The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Leaders ss 1958 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CHScm6 All of us at The Merchants National join in extending our best wishes for the Holiday Season to you and those you hold dear. May the New Year bring yon happiness, peace and prosperity. During 1958 we will continue to provide unexcelled correspondent service for Midwest banks. THE M erchants National CEDAR « - RAPIDS, BANK IOWA r if Lfj i & 'in ¿ft' \1 y ^ G R w r W ood No. 845. Northwestern Danker, published monthly by the Northwestern Banker Company, 306 Fifteenth St., Des Moines, Iowa. Subscription 35c per copy, $3 per year. Entered as Second Class M atter January 1, 1895, at the Post Office at Des Moines, Iowa, under A ct of March 3, 1879. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 Northwestern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banker, D e c e m b e r , 1957 RtCO PD fíK (Subsidiary o f Eastman Kodak Company) o r ig in a to r of m o d e rn m ic r o film in g — n o w in its 30th year Northwestern Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 5 takes hunt and peck out of film reference Code lines lead you right to your pictures Let’s s a y y o u ’ve coded a batch of docum ents at No. “0 4 ” w h e n you m icrofilm ed them. Just run film through reader until line at left is at 0, line at right is at 4. A n d there you are! Find a n y section on a 100-ft. roll in second s! imagine how much time you’ll save with Kodamatic Indexing, a unique feature of the new Recordak Leliant Microfilmer. Here’s how it works: Just dial the desired code lumber— any number from 1 to 99— as you micro film each new batch of items. The Reliant does the rest— automatically photographs code lines right on Jie microfilm. Later, when you need to look something up, these :ode lines (which appear to run continuously when ilm is advanced), are read against a numbered scale jn Recordak Film Reader. You’ll find Kodamatic Indexing saves time every \ime films are viewed. For example, your bookkeep ing department can find checks, deposit slips, state ments faster . . . your transit department can put its finger on proof machine sendings and direct letters jaster. Other Reliant features which add to your con venience include automatic feeder which all but ends possibility of missed pictures by not accepting items stuck together. Your operator simply separates them and microfilming is resumed automatically. Optional endorser eliminates need for separate operations, endorses or cancels automatically. Now . . . try before you buy! Have a new Recordak Reliant Microfilmer with Kodamatic Indexing in stalled in your bank for 30 days’ free trial. There is absolutely no obligation to buy or rent. See how Kodamatic Indexing and the Reliant’s many other special features give you the most for your microfilm ing dollar. Mail coupon right now. MAIL CO U P O N T O D A Y RECO RD AK CO RPO RA TIO N 415 Madison Avenue, New York 17, N. Y. Gentlemen: We are interested in free 30-day trial of new Recordak Reliant Microfilmer with Koda matic Indexing. P-Î 2 'Name, Position. Company- Just spin the dial to proper code number, and you’ re ready to microfilm. Kodam atic Indexing is as easy as that. “ Street. Recordak ” is a trademark I' City. .State. N o r t h w e s t e r n Ban ke r, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 C E N T R A L N A T I O N A L B & TRUST C O M P A N Y • DES M O I N E S , I O W A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A N K 7 Oldest Financial Journal West of the Mississippi for your D E C E M B E R , 1957, reading E X C L U S IV E 63rd Year No. 843 . . . in this issue E D IT O R IA L S 12 ★ C H R I S T M A S PROJECT FOR BANK STAFF A cross the Desk from the Publisher FEA T U R E A R T IC L E S 21 A heart-warming story that tells how employees of one bank made children happy at Christmas. 8 D ear E ditor 19 Frontispage 21 S a tisfyin g Christmas P roject— Dorcas Campbell 22 N ew spaper E ditor Turns Banker at A g e 60 23 Do Y ou r Customers Really Feel W elcom e?— Del Deischer 24 Leaders Discuss 4 F u tu re Farm Needs 27 Is There an A nsw er to the Farm Problem — D r. O. B. Jesness 28 Bankers Y ou K now — James W . Aston ★ H O W TO M AKE C U ST O M E R S W E L C O M E 23 29 “ Customer A pp reciation Tim e” 30 Federal Reserve P olicy W atched W ith Keen Interest Ideas that have worked suc cessfully for a county seat town bank. 31 T om orrow ’s Investm ent P ortfolio Today— Richard P. Chapman 32 Court Decisions on Legal Problems 49 Stop Paym ent Losses Can Be Prevented — Thomas M. Stoker ★ W H A T S A H E A D FOR FARM B U SIN ESS? — Raymond Trigger IN S U R A N C E ST A T E B A N K IN G N E W S 24 M innesota Twin City South Dakota Sioux F alls N orth Dakota M ontana High points of recent A.B.A. Ag Credit Conference give a look at future of farming. 65 66 68 72 77 82 53 54 57 58 61 62 News News News News News News Nebraska News Omaha News St. Joseph News Lincoln News Iow a News Des M oines News O T H E R FE A T U R E S ★ FEDERAL RESERVE POLICY W A T C H E D 30 Investment analyst traces de velopments in current market in light of Federal Reserve policies. 84 Index o f A dvertisers 84 Conventions 85 W h at’s N ew fo r Banks and Bankers 86 In the D irectors’ Room NORTHWESTERN BANKER 306 15th Stre e t. D es M o in e s 9, Io w a , Telephone C H e r r y 4-8163 Publisher Clifford De Puy Associate Publisher ★ A N S W E R TO STOP PAY M EN T D IL E M M A M a lc o lm K. Freeland Circulation Department Associate Editor W a lt e r T. P roctor Associate Editor Advertising Assistant The author points out insur ance steps to avoid this knotty problem. Editor Ben J. H a lle r, Jr. Auditor G la d y c e Field Representative J. F. Neum ann Elizab eth C o le 49 Lena Su tphin Secretary Su san M o rto n D ary l F. V isse r Field Representative Shelton A l K erb ei Frank P. Sy m s, V ice P resid en t, 505 Fifth A v e ., Su ite 1806, N e w fo rk , M U r r a y H ill 2-0326 M ilto n P. Bock, V ice P resid en t, 854 Baker Bu ilding, M in n e a p o lis, FE d eral 6-9191 DE PUY PUBLICATIONS: Northwestern Banker, Underwriters Review, Iowa-Nebraska Bank Directory Northwestern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banker, D e c e m b e r , 1957 8 D ea r E d ito r “Farming for Profit”...unique service to your customers Doane monthly reports help bankers serve farmers through last-minute analysis of price trends, and latest practices to cut costs and boost income. More and more bankers serving farmers are using “ Farming for Profit” as the nucleus of a service-type public relations program to build bank business, as well as a sounder agriculture in their area. This terse, authoritative, easy-to-read bulletin compresses the thinking of some of our best-informed agricultural brains into money-making, money-saving capsules of information. The First National Bank, Vandalia, Illinois, distributes 1,000 copies of “ Farming for Profit” monthly to farm customers and friends in Fayette County. H. E. Rogier, President, says: H . E. R o s ie r, President, The F ir s t N a t io n a l Bank, V a n d a lia , Illinois “ We’ve been mailing ‘Farming for Profit’ to customers and prospective customers in our trade area since February 1948. We think it helps to make them better bank customers as well as helps them make more profit in their over-all farm ing operation.” Donald Flatt is one of many farmers in the Vandalia area who receives “ Farming for Profit” monthly. Mr. Flatt is quoted as follow s: “ I’ve been getting ‘Farming For Profit’ from Mr. Rogier for several years now. I like it. It’s short, concise and easy to read. I’ve never put one away yet without read ing it.” The following letters are from Northwestern Banker readers. Your views and opinions on any subject are welcome in this column. “ Enough Business For A ll” “ Thanks kindly for the N o r t h w e s t e r n B a n k e r Survey of Iowa banks relative to their thoughts, causes and results of the in terest rate hassel. “ The charts are very revealing and most interesting. “ I might add that through the years the savings and loan industry, individually and through the U. S. League organization, has always pointed its advertising comments and public utterances, relative to bank competi tion, on the positive side. It would seem somewhat unfortunate that some o f the banks take the negative approach in relation to their savings and loan competition. I have read many articles by prominent bank ers and others in the banking field, advising the banks to ‘stop crying’ about the savings and loan competition and urging them in their thoughts and activities to get onto the positive side of the picture and talk about bank advantages and services, rather than how much business the savings and loans are doing. “ I believe it has been sufficiently estab lished that there is ‘enough business for all’ and a place in the financial community for both types of financial institutions.” Prouty Linn, Secretary, First Federal Savings and Loan Association, Sioux City, Iowa “ Really Dressed U p ” D o n a ld F la tt, farm e r a nd bank c u sto m e r W rite today, and see how little it costs to identify your bank with this unique service to farm customers. “ Farming for Profit” is edited by Doane Agricultural Service, Inc., St. Louis 8, Missouri . . . the oldest and largest organization in the United States engaged in Farm Management and Agricultural Research. “ You certainly dress things up! “ No wonder I didn’t recognize the quote from Punch in the October N o r t h w e s t e r n B a n k e r . I doubt if the English author would recognize ‘A Simple Explanation of Banking’ either, with all the GLAMOUR with which you dressed it.” Robert K . Goodwin, Vice Chairman o f the Board, Cen tral National Bank and Trust Company, Bes Moines “ Masterpiece o f Straight Thinking” “ Your i i T i w n i AGRICULTURAL SERVICE, INC. 5142 D E L M A R BLVD. N o rf h w e s t e r n Banker, D e c e m b e r , 1957 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis y • ST. L O U IS 8, M O , w estern letter in the October N o r t h B a n k e r to Mr. Neil McElroy, in ‘Across the Desk from the Publisher,’ is a masterpiece of straight thinking. You have -y spoken truths (perhaps from the wilderness) that require soul searching meditation. We are living in an era of political and eco- !) SYMBOL OF COOPERATION BETWEEN BANKS AND BANKERS This stamp symbolizes cooperation between The Bank of New York and its correspondents in thousands of daily transactions. The Bank of New York, one of the two originators of correspondent banking in the United States, has provided prompt, effective service to an ever-increasing number of banks and bankers for nearly 175 years The Bank New York of New Y ork’s First Bank • Founded 1784 48 WALL STREET, NEW YORK 15, N. Y. Telephone: WHitehall 3-4800 Cable Address: "Bankone" M em ber Federal Deposit Insurance Corporation N o r t h w e s t e r n Boulier, D e c e m b e r , Î 9 S 7 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10 nomic expediency, the mob is crying in fear of a masked monster, a reversed image and likeness of the God in whom the mob pro fesses to worship. Fear would attempt to an nihilate truth. The easy way to calm the fears of the mob is to feed it a soothing syrup in the form o f immediate action. Any kind of action that will shut the voices of the mob. The price the mob must pay is more and more taxation, which serves the unawakened masters of political and economic expedi ency. Truth is sometimes hard to swallow but it is a remedy that never fails to heal.” Bita E. Bawll, Vice Presi dent, Christmas Club, 230 Park Avenue, New York 17, New York “ Couldn’ t Do Business” “ Couldn’t do business without the N o r t h w estern EXTRA COMPRESSION CONDITIONS SHEETS AND GIVES ADDED FIRE PROTECTION COMPRESSORS EXACT SHEET SIZE B a n k e r .” Joe Menges, President, Alta Vista State Bank, Alta Vista, Iowa “ M ore Power to Y o u ” MAGIC KEY FOR TWO-WAY CAPACITY CONTROL AUTOMATIC THREE POSITION OFFSET RAIL AUTOMATIC SHEET POSITIONING SIGNATURE CARD FILES TWO-WAY PULL OUT SHELF ADJUSTABLE STAND HEIGHT ADJUSTABLE LOAD CONTROL PROJECTING CROSSBAR ENTIRELY ELIMINATED FREE-ROLLING CASTERS WITH BALL BEARING SWIVEL f a f ó ó u /L e , L O W FOR P O S T I N G - - H I G H F O R R E F E R E N C E Built sturdily to last longer. Ease o f operation im proves em ployee morale. From the w orld’s A sk for Dem onstration largest manufacturer o f posting trays and stands. Representatives in M o st Principal Cities X # . / / / _ e f e c u P ic CO RPO RATIO N CEDAR N o r t h w e s t e r n Banke r, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 RAPID S, IO W A “ I certainly want to thank you and con gratulate you on the wonderful editorial that you wrote to Neil H. McElroy, our Secretary of Defense, in 'Across the Desk from the Publisher’ in the November N o r t h w estern y B anker. “ I have felt very strongly on this subject for quite a long time but you have presented it so forcefully and well that I just wanted to tell you so. “ I enjoy all your editorials and they are one of the finest things about the N o r t h w estern B a n k e r to us bankers. More power to you and may a lot of your sugges tions bear fruit in the future for the good of civilization. “ Maybe if enough good people hammer on this theme some day it will bring results.” George W. Boettner, Presi dent, The Bank o f Atchison County, Bock Port, Missouri Federal Reserve Election Walter J. Cummings and Gerald F. Langenohl were recently elected di rectors of the Federal Reserve Bank of Chicago for a three-year term be ginning January 1, 1958. Mr. Cum mings, chairman of the board of the Continental Illinois National Bank and Trust Company of Chicago, has been a director of the Federal Reserve Bank of Chicago since 1937. Mr. Langenohl, treasurer and assistant secretary, Allis-Chalmers Manufactur ing Company, Milwaukee, Wisconsin, succeeds Walter E. Hawkinson, who was not a candidate for re-election. J. Stewart Baker Retires J. Stewart Baker, chairman of the executive committee of the Chase ^ Manhattan Bank, New York, has an nounced plans to retire at the end of the year. He is terminating his duties after a period of 38 years’ association with the bank. However, he plans to ^ continue as a member of the board of directors. il W h ile you were having a m idnight s n a c k ... . . . o u r a r m o r e d t r u c k p ic k e d u p 2 8 , 0 0 0 c a s h i t e m s at th e a ir p o r t Nothing could be more leisurely than a midnight snack. But no one could be less leisurely than we while this is going on— and the city sleeps. All through the night, our armored trucks are speeding to and from the airport to pick up cash items for processing. On a typical trip at midnight, for in stance, we picked up 28,000 items— and sped them directly to the bank without so much as a moment’s delay at the post office. All told, about a quarter-ton of cash items are hurried to us each day from the airport. Is it any wonder, correspondents from coast-to-coast like to do business with us? If you would like to know how we can save you money by saving you time, why not get in touch with us? W e’ d be glad to discuss it with you in your office. C O N T IN E N T A L IL L IN O IS N A T IO N A L B A N K and T rust C om p an y o f C h ica go Lock Box H, Chicago 90 Member Federal Deposit Insurance Corporation N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 Mr. Welman, that students who have grown up in the United States and have benefitted from the business achievements of this era should want the government to take over the most successful eco nomic system in the world. Certainly the American Bankers Association has a real chance under your administration to do something about telling the story of banking to the students of America and pointing out to them what it has done and is doing for our system of private enterprise. (DsjcVc QjdJw , CL. Executive Vice President, County Trust Company, White Plains, New York, and Chairman, American Bankers Technical Committee on Mechanization of Check Handling »S i he,DESK Lum i (D sucU c Q joA op ÍL tk & P iiW id fiP A Q . IÜ sJm m l : President, American Bankers Association, and President, Bank of Kennett, Missouri In planning your activities for the American Bankers Association during 1958, the N orth western B anker believes that one of the para mount programs which yon should establish is to educate the high school and college students of the United States on the important place which banks have in our economy. The teen-agers today should know that our free enterprise system in the United States has pro duced the world’s highest living standard. Even with this knowledge, a recent poll made by “ Scholastic Magazine” among 5,800 high school students indicated that : (1) 33 per cent of the boys agreed that banks could be better run by the government. (2) 22 per cent favored government oper ation of the coal industry. (3) Over 18 per cent preferred a govern ment run steel industry. (4) 41 per cent did not even answer the question concerning banking. (5) Of those who did answer the questions on banking, only 25 per cent preferred the private operation of banks. It seems strange to the N orthwestern B anker , The Wizard of Electronics is now waving his magic wand over many banks in the United States and bringing rapid changes in bank operations. New inventions to make banking easier and more efficient are appearing every day. As an example, a new machine has been completed which: 1. “ Reads” checks for sorting. 2. Posts checks to an electronic ledger. 3. Prepares customers’ statements automati cally. 4. Processes intermixed checks in random sizes. 5. Can spot “ bad” checks. This all sounds beautiful, but why stop with such “ incidental improvements ?” Why not advance further and give bank custom ers real supersonic, atomic, high fidelity, upperstratospheric service by including: 1. Ether wave radio reports from the bank to customers when their accounts are about to be over-drawn or get down to a $50 balance. 2. A machine to read customers’ financial statements and tell them Y es or No about a bank loan. 3. Appraise real estate, including city prop erty and farms, by long distance photography and ultra-violet ray machines to see what kind of material is in the buildings, houses, garages and barns. 4. A machine to tell funny stories to cus tomers while they are waiting in line to cash checks or make deposits. Seriously, does this mean that as banking gets more “ automatic” the personal contacts will grow less and less? Certainly not. No machine in banking can ever take the place of the personal relationship which should always exist between customers and bank officers. The greatest book ever written and compiled is the “ DEPOSITOR’S BANK BOOK.” Northw estern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banke r, D e ce m b e r , 1957 i No matter how automatically it may be “ kept,” it represents the toil, sweat and tears of most indi viduals. It is the record of the financial life blood of the men and women who make up America and who, from day to day, are using the banks as service stations for their savings, checking and safe-keep ing requirements. The human element in banking is more important today than ever before, and don’t let the W IZA R D of ELECTRONICS fool you with his magic into thinking that it should he otherwise— he helps with the mechanics, but he lacks the human touch. (D&jah, QhahlsiA, 9. SdwjtiLanjcL: Commissioner of Social Security, Washington, D. C. According to a recent report the Social Security System was short $125,000,000 in the fiscal year just ended of covering the benefits paid out to over 10,000,000 retired workers or dependents. Next year it is expected that the difference be tween money paid out and money received from taxes will be $1,000,000,000. Some other facts about your Social Security Sys tem based on this report, Mr. Schottland, are these: 1. In 1954 Congress voted to let self-employed farmers retire at 65 if they paid Social Security taxes for only two years. 2. As a result of this law thousands of farmers came out of retirement to farm for two years in order to become eligible, and then retired again. 3. So for $252 in taxes a farmer could buy a pension of $108.50 a month for life (if single) or $162.50 a month (if married). 4. Thus some 375,000 farmers signed up instead of the 150,000 as expected. As this report further points out, “ While under estimating outgo by a wide margin, Social Security actuaries have also overestimated collections. In the past fiscal year the experts predicted that col lections would be $7.3 billion, payments $6.8 bil lion. Instead, collections were only $7 billion, while payments exceeded that. “ Despite the red ink, nobody believes that the Social Security System is going broke, since ulti mately it is backed by the credit of the U. S. and the taxing power of Congress. But too much has been attempted too fast. Politicians of both parties have long been locked in a headlong competition to win votes by spreading Social Security cover age.” In 1960 the present tax of 4y 2 per cent will be boosted to 5y2 on the first $4,200 of annual income and again the rate will be raised 1 per cent in 1965, 1970 and 1975. This report also mentions that Social Security experts admit that even then there may not be N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 enough income to offset benefit payments, necessi tating further tax increases. A number of hills are pending in Congress which, if passed, would throw Social Security even deeper into the red. But the voters want the money and Congressmen want the votes. d io w c (R ojl^ cfL . (R qjl&a a j w l : Vice President and Economist, Bankers Trust Company, New York Your analysis of the “ business cycle” emphasizes some of the plans which we have to help “ cushion ’ any major decline in our economy. “ A number of measures and institutions have been introduced into our economy which promise to relieve in a substantial way some of the hardships experienced in previous busi ness recessions. The enhanced protection of incomes through unemployment benefits, social security, and pension programs augurs for greater stability of consumer spending under conditions of economic adversity.” For over 20 years, as you also point out, Mr. Reierson, “ The pattern of business fluctuations in our times has been repeatedly and forcefully af fected by developments on the international scene.” Looking ahead, your conclusions include: (1) A recurrence of cyclical setbacks in our economy in years ahead. (2) This does not imply that serious and sustained downswings of the business cycle must and w ill occur. (3) With business caution and the curbing of excessive expansion we may succeed in hold ing cyclical declines to reasonably moderate proportions. The business cycle is simply the day to day and year to year expression of the human emotions of the citizens of America. The stock market reflects human emotions by the hour. To keep our over-all economy on as even a keel as possible is the problem which faces bankers, busi ness men and government officials. The estimate of 1,000 corporation executives and government officials surveyed by Sinclair Weeks, Secretary of Commerce, is that “ There will be a decline of perhaps one per cent in business activity in early 1958 with a recovery in the second half of the year.” Let’s hope that this proves correct and that the business cycle turns up instead of down in 1958. 14 Riverside & San Bernar dino Counties—form erly served by 27 branches Citizens Trust & Savings Bank of Riverside. •r V to form a greater Security-First National Bank C itiz e n s N a tio n a l T r u s t & S a v in g s B a n k o f R iv e rs id e S e c u r ity T r u s t & S a v in g s B a n k o f S a n D ie g o > S e c u r it y - F ir s t N a tio n a l B a n k o f L o s A n g e le s On N ovem ber 1, 1957, three pioneer Cali fornia banks consolidated to give Southern C a lifo rn ia n s an enlarged, im proved and more convenient banking service. Long and closely associated as correspondents, the three now form a consolidated institution— the Security-First National Bank—with 200 branches serving the entire southern half of California, a legal loan limit in excess of $14 San Diego County —f o r m e r l y s e r v e d b y 18 branches Security Trust & Savings Bank of San Diego m illion, more than $206 million in capital funds and about $3 billion in total resources. S E C U R IT Y - F IR S T NATIONAL BANK Head Office: Los Angeles • Citizens Division Headquarters: Riverside San Diego Division Headquarters: San Diego M E M B E R FE D E RA L D E P O SIT IN S U R A N C E C O R P O R A T IO N • M E M B E R FE D E RA L R E S E R V E Los Angeles and 10 other Counties —for merly served by 155 branches SecurityFirst National Bank of Los Angeles. N o r t h w e s t e r n Ban ke r, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 SYSTEM Join the hundreds o f hanks celebrating . Progressive banks are setting aside Valentine Season, 1958, to tell all Wrnimtm their customers, Custmer Mprmatmi unie | Thanks for hanking with us. a V a le n tin e from a B a n k ? Yes, banks are vying to be different . . . to do some thing to attract new business and create enthusiasm among their old established customers. That’s the way to grow. H a v e y o u se e n the Kit w e m a ile d s e v e r a l d a y s a g o ? To help generate this "N e w Approach” in banking we have designed something unusual — a handsome Valentine Stuffer . . . along with a matching Counter Card, Decorative Hearts and a Newspaper A d — four items for the price of one. A ll for little more than the cost of an ordinary January 31st statement enclosure. It shows all the elements in color. If by any chance y o u r bank did not receive the Kit, write and we will send you one immediately. No obligation, of course. For this Valentine idea to be effective, only one bank can use it in any community. Be the one bank in your community to use it. w rite, w ire o r p h o n e ATLAS ADVERTISING B ro o k lin e 46, M a s s a c h u s e tts • A S p i n w a ll 7 -0 3 0 0 N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 16 T r a n s f e r r i n g fu n d s . . . a t ISfi^OOO m i l e s .. g f 03 • d t g* éà MB g § ? 0. m «Just one of the ways City National speeds business transactions for its Correspondent Banks. At noon a short time ago, one of City National’s in 58 cities across the country, are linked together correspondent banks needed complete detailed by a busy battery of teletype machines. Through financial arrangements in five different cities— this electronic network, every one of our corre before the close of banking hours. We immediately spondent banks has available to it one of the most placed C ity N a tio n a l’s Bank W ire Service at modern facilities for fast banking operation. the associate ban k’ s disposal. M essages were The Bank Wire is only one of many services flashed around the country at literally the speed available to our correspondent clients. Many other of light. A n d, in less than an hour, the entire unique and even more important advantages are transaction was wrapped up. offered to associate banks around the country. In today’s banking, where time is money, City Wherever you are located, you will do well to National’s Bank Wire Service has proved invaluable consider City National as your correspondent in to our correspondent banks. Two hundred banks, Chicago, and your partner in success. C it y N a t io n a l B a n k ANI» T K U S T C O M P A N Y 208 SOUTH LA of C h i c a g o SALLE S T R E E T ( Member Federal Deposit Insurance Corporation) N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 17 Let our International Banking Department be Yours! Another reason why more and more banks are turning to Manufacturers Trust Company Many of our Correspondent Banks use our International Banking Department as their own for: ★ Remittances to Foreign Countries ★ Establishing Import Letters of Credit ★ Collection of All Items Payable Abroad ★ Information on Foreign Trade ★ Credit Reports on Foreign Names ★ Data on Foreign Customs and Regulations ★ Purchase and Sale of Foreign Exchange The forms and procedure which we provide for our correspondents require a minimum of detail work, and, where appropriate, these forms are imprinted with the correspondent bank’s name. Working with leading local banks in 153 countries, we are able to serve you and your customers in every important market in the world. For any pertinent data relating to business abroad, just ask us. Other Correspondent Bank Services ★ Bond Portfolio Analysis ★ Personal and Corporate Trust Service, including Pension Plans, Dividend Payments and other Related Services. ★ Up-to-the-Minute Credit Information ★ Surveys and Recommendations on Bank Operations ★ Around-the-Clock Transit Service ★ Domestic and Worldwide Collections ★ Group Life Insurance and Pension Plans ★ Excess Loan Participation Representative Offices : London, Tokyo, Rome, Frankfurt a.M. Head Office: 55 Broad Street, New York 15, N. Y. Member Federal Deposit Insurance Corporation N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 18 WE LOOK AHEAD O TO CO NTI NUE D SERVICE TO OUR FRIENDS AND WISH YOU ALL A H A P P Y H O L ID A Y S E A S O N As the joyful Christmas season again rolls around, it gives us pleasure to recall our many years of fruitful association with the hanking fraternity. We feel again the need to say how much we value those bonds of friendship based on more than mere business relationship. We want you to know that your continued confidence is our most priceless corporate asset. To all of you from all of us, our heartfelt wishes for a happy Christmas and a most prosperous New Year. C i)ri£ tm a si C lu b a Corporation Founded by Herbert F. Rawll 2 3 0 Park Avenue , New York 17. N. Y. .. H E A D Q U A R T E R S FO R M E M B E R S OF BUILDS CHARACTER BUILDS SAVINGS • SPONSORED BY THE INCORPORATED ORGANIZATION CHRISTMAS CLUB if BUILDS BUSINESS FOR .* J * * O RIG INATO RS OF THE C H R ISTM A S CLUB PLAN P A Y M E N T NUMBER FINANCIAL INSTITUTIONS 1E:mm I N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 DU E THIS W E E K .1 i 19 If you would like extra copies of this picture w e will be glad to send them to you with our compliments.— The Northwestern Banker. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n Banker. D e c e m b e r , 1957 20 your\ Men from Mercantile RESOURCES OVER $600 MILLION • ST. LOUIS, MO. Member F ederal D ep osit In su ra n ce C orporation I. M A C K A. A L D R I C H • 2. R O Y V. L E O N A R D 3. M A U R I C E J. S I N G E R • 4. F R E D 5. E D W A R D H. S C H O O R • 6. J O H N W. K R I E G E R WILKINSON 7. D U T E E L. S M I T H • 8. H. F. C H A L F A N T . JR. 9. J A M E S A. S M I T H • 10 C H A R L E S B. S H A P A R D I I . J A M E S E. B R O W N • 12. J O H N P I S A R K I E W I C Z N o r t h w e s t e r n Ban ke r, D e c e m b e r , 7957 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 21 . . . for a Bank or a Bonk Employee Club ê Satisfying I IIrisi inns l , roject r p H E idea for a special Christmas I promotion last year for a group in our bank originated with the president of the bank Camera Club, Robert Hamilton. At last year’s November meeting, members of the Camera Club dis cussed a Christmas party, and soon a meeting was held to make the neces sary arrangements. A date, time and place were discussed along with the appointing of committees for a suc cessful party. Gift for a Child Written Especially for The Northwestern Banker B y D O R C A S CA M PB ELL Assistant Vice President East River Savings Bank ISew York City The Plan Progresses Another member moved that all the gifts should be given the Hungarian children, and that plans and commit tees move in the direction of accom plishing this purpose. All were in favor. Someone else accepted the re sponsibility of getting in touch with the Rev. Andrew Kosa, paster of the Magyar Reformed Church of New Brunswick, New Jersey, and director of the American Hungarian Federa tion. As the plan progressed, all ar rangements were made with the Rev. Kosa. Interest Grows The traditional plan of exchanging gifts was to prevail, and it was in this area of thinking and planning that Mr. Hamilton made his suggestion that instead of exchanging gifts among the members themselves, each mem ber should purchase a gift for a child and donate it to a worthy organiza tion. The members jumped at the fun. At that particular time, many Hun garian children were at Camp Kilmer, New Jersey, and as Mr. Hamilton said, “ They are spending their first Christ mas in a strange land.” Publicity was given our project in the bank’s Newsletter, and the idea brought forth many favorable com ments as well as additional gifts from many other staff members of the bank, all of whom were gaining more interest in the project as Christmas drew near. The spirit of the plan grew, and soon there were more than 100 gifts and a fine assortment of “Lots of Fun” The bank’s Camera Club arranged the whole program from beginning to end “with the greatest of ease” and had lots of fun doing it. They are a fine group and I am happy to learn that other bank groups have decided to take up similar projects.—$$ PREPARING for the party are these members o f the bank’s Camera Club, left to right: Mr. Mackechnie, club treasurer; Mr. Silvik, club vice president; Miss Fow ler, secretary; the Rev. Andrew Kosa, director of the American Hungarian Federation, and Mr. Hamilton, club president. N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 22 N ew spaper E d itor Turns Hank cm* .11 /t y e tiO . . . and that was 25 years ago! REMARKABLE sort of man who has crammed two full-time careers into a single life span—that’s Perry T. Grimes. The 85-year-old president of the Davis County Savings Bank of Bloomfield is one of Iowa’s most unusual bankers. After a 40-year career in the newspaper business, he retired in 1932 at the age of 60 —retired, that is, to accept the call to head up a small town bank that needed his courage and judgment in the depths of the depression. A Changes Career Up to that time, 25 years ago, P. T. Grimes never had any aspirations to change careers. He had dabbled in politics, but that goes along with newspapering. Here was something entirely different. “ I don’t know anything about banking,” he protested to the bank’s directors. But they insisted that they knew all about him, that his leadership was needed, and he was their choice. And so today, after 25 years, Perry Grimes is well es tablished as one of southern Iowa’s most successful small town bankers. And at the rate he’s going, he could very well round out a second 40-year career in two different professions. To Work at 6:30 a. m. Mr. Grimes certainly doesn’t look his 85 years. He could easily pass for a man of 65 or 70. While he didn’t say so, the old early-to-bed-early-to-rise formula might be responsible for his unusually good health. He’s up early every morning and down to the bank by 6:30. This gives him time to get his desk work done before the bank opens at 9. Then he makes himself available to his customers— one and all—from the largest depositor to the smallest borrower. He was born in Smithville, Indiana, near Bloomington, October 7, 1872, the son of the county sheriff. He at tended local schools for awhile, then completed work in the preparatory department of the University of Indiana. Mr. Grimes liked Bloomfield and the people liked him. Thus began a long and pleasant association, interrupted for only a few brief periods when his newspaper interests carried him to other towns. But Bloomfield was really home to him—and newspaper work his first love. Offered the Presidency So it was that Perry Grimes had a difficult decision to make in 1932 when he was offered the presidency of the Davis County Savings Bank in Bloomfield. The fascina tion of newspaper work doesn’t wear off, even after 40 years. , 72-Year-Old Cashier For the past 30 years, vice president and cashier, 72year-old Ed W. Shaw, the youngster in the Grimes-Shaw team, has steered Davis County Savings Bank success fully through a major depression, a World War, and a postwar adjustment that still has its problems. President Grimes is the first to give credit to his part ner and “right arm.” He says Ed Shaw’s experience, wisdom, and loyal support have been invaluable over the years. And a feeling of mutual admiration seems to exist between the two men—an ideal situation for successful bank administration. P. T. Grimes has made more than his share of civic and patriotic contributions over the years. During World EDITOR TURNS BANKER . . . (Turn to page 48, please) Not a Farmer Young Perry tried farming first, but at the age of 18 decided that tilling the soil was not for him. He went to Washington, D. C., to work in the Census Bureau, but after two years returned to Indiana. Here, at the age of 20, he began his 40-year newspaper career as a reporter for the Bloomington Daily Telephone. After three years in Bloomington, Mr. Grimes joined his brother in the purchase of a small newspaper in Lin coln, Illinois. In 1903 he moved to Iowa on the staff of the Davenport Times, and in 1906 again became a pub lisher when he bought the Davis County Republican, one of Bloomfield’s weekly newspapers. Northwestern Banker, December, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 PERRY T. GRIMES, left, president, and Ed W. Shaw, vice president and cashier, Davis County Savings Bank, Bloomfield, Iowa, inspect one of the red, white and blue signs which ap peared this fall in all banks over the country. Mr. Shaw, 72, has served as cashier the past 30 years and is an avid supporter of the Savings Bond program. Y * O YOUR bank’s customers know they are welcome? They should, and every effort should be made to make them feel welcome when they enter your lobby. Here at the Farm ers National Bank in Webster City we have used several methods to make our customers feel at home at our bank and to make them feel that we appreciate their business. Last September we moved into our new bank building, designed especially for the purpose of making available to the public the most modern and useful facilities a bank can offer. This was a fine idea, which was well-founded and our facilities have already proven to be a valuable asset to the com munity. We, of course, had a grand opening to which the public from miles around was invited, and they came in such numbers that the event was highly successful. One might ask whether the impression made on the public by a beautiful new building and a large formal opening complete with favors would have a lasting effect without continued efforts to make the people feel welcome. D Ilo Your YiiKtomers H i i U i l Feel W elcom e? their coming to the bank by pausing long enough to have coffee and sand wiches in our now famous party room. In fact, each teller while waiting on customers made it a point of asking them to be our guests. We carried this courtesy on throughout the holi days and it was enjoyed by many peo ple. Written Especially for The Northwestern Banker By D E L DEIS CHER Public Relations Officer Farmers National Bank Webster City , Iowa Human Relations Job It was our opinion that a building is not enough to encourage people to do business with you. You must make them feel welcome. Therefore, we have endeavored to accomplish this job of human relations in several ways. When our formal opening occurred, the Christmas season was only a short time in the future. During this joyous season we invited people to enjoy v To further build good will in this area, we sent a letter to all of the local industries shortly after the first of the year. In this letter we invited them to use our main lobby for setting up displays of their products. They readily accepted this invitation and each week a different industry has an attractive display in the lobby. These displays have created wide interest among the people who come into the bank, to say nothing of the stimulated good feeling the industries had for our bank. Early this spring, we put a station wagon into service with our name in the side panel windows. Since that time I have spent a great deal of time in the rural areas calling on our many friends and customers, including, of course, our many prospective custom ers. You would be surprised how much your farm people appreciate your stop ping in for a short visit with them. At each place I stop, I like to take a snapshot of the farmer with some thing which he prizes very highly— perhaps it is his family, some nice feeder cattle, or a piece of machinery. We then send him a copy of the pic ture and have a copy made for a photo display in our lobby. Pictures always create interest. Other Activities Our station wagon is also used for other purposes, such as calling on new residents of Webster City, and to wel come them to our community and in vite them to use our facilities. We also use it for farm demonstration programs and for clerking farm sales. George B. Aden, cashier, and myself, recently attended the Cattle Feeders Tour which is sponsored by the Ham ilton County Beef Producers Associa tion. This tour took us with many farmers on a visit to a number of farms in this area, where we viewed different types of feeding programs being used and the results being achieved. After the tour, the group met in our REALLY WELCOME . . . PRESIDENT G. E. ALEXANDER, SR. AUTHOR DEL DEISCHER (Turn to page 62, please) N o r t h w e s t e r n Ba nker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7957 24 At A .B .A . Ag. Credit Conference • ■A "' ; ■'■■■•M& V Hfijl w $ Lenders lliseiiss fill #. F ia a n e in y 2 . M a rk ets optimism on the delinquency situa tion, a larger proportion of them indi cated less pressure, compared to a year ago, to finance short-term debts with long-term loans. 3. Relative to farmers’ deposits, more bankers reported an increase than reported a decrease from a year ago. A large proportion of the net increase consisted of time deposits. According to the United States Depart ment of Agriculture, time deposits went up about 15 per cent during the last 12 months in 20 leading agricul tural states. 4. Longer repayment programs for appropriate investments are another favorable d e v e lo p m e n t. They are “ Agricultural Credit “ catching on” among bankers. This Survey” is alleviating the need, which many H A R R Y W . SCHALLER bankers readily recognized and re Chairman, A .B .A . Agricultural Credit ported in the survey, for credit ar Commission and rangements longer than 12 months. President, Citizens First National Bank 5. Improved weather c o n d itio n s Storm Lake, Iowa have reduced credit problems in many O HELP keep abreast of the farm credit situation, the Agricultural communities. In our March survey, Commission of the A.B.A., in coopera 37 per cent of all western bankers who tion with state bankers associations responded said weather was the prin and bankers representing every coun cipal farm credit problem in their ty of the nation, area. In the recent survey, only 4 per cent of them listed weather as a seri conducts a survey ous problem. twice yearly. On the other hand, certain factors The m ost re cent survey, plus give cause for concern: 1. It appears as though tight money, other sources of in form a tion , re in the latter stages of development, v e a ls that even has finally caught up with the rural though the over areas. Bankers report that their ef all farm situation fective interest rates on farm loans average one-fourth to one-third of 1 d o e s not g i v e cause to rejoice, per cent above a year ago. This was H. W . SCH A L LE R many aspects of a moderate increase, compared to the the current farm credit situation do sharp rise in the central money mar kets during the past few years. Yet justify cautious confidence: 1. Repayments and delinquencies rethe increase in rates indicates that main on a generally sound basis. No bankers in rural communities have a more than a normal number of ex combination of (1) strong demand for ceptions exist. Nearly nine out of loans, plus (2) numerous alternative every 10 of the 1,600 bankers who re investment opportunities and respon sponded said delinquencies had not sibilities. 2. The need for longer repayment increased over a year ago. 2. As further evidence of bankers’ programs continues to be of major 6oo bankers from around the nation at tended the American Bankers Association National Agricultural Con ference in Chicago last month. They heard discussions of the prospects for farming in 1958 and the years ahead, and methods of financing agriculture under the conditions that lie ahead. Sponsored by the A.B.A. Agricul tural Commission, the meeting was presided over by Harry W. Schaller, chairman of the commission and presi dent of the Citizens First National Bank at Storm Lake. Condensation of several of the talks delivered at this meeting follow: A p p r o x im a t e l y T N o r t h w e s t e r n Ba nker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 concern in some cases. Nationally, ^ bankers are alleviating this problem on a larger scale than any other lend ing group with various types of inter mediate-term repayment programs. 3. Another problem facing bankers who serve farmers is the need for larger loans. Farms are getting big ger, machinery investments are in creasing, and off-farm purchases of Y production item s are in crea sin g . Farming is simply becoming a busi ness in which a specialized team of bankers, farmers, machinery dealers, 1 feed dealers, and a host of others work together. Although this special ization takes a lot of capital, which we will help provide, it’s an efficient way to get the job done. Bankers are taking a couple of ma jor steps to help meet this problem of larger farm loans. For one thing, country banks have increased their capital structure during the last dec ade by about the same proportion as the increase in average loan size. An other thing which will receive more attention in the future is the use of correspondent relations between large and small banks. Participation loans apparently are becoming more preva lent. “ Wliat W ill Farmers Sell in 1 9 6 5 ? ” D R. G. B. W O O D Head, Department o f Agricultural Economics, Oregon State College Corvallis, Oregon farmer of the near future will T HE produce “ on specification.” The A day is near when few farmers will be able to produce what they wish, when they want to produce it, without re gard for what the market will take. Food retailing is being concentrated in fewer and fewer hands. In many large cities, a half dozen firms do as much as two-thirds of the food busi ness. The “new” food store stocks as many as 6,000 items, with competition for shelf space keen. Private brands controlled by the food store are fightA 25 4 Future Farm Needs F a r m . H unk P e r s o n n e l 4. S olu tion to S u rp lu s ing a winning battle with national labels on food shelves and in the food cabinets. Such mass distribution is leading to buying on specification. The supply end of the food firm is exerting more and more control over farm output. Farmers are dealing with a new type of “animal” now—a consumer-retailer team that is writing the ticket. One researcher points out that none of the 30 major meat wholesalers in the southern California area has a salesman on the road. All products are sold on specification over the tele phone. He predicts that the whole saler will be the “forgotten man” in many agricultural industries 10 years hence. Already, the wholesaler plays no role in the 1957 broiler industry, and there are signs that the whole saler’s function is diminishing in the frozen food picture. Contracting is exerting new horse power in the food industry. It pro vides a stable forward price for food buyers for as much as five years. It takes some risk out of farming — a farmer can know his price or margin and how much he can sell before pro ducing. I believe that contracting will grow in importance as specifications can be adapted to farm production. This no doubt means more specializa tion with larger units and greater cap ital. “ Learning to Live W ith Abundance” DON PAARLBERG Assistant Secretary o f Agriculture W ashington, D. C. are the farm policies of this T HESE Administration, as viewed in the light of the technological revolution: 1. The first objective is to dissemi nate widely the fruits of these great changes. Possession of this new tech nical skill provides an opportunity and a challenge to lift the level of liv ing in this country and abroad. 2. The second objective is to protect farm people from the sometimes harsh consequences of their own magnificent performance. There are the continuing services of research, education, credit, and con servation. There are price supports set at lev els which will stabilize the market without pricing us out of the market. There is the building of markets, the development of new crops and new uses. There are broad programs of sur plus disposal. We are not out of the woods by any means but we are making progress. Farm incomes are up for the second consecutive year. Farm prices are up. Surplus stocks have been reduced. 3. The third objective is to preserve and strengthen our enterprise system. The family farm is a remarkably durable institution. Family farms pro vide the great bulk of our agricultural production, about the same share as 15 years ago. Three-fourths of our farms are operated by those who own them — a record. Two out of three farms have no mortgaged debt. Farm people are capable of making wise decisions in their own behalf. The combined judgment of our farm people is superior to the judgment of a few so-called farm experts located in Washington. “ New Opportunities in Financing Farmers” J. EARL COKE Vice President, Bank o f America San Francisco, California ANKERS are in a favorable posi tion, and have done much to help B educate farmers in the better use of credit, but we can do even more. Farmers need to understand that their credit is one of their greatest resources because it can be exchanged for capital. When a farmer builds his credit rating, and thereby increases his credit asset, in a very tangible way he adds to his management potential. Bankers have a real opportunity to bring about this understanding. They FARM M ACH IN ERY ex ecutive reports that with increased mechanization of farms, 445,000 tractors w ill be needed annually for replacement alone. This is well above industry’s level of operation for the past 5 years, and w ill create greater demand for needed capital in this important industry. N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J957 26 v u n tin u v ú . . . le a d e rs Discuss 4 Future Farm Needs are uniquely equipped to offer a com plete type of services and facilities that are necessary for the full develop ment and use of the farmer’s credit asset. When the total financial busi ness of the farmer — including com mercial and savings accounts, long, intermediate and short-term credit, and trust and other services—are han dled by the bank, it is in a position to know, advise, and give a type of serv ice that will aid the farmer in using his management potential to the maxi mum. Banks are in a unique position to advise and assist farmers in forming their business organization and in their estate planning problems. These are becoming extremely important problems to farmers. The opportunities in financing agri culture are not confined to the farm, but reach out into many related activi ties which are a part of agribusiness. Commercial banks have several ad v a n ta g es in financing agriculture. First, the bank is the one central place where the farmer conducts all his financial transactions. No one, other than the farmer himself, is as familiar with his business as is his banker. His capital resources and needs can be appraised regularly. Therefore bankers should be in a bet ter position than anyone else to serve the total credit needs of the client— in c lu d in g short-term, intermediateterm and long-term credit needs. Whether we like it or not, and whether we are prepared for it or not, country bankers exert strong influ ences on their respective agricultural communities. 3. Expand opportunities for individ ual farmers to increase their size of business to the point that maximum efficiency is achieved. 4. Limit monopolistic practices in la bor, government, and business that up our farm costs. 5. Encourage policies that result in an expanded level of general pros perity. 6. Move to lessen the role of govern ment in the management of the agri cultural economy and the regulation of production and marketing of indi vidual farm operators. 7. Maintain the free, independent status of farm organizations. “ Agriculturally Trained Personnel in Banking” agricultural education can make just as good bankers as they can farmers. If they have been good students and like to deal with people, they are like ly to show rapid progress in a country bank. I know this to be a fact, as I have brought into our own organiza tion many rural boys who have had technical agricultural training. “ Farm Machinery Capital Needs— 1 9 6 5 ” W IL L IA M J. KLEIN Vice President and Director o f Sales Allis-Chalmers Manufacturing: Company Milwaukee, Wisconsin Y ETWEEN 1940 and 1956, the num B ber of tractors on farms increased from 1,545,000 to 4,450,000. Even more dramatic than this three-fold increase is the growth of some of the once-lesscommon machines. During the same period, 1940, to 1956, the number of E NEED a bumper crop of expe corn pickers rose from 110,000 to 700,rienced bankers interested in ag 000 and the number of combines from 190,000 to an even 1,000,000. This rate riculture, men who will give positive of increase also applies to balers, for support to the task of finding practical solutions to the problems of agricul age choppers, blowers, milking ma chines, farm trucks, et cetera. ture. It is a generally accepted fact that In speaking of the need for more able young men for banking, I include a conservative life expectancy of a farm tractor is about 10 years, or the small banks as well as big ones. Here is a general plan for develop about 10,000 hours. Certainly it be ing more bank officers: comes an uneconomic unit by about 1. Hunt and select the type of man that time. A production of 445,000 tractors should be needed annually for you want. 2. Pay the price, or you can’t attract replacement alone. This is well above our industry’s level of operation for the kind of man you want, and keep him with you. the past five years. Capital needs, and 3. Train, train, train — until he capital availability, could do much to learns how to train himself and to bring the annual replacement to where it belongs. train others to follow. It is my conviction that an officer You (bankers) must find ways to tra in ee for an agricultural bank furnish the farmer and the dealer “ Long-Run Solutions should have a good grounding in agri more of your product—credit—which to Farm Problems” culture. We shouldn’t start with an they both desperately need. We, as KENNETH H OOD engineer or a lawyer, but we should manufacturers, must find ways to fur Assistant Secretary, American Farm start with a man who has some under nish more and larger high-quality la Bureau Federation, Chicago, Illinois standing of a rural community’s prob bor-saving equipment which is also ONG-RANGE farm problems will lems. urgently needed. The manufacturer, be more quickly and satisfactorily Where do we look for a potential the dealer, and the farmer look to the solved if we: bank officer with an agricultural back banking institutions of America for 1. Put primary emphasis on self- ground? our capital needs in the years ahead. help, cooperation, and organization. It is very logical to secure men who This we must have if the farmer is to 2. Stress market expansion at home have come from our agricultural col fulfill his destiny in our dynamic and abroad. leges. Rural boys with a scientific economy of tomorrow.—$$ W H ARO LD BRENTON President, National Bank o f Des Moines Des Moines, Iowa W L N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 X 27 is T here an A n sw er to the Farm ARMERS are back in a hole again, but not to the verge of bankruptcy. American farmers have total assets of $180 billion and their equity in this is $150 billion. Most farmers are free of mortgage debt. They are carrying good-sized, short-term debt, but bankers by and large are not worried. The farmer’s problem is that he is caught in a costprice squeeze. What are we doing about this? We persist in acting as if this unsatisfac tory income situation were caused by low prices for farm products and therefore continue to place reliance in price supports on selected commodties as the remedy. We have been accusing price of being the devil. We are accusing the effects when we should look back at the causes. F Agricultural Revolution The answer is that in some lines of agriculture we have the capacity to produce more than we want to or can use. This is partially an outgrowth of World War II. We are in an agricul tural revolution, for we are producing more with less manpower than ever before and the gains are tremendous. If a man comes in your bank for a loan you expect him to have a demand for his product, and not just his desire to sell it. All his desire in the world won’t help if no desire for his product or service exists outside. It is effec tive demand which makes the market —that is, want accompanied by the means to buy. You are not going to expand consumption of food just be cause there is more money for it, be cause demand is limited by the capac ity of the human stomach times the number of people. often become threats to our interna tional relations and trade. Our main surpluses have been in wheat and cot ton, the same as other exporters with surplus, and they are grumbling about our giving commodities away. The use of agricultural products for industrial purposes is not a complete answer for prices to farmers for this is not attractive. Our increasing population is not go ing to dispose of the surplus problem. Indications are that productivity in agriculture will easily keep pace with growing numbers for 10 to 20 years so there is no easy solution in sight on this front. Surpluses Are Real The inevitable conclusion is that the surpluses of some farm products are real. Anyone who thinks differently should look at our stockpile of sur pluses, two years in the case of wheat, and realize it costs the taxpayer near ly $1 million a day for storage, plus deterioration and probable eventual sale below costs. These surpluses do not represent a depressed market, but rather an over-extended capacity to produce some farm products. The accompanying article is a con densation of an excellent address de livered at the recent Nebraska Bankers Association annual convention by Export Problems Nor is the export market unlimited. We have succeeded in enlarging for eign shipments by bargain sales and giveaways but need to recognize that these involve costs to taxpayers and D R . O . B . JE S N E S S Agricultural Economist Professor Emeritus, University of M in n eso ta ,S t.. Paul Pro Price supports will not cure this situation. They tend to maintain sur pluses. They encourage more people than necessary to stay in agriculture. Commodity and acreage controls are not the answer. The soil bank was brought in to do this job but unforeunately is not delivering. The cut back to a smaller amount of acres was more than offset by increased produc tion on the rest of the acres by use of technological advances. Why hasn’t the soil bank worked? I think the need is for another pro gram of adjustment much more selec tive than the soil bank so you can pick those farms and those acres in those areas where surpluses are pro duced. Some land should be shifted back to its former use in grazing. Other land should go out of farm use as for instance in land more suitable for timber. An important point to grasp is that such a program be highly selective, controlling production and not acreages. Strengthen Family Farm Such a program needs to encourage, not restrain, migration of people out of agriculture where this will serve their best interests. This suggestion usually creates considerable hullaba loo over the idea this sounds the death knell of the family farm. It does nothing of the kind. What it does do is to make possible the consolidation of family farms into larger units so that they can take full advantage of modern mechanization and technology and produce an income adequate for a modern level of living. They still will remain family units. This process has been under way for a long period of time. Those left will be better farmers with better incomes, and will be better customers. What shall be done about price sup ports? Clearly, $7 billion in price sup ports cannot be discarded all at once FARM PROBLEM . . . (Turn to page 61, please) Northw estern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banker, D e c e m b e r , 1957 28 H ankers You Minowe •huni>s 11. A ston President Republic National Bank Dallas, Texas “His special abilities and good advice have long been recognized by both business and civic groups.” AMES W. ASTON, president of time he was appointed city manager the Republic National Bank of of Bryan, Texas, where he served un Dallas, Texas, heads the nation’s til August, 1939, when he became city 17th largest banking institution at themanager of Dallas. He served until age of 46. Capital assets of the bank April, 1941, when he was called to now total $102 million. active duty with the armed services. Young in years yet extremely well While in service during World War rounded in both business and civic II, Mr. Ashton retained the title of experience, Mr. Aston has proven his city manager on military leave until leadership qualities and management he resigned in December of 1945, on ability in many ways. his separation from service, to accept A native of Farmersville, Texas, election as a vice president of Repub James W. Aston is an honor graduate lic National Bank. of Texas A&M College, where he In 1941, when General Brehon Som earned his B.S. degree in civil engi erville was in charge of the nation’s neering in 1933. Outstanding in ROTC construction program of posts, camps work, he held the rank of cadet colo and stations for the War Department. nel and was commander of the Cadet Mr. Aston was ordered to active duty Corps in his senior year. In that year in Washington, D. C., as a first lieu he also served as captain and quarter tenant, with duties as technical assist back of the A&M football team. ant to chief of the Repairs and Utili Later, he served as apprentice city ties Section. manager of Dallas for one year, gain He was promoted to captain in Oc ing experience in all departments of tober of 1941. At the request of Har city government. He was then ap old Smith, director of the Bureau of pointed assistant city manager of Dal the Budget, Mr. Aston was assigned to las, director of finance and personnel temporary duty with the Bureau of director of Dallas, and held this posi the Budget, to assist in preparing tion until February of 1939. At that plans for the reorganization of the J N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J957 k Army Air Forces. Upon completion of this duty he was assigned to the office of the Chief of Staff G-4, and was in charge of repairs and utilities functions. In March of 1942, when promoted to major, Mr. Aston was transferred to Headquarters Army Air Forces and appointed Director of Organizational Planning. After later promotion to lieutenantcolonel (June, 1942) Mr. Aston was named deputy assistant chief of the Air Staff for Management Control. He served in this capacity until pro moted to colonel August 20, 1943, when he was transferred to Headquar ters Air Transport Command, and as signed as Deputy Assistant Chief of Staff, Supply and Service. He was appointed Assistant Chief of Staff, Supply and Service, Headquar ters Air Transport Command, May 1, 1944. In October of the following year, he became Deputy Chief of Staff of that command, and in November, 1945, ASTON . . . (Turn to page 50, please) A A VALENTINE, gayly printed in red, gold and black, appears in the right hand o f the lovely girl above, and carries the theme “ Customer Appreciation Time” to the bank’s customers in the February mailing of statements. This is only a part o f the “ appreciation” plan. Customer Appreciation Tim e" (Them e of Many Banks in February) |HE observance of the valentine season, always a period of woo ing hearts and winning friends, will have new significance in 1958. For thousands of progressive banks February 1 to 14 will be “ Customer Appreciation Time.” From the Citizens and Southern National Bank of Atlanta, Georgia, came the inspiration. Now “Customer Appreciation Time” has been devel oped by the well-known (in banking circles) Atlas Advertising Company of Brookline, Massachusetts, into a fullfledged promotion program which any bank may use locally. Showing Appreciation r \ ■ The program makes liberal use of the valentine heart, but far from the usual frilly prose, the message is sin cere in having a bank’s customers recognize that they are appreciated. “ Thanks for Banking with Us” is destined to be a phrase which will be repeated many times by countless tell ers in innumerable banks in communi ties throughout the nation. Only one bank in any given trading area can reasonably use this copy righted promotion, and it is likely that progressive banks will be quick to take on this new service as part of their over-all promotion. The program covers all phases of a well-defined promotion, including di rect mail, counter display cards, news paper mats, plus heart-shaped badges for employees, along with many rec ommendations for a more elaborate campaign at the bank’s discretion. All items show the same over-all heart design to give continuity. The Valentine “ Customer Appreciation Time” is scheduled to start February 1 with the valentine to go in the mailing of Feb ruary statements to bank customers. The valentine is gaily printed in red, gold and black, with three interlock ing hearts carrying the theme “ Cus tomer Appreciation Time.” On the second page of this valentine is: “Over here at the hank, we are setting aside this special valentine season as ‘Customer Appreciation Time’ to tell our customers ‘Thanks for Banking with Us’. “We b e l i e v e t h a t t h e b i g differ ence i n b a n k s t o d a y i s t h e way p e o p le are tre a te d , and Ave hope o u r p l e a s a n t r e l a t i o n s h i p A v i ll c o n t in u e fo r many y e a rs.” On the third page is a special cal endar with February 14 marked by a red heart, with other holidays ob served by banks indicated by red cir cles. The calendar, imprinted with the local bank’s name, may be punched out of the mailing piece and retained in one’s wallet or purse for handy ref erence all year long. Wears Heart on Blouse In addition to this valentine stuffer, cut-out hearts (girl in photo wears one) with the wording “Thanks for Banking with Us” are supplied. These may be worn by all tellers, officers and other employees during the twoweek interval. The cut-out hearts with an adhesive backing may be affixed easily to any surface such as doors, glass, tellers’ windows or other places and just as easily removed. A lobby or counter display card, 11 by 14 inches, is another feature. Printed in pink, it shows the big red valentine heart with the wording in black: “ Today and Every Day We Like to Say Thanks for Banking with Us.” Other gifts could be a tiny valen tine sampler gift of candy or a special postage meter message on all outgoing mail, n e w sp a p er publicity, rubber stamps with the wording “ Thanks for Banking with Us” to go on duplicate deposit slips and other bank corre spondence and perhaps a drawing on February 14 to aw ard customers prizes, p u rch a sed from local mer chants, as a climax to the program. —$$ Northw estern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banker, D e c e m b e r , 1957 30 Í V*//í»r«f H eserve I * « /i > i / 11 Vf W ith K t »enin tere By R A Y M O N D TR IG G ER Investment Analyst I\eiv York City UCH thought is being drawn in the financial district to the di rection of Federal Reserve pol icy from here on. A carefully phrased policy speech given early in Novem ber by Alfred Hayes, president of the Federal Reserve Bank of New York, suggested that the Reserve System of ficials may be getting ready to relax credit restraints in the softening econ omy. The New York banker took pains to stress, however, that the Re serve System would not be likely to depart from its policy of “passing re straint” until cost-of-living prices stop rising, and until labor unions, in their bargaining, stop exacting wage in creases that exceed increases in in dustrial productivity. Shortly after the Hayes speech, a newspaper report from Washington said that the Reserve System had de cided to ease monetary restraints. Then the announcement was made that Federal Reserve district banks in New York, Richmond, Atlanta and St. Louis had received approval of the Federal Reserve Board to cut the re discount rate from 3% to 3 per cent. Within a short time the Boston Re serve Bank followed suit and within a few days district banks in all of the other seven Reserve areas took sim ilar action. M Markets Are Changing The investment markets are under going fundamental and substantial change. Thus far the adjustments bear marks characteristic of a capital ist economy. The stock market has N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 registered a major price decline. The bond market has not yet turned about conclusively from its long decline, a change in direction that would nor mally accompany a fall in the value of equity shares, but yields on basic fixed-income investments have been giving unmistakable signs of firmness since Labor Day. If the stock market runs true to course, the decline in prices is both reflecting a visible slowdown in pri vate business activity in this country, and is discounting a further move ment of this kind. In due course, fixed-income yields should settle and bond prices should rise, unless the dominant economic forces of recent months should be reversed by a re birth of the boom. The turnabout in the stock market is in part probably the result of con siderations distinct from the changed business picture, although not unre lated to it. Brices of blue-chip, socalled growth equities have been bid up in recent years to a point where yields, historically viewed, seemed ex cessively low. Spurring such bids, of course, were the proved past and like ly vigorous future for such undertak ings. But tax considerations, too, have played a part. The great plough-back of earnings common to top corporations affords opportunities for equity investors to defer liabilities issuing both from Fed eral income tax and capital gains levies. A further incentive to the buying and holdings of prime equities has been the inflationary bent of the postwar world both abroad and here. Equity has been the refuge from both the visible income and capital gains tax, and from the invisible tax of monetary inflation. Stock, Bond Yields Meet But in the past year one of these factors — that of inflation, has come into question. Again and again the Federal Reserve System has refused to inject money into the market to accommodate the rising demand for capital. The result has been for in terest rates to rise progressively. Lit tle attention was placed on this re fusal to increase the money supply until this summer, when the yields on prime common stock momentarily fell below the yields on highest-grade cor porate bonds. Whether this meeting of yields was a coincidence or not, it is noteworthy that stock prices have been retreating from the impact ever since. The yields averaged by Standard and Poor’s show up the encounter striking ly. In January, there was about onehalf of 1 per cent difference in yield between Standard and Poor’s stock yields and Corporate A1 plus bond yields. The equity yields were at 4.31 per cent and the bond yields at 3.8 per cent. By July, the stock yield average had fallen below 4 per cent, while the bond yield had risen above it. Today the spread between the yields is back to where it was at the beginning of the year—with the stock - A. 31 yield on top—but the level of both yields is materially higher. Bond Yields May Harden For a while bond yields rose along j with stock yields, but in recent weeks bond yields have shown signs of sta bilization, while stock yields have con tinued to rise. Some question persists as to the future level of bond yields. While it is unusual for both stock and bond yields to move in the same direc tion for any great length of time, it is possible for bond yields to keep . hardening even in a business show' down here because of the persisting shortages of capital vis-a-vis the inter national economy. This would mean that investors regard the international capital market stable enough to hire out their savings abroad. Such a development does not seem to be likely in the foreseeable future on any significant scale. Probably cap ital in the advanced nations would prefer to work at home at lower yields than take on the risks of venturing abroad. The political complex of many backward nations needing capital sug gests that their leaders would rather do without it and stay in office than risk association with a capitalist transj action carrying a high market rate. The likely prospect then is for bond prices to hold firm or to rise some what from levels of the recent past. t This is suggested by the market move ment of the Treasury’s newest issues of 4 per cent securities, bonds due in 12 years, and notes of term convertible at the option of holders from two to ■* five years. After fluctuating for weeks slightly above and below the issue price of par, these new Treasury se curities seem to have established an above-par status more firmly than any other new Treasury issues brought out in recent years. As this is writ ten the market bid for the 4 per cent notes of 1961 is 100%. Compete for Corporates r A new feeling of confidence has been spreading in the market for new issues of high grade corporate securities. Bidding syndicates have been so confident of the willingness of institu tional investors to subscribe to the new issues that they have competed just as keenly for purchases as they did in the days of cheap money. The most recent instance is the new issue of $250,000,000 of American Tele phone and Telegraph Company deben tures. This borrowing cost the tele phone company 4.94 per cent in a transaction marked by the competitive bids of two nation-wide syndicates. The bonds were priced to yield 4.9 per cent. Less than $100,000,000 of the big issue was placed with invest ors during the first fortnight of the Trust Officer Discusses T o m o rro w 's I n v e s t m e n t T o r t folio The following summary is from an address at the A.B.A. Mid-Con tinent Trust Conference in New Orleans last month by Richard P. Chapman, president of the Mer chants National Bank of Boston. His subject was “ Tomorrow’s In vestment Portfolio Today.” CONSIDER that the time has come to buy long-term bond issues quite freely for trusts. In our own trust department we have been spending long hoarded reserves — that is, our bond, not our stock, reserves—on the new issues now coming along, which produce yields of not far below 5 per cent for obligations of high investment quality. With almost a flat yield curve, short, long, and medium matu rities producing about the same re turns, I favor buying longer bonds ex cept, of course, where liquidity is re quired. We would prefer noncalla'bility, and insist at the least on excellent call protection. Any issues not offer ing such protection are outside the scope of my recommendation and should be avoided unless they possess such an attraction as a favorable con version privilege. “ There is need for selectivity in bonds as well as in stocks, both as to intrinsic security and as to applicable 1 marketing; nevertheless the banking syndicate continued to insist that it had made a good purchase and that the deal would turn out successfully. On the whole, the bond market has given a good account of itself during most of the fall. If some of the prime new issues of debt securities did not manage to hold issue price, it is due more to the overpricing engendered by competitive bidding than to any basic weakening of the market. Among the newer successful deals were the sale of $60,000,000 of Consolidated Edi son Company mortgage bonds at a yield of 4.95 per cent, and $25,000,000 of Dayton Power and Light Company mortgage obligations at a yield of 4.97 per cent. Most of the AAA-rated b o n d s brought out in the fall, however, failed to maintain issue price. The market for the tax-exempt bonds of local government continues to function under pressure, chiefly be cause of the continuing oversize requi sitions that major cities and states are making.—$$ Toda economic trends. As one example, the rapid increase in municipal debt re quires more rigid scrutiny on our part of what is happening or is likely to happen to many communities. We should watch for signs of deteriorat ing credit position. It particularly pays to be careful with municipal bonds in the initial selection, since they are often difficult to liquidate at satisfactory prices. , “While I am ready, as you see, to commit cash reserves held for fixed income securities to the market as at tractive current offerings come along, I would not be equally willing to spend now our liquid reserves for common stock purchases. “ In the portfolio of tomorrow, there fore, while freely committing the fixed income fund to high quality long-term bonds and preferred stocks, and ac tively using this transitional period to upgrade present common stock hold ings by concentrating in industries and companies with better prospects and sound investment characteristics, I would continue to maintain adequate buying reserves. I would do so in the belief that from these uncertainties will emerge favorable opportunities to buy common stocks for those willing to exercise the qualities of patience and restraint.”—$$ Mortgage Bankers Elect John C. Hall, president, Cobbs, Allen & Hall Mortgage Company, Birming ham, was elected president of the Mortgage Bankers A s s o c ia tio n of America. He succeeds John F. Austin, Jr., president, T. J. Bettes Company, Houston. Walter C. Nelson, president of the Eberhardt Company, Minneap olis, was elected vice president for the 1957-58 term. Profit Sharing Manual “An Introduction to Profit Sharing” is a new manual published by The National Association of Bank Auditors and Comptrollers to assist the execu tive officer of the medium sized or smaller bank in deciding if a profit sharing plan is desirable and work able. A copy of “An Introduction to Profit Sharing” has been mailed to all NAB AC member banks. Additional copies may be ordered from NAB AC H ead q u a rters, 38 South Dearborn Street, Chicago 3, Illinois, at $2. Northw estern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banker, D e c e m b e r , 1957 32 l¡¡¡¡$W£l. Decisions that have concerned bankers^**# in the Northwestern Banker area A South Dakota banker lived on a farm he owned in that * state. In 1951 he made an oral farm lease of the crop and pasture land thereon to his nephew. He died in 1955 and the property was set aside to his widow as homestead. The nephew had continued on as tenant after the original lease to him. The widow was not of a mind to let his ten ancy continue, however, and leased the premises to another. As an incident thereto, the nephew contended that he should not be ousted from possession without 30 days’ notice of termination. This was not given him. The original oral lease had been a loose one and its duration, whether he was entitled to the notice, and so on had never been spelled out definitely. Should the nephew pre vail? No. The nephew’s original ten• ancy, in the circumstances listed here, would be presumed to be one of a leasing of property for one year. As he held over into the second year and his uncle accepted the rents, the lease was presumed to have been re newed for that year and so on. By holding over from year to year since 1951, the nephew held possession under a succession of yearly tenancies, each having a fixed and definite term expiring in the spring of each year. Notice to terminate the nephew’s ten ancy was, therefore, not necessary. His tenancy simply terminated and no notice as an incident thereto was re quired to stop it. Q A The Farmers Loan & Trust Company, Sioux City, Iowa, issued certain debentures pay able to a named father and son “either one or the survivor.” The father died. His sole heirs were the son named in the debentures and another son. The latter asserted that the father had in Q N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 tended that both sons should share equally in his estate. The father had paid for the deben tures and, because of such asserted intention, the other son by appropriate legal proceedings asked that the word ing of the debentures regarding survi vorship be ignored and that he be de clared a half owner thereof. Should he prevail? No There was clearly created in • this case a joint tenancy with right of survivorship in the two people named in the debentures. The word ing was so definite that evidence that the father intended to treat both sons alike was not competent to vary it. The debentures were to be considered as time certificates of deposit, or prom issory notes of the issuing bank, in the sense that they were promises to pay. As such, they were proper documents to be held on a joint tenancy basis, particularly since Iowa recognizes that personal property as well as real es tate may be held in joint tenancy. It follows that the right of survivor ship should be recognized and that the named son succeeded to the full ownship of the debentures. The Iowa Su preme Court has so ruled in a recent decision, citing a Nebraska decision as a precedent for its ruling. A An individual and his family were residents of a certain * state. He died leaving real and personal property there. Also, he left certain real estate in another state. The estate was duly probated in the state in which the decedent lived. An cillary proceedings were held in the other state in which was located the real estate he had owned. Both states had statutes providing for homestead rights in decedent’s families. Could the family of the decedent, as a gen eral rule, obtain homestead rights in the real estate in the state in which Q the ancillary proceedings were being held, that is, where they were non-resi dents? No. It has usually been held • with reasonable consistency that a non-resident family of a non-resi dent decedent is not entitled to a homestead allowance in circumstances similar to those just outlined. The reason given in some of the cases on the subject is that a non-resident can not acquire a homestead in land in a state in which he does not live. South Dakota, Tennessee, Alabama, and Ari zona are among the states so ruling, Iowa being one jurisdiction which by inference rules to the contrary. A Suppose that in the preceding item the son not named in the debentures s ho ul d contend that they should be treated as an ad vancement to the son named therein and that the latter’s share in his fa ther’s estate should be reduced accord ingly. Suppose further that if he were successful in such contention, that part of his father’s estate coming to him would i nc r e as e substantially. Could he prevail at law in an asser tion that the debentures were advance ments? No. An advancement is an ir• revocable gift in praesenti of money or property to a child by a parent to enable the donee to antici pate his inheritance to the extent of the gift. The definition of advancement em braces the idea that the donor has ir revocably parted with his title in the subject matter, and that complete title has passed to and become vested in the donee. Such was not the case here, for the debentures were payable to the father or the son. They were not irrevocable and one of the essen tial requisites of an advancement was lacking. Q 4 X . WÊ I - f *• ' V - IS i"* : :m : ■ * ■ ■ BW ^ 1 8 I Could your bank use this D. H. R E IM E R S H . P. JO H N S T O N C hairm an o f the B oa rd an d P resid en t E xecu tiv e V ic e P res. IM PORTANT PLUS SERVICE? 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. B A G N A L L P. T. B E T Z S en io r V ic e P res. S en io r V ic e P res. 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? ¿T h e L IV E STOCK e jV a / f c m a / B A N ÏV cß T 'h ie e t g c 4-150 S o u t h H a ls t e d S t r e e t , C h i c a g o , Illin o is M e m b e r F e d e ra l D ep o sit In su ra n c e C o rp . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis , 34 Top E x ecu tiv es A p p o in ted ANK OF AMERICA Vice Presi dent J. R. Johnson has been named senior trust officer to head the bank’s state-wide trust department ac tivities, with Vice President Francis M. Smith succeeding him as trust offi cer for southern California. In his new post, Mr. Johnson succeeds Harry M. Bardt, recently advanced to execu tive vice president. The Bank of America changes will take place shortly after the first of the year, with Mr. Bardt moving to Los Angeles to assume his new post, B Mr. Johnson moving to the bank’s head office in San Francisco, and Mr. Smith assuming his new duties in southern California at that time. S. Clark Beise, president of the bank, said, “ Mr. Bardt will be closely associated with Chairman of the Board of Directors Jesse W. Tapp, and with Executive Vice President Walter J. Braunschweiger at the southern Cali fornia headquarters. He brings to his new post a broad background of ad ministrative experience and familiar ity with our state-wide operations.” Joins Bank Building Firm Brown L. Coble has joined Bank Building and Equipment Corporation as bank analyst, assigned to the beau tiful new regional office at 1130 Hamp ton Avenue in St. Louis, it was an nounced by Earl T. K l e i n , v i c e president and di rector of sales. A graduate of Ohio University, Mr. Coble has had broa d experience in architectural planning and de sign for the past several years and has applied his ex perience to the problems inherent in building design and construction. Open 76th Office The First National City Bank o f. New York opened a new office at Park Avenue and 52nd Street last month. It is the bank’s 76th office- in Greater New York and the second to be opened in the rapidly expanding Grand Cen tral area in the past year and a half. National Credit Conference American leaders in banking, indus try, business, and government will be heard in Chicago when approximately 900 bank-credit executives meet at the Tenth National Credit Conference of the American Bankers Association, January 16 and 17, according to Wil liam F. Kelly, chairman of the A.B.A. Credit Policy C om m ission, under whose auspices the conference will be held. Mr. Kelly is also president of the First Pennsylvania Banking & Trust Company, Philadelphia. THIS is Arison Between dispersal, climate and Army installations, Arizona is rapidly becoming the U. S. electronics headquarters (Motorola, G .E ., AiResearch, RCA, Hughes, Sperry Rand, Infilco, Lear, etc.) West Coast Merger iS/ T O O , ¡ s A r i z o n a A n a g r ic u lt u r a l haven w ith y e a r -’r o u n d sea so n . A r i z o n a ’ s f e r t i l e s o i l w i t h its v a s t i r r i g a t i o n s y s t e m s p o u r s o u t a b o u n t y in c o t t o n , v e g e t a b l e s , c i t r u s , d a te s a n d p r a c t ic a lly e v e r y o t h e r f a r m c r o p . Ana THIS is "Arizona's Bank" 51 s t in t h e N a tio n 49 O ffices $471 M illio n Resources Minneapolis-Moline Change > ► M EM BER FEDERAL Wli Northwestern Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 DEPOSIT IN SU RAN CE The consolidation of three large west coast banks became a reality last month as Citizens National Trust & Savings Bank of Riverside and Secu rity Trust & Savings Bank of San Diego joined Security-National Bank of Los Angeles to form the new Secu rity-First National Bank, making it the fifth ranking bank in the nation. CORPORATION J. Russell Duncan of Chicago was elected president and chief executive officer of Minneapolis-Moline Company at a meeting of the board of directors in Chicago last month, according to an announcement by E. S. Reddig, chairman of the board. Mr. Duncan was also elected to the board of direc tors. The resignation of Henry S. Reddig, president and director, was accepted with regret. X 35 De luxe adding machine Live Keyboard* with keytouch adjustable to each operator! Saves up to 50% hand motion— and effort! Never before have so many timeand-effort-saving features been placed on an adding machine. Every key operates the motor— so you can now forget the motor bar. No more back-and-forth hand motion from keys to motor bar. Keys are instantly adjustable to each operator’ s touch! No wonder operators are so enthusiastic about it. They do their work faster with up to 50% less effort. The new National not only has A N ational “ De lu x e " Adding M a chin e p a y s f o r i t s e l f w ith t h e t im e - new operating advantages, but also has new quietness and new beauty! "L ive” Keyboard with Adjustable Keytouch plus 8 other time-saving features combined only on the National Adding Machine: Automatic Clear Signal. . . Subtractions in red . . . Auto matic Credit Balance in red . . . Auto matic space-up of tape when total prints . . . Large Answer Dials . . . Easytouch Key Action . . . Full-Visible Key board with A u tom atic Ciphers . . . Rugged-Duty Construction. a n d -e f f o r t it s a v e s , c o n t i n u e s s a v in g s as y e a r ly p r o fit . One hour a d a y s a v e d w ith t h is N a t io n a l w ill, in t h e a v e r a g e o ffic e , r e p a y 100% a year See on th e in v e s tm e n t. a d e m o n s tr a tio n on y o u r o w n w o rk . C a ll n e a r e s t N a t io n a l b r a n c h o ffic e o r d e a le r . S e e p h o n e book y e llo w ♦ trade e / pages. Wd M A R K REG. U. 8. FAT. OFF. f f it b m a l ADDING MACHINES . CASH REGISTERS ACCOUNTING MACHINES THE N A T IO N A L CASH REGISTER CO M PAN Y , 989 O F F IC E S IN D A Y T O N 9, O H IO n c r pa per R equired ) 94 C O U N T R I E S Northw estern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (No Ca r b o n Banker, D e c e m b e r , 1957 36 X a m e IH spiai/ C ontesi W in n ers TWO-WEEK trip to Europe has been awarded to Donald L. Helfferich, of the Upper Darby National Bank, Upper Darby, Pennsylvania, as first prize in a nation-wide contest for bankers sponsored by the American Express Company, New York. A The European tour for two persons is top award of 250 prizes in a window and lobby display competition among banks, based on themes promoting travel-connected bank services. Included in the list of winners were the following bankers from the middlewest: Gordon D. Johnson, Farmers & Merchants State Bank, Tracy, Min nesota; William J. Scott, American Na tional Bank & Trust Company, Chi cago; Jon H. Bjornson, Northwestern National Bank, Minneapolis; E. W. Swenson, First C itizen s National Bank, Watertown, South Dakota; W. A. Stebbins, Richfield State Bank, Richfield, Minnesota; M. G. Englund, Third National Bank, Rockford, Illi nois; J. P. Buddie, Henry County Savings Bank, Mount Pleasant, Iowa, and Darlene Herwig, Community State Bank, Paton, Iowa. Prizes ranged from $100 Travelers Cheques to cam era kits. Expansion Completed TYPICAL LOBBY DISPLAY designed for the recent American Express Company con test was that arranged by Miss Darlene Herwig, assistant cashier, Community State Bank, Paton, Iowa. The American National Bank and Trust Company of Chicago announced the completion of an extensive expan sion program begun in 1954. A major portion of the activities of the bank’s industrial division is being transferred to newly constructed space on the first floor of the bank building at 33 North LaSalle Street. This division of the bank finances installment sales of all types and has specialized in the financing of income producing ma chinery and equipment sold by manu facturers and distributors throughout the country. With the frequent addi tion, American National now occupies nine entire floors in the building. To tal cost for the three-year program was over $1,000,000. New Bank Construction Two extensive building and remod eling jobs have been completed by A. Moorman & Company, Minneapolis, well-known architectural firm. At the Bank of Burlington, Wiscon sin, officers held a formal opening of their modernized quarters recently, showing one of the most beautiful bank buildings in eastern Wisconsin. A formal opening was also held last month by the First National Bank, Wauwatosa, Wisconsin, to celebrate the completion of its new bank build ing. This structure includes the latest features in bank design, including drive-up and walk-up windows, and a spacious parking lot. Drawings are now being prepared by A. Moorman & Company for altera tions to the State Savings Bank, Manistique, Michigan. Ç Republic National Increase ” '*-•--~y----A._.'- ‘•,"'V' :Pf otrr Transit Cash Letter Insuranee 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. Shareholders of the Republic Na tional Bank of Dallas recently voted approval of an increase in total capi talization of the bank, including con tingency reserves, to approximately $102,000,000. When completed, proposals adopted by shareholders will provide for: 1. A $12,000,000 increase in capital and surplus, including a $2,000,000 cash dividend paid to the bank by The Howard Corporation, et al., wholly owned in trust for the shareholders of the bank, bringing Republic’s capital and surplus to $87,000,000. 2. Issuance of a stock dividend of 80,325 shares, to be distributed to shareholders without cost to them. 3. An offering of 223,125 new shares of the bank’s $12 par value stock, with pre-emptive rights to the shareholders of record as of November 25, 1957, at $45 per share. W ayne H umme r CHICAGO & Co . * S c a rb o ro u g h & C o m p a n y F IR S T C h ic a g o 3; N A T IO N A L Illin o is BANK B U IL D IN G S T a te I n s u r a n c e C o u n s e l o r s to B a n k s N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 2 -4 3 2 5 NEW YO RK STO C K EXCHANGE 1 37 T he P H IL O S O P H Y of co rresp o n d en t banking r Busy bankers don’t often have time for “ivory tower” thinking—but every bank d oes build up its own philosophy, its individual 'person ality. When it comes to correspondent banking, Chase Manhattan’s philos ophy is simple: * Service to Correspondents Analyses of investment portfolios W e do ev eryth in g w e ca n to h elp y o u do a better jo b f o r y o u r cu stom ers. W e have ev eryth in g to do it w ith. W e ’ ll do it in a fr ie n d ly , p e r s o n a l w a y . Around-the-clock mail pick-up Quick collection of items Dealers in State and Municipal Bonds Why don’t you talk to the people at Chase Manhattan? Execution of security orders THE - C h a s e M a n h a t t a n C h a rt e r e d 1 79 9 Credit information • Full foreign services B a n k Safekeeping of securities Many personal services HEAD OFFICE: 18 Pine Street, N. Y. 15 Member Federal Deposit Insurance Corporation N o r t h w e s t e r n Ba nker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J957 38 Hunk o f M o n tr e a l Sots fio r o n i IGHEST paid-up capital figures in Canadian banking history are re vealed in the 140th annual statement of the Bank of Montreal, issued re cently, for the year ended October 31. The report also shows record figures for total deposits and loans, with re sources at a new high for the bank at $2,866 million, up by $83 million in the year, ac cording to Gordon R. Ball, president. Paid-up capital, w h i c h was incre a se d t h r e e y ea rs ago from $36 to $45 million, n ow stands at $53,686,832, following the recent offer ing of new B of M stock. Aside from these increases, the most notable change in the balance sheet figures is the enlargement of deposits by $43 million which stand at the rec ord figure of $2,632 million, compared with $2,589 million at the end of the previous fiscal year. While “ commercial and other loans,” standing at $1,174 million, showed a H slight contraction of $6 million, total loans at $1,437 million compare with $1,383 million in 1956, an increase of $54 million, chiefly in call and NHA mortgage loans. Casper Name Change The Casper National Bank, Casper, Wyoming, has recently announced a change in the official name of the bank. It will be known as the First National Bank of Casper in the future. Arizona Promotions Promotion of four Valley National Bank officials to the post of vice presi dents, effective immediately, was an nounced recently by President Carl A. Bimson in Phoenix. - Elevated were: J. W. Barrett, to vice president in charge of branch supervision. W. C. Jack, to vice president and manager of the bank’s Glendale office. Lawrence Mehren, to vice president and manager of the business develop ment department. V. E. Swanson, to vice president and manager of the bank’s Prescott office. Named as vice president and man COMES DECEMBER T h i s p a r tic u la r D e c e m b e r m a r k s t h e e n d a n d p u t a n e w C le v e l a n d p l a n t o n t h e o f an e s p e c ia lly b u sy year fo r u s. W e d r a w in g h a n d le d a r e c o r d -b r e a k in g n u m b e r o f g r o u n d in A p r i l . b o a rd , w ith p la n s t o b re a k o r d e r s a n d y e t h a d t i m e t o d o a l o t in th e w a y o f r e s e a r c h , m a c h in e d e v e l o p A num ber m e n t , a n d p la n t e x p a n s i o n . W e m a d e in o u r m a n u f a c t u r i n g p r o c e d u r e s , set u p o f m a jo r im p r o v e m e n ts w e re a s e p a r a t e d i v i s i o n in S t. P a u l t o h a n d le n o ta b ly e n g in e e r in g p r e c is io n c o n t r o ls . W e f in is h e d te st and e x p e r im e n ta l w o rk , and m ad e a g o o d start in t h e s t u d y o f r e d e s ig n o f c h e c k s a n d p r e c i s io n f o r m s in th e flo w of w ork and ru n s o n a n e w h ig h -s p e e d im p r in tin g p ress an d p u t th r o u g h a p r o d u c tio n ch eck o r d e r fo r tw e n ty , te n o f w h ic h w ill b e h a n d lin g s p e c ific a tio n s , w h ic h s h o u ld c o m p l e t e d t h is c o m i n g y e a r . A n e x p e r i b e f ir m e d u p in t h e n e a r f u t u r e . m e n t a l t w o -c y lin d e r i m p r in t in g p re ss in a n t i c i p a t i o n o f m e c h a n iz e d is n o w W e c o m p le te d a f in e n e w C a l i f o r n i a ’s b e a u t i fu l V a l l e y , a n d are n o w b u ild in g in San F e rn a n d o in t h e p r o c e s s of b e in g tested , an d o u r s m a ll l it h o g r a p h p r e s s e s , w h i c h w e f o r m e r l y m ade o u r s e lv e s , are b e in g r e p la c e d w i t h la r g e r u n it s as fa st as w e f i ll i n g it w i t h t o p - n o t c h e q u i p m e n t a n d p e r fo r a to r s b u ilt to w o r k w ith e x p e r ie n c e d p e o p le . W e T h ese new p la n t in P a o li, m o v e d in to a w h ere we had can g e t th em . m e c h a n ic a l i m p r o v e m e n t s , p lu s a c c o m p a n y in g g a in s in th e m ore o u t g r o w n o u r q u a r te r s , g o t t h e r o o f o n e ffe c tiv e a n e w b u i l d i n g in I n d ia n a p o li s w h i c h w e s h o u ld w i l l o c c u p y in t h e e a r ly s p r i n g , p i c k e d m e e t th e d e m a n d s o f 1 9 5 8 . A n d ju s t u se o f r e la te d p u t us in good a c c e s s o r ie s , p o s itio n to up a n e x t r a f iv e t h o u s a n d f e e t in o u r t o m a k e s u r e th a t t h e s e S t. Paul e x i s t , w e h a v e e x p a n d e d o u r s a le s s t a f f p la n t, r e p r e s e n tin g space f o r m e r l y o c c u p i e d b y o u r m a c h in e s h o p , Northwestern Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 tw e n ty p e r c e n t. ager of the Valley Bank’s forthcoming Luhrs Building Office in Phoenix was Elmer T. Schall, currently vice presi dent and manager of the business de velopment department. Dallas Capital Increase Stockholders of First National Bank in Dallas voted unanimous approval recently of a directors’ proposal for a stock dividend of 5 per cent, creating 110,000 new shares of $10-par stock through the transfer of $1,100,000 from undivided profits to the capital account and raising the bank capital from $22,000,000 to $23,100,000. New $ 3 0 0 ,0 0 0 Home Ready to fully service the banking needs of the people of Prescott, Ari zona, and its surrounding area is the new $300,000 home of the Valley National Bank. Located at the northwest corner of Gurley and Granite Streets in down town Prescott, the new structure con tains more than 13,000 square feet of working space and features an exte rior of attractive native stone, face brick and plate glass paneling. ^ -< w Continental-Illinois Elects Frank W. Jenks, president of Inter national Harvester Company, Chicago, has been elected to the board of direc tors of the Continental-Illinois Nation al Bank and Trust Company, Chicago, replacing Peter V. Moulder, who re cently retired as International Har vester president. In the commercial banking depart ment Richard C. Rastetter and Robert A. Sharpe were named vice presidents; Henry A. Gardner and Wallace W. Wilson were named second vice presi dents, and Charles W. Battey, Jr., and Charles R. Hall were named assistant cashiers. In the trust department Norman Reed was made second vice president; Francis J. Milligan, Jr., was made trust officer and Grant F. Watson was made assistant secretary. In the operating department George S. Clough was named second vice president. d e m a n d s w ill ABA Trust Conference Trust e x e c u t i v e s from banks throughout the United States will meet in New York next February 10, 11, and 12, to discuss the prospects and problems of their business in the light of the economic outlook. The trustmen will attend the 39th MidWinter Trust Conference of the Amer ican Bankers Association, to be held in The Waldorf-Astoria. - ^ 39 another Diebold contribution ... T O BAN KIN G P R O T E C T IO N Ultrasonic alarms detect and secretly announce illicit entry . . . nothing can stir without triggering a tell-tale signal at central headquarters. They can protect all or any part of the premises, including detached drive-up facilities. Because no single alarm meets all banking requirements, Diebold has developed a 3-way system. Ultrasonic alarms report after-hour disturbance caused by man, fire or property-damaging accidents and Diebold-McClintock Burglar and Police alarms protect vault and depository against burglary . . . lobby against daytime holdup. FOR C OM PLETE D E TA IL S about the best method of stopping holdup and burglary losses, send coupon today! Diebold 9 4 7 Mulberry Road, S. E. Canton 2, Ohio DIEBOLD-BASIC VAULT DOORS feature individualized beauty . . . operational superiority. DRIVE-UP and WALK-UP WINDOWS provide convenience for banking-onthe-go. DIEBOLD, INC. N-438-D1 9 4 7 Mulberry Rd., S. E. • Canton 2, Ohio Please send details about the Diebold SECURITY PLAN for preventing holdup and burglary losses. Please send complete information about your-------------------------_ Bank__ ____ _________________________________________________ Individual_____!----------------------------— Title------------------------------— 24-HOUR TELLERS and U.L.labeled AFTER-HOUR DEPOSI TORIES receive and protect deposits. Street_______________ ,________________________________________ REKORDESK SAFES, world’s only electrically operated safes, protect ledger and signature cards. City_____________________________ Zone________ State______ ___ . N o r t h w e s t e r n Ba nker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 40 1 v n f r a i H a n ti of PHASE ONE of the construction program now under way at the Central Bank and Trust Company, Denver, Colorado, has been completed. Views of the five island drive-in units are shown above as the cars exit after completion of business, left, 1 9 5 8 Outlook Told The year 1958 will be a time of con tinuing business readjustment with no widespread slump in sight, Arch N. Booth, executive vice president of the Chamber of Commerce of the United States, said recently. In general, he said, the Chamber’s economists see a leveling off of busiRecent bank in s t a lla tio n b y Kirk G ross Co. Photo a t left b efore re m od elin g, and b e low sh o w s new , m odern tre atm e n t. H e a v e r C o m p le te s and prior to entering the stalls, right. The islands and landscap ing compose phase one of the four phase project which also includes construction of a rotunda bank building, a 150-car parking lot, and remodeling and addition to the present building. ness growth, but no cause for alarm. •‘There will be fog in the business picture in the year ahead, but no storm,” he said. “ . . . No dizzy high peaks and no terrifically low valleys.” Looking ahead five years, Mr. Booth forecast “the greatest business boom in history—a boom of the first magni tude.” Chemical Promotions James D. Elleman, Joseph B. Hartmeyer and John P. LaWare have been appointed a ssista n t secretaries of Chemical Corn Exchange Bank, New York, it was announced recently by Harold H. Helm, chairman. Mr. Elle man is a member of the bank’s Met ropolitan Division and Mr. Hartmeyer and Mr. LaWare are with the bank’s national division, all at 165 Broadway, New York. Government Appointment An experienced international and domestic banker, Tom B. Coughran, appointed recently to be Assistant Sec retary of the Treasury, leaves his post in San Francisco this month as vice president and manager of Bank of America’s international banking de partment. A Russell H. Gwinner Russell H. Gwinner, vice president in the oil loan department of Tulsa’s First National Bank and Trust Com pany, died last month at the age of 62. STRONGEST LINK IN Y O U R P U BLIC R E LA T IO N S P R O G R A M P L A N N I N G TO BU ILD OR R E M O D E L ? Y O U 'L L W E L C O M E T HE DOUBLE "Bank Planning Service” O F T HE KIRK G R O S S y TT Speed up public relations accomplishments for CO. your institution • Looking for ways to improve your banking services . . . to distribute flow of work more efficiently . . . to cut oper ating costs? Our Bank Planning Expert will prepare floor layouts, suggest equip ment needed, recommend decorative ideas . . . and there is A B S O L U T E L Y NO charge . . . write or telephone today— . . . increase NEW AC COUNTS and DEPOSITS . . . through spon sorship of Double TT alternating Time and Temperature . . . highlighted by the experiencetested Double TT Promotional Program. Write for details. Ohio Citizens Trust Company, Toledo N o w H u n d r e d s o f D o u b le TT k / R k G r o s s C o. / B A N K 'E Q U IP M E N T https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis In s titu tio n Spon so rs C o a s t- to -C o a s t. * W E S T F IE L D A N D D U R Y E Ä Phone AOoms 4-6641 WATERLOO, IO W A N o r t h w e s t e r n Banker, D e c e m b e r , F in a n c ia l AMERICAN U. S. Pat. 2 ,6 7 3 ,9 7 6 . O ther Pat. Pend. 1957 SI GN HOME AND O F F IC E : INDICATOR E. 808 SPRA GU E A V E ., O F F IC E S : L O S A N G E L E S • C H IC A G O CORP. SPO KA N E 3 , W ASH. . P H IL A D E L P H IA x 41 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 42 the Liberal State Bank, Liberal, Mis souri, from E. L. Angell, Edwin M. Lipscomb and others. Mr. Wilson goes to Liberal from The Exchange National Bank of Atchi son, Kansas. A native of Arkansas, he has also been associated with the First National Bank of Memphis, Ten nessee. He has been elected president and has assumed management of the bank at Liberal. Charles E. Walters Company of Omaha handled the negotiations. A r iz u n a A s s e e i a t io n O f f i c e r s Heads Main Office NEW OFFICERS ELECTED at the recent meeting of the Arizona Bankers Association are, from left to right, J. H. Brahm. executive vice president, First National Bank, Phoenix, who w ill serve as vice president of the Association; the new president, Mundey Johnston, vice president, Valley National Bank, Tucson; C. W. Broberg, assistant vice president, First National Bank, who will begin his third year as treasurer; and Robert Heyer, vice president of Southern Arizona Bank and Trust Company in Tucson, who was elected chairman o f the executive council. Not present when the picture was taken was Francis O. Thalheimer, vice president o f Bank o f Douglas, who will serve as secretary for a three-year term. New York Promotion The appointment of Maxwell Kalb as a vice president of Manufacturers Trust Company is announced by Hor ace C. Flanigan, chairman of the board. He is with the branch administra B a n k o f M tion department located at the bank’s main office, 55 Broad Street, New York. Bank Stock Sale Denver Wilson and Associates have purchased the controlling interest in o n t r e a l New York--64 Wall Street San Francisco--333 California Street Chicago: Special R epresentative’s Office, 141 West Jackson Blvd. 700 B R A N C H E S A C R O S S C A N A D A » R E S O U R C E S — $2,700,000,000 E. L. Stone, vice president of Cali fornia Bank, Los Angeles, has been designated officer in charge of the bank’s main office, Frank L. King, president, has announced. Mr. Stone was formerly assigned to the staff of the out-of-town division. Kansas City Honor R. Crosby Kemper, Jr., executive vice president, City National Bank & Trust Company, Kansas City, Mis- y souri, has been elected treasurer of the Kansas City Chamber of Com merce. A.B.A. Trust Conference Trust services of banks were thor oughly reviewed by 700 trust officers of banks at the 26th A.B.A. Mid-Conti nent Trust Conference in New Orleans last month. The program cov ered many subjects pertinent to trust operations, such as career opportuni ties, investment programs, cost analysis, estate planning, management planning, and tax problems. Among those attending were officers from banks in Iowa, Minnesota, Ne braska, North Dakota and South Da kota, in addition to other midwestern and southern states. Walter Kennedy, president of the First National Bank of Montgomery, Alabama, is president of the A.B.A. Trust Division, and was the opening speaker at the conference. ASHWELL & COMPANY COMMERCIAL PAPER COLLATERAL LOANS 176 West Adams Street CHICAGO 3, ILLINOIS Telephone R A 6-5432 • N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • 1957 * t 43 N o r t h w e s t e r n Ban ke r, D e c e m b e r , 7957 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 44 P a rk in g A r e a O pening A ttr a c ts Thousands i SMILING WITH CONFIDENCE is Carl Voigt, left, president of the Northwest Security National Bank of Sioux Balls, as the helicopter pilot prepares to land the “ W hirlybird” on the bank’s new rooftop parking area. Middle photo shows South Dakota’s Senator Carl Mundt, left, congratulating Virgil Lowe, chairman EAUTIFUL red, yellow, green and B blue balloons dancing up and down the downtown streets in the hands of Sioux Falls’ “small fry” and a helicopter skimming the tops of downtown buildings had the South Take o f the board o f the Northwest Security National, on the success o f the celebration of the opening of the parking facility. Huge crowds throughout the day watched, photo at right, as the ’ copter took off and landed during numerous free trips over Sioux Falls for the bank’s friends and customers. Dakota city m a carnival mood last month as officers of the Northwest Se curity National Bank of Sioux Falls celebrated the grand opening of a handy new parking area and drive-in banking. Several old “gas buggies” were on exhibit at the bank, along with all r Look M E R C H A N TS MUT UA L BONDING COMPANY Incorporated Gathering information about 1933 Arizona’s rapidly changing —and expanding—economy Home Office is part of the job of our 2100 GRAND AVENUE Des Moines, Iow a 49 offices located in 39 Arizona communities. • This information is T h is is Iow a’s oldest surety company. A progressive company with experi enced, conservative management. yours for the asking. W rite our Research Dept. W e are proud of our three hundred bank agents in Iowa. H o m e O ffice P h o e n ix , A r i z o n a T o be the exclusive representative of this company is an asset to your bank. • NATIONAL BANK O F A R IZ O N A E. H. W A R N E R President and Manager W. W. W A R N E R Vice President Now 49 O ffic e s In A r iz o n a MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7957 M . J. C O R B I N J Secretary-Treasurer By W ALTE R T. PROCTOR Associate Editor The Northwestern Banker the new 1958 cars with their tail fins, sculptured styling, swept wings and recessed double headlights. Another interesting contrast between the old and the new was in the form of the helicopter which took off and landed throughout the day within a few yards of a covered wagon and its team of shaggy, long-haired oxen. Dignitaries from all the sizable cities of the midwest joined those of South Dakota banks who visited the bank throughout the day and were enter tained at a fine banquet in the eve ning. The highlight of the opening was easily the “Whirlybird” and several groups of visiting youngsters and adults alike formed lines at the ropedin landing area for rides over Sioux Falls’ business district. “Driving customers” of the bank now may drive up a ramp behind the bank to the new parking area which covers the roofs of one or two adja cent buildings. Space for 70 cars has been provided. Guests also visited the newly-remodeled installment banking and savings department. T h rou g h the years, the bank’s growth has paralleled that of Sioux Falls and the area which it serves. In 1935, its total deposits were $9,009,810; total capital accounts, $983,566, and as of October 11, 1957, its total deposits were $56,257,815 and the total capital accounts, $3,123,807. A There is goodwill in the hearts of m en at Christm as. There’s a warm welcome for the neighbor —a deep desire for friendship between nations—a determ ination to achieve lasting peace. » « Clouds scud along the horizon, som etim es building up to frightening thunderheads. A ngry voices thunder without reason — and threats, like lightning, break and crash over the people’s heads. » « Y et the eternal stars are there— stars of Hope, o f Faith, of Love—now dimmed or hidden by the clouds —now breaking through with a clarity and brilliance and strength that will not be denied. » « M ay these stars be seen and followed by the wise men of all nations. /■ M ay they light the path to peace. Th a mm. ;M .. WÊÊ ......... s*. i=. : §■ :1 - - . ■ .* 9 à CHRISTMAS 1957 - Christm as prayer of the people. : 1Ü fc- ; “¡1 w . m - i j i'., BANKERS TRUST COMPANY, NEW YORK O nce m ore we reprint this now familiar prayer of ours, exa ctly as it was written ten years ago. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H a n k ers » le in I ' l l m N e it Hu i tdin #/ T e 1 i r r t e ( H e b e i n H O IP a t/s A ROUND the world in 90 days (ten days longer than it took Phineas Phogg in Mike Todd’s extravaganza) is the goal of Willis E. Stover, presi dent, York State Bank, York, Nebras ka, and 15 other persons, including William Hargelroad, president, Center Bank, Omaha, and other partners in and representative of the Stuart Jew ell Productions, Hollywood, California. The delegation is made up of an airplane crew to man a giant Cata lina amphibian airplane, designed ex pressly for the trip, photographic crew and cast (some of the passengers will be camera crew at times and cast at others). Mr. Jewell has written eight origi nal scripts featuring adventure for which he sought financial associates by advertising in a June issue of the Wall Street Journal. The York banker and industrialist was one of three Nebraskans to an swer the advertisement. Mr. Jewell invited these persons to invest $7,000 each. For this, each will get the round-the-world trip and the p ro te c tio n in Choose Employers Mutual insurance for your own institu tion or your clients, and you’re assured of PROTECTION PLUS: • Immediate service by your hometown Employers Mutual agent • Immediate action on claims— by skilled experts • Policies tailored for action in case of loss • Active help by our Accident Prevention engineers to help you cut down losses For trustworthy protection and prompt professional serv ice, call our agent in your community. THE PAST AND FUTURE of the First National Bank of Denver, Colorado, can be viewed in the above photograph. The chime clock on the past and present quar ters ticks off the seconds as each day passes, as if awaiting the grand opening o f the new 28-story banking home two blocks down the street. Opening is scheduled for sometime in 1958. chance to share in the potential profits of the film. “This is not the standard $6,000 lux ury cruise offered by travel agencies to travel worn spots,” wrote Mr. Jewell. The route is Los Angeles to Charles ton, South Carolina (persons from this area will join the group in Oklahoma), Bermuda, Azores, Lisbon, Paris, Rome, Cairo, then down the Nile to land at Luxor, Bahrein, Karachi, Delhi, for the Taj Mahal, Katmandu Nepal, Bangkok, Singapore, Djkarta Java, Bali, Borneo, Brisbane, New Cale donia, Fiji, Samoa, Tahiti, Hawaii and Los Angeles. Tentative plans call for Mrs. Stover to meet her husband in Hawaii about March 1. “ The circumference of the world is approximately 25,000 miles . . . we will travel between 45,000 and 50,000 miles,” Mr. Stover estimated. Lynn T. Hannahs, Jr. MUTUAL CASUALTY COMPANY Des Moines, Iowa One of America’s Strongest . . . Assets Over $40 Million • Automobile Insurance • Burglary and Robbery • Fidelity & Surety Bonds • Fire and Inland Marine • General Liability • Workmen’s Compensation Bonding Authorization of Over $1 Million U. S. Treasury Northw estern Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 Lynn T. Hannahs, Jr., vice president in charge of the out-of-town division at C a lifo rn ia Bank, Los Angeles, passed away recently following a brief illess. He was 44. Mr. Hannahs was the son of Lynn T. Hannahs, Sr., chairman of the board of directors, Brown National Bank of Kenosha, Wisconsin, and di rector of First National Bank, Keno sha. 47 m a n -o n - 1 lie - s p o t F IR ST H A N D information is the best information — and you get it first hand when you get it from Bank of America’s International Department ! Through a world-wide network of branch offices, traveling representatives, and correspondents, Bank of America can provide you with on-the-spot service wher ever you do business. If you would like to get your information first hand, why not put our Bank of America men-on-th e-spot to work for you ? in P a r i s IBmtk of Am ertat NATIONAL M E M B E R F E D E R A L J a v Si n ag s D E P D S I T ASSOCIATION I N S U R A N C E C O R P O R A T I O N San Francisco 20 • Los Angeles 54 Bank of America (International) —New York City 5 O VERSEAS BR A N CH ES: London • Manila • Tokyo • Yokohama • Kobe • Osaka • Bangkok • Guam R EPR ESEN TA TIV E O F F IC E S : New York • Mexico City • Milan • Zurich • Paris New Delhi • Havana • Rio de Janeiro • Beirut BANK OF AMERICA —International: (a wholly owned subsidiary) New York • Duesseldorf • Singapore • Paris • Beirut • Guatemala City N o r t h w e s t e r n Banker, D e c e m b e r , 1957 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 48 A.I.B . Speaking Theme “ Inflation” will be the general theme for the public speaking contests to be held within the American Institute of Banking from March to June, 1958, it was announced by Mrs. Eldeva Mae Neill, of the Grand Avenue Bank, Kan sas City, Missouri, who is chairman of the Institute’s National Public Speaking Committee. 140th Anniversary . . . for QUICK, ACCURATE h a n d l i n g of l o o s e c o i n s T ra y holds 10 c o in s each of pennies, nickels, dimes, quarters, halves, in each of 68 staggered pockets, m aking possible the giving out of change quickly and accurately. Figures on border desig nate denom inations of coins in pockets. In 3 styles: 1 -- m ounted on pedestal; 2 --fitte d with rubber bum pers fo r counter use; 3 --m o u n te d on short legs, arranged fo r nesting with other tra ys. T ra y, made of cast alum inum , m easures 12%” x 9". A big tim e saver. COIN PACKAGING TRAY 7% C For use with tubular wrappers. Facilitates filling tubular wrappers in the following manner: Lay coins in tray, sloping forward. Then open tubular wrapper and engage coins at front of tray. Then push coins into wrapper. Keep rear end of wrap per covered with finger. Made of wood or steel depending on the availability of material. A very handy item. T % e n CURRENCY EDITOR . . . (Continued from page 22) War I, he served as Davis County Food Administrator and was also pub licity chairman for the Liberty Bond drives. The latter experience served him well when he became county Sav ings -Bond chairman in the early months of World War II. In the 15 years he has headed up the bond pro gram, Davis county has reached or exceeded every quota. RACK No. 2 fa c c iita te A c A ec& i. This device holds a moderate amount of b ills of varying denominations rendered available for quick handling. Cashing of checks made quick and easy. Aluminum Base, 6% inches square. Nickeled posts are 7 inches high with counterweights. T W IC E H A L F PR E SS r tt e e fo a fe fr r ia v e d Th e user, with one hand, m ay attach cord and pull until Seal Pin is forced through the folds of canvas coin bag. W eighs only 17 o zs — half the average w eight of other Seal P resses., .b u t with twice the leverage! Makes per-, feet die im pression when deform ing the seal. Meets approved requirem ents. PURE LEAD SEALS Th e Lead Seals used w ith the above Press, are p ilfer-p ro o f, made o f pure, non - porous soft lead that will not crack o r break, easily deform ed, m ak ing cle a r-c u t im pressions o f sender's name on seal. Approved by Insurance Com panies, P. 0. Dept., Federal Re serve Bank, R. R. Express Com panies, etc. Cord in Seal has a tensile strength 130 lbs. Fitted w ith hemp cord and pin. Seals packed in bundles of 50; pins m ay be ordered in varyin g lengths. SEND FOR TO FULL DEPT. W INFORMATION ¡ N o rt h w e s t e rn Ban ke r, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 “You Must Believe” LINEN SHIPPING TAGS THE LEVERAGE THE w e i g h t ; SEAL The bank that issued Canada’s first real money celebrated its 140th anni versary last month. Bank of Mont real, which provided paper currency and copper tokens to buckskin-clad pioneers, has grown in 14 decades from its original tiny office and staff of seven, to its present 721 offices, staff of 12,000, and assets of more than $2.7 billion. SU P E R IO R IN STRENGTH .. . p ro v e d b y 'P U LL' test w ----------------------------------------r — Fw* Mabakii Bm L d Wkedaf _ w w fat W. V«. È ra _ . Y i J tain t*n« ta^nM I | E ïïr T1| They are made to “ deliver the goods.” Made of 8 -point weight, size 2%” x with “ R e g is te r” stub. Style No. 2 same size but with blank stub for desired copy. Style No. 3, 2?g” x 3 V without stub. Rein forced eyelet extends to end of tag. Printed in red and b lack. Bank im print included in price. You don’t usually achieve such suc cess unless you believe in the cause. On that point, Perry Grimes is an outstanding example. “ The Savings Bond program is one thing on which all Americans can agree,” Mr. Grimes said recently. “ The Savings Bond is an ideal instrument for saving, without regard to politics, race, creed, or economic station in life. Of course, the bond program was orig inally intended for the little fellow, and it surely can’t be beat for the small, regular saver. I still think, however, that Savings Bonds should form a part of every portfolio.” One outstanding tribute came from a former competitor, Kenneth F. Bald ridge, publisher of Bloomfield’s two newspapers. Testimonial “ I’ve known Perry Grimes for more than 30 years,” Mr. Baldridge said, “and he is a gentleman of honor and integrity. We didn’t always agree on our politics, and we were strong com petitors with our newspapers, but this has never affected our friendship and I am the first to recognize the out standing contribution he has made to our town.” This pretty well sums up the feeling of the community for Perry T. Grimes. —$$ 49 IN SU R AN CE Stop P a ym en t L osses Can P e Preven ted B AN K EXECUTIVES should use a special bond to protect against stop payment losses, and not depend upon Bankers Blanket Bond. ANY commercial banks have se rious financial losses when one of their employees has made a cash outlay on a check, draft or note upon which a “stop payment” was is sued. This type of loss happens in spite of the most intense precautions < taken by bank personnel. In today’s complex economy the ve locity of demand deposit turnover continues to accelerate. With this rapid turnover, the possibility of even more losses on “stop payment” checks looms as an even greater threat than ever. Oftentimes a bank executive thinks y that his bankers’ blanket bond will cover this type of loss. It will cover such a loss only if there is dishonesty involved on the part of the bank staff. In all other cases such as employee negligence, oversight, etc., the bank ers’ blanket bond will not protect the bank. Some of the nation’s leading bond ing and insurance companies have sought to solve this problem for banks. They painstakingly devised a bond contract that is designed to pro tect banks from losses due to the hon oring of checks upon which a “stop payment” was issued. The above contract is usually di vided into two main sections. The first section is concerned with the in suring agreements of the contract. The second section covers the condi tions and limitations of the bond. The bond is then signed at the end by an attorney in fact who represents the insurer. M Contract Highlights v Let us now take a brief look at the structure of the contract. We will hit the highlights of what the bond covers and what some of the chief lim- * https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis itations and conditions of the bond consist of. In Section I of the bond the com pany agrees to pay losses that the bank incurs when it fails to comply with a stop payment notice and it erroneously pays out on a check, draft or note that is presented to it for col lection. The bond goes even further when it agrees to cover losses that a bank incurs by its refusal to honor a stop payment check and its failure to give proper notice of dishonor to the other parties involved on said instru ment. There is a limitation placed upon the bonding companies’ laibility for each check, draft or note. This limi tation is usually $5,000, with an aggre gate of $15,000 for all of the losses. The bonding company agrees in Sec tion I to investigate all claims and to defend the insured bank in court if a suit is presented to the bank in re gards to a stop payment check. The bonding company also agrees to pay any loss incurred during the lifetime of the bond even if it is not uncovered for one entire year after the bond has been cancelled. Limitations The second section of the bond cov ers the conditions and limitations of the bond. Most of the provisions in this section are standard on all insur ance contracts. The bonding company insists upon the right of subrogation against any Written Especially for The Northwestern Banker By T H O M A S M . S T O K E R Assistant Cashier Farmers Savings Bank Shelby , Iowa wrongdoers. It asks that no action be taken against it until the amount of claim and expense have been es tablished. The bond may be cancelled at any time at the discretion of either the insured bank or bonding company. In this section the bonding company further clarifies the fact that it will not be responsible for losses on stop payment checks where there is dis honesty involved on the part of the bank’s staff. This is for the blanket bond and not this type of bond. Rates vary on this type of bond but the charge is usually 35 cents per stop payment order. The company usually has a minimum of $35 a year. If the premium is paid three years in ad vance then the rate is $87.50, for a savings of $17.50. The company will also raise the limitation of $5,000 a check for an additional premium. The bond is continuous, as is the bankers’ blanket bond No. 2 and No. 24. The insured bank should keep some kind of record of the amount of stop payments it handles each year so as to give the bonding company some thing to base its premium upon. For more details of the contract a person should procure a copy of the bond itself. Any insurance company handling this type of bond is usually more than delighted to have qualified people look at its contents. Inflation is with us. With “tight money” more and more in prospect, bank customers are going to be using their checking accounts with more more and more of a rapid turnover. The losses due to failure to comply with a stop payment notice are going to loom higher and higher each year. With such a low premium it seems ad visable for a bank to carry this type of bond in its insurance portfolio.—$$ N o rth w estern Banke r, D e c e m b e r , 1957 Insurance 50 W estern M u tu a i G ets A d A ir01n i HE Western Mutual Insurance Company of Des Moines won spe cial recognition at the recent national meeting of the American Mutual In surance Companies in New Orleans, Louisiana. In the Advertising-Sales Annual Ex hibit at the con vention, Western Mutual’s booklet, “50 Y e a r s of Growth,” won the Bl ue R i b b o n Award under the classification of “ Commemorati o n of Some Special Event.” It was d isp la y e d with M. R. FI SCH ER other winners of all divisions in the annual judging T contest. Editor of the booklet is Margaret R. Fischer of the agency department. She prepared the booklet in three col or printing, and through the liberal use of pictures and pertinent statisti cal reports traced the progress of Western Mutual from its founding date in 1907 when the company under wrote grain elevator risks only to the present time when the firm writes multiple lines of property insurance risks. The booklet shows that during the past 10 years, under the leadership of J. Dolliver Kent, president, the West ern Mutual has increased assets from $2,242,000 to more than $7,600,000, while surplus has jumped in the same period from $710,500 to more than $3,550.000. Mr. Aston is a member of the Dallas Community Chest Trust Fund, and served as chairman of the Dallas County Chapter, American Red Cross Membership and Building Fund Cam paign in 1957. Mr. Aston is also a registered pro fessional engineer. He and his wife, the former Miss Sarah Orth, live at 5000 Royal Lane, Dallas. Their son, James W. Aston, Jr., is a junior at Duke University.—$$ William L. Kleitz William L. Kleitz, president and a director of Guaranty Trust Company of New York, died last month. He had been confined since suffering a fall from a ladder at his home on Boxwood Lane, Rye, New York. Death was due to a head injury. Mr. Kleitz had been continuously associated with the Guaranty Trust Company since 1919, and had been president of the company since 1947. American Airlines, Inc.; Group Hospi J. Luther Cleveland, chairman of the ASTON . . . tal Service, Inc., and Group Medical board, announced that at a special (Continued from page 28) was appointed Chief of Staff, Head and Surgical Service, and is treasurer meeting of directors last month, Dale of Dallas. E. Sharp was elected president and a quarters Air Transport Command. d ir e c to r to suc Mr. Aston retains his rank as colo He is also a member of the advisory ceed Mr. Kleitz. nel in the Reserve Corps. boards of John E. Owens Memorial Mr. Sharp was While in service he was awarded Foundation and of the University of formerly e x e cu the American Defense Ribbon, the Dallas; a member of the boards of di tive v ice p re s i American Theater Ribbon, the Asiatic- rectors of the State Fair of Texas; the dent. Pacific Theater R ib b o n with two Cotton Bowl Athletic Association; the Mr. Sharp be bronze stars, the Legion of Merit and East Texas Chamber of Commerce; came a member the Distinguished Service Medal. Trinity Im p ro v e m e n t Association; of the Guaranty Mr. Aston was elected executive Greater Dallas Planning Council, and staff in 1931. He vice president of Republic December a member of the board of trustees of was appointed a 13, 1955, and was elected president of the George C. McGhee Foundation. vice president in the bank January 15, 1957. He is a member of the executive 1942 with super In addition to his duties with Re board, Circle Ten Council and mem public National Bank, Mr. Aston is a ber-at-large, National Council of the vision over the company’s banking re lationships in the midwest. He was member of the board of directors of Boy Scouts of America. advanced to the general management of the bank in January, 1955, and ap ENDURING AS RUSHMORE pointed executive vice president in n prosperous Shreveport, Na September of the same year. I OPPORTUNITY IN SHREVEPORT For the Man Ready for General Agent Qualification N a t io n a l R eserve LIFE IN S U R A N C E CO M PA N Y TOPEKA • SIO U X FALLS tional Reserve Life has current ly available an excellent op portunity for the man ready for G e n e ra l Agent achievement and responsibility. O ur C om p any, now well above the Two Hundred Million Dollar mark of Insurance In Force— is conducting a vigorous expansion program throughout our entire operating territory ranging from California to Flor ida. Don't delay—write today for detailed information. All corre spondence in strict confidence. H. O. C H A P M A N , P re side nt S. H. W IT M E R , C h m . of the B o a r d N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 Hanover Progress The Hanover Bank, New York, has declared a regular quarterly dividend of 50 cents per share, payable Janu ary 2, 1958, to stockholders of record at the close of business December 13, 1957. In addition, subject to approval of the stockholders and of the superin tendent of banks, the board declared a stock dividend at the rate of one share for each nine held, payable Feb ruary 24, 1958, to stockholders of rec ord at the close of business .January 24, 1958. This will increase the num ber of shares outstanding from 3,600,000 to 4,000,000, and the capital of the bank from $36,000,000 to $40,000,000. Stockholders will be asked to author ize the necessary amendment of the bank’s charter at the annual meeting on January 15, 1958. I t ’s th e e x tr a e f f o r t ... You have a right to expect every banking facility from your Chicago correspondent. At American National, we are also dedicated to ex tending services that go beyond such normal performance. It’s the extra effort on a personal level, quite apart from banking, that makes the difference. Perhaps that’s why hundreds of bankers think of American National when they think of Chicago. American National Bank and Trust Company of Chicago L A S A L L E A T W A S H IN G T O N , C H IC A G O 9 0 , I L L . • MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 52 O la n y things chan ge in 1 0 0 years hut our wish to you remains the sam e M E R R Y C H R IS T M A , and a IA P P Y M E CORRESPONDENT G eorge S. H enry Vice P resident R ichard O. W eyrauch BANK DIVISION K enneth T. M artin Vice P residen t Joseph M. D ownes A ssistant Vice President Styrk R. O mlie A ssistant Cashier R aymond H. Johnson A ssistan t Cashier Joseph W. Frantz B ank O perations Y E A R Assistant Cashier A ldon E. O mdahl A ssistan t Cashier Lorimer F. Princell M g r., S a fek eep in g R ichard C. Belew FIRST R epresentative N A T IO N A L OF B A N K M IN N E A P O L IS M e m b e r F e d e r a l D e p o s it In s u ra 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 B a n k e r f D e c e m b e r , 7957 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 53 Harry J. Tillemans Harry J. Tillemans, 78, chairman of the board, Farmers and Merchants National Bank, Minneola, Minnesota, died last month in Minneota. A native of The Netherlands, he came to Minnesota at age four. Join ing the bank in 1900, he served as president more than 30 years. Minnesota NEW S H . G. H A M R E P resident FLOYD W . L A R SO N W o o d Lake S e c re ta r y New Ulm Remodeling M in n e ap o lis Resigns at Clarkfield Bank Robert J. Hollenbeck recently re signed from his position at the Farm ers & Merchants State Bank, Clark field, Minnesota, to accept a bank ex aminer’s position under the F.D.I.C. He will remain in Clarkfield. Mr. Hollenbeck and his wife were later honored at a dinner party by bank personnel and spouses. New Building Planned The State Bank of Ceylon, Minne sota, recently purchased a vacant building next door to the bank, and plans include the destruction of the old structure before next summer. The bank has voiced its intentions to enlarge its facilities into a new building on the same lot. Promotions at Crookston Milton Lyngholm, assistant cashier, First National Bank, Crookston, Min nesota, has been elected cashier to Harold B. Farley, vice president, recently participated in a Cost Saving Conference conducted by the National Association of Home Builders. New Building in Duluth In a recent well planned and well illustrated progress report, the First and American National Bank, Duluth, Minnesota, explained details of the construction of its new bank build ing which is scheduled for completion in mid-1958. Explaining that the building will “be Duluth’s first major downtown structure in more than 25 years,” the brochure states also that “The first five floors above Superior Street, the Auto Bank on Michigan Street and the safe deposit department, resting on bed rock will become the new home of Duluth’s largest and oldest banking institution. The top three floors will be available for high grade commer cial leasing and offer tenants a busi ness home with prestige.” Elected Vice President D. W. “Don” Johnson is the new vice president of the Minnesota Na tional Bank, East Grand Forks, Min nesota. He was vice president of the First Farmers National Bank, Alexandria, until this move to East Grand Forks. Joins Lakefield Staff M. L Y N G H O L M H. MILLER * succeed Henry A. Wilson, 64, who died last month after serving the First National for more than 25 years. Herman Hiller, well-known insur ance representative of Crookston, has been elected to the board of directors of the bank. Mr. Lyngholm has been with the bank since November of 1927. Wayne Schultze, formerly of the First National Bank, Fairmont, Min nesota, has joined the staff of the Farmers State Bank, Lakefield, Minne sota, according to S. P. Boies, presi dent of the Lakefield bank. He succeeds Robert Thiesen, assist ant cashier, who has been transferred to the Forsythe State Bank, Forsythe. Madelia Open House Heads 25-Year Club v Rudy Jacobson, assistant vice presi dent, the First and American National Bank, Duluth, Minnesota, was recent ly elected president of the 25-year club of the bank. W. D. Wyard, president of the bank, was a guest at the dinner which was attended by 36 of the 42 persons who have been employed by the bank for more than 25 years. ► https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Officers of the Farmers State Bank of Madelia, Minnesota, planned an ex tensive open house for the sixth and seventh of this month in celebration of the completion of the bank’s beauti ful new banking home. The doors were thrown wide open to the bank’s friends all over the coun try and a cordial invitation was ex tended to anyone and everyone who could be on hand. The Farmers and Merchants State Bank, New Ulm, Minnesota, recently took out a $12,000 permit to remodel the front of the bank building by in stalling granite-Artstone over the present brick. All windows on the south side of the bank are to be re placed. > The interior, upstairs offices and basement have been renovated so far. Elected Bank’ s President William G. King, executive vice president, First National Bank, Grand Rapids, Minnesota, has been elected president of the bank. C. K. Blandin, p re s id e n t since t he d e a th o f Frank E. King in 1951, resigned re cently but will rem a i n on the board. Mr. King, a for mer president of w. G. KING t h e M in n esota Bankers Association, joined the bank in 1936 and has been a member of the board since 1940. May Build New Structure The Security State Bank of Oklee, Minnesota, marking its 20th anniver sary, recently announced an increase in its capital structure to $50,000. Also, construction of a “new, modern banking building” is being anticipated, according to A. W. Nyquist, vice presi dent. Elected to Benson Board Joseph P. Weis, operator of a real estate business since 1942, has been elected to the board of the First State Bank, Benson, Minnesota, according to an announcement by C. E. Gesme, president of the bank. His banking and farming associa tions have been numerous since his arrival in the Benson vicinity in 1924 to operate an auto agency. He has been farm loan appraiser for Federal Land Bank, farm sales supervisor in southwestern Minnesota for the Aetna Life Farm Loan Division and has re financed loans for the Merchants Bank Building Company. N o r t h w e s t e r n Banke r, D e c e m b e r , J957 54 T w in ( i h X e w s .»* nu a titasaitaaua tm fi s» ji jj IIIIIIIIIII ftttjyyui J OHN A. MOORHEAD, formerly ex ecutive vice president of the Northwestern National Bank, Minne apolis, has been elected president of that banking institution, succeeding Joseph F. Ringland, who died last month. J. A. M O O R H E A D H. T. R U T L E D G E At the same meeting of the board, Henry T. Rutledge was appointed ex ecutive vice president and was elected to the board. The 11th president in Northwestern Bank’s 80-year history joined Minne sota Loan and Trust in the investment division of its trust department. Upon the merger of the Trust Company with Northwestern in 1934, he trans ferred to the bond department, han dling the bank’s investments. He is a member of the Reserve City Bankers Association, a director of Northwestern National Bank and a former vice president of Robert Mor ris Associates, and is a director of the Twin City Fire Insurance Company. Mr. Rutledge began his 28-year banking career at Minnesota Loan and Trust, in the trust department. In 1948 he transferred to the commercial department in charge of business de velopment, later also assuming re sponsibility for advertising and public relations. * * * Garfield (). Moore was named assist ant cashier, Central Northwestern Na tional Bank of Minneapolis at a recent meeting of the board. Execpt for a four-year period he has been with the bank since 1928. N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 Appointment of John T. Pain, Jr., to the investment department at Mar quette National Bank of Minneapolis was announced recently by Carl R. Pohlad, president. Mr. Pain comes from the bond department of First National Bank of Chicago. * * * Theodore Jacobsen has been named assistant cashier, Fifth Northwestern National Bank, Minneapolis. He has been with the bank 20 years. * * * William R. Chapman, vice president, Midland National Bank, Minneapolis, has been named to the credit policy committee of the American Bankers Association. =)= * Appointed to the advisory board of the North American office, Northwest ern National Bank are Roland D. De ni rules, treasurer, Standard Iron & Wire Works, Inc., and Arba L. Saw yer, of Sawyer-Cleator Lumber Com pany. * * * A second $100,000 issue of 4 per cent income debentures has been author ized by the state banking department for Fidelity State Bank, Minenapolis. C. Herbert Cornell, president, said the first $100,000 issue has been complete ly subscribed. * * * Fred Demining, president, Federal Reserve Bank of Minneapolis, ad dressed members of the Rotary Club, in Rochester, last month. * * * Martin F. Ernst, 74, chairman of the board, Midway National Bank, and former president, Minnesota Bankers Association, died last month in a Mid way hospital. His death was due to double pneumonia following a case of the flu. He had been an officer of the bank since 1927 after having begun his banking career in 1904 at the old Merchants National Bank, same city. * * * William F. Peters, 62, board chair man, Peters Meat Products Company of St. Paul and vice president of the Minnesota State Bank of St. Paul, died last month. * * * Donald N. Anderson, First National Bank of St. Paul, has been elected vice president, Twin City Security Traders Association. Albert J. Berglund, First National Bank of Minne apolis, is treasurer. ^ * Robert H. Craft, president, Invest ment Bankers Association of America, was in the Twin Cities recently to address the annual meeting of the or ganization’s Minnesota group. Accom panying him was Murray Hanson, managing director and general counsel of the association. G. M. Phillips of Caldwell Phillips Company, St. Paul, took over as chair man of the Minnesota group. He suc ceeds C. Edward Howard of Piper, Jaffray & Hop wood, Minneapolis. * * W. Robert Kircher, formerly assist ant a d v e rtis in g manager of Rayette, Inc., St. Paul, has joined the ad vertising staff of F irst N ation a l Bank, Minneapolis. He will also serve in an ad vertising capacity for First Service Corporation, oper w. R. KIR CH ER ations subsidiary of First Bank Stock Corporation. * >¡5 Marquette National Bank tellers are wearing bright red weskits to help promote Christmas Club savings ac counts. The “ Christmas Club Special ists” also are wearing large green and white buttons which state: “Join Our Christmas Club Now.” * * * Philip H. Nason, president, The First National Bank of St. Paul, has been elected vice president of First Bank Stock Corporation, it was an- J 4 t i V 1 f / r * Minnesota News ( nounced last month by Joseph H. Colman, president. He has served on the corporation’s board since 1954, and as vice president he succeeds Julian S. Bard, who re signed recently when named Under secretary of the Treasury for Mone tary Affairs. * * * A “ Happy Birthday” salute, record ed for the occasion, rang out from the electronic chimes atop the North western National Bank a block away. * * * St. Paul’s A.l.B. Chapter held a men’s smoker last month and a total of 20 door prizes were awarded. Com mitteemen were: Jerry Nikituk, chair man, and Richard Nelson, First Grand Avenue State Bank; Ray Schleminer, Stockyards National Bank; Richard Nadeau and Bob Quinn, First Mer chants Bank, and Dick O’Connell, Highland Park State Bank.—$$ 55 New President in Fairfax The State Bank of New Prague re cently celebrated its 74th anniversary by s e r v in g coffee and doughnuts throughout the day. W. B. Frank, executive vice presi dent, Citizens State Bank, Fairfax, Minnesota, has been named president of the bank to succeed the late Reuben Sell. Mr. Frank has been w ith the bank more than 39 years. Mr. Sell passed away while on a re ce n t h u n tin g t r i p . He h a d s e r v e d on the b o a r d and had been president of the bank since 1932. Although not active in the manage ment of the bank, he did render valu able assistance in its operation. p r e s i d e n t in charge of the division. New Director at Ked Wing Biwabik Open House First National Bank of Minneapolis celebrated its 100th birthday recently with an open house, refreshments, door prizes and all the trimmings. At a special ceremony Kay Kriesel, Silas B. Foot has been appointed a director of the Goodhue County Na tional Bank, Red Wing, Minnesota, ac cording to Ora Jones, Jr., president, to fill the unexpired term of his father, the late E. H. Foot. Paul B. Danikroger has been appointed r e p r e sentative, ban ks and bankers divis i o n, Northwestern N a t i o n a l Bank of Minneap olis, according to an announcement by Donovan E. P. B. D A M KR OGE R C r o u 1 e y, v i c e 74tli Anniversary Open House for Farmers Approximately 400 farmers and their wives attended last month’s first open house at the Northwestern National Bank, Rochester, Minnesota. They toured the new banking quar ters in groups conducted by employees and were served a buffet supper. O. U. Habberstad, president; Lawrence F. Lamberty and other officers welcomed the bank’s guests at the door. A similar open house for additional farm families was held later in the month. TO 18-YEAR-OLD K A Y KRIESEL went the honor of pinning a rose on the lapel of President Gordon Murray when the bank observed its 100th anniversary. Between 20,000 and 30,000 people attended the gala celebration. 18, the bank’s newest employee, pinned one of 100 symbolic roses on the lapel of Gordon Murray, president. L o o k i n g for a correspondent bank that’s friendly . . . inter ested in your problems . . . quick to help? Come in any tim e! Tracy Banker Retires Cleon C. Cook, vice president and member of the board of directors of the Farmers and Merchants State Bank, Tracy, Minnesota, retired last month after 37 years in the finance field. The retired banker plans to reside in Tracy, travel, devote his time to personal affairs, and take it easy. The Biwabik State Bank, Biwabik, Minnesota, probably the only bank in the state operated by women, held open house last month to celebrate the completion of newly redecorated and enlarged banking quarters. The bank, only five years old, was visited by crowds of people from the community and surrounding area, and coffee and doughnuts were served. Prizes were savings bonds and sil ver dollars. Increase at Spring Valley Directors of The First National Bank of Spring Valley, Minnesota, have voted to increase capital from $50,000 to $100,000, it was announced by Lester H. Gaupert, executive vice president. With this change the bank now has a capital accounts total of $221,000, which includes $75,000 surplus and $46,000 undivided profits. The increase in capital was voted, according to Mr. Gaupert, in view of First National Bank’s new building project scheduled for completion next spring and also to enable the bank to better serve the community’s in creasing banking needs. ACCIDENT, SICKNESS and HOSPITAL INSURANCE AT COST! Midland NATIONAL BANK Bankers are Select Risks and we have special coverage designed for Bank Men and Women. Write for Application and Information. 401 Second Avenue South Minneapolis 1, Minnesota M innesota Commercial Men’s Association Write or phone FEderal 2-0511 -fltf. hapticu]iriril&bigWELCOME! Member Federal Deposit Insurance Corporation V https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2550 Pillsbury Ave. S. Minneapolis 4, Minnesota N o r t h w e s t e r n Banker. D e c e m b e r , 1957 56 Minnesota News R ib b o n C e re m o n y a t R o e h e s te r HE Olmsted County Bank & Trust Company of Roehester, Minnesota, T held a grand opening recently, cele brating completion of its remodeling and redecorating. I. C. Rasmussen of St. Paul, state commissioner of banks, and Mayor Claude McQuillan officiated at the ribbon-cutting ceremonies at the bank entrance. Tours, prizes and balloons for the RIBBON-CUTTING C E R E M O N I E S at noon officially began the Olmsted County Bank & Trust Company grand opening, held in honor o f their recently remodeled bank. L eft to right are: John Chisholm, first vice president of the bank; I. C. Ras mussen, of St. Paul, state commissioner of banks, who is cutting the red ribbon, and Lester Fiegel, bank president. youngsters were featured during the three-day event. The tours included the vaults and the bookkeeping department where many new machines are now in oper ation. It was estimated that about 4,000 persons were registered. The bank was completely remodeled about a month ago, and now features acoustical tiling on the ceiling, new black and green tile on the lobby floor and new carpeting in the officers’ area along the west wall, new combination checkwriting desks and lounge areas, m o d e r n is tic lig h tin g fixtures of brushed brass, complete repainting and three large murals depicting in dustry, agriculture and science in Rochester. One innovation in equipment is fire proof under-the-counter filing arrange ments for tellers and clerks. Wabasha Bank to Modernize A contract has been let for the alter ation of the First State Bank, Wa basha, Minnesota. These alterations embrace an additional 25 feet to the north of the present building quar ters, so when the improvements are completed they will provide double CARL L. FREDRICKSEN Chairm an of Board CLIFFORD L. ADAMS President STANLEY W . EVANS First V ice President WILLIAM C. SCHENK V ice President JOHN S. HAVER Cashier JAMES L. SMITH Asst. Cashier an d Auditor KINLEY W . SMITH Asst. Cashier BEN E. HOLTDORF Asst. Cashier EDWARD L. NEWELL Asst. C ashier R. K. DRAPER R epresentative MEMBER N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 the area that is now occupied by the bank. Larger officers’ quarters, a more spacious public lobby, and a large posting room are being provided. Bank fixture additions, acoustical ^ tile ceilings and air conditioning are being included in the new banking quarters. Attractive improvements will be made to the front, including an alumi num entrance assembly, new win dows, and an attractive facing of brick and ceramic tile. The architect for this project is the A. Moorman and Company of Minne apolis. Foreign Exchange Folder Manufacturers Trust Company, New York, is distributing a new edition of its “ Foreign Exchange Quotations” folder. The folder lists current quo tations of currencies of 141 countries *r throughout the world. It also con tains two tables showing the decimal equivalent of (a) shillings and pence and (b) common fractions. Manufac turers Trust Company has been pub lishing this folder at intervals for over 18 years. Copies are available at the bank’s International Banking Department, 55 V Broad Street, New York 15, New York. Fast Collection Service Experienced personnel . . . a highly trained staff . . . the best possible service in ALL types of collections . . . all of these are yours in Sioux City today. The Live Stock National is strategically located in the heart of the Sioux City Stock Yards to better serve you. Take advantage of our Transit Department . . . learn the full meaning of speed. You'll soon see why more and more banks are turning to Live Stock National for their Sioux City correspondent needs. FEDERAL DEPOSIT INSURANCE A CORPORATION *4 57 west, and the other officers of the as sociation as well as the speakers. From the opening remarks by John. Ryan, president, First National Bank of the Black Hills, Rapid City, and association president, through the final talk by popular Bill Gove, vicepresident in charge of sales, EMC Re cording Corporation, St. Paul, known JO HN M. RYAN P resid en t R a p id C ity as “America’s Number 1 Salesman, the meetings moved swiftly as one fas C A R L E. B A H M E IE R . JR. Se c re tary Huron cinating subject after another was probed by the following speakers: Kenneth Raschke, assistant to the president, University of South Dakota, Vermillion; Dr. Murray G. Lee, secre tary, Economic Policy Commission, By W A L T E R T . P R O C T O R DEAL weather and an outstanding A.B.A., New York City; Marshall program of speakers contributed to Associate Editor Corns, management consultant, Evans the new high attendance mark set The Northwestern Banker ton, Illinois; Dr. Walter Heller, profes last month at the South Dakota Asso chairman of the clinic committee; Carl sor of economics, University of Minne ciation’s Bank Management Clinic. sota; Dr. Norman Royall, Jr., professor Bahmeier, the association’s secretary, Compliments were plentiful the last of mathematics and physical science, afternoon of the conference and re whose ability of obtaining top speak University of Kansas City; Gary Gariers is well-known throughout the mid ceiving them were George Goodell, epy, director, Sales Training Interna tional, Barre, Massachusetts; Arnold Stoa, vice president, Northwest Bancorporation; L. L. Cunningham, presi dent, Business Institute of Minneap olis, and Mr. Gove. Interesting displays were highly popular at this conference, and they were under the supervision of: Addressograph, A. G. Risty, Sioux Falls; Best typewriter, Gordon N. Christen sen, Sioux Falls; Burroughs Adding Machine, Lee Frank, Sioux City; Le Febure, Bill Drommer, Sioux City, and Paul Tucker, Sioux Falls; Monroe Cal culating, D. W. Walker, Sioux Falls; Multigraph, E. F. Sturm, Sioux Falls; DURING A “BREAK” between the far-above-average speeches, these bankers and National Cash R eg ister, Wallace affiliated businessmen posed for the NORTHW ESTERN B A N K ER cameraman: 1IKS1 Ewald, Sioux Falls, and Recordak, PHOTO seated left to right— Don B. Keller, Recordak Corporation, Omaha, and Carl Bergquist, assistant cashier, Federal Reserve Bank, Minneapolis. Standing left to Jack A. Ludwig, Omaha. South Dakota N E W S 1 9 5 7 flan k M a n a g e m e n t i'linie W a s •Judged H ig h lg Successful I right— Harley E. Fletcher, assistant director, South Dakota Industrial Development Expansion Agency, Pierre; Robert H. Walrath, vice president, The First Citizens National Bank, W atertow n; Earl Keller, president, Rapid City Trust Company Rapid City and Robert F. Johnson, secretary, Greater South Dakota Association, Huron. SECOND PHOTO, seated left to right— John Ryan, president, First National Bank of the Black Hills, and president of the South Dakota Bankers Association, and D. P. Amsberry, vice president, Farmers State Bank, Carthage. Standing left to right Marshall Corns, management consultant, Evanston, Illinois; George S. Henry, vice president, First National Bank, Minneapolis; Gorden H. Maxam, superintendent of banks, State of South Dakota, and Carl Bahmeier, executive secretary, South Dakota Bankers Association, Huron. LAUGHING at a retelling of one of the speakers’ jokes, left to right, are: Ed V. Hofiman, assistant vice president, First National Bank of Sioux City, Iow a; N. F. Van Vleet, execu tive vice president, Communi ty Bank, Humboldt, and the vice president of the South Dakota Bankers Association; lohn A. Diefendorf, assistant cashier, Security National Bank of Sioux City, Iowa, and N. C. Gross, vice president, First Dakota National Bank, Yankton, South Dakota. Conducts Panel Discussion James T. Brick, vice president and trust officer, National Bank of South Dakota, Sioux Falls, recently con ducted a panel discussion on Estate Planning at the 11th annual confer ence on federal taxation at the Uni versity of South Dakota, Vermillion. Miller Staff Promotions W. M. Sanger has been elected as sistant cashier of the First National Bank, Miller, South D akota, and Wayne Wilson has been named man ager of the insurance department to succeed Mr. Sanger. Mr. Wilson has been with the Clark County National Bank, Clark, the past three years. THE NATIONAL BANK OF SOUTH DAKOTA 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 STOCK CORPORATION N o r t h w e s t e r n Banker, D e c e m b e r , 1957/ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 58 South Dakota News S io u x F a lls N ew s M O R R IL L, assistant cashier and farm service repre sentative of the National Bank of South Dakota, was elected president of the Kiwanis Club. The Kiwanians re-elected Tom S. Harkison, the bank’s president, as their treasurer. * * * Carl E. Voigt, president of the Northwest Security National Bank, was installed as most excellent grand high priest of Royal Arch Masons in TANLEY S South Dakota. The installation took place at the 68th annual convocation of that York Rite body in Rapid City. Mr. Voigt was among 20 persons who appeared at hearings conducted in Sioux Falls by the subcommittee on special education of the U. S. House of Representatives. He told of a stu dent loan program he has worked with for several years. He outlined a method of operation and suggested that if the federal government gets into the loan business it should have the Small Business Administration NO RTHW EST SECURITY N A T IO N A L BANK take care of the book work. He said that the loan fund he is working with has good record of repayments. * * * William C. Duffy, president of the Union Savings Bank, was elected sec ond vice president of the newly formed Sioux Falls Chapter, Associa tion of the U. S. Army.—$$ A.B.A. Officials The A.B.A. “ Official Family” in South Dakota was announced recently as: Carl E. Bahmeier, Jr., executive secretary-treasurer, S o u t h D akota Bankers Association, Huron, State As sociation Section; James M. Lloyd, president, American State Bank, Yank ton, Executive Council; Walter H. Frei, president, C om m ercia l State Bank, Wagner, state chairman, A.B.A. Savings Bond Committee; O. D. Han sen, president, The Bank of Union County, Elk Point, state chairman, Federal Legislative Council; Tom S. Harkison, president, National Bank of South Dakota, Sioux Falls, Subcom mittee on Social Security of Commit tee on Federal Legislation; L. A. Hol lenbeck, chairman of the board and president, Farmers and Merchants State Bank, Iroquois, Ex-officio Execu tive Council, State Bank Division; vice president, chairman, Committee on State Bank Research; L. L. Lillibridge, president, Burke State Bank, Burke, state chairman, State Legisla tive Council; Carroll H. Lockhart, president, F irs t C itizen s National Bank, Watertown, Executive Commit tee on Federal Legislation; Curtis B. Mateer, e x e c u tiv e v ic e president, Pierre National Bank, Pierre, A.B.A. state vice president; R. A. Pankow, vice president and trust officer, First National Bank in Sioux Falls, Sioux Falls, Trust Division, Committee on Relations with the Public; Erling Haugo, president, Sioux Valley Bank, Sioux Falls, Subcommittee on Section 5219 U. S. Revised Statutes of Com mittee on Federal Legislation, and W. M. Willy, president, Security Bank, Madison, Executive Council, Finance Committee. To Savings Bond Post D. Cressy, Jr., assistant cashier, Jones County Bank, Murdo, South Da kota, has been appointed acting sav ings bond chairman for Jones county. of Sioux Falls, South Dakota South Dakota's Leading Bank BRANCHES AT BROOKINGS, CHAMBERLAIN, DELL RAPIDS GREGORY, HURON, MADISON Affiliated with Northwest Bancorporation Member of Federal Deposit Insurance Corporation N o r t h w e s t e r n Banker, December, 1957 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis s Hugh H. Hartshorn r~ Hugh H. Hartshorn, 66, a director of the Highmore First State Bank, Highmore, South Dakota, died recently at a Highmore hospital. Mr. Hartshorn is a native of Clarion, Iowa, and he moved to the Highmore area in 1920. y/ -k South V ie r r e \ a t ¡m ini's O eeiu red H n i/e Success ALTER H. BURKE, president, Pierre National Bank, issued an invitation last month for one and all to visit the bank during a grand open ing celebration in the new banking home of the Pierre National. And what an open house it was! As fabulous as the celebration were the prizes awarded to lucky guests of the bank. Grand prize was an all-paid trip to the Tournament of Roses and Rose Bowl game for two. This in cluded the trip to Los Angeles by air, four nights at the Hotel Statler, trans portation and tickets to the Rose Pa rade and the football game—plus $200 expense money. For boys under age 16 were a Schwinn bicycle, English Hiawatha bicycle, camera, wrist watch and pen and pencil set. A similar set of prizes were awarded girls under 16. A 23-year-old receptionist for West ern Contractors was the winner of the W Rose Bowl trip, and her card was one of 3,812 adult registrations signed dur ing the festivities. Other tabulations showed that 883 girls and 894 boys had registered. Bank officials were pleased with the turnout, and said they had underesti mated the attendance. Those visiting the bank were ad mitted through the main door, shown through the main lobby, and then fol lowed a line through the officials’ of fices, the tellers’ sections and com pleted the tour by going downstairs in the rear of the bank to the community room where coffee and cookies were served. All attending the opening were given favors upon leaving the build ing. The Pierre newspaper devoted prac tically a whole issue to the opening of the bank and the many fine services being offered. Automatic teller ma Dakota News 59 chines, drive-in banking, impregnable vaults, special telephone service and a building designed for the customers’ convenience are only a few of the highlights of this new bank building of which Pierre is proud. Curtis Mateer, executive vice presi dent, pointed out to visitors other items of interest such as the sliding steel gate which seals off the lobby and the bank from the entrance and the three furnaces and air condition ers designed to maintain three differ ent temperature zones for employee and customer comfort. Changes in South Dakota Permission has been granted for a Type “A ” branch office of the Farmers State Bank of Parkston, South Dakota, at Stickney, South Dakota, to incorpo rate as a separate bank, according to a recent announcement by Gordon H. Maxam, superintendent of banks, South Dakota. , Mr. Maxam told the N o r t h w e s t e r n B a n k e r also that the Security Bank of Madison, South Dakota, has been granted trust powers, and that the application of the Farmers and Mer chants Bank of Huron for an exten sion of corporate existence from Jan uary 8, 1958, has been approved. The Leola State Bank of Leola has been granted permission to increase com mon capital from $25,000 to $50,000, The Underwood State Bank of New Underwood was granted permission to increase common capital from $35,000 to $50,000, and the Farmers and Merchants Bank of Watertown, per mission to increase common capital from $200,000 to $220,000. Awards Cash Prizes The 20th Annual 4-H Recognition Banquet was held last month in Hot Springs, South Dakota, and six 4-H members were awarded cash prizes by the First National Bank of the Black Hills. THE NEW CHIME CLOCK is one of the outstanding features o f the new Pierre National Bank, and supplementing its telling of time with its eight-foot face is a set of musical chimes which play the same tune as did the bank’s old clock. A final official count revealed that 5,700 persons attended the open house. Joins Mitchell Staff Robert T. Knapp, business manager of Buena Vista College, Storm Lake, Iowa, has been elected cashier of the Commercial Trust and Savings Bank. Mitchell, South Dakota, according to a recent announcement by H. R. Kibbee, president of the bank. Pierre Vice President COMPLETELY MODERN IN EVERY W A Y is the Pierre National Bank. This picture o f the interior shows the theme of 20th Century simplicity combined with an opportunity for old-time friendliness between the bank’s employees and its customers. Curtis B. Mateer, executive vice president, Pi e r r e N a tion a l Bank, Pierre, has announced the election of Charles H. Burke, a director of the bank, as a vice president. Mr. Burke, treasurer of the Pierre Finance Corpo ration, is active in the bank’s install ment loan department. N o r t h w e s t e r n Ba nker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 60 South Dakota N e w s Joins Rapids City Staff To Head Personnel William J. Kilroy, trust officer, Fed eral Reserve Bank o f M in n e a p o lis the past sev en years, has been elected a trust of ficer of the Rapid City Trust Com pany, to be asso cia te d with Eu gene W. Pester, v i c e p r e s id e n t and trust officer, W. J. K IL R O Y it was announced by A. E. Dahl, chairman. Harry S. Myers, who resigned last year as cashier of Farmers & Mer chants State Bank, Bloomfield, Ne braska, to enter the Methodist minis try, has resigned as pastor of the Da kota City Methodist Church to become personnel supervisor and manager, bookkeeping department, Rapid City National Bank. Rapid City, South Da kota. been named superintendent of Burke schools to fill a vacancy caused by the death of the superintendent. Six Officer Promotions Named School Superintendent Eugene Walliser has been given a leave of absence from the Burke State Bank, Burke, South Dakota, as he has R. T. F R A Z IE R Again it is our pleasure to send you our best w ishes for the New Year. s itl M ay happiness, contentment, and the j X Six officer promotions at the First National Bank of Arizona were an nounced recently by M. E. McMillen, board chairman of the state-wide bank ing institution. best of everything be yours. # w D. D. STOFT R. T. Frazier was appointed assist ant comptroller. Mr. Frazier was au ditor and comptroller of The Bank of Arizona, Prescott, which was merged with First National in September. D. Duane Stoft was named assistant coordinator of administration and op erations. During his banking career, which began in his native Nebraska in 1936, Mr. Stoft has specialized in the field of bank operations and con trol. Prior to joining First National early last year, Mr. Stoft was with the Bank of America in Los Angeles for 11 years and with the Omaha National Bank, Omaha. Richard W. Goiter was promoted to assistant cashier in the comptroller’s department, home office, Phoenix. Gerald E. Harding, acting manager of the Fort Huachuca office, was named assistant manager of the Sierra Vista office, succeeding William E. Page, who was transferred to the home office, Phoenix. Roger D. Stewart was named assist ant manager of the First Avenue and Washington office, Phoenix. Jr > y New Loan Officer N A T I O N A L B A N K OF T U L S A Northwestern THE OIL MEMBER FEDERAL Banke r, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J957 BANK DEPOSIT OF A M E R I C A INSURANCE CORPORATION Virgil F. Sassman has been elected vice president of First National Bank in St. Louis, in c h a r g e of the bank’s i n s t a l l ment lending ac tivities. Mr. Sassman is now branch man ager of Associates Discount C orp o ration, and will be in charge of p erson al, hom e V. F. SASSMAN im p r o v e m e n t, automobile, and other installment loan operations of the bank. y~ . y / k 61 Note of Caution Caution is the keynote of the busi ness outlook. So states the Harris Trust and Savings Bank, Chicago, in its monthly business summary. Such phrases as “buyer’s market,” “ in cre a s e d competition,” “readjust ment,” “ consolidation” and “narrower profit margins” are being used to de scribe the 1958 business landscape. >'<»■*! li Dakota NEWS G. H . H E R N E T T P resid en t A sh le y C. C. W A T T A M S e c re tary F a rgo Elects New Cashier Allen C. Anderson is the new cash ier at the Citizens State Bank, New England, North Dakota, filling the po sition held for the past three years by John Kampf. He has worked in the insurance end of the business at the local bank for the past three years. $ 1 Million Capital The First National Bank in Moor head, Minnesota has increased its capi tal structure to $1 million, it was an nounced following a meeting of the board of directors. r Present s t o c k h o ld e r s have pur chased $300,000 in new stock, said Lawrence Mauritson, bank president. Surplus was increased from $300,000 W to $400,000. Capital is now $400,000, with earnings and reserves at $213,165, or a total capital structure of $1,013,165. The Moorhead institution is the first A bank in Clay county to attain a $1 million capital structure. There are only about 15 banks in the state out side of the Twin Cities and Duluth A which have reached that figure. The Moorhead bank’s deposits have increased from $7,734,695 in 1948 to $11,791,040. Management Clinic The 1957 Bank Management Clinic of the North Dakota Bankers Associa tion is being held the 5th and 6th of this month at the Provident Life In surance Auditorium in Bismarck. Highlights of the two-day meeting will be published in the January N orthw estern B an k er. # Remodeling at Ellendale . An exterior remodeling project got underway recently at the First Na tional Bank, Ellendale, North Dakota. The job will include replacing win dows on the north and west and glass block, and modernizing the front en trance. Twelve-inch glass brick will be placed both above and below the win dows on the front and on the side nearest the front, while glass blocks with ventilators will be installed in windows toward the rear of the build ing. There will be three picture windows on the front and two on the side. The double doors in front will be replaced with one aluminum framed glass door and a glass side panel. Another glass panel will be placed over the front entrance. FARM PROBLEM . . . (Continued from page 27) because that would create chaos in view of the stocks on hand. However, if we provide support at levels that constitute incentives to increase pro duction at the same time we are trying to control acreage production, then we are bidding against ourselves. Those who contend that the market cannot perform its own pricing func tion may need reminding that sup ports are far from universal. Most of the products sold by farmers de pend on the market, not supports. Adjustments Needed Agriculture today needs some ad justments. They must be faced frank ly and realistically. They are neither painless nor costless. Unfortunately, this is a field in which the politicians see opportunities for making political hay. One sure way to get statesman ship in politics is to put a premium on statesmanship by endorsing it at the ballot box. The farmer is concerned with public policies designed to promote high level stability. He has a special interest in having inflation held in check at this time. Inflation does not lead to a rise in farm prices because of the surplus situation, but it does affect many items of farm cost quickly making him twice as bad off. So the farmer has a big stake in cutting the costprice squeeze. Inflation is not a creator of wealth but a redistributor of wealth, fre quently taking from the man who can least afford it. There is no problem more serious than inflation on the eco nomic horizon today. The challenge is to hold inflation in check as a part of the longer run program of main taining high-level stability. We have the know-how to do this. The only serious doubt is over whether we have the willpower, the foresight, the cour age and the fortitude to do so.—$$ Daniel W . Hogan, Jr. Daniel W. Hogan, Jr., president of the City National Bank & Trust Com pany, Oklahoma City, Oklahoma, and immediate past president of the Sav ings and Mortgage Division of the American Bankers Association, died last month in Oklahoma City after a brief illness. He was 54 years old. New Chief Executive As a result of action taken by the board of directors of American Trust Company, San Francisco, Harris C. Kirk, president, will become the bank’s chief executive of ficer at the end of this year. James K. Lochead, w h o last month announced that he will retire as ch a irm a n of the board on De cem b er 31, has been the bank’s c h i e f executive H. C. KIRK officer sin ce be coming president in 1938 and board chairman last year. Mr. Lochead will continue as a director and member of both the executive and trust commit tees. Northern Trust Increase The Northern Trust Company, Chi cago, proposed that the capital stock of the bank be increased from $9,000,000 to $10,000,000 through the pay ment of a stock dividend, and that sur plus be increased simultaneously by $3,000,000. Subject to approval by the stockholders of the proposed increase in the number of shares of the bank’s capital stock, the board recently de clared a stock dividend of one addi tional share of capital stock for each nine shares held, payable to stockhold ers of record at the close of business on December 17, 1957. Capital funds for this stock dividend and increase in surplus will be sup plied by the transfer of $3,000,000 from undivided profits and $1,000,000 from reserves. Upon completion of the stock dividend transaction, capital stock of the bank will amount to $10,000,000 and surplus will be $18,000,000. Northwestern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banke r, D e c e m b e r , 1957 62 Advanced by B. of A. Montana William J. Breen has been elevated to an assistant vice presidency in Bank of America’s personnel relations department, Frank E. Young, vice > president and personnel relations offi cer, has announced. Mr. Breen will continue as adminis trative assistant to Mr. Young. NEWS V. C. H O L L IN G S W O R T H R. C. W A L L A C E P resid en t H a m ilto n S e c r e ta r y H elen a To LaCrosse, Wisconsin Two Montana bankers have been elected vice presidents at the Batavian National Bank, LaCrosse, Wisconsin. They are William J. Tierney, First National Bank in Bozeman, and Fred Potter, First National Bank of Great Falls. The bank also announced advance ments among its own ranks. They in clude: Paul Sobek from cashier to vice president: Robert Dollum, assist ant cashier to cashier, and George Freybler, Arthur Solie, Oswald Gun derson and John J. Erickson as new assistant cashiers. join Bozeman Staff D. R. Green, president, First Na tional Bank, Bozeman, Montana, re cently announced the appointments of Paul E. Pendergrass as manager of the Timepay Consumer Finance De partment and Richard N. Clark to the staff of the same department. Mr. Pendergrass comes from the First National Bank of Helena, and Mr. Clark from the Forsyth State Bank of Forsyth. Heads Helena Department R. Dan Johnson has been appointed manager of the Timepay Consumer Finance Department of the First Na tional Bank and Trust Company of Helena. Mr. Johnson was previously employed by the Commercial Credit Corporation in Minneapolis. Adds Ag Representative Gale Dorn, who recently joined the staff of the Northwestern Bank of Lewistown, Montana, has become agri cultural fieldman for the bank, Bank President Harry Fields announced re cently. This is a new position created by the bank. Grand Opening in Roundup An open house was held last month to celebrate the grand opening of the new banking home of the Miners and Merchants Bank, Roundup, Montana. Featured were tours through the completely new building with new eq u ip m en t, coffee and homemade cookies, organ music throughout the Northwestern Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 celebration, and specialty items as gifts. A. W. Roberts, president, was on hand with his staff to welcome guests of the bank, and heard many compli mentary remarks about the bank, es pecially about the spacious lobby. Modern fixtures by Northwest Fixture Corporation and lighting carry out the theme of the institution’s modern in terior. Reaches Bond Goal The First National Bank, Missoula, Montana, recently became the first business establishment in the bank’s area to become a 100 per center in Division B of the Community Chest drive. All of the 62 employees con tributed a total of $910.50, 1.5 per cent of the drive goal. Burroughs Increase For the first nine months of 1957, Burroughs Corporation, Detroit, re ported world-wide revenue of $204,861,122, compared with $190,450,710 for the same period of 1956. Consolidated net income after taxes amounted to $6,687,661, or $1.11 per share for the nine months, compared with $8,956,702 or $1.49 per share for the same period in 1956. Speaker Reports Progress L. Harold Wright, vice president of the National Bank of Tulsa and presi dent of the Oklahoma Development Council, spoke to the Northtulsans civic group recently on the opportuni ties for attracting new industries to Oklahoma. “ I find businessmen in other areas are always impressed with the prog ress being made in Oklahoma,” Mr. y Wright said. He explained the pack age plan many communities are now offering and reviewed Oklahoma’s in dustrial development during the last 10 years. ^ The recent Oklahoma Development Council tour of northern and eastern manufacturing centers appears to have been the most successful in F years, Mr. Wright said. Oklahoma has plenty to sell, he continued, such as abundance of natural gas, electric power, coal, labor supply, a central v location, and good climate. I l l •ive-Mn Ê*huis REALLY WELCOME . . . (Continued from page 23) party room for lunch and heard some interesting talks by various authori ties in the cattle business. Being pres ent at such a gathering gives us an opportunity to visit with a lot of our friends and customers and at the same time establish new ones. There are, no doubt, many banks carrying on similar public relations programs such as this, however, it is my opinion that there are a lot more banks that should. People become weary of being taken for granted and like to be reassured from time to time that you are interested in them and their problems. We would not claim that the results or benefits derived through these pub lic relations efforts can be exactly measured, but we are certain that it is good business to let your custom ers know they are welcome.—$$ MOTOR BA N K PLAN S—-E. F. Allen, left, vice chairman of the board of Tulsa’s First National Bank and Trust Company, looks over tentative plans “ for the largest, most modern motor bank in Tulsa’ with G-. H. Dericks, center, vice president of the Fifth and Boston Corporation, First of Tulsa subsidiary which w ill operate the facility, and Murray McCune, right, Tulsa archi tect. The enlarged drive-in facility will be integrated with First’s existing motor bank, and w ill be located on a 100-foot lot adjacent to the present drive-in bank. i. 63 ‘‘Yes, I think he’s a go o d risk," Purina Dealer Charles B. Petersen tells K. P. Van Epps, executive vice-president of the Farmers and Merchants Bank of W eyau w ega, Wisconsin. “ O U R P U R IN A D E A L E R B R IN G S N EW C USTO M ER S TO OUR B A N K ” “ I’d recommend that any banker work with the Purina Dealer in his community . . . if the dealer is like the one we have in Weyau wega,” K . P. Van Epps, executive vice-president of the Farmers and Merchants Bank of Weyauwega, Wisconsin, said recently. “ W e started doing business with this dealership when it was founded in 1922, and our rela tionship has been most cordial and beneficial all the way around,” Mr. Van Epps said. “ Our Purina Dealer, Charles B. Petersen, owner-operator of the Quality Feed & Seed Company of Weyauwega, has brought many new customers to our bank,” Mr. Van Epps said. “ In fact, every broiler and turkey grower fi nanced on his recommendation was a new customer. “ W e feel that Purina research has done a wonderful service for farmers,” he continued. “ And, Chuck’s service, in particular, makes financing a better risk. Our loss has been nil.” P U R I N A • • • YOUR PARTNER IN SERVING ANIMAL AGRICULTURE N o r t h w e s t e r n Banke r, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 64 Meet Fred Peters, Vice President Mr. Peters was Director of Banking for the State of Nebraska from 1944 to 1947. Prior to 1944 be was Cashier for the Bank of Yutan, Yutan, Nebraska. In 1947, Mr. Peters pur chased control of the Citizens National Bank of Ashland, Nebraska. In 1948, he sold his interest in that bank and was elected Assistant Vice President of The United States National Bank of Omaha. Mr. Peters was promoted to Vice President in 197,4. Can Fred Peters Help You? C all Fred whenever you would like the advice and assist ance o f a senior banker. Fred has experienced the problems o f smaller banks as an operating officer, as an executive officer and from the supervisory level. Let him show you the simplicity and profit potential in participating loans to U. S. F red ’ s experience and background are typical o f The United States National’s officers — men who are familiar with the everyday problems o f midwestern banks— men whose valu able training and experience can be o f assistance to you. Every officer o f T he U nited States N ation al Bank o f Omaha stands ready to offer his special knowledge on any bank ing problems you have — no matter how small, large or unusual. C om p lete C o rre s p o n d e n t S e rv ic e OM AHA Phone ATIantic 8765 Member Federal Deposit Insurance Corporation N o r t h w e s t e r n Ban ke r, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 65 Casper Bank Promotions Curtis C. Breikjern, auditor of the Casper National Bank, Casper, Wyom ing, the past four years, has been elected cashier of the bank to succeed John McLeod, who resigned recently to take a similar position with the American National Bank of Denver. Moving up to acting auditor is Rob ert D. Nye, who joined the Casper bank staff in February, 1954. Nebraska NEWS HENRY D. K O S M A N H A R R I S V. O S T E R B E R G P resid en t Secre tary S c o ttsb lu ff O m ah a Sponsors Corn, Milo Show OMMITTEE chairmen and mem bers have been announced by the Nebraska Bankers Association. The different committees and their chairmen are listed here: Agriculture—M. R. Morgan, presi dent, First National Bank, Elwood. Bank Management—G. V. Keller, vice president, Lexington State Bank, Lex ington. Education—H. L. Kibbin, pres ident, First National Bank, Bayard. Group Insurance and Pensions—Wil liam Kort, executive vice president, Commercial Bank, Blue Hill. Trust and Estates—Varro Rhodes, trust offi cer, First National Bank, Omaha. In surance and Protection—W. W. Mar shall, president and cashier, Bank of Niobara, Niobara. Public Relations— W. E. Stover, president, York State Bank, York. Legislation—Thomas J. Aron, president, Crete State Bank, Crete. > C Soil Meeting Speaker The Keya Paha-Brown-Rock Soil Conservation Service District was hon ored last month at a banquet in the A in s w o r th City Auditorium, Ains worth, Nebraska. Wayne M. Thorndyke, assistant vice president, U n ited States National Bank, Omaha, was the speaker, and he discussed the background that com bines both technical training and prac tical experience in agriculture and business for this meeting. He drew attention to adjustments necessary if maximum profits are to be realized from farm enterprise. Addresses Beatrice Group Byron Lopp, director of public rela tions, Central Bank & Trust Company, Denver, recently told 100 businessmen and women that in order to stay in business, part of that change needed today must be in the selling methods used. He was speaker for the Bea trice, Nebraska, Chamber of Com merce’s quarterly dinner meeting. Ainsworth Renovation The newly redecorated Commercial National Bank, Ainsworth, Nebraska, was opened to the public recently. Business had been conducted in the back part of the building the past four months. Both the exterior and the interior have been completely redecorated. The exterior is of a gray finish with green marble front and glass entrance. The interior features rose walls with all new walnut fixtures. Buys Bloomfield Bank John R. Lauritzen of Omaha has purchased from F. A. Evans controll ing interest in the Farmers and Mer chants State Bank in Bloomfield, Ne braska. Mr. Lauritzen has been elected bank president. Mr. Evans, formerly president, will become executive vice president of th e W oodbu ry County S av in gs B ank in S iou x City, Iowa. Mr. L a u ritze n is se n io r v i c e president and di r e c to r of F irs t National Bank in O m a h a and is J. P. L A U R I T Z E N ^ dent of several other banks in Ne braska and Iowa. He has served as an officer of the Nebraska Bankers Association and as Nebraska vice president of the Ameri can Bankers Association. All parties in this negotiation were represented by the Charles E. Walters Company of Omaha, Nebraska. Frank E. Slusser Frank E. Slusser, 89, a veteran Ne braska banker, died last month in a Grand Island, Nebraska, hospital. Mr. Slusser was active in the opera tion of a Grand Island banking house for many years. In his later business life he returned to Wood River where he served as president of the Bank of Wood River. In 1949, he returned to Clarks where he reorganized the bank and operated it until his retirement in 1953. Prizes a m ou n tin g to $124 were awarded last month at the corn and milo show in Fairbury, Nebraska, sponsored by The First National Bank, The Fairbury State Bank, the Fairbury Chamber of Commerce and the hybrid seed dealers in Jefferson county. To Enlarge Bank William Kittenbrink, president of First State Bank, Gothernberg, Ne braska, has announced that the bank has purchased the J. C. Penney Com pany building with plans to combine the two buildings into one large bank ing structure. Penny-Covered Float The American National Bank, Kim ball, Nebraska, entered a recent Farm ers’ Day Parade with a unique float made from a grocery cart which was made to look like a circus wagon, all with shiny new copper pennies. Three tellers—Marlene Walker, Mary Rohrbaugh and Yvonne Tjardes—dressed as clowns and pushed the cart, hand ing out'candy, gum, balloons and sou venirs to the crowd. The Annual Ladies’ Night Banquet of the Tri-County Clearing House— Kimball, Cheyenne and Deuel counties —was held last month at the Kimball Country Club. A. J. Jorgensen, chair man of the board, American National Bank, Sidney, was the speaker. Ggallala Formal Opening Officers and employees of the First National Bank, Ogallala, Nebraska, were hosts last month at a formal opening of the bank’s new and en larged banking home. The bank building, completely mod ernized in design and with a new ex terior in terra cotta and Colorado Red Rock, is just as attractive throughout the interior, with new ceilings, com pletely new decorations, new lighting and other fixtures and new furniture and furnishings. That part of the building formerly occupied by Lanigan Hardware has been transformed into a large, airy lobby with lounging comforts for pa trons. N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 66 Mr. Robertson was the principal speaker at a dinner celebrating the opening there of new quarters for the Omaha branch of the Federal Reserve Bank of K ansas City. Bankers throughout Nebraska and Wyoming were invited to attend the event since the Omaha branch serves banks in those states. RED W . GILMORE, vice president F Association at their annual convention of the Federal Land Bank of Oma in Des Moines; area farmers at Kiha, will become director of Landwanis Farmers Night, Wayne, Nebras Bank Service for the Farm Credit Ad ka, and members of the Dodge County ministration in Washington January Feeders A s s o cia tio n , Hooper, Ne 1, it was announced by FCA Governor braska. Robert B. Tootell. Mr. Means also was honored last Mr. Gilmore will head the FCA di month at the University of Nebraska, vision responsible for supervision of receiving special alumni recognition the farmer-owned land bank system, as a former 4-H member. * * * which includes 12 Federal Land Banks and 1,100 National Farm Loan asso All the former kings of Ak-Sar-Ben ciations. Mr. Gilmore has been with were honored at a luncheon given by the Federal Land Bank of Omaha Dale Clark, chairman of the board of since 1933. the Omaha National Bank. One of * * * those present was Ellsworth Moser, president of the United States Na The Omaha National Bank recently tional Bank of Omaha, who was King played host to 24 seniors from Creigh of Ak-Sar-Ben last year. The noon ton University. The session was de signed to show the history, policy and luncheon was held at the SheratonFontenelle. operation of the bank. The program * * =t= is sponsored annually by the Rotary The purposes of the Federal Re Club of Omaha. The students toured serve System’s operations today are to the bank for several hours in the maintain an adequate—but not exces morning. They had been chosen on sive—supply of money and credit, and the basis of their interest in the bank to facilitate the efficient operation of ing business. our financial system, said J. L. Robert * =i= * son, member of the board of governors Cecil W . Means, vice president, of the Federal Reserve System, at a Stock Yards National Bank, Omaha, meeting last month of nearly 200 recently a d d re sse d the following bankers and businessmen at the Shergroups: Members of the Iowa Bankers aton-Fontenelle Hotel, Omaha. NEW QUARTERS for the Omaha Branch o f the Federal Reserve Bank of Kansas City were previewed at a special open house last month by Nebraska and W yo ming bankers. Five floors were added be hind the existing three-story structure and the old building was completely remodeled. W orking space in the branch was more than doubled. The Omaha building project, which has an estimated total cost of nearly $2 million, is the first to be completed in a long-range building program for the Kansas City Fed’s branch offices. * * * BANKS o„VsoH J A ll N egotiations Confidential A N A T IO N A L C LE A R IN G H O U S E FO R E X P E R IE N C E D B A N K E X E C U T IV E S ______________ W IT H C A P IT A L T O IN V E S T B a n k e r s S er v ic e C o m p a n y N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7957 • DE S M O I N E S 5 . I O W A C y Financial observers in Omaha said they can see no immediate local effect in the Federal Reserve Board’s lower ing of discount rates in four sections of the country. The discount rate was dropped recently from 3V2 to 3 per cent at the Federal Reserve Banks in Atlanta, New York, Richmond and St. Louis. The action by the Federal Reserve Board makes it easier for banks to obtain money for lending to business and the general public. A spokesman for the FederalReserve Board said the action was recognition that infla tion, at least temporarily, has ceased to be the dominant factor in the econ omy. Ellsworth Moser, president of the United States National Bank of Oma ha, said the action is psychological. He said that as the raising of the dis count was implemented to curb infla tion, so theoretically, the lowering of the discount rate should tend to help offset a slight recession, or business I B O X 1435 U * PHONE A T 2 - 7 8 0 0 1 v ' 67 N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 68 Nebraska N e w s lag. He said it does not mean there is any new money in Omaha and add ed that all sound business loans are being met. Another Omaha bank of ficial said most Omaha area banks are pretty well loaned up as there’s a good demand for loans to buy feeder cattle. President Charles Bernard, Jr., of the Omaha New Car Dealers Associa tion said that the action may reduce the cost of financing car purchases in a few months. He added that “sav ings may be realized by the public, but it won’t help profits.”—$$ Award at Unadilla The First National Bank of Una dilla, Nebraska, recently presented a colored picture of the Otoe County Conservation Honor Farm to the own ers and operators of the farm at a ban quet honoring the farm as the out standing e x a m p le of conservation fa rm in g in Otoe county. George Brandt, president of the bank, made the presentation. Additional 4 0 % Space T h e K in fi R e tir e s Completion of the remodeling of the First National Bank, Fremont, Ne braska, which will increase bank fa cilities about 40 per cent, is expected next spring, President Francis Orshek said last month. Allen Bank’ s Trophy Millard Martin, president, Security N a tio n a l Bank, Allen, Nebraska, awarded the 1957 Dixon County Cham pion 4-H Swine Producer trophy last month to the new champion swine producer. The trophy, a “beautiful gold pig on a four-inch pedestal,” is the third one the bank has given the county’s top producers. Sponsors Livestock Panel About 65 people attended the panel discussion last month in Pierce, Ne braska, sponsored by the Cones State Bank, Pierce. Members of the Sioux City Stockyards Boosters conducted the meeting. Call on Continental for Personal as W ell as Business Services THE KING HAS RETIRED. Ellsworth Moser, president of The United States Na tional Bank o f Omaha, recently completed a year’s successful reign as K ing Ak-SarBen L X II. As monarch o f the mythical kingdom of Quivira, Mr. Moser was king o f an organi zation which has been known for its service to the community and beautiful pagentry for 62 years. To be selected King o f Ak-Sar-Ben is a very high honor ac corded each year to a prominent Omahan. In the above picture, Mr. Moser, ex-king o f Ak-Sar-Ben, is seated beside a carica ture o f himself. V Want reservations for some event coming up in Lincoln? W e can’t promise success every time, but we’ll try. S t. J o s e p h N e w s HE Mechanics Bank of St. Joseph has expanded the plans of the building it proposes to erect next year. Previous plans called for a ground floor and main floor. Accord ing to J. R. Bushman, chairman of the board, another floor will be added. This will be leased to the New York Life Insurance Company for a new district office. * * * V T A . W . Griffin Exec. V ice Pres. Need a “ headquarters” with telephone and stenographic service while in Lincoln? Just stop in. In other words, we’re inviting you to make us your personal as well as your business representative in Lincoln. Just drop us a line or telephone 2-6681. THE CO NTI IN IENTAL N ational Bank of Lincoln, Nebraska IH h and ’O '‘ Sfreets YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS X y •r F. E. DAVENPORT & CO. member f .d .i .c . OM AHA IN ST. J O S E P H No Other Bank Gives You M O R E * for Y O U R M O N E Y Than the TH E T O O T L E A Name in Banking^' N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 R. E. WALES FRED T. BURRI EXEC. V. P. VICE PRESIDENT E. H. SCHOPP E. L. GRUME VICE PRESIDENT VICE PRESIDENT w Nebraska N e w s drive-up window there are customer parking stalls. J M. Ford, president, The First Na tional Bank, returned recently from a business trip to the East. * * * Plans New Building C Benton Calkins, vice president and A longtime Seward, Nebraska, hotel cashier, American National Bank, at — Windsor — is being demolished to tended the 11th annual conference of bank correspondents the first of this month at the First National Bank of Chicago. * =t= Edwin B. Wright, president, Drovers & Merchants Bank, St. Joseph, has been elected to the board of trustees of Park College at Parkville, Missouri. * * * George U. R ic h m o n d , president, American National Bank, St. Joseph, has been elected a director of the St, Joseph A u to m o b ile Club. Milton Tootle, Jr., vice president and cashier, Tootle National Bank, is a holdover member. * * * Tom J. Butler, assistant cashier, American National Bank, appeared on a panel at the second annual Missouri Installment Credit Clinic last month at Columbia, Missouri. On the second day W . Franklin Evans, vice presi dent, American National Bank, pre sided at a group session and intro duced one of the main speakers, Lou J. Asterita, deputy manager, install ment credit commission, American G od Bankers Association, New York. Mr. Evans was chairman of the group clinic last year.—$$ Glory to 69 make room for a new, modern bank building for the Jones National Bank, Seward. Construction of the new bank is to begin in 1958, with a tentative com pletion date of January 1, 1959, according to T. H. Wake, president. in the Highest, and on Earth. P eace, \ . Good Will toward Men Elected Chamber President C. L. VanHorne, executive vice pres ident, The Hastings National Bank, Hastings, Nebraska, has been elected president of the Hastings Chamber of Commerce for 1958. Adds Parking Space ^ The Hastings National Bank, Hast ings, Nebraska, has completed its proj ect to provide drive-in banking facili ties for its customers. It has acquired a parking lot for customers at the rear of the bank, and besides the 1 ! M EMBER FEDERAI D EPO SIT IN S U RA N CE C O R P O R A TIO N *MORE personal service — *MORE types of service — *MORE friendliness — *MORE people who A TIO N A L are interested in you. BAN K or Four Generations MILTON TOOTLE, JR. VICE PRES. & CASHIER CHAS. BURRI ASST. VICE PRES. ST. JOSEPH, MO. PHOEBE BUZARD ROBERT COIL ASST. CASHIER ASST. CASHIER GILBERT TOOTLE A. E. LABOUFF PAUL R. ABERSOLD ASST. VICE PRES. ASST. CASHIER & AUDITOR ASST. CASHIER ROBERT DOUGLAS TRUST OFFICER Member of Federal Deposit Insurance Corporation N orthw estern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banker, Decem ber, 1957 70 Nebraska N e w s Tekamah Open House Hundreds of friends and patrons of the First National Bank, Tekamah, Nebraska, visited that institution re cently at the open house program sponsored so friends could inspect the many new improvements to the build ing, exterior and interior. A highlight of the open house was the demonstration of the new PostTronic posting machine by James Kelly and Miss Kennedy, representa tives of the National Cash Register Company, makers of the machines. Two of these machines have been ordered by the First National Bank, which will be the third institution in Nebraska to install this modern elec tronic equipment. At a board meeting last month, $50,000 was taken from reserves and added to the surplus account so the bank now has $100,000 in capital, $200,000 in surplus, $50,000 in undivided profits, and $150,000 in reserves. T h e iftteen Ralston Bank Elected Ed H. Littrell, cashier, Ralston Bank, Ralston, Nebraska, has been named president of the recently or ganized Ralston Merchants Associa tion. / / QUEEN o f Ak-Sar-Ben in Omaha is Miss Jann Walker, daughter o f Kichard W. Walker, a director of Stock Yards National Bank of Omaha, and president of Byron Reed Company, realtors. Her coronation was held recently in Omaha. Miss Walker became an ardent golfer by acting as her father’s caddy, and started playing at 12. She won the Oma ha. Country Club women’s championship in 1953, 1954, 1955 and 1957, and the state championship in 1956. For the past several months, Mr. W alk er has been intensely engaged as general chairman of the Omaha Community ChestRed Cross fund drive for $1,777,823 which is now in progress. / Cozad Redecoration Workmen recently completed an other redecorating assignment at the First National Bank, Cozad, Nebraska. The interior was remodeled and re decorated about two years ago. Clifford H. Ray The Fir s t National Ba n k of D enver BANKS Member Federal Deposit Insurance Corporation PROVIDING BANKING SERVICES Clifford H. Ray, 70, former president and cashier, National Bank of Neligh, Nebraska, died last month in Neligh after a lengthy illness. SINCE 52 BOUGHT Y € A t$ O f CO N FID EN TIAL SOLD D IG N IFIED S ERV ICE OMù ä rlia h lr I860 CHARLES E. WALTERS CO. 131 1 } FI«$T N A T IO N * ! S A N K « U I D IN O N o r t h w e s t e r n Banke r, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7957 OMAHA NMC. Nebraska N e w s 71 i t e m e m b e r A n y o#* T h e s e B u n k e r s fro w n 1 9 0 1 ? iR O l’ FÍ OF BANKERS W HO ,\ T fF.NDBß THE MEETING OF THE STATE ASSOCIATION IN 05 EBRASKA bankers in attendance at the 1901 Nebraska Bankers Association Convention are shown above in a copy of a 1901 photo. The picture was found recently among some old papers at the Adams County Bank, Kenesaw, Nebraska, by Ray A. Walker, vice president of the bank. Mr. Walker says, “Among other old pictures, I found one of Charles K. Hart which was taken about the time of the convention photo. He used to have his picture on what was called N ness in the old Franklin County Bank, Bloomington, Nebraska, about 1886. He left there to organize the Prosser State Bank, Prosser, Nebraska, in 1904. After 30 years at Prosser, he headed the new Adams County Bank, Kenesaw, until his death in 1951.” a ‘Nebraska Bankers Association Con vention Card.’ He was then minus the mustache he wore in the 1901 pic ture as he stood (see above photo) almost in the back row wearing a jet black hat and appearing in front of the small window to the right of the open door. Mr. Hart is the only per son I know in the picture and it is my hopes that the N orthwestern B anker will invite any old banker to notify it of the names of others he may be able to identify. “ Mr. Hart entered the banking busi- G r e e t in g s of Celebrated 98th Birthday H. W. Jessee, a director of the Ful lerton National Bank, Fullerton, Ne braska, was honored at a birthday party at the bank last month. He was celebrating his 98th birthday. t h e seaso n from the (f^ e n t r a l B T R A U N & K S T C O . Denver, Colorado M e m b e r: Federal H ig h la n d Peak from A ja x M tn ., k https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A sp e n , Co lo. About 250 m iles W est of The Fed eral D ep osit Reserve Insurance Sy ste m C o rp o ra tio n C e ntral N o r t h w e s t e r n Ba nker, D e c e m b e r , 1957 72 Lincoln News T ier of a state bank at Breslau. He la ter was cashier of the Farmers State Bank at B ru n s wick. F rom 1920 to 1929 he was vice p r e s i d e n t and treasurer of the First Trust Com pany in Lincoln. T. B. S T R A IN From 1929 to 1937 he was executive vice president of B. STRAIN, 65, chairman of the for many years, died last month in Continental National Bank, becoming • board of the Continental Nation- Lincoln, president in 1937. al Bank of Lincoln and civic leader He first entered banking as a cash-Wheaton Battey, president, said “ Mr. Strain made a real contribution to the city of Lincoln and the state in its industrial and cultural growth. His loss will be keenly felt by his business associates and the commu nity.” Mr. Strain was a former president of the University of Nebraska Founda tion, Cooper Foundation, Nebraska Resources Foundation and director of the Salt-Wahoo Watershed Associa tion. Mr. Strain was born at Creighton in 1892. He attended the University of Nebraska and was a member of Sigma Phi Epsilon fraternity. In 1945, he received NU’s distinguished service medal for distinguished service to the university. * * * A < For Y o u r E ve ry C orrespondent S e rvice , See Y o u r M a n From The 'rt f' y Y. Sterling Seaton, a native Nebras kan and son of the late Y. H. Seaton, Lyle Stoneman, Vice President in charge of Corre spondent Bank Department, travels throughout Nebraska and is desirous of serving your every banking need. Extending financial le a d e r s h ip to Lincoln and Nebraska since 1871 The FIRST NATIONAL BANK of LINCOLN I Oth & O Sts. Phone 2-8561 m e m b e r Federal D e p o s it Insurance C o r p o r a t i o n N o r t h w e s t e r n Ba nker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7957 cashier, Bank of Heminford, Nebras ka, has been elected executive vice president and a director, Central Bank of Kansas City, according to R. H. Wooldridge, president. He began his banking career as a loan officer, installment loan depart ment, National Bank of Commerce, Lincoln. Since March, 1956, he has been as sistant manager, City National Bank & Trust Company, Kansas City. * sfc * Donald Matlies, trust officer, The Continental National Bank of Lincoln, participated in a panel discussion on Estate Planning for the Lincoln Asso ciation of Credit Men. Don Kroger, vice president and trust officer, Na tional Bank of Commerce, Lincoln, presented a lecture on different types of taxes as they affect estate planning and different methods that may be used to avoid unnecessary taxes. * * The First National Bank and The First Trust Company of Lincoln have announced that they will continue to hold Women’s Forums in the future and also that they will hold compar able events for men. / y & i l Nebraska N e w s C. Wheaton Battey, president, The Continental National Bank, Lincoln, has been appointed state treasurer, Crusade for Freedom. Also, he has just been appointed to the executive 1 committee, University of Nebraska Foundation, to complete the unex pired term of the late T. B. Strain. * * * Albert A. Held, executive vice presi dent, National Bank of Commerce, has been reappointed chairman of the fi nance committee of The American Legion, Department of Nebraska. He has been chairman nine years. * * * The First Trust Company of Lincoln and The First National Bank jointly > sponsored a luncheon meeting for more than 100 men who heard Ragnar Naess of Naess and Thomas, New York firm of economic and investment advisors. This firm is one of several employed by The First Trust in ad visory economic and investment ca pacities. * * Clark Jeary, vice president and trust officer of the National Bank of Com merce, and also former mayor of the city of Lincoln, has been appointed by Mayor Martin to serve as chairman of the citizens committee to study proposed changes in the new city charter. The trust department of the Na tional Bank of Commerce recently con ducted a Financial Forum for Stockmen’s National Bank in Rushville, Ne braska, at which time Del Sommerhalder, trust officer, and Clark Jeary, vice president and trust officer, talked on the subject of “ Investments and Estate Planning.” 73 P a u l D u n la p , trust officer, also talked to the Lincoln Life Underwrit ers and the Blue River Life Under writers Association on the subject of “Wills and Estates.” * * * A suggestion that Air Force Vice Chief of Staff General Curtis E. LeMay be put in charge of a unified U. S. missile program has been sent to President Eisenhower by National Bank of Commerce officials. General LeMay was head of Strate gic Air Command before assuming his present position. In addition to proposing a unified missile program under General Le May, the bankers’ wire said: “As bankers, we realize the dilemma facing us — maintaining prosperity while controlling inflation, and at the same time maintaining a costly war- M ay the blessings of ibis Christm as Seasonbring happiness andpeace to youandyour fam ily throughout the IV ewYear. NATIONAL BANK of COMMERCE LINCOLN. N EB RA SK A M E M B E R F ED E R A L D E P O S I T I N S U R A N C E C O R P O R A T I O N N o r t h w e s t e r n Ba nker, D e c e m b e r , 1957 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 74 Nebraska N e w s P ro u d F a th er PROUD FATHER o f Miss America of 1958, Francis Vanderbur, center, is shown displaying his new “ pop-proof” vest pre sented him by Max G. Brooks, left, presi dent o f the Central Bank and Trust Com pany of Denver. Looking on is Marilyn Vanderbur, right, who has been a customer of the Central Bank since she was a very young girl. The occasion was Miss Amer icas’ homecoming celebration. deterrent machine. We assure you of our backing in a program that will guarantee survival.” Byron Dunn, president of the Na tional Bank of Commerce, has been active in Air Force-related activities U f o ò vealed last month by Fred N. Wells, chairman of the committee named by the bank’s directors to direct and su pervise the competition. The mural will cover the entire The Citizens State Bank has an nounced an increase of its capital south wall of the main banking room, an area 12% by 96 feet, and will be stock from $50,000 to $100,000. one of the largest interior murals in The increase was accomplished by declaration of a stock dividend of 60 the United States. The artist to whom a $25,000 com per cent and a contribution by present mission will be paid will be selected stockholders of 40 per cent. The total capital of the Citizens by means of a special competition State Bank as of the date of increase which will attract nation-wide atten now stands at: Capital, $100,000; sur tion. Each artist selected for the final plus, $50,000, and undivided profits, phase of the competition will be paid $100,000 over $250,000. The bank will move into new quar $2,500 for his sketches. These sketches ters at 48th and Huntington about will be displayed about July 1, 1958, for two weeks, and the public will < December 15. * * * cast votes for the work it believes most suitable. Shareholders of the National Bank C. Wheaton Battey, president of the of Commerce met late last month to vote on increasing the common stock bank, was in charge of a recent cornerstone ceremony at the site of the ** of the bank to $1,500,000. new bank building. Lincoln’s mayor According to bank President Byron J. Dunn it was suggested that the com and Nebraska’s governor were at the observance.—$$ mon stock of the bank be increased by the issuance of a 10 per cent ($125,000) stock dividend. S w im m in g C ham p First details of the $25,000 art com petition sponsored by the Continental National Bank of Lincoln to obtain a mural for its new building were re- 1 3 t SOUTH Northwestern and was instrumental in starting the Lincoln-Lincoln Air Force Base “adop tion” program. * * * Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ST. J O S E P H , M I S S O U R I 1957 ank WINNING HIS SHARE of ribbons and trophies in swimming competition is Jon William “Bill” Henry, son of J. Mason * Henry, president o f Charles B. Walters Company, Omaha. A sophomore at Benson High and a representative of the Omaha Athletic Club, he won the Nebraska state championship in the 100 meter backstroke ->> division at the Amateur Athletic Union ' Meet in July in Hastings, Nebraska; the City o f Omaha championship in the 80yard backstroke division in September. In the past year and a half, in A.A.U. com- . petition in Omaha, Lincoln and Hastings, ^ Nebraska, Sioux City, Iowa, Sioux Falls, South Dakota, W ichita, Kansas, and Bartlesville, Oklahoma, he has taken 22 first places, four seconds, three thirds and one fourth. The Olympic record o f the ) 100-meter backstroke was won by Dariel v Thiel of Australia in 1956 with a time of 1:02.2. Bill’s best time in this race is 1:19.2. 75 r ► # Just this— we wish you a Merry Christmas .. . a Happy Holiday .. . X and a Prosperous New Year. First National Bank O m aha, N eb ra ska MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION N orth w e s t e rn Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J957 76 M H a p p y a y Y o u E n j o y C h r i s t m a s S e a s o n e w Y e a r a n d P r o s p e r o u s a a N W e, at the Bankers Trust Company, extend to you our best wishes for happiness, prosperity and good health ☆ during the holiday season and coming <' year . . . not because it is the customary thing to do, but because these sentiments are genuinely felt. Trust Com pany sixth and locust M ember: Federal Deposit Insurance Corporation Federal Reserve System N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 Des Moines, Iowa v 77 made available some badly needed of fice and work space. The interior is all new, and the front has modern brick work, an aluminum marquee and large display windows. Iowa NEWS MERTEN FRANK J. K L A U S W ARNER P resident C h arles Se c re ta ry Acquires Additional Property C ity Des M oin es • to v H . ( ¿ r o u s t a l \ a n t i ' l l i o i r n S u p e r i n t e n d e n t o f IS iiiiliin i/ OE H. GRONSTAL, vice president, Carroll County State Bank, Carroll, Iowa, who recently served out the term of the late H. C. Houghton as president of the Iowa Bankers As sociation, has been named state super intendent of bankin g by I o w a ’ s G o v e r n o r H e rschel C. Loveless. Mr. Gronstal, whose appoint ment was effec tive December 1, succeeds the late Lee Chandler of Dike, a Loveless app o i nt e e w h o died October 14. If the appointment is confirmed by the Senate in 1959, Gronstal’s term will continue to July 1, 1961. He was an examiner for the state ^ banking department in 1943 and 1944. J Two Iowaiis Selected Mortimer Goodwin, president, Union-Story Trust & Savings Bank. Ames, Iowa, and Earl Elijah, presi dent, Clarence Savings Bank, Clar ence, Iowa, have been named to membership on the National Council of the National Planning Association. Purpose of the council is to encour age cooperation by the major private groups, and to promote wider public consideration of long-term planning studies undertaken by NPA and other organizations. It operates through standing comy mittees of leaders of agriculture, busi ness, labor and the professions, con ducting research in economics and on questions of national policy. L * Savings Bonds Progress ^ Iowans invested $9,395,914 in United States Savings Bonds during October, an increase of $793,000 over the sales of the previous month. Total purchases for the first 10 months reached $113,409,364, putting Iowa at 79 per cent of its quota, com- pared with the national average of 76 per cent. Leaves Iowa Carl L. Mayle, sales representative in Iowa for the Todd Company for more than 10 years, is returning to Rochester, New York, after the first of the year to take a position in the sales department at the home office of the Todd firm. The company is now a division of the Burroughs Corpora tion. Mr. Mayle recently underwent a se rious throat operation in a Rochester hospital but is now recuperating satis factorily, and returned to his work in Iowa early in November. Mr. and Mrs. Mayle are both natives of Roches ter, New York, where he became asso ciated with the Todd firm prior to World War II. “ Operation T-Bone” Forty-five carloads of sleek, choice cattle and a trainful of farmers and business men from Audubon County, Iowa, pulled into Chicago recently as part of the seventh annual Operation T-Bone. Shipment is sponsored by the First State Bank of Audubon to focus at tention on cattle raising in the area. The 75 businessmen and farmers went to the Union Stockyards for the sale of the 1,000 cattle consigned by individual cattle feeders. To provide for future expansion, the City National Bank, Council Bluffs, Iowa, recently acquired property ad joining its present four-story building on both West Broadway and North Main Street. Robert W. Turner, president, City National, revealed no plans for using the property at this time. Returns From Meeting Joseph G. Knock, president, Iowa State Savings Bank, Creston, Iowa, re cently returned from New York City where he had attended a three-day meeting of state and regional A.B.A. vice presidents. F. J. Hoskins F. J. Hoskins, president, Keystone Savings Bank, Keystone, Iowa, died last month in a Cedar Rapids hospital of injuries received in a two-car crash a few hours earlier. Elected C. of C. President Phil Morris, cashier, First National Bank, Marion, Iowa, at the urging of fellow directors of the Chamber of Commerce, has agreed to take the presidency for the coming year. To Muscatine Board S. G. Stein IV, president, S. G. and P. Stein Furniture Company, Musca tine, Iowa, has been elected a director of the Central State Bank, Muscatine. He is the fourth member of his fam ily to be connected with banking in that Iowa city. Correction! An error occurred in the November in the publica tion of a news story concerning the new opening hours for the Iowa-Des Moines National Bank. As prepared by the N orthwestern B anker staff, the story erroneously inferred that the bank would remain open for public Charles H. Groves Charles H. Groves, well-known cat business until 4:30 p. m. This was incorrect and the proper tle feeder and a director of the Chero kee State Bank, Cherokee, Iowa, died account of action taken by the bank was as follows: recently after an extended illness. Effective October 28, the Iowa-Des He had been known throughout the Moines National Bank announced to midwest as a leading cattle feeder. its customers that it was opening onehalf hour earlier. Tour Kedecorated Bank All departments of the bank will Open house was held last month at the newly remodeled Wright County now open at 9:00 a. m. All lobby and State Bank, Clarion, Iowa, and a very tellers’ windows will continue to close fine turnout of the people in the area at 2:00 p. m., Monday through Thurs toured the bank to see the newly com day. All departments of the bank will pleted addition to the bank which has be open until 6:00 p. m. on Friday. N orthwestern B anker Northwestern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banker, D e c e m b e r , 1957 78 Iow a News Record NABAC Attendance A record of 61 persons attended the recent Cedar Valley NABAC meeting, Charles City, Iowa. Heads County Bankers Keith Baker, assistant cashier, Peo ples Savings Bank, Wellsburg, Iowa, was elected president of the Grundy County Bankers Association at the group’s recent meeting in Reinbeck. Other association officers are: Glen Stephenson of the Farmers Savings Bank, Beaman, vice president, and Arlo J. Hansen of the Lincoln Savings Bank at Lincoln, secretary-treasurer. Members of the Lincoln Savings Bank were the host organization. Retires From Activity Officers and employees of the Farm ers Savings Bank, Grundy Center, Iowa, gave a farewell party in the bank last month for I. T. Parkhurst, who is retiring from active participa tion in the banks’ management. The employees presented the bank’s president an album having pictures of all of the employees during the years that Mr. Parkhurst was a member of the staff. The bank presented him with a handsome gold watch bearing the in scription I. T. Parkhurst and the years 1935-1957. Mr. and Mrs. Parkhurst then left for Mesa, Arizona, where they will spend the winter. Awards $ 5 0 Certificate Dewey Phelps, a director, Hillsboro Savings Bank, Hillsboro, Iowa, recent ly presented a $50 certificate to Mark Atwood of Birmingham in recognition as the outstanding 4-H beef project member for 1957. The award was given by the Hillsboro Savings Bank. Thomas Farrell V. Overholtzer, 55, who died last month in an Iowa City hospital. Mr. Overholtzer had been in bank ing since 1924 when he became assist ant cashier, Farmers State Bank, Grand River. With the state banking department from 1925 until 1930, he moved to Ida Grove as cashier, Ida County State Bank, in 1932. Elected Assistant Cashier Richard B. Fiester, formerly associ ated with the Oliver M. Greenley Companies, has been elected assistant cashier, Farmers State Bank, Inde pendence, Iowa, according to an an nouncement by Percy E. Borg, vice president and cashier. Thomas Farrell, 75, executive vice president and a director, First Na tional Bank, Iowa City, Iowa, died last month in an Iowa City hospital. A sufferer of anemia, he became serious ly ill about a week before his death. He was a native of Fonda and went to Iowa City in 1906 being associated with the old First National Bank there. He continued as an officer of the present First National Bank. About 280 persons attended the re cent 10th Annual Soil Conservation Banquet in Keosauqua, Iowa, and the presentation of the Bankers Awards was made by Eugene House, execu tive vice president and cashier, State Savings Bank, Cantril, Iowa. Fills Executive Vacancy Waverly President Weds C. H. Lewellyn, cashier, Ida County State Bank, Ida Grove, Iowa, has been elected vice president and executive officer of the bank to succeed Lynn Edward H. Meyer, president, First National Bank of Waverly, Iowa, and Mrs. Mabel Wolf were married recent ly in Waverly. (rives “ Bankers Awards” there’s friendship in our service The First National Rank takes a personal interest in every one of its correspondent bank customers. Your banking problems are ours! W e help you solve them ! Our service is complete. The First National Bank is equipped to meet N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis all correspondent banking needs. Our service is convenient. Located in the hub of a 4-state area tbe First National can give quicker service to Banks in Iowa, Minnesota, Nebraska and South Dakota than banks out side the area. You can rely on the First National Bank in Sioux City for friendly, complete, experienced service and time-saving convenience. National Bank in ME MB E R FE DERAL DEPOSIT INSURANCE CORPORATION ME MB E R FEDERAL RESERVE SYSTEM 1957 Y S io u x c it y '> Iow a N e w s To Join Sioux City Staff The election of F. (Fae) Evans, Ne braska banker who has been active in many fields, as executive vice presi dent of the Woodbury County Savings Bank, Sioux City, Iowa, has been announced by C. T. Mc Cli nt oc k, president of the bank. Mr. Evans will assume his new duties January 1. At present Mr. Ev an s is p re si dent and c hai r F. A . E V A N S man of the board, Farmers and Merchants State Bank, Bloomfield, Nebraska. Before going to Bloomfield, he was for five years cashier of the Plainview State Bank, Plainview, Nebraska. Bank W om en Elect Alice Akes, assistant vice president, Decatur County State Bank, Leon, Iowa, was installed recently as chair man of the Iowa Group, National As sociation of Bank Women. She succeeds Mrs. Anna Comer, as sistant secretary to the president, Cen tral National Bank and Trust Com pany, Des Moines. Other officers: Evelyn Eck, vice president, First National Bank, Oelwein, co-chairman; Mrs. Darlene Mil ler, assistant cashier, Central State Bank, State Center, secretary, and Mrs. Esta Conn, assistant cashier, Se curity Savings Bank, Marshalltown, treasurer. Linn County Association Vernon Brockman, cashier, Farmers State Bank of Marion, Iowa, was elected president of the Linn County Bankers Association at a meeting last month. Other officers are: John Lessenhop, vice president and cashier, Walker State Bank, vice president; Arthur Lindquist, Jr., vice president, Mer chants National Bank of Cedar Rapids, secretary, and J. W. Holets, manager, Ely office, First Trust & Savings Bank, Cedar Rapids, treasurer. Shenandoah, Iowa, 30 years ago, has returned to this Iowa bank as vice president. He has been affiliated also with the Exchange Bank, Fairfax, Missouri, and the Iowa Falls State Bank, Iowa Falls, Iowa. Bank “ Beats the Flu” The First National Bank of Mason City, Iowa, has demonstrated that it pays to take precautions in time. The bank’s 77 officers and employ ees were vaccinated for the Asian flu this past fall and for the American type of flu a month later. While many banking institutions have suffered absenteeism up to 20 79 per cent because of the flu epidemic, the First National has been practically free of lost time from this cause. Only one employee was out more than one day. “ The flu shots, thus provided by the bank, have paid for themselves many times over,” B. Z. Miller, cashier, states,” in that it has not been neces sary for us to hire one additional per son during several weeks of epidemic in Mason City.” C. W . Brimhall C. W. Brimhall, 80, Schaller, Iowa, banker for 50 years, died recently in a Storm Lake hospital. He had entered the banking busi- fc - / Modern Banking / Keeps Pace With Iowa /in d u s tria l Growth Figures again prove Waterloo to be Iowa's fastest-growing industrial center. A 21.5%* population increase since 1950 has made Black Hawk Iowa's third most populous county . . . up from fifth place 7 years ago. Here 121,000 persons make their homes. Most of them live in Waterloo . . . bank with the National Bank of Waterloo. They expect . . . and receive . . . fast, accurate banking service— the same type of service that can save you valuable time on all items and collections. Returns to Shenandoah ‘ Standard Rate B. L. Johnson, recently executive vice president, Community Bank, East Peoria, Illinois, who started out as a bank clerk at the City National Bank, Let us help you, too, in locating choice industrial sites in and near Waterloo— Iowa's Industrial Capital & Data Service estimate. YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS F. E. DAVENPORT & CO. OM AHA Member . . . Federai Deposit Insurance Corporation Federai Reserve System N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 80 Iow a New s we’re introducing a new trade-mark that stands for helpful, distinctive bank services* ness at the Schaller Savings Bank in March, 1903, but remained a registered 'pharmacist while president of the bank. , In July, 1955, the Schaller Savings Bank and State Bank of Schaller con solidated, and Mr. Brimhall retired as president, spending his last two years at his home. Spencer Bank Modernizes N A C IR E M A stands for fast, reliable check Imprint ing service.O ur imprinting of B A N K C U S T O M E R C H E C K S provides additional identification, insures proper crediting of accounts, and helps increase good will with your commercial depositors. N A C IR EM A also stands for P E R S O N A L P O C K E T C H E C K services which make the depositor’s checks his own “ personal currency” , and adds a distinctive touch of elegance. This service incorporates all the advantages of personal pocket checks. Best of all> we will help y ° u sell these services to your depositors. Send N A C I R E M A you r num eric a cc ou nt check orders for prompt, accurate service. IOWA ■LITHOGRAPHING COA\PANY QUALITY • SERVICE • EXPERIENCE • S IN C E 1856 The Clay County National Bank, Spencer, Iowa, is enlarging and re modeling its personal loan and book keeping departments. The two will be moved to a new basement location. Contract for the work was awarded the Bank Planning Division, Kirk Gross Company, Waterloo, Iowa. Conference at Sioux City Approximately 375 Sioux City, Iowa, businessmen registered for a Business Management Conference last month, presented by the Security National Bank of that city. Interesting talks were made by Ar thur R. Upgren, director, Bureau of Economic Studies, Macalester College; Kenneth B. Haas, chairman, Depart ment of Marketing, Loyola University, and Howard L. Johnson, vice presi dent and trust officer, and C. R. Gos sett, president, both of the Security National Bank of Sioux City. (). L. Karsten AMERICAN TRUST LEADS ^ THE W A Y . . . nDubuque * The most modern equipment and methods, plus a friendly attitude are geared to be of service to you and your customers at any time O. L. Karsten, 69, who had retired as president of the Newton National Bank, Newton, Iowa, last August after 51 years in the profession, died last month at his home. His banking experience was at Ox ford, Winfield, Iowa City, and Newton, all in Iowa, and Kewanee, Illinois. A second move to Winfield several years ago was to organize a bank there. Bluegrass Bankers Elect More than 125 persons attended the recent annual fall meeting of the Bluegrass Bankers Association, Prescott, Iowa. New officers are: Robert Helgerson, assistant cashier, Iowa State Savings Bank, Creston, president; Carl Riggs, executive vice president and cashier, Tingley State Savings Bank, Tingley, vice president; Donald Smith, cashier, State Savings Bank, Bedford, secre tary, and Allen Heaton, vice president, Bank of Brooks, Brooks, treasurer. Ferdinand Dietz Member Federal Reserve System Member Federal Deposit Insurance Corporation N o r t h w e s t e r n Ban ke r, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 Ferdinand Dietz, 88, president of the Walcott Savings Bank until his retire ment in 1931, and mayor several times of Walcott, Iowa, died last month at his home after a long illness. Iow a N e w s Persia Remodeling Remodeling has been completed at the Home Savings Bank, Persia, Iowa. A new modern low type blonde fin ish has been given the fixtures and a new tile floor is in the lobby and front office. Two Directors Elected Eldred Lundquist and Mrs. S. R. Linn have been elected directors of the Farmers State Bank, Stanhope, Iowa. Mr. Lundquist fills the unex pired term of L. Q. Dick, and Mrs. Linn succeeds her late husband. Waterloo Savings Paintings Ten original paintings have been in stalled on the far wall above the re ception desk of the Waterloo Savings Bank, Waterloo, Iowa, and the illumi nated panels are arranged in an angu+ lar staggered sequence to depict “Man’s Achievements in His Progress From the Cave to the Atomic Age.” Through i m a g i n a t i v e l y abstract forms, the artist has given a beauty of color and a seriousness of concept to the title themes “Fire,” “Wheels,” “ Re l ig io n, ” “Agriculture,” “Education,” “ Machinery,” “Electricity,” “A t o m” y and “C o m m u n i t y of Men,” that achieves the dignity and strength of stained glass windows. of-town friends and correspondents of the bank were feted at a dinner that evening. New Bank Examiner Clair Lensing, formerly of the Waucoma office of the Lawler State Bank, Lawler, Iowa, has been named a state bank examiner for the state of Iowa. Publish Brochure The Security State Bank, Independ ence, Iowa, recently held a 16th birth day party for more than 1,500 peo ple at the Gayla Ballroom in that city. The bank has just been com pletely remodeled on the exterior and was remodeled on the inside in 1953. F0. In commemoration of the 16th birth day and the remodeling the bank pub lished a small brochure tracing the bank’s growth. Herman J. Block Herman J. Block, 80, Grand Mound, Iowa, community leader, died last month in DeWitt Community hospital where he had been a patient for two weeks. Mr. Block was born in Strelitz, Ger many, in 1877, and came to this coun try at the age of five. He was a direc tor of the Union Savings Bank in Grand Mound for 33 years, and for merly was president of the American Mutual I ns u r a nc e Company, Des Moines, for 15 years. quick returns SPECIFY DROVERS* SERVICE Hubbard Open House V 81 The newly remodeled Security State Bank, Hubbard, Iowa, was the scene of an open house early this month, and refreshments and favors were given the bank’s friends and custom ers who came from Hubbard and near by communities. A preview showing of the building and its offices was held two days prior to the grand public showing, and out- A i ■ §B # ■ ' w y -• iijill — V 1 < ttf' I*1 The Drovers National Bank is stra tegically located at the hub of a tremendous industrial empire . . . the Union Stock Yards, the Packing House area, the Central Manufac turing District and the great indus trial areas of the South Side. Many banks and firms are using our di rect collection service because of its convenience and speed. We are col lecting agents for a large number of firms located in this industrial area. We invite your inquiry. *The Drovers National Bank is a direct member of the Chicago Clearing House Association and the Federal Reserve System. It has provided continuous service to correspondent banks FRIENDLY SERVICE TO LIVESTO CK P R O D U C ER S S IN C E 1883 ^ D ro vers Banks Drovers National Bank ESTABLISHED ^ ; ST A T IO N E R S V 1889 7 BOOK BINDERS OFFICE OUTFITTERS \ ~ W W ^ B U S I N E S S MACHINES Grand A ve . at Fourth » https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D es M o in e s , IA • Drovers Trust & Savings Bank U N IO N ST O C K Y A R D S, C H ICA G O 9, IL L IN O IS Members, Federal Deposit Insurance Corporation N o r t h w e s t e r n Banker, D e c e m b e r , 1957 82 Des Moines News MPLOYEE Christmas parties are the main item of business for banks just prior to the holiday season. A complete follow-up story on these parties will be contained in the Janu ary issue of the N orthwestern B ank er . E * * * S. G. Barnard, secretary and trust officer of Bankers Trust Company, Des Moines, was guest speaker at the Cedar Valley C o n f e r e n c e of the NABAC. His topic was “ Profit Shar ing Plans for Small Banks.” * * * Rolfe (). Wagner, chairman of the board of the Capital City State Bank, Des Moines, has retired as president of the board of directors of the Iowa Methodist Hospital, Des Moines, after serving on that institution’s board for more than 27 years, the last 22 of which he has served as president. * * * Joe Goldbach, assistant cashier in the correspondent banking depart ment of the Iowa-Des Moines National Bank, is back at his desk after under going minor surgery recently. The Iowa-Des Moines National Bank last month participated in a BusinessFarm Day sponsored by the agricul tural committee of the Greater Des Moines Chamber of Commerce. The business firms played host to 500 farm men and women from Polk county, helping to acquaint them with facts about the operations of various busi nesses and industries. * * * Calvin Aurand, president of the bank, greeted the visitors who re ceived a tour of the bank and heard a talk by Lloyd Roe, assistant cashier. Luncheon was served, followed by a discussion period with various officers concerned with bank operations.—$$ The entire staff of the Iowa-Des Moines National Bank met in the main bank lobby one day last month for a 7:30 a. m. breakfast meeting to launch an extensive campaign for new Christmas Club accounts. Calvin W . Aurand, president, invited everyone in the meeting to participate in the contest, which will run through January 17, 1958. He turned the meet ing over to James R. Rasley, assistant cashier, who explained the rules of the contest, the methods of solicitation of new Christmas Club accounts, the prizes to be awarded to winners, and other operating details of the contest. Santa Claus and two of his helpers took time out from their routine duties in the bookkeeping department to lead group singing and present door prizes to several lucky winners at the kick-off meeting. No official report was available at the end of the month but the contest was moving along in high gear. A special Christmas Club booth is set up in the bank lobby near the savings x department to assist new customers wishing to open accounts. Two New Services Customers of the First Security ^ Bank & Trust Company, Charles City, Iowa, are now able to do their bank ing business from their cars as a re sult of the new drive-up window. An other new service is offered via a new concrete paved 18-stall parking lot behind the bank. J Elected to Board James B. Harsh, member of the law firm of Camp and Harsh and active in Creston business interests, has been elected to the board of the First Na tional Bank in Creston, Iowa, to fill the unexpired term of the late N. I. Menzer. * December Move The Farmers and Merchants State Bank, Lake Mills, Iowa, plans to move into its new $80,000 one-story banking home in December. The bank has a parking lot in the rear and is modern istic throughout. Joins Postville Bank SANTA CLAUS paid a visit to the IowaDes Moines National staff meeting and vms welcomed by James R. Rasley, assist ant cashier. Marvin Chevalier of Monticello has accepted the position of cashier at the Citizens State Bank of Postville, Iowa, and will begin his duties there on January 1, 1958, according to L. O. Beucher of the Postville bank. Mr. Chevalier has had eight years of banking experience, having worked at Strawberry Point and the past sev eral years at the Monticello State Bank, where he has been assistant cashier. Leo Gannon United States 1311 HOWARD ST. N o r t h w e s t e r n Banke r, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 No Minimum Balance Check Plan B ook Company Leo Gannon, 64, president of the Mingo Trust and Savings Bank, Mingo, Iowa, died last month. Mr. Gannon, a farmer and former member of the Mingo school board, died of pneumonia at Mercy Hospital in Des Moines. He had been ill three weeks. , r 4 83 Valley Bank Personalities One of a series of sketches by Leonard Good, head of the Drake University A r t Department. Twenty-five of the thirty-one years Mrs. Nicholson has spent with the Valley Bank have been as head of the Safe Deposit Department, an operation that has more than doubled in size during that time. Now , although she has nearly 2 .0 0 0 safe deposit renters to service, Mrs. Nicholson still takes a personal interest in each one and knows almost all by name. introducing Helen Nicholson, M anager of the Safety Deposit Department, Valley Bank & Trust Company Her off-hours’ activities include membership in the Des Moines W om en ’ s Rotary Club, of which she is a past president; serving on the board of the W o m en ’ s Division of the Des M oines Chamber of Com m erce; and the Des Moines Business and Professional W om en. Her favorite recreation is music. ALLEY BANK AND TRUST COMPANY W alnut at 4th Street Des M oin es, Iowa M em ber of Federal Deposit Insurance C o rp o ra tio n Northwestern B a n k e r , D e c e m b e r , 1957 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 84 Iowa N e w s II H u m m e r, W a y n e , and C o m p a n y ................. 36 IN D E X OF I A D V E IIT IS E H S I o w a -D e s M o in e s N a tio n a l B a n k .................. 88 K DE C E M B E R , 1957 K ir k G ro ss C o m p a n y ............................................. 40 K o c h B r o th e r s ......................................................... 81 A c o rn P r in tin g C o m p a n y ..............., ................. 85 A m e r ic a n L ith o g r a p h in g and P r in tin g C o m p a n y ................................................................... 80 A m e r ic a n N a tio n a l B a n k and T r u s t C o m p a n y — C h ic a g o ...........................................51 A m e r ic a n S ig n an d In d ic a to r C o rp ............40 A m e r ic a n T r u s t and S a v in g s B a n k — D u b u q u e ................................................................... 80 A s h w e ll and C o m p a n y ..................................... .. . 42 A t la s A d v e r t i s i n g .................................................... 15 L L a M o n te , G e o rg e and S o n ................................... 3 L e F e b u r e C o rp o r a tio n .......................................10 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 i t y . . 56 M M a n u fa c tu r e r s T r u s t C o m p a n y .....................17 M e rc a n tile T r u s t C o m p a n y .............................. 20 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 .. .44 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 ................................... 55 M in n e so ta C o m m e rc ia l M e n ’ s A s s n ............. 55 B A m e r ic a ....................................................... 4 7 M o n t r e a l.................................................... 42 N e w Y o r k ................................................. 9 S e rv ice C o m p a n y, I n c ................ 66-85 T r u s t C o m p a n y — D e s M o i n e s .. 76 T r u s t C o m p a n y — N e w Y o r k . . . 45 N N a tio n a l B a n k of C o m m e r c e ...... 73 N a tio n a l B a n k of S ou th D a k o t a 57 N a tio n a l B a n k o f T u l s a ................. 60 N a tio n a l B a n k o f W a t e r l o o ........ 79 N a tio n a l C a sh R e g is t e r C o m p a n y ................35 N a tio n a l R e s e r v e L ife In s u ra n c e C o ...........50 N o r th w e s t S e c u rity N a tio n a l B a n k ........... 58 . Bank of Bank of Bank of B a n k ers B a n k ers B an kers C e n tra l B a n k and T r u s t C o m p a n y — D e n v e r ........................................................................ 7 1 C e n tr a l N a tio n a l B a n k an d T r u s t C o m p a n y — D es M oin e s .................................. 6 C e n tra l S ta te s H e a lth and L ife C o ............87 C h ase M a n h a tta n B a n k , T h e ..........................37 C h ile s -S c h u tz C o m p a n y ......................................66 C h r is tm a s C lub a C o r p o r a tio n ....................... 18 C ity N a tio n a l B a n k and T r u s t C o m p a n y — C h ic a g o ................................................................ 16 C o n tin e n ta l-I llin o is N a tio n a l B a n k and T r u s t C o m p a n y .................................................... 1 1 C o n tin e n ta l N a tio n a l B a n k — L in c o ln . . . . 68 C o u n cil B lu ffs S a v in g s B a n k ..........................84 o O m ah a N a tio n a l B a n k ........................................ 67 R R a ls to n P u r in a C o m p a n y ................................. 63 R e c o r d a k C o r p o r a t i o n ........................................ 4-5 R o b in so n W h o le s a le C o m p a n y ....................... 85 I) S D a v e n p o rt, P. E ., an d C o m p a n y ..............6 8-79 D e L u x e C h eck P rin te rs, In c ......................... 38 D ie b o ld , In c o rp o ra te d ........................................ 39 D o a n e A g r ic u lt u r a l S e r v ic e ............................. 8 D o w n e y , C. L ., C o m p a n y ................................... 48 D r o v e r s N a tio n a l B a n k ......................................81 S c a rb o r o u g h an d C o m p a n y .................................36 S e c u r i t y -F ir s t N a tio n a l B a n k o f L o s A n g e le s ............................................................14 E E m p lo y e r s M u tu a l C a s u a lty C o m p a n y .. 46 T o o tle N a tio n a l B a n k , T h e ....................... 6 8-69 F ir s t F ir s t F ir s t F ir s t F ir s t F ir s t F ir s t F ir s t F ir s t F ir s t St. F N a tio n a l B a n k o f A r i z o n a ...................44 N a tio n a l B a n k — C h ic a g o ....................... 43 N a tio n a l B a n k — D e n v e r ..........................70 N a tio n a l B a n k — K a n s a s C i t y ............69 N a tio n a l B a n k — L i n c o l n ........................ 72 N a tio n a l B a n k — M in n e a p o lis ............ 52 N a tio n a l B a n k — O m a h a ........................ 75 N a tio n a l B a n k — St. L o u i s ................... 41 N a tio n a l B a n k — S io u x C i t y ............... 78 S to c k Y a r d s B a n k — Sou th J oseph .............................................................. 7 4 T V U n ite d S ta te s C h eck B o o k C o m p a n y ........... 82 U n ite d S ta te s N a tio n a l B a n k ..........................64 V V a lle y B a n k an d T r u s t C o m p a n y ................ 83 V a lle y N a tio n a l B a n k — P h o e n ix ................34 W W a lt e r s , C h a rle s E ., C o m p a n y ....................... 70 You'll Always Receive a Cordial Welcome at Iowa’s Oldest Bank— A Strong Bank Since 105B. • * 1 L . M IW . COUNCIL BLUFFS SAVINGS B A N K C O U N C I L BLUFFS, I O W A M e m b e r Federal D e p o sit In su rance C o rp o ratio n N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 There’s a Limit! Let us pray that neither Russia nor the United States (or anyone else, for that matter) finds life on Mars. W e’ve spread our foreign aid just about as far as it will go. C O N V E N T IO N S January 16-17, Tenth National Credit Conference, American B a n k ers Association, Conrad Hilton Hotel, Chicago. February 10-12, 39th M id-W inter T r u s t C o n fe r e n c e , American B a n k e rs Association, WaldorfAstoria Hotel, New York. February 12, Iowa Bankers Group 1 meeting, Hotel Martin, Sioux City. February 22, Iowa Bankers Group II Meeting, Hotel Burlington, Bur lington. March 24-26, ABA Instalment Credit Conference, Conrad Hilton Hotel, Chicago. April 17-19, American Safe Deposit Association, Lord Baltimore Ho tel, Baltimore. April 21-23, NABAC Southern Region al Convention, Hotel Muehlebaeh, Kansas City, Missouri. May 6 to 9, First Week, Iowa Bankers Group Meetings. May 9-10, North Dakota B a n k ers Association, Patterson Hotel, Bis marck. May 12-14, NABAC Northern Region al Convention, Hotel Statler, De troit, Michigan. May 16-17, South Dakota Bankers As sociation, Lawler Hotel, Mitchell. May 20 to 23, Second Week, Iowa Bankers Group Meetings. June 2-6, A.LB. Annual Convention, Hotel Muehlebaeh, Kansas City, Missouri. June 10-11, Minnesota Bankers Asso ciation, Radisson Hotel, Minne apolis. June 12-14, Wyoming Bankers As sociation, Plains Hotel, Cheyenne. June 19-20, Colorado Bankers Associ ation, Hotel Colorado, Glenwood Springs. June 19-21, Montana Bankers Associa tion, Many Glacier Hotel, Glacier National Park, Montana. June 23-25, Wisconsin Bankers Associ ation, Schroeder Hotel, Milwau kee. September 21-24, American Bankers Association, Chicago. September 28-October 2, Financial P u b l i c Relations Association, Sheraton Hotel, Philadelphia. October 12-13, Nebraska Bankers As sociation, Cornhusker Hotel, Lin coln. October 19-22, Iowa Bankers Associa tion, Hotel Fort Des Moines, Des Moines. November 3-5, NABAC 34th Annual, Statler Hotel, Dallas. November 17-19, ABA National Ag ricultural Credit Conference, Ho tel Fontenelle, Omaha. 85 4 What3s Ne ir . . , for Banks and Bankers f For more inform ation about the items in this column and where they can be purchased, write W alter T. Proctor, Associate Editor, NORTHW ESTERN BAN K ER, 306 15th Street, Des Moines, Iowa. R E C E N T L Y issued four-color A brochure describes the newest drive-up banking window created by Diebold, Incorporated, Dayton, Ohio. An exclusive feature of the Diebold Deluxe drive-up banking window is a deal drawer that extends outward a " full 18 inches which is helpful to drive-up customers who may hesitate to drive their car close to the curbing. Copies of the four-color brochure describing and illustrating the Diebold Deluxe drive-up window in detail are yours for the asking. I N E X P E N S I V E and unique A Ntime-saver for use by banks, sav ings and loan companies, insurance companies, management and all those who figure interest has just been an nounced—the new “ Morton Interest Calculator.” It operates like a slide rule but reads direct like a table. This new calculator will calculate the interest on any amount from 10 cents to $3,000,000 to the third deci mal. It covers all rates by one-fourth per cent increments from 3 per cent to 8% per cent. Interest given is for one year, one month, and one day at each interest rate. It is based on a 360-day year, and 30-day month. To use the Interest Calculator one merely sets the principal or amount of money involved (large easy reading figures) under an arrow and under the desired interest rate, the amount of the interest is read directly for any of the aforementioned periods—a year, a month, or a day. nation interiors come in matching colors. The same sleek styling is carried out in the new Mosler model “ M” RevoFile, a rotary card file system which for the first time takes into account the variable skills and visual percep tion of the operator. A simple twist of an adjustable speed regulator makes it possible for the operator to set the speed of the rotating drum to her own facility. UBLICATION of a new 318-page general catalog by Peterson Litho P graph & Printing Company, Omaha, Nebraska, the first in six years, is an nounced by John Ford, Jr., secretary of the bank and office supply firm. United States Check Book Company is a division of the Peterson firm. The book, with a four-color cover and plastic hinge binding, will soon be distributed by salesmen to their customers in Omaha and in Nebraska and surrounding states. It lists a com plete and up-to-date line of bank forms and equipment, office supplies, and modern steel and wood furniture. To those interested in bank and of fice supplies who live outside the ter ritory regularly served by United States Check Book Company salesmen, a copy of the catalog will be sent on request. and efficiency in safes SECURITY are no longer enough. Modern of fice styling demands color, adaptabil ity, and planned room for growth. This was demonstrated by the Mosler Safe Company exhibit at the Na tional Business Show recently in New York. A massive record safe appeared almost weightless when shown in “mist green.” Safes in charcoal grey, decoral (a new color by Mosler which looks like desert sand), and bright blue blended quietly into modern of fice settings. In addition to modern styling and greater protection the safe industry has developed equipment which meets modern trends in efficiency. The new Mosler color line of office record safes f eat u re s interchangeable shelf and locker interiors. Again, these combi- tance in cold weather. AC ORN Registers "Accepted Sale Registers by Bank Clerks Everywhere" For information write i THE ACORN PRINTING CO. . k. OAKLAND, IO W A ______ banks A ll Negotiations Confidential A N A T IO N A L C LE A R IN G H O U S E FO R E X P E R IE N C E D R A N K E X E C U T IV E S W IT H C A P IT A L T O IN V E S T Bankers S ervice C o m p a n y f B OX 1435 . DE S M O I N E S 5, I O W A • Some o f our banker friends suggested that we extend the same courtesy to all bankers that we are offering them— so we an nounce W H O L E S A L E P R IC E S to all Bankers and their fam ilies 1 W rite for your identification card. V isit either of our two wholesale houses or w rite for quotations. C hoose From Hundreds of Items ALL N A T I O N A L L Y K N O W N • • • • • • • Fishing T a ck le H u n tin g Equipm ent G o lf C lu b s W a tc h e s — D ia m onds— J ew elry O u tb o a r d M o t o r s Pow er M ow e rs L eathe r G o o d s C a m e ras • Luggage • C a m p in g • Furniture • A p p lia n c e s • Picn ic • E le c tric Equipm t. S u p p lie s Sh a ve rs MOST EVERyTHING NEEDED FOR THE HOME, LAWN, GARDEN, PLAY, SPORTS, RECREATION, PERSONAL USE. ROBINSON WHOLESALE CO. N o w in our 20th Y ear 216 2nd A v e ., Des M oin es, Io w a 1120 2nd S t, S.E ., C e d a r R a p id s, Io w a P HONE A T 2 - 7 8 0 0 [ Northw estern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • Banker, D e c e m b e r , 1957 Too Scared to Say He Knows Conservation "Two! ” shouted the pint-sized um pire. “ Two what?” snarled the big catch er. "Yeah, two what?” echoed the qually large batter. "Too close to tell,” said the umpire. “ Sorry I can’t go bowling with you tomorrow night,” Jenkins told a co worker, “but the wife wants me to stay home and watch TV with her.” "Huh!” snorted his companion. “Be fore you got married you said you’d be the boss or know the reason why!” “Yeah,” replied Jenkins. “ Now I know the reason why.” “ Have you given the goldfish fresh water?” “ No, ma’m. They haven’t finished the water I gave them yesterday.” They Could Use Doe The young couple had been hard pressed for money, and the bride had been preparing hamburger in as many different ways as she knew how. On the 12th day she served still an other version of chopped meat. As the husband surveyed it wearily he murmured: “How now, ground cow?” Solitaire Four old cronies were sitting in the back room of the general store in a small Connecticut town playing poker when the sheriff crashed through the door and said: “Well, gambling again, eh? This time I’m going to take you fellows in to teach you a lesson.” The first old fellow spoke up saying, “Not me, sher iff, I dropped in to talk.” The sheriff turned to the second man, who drawled, “Wasn’t playin’, sheriff, just visitin’.” The sheriff looked at the third man and inquired, “What have you got to say?” The third old codger languidly replied, “ Not guilty, sheriff, I just came in to warm up at the stove.” The fourth man sat quietly through the whole scene studying the cards in his hand, and the sheriff, with a smile of victory on his face, turned to the fourth man and said, “Well, you can’t deny that you’ve been playing.” The fourth old gray-hair continued to look at the cards he was holding and in a plaintive voice asked, “Now, sheriff, who would I be playing with?” Paradox? We feel sorry for the kleptomaniac. He is a person who helps himself be cause he can’t help himself. N o r t h w e s t e r n Banker, D e c e m b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7957 Terriffc Arrangement Understand ing “ Sometimes,” said the lady of house to the new maid, “it will necessary for you to help me stairs.” “ I understand, madam,” replied girl, “ I drink a bit myself.” the be up the Marry er Sailor: I can’t marry you. We n o t h i n g in c ommon. Why wouldn’t even know port from board. Girl: Well, I could look at the on the bottle. Modern Wife He: Darling, this cake is delicious. Did you buy it yourself? have you star label Nothing New College G irl: Oh, father will be tickled pink to hear I’m engaged. He always is. "H ere I Am” Heroine (in melodrama): Pray tell, is there no succor. Voice from the Front Row: Sure is —I paid six bucks to see this lousy show. The band finished the first number of its concert and the applause was deafening. The leader took bow after bow while the band members smiled happily. “ The next number on the program will be that famous march, ‘Stars and Stri pes Forever’,” announced the leader. “ Holy smoke,” said one cornet play er to the other, “ that’s what I was playing the last time.” Nice and Clean A lady who’d been watching Jane Russell shoot some scenes for a film with a Mexican background was intro duced to the star. “ I hope this will be a nice, clean picture,” she said. “Sure will be,” replied Jane with a poker face, “ I take three baths in it.” Change the Wording With the holidays coming on, we should not call it “one for the road,” but “ one for the ditch.” Think that would help? WANTED I was figuring on starting a busi ness of my own, but every business is already engaged in more than is nec essary, and then, of course, I have no business ability. What I want is something that doesn’t call for any kind of ability whatsoever, and no kind of exertion to speak of. Also, the job must not be out of town. And it must pay good and have a future. All the fringe benefits, of course, will be expected.—Ima Dul lard, Des Moines, Iowa. Looking Green Already! The doctor says I’m sound as a dollar And I know he’s wise in his ways, yf But this is the things that disturbs me: How sound is»a dollar these days? Business First A stockbroker was ill and delirious. During one of his more lucid moments he inquired of the attending nurse what his present temperature was. “ 101,” replied the nurse. “Good,” he said, “when it gets to 101 y2, sell!” Add this Extra Income Builder. Collect Central States Policy Holder Premiums through checking account deductions Get complete details on this new revenue-builder for financial institutions. Your “ Central Statesman” will show how suc cessful the plan has been for other banks. Write today to: C entral S tates H e a lth & L ife C o of O M A H A T. L E S L IE K IZ E R , President UNDERWRITERS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OF LIFE AND DISABILITY INSURANCE THROUGH FINANCIAL INSTITUTIONS (A myMe/vtyCh/dAtmM pjmyom D e s M o in e s Na t io n a l B a n k Sixth and Walnut • Founded 1868 Member Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
@FedFRASER