
TV station. It is available from its orig
inator, the American Express Com
pany. “At Any Given Moment” already
has been scheduled for showing on TV
stations in 42 markets throughout the
country, and more showings will be
planned as quickly as prints become
available. So far more than 200 banks
in every area have borrowed this new
film for showing to their personnel.
YOU BETTER
If your bank would be interested in
screening this important new film or in
arranging for loan or purchase of a
print—write today to James A. Hender
son, Assistant Vice President, Ameri
can Express Company, 65 Broadway,
New York 6, N. Y.
Am erican
Express
Company
N o r t h w e s t e r n Banker, Au gu s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
50
Increase Net Earnings
The First National Bank of Arizona
had a 29 per cent increase in net earn
ings for the 12-month period ending
June 30, accord
ing to a letter to
shareholders from
M. E. McMillen,
president of the
state-w ide finan
cial institution.
Mr. Mc Mi l l en
also reported that
deposits, l o a n s
and e a r n i n g s
reached the high
M. E. McMILLEN
est mid-year lev
els in the bank’s 76-year history.
Reviewing what he termed “a suc
cessful period,” the president said that
on June 30, deposits stood at more
Official p osition in
METROPOLITAN
MISSOURI BANK
Open fo r Qualified Banker
Experienced banker, qualified to
assume officer duties in 15-milliondollar bank, invited to present quali
fications for immediate opening.
Responsibili ties of position include
normal officer activities, plus some
operations and systems detail, and
personnel management. Current build
ing project will create additional
responsibilities, both during and after
construction period.
Bank has full range of services, plus
several service innovations which will
include drive-in banking, walk-up
teller, parking, departmentalized
operations throughout. Bank will be
newly equipped; modern in every
way. Thirty-five employes.
Very frankly this position entails
work, detail and only those who
desire perfection should apply. But
the compensation; the added benefits;
the chance at management responsi
bility; and the opportunity for ad
vancement in a chosen field will be
worth investigating.
Desired age 35-40. Men qualified
and interested in advancement are in
vited to apply by letter, sending full
resume of qualifications and experi
ence. All replies will be kept confi
dential. Our employes know of this
advertisement.
EOP, c /o Northwestern Banker
306 15th Street
Des Moines, Iowa
N o r t h w e s t e r n Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J957
than $208 million, outstanding loans
exceeded $121 million, and net operat
ing earnings before taxes topped $1.5
million. First National resources were
over $230 million at mid-year, 12.39
per cent higher than a year ago, he
said.
First National, Mr. McMillen stated,
continues it geographical expansion,
opening 17 offices in the past 18
months. The bank’s 41st office was
opened last month in Casa Grande, the
31st Arizona community to be served
directly by one or more offices.
Named to Higher Office
Bankers Trust Company, New York,
promoted four of its officers, three in
the trust department and one in the
bond department, it was announced
by S. Sloan Colt, chairman of the
board.
Former Assistant Trust Officers
Walter I. Hughes and C. Russell Sig
ler, both with the personal trust divi
sion of the bank’s trust department,
were named trust officers, while for
mer Assistant Secretary George F.
Carse and former Assistant Treasurer
Herman R. Frenzel, of the bond de
partment, were promoted to assistant
vice presidents.
Simultaneously, Mr. Colt announced
the election to assistant treasurer of
Gerald Gultinan and Seymour Perk
ins.
New York Election
Charles F. French, Jr., a vice presi
dent of Manufacturers Trust Com
pany, has been elected president of
the New York Chapter of Robert Mor
ris Associates.
L
.
To Establish Offices
Union Bank & Trust Company, a
downtown Los Ang e l e s landmark
since 1914 and a stronghold of unit
banking, has adopted “ regional bank
ing in principle”
and is s e e k i ng
permits to estab
lish offices in two
areas.
Thi s was re
vealed in a letter
to Uni o n Bank
shareholders by
Har r y J. Volk,
president.
‘There are now
many indications
that the growth of southern California
in the future is going to be primarily
in the perimeter areas of Los Angeles
city and Los Angeles county,” Mr.
Volk wrote to stockholders.
“ Important population centers are
developing many miles distant from
our downtown location,” he added.
With the new population centers are
business developments, industrial developments, and service enterprises
requiring banking facilities, according
to Mr. Volk.
Even though the idea of “regional”
offices is a radical departure in the
bank’s operating principles, Mr. Volk
assured stockholders that the tradition
of a complete banking service under
one roof is still desired.
“Consequently,” he said, “it is our
intention to staff such regional offices
with qualified officers competent to
make quick, sound decisions. In order to support such staff, each of our
regional offices will require a fairly
large deposit base.”
ENDURING AS RUSHMORE
A
r
A
^
F
^
~i
v
T
A N fast growing Houston we
have
presently
a
wonderful
opportunity for the man ready
w
for General Agent status.
OPPORTUNITY
IN
Our
Company,
now
well
above the Two Hundred Mil
lion Dollar mark in Insurance
HOUSTON
in Force, is continuing through
out the balance of this year a
F o r the M an R e a d y fo r
G e n e ra l A g e n t Q u a lific a tio n
If you are the man for this
opportunity, write us today for
vigorous expansion program in
our entire operating territory.
detailed information. All corre
spondence in confidence. W e
assure the utmost in home office
cooperation.
H. O. CHAPMAN, Pr e s i de n t
S. H„ WITMER, C hm. o f t he Bo a r d
i
51
W h a t h a p p en s a fter 'ba n kers’ h o u r s ’ ?
First National
people
work at being
good citizens
For Young People . . . Sponsoring a Junior
A ch ie ve m e n t B a n k is a lon g-stan din g First
N a tio n a l a c tiv ity . I f y o u ’d like in form a
tion ab o u t sponsoring a Junior A ch ie v e
m en t B a n k , ask our representative the
n ext tim e he calls. T h e Y .M . C . A . , Y . W . C .A ., B o y and G irl S couts and other
ch aracter-building groups, religious and
educational organizations also receive gen
erous “ after-h ou rs” support from F irst
N a tio n a l officers and em p loyees.
For Better Living . . .T h e U n ited F u n d , R e d
C ross, Office o f C iv il D efen se and other
c o m m u n ity -w id e organizations receive our
w holeh earted su p port. I f y o u ’re asked to
serve in a health or w elfare drive in your
co m m u n ity , perhaps som e o f our expe
rience will be useful to yo u .
For Economic Development . . . F irst N a tio n a l
officers d ev ote m a n y o f their “ after hours”
w orking for econom ic d ev elo p m en t. Our
B o ard C h airm an , W illia m A . M c D o n n e ll,
is vice president and financial chairm an o f
the U n ited S tates C h a m b er o f C o m m erce.
Several o f our officers are activ e in the S t.
L ou is C h a m ber o f C o m m erce and other
im p orta n t civic and regional activities.
Carroll F . B u rto n , w h om so m a n y o f yo u
know , is president o f the M issou ri B ankers
A ssociation . N e x t tim e y o u get together
w ith an y o f our officers, y o u ’ll e n jo y ta lk
ing over current econom ic d ev elo p m en ts,
e s p e c ia lly in re la tio n s h ip to th e c o m
m u n ity your b a n k serves.
Member Federal Deposit I nsurance Corporation
Statement of Condition, June 30, 1957
Resources
Cash and Due from Banks . $156,545,018.99
U. S. Government Securities 107,890,332.45
Loans and Discounts . . . 241,309,736.03
Loans Wholly or Partially
Guaranteed by U. S.
Government...................
54,597,095.53
Other Bonds and Stocks . .
15,485,588.28
Stock in Federal Reserve
B a n k ...............................
1,050,000.00
Furniture and Fixtures. . .
561,863.65
United Bank Building . . .
403,862.90
Customers’ Liability, Letters
of Credit, Acceptances, etc.
1,503,088.63
Accrued Interest Receivable
1,469,169.04
Other R eso u rce s...............
448,717.01
$581,264,472.51
Li abi l i t i es
Capital Stock . . $ 15,400,000.00
Surplus...............
19,600,000.00
Undivided Profits
12,018,526.90
Total Capital
Accounts . .
Reserve for Taxes,
Interest, etc.
Unearned Discount
Liability, Letters of
Credit, Accept
ances, etc.. . .
Other Liabilities .
Demand Deposits $434,537,458.89
Time Deposits . . 73,724,204.62
U. S. Government
Deposits . . . 20,404,465.92
Total Deposits
$ 47,018,526.90
2,776, 179.22
1,238, 336.67
1,494. 338.63
70, 961.66
528,666,129.43
$581,264,472.51
N o r t h w e s t e r n Banker, Au gu s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
52
IV 'i/ / «
...
V in itin n e
(Continued from page 32)
Treasury obligations and new long In June of 1953 this spread was about
term public utility bonds kept widen 28 basis points; at the end of June of
ing. In June the spread between the this year it was about 35 points.
Treasury 314’s of 1983 and the issue
Otherwise, the most remarkable
yield of the new Southern Bell Tele change in the government market is
phone bonds was 127 yield basis per the further transformation in the
centage points. This compares with a yield curve. Short and intermediatespread of 43 basis points in June of term yields are now entrenched at a
1953 and 70 basis points in October of higher level than long yields. With
last year. However, the spread be the new tax anticipation bills at a
tween the yields of long Treasury ob 3.8 per cent basis, the 2% per cent
ligations and seasoned corporate bonds bonds of 1961 on a 3.94 per cent basis,
has fluctuated but little in this period. and the longest-term Treasury 3s of
Another Case History
¡(tom tfo¿¿led
B R A Z ,L „ „ —
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gotoh ^ « “ cppespondenl Babk«
established distiibu^ °^C^^^0us
netacts sales • • •
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thanks,
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Arizona Bank Gains
p,es" t
,0““°
^peeled to
^ r Sale"aTketS
!XP° r
the "FIRST”
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F O R E V E R Y B A N K IN G S E R V IC E
FIRST.
J&c&fi.. l r
N o r t h w e s t e r n Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
f-I1
5ANK
B A l T I M O R E ^ g g g j L AT T E N T H
«E«»E*
PEDÍS* I
D E PO S IT
1995 on a 3.58 per cent basis, the mar
ket yield curve at the end of June
was a far cry from that which was
obtained before the money market
was reconverted by the Treasury-Fed
eral Reserve “Accord” of 1951 to serve
a peacetime economy.
With the government short and in
termediate yields pressing on a 4 per
cent basis, it is not out of the question
that a borrowing rate of this rank may
be acceded to by the Treasury before
the year 1957 is out. The next financ
ing transaction is the refunding of
$15,800,000,000 of notes due in August.
About half of this debt is held by the
Federal Reserve.
While the central banking apparatus
can be expected to lend every proper
assistance to the Treasury over forth
coming months, it is not to be ex
pected that the Reserve will be a
party to any permanent enlargement
of the money supply merely to accom
modate the Treasury. Having been
vindicated in its often unpopular in
sistence upon credit restraint, the Re
serve can be expected to be firmer
than ever in its restrictive policy, so
long as the buying power of the na
tion’s money is threatened by rising
prices. Moreover, the Reserve Sys
tem’s policy has just been upheld by
a formal report of a Joint Congres
sional Committee composed of three
Democratic legislators and two Re
publicans.—$$
INSUSANCe
COP PO PAT tO W
Valley National Bank, Phoenix, Ari
zona, now ranks a record-breaking
51st in size among the nation’s 14,235
financial i nst i t u
t i o n s , President
Car] A. Bimson
announced recent
ly.
A year ago it
w a s 62nd a n d
four years ago it
w a s 70th. T h e
gain in rank—de
termined by dol
lar deposi t vol
C. A. BIM SON
ume—is regarded
as one of the most impressive in modernday banking annals.
Today Valley Bank is custodian of
$428 million in deposits—an all-time
high in Arizona banking history and
the largest by far in the eight-state
Rocky Mountain area.
Its current deposits total represents
a gain of $50.5 million over June, 1956.
Valley Bank’s steady increase in de
posits throughout the year found it in
58th position nationally on December
31, 1956. And the upward trend, which
has continued through the first half
of 1957, pushed it up the ladder to its
new 51st rating.
The
DI RECTORS
F IR S T
NATIONAL CITY BANK
o f N ew
Y ork
Head Office: 5 5 Wall
Street, N e w
7 5 Offices
in Greater N e w Y o r k
York
71 Overseas Branches,
Offices, and Affiliates
Statement of Condition as of June 30, 1957
A S S E T S
C a s h , G o i .d a n d D u e f r o m B a n k s .......... $ 1 ,8 4 3 ,9 3 0 ,5 3 3
U n it e d S t a t e s G o v e r n m e n t O b l i g a t i o n s .
.
1 ,0 2 8 ,1 4 3 ,2 6 3
S t a t e a n d M u n i c i p a l S e c u r i t i e s ................................
.
3 7 2 ,3 6 8 ,4 9 9
O t h e r S e c u r i t i e s ................................................................
10 8,47 0,56 1
L o a n s a n d D i s c o u n t s .........................................................
3 ,8 7 9 ,8 9 2 ,1 2 0
R e a l E s t a t e L o a n s a n d S e c u r i t i e s .......
C u st o m e r s ’ L ia b il it y for A c c e p ta n c e s
2 5 ,4 4 4 ,7 5 2
.
.
S t o c k i n F e d e r a l R e s e r v e B a n k .......
.
1 0 4 ,0 9 8 ,9 5 4
1 5 ,0 0 0 ,0 0 0
O w n e r s h ip of I n t e r n a t io n a l B a n k in g
C o r p o r a t i o n ...................................................
7 ,0 0 0 ,0 0 0
B a n k P r e m i s e s ....................................................
3 4 ,8 8 7 ,7 5 1
O t h e r A s s e t s ....................................................
14 ,9 0 9 ,5 4 3
T o t a l .............................................................$ 7 ,4 3 4 ,1 4 5 ,9 7 6
L I A B I L I T I E S
D e p o s i t s ........................................................................................ $ 6 ,6 1 4 ,1 8 2 ,5 1 8
L ia b il it y on A c c e pta n c e s a n d
B i l l s .............................................................. $ 1 3 3 ,1 4 5 ,4 7 6
L e s s : O w n A c c e p t a n c e s in
P o r t f o l i o ................................
2 6 ,7 7 5 ,8 1 8
1 0 6 ,3 6 9 ,6 5 8
D u e t o F o r e i g n C e n t r a l B a n k s ................................
2 8 ,8 2 5 ,6 0 0
{In Foreign Currencies)
I t e m s i n T r a n s i t w i t h B r a n c h e s ..........................
1 8 ,5 3 6 ,6 0 7
R eserves fo r :
U n e a r n e d D is c o u n t a n d O t h e r U n e a r n e d
I n c o m e ............................................................................
I n te r e st, T a x e s , O th er A ccrued
3 1 ,853 ,401
E x p e n s e s , e t c ..................................................................
51 ,4 6 8 ,9 4 1
D i v i d e n d ............................................................................
6 ,9 0 0 ,0 0 0
C a p i t a l ..............................................................$ 2 0 0 ,0 0 0 ,0 0 0
{/0, 000,000 Shares— $20 Par)
S u r p l u s .........................................................
3 0 0 ,0 0 0 ,0 0 0
U n d i v i d e d P r o f i t s ................................
7 6 ,0 0 9 ,2 5 1
57 6,0 0 9 ,2 5 1
T o t a l ..................................................
$ 7 ,4 3 4 ,1 4 5 ,9 7 6
Figures of Overseas Branches are as of June 25.
$508,273,868 of United States Government Obligations and $33,664,700 of
other assets are pledged to secure Public and Trust Deposits and for other
purposes required or permitted by law.
Member Federal Deposit Insurance Corporation
A ffilia te o f T h e First N a t io n a l C ity B a n k o f N e w Y o r k fo r sep arate
a d m in is t r a tio n o f tru st fu n c tio n s
CITY
BANK
FARMERS T R U ST
COMPANY
Head Office: 2 2 W illia m S treet, N e w Y o r k
Capital Funds $33,592,460
STANLEY C. ALLYN
Chairman of the Board, The National
Cash Register Company
GEORGE F. B A K E R .JR .
Trustee, George F. Baker Trust
PERCY CHUBB, 2nd
Partner, Chubb & Son
CLEVELAND E DODGE
Vice-President, Phelps Dodge
Corporation
R. GWIN F0LLIS
Chairman ofthe Board, Standard Oil
Company of California
DeWITT A. FORWARD
Senior Vice-President
ROY H. GLOVER
Chairman ofthe Board,
The Anaconda Company
JOSEPH P. GRACE, JR .
President, W. R. Grace & Co.
JOSEPH A. GRAZIER
President, American Radiator &
Standard Sanitary Corporation
HARRY C. HAGERTY
Financial Vice-President, Metropolitan
Life I nsurance Company
H. MANSFIELD HORNER
Chairman, United Aircraft
Corporation
KEITH S . McHUGH
President, New York Telephone
Company
ROGER MiLLIKEN
President, Deering, Milliken & Co.,
Incorporated
EDWARD S. MOORE, JR.
Executive Vice-President, National
Biscuit Company
CHARLES G. MORTIMER
President, General Foods
Corporation
ALEXANDER C. NAGLE
20 Exchange Place
CHARLES C. PARLIN
Shearman & Sterling & Wright
RICHARD S . PERKINS
Vice-Chairman ofthe Board
JAMES S . ROCKEFELLER
President
HOWARD C. SHEPERD
Chairman of the Board
WILLIAM C. S10LK
President, American Can Company
REGINALD B. TAYLOR
Williamsville, New York
ALAN H. TEMPLE
Executive Vice-President
LEO D. WELCH
Vice-President, Standard Oil
Company (New Jersey)
ROBERT WINTHR0P
Robert Winthrop & Co.
SENI OR
MANAGEMENT
HOWARD C. SHEPERD
Chairman of the Board
JAMES S. ROCKEFELLER
President
RICHARD S . PERKINS
Vice-Chairman ofthe Board
DeWITT A. FORWARD
Senior Vice-President
LEO N. SHAW
Senior Vice-President
J. ED WARREN
Senior Vice-President
GRANT KEEHN
Executive Vice-President and
Assistantto the Chairman
J. HOWARD LAERI
Executive Vice-President
GEORGE S. MOORE
Executive Vice-President
ALAN H. TEMPLE
Executive Vice-President
GEORGE A. GUERDAN
Vice-President and Cashier
N o r t h w e s t e r n Banker, Au gu s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
W . J. B r a m m a n
Jo h n A . B ush
Chairman of the Board,
Brown Shoe Company
D a n ie l K. C a t l in
F ie l d in g T . C h ildr ess
President,
Columbia Terminals Co.
E d w in M . C la r k
President,
Southwestern Bell Tele. Co.
T h o m a s C . H e n n in g s , Sr.
Lawyer
C lark H u n g erford
President,
St. Louis-SanFrancisco Ry. Co.
G a l e F. Jo h n st o n
Pres., Mercantile-Commerce
National Bank in St. Louis
M a r t in L a m m e r t , III
President,
Lammert Furniture Company
B e n j a m in M . L o eb
President,
Renard Linoleum & Rug Co.
A lfred H . C la rke
K e n t o n R. C r a v e n s
President
W i l l i a m H . L u y t ie s S id n e y M a e st r e
President. Chairman of the Board
Luyties Pharmacal Company
y
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Y o u r m an from M ercan tile rep
STATEM ENT
resents
RESOURCES
an
extensive
banking
o p e ra tio n — b ack ed b y resources
over 600 m illion dollars.
B u t his m ost im p orta n t assets
are the experience and ability o f
the M erca n tile o rg a n iza tio n . . .
m ore than 1,200 people ready
to p rov id e valuable counsel and
service.
T h e 43 m en show n h ere—
m em bers o f M erca n tile’ s Board
o f D irectors
and A d v is o r y
B o a rd — are m en o f ju d g m en t
and experience. T h e y form
strong
core
of
stability
a
and
leadership for this organization.
OF
C O N D IT IO N , JU N E
30,
1957
G A S H A N D D U E F R O M B A N K S .........................................................$148,040,824
IN V E S T M E N T S
U . S. Government Securities
(including $46,761,449 pledged).........................................................
Municipal and State Bonds.......................................................................
Federal Reserve Bank Stock......................................................................
Other Securities..............................................................................................
147,991,455
32,464,675
1,140,000
7,150,562
LOANS
Loans Guaranteed or Insured by the
U . S. Government or its Agencies......................................................
18,786,315
Other Loans and Discounts....................................................................... 255,393,257
F I X E D A SSE T S
Bank Buildings................................................................................................
2,454,276
O T H E R R ESO U R CES
Customers’ Liability on Acceptances and Letters of Credit.........
Accrued Earnings Receivable and Other Resources.......................
2,264,264
2,784,688
L IA R IL IT IE S
y*
d ev ote m uch o f their tim e to
p u b lic service.
T O T A L L I A B IL IT IE S ................................................................................. .$565,579,152
nence in their professions; m any
experience
in com m erce and in du stry add
greatly to M erca n tile’ s ability
to serve y o u well.
N o r t h w e s t e r n B a n k e r , Au gu s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ì 957
V
544,500
2,219,680
3,066,718
2,286,042
5,400,542
i
T h e ir p r a c t ic a l k n o w le d g e
and p olicy -m a k in g
y
T O D E P O S IT O R S
Demand Deposits.................................................................. $432,884,565
U . S. Government and Other Public Funds....................................... 37,277,382
Time Deposits.......................................................................
81,899,723
TO OTHERS
Dividend Declared, Payable July 1, 1957............................................
Interest Collected, Not Earned................................................................
Reserve for Taxes, Interest, etc................................................................
Acceptances and Letters of Credit..........................................................
Other Liabilities.............................................................................................
tion s; others are m en o f p ro m i
4
T O T A L R E S O U R C E S ...................................................................................$618,470,316
T O T A L D E P O S IT S ......................................................................$552,061,670
S o m e h e a d l ar ge c o r p o r a
y
ST O C K H O L D E R S' C A P IT A L
ACCOUNTS
Capital Stock......................................................................... $ 22,687,500
Surplus.....................................................................................
15,312,500
Undivided Profits.................................................................
14,891,164
<
T O T A L C A P IT A L A C C O U N T S ....................................... .$ 52,891,164
T O T A L L IA B IL IT IE S A N D
C A P IT A L A C C O U N T S ............................................................................ $618,470,316
y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
56
Midwestern Appointments
Robert J. Coxworth, formerly re
gional manager, has been appointed
sales manager of the midwestern divi
sion, Old Republic Life, Chicago, and
Working with Mr. Coxworth and
Mr. Ferguson are four sales represent
atives: Nelson Dewey, R. Bland Lee,
James D. Saurman and D’Arcy A.
Young.
New Investment Plan
R. J.
COXW ORTH
T. J. FERGUSON
Thomas J. Ferguson, formerly sales
representative, has been appointed
midwestern regional manager.
Investors Variable Payment Fund,
Inc., whose first public offering of
shares were made recently, presents
an answer to the widely recognized
need for a professionaly managed in
vestment medium designed to provide
flexible future income related to
changes in the purchasing power of
the dollar.
The new company, located in Min
neapolis, is a mutual investment fund
which will invest primarily in com
mon stocks with emphasis on growth,
provide for automatic reinvestment
of dividends, and for a variable pay
out of capital and income to the share
holder by periodic redemption of
shares for an elected number of years.
The shares of this fund are offered
by its sponsor and national distribu
tor, Investors Diversified Services,
Inc., in conjunction with the faceamount installment certificates issued
by Investors Syndicate of America,
Inc., thus creating a new form of bal
anced investment program.
Elected in St. Louis
The First National City Bank of
New York has announced the appoint
ment of three assistant vice presidents
and three assistant cashiers, all in the
bank’s domestic division.
The new assistant vice presidents
are Hugh C. Brewer, Jr., Robert P.
Graham and William P. Nagle. The
assistant cashiers are William J. Har
vey, Jr., Robert H. Shaw and Robert
H. Temple.
Modernize Commerce Trust
You can abolish record-keeping. All you need is a duplicate
of adding machine tape-listing. You can stop worrying
about “on us” checks because this policy insures checks
that are lost in monthly statements. You will create extra
good will with customers by waiving your right of charge
back when customer cannot procure duplicates of lost
items. Hundreds of banks are now protected by Transit
Cash Letter Insurance. Write us today for complete details.
Scarborough & Company
FIRST NATIONAL BANK
Chicago 3} Illinois
BUILDING
STate 2 -43 25
I ns u r an c e C ou ns e l o rs to Ban ks
ACCIDENT, SICKNESS and HOSPITAL
INSURANEE AT COST!
Bankers are Select Risks and we have special coverage
designed for Bank Men and W om en. Write for Application
and Information.
Minnesota Commercial Men’s Association
2550 Pillsbury A ve. S.
N o r t h w e s t e r n Banker , Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
Minneapolis 4, Minnesota
V
William A. McDonnell, chairman of
the board, has announced the election
of George F. Frank and Lester J.
Grigsby as assistant cashiers and
Harry E. Linnemeyer as an assistant
comptroller of First National Bank in
St. Louis.
Announce Six Promotions
Transit Cash Lèttér Insurance
A
Work will begin this month on a
modernization program that will equip
the Commerce Trust' Building, which
houses the largest and oldest bank in
Kansas City, with six new automatic
elevators, it was announced by James
M. Kemper, chairman of the board of
the Commerce Trust Company.
V
V
Y
A
y
Tulsa Bank Increase
The board of directors of the Na
tional Bank of Tulsa has approved an
increase in the bank’s surplus to $7
million by the transfer of $1 million
from undivided profits and reserves,
A. E. Bradshaw,
vice chairman of
the b o a r d and
chief executive of
ficer, announced
recentl y. T h i s
transfer of funds
will increase the
bank’s loan limit
to $1,200,000.
Since June 30,
1944, the capital
A. E. BR A D SH A W
and surplus have
been increased from $6 million to $12
million from earnings. The present
capital structure consists of: Capital,
$5 million; surplus, $7 million, and
undivided profits and reserves, ap
proximately $5 million.
a
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Y
57
H ere’ s News . . .
A b o u t
C re d
INSURANCE
life insurance outstanding
CREDIT
in the United States has increased
255 per cent in the past five years, the
Institute of Life Insurance reports.
In these same years consumer credit
has risen less than 100 per cent.
1 HOW CREDIT LIFE INSURANCE
HAS INCREASED SINCE
1945
•
•
•
17.1
of loan balances in the event of death.
This year’s credit life insurance in
force represents a rise of $2,348,000,000
in amount and 4,159,000 in number of
loans covered, compared with a year
ago. It is a five-year rise of $12,280,000,000 in amount and 19,737,000 in
number.
Not only has the number of loans
insured risen 160 per cent, but also
the average size of loan balance cov
ered has gone up 35 per cent. At the
start of this year, the average was
$530. Five years earlier it was $390.
“ The value of this type of protec
tion to family financial security is
demonstrated by the annual flow of
death benefit payments under credit
life policies,” the Institute commented.
“ In 1956, the death benefits totaled
$77,000,000, under 135,000 individual
policies, or certificates. That was the
measure of recently incurred indebt
edness which would have had to be
paid by the families of the deceased
borrowers, had they not had this pro
tection.”
The Institute points out that during
the past year close to 60,000,000 loan
accounts were covered at some time
by credit life insurance, as consumer
credit paid off during the year just
about equalled the year-end aggregate
outstanding.
C r e d i t U
e l e c t e d at A t ht a tie C ity
A p ir
1945
1950
1956
Theodore S. Sanborn, president of
North Central Life Insurance Com
pany, St. Paul, was recently elected as
chairman of The Consumer Credit In-
Institute ot Life Insurance
At the start of this year, more than
32,000,000 individual loans or time
sales were covered by credit life insur
ance in the amount of $17,098,000,000,
according to the Institute.
This means that nearly half of all
consumer credit outstanding in this
country subject to such coverage is
now under special life insurance pro
tection written through lenders or
creditors, guaranteeing full payment
T. S. SANBORN
J. D. MACE
surance Association at its annual
meeting in Atlantic City.
New president of the association is
John D. Mace, vice president of the
Central States Health & Life Com
pany, Omaha.
Named as vice presidents were
Frank A. Hill, vice president of the
Volunteer State Life Insurance Com
pany, Chattanooga, Tennessee, and
Harold L. Buck, vice president of the
Federal Life & Casualty Company,
Battle Creek, Michigan.
William F. Martin, vice president of
the Central National Life Insurance
Company, Omaha, will be the new sec
retary-treasurer.
Northwest ern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Banker, Au gu s t ,
J957
58
T\ 09Bid A ir -C o o le d ISi>la x a i ion in Hank #>o nniji>
4-
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>
ENJOYING- A H A N D OF BRIDGE in the card room of The
Hanover Hank s new air-conditioned employee lounge are the
young people shown above. The door to the right leads to the T Y
EPRA Honors Denver Man
The Financial Public Relations As
sociation recognized the special project
of a Denver banker by designating his
report to be put in the association’s
permanent library. The report, “Pro
moting Cooperative Banking Televis
ion Programs on an Educational TV
Channel,” by James K. Sanbourne, ad
vertising manager of The Denver Na
tional Bank, was referred to by the
association as a “first” in American
banking.
Mr. Sanbourne’s report tells how the
M E RMUT
C HUAAL N T S
BONDING
COMPANY
Incorporated
1933
room where a 24-ineh T V set is operated during lunch hours. In
the second photo, bank employees relax in the lounge where
furniture and cool colors accentuate the casual atmosphere.
series of ten television programs,
“Cornerstones of Progress,” was cre
ated, financed and produced. The se
ries, recently televised on KRMA-TV,
the educational channel for Denver,
told the story of the many services
performed by banks for private citi
zens and business.
Mr. Sanbourne acted as chairman of
the educational TV committee of the
Denver Chapter of the American Insti
tute of Banking, sponsors of the pro
gram.
This was the first time in the United
States that the comprehensive bank
ing story has been told on television
with personnel from a large number
of banks participating.
Elected Hanover Trustee
Hoyt Ammidon, chief executive, The
Vincent Astor Organization, has been
elected a trustee of The Hanover
Bank.
Prior to becoming an officer of The
Vincent Astor Organization in 1952,
Home Office
2100 G R A N D A V E N U E
Des Moines, Iowa
PRINTING • BOOK BINDING . BOOKS
DIRECT MAIL ADVERTISING . INDEX
CARDS . CHECKS . OFFICE FORMS
This is Iowa’s oldest surety company.
A
progressive company with experi
enced,
conservative
management.
W e are proud of our three hundred
bank agents in Iowa.
To be the exclusive represèntative of
this company is an asset to your bank.
E. H . W A R N E R
President and Manager
W . W . W ARNER
Vice President
M. J. C O R B IN
Secretary-Treasurer
N o r t h w e s t e r n Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
Mr. Ammidon was a vice president of
The Hanover Bank, with which he
had been associated since his gradution from Yale in 1932. He is a direc
tor or trustee of a number of addi
tional companies, including A s t o r
Plaza, Inc., the United States Lines,
Newsweek, New York Airways, Green
wich Savings Bank of New York, and
the Memorial Hospital.
rour Chicago Promotions
Directors of City National Bank and
Trust Company of Chicago have an
nounced four promotions. William E.
Harrison was advanced from comp
troller and audi
tor to vice presi
dent and auditor,
w h i l e Raymond
A. Jensen, John
S. Loomi s, Jr.,
and Kas mi r W.
Rosek were made
assistant cashiers.
Mr. Harri son,
with City Nation
al since its incep
E. HARRISON
tion, has been as
sistant auditor and auditor, and has
done distinguished work in all phases
of auditing and taxation.
Mr. Jensen joined City National in
1952. An attorney, he has served since
that time in the mortgage service di
vision.
Associated with City National since
its founding, Mr. Rosek is currently
managing the discount and collateral
division. He has a broad background
of banking experience, having been
manager of the proof clearings divi
sion, and subsequently senior auditor
in charge of the audit staff.
Mr. Loomis joined City National
about three years ago in the invest
ment service division. For the past
nine months he has been assigned to
the loaning division handling brokers’
loans.
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59
Here’s How Spencer Has Helped You
Serve Your Farm Customers Better:
Realizing the importance of the farmer in our
national economy, Spencer Chemical Company has
developed these programs for improved farm banking:
Back in 1950, Spencer began advertising in bank publi
cations. One notable series was the “ Distinguished Farm
Banker” program, honoring outstanding bankers in farm
communities. The ideas obtained proved so useful to
bankers that Spencer carried the idea a step farther . . .
Seminars were held
with leading Farm Representatives
from banks throughout the Midwest. Common problems
were discussed, and then Spencer reported on the results
of these panel discussions in a series of advertisements
in banking magazines.
As more and more "FR's" were estab
lished, new ideas were brought to
light on how a man who specialized
in farm banking could better serve his
bank and his community. So Spencer
told of the work these men were
doing in still another series of ads.
Supplies the Nitrogen
Spencer Chemical Co.
Dwi ght
Bui l di ng
•
Kansas
C i t y 5, Mi s s o u r i
N o r t h w e s t e r n Banker , Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
60
Statement of Condition
A
June 6, 1957
LIABILITIES
Cash and D ue fr o m B a n k s........... $141,36 0 ,00 0 .81
U . S. G overn m en t O b lig ation s....
8 1,9 8 7,8 1 9.04
O th er B onds and S ecu rities.........
2 8,4 6 3,6 4 1.12
L oans and D iscou n ts........................ 2 33 ,6 3 7 ,1 1 5 .6 4
Stock in F edera l R eserve B an k..
8 10 ,000.00
C apital Stock .......................................$ 1 2,000,000.00
Surplus
..................................................-
U ndivided P rofits ......................
3 ,63 0,959.75
R eserve f o r C ontin g en cies...........
1 ,00 0,000.00
R eserve fo r P ossible F uture
Loan L osses ......
3,74 1 ,89 7 .9 8
R eserve fo r In terest, T a x e s, etc.
2 ,87 4,056.01
4 ,25 1 ,79 6 .0 3
C u sto m e rs’ L iab ility on
A ccep tan ces ...................
2 ,67 8 ,87 8 .3 5
Incom e Collected but not Earned
Incom e E arn ed bu t not Collected
1,042,084.46
B ank P rem ises, F u rn itu re and
F ix tu re s ..............................................
L e tte rs o f Credit and
A ccep tan ces ................
6,008,488.93
F ederal F unds P urch ased..............
O th er R esources ........
407 ,0 89 .2 8
T otal R esources ........................ $49 6 ,39 5 ,11 7 .63
1 5,0 00,000.00
2 ,67 8 ,87 8 .3 5
D ep osits ...............................................
1 2,0 00,000.00
Y
>
K
4 39 ,2 17 ,5 29 .5 1
T otal L iabilities ........................$ 4 9 6 ,39 5 ,11 7 .63
>
U n ited S tates G o vern m en t and oth er securities carried at $ 82 ,7 92 ,7 21 .6 5 are pledged to secure public
fu n ds and tru st deposits and fo r other purposes as required or perm itted by law .
D I R
D eW alt H . A n k e n y
V ic e P r e s id e n t,
Theo. Hamm Brewing Co.
C h a r l e s H . B ell
S t e p h e n P . D u ffy
P r e s id e n t,
Our Own Hardware
Company
J o h n B. F aegre
P r e s id e n t,
General Mills, Inc.
Faegre and Benson,
Attorneys
B e nto n J . C ase
C h a ir m a n o f th e B o a r d
P r e s id e n t,
Janney, Semple,
Hill & Company
G eorge B . C lifford , J r .
T r e a s u r e r , The Cream of
Wheat Corporation
RS
V
A l l e n S. K in g
L u c ia n
P r e s id e n t ,
Northern States Power
Company
Frank
P. L eslie
P r e s id e n t,
Archer-Daniels-Midland
Company
D o n a l d C. D a y t o n
P r e s id e n t a n d
G en era l M an ager,
The Dayton Company
P r e s id e n t a n d T r e a s u r e r ,
The Strong Scott
Manufacturing Co.
D. J. S trouse
P r e s id e n t,
The John Leslie Paper Co.
R e t ir e d
G oodrich L o w r y
R obert F aegre
Northwest Bancorporation
Minneapolis-Honeywell
Regulator Company
J ohn
H arold H . T ear se
P r e s id e n t,
Minnesota & Ontario
Paper Co.
C h a ir m a n o f t h e B o a r d ,
P r e s id e n t,
A.
P r e s id e n t,
Pillsbury Mills, Inc.
M oorehead
E x e c u tiv e V ic e P r e s id e n t
Dr e s id e n t ,
Searle Grain Company
J. C a m e r o n T h o m s o n
F. H. Peavey and Co.
F. P e a v e y H e ff el f in g er
J o s e p h F . R in g l a n d
Northwest Bancorporation
P r e s id e n t,
S a m u e l H . R ogers
F. H. Peavey and Co.
Northwester
National Bank
A
J o h n S. P il l s b u r y
D ire c to r ,
F r a n k T . H e ffelfin g er
C h a ir m a n o f th e B o a r d ,
Y
H arold W . S w e a t t
Minnesota & Ontario
Paper Co.
P a u l S. G erot
T h o m a s L . D a n ie l s
S. S tro n g
Pillsbury Mills, Inc.
P r e s id e n t
C h a ir m a n o f t h e B o a r d ,
V a l e n t i n e W urtele
V ic e P r e s id e n t
OF
r
C h a ir m a n o f t h e B o a r d ,
Minnesota Paints, Inc.
MINNEAPOLIS
Marquette Avenue, Sixth to Seventh Streets
MEMBER FEDERAL DEPOSIT
INSURANCE CORPORATION
A
N o r t h w e s t e r n Banker, Au g u s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
A
61
St. Cloud, Minnesota. Dominated by
a massive masonry tower 60 feet high,
the bank will feature the latest in
modern architecture, and modern serv
ice to bank customers. It will be com
pleted in time for the bank’s 40th
anniversary.
M in n e s o t a
N EW S
Adds Board Members
H . G. H A M R E
F LO Y D W . LA R S O N
P resid en t
S ecreta ry
W ood Lake
M inneapolis
Names Committee Chairmen
cently to Arne Stovring, auditor, Fed
erated Mutual of Owatonna, Minne
sota.
Herman G. Hamre, president of
State Bank of Wood Lake, Minnesota,
and new president of the Minnesota
Bankers Association, has completed Albert Lea Changes
William P. Sturtz, member of the
appointment of committee chairmen
Meighen, Knutson and Sturtz law
for 1957-58. They are:
S. R. Wheaton, cashier, First Na firm, has been elected a director of
tional Bank, Elk River, education; W. the First National Bank, Albert Lea,
R. Chapman, vice president, Midland Minnesota.
Officer changes at the bank include:
National Bank, Minneapolis, bank
Mr.
Sturtz as vice president to succeed
management; F. H. Waterhouse, vice
president, First National Bank, Minne Judge Meighen, E. A. Campion to vice
apolis, bank operations; R. A. Chris president from cashier, and Verner O.
tianson, vice president and cashier, Henry to cashier from assistant cash
National Bank of Commerce, Mankato, ier.
installment credit; Lorence Granum,
vice president and cashier, Farmers Joins Owatonna Staff
Charles Undlin has been appointed
State Bank, Fosston, promotion and
public relations; W. G. King, executive assistant cashier, Security Bank and
vice president, First National Bank, Trust Company, Owatonna, Minnesota,
according to Clif
Grand Rapids, by-laws.
ford C. Sommer,
I. M. Nelson, president, Citizens
president of the
State Bank, Gaylord, group insurance;
bank.
G. E. Buscher, president, Alexandria
Mr. Undlin was
State Bank, Alexandria, membership;
e m p l o y e d at
E. R. Sunberg, vice president, Mer
Fa r me r s S t a t e
chants and Miners State Bank, HibBank, Osseo, from
bing, pensions; H. E. Swenson, execu
1950 to 1955, with
tive vice president, First National
the exception of
Bank, Fergus Falls, U. S. savings
time in the serv
bonds; S. J. Kryzsko, president, Wi
ice. He was transnona National & Savings Bank, W i
c. u n d l i n
ferred to the cred
nona, business development; M. J.
Dwyer, executive vice president and it department, Northwest Bancorporacashier, Bank of Elk River, Elk River, tion, Minneapolis, where he remained
agriculture; F. A. Amundson, vice until coming to Owatonna.
president, Midway National Bank, St.
Paul, competition analysis, and R. P. Hamilton N. Peyton
Howe, president, Citizens State Bank,
Hamilton N. Peyton, 80, chairman of
Fulda, independent banks.
the board, First National Bank, Proc
tor, Minnesota, and the Pioneer Na
tional Bank, Duluth, died last month
Elected to Board
E. G. Usem, prominent Austin, Min about an hour after his auto and a
nesota, businessman, has been named train collided at a Superior crossing.
to the 10-member board of the Sterling
State Bank, according to Hugh V. Elected To Board
Plunkett, Jr., one of the bank’s organ
J. D. Weber, president of the Weber
Publishing Company, and editor of the
izers.
Preliminary building plans for the Slayton Herald, has been elected to
bank have been approved.
the board of the Murray County Bank,
Slayton, Minnesota, according to Har
old C. Cole, bank president. He suc
Marriage Announced
Barbara Ambers, employee of Mid ceeds the late A. H. Engebretson.
land National Bank, Minneapolis, and
daughter of M. L. Ambers, executive Building Modern Structure
Construction has begun on the new
officer of the Security State Bank of
Askov, Minnesota, was married re St. Cloud National Bank Building in
Lloyd M. Bennes, insurance agent,
and J. H. Winjum, manager of a Thief
River Falls supermarket, have been
elected to the board of the Union State
Bank, Thief River Falls, Minnesota.
This brings the board total up one
member, from five to six, as Bill Eckstrand has resigned because of his
move to another community.
Honored On Retirement
E. W. Miller, vice president, Winona
National & Savings Bank, Winona,
Minnesota, retired last month after
having served 33 years at the bank.
Before his retirement he was hon
ored at a staff dinner party. A beau
tiful gold wristwatch and a portable
transistor radio were given to him by
the bank and the bank’s staff.
Into New Quarters
The Wadena State Bank, Wadena,
Minnesota, has moved into its new
quarters just one month past its 40th
anniversary.
Plans are being made for a grand
opening, states W. J. Browne, presi
dent.
Observes 75th Anniversary
The second oldest bank in the state,
The Rock County Bank at Luverne,
Minnesota, recently celebrated its 75th
anniversary of service to the people
of its community.
Present officers of the Rock County
Bank are:
H. C. Wuertz, president; H. R. Cleland, vice president-cashier; R. A.
Sherman, vice president; Grace Loose,
assistant cashier; Eugene Blair, assist
ant cashier; G. V. Carstens, director;
George W. Edmonds, director; Mort
B. Skewes, director, and John Miller,
manager, insurance department.
Celebrates 90th Year
The Lake City State Bank, Lake
City, Minnesota, recently invited the
bank’s friends to an open house to
help celebrate the institution’s 90th
anniversary.
A refrigerator was brought into the
bank lobby, and milk was served as
a part of Dairy Week observance.
While in the bank, guests could watch
workmen paint sections of the bank,
or do other remodeling as the work
continues.
Money collections and tours were on
the visitors’ schedule for the day.
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Federal Reserve Bank of St. Louis
1957
62
Minnesota News
5 0 0 At Open House
More than 500 persons registered at
the State Bank of Conger, Minnesota,
recently when the bank celebrated its
50th anniversary.
Several door prizes and awards for
money-jar guessing games were given.
A lunch was served at the school cafe
teria for the bank’s guests, and a car
toonist supplied entertainment.
Artist Preparing Ads
Austin Briggs, artist who supplies
25 pictures a year for the Saturday
Evening Post, is preparing illustra
tions for a series of ads for the North
western State Bank, Dawson, Minne
sota. Born in a railway car in Minne
sota, Mr. Briggs has painted on just
about every type of surface being used
by today’s artists, plus a few unortho
dox surfaces of his own invention.
Another Consolidation Step
Proposed consolidation of the North
ern Minnesota National Bank and the
City National Bank of Duluth moved
another step forward last month when
stockholders of the two banks voted
approval of the plan.
The stockholders’ approval formally
ratifies action taken in June by the
bank’s respective boards of directors
setting the consolidation in motion.
Montevideo Open House
The First National Bank of Monte
video, Minnesota, recently celebrated
its 30th anniversary and the comple
tion of the bank’s interior.
Milk and coffee were served at the
bank, and guests were taken on tours
of the bank.
In addition to free gifts, guests also
were offered fine presents if they
opened a savings or checking account
during the open house.
M in n esolti tinnii
S
From Reports Received by July 1 5 , 1 9 5 7
(Last three figures omitted)
June 6,
Deposits
Albert Lea, First National............. $ 6,495
Alexandria, First Farmers N atl.. . . 4,938
Anoka, State Bank o f ....................... 3,740
Appleton, Farmers & M erchants... 2,963
Appleton, Northwestern State. .. . . 2,008
Barnesville, First National.............
2,136
Belview State ..................................... 1,065
Benson, First State............................. 2,617
Bird Island, State Bank o f ...............
2,716
Blooming Prairie, First Natl.......... 2,699
Blue Earth State................................. 4,763
Blue Earth, First & Farmers.......... 3,122
Brainerd, Citizens State...................
6,068
Brandon, Citizens State...................
1,524
Browns Valley, Union State............ 1,765
Buffalo, Oakley National.................
3,445
Butterfield, State Bank o f ...............
1,040
Calumet State ..................................... 2,439
Cambridge, Peoples State................ 3,687
Cannon Falls, First National.......... 2,491
9.709
Cloquet, First National............... ..
973
Cosmos, First State...........................
Crookston National ................... .. . , . 2,599
Dawson, Northwestern State.......... 3,600
Detroit Lakes, First National.......... 5,193
Duluth, City National....................... 17,024
Duluth, First & American............... 74,804
Duluth National ................................. 9,011
Duluth, Northern Minn. Natl........... 50,961
Duluth, Northwestern Bk. of Com.. 9,479
5.315
Duluth, Western National...............
5,609
East Grand Forks, Minn. Natl.........
Elbow Lake, Bank o f ......................... 1,460
2,294
Elbow Lake, First National.............
Ellsworth State ............................... 1,205
Ely, First National............................. 5,894
Eveleth, First National..................... 4,768
3,143
Eveleth, Miners National.................
4,791
Fairmont, First National.................
Fairmont National ........................... 6,414
Faribault, Security National............ 10,126
5,295
Faribault, State Bank o f ...................
5,904
Fergus Falls, First National.........
Fergus Falls National....................... 8,825
Fulda, Citizens State................. . . . . 3,657
Glencoe, Security State..................... 3,423
791
Good Thunder, First National........
Graceville, First State..................... 1,418
Grand Rapids, First National.......... 8,515
Grand Rapids State........................... 4,077
Hallock, Northwestern State.......... 4,791
Heron Lake State............................... 1,890
Hibbing, First National................... 13,368
5,976
Hibbing, Security State...................
Hopkins, First National................... 7,650
Houston State ................................... 1,311
5,981
Hutchinson, Citizens .......................
International Falls, First National1 6,007
Jackson, First National................... 5,170
Jeffers, State Bank o f ....................... 1,704
LeSueur, Valley State....................... 2,748
Little Falls, American National. . . . 5,122
Little Falls, First National.............. 4,082
3,933
Luverne, First National...................
Luverne, Rock County..................... 3,864
2,755
Mankato, First National................... 12,820
15,718
8,598
Marshall, First National.................
Minneapolis—
Farmers & Merchants ............... 266,558
366,349
17,104
.
First Bloomington National . . . 13,970
First Produce State ................... . 8,776
First Hennepin State ................... . 5,764
First Robbinsdale State ............. . 7,294
First Edina National ................. . 12,909
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Federal Reserve Bank of St. Louis
1957
1957
Loans
$ 2,579
2,691
1,692
1,671
1,165
622
376
1,355
1,449
1,285
2,165
963
2,377
694
540
1,191
596
669
1.944
990
3,683
551
1,399
1,779
1,873
7,445
35,314
4,692
21,579
4,480
2,446
2,648
871
1,036
563
2,491
1,816
1,540
2,751
2,037
5,333
2,626
1,886
4,053
2,160
1,617
537
596
3,778
2,443
1,752
1.089
5,689
1,964
4,198
375
3,524
1,906
2,066
778
1,585
2,625
1,097
2,248
1,682
1,587
6,315
7,828
3,108
June 30,
Deposits
$ 6,490
5,003
3,454
2,586
1,998
1,857
1,087
2,386
2,570
2,530
4,491
3,296
7,283
1,654
1,607
2,920
1,044
1,529
3,585
2,479
10,128
928
2,434
3,453
5,124
19,288
76,165
8,407
49,855
9,138
4,892
4,917
1,561
2,042
1,203
6,096
4,821
3,259
4,679
6,391
9,490
4.461
5,772
8,677
3,843
3,074
778
1,267
8,088
4,114
4,019
1,808
12,909
5,500
7,975
1,323
5,415
6,056
4,867
1,742
2,518
5,111
4,015
3,814
3,878
2,425
11,818
14,590
8,516
1956
Loans
$ 2,494
2,502
1,541
1,392
1,123
628
507
1,448
1,366
1,141
1,954
1,009
2,734
719
566
921
539
586
1,989
1,030
3,099
483
1,359
1,658
1,789
7,013
33,265
4,337
21,060
4,139
2,088
2,713
944
1,021
710
2,233
1,622
1,917
2,853
1,890
4,651
2,433
1,679
3,898
2,057
1,519
458
535
3,400
2,161
1,946
964
4,597
1,432
4,107
368
3,242
1,726
1,767
908
1,647
2,360
1,080
2,236
1,585
1,363
5,628
7,297
2.935
177,583
210,282
8,710
7,117
4,982
3,240
3,752
6,854
235,855
363,958
15,799
13,390
8,525
5,529
6,468
11,106
140,890
209,174
6,920
6,640
4,305
2,737
3,028
5,273
June 6, 1957
Deposits
Loans
First Southdale National ............ 1,681
426
Marquette National ..................... 53,061
27,204
Midland National ......................... 65,601
35,140
Northwestern National ............... 439,218
233,637
2nd Northwestern National ........ 7,404
3,410
3rd Northwestern National ........ 11,959
7.438
4th Northwestern National ........ 13,847
6,782
5th Northwestern National ........ 14,421
7,378
Central N. W. National .............. 10,944
5,368
N. W. National (Hopkins) ........ 7,532
3,897
2,984
N. W. National (Bloom ington).. 5,295
Minneota, Farmers & Merchants. . . 4,224
1,924
Montevideo, First National.............. 6,481
1,345
Montevideo, Union State...................
2,354
4,385
Montieello, Wright County State. . 2,482
1,153
Moorhead, American State................ 8,487
3,674
Moorhead, First National.................
9,794
4,767
Morgan, State Bank o f ..................... 2,766
873
New Ulm, State Bank o f .................
4,007
533
Northfield, First National................ 3,405
1.485
Northfield National ........................... 2,632
1,144
Northfield, State Bank o f .................
2,381
1,083
Owatonna, Security Bk. & Tr......... 12,911
5,914
1,577
Park Rapids, State Bank o f .............
537
Pierz, Farmers & Merchants .......... 1,885
899
7,080
3,804
Pipestone, First National.................
Pipestone National ........................... 2,886
1,298
881
Preston, Farmers & Merchants . . . 2.498
Red Wing, First National...............
6,279
3,168
Red Wing, Goodhue County Natl. . . 8,954
3,068
Redwood Falls, Citizens S ta te ....
5,506
1,905
Redwood Falls, State ....................... 1,625
601
Richfield State ................................. 10,792
6,226
Rochester, Northwestern Natl.......... 14,986
9,604
Rochester, Olmstead County............ 16,783
8,419
Sacred Heart, Farmers & Merchants 1,794
442
St. Cloud, Guaranty State................ 5,129
1,989
St. Cloud, Zapp S ta te .,................... 8,233
4,175
56,168
64,155
402,733
7,244
10,715
12,923
13,390
10,181
6,850
5,391
4,247
6,926
4,076
2,460
7,617
8,592
2,544
4,119
3,015
2,266
2,274
12,795
1,555
1,716
6,748
2,738
2,292
5,635
8,611
5,076
1,463
10,311
12,430
14,314
1,620
5,292
7,776
24,234
34,966
214,319
3,226
6,608
5,795
6,640
4,721
3,772
2,623
1,899
1,178
2,357
1,104
3,166
4,456
893
456
1,305
1,121
1,091
4,954
491
792
3,571
1,334
913
3,109
3,277
1,710
531
5,430
8,036
7,653
627
1,722
3,838
St. Paul—
American National ....................... 85,409
Commercial State ......................... 15,639
Empire National ........................... 42,961
Falcon Heights State ...................
4,543
First National ............................... 303,970
First Trust Co................................. 3,025
First Grand Avenue ...................
9,327
First Merchants State ............... 10,305
First Security State ..................... 11,468
First State ..................................... 11,334
First State (White Bear) ............ 3,745
Midway National ......................... 28,172
Minnesota State ........................... 4,843
St. Anthony Park ....................... 3,550
Stock Yards National ................. 21,364
Western State ............................... 6,453
Sauk Rapids, Union State................ 2,408
Slayton, Murray County.................
4,443
Springfield, State Bank o f ............... 2,939
Stillwater, Farmers & Merchants. . 2,806
Stillwater, First National................. 10,253
Storden, First State........................... 1,427
Thief River Falls, Northern State. . 3,656
Thief River Falls, Union State. . . . 5,634
Tracy, Farmers & Merchants.......... 4,672
Virginia, First National................. 11,332
Virginia, State Bank o f ................... 12,071
Waseca, Farmers National................ 3,920
Wells, Peoples State........................... 2,075
Willmar, Bank o f ............................... 7,804
Willmar, First National .................. 5,288
2,781
Winnebago, First National...............
Winona, First National................... 12,408
Winona Merchants National............ 17,850
Winona National & Savings............ 10,594
1,381
Wood Lake, State Bk. o f .................
Worthington National ..................... 6,693
Worthington, State Bank o f ............ 6,388
85,306
14,353
38,486
3,539
310,611
3,336
8,519
10,572
11,319
10,839
3,393
27,080
4,377
3,361
20,791
6,609
2,418
4,176
2,919
2,775
11,832
1,300
3,368
4,960
4,335
11,805
12,107
3,807
1,936
7,379
4,917
2,774
12,363
17,809
11,164
1,257
6,576
5,726
42,022
4,483
14,775
1,510
168,205
844
4,401
5,373
3,948
5,419
1,005
13,080
2,448
1,262
6,930
3,131
878
2,56)
1,423
1,470
5,268
837
916
2,790
2,582
5,672
5,268
1,931
1,012
3,055
2,754
1,206
6,333
7,963
4,644
775
2,384
2,178
41,637
4,884
15,883
1,290
160,673
1,379
4,857
5,800
4,425
5,933
1,284
13,038
2,600
1,346
9,126
3,109
889
2,553
1,445
1,679
5,326
826
1,045
2,857
2,836
5,958
5,928
1,527
1,161
3,136
2,969
1,346
5,936
7,830
4,993
860
2,353
2,320
June 30, 1956
Deposits
Loans
63
H is lin e
is b a n k in g
O r d in a r ily yo u see D o n S m ith a t h is d e sk , but d u r in g th e
fish in g s e a s o n y o u ’r e m o r e th a n lik ely to m e e t D o n , an
avid fish e rm a n , o n o n e o f M in n e s o ta ’s n o r th e r n la k e s.
D o n , fa th e r o f fo u r, is a g o lf e r (lo w 9 0 ’s ) , b rid g e p la y e r
an d h u n te r.
B e g in n in g as a b a n k m e s s e n g e r in 1 9 3 9 , D o n
g a in e d c o m p e te n c e an d p r a c tic a l e x p e r ie n c e a t p o s ts in th e
F irs t N a tio n a l B a n k ’s tr a n s it an d c re d it
W h e n h e r e tu r n e d fr o m th e W o r l d
an d
a
G erm an
PO W
— *------j
cam p — D on
jo in e d
D ep artm ejrfcA iiT B an k s a n d B a n k e rs .
an A s s is ta n t C a s h ie r in
--------------th e
H e w as
1951.
L ik e all
o f th e D e p a rtm e n t, D o n ’s first o b je c tiv e is
to g iv e c o n s is te n tly e x c e lle n t
c o r r e s p o n d e n t b a n k in g s e rv ic e to you !
Don at his d esk. Currently Chairman of the Minnesota Bankers’ Educational
Committee, and a graduate of the Wisconsin School of Banking, Don holds
pre-standard and standard certificates in A.I.B. He’s the First’s representative
in northern Minnesota—but naturally interested in helping serve all of our
banking friends.
THE
Department of Banks and Bankers
W A L L A C E L. B O S S , Vice President
E L ME R M. V O L K E N A N T , Vice President
D O N A L D W. B U C K M A N , Assistant Vice President
D O N A L D L. S MI T H, Assistant Cashier
H E N R Y N. S N Y D E R , Assistant Cashier
J O H N F. MUL L E N, Assistant Cashier
R O L A N D W. H O H M A N , Trust Advisory Specialist
F IR S T N A T I O N A L B A N K
OF
SAINT
PAUL
M EM B ER F E D E R A L D EPO SIT IN S U R A N C E C O R P O R A TIO N
Northwest ern
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Federal Reserve Bank of St. Louis
Banker, Augus t ,
1957
64
Twin City News
»itimi
FFICIALS who attended the pre
O
miere showing of the 100th anni
versary documentary film of the First
the official staff of the American Na
tional Bank of Saint Paul as assistant
vice president September 1, it was an
National Bank of Minneapolis recently nounced by Rollin O. Bishop, presi
had high praise for the production.
dent of the bank.
Titled “ Minnesota: Star of the
* * *
North,” the 24-minute color sound film
Robert W. Carlson, vice president of
the Minnesota Rubber and Gasket
Company, has been elected to the
board of directors of the First Edina
National Bank.
* * *
The board of directors of the Fidel
ity State Bank of Minneapolis recently
voted a 2 per cent quarterly dividend
payable to stockholders of record June
4, according to an announcement by
C. Herbert Cornell, president. The
dividend amounts to 40 cents per
share.
Mr. Cornell said that during the
past 10 years the bank has doubled its
A P R IN T of the new film “ M innesota:
Star of the N orth ” was presented M inne
assets and tripled its capital structure.
sota’ s Governor Orville Freeman, left.
H
5 * *
Gordon Murray, center, president of First
Raymond
N.
Beim,
president of the
N ational Bank, M inneapolis, which pro
Beim Investment Company, has been
duced the motion picture as a feature of
its 100th anniversary this year, also pre
elected to the board of directors of the
sented a print to R ufus Putnam, right,
First Hennepin State Bank of Minne
Minneapolis superintendent of schools.
apolis.
* * *
tells the story of Minnesota’s diversi
Election of Harry C. Benson, Jr., as
fied, mechanized agriculture, industry,
mineral resources and skilled man vice president and head of business
power.
development, and promotion of Harold
First copies were presented to Min H. Wachs from assistant cashier to
nesota’s Governor Orville Freeman cashier, were announced recently by
and to Dr. Rufus Putnam, Minneapolis the board of directors of the Midland
National Bank of Minneapolis.
superintendent of schools.
* >i= =t=
Announced at the same time was re
Walter V. Porle, president of the tirement of William E. Brockman,
Northwestern State Bank of St. Paul, vice president and director.
* * *
has been cited as Citizen of the Year
by a St. Paul American-Italian busi
Walter J. Rupert, vice president and
ness and professional group—UNICO chief actuary of the Minnesota Mutual
National.
Life Insurance Company, has been
* * *
elected to the board of directors of the
Clifford P. Palmquist, secretary and First Trust Company of St. Paul.
* =t= *
director of merchandise at Farwell,
Ozmun, Kirk & Company of St. Paul,
Walter A. Howe has been elected
has been elected to the board of di comptroller and James E. Dorsey, Jr.,
rectors of the First State Bank of assistant vice president of First Na
St. Paul.
tional Bank of Minneapolis it was an
* * *
nounced recently by Gordon Murray,
G. Reed Macomber, vice president president.
and a member of the board of directors
Mr. Howe, assistant comptroller at
of the Richfield State Bank, will join First National since 1947, has handled
N o r t h w e s t e r n Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Ì957
fauditing duties with the bank for the
past 25 years.
Mr. Dorsey has been vice president
of First Edina National Bank, W. 50th
Street at Halifax, and an officer there
since 1948.
* * *
Joseph F. Ringland, president of
Northwestern National Bank, Minne
apolis, announced the election of two
Minneapolis business executives to the
executive board of the bank’s Lincoln
office.
They are Frank C. Hayer, Jr., vice
president and director of F. C. Hayer
Company, and Walter W. Walker,
treasurer and director of Shasta For
ests Company, secretary and director
of Barlow Realty Company and a di
rector of Craig-Hallum, Inc.
* * *
Otis R. Preston, 57, who retired as
vice president of the Federal Reserve
Bank of Minneapolis, April 1, 1956,
died in Minneapolis last month.
Mr. Preston had been associated
with the Federal Reserve Bank for 36
years at the time of his retirement.—
$$
Add Two At Austin
Two new men were added to the
staff of the Austin State Bank, Austin,
Minnesota, recently. They are: John
R. Holtey, Appleton, Minnesota, and
William J. Dalquist of Austin.
Double Celebration
The Citizens State Bank of Brandon,
Minnesota, held open house last
month to celebrate the bank’s 30th an
niversary and also the recently com
pleted remodeling. The building now
has a beautiful new granite front and
a new entrance, and the interior has
all new lowered ceilings and new
lighting fixtures.
Elected Assistant Cashier
J. T. Fortun has been elected an as
sistant cashier of the Austin State
Bank, Austin, Minnesota. He has been
with the bank since April, 1952, and is
employed in the installment loan de
partment.
65
$3 , 0 0 0
in prizes
FOR BAN KIN G PEOPLE ONLY
HOOK YO URSELF A
14-FO O T BO AT!
7 w e e k s left for entries in our
FIN-TENNIAL FUN
FISHING
Anchors aweigh for $3,000 in prizes! There’s still
plenty of time to help us celebrate our 100th anniversary
by entering our big Centennial fishing contest. All you
do is catch a fish, have the weight attested to by a
fellow banker, then send your entry blank to First
National of Minneapolis.
anyone who works in a bank in the Ninth Federal
Reserve District, or in Iowa. (Except for our own people,
naturally.) All fish legally caught in above area on
hook and line are e lig ib le . C o n te st runs th rough
September 2, 1957 (Labor Day).
You will receive your choice
of a 14-foot Crestliner
aluminum “ Commodore Speedster” or Larson “ Laker
Line” fiberglas boat if you catch the heaviest fish in
any of the following categories:
Northern Pike
Walleye Pike
Small Mouth Bass
Large Mouth Bass
Sunfish
Crappies
Trout (exclusive of Lake or
Mackinaw Trout—
Cristivomer Namaycush)
Use the official entry blank below. Additional blanks
are available at most Upper Midwest banks.
1957
FIN-TENNIAL f i s h i n g
Enter as many fish as you wish. Every entrant, winner or
not, will receive one of our sure-fire “ Fin-Tennia!” baits.
WEIGHT
I R
S
i
i
SPECIES: □
F
c o n t es t
i
Every entrant also is eligible for a drawing prize. At
the end of the contest, there will be a drawing among
the entries from each state. Lucky winner gets a $50
tackle box set. Seven states— Seven $50 tackle sets!
Our 1957 Fin-Tennial Fun Fishing Derby
CONTEST
□
Walleye □
Northern □
Large Mouth Bass □
Small Mouth Bass
Sunfish □
Crappie □ Trout
lbs.
oz.
is open to
WHERE CAUGHT_______________________________
(name and location of lake or stream)
YOUR NAME_________________________________________
T
(Please Print)
N A T IO N A L B A N K
of M IN N E A P O L IS
OF__________________________________________________ BANK
CITY________________________________ STATE_______________
CERTIFIED BY_____________________________________________
(Signature of verifying banker)
I
CO RRESPO N D EN T B A N K
" The Bankers1 Bank of the
Upper Midwest”
D IV .
FIRST NATIONAL BANK
I
MINNEAPOLIS 2, MINN.
J
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 C o rp o r a tio n
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Federal Reserve Bank of St. Louis
Banker, Au gu s t ,
1957
Minnesota News
66
M o o r h e a d Ita ah C on tra cts
totaling $4 2 1 ,674.83 for completed by July 1, 1958, will be two
construction of a new First Na stories with full basement.
tional Bank Building in Moorhead, The bank will utilize the ground
Minnesota, have been let, President L. floor and basement, providing about
W. Mauritson announced.
triple the present space for banking
The two story structure, 75 by 90 operations. Bookkeeping, transit and
feet, will replace the present three- other operations will be carried on in
story bank building at 6th Street and the basement level, which also will
Center Avenue, a landmark built in contain a community room available
1880 by John B. Bergquist, early day for small public gatherings.
brick yard operator.
All departments of the bank will be
Mr. Mauritson said that, with all expanded and there will be a new in
new fixtures, equipment, etc., the new stallment loan department whose of
building will represent an investment fices will be off the main floor lobby.
of more than half a million dollars.
Provision has been made for an ele
The new structure, scheduled to be vator, but this will not be installed
ontracts
C
FIRST AND AMERICAN
NATIONAL BANK
STATEMENT OF CONDITION
R E S O U R C E S
Cash on H and and D ue from B a n k s _______________________________ $16,360,045.93
U n ited States G overnm en t S e c u r i t ie s _______________________________ 18,931,717.75
M u n icip al Securities ___________________________________________________ 9,535,106.74
O ther M arketable S e c u r i t ie s _________________________________________
1,914,076.90
Loans and D iscou nts _________________________________________________ 35,314,127.56
F ederal Reserve B ank S t o c k _________________________________________
180,000.00
B ankin g H o u se ---------------------------------------------------------------------------------------1,630,779.54
O ther R eal Estate _____________________________________________________
1.00
Interest A ccru ed ________________________________________________________
300,408.95
$84,166,264.37
LIABILITIES
C apital Stock ----------------------------------------------------------------$ 2,000,000.00
Surplus ---------------------------------------------------------------------------4,000,000.00
U n d iv id e d P r o f i t s ____________________________________
2,227,378.01
T o ta l Capital A ccou n ts _________________________________________ $ 8,227,378.01
R eserve fo r Interest, T axes, etc. ____________________________________
688,441.42
Interest U n e a r n e d _______________________________________________________
446,222.17
D e p o sits:
D em and ______________________________________________$50,664,552.54
T i m e _________________________________________________ 22,795,979.45
U . S. G o v e r n m e n t __________________________________ 1,343,690.78
1,804,222.77
1,166,264.37
£uildituL. with. (Duluik.
Sinai.1879
Firsta**4American
l•
No rthwest er n
OF
Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
D U L U T H ,
1957
M I N N E S O T A
To Assistant Vice President
y
^
>
Joseph Sever, Jr., has been elected
assistant vice president, First Nation
al Bank, Ely, Minnesota, and also has vbeen named to manage the insurance
affiliate.
He succeeds A. W. Carlson, who
has retired after 15 years’ service with
the bank. Mr. and Mrs. Carlson have cw
moved to Springfield, Missouri.
joins Madelia Staff
June 6, 1957
T o ta l D eposits
until the second floor has been leased.
This floor will be finished to suit ten
ants.
Interior of the main banking lobby
will have ash paneling and terrazzo
floors, with the newest type of tellers’
cages, lighting and equipment. The
entire building will be air conditioned.
A new feature will be a drive-in tell
er window at the rear of the bank and
ample parking space for bank patrons
will be provided on the former Na
tional Tea Company property.
Paul Lindholm, a partner with his
father and brother in general farming,
beef cattle and hog raising at Ortonville, Minnesota, has been named as
sistant cashier, Farmers State Bank,
Madelia, Minnesota.
He has been state secretary of the
Minnesota F.F.A., and national first
vice president, F.F.A.
y
Newly Remodeled
The State Bank of New Richland,
Minnesota, opened its doors to its
friends recently in observance of the
complete remodeling inside and out.
The bank, newly-built in December,
has undergone changes so it could
adapt itself to the extra space. Coffee and doughnuts were served.
—
Robert O. Schweim
Robert O. Schweim, 50, cashier of
the American State Bank, Mankato,
Minnesota, where he had been em
ployed since 1929, died last month at
a Mankato hospital.
/
x
Retires After 4 4 Years
Charles Degen, cashier, First Na
tional Bank, Chaska, Minnesota, has
announced his retirement from the
bank after having served the institu
tion for more than 44 years.
W illia m B. F ra n k
William B. Frank, a Springfield at
torney, and a director of the State
Bank of Springfield, Minnesota, died
last month at his home.
Mr. Frank also was a vice president
of the Springfield Building and Loan
Association.
^
Minnesota News
W e st t o a s t K a a k er H ea d s A .I .B .
67
frustration at busy times and increase
efficiency at all times.
EORGE CLARK, assistant vice to its modernization program by in Retires After 3 7 \ ears
president of the Security-First stalling a Mastertapes background mu
Arthur L. Haugan, assistant cashier
National Bank of Los Angeles, wassic service for its personnel and cus of the State Bank of Hanska, Minne
elected president of the American In tomers. The bank observed open sota, has retired after 37 years of serv
stitute of Banking for 1957-58 at the house last month to celebrate comple ice to the bank.
55th annual convention held in Rich- tion of an extensive modernization
He was employed by the First Na
m o n d , Virginia, project.
tional Bank of Hanska June 3, 1920,
recently. Gerard
Bank officers state that music for and stayed with them until the bank
E. Hayes, assist the customers in the bank’s lobby is was consolidated with the State Bank
ant vice president pleasant and tends to break up the of Hanska, February 27, 1927.
o f the National formality usually associated with a
Since that time he has been em
Shawmut Bank of bank, but they point out most bankers ployed as assistant cashier of the State
B o s t o n , wa s
have considered music from the stand Bank of Hanska until he decided to
named vice presi point that it may tend to decrease retire the first of this year.
dent to serve with
Mr. Clark.
Four men were
elected for threeG. CLARK
0 O < BA A //,
year terms on the
institute’s executive council. They
are: C. Gordon Dodd, assistant vice
president, Pacific National Bank, Se
attle, Washington; William J. Garri
son, assistant vice president, The Den
ver National Bank, Denver, Colorado;
E. Floyd Gurney, assistant treasurer,
County Bank & Trust Company, Pat
erson, New Jersey, and Marshall C.
Tyndall, Sr., vice president, Equitable
Security Trust Company, Wilmington,
Delaware.
David M. Kimbel of the Lincoln
Bank and Trust Company, Louisville,
Kentucky, won first place in the Na
tional Public Speaking Contest for the
A. P. Giannini Educational Endow
Statement of Condition, June 6, 1957
ment prizes.
RESOURCES
The 1958 convention will be held in
Cash and Due from Banks ............$ 5,017,333.45
Kansas City, June 2-6. Joseph C. W il
U. S. Government Obligations .... 6,979,120.66
liams, vice chairman of the board,
Municipal Obligations .................... 1,879,872.78
Commerce Trust Company, Kansas
189,251.21
Other Bonds and Securities ..........
City, has been named general chair
man of the Kansas City convention
Total Cash, Due from Banks and Investments ..... $14,065,578.10
committee, and the headquarters for
Call Loans .......................................................................
500,000.00
the meeting will be in the Muehlebach
Loans and Discounts .................................................... 8,626,312.94
Hotel.
G
Music at Brandon Bank
The Citizens State Bank of Brandon,
Minnesota, has added the final touch
L o o k i n g for a correspondent
bank that’ s frien d ly . . . inter
ested in your p ro b le m s . . .
quick to h e lp ?
C o m e in any
tim e !
Vaults and Fixtures ......................................................
Interest Earned not Collected ...................................
1-00
111,690.19
Total Resources .................................................... $23,303,582.23
LIABILITIES
Capital ............................................................................... $ 600,000.00
Surplus .............................................................................
750,000.00
Undivided Profits and Reserves ...............................
336,884.93
Reserved for Interest, Expenses and T a x e s ...................................... 151,325.52
Interest Collected not Earned ...................................
101,148.46
Deposits............................................................................. 21,364,223.32
Total Liabilities ...................................................... $23,303,582.23
W rite or ph on e F E d eral 2-0511
M idland nationalbank
401 S econd A v e n u e South
M in n ea p o lis 1, M inn esota
Stock Yards National Bank
o f South St. Paul
SOUTH ST. PAUL, M IN N ESO TA
M E M B E R F E D E R A L D E P O S IT
IN S U R A N C E
C O R P O R A T IO N
Member Federal Deposit Insurance Corporation
t Jor . ' hwest er n Banker , Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
68
Minnesota News
i oinntunitfj n ota tion s i 0roi/ran$
B rin g s
T ow n sp eop le
Interesting Theme Is Changed Every Three Weeks
HE Community Bank of Linden, of New Jersey announced plans for a
New Jersey, has instituted a public new plant in the town, the $12,000
relations program that aims not onlymodel of the plant was put on display
to do pleasant things in the commu in the bank for all to see.
nity, but also to bring people into the
Tie-In Promotions
bank to enjoy it.
Changing pace, the bank also ties in
Combining service and good show
with local industries. Recently it in
manship, Community Bank ties in
stalled a vending machine to provide
closely with events of local interest
coffee in paper cups and doughnuts
and keeps its program changing so
free of charge to customers. Even
customers have something new to see
with this appetizing offering, the tieevery few trips to their bank. The
in with the community was not for
exhibits have been changed every
gotten. A sign on top of the machine
three weeks.
proclaimed:
Local A rt Show
This is a typical Coffee Vending
In cooperation with the Linden Rec
Machine. There are over 60,000 in
reation Commission, the bank held a
use today throughout the United
show of 80 water colors and oil paint
States.
ings by local citizens. Families, friends
TENCO, INC., one of our custom
and neighbors swarmed to see the of
ers, located here in Linden, manu
ferings in such numbers that two
factures the coffee for these ma
more exhibits, by students in the jun
chines.
ior and senior high schools, have al
WON’T YOU TRY A CUP WITH
ready been scheduled.
OUR COMPLIMENTS?
When the Public Service Company
The bank has been praised for this
T
FREE
one of
events
bank.
active
C O F F E E in paper cups has been
the most successful of a series of
designed to bring people into the
The bank recently started a very
community relations program.
thoughtful service, but the real test
has been the number of people coming
in to enjoy it. The machine has dis
pensed an average of 300 to 400 cups
per day—high traffic indeed over a
period of time.—$$
c
1
V
T
Y
REPORT OF THE CONDITION
CARL L. FREDRICKSEN
President
CLIFFORD L. ADAMS
Vice President
WILLIAM C. SCHENK
Vice President
STANLEY W . EVANS
Vice President
JOHN S. HAVER
Cashier
JAMES L. SMITH
Asst. Cashier and Auditor
KINLEY W . SMITH
Asst. Cashier
BEN E. HOLTDORF
Asst. Cashier
EDWARD L. NEWELL
Asst. Cashier
R. K. DRAPER
Representative
At the close of business June 6. 1957
R E S O U R C E S
Loans and Discounts .................................................................................. S..8,866,664.21
United States Bonds and Notes ................................................................ 6,796,739.19
State, County and Municipal Bonds ...................................................... 2,107,681.78
Other Bonds and Securities .........................................................................
184,000.00
Federal Reserve Bank Stock .......................................................................
39^000.00
Interest Earned, Not Collected ..................................................................
133i833.58
Leasehold Improvements .............................................................................
43,371.47
Furniture and Fixtures ...............................................................................
66 309 92
Other Assets ......................................................................................................
2,277.'49
Cash on Hand and Due from Banks .....................................................
6,850U99.59
825,090,077.23
L I A B I L I T I E S
Capital Stock ............................................................................. $400,000.00
Surplus .......................................................................................... 900,000.00
Undivided Profits .................................................................... 329,524.33
Total Capital Accounts ........................................................................ $ 1,629,524.33
Reserve for Interest, Taxes andExpenses ..............................................
93,840.45
Interest Collected, Not Earned ..................................................................
69,425.72
Bills Payable .................................................................................................... 1,500,000.00
Deposits ................................................................................................................. 21,797,286.73
K
$25,090,077.23
Ba n k
wa
ME MB E R
N o r t h w e s t e r n Banker , Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J957
FEDERAL
DEPOSI T
I NSURANCE
CORPORATION
4
69
B r o o k in g s C o n s tr u c tio n
Construction of a new $200,000 home
for the Security National Bank, Brook
ings, South Dakota, has begun.
The structure will be a colonial type
building 60 by 80 feet, and will be of
smooth red brick. A tower with a
four-faced clock will top the building,
and there will be parking space for
40 cars.
South Hit kola
NEW S
JOHN
M. R Y A N
President
C A R L E. B A H M E I E R , JR.
Rapid C ity
Secretary
Huron
South D a kota O fficials
5 0 tli A n n iv e r s a r y
An open house celebrating the 50th
anniversary of the Farmers State
Bank, Carthage, South Dakota, was
held the first of this month at the
bank, and the bank’s friends were
treated at a social hour and dinner
following the regular open house.
HE “ Official Family of South Da a chicken dinner, all were guests at
kota” has just been named, and a Duluth-Aberdeen ball game.
the executive council and committee
chairmen are as follows:
O ffe r s T ru s t S e rv ice
The Bank of Belle Fourche, South
Executive Council — John Ryan,
Dakota,
recently received authority
First National Bank of the Black
Hills, Rapid City, president; Neal Van from the State Banking Commission of
Vleet, Community Bank, Humboldt, South Dakota and the Board of Gov A d d s W a lk -U p , D riv e -U p
The Commercial Trust & Savings
vice president; W. Paul Jones, Citizens ernors of the Federal Reserve System
Bank, Mitchell, South Dakota, has an
to
engage
in
trust
and
fiduciary
activ
Bank, Mobridge, past president; Oscar
nounced a new walk-up, drive-up tell
Burke, E x c h a n g e Bank, Lennox, ity.
er. There is also 24-hour envelope de
K.
R.
Lahti
was
appointed
trust
offi
Group I; Boyd Knox, McCook County
pository service now available.
National Bank, Salem, Group I; Tom cer, and H. M. Clarkson and Regina
Donahue
were
appointed
assistant
Law, Gary State Bank, Gary, Group
A w a rd f o r A n n u a l R e p o r t
II; Ted Neiger, First State Bank, trust officers.
The Mitchell National Bank, Mitch
Warner, Group II; George Toft, Com
ell, South Dakota, has been presented
mercial Trust and Savings Bank, A tte n d s G e n e ra l C o n fe r e n c e
Henry C. Gross, president, Bowdle a Financial World Merit Award for
Mitchell, Group III; R. H. Frei, Com
mercial State Bank, Wagner, Group State Bank, Bowdle, South Dakota, distinguished achievement in annual
III; Max Gutz, First National Bank, went from the state’s banking conven reporting and the excellence of its
Selby, Group IV; A. J. Haerter, Farm tion recently to Denver to attend the 1956 annual report to stockholders.
ers State Bank, Hosmer, Group IV; General Conference of Congregational This is the sixth time the Mitchell
National has received this recognition.
Ralph Mattson, office, First National Churches of the United States.
Bank of the Black Hills, Hot Springs,
Group V, and Walter Pailing, Rapid B r o o k in g s O p e n H o u s e
In cre a se s C apital
The McCook County National Bank,
City National Bank, Rapid City, Group
A coffee bar, orchids for the ladies
V.
and cigars for the men were highlights Salem, South Dakota, has announced
Committee chairmen are: Ag Com of an open house held last month at that its capital has been increased
mittee, Walter Willy, Security Bank, the Northwest Security National Bank, from $50,000 to $100,000 by stock divi
dend, according to Boyd Knox, vice
Madison; Bank Management Commit Brookings, South Dakota.
tee, George Goodell, National Bank of
The public was invited, and enjoyed president of the bank.
South Dakota, Huron; Education Com the air conditioned comfort of the
mittee, Howard Peters, Bank of Al bank as they visited with bank officers B a n q u et H o n o r s P re s id e n t
pena, Alpena; Industrial Committee, and employees.
A banquet honoring 50 years of serv
John Vucurevich, Rushmore State
ice of the bank’s president, Walter H.
Bank, Rapid City; Insurance Commit P r e s id e n t at D eS in et
Frei, to the Commercial State Bank,
tee, Glenn Waltner, First National
S.
Neal Meyer, son of Theo. H. Wagner, South Dakota, was held re
Bank, Freeman; Interim Legislative Meyer who died recently on a vacation cently in Wagner.
Committee, J. S. Chase, Faulk County trip in the Black Hills, has succeeded
Attended by bank officials from
State Bank, Faulkton, and Public Re his father as president of the Peoples Wagner and Lake Andes banks, the
lations Committee, Curtis Price, Citi State Bank, DeSmet, South Dakota. affair also attracted guest bankers
zens State Bank, Clark.
He had been associated with his father from Minneapolis, Sioux Falls, Sioux
City, Yankton and Mitchell. More
at the bank the past 11 years.
Further reorganization of the offi than 80 were in attendance.
A b e r d e e n A n im a l P ic n ic
Among the speakers were Carl BahThe First National Bank, Aberdeen, cers will take place at the annual
meier, secretary of the state bankers
South Dakota, held its annual picnic meeting.
Wayne Meyer, who has been devot association, and C. R. Gossett, presi
recently in Aberdeen, and all em
ployees and officers of branch offices ing his time to family farm operations, dent, Security National Bank, Sioux
City.
were guests of the bank. Following also has joined the bank’s staff.
T
TH E N A T IO N A L B A N K OF SO U T H D A K O T A
Huron
Sioux Falls
9th at Phillips ♦ Minnesota at 33rd
Member o f Federal Deposit Insurance Corporation
Vermillion
Affiliated with F IR ST B A N K STO CK CORPORATION
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Federal Reserve Bank of St. Louis
1957
South Dakota News
70
S/HHisors
E m p lo y e e
HE Eighth Annual Junior Em ers Association, Huron; Leonard L.
ployees’ Conference sponsored by Berglund, vice president, Northwest
the South Dakota Bankers Associa
ern National B a n k , Minneapolis;
tion, with the cooperation of the “ Chico” Chaves, vice president, First
School of Business Administration, National B a n k , Lincoln, Nebraska;
University of South Dakota, Vermil Chester Lind, president, First Nation
lion, was held last month, and the al Bank of Aberdeen; Byron Loop,
conference staff kept the “students” director of public relations, Central
busy with such subjects as banking Bank & Trust Company, Denver, Colo
law, job relations, public relations, rado; Dean R. F. Patterson, School of
bookkeeping systems, audit, and oth Business Administration, University
ers.
of South Dakota, Vermillion; Jack Pat
Members of this year’s conference ton, president, Mitchell National Bank,
staff were: Carl E. Bahmeier, Jr., ex Mitchell; Eugene Pester, vice presi
ecutive secretary, South Dakota Bank dent and trust officer, Rapid City
T
S T A T E M E N T OF C O N D IT IO N
NORTHW EST SECURITY
NATIONAL BANK
OF SIOUX FALLS
S i o u x F a l l s , South Da k o t a
South Dakota’s Leading Bank
June 6, 1957
R E S O U R C E S
Cash on Hand, in Federal Reserve Bank,
and Due from Banks and Bankers ...................................$12,192,353.22
U. S. Government Obligations .................................................. 18,881,462.13
State and Municipal Bonds ........................................................
2,230,585.75
Other Bonds and Securities ......................................................
300,979.68
$33,605.380.78
75,000.00
Stock in Federal Reserve Bank in Minneapolis ...............................................
Overdrafts ........................................................................................................................
52^814.87
Loans and Discounts .................................................................................................. 24,580,630.53
Commodity Credit Corp., Grain Loans .................................................................
188,228.86
Banking Houses, Furniture and Fixtures ..........................................................
709,050.54
Includes Banking Houses at Sioux Falls, Brookings, Chamberlain,
Dell Rapids, Gregory, Huron and Madison, all clear of encumbrance.
Interest Earned but not Collected ........................................................................
316,602.42
Other Assets ..................................................................................................................
111,277.94
Customers Liability for Letters of Credit .............................................................
25,000.00
TOTAL .........................................................................................................................$59,663.985.94
L I A B I L I T I E S
Demand Deposits ............................................................................ $40,352,233.31
Time Deposits ................................................................................. 13,690,485.20
U. S. Government Deposits ......................................................
646,882.91
Total Deposits ....................................................................................................... $54,689,601.42
Reserve for Interest, Taxes, Expenses .................................................................
454,990.55
Interest Collected but Not Earned ........................................................................
285,758.95
Loan Loss Reserves ....................................................................................................
1,113,057.62
Capital Stock— Common .............................................................
1,000,0G0.00
Surplus ................................................................................................
1,500,000.00
Undivided Profits ..........................................................................
595,577.40
Total Capital Account .......................................................................................
Letters of Credit .............................................................................................................
3,095,577.40
25,000.00
TOTAL .........................................................................................................................$59.663.985.94
BRANCHES AT
BROOKINGS, CHAMBERLAIN, DELL RAPIDS
GREGORY, HURON, MADISON
M e m b e r o f F e d e r a l 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
Nor thwest er n
Banker, Augus t ,
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Federal Reserve Bank of St. Louis
1957
Trust Company, Rapid City; Kenneth
Raschke, assistant to the president,
University of South Dakota, Vermil
lion; T. A. Weatherstone, vice presi
dent, First National Bank, Sioux Falls,
and Walter Willy, president, Security
Bank, Madison.
S io u x F a ils N e w s
president of the
Sioux Valley Bank, has been re
appointed by Governor Joe Foss as a
member of the South Dakota State
Highway Commission. The appoint
ment is for a four-year term. Mr.
Haugo was first named to the com
mission in 1953. Sigurd Anderson was
governor at that time.
* i *
A . F. Junge, vice president of the
First National Bank, is chairman of
the business division for the United
Fund Drive this year. His division is
responsible for soliciting most Sioux
Falls busines concerns with less than
10 employees.
* * *
Several downtown Sioux Falls mer
chants who suffered losses in the re
cent floods of the Big Sioux River and
Skunk Creek have taken steps to ob
tain disaster loans through the Small
Business Administration. All local
banks announced that they have ap
plication blanks and will answer ques
tions about the program, which pro
vides for loans of 3 per cent interest
up to 20 years.—$$
R U IN G H A U G O ,
E
O n s g a rd B an k C h a n ges
Changes in the staff at the Onsgard
State Bank, Onsgard, Minnesota, have
been announced, and the present staff
is as follows:
Chairman of the board of directors,
B. N. Onsgard; president, Norris A.
Hanson; vice president, Carl V. Lind;
vice president and cashier, Leonard
D. Skaalen, and assistant cashier, Har
old J. Frydenlund.
T w o P rom oted
Promotion of two employees of the
Midway National Bank, St. Paul, Min
nesota, has been announced by Martin
F. Ernst, chairman of the board.
Ellsworth L. Ewy has been pro
moted from assistant cashier to assist
ant vice president. A graduate of the
University of Wisconsin’s school of
banking, he joined Midway in 1946 as
a teller and is manager of the mort
gage department.
C. S. Truen has been promoted from
assistant cashier to cashier. He came
to Midway in 1932 after serving five
years with the Minnesota State Bank
and five years with the former Capi
tol National Bank, where he began his
banking career as a messenger.
South Dakota News
South Italiota
71
Hauti
F rom Reports Received by July 1 5 , 1957
(Last three figures omitted)
Aberdeen,
First National.
Beresford, First Natior
Canova, Security State.
Geddes, Security State.
Howard, Miner County............
Hudson, State Bank o f ............
Huron, Farmers & Merchants.
Deposits
.$33,377
1,542
. 4,673
. 3,772
867
. 2,531
. 1,928
. 2,249
. 1,696
970'
. 3,736
. 3,111
. 2,347
. 2,158
794
. 8,237
. 1,103
. 3,489
Loans
$15,224
449
2,138
1,565
312
411
894
1,149
415
309
1,592
1,420
1,088
767
409
4,192
411
956
Deposits
$32,146
1,539
4,390
3,528
842
2,589
1,641
2,318
1,544
1,055
3,401
2,928
2,222
2,063
718
8,207
1.186
3,399
Loans
$15,594
428
2,027
1,750
273
428
835
1,378
478
243
1,347
1,207
1,036
645
429
3,500
392
1,011
Yielding Hanoi
"H o o d C attle
EARLY 200 livestock producers
and other interested citizens at
tended the recent livestock meeting
Beresford, South Dakota, sponsored
by the First National Bank of Beres
ford.
Limited supplies of feeder cattle
should assure a good cattle market in
the months ahead, the producers were
told. The shortage is expected to
continue through the summer months,
and for this reason, feeders were ad
N
Lennox, Exchange Bank...................
Menno State ................... .................
Mitchell, Commercial Trust.............
Mitchell National ...............................
Okaton State .......................................
Pierre, First National ...................
Pierre National .................................
Rapid City, First National...............
Sioux Falls, First National.............
Sioux Falls, National Bank of S. D.
Sioux Falls, Northwest Security...
Sioux Falls, Union Savings..............
Tripp, Dakota State...........................
Vermillion, Citizens Bank...............
Vivian State .......................................
Watertown, First Citizens...............
Webster, Security Bank...................
Yankton, First Dakota Natl...........
June 6, 1957
Loans
Deposits
5o2
2,40 1
610
1,717
3,389
9,423
8,448
3,565
433
885
5,183
1,763
6,183
2,609
22,714
39,180
13,873
25,850
11,621
21,499
24,669
54,690
9,804
4,109
391
1,357
1,038
2,310
224
514
10,738
5,615
846
2,877
2,137
5,520
June 30,
Deposits
2, ‘i l l
1,888
9,844
8,460
873
4,809
5,710
39,016
28,944
20,810
50,247
10,114
1,373
2,393
490
10,833
2,703
5,193
1956
Loans
765
605
2,988
3,242
453
1,764
2,441
22,624
13,773
11,581
22,956
4,564
402
1,274
223
5,348
876
2,132
that she has less money to spend.
A good hog market was predicted
for the next 60 days, with an antici
pated top of $20.
3taA h e a d "
vised to buy now even though the
present price seems high. It was
inpointed out that statistics disclose an
existing shortage of cattle for the first
time in 16 years.
Meat prices today are influenced
considerably by the changed buying
habits of the wife, according to the
panel. The housewife has become fat
conscious and is buying an increasing
amount of hamburger, cold cuts, and
wieners. Significant, too, is the fact
Stanley Evans, vice president, Live
stock National Bank of Sioux City,
served as moderator. Panel members,
who are representative of a newly
formed Sioux City Stockyards Booster
Club, include Merle Bergeson, Jr., W.
R. Reed, Gene Cosgrove, Jack Schu
macher, Kenneth Donahue, Rex Voils
and Ernest Bruckner.
The evening’s discussion closed with
a question and answer period, after
which refreshments were served.
& TRUST CO.
Known throughout
the West
For c o m p l e t e
c o r r e sp o nd en t bank service
15th and Arapahoe
Denver, Colorado
M em b e r; F e d e ra l R e se rve System
F e d e ra l D epo sit In s u ra n c e C o rp o ra tio n
MT. EVANS AND ECHO LAKE— Just 60 m iles w e s t of The Central
N o r t h w e s t e r n Banker, Au g u s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
South Dakota News
72
Untiring P opulation in Mlemnnil
H u ge P u b lic i'npitnl In vestm en ts
HE labor force of the United
Although labor will continue to be
States, now numbering 70 million, in short supply for the next eight to
may exceed 93 million by 1975, accord10 years, according to Business In
ing to the current issue of Business In Brief, a big shift will come in the midBrief, published by the Chase Manhat 1960’s when persons born in the early
tan Bank.
post-World War II years enter the
The bank’s quarterly publication es labor force. Then the labor force
timates a total population increase of probably will grow as fast, and per
from 30 to 60 million people during haps faster, than total population.
the next two decades, raising the pres
The age composition of the labor
ent 171 million figure to upwards of force also is expected to change, with
200 million by 1975.
population between the ages of 18 and
T
34 rising by 38 per cent and the 35-65
bracket increasing by little more than
3 per cent as the low birth rates of
the depression years make themselves
felt.
Impacts on Market
The Chase Manhattan publication
says that these trends in the labor
force and in population will have im
portant impacts on markets:
“The 40 million children born in the
past decade have lifted demand for
baby food, clothing, toys and similar
products. As these children grow up
other markets will feel the effects.
And the burden on our high schools
and colleges and universities will
mount rapidly.
The marriage rate might soar again
in the mid-1960’s, creating a larger po
tential market for homes, appliances,
autos and related products. Granted
prosperity and the appropriate social
climate, a new wave of births could
appear after 1965.”
A"
Capital Needed
Statement of Condition as of June 6, 1957
RESOURCES
Cash and Due from B a n k s ____ $66,696,062.39
U. S. Government S ecu rities___ 61,573,205.91
Other Bonds and W a r r a n ts____ 14,641,363.00
$142,910,631.30
Loans and Discounts __________________________
Income Receivable Accrued ___________________
Stock in Federal Reserve B a n k _______________
Bank Premises __________________________________
Customers’ Liability Under Letters of Credit __
82,860,682.11
472,326.41
360,000.00
4,000,000.00
297,555.48
Total ________________________________________
$230,901,195.30
LIAB IL IT IES
D eposits___________________________________________
Letters of Credit Outstanding__________________
Income Collected, Not, E a r n e d _________________
Reserve for Taxes, Interest, e t c . ______________
^Dividends Declared, not yet p a y a b le _________
$211,136,597.73
297,555.48
422,786.04
1,622,443.16
125,000.00
Capital — Common ____________$ 5,000,000.00
S u rp lu s____________________________ 7,000,000.00
Undivided Profits and Reserves-5,296,812.89
17,296,812.89
Total ________________________________________
$230,901,195.30
'Payable June 14, 1957
r"
Member Federoi Deposit insurance Corporation
N
B
a t i o n a l
a n k
it k . & i£ TItutJc
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Federal Reserve Bank of St. Louis
1957
of
T
u l s a
With population rising faster dur
ing the next decade than the labor
force, a high level of business capital
investment will be needed to keep pro
ductivity rising. The prospective in
crease in population will also call for
large public investment in roads,
schools, parks and other community
facilities. To meet such demands for
capital, the nation will have to con
tinue to stress savings.
“ Otherwise,” Business In Brief con
cludes, “we shall be unable to finance
growth without inflation. With ade
quate savings, our rising population
can indeed provide a major stimulus
to the real growth and prosperity of
the nation.”
Appointed Trustee
Manufacturers Trust Company, New
York, has been appointed trustee by
General Cigar Company, Inc., for its
$7,000,000 5% per cent cumulative in
come subordinated debentures due
June 1, 1987.
W in s F e llo w s h ip
Lloyd Stockel, Massapequa, New
York, has been awarded the James
Talcott Fund Fellowship in Finance
for 1957 for his first year’s study at
the Harvard Business School. The
Fellowship of $1,250 is awarded annu
ally to an outstanding young man who
intends to enter the field of finance.
Competition for this fellowship is
open to all men admitted to the first
year of the two-year program leading
to the degree of Master in Business
Administration.
He plans to continue in the banking
and finance field in an administrative
position in the future.
A
*
73
J o in s W o m e n ’ s A s s o c ia tio n
Gladys Haugen, assistant cashier,
Elk Valley State Bank, Larimore,
North Dakota, has been elected to
membership in the National Associa
tion of Bank Women.
b o r il i D akota
NEWS
G. H . H E R N E T T
President
C. C . W A T T A M
S e c re ta ry
N ew F a rm R e p r e s e n ta tiv e
Morris Broschat, sales manager of
Fisher Motor Company in Minot,
North Dakota, has resigned that posi
tion to become farm representative of
the American State Bank, Minot.
A shley
Fargo
C hooser
ConvSoS i t u i l i
E le cte d A ssistant C a sh ier
Francis C. Forster, an employee of
the Farmers State Bank, Richardton,
North Dakota, has been elected assist
ant cashier. It was announced also
that John C. Phillips, cashier of the
bank, has been elected president of
the Lions Club in Richardton.
■«fQ
èüU
M
N
C
fcî
A SPACIOUS LOBBY, A IR CONDITIONING and private conference rooms as w ell as a
com pletely remodeled interior and exterior is now afforded customers of the W ahpeton
N ational Bank, W ahpeton, North D akota. A n old theater building was remodeled and
converted to the bank building shown in photo above. Two days were set aside for the
recent very successful grand opening.
N ew B u sin e ss H o u r s
New business hours have been arc
nounced by the three Grand Forks,
North Dakota, banks and the bank at
East Grand Forks. The hours are:
Monday through Friday—9:30 a. m.
to 3 p. m.
Also, Thursday evening—6 to 8:30.
The banks will be closed Saturdays.
ident, Grafton National Bank, and W.
J. Johnson, president, Walsh County
State Bank.
Named to office were: T. Wendell
Walker, president; Hazel Johnson, vice
president; Vicky Davis, secretary, and
Doris Thompson, treasurer. Ruby
Schrank, Jean Bennett and Daniel
Lessard were appointed to the board
of governors for a two-year term.
A .I .B . E lects O ffic e r s
A banquet honoring students of
A.I.B. who recently completed their
courses was held in Grafton, North
Dakota, and certificates of completion
were awarded by R. D. Harkison, pres-
B an k S e cre ta ry R etire s
Mrs. Wesley Ratzlaff has resigned
as secretary of the Northwestern
Bank, Langdon, North Dakota, after
10 years of service.
D ia m o n d J u b ile e
Officers of the Citizens State Bank
of Edinburg, Edmore and Lankin,
North Dakota, recently invited resi
dents of the area to an open house
at the Edinburg Paying and Receiving
Station.
6 5 th A n n iv e r s a r y
The Peoples & Enderlin State Bank,
Enderlin, North Dakota, is currently
observing its 65th anniversary of con
tinuous service to the community.
Bank officials state that the bank has
operated these 65 years without a loss
to any depositor or stockholder.
In cre a se s B oa rd N u m b e r
The board of the State Bank of
Hampton, Minnesota, has been in
creased to five members.
Officers and directors are: Mrs. A.
H. Muellerleile, now of Mendota, pre
siding officer; August J. Turek of
Hampton, cashier; William Sieben,
Rosemount township; Walter Klaus of
Farmington and Edward F. Rother of
Hastings, Route 1, directors.
\orSh IhilioSa Hank SSnSemenS
From Reports Received by July 15, 1957
(Last three figures omitted)
June 6, 1957
Deposits
Loans
Adams, Security State................. . .$ 1,166
$ 393
826
Ashley, McIntosh County............ . . 3,070
7,716
Bismarck, Bk. of North Dakota. . .121,846
5,320
Bismarck, Dakota National.......... . . 13,180
8,675
Bismarck, First National.............. . . 17,052
1,730
Devils Lake, Ramsey National. . . . . 6,171
2,285
Dickinson, Liberty National........ . . 6,391
435
882
Fairmount, Peoples State ..........
. . 10,320
4,653
8,901
Fargo, Merchants National.......... . . 17,076
2,481
Grafton, Walsh County ................ . . 6,329
10,717
Grand Forks, First National....... . . 21,085
6,818
Grand Forks, Red River N a tl.... .. 12,349
767
. . 2,077
1,154
4,147
Hettinger, First National..............
937
Hillsboro, Northwestern S ta te... . . 2,700
977
Hope, First State........................... . . 2,298
2,578
Jamestown, First James R iv e r... . . 8,762
June 30, 1956
Loans
Deposits
$ 989
$ 452
2,816
921
6,850
123,525
5,470
11,496
7,992
16,251
1,592
5,409
2,044
6.419
316
805
5,166
9,108
16,274
9,200
2,421
5,716
9,349
18,193
6,650
11,680
666
1,723
1,351
4,183
961
2,469
997
2,222
2,316
8,022
Jamestown National ................. . ..
Killdeer, Bank o f ......................... . . .
Lidgerwood, First National........ . . .
Lisbon, Farmers State............... . . .
Maddock, Farmers State.............. . . .
Mandan, First N a t io n a l........... . . .
McVille State ...............................
Minnewaukan, Farmers State. . . . . .
. ..
Minot, First National..........
Minot, Union National............... .. .
Oakes, First National................. . . .
Park River, First State.............. . . .
Powers Lake, Liberty State. . . .
Rolla, Rolette County................. .. .
Rugby, Citizens S ta te................ . . .
Valley City, American Natl........ . . .
Valley City, First National........ . . .
Wahpeton National ................... .. .
June 6, 1957
Deposits
Loans
7,983
3,123
1,724
455
1,672
827
2,919
1,564
2,448
465
8,338
3,227
915
225
2,408
982
17,549
9,038
8,779
4,509
581
1,847
2.432
830
932
242
3,072
1,095
2,669
235
1,990
5,213
5,188
2,091
2,014
4,842
June 30, 1956
Deposits
Loans
6,996
2,824
1,608
503
892
1,465
2,580
1,520
2,072
507
7,710
3,106
910
285
1,918
882
16,049
8,652
8,052
3,977
1,925
620
2,376
844
803
280
2,477
1,048
2,543
277
4,714
1,770
5,176
2,252
4,565
1,877
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Federal Reserve Bank of St. Louis
1957
74
for a n e w o u tlo o k c o m e to d y n a m ic C h ic a g o !
attend the 42nd annual
fp ra c o n v e n tio n
Delegates to F P R A con
v e n t i o n s t e ll c o u n t l e s s
-V
stories o f the value o f the
ideas and in s p ira tio n r e
September 29
to October 3rd
ed gew ater beach hotel
Chicago
c e iv e d , and o f c o n ta c ts
m ade.T he carefully planned
p r o g r a m s re s u lt
in
th e
greatest benefits possible for
every delegate. Often they
even exceed exp ectation s.
The 42nd looks like one o f
these "'F o u r Star E x tr a ”
Conventions. Your attend
ance and participation will
help to make it so.
For reservations irrite
FINANCIAL
PUBLIC
R ELATIO N S
ASSO C IA TIO N
231 South La Salle St., Chicago 4, 111.
Northwest er n
Banker, Au g u s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
y-
t
75
M ontana
NEWS
V. C . H O LL IN G S W O R T H
R. C . W A L L A C E
President
S e c re ta ry
Ham ilton
Helena
Fred Potter, president of the Great
Falls Chapter of the American Insti
tute of Banking, recently presented
Max J. Grettenberg, retiring bank offi
cial, with a certificate in recognition
of his many years of service to the
local banking business and to the local
chapter of the A.I.B. The presenta
tion was made at the local chapter’s
second annual dinner meeting in
Great Falls.
Mr. Grettenberg has been cashier of
the Great Falls National Bank.
tended by more than 400 persons. In
attendance were Halvor Everson, Altadena, California, one of the bank’s
original stockholders, and Mrs. W. H.
Westergaard, whose husband served
as president of the bank from its be
ginning to the time of his death in
1947.
George N. Lund, president of the
bank, has been with the bank for 39
of its 40 years and has served as its
executive officer since 1924. Included
on the program were free movies,
souvenir plates and portfolios.
Oliver I. Engebretsen
Ira Haynie
A heart attack proved fatal last
month to Oliver I. Engebretsen, vice
president of the Bank of Glacier Coun
ty, Cut Bank, Montana. Born in 1909,
Mr. Engebretsen moved to Cut Bank
in 1948 from Kalispell. He is survived
by his wife, Blanche, three sons and
two daughters.
Ira Haynie, director of the Big Horn
County State Bank, Hardin, Montana,
died last month at the age of 80 years.
A director since 1942, he was a retired
rancher and served the bank as acting
vice chairman of the board.
Recognition Certificate
New Board Member
Roy L. Sorrells has been elected to
the board of directors of the Billings
State Bank, Billings, Montana, accord
ing to O. B. Silvey, president of the
bank. Mr. Sorrells is president and
general manager of the Yellowstone
Motor Sales in Billings.
40th Anniversary
The First National Bank of Reserve,
Montana, recently celebrated its 40th
anniversary with an open house at
Company in 1945 after a five-year affil
iation with Anaconda Wire and Cable
Company. He received his B.S. degree
in Economics from Holy Cross Col
lege, Worcester, Massachusetts, and
completed advanced credit courses at
the American Institute of Banking.
He was appointed an assistant man
ager in 1950 and an assistant secretary
in 1951. At present, Mr. Hall is as
signed to the bank’s 57th Street office,
741 Fifth Avenue, New York. He is
on the membership committee of the
Fifth Avenue Association.
F o r S2.Oif0.4iOO
1 9 5 8 Convention Dates
The 55th annual convention of the
Montana Bankers Association to be
held in 1958 will be at Many Glacier
Hotel in Glacier National Park, June
19-21.
At Manufacturers Trust
The appointment of Donald F. Hall
as an assistant vice president of Man
ufacturers Trust Company is an
nounced by Horace C. Flanigan, chair
man of the board.
Mr. Hall joined Manufacturers Trust
R . E L M O T H O M P S O N , le ft, president of
the F irst N ational Bank and Trust Com
pany, Tulsa, makes out a deposit slip for
$2,019,600 as he receives a check for that
amount from J. W . Bates, Jr., right, presi
dent of Beading and Bates Offshore D rill
ing Company. Standing is J. W . Bates,
secretary-treasurer of the firm. The check
represents proceeds of the second public
financing program for the company, and
will be used to buy a LeTourneau mobile
offshore platform . M r. Reading and M r.
Bates now have two offshore tenders and
rigs operating in the Gulf of M exico.
3Montana Hank S ta tem en t Fitfares
From Reports Received by July 15, 1957
(Last three figures omitted)
June 6, 1957
Deposits
Loans
Big Timber, Citizens Bk. & Tr.
3,499
$ 616
Billings State ................................. . . 7,315
3,896
Billings, First Natl....................... . . 17,512
5,882
Billings, Midland Natl................... . . 28,898
15,781
Billings, Security Tr. & Sav........ . . 33,130
17,717
Bozeman, First Natl..................... . . 10,312
4,285
Bozeman, Gallatin Tr. & Sav. . . . . 3,392
980
Bozeman, Security Bk. & Tr....... . . 7,734
3,596
Bridger, Bank o f ........................... . . 1,143
392
Broadus, Powder River................. . . 2,526
945
Butte, First Natl............................. . . 16,026
3,676
Butte, Metals Bk. & Tr............... .. 35,773
19,450
Cascade, Stockmens .....................
976
368
287
Chinook, Farmers Natl................. . . 2,573
1,224
Columbus, Yellowstone ............... . . 3,905
2,659
Cut Bank, Glacier County............ . . 6,389
2,684
Deer Lodge Bk. & Tr..................... . . 5,802
Forsyth State ................................. . . 4,217
1,362
Fort Benton, Chouteau Co........... . . 5,010
1,009
2,741
Glasgow, First Natl....................... . . 6,842
2,298
Glendive, First Natl..................... . . 5,985
Great Falls, First Natl................. . . 41,805
17,697
June 30,
Deposits
$ 3,224
7,315
17,500
27,250
34,250
9,459
3,176
6,923
1,255
2,383
16.121
36,716
862
2,306
3,696
6.761
4,923
3,852
5.187
5,753
5,569
40,117
1956
Loans
$ 532
3,625
5,717
14,123
16,937
4,056
784
2,817
384
1,046
3,153
16,594
422
233
995
2,718
2,210
1,344
1,087
2,254
2,273
14,864
Great Falls Natl....................... ........
Great Falls, Montana............... ........
Havre, First Natl...............................
Helena, First Natl..............................
Helena, Union Bk. & Tr........... ........
Kalispell, Conrad Natl........... ........
Laurel, Yellowstone ............... ........
Lewistown, First Natl............. ........
Lewistown, Northwestern . . . ........
Libby, First State..................... ........
Livingston, First Natl............. ........
Missoula, First Natl............... ........
Red Lodge, U. S. Natl........... ........
Reserve, First Natl.............................
Ronan State ............. ............... ........
Shelby, First State................. ........
Sidney Natl................................. ........
Stanford, Basin State............. ........
Stevensville, First State ........ ........
Whitefish, First Natl............... ........
W olf Point, First State.......... ........
June 6, 1957
Deposits
Loans
27,357
12,226
19,928
8,235
8,450
4,482
31.869
12,007
23,389
10,002
15,530
8,322
4,558
1,540
4,804
9,075
6,308
3,177
4,024
1,944
6,897
3,237
7,870
16,945
2,742
790
4,673
981
2,566
1,011
6,850
1,185
3,875
1,054
3,586
425
991
508
3,785
1,374
5,533
2,462
Northwest ern
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Federal Reserve Bank of St. Louis
June 30,
Deposits
25,535
19,253
8,241
32,548
25,620
16,361
3,871
8,706
6,177
4,868
6,956
16,399
2,632
4,388
2,424
6,242
4,006
3,409
1,011
3,554
5,459
1956
Loans
11,141
7,638
3,689
11,884
8,212
7,929
1,357
4,620
3,182
1,943
3,325
6,904
721
809
1,019
1,175
1,066
477
618
1,240
2,138
Banker, Augus t ,
1957
76
Meet fohn L. Eddy
Vice President, is Personnel Director, Assistant in Operations
and Building Manager. During the period he has served in
these capacities, the Bank’s staff has almost doubled, and
most working departments have been completely remodeled.
Mr. Eddy started his banking career in 1934 as a messenger,
and had experience in the Transit, Proof, and Bookkeeping
Departments and as a Senior Teller.
Can J a c k Eddy Help You?
I f you wish to discuss personnel procedures, wage plans,
setting up personnel records, operation procedures, or office
layout, Mr. Eddy will be glad to work with you.
Jack’s experience and background are typical o f The United
States National Bank’s officers— men who take a personal in
terest in your banking problems. Every officer stands ready to
offer his special knowledge on any banking problems you have
■
— no matter how small— large— or unusual.
C o m plete C o rresp o n d en t S e rvic e
Ph o n e
A T Ia n tic
8 7 6 5
O M
A H A
Member Federal Deposit Insurance Corporation.
N o r t h w e s t e r n Banker , Augus t ,
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Federal Reserve Bank of St. Louis
1957
77
In v e s tm e n t F ield D ay
The Nebraska Investment Bankers
Association’s annual Frolic and Field
Day has been set for October 10 at
the Happy Hollow Country Club, in
Omaha.
Investment men have looked for
ward each year to their annual gettogether as it is one of the highlights
of the year for the association.
Inst allindili
Credi
U n tes U nr e K een A n n ou n ced
A buffet supper was a highlight of
HE Nebraska Bankers Association
will sponsor its first Installment the open house for the bank’s friends,
Credit Conference in Grand Island,and hard carved figures, each depict
ing a character or scene from the
September 10 and 11.
The two-day conference will deal early 1890’s, was brought from Denver
with every phase of installment loan to be displayed. The exhibit was in
operations, and will be a workshop sured for $8,000.
Electric appliances were awarded
session, with discussion groups, pan
winners in the vault-door weight
els and speakers.
In planning the program the com guessing contest.
The bank building is of brick, low
mittee has kept in mind the impor
tance of installment loan operations in and modern, and has drive-up service.
smaller banks.
A $12.50 registration fee has been O g a lla la B ank A d d it io n
Customers of the First National
set by the committee to cover meals
Bank, Ogalalla, Nebraska, are doing
and the program.
The Commercial National Bank, business in a larger bank now as the
First National Bank and Overland result of a conversion of space former
National Bank of Grand Island will ly occupied by a hardware store into
be hosts at a social hour, preceding banking space.
Remodeling of both sections, the old
the banquet, September 10.
Don W. Ryan, vice president, First quarters and the newly-acquired space,
National Bank, Omaha, is chairman of has begun and completion of the work
should take no longer than two
the committee.
months.
O ffe r s D riv e -U p S e r v ic e
Drive-Up banking facilities have
A W in n e r
been announced by the City National
Bank, Hastings, Nebraska.
T
J o in s Staff’ at C h ester
Harold R. Porter, superintendent of
schools at Franklin, Nebraska, the
past year, has been employed as assist
ant cashier of the State Bank of Ches
ter, Nebraska.
He will also be associated with his
father-in-law, G. D. Van Cleef, in in
surance. Mr. Porter is hail adjuster
for the Rrain and Hail Insurance
Group during the hail season.
T e k a m a h B a n k R e m o d e ls
A complete modernization of the
First National Bank, Tekamah, Ne
braska, has begun.
Black granite and glass will replace
the present outmoded windows and
door in the front. The entrance will
be ground level with automatic doors.
Inside the bank new counters will
be constructed with four teller win
dows instead of three as at present,
and the ceiling will be lowered. All
woodwork in the lobby is to be of
Philippine mahogany.
W a h oo O pen H ou se
Seventy-five years in banking serv
ice to Wahoo, Nebraska, was cele
brated last month by the First Na
tional Bank, Wahoo.
An open house was held at the
bank, and guests were entertained by
the bank’s staff who offered them re
freshments and souvenirs of their
visit.
J o in s Staff' at K e n e sa w
Ramon Nolte, formerly of the Ute
State Bank, Ute, Nebraska, has joined
the staff of the Adams County Bank
of Kenesaw, Nebraska, as an officer,
according to S. H. Itzen, president.
N ew D ir e c t o r at K e a r n e y
H. L. Blackledge, Kearney attorney,
has been elected a member of the
board of the First National Bank,
Kearney, Nebraska, succeeding the
late Horace Cary. He has been a
stockholder of the bank since 1938.
S to c k m e n s B an k O p e n s
An open house was held last month
at the beautiful new, all-modern Stockmens Bank in Rushville, Nebraska.
Crowds filled the bank to view the
work of the Bank Building & Equip
ment Corporation of St. Louis, de
signers of teh bank and builder of
the interior.
R e tire s A ft e r 4 0 Y e a rs
Paul Pinion, 72, cashier, Pender
State Bank, Pender, Nebraska, retired
recently after nearly 40 years with
the bank.
A telegraph operator, he came to
Pender in 1915 as depot agent, and
joined the staff at the bank in 1918.
A N O T H E R F IR S T P L A C E was claimed
recently by the United States National
Bank in Omaha, but this was not in the
banking world . . . this was in the annual
Soap Box Derby. Twelve-year-old L arry
Guerra of Omaha sped to victory in the
Class B section of the Nebraska event. He
was. sponsored by the U . S. National,
whose banner was painted on the boy’s
sleek racer.
Y oung Guerra’s father con
gratulates him in the photo above.
R e m o d e lin g C o m p le te d
Work has been completed at the
Bank of Wood River, Wood River,
Nebraska, and the newly-remodeled
bank building is a beautiful red Ro
man brick with full glass doors set in
aluminum frames. The bank’s name
also appears in aluminum.
The vault was repainted and rear
ranged and new shelving was built.
The building is now air conditioned.
New heating units also have been in
stalled, and a new incinerator has
been placed in the basement.
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Federal Reserve Bank of St. Louis
Banker. Augus t ,
1957
78
Nebraska News
Itaill.- I^rom o/hni at Y o rk
Stvsuhs
inFine
HEN Adeline Sackschewsky, a to help the lady transfer her “penny
telephone operator in York, Ne savings” into the bank building.
braska, was a little girl, she shoppedShe said she figured that with the
with a York merchant who sold many bonus and the normal interest rate,
items at 99 cents. She was always in she would realize about 12 per cent
a hurry and did not care to wait for on her deposit of $3,000.
her penny change, but the merchant
said:
C h a n ges at S c o tts b lu ff
“ If you save those pennies, some
George B. Acker, Scottsbluff Nation
day you’ll have dollars.”
al Bank, Scottsbluff, Nebraska, has
Just recently, now that Adeline is been elected cashier to succeed the
a big girl, the First National Bank late Robert K. Patrick. Miss Helen
of York offered York residents a “Dol Bauman, employee since 1939, was
lar Day” and announced that for every elected assistant cashier.
90 pennies deposited in a savings ac
count, the bank would credit the ac S p o n s o r s “ D a d ” C on test
count for $1.
The Auburn State Bank, Auburn,
Adeline showed up at the bank with Nebraska, joined with the Auburn
approximately a ton of the copper newspapers recently to sponsor a
coins. About 300,000 pennies, 500 to “Father of 1957” award.
a cloth bag, were delivered to the
“Why My Dad Is Best” was the title
bank in an auto.
of letters sons were to write about
Virtually all the space in the auto their dads, and the judges selected
was taken by the copper cargo as the Paul Jeanneret, Jr., as the “Father of
back and front seats were piled high 1957” as a result of this letter written
with the sacks. When the trunk was by 9-year-old Clarence, the youngest
lifted, more sacks of pennies were of Mr. Jeaneret’s 12 children:
found piled neatly there.
Dear Merchants:
A two-wheel hand truck was used
My name is Clarence Jeanneret
W
and I am 9 years old. I think my
Dad is the best Dad because he
has been both mother and father
to me since I was 10 months old.
My mother passed away in 1948
due to illness. Besides me, there
are 11 other members in our fam
ily. Dad has given us a happy
home and has put seven out of 12
of his kids through high school so
far. Whenever I’ve needed help,
my Dad has always been near.
By my opinion, I don’t think you
could find a better Dad than my
own.
Yours truly,
Clarence Jeanneret
Brock, Nebraska
S p ea k s to C h a m b e r G r o u p
Roger L. Cunningham, assistant vice
president, First National Bank, Lin
coln, Nebraska, was the speaker at the
last regularly scheduled meeting for
the season of the Auburn Chamber of
Commerce, Auburn, Nebraska.
N ew P re s id e n t at B e a trice
William W. Cook, 51, who joined
Beatrice National Bank, Beatrice, Ne
braska, in 1934 as a teller, has been
named president of that bank, suc
ceeding the late E. C. Austin.
J. Stewart Elliott, director of new
business for the bank, has been named
senior vice president.
C o n s tr u c tio n in B la ir
Work has been started converting
a furniture store building in Blair,
Nebraska, into modern new quarters
for the Washington County Bank.
Bank space will be double the pres
ent area and a new vault is to be con
structed.
1 ,2 0 0 at O p e n H o u se
More than 1,200 persons visited the
First National Bank, Falls City, Ne
braska, last month to congratulate of
ficers and personnel on the bank’s
75th anniversary.
E.
H. Towle, president, and his wife
headed a reception line near the door
to greet the banks guests. Gus P.
Scholz, executive vice president, and
his wife also were in the line. Other
officers were stationed throughout the
lobby to greet visitors.
Souvenirs of salt and pepper shak
ers and ball point pens were given all
guests.
BANKS S-VAiH
A /l Negotiations Confidential
A NATIONAL CLEARING HOUSE
FOR EXPERIENCED BANK EXECUTIVES
_______
WITH CAPITAL TO INVEST
Bank ers Service C o m p a n y
BOX 1435
N o r t h w e s t e r n Banker , A u g u s t , 1957
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
«
DES M O I N E S 5, I O W A
*
PH ON E A T 2 - 7 8 0 0
79
W hat
about
Interest
Rates?
Interest rates have gone up. Will
they continue to increase? What is
the current thinking on the matter?
What is the trend? Where do you
fit into the picture? Ask our repre
sentative these and any other ques
tions you may have. He is equipped
to give you the latest information.
First National Bank
O m aha, N eb ra sk a
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
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Federal Reserve Bank of St. Louis
Banker, Augus t ,
1957
80
T
H E Federal Reserve Bank in K an
sas City reports that five Nebraska
cities showed lower business activi
ties in June on the basis of bank de
posits. The bank listed the following
declines in comparison with June of
1956: Fremont 9 per cent; Omaha and
Hastings 6 per cent; Grand Island and
Lincoln 1 per cent. The bank listed
these comparisons for the first six
months of 1957; Fremont down 3 per
cent, Grand Island down 2 per cent,
Hastings up 2 per cent, Lincoln up 4
per cent, and Omaha unchanged.
* * *
Two Omaha National Bank employ
ees returned recently from banking
schools. Jack W heeler attended a twoweek school at Rutgers University at
New Brunswick, New Jersey, and Ted
Spaustat, assistant cashier, attended a
two-week session at the Agricultural
Credit School in Ames, Iowa.
* * *
Jack Shonsey, vice president, Omaha
National Bank, gave an address to the
Montana Bankers Association at their
annual convention at the Canyon Ho
tel in Yellowstone Park.
* * *
M ary Gleason, advertising manager
of the Omaha National Bank, was
clinic leader for financial publications
at the 1957 conference of the Interna
tional Council of Industrial Editors in
Boston last month. She also partici
pated on a communications panel in
Omaha last month for the National
Convention of American College Pub
lic Relations Association.
* * *
Ellsw orth Moser, president, United
State National Bank of Omaha, was
given a Distinguished Service Award
conferred jointly by the University of
Nebraska Alumni Association and the
board of regents. It was given for
outstanding service to the University
of Nebraska and in professional and
public life. Also honored was J. Stew
art Elliott of Beatrice, a director of the
Dempster Mill Manufacturing Com
pany, the Beatrice National Bank and
the Lincoln Telephone and Telegraph
Company.
* * *
The board of directors of the Cen
tral National Insurance Company of
Omaha has named J. E arl Thompson
president of the firm.
Succeeding Mr. Thompson as execu
tive vice president is C. L. Landen,
Jr., previously vice president of the
Omaha insurance firm.
M ax Rochholtz, formerly assistant
vice president, has been promoted to
vice president.
The Central National Insurance
Company and the Central National
Life Insurance Company of Omaha
also announced the appointment of
Jack E. Baldwin, 41, as vice president
of the two companies.
* =t= >i=
Employees at the Omaha National
Bank were astonished when they no
ticed the large portrait of bank Presi
dent W . B. M illard’s grandfather miss
ing from its usual place on the second
floor of the bank. Dimestore detec
tives thought it had been stolen, but
it was soon learned that the picture
had merely been sent out to be cleaned
and reframed.—$$
Deshler Celebrates 25th
Overflow crowds visited the Nebras
ka Security Bank, Deshler, Nebraska,
recently to help bank officers and em
ployees celebrate the bank’s 25th
anniversary.
Coin displays and bills that were
new and old and counterfeit and real
were exhibited.
Refreshments were served at the
Legion Hall during the open house
hours.
Cambridge Bank’ s 50th
The Cambridge State Bank, Cam
bridge, Nebraska, recently observed
its 50th anniversary of service to the
people of the community.
Present officers of the bank are: C.
A. Phillips, president; P. W. Phillips,
vice president; R. H. Phillips, cashier,
and Helena Stansbie, assistant cashier.
11'i n s A i r a n í
O N E OF T H E H I G H L IG H T S of Okla
homa’s annual State 4-H Club Roundup
this year was presentations of awards to
four of the state’s outstanding club alumni.
Recipient of one of the awards was W ayn e
Thorndyke, standing at left, assistant vice
president of the U nited States National
Bank of Omaha. In addition to receiving
the award, presented by Oklahoma State
U n iversity’s V ice President A . E. Darlow,
M r. Thorndyke had an active part in the
m eeting of 2,500 state club members as a
speaker and leader of a shortcourse on local
leadership.
N o r t h w e s t e r n Banker, Augus t ,
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Federal Reserve Bank of St. Louis
1957
81
Statement of Condition
June 28, 1957
RES O U RCES
DIRECTORS
DE EMMETT BRADSHAW
H o n o r a r y C h a ir m a n o f t h e B o a r d
W o o d m e n o f th e W orld
L i f e In s u r a n c e S o c ie ty
Cash and Due from Banks--------------------------
$ 73,329,793
Securities:
Bonds of United States and Government
Agencies -----------------------------------------$51,984,889
E. JOHN BRANDEIS
P r e s id e n t
J . L . B r a n d e is & S o n s, In c .
»ISAAC W. CARPENTER, JR.
C h a ir m a n o f th e B o a r d
C a r p e n t e r P a p e r C o.
State and Municipal
Bonds ----------- 17,246,908
Corporation B o n d s ---------------------------
70,582,383
1,350,586
Stock in Federal Reserve Bank
450,000
Loans and D iscou n ts---------------
97,258,321
Bank Building and Fixtures _.
1,299,178
Other Real Estate -------------------
1
Other R esou rces----------------------
938,506
W. DALE CLARK
C h a ir m a n
WILLIAM J. CO AD
C h a ir m a n o f t h e B o a r d
O m ar In c o rp o ra ted
A. W. GORDON
C h a ir m a n o f t h e B o a r d
O m a h a L o a n & B u ild in g A ssn .
W ILLARD D. HOSFORD, JR.
V ic e -P r e s . & G e n e r a l M a n a g e r
J o h n D e e r e P lo w C o., O m a h a
$243,858,182
LEONARD E. HURTZ
H o n o r a r y C h a ir m a n o f th e B o a r d
F a ir m o n t F o o d s C o.
LIA BILITIES
JOHN R. JIRDON
L iv e s t o c k a n d G ra in
M o rrill, N e b r a s k a
Capital Funds:
HENRY C. KARPF
Capital S to c k ------------------------------------ •$ 6,000,000
V ic e -C h a ir m a n
PETER
KIEWIT
P r e s id e n t a n d T r e a s u r e r
P e t e r K ie w it S o n s ’, In c .
CLARENCE L. LANDEN
P r e s id e n t a n d T r e a s u r e r
S e c u r itie s A c c e p t a n c e C o r p o r a tio n
WILLIAM D. LANE
O m aha, N eb ra sk a
LOUIS F. LONG
P r e s id e n t
T h e C u d a h y P a c k in g
Co.
LLOYD H. MATTSON
P r e s id e n t
In d u s tr ia l C h e m ic a l
L a b o r a t o r ie s , In c .
Surplus ----------------------------------------------
9,000,000
Undivided Profits and
Reserves for Contingencies----------
4,251.882
19,251,882
Unearned Interest C o lle c te d ---------------------------------
511,246
Reserve for Taxes, Interest and
Other E x p en ses----------------------
1,130,665
Bills P a y a b le ------------------------------
2,000,000
Deposits
220,964,389
-------------------------------------
W. B. MILLARD, JR.
P r e s id e n t
$243,858,182
DANIEL J. MONEN
S e n io r V ic e -P r e s id e n t
V. J. SKUTT
P r e s id e n t
M u tu al B e n e fit H e a lth &
A c c id e n t A s s o c ia tio n
A. V . SORENSEN
C h a ir m a n o f th e B o a r d
M id w est E q u ip m e n t C o.
ARTHUR E. STODDARD
P r e s id e n t
U n io n P a c ific R a ilr o a d C o.
ROBERT H. STORZ
C h a ir m a n o f th e B o a r d
S to r z B r e w in g C o.
W. CLARKE SWANSON
D ir e c to r
C a m p b e ll S o u p Co.
J . LeROY WELSH
P r e s id e n t
B u tle r -W e ls h G ra in C o m p a n y
* N o w s e r v in g a s A s s is ta n t S e c r e ta r y
o f S t a t e , W a sh in g to n , D. C.
Northwest ern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Banker, Augus t ,
1957
Nebraska News
eb en sk a
HunkStatement
From Reports Received by July 15, 1957
(Last three figures omitted)
June 6, 1957
Deposits
Loans
Ainsworth, Commercial National. . $ 2,340
$ 773
Albion National ................................. 2,623
765
Allen, Security State.........................
525
144
Alliance National ............................. 6,284
1,201
Alliance, Guardian State................. 10,411
5,290
Ansley, Security State.......................
866
521
2,469
702
2,550
1,647
Bancroft, First National.
852
564
Bayard, First N ational..
1,884
691
Beatrice National ..........
8,833
4,176
Beatrice, First National.
6,079
2,416
1,928
1,063
2,205
411
1,420
782
1,929
1,108
Carroll, Farmers State.
220
165
Chadron, Bank o f ........
3,239
1,224
Columbus Bank ............
3,485
1,202
Columbus, Central Nati
11,972
4,793
1,794
1,120
1,425
651
2,771
1,165
2,328
1,252
Daykin, Jefferson County. .
544
349
Dorchester, Citizens State.
636
294
1,437
631
1,216
435
Ewing, Farmers State. . . .
890
376
Fairbury, First National.
8,638
3,997
Fairfield State .................
715
299
Fairmont Farmers State.
636
303
Falls City, First National
4,478
2,150
Fremont, First National. .
10,868
3,733
Fremont National ............
9,423
2,772
3,811
2,132
4,268
1,219
2,386
1,073
Grand Island, Commercial N atl.. . . 9,053
3,808
Grand Island, First National.......... 15,143
7,346
Grand Island, Overland Natl.......... 7,293
3,257
Harvard State ................................... 1,059
499
Hastings, City National...................
9,967
4,407
Hastings National ............................. 12,678
6,685
Hay Springs, First Natl................... 1,399
553
Hebron, Thayer County...................
2,343
1,056
Hemingford, Bank o f .......................
2,130
621
Holdrege, First National.................
7,623
3,774
Hubbell Bank ....................................
268
141
2,217
975
To Leave Dawson
A1 Riley, vice president and execu
tive head of The Dawson Bank, Daw
son, Nebraska, has announced that he
has accepted an executive position
with the Herget National Bank, Pekin,
Illinois, and plans to dispose of The
Dawson Bank.
Disaster Area
Thurston County, Nebraska, was re
cently declared a disaster area, ac
cording to Wendell B. Barnes, admin
istrator, Small Business Administra
tion, Washington, D. C.
Those suffering losses because of
June 30, 1956
Deposits
Loans
$ 2,258
$ 775
2,567
757
524
140
6,188
1,142
10,562
5,497
825
474
2,398
807
2,419
1,510
883
593
1,872
644
8,980
4,167
5,844
2,388
2,122
1,098
2,119
514
1,407
672
1,831
981
244
112
3,050
1,297
3,215
1,262
12,175
4,706
2,005
1,326
1,407
761
2,843
1,054
2,424
1,232
536
329
649
202
1,418
652
1,129
334
869
352
8,452
3,873
732
382
649
237
4,647
2,194
10,860
3,560
10,068
2,820
4,031
2,118
3,831
1,211
2,221
1,043
9,201
3,695
14,859
6,965
7,542
3,560
961
494
10,219
4,439
12,695
6,422
1,102
590
2,191
983
1,700
664
7,722
3,951
325
150
2,321
1,115
June 6, 1957
Deposits • Loans
Kearney, First National................... . 8,709
1,996
Kearney, Platte V alley...................... 3,874
2,026
Kilgore, Farmers State..............
769
308
Lexington, Farmers State........... . 3,028
1,269
Lexington State .................................. 3,599
1,70<9
Lincoln, Continental Natl................. 37,086
12,009
Lincoln, First National................... . 54,505
24,366
Lincoln, Natl. Bank of Com........... 49,775
16,607
Loomis, First State........................... . 1,044
641
Loup City, First National............
-1,946
625
McCook, First National................... . 6,473
1,766
Milligan, Farmers & Merchants. . .
793
79
Morrill, First National..................... . 2,585
800
Nebraska City, Farmers Bank.......... 3,917
746
Nebraska City, Otoe County N atl.. . 5,195
1,017
Norfolk, De Lay National................ 9,633
2,383
Norfolk, Natl. Bank o f ................... 5,695
2,303
North Bend, Platte Valley................ 2,105
1,245
North Platte, First National ........ 10,048
3,118
North Platte, McDonald State........ 5,923
1,30«
Oakland, Farmers & Merchants. . . . 3,095
663
Omaha, Douglas County................. 10,079
4,393
Omaha, First National..................... 89,650
43,650
Omaha, North Side............................. 10,260
3,973
Omaha National ............................... 210,255
96,405
Omaha, Packers National................ 13,868
3,559
Omaha, South Omaha Natl............. 5,181
3,318
Omaha, Stock Yards Natl............... 21,599
7,620
Omaha, U. S. National..................... 85,360
39,769
Palisade, Frenchman V alley..........
644
279
Potter State ....................................... 1,434
370
Scotia, State Bank o f .......................
483
339
Scottsbluff, First State..................... 5,505
1,122
Scottsbluff National ......................... 12,527
2,988
South Sioux City, Nebraska State. . 4,290
1,915
Springview, First National.............. 1,168
270
Stanton National ............................. 2,035
643
Stuart, Tri-County ...........................
892
485
Superior, Farmers State...................
2,110
579
Superior, Security National.............
2,401
838
Taylor, Bank o f ................................. 1,084
731
Tekamah, First National.................
3,800
2,164
Valentine, First National.................
2,789
1.599
Wahoo, First National..................... 3,682
1,317
Wauneta, Wauneta Falls.................. 1,500
650
Wayne, First National..................... 2,569
963
Wayne, State National..................... 4,337
1,898
Wisner, First National.....................
1,584
767
York, First National......................... 6,622
2,832
York State ........................................
3,397
2,459
June 30, |956
Deposits
iLoans
8,169
: 2,871
3,615
1,832
637
’ 351
2,910
1,086
3,371
1,624
35,018
12,983
60,306
22,328
47,973
16,920
1,059
549
1,802
645
7,379
1,820
866
69
2,406
919
4,162
868
4,499
1,256
9,789
2,504
5,698
2,082
2,269
1,344
9,991
3,199
5,764
1,429
3,121
791
9,436
3,871
92,502
47,201
10,343
3,971
224,300
111,419
13,817
3,708
5,129
3,451
22,693
6,257
92,030
42,888
70«
285
1,428
416
463
314
5,307
1,393
11,427
2,864
4,185
1,923
1,122
273
2,072
729
952
497
2,410
660
2,528
752
1,014
720
3,647
2,526
2,625
1,641
3,642
1.461
1,626
643
2,461
1.017
4,586
2,004
1,552
709
6,795
2,782
3,034
2,223
the floods and excessive rains expe
rienced in the area recently were ad
vised to contact the First National
Bank at Wahhill or L. S. MacKenzie,
branch manager, Small Business Ad
ministration, Omaha.
Mr. and Mrs. Henry E. Ley were
honored at a dinner recently at El
Rancho, near Pilger, Nebraska. The
couple were recently married.
About 30 persons were in attend
ance and presented the Leys a gift.
Use “ Selling*' Advertising
b red Robertson
Henry E. Ley, president, State Na
tional Bank, Wayne, Nebraska, ad
dressed members of the Northeast
Nebraska District Press Association
recently, and said banks should avoid
institutional advertising only, and
should sell their services to the peo
ples of their communities.
Fred Robertson, 81, vice president,
Herman State Bank, Herman, Nebras
ka, died recently following a lingering
illness.
Mr. Robertson joined the board of
directors of the bank as cashier. He
became vice president in January,
1935.
*
1
a
IN ST. JOSEPH
No Other Bank Gives You
\
MORE* for YOUR MONEY
Than the
THE TOOTLE
Ä Name in Banking *
N o r t h w e s t e r n Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J957
R. E. WALES
FRED T. BURRI
E. H. SCHOPP
E. L. CRUME
EXEC. V. P.
VICE PRESIDENT
VICE PRESIDENT
VICE PRESIDENT
Nebraska News
S i. J o s e p h N e w s
HE A.I.B. Midwest 10th Regional
Conference met last month at Ho
tel Robidoux in St. Joseph, opening
with a meeting of associate councilmen, chairmen and members of na
tional committees, and representatives
of state bankers associations.
J. R. Burri, assistant cashier, First
National Bank, St. Joseph, was con
ference chairman.
Among the principal speakers at the
conference were: W illiam .1. Garrison,
new member of the executive council,
A.I.B., Denver National Bank, Denver,
Colorado; Ernest J. Hauberg, past
member of the executive council,
A.I.B., First National Bank, of St.
Paul; L eR oy S. Clark, immediate past
president, A.I.B., Marine Midland
Trust Company of New York, and A l
vin H. Goeser, director of human rela
tions, World Insurance Company,
Omaha.
* * *
T
83
Crieu i/i if L e tt e r to C u stom ers
OY F. DUKE, president of the Fidelity Union Trust Company, Newark,
New Jersey, sends a letter to his bank’s depositors reminding them of
the virtues of thrift, and thrift lessons to their children.
The following is one of such letters:
Dear Friend of Fidelity:
As your bankers, we want to thank you for the confidence which you
have placed in us. We also have a thought to share with you about
family money matters in America today.
Our children are growing up in a time of unprecedented spending
with credit being used on a scale never before known. I wonder if
there may be a grave risk that they are losing the traditional respect
for thrift which has meant so much in building the character of our
people.
Teaching children to respect and conserve money is more important
today than ever before. Mere talk about thrift won’t impress them.
They must learn by doing. Money should be set aside systematically
in a savings account established for a meaningful purpose.
I want you to know that we at Fidelity will particularly welcome
young people and will gladly take time to help you train them to save.
Cordially,
R. F. Duke
R
Benton M. Calkins, vice president
and cashier of the American National
Bank, returned recently from a vaca
tion trip to Estes Park, Colorado.
* * *
STATEMENT OF CONDITION
The CONTINENTAL NATIONAL BANK OF LINCOLN
LINCOLN, NEBRASKA
chairman of the board
of American National Bank, and Mrs.
Calkins, recently visited their son, R.
R, Calkins, Jr., who is with the First
National Bank of St. Louis.
* >1= *
R. R. Calkins,
At the Close of Business June 6, 1957
R E S OURCE S
Cash and Due from Banks ................................................................ .$ 8,780,719.49
United States Government Securities ............................................. . . 16,270,670.91
Municipal Bonds and Warrants ........................................................ . . 2,741,006.02
708,182.02
Other Bonds and Securities ................................................................
Loans and Discounts (including overdrafts).................................... . . 12,008,766.88
75,000.00
Stock in Federal Reserve Bank ..........................................................
56,692.04
Furniture and Fixtures and Safe Deposit Vaults ........................
Investment—Building Corporation ...................................................... .. 1,000,000.00
63,000.00
Other Real Estate ....................................................................................
195,396.59
Accrued Interest Receivable ..............................................................
14.232.55
Other Assets ..............................................................................................
Total Resources ............................................................................... . .$41,913,666.50
L I A B I L I T I E S
Capital Stock ............................................................................................ ..$ 1,250,000.00
1,250,000.00
Surplus ........................................... ..............................................................
673,627.68
Undivided Profits and Reserves ........................................................
114,450.07
Interest Collected But Not Earned ...................................................
40,015.94
Reserved for Taxes, Interest and Expenses ................................
Due Federal Reserve Bank .................................................................. .. 1,500,000.00
Deposits ....................................................................................................... . . 37,085,572.81
Total Liabilities ............................................................................... . .$41,913,666.50
Member of Federal Reserve System
Member of Federal Deposit Insurance Corporation
Miss L o i s
M cKinley and Miss
Frances McKinley, attractive twin sec
retaries at First National Bank, en
joyed a two weeks vacation trip to
California in July. Lois works for
J. M. Ford II, president, and Frances
for R. E. Jones, Jr., executive vice
president of the bank and president of
First Trust Company.—$$
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
F. E. DAVENPORT & CO.
OM AHA
*MORE personal service — *MORE types oi service — *MORE
friendliness — *MORE people who
National
are
interested in you.
bank
tor Four Generations
MILTON TOOTLE. JR.
CHAS. BURRI
IVICE PRES. & CASHIER
ASST. VICE PRES.
GILBERT TOOTLE
A. E. LABOUFF
ASST. VICE PRES.
ASST. CASHIER & AUDITOR
ST. JOSEPH, MO.
PHOEBE BUZARD
ROBERT COIL
ASST. CASHIER
ASST. CASHIER
PAUL R. ABERSOLD
ROBERT DOUGLAS
ASST. CASHIER
TRUST OFFICER
M e m b e r o f F e d e r a l ’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
Northwest ern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Banker, Augus t ,
1957
84
IJlU 'ülll W \Y K
formed of two foot three inch thick
concrete reinforced with two mats of
three-fourths inch steel bars.
This is one of four vaults in the
new building constructed one above
the other — basement storage vault,
trust department securities vault lo
cated on the second floor, and third
floor bookkeeping vault.
The contract for vault doors was
awarded to Diebold, Incorporated. The
cash and safe deposit vault door pre
sents a 20 inch thickness of solid steel.
Specifications for construction of the
HE floor of Lincoln’s largest of the new Continental National Bank vault and vault door were drawn to
qualify for the lowest burglary insur
ground floor safe deposit and cash building at 12th and N Streets,
vault was poured recently at the site
The floor, walls and ceiling will beance rate.
Each vault in the new Continental
building will be equipped with a tele
phone, ventilator system, emergency
door, and a burglar alarm system.
serving N EBRASKA
* =t= *
T
for Generations.
STATEMENT of CONDITION
Ju n e 29, 1 9 5 7
ASSETS
Cash and Due from Banks..................................... $12,219,280.47
U. S. Government Bonds ....................................... 16,947,322.31
Other Bonds and Securities ................................... 7,962,842.33
Federal Reserve Bank Stock .................................
108,750.00
L o an s............................................................................. 24,366,479.10
Interest Earned Not Due .........................................
283,229.03
Banking House and Equipment.............................
644,964.24
Other Assets ..............................................................
7,197.03
Total Assets ........................................................$62,540,064.51
LIABILITIES
Capital ..............................................$2,000,000.00
Surplus ........................................... 1,650,000.00
Undivided Profits ........................ 872,766.99 $ 4,522,766.99
Discount Unearned.................................................
347,700.30
Reserve for Taxes, Etc...........................................
164,457.57
Deposits .................................................................... . 54,505,139.65
Bills Payable ........................................................... . 3,000,000.00
Total Liabilities
.$62,540,064.51
The First
National Bank
o f Lincoln
10th & O Streets
Phone 2-8561
Lincoln, Nebraska
Member Federal Deposit Insurance Corporation
1871-1957
N o r t h w e s t e r n Banker, Au gu s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
A new directors’ room has been r
built on the third floor of the First
National Bank building. It follows a
modern design and is capable of many
and varied uses. The space in the
basement which originally was the di
rectors’ room for the First National
Bank has been remodeled and taken
over by the installment loan depart
ment. The entire installment loan de
partment subsequently was redeco
rated and remodeled in order that
they might expand their facilities and
provide more efficient service to their
customers.
* * *
At a recent meeting of the board of
governors of the Lincoln Chapter of
the American Institute of Banking the
following officers were named for the
year 1957-58: Doris Curtis, president;
Louis Roper, vice president; James
Nissen, treasurer, and James Irvin,
secretary.
* * *
Robert M cNutt, trust officer of The
First Trust Company, participated in
the Nebraska State Bar Association’s
Institutes on New Legislation held re
cently in Omaha, Kearney, and Sid
ney. Each of the sessions was at
tended by a high percentage of the
members of the Bar.
* * *
The National Bank of Commerce is
heading a group of 12 businessmen
from Lincoln who will join with E. B.
Cosgriff of City National Bank in Hast
ings, Nebraska, for a tour of the power
and irrigation territory of the Central
Nebraska Public Power and Irrigation
District.
* * *
M yron W eil, vice president of the
National Bank of Commerce, was re
cently re-elected to serve as vice pres
ident of the Governmental Research
Institute, Inc.—$$
Nebraska News
The Sin ff ni the ¡in n e r e r
flisplnifs in g e n u ity in E m e r g e n c y
85
The volunteers worked through the
night, some of them retiring to nearby
hotels to catch a few hours’ sleep be
fore returning to the job.
500,000 Checks
POWERFUL testimony to the re machines by truck to The Hanover.
By mid-morning of the following
sourcefulness of the human brain Burroughs came through with a score day, some 500,000 checks, representing
in this machine age was handed downof addi ng machines, which were close to $100 million, had literally
by the staff of The Hanover Bank promptly loaded into a taxi and sped “ passed through the hands” of The
to the bank.
last month.
Hanover’s emergency transit crew.
In addition, offers of equipment,
When a power failure on July 11
Towards late afternoon, the bank
paralyzed the bank’s electrically-oper space and whatever services they
brought
four cables, totaling almost
could
provide
were
received
from
oth
ated transit and bookkeeping depart
ments in the 20 Broad Street build er banks, including First National City 500 feet, from the main office across
ing, volunteers worked through the Bank, Chase Manhattan, Manufactur the bridge into 20 Broad Street. These
night to push through the mountain ers Trust, Marine Midland Trust, were tapped for power to run the
of checks via methods abandoned Chemical Corn Exchange, J. P. Mor bookkeeping and transit machines.
Within 72 hours, the need for volun
gan, Bankers Trust, Irving Trust,
some 20 years ago.
teers
had disappeared, and The Han
Guaranty Trust and the Federal Re
Mock A-Bom b Test
over’s regular bookkeeping and tran
serve Bank of New York.
(Ironically, the emergency encom
sit departments were ready to take on
Em ergency Force
passed the period set aside for the
the flood of items that marks the mid
nation-wide mock A-bomb attack on
While occupants of the stricken dle of each month.
major U. S. cities.)
building groped their way down dark
Adding machines, Boston ledger ta ened stairways to the bridge that con
bles, sorting racks, endorsing ma nects 20 Broad Street to The Han Declares Dividend
Meeting in San F r a n c i s c o last
chines, rubber hand-endorsing stamps, over’s main office, the emergency task
flashlights, oil lanterns and other out force of 200-odd employees took on month, Bank of America National
dated equipment were dusted off and the eye-straining job of manually proc Trust and Savings Association’s board
of directors declared the regular quar
put into operation.
essing and proving the day’s items.
Shirt-sleeved vice presidents and
In teams of four and six the volun terly dividend of 45 cents per share
clerks labored side by side to lug mov teers perched on packing crates, stools, on the bank’s common stock.
The dividend is at the annual rate
able equipment from the blacked-out waste baskets and counters, and began
building to the bank’s main office at thumbing through the countless bun of $1.80 per share and is payable Au
70 Broadway, where two floors were dles of checks that flow through The gust 30 to shareholders of record Au
gust 9.
cleared for the emergency.
Hanover in a normal banking day.
A
Calls for H elp
Calls for help went out to Interna
tional Business Machines Corporation
and the Burroughs Corporation re
questing any available equipment.
IBM located one proof machine in its
uptown office and six others in its
Poughkeepsie plant, 72 miles away,
and quickly arranged to transport the
BANKS
‘U n d s A w h iis iJ iA . o f r ..
IO W A AND NEBRASKA MUNICIPAL BONDS
Public Utility, Industrial, Railroad & Corporate Securities
CENTRAL REPUBLIC COMPANY
INVESTMENT BANKERS
B O U G H T AM£> S O L D
CHICAGO 90, ILLINOIS
52 Y t A » S OF C O N FID E N TIA L D IG N IF IE D S E t v I C E
OMAHA
DES MOINES
S U
© lò M eltab le
CHARLES E. WALTERS CO.
1313
FUST N ATIO N A t BANK BUUOINC
H A R O LD
H A R R Y R. G R E E N W A Y
R. CLEM ENTS
V i c e P r e s . & R e s . M g r.
V i c e P r e s . & R e s . M g r.
FARNAM BLDG.
INS. EXCH ANG E BLDG.
M E M B E R S O F M ID W E S T S T O C K E X C H A N G E
OM AH A NCftC.
The Bank of P E R S O N A L I Z E D Service
LINCOLN, NEBRASKA
MEMBER OF THE FEDERAL DEPOSIT INSURANCE CORPORATION
N o r t h w e s t e r n Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
86
experience,
teamwork,
modern
equipment
m ake
f
TRANSIT
y
SERVICE
. . .
f
a
s
y
t
c. . . at B a n k e rs T ru s t C o m p a n y .
A ll c h e c k s a re r e c o r d e d o n film .
W e a re g e o g r a p h ic a lly lo c a te d in th e fin a n cia l h ea rt o f Iow a to
g iv e b e tte r c o r r e s p o n d e n t han k s e rv ic e . Y o n a re c o r d ia lly in v ite d
to c o n ta c t C. 1 . ( T i n y ) W illia m s to put th e B a n k e rs T ru st “ T ra n sit
S e r v ic e 1 earn
to w o r k f o r y o u .
Des M oines,
Iowa
M em ber: Federal Deposit Insurance Corporation
Federal Reserve System
Nor thwe st er n
Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
v
87
years as farm loan representative of
The Travelers Insurance Company.
I o w
n
R e ta il C lin ic
The first Iowa Retail Clinic was
held last month in Fairfield, Iowa, at
Parsons College. On the preceding
evening, the early arrivers attended a
banquet at the Fairfield Country Club
where they heard a talk by Dwight
W. Michener, economist, Chase Man
hattan Bank, New York.
NEW S
w
JO E
H.
GRO N STAL
FRA N K W A R N E R
President
S e c re ta ry
C arroll
Des Moines
doe
II.
U ronstal
P resid en t o f Iow a B a n k ers
Donald Severson, assistant cashier,
HE executive council of the Iowa
Bankers Association last month has been named cashier, and continu
ing in her present capacity is Lucille
s elected Joe H. Gronstal, vice president
of the Carroll County State Bank, Car- Olson, assistant cashier. Also added
roll, as the new president of the Iowa was Curtis McGillivray as bookkeeper.
Bankers Association to complete the
, term of the late H. C. Houghton, Jr.
N ew L o a n O ffic e r
Les Perschau, Carroll, Iowa, real
’ Carl J. Hess, president of the Carroll
bank, was elected to serve as vice estate and insurance agent, has joined
president-treasurer of the state asso the Carroll County State Bank as man
ciation, until the next state convention ager of its new personal and install
ment loan department.
- in October.
T
Iow a D e p a r tm e n t C h a n g es
State Superintendent of Banking
Lee Chandler has announced several
* changes of titles and duties in the
state banking department.
E. B. Wilkinson, who has been act
ing as assistant superintendent, will
' become deputy banking superintend
ent with the duties of both offices.
Hugh Jackson, former deputy su
perintendent, will take a new position
as chief examiner in the banking divi
sion. Mr. Wilkinson has been with
the department since 1941 and Mr.
Jackson has been with it since 1924.
Walter Ewald, who has been exam
iner in the small loan division, was
named supervisor of that division to
succeed Otis Jones, who died last De
cember.
Superintendent Chandler said it is
planned to increase the small loan ex
amining staff.
E le c t io n A n n o u n c e d
Clarence Iserman has been elected
assistant cashier of the First National
Bank, Cedar Falls, Iowa. He has been
with the Cedar Falls bank since Jan
uary, having served previously as as
sistant cashier of the State Bank of
Waverly for 12 years and later as a
partner in an automobile agency in
Waverly.
N ew F a rm M an
The Farmers Savings Bank, Grundy
Center, Iowa, has announced the addi
tion to its staff of L. C. (Bud) Pike,
who will begin serving September 30
as farm representative for the com
munity. He has served the past nine
lon'a
L a k e C ity E ven t
The Lake City State Bank, Lake
City, Iowa, was host last month to
more than 2,500 persons who helped
the bank celebrate its open house to
display its newly remodeled quarters.
A new modern front exterior of
plate glass and aluminum skin has
been installed. Included in the inte
rior renovation was the installation
of new walnut counter fixtures, as
phalt tile floors, carpeting, air condi
tioning and a conference room.
In c r e a s e In te re st
Interest rates on savings deposits
and time deposits at the First National
Bank, LeMars, Iowa, have been raised
to 3 per cent.
C o u n ty O ffic e r s
Thomas J. O’Brien, assistant cashier,
First National Bank, Iowa City, Iowa,
has been named president of the John
son County Bankers Association, suc
ceeding Ralph Hudachek.
Other new officers named at the
association’s annual meeting were
Dana Musser, First Trust & Savings
Bank, Oxford, vice president; O. D.
Bartholow, assistant cashier, Iowa
State Bank and Trust Company, Iowa
City, secretary, and Jack Bock, First
National Bank, Iowa City, treasurer.
Bankintj B o a rd C onvenes
B a n k D ir e c t o r y
In the 1957 Iowa-Nebraska Bank
Directory, profits and reserves of The
Citizens National Bank, Boone, Iowa,
should have read $230,170 instead of
$125,841.
P e r s o n n e l C h a n g es
The Carpenter Savings Bank, Car
penter, Iowa, has announced personk nel changes following the recent re
tirement of George Parkhurst, cashier
and executive vice president, who
served the bank more than 15 years.
He will continue to serve on the
~ board of directors. He also served
for 32 years with the Mitchell Savings
Bank, Mitchell, Iowa.
F IR S T M E E T IN G of the new Iow a State B anking Board was held Inst month in Des
M oines. Pictured, le ft to right, are Superintendent Lee Chandler, chairm an; E . W alte r
Nun, cashier, U te State Bank, U te ; W . P. Ronan, vice president, Decorah State Bank,
Decorah; J. H . Pullman, president, Fremont County Savings Bank, Sidney, and J. Y v o
Floerchinger, executive vice president, D e W itt Bank and Trust Company, D e W itt.
N o r t h w e s t e r n Banker, Au gu s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
88
Iowa News
Moira Mtaah Statvnnm t M'iffnrrs
From Reports Received by July 15, 1957
(Last three figures omitted)
/
June 6,
Deposits
Akron, First National ..................... .$ 1,747
Albia, Peoples National ................. . 3,654
Algona, Iowa State ......................... . 5,269
Ames, Tr. & Sav................................ 9,146
Ames, Union Story Tr. & Sav. . . 6,827
Anamosa, Citizens Savings ............. 4,621
Anita State ........................................ . 2,268
Atlantic State .................................... 7,910
Atlantic, Whitney Loan & Trust . . 6,083
Audubon, First State ..................... . 3,708
Avoca State ........................................ 2,290
Bedford National .............................. 1,789
Bedford, State Savings ................. . 2,874
Belle Plaine, Citizens State ........... 4,854
Bettendorf Bank & Trust ............... 4,292
Boone State ...................................... 6,785
Boone, Citizens National ............... . 7,984
Breda Savings .................................. 1,064
Britt, First State .............................. 3,449
Burlington Bank & Trust ............... 12,441
Burlington, Farmers & Merchantss 11,022
. 12,276
Burlington, National Bank of
Cedar Falls Trust & Savings ......... 5,279
Cedar Rapids, Guaranty ................... 11,956
Cedar Rapids, Merchants Nat’l . . 92,922
Cedar Rapids, Peoples Bk. & T r.. . 26,402
Centerville, First National ............. 3,174
Centerville, Iowa Trust & Sav. . . 3,860
Chariton, First State ....................... . 4,126
Chariton, National Bk. & T r........... 3,165
Charles City, Commercial Trust . . . 3,918
Charles City, First Security ........... 7,551
Clarinda, Page County State ........... 4,449
4,599
Clarion, First National ...............
. 1,409
Clarion, Wright County State
Clinton, City National ................... . 17,504
Clinton National ................................ 11,021
4,398
Colfax, First National ...................
Coon Rapids, Iowa Savings ........... 3,194
Council Bluffs, City National ......... 13,709
Council Bluffs Savings ................... , 23,194
, 9,557
Council Bluffs, State Savings
Creston, First National ................. . 5,299
584
Cromwell State .................................
763
Crystal Lake, Farmers Bk. & T r.. .
Davenport Bank & Trust ................
Davenport, First Tr. & Sav.......... 13,981
Davenport, Northwest Bk. & Tr. . . 14,090
Denison, First National ................. , 3,540
Denver Savings ................................. 1,565
Des Moines—
83,483
19,942
110,678
Central Natio
5,164
Highland Pari
5,129
First Federal
119,185
19,749
3,666
National Bank
4,394
27,100
1,321
3,135
Donnellson, Citizens
30,541
Dubuque, American '
16,066
23,904
1,394
1,238
4,419
Eagle Grove, Security Savings
1,398
2,837
3,522
Emmetsburg, Iowa Trust & Sav.
4,597
Emmetsburg, Palo Alto County
6,450
Estherville, Iowa Trust & Sav.
6,114
Fairfield, First National ..............
5,417
Fairfield, Iowa State Bk. & Tr.
2,094
Fonda, First National .................
15,204
11,993
8,191
Fort Dodge, Union Tr. & Sav.
9,202
2,899
Fort Madison, Lee County Sav. . . 4,990
3,359
Garner, Hancock County Nat’ l
George State ..................................... 3,004
2,124
Gladbrook, State Bank ...................
Grinnell State ................................... 3,691
5,621
Grinnell, Poweshiek Co. Nat’l
Grundy Center, Farmers Sayings. . 2,522
Grundy Center, Grundy National. . 2,760
Guthrie Center, Guthrie Co. State. 4,342
3,179
Hamburg, Iowa State .....................
Harlan National ............................... 4,755
Hawarden, First National .............. 1,951
Holstein State ................................... 4,136
1,114
5,351
1,248
Indianola, Warren Co. Bk. & T r..
, 1957
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
Loans
$ 899
1,485
1,678
2,868
2,189
1,922
1,395
2,691
2,412
2,514
987
452
1,592
1,356
1,819
3,557
2,670
516
1,643
6,261
4,333
5,944
2,291
5,384
29,825
11,159
583
771
2,540
1,053
1,735
4,552
1,810
1,781
782
5,188
3,624
1,678
1,577
6,100
13,279
4,725
2,372
417
616
7,333
7,883
1,987
477
34,182
8,202
40,978
3,054
2,215
51,159
7,577
2,079
2,633
15,197
859
1,202
11,732
8,798
7,209
831
827
1,970
730
1,216
1,645
2,534
3,383
2,612
2,287
728
4,680
5,476
4,053
2,444
913
1,401
1,391
1,649
875
1,821
2,198
1,247
1,027
1,282
1,911
1,992
817
1,920
642
2,377
834
June 30,
Deposits
$ 1,843
3,281
5,420
8,864
7,023
4,324
2,351
7,782
5,903
3,777
2,344
1,800
2,805
4,417
4,644
6,638
7,870
1,129
3,721
12,551
10,716
12,892
5,047
12,258
93,220
24,725
3,073
3,739
4,175
3,601
3,651
6,820
4,595
4,349
1,363
17,201
10,823
4,005
3,501
13,403
22,749
9,605
4,894
542
598
83,066
12,509
13,114
3,518
1,356
1956
Loans
$ 904
1,447
1,889
3,131
2,412
1,902
1,286
2,589
2,556
2,102
1,048
345
1,511
1,344
1,991
3,311
3,654
504
1,766
5,799
4,473
5,437
1,989
4,933
28,688
10,274
508
702
2,200
1,134
1,702
3,858
1,657
1,856
900
4,945
3,573
1,926
1.473
5,913
12,126
5,021
1,835
360
559
48,945
6,169
6,764
2,216
472
78,896
19,397
108,615
4,134
5,022
123,071
18,195
2,220
4,052
28,739
1,220
2,804
29,225
15,957
23,833
1,425
1,214
4,409
1,330
2,612
3,531
4,102
6,091
5,976
5,345
2,166
15,188
10,988
7,471
9,911
2,836
5,250
3,230
3,049
2,048
3,793
5,438
2,626
2,646
4,278
3,123
4,592
1,716
4,418
1,238
5,389
1,372
34,840
7,587
43,146
2,441
2,548
49,769
7,587
1,632
2,601
15,417
730
1,052
11,437
8,488
6,138
827
853
2,055
808
1,047
1,917
2,718
3,519
2,616
2,292
787
4,256
5,262
4,080
2,144
786
1,241
1,234
1,675
910
1,593
2,295
1,287
1,128
1,480
2,268
1,778
796
2,139
645
2,318
869
June 6,
Deposits
Iowa City, First National .............. 14,843
Iowa City, Iowa State Bk. & T r.. . 15,871
Iowa Falls, Citizens State.................
4,667
Jefferson, Home State.....................
3,002
Jefferson State ................................... 5,421
Kalona, Farmers Savings.................
2,155
Keokuk, Security State..................... 7,522
Keystone Savings ............................. 2,160
Knoxville, Community N atl.............
5,953
LeMars, First National ...................
3,812
LeMars Savings ............................... 6,863
Leon, Decatur County State .......... 3,324
Lisbon Bank and Trust .................
1,538
Lone Tree Savings ...........................
969
Lynnville, First State .....................
1,147
Madrid, City State ........................... 2,369
Manchester, Farmers & Merchants. 4,846
Manly State ....................................... 2,500
Maquoketa, Jackson State Sav. . . . 8,670
Marion, Farmers State...................
5,184
Marion, First National.....................
5,109
Marshalltown, Fidelity Savings. . . . 9,476
Marshalltown, Security Savings. .. . 13,179
Martelle, Farmers Savings..............
792
Mason City, First National............ 26,182
Mason City, United Home............... 13,296
Miles Savings ..................................... 1,733
Mineola State .....................................
880
Missouri Valley, First N atl............ 3,163
Mount Ayr, Security State...............
3,301
Mount Vernon Bk & T r .................
2,207
Moville, First Tr. & Sav................... 2,635
Muscatine Bk. and Tr....................... 14,926
Muscatine, Central State................. 12,221
Nevada National ............................... 4,059
New Hampton, First National........ 3,936
Newton, Jasper County Sav........... 11,488
Newton National ............................... 5,293
Oakland, Citizens State .................
3,348
Odebolt State ..................................... 2,422
Oelwein, First National...................
7,197
Oelwein State ..................................... 3,128
Onslow Savings ................................. 1,356
Orange City, Northwestern State. . 4,389
Osage, Home Trust & Sav................. 4,199
3,761
Osage-Farmers National .................
Osceola, Clarke County State.......... 4,369
Oskaloosa, Mahaska State................ 7,636
Ottumwa, Fidelity Savings.............
7,202
Ottumwa, Union Bank & T r u s t .... 21,792
Palmer S t a t e ....................................... 1,094
Pella National ................................... 5,716
Perry, First National......................... 4,957
Perry State ........................................
5,650
Postville, Citizens State...................
2,905
Postville State ................................... 2,603
Readlyn Savings ............................... 1,150
Red Oak, Houghton State.................
8,822
Red Oak, Montgomery County........ 3,964
Remsen, First Trust & Sav............... 3,341
Rippey Savings ................................. 1,312
Rock Valley, Valley State.................
3,857
St. Ansgar Citizens State................ 2,621
1,849
Schaller, State Bank o f ...................
Schleswig, Farmers State.................. 3,102
Sheldon, Security State...................
3,050
Shenandoah, City National.............
5,272
Shenandoah, Security Trust.............
4,375
Sidney, Fremont County Savings. . . 2,685
Sioux City, First National............. 23 273
Sioux City, Live Stock Natl............. 21,797
Sioux City, Security National.......... 31,972
Sioux City, Toy National................. 26,423
Sioux City, Woodbury County.......... 10,064
Spencer, Farmers Trust & Sav.. . . 6,722
Spirit Lake, First National.............. 4,106
1,212
Springville, Exchange State.............
Stacyville Savings ............................. 1,021
1,253
Stanton, Security State.....................
Storm Lake, Citizens First N atl.. . 7,875
Storm Lake, Commercial Trust........ 3,293
Storm Lake, Security Trust.............. 4,059
Story City, Story County State. . . . 3,047
3,612
Tama State ........................................
1,824
Templeton Savings ............„.............
Tipton State ....................................... 4,367
Washington, National Bank o f ........ 4,243
Washington State ............................. 4,654
Waterloo, National Bank o f ............. 28,442
7,464
Waterloo, Peoples Bk. & Tr.............
Waterloo Savings ............................... 23,233
6,435
Waverly, First National...................
830
Webb, Citizens State.........................
Webster City, Farmers National . . 6,556
Wellman Savings ............................. 1,765
West Burlington Savings.................. 2,044
West Union, First National.............. 4,293
2,577
Woodbine, First National...............
Wyoming, Citizens State .............. 2,520
Zearing, Tri-County State ............ 1,338
1957
Loans
5,384
8,393
1,604
1,770
2,712
1,266
1,575
838
2,908
1,366
3,421
1,291
673
362
627
1,038
1,360
1,471
5,928
2,258
1,910
2,441
5,588
273
11,835
6,489
828
397
1,228
1,158
1,090
1,021
5,056
3,913
1,775
1,289
8,516
1,579
1,608
975
3,111
1,837
769
2,277
1,959
1,877
2,838
3,789
3,795
9,903
319
1,950
2,580
2,142
585
807
768
3,150
1,564
797
726
1,250
1,595
578
1,630
1,186
1,200
1,384
1,018
10,471
8,867
15,727
11,999
5,101
2,870
1,063
510
407
494
3,299
1,305
1,348
1,364
1,533
615
2,208
1,170
1,870
11,620
3,870
12,675
3,157
426
3,768
841
654
1,874
1,615
1,512
919
June 30,
Deposits
15,172,
15,710
4,489
2,986
5,120
2,150
7,645
1,975
5,782
3,376
6,940
3,201
1,355
972
1,124
2,253
4,917
2,195
7,729
4,101
5,138
9,445
12,822
690
25,010
12,557
1,611
884
3,048
2,985
1,979
2,835
14,666
11,490
3,839
3,702
12,139
4,983
3,314
2,579
6,654
3,007
1,362
4,574
3,832
3,609
4,267
7,370
7,266
22,996
1,104
5,915
4,917
5,589
3,019
2,406
1,066
8,922
4,057
3,608
1,344
3,859
2,313
1,764
3,150
3,333
5,505
4,220
2,694
23,798
23,415
31,917
27,664
10,135
6,158
4,020
1,101
910
1,080
8,010
3,307
4,099
3,084
3,548
1,791
4,022
4,168
4,420
28,428
6,957
23,798
6,361
707
6,599
1,770
1,909
3,913
2,470
2,343
1,283
1956
Loans
4,861
7,947
2,374
2,225
3,190
1,071
1,447
856
3,187
1,075
3,146
1,371
597
453
591
1,026
1,330
1,322
4,297
1,896
1,653
2,714
5,193
274
11,722
6,012
795
505
1,129
924
968
1,037
3,979
3,933
1,692
1,388
8,364
1,668
1,762
1,024
2,762
1,555
744
2,396
1,644
1,508
2,834
3,565
3,844
10,196
372
1,946
2,748
2,450
688
704
714
1,906
1,535
799
802
1,198
1,232
816
1,745
1,151
1,255
1,413
1,394
10,401
9,029
16,229
13,007
4,712
2,728
1,146
498
397
490
3,807
1,414
1,609
1,624
1,541
528
2,287
1,262
1,834
11,726
3,744
11,422
3,183
383
4,349
775
601
1,584
1,629
1,310
902
y
>
w
f
V-
*
V-
<
-A
tC
89
' '" v '" ív ^
: ” ; - ' - :r
W m Æ
m
Valley Bank
Personalities
m
One of a series of sketches by
Leonard Good, head of the Drake
University Art Department.
;
!W ^
— .
-V.
w
^s >;v>,*ÿfi 11 119f\tif ; y,,.
D uring the six years Mr. Eaton has been
/v y w * ;;, .!**»"’
'
-r'-.V..'-'"
with the V alley Bank, he has w orked in
> |& b .
several departm ents, gaining experience
leading to his present position in the credit
departm ent.
His duties now in clu de the
analysis o f financial statements, handling
credit inquiries and m any others.
ceding Mr.
P re
Eaton’ s association with the
V alley w ere three years with the navy during
W orld W ar II and a num ber o f years
with a loca l firm as an accountant.
H e is also a business school graduate.
-
-
-_
v\»
^t\
i*
x¿-v '
' »*■'*
introducing
Keith P. Eaton, assistant cashier,
Valley Bank & Trust Company.
Mr. Eaton is a m em ber o f the Des M oines Junior
C ham ber o f C om m erce, the Izaak W alton League, St.
J oh n ’ s L utheran C hurch
Institute o f Banking.
and the A m erican
H e is interested in all
sports, especially golfing and fishing; and his hobbies
in clu d e ph otograph y and m usic.
ALLEY BANK
AND TRUST COMPANY
Des Moines, Iowa
Walnut at 4th Street
Member of Fed eral Deposit Insurance Co rp o ratio n
Northwestern Banker, Augus t , 1957
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
90
Jfowa News
In sta llm en t l^entlintj
A t toira t i t if. Sept.
HE third annual installment lend Iowa Bankers Association.
ing conference of Iowa banks will
Monday talks will include “ Title
be held September 8-10 at the StateLaw, Contracts, Chattels and Fore
University of Iowa, Iowa City.
closures,” by Gilbert Bovard, attorney,
The conference gets under way Sun Mason City; “Future Growth of In
day, September 8, with an informal stallment Loan Credit,” Robert M.
buffet at the Hotel Jefferson. The Soldofsky, assistant professor, General
Monday session will begin with regis Business, State University of Iowa;
tration at 8:30 a. m. and will be fol “Analyzing the Financial Statement,”
lowed at 9 o’clock with the business John Braue, vice president, Chicago
session, presided over by F. H. Dar- National Bank, Chicago, and “Mobile
land, vice president, First National Home Financing,” E. M. Sullivan, vice
Bank of Mason City, chairman of the president, Mobile Home Dealers Na
installment loan committee of the tional Association.
T
39th Street
N
-1
L
CHICAGO UNION
STO C K YARD S
ni
in
□ PA CKIN G ^
~| PLANTS ~| EXCHANGE
BUILDING
Or o v ^
LIVESTOCK
CO
PENS
4 7 t h Street
Drovers’ Yards Location
makes immediate credit possible
on livestock proceeds
...
As you will note from the above Yards diagram, Drovers is
ideally situated to serve your farmer customers more promptly.
Our nearness to the commission firms located in the Exchange
Building enables us to process livestock returns as fast as the
stock is sold each day.
TO MAKE SURE YOUR LIVESTOCK CUSTOMERS RECEIVE THIS
FAST DROVERS SERVICE, HAVE THEM
FILL OUT A DROVERS
SHIPPERS ORDER. WRITE FOR YOUR SUPPLY.
D rovers B an ks
UNION STOCK YARDS • CHICAGO
SIN C E 1883
M E M B E R S , F E D E R A L D E P O S IT IN S U R A N C E C O R P O R A T IO N
N o r t h w e s t e r n Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
Monday evening’s dinner session
will feature a talk by Fred Vinal,
National Dealer Finance Manager,
Chrysler Corporation, “Floor Plan and
Dealer Financing.”
Tuesday’s sessions will feature discussion of “Forms, Records, Terms
and Floor Plans,” by Robert K. Pop
ple, vice president, Bankers Trust
Company, Des Moines; Tom Cooper,
vice president, Jefferson State Bank,
Jefferson, and Collin Fritz, vice presi
dent, Jasper County Savings Bank,
Newton.
The noon luncheon talk will be,
“ The Economic Prospects for Iowa,”
by Clark C. Bloom, professor of eco
nomics and assistant director of the
Bureau of Business and Economic Research, State University of Iowa.
Business sessions will be located at
the Continuation Center.
(
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>
P a tr ic k J. M c B r id e
Patrick J. McBride, 88, a retired
teller of the City National Bank,
Council Bluffs, Iowa, died last month
in an Omaha hospital after a long illness.
f
J o in s B an k
James Gilruth, secretary of the V
Clear Lake Chamber of Commerce,
has resigned to accept a position with
the Clear Lake Bank and Trust Com
pany, Clear Lake, Iowa.
;y
N ew R e m s e ii O ffic e rs
Carleton C. Van Dyke was named
president last month by the stockholders of the First Trust and Savings
Bank, Rem sen.
He also is presi
dent of the Toy
National B a n k ,
Sioux City.
E. S. Fitzgerald,
former president
of the State Savings Bank, Hornick, was elected
to replace M. H.
Niggeli ng, cash
C. C. VAN D YKE
ier, who is retiring under the bank’s pension plan.
Lauretta Foxen was named an assist
ant cashier.
Carl Spiecker was named to the
b o ar d of directors, succeeding his
brother, E. H. Spiecker, who passed
away earlier this year.
T w o N ew O ffic e rs
Fred C. Heneman, president of the
First National Bank of Mason City,
Iowa, has announced the election of
two new officers, Warren E. Clark and
Harold W. Walton, who were elected
assistant cashiers.
Mr. Clark has recently been serving
.
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V
Iowa News
as auditor of the bank and has been
with the bank for 17 years.
Mr. Walton is employed in the per
sonal loan department. He came to
the bank several years ago from Spen
cer, Iowa, where he was employed by
the General Motors Acceptance Cor
poration.
Grow With City National
Eastern Iowa ’s Bank o f Progress
OFFICERS
Expand Offices
BRUCE TOWNSEND
President
The Farmers State Bank, Marion,
Iowa, has added two additional offices
to its present building to house the
trust department, opened last month.
W. N. Shellenbarger, president, has
announced that Morris L. Allen, law
partner of Moyer and Allen, has been
appointed head of the trust depart
ment.
G. E. WILSON, JR.
Vice President
WILLIAM J. JONES
President and Trust Officer
E. H. JORGENSEN
Vice President
ROBERT J. WHITE
Cashier
FRANK G. HAUN
Assistant Cashier
WM. M. MOESER
Assistant Cashier
FRED LUCRE, JR.
Assistant Cashier
GEORGE E. TAYLOR
Assistant Cashier
and Ass’t Trust Officer
Completes 50th Y ear
Leo O. Beucher, president, Citizens
State Bank, Postville, Iowa, completed
his 50th year with the bank last
month, having joined the bank in
1907.
Increases Surplus
The board of directors of the Water
loo Savings Bank, Waterloo, Iowa,
have announced an increase in the
bank’s surplus from $900,000 to $1,000,000. Under the new status, the capi
tal stock will be $500,000 and retained
earnings and reserves $580,000. This
gives the bank a capital structure of
$2,080,000.
Sheffield Open House
More than 800 persons attended
open house at the Sheffield Savings
Bank, Sheffield, Iowa, recently to in
spect the remodeled bank building.
Robert Schaefer, president of the
bank, stated that remodeling included
installation of a new aluminum fulllength glass door, diffused glass block
windows, and new customer counters
for speedy service.
Also included in the interior design
are walls of cherry wood paneling and
Cayuga buff face bricks, new customer
conference rooms, safety deposit vault,
and a new accounting room.
Teller Retires
STATEMENT OF CONDITION
June 6, 1957
RESOURCES
Cash and Due from Banks ............................................. $ 4,581,787.44
Bonds—U. S. Governments ................$ 6,101,096.96
Federal Land Banks ............
300,007.05
Municipals ............................... 2,260,952.24
Other Marketable Securities
345,069.86 9,007,126.11
Stock in Federal Reserve Bank .....................................
Loans and Discounts ........................................................
Banking House and Furniture and Fixtures ................
Overdrafts .............................................................................
Accrued Interest and OtherResources ..........................
The Walker State Bank, Walker,
Iowa, has completed an inside remod
eling program, which included the
installation of an acoustical steel ceil
ing, celtone tile sidewalls and a new
system of fluorescent lighting through
out the banking room and offices, and
a new series of safe deposit boxes.
30,000.00
5,187,624.98
152,240.55
414.43
93,377.64
$19,052,571.15
LIABILITIES
Capital ................................................................................... $ 500,000.00
Surplus ........................
500,000.00
Undivided Profits .................................................................
347,636.04
Reserve for Taxes, Interest, Contingencies, Etc..........
200,736.85
Deposits—Demand ............................... $11,983,704.19
Time ....................................... 5,351,302.24
U. S. Government ..............
169,191.83 17,504,198.26
Elbert L. Hatch, draft teller, who
served 27 years with the Toy National
Bank, Sioux City, Iowa, has retired
and is vacationing in California.
Walker Remodeling
$19,052,571.15
CITY
FI FTH A V E NU E
SOUTH-226-
M ember of The Fed e ra l Deposit Insurance C o rp oration , W ashing to n, D. C.
$10,000 — Maximum Insurance fo r Each Depositor — $10,000
N o r t h w e s t e r n Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
91
1957
92
The plan provides that in the event
of death of a depositor the balance in
his Double-Dollar account is immedi
ately doubled by the bank, through
insurance coverage, up to a maximum
of $1,000. For example, a balance of
$300 is immediately doubled to $600,
a balance of $500 is doubled to $1,000,
and the maximum of $1,000 is doubled
to $2,000. Any balance in excess of
$1,000 is not insured under this plan.
The Double-Dollar plan is available
to all of our savings depositors be
tween the ages of 1 and 55 and con
tinues to age 60, at which time the
double-dollar f ea tu re automatically
terminates and the account continues
as a regular savings account.
Double Dollar
ta rrea ses
Sa rin ffs A re on a Is
t
“ U n iq u e C o n c e p t in M o d e r n B a n k in g ”
Cost Is Covered
Written Especially for
The Northwestern Banker
B y E D W A R D B. CHAPIN
Assistant Vice President
First National Bank of St. Paul
St. Paul, Minnesota
HE Double-Dollar Savings Plan
is a unique concept in modern
banking. It is a new approach
to the problem of declining savings in
T
many banks. Ease of administration
and simplicity of explanation make
this plan, involving a combination of
life insurance with savings, attractive
to both the bank and the depositor.
This program preserves all of the
features of a regular bank savings ac
count, permitting the depositor to
make deposits and withdrawals at
will, and close his account at any
time. A nominal balance keeps the
double-dollar protection in force while
additional deposits increase the de
positor’s coverage.
We pay a split rate of interest: 2VZ
per cent on the first $1,000 and 2 per
cent on any additional amount in reg- i
ular savings accounts. On DoubleDollar savings accounts we pay inter
est at the rate of 2 per cent to those
depositors between the ages of 1 and
44 inclusive and 1V2 per cent to those *
depositors between the ages of 45 and
60 inclusive, however Double-Dollar
accounts must be opened prior to the
individual reaching 55 years of age.
i
Balances in excess of $1,000 in each V
of these two age groups carry interest
TO Y
N A T IO N A L
BAN K
Member Federal Deposit Insurance Corp.
‘PARKIN G W H ILE Y O U BANK"
SIOUX CITY, IOWA
STATEMENT
OF
CONDITION
June 6, 1957
A S S E T S
LIABILITIES
Cash and Due from Banks ................$ 6,186,590.44
U. S. Government Securities ............ 9,521,984.08
State and Municipal Bonds................
195,500.00
Stock in Federal Reserve Bank .......
51,000.00
Other Marketable Bond s......................
327,003.00
Loasn and Discounts .......................... 11,999,005.26
Banking House, Furniture
and Fixtures .......................................
315,840.15
Other Assets .........................................
106,053.61
Capital (common stock only) ............$ 600,000.00
Surplus .................................................... 1,100,000.00
Undivided Profits .................................
335,773.43
Demand Deposits ....$19,811,133.15
Time Deposits .......... 6,611,455.97
Total Deposits ............................... 26,422,589.12
Other Liabilities ...................................
244,613.99
$28,702,976.54
$28,702,976.54
OFFICERS
J. Wm. Van Dyke, Chairman of the Board
Carleton C. Van Dyke, President
E. E. Erickson, Vice President
C. Arthur Johnson, Vice President
U. H. Bunkers, Vice President
J. D. Shinkle, Cashier
Conrad Aronson, Assistant Cashier
Henry K. Larsen, Assistant Cashier
L. H. Olson, Assistant Cashier
Howard Dejong, Assistant Cashier
R. T. Garrett, Assistant Cashier
N o r t h w e s t e r n Banker, Au gu s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
Iowa News
93
ing. Both the exterior and interior
have been modernized to keep pace
with expanding business.
“ Ease o f administration and simplic
ity o f explanation make this plan— in
volving a combination o f life insurance
with savings— attractive to both the bank
and the d e p o s i t o r — Edward B. Chapin.
at the rate of 2 per cent. The differ
ence in the interest paid on regular
savings accounts and on Double-Dollar
accounts covers the cost of the Dou
ble-Dollar protection.
After many months of careful con
sideration, our bank adopted this pro
gram in June, 1954. Since its in
ception our objectives have been two
fold: (1) to induce more individuals
of modest means to open savings ac
counts with us, and (2) to reduce the
mortality in the closing of savings
accounts.
of the bank who are still customers
after more than 60 years.
The occasion for the special feature
was the opening recently of the First
National’s recently remodeled build
lini
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OTTUMWA,
..
IOWA
J J
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Statement o f Condition June 6, 1957
♦
ASSETS
Cash on hand and on deposit with banks .............................$ 3,997,436.46
United States Government Securities..........................................
8,078,816.70
1,065,388.43
Municipal Bonds ...............................................................................
Other Bonds and Securities ..........................................................
255,170.05
Loans and Discounts .......................................................................
9,903,048.92
Union Bank Building .......................................................................
446,238.81
Furniture and Fixtures ..................................................................
68,677.79
49,500.00
Federal Reserve Bank Stock .......................................................
$23,864,277.16
LIABILITIES
Deposits ..................................................................................................$21,792,014.63
Capital .......................................................................$ 650,000.00
Surplus ....................................................................... 1,000,000.00
Undivided Profits ...................................................
422,262.53
Total Invested Capital ..................................................................... 2,072,262.53
$23,864,277.16
♦
DIRECTORS
M AX VON SCHRADER
President
J. RAYNER HARPER
E. PAU L ALLEN
General Manager, John
Deere Ottumwa Works
S. S. BARKER
President, Barker Poultry Equipment Co.
CARL M. BENTZINGER
Head Cattle and Sheep Buyer
John Morrell & Co.
J. C. BLACKFORD
E ld o n B a n k M o d e r n iz e s
Robert Weidenbach, president of
the First National Bank in Eldon,
Iowa, found a unique way of calling
attention of the people in Eldon and
surrounding area to the years of serv
ice and growth of his bank.
In a full-page feature in the Eldon
Forum a series of pictures depicts the
early interior of the bank and the
photographs show several customers
1
m
13
M em b er o f F e d e r a l R e se r v e S y stem
Modestly Successful
We feel that we have been modestly
successful in our endeavor in St. Paul.
We have utilized various media of
advertising to inform the public of
our program and, as of September
30, 1956, we had 1,148 Double-Dollar
accounts aggregating about $718,000.
During this period approximately 112
accounts have been closed, which in
cludes individuals who have moved
out of the city; however, the mortality
on these accounts has been less than
on our regular savings accounts.
We are cognizant of the fact that
this plan is not a panacea for all of
the problems that are encountered by
the savings departments of many
commercial banks, but we believe
that it is a step in the right direction
of rationing customers and building
for the future.
The over-all plan of Double-Dollar
Savings was conceived by the Minne
sota Mutual Life Insurance Company
of Saint Paul who have copyrighted
the trademark and registered the
name. The details and mechanics of
the plan can be secured from Harold
J. Cummings, president of the Minne
sota Mutual Life Insurance Company.
—$$
M atth ew F a b e r
Matthew Faber, 79, Remsen, Iowa,
banker and real estate agent, died re
cently at his home after having been
in poor health for 16 years. He was
born in 1878 and served with the Bank
of Remsen, which in turn became the
Farmers & Merchants Bank. He later
reorganized it as the First National
Bank and served as vice president
and cashier until 1925 when he en
tered the investment banking busi
ness.
Vice President
Hofmann Drug Co.
T. J. MADDEN
President, T. J. Madden Co.
H. L. POLING
Cramblit & Poling
FRANK M. POLLARD
Vice President and Cashier
C. C. COUPLAND
P. C. WARDER
J. M. FOSTER
Vice President, John Morrell & Co.
Warder Feed Company
EARL A. WIMMER
Vice President
C. P. GLENN
Vice President
LLOYD WINGER
MERRILL GILMORE
Attorney
President, Harper & Mclntire Co.
RICHARD M. HOFMANN
President, Winger Manufacturing
Co., Inc.
Serving Southern Iowa for 86 Years
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 C o r p o r a t io n
N o r t h w e s t e r n Banker, Augus t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T957
94
Iowa News
S ta te ISa ni.- S tains Changes
T yp ical M id w e ste rn T o w n
Anamosa has been highly honored
HE following changes have taken place in the status of Iowa State Char by selection by the United States In
tered banks:
formation agency to portray the story
Capital Stock Increased by Common Stock Dividend
of the way of life in small towns of
Increased
the middlewest in America.
Name
Location
From
To
European Broadcasting union re
Security State Bank, Algona....................................................... $50,000
$100,000 quested the U.S.I.A. to prepare a film
Farmers State Bank, Hawarden............................................... 50,000
100,000 on a “typical” or “interesting” small
Farmers State Bank, LuVerne................................................... 25,000
50,000 town in the United States.
Security State Bank, Mount A y r............................................... 60,000
100,000
The film is to be shown to all Euro
Postville State Bank, Postville................................................... 50,000
100,000 pean countries outside the Iron Cur
Commercial Trust & Savings Bank, Storm Lake.................... 50,000
100,000 tain. Similar programs in the same
Bank Office Certificates Issued
series will feature small towns of Ger
Hillsboro Savings Bank, Hillsboro...........................................
Office at Salem many, England, Italy, France, the
Bank Office Certificates Cancelled
Netherlands, Belgium, Luxembourg,
State Central Savings Bank, Keokuk.......................................
Office at Salem Denmark and Austria. The European
Farmers Trust & Savings Bank, Spencer...........................Office at Gillette Grove
Broadcasting Union is sponsoring the
series to bring about better under
standing among peoples.
In a letter from Leo J. Wegman,
president of the Citizens Savings Bank
of Anamosa to the N orthwestern
B anker, he said:
“We have developed into a simile of
a junior Hollywood and during the
June 6, 1957
past two weeks some 15 experts have
been with us shooting the town and
ASSETS
its inhabitants from varied angles.
Cash on Hand and on Deposit with Banks................$ 7,793,192.63
We have also received recognition
United States Government Securities........................... 10,035,408.37
from President Eisenhower, Senator
Other Bonds and Securities..............................................
406,407.20
Hickenlooper, Governor Loveless and
Congressman Talle.”
Loans and Discounts ........................................................ 15,618,010.37
T
Statement of Condition
Commodity Credit Corporation Loans..........................
Security National Bank Building,Vault and Fixtures
Federal Reserve Bank Stock...........................................
Other Assets .........................................................................
108,979.65
417,654.58
66,000.00
4,873.53
$34,450,526.33
LIABILITIES
C a p ita l........................................................ $1,200,000.00
Surplus ...................................................... 1,000,000.00
Undivided Profits ................................... 258,998.58
Total Capital Account ...................................................... 2,458,998.58
Reserve for Contingencies ..............................................
20,000.00
Deposits .................................................................................. 31,971,527.75
$34,450,526.33
OFFICERS
Charles R. Gossett, P r e s id e n t
B. M. Wheelock, S e n i o r V i c e P r e s id e n t
Albert C. Eckert, V i c e P r e s i d e n t
Charles H. Walcott, V i c e P r e s id e n t
t>
. o
__ r r •
U
•, A
Paul
Snyder,
V i c e P r e s id e n t
Orville Boe, C a s h ie r
Frank H. Abel, Assistant C a sh ie r
Patrick F. Cook, Assistant C a sh ie r
V. H. Cassem, A s s i s t a n t C a sh ie r
John Diefendorf, A s s i s t a n t C a sh ie r
William T. Hubbard, A u d i t o r
REAL ESTATE DEPARTMENT
Daniel L. Middleton, V i c e P r e s id e n t
E. Barlow Ridley, A s s i s t a n t C a sh ie r
nrD o n x TAT T ^ a
LOANS
, _ PERSONAL
rT,1
Edward C. Thompson, Jr., V i c e P r e s id e n t
L- Milton Vanderstowe, Assistant C a sh ie r
TRUST OFFICERS
Howard L. Johnson, V i c e P r e s id e n t and
T r u s t O fficer
A ssista n t
L. C. Jensen,
T ru st
O fficer
Security National Bank
of Sioux City
Member Federal Deposit Insurance Corporation
N o r t h w e s t e r n Banker, Au gu s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
S ells M o d u le B a n k S to ck
Robert S. Sassaman, cashier of the
Modale Savings Bank, Modale, Iowa,
has sold his controlling stock in the
bank to Edgar A. Sears, an assistant
cashier in the First National Bank of
Wibaux, Montana, and will retire after
54 years of service in the same bank.
Mr. Sassaman became associated
with the bank as bookkeeper and as
sistant cashier in 1903 and was ad
vanced to cashier in 1913. He has been
treasurer of the Modale Consolidated
School District 45 years and town
treasurer for more than 25 years. He
and Mrs. Sassaman will move to Mis
souri Valley where they have pur
chased a home.
Mr. Sears, a former resident of
Traer, Iowa, received his first training
in banking in the Chisago County
State Bank, Center City, Minnesota,
under A. M. Schou. He will return to
Iowa about August 15 and take over
the management of the Modale Sav
ings Bank.
The sale was arranged through the
Ban ke r s S e r v ic e Company, Des
Moines, Iowa.
N ew C a sh ier
Lester W. Justice has been elected
cashier of the First State Bank, Man
chester, Iowa, according to announce
ment by W. K. Wiewel, president,
who also has been serving as cashier.
Iowa News
Central States Officers
F red rielisen 1 1ni inti «in. A d a m s
P r e sid e n t at U v e Sitad»
board of directors of the Live
T HE
Stock National Bank of Sioux City
j
,
t'
\
late last month announced the eleva
tion of Carl L. Fredricksen, president,
to the newly created position of chair
man of the board and the appointment
of Clifford L. Adams, vice president,
to the office of president. The board
also announced the appointment of
Stanley W. Evans, vice president, to
the position of first vice president and
director.
Mr. Fredricksen’s new p os i t i o n
marks the high point of 47 years of
service with the Live Stock National
Bank. Born in Nebraska City, Ne
braska, he attended schools in Sioux
City, first joining the bank in 1910.
He has held almost every position in
the bank, being made cashier in 1920,
vice president in 1930, and president
in 1938.
For a number of years Mr. Fredrick
sen has taken an active part in civic
and agricultural activities in the area.
Mr. Fredricksen was honored several
years ago by being appointed by the
governor of Iowa to the State Board
of Education which later became the
State Board of Regents.
A native of Sioux City, Mr. Adams
assumes the presidency after 27 years
of service with the bank. He joined
the Live Stock National Bank in 1930,
becoming assistant vice president in
1947 and vice president in 1949.
Mr. Evans, also a native of Sioux
City, began his employment with the
bank in 1937, following his education.
His service with the bank was inter
rupted by World War II. After four
years of duty in the European Thea
tre of Operations, Mr. Evans was discharged as a major in the Finance De
partment of the Army. Following his
return to the bank, he became assist
ant cashier in 1949, assistant vice pres
ident the following year and vice pres
ident in 1953.
Record First Half
^
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1
James Talcott, Inc., one of the oldest
and largest factoring and commercial
financing organizations in the country,
reported last month that consolidated
net income in the first six months of
1957 reached $835,918, the largest
amount ever earned by the corpora
tion in a six-month period since the
firm was founded in 1854.
After provision for preferred divi
dends and federal taxes, earnings
equaled $1.26 a share on the 589,023
shares of common stock outstanding
at the mid-year.
In the first half of 1956, consolidated
net income amounted to $690,048, and
earnings equaled $1.17 a share on the
523,120 common shares then outstand
ing, after provision for preferred divi
dends and federal taxes.
Adjusted for the 10 per cent stock
dividend paid December 31, 1956, to
place earnings on an equivalent basis
with the current year, earnings in the
first half of 1956 would equal $1.06 a
share.
New officers of the Central States
Conference of State Bankers Associa
tions, elected at the annual meeting
last month in French Lick, Indiana,
are:
President, Belford P. Atkinson, exec
utive manager of the Ohio Bankers
Association, Columbus; first vice pres
ident, Charles F. Fuson, executive sec
retary of the Oklahoma Bankers Asso
ciation; second vice president, Floyd
W. Larson, executive secretary of the
Minnesota Bankers Association, Min
neapolis, and secretary-treasurer, A. T.
Etcheson, executive vice president of
the Illinois Bankers Association, Chi
cago.
It takes fast, accurate, efficient banking service
to keep pace with a fast-growing city.
Such a city is Waterloo . . . now a metropolitan
community with a City Zone population of
100,878, a fat 20.7% ahead of 1950 and annual
bank debits in excess of $1,000,000,000.
And such a bank is the National Bank of Water
loo. It can save you valuable time on all items
and collections, because it has kept abreast of
Waterloo's growth.
Write to us for information about choice
industrial sites in and near Waterloo.
1f f if
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\
ON
ALi BANK
OI-W MU ¡(JOi ;
r i
i i ‘ i-i
WATERLOO,
Member . . .
Federal Deposit Insurance Corporation
I O WA
Federal Reserve System
Northwest ern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
95
Banker, Augus t ,
1957
96
rs.
g r a n t
m c p h e r r in
, 92 ,
died last month at her home in
M
Des Moines. She had been ill three
or four years.
She was the widow of Grant MePherrin, who died in 1945.
Mr. McPherrin was president of the
Central National Bank & Trust Com
pany from 1916 to 1939 and at one
time was treasurer of the American
Bankers Association. He organized
the First Federal State Bank in 1911
and was chairman of the board of that
bank at the time of his death.
* * *
M arvin Vermie, employed at the
Capital City State Bank, Des Moines,
since 1935, has been elected an assist
ant vice president of the bank.
He was elected assistant cashier in
1952, and has supervised the savings
department and served as a budget
loan officer since.
* * *
N. P. Black, who retired last month
as state banking superintendent, was
presented a service award by the Iowa
Credit Union League.
The award, an engraved wall plaque
with weather gauge, was given to Mr.
Black in his office in the Central Na
tional Bank Building by A. W . Jordan,
managing director of the league.
Credit unions in Iowa are author
ized and under the supervision of the
state banking department.
Mr. Black, a Perry banker, was first
appointed banking superintendent by
former Governor Robert Blue in 1946
and has served continuously since that
time.
* * *
More than 200 employees, husbands
and wives attended the annual em
ployee party of Bankers Trust Com
pany, Des Moines, last month at the
James W. Hubbell residence in Des
Moines. Mr. Hubbell is chairman of
the board at Bankers Trust.
Golf, lawn games and swimming
E lect N ew N A H A C O fficers
N E W O F F IC E R S of the Central Iow a Group of N A B A C are shown being greeted by
host bankers. L e ft to right are C. T. W illiam s, Jr., Des M oines, state vice president;
Kenneth Sundall, Boone, vice president; Don Lam b, M adrid, president; T. J. Nicholls,
Indianola; George Kruse, assistant cashier, Jasper County Savings Bank, and Roger
W heeland, vice president and cashier, New ton N ational Bank, both of New ton.
ON LAMB, cashier, City State
D
Bank, Madrid, Iowa, was elected
president of the Central Iowa Confer
ence of the NABAC at the organiza
tion’s meeting last month in Newton.
He succeeds C. T. Williams, Bankers
N o r t h w e s t e r n Banker , Au gu s t ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7957
Trust Company, Des Moines.
Other officers elected include T. J.
Nichols, Peoples Trust and Savings
Bank, Indianola, secretary-treasurer,
and Kenneth Sundall, Boone State
Bank, Boone, vice president.
were enjoyed, and the evening closed
with dancing. A dance floor and Des
Moines dance band were hired for the
party.
* * *
Don Keller, assistant cashier, and
F red Koch, trust officer, both of the
Central National Bank & Trust Com
pany, Des Moines, have resigned their
positions at the bank. Mr. Koch has
accepted a similar office with the Wa
terloo Savings Bank, Waterloo.
* * *
Helen Rhinehart, assistant vice pres
ident, National Bank of Des Moines,
has returned to her desk after a six
weeks’ vacation trip through Europe.
* * *
Austin Briggs, artist who furnishes
25 pictures a year to the Saturday Eve
ning Post, and who draws illustrations
for advertising series of many of the
nation’s leading companies, is now do
ing illustrative work for the Iowa-Des
Moines National Bank, Des Moines.
His work will appear in the bank’s
newspaper advertisements.
* * *
The First of Iowa Corporation, lo
cated in the Equitable Building, Des
Moines, is enlarging its quarters to al
most double its present capacity. Sher
man F ow ler, vice president, has an
nounced that the additional space will
enable the organization to better han
dle its increasing business, with better
service to all customers, new and old.
* * *
Calvin Aurand, president, Iowa-Des
Moines National Bank, Des Moines,
was host last month at his annual
party for bank officers.
* * *
F. C, Atkins, vice president and
cashier of the Bankers Trust Com
pany, Des Moines, spoke on “ Payment
Against Uncollected Funds,” recently
at the Cedar Valley Conference of the
National Association of Bank Auditors
and Comptrollers, Charles City, Iowa.
* * *
Don Prunty, assistant cashier, Cen
tral National Bank & Trust Company,
Des Moines, is attending the National
Association of Bank Auditors and
Comptrollers’ school at the University
of Wisconsin in Madison.
This is his second summer there,
and after his 1958 session he will re
ceive a Certificate of Completion of
the school’s full set of courses.
Des Moines banks outstripped sav
ings and loan associations in their
gain in deposits during the last half
year. It was a reversal of a previous
trend.
Published statements of condition of
seven Des Moines banks show total
deposits of $385,302,000, compared
with $358,172,000 six months ago. This
97
4 Financial Institutions
Now Remodeling in Iowa
CRESCO UNION
SAVINGS BANK
CRESCO
In t e r io r w ill be c o m p le te ly re d e s ig n e d
and
r e a p p o in te d
w ith
m o d ern
Shaw V / a lk e r fix tur es a n d b a n k in g f a c i l i t i e s .
DECORAH
STATE BANK
DECORAH
T he n e w r e m o d e lin g p ro g ra m w ill p ro v id e
th e m o st m o d ern S h a w - W a lk e r b a n k in g
f a c il it ie s a v a ila b le .
X
\
. . . and Kirk
Gross Co.
handles them all!
The r e d e s ig n e d in t e r io r a n d n e w S h a w W a lk e r b a n k e q u ip m e n t o ffe r s G ru n d y
C e n te r fo lk s on e o f th e fin e s t b a n k s in
Iow a.
INVESTIGATE THE KIRK GROSS CO. BANK PLANNING SERVICE . . .
A r e you looking- fo r w ays to im prove you r ba n k in g services . . .
the flow o f w ork m ore efficiently . . .
to distribute
to cut you r b a n k ’s op e ra tin g co sts?
Then follow the exam ple o f Io w a ’s lea d in g ban kers— let K irk G ross trained e x
p erts stu d y you r needs at ab solu tely no cost to you.
T h e y ’ll presen t blu eprin ts sh ow in g you how to use available space m ore efficiently
. . . to increase tu rn ov er o f lobby traffic . . .
s ame floor s p a c e
without costly
to
actually
add
teller
windows
in
remodeling.
Y o u ’ll qu ickly see w h y Iow a B a n k ers depend on K irk G ross exp erts fo r p la n n in g
M o d e rn iz in g o f th e e n t ir e in t e r io r d e c o r a
tio n s a n d n e w S h a w - W a lk e r b a n k i n g f a
cilities
w ill p r o v i d e th e b e s t p o s s ib le
c u s to m e r s e r v i c e .
proved scien tifically correct fo r m odern ban kin g.
k
/
R
k
G
r
o
s
s
C
o
.
/ O F F I C E /E Q U I P M E N T /
CORNER OF WESTFIELD AND DURYEA
WATERLOO, IOWA
PHONE AD 4-6641
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Banker,
August,
7957
98
Iowa News
was a gain of $27,130,000, or 7.57 per
cent.
The bank statements did not sep
arate the savings and demand depos
its, but on the average, time deposits
are about 30 per cent of the total
deposits.
Statements of five savings and loan
associations show savings accounts to
taling $133,484,000 as of June 30, com
pared with $128,428,000 a half year
ago. This was a gain of $5,056,000, or
3.93 per cent.— $$
American
Economist Says:
Stim ulâte E u ro p e %• E c o n o m y
W i t h in sta llm en t Credit
CONSUMER in s ta llm e n t credit
A could provide a vigorous force to
stimulate the economy of free Europe,
a leading American economist said
last month in London.
Dr. Sidney E. Rolfe, chief economist
(
A Strong Bank Since 1856
Statem ent of Condition
A t the Close of Business June 6,
1957
ASSETS
United States Bonds ...........................................................................................$ 4,564,371.43
Other Bonds .......................................................................................................... 3,301,549.74
Cash and Due from Correspondent Banks .................................................... 4,094,041.98
Total Cash Resources ........................................................................................... 11,959,963.15
Loans and Discounts ........................................................................................... 13,279,384.14
Banking House ......................................................................................................
1.00
$25,239,348.29
LIABILITIES
Capital Stock (Common) ...................................................................................$
500,000.00
500,000.00
Surplus ............................................................. .....................................................
Undivided Profits and Reserves .......................................................................
1,045,827.04
Total Capital Accounts ....................................................................................... 2,045,827.04
DEPOSITS .............................................................................................................. 23,193,521.25
$25,239,348.29
O F F IC E R S
L . w . ROSS
P re s id e n t
E. H . SP E T M A N , SR.
V ic e P re s id e n t
JOH N M . JURGENS
V ic e P re s id e n t
F . W . RA D TK E
V ic e P re s id e n t
ROY M A X F IE L D
V ic e P re s id e n t
L E S T E R F . H AAS
V ic e P re s id e n t
P H IL IP A . W A IT E
V ic e P re s id e n t
P A U L L . G R O N STA L
V ic e P re s id e n t
ROB E R T E. STA R R
A u d ito r and A sst. V ic e P res.
ED. H . S PE TM A N , JR .
C a sh ier
COUNCIL BLUFFS SAVINGS BANK
C O U N C IL BLUFFS, IO W A
M em ber Fe d era l D eposit Insurance Corporation
NORTHWEST BANK & TRUST COMPANY
Davenport, Iowa
At the Close of Business June 30, 1957
A S S E T S
Cash in Vault and Other Banks............................................ $1,548,907.39
U. S. Government Bonds ..................................................... 5,206,413.88
$ 6,755,321.27
Other B o n d s..........................................................................................................
Loans and Discounts...........................................................................................
Overdrafts ............................................................................................................
Bank Building, Furniture and Fixtures
Other Assets ..............................................
359,295.30
7,883,531.55
661.14
240,671.57
20,176,39
$15.259,657.22
L I A B I L I T I E S
Capital Stock ............................................................................. $
Surplus ........................................................................................
200,000.00
300,000.00
Undivided Profits and Reserves.....................................................................
Total Deposits ......................................................................................................
$
500,000.00
668,916.66
14,090,740.56
$15,259,657.22
O F F I C E R S
W. F. MEIBURG, President
BEN KELLING, Vice President
B. F. McGEE, Vice President and Cashier
C. U. SCHAEFER, Assistant Vice President
T. E. HATHHORN, Assistant Vice President
CARL A. KAUTZ, JR., Assistant Cashier
EDWARD F. MOELLER, JR., Asst. Cashier
O. R. ROEHS, Assistant Cashier
FRED W . YEARDON, JR., Asst. Vice
President and Comptroller
M em ber Fe d e ra l Deposit Insuran ce C o rp o ratio n
Northwestern
Banker,
August,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J957
for C.I.T. Financial Corporation, the
largest consumer and industrial fi
nancing firm in the U. S., was guest
speaker at a luncheon meeting in the
Reform Club. Several prominent busi
ness executives, economists and gov
ernment officials of Great Britain at
tended the meeting.
“ Installment credit, as developed in
our American economy, has provided
the mass financing that enables mass
production and mass consumption to
function freely,” Dr. Rolfe said. “It is
the combination of these three ele
ments in our economy that has en
abled America to attain the highest
standard of living the world has ever
known.”
Explaining U. S. Credit
Dr. Rolfe is on a six weeks’ tour of
western European nations to meet
with economic leaders to explain how
installment credit works in America
and to study the progress of mass
financing there.
“The experiences of installment buy
ing in America should serve as a
model for European nations,” he told
the group. “Although several nations
have made excellent progress in the
past few years, they are still in about
the same position the U. S. was in
during the early 20’s as far as install
ment credit is concerned.
“Enormous Benefits”
“When one analyzes the European
economy, several facts about Amer
ica’s become clear in contrast,” he
added. “ The most obvious is the enor
mous benefits of mass financing— the
widespread use of buying on time.”
Dr. Rolfe emphasized that C.I.T. has
no plans for entering the European in
stallment credit field and explained
“that the development of increased in
stallment credit should be done by Eu
ropeans as part of the self-developing
program.”
The growing popularity of Euro
pean-built small automobiles in Americe may become a major dollar earner
for European economy, he said.
A Second Car
“ In 1956, some 108,000 foreign units
were imported, compared to 57,000 in
1955,” Dr. Rolfe pointed out. “And this
year, the rate is running even better.
At least until the small-car market
becomes a mass market for U. S. auto
manufacturers, the increasing accept
ance of small European models, par
ticularly as a second car, will be im
portant to Europe’s economy.”
Iowa News
W h at Is M o s t im p o rta n t
ileon om ie
VrohleAhead?
HE Committee for Economic De
velopment (CED) has announced a
competition to find what the best in
formed opinion of the Free World re
gards as “the most important econom
ic problem to be faced by the United
States in the next 20 years.”
T
Fifty prizes of $500 will be awarded
j to authors of papers submitted in com
petition and judged by CED’s Re
search Advisory Board, a body com
prising some of the country’s most dis
tinguished social scientists.
of Public Administration, chairman;
Theodore W . Schultz, economics pro
fessor, University of Chicago, vice
chairman; Richard M. Bissell, Jr.,
Washington, D.C., economist; Howard
R. Bowen, president of Grinnell Col
lege; Douglas V. Brown, professor of
industrial management, Massachusetts
Institute of Technology; Robert D. B.
Calkins, president of The Brookings
Institution; Solomon Fabricant, direc
tor of research of the National Bureau
of Economic Research, Inc.; R. A.
Additional awards of $500 will be
made without competition to each of
50 outstanding scholars and leaders in
public affairs for papers on the same
7 question.
CED is composed of 150 leading
businessmen and scholars who, work
ing together, conduct research and
formulate policy recommendations on
major economic issues, and promote
education on the operation of the
American economy.
Donald K. David, chairman of CED’s
board of trustees, expressed the hope
that the competition would “contrib
ute to the growth and stability of the
whole Free World by focusing the at
tention and energies of the American
people upon likely trouble spots be
yond the immediate horizon.”
“Because the economy of our coun
try plays such an important role in
maintaining and strengthening free
dom throughout the world,” he added,
“its functioning and its future have
become the concern of thoughtful citi
zens throughout the Free W orld.”
“Out of their thinking, “Chairman
David asserted, “CED hopes to antici
pate economic difficulties and find
means to avert them while the situa
tion is manageable.”
Papers submitted in the competition
must not exceed 2,000 words in length,
must be typewritten in the English
language on one side of the paper
only, and mailed before November 1
to Problems of U. S. Economic Devel
opment, Committee for Economic De
velopment, 444 Madison Avenue, New
York 22, New York.
99
Gordon, economics professor, Univer
sity of California; Don K. Price, vice
president of The Ford Foundation;
Arthur Smithies, department of eco
nomics of Harvard University; George
J. Stigler, political science faculty,
Columbia University, and Henry Wallich of the Yale economics department.
Associate members of the Research
Advisory Board are Roy Blough of the
Columbia Graduate School of Busi
ness; Calvin B. Hoover, chairman of
the Duke University economics de
partment; Jacob Viner, economics pro
fessor at Princeton, and Ralph A.
Young, director, division of research
and statistics, Board of Governors of
the Federal Reserve System.
Condensed Statement of Condition
JUNE 6, 1957
A S S E T S
Cash and Due from Banks ............................................................$ 4,686,554.98
U. S. Government Bonds ................................................................
7,457,478.35
Obligations of States and Political Subdivisions ..................
1,823,711.42
Other Bonds and Securities ..........................................................
100,027.35
Stock in Federal Reserve Bank ...................................................
Loans and Discounts
45,000.00
.......................................................................
10,471,302.26
Bank Building, Furniture, Fixtures ............................................
279,881.85
Interest Earned, Not Collected .....................................................
115,182.96
Customers' Liability— Letters of Credit ......................................
6,857.11
Other Assets ........................................................................................
169,467.21
$25,155,463.49
L I A B I L I T I E S
Capital
.................................................................. $
Surplus
..................................................................
1,100,000.00
Undivided P ro fi.s.................................................
186,063.78
400,000.00
Total Capital A c co u n t..................................................................
1,686,063.78
Reserve for Interest, Taxes, Expenses, etc.................................
67,786.64
Interest Collected, Not Earned .....................................................
121,439.41
Liability— Letters of Credit ............................................................
6,857.11
Other Liabilities ..................................................................................
Deposits
.................................................................................................
318.00
23,272,998.55
$25,155,463.49
JOE T. GRANT, President
HAROLD V. BULL, Senior Vice Pres.
ERNEST A. KENNY, IR., Asst. V. Pres.
WILLIAM L. TEMPLE, Vice President
HOMER V. GARRETSON, Asst. Cashier
HAROLD H. STRIFERT, Cashier
IRA J. SMITH, Asst. Cashier
EDWARD V. HOFFMAN, Asst. V. Pres.
GEORGE D. VINSON, Asst. Cashier
ERNEST A. JOHNSON, Asst. V. Pres.
MELVIN L. FILKINS, Auditor
CED urged prospective contestants
to write for a copy of rules for the
competition before undertaking a pa
per.
Members of the Research Advisory
Board of the CED’s Research and Pol
icy Committee, who will judge the
competition, are: Edward S. Mason,
dean of the Harvard Graduate School
N ational Bank
M EM BER
FEDERAL
D EPO SIT
IN SU RA N CE
M EM BER
FEDERAL
RESERVE
SYSTEM
in
Sioux City
C O R PO R A T IO N
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Banker,
August,
1957
100
Iowa News
S erves le e l e i d .itili,-
Changes Hours
The Union State Bank, Winterset,
Iowa, now closes at noon on Satur
days, according to E. C. Hansen, cash-
Booklet Available
S IO U X C IT Y T R U C K E R S ’ Q U E E N serves cold refreshing milk in the lobby of The
L ive Stock N ational Bank, Sioux City, to C. L . Fredericksen, left, president of the bank,
and Paul Dillingham , manager of an outdoor advertising firm in Sioux City. National
D airy M onth was observed by the bank’s offering of cold milk in a lobby dispenser.
Anthon Election
Walter Sterrett has been named assistant cashier of the First Trust and
Savings Bank at Anthon, Iowa. All
other officers were re-elected at the
bank’s annual meeting.
NORTHWESTERN STATE BANK
O R A N G E C IT Y , IO W A
O F F IC E
A T M A U R IC E , IO W A
STATEMENT OF CONDITION
At Close of Business June 6, 1957
R E S O U R C E S
F irs t M o rtgag e Loans ................ $
C om m odity Loans
.................
O th e r Loans ...................................
U. S . Bonds .....................................
O th e r Bonds ________________________
C ash and Due from B a n k s _______
O v e rd ra fts .........................
Bank Building ............
Fu rnitu re and Fixtu res _________
O th e r A s se ts ..................................
LIABILITIES
8 9 3 ,7 4 9 .8 0
9 6 ,5 5 6 .4 9
1 ,2 8 6 ,5 6 4 .0 7
1 ,1 5 8 ,6 9 8 .6 4
6 8 3 ,3 3 8 .3 8
5 3 6 ,1 3 6 .2 2
2 ,5 9 3 .7 8
3 5 ,0 0 0 .0 0
1 5 ,9 2 6 .2 6
3 4 ,4 3 4 .5 5
C a p ita l
............................................... S
1 0 0,000.0 0
Surplus ..................................................
10 0,0 0 0 .0 0
15 4 ,0 0 4 .3 7
U ndivided Profit .............................
D e p o sits: Demand $ 3 ,0 2 9 ,3 2 1 .8 7
T im e ........... 1 ,3 5 9 .6 7 1 .9 5 4 ,3 8 8 ,9 9 3 .8 2
S 4 ,7 4 2 ,9 9 8 .1 9
$ 4 ,7 4 2 ,9 9 8 .1 9
$ 1 0 ,0 0 0 .0 0
maximum in su rance
e ach d e o sito r.
for
O F F IC E R S
H. ROWENHORST, President
H. V. ROWENHORST, Vice President
M. H. MORET, Cashier
M em ber
of
F e d e ra i
H. C. MORET, Senior Vice President
RENOLD SCHAT, Mgr., Maurice Office
MARION G. WIERSMA, Assistant Cashier
D e p o s it
In su ra n ce
Named President
C o r p o r a t io n
THE SECURITY SAYINGS BANK
M A R S H A L L T O W N , IO W A
June 6, 1957
RESOURCES
Cash and due from hanks..........$
U. S. Government Securities . . . .
Maturing in 1 yr. . $ 849,876.25
Maturing in 2-5 yrs. 3,299,500.00
Maturing in 6-7 yrs.
600,250.00
Municipal Bonds .........................
Other Bonds .................................
Federal Reserve Bank Stock . . . .
Loans and Discounts ....................
Overdrafts .....................................
Bank Premises .............................
Furniture and Fixtures ..............
2,264,711.22
4,749,626.25
1,298,596.67
50,000.00
12,000.00
5,588,323.01
1,068.56
136,749.90
37,125.30
$14,138,200.91
LIABILITIES
Capital Stock .................................$
200,000.00
Surplus .............................................
200,000.00
UndividedProfits and Reserves .
541,643.56
Other Liabilities .........................
17,666.08
Deposits
.......................... 13,178,891.27
Demand .............$8,669,657.68
Time .................. 4,414,131.13
U. S. Gov’t ___
95,102.46
$14,138,200.91
OFFICERS
W ILL A. LANE, President
N. C. NIELSEN, Vice President
ESTA CONN, Assistant Cashier
R. M. WILSON, Vice President
W. H. PFEIFER, Assistant Cashier
W ILLIAM A. LANE, JR., Cashier
T. M. SAWYER, Assistant Cashier
WENDELL STANLEY, Assistant Cashier
Federal Reserve System
Northwestern
Banker,
August,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Member Federal Deposit Insurance Corporation
1957
The New York State Departments of
Insurance and of Banking have placed
on sale a publication entitled Eraploy ee Welfare Funds Registered with
the Insurance and Banking Departments of the State of New York Un
der the Employee Welfare Fund Act f
of 1956.
This 74-page booklet lists the names
and addresses of 958 employee bene
fit plans registered with these state ^
agencies as of June 1, 1957.
Under the law, which went into ef
fect September 1, 1957, the Banking
Department has jurisdiction o v e r
funds whose over-all management is f '
vested alone or jointly with other trus
tees in a corporate trustee; 90 such
funds are listed. The Insurance De
partment has jurisdiction over all oth- ,
er jointly trusteed funds; 868 such
funds have been registered with this
department.
Superintendent of Insurance Leffert
Holz and Superintendent of Banking V
George A. Mooney in announcing the
publication stated that the booklet had
been prepared in response to many
inquiries for information regarding *
funds which are subject to the statute.
The location and registration of wel
fare and pension plans subject to the
new law was a major initial task un
dertaken by the Welfare Fund Bureau r
of the Insurance Department in con
junction with the Banking Depart
ment. This compilation of welfare
and pension funds is the first of its -y
kind ever published.
The Farmers Loan and Trust Com- ,
pany, Sioux City, last month named
J. W m. Van Dyke as president to suc
ceed R. R. Brubacher, who died
earlier this year.
Mr. Van Dyke is
chairman of the
board, T o y Nat i o n a 1 Bank, V
Sioux City.
Also elected at
the annual meet
ing were two new
v i c e presidents
J. w. VAN D YKE
and directors, E.
E. Erickson and C. Arthur Johnson.
Carleton C. Van Dyke was re-elected
vice president; U. H. Bunkers, secre
tary; Leslie H. Olson, treasurer, and
Howard De Jong, assistant secretarytreasurer.
Iowa News
due to wet and cold weather. Our
first crop of alfalfa had about a 50
per cent loss due to too much rain.
Farmers are now cultivating corn, but
the prospects are not as good as last
year.
M ore M on ey F or F a rm ers. . .
(Continued from page 27)
It’s my opinion that there will be
too many hogs and the prices will suf
fer therefrom.
Corn prospects are
good, oats are fair and there is plenty
of hay. The soil bank program will
be a help to some of our farmers in
this territory this year.
are in a hail area, and can never be
assured of the crop until it is in the
bin. It is generally conceded that
things have never looked better
around here.
Farmers who now have feeders on
hand due to heavy rains plan to carry
them on through and possibly sell
them off the grass. While the hog
market has been fairly good, the feed
er and lamb market here, while lim
ited, will start moving this fall. Our
people feel they should hit a market
of 20 cents or better.
GEORGE E. BUSCHER
P resid en t
Alexandria State Bank
Alexandria, Minnesota
G. M. ROBERTSON
P resid en t
First National Bank
Winona, Minnesota
ROP prospects in this area are
very good and compare favorably
with the excellent crop of a year ago.
Corn and beans are doing very well.
Small grains look good and oats will
soon be ready for harvesting. First
cutting of hay was put up in good
shape. This has been a favorable sea
son to date with abundance of mois
ture and so far very little storm dam
age of any kind.
UR summer grain is very good.
The corn is considerably retarded
C
■
Big Horn County
State Bank
Hardin, Montana
:
Construction, of course, on dwelling
■
ST A T E M E N T
■
OF C O N D IT IO N
JUNE 6, 1957
LEROY O.
WALLIN
E x e c u tiv e
V ice P resid en t
■
A
S
S
E
T
S
Cash ____________________________________ $ 5,898,930.52
United States Government Securities 11,312,055.01
M unicipal B o n d s ______________________
2,362,085.98
Corporate B o n d s ______________________
522,037.03
Federal Reserve Bank Stock________
UE to very favorable moisture
conditions — double the normal
rainfall— small grains are excellent in
the Big Horn Valley area.
Wheat
should produce 50 per cent more than
a year ago, barring hail damage be
tween now and harvest. Sugar beets
will produce about 10 per cent less
due to excess rainfall at the thinning
season. Range conditions are exceldent. This entire area of Montana is
beautifully green.
Contracting of cattle is slow. Most
ranchers are holding for a better price.
Because of fine range conditions, many
cattlemen will carry over.
Those
ranchers who make a habit of selling
their calves, usually do so in October
and November. Although a few have
been contracted for 30 cents, the feel
ing is that steer calves will bring 22-24
cents and heifer calves 20-22 cents.
W e expect an increasing trend in
cattle feeding this fall. Conditions in
this area are excellent for a feeding
program. There is very little dairying
in this area, and not much pig pro
duction, but the sheep program has
good promise.
There is great optimism here. For
a semi-arid area to have an abundance
of moisture is surely for the good. W e
D
Loans
42,000.00
___________________________________
11,732,258.37
Bank P r e m is e s ________________________
322,412.67
O v e r d r a ft s ______________________________
487.12
Furniture and Fixtures_______________
61,686.10
$32,253,952.80
L I A B I L I T I E S
C a p i t a l __________________ $500,000.00
S u r p lu s __________________ 900,000.00
Undivided P r o fits ______ 191,698.53
R e s e r v e s ________________
121,000.00
1,712,698.53
D e p o s it s -------------------------------------------------- 30,541,254.27
$32,253,952.80
fit
\ á »
rC
g
fit St et
I fit SB _B-G
fV fS f
AMERICAN T
a n d S a v in g s
N IN TH and M A IN
M em ber Federal Reserve System
M ember Federal Deposit Insurance Corporation
Dubuque, Iow a
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
101
B anke r,
August,
1957
102
Iowa News
is less than last year. Present mort
gage money is tighter than a year ago
and prices somewhat higher so people
are holding off. There is considerable
building going on in the farm area,
such as new barns and outbuildings,
and in a few cases some of the better
farmers are constructing new milk
parlors.
Our farmers are increasing their
dairy herds so as to get protection in
view of existing prices. Some of them
are breeding their sows right back for
fall farrowing. W e have a few farm
ers that are getting into the sheep and
lamb business. Good pure breed cows
are still high priced, and farmers are
breeding to a better strain, in many
cases through artificial insemination,
to build up their herd quality. This
sort of program is becoming more fa
vorable and increasing more each
year.
The corn and soybeans in this area
have been sadly neglected from a cul
tivation standpoint due to the heavy
rainfall, and in some instances the
corn fields are so weedy it is almost
impossible to cultivate. In other in
stances, especially the lowlands, the
corn has been drowned out. This like
wise holds true of the hay crop which
is mostly alfalfa in this area.
K. G. KLATT
P resid en t
Dakota State Bank
Tripp, South Dakota
HE oats crop is now being har
vested and yields are running
from good to excellent, testing from
34 to 40.
Small wheat and barley
acreages will produce very good
yields. Corn is in excellent condition,
and indications are for one of the best
crops in years. Moisture conditions
are perfect, and with normal rainfall
and temperatures corn should mature
with good yields.
With the indicated yields, there will
be a large demand here for feeder cat
tle. All feeders produced in this area
will be fed locally, but these will not
supply enough to satisfy the demand
T
NATIONAL BANK OF BURLINGTON
BU RLIN GTO N . IO W A
which this year will be much greater
than in 1956.
Conditions should improve greatly
in this area due to better crop yields.
Price, of course, will influence in the /
final analysis.
Conditions on the
whole should be better than a year
ago since moisture conditions are so
much improved and we have as yet ^
had no hail losses as were suffered in
the past two years.
JOHN VAN AI KEN
P resid en t
r
First National Bank
McCook, Nebraska
E ARE harvesting an excellent +wheat crop with yields running
from 30 to 40 bushels per acre. Last
year we had a very poor crop. Our
cattle population is down due to three t
years of dry weather and a drouth last'r
year. W e have had an abundance of
moisture so far this year and all crop
prospects are excellent.
However, I am not overly enthusi- 1
astic about the outlook for agriculture
as we are caught in a bad price
squeeze. It would seem there will
have to be a bit of adjustment.
\
Statem ent of Condition June 6, 1957
A S S E T S
L I A B I U T
Cash and Due from B an k s_____ $
U. S. Governm ent S e c u r i t i e s ._
S t a t e , C ounty & M u nicipal
Bonds ______________________________
O th e r Bonds ___________________________
Loans & D isco u n ts_________________
O v e rd r a f ts ................................""
S to ck in Fe d e ra l R ese rv e Bank
Bank B u ild in g ____________ ___________
Furniture & F ix tu re s_______________
O th e r R eal E s t a t e _________________
O th e r A s s e t s _______________________
2 ,2 4 0 .9 0 4 .7 6
3 ,1 5 7 ,5 0 0 .1 3
C a p ita l
Surplus
1 ,6 5 7 ,9 9 7 .4 8
6 5 0 ,8 2 8 .8 6
5 ,9 4 3 ,5 7 5 .5 9
1 .05 4.64
3 0 .0 0 0 . 00
6 3 ,1 3 7 .0 0
4 0 ,7 4 0 .2 4
20 . 000 .
S to ck
........................
E S
..$
.......................... ..............
U ndivided
Profits
7 0 0 ,0 0 0 .0 0
...................
2 7 4 ,9 8 5 .4 7
R e s e r v e s _________________________
156,190.91
In te rest C o lle c te d but not
E arn e d .....................................
00
3 0 0 ,0 0 0 .0 0
D eposits .......................................
11 7 ,7 6 7 .2 8
..
1 2 ,2 7 6 ,4 2 4 .6 7
1 9 .6 2 9 .6 3
$ 1 3 ,8 2 5 ,3 6 8 .3 3
O F F IC E R S
JOHN H. WITTE, JR., Chairman of the Board
V. P. CULLEN, President
DALE KELLEY, Vice President and Cashier
F. J. NORTON, Assistant Cashier
E. L. HAUSKNECHT, Assistant Cashier
E BELIEVE crop prospects will
be normal but not quite up to
last year, as last year was an above M
average year in this area. Only an
average number of hogs are being
raised in this area this year, fewer
than previously, I would guess. Crops i
look good, oats exceptionally so, and
hay crop above average.
W
R. K. PEARSON, Assistant Cashier
and Trust Officer
W ILLIAM R. RUTHER, Trust Officer
E. W. WISCHMEIER, Assistant Trust Officer
S. E. CHRISTIE, Farm Representative
A. N. STOLZE, Auditor
W. G.
MUNDERLOH
E x e c u tiv e
V ice P resid en t
Member Federal Deposit Insurance Corporation
* r w :.
Citizens National
Bank
Federal Home Loan Bank of Des Moines
Wisner, Nebraska
1
DES MOINES, IOWA
S T A T E M E N T O F C O N D IT IO N — J U N E
30, 1957
R E S O U R C E S
? ash ^................................................................................................................................ $ 1,703,343.70
Investments
................................................................................................................
56,824,209.77
Advances Outstanding ...........................................................................................
81,106,614.50
Accrued Interest Receivable ............................................
5 5 8 185 33
Deferred Charges ...........................................................................................
44,747.35
Other Assets .............................................................................................................
426.00
Total Assets
$140,237,526.65
L I A B I L I T I E S
A N D
C A P I T A L
Deposits ........................................................................................................................$ 39,573,650.16
Accrued Interest Payable .......................................................................................
556,922.77
Accounts Payable .....................................................................................................
’ 24.40
Dividends Payable— July 8, 1957 .....................................................................
400,180.15
Consolidated FHLB Obligations ...................................................................... 55,000,000.00
Capital Stock— Members ....................................................................................... 41,459,050.00
Surplus Earned .........................................................................................................
3,247’699.17
Total Liabilities and Capital ................................................................. $140,237,526.65
Consolidated Federal Home Loan Bank Obligations now outstanding, in the amount
of $738,000,000.00, are the joint and several obligations of all Federal Home Loan
Banks.
Northwestern
Banker,
August,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7957
v
UR crop prospects at present are
excellent, have heavy alfalfa cut
tings, small grain harvesting is begin
ning with very good yields being re- ^
ported and corn and other crops are
also making good progress. Outside
of a fair alfalfa crop last year, other
crops due to drouth did not pay the
cost of harvesting. Considerable corn
was put up for ensilage, but did not
have too much feed value.
O
There is considerable local cattle
feeding which at present prices is pay- _
ing out very well. Hog production
was not cut back too much, with good
litters being saved. Some concern is
Iowa News
being voiced about the asking prices
for feeder cattle which are up $2 to
$3 over last year, but with our good
crop prospects and abundance of
roughage, it is doubtful whether this
v will be too much of a deterrent to
purchases.
We want your business!
FIRST NATIONAL BANK
H. O. LYNGSTAD
MASON CITY, IO W A
P resid en t
Citizens State Bank
Rugby, North Dakota
NROP prospects were almost perfect
jt for us up to four or five days ago.
Since then we have had excessive heat
and no moisture. There was no sub
soil moisture to start with. W e need
rain and cool weather badly. Grain is
headed out and “firing” at the present
time. Hay crop short and pastures
likewise.
The situation on feeder cattle will
depend entirely upon the amount of
1 rain we receive. Unless we get some
good soaking rains soon, some of the
cattle will be marketed soon.
We
have about the same amount of cattle
as last year, but have received less
T moisture.
(
C. H. ROWAN
P resid en t
Nebraska State Bank
Broken Bow, Nebraska
ROP prospects in this are are good
— much better than in 1956.
Rough feeds are plentiful. There is
better hay of all kinds and prospects
for forage crops and grains shows
marked improvement. Stock will be
gin to move in October and at prices
of $2 to $3 above those of 1956.
C
t
103
Founded in 1869
W e ’ r e h e r e to h e lp y o u g e t w h a t y o u w a n t
Member Federal Deposit Insurance Corporation
OUR OFFICERS
F R E D C. H E N E M A N
President
E D W A R D N. M ID D L E M A N
Assistant Cashier
D O U G L A S G. S W A L E
Exec. V ice President
N O R M A N A . LYSNE
Assistant Cashier
R O Y B. J O H N S O N
V ice President
G EN E W . H ULSE
Assistant Cashier
R A Y M O N D C. K E IS T E R
V ice President
LE O M A R K P A N T H E R
Assistant Cashier
F R A N C IS H . O A K L A N D
V ice President
R IC H A R D E. S E T T E R B E R G
Assistant Cashier
A L F R E D M. H A L S O R
V ice President
W A R R E N E. C LA R K
Assistant Cashier
BERNARD
Cashier
H AROLD W . W ALTO N
Assistant Cashier
Z. M IL L E R
A
HAROLD C. COLE
P resid en t
Murray County State Bank
Slayton, Minnesota
HE general crop outlook at the
present time is very good here.
Small grains such as oats and flax
are starting to turn and we anticipate
some harvest in approximately two
weeks time. Our corn has made ex
ceptional headway after a slow start.
The cold, wet spring set the corn back
considerably, but we believe the hot
'
weather of the past two weeks has
helped it recover nearly to normal.
Barring bad weather or hail our
crops should be better than normal
. this year.
Farmers here are quite
happy with hog and cattle prices. Sev
eral feeders have held off from buying
due to the high price of stock and
feeder cattle. Some are buying at the
present time to pasture since they
feel the gain will be part of an offset
should feeder cattle be cheaper this
fall. Farmers are considering the
.usual feeding program.
Rain conditions are good in our
trade community. Communities near
us, however, have experienced consid-
T
THE FIRST NATIONAL BANK
DUBUQUE, IOWA
"Io w a's Ol de st National S a n k "
E S T A B L IS H E D 1864
JUNE
U N IT ED
6,
STA TES
1957
D E P O S IT O R Y
R E S O U R C E S
United States Bonds ..............................................................................................$13,569,795.56
Cash and Due from Banks .............................................................................. 3,543,783.03
Other Bonds, Securities ..................................................................................... 1,368,983.64
Loans and Discounts ......................................................................................... 7,209,414.44
Overdrafts ...............................................................................................................
827.83
Banking House, Furniture and Fixtures .......................................................
64,884.33
Other Assets ..........................................................................................................
33,833.99
$25,791,532.82
L I A B I L I T I E S
Capital ...................................................................................................................$ 600,000.00
Surplus .....................................................................................................................
600,000.00
Reserves and Profits ...........................................................................................
540,358.05
Deposits ................................................................................................................... 23,903,555.50
Reserved for Unearned Discounts and Taxes ..........................................
142,641.07
Other Liabilities .....................................................................................................
4,978.20
$25,791,532.82
J. W allis Winall, Chairman of the Board
W aldo Adams, President
J. V. Keppler, Executive Vice President
P. J. Schanbeck, Asst. Vice President
and Auditor
Charles A. Firzlaff, Cashier
Kenneth H. Lochner, Assistant Cashier
William G. Kruse, Assistant Cashier
L. Richard Winter, Assistant Cashier
M em ber o f F e d e ra l D eposit In su ran ce Corporation
and Fe d e ra l R e se rv e Syste m
N orthw estern B a n k e r , A u g u s t , 1957
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Iowa News
104
erable loss of top soil due to heavy
rains approximately one month ago.
HORACE FISHBACK, JR.
P resid en t
Security National Bank
Brookings, South Dakota
F CURRENT prices for cattle and
hogs continue and the corn crop
comes through it should be a very
good year for us. Our crop outlook is
very good, much better than last year.
Stockers and feeders are higher than
last year.
■ '■
.
V. .
■
'
,
'
■
■
IN D E X
’
OF
A D V E R T IS E R S
AU G U ST. 1957
A c o r n P rin tin g - C o m p a n y ............................ 104
A m e r ic a n E x p r e s s C o m p a n y .................... 49
A m e r ic a n L it h o g r a p h in g an d P r in t in g
C om pany
........................................................ 4 1
A m e r ic a n N a tio n a l B a n k a n d T ru s t
C o m p a n y — C h ic a g o .................................... 3 9
A m e r ic a n T ru s t C o m p a n y —
San F r a n c is c o ............................................... 4 7
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 ........................................................... 1 0 1
A s h w e ll a n d C o m p a n y .................................... 48
B ank o f
B ank o f
Bank o f
B a n k ers
B a n k ers
BANKS o
Bn
VscoH
LD
T
A ll N egotia tion s C on fid en tia l
A NATIONAL CLEARING HOUSE
FOR EXPERIENCED BANK EXECUTIVES
WITH CAPITAL TO INVEST
Bankers Service C o m p a n y
IP X
143S
»
DES M O IN ES 5, IO W A
•
PH O N E A T 2 - 7 8 0 0
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
F. E. DAVENPORT & CO.
OM AHA
It
A m e r ic a ............................................. 3 5
M o n tre a l .......................................... 48
N ew Y o r k ........................................ 18
S e r v ic e C om p a n y , I n c ..... 78,104
T ru s t C o m p a n y — D es M o in e s . . 8 6
C
C a lifo r n ia B a n k ............................................... 4 3
C e n tr a l B a n k an d T r u s t C o m p a n y —
D en ver
............................................................ 7 1
C e n tr a l N a tio n a l B a n k an d T ru s t
C o m p a n y — D es M o i n e s ............................. 20
C e n tr a l R e p u b lic C o m p a n y ......................... 85
C e n tr a l S ta tes H e a lth an d L ife C o ........ 107
C h e m ic a l C orn E x c h a n g e B a n k ................ 42
C h ile s -S c h u t z C o m p a n y ............................. 80
4
C h r istm a s C lu b a C o r p o r a t io n ..................
C ity N a tio n a l B a n k — C lin to n .................. 91
C o m m e r ce T ru s t C o m p a n y ......................... 46
C o n tin e n ta l I llin o is N a tio n a l B a n k an d
T r u s t C o m p a n y ............................................. 45
C o n tin e n ta l N a tio n a l B a n k — L i n c o l n . . . 83
C o u n c il B lu ffs S a v in g s B a n k .................... 98
I)
D a v e n p o r t, F . E., & C o m p a n y ........... 83,104
D e L u x e C h e c k P r in te r s , I n c ........................ 38
D o a n e A g r ic u lt u r a l S e r v ic e ....................
9
D o w n e y , C. L., C o m p a n y ...............................
9
D r o v e r s N a tio n a l B a n k ......................
90
N e b rask a A g College G rad uate,
A g e 29, m arried , 3 % years exp eri
ence as ju n io r officer in sm all N e
b rask a bank op erations, loaning,
insurance and re a l-estate . D esire
position in a g gressiv e M id -W e s t
bank o f 5-1 5 m illion deposit size.
A v a ila b le N ovem ber 1. W r ite M W D
c /o N o rth w e ste rn B anker, 306 15th
S t., Des M oines, Iow a.
IO W A •LITHOGRAPHING •COM PANY
rovMDC» r r csoroi h. rags dale • •
• idwim o. r* gsoal* - M
P a y -Ä s -Y o u -C h e c k
»19 TWENTY EIGHTH STREET
DES ■MOINES
,c
QUALITY - EX PER IE N C E
Northwestern
Banker,
•SERVIC8
August,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J957
F
F ed era l H om e L oan B ank o f
D es M o in e s .................................................... 1 0 2
F in a n c ia l P u b lic R e la t io n s A s s n ............. 7 4
F ir s t an d A m e r ic a n N a tio n a l B a n k
o f D u lu th ........................................................ 6 6
F ir s t N a tio n a l B a n k o f A r iz o n a ............. 1 36
F ir s t N a tio n a l B a n k — C h ic a g o ................ 3 7
F ir s t N a tio n a l B a n k — D a l l a s .................... 16
F ir s t N a tio n a l B a n k — D e n v e r .................. 4 4
F ir s t N a tio n a l B a n k — D u b u q u e ...............103
F ir s t N a tio n a l B a n k — K a n sa s C i t y ......... 52
F ir s t N a tio n a l B a n k — L in c o ln ................ 84
F ir s t N a tio n a l B a n k — M a son C i t y ............ 103
F ir s t N a tio n a l B a n k — M in n e a p o lis . . . . 65
F ir s t N a tio n a l B a n k — O m aha .................. 7 9
F ir s t N a tio n a l B a n k — St. L o u i s ................ 51
F ir s t N a tio n a l B a n k — St. P a u l .................. 63
F ir s t N a tio n a l B a n k — S io u x C ity . . . .
99
F ir s t N a tio n a l C ity B a n k o f N ew Y o r k . 53
F ir s t S to c k Y a r d s B a n k — S. St. J o s e p h . 78
(i
G u a r a n ty T r u s t C o m p a n y ...........................
8
II
H a r r is T r u s t a n d S a v in g s B a n k ................
5
H u m m er, W a y n e , an d C o m p a n y ................ 38
I
I o w a -D e s M o in e s N a tio n a l B a n k ...............108
I o w a L it h o g r a p h in g C o m p a n y ................. 104
I r v in g T ru s t C o m p a n y ............................. .. . 1 4
K
K ir k G ro ss C o m p a n y .................................... 9 7
K o c h B r o th e r s ................................................. 5 8
L
L a M on te, G e o r g e aim S o n ........................... 22
L e F e b u r e C o r p o r a t io n ................................. 1 9
L iv e S to c k N a tio n a l B a n k — C h ic a g o . . . . 33
L iv e S to c k N a tio n a l B a n k — S io u x C ity . 6 8
M
M a n u fa c t u r e r s T ru s t C o m p a n y ................ 10
M e r c a n tile T r u s t C o m p a n y ..................... 54-55
M e rc h a n ts M u tu a l B o n d in g C o m p a n y . . 58
M e rc h a n ts N a tio n a l B a n k ...........................
2
M id la n d N a tio n a l B a n k ............................... 67
M in n e s o ta C o m m e r c ia l M en ’ s A s s n ........ 56
N
N a tio n a l B a n k o f B u r lin g t o n ..................... 102
N a tio n a l B a n k o f C o m m e r c e ...................... 85
N a tio n a l B a n k o f S ou th D a k o t a ................ 69
N a tio n a l B a n k o f T u l s a ............................... 72
N a tio n a l B a n k o f W a t e r l o o ......................... 95
N a tio n a l C ash R e g is t e r C o m p a n y ...........
6
N a tio n a l R e s e r v e L ife I n s u r a n c e C o.. . . 50
N o r th e rn T ru s t C o m p a n y ........................... 1 7
N o r th w e s t B a n k an d T r u s t C o m p a n y —
D a v e n p o r t ...................................................... 98
N o r th w e s t S e c u r ity N a tio n a l B an k .' . ! H 70
N o r th w e s t e r n N a tio n a l B a n k .................... 60
N o r th w e s t e r n S ta te B a n k —
O r a n g e C ity .................................................... 1 0 0
O
Old R e p u b lic L ife I n s u r a n c e C o m p a n y .
3
O m ah a N a tio n a l B a n k ................................. 81
R a ls t o n P u r in a C o m p a n y ........................... 15
R e c o r d a k C o r p o r a t io n ................................. 1 1
R o b in s o n W h o le s a le C o m p a n y .................105
S c a r b o r o u g h a n d C o m p a n y ......................... 56
S e c u r ity N a tio n a l B a n k — S io u x C i t y . . . 94
S e c u r ity S a v in g s B a n k — M a r s h a llt o w n . 100
S p e n c e r C h e m ic a l C o m p a n y ...................... 5 9
S to c k Y a r d s N a tio n a l B a n k — St. P a u l .. 67
T o o t le N a tio n a l B a n k , T h e ....................... 82-83
T o y N a tio n a l B a n k ........................................ 9 2
IT
U n ion B a n k an d T r u s t C o m p a n y —
O ttu m w a ......................................................... 9 3
U n ited S ta te s C h e c k B o o k C o m p a n y . . . 104
U n ited S ta tes N a tio n a l B a n k — O m a h a . . 76
V
V a lle y B a n k an d T ru s t C o m p a n y —
D es M o in e s ................................................... 89
W
W a lte r s , C h a rle s E., C o m p a n y ................ 85
No Minimum
Balance
Check Plan
U nited States Check B ook Company
1311 HOWARD ST.
OMAHA
105
W
h
a
t
' s
. . . for Banks and Bankers
For more inform ation about the item s in this column and where
they can be purchased, write W a lte r T. Proctor, A ssociate Editor,
N O R T H W E S T E R N B A N K E R , 306 15th Street, Des M oines, Iow a.
NY tab card filing system must
provide the answers to these bas
ic tab card filing problems:
(1) Simplified ACTIVE record keep
ing, (2) protective storage of semi
active and inactive records and blank
A
Mr. Alft has written a story of the
Herbert Gray family of Prairie Grove,
Illinois. The father of this family is
employed as a foreman in a company
manufacturing vending machines, and
besides his wife, Lois, Mr. Gray has
two children: Gwen in the eighth
grade, and George, a student at Prairie
Grove High.
How the Peoples Bank of Prairie
Grove serves the members of the Gray
family, both directly and indirectly, is
clearly told. It removes the mystery
from banking by telling what a bank
is, all about savings accounts, check
ing accounts, loans, the part govern
ment plays in the regulations of
banks, and in addition, explains many
of the less well understood functions
of banks.
Test trials of the book have been
made in separate geographical areas
of the state, and both students and
teachers of these schools found it most
satisfactory.
locations where the old-fashioned cab
inet, with its swinging doors and pro
truding handles, would be hazardous.
Ideal for office supplies, books, rec
ords, etc. The sliding doors run
smoothly on o v e r h e a d suspended,
long-wearing nylon rollers for finger
tip o p e n in g and closing. Made of
heavy gauge steel, this high quality
cabinet has one shelf welded in place
for extra rigidity — the other two
shelves may be placed in wedge slots
where desired. The built-in flat key
lock is separate from the moderndesign satin-chrome handles. The cab
inet, a generous 36Wx22Dx 68H”, is
shipped fully a s s e m b le d in extra
strong air cushioned cartons. Shipping
weight is 115 pounds. The company
ships cabinets having an attractive
silver grey finish unless office green is
specified.
Although the regular price of their
modern sliding door cabinet is $54.05,
as a special introductory offer to read
ers of the N orthwestern B anker , the
company will fill orders at $39.95
F.O.B. their Chicago factory and your
satisfaction is guaranteed. You must
mention the name of N orthwestern
B ank er , however, to obtain the cabinet
at this special price, so write this pub
lication today for full information on
these cabinets.
Copies of “Your Illinois Banks” are
available at the Illinois Bankers Asso
ciation office in Chicago at $1.50 each.
A discount will be given on quantity
orders.
OIN bags with longer life, which
can make many more trips to the
bank from the customer’s place of
business without showing wear or
tear have been announced.
C
stock, (3) low initial cost, (4) economi
cal installation, and (5) easy expand
ability.
Only Record Files, Inc., Wooster,
Ohio, and its “Expansion Planned” tab
card files can answer your tab card
filing problems, states the company.
Offered is a complete line of NyloGlide DeLuxe tab card files for your
active cards, a complete line of Standard-PLC tab card files for your active
or semi-active cards, a complete line
! of Standard tab card files for your
card storage, and tab card box units
(the low-cost answer to permanent
good housekeeping in your tabulating
department and storage room).
TEXTBOOK for students at the
high school level entitled “Your
Illinois Banks” is now coming off the
presses of R. R. Donnelley & Sons.
The text of the book was written by
E. C. Alft, social studies teacher, Elgin
High School, Elgin, Illinois.
A
Some of our banker friends suggested that
we extend the same courtesy to all bankers
that we are offering them— so we an
nounce WHOLESALE PRICES to all
Bankers and their fam ilies! Write for
your identification card. Visit either of
our two wholesale houses or write for
quotations.
The new bags have woven nylon
cords with plastic tips.
Experience has shown that the cord
on a draw string is usually the point
of greatest wear. These bags have
nylon cords that by actual test have
been found to give 8.75 times the
wear of the strongest old-style cord.
The new nylon cords come in bright
colors which compliment the attrac
tiveness of the colorful bags.
The
ends of the cords are tipped with col
ored plastic.
The manufacturer has announced
that the new nylon cords are stand
ard on all his draw-string bags with
no increase in price.
N E W sliding door cabinet pro
vides loads of storage space and,
because of its modern, easy-sliding
doors, can be used in narrow aisles or
A
Choose From Hundreds of Items
A L L N A TIO N A LLY KNOWN
•
•
•
•
•
•
•
Fishing T a ck le
Hunting Equipm ent
G olf Clubs
W a tc h e s— Dia
monds— J e w e lr y
O u tb o ard M o to rs
P o w er M ow ers
L e a th e r Goods
C am eras
•
Luggage
•
Cam ping
•
Furniture
•
A p p lia n ce s
•
P icn ic
•
E le c t r ic
Equip m t.
Supplies
S h av ers
M O ST
E V E R Y T H IN G
N EED ED
FO R
TH E
H O M E, LA W N , G A RD EN , P LA Y , SPO RTS.
R E C R E A T IO N , P E R S O N A L U SE
ROBINSON WHOLESALE CO.
N ow in our 20th Y e a r
2 1 2 n d A v e ., Des M oines, Io w a
1120 2nd S t , S .E ., C e d a r R ap id s, lo w a
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
Banker,
August,
J957
106
Solve This O n e!
A: W hy is little Tommy screaming
his head off out there in the yard?
B: H e dug a hole in the yard and
he wants to bring it into the house!
“ This’ll K ill Y o u 7
“When that gangster threatened to
shoot you, did you laugh in his face?”
“Laugh? I almost died.”
Secretary's Vacation
My typist has gone on hir holiday
My typist has gohn on a spree,
Mx Typish hap gone oh hyr haliduy,
0 gring bacq mu hypist to me.
Bling Bac% oK sring back
Oh Bynk b4cK mu tipisth to mi, to mo,
Btung bicq ocsling 8ack
Oh Blynck Bak!! my t%pys to m ti
Odaern!
Not as K een as at 16
“Henry,” puffed the fat woman
plaintively as her husband failed to
assist her onto the street car, “you
aren’t as gallant as when I was a gal.”
“ I know, dear,” puffed Henry, “but
you aren’t as buoyant as when I was
a boy.”
Planning Ahead
“Please, sir, will you help me,” im
plored the beggar, “will you give me
a dollar?”
“A dollar!” exclaimed the prosper
ous looking gentleman. “That’s a lot
of money.”
“W ell,” explained the beggar, “ I’m
putting all my begs in one askit.”
Too Late N ow
A draftee was awakened by his pla
toon sergeant after the rookie’s first
night in an army barracks.
“It’s four-thirty in the morning!”
bellowed the sergeant.
“Four-thirty!” gasped the rookie.
“Man, you’d better go to bed. W e got
a big day tomorrow!”
A n y "P o r t" in a Storm
There were two Englishmen on a
train. The conductor called the next
station, “Wembly.”
First Englishman: That’s funny, I
thought it was Thursday.
Second Englishman: So am I. Let’s
have a drink.
1957 Economies
Lawyer: Here’s my bill for services.
You can pay $400 down and $50 a
month for the next 24 months.
Client: Sounds like buying an auto
mobile.
Lawyer: I am.
Northwestern
Banker,
August,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
So That’s It
Didn’ t Understand
“Yes, I’ll give you a job. The first
thing I want you to do is sweep o u t,
the store.”
*
“But I’m a college graduate.”
“Oh, I’m sorry. I’ll show you how.”
H ot D og!
CO N V E N T IO N S
August 25-September 7, Central States
School of Banking, University of
Wisconsin, Madison.
September 13-14, Helena Federal Re
serve Branch Bank Forum, Hel
ena, Montana.
September 22-25, American Bankers
Association Convention, Atlantic
City, New Jersey.
September 29 - October 3, Financial
Public Relations Association Con
vention, Edgewater Beach Hotel,
Chicago, Illinois.
October 6-9, Robert Morris Associates
Annual Meeting, Shoreham Hotel,
Washington, D. C.
October 7-10, National Association of
Bank Women, Sheraton Plaza Ho
tel, Boston, Massachusetts.
October 7-11, South Dakota Bankers
Association Group Meetings.
October 8-10, National Association of
Bank Auditors and Comptrollers,
33rd annual convention. The At
lanta Biltmore, Atlanta, Georgia.
October 9-10, Nebraska Investment
Bankers, Annual Field Day,
Omaha Club and Happy Hollow
Country Club, Omaha.
October 10-12, Nebraska Bankers As
sociation Convention, Hotel Pax
ton, Omaha.
October 20-23, Iowa Bankers Associ
ation C o n v e n t i o n , Fort Des
Moines Hotel, Des Moines.
November 11-12, South Dakota Bank
ers Bank Management Clinic.
November 21-22, A.B.A. Mid-Continent
Trust Conference, Jung Hotel,
New Orleans.
November 21-23, Sixth National Agri
cultural Credit Conference, Amer
ican Bankers Association, Morri
son Hotel, Chicago.
November 25-30, Investment Bankers
Association of America, Holly
wood, Florida.
(
Mother: Junior tells me he caddied
for you this afternoon.
Father: So that’s it. I knew I’d
seen that kid before.
4.
d
Hubby: The bank has returned that
check.
Wife: Isn’t that splendid?
What
shall we buy with it this time?”
D ouble D uty
Mrs. Green, whose husband was
both police chief and town veterinary,
answered the phone, “In which capac- ^
ity would you like to speak to my hus
band?”
“Both,” was the reply. “W e can’t
get a bulldog to open his mouth; ^
there’s a burglar in it.”
O ne M ore Chance
“I’m going to fire that chauffeur,”
shouted Mr. Big. “ This is the third ^
time this week he nearly killed me.”
“Now, now, dear,” soothed his wife.
“Give the poor man another chance.”
It s a Clean Job
“Aren’t you ashamed,” the judge
asked the man, “to have your wife
support you by taking in washing?”
“Yes, I am, Your Honor,” he replied. M
“But what can I do?” She’s too ignor
ant to do anything better.”
Econom ics
\
The teacher asked Johnny:
“W hat’s a bunch of elephants?”
“A herd.”
“W hat’s a bunch of sheep?”
“A flock.”
*
‘Right again,” she said. “Now what’s
a bunch of fish?”
“A school.”
“That’s right,” she said, “now what’s j
a pack of camels?”
“Twice as much in Iowa as it is in
Missouri,” he replied.
Increase Your Revenue . . .
Improve Customer Good Will
with Central States Credit Insurance
Get complete details from the “ C E N T R A L S T A T E S M A N ” . He
will also show you how this profitable instalment credit insurance will
improve your loans and increase your outstanding. Write today to:
C entral S tates
H e a lth & L if e C o.
of OMAHA
T.
UNDERWRI T ERS
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OF
LIFE
AND
LESLIE KIZER, President
DISABILITY
I NSURANCE
T HR OU GH
FI NANCI AL
I NSTI TUTI ONS
Were here to help you...
...with estate planning for your customers
TRUST DEPARTMENT
Clyde H . Doolittle
Senior V ic e President
C. Ream Daughrity
Trust O fficer
Arthur J. Petit
Assistant Trust O fficer
Dee L. Frost
Assistant Trust O fficer
James D. Kempkes
Assistant Trust O fficer
James D. Robinette
1 HE
Estate P lanning facilities of
N ational
our Iowa-Des Moines
Trust D epartm ent are available to your customers.
W e can assist your customers in the careful and economical
planning of their estates— both in the acquisition, m anage
m ent and use of property during lifetim e, and disposition
of
property at death.
The fu ll resources and experience
o f the Estate Planning division are available without expense
or obligation, regardless o f the size of the estate or the nature
of
the problem .
We
welcom e your
reference
of our re
sponsible, experienced services to your customers and friends.
Assistant Trust O fficer
Lester T. Proctor
Assistant Trust O fficer
Lewis C. Cobb Jr.
Estate Administrator
Richard W. Carey
Estate Analyst
Robert D. Eversman
Security Analyst
Des Moines
National Bank
Sixth and Walnut • Founded 1868
M em ber F ed e ra l D eposit Insurance C orp ora tion
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
@FedFRASER