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Successful Christmas Promotion — Page 31 Resident A.I.B. School Established — Page 26 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 4 To wish its jrie n d s in thecom a M e rry Christm as and a Prossnerous New Tear AL ÌP JOIN Christmas Club a Corporation increases its national advertising to bring more members to your door CHRISTMAS CLUB TODAY! AT FINANCIAL | INSTITUTIONS DISPLAYING IDE EMBLEM of CHRISTMAS CLUB a CORPORATION THREE-SHEET POSTERS 1 a ß AIMSTRAIGHTATYOURGOAL... JOIN ju in t -v—-f r— ».i CHRISTMASTODAY! CLUB .1 1 1 NT FINANCIAL INSTITUTIONS DISPLAYING INE EMBLEM of CHRISTMAS CLUB a CORPORATION A 1 RAILROAD STATION BANNERS 1 II« S I I M I 11 IT O t i l l ‘ JO IN CHRISTMAS CLUB TODAY 1 / -- - - - - - - - - - - - - - »---- - - - - - - - - - - - - - - AT FINANCIAL INSTITUTIONS DISPLAYING THE EMBLEM of CHRISTMAS CLUB a CORPORATION AIM STRAIGHT A i m GOAL... JO IN Tïu -. J W in . twsutlertimi tim JOIN CHRISTM ASCLUB TODAY! £ U! , aimsniiui ai nui CMI join 5 ..... ■siiiimi: uspiiiiii tit (muv t»inns cun .m p i u a m o ~T! CHRISTMAS C M .......... . ' J P .. ÉÉH BANKING PUBLICATIONS ROADSIDE OUTDOOR POSTERS RAILWAY EXPRESS TRUCKS 1 CAR CARDS 9 A-— a—ai-aI CHRISTMASCLUB -------—- TODAY! STFINONCIfll IHSnrunOHS DISPLAYING 10! EM8UMof wnsnus CIROICOIPOIIHINI TAXI POSTERS TRAVELING DISPLAYS CLOCK SPECTACULARS This year’s expanded national advertising and promo NEWSPAPERS tion program is added evidence (if any were needed) AIM STRAIGHT Al TOUR GOAL JOIN of our continuing faith in the Christmas Club idea. CHRISTMAS CLUR , TOD«! Once again we wish to say how much we value this opportunity to serve our good friends in the financial ONE-SHEET POSTERS AT TJNANCIAl ■ INSmiTIGNS maUWMIifc « BMrT.HM! T H EE M IIE MlillKUUUlË of CHRISTMAS CUB a CORPORATION community. Your continued confidence is our most cherished asset. To all of you from all of us we wish a joyous and successful holiday season. C fjrisitm a si C lu b a (Corporation Founded by Herbert F. Rawll 230 Park Avenue, Neiv York 17, N. Y. BUILDS CHARACTER • BUILDS SAVINGS • BUILDS BUSINESS FOR FINANCIAL INSTITUTIONS No. 869. Northwestern Banker is published monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines 9, Iowa. Subscription, for35c FRASER per copy, $3 per year. Entered as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, under the Act of March 3, 1879. Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D NEWEST IDEA IN DEPOSITORY SECURITY and STYLING AFTER HOUR DEPOSITORY DIEBOLD PI s after-hour DEPOSITORY Here is a dramatically new idea in an AfterHour Depository! The new POLARIS by Diebold brings to your customers the convenience of 24-hour banking . . . does so in a stainless steel setting that is fashioned to add to the good looks of any bank’s architecture. And the POLARIS depository combines certified security with its smart new styling. The Underwriters’ Laboratories label attests to the anti-fishing, anti-trapping protection embodied in POLARIS depositories, protection covering both envelope and bagged deposit sections. DIEBOLD WS»™ Available in a wide choice of models including flush and recessed types, POLARIS depositories by Diebold represent an important forward step in customer convenience for your bank. W e ’ll be happy to send you illustrated literature on POLARIS depositories without obligation. Simply use coupon below. *The term " After-H our Depository” Trade Name o f Diebold, Inc. is a Registered 0IEB0LD, incorporated Dept, b - 123 C A N T O N 2, O H IO GENTLEMEN : Please send me without obli gation complete information on the new POLARIS after-hour depository. I N C O R P O R A T E D C A N T O N , Oi/eAy /OO JJeaAj ^ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N A M E _______________________________________ O H I O C IT Y . ZO N E___ STATE. DIB-815 N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 s> - n m m C E N T R A L N A T I O N A L B A N K & T R U S T C O M P A N Y • D ES M O IN E S , IO W A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 Oldest Financial Journal West o f the Mississippi for your D E C E M B E R , 1959, reading Mtear E d ito r 65th Year No. 869 EDITO RIALS 12 Across the Desk from the Publisher 7 9 11 21 23 24 25 26 27 28 30 31 Dear Editor Texan Reed Sass Heads FPRA On the Cover Frontispage “ West Point 101” — Eldon C. Freudenburg 12,000 Attend Ottumwa Feed Plant Opening A g Experts Discuss Future Needs Resident A.I.B. School Established— Robert W. Williams Business Executives You Know— Henry Scarborough John Remington Heads A.B.A.— Malcolm K. Freeland Terrace Hill Attracts Bankers Organ Music: Successful Christmas Promotion — William V. Learning Markets Try to Assess Effects of Steel Strike— Raymond Trigger FEATURE ARTICLES “ I Miss Northwestern B anker” “ Hear it is the 10th of the month again and I have missed another issue of the N o r th w ester n B a n k e r . “ Will you enter my subscription for the coming year so that I can keep up with my friends in the middle-west. “ My best personal regards to all of you.” Louis B. Boettcher, Security First National Bank, Perris, California. “ Exhausted Ducks” As soon as the November issue of the reached our read ers, we received a deluge of letters and telephone calls requesting extra prints of the fascinating duck pictures that appeared as the color tip-in on page 23. This was the greatest number of requests ever received for copies of the pictures that have been published monthly for many years. Because of the demand for extra copies, our reserve supply was soon exhausted and, unfortunately, we were unable to obtain an additional supply. Several readers wrote in and phoned long distance inquiring about the artist, the locale of the painting, and asking if the original painting could be purchased. The artist is Maynard Reece, considered proudly by Iowans and many others as the nation’s top wildlife artist today. The reproduction of this painting, and a number of others that have appeared in the N o rth w ester n B a n k e r , was done by Thos. D. Murphy Co., Red Oak, Iowa, one of the foremost printers of calendar art in the country. Because of the great demand during the past year for the high quality pictures 32 INSURANCE 53 STATE BANKING NEWS N o r th w ester n B a n k e r DEAR EDITOR . . . (Turn to page 11, please) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sell $10 a Week— Gordon Nelson Minnesota Twin City South Dakota Sioux Falls North Dakota Montana News 57 68 Colorado-Wyoming News News 58 73 Nebraska News News 63 74 Omaha News News 64 78 St. Joseph News News 65 82 Lincoln News News 67 85 Iowa Convention Report 96 Des Moines News OTHER FEATURES 100 102 102 Index o f Advertisers In the Directors’ Room Conventions NORTHWESTERN BANKER 306 15th Street, Des Moines 9, Iowa, Telephone CHerry 4-8163 Publisher Associate Publisher Editor Clifford De Puy Malcolm K. Freeland Ben J. H aller, Jr. Associate Editor Associate Editor W alter T. Proctor Doyle Minden Advertising Assistant Circulation Department Auditor Elizabeth Cole Lena Sutphin Margaret Huffman AI Kerbe! Paul Masters Field Representative Field Representative Frank P. Syms, Vice President, 505 Fifth A v e ., Suite 1806, New York, MUrray Hill 2-0326 Milton P. Bock, Vice President, 704 Baker Building, Minneapolis, FEderal 6-9191 DE PUY PUBLICATIONS: Underwriters Review, Northwestern Banker, Iowa-Nebraska Bank Directory N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 8 > M . 4 The FIRST NATIONAL CITY BANK of New York HEAD OFFICE: 55 WALL STREET, NEW YORK 15, N. Y. 80 OVERSEAS BRANCHES, OFFICES AND AFFILIATES • 82 BRANCHES IN NEW YORK Around-the-clock Transit Service S ecurities Handling Facilities Personalized Service • • • Collections • Credit Information • Bond Portfolio Analysis • Complete Dealers in State and Municipal Bonds World-Wide Banking Facilities M e m b e r F e d e r a l D e p o s i t In s u r a n c e C o r p o r a t i o n o rFRASER t h w e s t e r n B a n k e r, D e c e m b e r , 1959 Digitized Nfor https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • • Participation in Local Loans Complete Metropolitan New York Office Coverage 0 Our booklet, "Speed", describes the many ways First National City's check collection service can help you. We will be pleased to send you a copy free on request. 9 < T exa n H eed Suss H ea d s F P R A SASS, vice president of the REED Fort Worth (Texas) National Bank, was elected' president of the Financial Public Relations Associa tion at its annual meeting last month in Bal Harbour, Fla. At the same time, Jordan J. Crouch, vice president of the First National Bank of Reno, Nev., succeeded Mr. Sass as first vice president. Elected to the second vice presi- member of the board for one year ex officio. John L. Chapman, vice president, City National Bank & Trust Com pany, Chicago, and Orrin H. Swayze, executive vice president of the First National Bank, Jackson, Miss., were elected to the senior council. Mr. Swayze was president of the FPRA in 1957-58. Mr. Chapman just ended three years as FPRA treasurer. O r In T h e O u tfie ld N o th in g C a n B e S a fe r T h a n ... NEW OFFICERS of the F.P.R.A. are, left to right: President Reed Sass, vice presi dent, Port Worth National Bank, Fort Worth, Texas; First vice president Jordan J. Crouch, vice president, First National Bank of Nevada, Beno; Second vice president John P. Anderson, vice president, First National Bank of Passaic County, Paterson, N. J.; Third vice president Ernest G. Gearhart, vice president, First National Bank of Miami, Fla.; and Treasurer Robert A. Bachle, vice president, National Boulevard Bank, Chicago. deney, succeeding Mr. Crouch, was More than 1,400 delegates attended John P. Anderson, vice president of the five-day 44th annual convention, the First National Bank of Passaic h e a d q u a rte rin g in the beautiful t County, Paterson, N. J. Americana Hotel. Ernest G. Gearhart, Jr., vice presi Departmental sessions were held on dent of the First National Bank of commercial development, installment Miami, Fla., was elected third vice credit, officer calls, savings and mort > president, placing him in line to be gages, staff relations and trust devel come FPRA president in 1962. opment. Special clinics were con The FPRA also elected seven new ducted on topics ranging from news directors. Elected to three-year terms paper advertising to new building were: J. T. Donovan, vice president, programs and open houses. Chairman Rockland-Atlas National Bank, Bos of the clinics was Donald Hassell, as ton, Mass.; R. H. Gibbs, vice presi sistant vice president, The Hanover dent, First National Bank, Orlando, Bank, New York. Fla.; George C. Carroll, first vice The School of Human Relations, a < president, Merchants National Bank, Terre Haute, Ind.; Gordon M. Malen, series of general sessions held each assistant vice president, First Na year, was presided over by Kenneth E. Johnson, vice president of the tional Bank of Minneapolis; J. E. Kansas State Bank, Wichita. The in Vance, vice president, First National T Bank of Birmingham, and K. E. John structor was A. C. Van Dusen, Ph.D., son, vice p re sid e n t, Kansas State vice chancellor, University of Pitts Bank, Wichita, Kan. Elected to a one- burgh. year term was Edwin W. Goat, assistIn 1960, the annual meeting will be ant vice president of the Bowery Sav held in Boston, and the group is ings Bank, New York City. scheduled to return to Bal Harbour E. T. Hetzler, outgoing FPRA presi in 1961. A regional meeting will be dent and vice president of Bankers held at the Leamington Hotel in Min Trust Company, New York, became a neapolis in April, 1960. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CITY B A N K TRAVELERS CH ECKS ! • You keep 90% of the selling commission • Instantly acceptable everywhere • Prompt refund service • Advertised throughout the world B A C K E D BY TH E B A N K T H A T ’S FIRST IN WORLD W IDE BA N KIN G Member Federal Deposit Insurance Corporation N o r t h w e s t e r a B a n k e r, December, 1959 10 > Jteeord ak N a m es Mioeiny Chairm an . A r n o ld P resid en t IRECTORS of Recordak Corpora tion have named James M. Ar D nold president and John K. Boeing, chairman of the board of the compa ny, Eastman Kodak subsidiary in the microfilming field. Mr. Arnold was also elected a director and will con tinue as general manager. Mr. Boe ing was formerly president of Re cordak. Joining Recordak in 1953, after working with Kodak since 1940, the new president served as assistant to the president and in 1957 was named vice president and general manager. Mr. Arnold is a graduate of the Uni versity of Kansas and a former Navy officer, having served in three major campaigns during World War II. John K. Boeing, new chairman of the board, is one of the pioneers in the field of microfilming, having joined the Recordak organization in 1928. He is a graduate of the University of BMMBPPIOPVNIiWH*W*MlMPWmiXIHVP» "■ If If J. K. B O E IN G J. M . AR N O L D Wisconsin. During his career he ^ served as operations manager, man ager of the commercial division, vice president of government and commer cial sales and was named president \ and general manager in 1952. Credit Conference Slated (A note of appreciation:) Iall •ll I TO: AMERICAN BANKERS ASSOCIATION W e are proud to CARL A. BIMSON share our President The American Bankers Association’s 12th National Credit Conference will ^ be held at the La Salle Hotel in Chica go on January 21 and 22, 1960, it has been announced by William F. Kelly, chairman of the A.B.A. Credit Policy Commission, and president, First Pennsylvania Banking and Trust Company, Philadelphia. The conference, which annually draws an attendance of some 1,000 * bankers from all sections of the coun try, will present outstanding speakers in the field of mortgage finance, in stallment and consumer credit, and ) agricultural lending. Among the speakers will be John W. Remington, president of the Amer ican Bankers Association and presi dent of the Lincoln Rochester Trust * Company, Rochester, New York; and Under Secretary of the Treasury Juli an B. Baird. Other speakers representing bank- \ ing, industry, government, and edu cation will also be heard. A panel program will feature leaders of the Robert Morris Associates. * with you as your Group Life Hits New High new Vice-President. The 1700 officers and staff o f A rizona’s V A L L E Y N A T IO N A L B A N K 59 O FFIC ES Resources Over $ y 2 Billion M E M B E R F E D E R A L D E P O S I T N for orth w e s t e r n B a n ke r, D e c e m b e r , 1959 Digitized FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I N S U R A N C E C O R P O R A T I O N I Almost exactly twelve years after its inception on November 25, 1947, > total insurance in force under Manu facturers Trust Company’s Corre spondent Bank Group Life Insurance Plan crossed the $100,000,000-mark, it was announced last month. > With the execution of agreements under which the Central Jersey Bank & Trust Company of Freehold, N. J., became a participant in the plan, the total number of participating banks * reached 752, whose 12,465 employees are now covered by a total of $100,350,000 of group life insurance. At the beginning of the plan the >maximum coverage for any one em ployee was $5,000, but this limit has been increased to $20,000 as of March 1, 1959. In addition, accidental death ON THE COVER This year’s Iowa Bankers Associa tion convention hit a new high in reg istration of 3,994, topping last year’s previous high of 3,917. One of the main reasons for continued high at tendance at these annual meetings is the number of outstanding Americans invited to address the conventions. The 1959 program was no exception and the cover picture shows four of the speakers. From left to right are: John W. Remington, new president of the A.B.A., Rochester, N. Y.; Hon. Jesse P. Wolcott, chairman, FDIC, Washington, D. C.; Hon. J. W. Fulbright, U. S. Senator from Arkansas and chairman of Senate Committee on Foreign Relations, and Hon. W. Allen Wallis, special assistant to the President of the United States, Wash ington, D. C. Additional pictures and convention details appear on page 85. and dismemberment benefits equal to 50 per cent of the amount of life in surance are provided at no additional premium. The net cost for $1,000 of insurance has averaged only about 52 cents a month for the last five full years. r- . . . M E A N S I ® T R A O Î. QUALITY DOWNEY CHANGE THE quickly and accurately. Figures on border desig nate denominations of coins in pockets. In 3 styles: 1--mounted on pedestal; 2 --fitted with rubber bumpers for counter use; 3 --mounted on short legs, arranged for nesting with other trays. Tray, made of cast aluminum, measures 12%” x 9” . A big time saver. . . . for Q U I C K , ACCURATE h a n d l i n g of l o o s e c o i n s Tray holds 10 co in s each of pennies, nickels, dimes, quarters, halves, in each of 68 staggered pockets, making possible the giving out of change 7% e C O I N PACKAGING CURRENCY DEAR EDITOR . . . (Continued from page 7) supplied to the N orth w ester n B a n k e r by this firm, particularly nature scenes, ar rangements are being made to secure new prints of outstanding pictures to be pub lished in the N o rth w e ste r n B a n k e r dur ing the coming year. Our entire staff joins in expressing a sincere thank you to the hundreds of readers who have sent their compliments on the continuing high quality of these pictures. We will see that enough copies are available after each issue to fill requests for these prints. Ben Haller, Jr., Editor https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TRAY 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. Mosler Comptroller Appointment of Melvin H. Koenig as comptroller of the Mosler Safe Company was announced recently by Martin S. Cole man, vice presi dent and treasur er. Prior to join ing Mosler, Mr. Koenig was treas urer and assistant s e c r e t a r y of American R o c k W o o l C o rp o ra t i o n , W abash , PM Ind. A graduate M . H. K O E N IG of the University of Michigan, he is a member of the Controllers’ Institute of America and serves on its National Committee on State and Federal Taxation. He will be headquartered in Mosler’s main factory in Hamilton, Ohio. TRAY OLD W A Y RACK No. 2 ceteáiay. cAecéi. 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. LINEN SHIPPING TAGS T W I C E THE LEVERAGE H A L F THE WE I G H T / SUPERIOR IN STRENGTH . . . p roved by 'PULL' test n t e e fo a fife r o v e c i The user, with one hand, may attach cord and pull until Seal Pin is forced through the folds of canvas coin bag. Weighs only 17 o z s ....h a lf the average weight of other Seal P re sse s... but with twice the leverage! Makes per fect die impression when deforming the seal. Meets approved requirements. PURE LEAD SEALS The Lead Seals used with the above Press, are pilfer - proof, made of pure, non-porous soft lead that will not crack or break, easily deformed, mak ing clear-cut impressions of sender's name on seal. Approved by Insurance Companies, P. 0 . Dept., Federal Re serve Bank, R. R. Express Companies, etc. Cord in Seal has a tensile strength 130 lbs. Fitted with hemp cord and pin. Seals packed in bundles of 50; pins may be ordered in varying lengths. SEND TO DEPT. W The C. KntIWwlbA* WM* WWhtW.V*. They are made to “ deliver the goods.” Made of 8 -point weight, size 2%" x 6 k " with “ R e g iste r” stub. Style No. 2 same size but with blank stub for desired copy. Style No. 3, 23g” x3 % ” without stub. Rein forced eyelet extends to end of tag. Printed in red and black. Bank im print included in price. L. DOWNEY HANNIBAL, CO. MISSOURI FOR F U LL INFORMATION N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 12 ) x one institution covered by insurance but the rabid labor leader prefers to strangle our entire economy in order to get his blackmail program enforced. (b sa A . $t>hrL J . Democratic Senator Massachusetts In addressing the A.F.L.-C.I.O. Convention in the middlewest you said “ The union movement, like any other part of American life, has its share of wrongdoers and corruption. But when we hear about bankers who embezzle funds, or financiers who misuse trusts, or politicians who betray the public, we don’ t condemn all bankers or all finan ciers or— I hope— all politicians. “ W hy, then, should we penalize the labor move ment as a whole ?” No one is penalizing labor “as a whole,” Senator. But do you favor a man like James Hoff a who has enough power to stop practically all traffic in the United States? Do you endorse actions of a man like David J. McDonald who can stop almost every steel mill in America from working at a cost of millions of dol lars a day including a loss to each steel worker of at least $1,860 in wages which will take him six years to get back even at the increased rates of pay ? Regarding bankers who embezzle funds, they are put in the penitentiary— but so far Hoffa, who is the greatest embezzler of union funds to date, hasn’t even been put in jail. Furthermore what would you say if the Presi dent of the American Bankers Association wanted all banks to charge 8 or 10 per cent on loans and if he couldn’t get it he would close all the banks in the United States until his demands were met? We are sure you would help pass legislation to stop such stifling of our economy and so would every other right thinking American. But when it comes to labor unions some of their leaders “ get away” with tactics that endanger the flow of the very life blood of our economic system. CflsbcVL QjdJuv CL. X k Executive Vice President, County Trust Company, White Plains, New York. In order to reduce the operating expenses of banks, the use of automatic machinery and equip ment of all kinds is being installed in financial institutions throughout the country. The need for automation was strikingly outlined by you, Mr. Kley, when you said, “ The gross op erating expenses of all insured commercial banks for last year exceeded the gross income of the same banks just five years ago; where the total bank employee population has more than doubled from just before World War I I until the present time; where the number of checks being written has been multiplied almost by four and the num ber of consumer credit loans made throughout the country has been midtiplied by 10 during that same period.” Manufacturers of bank equipment are doing everything they can to create machinery which will more rapidly handle checks and perform other routine banking operations, but even greater time and investment will be necessary on the part of these companies if they are to really help the banks reduce the increase to overhead which is re sulting from the tremendous upsurge in new busi ness which is coming to the financial institutions of America. The ultimate objective is to “ stabilize the fu ture costs” of bank operations and it is the belief of the N orthwestern B anker that this will be accomplished through the help of manufacturers of banking equipment, plus the surveys being made by the Association of Bank Audit Control and Operations as well as other bankers associa tions. V > % ( 4 -y » Y So, Senator, you are all wrong when you com pare embezzling bankers to power hungry labor union embezzlers. A banker’s embezzlements affect 'A t h w e s t e r n B a n k e r, D e c e m b e r , 1959 Digitized N foro rFRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13 T h e k e y th a t fits y o u r : d e p o s it O P E R A T IO N s a f e E veryth in g from O n e R eliable Source • A Com plete System U tilizing L ow Cost Stock Forms • Installation S ervice • Com plete Transition and Operational Inform ation in M anual Form • Com plete Line o f Equipment Mail coupon today for full information LfflirUAjC LE FEBURE CORPORATION Cedar Rapids, Iowa Please send complete information on SAFE DEPOSIT ACCOUNTING SYSTEM. Representatives in most principal cities https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, December, 1959 14 > > ile y o u r e ttjtn j u p th e taß ends on C h r is t m a s H v e t y a 4 * S f llt lC v Wondering, in our homes, too, how it got to be midnight so soon. Little sleep this night. Yet, come morning, we’ll be as wide awake as the youngsters. The excitement o f Christmas is ageless. The four thousand people o f the QontimntaC1ffimis TTationaCHani anciTrait Gmjwntf of Cdicayo Member F. D. I. C. N o r t h w e s t e r n Banker, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis hope you have the happiest o f Christmas Days. 15 S iq s o u á G ^ E eT . - n ü s Ç- 7T V ' th a t's th e h a n k f o r m y m o n e y r ÏVER U.S. NATIONAL DENVER U . S . NATIONAL CENTER D e n v e r 17, C o lo r a d o Member Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 16 r . F. Netvhall to Head Division F A t First National of Chicago HARLES F. NEWHALL has been C advanced to vice president and placed in charge of the banks and bankers division of the First National Bank of Chicago, it was announced last month by Homer J. Livingston, president. Mr. Livingston also an nounced the promotions of four other men and election of nine new officers. Mr. Newhall has been assistant vice president in the correspondent bank division in charge of the bank’s south west division. Also advanced in offi cer rank in the correspondent divi sion were G. W. Miller from assistant vice president to vice president, and Joseph C. Fenner from assistant cash ier to assistant vice president. R. B. Johnston and R. K. Newhall were advanced to vice presidents in other divisions. The newly elected officers are: George C. Bergland in Division G, John M. Clark in operating and per sonnel, George C. Diezel and Olof D. Lindstedt in the international bank IM P E R IA L B A N K OF CANADA Condensed 85th Annual Statement O ctober 31, 1959 ASSETS Cash resources........................................................ $ Securities and call lo a n s..................................... Total quick a ssets................................................... 1 5 2 ,6 7 0 ,9 6 4 2 7 7 ,8 1 3 ,2 9 7 $ 4 3 0 ,4 8 4 ,2 6 1 G. W . M IL L E R J. C. F E N N E R ing department, Charles P. Ongena in the banks and bankers division, and Paul C. Wray, Jr., in business and eco nomic research, each with the title of assistant cashier; Gerard A. Fairfield, assistant attorney in the law department; Donald S. Farley, Jr., and Ar thur R. Menard, assistant secretaries in the trust department. Loans........................................................................... 4 9 0 ,4 2 1 ,9 6 7 N.H.A. m ortgages.................................................. 5 5 ,4 5 6 ,8 7 5 Pooled Fund Grows Bank prem ises......................................................... 1 7 ,7 4 2 ,8 5 0 Letters of credit and other assets.................... 17,40 1 ,5 9 3 A 59 per cent growth in assets dur ing the fiscal year ended September 30 was reported by Continental Illi nois Investment Trust for Employe Benefit Plans. The pooled fund, managed by the trust department of Continental Illi nois National Bank and Trust Company of Chicago, closed the year with assets of $44,551,762, compared with $28,072,695 a year ago, the report showed. A total of 187 pension and profit sharing funds currently hold units in CUT, which offers a choice of fixed income or equity investments. The trust, now four years old, is open to employee benefit funds for which the bank is trustee, a co-trustee, or agent. $1,01 1 ,507,546 LIABILITIES Deposits..................................................................... $ 9 3 4 ,9 5 9 ,6 7 1 $ 9 5 6 ,3 0 7 ,8 8 7 Letters of credit and other liabilities............. Total liabilities to the public.............................. 2 1 ,3 4 8 ,2 1 6 C ap ital, rest and undivided profits................ 5 5 ,1 9 9 ,6 5 9 $1,01 1,5 0 7 ,5 4 6 STATEMENT o f e a r n i n g s Profits after making transfers to inner reserves and after income taxes $ 3 ,9 6 6 ,0 0 0 ... $ Dividends..................................................................... $ 1 ,4 5 3 ,9 1 5 $ 3 ,1 7 2 ,3 1 6 Undivided profits brought fo rw a rd ................ 1,718,401 Transfer to rest account........................................ Balance of undivided profits............................. 3 ,6 9 1 ,1 7 4 2 ,2 3 7 ,2 5 9 1 ,6 0 0 ,0 0 0 $ 1 ,5 7 2 ,3 1 6 $ 3 2 ,0 0 0 ,0 0 0 ^ ^ * y STATEMENT OF REST Balance O ctober 31, 1 9 5 8 ............................... Transfer from undivided profits.......................... 1 ,6 0 0 ,0 0 0 Premium on capital stock subscription............. 6 ,6 2 0 ,5 0 7 Balance O ctober 31 , 1 9 5 9 ................................. $ 4 0 ,2 2 0 ,5 0 7 H. W. THOMSON, J. S. PROCTOR, President G e n e ra l M an ager IM PERIAL. B A N Northwestern Banker, December, 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1C Â iîé t Investment Booklet A thoughtful analysis of the funda mentals of “ Investing for Banks” by Major B. Einstein, vice president of First National Bank of St. Louis, has been published in booklet form for the use of bank officers in charge of their institutions’ investment portfo lios. Initial distribution of the booklet has been made to First National’s 1,000 correspondent banks throughout the nation and abroad, and copies also are available on request to the bank. * ^ . whatare the ingredients o f a successful bank modernization program? Let's face it — no single formula will fit EXCERPTS FROM A LETTER TO W. B. C. WRITTEN BY W. D. MOORE, PRESIDENT, THE FIRST NATIONAL BANK, ALMA, KANSAS. every bank’s modernization needs. That’s why Western Bank Contractors starts with a special analysis of your particular prob lems. The specialists from W. B. C. care fully analyze your location, your space re quirements, your budget. Only after a com plete study, and consultation with you, do we feel an intelligent recommendation can be made. B efore We at W. B. C. know that a bank should not only be attractive enough to invite customers, but also planned for maxi mum working efficiency and customer service. "We h o n e s tly f e e l th a t having new q u a rte rs has been r e s p o n s ib le f o r a co n tin u ou s growth in a l l a reas o f our bank. Loans have grown r a p id ly , d e p o s it s have a c t u a lly in c r e a s e d m onthly. I b e li e v e th a t we have seen a w on derfu l improvement in in t e r n a l o p e r a tio n s , and I s in c e r e l y f e e l th a t our new b u ild in g has been a huge b o o s t to employee m orale. "W estern Bank C o n t r a c to r s ' work was at a l l tim es geared to our s a t i s f a c t i o n a lo n e . They d id e v e ry th in g p o s s i b l e to make us happy and T must say th a t th a t i s ju s t what they d id . They used l o c a l la b o r to the b e s t o f t h e ir a b i l i t y . Many improvements were made in the p la n s as the jo b went a lo n g . I th in k , though, th a t what I lik e d b e st about Western i s the f a c t th a t they d id n ot f o r g e t us when we p a id them. Western i s t r u ly a company th a t i s 'b i g enough to se rv e you - and sm all enough to c a r e . ’ " This requires an intimate knowledge of both banking and building. W e have that knowl edge. Proof? The more than 100 banks that make up the world of western banks. W e will be pleased to supply you with the names of bankers in your area who have benefited from our service. Whether your modernization program is im minent or in the distant future, now is the time to get your “ fact file” together. And certainly we, of W . B. C. have the facts. There’s abso lutely no cost or obligation to you, and there’s a great deal of information that’s yours. So why not write today for more information on Western Bank Contractors’ service? w e s te r n ba n k c o n tr a c to r s , ine. 62nd https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis & PROSPECT • KANSAS CITY 30, MO WSSèBÊÈÊËÈÊÊÊÊBÈBÊËÊÊ I I is t illi i.,«■.' ? - ..... : : •. Free trial of Recordak Reliant Microfilmer will let you compare with your present equipment, and readily estimate the savings in time and dollars. Recordak Reliant Microfilmer does 3 jobs at once! Photographs automatically. Feed checks into the Reliant’ s high-speed, automatic feeder, and they’re micro filmed instantly—up to 400 per minute. This precision feeder eliminates double feeding — the biggest single cause of missed pictures. N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 19 Don’t let your automation stop when you get to microfilming! See how the Recordak Reliant® can bring the advantages o f Automated microfilming to your bank . . . how it does 3 jobs at once! With the new automated bookkeeping routines— as with conventional m ethods— the need for a microfilm record is all-important. And the job o f getting this accurate and com plete record is ever so m uch easier with the R ecordak Reliant M icrohlm er. In one simple operation— in one run through the m icrohlm er— you photograph your items . . . index them . . . and cancel or endorse them, too, with an accessory endorser unit. Makes sense, don ’ t you think, to automate all the way; to make your microfilming every bit as efficient as your other operations. W rite today. R ecordak Corporation, 415 M adison Avenue, New York 17, N. Y. (Subsidiary of Eastman Kodak Company ) originator of modern microfilming— now in its 32nd year Cancels or endorses, automatically. Accessory en Indexes automatically. Kodamatic Indexing, an ex dorser for the Reliant eliminates extra operations— cancels or endorses checks while they’ re microfilmed. Teamed with the Reliant’s precision feeder, it all but ends possibility of missed cancellations and endorsements. clusive cn the Reliant, “ codes” your film automatically while you microfilm. Gives you fast reference with a Recordak Film Reader. Code lines—on the film—lead you right to pictures you want in seconds. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n k e r. D e c e m b e r , 1959 A w arm and f rien d ly Irish ^ o f cheer f o r C hristm as * and the com in g y e a r ! T h e F ir s t N a t io n a l B a n k o f C h ic a g o Dearborn, Monroe d Clark Streets Building with Chicago since 1863 MEMBER FEDERAL DEPOSI T I NSU RAN CE CORPORATI ON "1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FOUNDLING PIT-* • • •- - ' -sJI? 'W ■ M-^s>l i s i . v it ,; I- J ^ M i II p l, ' ~ '* II ’ W m * W I I /w M&W I . I ,;i ■¡¿''ii.isllll . I S- . . < I I << SNC^vl s * K \ M¥ V> t ^p % i j u ** I J P jr « tC ~ **■! | P 1 AfeiÄr I ^ , ^J <^ W k* - . \ : • ' x w ti* k ..w . J i j g ' P**L. Nä There is goodwill in the hearts of men ■* ~ at Christmas. There’s a warm welcome for the neighbor —a deep desire for friendship between nations—a determination to achieve lasting peace. » « Clouds scud / ‘ along the horizon, sometimes building up to frightening F/ .; thunderheads. Angry voices thunder without reason —and threats, like lightning, break and crash over the people’s heads. » « Yet the eternal stars are there—stars of Hope, of Faith, of Love—now dimmed or hidden by the clouds —now breaking through with a clarity and brilliance and « /I jp < strength that will not be denied. » « May these stars ■Hljgi be seer, and followed by the wise men of all nations. HMIIf '- , May they light the path to peace, sj jjL That is the Christmas prayer of the people. IIHBl i i l i l ill ¡gg ^#v '*- * ., i . ,-^:;«;t:::■ -:- " ‘ -' - '’' ^ g II % -# # I '*a$i0y C H R IS T M A S 1959 • BANKERS TRUST C O M PAN Y, N EW YORK Once more we reprint this now familiar prayer of ours, exactly as it was written twelve years ago. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis <■- "• 23 This bank promotion stirred lots o f interest . . . “ W est Point 101 ” PANORAMA VIEW of activities around West Point, Nebraska, helps prove that the old cliche “ Don’t take any wooden nickels” meant nothing as townspeople wanted to “ do busi ness” with the First National Bank in order to -double their money! At lower left in above photo is Eldon G. Freudenburg, cashier of the bank and author of this article, and third from left is his father, R. H. Freuden burg, president. HE First National Bank of West Point, Nebraska, fe a tu re d a “ Double Your Money Special'’ re cently when the city celebrated its 101st birthday . . . and the idea of a bank giving money away caught the fancy of the townspeople, making this promotion very effective in attracting much comment and gaining additional good will throughout the community. T Holiday Mood W ritten Especially fo r the Northwestern Banker By ELDON C. FREUDENBURG Cashier First National Bank West Point, Nebraska https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The city itself celebrated with pa rades, beard contests and evening plays depicting the history of the com munity. There was a special “ Side walk Bargain Day,” during which West Point merchants sold their goods at reduced prices on the side walks in front of their stores, and other bargains were available through out the four-day celebration. Plenty of music and dancing and “fun and non sense” were in evidence everywhere throughout the city. A free show fol lowed the special sidewalk bargain event. As part of the city-wide promotion, a local civic group, known as “West Point 101,” sponsored the distribution of wooden nickels which were good for five cents in trade or redeemable in cash at our bank until the end of the promotion. On the “heads” side of the nickel was: “Wooden Nickel, ‘101/ West Point, 1858-1959, Face Value 5 Cents.” On the “ tails” side was: “West Point 101 Celebration, October 12, 13, 14, 15, 1959. Good in trade at any cooperative business or redeemable at face value at FIRST NATIONAL BANK, West Point, Nebraska.” Our bank cooperated during the cele bration with our “Double Your Money Special” which was merely the sell ing of the five-cent wooden nickels for 2% cents each. We sold them in lots of 10 (50 cents) for a quarter, with a limit of 20 for 50 cents. This was the same as giving people $1 for a halfdollar. Sales Were Brisk About 50 per cent of the people who bought wanted $10 worth, but we had to stick to our limit . . . which a good 99 per cent of the people took. W e’ve learned since that many per sons—not only local people, but those from -out of town—have saved wooden nickels as souvenirs. Others were used in the purchase of bargain goods, thus stimulating local sales. This promotion by our bank was very effective and we had a lot of fun greeting our customers, who were on hand to “double their money” by buying our “ two-for-the-price-of-one” wooden nickels.—End. N o r t h w e s t e r n B a n ke r, D e c e m b e r , 1959 24 12.000 Attend Ottumwa Feed Plant Opening 9 ,7 6 2 Dinners Served In 4 0 Minutes EN checkerboard topped tents, 9,762 chicken dinners and 12,000 visitors made the opening of a new Ralston-Purina feed mill one of the biggest parties ever held at Ottumwa, Iowa. Everyone attending was a guest of the company and each person was invited to tour the big, new feed mill and to see the exhibits. Keynote of the party was lowpressure selling and high-pressure fun. The tents were used to serve ten double lines of people free dinners of chicken, beans, bread and coffee or pop. The entire crowd was served in 40 minutes. Red and white checkered tents, hats and costumes worn by company personnel made it a most colorful event. This was the 54th feed manufacturing plant opened by the company and the fifth in Iowa. The Ottumwa plant is making feed, 100,000 tons of it a year, for dealers in southwest Iowa and northeast Missouri. Since this is the newest mill, it quite naturally is the most automatic. Ralston-Purina scientists and research ers developed nearly a “ push-button” method of manufac turing formula feeds for this mill. Many of the ingredients used are present in the final product in only very small amounts. The intricate milling machinery measures and mixes the ingredients automatically, practically eliminating any chance for error. Ray Rowland, president of the company, pointed out at the Ottumwa opening that locating the mill in Ottumwa will make completely new economics for the farm commu nity. Lower freight costs, savings from bulk handling and other advantages of the location will accrue in both the collecting of raw materials from farmers and in delivering T FEED PLANT OPENS . . . (Turn to page 46, please) . . . CHICKEN DINNERS were served to nearly 10,000 persons at the opening. A portion of the crowd is shown above waiting Northwestern Banker, December, 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis COMPANY PRESIDENT, R. E. Rowland, left, presented a Ralston-Purina 18-pound, very-much-alive, turkey to Congressman Merwin Coad, from the sixth Iowa Con gressional District, for the latter’s dedica tion talk. Meanwhile . . . . . . 10,000 CHICKENS were being cooked over these open bar becue pits. After the birds were placed in the pits, high pres sure hoses were used to coat the chickens with butter and barbecue cause. Promptly at noon . . . for serving to start at the 10 checkerboard tents. Ten double lines were served simultaneously. The entire crowd was handled in just 40 minutes. 25 Aff E xperts D iscuss F u tu re N eeds . . . at 8th Annual Ag Credit Confer ence in Cincinnati last month. Speak ers point out rapid changes and needs for expanded service. HANGES in farming and methods of financing agri culture under the rapidly changing conditions that lie ahead were discussed last month by the more than 500 bank executives attending the Eighth Annual A.B.A. Agricultural Credit Conference in Cincinnati. John H. Crocker, chairman of the A.B.A. Agricultural Commission and chairman and president of The Citizens National Bank, Decatur, 111., presided at the two-day meeting. The program this year was nearly an extension of the 1958 Conference as many of the speakers continued the discussion of the revolutionary changes now taking place in agriculture and the need for expanding farm credit services to take care of these changes. Excerpts from leading talks stress this theme: C -f^-EED A. PHILLIPS, assistant to the secretary, U. S. Department of Agriculture—“ The main factors shaping the agricultural price and income outlook are the tremen dous production capacity of U. S. agriculture, the con tinued very heavy supply situation generally, accom panied by further accumulation of already excessive stocks of wheat and feed grains and an increasing vol ume of livestock marketings; an enlarged domestic mar ket, rising population and increasing consumer purchas ing power, and a larger volume of exports of farm prod ucts. “ In the next 10 years alone, we have much to look forward to: population—up one-fifth; output per man hour—up 40 per cent in agriculture and up 35 per cent in industry; national output—up nearly 50 per cent, in terms of constant prices, to a total of $535 billion an nually; per capita income after taxes—up nearly 30 per cent.” J ESSE W. TAPP, chairman of the hoard, Bank of America N. T. & S. A.— “Experience indicates that we should continue to place emphasis on the following pol icies and practices: “1—Terms of credit must be patterned to meet the needs of the individual farmer. “2—Farm lenders and commercial farmer-borrowers are both finding it necessary to deal in terms of larger amounts of money than was typical only a few years ago. “3—Bankers would do a far better job of extending credit and farmers would do a much more effective job of using credit if greater use were made of farm budget https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ing procedures in setting up their credit programs for a year or more. “4—The expanding scale of individual farm operations and the changing manpower requirements in farming provide banks with new opportunities to help farmers with estate planning. “ 5—Banks must have competent personnel to render appropriate services to their farmer-customers. Many banks have placed renewed emphasis on the training of officers and representatives to give special attention to the credit needs of farmers to give more services to agri culture and related industries.” C iA R L a . BIMSON, A.B.A. vice president, president, Valley National Bank, Phoenix, Ariz.—“Every agricul tural banker must, in my opinion, be willing and able to counsel with his farm customers and help them to insti gate practices which will improve the productivity of their land. “Also, bankers who are dependent upon an agricul tural economy will need to insist upon a better job of farm budgeting and maintaining reasonably accurate cost controls with adequate financial statements.” D R. HAROLD G. HALCROW, head, department of agricultural economics, University of Illinois, Urhana— “Rural bankers will have achieved the optimum when they are as much aware of the potentials of their com munities for other economic development as they are of the financial needs and opportunities of the individual farmers in their community. Only by balanced develop ment of our economy can agriculture make its maximum progress.” D R. HERRELL DE GRAFF, Bahcock professor of food economics, Graduate School of Nutrition, Cornell University, Ithaca, New York—“Livestock is functioning as the balance wheel in our agricultural economy, as it can and must in the future. It has been difficult for livestock to overcome the price interference and risk reduction which has stepped up the intensity of nationalaverage land use and piled up surplus stocks. But, such circumstances must not be misinterpreted to indicate that the function of livestock is any less important, or that the livestock are not performing their vital func tion. R o b e r t C. LIEBENOW, president, Board of Trade of the City of Chicago—“ The United States Government of today, I fear, has stopped operating within the frame work of ground rules drafted within the constitution. It appears that we are being spoon-fed welfare schemes, a bit at a time, that will soon turn us into a socialistic state. . . . The U. S. public—each and every one of us— are the failures of the 20th Century upon which big government breeds and thrives.” Panel Discussions Two outstanding panel discussions were featured and were concerned with “Meeting Agriculture’s Credit De mands” and “ Correspondent Banking.” Dr. Aubry J. Brown, head, department of agricultural economics, Uni versity of Kentucky, Lexington, coordinated the “Credit” discussion and J. C. Rogers, president, First National Bank, Leesburg, Fla., moderated the correspondent bank ing panel. For the “credit” discussions, the conference was di vided into seven simultaneous audience participation “bull” sessions. AG E X P E R T S . . . (Turn to page 46, please) N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 26 > R esid en t A .iJ L School E stablished B y R O B E R T W . W IL LIA M S Assistant Vice President LaSalle National Bank Chicago, Illinois T/iis informative article about how one A.I.B. Chapter has developed its own resident school is timely in that A.I.B. study activities throughout the nation are now getting well underway and interest is high.— T he E ditor. HE first chapter-sponsored A.I.B. resident school for bankers has become a reality in Chicago. The initial two-week session of the Chi cago Resident Institute of Banking, sponsored by Chicago Chapter of the American Institute of Banking, has just concluded. Designed along the lines of the time-tested educational program of the American Institute of Banking, the new school offers the A.I.B. Stand T emphasis is placed on material which can best give the young career-minded banker the necessary background for his future in banking. Standard Certificate courses, taught in the first two years of the threeyear program, give the student a foun dation in the theory and practice of banking as well as the principles of law, economics, accounting and com munications. These courses ease his acceptance of vocational training in 1 -A man who expects to devote his future to a career in banking. It is particu larly important for those who expect to continue studies in one of the grad uate schools of banking such as Rut gers or Madison. Without proper grounding in the basics, such as money and banking and the study of economics, students at such advanced schools are at a disadvantage. And certainly, the study of advanced credit problems is more easily assumed and more productive when one has a foun dation which includes accounting and statement analysis.” y The eagerness to learn and the will ingness to work displayed by the first class of 20 students is evidence of the care exercised by bank managements in selecting their candidates for traini ing in the CRIB. And successful com pletion of the three-year course of study is no mean task for those se lected. ^ In Downtown Chicago EFFECTIVE CRIB FACULTY— Seated, left to right: Clarence Yonker, exec, v.p., Beverly Bank, chapter vice president; Dr. Leroy Lewis, national educational director, AIB; Milton F. Darr, Jr., vice president, LaSalle National, national vice pres., AIB; Henry R. Frankel, 2nd v.p., Northern Trust, chapter president. Standing, left to right: C. Stanley Battles, 2nd v.p., Continental Illinois National; Brian Shanahan, The First National of Chicago; Richard A. Westcott, The First National of Chicago; Grover J. Hansen, exec. secy, and educational director, Chicago Chapter, AIB; M. Janies Termondt, asst, secy., Continental Illinois Natl.; P. A. Mack, Harris Trust and Savings; Theodore E. Glim, and William B. Callahan, Tax Counsel, American National Bank and Trust Company. Textbooks and Homework banking and prepare him for future study. banking courses and s p e ci al i ze d courses in fields closely related to banking. Unlike resident banking schools which make use of the lecture and problem-solving type of curriculum, the CRIB conducts a textbook-home study type of program. As in the familiar A.I.B. evening study courses, “ Such a program,” according to Grover J. Hansen, executive secretary and educational director of Chicago Chapter, “is a must for any young ard Certificate in two years and the Graduate Certificate after one addi tional year of study. N ofor r t hFRASER w e s t e r n B a n ke r, D e c e m b e r , 1959 Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A “Must” for Career The CRIB holds resident sessions for a two-week period each year of the three-year program. The students are housed in the Midland Hotel just a half block from Chicago Chapter’s quarters in the heart of the city’s financial district. The 20 students comprising the first freshman class met September 13 through September 25, and attended school each day of the week from 8:30 a.m. to 8:30 p.m. with instructors covering from 10 to 20 hours of in-class instruction in sub jects leading to the Standard Certifi cate. Following this resident period, stu dents will devote approximately two months of intensive home study to each of the courses covered in resi dence. During each two-month period they will occasionally reconvene at the school and at the completion of each period of textbook study on a given subject the student must pass the Institute’s comprehensive final examination, demonstrating proficiency in that subject according to the A.I.B. SCHOOL . . . (Turn to page 82, please) A ^ y ^ V > 27 Business Executives You Know Henry Sear boron gli President Scarborough & Company Chicago, Illinois ECESSITY—the mother of in vention—showed Henry Scar borough, in 1919, that banks needed specialized forms of insurance . . . so he created what is the only exclusive bank insurance firm in the country. Since then, Necessity has kept him busily creating new cover ages to meet expanding needs of bank ing. It took a daring man to specialize and a dynamic one to keep pace with banking’s rapid growth but Henry Scarborough is just such a man. In fact, because of his personal magne tism and vast knowledge, one out of five U. S. banks now buy insurance from his Chicago based firm, Scar borough & Company, and this is the result of 40 years of hard work and positive thinking. N Born in Chicago, he attended Ra cine College, then Cornell University. When he returned from World War I battlefields in France, his only sales experience had been for his father’s 20th Century Machinery Company of Milwaukee. He sensed the needs of the banker, so he set out to become an expert in banking, audit controls, insurance underwriting, actuarial sci ence, sales, claim adjusting and sal vage, along with human relations. He toured the Midwest selling bank insurance, settling his own claims, and corresponding with under writers, convincing them to protect never-before-covered risks. Even now the same successful Scar borough techniques are followed. At the drop of a hat, he files to London to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis reassure underwriters that business will be profitable or to get their ap proval on new coverages. Just as readily, he will spend days consulting with his other underwriter, Security Mutual Casualty Company of Chicago, when they want his counsel on finan cial insurance matters. To serve his customers in every state, he employs specially-trained field men and office correspondents and makes extensive use of the mail. With scores of people on his staff, he treats each employee as an impor tant equal and is never too busy to sit down and discuss personal problems. But such problems are few because Mr. Scarborough’s contagious cheer fulness and refreshing use of language inspire his staff to work at top effi ciency in a congenial spirit. To help them realize their maxi mum potential, he tests all his men to reveal how they might improve them selves. He heads after office-hour class sessions in which insurance policy forms are dissected to make it easy for his men L> discern which policy best fits the requirements of a particu lar bank. Bankers, too, have requirements and Henry Scarborough respects their individual rights, for to him each banker is a friend, not merely a cus tomer. At their many conventions throughout the year, he sits down with them to assess their needs and desires. As he sees it, one of their biggest needs is a free, open market for insur ance. Toward this goal he has con sistently fought monopoly and govern ment intervention. Because “the little man in banking is being caught in a squeeze,” as he puts it, Mr. Scarborough has been in strumental in the development of two bankers’ service organizations. One, Scarborough Associates, Inc., was formed in 1946 to educate bank per sonnel in how to better perform their duties and, thereby, better serve the public. “ The small 3-or-4-*man banks in this organization had a need for a group insurance plan to satisfy employees,” Mr. Scarborough states, “but no one would ¡offer a plan. So I fought and got a plan for Scarborough Associates members. Now, their group plan covers more than 250 banks, large and small.” The other organization he aided is the Bank-Share Owners Advisory League, a group dedicated to embez zlement prevention. While in its em bryonic stage, the group asked his assistance in (1) developing a system of simplified internal control, and (2) obtaining a $1,000,000 Excess Fidelity policy to pay employee dishonesty losses exceeding the blanket bond. He was able to do both and today the members number more than 1250. It was his reputation as a loss pre vention expert that prompted League members to approach Henry Scarbor ough. Loss prevention has been im portant to him for several reasons. The first is a desire to keep insurHENRY SCARBOROUGH . . . (Turn to page 54, please) N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 John R em in fiton H eads . B y M ALCO LM K . FREELAN D President Northwestern Banker HE 85th annual convention of the American Bankers Associa tion ended at Miami Beach in late October, but the work cut out at that convention Is more than enough to last the nation’s bankers until the association meets next Sep tember 18-21 in New York City. While upper midwest bankers re turned from sunny Florida to un seasonably cold, snowy weather, re tiring A.B.A. President Lee Miller T Officers of the National Bank Division are from left: Ben H. Wooten, vice pres ident, who is president of First National Bank in Dallas, Texas; and John S. Cole man, president, who is chairman of the board, Birmingham Trust National Bank, Birmingham, Alabama. found the heavy fire from mutual sav ings banks and savings and loan institutions getting hotter. In his convention press conference, Mr. Mil ler had referred to those who oppose equitable taxation as “unpatriotic.” Later, he reaffirmed this stand and said he owes no one an apology for this position. His remarks had reference to the Mason Bill now in Congress which would provide more equitable taxation by providing a uniform deduction for reserves for bad debts for commercial banks, mutual savings banks, and S & L’s. The two latter groups have violently opposed the bill since it would increase their tax bill. Any thought that the departure of Mr. Miller from the A.B.A. helm would ease the association’s strong support for the Mason Bill was dis pelled when incoming President John N o r t h w e s t e r n B a n ke r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W. Remington, president of the Lin coln Rochester Trust Company, Ro chester, N. Y., stated in his acceptance remarks, “we must safeguard the strength of the banking system by working toward the removal of arbi trary and unfair deterrents to bank ing progress. We must encourage and work for the passage of banking laws which recognize the needs of today.” A convention resolution re affirmed support of the tax bill. Newly elected officers of the associ ation are shown in the photo at the top of this page. New officers of the various divisions also are pictured with this story. As the convention opened, it was announced that 17,690 banks and branches are now members of the A.B.A., including 132 members in foreign countries. This represents 98 per cent of the nation’s banks. Throughout many of the talks de livered at the general convention ses sions and at separate meetings of the divisions, the importance of building a strong, future economy, the impor tance of savings, and increased pro ductivity were cited as steps to pro viding economic growth without in flation. Constant references to the challenge from Soviet Russia were included in these speeches. Officers of tlie State Bank Division are, from the left: Charles A. Piper, incoming vice president of the division, and presi dent, The Liberty Trust Company, Cum berland, Md.; Louis E. Hurley, outgoing president, and president, The Exchange Bank and Trust Company, El Dorado, Ark., and Harry Eaton, incoming presi dent, who is president, Twin Falls Bank & Trust- Company, Twin Falls, Idaho. Officers of the Trust Division are, from left: Carlysle A. Bethel, outgoing presi dent, and vice chairman of the board and senior trust officer, Wachovia Bank and Trust Company, Winston-Salem, N. C.; Charles W. Hamilton, incoming president, and senior vice president and trust officer, The National Bank of Commerce, Houston; and Robert R. Duncan, vice president of the division and chairman of the board, Harvard Trust Company, Cambridge, Mass. For instance, Louis B. Lundborg, president of the savings and mortgage division and executive vice president of the Bank of America, San Fran cisco, said: “There is a direct relationship be tween savings and a high standard of living, for increased productivity depends basically on capital; and this capital is produced by savings. There is no other way. It is the combination of savings with natural resources and with an abundant and efficient labor supply that has enabled our competi tive enterprise system to reach its great heights. The United States has always been a thrifty nation. Save we must if we are to produce the cap ital goods necessary and if we are to be able to meet successfully the economic and political challenges of the decade of the 60’s.” The well-known Herbert V. Proclinow, vice president of the First Na tional Bank of Chicago, stated mil lions of Americans condemn the ex panding role of government and at the same time demand new govern ment services, federal aid, etc. He went on, “We need far greater selfreliance, or we may steadily lose more and more of the private econ omy of the United States and find v > y * * W v y ■ A r ourselves finally embracing the econ omic socialization which now charac terizes the communist world. “During the greater part of the his tory of the United States, the budget and fiscal policy of the Federal Gov ernment rested squarely on two major ideas: first, the budget should be balanced annually; and second, any public debt should be retired as rapidly as possible.” At the top of a 10-point program he urged if the U. S. is to remain strong and retain its leadership, was the necessity to balance the federal budg et with a surplus in good times to offset deficits in periods of reclining business. Comptroller of the Currency Ray M. Gidney, in his annual address before the national bank division, said the provisions of the Mason Bill are of great importance to commercial banks and to our system of free enter prise. He reported: Officers of the Savings and Mortgage Di vision are, from left: Louis S. Finger, in coming president, and president, Andover (Mass.) Savings Bank; Louis B. Lundborg, outgoing president, and executive vice president, Bank of America, N.T. & S.A., San Francisco; and Gaylord A. Freeman, Jr., vice president, who is gen eral vice president, The First National Bank of Chicago. “ In 1958, for example, insured com mercial banks paid federal income taxes of $1,198,890,000 and state in come taxes of $72,570,000 out of total net profits of $2,973,128,000. In con trast, insured mutual savings banks paid federal income taxes of $511,000, while carrying $125,597,000 to reserves and undivided profits or surplus. Savings and loan associations, mem bers of the Federal Home Loan Bank System, paid federal income taxes of $5,600,000, while carrying $476,300,000 to surplus and reserves.” Mr. Gidney cited the need for bank ers to make their communities aware of the inflationary dangers of artificially low interest rates created by soft money. He urged wholehearted sup port for the recently created A.B.A. Committee for Economic Growth without Inflation. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A.B.A. OFFICIALS are, from the left: I. F. Betts, A.B.A. treasurer, who is president, The American National Bank of Beaumont, Texas; vice president Carl A. Bimson, who is president, Valley National Bank, Phoenix, Arizona; Merle E. Selecman, executive vice president and executive manager, A.B.A.; Lee P. Miller, outgoing president, and president of Citizens Fidelity Bank and Trust Company, Louisville, Kentucky; and new president, John W. Remington, who is president, Lincoln Rochester Trust Company, Rochester, New York. Ben H. Wooten, president of the First National Bank in Dallas, recent ly was appointed chairman of the national bank division’s Commission for the Observance of the 100th An niversary of the National Banking System. The anniversary will take place in 1963 and Mr. Wooten outlined to the division the program that is being undertaken and the method that will be used for financing the observance. The annual agricultural breakfast drew another big turnout and the bankers again enjoyed hearing one of the outstanding speakers in agricul tural education, Dr. Earl B. But/, dean of agriculture at Purdue Univer sity. In his talk he stated: “When the total agri-business is taken into consideration, approximate ly one-third of the workers are on farms, and two-thirds off. Approxi mately two-thirds of the capital is on farms and one-third off. Approxi mately one-sixth of the value added is on farms and roughly five-sixths off the farm. “ The farm plant in America pur chases each year approximately $17billion worth of goods and services used in farm production. To this it adds a value of about $17-billion on farms, which means that the total farm produce leaves the farm gates at about $34-billion. Processing and distribution add another $45-billion to this, which makes a total value of output in agri-business of approxi mately $80-billion.” The nearly 10,000 bankers and their wives attending the convention found ample entertainment and recreation. A number of groups took pre- or post convention side trips to Cuba and other islands, while many others vis ited scenic spots along the route to and from Florida. City correspondent banks again proved excellent hosts with their open house entertainment and special luncheons and dinners during the convention. Officers of the State Association Section are, from the left: Jeff Burnett, outgoing president of the section, who is secretary, Arkansas Bankers Association, Little Rock; Carl E. Baluneier, Jr., incoming president, and executive secretary of the South Dakota Bankers Association, Hu ron; and William K. Mendenhall, incom ing vice president, and executive vice president of the New Jersey Bankers Association, Princeton. As noted above, the 1960 convention will be September 18-21 in New York City. The 1961 convention will be held in San Francisco October 15-18, and it is reported the convention may return to Miami Beach in 1962 or 1963.—End. N o r t h w e s t e r n B a n ke r, D e c e m b e r , 1959 T errace H ill A it m e ts B a n k ers NE of the interesting highlights for hundreds of bankers and their wives during the Iowa Bankers Convention in Des Moines last month was the op portunity to visit Terrace Hill, one of the beautiful land marks of the city. They were guests of James W. Hubbell, chairman of the board of Bankers Trust Company, Des Moines, whose grandfather, Frederick M. Hubbell, purchased it for the family home in 1884. It is still owned by the Hubbell Trust but has been unoccupied since the death of Grover C. Hubbell several years ago. The latter was a son of F. M. Hubbell. Terrace Hill was constructed immediately following the Civil War at an estimated cost of $250,000. Many of the materials were hauled by 16-mule teams from the Mis sissippi River. It was purchased by Mr. Hubbell in 1884 for $55,000 and although the original grounds occupied 30 acres the present land area is 8 acres. The visitors at this open house saw beautiful light fix tures that had been carefully converted from gas to elec tricity a number of years ago, yet retain their original beauty. National authorities have stated that nowhere in the United States is there any wood which surpasses the beauty of that found in Terrace Hill. Species of wood throughout the mansion include white and black oak, mahogany, butternut, rosewood and walnut. Immediately capturing the eye as one enters the main entrance is the magnificent staircase. Fireplaces, which O HOSTS for the Terrace Hill open house were Mrs. Craw ford C. Hubbell; James W. Hubbell, chairman, Bankers Trust Company; Mrs. James W. Hubbell, and Crawford C. Hubbell, v.p., Bankers Trust. BELOW— Several of the guests and their hosts are pictured on the massive stair case leading from the main hall to the second floor. ABOVE— Roland H. White, investment dept, sales mgr., Harris T & S, Chicago; Mrs. White; Clarence B. McCloud, a.c., and Hugh Van Hosen, v.p., both of Bankers Trust; Fred D. Cummings, v.p., Drovers National, Chicago, and Mrs. Van Hosen. BELOW— John B. Monahan, a.v.p., Bankers Trust; Mrs. Monahan; Mrs. Charles L. Bosier, and Mr. Bosier, exec, v.p., Burlington B & T. DigitizedNorthwestern for FRASER B a n k e r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ^ Ort/nn Music: Successful Christm Promoti W ritten Especially fo r The Northwestern Banker B y W IL L IA M V . LEAM ING Ass’t Vice Pres. Guilford ISational Bank Greensboro , A . C. ROBERT E. PROCTOR, an employee of the bank, is the organist for the successful Christmas organ concerts at the Guilford National Bank. Hour long concerts from 12 to 1 p.m. were presented Monday, Tuesday and Wednesday prior to Christmas. N JUST a few weeks we will be embarking on our third year of Ipresenting Christmas organ concerts in our lobby. Year after year we considered vari ous lobby schemes and rejected them all for the usual valid reasons: exces sive cost, overly elaborate planning, and lack of sustained customer inter est. From a management standpoint, the most persistent reason was the lack of appropriateness to what we conceived to be our customer relation ship. We felt a spectacular would be too overwhelming. The specific idea of organ music did not originate until we acquired a note provided the sole source of heat for the mansion originally, are found teller (no pun intended) with the requisite talent. Planning was at a minimum since he chose his instru ment and supervised the installation on the executive balcony overlooking the lobby. The cost? Just $50 for transportation of the organ, borrowed from a customer to whom appropriate credit was given. Response has been especially grati fying, because, as we had hoped, our customers make a special effort to be in our main office lobby during the concerts—from 12 to 1 p.m. Monday through Wednesday prior to Christ mas. From time to time the custom ers visited the balcony to look over Robert E. Proctor’s shoulder as he played. An incidental benefit has been Mr. Proctor’s identification with the bank. There is no reason why a series such as this would be dependent on an organ-playing employee. In most communities there are musicians with strong local appeal who could be re tained at a modest fee and who would have the same benefits of community identification. We have no plans to change the program. The manner in which we are handling the promotion seems to have durable popularity and why fool around with a successful formula. throughout the home. There are six white Italian marble and two pink marble fireplaces. They are topped with beautiful mantels, above which are the original large mirrors which have never been resilvered since their installation when the home was built. ComTrusCo Investment Co. All of the rooms on the main floor open into central hallways and are joined to other rooms with massive sliding doors. The main floor affords three large entrances. The feeling of spaciousness is emphasized by the ceilings which are 15 feet high. FRONT VIEW of Terrace Hill as it ap pears today. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Now unoccupied, the future of Ter race Hill is unsettled. As the family trustees have pointed out, “this state ly edifice depicts a way of gracious living that is only a memory,” and it does not lend itself to a family home today as it did decades ago. It is possible the home will be pre served as a showplace by some elee mosynary institution.— E n d . Commerce Trust Company, Kansas City, is the first bank in this part of the country to announce the establish ment of a wholly-owned subsidiary for the purpose of providing long term loans and equity capital to small business concerns. The new subsidiary, ComTrusCo In vestment Company, is a federal li censee under the Small Business In vestment Act which was put into law by Congress in 1958. Commerce Trust Company had to defer putting its plan into effect as it needed a further okay from the Missouri legislature, which recently passed a law permitting a state bank to invest up to 1 per cent of its capital and surplus in a Small Business Investment Company. It is the first such company to be organ ized in Region 9 of the Small Business Administration which covers Mis souri, Kansas, Nebraska and southern Illinois. N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 32 M a rk ets T ry to A ssess E ffects o f Steel Strike B y R A Y M O N D T R IG G E R investment Analyst New York City HE financial markets are trying to size up the impact that the resumption of steel production will have on the flow of bank money, on yields of prime short-term securi ties, and on the interest structure in general. The general feeling is that the attendant industrial pickup, com ing at a time when economic expan sion is seasonal, will bring pressure to bear on interest rates, and that prices of fixed-income securities will tend lower. It is recalled that even when the steel strike was only two months old the market demands for capital were strong enough to cause yields on many issues of United States securi ties to rise above 5 per cent. More over, the subsequent rally in bond prices received a check even before the Supreme Court upheld the consti tutionality of the Taft-Hartley law’s back-to-work order. Now that the productive power of the nation is be ing fed again by the key steel indus try, it seems reasonable to assume that the bond ¡market’s respite from strain is over. T Uncertainty Prevails An important reservation is worthy of note, however. Is there not some thing artificial and inconclusive about the return of a half-million steel work ers to their jobs on a court order hav ing a tenure of only 80 days? If a settlement of the dispute by bargain ing is not reached by that time, what then? The penetrating implications of such questions no doubt have some N o r t h w e s t e r n B a n ke r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis thing to do with the uncertainty with which the sensitive stock market re acted to the back-to-work news. The bond market may be disposed to mark time a bit, too, and not too hasty about anticipating the pressures of to morrow. The vigor of the economy during the work stoppage is indicated by the fact that gross national product de clined less than one per cent during the third quarter of the year. The Federal Reserve index of industrial production in September was within 5 per cent of its historic peak in June. Non-farm employment for September was the highest on record for that month. Bank money stays tight. Even without any positive action by the Federal Reserve System to maintain a restrictive rein on the money mar ket, the net borrowed reserves of member banks keep aggregating about a half billion dollars. 5s Still in Demand Treasury borrowing operations had a lot to do with the stringencies that took yields on government securities to the 5 per cent area at the summer’s end. The “magic 5s” brought out in the Treasury’s last cash financing were bid up to 101 12/32 in the first few weeks of their life. By this time most of the $2,000,000,000 of the new securities have found their way to per manent holders. Dealers in govern ment securities report a steady de mand for the new notes from invest ment interests that are apparently of the non-professional kind. The appeal of the 5 per cent coupon spurred large withdrawals from savings insti tutions by people wanting to switch into the government paper. Meantime, the Treasury has exe cuted its final refunding of the calendar year—a conversion of notes and certificates of indebtedness due No vember 15, as well as 81 per cent of the $2,000,000,000 issue of so-called “ 2 V2 S by 5s”—that is, 4 per cent notes due in 1962 that were put out in 1957 with the understanding that holders could redeem them in February of 1960 by giving three months’ notice. Anticipating that much of the 4 per cent notes would be turned in for re demption this winter, the Treasury decided to include the maturity in the November conversion offer. However, holders were permitted to exchange their holdings only for 4% per cent notes due in November, 1963. The refunding resulted in the intermediate-maturity area of the govern ment market being swelled by about $2,900,000,000 of the new 47/8 per cent notes. The refunding operation ineluded the issuance of $7,014,000,000 of 4% per cent certificates of indebted ness due next November. Most of this represented exchanges of Federal Re serve System holdings. ' ^ -* y v Long Terms Not Likely The advance refunding of the “2%s by 5s” was something of a limited-risk tryout of the Treasury’s repeatedlyINVESTMENTS . . . (Turn to page 50, please) > ain’t hay This year’s live stock receipts at Chicago bid fair to fflie L I V E fj[rulmna/B S T A J N "B O C l cfl K 4150 South Halsted Street, Chicago, Illinois MEMBER FEDERAL DEPOSIT INSURANCE CORP. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis match last year’s thumping total of $861,231,000. In the first 10 months of 1959 farmers were paid $673,260,000 for live stock sold at the Chicago Stock Yards, less than 3% under the record sales for the comparable period last year, when hog prices were higher. In the' 94 year history of the Chicago Stock Yards only 2 world war years surpassed the records of these past 2 years. Currently, 400 packers in 38 states buy live stock in Chicago to keep this the leading shipping market in the nation. Have your shipper-customers instruct their com mission firms to deposit their live stock receipts with us for their credit at your bank. Fastest possible service! 34 1st of St. Louis Conference ORE than 850 bankers from 320 banks in 21 states attended the Thirteenth Annual Conference of Bank Correspondents last month spon sored by the First National Bank in M St. Louis at the Sheraton-Jefferson Hotel. The Conference began at 9:30 a.m. with open house and conducted tours of the bank. William A. McDonnell, VISITING BANKERS were especially interested in the First National Bank of St. Louis’ Ready-Credit exhibit showing forms, controls and advertising material produced in connection with the bank’s revolving credit plan for individuals. r COMES DECEMBER This month winds up what, for want of a better phrase, might be described as a most interesting year. Dominating our thoughts, of course, was the magnetic ink char acter recognition program, which is now getting off the ground and promises to accelerate fast in the year coming up. The new check handling equipment is out of this world, and to see it in operation is to be convinced that we are indeed on the threshold of a new era in bank operations. During the latter part of the year the spotlight was directed on printers, primarily because,with the machines perfected, bankers wanted to be as sured that the proper fuel needed to drive them would be available. We make that fuel, and we are pleased to report that we are mak ing it better than we were at the beginning of the year. We are en couraged to believe that improve ment will continue. Despite the great amount of time devoted to magnetic ink research Northwestern Banker, December, 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis and experimentation, we completed a fine new building in Cleveland, opened a facility in Detroit, ac quired land for an administration building in St. Paul, purchased new equipment equal to three times our depreciation, expanded our staff in a substantial way, served more banks than in any previous year, and, un less we miss our guess, will prob ably make a little profit. Yes, it has been a most interesting year, but it may prove to have been tame compared to the year ahead. We expect to see our facilities over taxed in some of our plants and we are making plans to spread the work whenever this occurs. In fact, even now we are processing a large order simultaneously in three plants, and we could use all ten if it became necessary. We think perhaps I960 will be a trying year, but it certainly will be challenging and we are con fident it will be rewarding in many ways. And, more important than anything else, it will be the year when the bank check, at long last, attains the stature it merits. chairman of the board, presided at the luncheon session at which E. F. Scoutten, vice president, Maytag Com pany, Newton, Iowa, spoke on “The Control and Influence of Other Peo ple.” James P. Hickok, president, pre sided at the afternoon session. Speak ers were Neal J. Dean, partner and technical director, Booz, Allen and Hamilton, New York, who spoke on “What’s Ahead in Bank Automation” ; Arthur S. Harper, vice president and senior bank consultant, Lionel D. Edie and Company, New York, whose sub ject was “ The Economic Outlook,” and William F. Cann, vice president and chief architect, Bank Building Corporation, St. Louis, gave an illus trated talk on “The Bank Building of the Future.” During the late afternoon First Na tional guests took part in workshop sessions presided over by First Na tional officers. Virgil F. Sassman, vice president, led the installment lending workshop, assisted by Elmer S. Schicker and Earl G. Reifeiss, assist ant vice presidents. Guest panelists were James C. Coultas, vice president, Elliott State Bank, Jacksonville, 111., and J. D. Heflin, vice president, Union National Bank, Springfield, Mo. ) f It will be Vice President Richard M. Nixon versus Missouri Senator Stuart W . Symington in next year’ s presidential election— according to a poll o f the bankers at the conference. Government bond portfolio manage ment workshop was under the leader ship of Major B. Einstein, vice presi dent, assisted by guest panelist Rob ert Van Cleave, vice president in charge of research, C. F. Childs and Company, New York. The bank operations workshop was directed by Ray J. Miller, vice presi dent and personnel director, assisted by Edward L. Winkler, assistant vice president. Neal J. Dean was the guest panelist. The business development and ad vertising workshop was under the directorship of Meredith C. Jones, senior vice president, with C. Arthur Hemminger, vice president and pub lic relations director, assisting. Brad ford A. Warner, vice president, Manu facturers Trust Company, New York, was the guest panelist. The evening session began with a social hour after which dinner was served. Mr. McDonnell introduced the guest speaker, Gordon Currie, international lecturer and cartoonist, whose topic was “ Crusading for International Friendship.” / Y 35 > Y /£ doesn’ t seem likely. Yet if you asked the people who really know him — you’d discover that this California prospector is a man of high reputation and con siderable wealth. He has a substantial savings account. An assortm ent o f “ blue chip” securities. And just down the canyon—a small but prosperous quicksilver mine. Providing credit information in depth is just one o f the m any services o ffe r e d by Bank o f America, the bank that knows California. What One Account Covers All California ever your correspondent requirements — portfolio analysis from our headquarters in San Francisco, last minute market reports from the leading trade centers o f the world, or direct routing o f transit items on cities in any part o f the state —Bank of America can assist you. For complete correspondent service, write, wire or call : Corporation and Bank Relations Depart ment, 300 Montgomery Street, San Francisco. Or 660 South Spring Street, Los Angeles. BANK OF AMERICA NATIO NAL. Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M E M B E R T R U S T FED ER A L- A N D D E P O S IT SA VIN G S A S S O C IA T IO N IN S U R A N C E C O R P O R A T IO N Northwestern Banker, December, 7959 36 San Francisco Announces New Equipment HE board of directors of the two oldest banks in the west, Wells Fargo Bank, established in 1852, and American Trust Company, founded in 1854, has approved a basis for the merger of the two institutions in San Francisco. The plan provides that sharehold ers of American Trust Company are to receive one share of the stock of the successor bank for each share held, after the payment of a 10 per cent stock dividend voted earlier this month. The shareholders of Wells Fargo will receive one share of the stock of the successor bank for each share held, after payment of a 5 per cent stock dividend declared by Wells Fargo directors. On July 30 of this year, Wells Fargo stock was split two for one and a 10 per cent stock divi dend distributed on August 20. The allocation of new shares will result in American Trust stockholders owning approximately 70 per cent and Wells Fargo stockholders ap proximately 30 per cent of the total of the capital stock of the successor bank. The merger proposal must be ap proved by the stockholders of the two T Cummins-Chicago Corporation, Chi cago, Illinois, announces its new PerfO-Data System for installment pay ments in a new four-page bulletin, “ For you . . . and your customer.” Cummins points out that this is the only equipment specifically de signed for use on installment payments, making it ideal for installment loans, club plans, mortgage payments and planned savings. Cummins’ new equipment, which in cludes the Perf-O-Writer and Perf-OReader, offers many exclusive ad vantages. Of importance to banks of all sizes is the combination of lowest initial and lowest operating cost plus maximum flexibility for easiest hand ling of irregular payments, pay-offs, double payments, part payments, and late charges. Also the Perf-O-Data coupons provide input for any ac counting system now in use plus a hedge against obsolescence, since they will work equally well with any new or more advanced accounting equipJoins Mercantile National D. A. Weckwerth, a national bank ment that might be installed in the examiner for the past five years, head future. Most important of all, perhaps, is quartered in Dallas with the 11th Fed the fact that the machine-readable eral Reserve District, has been elected a vice president of the Mercantile Na coupons used with Perf-O-Data equip ment make it easier for customers to tional Bank at Dallas. handle and to pay correct amounts on correct dates. banks and by state and Federal ad visory authorities. Statements of condition as of June 30, 1959, indicate that the successor bank will have 'total resources of $2,524,000,000; deposits of $2,324,000,000, and capital funds of approximate ly $162,000,000. It is contemplated that the name of the new bank will be Wells Fargo Bank-American Trust Company. With respect to management, it is planned that Harris C. Kirk, present ly chairman of the board and chief executive officer of the American Trust Company, will become chair man of the board and chief executive officer; I. W. Heilman, president of Wells Fargo, will became vice chair man of the board, and Ransom M. Cook, president of American Trust, will become president of the merged bank. A c o m p l e t e , t im e t e s t e d , p e r f o r m a n c e g u a r a n t e e d o u tfit Receipts for Each Buyer • « Combats Skip Buyers No Additional Listing • • Speeds Up Settling Joins Chicago Firm No Posting of Accounts • • Buyers Like It Louis I. Smoler, former vice presi dent of the Peoples National Bank of Chicago, has joined Associated Loan Counsellors, financial brokerage firm, as executive vice president. Associated Loan Counsellors, 64 East Lake Street, Chicago, handles all types of financing and Mr. Smoler will direct the placement of loans with insurance companies, investment trusts, mortgage bankers and other lending agencies. He will be the direct contact with local banks and financial institutions and will work closely with them in securing an influx of funds for deposit in Chicago banks, savings and loan and other savings institutions. A 35-year veteran in Chicago bank ing and financial circles, Mr. Smoler was with the Peoples National from 1951 to 1958. He is an underwriter and during the past two years has been with the Equitable Life Assur ance Society of the United States, an affiliation which he will continue. COMBINES A LL THE FEATURES YOU DEMAND Absolutely the only outfit on the market combining all these features— sold on a money back guarantee. BLACK MANUFACTURING COMPANY Fullerton, Nebraska Write Us for Sample Sheets and information ACCIDENT, SICKNESS and HOSPITAL INSURANEE AT EDST! Bankers are Select Risks and we have special coverage designed for Bank Men and Women. Write for Application and Information. M innesota Com m ercial M en’s Association 2550 Pillsbury A ve. S. Northwestern Banker, December, 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Minneapolis 4, Minnesota k ^ *- y Christmas Club Larger Manufacturers Trust Company, New York, last month mailed out Christmas Club checks totaling $15,968,456 to 140,079 depositors. This compares with a distribution of $15,605,678 to 139,221 depositors a year ago. For Auction Sale Clerks $ \ Y ^ > h o w to g e t th e RIGHT ANSW ER to a big q u e s tio n Many a banker faces this decision: “ Must I build, or can I stay where I am and remodel?” The decision must be right, for it affects your whole future. There’s no room for second guessing. And there’s only one way to get the right answer . . . a skilled analysis of all the complex factors of location, current and future space needs, and relative costs. Getting those key facts, and then evaluating and interpreting them, is the important first step in every project we undertake. Our analysts are especially qualified to help you make an informed decision . . . the only basis of successful financial design. You need facts first Send today for Bankers' Guide to Remodeling— get the facts on modernizing. ST. LOUIS, 1130 HAMPTON AVENUE NEW YORK • CHICAGO • SAN FRANCISCO DETROIT . ATLANTA • AUSTIN https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Operating outside Continental U. S. as: B a n k B u ilding C or por ation , I n ternatio nal 38 > Christmas Clubs Reach New High HE sharp rebound from the 1958 recession was emphasized again when Edward F. Dorset, president of Christmas Club a Corporation, re leased figures for the 1959 Club. The total accumulation this year is $1,405,000,000, which some 8,000 banks and savings institutions will distribute to 13,000,000 Christmas Club members. “ Evidently the American people are aware that economic strength is as vital as guns and missiles because they are certainly taking steps to en sure their individual financial secu- T rity,” said Mr. Dorset. “ It’s a signifi cant thing that over 13,000,000 Ameri cans have carried through a savings program which they had faith enough to start in a recession year. Of course, they will use part of it for Christmas but they plan to invest over 50 per cent of the total in long-term financial goals.” To demonstrate this he cited the following figures from Christmas Club research to show how the 1959 accu mulation will be used: Christmas purchases— 30 per c e n t ....................... $ 421,500,000 Savings and investment for future use, 51 per cent ............................. 716,550,000 Taxes, 10 percent........... 140,500,000 Year-end bills, 7per cent 98,350,000 Miscellaneous, 2 per cent ................................ 28,100,000 $1,405,000,000 The year 1959 marks the eighth suc cessive year that the club disburse ments have exceeded $1,000,000,000 and the 1959 accumulation, following the trend of the past several years, is about 3 per cent larger than in 1958. The average check this year amounts to $108 per member. Two hundred and five financial in stitutions had clubs in excess of $1,000,000 each. New York led the 50 states with 2,676,636 members and $284,719,888 in savings. Pennsylvania was second with 1,659,240 members and savings of $189,388,803. Third place New Jersey had 1,118,931 mem bers who saved $148,113,573 and a re cent addition to the top four, Cali fornia, showed 1,017,733 members and $141,942,251 in savings. Small Business Loans MR. BAN KER! Outstandingly clever T V spots for Bankers who use Television can now be obtained from C H R IS T E N S E N K E N N E D Y P R O D U C T IO N S 2 8 2 4 H arney St., O m aha 31. Nebr. W R ITE FOR FREE AUDITION REEL Northwestern B a n k e r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis An expanded financing service for California was disclosed last month with the incorporation of Small Busi ness Enterprises, a wholly owned subsidiary of Bank of America N. T. & S. A. In announcing the new company, S. Clark Beise, president of the par ent organization, said, “ Small Busi ness Enterprises operating under the provisions of the Small Business In vestment Act of 1958 will open up new areas of equity financing to small business co n c e r n s throughout the state.” Cassai President Finance Association At the annual meeting of the Iowa Association of Finance Companies the new officers elected were: George L. Cassai, vice president and treasurer of the Interstate Finance Corporation of Dubuque, president; Frank A. Stew art of the O’Dea Finance Company, vice president and Hart Williamson of Iowa Guarantee, secretary and treasurer. The Iowa Association of Finance Companies has 21 members. C e n tu ry Club 100-YEAR AWARD: Raymonl Kcontz (left), president and chief executive offi cer of Diebold, Incorporated, admires plaque presented to Diebold on its 100th Anniversary commemoration in New York City by James A. Farley, center, presi dent of the Hundred Year Association of New York, Inc. Daniel Maggin, Diebold chairman, looks on at right. Take Another Look at Arizona Banking A r iz o n a ’s P a rtn e r In P ro g ress Since 1877 Phoenix, A rizo n a F IR S T ^ N A T IO N A L B A N K O F A R IZ O N A Oldest Bank In Arizona MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION " e/fraftoncU PO ST-TRO N IC m ach in es s a v e us 54% a n n u a lly on our investm ent.” — SOTTILE GROUP BANKS, Miami, Florida " T h e So ttile G r o u p B an ks h a v e p la n n e d a sp e e d a n d a c c u r a c y ; a n d the high posting E le c tro n ics step -b y-step p ro g ra m c a p a c it y of e a c h m ach in e c re a te s im p o rta n t e v e r k n o w n , m ore e ffic ie n t o v er-a ll o p e ra tio n s a v in g s in p e rso n n e l a n d flo o r s p a c e . o f a n y b a n k , re g a r d le s s o f s iz e . Your lo ca l N a to w a rd full a u to m a tion of the o p e ra tio n s d e p a rtm e n ts. Th e first step — e le c tro n ic posting w ith the N a tio n a l " In su b se q u e n t step s of the So ttile a u to P O S T - T R O N IC — h a s b e e n c o m p le te d . From m ation p ro g ra m , a d d itio n a l a u to m a tic com th e p e rfo rm a n c e of the P O S T - T R O N IC d u r p o n e n t s w ill ing this first y e a r , w e estim a te the m ach in e s P O S T - T R O N IC m a ch in e s, le a d in g to a fully- a r e g ivin g us a n a n n u a l return of 54% on a u to m a te d be lin k e d to o u r p r e s e n t N a tio n a l S y ste m ." tio n a l p r o v id e the re p re se n ta tiv e lo w e st p o s tin g costs w ill sh ow how much the POSTT R O N IC bank. ca n H e's sa v e lis te d your in the y e llo w p a g e s o f yo u r p h o n e book. o u r investm ent. "Th e e le c tro n ic fu nction s o f the PO ST- *T R A D E M ARK R E G . U . S . P A T . O F F . T R O N IC e n a b le us to g ive the b est of se rv ice to our d e p o sito rs. Th e sim p licity of the e q u ip m e n t rem oves the p ro b le m of tra in in g Operating Head o p e ra to rs ; the a u to m a tic fe a tu re s m ak e for Sottile Group Banks THE NATIONAL CASH REGISTER COMPANY, D a y t o n G/fyaboncU ACCOUNTING MACHINES ADDING MACHINES • CASH REGISTERS 9, O h i o NCR paper (No Carbon R equired) j 1039 OFFICES IN 121 COUNTRIES • 7 5 YEARS OF HELPING BUSINESS SAVE MONEY https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, December, 1959 40 Bunks Award European Trip in Special T -V Promotion Joins City National The new assistant manager of the foreign department of City National Bank & Trust Company of Kansas City, Mo., is Baron L. C. Van Lawick, until recently a resident of New York City and The Hague, Holland. An accomplished linguist, Mr. Van Lawick speaks and writes four lan guages fluently and is conversant with three others. According to R. Crosby Kemper, Jr., president of City National, the ap pointment of Mr. Van Lawick will enable the bank to broaden its services to firms in the Kansas City area that are interested in foreign trade. “ Miss Drive-In Teller” Mrs. William R. (June) Porter, blue eyed, auburn-haired mother of twin boys, was elected “Miss Drive-In Tel ler of 1959” last month it was an nounced by Edwin H. Mosler, Jr., president of Mosler Safe Company, sponsor of the contest. GRAND PRIZE WINNER of the European trip was George Jensen of Delavan, Minn. He is represented above by his son, William Jensen, and daughter, Mrs. Joseph Kaufman. George Jensen could not be present for the drawing. Above, from left, are: front row, Dale Dunham, KGLO-TV, William Jensen, Mrs. Kaufman, Dale Munson, KGLO-TV. Standing, from left, M. Harris, Air France; A1 Heppner, president, Farmers State Bank, Delavan, Minn.; Mrs. Heppner; A1 J. Allen, Clear Lake, Iowa, travel agent. O VER 300 bankers, contestants and spectators gathered in the studios of TV Station KGLO in Mason City, Iowa, recently to take part in a 30 minute program over Channel 3 which was the culmination of an ambitious registration and give-away promotion sponsored by 63 northern Iowa and southern Minnesota banks. The promotion, named “Operation Bon Voyage,” was designed to spot light attention on four-time-a-week newscasts sponsored by the 63 banks. The public was invited to register in the nearest participating bank over an eight-week period. Local prizes awarded by drawings at each bank consisted of two-piece sets of alumi num airplane luggage. The grand prize was an all-expensepaid, 17-day trip to five European countries for two, which was made possible through special arrangements with Air France. The prize was drawn on the special TV show with 63 bank ers and 63 local winners or their rep resentatives taking part. (Editor’s Note: A feature story outling the operations of this cooperative advertising program was carried in the April, 1959, issue of the N o r t h w e s t e r n B a n k e r on page 23. An ear lier story entitled “ Cooperative TV Project for Bankers,” appeared in the May, 1958 issue.) MRS. W. R. PORTER Mrs. Porter was selected from three finalists by a vote taken among more than 8,000 bankers who attended the American Bankers Association con vention in Florida and had an op portunity to see each of the finalists there at the Mosler display booth. There were more than 1,000 entrants. Mrs. Porter wins an alLexpense paid vacation for two at the Planta tion Inn in Ochos Rios, Jamaica, BWI, plus $500 in cash. Prior to joining the bank, she was a professional model and an instructor at a charm school. She is head drive-in teller at Mercantile Bank & Trust Co., Kansas City, Mo. W ayne H um m er & Co. CHICAGO . . . through programs of Life and Disability insurance designed to fit the needs of all types of Financial institutions. For information, call or write: A M E R IC A N N A T IO N A L C. A. A N D E R S O N » P O S T O F F IC E P. W . C U L W E L L • 6005 BOX S. M I L W A U K E E 149 IN S U R A N C E • TELEPHONE: WAY •PHONE: CO M PAN Y CEDAR 2 -19 2 5 • AMES, PYR A M ID 4 -20 3 8 • LITTLE TO N , COLO. y IO W A AMERICAN NATIONAL INSURANCE COMPANY MEMBERS NEW YORK STO CK EXCHANGE of GALVESTON, TEXAS Northwestern Banker. December, 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A I n te r n a tio n a l B a n k i n g —A r o u n d th e C lo c k M any o f our Correspondent Banks have made T he forms and procedure which we provide for our International Banking Department an essen our correspondents require a minimum o f detail tial part o f their ow n organizations to provide such services as: work and, where appropriate, these forms are • R em itta n ces to F oreign C ountries • Establishing Im port L e tte rs o f C redit • C o llectio n o f A l l Item s P ay ab le A b ro a d • Inform ation on F oreign Trade • C red it R ep orts on F oreign N am es imprinted with the correspondent bank’ s name. W orking with leading banks in 153 countries, we are able to serve you and your customers in every important market in the world. W hatever the • D a ta on F oreign C u sto m s and R egulations transaction, wherever its point o f purchase or • P u rch a se a nd S a le o f F oreign E xch a n g e sale, we welcom e your inquiries. MANUFACTURERS TRUST COMPANY INTERNATIONAL BANKING DEPARTMENT: 55 Broad Street, New York 15, N. Y. REPRESENTATIVE OFFICES: London, Tokyo, Rome, Frankfurt a.M., Paris Member Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, December, 1959 42 Health Care Protection Grows A RE midwesterners (and lowans in particular) interested in health care protection? The answer is a rousing “yes,” according to Central States Health & Life Company of Omaha. Central States’ officials cite as proof their company’s recent action in bold ing a national meeting of branch managers at Fort Dodge, Iowa, last month. Normally, the meeting would have been held at Central States’ home office, but Fort Dodge was chosen because of what the company termed ‘an unprecedented interest in health-care protection in the area.” Basis for selection was a check on number of new policyowners during the past three months by branches. The Fort Dodge area produced a rec ord number in comparison with all other company territories. Central States’ Des Moines territory was sec ond, and Springfield, Mo., was third. T. Leslie Kizer, president of Central States, said the record production of new policy owners for Central States Premium Deduction Plan “is proof that midwesterners want health-care protection when it is keyed to their family needs. ‘Since we offered our new hospitali zation plan with its major medical provisions and renewal safeguard, we’ve noted an increasing sale in rural areas in particular. And, as a corollary, most bankers seem to feel that the success of voluntary pro grams such as ours is heading off sup port for compulsory government plans among farmers. They believe that À Bill Kizer (left), exec, v.p., Central States Health & Life, presents trophy for best production to Robert Palmer, manager at Fort Dodge. the farmer’s traditional individualism makes him prefer an insurance policy tailored to his needs instead of a gov ernment-sponsored program.” Central States’ managers in the three leading branches during the threemonth period are Robert Palmer, Fort Dodge; Robert Puff, Des Moines, and George Rains, Springfield. f Y Mutual Tornado Association Celebrates 75th Anniversary Agents of the Iowa Mutual Tornado Insurance Association were in Des Moines last month to celebrate the 75th anniversary of the Association, the first statewide windstorm mutual organized in the United States. The one-daj^ meeting was high- 4 4 Glory to God in the Highest, and on E arth P eace, Good. Will toward Men V NATIONAL OFFICERS of the National Association of Mutual Insurance Com panies are shown with Harry L. Gross, center, president, Iowa Mutual Tornado Association at the 75th anniversary meet ing of the Iowa Association. At left is Harry P. Cooper, NAMIC secretary from Indianapolis, Ind. ; and at right is C. B. FunderBurk, NAMIC president from At lanta, G-a. FIR ST NATIONAL B A N K KANSAS CITY, MISSOURI BALTIMORE AT TENTH STREET MEMBER FEDERAL DEPO SIT INSURANCE CORPORATION lighted with outstanding speakers, headed by C. B. FunderBurk of At lanta, Ga., recently elected president of the National Association of Mutual Insurance Companies and Harry P. Cooper of Indianapolis, Ind., secretary of the NAMIC. * * Y Northwestern Banker, December, 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 43 H o w the T ru st C om pan y o f Georgia does its drive-in banking day and night D ay-an d-n ight-depository is located in drive-in lane closest to bank. After-hour customers can drive right up. Note how depository is positioned for easy access by both drive-in and walk-up customers. “ It was one of those simple, obvious things so often overlooked” , says Mr. Steve H. Bomar, Vice President of Atlanta’s Trust Company of Georgia. “ In our main bank, night depository customers had to park their cars and then walk to the night depository. When we built our new West End Branch, our architects, Abreu and Robeson Inc., and our Mosler representative suggested a night depository be located next to one of the drive-in windows. Now, an after-hours customer can drive right up to make a deposit. This convenience, like all the conveniences of drive-in banking are no longer luxuries. Our customers demand them ...so we supply them to stay competitive. As a matter of fact...drive-in banking has appreciably increased our business.” P r o b le m s o l v i n g — a M o s le r s p e c ia lty From the largest vaults to the smallest safe deposit boxes, Mosler design and manufacturing experience are at your service. Mosler is the world’s largest builder of safes, vaults and banking equipment. Write for Mosler’s “ AUTO-BANKING IDEA BOOK” and informa tion on any kind of banking equipment. banking equipment https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Mosler Safe Co. 320 Fifth Avenue Northwestern Banker, December, 1959 44 Etnahers J /r f C ancer Fund EErive ; to the highly successful television commercial series already being mar keted by C-K. Check List For Loan BANKERS—Known traditionally as community leaders— represent the largest single group of lay persons of the American Cancer Society’s national membership. ACS banker-members from various parts of the United States met in New York City re cently at the Society’s 46th Annual Meeting to help map the future course of the na tion’s cancer control program. They are, left to right: C. Glenn Rye, Midland National Bank of Billings, Montana; Harry A. Brinkman, former officer of the Harris Trust and Savings Bank, Chicago; Harry McEnerny, Jr., National American Bank of New Orleans; Dr. C. M. Lund, president, 1st National Bank, Williston, North Dakota; Ferd H. Block,’ Citizens Bank of New Orleans, Louisiana; Colonel C. W. Daugette, Jr., 1st National Bank, Jacksonville, Alabama; Fred A. Duran, president, 1st National Bank of Auburn Alabama; Waldo I. Stoddard, Michigan National Bank, Grand Rapids; L. John Gable’ vice president, Security Mutual Bank and Trust Company, St. Louis, Missouri; Daniel E. Stoddard, president, People’s Savings Bank, Providence; William H. Cantwell, presi dent, People’s Bank and Trust Company, Wilmington, Delaware. Joins Bank Ad Firm Christensen-Kennedy Productions, an Omaha firm specializing in bank advertising material, has added How ard Shoemaker to its staff as head of the creative department. Dennis M. Kennedy, director of C-K operations, states that the increasing volume of work being done for hanks on a spe cialized basis has necessitated the ad The Hanover Bank has developed and adopted, and is making available to other interested banks, a compre hensive check list for revolving cred its and/or term loan agreements. A pilot distribution to some 70 Han over correspondents throughout the country elicited favorable response, requests for additional copies and the suggestion that the check list be given broader distribution. The check list is designed to bring about “a clear and rapid understand- dition of the new department and Mr. Shoemaker is amply qualified to create and prepare the type of ad vertising material geared to the spe cific needs of banks. Formerly with Bozell and Jacobs advertising firm in its Omaha office, Mr. Shoemaker will work with Mr. Kennedy in creating promotional ma terial for banks, as well as additions Y You Keep 100% of the Commissions When You Sell REPUBLIC CHECK LIST for revolving credits and term loan agreements, developed by The Hanover Bank, New York, is arranged in ready-reference style. Actual check list is on right hand side of sturdy folder, and the 139 “ check points” may be matched against or referred to corresponding ex planatory notes and exhibits on opposite side. TRAVELERS CHECKS ing among loan officers, credit men and lawyers” participating in the preparation of revolving credit and term loan agreements. It was compiled in a management study made by Llewellyn Jenkins, Hanover assistant vice president, in fulfillment of one of the requirements for graduation from the Graduate School of Credit and Financial Man agement at Dartmouth College. Available in convenient denominations o f $10, $20, $50 and $100 — at a $1.00-per-$100 rate. Write today for full details. OF MEMBER F.D.I.C. N o r t h w e s t e r n B a n ke r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Y City National Elects Six REPUBLIC NATIONAL BANK CAPITAL AND SURPLUS $102,000,000 * # DALLAS LARGEST IN THE SOUTH Directors of the City National Bank and Trust Company, Chicago, have elected the following six men as offi cers: R. F. Babcock, Jr., George W. Bandy, James G. Coe and John Horrigan as assistant cashiers; H. Bloss Vail as assistant trust officer, and Vincent R. Allegrini as assistant au ditor. Y 45 Your eyes and ears in C h ica go... Inside information right from wherever tilings . .. transferal of funds . . . clearings. Small enough are happening, plus diligent personal service, is to provide the personal attention each job needs. why our many correspondent banker friends use You always deal with an officer at City National. City National as their eyes and ears in Chicago. Whenever you need diligent eyes and ears in Big enough to handle all correspondent bank or from Chicago, call on City National. We’d like to do business with you. ing service . . . buy and sell . . . portfolio advice Member Federal Deposit Insurance Corporation C i t y N I* T R U S T 208 a t i o n COM PANY S o u th L a S a l l e a O F l I t v > k C H IC A G O S tre e t • F R a n k lin 2 - 7 4 0 0 © City National Bank and Trust Company of Chicago, 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n ke r, D e c e m b e r , 1959 Unique AHA ''Hospitality 100 FOOT YACHT, shown above, was chartered by the American National Bank and Trust Company, Chicago, to entertain the bank’s customers and friends at the recent ABA convention in Miami Beach. Known as the Vagabondia III, the yacht was anchored directly across from the Fontainebleau Hotel, which was convention head quarters. William O. Kurtz, vice president in charge of the bank’s correspondent bank division, served as “ captain” and it is reported that the officers in his division made up an excellent “ crew.” AG EXPERTS . . . tightens rules A prominent business observer recently stated: “ Banks are becoming much more selective in considering business loans. Today, they’re taking only ‘the cream of the crop” . This is understandable, but—some pro spective borrowers, that you must reject, may be able to find the funds they need through ALC. We specialize in arranging loans for “ tough propositions” . Your bank may participate in an ALC arranged loan, if you so desire. When one of your good customers is currently not acceptable for bank credit, we may be able to arrange the loan he needs. You can be sure we’ll try. We have unique facilities for expediting: Accounts Receivable Financing • Land Development Financing • Machinery and Equipment Loans • Inventory Loans • Construction Loans Write for further information. ACCREDITED LOAN CORRESPONDENTS REGISTERED SECURITIES DEALERS SECURITIES DEPAR TM EN T STATE OF ILLINOIS ASSOCIATED LOAN C O U N S E L L O R S 64-E. Lake St. • Chicago 1, III. Member of American Institute of Financial Brokers Northwestern Banker, December, 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (Continued from page 25) “ During these sessions the point was made that the size of individual loans had increased sharply. The bankers discussed practical day-today credit operations in making loans in the current environment for pri mary production of all major crops and livestock. It was emphasized that the coun try banks, in cooperation with their city correspondents, provide for the financing of processors and distribu tors of products moving to markets and that bank lending may take the form of short, intermediate, and long term loans on terms arranged to meet specific needs of individual borrow ers. M em bers of the “ Correspondent Banking” panel included J. W. Bel lamy, president, National Bank of C om m erce, Pine Bluff, Arkansas; Wayne A. Corpening, manager, agri cultural department, Wachovia Bank and Trust Company, Winston-Salem. North Carolina; O. “Dooley” Dawson, vice president and manager, agricul tural department, Bank of the South west, Houston; and R. J. Solomon, assistant vice president and farm de partment manager, Citizens National Bank, Macomb, 111. Speakers pointed out that in the expanding American economy, the demand for agricultural credit is ex ceeding the legal limit of country banks in an increasing number of cases, and it is possible to meet the need better through correspondent banks located in other areas, which can take over lines. Panelists urged the importance of having trained men on city correspondent bank staffs to deal with credit problems in financ ing farming and related industry. The 1960 Conference will be held in Denver, November 14-15 at the Denver Hilton Hotel.—End. FEED PLANT OPENS . . . (Continued from page 24) of the finished formula to the feeders. Mr. Rowland also stressed that the company will not “ integrate” or feed any animals of its own commercially. In addition to touring the new mill, visitors had the opportunity of meeting several other officers of the RalstonPurina Company. Bill Lane, Ralston vice president in charge of sales, served as master of ceremonies and in troduced Vice President John McGinty of St. Louis with other digni taries. John Renth is manager of the Ot tumwa plant and Tom Hinkle is su perintendent with Don Danforth, Jr., as assistant manager. Dedication speaker was Congress man Merwin Coad, from the Sixth Iowa Congressional District and mem ber of the House of Representatives agricultural committee. Entertainment was furnished by “ Grand Ole Opry” stars from radio station W LS in Chi cago. The new plant occupies a 14 acre tract of land at the south edge of South Ottumwa. The buildings are 100 feet high, and 250 by 80 feet in length and width.— B a n k e r J a c o b s o n (left) a n d D e a le r Flan n visit a flock o f B r o a d - b r e a s t e d B ro n ze tu rk e y s. Th e B a n k fin a n ce s the p ro d u ctio n o f a ro u n d 4 0 , 0 0 0 tu rk e y s a y e a r . “ W E ’VE MA D E FARM P R O D U C T I O N L O A N S FOR 4 5 Y E A R S W IT H O U T A L O S S ” —says H . L . J a c o b so n , C ashier, F i r s t State B a n k , L a k e L illia n , M in n es o ta “ Our Bank has served the diversified farming area around Lake Lillian for 45 years,” says Mr. Jacobson. “ During that time, we’ve made loans to farmers for the production o f beef, pork, and dairy products. For the last 10 years, we’ve cooperated in the production o f turkeys. when made to farmers who work with our Purina Dealer. Farmers who pro duce poultry and livestock by methods such as the Purina Programs have a better chance o f profit than those who do not take such care with feeding and management.” “ W e have had no losses on such business. Among bankers, there is growing recog nition of the opportunity in loans for the production of meat, milk, and eggs. As a result, bank staffs often include agricul tural representatives. And many banks look to the Purina Dealer and his Purinatrained staff, to advise farmer borrowers on livestock and poultry production. “ For a long time, we have done busi ness with Flann Brothers, first in their own farming operations and now as the Lake Lillian Purina Dealership. “ We think that our loans are safer PURINA.. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis .YOUR PARTNER * IN S E R V I N G * * ANIMAL * AGRICULTURE Northwestern Banker, December, 1959 48 A STRIKING EXAMPLE of modern and practical architectural design is the new Iowa-Des Moines National Motor Bank, shown above at night, dedicated last month by Iowa’s Governor Herschel C. Loveless, Bank President Calvin W. Aurand, and other bank, state and city officials. At right is Model T Ford Mr. Aurand drove into the new Motor Bank. Behind the wheel for the picture is Governor Loveless. Standing by car are: Gerald O. Nelson, vice president, and Mr. Aurand. U ltra-M od ern M o to r Ranh Opens By W A L T E R T . P R O C T O R and R. D O Y L E M INDEN Associate Editors Northwestern Banker I OWA’S governor, Herschel C. Loveless, donned a welding mask last month and finished the work on the new ultra-modern Iowa-Des Moines National Bank’s Motor Bank, opening it to the public. With a blow torch he cut the steel chain which had closed off the area during construc tion. Prior to this part of the program, the day’s events were begun when a red 1925 Model T Ford led a parade of antique cars through downtown Des Moines streets, ending at the new Motor Bank. In one of the old touring cars, all of which were in fine shape and looked like new, was a jazz band, made up of Marines who had a dele gation present for color guard duties during dedication ceremonies. As part of the dedication, Calvin W. Aurand, president of the bank, introduced state and city officials, including the governor, who said he was pleased that Des Moines is keeping pace with today’s needs for new services for its people. Mr. Aurand had stated earlier that the Iowa-Des Moines is married to downtown Des Moines and that the new Motor Bank is another step in keeping the downtown area thriving and successful. “We feel our Motor Bank is an attractive addition,” he said. It is attractive and the setting for Northwestern Banker, December, 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis this Diebold facility is a 5,000-squarefoot area of beautiful green grass and shrubbery, constituting one-third of the area reserved for the Motor Bank, The five individual teller units are shielded by umbrella-like canopies of thin-shell concrete. A walkway along the north edge of the motor bank area MOTOR BANK . . . (Turn to page 50, please) NEW ABA PRESIDENT, John W. Remington, president, Lincoln-Rochester Trust Co., Rochester, New York, standing at left of Harold P. Klein, vice president, and Calvin W. Aurand, extreme right, president, both of Iowa-Des Moines National Bank, inspects one of five new teller units at the recently-dedicated Iowa-Des Moines National Motor Bank. In the Diebold, Inc., teller unit at left is charming Louise Wilson, bank hostess 49 BANK M a in O ffice: 48 Wall St,, New York, N. Y. MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern B an ker, December, 7959 50 ; Heads NASSB Irving C. Rasmussen, Minnesota commissioner of banks, was advanced from first vice president to president of the National Association of Super visors of State Banks by unani mous vote at the Association’s re cent convention in H o l l y wood, Florida. Mr. Ras mussen succeeds R a n d o l p h H u g h e s , state bank commission er, Delaware. Mr. Hughes was elected to serve for the next year as chairman of the executive committee, the Association’s governing body and policy-making unit. Other association officers elected at the convention are Dick Simpsom, bank commissioner, Arkansas, first vice president; Robert L. Myers, Jr., secretary of banking for Pennsyl vania, second vice president; W. P. McMullan, Jr., state comptroller, Mis sissippi, third vice president; Edward H. Leete, deputy superintendent of banks, New York, treasurer, and Thomas D. Jones, Jr., deputy com missioner of banking, Virginia, secre tary. No Noisy Banging With Elkirt Vertical n Drapes They Are Fastened on Top And. Fastened on the Bottom WASHABLE ECONOMICAL DECORATIVE FUNCTIONAL Soft, warm appearances created. Distracting glare eliminated. You completely control light. For details and name o f outlet in your area write to ELKIRT CORPORATION 528 Eleventh St., Des Moines, Iowa Northwestern Banker. December, 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis P r o m o tio n D is p la y GIFT BOOKS— Joe Pahr, vice president of Chicago National Bank, and Betty Grayson, field editor on Meredith Publish ing staff, look over the bank’s floor dis play of Better Homes & Gardens “ idea books” which are currently being offered by Chicago National as an inducement to new customers for -savings and special checking accounts and also safe deposit boxes. Any one of four of these “ idea books” is given to new customers free of charge with an initial deposit of $50 or more or to present bank customers for an addi tional deposit of $50 in Savings accounts. Promotion is backed by comnrehensive use of newspaper space, television and di rect mail, as well as bank window and floor displays according to Guy Steagall, public relations and advertising director of the bank. Each teller unit has a spiral staircase leading to the tunnel. It is estimated that the motor bank and an adjacent bank parking lot will be able to handle 1,000 bank-from-car customers a day. For motor bank customers who must also enter the bank, there is a row of 14 short-time parking stalls near the covered walkway. Included in what bank officials call the most complete banking service offered by any Motor Bank in Iowa are the following transactions which can be transacted from the automo bile: Checking account deposits, check cashing, savings deposits, trav elers checks, real estate loan pay ments, installment loan payments, currency orders (providing required change and smaller denomination bills), withholding tax payments by employers and check re-orders. In addition, tellers will be able to answer questions about the weather and news as each is equipped with radio. Motor Bank hours are the same as the Iowa-Des Moines’ regular banking hours: 9-2 Monday through Thursday, and 9-6 Fridays. An open house, complete with re freshments and souvenirs, was held for the public from 1 ’til 9 p.m. This began shortly after dedication cere monies. Do your have questions about Custom Duties in Canada? Custom duties are highlighted in “ Your Guide to B usiness in C an ad a" along with facts on Canadian taxes, how to form a business in Canada and other essential subjects which may in terest your clients. Write on your letterhead for this new 48-page brochure published by Canada’s First Bank as a service to U. S. executives. B a n k of M ontreal ¿anacía '<x “Sa*tá 775 Branches Across C an a d a MOTOR BANK . . . (Continued from page 48) also is covered with similar canopies. The project covers a quarter-block. The motor bank —largest such fa cility in the state—is connected with the main bank by a 232-foot tunnel. Y A INVESTMENTS . . . (Continued from page 32) expressed wish to obviate the impact of future massive redemptions of Treasury issues by dealing with the refunding a year or more in advance of the due date. There is little likelihood at this time that such a program could include the issuance of long-term refunding bonds because the Congress is evi dently not yet disposed to permit the Treasury to borrow long term at more than 4x/4 per cent. However, a certain amount of advance refunding can be carried out by the issuance of notes due in five years or less, as was the case with the new 4% per cent issue. Probably the next application of the advance refunding through note is sues would be dealing with the issue of 2% per cent bonds due in Novem ber of 1961. There are $11,177,000,000 of such obligations outstanding, mak ing the issue the largest on the Treas ury list. Y E fiil NewYork: Two Wall St. San Francisco: 333 California St. Chicago: 141 West lackson Blvd. Head Ottice: Montreal RESOURCES EXCEED $3,000,000,000 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 52 NOTANEWISSUE M T he New York, Chicago and St. Louis Railroad Company (Nickel Plate) Selling a large block of stock so that you get the best possible pric6 at the least possible cost and with the least risk is a real problem. If that is your problem, we would like to help you find the answer. Candidly, we believe we can, because with 127 offices and 1,900 account executives, we have a distribution system that is tailor-made for the marketing of large blocks of securities. Here, for instance, are some of the secondary and exchange dis tributions that we have handled so far this year— blocks ranging in size from 15,000 shares of Masonite to 300,000 shares of U. S. Steel and Standard Oil of New Jersey. If you have a block of stock you would like to sell— 5,000 shares or 50,000 or 500,000— we would be happy to discuss your problem with you and place at your disposal the considerable experience we have had in the handling of block business. For a confidential dis cussion, may we suggest that you call or write Mr. Norman Smith. M E R R IL L L Y N C H , PIER CE, F E N N E R & S M IT H IN C O R P O R A T E D M em bers New York Sfock Exchange and all other Principal Exchanges 70 Merrill Lynch, Pierce, Fenner Si Smith N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pine Street, New York 5, N. Y. • O f f i c e s in 1 1 2 C it ie s 53 ROOKIE OF THE M O NTH’ S ADVICE IN S U R A N C E Sell $10 a Week . . . and you can quit worrying about whether or not you are successful ELP one person save $10 a week every week and you’ll have no worries about whether you will suc ceed as a life insurance agent . . . or find two people, each of whom agrees to save $5 a week . . . or four people who will save $2.50 each week” were the words of the home office official who witnessed my con tract as an Ohio National agent. This has been my meas uring device, my yardstick, my weekly objective. In the 20 actual weeks of field time I’ve had thus far, two persons agreed to save $15 a week, three save $10 weekly, four $5’s, 10 $2,50’s . . . and one man is a $30 a week saver. This is money saved. Not counted are the smaller contracts where the annual premium is less than $110 yearly, or any additional term insurance premiums. Few of these contracts work out to an actual $10 per week or fraction of that. This is simply my guide for each week’s production. H W ritten Especially fo r The Northwestern Banker It’s the Premiums That Pay! B y G O R D O N NELSON Recent Rookie of the Month Ohio National Life Insurance Company Wichita, Kansas Today, probably the first time since my first weeks in the business, I sat down to count the volume. It’s some what disappointingly meager, just $262,700; but the an nualized premium, ah, that’s a different story. To date, the paid for and delivered business totals $9,454 in an nualized premium. That’s what I’m being paid for . . . to help people save money. Before you say, “Oh, I couldn’t do that, I don’t know that kind of people,” let me state that over $2,700 of pre mium has been derived from people I didn’t know five months ago before I became a life insurance agent. Let’s take an example of Mr. Short, who operates a photo studio. Mr. Short’s case is quite interesting because he, like many men just buying a business, or starting one, complained: “ Not at this time, I just don’t have the money, and be sides, I want to finish paying off this business, buy some additional equipment. . . .” Ever heard that story before? Is it time to quit, or ask if you can come back in six months? wife said to me after delivering this contract to her hus band: “Mr. Nelson, I’m very happy and relieved to know that finally we are going to be saving some money for our future.” A referred lead helps you be selective about whom you call on, but I’ve discovered it doesn’t make the sale for you. In Mr. Short’s case, I went to his place of business and advised the receptionist: “ This is Gordon Nelson, I’d like to see Mr. Short for a very few minutes.” Then: “ Mr. Short my name is Gordon Nelson. I’m doing some insured investment work with a select group of people. Your name has been mentioned -to me as a man who is unselfish and financially sound. I have an idea that may be worth thousands of dollars to you. May I call you in a few days for an appointment?” Getting the Interview Three Alternatives No! My company’s answer (in the sales talk which I use consistently) was used in this case: “ Mr. Short, I don’t know whether you are in a posi tion to consider making an insured investment today or not, but I do know one thing, no man ever reaches a point in his life where he is no longer interested in knowing what is new in the field of investments. May I see you this week on Friday at 4:15 or would about 7 Thursday evening be more convenient?” The result was an interview. Incidentally, Mr. Short’s You have dangled the bait, given him honest praise, and let him “get off easy” by saying you will call him in a few days. He has only three alternatives to -this ap proach: To be rude, say “Yes,” or ask, “What is it you want to see me about?” If he’s rude, you don’t want him, if he says “Yes” when you call him you won’t have to “sweat” an interview out of him, and if he says “What do . . . ” I use the answer that this idea can best be appreciated by sitting down with him for about 30 minutes. Honestly, can you give https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 54 In su ra n ce a prospect the complete picture on your plan in three or four sentences to answer that question? Who referred me to Mr. Short? A cold canvass lead. Twice I had walked by this office location that was being remodeled for the new tenant. The third time my general agent and I had finished a cup of coffee together and I made the comment, “ I wonder who moved into that office that has four walls painted black?” He said, “Let’s find out” . . . and in five sec onds we were introducing ourselves to the new occupants who happened to be a female bookkeeper and the receptionist. Before we left, we knew the name of the photographer and the bookkeeper’s husband, a stone contractor. The contractor became our policyholder and the photogra pher, who didn’t buy, referred me to the man who had taught him the business, our Mr. Short. At the insistence of my general agent, I’m doing almost all my work with one idea, one contract, one sales presentation. This means calling on the group of people that this idea is most likely to appeal to which means tailoring your prospect for leads along that line. When I run into a business case, or a program case, my general agent is ready and willing to assist me. Here I tell my proposed client: “ Mr. Prospect, my work is in the insured investment field and your case presents a need for an expert in the business field, so here’s what I’ll do. I’ll ask Mr. G. A. to arrange to be back here with me Friday after noon, etc.” Every one of my apps is prepaid. Who ever heard of opening a bank account without making a deposit? Some attempted closes are: “Can you think of any reason you might regret owning this plan a year from today, Mr. Prospect? Then let’s make sure you don’t regret a year from today you DON’T own this plan. A deposit with this plan is customary, but if you can’t make an annual de posit at this time, would you like to arrange these deposits semi-annually or possibly monthly?” Effective Closes Protection in Action i v m m m i 780 agents serving Iowa . . . B ranch o ffices coast to-co ast . . , N ationw ide claim service, plus C an a d a and A laska a N A T IO N A L IN STITU TIO N For action, call our agent in your community , . . W orkm en's Com pensation A u tom ob ile Fire and Inland M arine G e n e ra l Liab ility Burglary and R o bb ery Fid e lity and Surety Bonds MUTUAL CASUALTY COMPANY DES MOINES 7, IOWA Assets Over $48 Million Iowa’s Largest Fire, Casualty and Bonding Company Northwestern Banker, December, 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis My first close is, “ Do you like the plan?” (If yes, ask him to whom he would like the money delivered if he doesn’t live to e n jo y it himself.) Every time you answer an objection, try to close again. Remember, the worst that can happen is that your prospect will say “No.” (But you’ve been there 50 minutes, it took you 10 minutes to drive over there, your next appointment isn’t for another 10 min utes . . . why shouldn’t you spend another 10 minutes with this man asking him to buy TODAY?) Use emotion. Perhaps almost every one of my prospects has died “last night” or “tonight” ; some with a sharp pain followed by a heart at tack, others from a truck tire flying off the wheel as it is being filled with air. Some die many times, followed by the questions such as: “Where w ou ld y o u r wi f e most likely find a cheaper, smaller house or apartment?” In summary, my recent “ Rookie of the Month” award with my company resulted from doing the things I originally agreed to do: Learn a sales talk, use it and all the closes, ask for prospects whether you sell or not, use emotion, not logic, to make men act, and . . . ask for the check! Objective: To find the men who can and will save a total of $10 each week . . . every week! For an income of $10,000 a year— End. HENRY SCARBOROUGH . . . (Continued from page 27) ance rates at a minimum. But he fears this may be a losing battle be cause bankers who refuse to install audit control procedures nay for their own losses in the form of increased insurance premiums. The other reason is because “other types of savings institutions offer higher interest rates, and therefore Insu ra nce banks may lose depositors if they don’t offer maximum safety.” To help modify the discouraging loss climate, Henry Scarborough makes available free to all his Bank ers Blanket Bond customers a com plete CPA analysis, with recommen dations for improvement of their present internal controls. For small banks with no auditor, he helped the League develop a simplified Internal Control Plan. All his customers re ceive monthly bulletins detailing how specific types of losses might have been averted. To increase the aware ness of other bankers to this problem he has penned many fascinating mag azine and newspaper articles on the subject. Another problem bankers must re solve, Scarborough believes, “ . . . is the perpetuity of top management, especially in the smaller bank. Only by offering higher salaries and fringe benefits like group insurance and paid vacations, by offering u n iv e r s it y scholarships to high school students, and only by depicting banking as a more exciting profession, will the smaller banks ever be able to attract men of executive timber.” Many long-standing f r i e nd s h i p s have come from membership in the Chicago Association of Commerce and Industry, Masons, Mid>-Day Club, Cor nell University Club, Illinois Chamber of Commerce, and Executives Club. He keeps physically fit in an active sports life, exemplified by his mem bership in the Chicago Athletic Club, the Angler’s Club and the Dairyman’s Country Club. At various times throughout the year, you may find him hooking bonefish off the Florida Keys, on a pack trip, or bagging deer at the Hermit Club near Dixon, Illinois. At other times, he and his wife, Ethel, travel extensively, viewing the sights of both the Old and the New World. Many weekends are spent together on their Illinois farm that grows corn, oats, silage, alfalfa and even calluses on Mr. Scarborough’s hands. On his 360-acres roam beef cattle, sheep and hogs. Automation was brought to his farm several years ago when he installed cattle feeding areas that feed 500 head by push buttons. And 25 of his acres are devoted to a bird sanctuary around a farm pond. But his first love is still his busi ness. Testifying to this are hundreds of letters he has received congratu lating him on 40 years of service to the banking community. Proud but not complacent, he hopes his firm will “do an even better job meeting and serving the needs of its banking friends during the next 40 years.”—END. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 55 TH E CANADIAN BANK OFr COM M ERCE HEAD O F F IC E - T O R O N T O CONDENSED STATEMENT AS AT OCTOBER 31, 1959 ASSETS Cash Resources (including items in transit) $ 41 0,020,51 1 Government and other Securities 887,339,022 Call Loans ................................................... 199,756,578 Total Quick Assets ...................... $1,497,116,111 Loans and Discounts ............................... 1,200,442,400 Mortgages and Hypothecs insured under the N.H.A., 1954 .................................. 186,61 1,352 Customers' Liability under Acceptances, Guarantees and Letters of Credit, as per contra ......................................... 32,552,422 Bank Premises ........................................... 38,350,192 Other Assets .............................................. 21,1 47,461 Total Assets .................................. $2,976,219,938 LIABILITIES Deposits ..................................................... $2,753,782,801 Acceptances, Guarantees and Letters of 32,552,422 Credit ..................................................... 13,055,458 Other Liabilities ......................................... S h a r e h o ld e r s ’ Equ ity Capital Paid Up .............$ 53,971,132 Rest Account .................. 119,736,489 Undivided Profits .......... 3,121.636 176,829,257 Total Liabilities ........................... $2,976.219.938 STATEMENT O F UNDIVIDED PROFITS Year Ended October 31, 1959 Balance of profit for the year before provision for in come taxes but after making transfers to inner re serves out of which full provision has been made for diminution in value of investments and loans............. $23,168,380 Provision for income taxes................................................... 12,050,000 Balance available for distribution.................................... $11,118,380 Dividends ............................................................................. 9,163.828 Amount carried forward ..................................................... $ 1,954,552 Balance of undivided profits October 31, 1958 ............. 1,1 67.084 Balance of undivided profits October 31, 1959 ............. $ 3,121,636 N. J. McKINNON PRESIDENT J. P. R. WADSWORTH GENERAL MANAGER Northwestern Banker, December, 1959 THE EXPERIENCED SECURITIES TEAM W hen you’re trusting to judgment, you want it well seasoned. Thoroughly seasoned— by years of experience! So meet the Securities team. Directed by Winston Molander, colleagues Henry Hennings, Jack Talbot and Harold Peterson stand ready to give you up-to-the-minute data on securities, and to act for you in buying and selling. They’ll be happy to make a careful study of your portfolio, keeping in mind local problems and opportu nities. They’ll give you a written analysis of that port folio with suggestions on how to strengthen it. NORTHWESTERN JO H N M E M B E R FEDERAL DEPOSIT INSU R A N C E CORPORATION Department of Banks and Bankers D. E. Crouley, S e n io r V ic e P r e s id e n t L. P. Gisvold, V ic e P r e s i d e n t; K . M. Barnett, V ic e P r e s id e n t; L. M. Broom, V ic e P r e s id e n t; C. P. Lindholm, A s s ’t. C a s h ie r ; R. G. Ziemer, A s s ’l. C a s h ie r ; P. B. Damkroger, R e p r e s e n ta tiv e ; D. M. Anderson, R e p re s e n ta tiv e NATIONAL A . M O O R H E A D . P re sid e n t https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis They’ll work for you in every way they can. And they’re as near as your telephone, telegraph, type writer. So won’t you let them? That’s what they’re here for—always! • BANK OF MINNEAPOLIS H E N R Y T . R U T L E D G E , E xe cu tiv e Vice P resid en t FEderal 2-0123 • Serving Banks and Bankers since 1872 57 lems and future developments, the new bank will have drive-in teller service and space for about 25 cars. M innesota Albert Lea Appointment NEW S H. L. HANSON K. A . W A LES President Secretary Duane Ring, formerly bank exam iner and credit analyst for Northwest Bancorporation, has been appointed assistant vice president of the First National Bank of Albert Lea, an nounces Roy W. Delaney, president. Baudette Minneapolis SSO •Junior Hankers Turn Out Anniversary; Gives $ 1 ,5 0 0 FINE turnout of nearly 550 bank ers heard an exceptionally fine program at the recent 10th Annual Junior Bank Officer and Staff Con ference of the Minnesota Bankers Association in St. Paul. This large attendance is evidence of their appreciation for this program which included: Christopher E. Bjork, chairman, MBA-AIB educational com mittee, and MBA-AIB associate coun cilman, Federal Reserve Bank of Minneapolis; Harold L. Hanson, MBA president, and president, First Na tional of Baudette; S. H. Chelstad, president, Thriftimatic Corp., New York; William H. Williams, Minne apolis FBI; Milton F. Darr, Jr., vice president, AIB, and vice president, LaSalle National Bank, Chicago; Stan ley R. Wheaton, MBA-AIB associate councilman, and vice president and cashier, First National Bank, Elk River; Halsey “Holy Cow” Hall, sports writer, Minneapolis Star and Tribune; Henry N. Snyder, chairman, Junior Bank Officer and Staff Conference, and assistant cashier, First National Bank of St. Paul; A. Gordon Bradt, scond vice president, Continental Illi nois National Bank & Trust Company, Chicago; Dr. 0. B. Jesness, deputy chairman, board of directors, Federal Reserve Board of Minneapolis, and Dr. Laurence M. Gould, president, Carleton College, Northfield. Social activities supplemented edu cational sessions and the Mower Coun ty Bankers Association provided en tertainment of a fine choir—Austin Choralaires—for a buffet dinner. Topics under discussion were every thing from banks’ selling job to “ The Farm Problem—Cause, Cure” by Dr. Jesness and “ Implications of the IGY” by Dr. Gould. ier and Timepay manager. Mr. Ander son had been with the First National Bank of Austin since 1947. Richard Klein, formerly of Aber deen, S. D., National Bank, has suc ceeded Mr. Anderson at the First Na tional in Austin. F. A. Timm, president of the Farm ers & Merchants State Bank of Bal aton, celebrated his 50th anniversary in banking last month and the bank, itself, observed its 35th anniversary. In lieu of an open house, the bank gave $1,500 to churches in the commu nity. Anoka Expansion Buys Cokato Interest Approximately 2,000 square feet of additional street level banking area is being added at the State Bank of Anoka. J. J. Schmidt, president, has an nounced that the exterior of the bank building will be faced with new Bed ford stone and thermopane glass. As for the interior, the project will result in a greatly enlarged bank lobby, four additional tellers’ windows, new offi ces, and a new vault. An employee’s lounge will be located upstairs. Plans call for a new recessed ceiling lighting system, complete air condi tioning and zoned heating. Charles E. Mitchell, of the Green Giant Company, will become execu tive officer of the First National Bank of Cokato the first of the year. An agreement was reached recently whereby he will purchase the interest of Walter Olson, president, who has been associated with the bank since January, and who is acquiring in terest in a bank in another commu nity. Work is well under way now on the new banking home of the First Na tional Bank, Bagley, Minn., just east of the present bank building. The new building is a one-story modern building with conveniences for cus tomers and bank employees alike. Richard W. O’Bryan, recent gradu ate of University of South Dakota after two years in the service, has joined the staff of the Dodge Center State Bank. Pro nloti on s Announced Braham Construction At Duluth NABAC A Retires After 10 Years Ben Lageson, vice president, Austin State Bank, has ended a 40-year career in banking with his retirement. He has been with Austin State since 1942 and was elected a vice president in the commercial department in 1952. Succeeding Mr. Lageson is Melvin B. Siegfreid, installment loan depart ment manager. New Building in Bagley O. H. Bondhus, president, Freeborn The proposed new 50 by 80-foot National Bank, Albert Lea, announced First National Bank of Braham, the promotion last month of T. Don Minn., will be the first building in the ald Cashin to cashier and the appoint Northwest to use electric heat. Oscar A. Olson, Sr., chairman of the ment of Morris C. Anderson of Austin to assistant cashier and manager, board, has reported that the all-new Timepay Department. building should be completed about Mr. Cashin has been assistant cash May 1. With an eye on current prob https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $ 2 5 ,0 0 0 Increase A common capital stock increase from $25,000 to $50,000, via a stock dividend, has been effected at the First National Bank of Coleraine, Minn. Coon Rapids Application An application for a bank at Coon Rapids, Minn., was filed recently and incorporators are Thomas Forsberg, Irving A. Nelson, W. O. Olson, Charles E. Peterson and W. F. Spurrier. If approved, the bank will be the First State Bank of Coon Rapids and will have a capital structure of $150,000. Joins Dodge Center Staff H. W. Gooch, cashier of First Amer ican National Bank, Duluth, discussed “ Selection, Education and Retention of Bank Personnel” at a dinner meet ing of the Lake Superior conference of the National Association of Bank Auditors and Comptrollers recently in Duluth. N orth w estern B a n ker, D ecem ber, 1959 58 W ILLIS F. Shaw and Henry G. Egan, Jr., have been elected trust officers and assistant secretaries of the Northwestern National Bank of Minneapolis, John A. Moorhead, presi dent, announced recently. Mr. Shaw has been with the bank since 1940; Mr. Egan since 1948. * * * First Southdale National Bank marked its third anniversary recently with announcement by Donald W. Judkins, president, that the bank has had a growth of $1,400,000 in deposits from a year ago. Deposits currently total $4,370,000 and loans and dis counts, $2,314,000. * * Donald C. Dayton, president and general manager of Dayton’s, has been elected a director of the Northern Pacific railroad. Mr. Dayton is a di rector of the Northwestern National Bank of Minneapolis and Northwest Bancorporation. * * * Richard C. Lilly, retired board chair man of the First National Bank of St. Paul, died recently at the age of 74. Mr. Lilly started his banking career as a 16-year-old messenger for the former Merchants National Bank of St. Paul. He was president of the bank from 1918 to 1929, when it was consolidated with First National un der his direction. He retired as chairman of First Na tional’s board in 1954, ending 54 years in the banking business. Mr. Lilly was a leader in many St. Paul civic and philanthropic activities and had been a director of the First Bank Stock Corporation and of other top flight business enterprises. Surviving are two sons, Dr. John C. Lilly, associate professor in the Uni versity of Pennsyvania’s medical re search department, and David M. Lilly, St. Paul, president and general manager of Toro Manufacturing Com pany, Minneapolis. >i= * * R. J. Berke, vice president, Richfield Narthwestern Banker, December, 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis State Bank, spoke recently at the annual dinner of the 4-Town Farm Bureau unit in Maple Plain, Minn. * * * Carl Bratnober, president, Central Warehouse C o m p a n y , has been elected to the board of directors of the First Security State Bank of St. Paul. * * * Fred Haw, First National Bank of Minneapolis, has been elected treas urer of the Twin City Security Trad ers Association. * * * Leonard F. Ramberg, Northwestern National Bank of Minneapolis, has been elected first vice president of the Kiwanis Club of Minneapolis. * * * Santo Speranza, 74, president of the Produce Exchange Bank of St. Paul, died recently. A St. Paul resident 61 years, he had been honored recent ly for his 50 years in the Minnesota Bankers Association. * * * Roger G. Kennedy has been elected assistant vice president, Northwestern National Bank of St. Paul. He will be associated with the bank’s business development department. AV»ff M e m b e r ARNULF UELAND, center, chairman of the board, and Nellie Bensend, left, as sistant cashier of Midland National Bank, congratulated Edward H. Norblom, chair man of the board of Landers-NorblomChristenson Company, on his membership into Midland’s Quarter-Century Club. Mr. Norblom has been a director of the bank for 25 years. Directors of First Bank Stock Cor poration recently declared a quarterly dividend of 45 cents per share on capital stock, and an extra dividend of 12% cents per share, payable Decem ber 7 to stockholders of record No vember 13. Joseph H. Colman, president, said consolidated net operating earnings for the first nine months of the year were $10,519,622. Net income for the first nine months this year was $8,754,954. * * * George R. Steiner, Wayzata, presi dent of American Linen Supply Com pany, has been elected a director of First Produce State Bank of Minne apolis. * * * King Bennethum, First National Bank of Minneapolis, and W. O. John son, Northwestern National Bank of Minneapolis, have been named vice chairman and treasurer, respectively, of the Minneapolis Thrift Committee, which will plan observance of Thrift Week January 17-23. * * * Arthur P. Burris, president and gen eral manager, Electric Machinery Manufacturing Company, has been named to the advisory committee of the St. Anthony Falls office, First National Bank of Minneapolis, an nounces Gordon Murray, bank presi dent. * * * Theses written by three Minneapo lis bankers have been accepted for the permanent library of the Graduate School of Banking conducted by the American Bankers Association. The bankers are Leonard P. Gisvold, vice president, Northwestern National Bank of Minneapolis, who wrote on “ The Country or Rural Bank as an Investment”; Edward W. Asplin, as sistant vice president, Northwestern National Bank, “Management Inven tory and Development for Multi-Unit Banking Systems,” and Albert H. Heimbach, Farmers & Mechanics Sav ings Bank, “The Importance of Ade- FROM WALLY BOSS . ELMER VOLKENANT DON BUCKMAN . DON SMITH • HENRY SNYDER . DAVE SHERN RON HOHMAN . JOHN MULLEN • JOHN WOOLDRIDGE • PH ILIP H. NASON • EDWARD C. BROWN AND ALL YOUR OTHER FRIENDS AT THE https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 60 Modernism in Minneapolis TOUCH of contemporary culture was added to Downtown Minne apolis when Northwestern National Bank of Minneapolis completed the entrance to its new drive-in parking lot last month. The 55-car lot, on Sixth Street be tween Second Avenue South and Mar quette, sports the latest in architectur al design—two huge concrete shells looking like a square umbrella blown inside out. The structure, called a hyperbolic paraboloid, was first used in Minne apolis to form the roof of the Minne apolis Art School addition. North western’s entrance marks the first commercial use of the paraboloid in Minneapolis. Each 10-ton umbrella, made of light weight three-inch reinforced concrete 20 feet square, is angled on top of a 10-foot concrete column to form a partial canopy over the sidewalk. The problem of the Minneapolis weather is solved by electricallyheated drains in the center of the columns which drain water and snow from the inside of the shells. Shrubbery along a concrete grill block screen wall further enhance each side of the combination entrance and exit. Customers may also enter and exit from the Bank’s drive-in between Sixth and Seventh on Mar quette. quate Communications in Employee Relations.” * * * Attractive Christmas decorations in St. Paul’s downtown area are being provided this month for the third consecutive year through Downtown St. Paul, Inc., with T. AAT. Simon, Am erican National Bank, as chairman of the soliciting committee. Mr. Simon said about $18,000 was raised among downtown firms and professional peo ple to pay for the decorations. * * * Directors of Northwest Bancorporation were told at their regular month ly meeting in St. Paul recently that St. Paul is experiencing a wave of industrial and residential construc tion. William Blake, president, North western National Bank of St. Paul, a Banco affiliate, said building starts are considerably ahead of the same period last year. He also reported that retail sales in recent months are ahead of those in Minneapolis, and that employment is up, except for strikes. New industries are coming into the St. Paul metropolitan area, creating more jobs, he pointed out. He predicted a population growth of 20 to 25 per cent in the area in the next 10 years. Banco and its affiliated banks and companies had consolidated net earn ings of $10,278,885 for the first nine months of 1959, compared with $9,166,881 for the same period last year. Directors declared a preferred stock dividend of $1.12% per share and a common stock dividend of 27% cents per share payable December 1 to stockholders of record November 10. * * * Carl R. Pohlad, president, Marquette National Bank, is one of five Min neapolis businessmen who recently announced plans for a $200 million industrial park seven miles west of Minneapolis. The five, who are directors of the development corporation, said plans call for a million square feet of ware housing, several hundred acres of manufacturing plants for light and medium industry, a 160-acre shopping center, luxury shops, playground, heli copter landing pad and a large termi nal for Minneapolis trucking com panies. Associated with Mr. Pohlad in the projects are H. P. Skoglund, presi dent, North American Life & Casualty A N o r t h w e s t e r n B a n ke r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Company; A. AV. Schroeder, president, Minneapolis & St. Louis Railway Com pany; AAT. R. Stephens, board chair man, Stephens Buick Company of Minneapolis, and Curtis L. Carlson, president, Gold Bond Stamp Com pany. * * * AVilliam R. Chapman, president, Midland National Bank of Minneapo lis, was one of the principal speakers at the 1959 Accounting and Tax In stitute last month at the University of Nebraska in Lincoln. He was the banquet speaker and his title was “The Accountant and the Banker Walk the Tightrope Together.” * * The new First Bancstock Small Business Investment Company has been granted license to operate under the Small Business Investment Com pany Act of 1958, it was announced last month by Joseph H. Colman, chairman of the board. The company paid in capital of $300,000, wholly subscribed by First Bank Stock Corporation. Its office is at 918 First National-Soo Line build ing. Frank H. Delaney, former St. Paul banker, is president and executive officer. Primary purpose of the company is to make long-term capital available to small concerns for sound financing of operations and for growth, expansion and modernization. New officers in addition to Mr. Col man and Delaney are: Donald AA7. AA7estbee, vice president L. L. Smith, treasurer; and E. C. Brown, Jr., secretary. Directors are the officers and E. P. Frizelle, Butte, Mont., M. J. Colton, Sioux Falls, S. D.; Charles AA7. Britts, Virginia, Minn.; and Harry M. Grant, Mankato, Minn. "A p p r e c ia tio n 99 ELMER HILLNER, chapter chairman of the Hennepin County “ March of Dimes” presents LeRoy Berg,' manager of the Lake Street office of the Northwestern National Bank of Minneapolis a “ Certificate of Ap preciation” for the work the bank did in the 1959 March of Dimes campaign. 'l V ^ A <" V * 61 ONLYBURROUGHS CORPORATION OFFERS YOU THIS PRODUCTIVITY FOR TODAY Burroughs B 251 Visible Record Computer Burroughs guaranteed trade-in allowance Burroughs economical lease plan Burroughs 220 Electronic Computer « H H » Wmm PLUS THIS PROTECTION AND DIRECTION FOR FUTURE NEEDS PRODUCTIVITY. When you go the Burroughs way, you select the best possible solution for your immediate data processing problems from Burroughs complete line. You enjoy the un matched benefits offered by machines such as: your Burroughs Trade-In Guarantee that when the time comes to change or expand, you can do it at your own pace, within a predetermined price range. Or, avoid capital investment entirely today with Burroughs economical lease plan. Burroughs F-4232 Electronic Bookkeeping Ma chine that automates account posting from form alignment and electronic account verification to new-balance printing and form ejection. DIRECTION. You’re assured, too, that Burroughs Corporation has the most advanced and complete line of equipment and services available to pave your way to more and better automation. Ex amples: The proved Burroughs 220 Tape Record Computer System, the new Burroughs B 251 Visible Record Computer System. For details, call our nearby branch. Or write Burroughs Corporation, Burroughs Division, Detroit 32, Michigan. Burroughs— TM Burroughs Automatic Reader, with the F-4232 for automatic trial balance and balance transfer. The new Burroughs F-5212, first fully automatic accounting machine with dual printing. PROTECTION. All the while you’re assured by B u r r o u g h s C o r p o r a t io n N EW DIMENSIONS / in electronics and data processing systems’’ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, December, 1959 62 M in n eso ta News Open House at Waubun FFICERS and staff members of O the Farmers State Bank, Waubun, were hosts recently to a large a director of the Davidson Publishing Company, Duluth. turnout of persons who visited the Joins Eveleth Staff bank during an open house celebrat Karl O. Sharp, formerly with the ing recent completion of extensive State Bank of Virginia and the First remodeling and expansion of bank American National Bank of Duluth, facilities. has been elected assistant cashier at Lucky guests won $175 in Savings the First National Bank of Eveleth. Bonds and coffee and doughnuts were served. Gibbon Remodeling S. J. Schafer, president, said expan The State Bank of Gibbon recently sion work included addition of a 10 by bricked in several large upstairs win 30 foot section of cement block and dows and installed new, modern com brick construction to the south side of bination type windows. This remodel the original structure. The portion ing included the installation of a new below a metal canopy has a combina sign in front of the bank. tion of cream colored brick and tur quoise bakelite paneling, while the portion above the canopy is of stained In New Building The State Bank of Kimball is now wood. doing business in its beautiful new The remodeling included the closing of all window openings on the north banking quarters. The move was side of the bank and putting in a 12 made in October. by 12 foot area of glass block to pro vide additional lighting inside. The Honored on 40th Year Clayton Jones, president of the window frames and door frames at the front of the building are of metal. Lake Crystal National Bank, was hon ored at a dinner party recently at the Century Club in North Mankato. The Ely Banker Is Director occasion was his 40th anniversary in George T. Somero, president, First Lake Crystal banking. National Bank of Ely, has been elected Mrs. Ralph Selland, daughter of the Joneses, presented her parents a cor sage and boutonniere. Ira J. Addleman, cashier, reviewed Mr. Jones’ banking career and John R. Thomas, director, presented him a 20-gauge automatic shotgun. Glencoe Open House The First National Bank of Glencoe recently celebrated its 78th anniver sary with an open house to which the public was invited. Vice President R. B. Bacon issued a special invitation. The turnout was better than ex pected at this, the oldest bank in McLeod County. “ Scotch Checking” Richard Peavey, president, Security National Bank and Trust Company, Faribault, has announced that the bank has installed a new no-minimum balance checking s e r v i c e called “ Scotch Checking.” The entire pro gram carries the Scottish theme and the initial promotion of the service at the bank was accompanied by a booth, a Scottish lassie in proper attire and other bank officers and employees in appropriate attire. MORE MINNESOTA NEWS ON PAGE 65 DIRECTORS CLIFFORD L. ADAMS President MARK CORD Realtor-F armer CHARLES DUCHEN Vice President Younkers, Inc. Manager Sioux City Store STANLEY W. EVANS First Vice President CARL L. FREDRICKSEN Chairman of the Board GEORGE A. NEAL Chairman of the Board, Iowa Public Service Co. DAVID A. NOBLE Iowa Stock Pig Company Live Stock Feeder RAY A. RODEEN President Sioux City Stock Yards Co. President Sioux City Ter minal Railway President Sioux Falls Stock Yards Co. BYRON L. SIFFORD Counsel Sifford & Wadden, Attor neys MILTON TAPPAN President Johnson Biscuit Company President LeMars Mutual Insurance Company OFFICERS CARL L. FREDRICKSEN Chairman of the Board CLIFFORD L. ADAMS President STANLEY W. EVANS First Vice President WILLIAM C. SCHENK Vice President JOHN S, HAVER Asst. Vice President and Cashier KINLEY W. SMITH Asst. Cashier BEN E. HOLTDORF Asst. Cashier EDWARD L. NEWELL Asst. Cashier MALCOLM H. ERICKSON Asst. Cashier JAMES J. McGILL Asst. Cashier R. K. DRAPER Representative The Live Stock National Bank Sioux City, Iowa MEMBER FEDERAL DEPOSIT Northwestern Banker, December, 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis INSURANCE CORPORATION 63 Surplus Increased Surplus of the Lyman County Bank, Kennebec, has been increased recent ly from $15,000 to $25,000, according to C. W. Tomhave, president. At the same time it was announced that Gordon Garnos, formerly of Presho, S. D., has entered the two-year on-the-job training program offered by the bank. South D akota NEW S A. BOYD KNOX President CARL E. BAHMEIER, JR. Secretary Salem Huron New Group Officers Elected HREE outstanding speakers made the five South Dakota Group meet ings events to be remembered last month. The meetings got under way No vember 9 with Group V at the Shera ton Johnson Hotel in Rapid City. On November 10, Group IV held its meet ing at the Brown Hotel in Mobridge. Group III met November 11 at the Marvin Hughitt Hotel in Huron, Group I at the Sheraton Cataract Hotel in Sioux Falls November 12, and Group II at the Flamingo Club in Watertown, November 13. T S. F. DI CARA C. W . G R O TH Each of the events opened at 4:30 p.m. with remarks by S.D.B.A. Presi dent Boyd Knox of Salem. Sam F. Di Cara, director, organiza tion division of NABAC of Chicago headed the speaking program with a discussion of “ NABAC, Past, Pres ent and Future.” He was followed by C. W. “ Dutch” Groth, vice presi dent and cashier of the Federal Re serve Bank of Minneapolis, who spoke on “ Emergency Preparedness Plan ning.” The afternoon sessions closed with remarks by Carl E. Bahmeier, Jr., executive secretary of the Association, and the election of officers. A full re port of officers elected will be carried in the January N orthwestern B anker . Van Harris, New York comedian, highlighted the traditional evening banquet program. Mrs. Robert Gilbertson Officers elected in the various groups are as follows: Group I—President, Chester Lokken, vice president Sioux Valley Bank, Sioux Falls. Vice president, James Kopperud, vice president, Community Bank, Lake Preston. Secretary-Treas urer, Herman Lerdal, cashier, Dakota State Bank, Baltic. Group II—President, Larry Karbo, vice president, First Citizens National Bank, Watertown. Vice President, Curtis Price, cashier, Citizens State Bank, Clark. Secretary-Treasurer, M. O. Lindell, vice president and cashier, Bank of Veblen. Group III — President, Kenneth Klatt, president, Dakota State Bank, Tripp. Vice President, Robert Knapp, cashier, Commercial Trust & Savings Bank, Mitchell. Secretary-Treasurer, Donald Dwight, cashier, Springfield State Bank; Executive councilman to succeed Robert Frei of Wagner, Wil lard Lynch, executive vice president, Farmers State Bank, Winner. George Toft, vice president, Commercial Trust & Savings Bank, Mitchell, was re-elected an executive councilman. Group IV—President, John Riedlinger, assistant cashier, Campbell County Bank, IJerreid. Vice Presi dent, A. N. Jonson, president, First State Bank, Roscoe. Secretary-Treas urer, Art J. Peterson, vice president, Citizens Bank of Mobridge. Group V—President, Ed Keating, cashier, Western National Bank, Rapid City. Vice President, T. M. Drew, cashier, Okaton State Bank. Secretary-Treasurer, Wallace Furze, vice president and assistant manager, First National Bank of the Black Hills, Lead. Executive Councilman, succeeding Ralph Mattson of Hot Springs, Richard Berry, vice presi dent, First National Bank of Black Hills, Rapid City. Mrs. Robert Gilbertson, assistant cashier at the Oldham State Bank, died recently after a short illness. Mrs. Gilbertson had been employed by the bank for 16 years. To Federal Reserve Post Harold N. Thomson, vice president, Farmers and Me r c hant s Bank at Presho, S. D., has been re-elected to the board of the Federal Reserve Bank of Minneapolis for a three-year term. He has served on the board since 1951. Painting “ L a r g e stM u r a l Work is now under way in the Rapid City National Bank on the largest oil mural in South Dakota. Enlargement of the bank quarters is nearly completed and one of the features is an 80-foot long mural, about 14 feet high. Bernard Thomas, Sheridan, Wyo., artist was commis sioned to do the mural. When com pleted the mural will depict history of the region including atmosphere of the present. The work is expected to take about three months. Huron Expansion Razing of one of Huron’s old land marks, the Daum Building, got under way recently to make room for a new building for the Farmers and Mer chants Bank. William M. Griffith, president, said plans for the new building are not complete but that it will either be a bank-office building combination or only a bank building. Work on the structure is to start early next spring. New Vault Installed A new vault has been installed at the First National Bank in Armour, completing that bank’s remodeling program. THE NATIONAL BANK OF SOUTH DAKOTA ! Huron Sioux Falls 9th at Phillips ♦ Minnesota at 33rd M em ber of Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Vermillion Affiliated unth F IR ST B A N K STO CK CO RPORATION Northwestern Banker, December, 1959 64 M in n eso ta N ews S iou x F u lls II u to rto ion A fidi ti ou HESTER I. LOKKEN, vice presi C dent of the Sioux Valley Bank, is new president of Group I, South Dakota Bankers Association. He suc ceeds A. Li. Mikkelson, Wakonda. Succeeding Lokken as vice presi dent is James Kopperud, vice presi dent of the Community State Bank of Lake Preston. During the past year Kopperud had served the group as secretary-treasurer. The newcomer to the latter post is Herman Lerdal, cashier of the Dakota State Bank of Baltic. The new officers were elected at the annual meeting of the group, which drew about 100 hankers from points in southeastern South Dakota. The meeting was held at the Sheraton-Cataract Hotel. * * * Tom S. Harkison, president of the National Bank of South Dakota, an nounced that new First Bank Stock Small Business Investment Co. has been granted its license to operate under the Small Business Adminis tration Act of 1958. The company has a capital of $300,000 which has been wholly sub scribed by First Bank Stock Corp., with which the National Bank of South Dakota is affiliated. M. J. Colton, Sioux Falls, is among members elected to the board of di rectors. * * * The seventh annual Sioux Empire Farm Show will be held January 25-30 at the Sioux Falls Coliseum. Two bank officers are division chair men. They are Orville L. Bonacker, cashier of the First National Bank, who is finance chairman, and Stan ley D. Morrill, assistant cashier of the National Bank of South Dakota, who heads the livestock committee. * * * Frank J. Cinkle, vice president of the National Bank of South Dakota, is chairman of budget and finance for the 1960 National Soil Conservation Field Days and plowing matches. The two-day event will take place next fall at some location between Sioux Falls and Dell Rapids. * * * Sioux Falls bankers who were in Miami Beach, Fla., for the convention of the American Bankers’ Assn, were Carl E. \7oigt, president; Curtis A. Lovre, vice president, and J. V. Lowe, director, Northwest Security National Bank; Tom S. Harkison, president, and Lloyd Johnson, vice president and manager, South Branch, National Bank of South Dakota, and Frank Duffy, vice president and cashier, Union Savings Bank. Northwestern Banker, December, 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PLANNED ADDITION to the First Citi zens National Bank at Watertown is shown here. The addition will provide modern drive-in facilities, enlarged floor space and extensive exterior and interior changes. John V. Krastins, cashier of the Northwest Security National Bank, attended a teller and supervisory per sonnel training school at the Chase Manhattan National Bank of New York. * * * Curtis A. Lovre, vice president, Northwest Security National Bank, Sioux Falls, has been appointed by the American Bankers Association as South Dakota State chairman for the celebration of the centennial of the national banking system in 1963. * * * Carl E. Voigt, president of the Northwest Security National Bank, will head a staff of 150 volunteer workers preparing for a Dinner-WithIke celebration January 27 in Sioux Falls. The Sioux Falls dinner is one of 70 scheduled throughout the nation on that date to pay tribute to Presi dent Dwight D. Eisenhower. Voigt will be in charge of the eastern half of South Dakota as executive chair man of the dinner. Plan Mitchell Expansion The Commercial Trust and Savings Bank, Mitchell, has purchased addi tional property to make room for pos sible expansion. The property is lo cated at Third and Lawler Streets. R. H. Ki bbee, Jr., pr es i dent , an n o u n c e d the pur c ha s e pr i c e as $ 100, 000. The purchase included the K&K building and a parking lot. Mr. Kib bee said plans for utilization of the 200 foot wide by 142 foot long area are indefinite. Although a new bank home is planned, it has not been de cided whether the present building should be remodeled or a new build ing constructed. Branch Approved; Bank Charter Denied The North Dakota Banking Com mission has approved application by the Campbell County Bank of Her- reid to operate a branch office at Pol lock. At the same time, the Commis sion denied another application for a new charter for a bank to be organ ized under the title of the Pollock State Bank. The Commission also announced that approval had been given for the capital of the Belvidere State Bank at Belvidere to be increased from $50,000 to $75,000, and for the First State Bank of Bridgewater to increase its common capital from $30,000 to $50,000. v New Mohridge Directors William L. Lamont, Aberdeen, and Art J. Peterson, Mobridge, w e r e elected to t h e board of directors of the Citizens Bank of Mo bridge recently. Mr. Peterson also was named vice president. Mr. Pe t e r s o n f o r m e r l y was A. J. P E T E R S O N cashier of the Deuel County National Bank of Clear Lake, S. D., and was employed briefly at the Farmers & Merchants Bank, Aberdeen, prior to moving to Mo bridge. ^ r -r - Wakonda Bank to Build Plans have been announced for the construction of a new building for the Wakonda Security Bank at Wakonda. The new building will be located on two 25-foot lots, located across the street from the present bank building. Its dimensions will be 42 by 46 feet, according to E. A. Eystad, presi dent. * >- 24th Farm Award For the 24th year, the South Da kota Bankers Association has been recognized for exceptional service to the state’s farmers by the Agriculture Commission of the American Bankers Association. The annual Agricultural Award is presented for notable service to agriculture. r ^ Joins Groton Branch Darrel W. Krause has joined the Groton Branch of the First National Bank of Aberdeen as head teller, transferring from the Aberdeen of fice. MORE S. D AK O TA NEWS ON PAGE 65 * X o ri li D akota NEW S ALF GARN AAS P resid en t Sheyenne C. C. W ATTAM S ecretary Fargo Joins Velva Bank Richard Lysne has been named as sistant cashier of the Peoples State Bank at Velva. He is a May, 1959, graduate of the North Dakota State Teachers College at Minot. Rolette Open House Open house was held last month at the Rolette State Bank in observance of the opening of a new building. Savings bonds were given as door prizes and coffee and doughnuts were served throughout the afternoon. The 38 by 60 foot building features year-around air conditioning, an inter communications telephone system and all modern fixtures. to 1936 he was associated with the Federal Land Bank at St. Paul, then was appointed cashier at the Lakota State Bank. In 1946 he was named president. NABAC Meeting The Red River Valley Conference of NABAC met recently at the Ryan Hotel in Grand Forks. Paul Mikelson, cashier at the First National Bank in Grand Forks, was program chairman. Conducts Trust Forums Three trust and estate forums, open to the public, are being sponsored by the Merchants National Bank & Trust Company of Fargo. Dates for the forums are November 17, December 1 and December 8, all at the Town Rolla President Resigns Hall of the Gardner Hotel in Fargo, F. Addison Foley has resigned as according to A. O. McLellan, presi president and director of the First dent. Bank of Rolla. J. Martin Kyle was elected director to succeed Mr. Foley. Joins Williston Bank A new president will be elected at the Harold D. Covlin, formerly assistant annual meeting in January. cashier of Midland National Bank of Mr. Foley was connected with the Minneapolis, has been appointed as First Bank and its predecessors for sistant vice president of First Nation 56 years—46 years as its managing al Bank of Williston. He was a com officer or president. He served 51 mercial loaning officer with Midland years as a director. National. The retiring banker now lives at Redondo Beach, Calif., and usually MORE S. DAK O TA NEWS spends a few weeks each summer in Rolla. Bond Sales Increase Regent Bank Sold Walter Olson, president, First Na tional Bank, Cokato, Minn., and Neil Johnson, cashier, Farmers State Bank, Darwin, Minn., have purchased con trolling interest in the First State Bank of Regent, located in the south west corner of North Dakota. Mr. Olson and Mr. Johnson will both serve on the board of directors of the bank and as vice presidents, but neither will move to Regent. Severt B. Bagne Severt B. Bagne, president, State Bank of Lakota, died last month at his home in Lakota. He was 66. Mr. Bagne held banking positions at Guthrie, Drake and Maddock before moving to Lakota in 1930. From 1930 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Savings bond sales in South Dakota amounted to $2,672,801 during Octo ber. This was a 43.6 per cent increase over September and about 1 per cent greater than October of last year. Bond sales at the end of Octoberhad reached 86 per cent of the $30,000,000 goal set for the year. Deposits, Loans Increase Gorden H. Maxam, Superintendent of Banks of the State of South Da kota, makes the following report in connection with South Dakota state banks as a result of the call for re port of condition as of the close of business on October 6, 1959: Total deposits have increased $14,145,396.30 over Sepember 24, 1958 and are only $2,568,488.13 below an all time high established as of December 31, 1958 of $353,011,550.26. Regular loans have increased $21,517,956.89 over September 24, 1958 and $18,591,428.56 over December 31, 1958. However loan volume is only 32.40 per cent of total assets and 32.94 per cent of total assets including CCC loans. Demand deposits are down $1,286,987.96 compared with the September 24, 1958 call and $8,422,033.57 under December 31, 1958, but time deposits are $14,489,438.79 above September 24, 1958 and $9,163,239.93 above De cember 31, 1958. United States government obliga tions held by banks are approxi mately the same as held as of Decem ber 31, 1958, but are $10,761,241.52 above September 24, 1958. Charles Pendo Charles Pendo, Lead and Rapid City banker, died unexpectedly recently in Rapid City. Mr. Pendo served as president of the Miners and Merchants Bank of Lead for 25 years before leaving Lead in 1953 for a banking position in Port Orchard, Wash. He returned to the Black Hills to take a position as as sistant cashier with the First Na tional Bank of the Black Hills two years ago. M. B. Smemoe M. B. Smemoe, former president, Dakota State Bank at Baltic, died re cently. He was president of the bank for nearly 30 years. He was 81. MORE MINNESOTA NEWS Joins Biwabik Staff Robert E. Nisen, a graduate of Du luth Branch, University of Minnesota, has been named assistant cashier at the Biwabik State Bank. ABA Regional Vice President G. A. Redding, president of the Windom State Bank, has been appointed regional vice president of the Ameri can Bankers Association, it has been announced by John W. Remington, newly elected president of the asso ciation and president of the Lincoln Rochester Trust Company, Rochester, New York. Moving in This Month A fine Christmas present for officers and employees of the newly con structed Prior Lake State Bank will be the move into their modern bank ing home. Work had been held up five weeks because of a brick strike N o r t h w e s t e r n B a n k e r, December, ?959 66 Sou th D akota N ews and the bank was not completed in the fall as planned. Waino Jarvinen Waino Jarvinen, 59, president, Menahga State Bank, Menahga, was killed in a hunting accident last month near Itasca State Park area. Mr. Jarvinen was unloading his gun on one side of their car while a hunt ing companion was unloading his gun on the other side. The companion’s gun discharged and the bullet passed through the car windows to hit the victim in the chest. Changes at Morris, Lowry E. L. Larson has been promoted from assistant cashier to cashier of the Citizens Bank of Morris, succeed ing C. E. Mork, who resigned recently to become president of the Lowry State Bank at Lowry. John O ’Rourke John O’Rourke, 56, president of the State Bank of Mound, died recently after a brief illness. Mr. O’Rourke, who became presi dent of the Mound bank in February, 1957, had owned banks in Livingston and Glendive, Mont., and at Kenyon, Minn. Rosary services were held at Mound and at Dubuque, Iowa, where he was buried. Survivors include his wife, Doris; one son, Donald M., Cherry Valley, 111.; two daughters, Mrs. Virginia Mor ris, Ann Arbor, Mich., and Nancy O’Rourke, Lake Minnetonka; five sis ters, Dorothy O’Rourke, Mrs. Eleanor Fifield, and Mrs. C. J. Schrup, all of Dubuque, Mrs. John Morgan, Hins dale, 111., and Mrs. Carl R. Pohlad, Edina, and two brothers, Tom, Wil mette, 111., and Robert, Dubuque. missioner, a new building will be erected in the Oakdale shopping cen ter just south of town. The new structure would include drive-in banking convenience and will be known as the Oakdale State Bank. Retires, Tours Europe Dodge Center Name Change Mary Roggeman has resigned as as sistant cashier at the First National Bank of Marshall after 33 continuous years at the bank. She left recently for a tour of Europe and plans to re turn to the United States after the first of the year. What was called “The Dodge Center State Bank” the past so many years is now the “ Northwestern State Bank of Dodge Center.” Lyle F. McCormick, president, says the new name better identifies the bank and the area it serves Wants to Move Bank, Meriden to Owatonna Heads Rochester Chamber Stockholders of the First State Bank of Meriden voted last month to move the bank and its facilities to Owatonna. Bank president W. P. Jones stated that if permission for the move is granted by the Minnesota Bank Com Ç jtU C Ë L ÿ ô f c r Increase at Owatonna Comomn capital stock of the First National Bank of Owatonna has been increased $150,000—from $100,000 to $250,000—by a stock dividend. At $100 par value, 2,500 shares are outstand ing. Ray L. Roberts, vice president, First National Bank, Rochester, was elected president-elect of the Rochester Cham ber of Commerce recently. MORE MINNESOTA NEWS ON PAGE 7 0 tÁ jt ÒK W E, TO O , W O R K A R O U N D T H E C L O C K Maybe we can’t compete with Santa for speed, but we believe our 24-hour service to our correspondents is unsurpassed. In 1960, as in past years, w e’ll endeavor to merit your correspondent business on the basis of efficiency, understanding and SPEED. Try us if you are not already enjoying Central’s Correspondent Service. Ce ntral Park . . . 15th & A r a p a h o e . . . Denver 17, Colo. MEMBER: FEDERAL DEPOSIT INSURANCE CORPORATION • FEDERAL RESERVE SYSTEM N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 67 New Helena Director M ontana NEW S C . M . JO N E S R. C . W A L L A C E P resid en t S ecreta ry M iles C it y H elena Schedule Consumer Credit Clinics ONTINUED interest and increas ing volume of consumer credit C has prompted the scheduling of an zerland, Mr. Brutsch has been associ ated with Montana banks since 1914. Two other employees of the bank, Arthur O. Swanson and Percy Doty, have announced their retirement. other series of customer credit clinics this year in Montana. Following is the schedule: December 7 and 8, Havre; December Honor Charles H. Bell 9 and 10, Helena, and December 11 Charles H. Bell, vice president, and 12, Miles City. First National Bank in Bozeman, has H. W. Daniels, vice president, Mid been elected president of the Boze land National Bank, Billings, will man Chamber of Commerce. open the two-day sessions with a dis cussion of the “ Responsibilities of Move to New Building Bank operations of the Commerce Installment Lending to the Bank.” The “ Retail Installment Sales Act” Bank & Trust Company, Helena, have will be discussed by R. C. Runke, vice been moved to the firm’s new building president, Western Montana National at the intersection of Fuller and Bank, Missoula, and R. L. Samson, North Lfist Chance Gulch, according vice president, Union Bank & Trust to R. C. Timmerman president. An open house and public inspection of Co., Helena. In the first afternoon session, H. J. the new quarters was planned for Goff, assistant vice president, Great early last month. Falls National Bank, will talk on “Wholesale Floor Blanning—Rates Elected Bank President George E. Waggoner, executive vice and Pitfalls” ; R. I. Zeep, assistant vice president, Security Trust & Savings president, has been elected president Bank, Billings, will discuss “Collec of the Bank of Glacier County at Cut tions” and Mr. Samson will return to Bank. Mr. Waggoner has been associ give some “ New Ideas in Installment ated with that bank since 1946, start ing as a bookkeeper and working his Lending.” Mr. Goff will open the first session way up through the various depart of the second day to discuss “Recent ments. He was appointed vice presi Federal Legislation Affecting Sales dent in 1957 and executive vice presi Financing by National Banks” and Mr. dent last January. John M. Davis was added to the Zepp will talk on “ Mobile Home staff as vice president. Financing.” During the closing session, Mr. Runke will discuss “Present Small Conducts Interest Survey The Uniform Practices Committee Loan Legislation and How it Affects Banks” and Mr. Daniels will give a of the Montana Bankers Association resume and preside during a general is conducting a survey of bank inter est rates among member banks. The discussion. information acquired will be formu lated and returned to member banks Honor O. M. Jorgenson in a statistical report, according to R. O. M. Jorgenson, chairman of the C. Wallace, Association secretary. board, Security Trust & Savings Bank, Billings, has been elected presi To Federal Reserve Board dent of the Billings Kiwanis Club. John E. Corette, president, Montana Walter Brutsch Farewell Walter Brutsch, trust officer, First National Bank & Trust Company, Helena, was honored by that bank recently with a farewell party follow ing announcement of his plans to move to California. A native of Swit https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Power Company, Butte, has been re elected to the board of the Federal Reserve Bank of Minnespolia for a 3-year term beginning January 1. He was named a Class “B” director repre senting commerce, industry and agri culture in the Ninth Federal Reserve District. Newell Gough, Jr., has been elected to the board of directors of the First National Bank & Trust Company, Helena, according to Fred Heinecke, president. Mr. Gough is a member of the firm of Weir, Gough, Booth and Burke, attorneys, whose office is in the First National Bank Building. It also has been announced that Fred Heinecke has been elected a di rector of the First National Bank of Glasgow. Jacobs Is Promoted C. Bernard Jacobs has been pro moted to vice president of Continental Illinois National Bank and Trust Company of Chi cago. Mr. Jacobs is well known a m o n g bankers and business men in M i n n e s o t a , M o n t a n a , and North and South Dakota, where he c. B. JACOBS has traveled ex tensively for the past several years. A native of Davenport, Iowa, Jacobs came to Chicago as a youth, joining the Continental organization in 1936 as a messenger boy. He worked up through the organization while at tending night school at Northwestern University, where he received a de gree in commerce in 1948. He is also a graduate of the University of Wis consin school of banking. Heads Consumer Credit J. O. Elmer was elected senior vice president in charge of American Trust Company’s consumer credit activities, it was announced last mo nt h by Harris C. Kirk, chairman of the board, following a meeting of the bank’s board of directors in San Francisco. Directors a l s o declared a 10 per cent stock divi J. O. EL M E R dend to be dis tributed January 15, 1960, to stock holders of record December 8, 1959. This will be in addition to the regu lar quarterly dividend of 40 cents a share to be paid December 10, 1959. In other action, American Trust announced the adoption of a new trust service for pooling the invest ment of funds set up by employees, unions, and other groups under pen sion and profit-sharing plans. N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 through a hallway formerly used to service the Las Animas Hardware and Prowers Court. Also, a new light weight metal door is being installed at the bank’s front entrance. C olorad o-W yom in g N ew s T . D. B R O W N , S te rlin g n C olorado Bankers A ssn . f . 1 * Installs Electronic Machine ; r 1 ÊÈËLV ■ J A C K D E V E R E A U X , N e w c a s tle W yom ing Bankers A ssn . JH JtÊ Ê Ê l^ Ê k B . m m tm Colorado National Adds Property HE Colorado National Bank in Denver has announced that it has T obtained options to purchase all the property owned by the May Depart ment Stores Company in the 1600 and 1700 blocks of Champa and Curtis Streets. These options together with the bank property and the E&C Building at 17th and Curtis, purchased by the bank earlier this year, give the bank control over the entire block bounded by 16th Street, 17th Street, Champa and Curtis Streets, with the exception of the Kress Building at 16th and Curtis. At the same time the bank disclosed that the architectural and planning firm of Victor Gruen and Associates of Los Angeles and Washington, D. C., has been engaged for nearly a year in a study of the physical location and facilities of the bank and the possible use of the May properties adjacent to the bank. Watson A. Bowes, Denver real es tate consultant, has been retained by the bank as advisor for the project development. According to Merriam B. Berger, president of the Colorado National, the option on the May property was obtained to permit the bank to pursue to an ultimate decision, findings and recommendations of p r e l i mi n a r y studies. Melvin J. Roberts, executive vice president, will assume responsi bility for carrying out the proposed development program with Bruce M. Rockwell, vice president, assisting. Capital Increased Capital stock of the Routt County National Bank of Steamboat Rock has been increased from $125,000 to $150,000 by a stock dividend. Plans Future Expansion The office and clinic building of the Hurliman Clinic in Canon City was sold recently to the First National Bank of Canon City. Byron Totten, executive vice president, said the pur chase was made to protect the locaNorthwestern B a n ke r. D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tion for future possible expansion. There are no immediate plans for building. Durango Open House Open house was held last month at the Burns National Bank, Durango, to show the public recently remodeled banking quarters, according to Don F. Delano, president. Wins Ag. Award The Colorado Bankers Association was honored recently for its outstand ing service to the state’s farmers, both through regular banking service and through special activities in the agricultural field, by the American Bankers Association. The National Association’s agricul tural commission notified the state association that it had been awarded the Commission’s annual Agricultural Award. Lakeside Grand Opening The Lakeside National Bank in the Lakeside Center, near Denver, held a grand opening of its new building re cently. Associated with the University Hills Bank and the First National Bank of Englewood, the Lakeside National opened in a temporary “centennial building” last June. Officers of the new bank, the first national bank to be chartered in the Denver area in 22 years, include Don Carney, president (who also is presi dent of the First National Bank of Englewood); Russell E. Wright, vice president and cashier, and Allan Longstreet, Jr., assistant cashier. New After-Hour Units After-hour depositories have been installed at the First National Bank of Hugo and at the First National Bank of Limon. Las Animas Remodels The bookkeeping department of the First National Bank of Las Animas is being enlarged and modernized. The room is being extended back The First National Bank of Fowler has installed a Burroughs Pre-Audit Plan for commercial bookkeeping. Visitors were invited to see the Bur roughs F-212 machine in operation. New Golden Director Kriss W. Barnes, vice president, has been elected a director of the First National Bank in Golden. He has been associated with the Golden bank for over five years. Heads Clearing House Assn. Henry D. Williams, vice president, Arkansas Valley Bank, Pueblo, has been elected president of the Arkan sas Valley Clearing House Associa tion. Other officers are Douglas W. Caldwell, vice president, First Nation al Bank of Pueblo, vice president; A. F. Esgar, president of the Wiley State Bank, secretary-treasurer. In New Building The Home Industrial Bank, Aurora, moved into its new $150,000 bank home. Ed Bronstine, president, who started the bank eight years ago, said a grand opening was planned for the near future. Future Building Planned Plans for a new First National Bank building in Loveland have been an nounced by Clare W. White, executive vice president. It will be constructed on nearly a quarter block of land recently pur chased by the bank. Actual construc tion is not scheduled to begin for another three to five years, but pre liminary drawings are being prepared now. The new structure will be com pletely modern with drive-in and walk-up facilities. Contract Awarded Contract for the construction of a new three-story building for the First National Bank at Fort Collins was awarded recently to the Wilkins Com pany of Boulder on a base bid of $462,723 plus site work amounting to $61,400. Elected Board Chairman Clifford Shervee of Farmington, N. M., has been elected chairman of the board at the Basin Industrial Bank in Cortez, replacing Sherman Mont gomery who has resigned, according 69 11141 I I M I A I i M A N U F A C T U R IN G , IN C . BALANCE S H E E T DECEMBER 31 ASSETS C a s h in b a n k s and on hand . . . . . $ 8 ,4 -4 6 A c c o u n t s re c e iv a b le ............................. 2 8 , 9 3 8 P re p a id e x p e n s e ......................................................... 3 ,6 1 4 $ 1 4 8 ,5 1 0 T o ta l c u rre n t a s s e ts r o d Mr. Loan Officer — whenever you see a financial statement on which the I n v e n t o r y “ wants to be a loan” — why not call in Lawrence. Lawrence System Warehouse Receipts enable you to convert inventories into prime collateral for secured loans ranging from $15,000 to $1,000,000 or more. LAW REN CE ON Ia w W A R E H O U S E REC EIPT S rence W ^ I aw rence^ B . . . IS L I K E C E R T I F I E D a f IEHO u s e Co ON CHECKS m pany N A T IO N W ID E FIEL D W A R E H O U S IN G C H IC A G O 2, ILLIN O IS 100 North LaSalle Street PORTLAND 4, OREGON Cascade Building SAN FRAN CISCO 37 Drumm Street DENVER 2, C O LO R A D O 818 17th Street Building ST. LOUIS 2, MISSOURI Boatmen's Bank Building SEATTLE 4, W ASHINGTON Exchange Building https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis II, C A L IF. SPOKANE 8, W ASHINGTON Empire State Building W ICH ITA 8, KANSAS 1714 North Vassar Avenue N o r t h w e s t e r n B a n ke r, D e c e m b e r , 1959 70 co Joe Fowler, executive vice presi dent. W y o m in g MSeauty Joins Farmington Bank T. R. Yowell, former executive vice president of the First National Bank of Cortez, has been named vice presi dent in the commercial loan depart ment of the First National Bank of Farmington. Join Denver Bank Staff George Traeber and Edward Fitz patrick have joined the staff of the Mountain States Bank, Denver. Mr. Traeber, for 16 years an accountant for Continental Air Lines and Con tinental Oil, fills the post of auditor. Mr. Fitzpatrick, chief clerk and as sistant auditor for 30 years with the Citizens National Bank in Evansville, Ind., is a new assistant cashier. Since 1956, Mr. Fitzpatrick was auditor for the National City Bank of Denver. W y o m i n g Capital Increased Capital stock of the American Na tional Bank of Cheyenne has been increased from $250,000 to $750,000 by a stock dividend. Bob Johnson, assistant vice president, Omaha National Bank, was the featured speaker at a meeting of the Big Horn Bankers Association recent ly at Cody. 25 Years of Service BEAUTY QUEEN— Runnerup to the Uni versity of Wyoming Homecoming queen was Celeste McMillan, right, who works summers at the First National Bank of Riverton, Wyo. Leon Harmon, president of the First National, is shown presenting a special bouquet to Miss McMillan. Mr. Vogel is associated with the bank and Mr. Mees operates a 40-unit motel in Cody. Gives $ 2 5 0 Scholarship The First National Bank of Laramie has awarded a $250 scholarship to a Hanna, Wyo., college freshman, Ter rence Dahlke. He will major in statis tics at the University of Wyoming. The award was presented by C. D. Williamson, chairman of the board. In New Building The First National Bank at Thermopolis began operations in its new building recently. The opening date for a new drive-in window is to be announced. Speaks to Stockmen Clarence Gardner Clarence Gardner, 84, president of the Star Valley State Bank, Afton, died recently after a brief illness. Banks Supplying Most F.H.A. Loans in State Wyoming banks have supplied most of $1,255,189 used to make Farmers Home Administration-insured loans to the state’s farmers and ranchers in the past fiscal year, according to R. H. Christensen, state F.H.A. director. Thirteen banks are lending through the program. New Cody Directors Wayne Messenger, president, First State Bank, Cody, has announced the election of J. H. Vogel, Jr., and Hollis Mees as directors, replacing Jack Mc Call and Warren Cowgill who have resigned. N o r t h w e s t e r n B a n ke r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ^ Big Horn Bankers Meet Leaves Temporary Home The First State Bank of West minster, near Denver, moved recently from its temporary quarters into its new building next door. An open house at the $150,000 building was held in November. The bank opened for business last May and now has assets over $2 mil lion and more than 3,000 customers, according to Ivan Woodring, presi dent. of next year and the Cheyenne Na tional plans to be in operation next door in the Hynds building well ahead of that time. The Cheyenne National received its initial charter approval July 3 of this year. Emmett J. Dignan, vice president, Denver United State National Bank, was the featured speaker, at two regional meetings of the Wyoming Stock Growers Association held in Newcastle and Torrington. New Cheyenne Bank Plans Early 1960 Opening The new Cheyenne National Bank is to start operations in early 1960 in the Hynds building in Cheyenne, according to A. H. Trautwein, presi dent. In announcing formation of the new bank several months ago, it was stated that the Cheyenne National would take over quarters now occu pied by the American National Bank. The latter bank is constructing new quarters at 20th and Capital Avenue. The new American building will not be completed until the latter part Marion Thompson, assistant cash ier, Sundance State Bank, Sundance, was honored recently for having completed 25 years of servce at that bank. Y Attends A.B.A. Meeting R. W. Finkbiner, president, First \ National Bank, Laramie, was among those attending the 85th annual American Bankers Association con vention at Miami Beach, Fla. . MORE MINNESOTA NEWS Proctor President Retires j George W. Bemel, who rose from messenger boy to president of the First National Bank of Proctor, re tired recently after an insurance and banking career that spanned 44 years ^ of uninterrupted service to the First National and to Proctor. Mr. and Mrs. Bemel plan to spend winters in St. Petersburg, Fla., and / summers at their cabin near Proctor. Fiduciaries Elect Newly-elected officers of the Corporate Fiduciaries Association of Min nesota are Myron H. Powell, First Na tional of Minneapolis, president; D. A. Hoops, First National of Rochester, and John T. O’Connor, Northwestern ^ National of St. Paul, vice presidents, and Willard W. Henjum, Northwest ern National of Minneapolis, secretarytreasurer. Oliver W. Hedeen, First ,,Trust Company of St. Paul, was named chairman, executive commit tee. Savage Bank Application * Application has been filed for organ ization of a new bank for Savage, Minn. President of the bank would be s George W. Jacobson of Rosemount, formerly general manager, Group Health Mutual. Other incorporators of the bank are: Roy W. Almquist of Rosemount, No r t h we s t Airlines captain; Fred Erickson, Group Health official; Mark Egan, Savage mayor, and James W. 71 Algeo, head of Green Giant plant at Savage. Several public meetings have been held to explain the project and raise about $500,000 in deposits and savings pledges. The new bank would be called State Industrial Bank of Savage. Joins Springfield Staff Glenn Schmitz has left Kraft Foods at New Ulm to join the staff of the State Bank of Springfield, Minn. New Installment Loan Officer; 10th Anniversary Open House The appointment of Charles A. Love joy as installment loan officer of Citizens State Bank, St. Louis Park, is announced by C. T. Holberg, presi dent. Mr. Lovejoy, a Sioux Falls native, was employed by the National Bank of South Dakota from 1950-1958. He was then connected with the James town National Bank, Jamestown, N. Dak., for one and a half years prior to accepting his present position. The bank will soon celebrate its tenth anniversary. It was opened for business January 16, 1950. Since that time, the well-known Miracle Mile Shopping Center which adjoins the bank property was constructed. Lawrence Solarz and Ralph Spear ing are co-chairmen for the anniver sary celebration. An open house with gifts and refreshments for all visitors plus a drawing for prizes is planned. Buys Waterville Interest Eldon R. Zachman of Mankato has purchased an interest in the Citizens State Bank at Waterville. Mr. Zachman is executive vice pres ident of the Capital City State Bank, St. Paul, and was formerly vice presi dent of the First National Bank, Man kato. He is a director of Minnesota Rural Rehabilitation corporation and of the Farmers Home Administration. F. A. Drews, who has been with the Waterville bank since 1916, will retire December 31. bers of the board since the bank changed ownership in 1933. Alton Carlson, cashier, is the son of the late Arvid Carlson, anothr member of the original board. New Officers at Willmar; Grand Opening is Dec. 5 Directors of the Bank of Willmar have announced the addition to the bank staff of two new officers: Rich ard F. Glasoe as assistant vice presi dent and Stephen E. Henderson as manager, installment loan depart ment, and assistant cashier. Mr. Glasoe has had experience at the Aberdeen (S.D.) National Bank and the First National of Windom where he was cashier. Mr. Henderson was manager and vice president, Citi zens Loan and Investment Company, St. Cloud, and has had 10 years in sales finance and installment loan fields, serving at one time with North western Bank of Commerce, Duluth. A long program of building and re modeling is expected to end during the first week of December and a grand opening has been set for Decem ber 5. Coffee, donuts and many prizes will be given guests of the bank. The bank is shaping up beautifully and is one of the most attractive banks in the area. IN D E N V E R First is FIRST FOR O U TSTAN D IN G CORRESPON DEN T BAN K IN G SER VICE Holt Bank at Newfolden The Marshall County State Bank, chartered in 1922 at Holt, is now do ing business in a modern new build ing at Newfolden. Moving the bank from Holt to New folden was significant from two his toric standpoints: It was the first time Holt had been without a bank since 1922 when the Marshall County State Bank was chartered and it was the first bank for Newfolden since the Newfolden Bank closed in 1927. O. H. Nohre, president, and Olaf T. Ness, vice president, have been mem https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T h e F i r s t N a t i o n a l Ba n k of d e n v e r consolidated with The International Trust Company MEMBER FED ER A L D E P O SIT IN SU R A N C E CORP. * providing outstanding banking service sin ce 1860! N orthw estern B a n ker, D ecem ber, 1959 72 We’re going your way. The more help we can be to our corre spondents’ progress, the more progress we’ll make, too. • Capital requirements of agriculture have increased rapidly. And country bankers know that for their progress and growth . . . farm and ranch customers must grow and prosper. That’s why we urge you to call us when a participation loan would help meet your customers’ growing need for agricultural credit. • When it comes to working in tandem with correspondents, we take a back seat to no one . . . except banks we work with. Phone U.S. National, ATlantic 8765, Omaha. Member Federal Deposit Insurance Corporation N o r t h w e s t e r n B a n k e r, December, Ï959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 73 N of Fremont, passed away at his home early last month. Mr. Gaeth was asso ciated with the bank since July, 1924, starting as a bookkeeper and working his way to teller, assistant cashier, cashier, assistant vice president and director. e b r a s k a NEW S E . M. B LA C K P resid en t H A R R IS V. O S T E R B E R 6 S ecreta ry O m aha Farm Safety Reward The Commercial State Bank, Wausa, Neb., recently offered a $100 reward for farm safety. As announced in a newspaper ad vertisement, the bank offered $100 to the four churches in the Wausa com munity if the farmers in that com munity completed the corn harvest this year without a corn picker injury or accident. As of November 5 no accidents had been reported, but pick ing had not been completed at that time. Minden Open House The First National Bank in Minden held open house recently to celebrate the completion of its new building. The new 35 by 83 building features a red 'rancho brick exterior with stone columns at the front and walls of stone at the entrance and vestibule. A drive-in teller window and a walkup night depository are located on the east side of the building. Four tellers’ cages are located in the main banking room with a large lobby area, three private offices, a large accounting room and a ladies rest room. A full basement contains a direc tors’ room area, men’s rest room, mechanical equipment area, records vault, storage room and a small kitchenette. Hawaiian Vacation Mr. and Mrs. C. E. Nelson, Kimball, returned recently from a three weeks trip to California and Hawaii. Mr. Nelson is chairman of the board at the American National Bank in Kimball. Sponsors 4-H Banquet Lexington State Bank, Lexington Mill and Elevator Company and Ro senberg Company sponsored the 13th annual 4-H Barbecue for Dawson County 4-H members recently. A rec ord number, 883, attended. Ernest C. Gaeth Funeral services for Ernest C. Gaeth, 53, assistant vice president of the First National Bank, Fremont, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Hours Changed Fullerto n were held recently. He served with the bank for 35 years prior to his death, joining the old Stephens Na tional Bank, now the First National, after graduating from high school. J. R. Vitek J. R. Vitek, director in the Clarkson Bank, Clarkson, died unexpectedly recently. He was 78. Mr. Vitek had served as a director since the organi zation of the bank in 1934. He was a former mayor, fire chief and school board member in Clarkson and was a pioneer merchant in the hardware business. Thursday evening hours at the Platte Valley State Bank and the First National Bank in Kearney have been changed to 6 to 8 p. m. from 6:30 to 8:30. Host 4-H Banquet The 13th annual Polk County 4-H Leaders’ banquet was sponsored re cently by the bankers of Polk County at Polk. Cairo W ork Complete Partial remodeling of the State Bank of Cairo was completed recently. The ceiling was lowered 18 inches and acoustical tile was installed. A new glass door also was installed. Nebraska City Change Trust Powers Given Francis R. Orshek, president, First National Bank, Fremont, has an nounced the bank has been granted trust powers. J. Guy Edloff and Dale Ball, vice presidents, have been named trust officers. Robert Whitlock, Beatrice, has joined the Farmers Bank in Nebraska City, according to Mark Fullriede, vice president and cashier. Earl Seyfer, assistant cashier, plans to retire January 1. Mr. Whitlock formerly was with the Beatrice National Bank for 13 years. 30th Anniversary Under One Manager D. S. Hinds Honored The Farmers & Merchants Bank, Edison, recently observed its 30th anniversary under the same manage ment. Merlin R. Garey, who joined the bank 30 years ago as cashier and managing officer, is still the managing officer as president. An open house was held in observance of the event. Daniel S. Hinds, president, State Bank of Stella, was honored recently for 50 years of membership in Mt. Carmel Commandery No. 3 of Auburn. Mr. Hinds had held all offices in the commandery and other M a s o n i c bodies. Joins Bellevue Bank J. J. Kilma, president, Farmers and Merchants Bank of Milligan, was honored recently with a banquet for 40 years of community service. Eugene S. Tschida, formerly with the First National Bank at Madison, Wise., has joined the Bank of Belle vue as assistant cashier. He succeeds Marvin Killion who was appointed cashier of the Gretna State Bank. Ernest C. Gaeth 50th Anniversary J. J. Kilina Honored Ernest C. Gaeth, 53, assistant vice president of the First National Bank C O N V E N T IO N D A T E S H. V . Osterberg, secretary of the Nebraska Bankers Associa tion, has announced the dates for the annual convention: October 11 and 12 Cornliusker Hotel Lincoln, Neb. An open house and an anniversary dinner highlighted a 50th anniversary celebation last month at the Scottsbluff National Bank. A unique feature of the celebration was the use of a “Golden Anniversary Treasure Chest.” All depositors of the bank received a key and were asked to try the key on the chest located in the bank lobby. Only 50 keys would unlock the chest. Those able to open the chest received gifts ranging from radios to TV trays. N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 74 WO directors from Iowa and South Dakota have been elected to threeT year terms with the Farm Credit Banks of Omaha. John E. Eidam, general agent, announced the election results. Milford Beeglily, Pierson, Iowa, was elected by cooperatives which borrow from the Omaha Bank for Coopera tives. He succeeds Oscar Heline, Mar cus, Iowa, who is retiring from the board. * >K * Omaha livestock rancher and a director of the Federal Reserve Bank of Kansas City, spoke recently in Oklahoma City at the an nual joint meeting of the boards of directors of the Kansas City Fed and its Oklahoma branch. Economic de velopments in Oklahoma and the na tion will be the chief topic discussed. * * * J. M. Hart, Jr., vice president of the North Side Bank of Omaha, was recently elected p r e s i d e nt of the North Omaha Kiwanis Club for 1960. Max A. Miller, L. Dale Matthews, president of the North Side Bank of Omaha, has been elected treasurer of the Omaha-Lincoln Society of Financial Analysts. Mr. Mathews’ nine-year-old son, Tom my, was among royalty recently as he served as a page at the Ak-Sar-Ben Coronation. * * * president, Breda Savings Bank, Breda, Iowa, was the winner of a price estimating contest conducted as part of the First National Bank of Omaha’s Beef-Cat tle Conference in mid-September. Per sons attending were asked to estimate average beef prices for the week of October 19. Following are Mr. Van Erdewyk’s estimates compared with actual averages: M. F. Van Erdewyk, Estimate Municipal and Corporate Bonds Listed Stocks Unlisted and Local Stocks O R D E R S EXECU TED ON ALL P R IN C IP A L EXCHANGES CHILES-SCHUTZ CO. OMAHA, NEBRASKA 412 Farm Credit Building Phone WEbster 6677 WARREN D. CHILES JOHN C. SCHUTZ ELDRIDGE B. SCURR JOHN J. BOHRER DONALD A. ANDERSON N o r t h w e s t e r n B a n ke r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Actual Choice steers ......... . .$26.10 $26.06 All grades slaughter steers .................. . . 25.40 25.40 Yearling feeders ... . . 27.30 27.34 The winner was announced last month by John F. Davis, president. LINCOLN, NEBRASKA 203 Stuart Building Phone 2-3325 W. WESLEY RADCLIFFE LEXINGTON, NEBRASKA Phone FAirview 4-3766 ROBERT McGUIRE Automation is one way to offset ris ing costs, according to Ray R. Eppert, president of the Burroughs Corpora tion, who was in Omaha recently to inspect a new installation of electron ic bookkeeping machines at the Oma ha National Bank. With Mr. Eppert were Carl E. Schneider, vice president and general manager, and Richard Bailey, direc tor of public relations. They were guests at an informal luncheon of Omaha bank presidents. Mr. Eppert pointed out that auto mation does not cause sudden disloca tions in employment. The 18 ma chines at the Omaha National were in stalled by the company over a fouryear period. * * * Capital stock of The Omaha Nation al Bank was increased from $6,000,000 to $7,000,000 by a stock dividend last month. The $1,000,000 increase gives the bank 350,000 shares of stock at a par value of $20 per share, according to W. Dale Clark, chairman, and W. B. Millard, Jr., president. In addition, $1,000,000 was added to surplus, bringing this figure to $11,000,000, giving combined capital and surplus of $18,000,000. Both transfers of funds were made from undivided profits. In additional action, shareholders approved a proposal to split the stock one for six, thus giving shareholders one additional share for each six shares held. Bankers Panel North Platte Valley bankers recent ly discussed “Money, Interest and In flation,” at a meeting of the North Platte Valley Associated Chambers of Commerce at Mitchell, Neb. Henry Kosman, president of the Scottsbluff National Bank and past president of the Nebraska Bankers Association was moderator for the panel of five bankers. Panelists included Bob Muhm, as sistant cashier Citizens National Bank, Torrington, Wyo.; Henry Wells, president, First State Bank, Scotts bluff; Les Atkins, cashier, Gering Na tional Bank, and Bill Huffman, as sistant cashier, First National Bank, Mitchell. New at Rising City Morris Stephens, former manager of the Butler County (Neb.) A.S.C. office, has been elected vice president of the Farmers State Bank, Rising City, according to H. F. Garham, president. He will head the insurance depart ment and assist present loan officers with all lines of loans. V https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 76 N ebraska News A .il.A . Committeemen Appointed H rok en B o w M u r a l PPOINTMENTS to the eight standing committees of the Nebraska Bankers Association have been announced E. M. Black, association president and A executive vice president, First National Bank, Fullerton. As listed in the an by nual convention report in last month’s issue, Minor P. Baird, president of Farmers State Bank, Superior, was elected vice president to serve with Mr. Black, and John M. Shonsey, executive vice president of The Omaha National Bank was elected treasurer. H. V. Osterberg continues as secretary with head quarters in Omaha, and Mrs. Dora Braasch is assistant secretary. The new committee appointments are: Committee on Agriculture Group 3 2 1 2 4 5 6 Adon Jeffrey, Chairman, President, First National Bank, Wayne C. W . Means, Vice President, Stock Yards National Bank, Omaha Roger L. Cunningham, Vice President, The First National Bank, Lincoln G. H . Looschen, President, First National Bank, Hooper M. R. Morgan, President, First National Bank, Elwood Cooper H. Butt, President, Elm Creek State Bank, Elm Creek Jacob L. Kats, Vice President & Cashier, First National Bank, Lewellen 1 2 1 2 3 4 5 6 Henry Gramann, Jr., Chairman, Vice President, Adams State Bank, Adams John B. Foley, Vice President, Packers National Bank, Omaha C. F. Pettey, Vice President, Union Bank, Lincoln Henry W . Hendriksen, Vice President, Union Bank, Lincoln R. K. Draper, Jr., Executive Vice President, Bank o f Elgin, Elgin Clarence T . Voorhees, President, Harvard State Bank, Harvard W . R. Morris, Assistant Vice President, Overland National Bink, Grand Island D. T. Dearinger, President, American National Bank, Kimball 2 1 2 4 5 3 Russell A . Loring, Chairman, Asst. Vice President, The Omaha National Bank, Omaha W ilbur Baack, Vice President, National Bank o f Commerce, Lincoln Lester E. Souba, Executive Vice President, Columbus Bank, Columbus R. M. Roach, President, Farmers State Bank, Maywood Gordon Noel, Asst. Vice President, First National Bank, Grand Island James L. Gray, President, Coleridge National Bank, Coleridge 6 1 2 3 4 5 C. G. Schwentker, Chairman, Exec. Vice President & Cashier, First National Bank, Ogallala Earl H. Wilkins, President, Geneva State Bank, Geneva Grove Nelson, Vice President & Cashier, The Farmers State Bank, Millard F. N. Cronin, President, O ’Neill National Bank, O ’Neill Frank M. Farr, President, First National Bank, Aurora Earl Van Steenberg, Vice President, First State Bank, Gothenburg 2 2 1 1 4 6 Paul Kosch, Chairman, President, First National Bank, David City John L. Eddy, Vice President, The United States National Bank, Omaha Carl Dvoracek, Continental National Bank, Lincoln H. W . Schepman, Executive Vice President, Johnson County Bank, Tecumseh Louis Stolte, President, Commercial Bank, Stratton L. A. Brooks, Cashier, The Gordon State Bank, Gordon I 2 1 1 2 3 4 5 6 Ivan W . Hedge, Chairman, President, Filley Bank, Filley Ray E. Stanley, Executive President, The Center Bank, Omaha A. W . Griffin, Executive Vice President, Continental National Bank, Lincoln C. J. Schneider, President, Plattsmouth State Bank, Plattsmouth Arden D. W olf, President, Platte Valley Bank, North Bend H. L. Brune, Executive Vice President, Nebraska State Bank, South Sioux City E. B. Cosgriff, President & Chairman o f Board, City National Bank, Hastings L. M. Stuckey, President, Lexington State Bank, Lexington Charles T. Karpf, Cashier, The First National Bank, Morrill 2 2 1 3 4 5 6 Thomas J. Milliken, Chairman, Vice President, Fremont National Bank, Fremont D on R. Ostrand, Assistant Vice President, First National Bank, Omaha A. B. (Jack) Goodwin, National Bank o f Commerce, Lincoln Clark A. W enke, Vice President, Pender State Bank, Pender D on Bailey, President, Campbell State Bank, Campbell W . E. Young, Vice President, Cozad State Bank, Cozad Dale M. Adams, Vice President, Guardian State Bank, Alliance RECENTLY PAINTED mural at the Broken Bow State Bank, Broken Bow, was “ dedicated” by U. S. Senator Homer Capehart, right, shown with T. T. Varney, Jr., president. Tom Talbot of Broken Bow painted the mural on the bank wall. Committee on Bank Management Committee on Education Committee on Group Insurance and Pensions Committee on Insurance and Protection Committee on Legislation Committee on Public Relations Committee on Trusts and Estates Hosts Business Men About 225 business men were en tertained recently at the eighth an nual business men’s dinner sponsored by the First National Bank of Tekamah. Dr. Walter H. Traub, Omaha minister, was the featured speaker. A. C. Bek Honored A. C. Bek, vice president, Cattle National Bank, Seward, and Walter Hellwege, professor at Concordia Teachers College, were honored re cently by Concordia Teachers College for their service to the school. LaSalle Appointment LaSalle National Bank, Chicago, has announced the appointment of Max L. Baughman, vice president, as head of the bank’s international division. The appointment is occasioned by the rapid expan sion of LaSalle’s f o r e i g n banking activities, brought about by the completion of the St. Lawrence Seaway and the g r o w i n g signifi cance of Chicago M. L. B A U G H M A N as a world port, according to Harold Meidell, president of the bank. Mr. Baughman, a graduate of Har vard College and the Harvard Gradu ate School of Business Administra tion, has been with the bank since 1953. He was appointed vice presi dent in 1956. John R. Cockle, Chairman Trust Officer, The Omaha National Bank, Omaha Vincent T. Goeres, Vice Chairman The First Trust Company o f Lincoln, Lincoln YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS H. J. Young, Secretary Assistant Trust Officer First National Bank o f Omaha, Omaha F. E. DAVENPORT & CO. N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OM AHA 77 All Good Wishes For a \I and a A PIPY 1 N E Y E A R FIRST M T I O M I p M K OF OM AHA o TOMI! Member Federal Deposit Insurance ‘¡¡IMIFiM’Mgi https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Corporation N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 78 N ebraska N ew s Rising City Rnilding Completed will make payment of a $2,000,000 cash dividend to the bank, which will be added to surplus. This will result in total capital and surplus of $102,000,000, which, with undivided profits and reserve for contingencies as of the effective date of the above propos als, will amount to more than $118,000, 000. St. J o s e p h Neil's HEN the Tootle-Enright Nation W al Bank is formed in St. Joseph through consolidation of Tootle Na OVER 1,300 VISITORS toured this new home of the Farmers State Bank, Rising City, during a recent open house. The new 40 by 65 building features three new executive offices and a basement complete with a 200-capacity community room which includes a large kitchen. Local contractors, Dale Smith of David City and Paul Dobias Construc tion of Shelby, handled the construction, according to H. F. Garhan, president. To Represent Smead As successor to A1 Nordstrom, re cently retired after 30 years with Smead, W. E. “ Bill” H o 11 o m will call on Smead accounts in Iowa and Ne braska exclusive ly. The concen trated coverage will assure Smead c u s t o m e r s of greater service. w . E. H O L T O M Mr. Holtom, a college graduate (Kansas University and Central Missouri State College) majored in retail merchandising and marketing. Republic National Dividend Shareholders of the Republic Na tional Bank of Dallas recently voted approval of plans for issuance of a 25 per cent stock dividend and for in creasing capital, surplus, undivided profits and reserve for contingencies of the bank to more than $118,000,000. Ratification of the proposals by shareholders was announced jointly by Karl Hoblitzelle, chairman of the board; Fred F. Florence, chairman, executive committee, and James W. Aston, president of the bank. Proposals, when effectuated, will provide for: 1. Issuance of a stock dividend of 25 per cent of the 3,155,548 shares presently outstanding amounting to 788,887 shares of new stock to be is sued to shareholders of the bank, thereby increasing the total number of shares to be outstanding to 3,944,435 shares. 2. An increase in capital stock from $37,866,576 to a total of $47,333,220 by the stock dividend of 788,887 shares of the par value of $9,466,644. The stock dividend is to be declared from undi vided profits, after first transferring an equivalent amount to undivided profits from surplus, leaving a net surplus of $52,666,780. Simultaneously with the issuance of the stock dividend, The Howard Cor poration, whose shares are held in trust for the shareholders of the bank, tional Bank and ¡the Empire Trust Company, it will be the first in the city to make use of a new Missouri bank facility bill. Approval of the consolidation has been given by the Federal Comptrol ler of the Currency, according to Milton Tootle, president of Tootle Na tional Bank. That official also has approved use by the consolidated bank of a drive-in facility built last year by Empire Trust Company. The facility is within 1,000 yards of the Tootle National Bank, which will be the location of the consolidated bank. There are two walk-up windows and three drive-in windows in the facility. Stockholders voted December 2 on the consolidation. * * * Attending the national American Bankers Association convention in Miami from St. Joseph were the fol lowing officers and their wives: J. M. Ford IT, president, First National Bank; Thomas J. McCullough, presi dent, First Stock Yards Bank; Charles K. Richmond, vice-president, Ameri can National Bank; Edwin B. Wright, president, Drovers & Merchants Bank; Charles F. Schaff, president, Park Bank. * * * Tootle National Bank, president of St. Joseph Chapter, A.I.B., welcomed new members at the fall banquet at Moila Club. Morris George, * * * J. M. Ford II, president of the First National Bank of St. Joseph, has been elected a director of the Associated Industries of Missouri, a state-wide business organization. First National Bank again will be one of the two sponsors of -the St. Joseph Regional Science Fair. The second annual fair will be held next spring at St. Joseph Junior College. BANKS J.WoW A ll N egotiations Confidential A NATIONAL CLEARING HOUSE FOR EXPERIEN CED BANK EXECU TIVES WITH C A PITA L TO INVEST Bankers Service Company I I »OX 1435 N o r t h w e s t e r n B a n ke r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis « DES MOINES S. IOW A » PHONf AT 1-7 » 0 0 j 79 Future Omaha Steaks on the hoof Beef is our business, to o ! Rare, medium or (tsk, tsk) well done, you can’t find better eating than U. S. Prime Omaha steaks. A product principally of the Midwest’s rolling farms, the great sandhill ranches and the thriving feedlots, such beef steak is famous the world over. And it’s our years of experience in all phases of the live stock industry in addition to our strategic location in the heart of Union Stock Yards that assures you the best livestock banking service possible. For about three-quarters of a century now, the Stock Yards National Bank has served beef producers— stockmen, feeders, commis Call us for loan inspections, livestock in formation or your specific livestock banking sion firms and packers— helping to make beef the biggest meat seller on the market problems. W e have the experience, we have the location, so that . . . today. we can serve you best STOCK YARDS NATIONAL BANK South O m a h a ’s O ld e s t a nd La rgest Bank LIVESTOCK MEMBER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis EXCHANGE FEDERAL BLDG. DEPOSIT PHONE INSURANCE MArket 4 78 0 CORPORATION N o r t h w e s t e r n B a n ke r, D e c e m b e r , 1959 80 Have Bank9 Will Travel! Plan Stock Split NOW OPEN for business is “ largest and most completely equipped trailer bank in the U. S.,” according to Arizona’s state wide Valley National Bank. Trailer, built to order from ground up, measures 55 by 10 by 10 feet, and offers every modernday banking service except safe deposit boxes. Interior includes two teller windows, officers rail, customer lobby, bookkeeping area, files, coffee bar, stock room, new accounts depart ment, vault and rest room. Drive-in window is located at one end of trailer, and 5-foot VNB insignia neon sign is mounted on roof. Trailer is air-conditioned and staffed by 7 employees. Manager B. H. “ Bud” Thompson is shown above at rear of trailer, pres ently located at a Phoenix shopping center while permanent VNB office building is be ing erected. When latter is completed, trailer will be moved to another site. Public’s reaction has been “ most complimentary,” VNB officials say. B o f M Appointments The Bank of Montreal announces the appointment of Kenneth J. Morri son, O.B.E., F.C.A., as a member of the board of directors. Mr. Morrison is the senior member of Harvey, Mor rison and Company, chartered ac countants, Calgary. appointed a special representative at the bank’s New York agency. Stock Dividend The board of directors of National Bank of Tulsa has recommended a stock dividend of $250,000, or one new share for each 22 now held, payable March 16, 1960, to stockholders of rec ord March 3. Elected to Fed Board K. J. M O R R ISO N A. C. P. JONES In addition Arthur C. P. Jones, for merly a special representative of the Bank of Montreal’s business develop ment department at Calgary, has been Burton L. Lohmuller. president of the First National Bank of Centralia, Kan., was elected a Class A director of the Federal Reserve Bank of Kan sas City and will take office January 1, 1960. K. S. Adams, chairman of Phillips Petroleum Company, Bartles ville, Okla., was re-elected to the board of directors of the Federal Re serve. The other candidate for election in the race for Class A director was H. L. Gerhart, president, First National Bank, Newman Grove, Neb. Sidney Maestre, board chairman of Mercantile Trust Company, St. Louis, has announced plans for a two-for-one stock split by a reduction in par value of outstanding capital stock from $25 to $12.50 per share, subject to the approval of stockholders at a special meeting to be held Monday, January 11, 1960. The split would increase the num ber of shares of common stock from 907,500 shares of the par value of $25 per share to 1,815,000 shares of the par value of $12.50 per share. The proposed new dividend would be equivalent to an annual dividend of $3.60 per share on the present capital stock as compared to the present an nual dividend of $3 per share. ^ v — ^ Northern Trust Promotions Donald L. Thomas has been elected second vice president and manager of the savings department at Northern Trust Company, Chicago. Mr. Thomas succeeds Albert E. Walkoe, who has retired after 27 years service with the bank, the past 11 years as manager of the savings dep a r t m e n t. Mr. Thomas entered banking in 1936 and joined North D. L. T H O M A S ern Trust in Sep tember, 1958. Also promoted to second vice presi dent were Hans W. Wanders, Sidney E. Gibson, Robert L. Fisher, and Norman F. Clarke. Layton D. Karst and Paul H. Swanson were elected assistant cashiers. Bankers Trust Promotions < ^ V 7 k ^ William A. Morgan, vice president of Bankers Trust Company, New York, has also been named senior trust officer and assumes duties as administrative head of the trust de- CONTINENTAL National Bank of Lincoln, Nebr. 12th and N Streets Member Federel Depo»it Imurence Corporation Make the new Continental your headquarters while in Lincoln— free parking anytime. N ofor r t hFRASER w e s t e r n B a n k e r, D e c e m b e r , 1959 Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A 81 M ORGAN * M ULVEY IN C E partment, according to William H. Moore, chairman. Mr. Moore also announced the elec tion as vice presidents of G. Ronald Ince and J. Donald Mulvey, both of the trust department. New assistant vice presidents are Anton W. Koester, trust, and Karl O. Rost, corporate agency. New Convoy Sales Manager Franklin T. Dannemiller, president, Convoy, Inc., Canton, Ohio, has an nounced the appointment of Don L. Barnard as sales manager. Convoy manufactures the sturdy, economi cal Ch e mb o a r d line of chemical ly hardened fibreboard record stor age files. Mr. Barnard re c e n t l y resigned as vice president, Barlin Sales, Inc., and Barlin Ware D. L. B AR N AR D house. Inc., Ak ron, Ohio, to accept this position. Also, he has served as sales man ager of the York Safe & Lock Division of Diebold, Inc. Quality Equipment At Sensible Prices! For many of your best customers F ie ld W a r e h o u s in g is th e K e y to their F in a n c ia l P r o b l e m s When a valued customer needs help to meet expansion or seasonal requirements, controlled inventory loans may well be the key to credit extension. Our Preferred Warehouse Receipts provide the bonded collateral you need to extend accommodations to them, safely and profitably, beyond open line limits. Learn how inventory control through Field Ware housing can increase your banking services, customer good-will and profits. Call us collect for full details. Des Moines Office 520 Empire Bldg. Omaha Office 613 Farnam Bldg. Wesley G. Johnson, Dist. Mgr. Call ATIantic 2-1208 Russell V. Peterson, Dist. Mgr. Call ATIantic 7190 TRY An A.B.E. Electric Check Perforator Desk Model Trouble FREE — Fast — No Operator Fatigue FREE TRIAL! WRITE TODAY! A m e ric a n B a n k E q u ip m e n t P e rfo ra to rs By BUD G B EEN SP A N 4775 Decatur, Omaha 4, Nebraska C o u p o n Lo a n S y s t e m s Check En dorse rs, Signers C e r t i f i e r s and N um b erin g M a c h in e s P ap er C u tte r s and S h re d d e rs J 1 UNQUESTIONED FINANCIAL INTEGRITY M W ÈÈÈÊÈÊIÊÊfltk .jh ê ÊB D \n Principo/ C¡f.^ ^ o *',tes MAXIMUM BOND COVERAGE ST* PAUL TERMINAL WAREHOUSE CO. 4 2 5 EAST 8th STREET \ST. PAUL, MINNESOTA Prompt Service On All Makes Check Cancelling Perforators https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n ke r, D e c e m b e r , 1959 82 director in 1944 and executive com mittee chairman in 1950. He now re sides in Van Nuys, Calif. Lincoln News * * * Robert Wekesser, vice president of has retired as executive vice president and H executive committee chairman of the OWARD FREEMAN First National Bank. Mr. Freeman joined the First National in 1915, be coming executive vice president and For Your Every Correspondent Service, See Your Man From The F IR S T the National Bank of Commerce, has purchased controlling interest of the Farmers State Bank of Sargent, Neb. He will serve as president with E. K. Wekesser as vice president and E. M. Bass as cashier. Mr. Bass will con tinue to operate the Sargent bank, as Mr. Wekesser will continue his duties with the National Bank of Commerce. * * * J. P. Kelly, president of the First State Bank of Johnson, Neb., from 1917 to 1947, died recently at his home in Lincoln. He had been retired since 1947. * * * Preliminary construction is well underway and moving along rapidly on the First National Bank of Lincoln drive-in facility at 13th and L Streets. As soon as excavation is complete, a quarter block area is to be hard surfaced so work can continue in spite of rain or snow. Construction is to be completed by March 1, accord ing to Irene Barber, advertising man ager. A .I.B . SCHOOL . . . (Continued from page 26) academic requirements of the parent American Institute of Banking. Mr. Hansen, who conceived and planned the new Resident Institute, says, “There is no guesswork about the results. We know whether or not an individual fully understands what he has studied. The students work out of textbooks designed by the In stitute for bankers. Through a com bination of classroom study and home study they are carried step by step through every phase of the course, following a carefully planned sched ule. Instructors in the various courses are available throughout the year for individual assistance and guidance. And finally, each student will display what he has learned in a series of ex aminations. Strict Academic Requirements Dale M. Shoemaker, Assistant Vice President, former ly Auditor and now associated with the Correspondent Bank Department, is able to help you with any bank operation problem. E x te n d in g fina n cia l l e a d e r s h i p to N e b r a s k a and su r r o u n d in g s t a t e s si n c e J 871 T h e F IR S T N A T IO N A L B A N K of LINCOLN 10th & O Sts. Phone 7-4451 member Federal Deposit Insurance Corporation o r tFRASER h w e s t e r n B a n ke r, D e c e m b e r , 1959 DigitizedNfor https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “The CRIB is the only resident banking school in the country, I be lieve, which can boast adherence to such strict academic requirements. When our men complete this pro gram, they will be admirably equipped to move into areas of greater respon sibility in the banking business, and will be able to move at a more rapid rate.” Although more than 20 students may be admitted to future freshman classes, they will be separated into groups numbering no more than 20 to 25 so classes can be conducted on an N ebraska AV*/#- Post-Tronic MJsts Changes HE National Cash Register Com pany announces the release of a T new model of the Post-Tronic de signed to post “fee plan” special checking accounts. The new model of NCR’s electronic posting machine THIS KEY operates the four-position fee program selector. posts a fee to the statement-ledger record and the journal automatically the instant after a check or deposit is posted. Fixed service charges for statements are also posted automati cally. informal basis and so maximum indi vidual attention can be given. “ One of the most important aspects of this program,” says Mr. Hansen, ' “is that we are able to give intimate attention to each detail. Our instruc tors have been hand-picked for their respective backgrounds and their abil ities to deliver the goods. Our first two weeks of in-class experience proved that this is the backbone of the program. Class officers, elected by the first CRIB class during the second week of residence, are: Ralph H. Zwiers, as sistant cashier, Drovers National of Chicago, president, and Robert K. > Hurwith, assistant to the vice presi dent, First Commercial Bank in Chi cago, secretary-treasurer.— End. r New Kansas City Director Arthur C. Swanson, president and chief executive officer of Western Auto Supply Com pany with head quarters in Kan sas City, Mo., has been elected a di rector of the First National Bank of Kansas City. Mr. Swanson has held responsible exec ut i ve po s i t i o ns wi t h M o n t g o m A. C. S W A N S O N er y W a r d and Company and Mandel Brothers in Chi cago prior to joining Western in 1952. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A four-position “Fee Program Se lector” located to the left of the amount keyboard provides flexibility for the Post-Tronic to: 1. Automatically post the fee after each check posting; 2. Automatically post the fee after each check or deposit posting; 3. Operate as a standard Post-Tron ic, with no automatic fee posting. In other words, a fee-plan PostTronic may be used for posting regular accounts. 4. A u t o ma t i c a l l y post a service charge fee. The predetermined fee charged for checks and deposits, built into the machaine, may be readily changed to any two-digit amount. Similarly the builtin service charge may be changed to any three-digit amount. Separate totals are provided by the Post-Tronic for fees, fee corrections, good new balances, overdraft new bal ances, checks, check corrections, de posits and deposit corrections. When a check correction or deposit correc N ews 83 tion is posted, the machine automati cally posts a fee correction. Posting service charges to state ments with the Post-Tronic is a high ly automatic operation. The book keeper merely inserts the statement- FORMS used by the fee POST-TRONIC are identical in size to other POSTTRONIC forms. The new model may be used part-time for regular accounts and the remaining time for specials. ledger sheet to be posted and releases the activating bar. The Post-Tronic instantly aligns the sheet to the cor rect line and picks up the previous balance by reading the magnetic strips, posts the service charge auto matically, extends the new balance automatically and ejects the state ment-ledger sheet. Diebold Net Increases During the first nine months of 1959, Diebold, Incorporated, earned $1,202,749 after provision for federal income taxes, equal to $1.88 per share of common stock. Income Tax Savings Has Y ou r Bank Adopted a PROFIT SHARING PLAN? There is still sufficient time to qualify such a plan for 1959. D. J. KROGER Trust Officer The tax advantages are most attractive. We will be pleased to furnish information to you which offers benefits to officers and employees of Banks and other corporations. TRUST DEPARTMENT PHONE GRover 7-8911 NATIONAL C BANK OF o m m e r c e ,13th & 0 L IN C O L N . N E B R A S K A D R IV E IN Streets BANK 1227 P mber Federo! Deposit In: N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 84 4 k \ m e d e / A ff i t ffii'tÿ f i / / e t / f a t e , o u ï / A fiu u A / d -f / f f t it /o e u / r r e f / / t ie i t f / d m A o d e /et/u/Zt/ f t i t f / e fu t/ff/e u re m e /te u d u te . / f it /Ate d / t i t i / o / ' f/fW f/ m i / / / / a / n t u t / d /A id J f i t jn u à d e a de i t , i / id a f t / e u d u te Zo m iàAt tffiu a e / ' f f / u i t f / f f i t / A u / t/ tin e d d . . . / '/ t tià / u tu à a JV e m u //eu t f / ' / t e u r e u n e / it e r e / t te d / te ti/ tj. V BANKERS TRUST COMPANY DES MOINES, IOW A Member: Federal Deposit Insurance Corporation o r t h w e s t e r n B a n ke r, D e c e m b e r , Ì9 5 9 DigitizedNfor FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • Federal Reserve System 85 L NEW PRESIDENT of the Iowa Bankers Association is R. R. Schroeder (second from right), exec, v.p., Iowa County Sav ings, Marengo, and new v.p. and treas. is C. Clifford Fritcher (right), v.p. of Security T & S, Storm Lake. Retiring president is John B. Keeline (left), pres., Central T & S, Cherokee, and retiring v.p. and treas. is Charles H. Walsh (second from left), pres., Farmers & Merchants Savings, Burlington. Y R . R. Schroeder Heads Iowa Rankers Named President at 73rd Convention in Des Moines By BEN HALLER, JR. A Editor LTHOUGH the 73rd annual Iowa Bankers Association convention went into the record books the first week in November, the sparkling array of prominent speakers left the banker audience with enough new ideas, challenges and thoughts to last for many months. The meeting took place at Hotel Fort Des Moines in ^ Des Moines. Attendance again hit a new high, falling only six short of the 4,000 mark. There were 2,187 men regis tered and 1,807 ladies, for a total of A 3,994 registrations, thus making it probably the second largest banking convention in the nation, topped only by the annual A.B.A. convention. V The 1959 convention lived up to the reputation established by Iowa con ventions of past years by bringing to the platform some of the nation’s ablest leaders in banking, business, government and education. Consider able attention was devoted by most of them to prospects for the future— not only for banking, but for business A and the nation’s welfare. John B. Keeline, president of the Iowa Bankers Association and presi dent of the Central Trust & Savings '■* Bank at Cherokee, presided over the convention. A report on the election of new IBA officers and Iowans elected to state A.B.A. posts appears in the box on this page. Although it is difficult to single out any one speaker as being the best on such a program, the Hon. J. W. Fulbright, United States Senator from A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Arkansas, and chairman of the Senate committee on foreign relations, cer tainly drew keen attention from an overflow crowd in the Hotel Fort Des Moines ballroom. The size of the audience and the close attention paid to his 40 minute discussion of foreign affairs was proof enough that Iowa’s bankers share as great an interest in international affairs as any other group in the nation. For the 11th straight year, the first day of the convention opened with the Agricultural Breakfast Confer ence. G. Morris Barnett, Jr., chair man of the IBA ag committee and vice president of the Guthrie County NEW O F F IC E R S The following were elected to head the Iowa Bankers Association duri n g 1959-60: President — R. R. Schroeder, executive vice president, Iowa County Savings Bank, Maren go. Vice President and Treasurer — C. Clifford Fritcher, vice president, Security Trust & Savings Bank, Storm Lake. Iowa members of the American Bankers Association elected the fo l lowing representatives: To A.B.A. Executive Council for 3 years—Merten J. Klaus, president, First Security Bank & Trust Co., Charles City. A.B.A. Nominating Committee — James H. Pullman, Sr., president, Fremont County Savings Bank, Sid ney. Alternate— Charles H. Walsh, president, Farmers & Merchants Savings Bank, Burlington. State Bank at Guthrie Center, pre sided. The first speaker was Dr. Karl Fox, head of the department of economics and sociology at Iowa State Univer sity, Ames. In response to the title of his talk, “ Should Farmers Be Afraid of Recessions?” he answered in the negative, giving numerous charts and data to support his con tention that farmers have historically survived recessions and fared better after each of them. The other principal speaker for the breakfast was Charles B. Shuman, president of the American Farm Bu reau Federation, Chicago. In his talk, “Agriculture vs. Government,” Mr. Shuman covered the fields of banking, farming, government, labor unions, and marketing. Here is a digest of some of his comments: “ Farmers are not going to turn to bankers any more for advice on farm operations after the experience of the ’20’s and ’30’s. Bankers don’t have the technical know-how to ad vise farmers and shouldn’t try it. Farmers need capital and the bankers’ help should be sought in this part of farm operations. “Farmers must not price them selves out of the market or food will be reproduced in the laboratory. If farmers assume their industry is es sential and the public owes them a living, then the future of farming is bleak. We must assume that since the public will continue to eat, and wear clothing, we will take the opN o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 86 Io w a New s 4 A SPECIAL MURAL painted in full color and portraying work of outside farm representative is shown hanging over speakers table in photo at left, for Agricultural Breakfast Conference during the convention. In photo above, R. W. Peterson, farm rep for United Home B & T, Mason City, shows new station wagon recently put into use by his bank’s farm department. A portunity to work the best way we know how to earn a living at farming. “ Does government help or hinder farming? In research, extension serv ices and government credit policies, it helps, but looking at the whole area of government farm program it has hindered farmers more than it has helped them. You can’t legislate pros perity into agriculture. We are com mencing to win on the farm program front. Today we are winning because we are getting rid of controls or modi fying them. Farm programs have failed and have hurt farmers more than they have helped. Farmers would be better off if they had never had any farm controls. “The big fight ahead is to destroj^ the monopoly powers of labor. “We must keep the public aware of the danger of inflation. Socialists in state and federal government want to spend more and destroy us by infla tion. The government should remove the interest rate ceiling and have pub lic ownership of bonds and not keep selling them to banks. “ In the area of marketing, contract farming offers a tool of great promise —an opportunity to get out of the position of dumping products on the market and saying ‘what will you give me?’ Commercial farmers should organize and set their own prices be fore the products hit the market. “Payments to agriculture by govern ment will eventually put farmers in serfdom—make them peasants. There will be no future except diaster if we look for government panaceas.” Mr. Shuman was followed by seven Iowa bank outside farm representa tives who discussed briefly various programs sponsored by farm banks and activities of the OFR. After these discussions, John I. Smith, farm rep resentative and assistant vice presi dent of the First National of Fayette ville, Ark., talked about “ The OFR and His Credit Obligations.” Follow ing this, the windup speaker on the ag program was Douglas F. Graves, assistant vice president, Chicago Na tional Bank, Chicago, whose topic was “Is Your Bank Ready for an Agricul tural Representative?” The matter was of particular interest to many bankers who are considering how to implement their work with farm cus tomers with specialized farm credit representatives. In one of her first appearances since being elected president of the National Association of Bank Women, Miss Helen L. Rhinehart, vice presi dent and secretary of the Brenton Companies, Des Moines, told about “ The Distaff Side of Banking” and the opportunities in today’s banking world for women who will make this field their career. She introduced two other Iowa women bankers who are NABW officials. They are Marie LEFT—Joe E. Lisek, v.p., Live Stock National, Chicago; Jack Porterfield, Geo. LaMonte & Son, Chicago; J. Roy West, a.v.p., American National B & T, Chicago; Max von Schrader, Jr., a.c., and Dick Ackley, v.p. & t.o. both with Union B & T, N o r t h w e s t e r n B a n k e r. D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Hulderson, NABW recording secre tary and assistant cashier at Central National Bank & Trust, Des Moines, and Alice Akes, NABW corresponding secretary and assistant vice president at Decatur County State Bank in Leon. Morris R. Brownell, Jr., chairman of the board of trustees for the Founda tion for Commercial Banks, related details of the national advertising pro gram on behalf of commercial banks which is currently appearing in newspapers and consumer magazines na tionwide. More than 5,000 banks, rep resenting over 70 per cent of the na tion’s deposits, currently are provid ing the financial support for this pro gram. All banks are asked to par ticipate in the advertising campaign. One of the interesting speakers on the program was John E. Ryerson, senior editor of the Kiplinger Wash ington Editors, who projected findings of his staff into “What’s Ahead for Business — the next Twenty-five Years.” The tremendous changes pre dicted—in manufacturing techniques, products, foods, packaging, marketing —were almost beyond imagination, but will undoubtedly transpire in some degree as described. He predicts a slight depression in 1961 and every four years. Senator Fulbright was preceded on the platform the second day by Jesse P. Wolcott, F.D.I.C. chairman, Wash- Ottumwa. RIGHT—W. F. Christensen, v.p.; and R. K. Sverdahl, a.c., both with Peoples B & T, Waterloo; Joe Menges, pres., Alta Vista State, and E. D. Kadera, a.c., Peoples B & T Waterloo. v i j -4 * 87 -Y a LEFT—L. Roy Neal, Jr., pres., Western Bank Contractors, Kansas- City; R. O. Moll, exec, v.p., Security Savings, Williams burg; Ferd E. Skola, pres., Farmers Savings, Kalona; Theo. J. Tokheim, pres., Lytton Savings, and W. Warren Metzinger, dir. of sales, Western Bank Contractors, Kansas City. RIGHT —G. L. Hustead, v.p., State Savings, Cantril, and Richard Gwinn, reg. mgr., Biebold, Inc., Des Moines. LEFT-—Max Roy, a.c., LaSalle National, Chicago; Lee David son, v .p , 1st National, Perry, and Robert T. Hanlon, a.v.p., LaSalle National, Chicago. RIGHT—Charles K. Grochala, exec, v.p., and Harold C. Bruce, director, both Highland Park State, Des Moines; Otto Preus, v.p., Marquette National, Min neapolis; Robert P. Hewitt, cash., Highland Park State, Des Moines, and Ray Thompson and Roy Huber, v.p.’s, both Valley B & T, Des Moines. LEFT— Robert B. Silleck, v.p., and Sidney A. Staunton, both with 1st National City, New York, and W. B. Griffin, Jr., v.p., Iowa State B & T, Fairfield. RIGHT—John Diefendorf, a.c., Security National, Sioux City; W. C. Anderson, mgr. of Doon office, Valley State, Rock Valley; P. J. Juffer, cash., Security Savings, Ireton, and Charles Walcott, pres., Security National, Sioux City. LEFT—Ray Dieball, a.c., 1st National, Chicago; Russell L. Harrison, v.p. & cash., State Bank of Dumont; Jack Hallberg, 1st National, Chicago, and Oliver Jüngling, cash., Parkersburg State. RIGHT—H. Rand Petersen, v.p., Shelby County State, Harlan; Harry E. Mertz, v.p. and aud., La Salle National, Chicago, and John J. Porter, pres., Lyon County State, Rock Rapids. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 88 A LEFT— Seated—Ken Martin, v.p., 1st National, Minneapolis, and Mrs. Robert W. Turner. Standing-—Richard O. Weyrauch, a.v.p., 1st National, Minneapolis, and Robert W. Turner, pres., City National, Council Bluffs. RIGHT— Winfield W. Scott, ington, D.C., who talked about “Bank Capital Trends.” Mr. Wolcott related after his talk that so far this year only three banks have had to turn to the F.D.I.C. so far this year because of financial difficulty. Following Senator Fulbright was W. Allen Wallis, spe cial assistant to the President of the United States. His topic was “Pros pects for Prosperity with Price Sta bility.” Many Iowa bankers had an oppor tunity to get acquainted with the new president of the American Bankers pres., Valley B & T, Des Moines; Greg W. Corken, v.p., and A J. M. Burch, pres., Dubuque B & T, Dubuque, and Edward P. Kautzky, v.p., Valley B & T, Des Moines. Association, John W. Remington, pres ident of the Lincoln Rochester Trust Company, Rochester, N. Y. Mr. Rem ington came directly to Des Moines for the Iowa convention after his elec tion as A.B.A. president at the na tional convention in Miami Beach, thus making the Iowa meeting his first official appearance. Mr. Rem ington reviewed the “Basic Problems Confronting Banking” today and by his vigorous approach to these prob lems assured Iowans he will work diligently for the proper solutions. Due to steel strike hearings, fol lowed by bad weather enroute from Washington, D. C., to Des Moines, United States Supreme Court Justice William O. Douglas arrived an hour after the planned closing time of the convention, nevertheless, he was greeted by more than 200 bankers who waited to hear from Justice Doug las. As he has always been, Justice Douglas was completely forthright and spent considerable time telling why courtroom procedures should not be modernized so as to provide great- LEFT— Joe Sirota, pres., Dixon Savings; Dale C. Smith, v.p., Central National B & T, Des Moines; R. J. Nachazel, cash., Farmers & Merchants Savings, Burlington, and C. E. Sinnett, v.p., United Home B & T, Mason City. RIGHT—E. S. Pitman, cash., Central State, State Center; Arthur T. Donhowe, v.p., Central National B & T, Des Moines; Robert D. Dixon, pres., and Robert D. Van Nostrand, cash., both with the Rolfe State Bank. LEFT—Ed Hoffman, v.p., First National, Sioux City; Paul Groszkruger, pres., Citizens State, Belle Plaine; J. Roy West, a.v.p., American National B & T, Chicago; Lyle F. Jacobs, cash., 1st National, Akron, and William B. Whitman, a.v.p., American National B & T, Chicago. RIGHT—Miss Helen L. Rhinehart, recently elected pres, of National Association of Bank Women, and v.p., and sec. of Bren ton Companies, Des Moines, addresses the 73rd annual convention. N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis V h J A 89 K ; MAX ROY KNOWS IOWA. Iowa is agriculture. And Max has grown up with the problems that affect Iowa banks and their farm customers. Max earned a B. S. in Agriculture from Iowa State University and taught agriculture at Carroll. Now, as an officer in La Salle National Bank’s Correspondent Banking Department, Max would like to have the opportunity to assist you with agriculture loans. Max R oy is another reason why La Salle (assets $157,988,991.73) is so well qualified to handle correspondent banking services. Watch for M ax—or call him at the bank soon— the number is STate 2-5200, La Salle National Bank, 135 South La Salle Street, Chicago 90, Illinois. Complete Trust Service, member F. D. I. C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 90 er news coverage by television cam eras, radio and other types of mass media. Due to the delay of Justice Douglas’ plane, the other speakers on the final morning’s program, Roswell Garst, followed Mr. Remington to the plat form. Mr. Garst, who is president of the Iowa Savings Bank at Coon Rap ids, and is a partner in Garst and Thomas Hybrid Corn Company, is probably better known as the Coon Rapids farmer who entertained Nikita Khrushchev when the Soviet premier was in Iowa several weeks ago. Mr. Garst gave his observations on a comparison between Russian and U. S. agriculture and how the former nation is working so hard to catch up to the U. S. When it was apparent Justice Douglas would be delayed, Mr. Garst and Mrs. Garst filled in ably on the program by submitting to a pro longed question period. Entertainment was not found want ing at this year’s convention. Sunday night before the convention started, the Boys Town Choir of Boys Town, Nebraska, entertained more than 600 bankers and their wives. Monday night, the convention dance and buf fet supper was held at Val Air Ball room with Jules Herman and his orchestra providing an evening of good dancing. Tuesday noon, approx imately 1,000 ladies attended the ladies luncheon at Hotel Savery. Mrs. John B. Keeline, wife of the retiring presi dent of the Iowa Bankers Association, presided, and introduced Mrs. Dorothy Houghton, Washington, D. C., who spoke on “ Today’s Challenge to Wom en.” Mrs. Houghton is a member of a well-known Iowa banking family and now is a member of the Civil Defense Advisory Council. Tuesday night the Fort Des Moines Hotel ballroom was the scene of the annual social hour hosted by the Cen tral National Bank and Trust Com pany. This was followed by the out standing stage play, “ Sunrise at Campobello” starring Ralph Bellamy as Franklin D. Roosevelt. The play covers the three year span from the time F. D. R. was stricken with in fantile paralysis in 1921 until his first public appearance on a platform un der his own power in 1924. The 1960 convention will be held at Hotel Fort Des Moines from October 23 to 26.—E n d . LEFT—John W. Remington, new A.B.A. pres., Rochester, N.Y., visits with Gordon L. Mennen, A.B.A. v.p. for Iowa and pres., LeMars Savings. RIGHT—Victor C. von Meding, a.v.p., 1st National, Chicago; Adrian M. Neil, pres., Tama State, and F. A. Jones, pres., Grinnell State. LEFT— Paul Hansen, v.p., Omaha National, Omaha; I». F. Kruse, pres., Mineola State, and R. J. Swanson, pres., Citizens State, Clarinda. RIGHT— John M. Shanda, cash., Home State, Jefferson and, Douglas F. Graves, a.v.p., Chicago National. LEFT—T. R. McWhirter, v.p., Farmers Savings, Traer; Wm. R. Mathis, a,c., 1st Security B & T, Charles City; Mrs. Mc Whirter; John M. Davis, a.v.p., and Alfred H. Lindgren, v.p., both with City National B & T, Chicago. RIGHT-—H. A. N o r t h w e s t e r n B a n ke r, D e c e m b e r , Ï959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Boehm, v.p. & cash., City State Bank, Ogden; R. J. Nachazel, cash., Farmers & Merchants Savings, Burlington; J. L. Camp bell, Jr., v.p. Humboldt T & S, and Eddie A. Wolf, Central National B & T, Des Moines. CAR L R. POHLAD Presid ent O S C AR A. SCHULTZ FREDERICK F. ZANDER V ic e P resid ent S e n io r V ic e President and C o m p tro ller J. ALLEN SWANSON V ic e Presid ent R. W. CROULEY V ic e Presid ent Business D evelop m ent, Public R elations, A d ve rtisin g fro m KENNETH H. DALLY V ic e Presid ent and Trust O ffic e r Trust MEN PAUL W. PETTERSON V ic e Presid ent R ea l E state, M o rtg a g e s GEORGE S. C OON RO D V ic e P resid ent O p e ra tio n s MARQUETTE JOHN T. PAIN, JR, A ssistant C a sh ie r ROGER L. HEIRONIMUS A ssistant C a sh ie r Investments VERNON SWANSON Tra n sit ELLIOT L. KULANDER ERNEST R. GEARINO V ic e P resid ent Investments [DONALD R. RIGSBY V ic e P resid ent Instalm ent Lo an J. LEONARD ERICKSON C a sh ie r C re d it M a n a g e r C re d its D E P A R T M E N T OF B A N K S AND B A N K E R S A. J. KNUTSON OTTO H.PRE US A ssistant C a sh ie r V ic e P resid ent aC /MctAqudfii/ FE 3-5411 MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 92 LEFT—Art Frey, v.p., Continental Illinois National, Chicago; Carl Hagemann, pres., State Bank of Waverly; Jay Blackford, v.p., Union B & T, Ottumwa; Ralph Eastburn, pres., Iowa State B & T, Fairfield; John B. Keeline, retiring IBA pres., and pres., Central T & S, Cherokee; Charles H. Walsh, retiring IBA v.p., and pres., Farmers & Merchants Savings, Burlington, and Lee Parkin, 2nd v.p., Continental Illinois National Chi cago. RIGHT— Marvin F. Chevalier, cash., Citizens State, Postville, and L. H. Meier, cash., Farmers Savings, Clermont. LEFT—Newly elected officers of Iowa Club of School of Bank ing at Madison. Paul R. Murphy, cash., Dallas County State Adel, pres.; Dick L. Cousin, cash., State Bank of Waverly, v.p.; John Mangold; a.c., Merchants National, Cedar Rapids, sec-treas., and William F. Werner, a.v.p., United Home B & T, Mason City, dir. RIGHT—Robert Larsen, a.c., Omaha National, Omaha; Jack Marget, pres., Keokuk County State, Sigourney; Joe T. Grant, pres., 1st National, Sioux City, and Herb Echtermeyer, v.p., Omaha National, Omaha. you get from us CONVENIENCE. Located in the hub of a 4-state area. First National offers banks in Iowa, Minnesota, Nebraska and South Dakota faster, m ore convenient service than banks outside the area. EX PERIEN CE. Years o f experience in serving correspondent bank needs means the First National can give you the most efficient service. CO M PLETE SERVICE. The First National is com pletely equipped to handle any and all your correspondent banking needs. PER SO N AL A T T E N T IO N . The First National takes a personal, friendly interest in each one o f our correspondent banks. Y ou can depend on First National. They all add up to better service for your customers . . . and the better service you render, the faster you r institution w ill grow. Stop in or call the First National soon. arrangement can help you. N a t io n a l B a n k in Sio u x MEMBER F E D E R A L DEP OSIT IN SU RA N C E C O R P O R A T IO N MEMBER FE DE RAL RE SER VE SYSTEM N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Find out how our correspondent banking c it y 93 Ed W. Shaw, president o f the Davis County Sav ings Bank in Bloom field, is going on his fortysecond year as a banker. He began his career at the same bank in 1918 after spending some time in the insurance business. The Valley Bank is proud to have the Davis County Savings Bank of Bloomfield on its grow ing list of correspondent banks. The bank which Mr. Shaw heads got its start just at the turn of the century, and on January 1 w ill celebrate its sixtieth anniversary. Next year w ill be significant for another reason, too. T he bank plans soon to m ove into a handsom e new building now under construction. Mr. Shaw has always been active in B loom field’ s civic affairs. H e has been treasurer of the Rotary Club ever since it was organized in 1937, and also of the Salvation Arm y for the past 15 years. H e is Davis County Savings B ond chairman. Married, Mr. Shaw has a son, W illis, a naval com mander living in W ashington, D. C. A favorite h obb y is gardening. ALLEY BANK & TRUST CO, Walnut at Fourth Street https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Des Moines, Iowa M em ber, F e d e ra l Deposit Insuran ce C orporation N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 94 Heads Dallas County Bankers Paul R. Murphy, cashier, Dallas County State Bank, Adel, has been elected president of the Dallas County Bankers Association. Other officers are Thomas Tierney, assistant cashier, Perry State Bank, vice president; and James Haas, assistant cashier, Perry State Bank, secretary-treasurer. Adair-Guthrie Officers Dean Rochholz, vice president, Ex change Bank, Adair, has been elected president of the Adair-Guthrie Bank ers Association. Ralph Wollenhaupt, assistant cashier, State Savings Bank, Fontenelle, was named vice president and K. F. Leuthauser, cashier, Adair County Bank, Greenfield, was named secretary-treasurer. Delia Remodeling Work was started recently on ex tensive remodeling of the Delta office of the Hayesville Savings Bank. A new front, a new entrance, lowered ceilings, and new lighting are in cluded in the plan. Boone Farm Manager Harry G. Hix, a recent graduate of Iowa State College, has joined the Boone State Bank at Boone as farm manager and trust department officer. Mr. Hix is a native of Schaller, Iowa. Aurelia Open House v Open house was held last month in Aurelia, marking the completion of the new Farmers National Bank building. Harrison C. Steele Harrison C. Steele, 66, who retired in 1952 as president of the Steele State Bank in Cherokee, died recently after an extended illness. Capital Increased Capital stock of the Centerville Na tional Bank, Centerville, has been increased from $100,000 to $150,000 by a stock dividend. * Joins Marion Bank J. Robert Bunn has joined the Farmers State Bank at Marion as an assistant cashier. He will work in the installment loan department. Mr. Bunn formerly was assistant cashier at the United Home Bank & Trust Company in Mason City. Dayre Williams Dayre Williams, assistant cashier of the First State Bank of Tabor, died recently. He was associated with that bank for 30 years, ever since it was first organized. He was a member of the board at the time of his death. K . A. Reeves K. A. Reeves, 48, vice president and cashier, Iowa Trust & Savings Bank, Emmetsburg, died recently after a heart attack. Mr. Reeves joined the Emmetsburg bank in 1930 as janitor and part-time clerk and held every position in the bank on his way up to the vice presidency. Waterloo Increase Let our com plete facilities. . . our staff of friendly, helpful Iow ans . . . sa ve you v a lu a b le time on all items and collections. Send your items to us for fast, accurate, efficient banking service. N o r t h w e s t e r n B a n ke r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Capital stock of the Peoples Bank & Trust Company, Waterloo, has been increased from $150,000 to $500,000 by a stock dividend, according to the Iowa Department of Banking. Open House at Primghar An open house, marking the open ing of new modern quarters and the 70th anniversary of the bank, was held last month at the First National Bank of Primghar. More than 1,000 persons attended. A unique feature of the open house was a “house of money”, a clear plas tic, model house on a revolving stand containing assorted currency and coin. Each guest was given a chance to estimate the amount of money shown. A cash prize was awarded the person guessing nearest the cor rect amount. w 95 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n k e r, D e c e m b e r , ì 959 96 board of Bankers Trust Company, announced recently, in his capacity as chairman of the Drake University board of trustees, that a $5 million fund campaign to finance a major ex pansion program at the University will include three new buildings, renovation of others and improve ment of faculty salaries. The new buildings are to be a general class room and journalism building, a fine arts building and a physical education and health building. * * * William J. Marks, Jr., cashier, South OE GRONSTAB, state superintend Brenton Companies, and past presi ent of banking, was elected to the dent of both the A.B.A. and I.B.A., executive committee of the National was the main speaker. He discussed Association of Superintendents of “The American Dollar” and pointed State Banks at that group’s recent out dangers of continued inflation. * * * annual meeting at Hollywood, Fla. He will represent the 7th Federal Dean Ruben, vice president, South Reserve District on this important Des Moines National Bank, attended committee. the recent FPRA annual convention * * * in Miami Beach, Fla. * * * Officers and directors of the Plaza State Bank were hosts to about 75 The Plaza State Bank was awarded officials of the Iowa Savings and Loan a Blue Banner for 100 per cent “Fair League during their recent annual Share” giving during the recent Uni convention in Des Moines. The visi ted Campaign drive in Des Moines. tors were taken on a tour of the new Presentation was made at a recogni bank building and the new shopping tion dinner at UC headquarters. * * * center and were treated to coffee and doughnuts at Bishop’s Suburban Cafe Charles K. Grochala, executive vice at the Center, reports George J. Buser, president, Highland Park State Bank, executive vice president. recently announced that the bank’s * * * Annual Christmas Party has been Edwin F. Peters, executive vice set for December 9 at the Des Moines president and cashier, First Federal Club. About 70 employees and spouses State Bank, recently announced that are expected to attend. * * * the bank’s Annual Christmas Party is to be the evening of December 15 B. Harold Vance, who left the Iowa at the Kirkwood Hotel. Banking Department in the summer * * * of 1958 to join the staff of the Security James R. Rasley, assistant cashier, State Bank of Algona, has returned Iowa-Des Moines National Bank, was to the department as senior examiner. a member of the host committee at He had been executive vice president last month’s FPRA convention in of the Algona bank. * * * Miami Beach, Fla. * * Winfield W. Scott, president, Valley The November Forum of the Des Bank & Trust Company, announced Moines Chapter of A.I.B., was held recently that the bank’s Christmas last month at the National Bank of Party is to be the evening of Decem Des Moines with Miss Roberta Willits ber 10 at the Des Moines Club. as chairman. W. Harold Brenton, president, Janies W. Hubbell, chairman of the J Des Moines National Bank, said re cently that the bank has heard many good reports on its Sunday afternoon TV program which features the Cleve land Browns’ professional football games. All three Des Moines Brenton banks are giving $1 to the retarded Children’s Fund for each new account when the new customer indicates that he heard on TV that they would make this donation. * * * assistant cashier, Central National Bank & Trust Com pany, discussed safe deposit depart ments at last month’s meeting of Northeast Iowa NABAC associations in Dubuque. George Nelson, * * =f= Frank R. Warden, vice president, Central National Bank & Trust Com pany, attended last month’s annual meeting of the Investment Bankers Association at Miami Beach, Fla. * * * executive vice president, Iowa State Bank, attended last month’s Commercial Bank Man agement School at Arden House, Harriman Campus of Columbia Univer sity, sponsored by the Graduate School of Business, Columbia Univer sity. George H. Borg, * * * Central National Bank & Trust Company’s Annual Christmas Party will be the evening of December 14 at the Savery Hotel. * * * Bank’s Annual Christmas Party for officers, directors, employees and guests will be the eve ning of December 15 at Hoyt Sherman Place. The First State * * * Bindley Finch, president, Northwest PAYC ts No Minimum Pay-As-You-Check Balance Check Plan ______ ____ \ V _______ U n it e d S t a t e s C h e c k B o o k C o m p a n y 1311 HOWARD ST. N ofor r t hFRASER w e s t e r n B a n ke r, D e c e m b e r , 1959 Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OMAHA Des Moines National Bank, announced recently that the bank’s Christmas Party has been scheduled for Decem ber 20 at Vic’s Tally Ho.—End. George Open House The George State Bank at George held open house recently to mark the 25th anniversary of its opening. 97 H. C. Smith Honored H. C. S m ith , e x e c u tiv e v ic e p r e s i d e n t o f th e C edar F a lls T ru s t and S a v in g s B an k , r e c e n tly c o m p le te d 50 y e a rs o f s e r v ice. M r. S m ith is a fo r m e r p re sid e n t of th e Black H aw k C o u n ty B a n k ers, h e has b e e n c it y tr e a s u r er fo r m o r e th an 20 y e a rs, se r v e d H. C. S M I T H on m a n y c iv ic an d b u sin e ss b oa rd s, and is a ch a rte r m e m b e r o f th e C edar F a lls L io n s C lub an d is a m e m b e r o f th e Io w a B a n k ers A s s o c ia tio n ’s a g ricu ltu ra l com m itte e . o f d ir e c to r s den t. w as e le cte d v ic e p re s i b een in c r e a s e d fr o m $95,000 to $125,000, a c c o r d in g to H. A . E lsen b a st, cash ier. 25th Anniversary T h e O d eb olt State B ank, O debolt, o b s e r v e d its 25th a n n iv e r s a r y last m o n th , a c c o r d in g to R. H. Griffin, p resid en t. Hills Change E lm e r D ra k er h as b e e n ele cte d as sistan t ca sh ie r o f th e H ills B a n k and T ru s t C om p a n y , H ills. Surplus Increased T h e S u rp lu s a c c o u n t o f th e G raettin g er, State B an k , G ra ettin g er, has Leaves Primghar Bank M rs. C lay E d w a rd s, e m p lo y e e o f th e P rim g h a r S a v in g s B a n k th e past 11 y ea rs, has r e sig n e d as assistan t ca sh ier. M rs. R o b e r t B o r n h o ld t w a s n a m ed to s u cce e d her. Ole G. Norby Ole G. N o rb y , 84, a d ir e c to r o f th e S old ier V a lle y S a v in g s B a n k at S ol d ier, d ied r e c e n tly at th e O n aw a h o s p ita l w h e r e h e h ad b e e n a p a tien t fo r a b ou t a w e e k . 39th Street Bank W om en Meet T h e Io w a G rou p o f th e N a tion a l A s s o c ia tio n o f B a n k W o m e n h e ld its a n n u a l m e e tin g r e c e n tly w ith a r e c e p tio n and d in n e r in M a rsh a lltow n . O fficers in sta lled fo r th e e n s u in g y e a r in clu d e : C hairm an , M rs. D a rlen e M iller, v ic e p re sid e n t, C en tral State B an k , State f C en ter; co-ch a irm a n , M arie E . V anG ilst, assista n t ca sh ier, J a sp er C ou n ty S a v in g s B an k , N e w to n ; s e cre ta ry , H a llie F . S h ea rer, a ssista n t ca sh ier, r F ir s t N a tion a l B an k , F a rra g u t; and trea su rer, F lo r e n c e C. S a n db erg , M a s o n C ity. T h e ch a irm a n a p p o in te d M rs. A l b e rta M ey er, a ssista n t ca sh ier, State V- B a n k o f W a v e r ly , as p u b lic ity c h a ir m a n an d H e le n C ollin s, assista n t ca sh ier, T h e State B an k , F o r t D od g e, as m e m b e r s h ip ch a irm a n . , M e m b e rs p a r tic ip a tin g in th e p r o g ra m in c lu d e d A lic e A k e s, a ssistan t v ic e p re sid e n t, D eca tu r C o u n ty State B a n k , L e o n ; M rs. A d ela A u stin , as sista n t ca sh ier, C ity N a tion a l B ank, r C o u n c il B lu ffs; M rs. G la d y ce C h iverton , assista n t ca sh ier, G u a ra n ty B a n k & T ru s t Co., C edar R a p id s, an d H elen L . R h in e h a rt, assista n t v ic e p resid en t, * N a tion a l B a n k o f D es M oin es and n a tio n a l p re sid e n t; M a rie H u ld e rso n , as sista n t ca sh ier, C en tral N a tion a l B a n k an d T r u s t C om p a n y , D es M oin es, and n a tio n a l r e c o r d in g se cre ta ry . A ls o o n th e p r o g r a m w e r e M rs. M a rie W o ld e n , r e g io n a l v ic e p resid en t, m id -w e st g ro u p , W a lla ce , N eb ra sk a ; a n d E m ily K e n e r, n a tio n a l p u b lic ity v c h a irm a n fr o m R o ch e s te r, N e w Y o rk . New Clarksville President H. W . R ein ts, fo r m e r ly v ic e pres-id en t, has b e e n e le c te d p re s id e n t o f th e Io w a State B an k , C la rk sv ille, s u c c e e d in g W . F. B u seh in g , w h o d ied r e c e n tly . H . J. C arter, a m e m b e r o f th e b oa rd https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C H I C A G cT^UN Í O N sto cks: y a r d s O □ p a c k in g J □ PLANTS ~~1 EXCHANGE BUILDING < “O LIVESTOCK o PENS > c CO -o (1) *(A o X 47th Street D ro v e rs ’ Lo catio n m akes Im m ediate Credit p o ssib le on liv e s to c k p r o c e e d s . . . The Drovers National Bank is a direct member of the C h icago C learin g H ouse Association and the Federal Reserve System. Friendly service to Livestock Producers fo r more than 75 years You will note, from the above Yards diagram, that Drovers is ideally situated to serve your farmer customers more promptly. Our proximity to the commission firms, located in the Exchange Build ing, enables us to process livestock returns as fast as the stock is sold. To make sure your livestock customers receive this fast D rovers service, have them fill out a Drovers shippers order. We’ ll gladly send you a supply upon request. Continuous service to correspondent hanks since February 12, 1883 DroversBanks UNION STOCK YARDS, CHICAGO 9, ILLINOIS MEMBERS, FEDERAL DEPOSIT INSURANCE CORPORATION N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 Open House at Harlan w h ic h a to u r w a s m ade o f the city m ilk te s tin g la b o ra to rie s an d o f se v era l m o d e r n m ilk in g p a r lo r in stalla tion s on fa rm s n ea r D u b u q u e. Correction— 6 8 Not 8 8 W h e n H e n r y H a n sen sta rted w ith th e L ib e r ty T ru s t a n d S a v in g s B ank o f D u ran t, Iow a , h e w a s 18 y e a rs o f age an d th at w a s 50 y e a rs ago, so he is 68 n o w , w h ic h is “ p ar fo r th e c o u r s e ” so fa r a n d n ot “ 88” as w a s re p o r te d in th e N o v e m b e r issu e o f the N o r th w e s te r n B a n k er. On O cto b e r 1, 1909, h is b a n k had tota l assets o f $171,236 an d o n S ep te m b e r 20, 1959, th e y h a d in cre a se d to $6,503,000. M r. H a n sen b e ca m e p re sid e n t in 1919 a n d is on e o f th e m o s t a ctiv e and d y n a m ic b a n k e x e c u tiv e s y o u co u ld find a n y w h e re . OPEN HOUSE was held last month to the Harlan National Bank at Harlan. above. Included in the project were booths. A community room has been kitchenette for use by local groups in underwent a complete facelifting. show this recently completely remodeled home of A portion of the new counter section is shown two additional windows and new safe deposit established on the second floor with a complete addition to the bank. Exterior of the bank also Honors 4-H Members T h e F irs t N a tion a l B a n k o f D u b u q u e r e c e n tly c o m p le te d its a n n u a l r e c o g n itio n program fo r D ubuque C o u n ty 4-H F a ir w in n e rs . A t th e tim e o f th e c o u n t y fa ir, th e b a n k a w a rd ed d a ir y s h o w h a lters to b lu e r ib b o n w in n e rs. T h is fall, th e b a n k en te rta in e d 20 w in n e r s at a n oon -d a y lu n ch e o n , a fter . AM E R I C A N TRUST LEADS ^ THE WAY . . . Drawing Winners D u rin g th e Io w a B a n k ers A s s o c ia tio n c o n v e n t io n in D es M oin es last m on th , b a n k e rs an d th eir w iv e s w e r e in v ite d to re g iste r at th e d isp la y b o o th o f R o b in s o n W h o le s a le C om p a n y fo r th re e p rize s to b e g iv e n a w a y b y a d r a w in g on th e final day. Ira E. H y m e n , sales m a n a g er o f the D es M oin es firm , a d v ises the w in n e rs are as fo llo w s : M a ry V o n H e u k e lo n , F a rm e rs S a v in g s B anks, L e ig h to n — a M itch ell sp in n in g reel. R ic h a r d L o m e n , ca sh ier, W r ig h t C o u n ty State B an k , C la rion — R o n s o n V a ra fla m e p o c k e t lig h ter. N eal C. T en n is, v ic e p resid en t, F irst N a tion a l B an k , S io u x C ity — K itch e n k n ife set. On Federal Board In Dubuque .. i * The most modern equipment and methods, plus a friendly attitude are geared to be of service to you and your customers at any time. Vy-Sf ' ! A V iv ia n W . J oh n s on , p resid en t, F irst N a tion a l B ank, C edar F alls, an d W il liam A . H a n ley , d ir e c to r o f E li L illy an d Co., In d ia n a p olis, Incl., h a v e b een re-elected as d ir e c to r s o f th e F ed era l R e s e r v e B a n k o f C h ica g o. M r. J o h n son h as b e e n a d ir e c to r sin ce 1945 and M r. H a n le y sin ce 1954. B o th w e re ele cte d fo r a n oth er th ree-y ea r term . Joins Grinnell Bank T h o m a s J. T h o r n to n , e x e c u tiv e v ic e p resid en t, C itizen s State B ank, D onn ellson , is le a v in g th at b a n k to b e co m e a v ic e p re sid e n t at th e G rin n e ll State B a n k at G rin n ell. sS i C. E. Farnsworth £6 SB % BS ES -ES fig Bfi « i o t i y Member Federa! Reserve System Member Federal Deposit Insurance Corporation N o r t h w e s t e r n B a n ke r. D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C. E. F a r n s w o r th , 82, v ic e p resid en t and d ir e c to r o f th e C resco State B ank d ied r e c e n tly at th e W o o d la w n c o n v a le s ce n t h o m e at W a te r lo o . H e had b e e n a sso cia te d w ith th e C resco b an k sin ce 1921 as v ic e p re s id e n t and d i rector. 99 i.H .A . Unids Tax School H E Io w a B a n k e rs A s s o c ia tio n c o n d u c te d a sp e cia l ta x s c h o o l in D es M o in e s last m o n th at th e K ir k w o o d H otel. D is c u s s io n w a s c e n te r e d o n b o th fe d e r a l a n d state in c o m e ta x as w e ll as s o cia l s e c u r ity an d s e lf e m p lo y m e n t ta x , o ld age, s u r v iv o r ’s a n d d isa b ility in su ra n ce . F e a tu r e d sp e a k e rs w e r e fr o m the U. S. T r e a s u r y D ep a rtm en t, the Iow a T a x C o m m is s io n a n d re p re se n ta tiv e s fr o m th e I.B .A . T a x S c h o o l C om m ittee. T h e tw o -d a y m e e tin g w a s op en to th e p u b lic and b a n k e r s w e r e u rg e d to b r in g th e ir cu s to m e r s an d fr ie n d s to th e S ch ool. T h e s c h o o l w a s m ade a v a ila b le as a p u b lic s e r v ic e b y th e I .B .A ., Io w a State U n iv e rs ity , th e I n te rn a l R e v e n u e S erv ice , th e Io w a S ta te T a x C o m m is sio n an d th e F e d e r a l S ocia l S e cu rity A d m in istra tio n . T a x s c h o o ls h a v e b e e n h eld in term itte n tly sin ce 1920 u n d e r th e le a d e r s h ip o f th e I.B .A . T ^ v Cedar NABÂC Meeting F r a n c is A. K u tish , a g ricu ltu ra l e c o n o m is t fr o m Io w a State C olleg e, w a s th e fe a tu re d sp e a k e r at a re ce n t m e e t in g o f th e C edar V a lle y ch a p te r o f N A B A C at C h a rles C ity. D ob ler, ca sh ier, in th at ba n k . L y le H e n se n has b e e n n a m ed ca sh ie r to s u cce e d M r. D o b le r an d M rs. P ete S tru v e is a n e w assista n t ca sh ier. M r. D o b le r has n o t a n n o u n ce d h is fu tu re plans. Dexter Remodeling A n e x te r io r fa c e lift in g and an in te r io r r e m o d e lin g p r o je c t is u n d er w a y at th e D ex te r office o f th e D allas C o u n ty State B a n k o f A d el. A n e w h e a tin g an d air c o n d itio n in g sy ste m also is b e in g in sta lled . New Coralville Director W illia m A . K n o k e , h ea d o f m a rk e t in g at th e U n iv e r s ity o f Io w a C olleg e o f B u sin ess A d m in istra tio n , has b een e le cte d a d ir e c to r o f th e C ora lv ille B a n k and T ru s t C o m p a n y at C ora l v ille, a c c o r d in g to G. L. Isen see, p r e s i dent. New Centerville Director R o b e r t K . B eck , c o -p u b lish e r o f th e C e n te rv ille D a ily Io w e g ia n , has b een ele cte d a d ir e c to r o f th e C en terv ille N a tion a l B ank. H e su cce e d s B ru ce T a rb o x , w h o resig n ed . M r. T a r b o x an d h is b ro th e r, V e r d e n T a r b o x re c e n tly p u rch a se d th e F a rm e rs S a v in g s B a n k o f N o rth E n g lish . $200,000 to $400,000 b y a s to c k d iv i den d. Joins Alta Firm G eorg e A . H eilm a n has jo in e d the firm o f B e c k e r & A s s o c ia te s o f A lta, Iow a , d esig n ers o f b a n k b u ild in g s an d b a n k fix tu re m a n u fa ctu re rs. D u rin g th e p a st 13 y e a r s , M r. H e ilm a n has had e x p e r ie n c e in th e p la n n in g an d d e sig n a sp ects of c o n s tr u c tio n in th e m id -w est, and G. A. H E I L M A N w ill assist in su ch s e rv ice . H e w ill sp e cia lize in in d iv id ual b a n k in g d esig n p ro b le m s. Request Denied A re q u e st b y th e Io w a State B ank, F o r t M ad ison , to in clu d e an area p la n n ed fo r u se as a d riv e-in teller site in a n e a rb y c o m m e r c ia l d istrict w a s d e n ie d b y th e c it y ’s p la n n in g and z o n in g co m m issio n . J. C. DeBruin J. C. D eB ru in , 89, p re s id e n t o f th e F a rm e rs S a v in g s B a n k at L e ig h to n u n til 1957, d ied last m o n th at h is h o m e in P ella. Manning Changes G e o rg e S iev ert, p r e s id e n t o f th e M a n n in g T ru s t & S a v in g s B an k , has p u r c h a s e d th e in terests o f E d w a rd Fort Dodge Increase C apital s to c k o f th e F o r t D od g e N a tio n a l B a n k has b e e n in cre a se d fr o m New Un l'Unifhto ¡irire-Ma t'ait This is Iowa’ s oldest surety company. A progressive company with experi enced, V . conservative • ■ ' _ management. ... W e are proud of our three hundred bank agents in Iowa. To be the exclusive representative of this company is an asset to your bank. y/ AR C H ITE C T’S SKETCH of the new Farmers & Merchants Savings Bank’s drive-in office in Burlington. Construction is to start before the first of the year, with com pletion in early spring. The building will house two drive-in units and the corner building will have a lobby and walk-up window. Provisions are being included for a third drive-in window. A full basement is under the larger building with a tunnel leading to the island. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis E. H. W A R N E R President and Manager W . W . W ARNER Vice President M. J. C O R B IN Secretary-Treasurer N o r t h w e s t e r n B a n ke r, D e c e m b e r , 1959 100 Savings Interest Up A ll five W a te r lo o and C edar F a lls b a n k s h a v e a n n o u n ce d th e y h a v e in crea sed th e in terest rates on all ty p e s o f sa v in g s a cco u n ts and tim e d ep osits to 3 p e r cen t. R o s c o e L e o n a rd , p resid en t, Io w a State B a n k & T ru s t Co., D a y ton , w as h o n o r e d at a su rp rise p a rty r e c e n tly o n h is 50th a n n iv e r s a r y w ith th e ba n k . H e sta rted as a b o o k k e e p e r in 1909. New Cedar Falls Director Dr. W illia m C. L a n g , d ean o f in str u c tio n an d d ean o f th e co lle g e at A D V E R TISE R S DECEMBER, 1959 A A c o rn P r in tin g C o m p a n y ............................ 100 A m e r ic a n N a tio n a l In s u ra n c e Co. . . . 40 A m e r ic a n T r u s t and S a v in g s B a n k — Dubuque ............................................................... 98 A s s o c ia te d L o a n C o u n s e llo rs ...................... 46 THE ACORN PRINTING CO. OAKLAND, IOWA ' BANKS .b„°Agoh ldt A ll N egotiations C onfidential A NATIONAL CLEARING HOUSE FOR EXPERIEN CED RANK EXECU TIVES WITH C A PITA L TO IN VEST 1B a n k e r s S ervice C o m p a n y \ BOX 1435 • DES MOINES 5, IO W A e PHONE A T 1 -7 8 0 0 B a n k o f A m e r ic a ................................................. 35 B a n k B u ild in g an d E q u ip m e n t Corp. . . 37 B a n k o f M o n tr e a l .............................................. 50 B a n k o f N e w Y o r k ......................................... 49 B a n k e r s S e rv ice C o m p a n y , In c ...... 78-1 0 0 B a n k e r s T r u s t C o m p a n y — D e s M o in e s . 84 B a n k e r s T r u s t C o m p a n y — N e w Y o r k . . 22 B la c k M a n u fa c tu r in g C o m p a n y ............... 36 B u r r o u g h s C o rp o r a tio n ................................ 61 C C a n a d ia n B a n k o f C o m m e rc e .................... 55 C e n tra l B a n k an d T r u s t Co.— D e n v e r . . 66 C e n tra l N a tio n a l B a n k and T r u s t C o.— D e s M o in e s ........................................................ 6 C e n tra l S ta te s H e a lth and L ife C o ......... 103 C h ile s -S c h u tz C o m p a n y .................................. 76 C h r istm a s C lub a C o rp o r a tio n ................. 4 C h r is te n s e n -K e n n e d y P ro d u c tio n s . . . . 38 C ity N a tio n a l B a n k an d T r u s t Co.— C h ic a g o ............................................................... 45 C o m m e rce T r u s t C o m p a n y ........................ 95 C o n tin e n ta l Illin 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 .............................................. 14 C o n tin e n ta l N a tio n a l B a n k — L in c o ln . . 80 II D a v e n p o rt, P. E ., and C o m p a n y . . . 7 6 , 101 D e L u x e C h eck P rin te rs , In c .......................... 34 D e n v e r U n ite d S ta te s N a tio n a l B a n k .. 15 D ie b o ld , In c ............................................................... 5 D o w n e y , C. L., C o m p a n y ................................ 11 D r o v e r s N a tio n a l B a n k ................................ 97 K B pch (V ro th ers P R I N T E R S ¿-y <• ^ H isTAB LISH ED/^ -> y BOOK BINDERS STATIONERS V 1889 OFFICE O U T F I T T E R S ' ^ Grand Ave . at Fourth BUSINESS MACHINES Des Moin es , IA N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Man experienced in livestock and general credit, and correspondent banking with large metropolitan bank desires similar position medi um-sized midwest bank. Capable o f m anaging bank to $30,000,000 deposits. Best of references. W rite E Q P , c /o N orthwestern B anker , 306 15th Street, Des Moines, Iowa. G G re e n sp a n , B u d ................................................... H u m m e r, W a y n e , anH d Com pany ............ 81 40 A< Im p e ria l B a n k o f C a n a d a ........................... 16 I o w a -D e s M o in e s N a tio n a l B a n k ........... 104 K o c h B r o t h e r s ......................................................... 100 L L a M o n te , G e o rg e , an d Son ........................... L a S a lle N a tio n a l B a n k .................................. L a w r e n c e W a r e h o u s e C o m p a n y ............ L e F e b u r e C o rp o r a tio n ..................................... L iv e S to c k N a tio n a l B a n k — C h ic a g o . . . L iv e S to c k N a tio n a l B a n k — S io u x C ity . 3 89 69 13 33 ^ 62 M M a n u fa c tu r e r s T r u s t C o m p a n y ............... M a rq u e tte N a tio n a l B a n k ............................. 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 . . M e rc h a n ts N a tio n a l B a n k ........................... M e r r ill L y n c h , P ie rce , F e n n e r & Sm ith , In c ................................................................................ M in n e s o ta C o m m e rc ia l M e n ’ s A s s o c ia tio n ........................................................ M o s le r S a fe C o m p a n y ....................................... 41 91 99 2 50 54 y 52 36 43 N N a tio n a l B a n k o f C o m m e r c e ...................... 83 N a tio n a l B a n k o f S ou th D a k o t a ............... 63 N a tio n a l B a n k o f W a t e r lo o ...................... 94 N a tio n a l C ash R e g is t e r C o m p a n y . . . . 39 N o r th w e s te r n N a tio n a l B a n k ................. 56 V o O m ah a N a tio n a l B a n k .................................. 75 R R a ls to n P u r in a C o m p a n y ........................... 47 R e c o rd a k C o rp o r a tio n .................................18-19 R e p u b lic N a tio n a l B a n k ............................. 44 E E lk i r t C o rp o r a tio n ............................................ 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 .. * I Tt Registers O pen h ou s e w a s h eld r e c e n tly at y th e F id e lity S a v in g s B a n k in O ttu m w a m a r k in g th e o p e n in g o f a g re a tly en la rg ed in sta llm e n t loa n d ep a rtm en t. T h e n e w qu a rters, in the b a sem en t o f th e b a n k b u ild in g , is m o re t h a n " ’'* th ree tim e s as la rg e as p re v io u s q u a rters on th e m a in floor, a c c o r d in g to M erle D eV ore, a ssistan t ca sh ier in ch a rg e o f th e d ep a rtm en t. * p F ir s t N a tio n a l B a n k — - A r i z o n a ................. 38 F ir s t N a tio n a l B a n k — C h ic a g o ............... 20 F ir s t N a tio n a l B a n k -—D e n v e r .................... 71 F ir s t N a tio n a l B a n k — K a n s a s C ity . . . 42 F ir s t N a tio n a l B a n k — L in c o ln ................. 82 F ir s t N a tio n a l B a n k — O m ah a .................... 77 F ir s t N a tio n a l B a n k — St. L o u is ............... 51 F ir s t N a tio n a l B a n k — St. P a u l ................. 59 F ir s t N a tio n a l B a n k — S io u x C ity .......... 92 F ir s t N a tio n a l C ity B a n k o f N e w Y o r k ........................................................... 8 -9 F ir s t S to c k Y a r d s B a n k — S ou th St. Joe 78 I N D E X OF ACORN s Ottumwa Open House Roscoe Leonard Honored "A ccepted Sale Registers by Bank Clerks Everywhere" For information write Io w a State T e a ch e rs C olleg e has b een e lected a d ir e c to r o f th e F ir s t N a tion al B a n k in C edar F a lls. H e su cce e d s D r. M. J. N elson , w h o n o w liv es in P h o e n ix , A riz. , x S St. P a u l T e r m in a l W a r e h o u s e C o rp o r a tio n ........................................................ S to c k Y a r d s N a tio n a l B a n k — O m a h a .. 81 79 T T r o y S u n sh ad e C o m p a n y , T he 4 .................. 101 IT U n ite d S ta te s C h eck B o o k C o m p a n y . . 96 U n ite d S ta te s N a tio n a l B a n k ..................... 72 V V a lle y B a n k an d T /u s t C o m p a n y — D e s M o in e s ........................................................ 93 V a lle y N a tio n a l B a n k — P h o e n i x ............... 10 \v W e s t e r n B a n k C o n tra c to rs , In c ................. 17 ^ 101 k ItInit's Itank Entertains Feeders I0 4 th Birthday H e n r y W ild a sin , w h o re tire d 36 y e a rs a g o as a W ilto n J u n c tio n b a n k er, r e c e n tly ce le b ra te d h is 104th b ir th day. Joins Newell Bank H a ro ld D u an e G ra y r e c e n tly jo in e d th e staff o f th e F ir s t N a tion a l B a n k at N e w e ll as a ssista n t ca sh ier, re p la c in g G o rd o n Jen sen , r e c e n tly r e sign ed. Sponsors 4-H Trip A SPECIAL TRIBUTE was paid to Roy Saar (left), farmer and cattle feeder of Treynor, Iowa, during the annual cattle feeders banquet. Six generations of the Saar family have done business with the Council Bluffs Savings Bank. Others (from left) are: Delmar F. Busse, president of Citizens State Bank in Oakland; Monte Hough and Barbara Soloth. the two 4-H ’ers who fed the cattle served at the banquet, and Lester F. Haas, vice president of the Council Bluffs Savings. T h e D allas C o u n ty B a n k ers A s s o c i a tion r e c e n tly s p o n s o r e d a trip to C h ica g o fo r 26 D allas C o u n ty 4-H b o y s . T h is is th e n in th y e a r th e a sso cia tio n has s p o n s o r e d th e C h ica g o trip w h ic h is a w a rd ed o n th e b asis o f 4-H w o r k d o n e d u rin g th e p re v io u s y ea r. Re-elected Treasurer R U C E R U S S E L L , p re sid e n t o f the F a r m e r s N a tio n a l C o m p a n y o f O m aha, w a s th e fe a tu re d sp ea k er at th e a n n u a l ca ttle fe e d e r s ’ b a n q u et s p o n s o r e d b y th e C o u n cil B lu ffs Savr in g s B a n k last m on th . M r. R u s s e ll stressed th e im p o rta n ce o f a g r ic u ltu r e as a m a jo r fo r c e in th e e c o n o m ic s o f th is c o u n t r y and p o in te d A o u t th at a g r ic u ltu r e is th e la rg est p r iv a te ly o w n e d b u sin ess in th e c o u n tr y tod a y . B C ity w e r e h o n o r e d r e c e n tly at a 25th a n n iv e r s a r y d in n er. A ll s ix h a v e b een w ith th e b a n k sin ce it w a s fo u n d e d in 1934. T h e h o n o r e d m e n are B en S. S u m m er w ill an d W a lte r F. S ch m id t, v ic e p resid en ts; M. B. G u th rie, tru st officer and v ic e p resid en t; J am es H. S ch m id t, a ssista n t ca sh ier; M. E . T a y lo r, a u d i tor; an d S abin a P elzer. T h e y w e re a m o n g th e o r ig in a l staff o f 10 e m p lo y e e s . T h e b a n k n o w e m p lo y s 50 p erson s. Galva Livestock Panel T h e F ir s t T r u s t an d S a v in g s B an k o f G a lva r e c e n tly s p o n s o r e d a liv e s to c k d is cu s s io n p an el. R e p r e s e n ta tiv e s fr o m th e S io u x C ity L iv e s to c k C o m m is s io n firm s a n d a llied in d u s tries a p p e a re d on th e pan el. ' Iowa Falls Remodeling / P la n s fo r an e x te n s iv e re m o d e lin g r p ro g ra m , w h ic h w ill n e a rly d ou b le th e p r e s e n t size and fa cilitie s o f th e C itizen s State B a n k at Io w a F alls, h as b e e n a n n o u n c e d b y L e o Jorg en ^ sen , p resid en t. A b u ild in g a d jo in in g th e w e s t side o f th e b a n k is to b e in c o r p o r a te d in to th e r e m o d e le d b a n k b u ld in g . A y n e w fr o n t w ill b e ad d ed to c o v e r b o th b u ild in g s an d th e d iv id in g w a ll w ill b e r e m o v e d . A n 18-foot e x te n s io n a l s o is p la n n e d at th e rea r o f th e p r e s en t b a n k b u ild in g . T h re e n e w teller 1 w in d o w s w ill b e a d d ed and th e b o o k k e e p in g d e p a rtm e n t w ill b e m o v e d b a c k to th e first floor. T h e p r o je c t is to b e c o m p le te d e a rly n e x t su m m er. Associates Honored , S ix Bank a ssocia tes o f th e Io w a an d T r u s t C o m p a n y at https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis State Io w a Marion First National Buys More Property T h e F ir s t N a tion a l B a n k o f M a rion has p u rch a se d a d d ition a l p r o p e r ty to be u sed fo r p a rk in g . T h e n e w p r o p e r ty , p u rch a s e d fr o m th e C harles S w e e t estate, a d jo in s the E d S c o w n p r o p e r ty w h ic h th e b a n k a lso p u rch a s e d r e ce n tly . P la n s fo r a d riv e-in w in d o w b u ild in g on the S c o w n p r o p e r ty w ill b e ch a n g e d to p r o v id e w a lk -u p s e r v ic e as w e ll. T h e S w eet p r o p e r ty is b e in g cle a re d and w ill b e re s u r fa c e d fo r b a n k cu s to m e r p a rk in g . C ly d e C. W illia m so n , v ic e p resid en t, F ir s t T ru s t & U n io n S a v in g s B ank, S ig o u rn e y , has b een re-elected S ig o u r n e y ’s c ity trea su rer. H e w ill b e g in h is 52nd y e a r as c it y trea su rer J a n u a ry 1. New Palmer Director A u g u s t F is c h e r has b e e n n a m ed a d ir e c to r o f th e P a lm e r State B ank, r e p la c in g h is late fa th er, B en F isch e r. New Wellsburg Director H a ro ld A . G eerd es has b e e n elected a d ir e c to r o f th e P e o p le s S a v in g s B a n k at W e lls b u r g . H e is th e son o f G e o rg e H. G eerd es w h o se r v e d as b a n k p re sid e n t fr o m 1945 to 1949. T h e n e w d ir e c to r is e n g a g ed in fa rm in g and an in su ra n ce b u sin ess. Bank Shows Paintings T h e C itizen s State B an k , C larinda, has d esig n a ted its w a lls fo r u se as a sa lon fo r C larin d a artists. C u rren tly 15 p a in tin g s are on d is p la y on th e C itizen s State B a n k ’s w a lls. Neola Bank Honored T h e F a rm e rs and M e rch a n ts State B a n k o f N eola r e c e n tly w a s c ite d fo r its o u ts ta n d in g e ffo rt on b e h a lf o f th e W e s t P o tta w a tta m ie C o u n ty 4-H p rog ra m . T h e r e c o g n itio n w a s g iv e n at a r e c e n t a n n u a l 4-H le a d e rs’ b a n qu et. Heavy Canvas Zipper and Drawstring Top COIN BAGS HEAVY CAN VAS 10 Vz" x 5 " ...........74 e a. l l i / 2 " x 5 " . ,.7 6 i/ z e a . Z IP P E R T O P B A G 7" x 1 1 " .......... 69i/2 e a . R EG A L ARM Y D U CK 6i/2 " x 1 1 " _____47 e a. YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS W rite for more com plete information on these and other type bags. F. E. DAVENPORT & CO. T H E T R O Y S U N S H A D E CO. OM AHA DEPT, m T R O Y , OHIO N o r t h w e s t e r n B a n k e r, D e c e m b e r , 1959 102 Christmas Story What’s Your Opinion? He’s Satisfactory M ary: Y o u k n o w w h a t a tired Santa C laus is ca lled ? C h ristm as: N op e. M ary: A b ea t N ick ! M a ry h ad a little cash, She k e p t it in h er h ose, E v e r y w h e r e th at M a ry w e n t H er frie n d s all said “ it s h o w s .” A b a c k w o o d s c o m m u n ity h a d a r e p u ta tion fo r n o t k e e p in g its m in iste rs fo r m o re th a n th ree o r fo u r m on th s. F in a lly th e b is h o p sen t a y o u n g p re a ch e r a n d a fte r tw o y e a rs h e w a s still o n th e jo b . S u rp rised , th e b is h o p p re sse d fo r an e x p la n a tion . R e lu c ta n tly , a lo c a l to w n s m a n r e p lied , “ W e ll, I ’d ra th e r n o t te ll y o u . B u t if y o u in sist, h e r e ’ s th e rea son . W e fo lk s o u t h e re d o n ’t r e a lly w a n t a n y p r e a c h e r at all an d h e ’s th e c lo s est w e ’v e e v e r c o m e to it.” He Asked for It O ne o f ou r m o s t fa m o u s m o v ie stars w a s p la y in g th e p a rt o f a S anta C laus d u r in g th e film in g o f a m o v ie re c e n tly an d in on e scen e, h e w a s su p p o se d to fa ll e x h a u ste d fr o m S a n ta ’s T h r o n e in a d e p a rtm e n t store. T h e fa ll w a s re a l istic. So m u ch so th at h e sp ra in e d an a n k le. U n a b le t o g e t up, h e ca lled : “ G iv e m e a h and, w ill y o u ? ” A ll o f th e ex tra s, ca m e ra m e n and o th e r w o r k m e n on th e set o b lig e d b y a p p la u d in g . Had Enough “ N o w th at w e ’v e s tru ck o il,” said th e fa r m e r to h is w ife , “ y o u ’re g o in g to h a v e so m e d e ce n t c lo th e s .” “ N o th in g d oin g . I ’v e w o r n d e ce n t c lo t h in g all m y life an d n o w I ’m g o in g to d ress lik e o th e r w o m e n .” GI Didn't Know T h e d o c to r o n an a r m y b a se h a d a y o u n g c o r p o r a l as h is office assistan t to k e e p tra ck o f th e p a p er w o r k in c o n n e c tio n w ith th e office, an d th e y o u n g G I w a s e x tr e m e ly cu r io u s a b ou t th e d o c t o r ’s affairs. H e w a s c o n tin u a lly firin g q u e stio n s at th e d o cto r, an d on e m o r n in g h e said: “ In civ ilia n life, w e r e m o s t o f y o u r ca ses a c c i den ts, C a p t?” “ I d o n ’t k n o w ,” r e p lie d th e d octor. “ H o w c o m e y o u d o n ’t k n o w ? ” p e r sis te d th e co r p o r a l. “ S o ld ie r ,” sa id th e officer as he w a lk e d ou t o f th e d oor, “ I w a s an o b s te tricia n !” A Truism It is m u ch b e tte r to sit tig h t th an to tr y to d riv e in th at c o n d itio n . Good Sales Pitch She: D o n ’t let m o th e r ca tch y o u h u g g in g an d k is s in g m e. H e: B u t I ’m n o t h u g g in g and k is s in g y o u . She: I th o u g h t I ’d w a r n y o u ju s t in case. N ofor r t hFRASER w e s t e r n B a n ke r, D e c e m b e r , 1959 Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis So M a ry to o k it to th e b a n k A n d th ere sh e w is e ly h id it, w h ic h b r o u g h t h er fa r m o r e in terest . . . or d id it? C O N V E N T IO N S January 19-20, North Dakota Bank Management Clinic, Jamestown. January 21-22, National Credit Con ference, LaSalle H otel, Chicago. February 8-10, M id-W inter Trust Con ference, W aldorf-Astoria Hotel, New Y ork. February 14-17, C olorado Installment Credit C onference, B roadm oor H otel, C olorado Springs. March 21-23, Installment Credit C on ference, Conrad H ilton Hotel, Chicago. A pril 24-27, N A B A C Northern R e gional Conference, Schroeder H otel, Milwaukee. May 6-7, North Dakota Bankers As sociation, Annual Convention, Dacotah H otel, Grand Forks. May 22-26, Independent Bankers Con vention, H ilton H otel, Denver, Colorado. May 30-June 3, Am erican Institute of Banking, Statler H ilton H otel, Boston. June 7-8, Minnesota Bankers Asso ciation, Annual Convention, Leam ington H otel, M inneapolis. June 16-18, Montana Bankers Asso ciation, Annual Convention, Can yon V illage H otel, Y ellow stone National Park. June 16-18, W yom ing Bankers Asso ciation, Annual Convention, Jackson Lake Lodge, Moran. June 23-25, C olorado Bankers A sso ciation, Annual Convention, H il ton H otel, Denver. August 14-17, Colorado School of Banking, U. o f C olo., Boulder. September 18-21, A .B.A. Annual Con vention, New Y ork City. O ctober 2-6, F.P.R.A. Annual Conven tion, Statler H otel, Boston. O ctober 9-16, N A B A C Annual Con vention, Statler-Hilton H otel, Los Angeles. O ctober 1 1 -1 2 , Nebraska Bankers Association, Annual Convention, Cornhusker H otel, Lincoln. O ctober 23-26, Iowa Bankers Associa tion, Annual Convention, Fort Des M oines H otel, Des Moines. ^ k Still Listenin' T h e la ziest c o w b o y in C olora d o, on e b w h o ju s t w o u ld n ’t tu rn a h a n d at a n y th in g u n less fo r c e d to, g o t th r o w n off a h o rse an d h a d to b e ta k en to the d o cto r. , ^ “ I ’m a fra id I h a v e som e b a d n ew s an d s o m e g o o d n e w s fo r y o u , m iste r,” th e d o c to r re p o rte d . “ Y o u w ill n e v e r b e ab le to w o r k a g a in .” “ T h a n k s, D o c ,” a n s w e re d th e cow p ok e. “ N o w w h a t’s th e bad n e w s ? ” Not Much Bad Luck L a d y B o u n tifu l: H a v e y o u b een o f fe r e d w o r k ? B ea tn ik : O n ly on ce, m adam . A sid e fr o m th at I ’v e m et w ith n o th in g b u t k in d n ess. a How’s Business? T w o fe lla s g o t to g e th e r at th e h o m e o f on e o f th em fo r a little g am e o f b r id g e an d s o m e b u sin e ss talk. “ M y b u sin e ss is lo o k in g u p ,” said the a stro n o m e r. “ M in e, fr a n k ly ,” sa id th e c ig a r m anu fa ctu re r, “ is g o in g u p in s m o k e .” “ M in e is ju s t sew , se w ,” said the S in g er salesm an . “ W e ll,” sa id th e fa rm e r, “ m in e ’s g r o w in g .” “ O urs is p r e tty lig h t,” said th e lig h t fix tu re d ealer. “ M in e is p ic k in g u p ,” sm ile d th e street clea n er. “ M in e v e r y d e fin ite ly is lo o k in g b e t te r,” o p in e d th e op ticia n . “ M in e ,” c h ir p e d th e N orthwestern B anker staff m e m b e r, “is all w r ite .” * v k The high interest of Iowa bank customers in CENTRAL STATES new health-care insurance is shown by three-month sales in the Fort Dodge and Des Moines territories. In numbers of new policy Iowa banks and agents set pace for the nation owners, company-wide, the two territories placed first and second. Their sales mean profitable extra revenue for participating banks. If you would like to know how this program can work for your bank, write, wire or phone for full particulars. ...a record number of new policyowners for CENTRAL STATES Premium Deduction Plan Robert Palmer M a n a ger F ort D o d g e , Iow a p Jack Kuhn Frank Marchellino R. William Rabbitt Thomas L. Rabbitt Donald Struve Robert Druskin T h e s e C e n tr a l S t a t e s r e p r e s e n t a t i v e s in t h e F o r t D o d g e a rea w e r e h o n o r e d last m o n t h , w h e n C e n tr a l S ta te s m a n a g e r s t h r o u g h o u t t h e n a tio n g a t h e r e d in F o r t D o d g e t o p a y t r i b u t e t o t h e ir o u t s t a n d i n g s a le s a c h i e v e m e n t . t| jfl¡t C e n t r a l S t a t e s ^saHsr H e a l t h & L if e Co . of Om aha T. L e s l ie K iz e r , P r e s i d e n t U N D E R W R I T E R S AND LIFE. THROUGH https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OF HEALTH. C O N S U M E R A CCID EN T FIN A N CIA L AND C R E D I T I N S U R A N C E HOSPITAL INSTITUTIONS. IN SURA N CE O Christmas Tree: always a little brighter Year after year, we raise our beautiful Christmas tree on the main banking floor, and stand around admiring it. It’s a tall tree, a gay tree, a Merry-Christmas-to-YOU tree, and we earnestly believe that, every year, it’s always a little brighter. This Christmas time, when you’re in Des Moines, we hope you’ll have a few minutes to drop in at the bank at Sixth and Walnut and see our tree. We hope you’ll give us the chance to see you, and shake your hand, and wish you an even merrier Christmas than last year. This goes, of course, for all our people, but especially for Cal and Betty, Jerry, Christy, Keith, George and Bob. The helpful people who see to it that, year after year, the service you get is always a little faster. I o w a - D e s M o i n e s (y)N ational B anh Sixth and Walnut, Des Moines 1+ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • CHerry 3-1191 Member Federal Deposit Insurance Corporation
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