Full text of The Northwestern Banker : December 1960, 66th Year, No. 881

View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

NOECHWESTERN
DECEM BER
1960

mm
P

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

MNB’S MODERN APPROACH TO BANKING . . . ANOTHER REASON WHY OVER
HALF OF ALL IOWA BANKS ARE MERCHANTS NATIONAL CORRESPONDENTS
Here are models of some of the IBM units to be included
in M NB’s Electronic Datacenter. The Datacenter will be
installed to provide even faster and better service to our
customers. It will also be available to business, industry,
and the professions. And whatever your needs, you can
depend on Merchants N ational for the m ost modern,
accurate, and prompt service. Your call will be welcomed.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

MwcWt
N a fc w a !
THE MERCHANTS NATIONAL BANK
OF CEDAR RAPIDS
M E M B E R F.D.l.C.

No. 88F’ Northwestern Banker is published monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines 9, Iowa. Subscription,
as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, under the Act of March 3, 187Ä.

35e per copy, $3 per year. Entered

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ALL NEW FROM THE GROUND UP!

H e r e 's th e la te s t and m o s t
sign ificant advance in d riv e -in
banking! It's the Diebold Panor
am ic window with a sweeping,
design th a t will be a handsome com plem ent to the architectu re of any bank. And beyond the
is the down-to-earth practicality of the Panoram ic w indow ’s installation savings: the front panel
all the way down, greatly s im plifying in stallation procedures, im portantly reducing sub-structure
costs.

DRIVE-IN BANKING WINDOW
graceful
beauty,
extends
building

Another precedent-setting featu re of the Panoram ic window by Diebold is the new deal draw er with auto
m atic full drop front and rising cover. This provides a more convenient opening for custom ers . . . helps
speed transactions . . . serves more custom ers per hour.
Everything about this futu re-m ind ed drive-in

DIEBOLD Incorporated Dept. B-I23
CANTON 2, OHIO

banking window is new— from its stainless steel construction
to its hi-fi intercom system. M ake the
| Panoram ic part of your drive-in bank
ing plans! M ail coupon for com plete
details w ithout obligation!

G entlem en: Please send illustrated literature on the Diebold
Panoram ic Drive-in Banking Window.

DIEBOLD
I N C O R P O R A T E D

______ Zone

___S tate__.

CANADA,
Northwestern Banker, December, I960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

L T D,

J (Skeb /OO^/eaM

Oldest Financial Journal W est o f the M ississippi

for your D ECEM B ER, 1960, reading

MPear E d it o r

66th Year

No. 881

ED IT O R IA LS
12

Across the Desk from the Publisher

5
21
23
24
26
28
29
30
31
32

Dear Editor
Frontispag*e— Winter Scene
Low Cost Automation for Small Banks— J. R. Helscher
Solving Future Agricultural Credit Needs— R oger L. Cunningham,
Using Loss Leaders in Your Bank— Arthur A. Baer
Expect “ Steady” Business in 1961
Bankers You Know— Wm. R. Chapman
Calls for Solution to Farm Surpluses
Investment World Ponders Kennedy Era— Raymond Trigger
Carl A. Bimson Appoints A. B. A. Committees

FEATURE ARTICLES

“ Great Magazine”
“ The N orthw estern B anker , is certainly
continuing its high standard reporting and
we enjoy particularly the agricultural ar
ticles. Of course, I ’ve always enjoyed the
editorial page which Cliff writes to the ‘high
and the mighty’ or those who are struggling
for such positions. Cliff has a keen analysis
and a beautiful way of chopping off the
heads of the ‘big spenders’ either in politics
or business or even banks. It’s a great mag
azine.”
P. C. Baichly, Assistant
Manager, General O rderCredit Department, Ralston
Purina Company, St. Louis,
Missouri.

IN S U R A N C E
47

14 “ Different” Advertising Ideas— Frank Schaffer

STATE B A N K IN G N E W S
Minnesota
Twin City
South Dakota
Sioux Falls
North Dakota
Montana
Colorado

“ Favorably Received”
“ Thanks very much for the compliment in
volved in your column ‘Across the Desk
From the Publisher’ in your November issue
of the N orthw estern B a n k e r .
“ The fact that the booklet ‘Sincerely
Yours’ has come to your attention confirms
our belief that it is being favorably re
ceived.”
W. A. McDonnell, Chairman
of the Board, First National
Bank, St. Louis, Missouri.

P rom oted at Chemical
Robert Simpson has been appointed
assistant vice president of Chemical
Bank New York Trust Company.
He joined the bank in 1956 and be
came an assistant manager in 1959. A
member of the bank’s international
division at 165 Broadway, he travels
the Iberian Peninsula and all of Africa
below the Sahara.

News
News
News
News
News
News
News

51
52
57
57
59
59
60

61
65
66
72
75
77
87

Wyoming News
Nebraska News
Omaha News
Lincoln News
St. Joseph News
Iowa News
Des Moines News

O THER FEATURES
92
93
94
94

Conventions
The Bankers’ Market Place
In the Directors’ Room
Index o f Advertisers

N O RT H W ESTER N BANKER
306 15th S treet, Des Moines 9, Iow a, Telephone CHerry 4-8163

Publisher

Associate Publisher

Clifford De Puy

Malcom K. Freeland

Associate Editor

Elizabeth Cole

Ben J. H aller, Jr.

Associate Editor

W a lte r T. Proctor

Advertising Assistant

Editor

Circulation

Doyle Minden

Department

Lena Sutphin

Field Representative
AI Kerbel

Auditor
M argaret Huffman

Field Representative
Paul Masters

Frank P. Syms, Vice President, 550 Fifth Avenue, New York 36, JUdson 2-7126
Milton P. Bock, Vice President, 654 Baker Building, Minneapolis, FEderal 6-5357

DE PUY PUBLICATIONS: Underwriters Review, Northwestern
Iowa-Nebraska Bank Directory

Banker,

No rthwestern Banker. December, I9 6 0

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Air i audit ion in y S yste m at
Chase

will have 9,100 tons of cooling capac
ity, enough to melt a block-square
skyscraper of ice 20 stories high every
day. Four carrier refrigeration units,
the largest centrifugal compressors of
their type ever manufactured, will do
the job.
The building is “divided” at the
22nd story for air conditioning pur
poses. The first 21 stories plus the
five-story basement are on one sys
tem, a second air conditioning system
serves the 22nd to 60th floors.

M a n h a tta n to B e C a r y est

biggest air conditioning sys
T HE
tem ever installed in an office

building is going into the new $131million Chase Manhattan Bank in
downtown New York. The world’s
sixth largest building—64 stories tall
—will have nearly 2,000,000 square
feet of floor space, a population of
15,000 employees, and 10,000 visitors
daily. To keep them comfortable 51
air-handling systems will circulate
2,000,000 cubic feet per minute of tem
perature-controlled air day and night.

Punctuating the anodized alumi
num exterior and compounding the
air conditioning job are 8,800 windows
with an area of 800,000 square feet.
Other complications arise from the
tens of thousands of people, office ma
chines and lights. Lights alone will
give off 17,000,000 BTU’s an hour,
enough energy to heat 350 averagesize homes. Peak heat output from
the building will be over 275,000,000
BTU’s.
To handle this load the building

16 Fellers Are H onored
Sixteen attractive bank tellers have
been named regional winners in the
Mosler Safe Company’s contest to pick
Miss Drive-in Bank Teller.

PEG G Y L Y O N

SH A R O N B E R IN G S O N

Each winner will receive a matched
set of leather pocketbook accessories
and will reign for a year as regional
Miss Drive-in Teller.
National winner in the contest, as
already announced, is Miss Tamra
Evans, a teller at the First National
Bank in San Rafael, San Rafael, Calif.
Regional winners in
area are:

N o r t h w e st e r n

B anker

Miss Nancy Ann Bradford, Univer
sity of Hills Bank, Denver, Colo.

And a Very Merry Christmas
to You and Yours
As we approach the Yultide sea
son again, it is most gratifying
to all o f us at the First National
Bank in Kansas City, Missouri,
to wish a very Merry Christmas
to You and Yours. It is also

most gratifying to us in realiz
ing that this is the 74th time
we have had this pleasure. May
this Christmas Season be a most
happy and joyful one for all.

FIRST NATIONAL BANK
1886
M EM BER

W S Ê Ê O B K Ê tÊ Ê Ê Ê 1960

FED ER A L.

Northw estern Banker, December, I960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

D E P O S IT

IN S U R A N C E

C O R P O R A T IO N

Mrs. Sharon L. Beringson, Chicago
Lake State Bank, Minneapolis, Minn.
Miss Peggy Lyon, Citizens State
Bank, Lincoln, Neb.

California Prom otions
Chairman Frank L. King of the Cal
ifornia Bank in Los Angeles has an
nounced the recent appointments of
R. B. Frizzell, personnel relations de
partment; Paul W. Hiltman, loan re
view department, and Orville R. Rule,
main office, to assistant vice presi
dents.
Mr. King has also announced the
promotion of Robert D. Brunette, El
Segundo, to assistant manager, and
Robert A. Barley and Thomas A.
Hodgins, national division, to assist
ant cashiers.

•"

•- ' " i —

':~A :;. *

.?>■. ~'%

y* *«

mí

. - - ■** **« -* #•¥'
¿Yv

Sil

■%#"‘ y :

Éfi -,

MÍ

S*A|

• • •

ÉÍílY

mmm
■ '..

#pl g «

# 4%

? « * iS

jéfc;

í\

^ „?
;~ V :
¿»i -V. *

# Í

\%IS
*fly
Ä?
**££

;ls*?%■
’

Your
48 WALL STREET

M a& e

jp**
*v f
, '• / *
s%
ífY-

-T V
’
:%S5

»m

■'.v

NEW YORK

A sincere w elcom e and
enthusiastic cooperation
await you here to help you
get m ore done, m ore
pleasantly, in less time.

N ew Y o rk ’s F irst B ank • Founded 1784 • M ain Office: 48 W all St., New Y ork 15, N Y .

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, December, 1960

w e 1'provide businessmen with ietters o f introduction
to our branches and friends overseas.

T H E F IR S T N A T IO N A L C IT Y B A N K O F N E W Y O R K , o f course!

Member Federal Deposit Insurance Corporation, naturally
Northwestern Banker, December, i960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

A n n o u n ces **

u**ttanhinif
-H
In

YOUREAD T H IS ...

MILLION
READERS OF

KEY to LaSalle National’s Employee Banking Service is this bulletin board display
containing pamphlets describing the service as well as necessary forms. Examining
the display are Keith Cone (left), vice president, and Harold Meidell, president.

La Salle National Bank of Chi
T HE
cago last month announced “in-

and there is no contractual obligation
to La Salle National Bank.

plant” banking service for its corpo
rate customers, enabling management Three Talcott Prom otions
to make available to its employees full
Carl J. Grando and Kenneth E.
banking services that can be handled Dougherty have been elected assistant
by mail.
vice presidents of James Talcott, Inc.,
Named “La Salle’s Employe Bank and Andrew E. O’Donnell has been
ing Service,” it will give hourly and named assistant comptroller of the
salaried employees the benefit of low company, it was announced recently
bank rates for personal and car loans. by James Talcott, chairman, and Her
Harold Meidell, president of La Salle bert R. Silverman, president.
National, stated, “ Savings in this area,
Talcott, founded in 1854, is engaged
we know, can prove substantial.”
in all phases of industrial finance—
He pointed out that many people accounts receivable, inventory and
spend as much as 10 hours a month equipment financing, industrial time
running around to pay bills by cash. sales financing, facturing, rediscount
He added, “ Studies throughout the ing and equipment leasing. Offices and
country prove conclusively that a subsidiaries are located in New York.
great deal of employee anguish and Chicago, Detroit, Boston, Atlanta, Los
absenteeism is caused by financial dif Angeles and Minneapolis.
ficulties. It is the purpose of La
Salle’s Employee Banking Service to
New Senior Executives
offer a solution to this problem.”
Three senior vice presidents were
Mr. Meidell said preliminary studies
show the new service can benefit man elected recently by Security First Na
tional Bank, Los Angeles. They are
agement in these five ways:
Theodore W. Johnson, Frederick G.
1.
Employee relations can be im
Larkin, Jr., and William E. Siegel.
proved by helping eliminate employee
Mr. Johnson, who has been with
money worries that contribute to in
Security for 43 years, is in charge of
efficiency.
2.
Company loans to employees can the bank’s Special Industrial Loan
be eliminated to avoid embarrassment Division.
Mr. Larkin, head of Security’s Bank
on the part of both employer and em
Investments and Bond Department,
ployee.
3.
Management is relieved of em received his M.B.A. from Stanford
ployee financial problems and is avail University in 1936 and joined the
able to handle other more pressing bank in the same year.
Mr. Siegel, in charge of the Branch
matters.
4.
Management provides employees and Office Administration Depart
with a sound banking connection that ment, also was appointed vice chair
man of the Central Loan Committee.
can be considered a fringe benefit.
5. Company funds are not involved He came to Security in 1933.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

TIME • NEWSWEEK
U. S. NEWS & WORLD REPORT
HOLIDAY • NEW YORKER
NATIONAL GEOGRAPHIC
SPORTS ILLUSTRATED

WITH MONEY TO SPEND
ARE BEING REACHED WITH
THIS MESSAGE

. . . DOES YOUR BANK OFFER
THESE PRESOLD CHECKS WITH

• 90% Selling Commission
• Choice of Wallet Colors
• Free Sales Aids

THE FIRST
NATIONAL CITY BANK
OF NEW YORK
Member Federal Deposit Insurance Corporation
Northwestern Banker, December, I960

We put 50,000 overseas bankers at your service
B y regular calls on correspondent banks with m ore than 50,000 branches
throughout the world, our traveling bankers speed and sm ooth
financial transactions for you and your customers. These correspondent
bankers know their own com m unities as no outsider ever could,
and we make their knowledge and experience quickly available to you.
For fast and com plete banking service, call Chemical New Y ork.
,
— —
Member Federal Deposit insurance Corporation

q 1

”■

y —
^

"—V

Total banking
and trust services

Chemical Bank IgUy
Xewlork Irnst Company
J-

Northw estern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

joyIDTH
EW
ORLD
The First National Bank
of Chicago
Dearborn, Monroe, Clark & Madison Streets « Building with Chicago since 1863
MEMBER

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

FEDERAL

DEPOSIT

IN SUR AN C E

CO R PO R ATIO N

Northwestern Banker, December, 1960

A C R O S S the D E S K
LMmt the PuMLihex

(bsuoui, Qjohn, J. JKsmnsudi^:
President-elect of the United States.

By a very thin margin of the popular vote of
67y<z million you were elected President of the
United States at the age of 43.
This was the closest popular vote in 72 years,
or 1888 when Benjamin Harrison, Republican, de
feated Grover Cleveland, Democrat.
As Rudolph F. Bannow, president of the Na
tional Manufacturers Association said: “ The nar
row margin of victory certainly does not constitute
a mandate for drastic revisions of national policy
in any area.”
What won the election for you?
Basically it was the television debates about
which your brother Robert Kennedy said, “ John
F. Kennedy couldn’t have won the presidency if
Vice President Richard M. Nixon had not agreed
to their nationally-televised debates. The debates
pulled the rug out from under the argument of
immaturity.”
If you run for reelection in 1964 your brother
Robert said he would, “ not approve such debates.
Certainly the president will not debate someone
who wants to be president.”
So Richard Nixon extended to you a political
courtesy (and a bad one for him) which your
brother says you will not grant to your Republi
can opponent in 1964.
But the economic problems of the 1960’s, all of
which you so glibly promised to solve are now on
your desk.
These include your commitments for (1) Pushing
Federal Aid for school construction, (2) Increased
teachers salaries, (3) Federal aid to distressed
areas, (4) Medical aid for senior citizens under
the Social Security Program, (5) New power
projects in the West, (6) Higher minimum wages,
(7) Stimulants for the housing industry, (8) A
Northwestern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

new farm plan based on higher payments to farm
ers, (9) Increased military and space spending,
and (10) More foreign aid funds.
Since you are also planning to solve the “ farm
problem” you no doubt noticed that your friend,
ex-president Harry S. Truman said:
“ The farmers all voted for the Republican ticket
and I don’t care What happens to them.
“ Those damn farmers were voting on a strictly
religious basis.”
You better “ care what happens” to the farmers
of America even if they didn’t start a “ farm re
volt” as your “ hell raising” former president ex
pected them to do.
You have also said, Mr. Kennedy, that you are
going to balance the budget and not increase taxes.
If you do these things, you will have to have
the wisdom of a Solomon and be experienced in
the art of legerdemain.
If your fiscal and financial policies lead us down
the road to inflation it will be a sad and sorrowful
path for the United States and for all those people
who depend on an income from bonds, annuities,
pensions and fixed value investments.
It is our belief that a strong and conservative
coalition of northern Republicans and southern
Democrats will help to keep our fiscal policies f rom
following some of your unsound theories.
Saville R. Davis, president of the Harvard Busi
ness School Association, sums up our elections by
saying:
“ Passion in speaking out, but moderation in act
ing, and in accepting the result of a vote— these
settle the outcome of most American elections.
That outcome is a periodic veering to the right and
the left side of the road, but not off the road and
with the applecart still standing.”
So don’t “ get off the road” of progress, Mr. Ken
nedy, because we all want to “ go forward” in this
country, as we have been doing, but only if our
program is based on a sound and solid foundation.

HELPING SANTA
FOR

ÌWRMRa

’ «r.

( g r e e t in g s

R e a s o n ’s !
fîïy

Christmas Club’s Golden Year marks our first half century of
friendly association with financial institutions — and on our Golden Anni
versary we send special thanks and Season’s Greetings to the thousands of
financial institutions that continue to support and promote Christmas Club.

50 Years of helping people . . .

To build habits of thrift • To control

their financial environment • To overcome financial frustration • To raise
their standard of living • To discover their hidden talents.

H E A D Q U A R T E R S FOR M E M B E R S OF

r/iTi

For 50 Years
a Symbol of Thrift

.•

♦ *'

**/fT¥* ¥ •

ORIGINATORS OF THE CHRISTMAS CLUB PLAN

* P A Y M E N T

For 50 Years the
Gateway to Individual
Financial Security

Christmas Club
a Corporation
230 Park Avenue, N e w York, N. Y.
Founded by Herbert F. Rawll

Builds Character

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

•

Builds S a v in g s

•

Builds Business for Financial Institutions

No rthwestern Banker, December, I9 6 0

A eir 3 0 -S t o r y P a r k A v en u e H ank

Free standing lamp posts around the
periphery of the raised terrace will
STRIKING new facade treat is scheduled for the late summer of light the base of the building and
other lights on the roof of the 17th
ment, a dramatic plan for decora 1962.
tive lighting and use of ground level
The precast window units, which floor will perform the same function
setbacks and a colonnade base will be resemble picture frames, will measure for the tower.
among many unusual features of a six by 12 feet and will extend out
The two-story colonnade base will
“gem-like” design for the new 30-story ward from the window line 12 inches. have columns of grey slate, with a
Bankers Trust Building which will
shell of travertine enclosing the first
rise on the westerly Park Avenue
floor recessed eight feet. The use of
blockfront between 48th and 49th
granite for the floor at the first level
Streets in New York.
will be extended out onto the terrace
and across the sidewalk to the curb.
The new structure will stand on a
raised terrace three feet above the
The first level will serve largely as
sidewalk and will be set back nearly
a reception area. Four escalators will
13 feet from the building line. A col
lead dramatically from the front en
onnade and portico will form the ex
trance to the main banking floor at
terior of the first two floors in a 16the second level.
story base, from which a slender 14The bank has included an auditori
story tower will rise to a height of
um meeting room on the first level,
412 feet above grade.
at the 48th Street corner for use by
The face of the building will be
its customers, employees and the
comprised of floor-to-ceiling windows
neighboring community. This facil
framed in a new exterior material of
ity, which will be equipped for lec
textured, buff-colored precast mason
tures, seminars and showing of audio
ry. Completion of the new structure
visual materials, will have a seating
capacity of approximately 120.
The building will contain a total of
more than 400,000 square feet of area
TRIAL AND ERROR
with 20,000 square feet on each floor
in the base and 7,500 square feet per
T w o years have passed since the
floor in the tower.
that our workmanship will meas
M IC R printing specifications were
ure up to the demands o f the
The bank will maintain dual execu
wrapped up and approved. I f we
high-speed equipment that will
tive offices for its senior management
were to appraise our present posi
team in the new building and in its
process it. Also generally speak
tion in one sentence, we would
main offices at 16 Wall Street in New
ing, we k n o w that there are
York.
say that the problems o f research
times when it will not. As long

were largely behind us while the
problems o f implementation were
very much in front o f us. Despite
the progress that has been made,
we actually are just now entering
the initial stages o f mechanized
check handling.
W e think o f research as being
scientific, but as a matter o f fact
it is mostly trial and error. The
scientific part deals with knowing
what to try and how to interpret
what we see. The remainder is
n oth in g m ore than repetitious
experim en tation , and w e have
done plenty o f that during the
past two busy years. As a result,
we have gained confidence with
respect to measuring our abilities
and defining our limitations.
Generally speaking, we now know

¡Northwestern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

as variables exist . . . and we rec
ognize that they exist in machines
just as they d o in printing . . . we
w ill never get away from trial
and error.
W e are convinced that M IC R is a
sound, workable system. W e are
also convinced that it will hit a
few reefs b e fo re it sails in to
smooth waters. Based on what we
know now, we think that as time
goes on printing will continue to
improve, machines will com e into
m ore perfect adjustm ent, the
reject rate w ill drop, and the
promised economies o f the sys
tem will be realized. Nevertheless,
the next two years are likely to
be as full o f trial and error as
were the last two, and we all would
be well advised if we kept braced
for the impact.

New Fed Directors
David M. Kennedy, chairman of the
board of Continental Illinois National
Bank & Trust Company, Chicago, and
Gerald F. Langenohl, treasurer of Allis-Chalmers Man
ufacturing C o m
pany of Milwau
kee, have been
e le cte d directors
o f the F ed era l
Reserve Bank of
C h i c a g o for
three-yea-r terms,
beginning J a n u
ary 1, 1961, ac
cording to an an
n o u n cem en t by
Bert R. Prall, chairman of the board
of the bank.
Mr. Kennedy succeeds Walter J.
Cummings, chairman of the executive
committee of Continental N a tion a l
Bank & Trust Company of Chicago,
who is retiring as a director of the
Federal Reserve Bank of Chicago aft
er serving since January 1, 1937.
Mr. Langenohl has been a director
of the bank for the past three years
and has now been re-elected for an
additional term.

Northwestern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

16
Am erican National Promotes
Frederick R. C. Nixon and Peter B.
Metzdorf have been elected as assist
ant cashiers of the American National
Bank & Trust Company, Chicago.
Mr. Nixon is assigned as a commer
cial loaning officer in the Banking De-

THE CANADIAN BANK OF COMMERCE
HEAD O F F IC E -T O R O N T O

CO NDENSED STATEMENT AS AT OCTOBER 31, 1960
ASSETS
Cash Resources (in clu d in g items in transit) $

4 6 8 ,4 9 0 ,3 6 0

G ove rn m en t an d oth e r S ecu ritie s..............

9 9 0 ,6 0 5 ,5 6 5

C a ll Loans .........................................................

1 7 8 ,4 0 3 ,2 27

......................

$ 1 ,6 3 7 ,4 9 9 ,1 5 2

Loans and Discounts ....................................

1 ,2 3 3 ,8 2 0 ,8 1 3

M o rtg a g e s an d H ypothecs insured under
the N .H .A ., 19 5 4 ......................................

1 8 9 ,1 2 1 ,5 8 4

T otal Q uick Assets

C ustom ers’ L ia b ility under A cceptances,
G ua ra ntee s and Letters o f C re d it, as
per con tra ..............................................

3 1 ,9 1 0 ,5 3 8

Bank Premises .................................................

4 2 ,0 5 9 ,3 7 5

O th e r Assets ...................................................

2 0 ,8 6 2 ,0 4 0

Total Assets ......................................

$ 3 ,1 5 5 ,2 7 3 ,5 0 2

LIA BILIT IES
Deposits ...........................................................

$ 2 ,9 1 6 ,4 6 9 ,4 6 7

A cceptances, G ua ra ntee s and Letters o f
C re d it ..............................................................

3 1 ,9 1 0 ,5 3 8

O th e r L ia b ilitie s ..............................................

2 1 ,9 0 2 ,0 4 9

Sh a re h o ld e rs’ Equity
C a p ita l Paid Up ..............

$ 5 4 ,0 0 0 ,0 0 0

Rest A ccou nt ....................

1 3 0 ,0 0 0 ,0 0 0

U n d iv id e d Profits ............

9 9 1 ,4 4 8

1 8 4 ,9 9 1 ,4 4 8

T otal L ia b ilitie s ................................. $3,1 5 5 ,2 7 3 ,5 0 2

S T A T E M E N T O F U N D IV ID E D PRO FITS
Y ear Ended O c to b e r 31, 19 60
Balance o f p ro fit fo r the y e a r a fte r pro visio n fo r i n
come taxes and a fte r m aking transfers to in ne r re
serves out o f w hich fu ll pro visio n has been m ade fo r
d im in u tio n in value o f investm ents and lo a n s .............. $ 1 2 ,5 9 9 ,7 8 4
D ivide nd s

......................................................................................

1 0 ,5 2 9 ,9 7 2

A m ou nt c a rrie d fo rw a rd ............................................. ...........

$ 2 ,0 6 9 ,8 1 2

T ransfe rre d from in ne r reserves a fte r pro visio n fo r * in
come taxes e x ig ib le .................................................................

6, 000,000

Balance o f u n d iv id e d p ro fits O c to b e r 31 , 1 9 5 9 ............

3 J 2 1 ,6 3 6
$1 1 ,1 9 1 ,4 4 8

10 , 200,000

T ransferred to rest a c c o u n t..................................................
B alance o f u n d iv id e d p ro fits O c to b e r 31, 19 6 0

9 9 1 ,4 4 8

*T o ta l pro visio n fo r incom e taxes $ 2 0 ,0 8 0 ,0 0 0
N . J. M c K .N N O N
CHAIRMAN A ND PRESIDENT

No rthwestern Banker, December, 7960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

J. P. R. W AD SW O R TH
GENERAL MANAGER

F. R. C. N IX O N

P. M E T Z D O R F

partment. He joined American Na
tional in 1959 after serving two years
with the U. S. Marine Corps.
Mr. Metzdorf has been with Ameri
can National for 27 years, holding po
sitions including that of head teller
and supervisor of commercial tellers.
Currently, he serves as a trustee for
the bank’s Pension and Profit Sharing
Fund.
Christmas Bonus Checks
Christmas will arrive early this year
for 2100 Valley National Bank em
ployees in 67 offices throughout Ari
zona.
By December 9 some $550,000 in
Christmas bonus checks were distrib
uted to officers, regular personnel and
part-time employees of the state-wide
VNB banking system.
As in previous years, the bonuses—
based on years of service—ranged up
to a full month’s pay.
Valley Bank President Carl A. Bimson explained that distribution was
made well in advance of December 25
“in order to ease pressures of Christ
mas shopping for our employees.”
Also, he said, merchants throughout
the state are appreciative of added
Yuletide sales stemming from bonus
payments made during the first half
of December.
Trust Conference Sets
New Attendance Record
A total of 687 trust executives from
banks in 19 central states attended the
29th Mid-Continent Trust Conference
of the A.B.A. in Chicago last month,
establishing a new attendance record.
R. Emmett Hanley, senior vice pres
ident, City National Bank and Trust
Company, Chicago, and president of
the Corporate Fiduciaries Association
of Chicago, was general chairman.
Carl A. Bimson, A.B.A. president, ap
peared on the program.

One banker writes to another...

VoU ou6f rst0

pear wr. »

telephone

r.onfirmrn g j^ » to
get Mr.
Group
Lust Company

take
Lif

economi

;atl°n \ the Manufactur
10oK at tne
ice Pla n -

t ^ al-adV ^
, ,eU consider

edrS
0°;peinr i etr
, cost-experiehCe

sin g

e rnn on a n c h a r g e made W

U^°n ntly6enough'spread °f

r /e a r very ^ ¿ u o n
vear since the

been

•asily de '

°f

labie .

d from
report

.nufacture

is very
thermof

irdinary 1?
ise operati
y\ employe
’ V its own cost
S

at Manufac

considered,
However,

there has mor<
ry
us by that

0f carrying
Ltem that
3ir corre
bbe balance
other servi«

T rust i s
i s a v a ila t

merience 1
uaid f ° r
yo u rs

Chairman

The above letter speaks for itself. For obvious
reasons, the names o f the banks and principals
involved are eliminated. To get the facts about
this Group Life Insurance Plan, write or phone
Mr. Joseph C. McNally.

MANUFACTURERS
TR U S T COMPANY
H E A D O F F IC E : 4 4 Wall Stree t, New Y o rk 15, N. Y .
HAnover 2 - 7 2 0 0
M em ber Federal Deposit Insurance Corporation

Northw estern Banker, December, I960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

THE CHASE MANHATTAN BANK PRESENTS
A NEW SYMBOL OF GREATER USEFULNESS

Essentially our new symbol is a single
unit made up o f separate and distinct
parts.
This strong, vigorous symbol, with
its four sections bordering a square
center, is indicative o f our Bank’s
character and diversity.
We are many people and many de
partments, all working toward a single
purpose—greater usefulness to busi
ness, industry and individuals.

In commercial or personal banking,
trust or international services, we have
experienced personnel and specialized
departments to serve our friends at
home or abroad.
By our new and distinctive symbol
we at Chase Manhattan hope to be
recognized and identified as time goes
on. But we are well aware that only by
our works will we be known.

TH E
CH A SE
M A N H A TTA N
BANK
C H A R T E R E D IN 1799

Head Office: New York 15, N. Y.
Member Federal Deposit Insurance Corporation

No rthwestern Banker, December, i9 6 0

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

© n e ^ o ltta r p l i f e . . . .
ere is a man who was born of humble parents in an obscure
village, the child of a peasant woman. H e grew up in another obscure
village. H e worked in a carpenter shop until He was thirty, and
then for three years He was an itinerant preacher.
He never wrote a book. He never held an office. He never owned
a home. H e never had a family. He never went to college. He never
put his foot inside a big city. He never traveled two hundred miles
from the place where He was born.
H e never did one of the things that usually accompany greatness.
He had no credentials but Himself. He had nothing to do with
this world except the naked power of His divine manhood.
While still a young man, the tide of popular opinion turned against Him.
His friends ran away. One of them denied Him. H e was turned over
to His enemies. He went through the mockery of a trial. He was
nailed to a cross between two thieves. His executioners gambled for
the only piece of property He had on earth while He was dying —
and that was His coat. When H e was dead He was taken down and
laid in a borrowed grave through the pity of a friend.
Nineteen wide centuries have come and gone and today He is the
centerpiece of the human race and the leader of the column of progress.
I am far within the mark when I say that all the armies that ever
marched, and all the navies that were ever built, and all the parliaments
that ever sat, and all the kings that ever reigned, put together have
not affected the life of man upon this earth as powerfully as has
that ONE S O L IT A R Y LIFE.
Author Unknown

Central National Bank
and Trust Company
Des Moines, Iowa
M E M B E R

F E D E R A L

Northwestern Banker. December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

D E P O S I T

I N S U R A N C E

C O R P O R A T I O N

Northwestern Banker, December, i960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1
22

I ~ADAMS st

Your eyes and ears in Chicago
Seasons Greetings from the heart of Chicago’s
financial district . . . where all year long it is our
business to give you the vital information and
services you need to conduct your business.
That’s why our many correspondent banking
friends use City National as their eyes and ears
in Chicago.
Big enough to handle all correspondent bank

i t

AND

208

TRUST

ing transactions . . . buy and sell . . . portfolio
advice . . . transferal of funds . . . transit service
around the clock . . . clearings. Small enough to
provide the personal attention each job needs.
You always deal with an officer at City National.
Whenever you need diligent eyes and ears in
or from Chicago, call on City National. We’d
like to do business with you.

i o

COMPANY

a
OI

CHICAGO

S o u t h L a S a l l e S tre e t • F R a n k l i n 2 - 7 4 0 0
Copyright City National Bank and Trust Company of Chicago, 1960

Northwestern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

PUNCHED HOLES across the top of
the check are notched so that when a
needle (below) is passed through a
packet all checks notched fall free and
are placed to the rear of the packet.
When needle has been passed through all
holes, checks are in proper order.

Lon- Cost Autom ation
tor
IStutics
itu
S

W ritten Especially For
The Northwestern Banker

By J. R. HELSCHER
Cashier
Farmers Savings Bank
Keota , Iowa

HEN will full automation be
available to the small bank and
at what price? This is a ques
tion often asked by many bankers
where the daily activity does not war
rant a large outlay for fully mechani
cal sorting equipment. However, my
bank is no longer too concerned with
this question because we have in
stalled a method that will save us
time and money and will tide us over
until full automation is both possible
and practical.
We have developed our sorting area
along the top of the check with a
series of marginal punched holes, and
yet are complying with the ABA re
quest to maintain the bottom area of
the document free for magnetic ink
and E13B font type. Through the use
of these holes and the application of
a long sorting needle we are able to
increase our sorting efficiency at The
Farmers Savings Bank as much as
five times.
The base pocket checks were pur
chased with the pre-drilled holes, five
to the inch, and are assembled into
fillers of 25 checks. When customers
request checks, a filler is issued by
grooving his or her sorting digit at
the top of the check. This grooving
action requires a matter of seconds

and is accomplished on a small special
machine designed for this purpose.
This is the only action necessary to
prepare the checks for sorting.
As the checks are returned to the
bank from the field for payment we
are now in a position to process our
sorting in a much faster and more ac
curate manner.
A long sorting needle is passed
through the first hole and as the nee
dle is lifted the checks that have been
grooved for that hole will fall from
the needle. These checks are placed
to the rear of the pack of checks. In
turn, the needle is passed through
each hole with the same action of
placing the sorted checks to the rear
of the pack. When the last hole has
been reached the checks are now in
complete a lp h a b e tica l order (fine
sorted).
A trained operator can sort from
2,000 to 2,500 checks an hour in this
manner, and since it is not necessary
to check the spelling of signatures the
accuracy of sorting is increased. It is
estimated that only from 2 to 3 per
cent of the checks cannot be sorted
due to mutilation and must be placed
into the pack by hand.
As a by-product of this system we
have also discovered that we have

achieved a proof of file which will
save considerable time when state
ments are being completed. As each
account has individual grooves at the
top of the check it is only necessary
for the clerk to glance at the file of
checks to determine if they are prop
erly filed. A misfiled check can be
spotted at once.
Ralph Eastburn, president of Iowa
State Bank & Trust Company, Fairfield, Iowa, also employs this same
principal of sorting, but is developing
it further into his special as well as
the regular checking accounts.
In Cedar Rapids, however, the mar
ginal sorting is being incorporated
with deposit tickets as well as checks.
Under the guidance of Frank J. Stastny, cashier, and T. F. Mrkvicka, as
sistant cashier, The First Trust and
Savings Bank has placed deposit tick
ets to the rear of each filler of checks.
When the filler is grooved for the ac
count sorting digit the deposits in
turn receive the same grooved effect.
The tickets as well as the checks can
now be sorted by the marginal
punched process thus saving time in
all areas of documents to be handled.
Much has been done in the banking
industry in recent years to alleviate
the tedious and expensive sorting
problems, with the machine manufac
turers contributing excellently to the
ABA specifications of magnetic ink.
However, the feasibility of the small
bank to qualify for such high geared
machinery is still far from practical.
This marginal punched system with
its ease of installation provides us
with an inexpensive and efficient
sorting method.—End.
Northwestern Banker, December, I960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Summary o f Questionnaire Sent to 4 0 City Hanks in 21 States
Purpose: To discover how city correspondents in agricultural areas feel about cooperating with country banks in agricul
tural lending.
1. Does your bank have an active interest in agricultural
loans originating with country banks?
Yes 34; No 4
2. Does your bank have an active correspondent bank de
partment and have representatives on the road calling
on banks?
Yes 34; No 4
3. What per cent of your total deposits is represented by
your country bank deposits?
Ave. 18% Range 4-42
4. Percentage of your country bank deposits loaned back
in the country
Ave. 30% Range 5-80
5. Average number of your country bank accounts per man
on the road
' Ave. 86 Range 25-200
"6. Do your correspondent bank men have authority to make
0 loan commitments in the field?
Yes 26; No 2
I f .so, do you have a $ limit? Range-Amount $5M-$100M
7. Are inspections on new lines from the country made
before taking the loan?
In most cases 9
In some cases 14
In few cases 7

9.
10.

11.
12.

If prior inspections are not made, are arrangements
made with country banker for subsequent inspections?
Yes 26; No 2
Trend of your country bank deposit total in last 5 years
(If data available, can you give percentage?)
"Up 19 Down 1 Steady 9
Range 6-50%
Trend of your country bank loan total in last 5 years
Up 25 Down 1 Steady 4
Range 33-150%
In your opinion, will future bank credit for sound agri
cultural purposes be adequate from country banks and
their correspondents in our changing agriculture?
Yes 26; No 4
Are government lending agencies a growing competitor
for good agricultural loans in your area? Yes 22; No 8
Do government lending agencies lend a significant
amount of money to farmers or ranchers in your terri
tory?
'
Yes 26; No 4

An enlightening report on how close
correspondent relationships will help in . . .

S o lr itiff F u tu v
HE future role of correspondent banking in agricul
tural lending is one of the outstanding challenges
confronting our commercial banking system. Com
mercial banks, in addition to their primary obligations to
depositors and stockholders, have a fundamental obliga
tion to their customers and communities in the extension
of sound agricultural credit.
Our future role in agricultural lending will depend on
several things. We will need to realize the significance
of agricultural changes and their impact upon the Ameri
can farm business. It will depend upon our understand
ing of the nature of expanding capital and credit require
ments in agriculture. It will also depend upon our con
fidence in the agriculture of the future as a sound and
profitable field for loans. Finally, it will depend upon
the extent to which we effectively use our correspondent
banking relationships in the agriculture economy of the
future.
Agriculture is in the midst of a vast technological and
economic revolution involving the substitution of capital
and technology for labor, resulting in the consolidation of
small, inefficient and marginal farms into larger units.

Commercial Family Farm

The commercial family farm is emerging as the domi
nant type of farm business in the years ahead. Fur
thermore, this commercial family farm is emerging as a
substantial sized business, with a total investment in
land, equipment, and livestock ranging to $50,000 and
above. Investments of $100,000 to $200,000 are not uncom
mon. This commercial family farm is becoming a com
plex business involving the use of much machinery, many
items of technology for production and livestock or other
Northwestern Banker, December, I960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

specialized enterprises. It is becoming a high-volume, lowprofit-per-unit business, placing an ever higher premium
on efficiency in production and requiring a high level of
managerial ability.
Because of the changing requirements for capital and
credit uses, our farm businesses will require more credit
in the future. They will need short term credit in larger
amounts to supply the modern techniques in crop produc
tion, livestock feeding, dairying, or poultry enterprises.
This short term credit will be needed for longer seasonal
periods. Commercial banks are presently substantial
lenders of nonreal estate credit and at present loan about
45 per cent of that total.
More credit will be needed for capital expenditures
other than land, such as machinery, irrigation or land
development, small building additions, livestock herds, or
conversion to specialized enterprises. This type of credit
usually requires loan terms from two to five years and is
commonly referred to as intermediate-type credit.
The demand for real estate loans is strong for land pur
chases to consolidate units or other major capital ex
penditures. Banks extend about 15 per cent of this type
of credit, as it is more suited to the institutional lenders.
Adequate Credit?

In recent years, some economists and agricultural writ
ers, in the light of our changing agriculture and its im
pact on capital and requirements, have raised the ques
tion: “Will present sources of credit be adequate to per
mit our agriculture to grow?” They have suggested that
more capital and credit will have to come from sources
outside of agriculture. They point out that in the past
more capital was produced internally from agricultural

From an address by

ROGER L. CUNNINGHAM
Vice President, First Continental
National Bank & Trust Company
Lincoln , Nebraska
delivered at the recent A.B.A.
Agricultural Credit Conference
in Denver.

Agrieuttural Credit Needs
income and by inflation of equities. They reason that
with recent agricultural income down from the postwar
highs, the farmer accepting a higher standard of living,
and inflation of land slowing, previous sources of internal
capital will be reduced.
They further suggest that inadequate sources of capital
and credit from internal sources or present suppliers will
result in new sources or types being required. We may
possibly see loans made on extremely long terms or even
of a permanent nature wtih no repayment schedule. It is
my view that not even the government can afford such
a luxury. They also suggest that corporate formations
within agriculture may be necessary to attract outside
capital, or the joining of several farms to one corporate
operating unit will be needed to make capital available.
Integration has of late received a great deal of atten
tion. It has been pictured as a rapidly growing source
of capital and credit for agriculture. It seems particu
larly adapted to certain types of agricultural enterprises
and has reached high development in the south. At this
writing it appears that some of the glitter has been
rubbed off of the idea that it is a substitute for sound
credit. One has only to review the current and debt-toworth ratios of the likely integrator industries to discover
that as they grow along with agriculture, they will be
busy with their own capital and credit problems.
Competitors

We sometimes hear bankers criticize or question the
quality of increased agricultural credit requests, but com
petitors born of government and to some extent our in
differences are picking up an increasing share of agri
cultural credit.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

The Production Credit Associations, which have oper
ated about 25 years now, loan $1 out of every $4 loaned in
the nonreal estate credit field. They have aggressive loan
solicitation programs involving effective advertising and
country selling.
Finance companies in general supply substantial
amounts of agricultural credit. Many of the machinery
manufacturers have established their own finance compa
nies. They insist in many cases they were forced into it,
but have since learned to like the assistance they give
to their sales volume and the income from finance
charges. There is also the dealer-owned finance company
formed as an aid to sales, whose owners like the fact that
income from finance charges and reserves serves as a
cushion for reduced margins on sales.
Then we have the seasonal type of dealer credit usually
extended on very lenient terms in substantial amounts.
A common expression among dealers is: “Everybody has
to have a credit plan if he’s going to be in business today.”
Need Proper Loan Programs

As bankers, we often shrug our shoulders and say,
“Yes, but we can’t make that kind of loans—they can
have them. We really haven’t got the money anyway.”
This may be more of an excuse than a valid defense. We
have seen that much of this credit has been good and re
paid. Perhaps we have failed in developing proper loan
programs to make sound loans on machinery, vehicles, or
equipment.
SOLVING FUTURE NEEDS . . .

(Turn to page 74, plesae)
Northwestern Banker, December, 1960

ANY of us can remember Jack
Benny’s story about the shoe
merchant. “How much do I
owe you?” asks Jack after selecting
and fitting a pair of shoes. “ Only $6,”
sighs the shoeman. “That’s awful
cheap,” says Jack (out of character).
“ Sure is!” rejoins the merchant. “We
lose money on every pair we sell.”
“ What do you know!” says Jack. “How
do you stay in business?” “Oh, well,”
replies the merchant, “we make a lit
tle on the paper and string.”
Are there aggressive retail bankers
today, accepting the principal of loss
leaders for retail banking, who hope
to get by on what they make on the
paper and string? There may be. I
may even be one of them. Por I thor
oughly believe in so-called retail bank
ing, and I am constantly driving my
staff to think up and develop new
banking services, or to copy service
ideas already developed by other more
able bankers, all in the effort to im
prove and to extend retail services in
our bank. I find myself inclined to act,
and let the chips fall where they may.
Fortunately my officers are more prac
tical, and they use their wits and the
bank’s modicum of cost accounting to
hold expenses down and to maintain
levels of service charges and earned
interest which will well cover the cost
of retail services, and still produce a
gratifying return for the shareholders.
Banks are in business to make
money. They must perform within a
framework of federal and state regula
tions and controls, but they must
make money so that the public will be
willing, and even eager, to invest in
their capital.
Let us take a casual look at some
bank operations which, in the opinion
of some bankers, need to be considered
as loss leaders.
Checking Accounts

Low-cost checking accounts took the
public fancy about 15 years ago. Easy
to understand — a nickel a check, a
nickel a deposit—obviously a bargain,
for the cost was less than for the aver
age postal money order, they had a
wide appeal, and enterprising commu
nity banks opened up thousands of
such accounts. This service was a
powerful boost for retail banking;
many of these people had never had a
checking account, many had never
used a bank before. But it was not
long before some bank operating men
discovered that low-cost checking was
too low cost. The price per check was
raised to 10 cents. A maintenance
charge of 25 cents per month was
added because it soon became clear
that some of the accounts were so in
active that the per-check fees were not
enough to pay for the paper stock in
volved. Later many banks increased
No rthwestern Banker, December, i960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

the monthly maintenance charge to 50
cents, but 10 cents remains the price
for each check processed.
Nevertheless, the 1956 edition of the
booklet titled “ Trends in Bank Costs,”
prepared under the sponsorship of the
Bank Management Commission and
the Country Bank Operations Commis
sion of the American Bankers Asso
ciation, contains the following state
ment: “ Special checking accounts of
fer an excellent example of the con
flict which sometimes arises between
costs and public relations policies.
Many banks installed their special
checking accounts with much public
ity but little knowledge of the costs
involved. Recent cost figures have
shown that some of these banks are
handling this business at a loss. A
careful analysis of costs may lead to a
re-examination of bank policy. Some
proponents of the public relations
point of view, however, contend that
there are many offsetting arguments,
which take into consideration: (1) the
public’s desire for this type of account,
evidenced by the large number using
it, (2) the bank’s extensive advertising
of this service sold these customers on
the advantages accruing to them, (3)
that any losses on these accounts are
offset by other business obtained from
these customers, and (4) that this
service provides for the needs of a
large segment of the public and helps
to acquaint them with other services
which can be obtained from banks.”
I ask you if this language is not a
perfect example of the rationalization
of a loss leader service.
The article then proceeds to con
sider costs, based on a survey of a
representative group of selected banks,
and comes up with the statement that
if the average number of checks writ
ten monthly against a low-cost ac
count is six and one-half, with two de
posits, and if the average balance is
$175, then the average net cost per
special check is $0.1169, or over 11 y2
cents.
This report is dated 1956. What are
your costs in 1960? Or perhaps your
computers and electronic sorters have
already cut the excess costs down to
size.
Safe Deposit Fees

Does your safe deposit vault operate
at a profit, or must it be considered a
“loss leader” operation? The booklet
just quoted states on this subject that
in well-rounded banks it is felt that if

.<>*#I f

a safe deposit department breaks even,
it is doing a good job.
Why should this be so? What is the
competitive situation that produces
such ridiculously low safe deposit box
rentals? I have been told that there
are banks which have offered safe de
posit rent for one year scot-free, for
the opening of a $50 savings account.
Is this not ridiculous? Hundreds of
thousands of American families have
acquired property in the last 20 years,
the documentary evidence of which
needs to be kept safe from theft and
fire, namely in a private locked deposit
box in the insured and well-protected
vault of a bank. Is not such protec
tion, coupled with competent, courte
ous entry service, worth a minimum
of $10 a year rather than $5 a year?
Is a drive-in installation a loss lead
er in retail banking? My chairman,
now deceased, considered it so. When
we were building three years ago he
used to refer to our long, narrow
Motor Bank wing as the “bowling al
ley,” and he insisted that we were
spending too much in building costs
just for teller services. I have been
pressing our cost man for a study on
this area of our bank, but he is reluc
tant because of certain obvious intan
gibles.
Our teller activity report for Au
gust, a light month, is interesting. We
use a maximum of nine tellers in our
main lobby, and a maximum of four
tellers at drive-in windows. The lobby
windows are open 33 hours a week;
the drive-in area is open 51 hours a
week. Drive-in totaled 13,081 transac
tions for the month against 12,608 for
the main lobby. You may slice this
any way you wish, but you still must
admit that our customers find it con
venient to use our Motor Bank.
The same report shows that our soli
tary mail teller chalked up 7,354 depos
its for the month. I think she also
relieves at the switchboard. Obvious
ly this is not a loss leader operation.
On the other hand, think of the mail
teller’s limited opportunities for devel
oping public relations. We prefer the

oss Lvadvrs in Your B ank

program of giving lollipops to the
small fry who come with Mom and
Dad to drive-in, and in a few years we
give them a no-charge college check
ing account, providing a parent has a
regular checking account with us. Lol
lipops are just plain ordinary promo
tional expense but the no-charge col
lege account is definitely a loss leader
which we promote vigorously.
Particularly annoying in the small
bank is the stock trading desk, where
for a small fee of $3 per transaction
an officer of the bank is badgered into
prognosticating the future of missiles,
computers, petroleum, and Australian
wool. We have just raised the fee in
our bank to $5, and I hope that we
have thrown away the crystal ball,
which anyway seemed to have become
somewhat cloudy.
New Loss Leaders

And now, in addition to the old loss
leaders which have worried us, and
stimulated us over the years, new
services are intriguing the imagination
of the retail minded banker. I became
very excited several years over the
introduction of charge-account bank
ing. It looked very good, had many
features to recommend it, including
the leverage of forcing the merchant to
open an account with that bank in the
town which adopted the program. It
has had about a five-year trial and er
ror period, has been successful in
some communities, just so-so in oth
ers.
No one can yet predict what will
happen to credit card banking.
We like check-credit in our bank,
which is wrapped around the depart

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ment store concept of revolving credit.
It is also on the testing ground. Since
it is unsecured credit, with no fixed
and definite m atu rity, applications
must be screened with caution and
judgment, and a system of review of
credits rigidly followed. In 14 months
of successful operation we have suf
fered two losses, the first a credit rec
ommended to us by a bank president,
and the second a Chicago policeman
who filed voluntary bankruptcy. The
delinquency ratio is minor, the book
keeping department does all the work,
even to the extent of preparing and
mailing the limited number of past
due notices, and the income is hand
some. The maximum amount we will
extend is $2,400, monthly payments
are one twenty-fourth of the credit
line approved, the service fee, includ
ing interest, is one per cent per month
on the outstanding balance, plus a
charge of 25 cents for each check proc
essed. At the end of August we were
processing 357 loan accounts, the aver
age outstanding balance being $743.
Time will tell. At the moment, how
ever, no one in our bank is willing to
call this one a loss leader.
What other services will be shaping
up in retail banking as by-products of
electronic and computer installations
in banks? Many bankers are looking
with considerable interest at what the
Union National Bank of Wichita is
doing with its so-called “payroll de
posit plan.” As you know, that bank
is proposing to do payroll accounting

By ARTHUR A. BAER
Chairman of the Board
Beverly Bank
Chicago, Illinois

LOSS LEADERS . . .

(Turn to page 46, please)
Northwestern Banker, December, I9 6 0

GREETING- Secretary of Commerce Fred
erick H. Mueller (second from left) are
First National Bank of Chicago executives
(from le ft): Gaylord A. Freeman, Jr.,
president; James B. Forgan, honorary
chairman of the board, and Herbert V.
Prochnow, executive vice president.

At First National o f Chicago Conference

Expect "S tea d y9* Business in 1901
By BEN HALLER, JR.
Editor

MAJORITY of the 1,500 bank
ers and speakers at the 14th an
nual Conference of Bank Cor
respondents of The First National
Bank of Chicago do not expect to see
any dramatic changes in the economy
during the coming year. Most of them
indicated in a survey conducted dur
ing the two-day meeting that they ex
pect activity in several key fields to
be “about the same” as in 1960.
Several of the speakers who dis
cussed future business conditions an
ticipate that the current “drag” or “re
cession” will bottom out in the second
quarter, with business moving ahead
quietly at a moderately increasing
pace. None of them look for any dras
tic jumps such as have typified a few
periods in post-war growth. They do
not look for interest rates on loans to

drop off but to maintain their present
level perhaps throughout the next
year.
One of the highlights of the confer
ence each year is the “Commercial
Outlook for the Year Ahead” given by
the senior vice presidents of the 11
lending divisions of The First Nation
al Bank. This took place at the noon
luncheon the first day. Board Chair
man Homer J. Livingston welcomed
the group to the conference, then the
divisional vice presidents were intro
duced by Gaylord A. Freeman, Jr.,
president. Each man gave a five min
ute synopsis of the business trend and
outlook in the industries served by
his division. A digest of their remarks
will appear in next month’s issue.
Host at the reception was Charles
F. Newhall, vice president and head of

SEVERAL BANKERS from Northwestern Banker area stopped at Division F head
quarters after the conference to visit the four officers serving their area. Left to right,
seated, are: Hoyt Messerer, exec, v.p., First National of Cedar Falls, Iowa; Mrs. Mes
serer; Harold R. Deitemeyer, pres., First National of Beatrice, Nebr., and Victor C.
von Meding, a.v.p., First National of Chicago. Standing: Milton Mehlhaf, cash., First
National of Freeman, S. D.; John G. Hemmerle, Jack W. Hallberg and Raymond V.
Dieball, a.c.’s, First National of Chicago, and H. Wm. Blake, pres., Northwestern Na
tional of St. Paul, Minn.
Northw estern Banker, December, i960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Division F, serving banks and bank
ers, assisted by the officers of the divi
sion’s four geographical areas, and
other bank officers. Dinner was served
in Hotel Morrison’s famed Terrace
Casino as well as in the Grand Ball
room four floors above. Closed circuit
television brought the entire program
from the lower level to the rest of the
group in the Grand Ballroom.
The evening speaker was the Hon.
Frederick H. Mueller, Secretary of
Commerce, who discussed “New Chal
lenges to American Business,” in
which he told his audience that many
of them would live to see the world’s
present population of 2.5 billion peo
ple doubled to 5 billion in the next 35
years at present growth rates.
Addressing the c o n c lu d in g noon
luncheon the second day was popular
Dr. Earl L. Butz, dean of agriculture
at Purdue University. Dr. Butz re
minded his audience that production
per worker on farms has doubled in
the last 20 years, the most remarkable
increase in production efficiency in
the American economy. He called the
resulting release of 3 million farm
workers for other types of work a
sign of strong agriculture. Dr. Butz
also emphasized that the decrease in
farmer numbers, and the increase in
size of farm does not mean ‘family
farming’ is going out of style, but
rather that it is more prominent with
family units, the backbone of today’s
“agri-business.”
More than 900 ladies accompanied
the 1,500 men to the conference and
the ladies were entertained at a din
ner in the grand ballroom of the
Palmer House. After dinner, Marshall
Field & Company staged a special
style show of 55 items of ladies’ and
young girls’ clothing and accessories.
—End.

it a n h e v s

YK m u r

I f # # # . f { . # 7 # ##/########
President
Midland National Bank
Minneapolis, Minnesota

ILLIAM R. CHAPMAN is pres
ident and a director of the
Midland National Bank of Min
neapolis. He was born at Yonkers, N.
Y., on Valentine’s Day, February 14,
1907, and in 1924 moved to Minneapolis
where he finished his high schood edu
cation.
In 1926 he started work as a book
keeper at the Midland National Bank,
became active in A.I.B. and holds the
Standard Certificate and three Gradu
ate Certificates. He also served as
president of the Minneapolis Chapter
in 1938-1939.
Mr. Chapman has appeared on the
program of two national conventions,
having been the leader of the credits
conference at the 1952 Houston Con
vention. He was campaign manager
for two successful candidates of the
executive council of the American In
stitute of Banking and is currently a
member of the Senior Advisory Com
mittee of the Minneapolis Chapter.
Mr. Chapman entered the credit de
partment of the Midland National
Bank in 1928 where he remained until
he was made manager of the install
ment loan department in 1936. In 1938
he was promoted to assistant cashier
and in 1941 was made a lending officer
on the commercial side of the bank.
He became a vice president in 1944, a
director in 1951, senior vice president
in 1958 and president in 1959. He is
also a member of the Credit Advisory
Committee of Northwest Bancorporation and was formerly chairman for
five years of the Installment Banking
Committee of Northwest Bancorporation. He is presently a member of the
Bank Management and Operations

Committee of the Minnesota Bankers
Association.
He has addressed banking groups in
a number of states, including the Jun
ior Bankers’ Conference of Minnesota,
South Dakota and the Wisconsin Bank
ers Association, as well as filling nu
merous speaking engagements before
other organizations. A member of the
faculty of the School of Banking, Uni
versity of Wisconsin for the past 11
years, he has been lecturing on “ In
ventory Financing” and “Accounts
Receivable Financing.” At the pres
ent time he is a past national president
and director of the Robert Morris As
sociates, the national organization of
bank loan officers and credit men.
When asked what is the most im
portant problem facing bankers today,
Mr. Chapman replied: “The consistent
decline of commercial bank’s share of
the whole financial structure. Compe
tition for the available money is very
aggressive. The banks must be aggres
sive, too. Bankers must see that all
institutions bear their equal share of
taxation.
“Also, a problem is the confusion in
the money market with respect to the
law of supply and demand—rates ver
sus loan demand. With the constant
increase in salaries—our greatest sin
gle expense item—plus the large in
crease in fringe benefits, higher inter
est paid on savings and the decrease
in deposits, it seems inevitable that
banks need to have a higher average
interest rate on commercial loans to
to make an adequate profit. Contrary
to many impressions, the return on
bank capital is usually 7% to 9% per
cent, where most businesses are yield

ing 12 to 20 per cent on capital. The
return to commercial banks is very
modest. This should have more pub
licity and it is up to the bankers to
tell this story.”
Mr. Chapman has taken a prominent
part in civic affairs and is presently
serving as chairman of the Budget and
Distribution Committee of the Com
munity Chest of Hennepin County,
Inc.; vice president and director of
Community Chest of Hennepin Coun
ty, Inc.; director of Community Health
and Welfare Council of Hennepin
County, Inc.; member of board of di
rectors and treasurer, United Fund of
Hennepin County, Inc.; member, En
dowment Committee, Y.W.C.A.; memof the board of directors, Minneapolis
Clearing House Association, and vice
president, director and member of the
Executive Committee of Northwest
Equity Corporation, a small business
investment corporation. He is past
chairman and member of the Indus
trial Committee of the Minneapolis
Area Chamber of Commerce; member
of the board of directors, American
Cancer Society, H en n ep in County
Unit; treasurer of the United Negro
Fund Campaign of Minneapolis; board
member of Asbury Methodist Hospital
Corporation and a member of the offi
cial board of the Hennepin Avenue
Methodist Church. In addition, he is
a member of the Rotary Club, Minne
apolis Club and the Wayzata Country
Club.
His family includes Mrs. Chapman;
daughter, M a rjo rie ; son, Bill, and
three granddaughters. His hobbies
are flying, speed boating and garden
ing.— End.
Northwestern Banker, December, i9 6 0

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

LEFT: Clark Houghton, pres., First National of Iowa City;
Mrs. Houghton; Lewis L. Holland, a.v.p., Live Stock National
of Chicago, and John B. Bigler, pres., Central State Bank,
Muscatine, Iowa. BIGHT: Mrs. Joe Lisek, Mrs. Alden Bagnall and Mrs. Lew Holland, hostesses at the reception for the

ladies; Mrs. W. Vennable, Grinnell, Iowa; Mrs. J. J. Krogman,
Mrs. J. P. Bremmer and Mrs. J. D. Porter, all of Bloomington,
Wise., and Mrs. David H. Beimers, whose husband is president
of the Live Stock National of Chicago.

Vails for Solution to Farm Surplus
B y BEN HALLER, JR.
Editor

T WAS never more clear that the
outcome of our present world
struggle depends on the people of
the United States,” according to Allan
B. Kline, former president of the
American Farm Bureau Federation, in
his address to 375 bankers and cattle
feeders and their wives at the annual
International Livestock Show Party
hosted by The Live Stock National
Bank of Chicago.
Mr. Kline went on to point out, aft
er describing Russia’s aim to rule the
world, that he has considerable sym
pathy for people who try to get a
commitment from Nikita Khrushchev
for he will make one the first day, an
other the second day, then break both
the third day. To further advance
what we believe to be the American
way of life, Mr. Kline asked his audi
ence to consider “What are the prin
ciples that guide us? What are our
beliefs?” He urged each person to
read the book, “American Cause,” by
Dr. Russell Kirk.
Mr. Kline evaluated the present
status of agriculture, pointing out that
surpluses have meant that farmers
have been paid $8.5 billion in advance
and when these stocks come out of
surplus they will supplant current
production in some way. He looks for
some kind of adjustment in American
agriculture, stating it is inconceivable
that we can continue the policies that
will stack up another $8.5 billion sur
plus. But he wants the solution con
sistent with the principles this coun
try has always believed in.
Mr. Kline warned that the people of
a democracy like ours are far more
liable to destroy ourselves by adopting

Northwestern Banker, December, I960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

the policies of our opponents rather
than being destroyed from without.
He urged each man and woman to
quit thinking politics is for someone
else. Since agriculture has developed
into a political problem it is up to the
people involved with agriculture to
get interested and follow through.
“We have a new president who is
committed to an extremely ‘liberal’
program,” he said, “but these liberal
programs are not very likely to hap
pen for we can’t stand another infla
tionary period.”
Mr. Kline’s address was delivered
following dinner at the Saddle and
Sirloin Club in Chicago’s famous Stock
Yards building. Presiding at the din
ner was David H. Reimers, president

of The Live Stock National Bank.
Earlier, the cattle feeders and bank
ers attending the meeting heard John
Wetmore, agricultural economist for
the Federal Reserve Bank of Chicago,
discuss “The Farm Picture in the
Months Ahead.” Mr. Wetmore stated
the cattle cycle increase is slowing
but will continue to increase at the
slower pace for several years. He
forecast a decline in prices with a
peak in cattle numbers.
For the coming year, Mr. Wetmore
said he does not expect much change
in the seasonal pattern of fat cattle—
high in the spring and low in the fall
FARM SURPLUS . . .

(Turn to page 44, please)

FBOM LEFT, Allan B. Kline, former president of the American Farm Bureau Federa
tion; Alden S. Bagnall, sr. v.p„, and David H. Beimers, pres., The Live Stock National
of Chicago.

31
HE meaning of the election of
Senator John F. Kennedy to the
financial markets is still to un
fold. Except for a brief flurry in the
London gold market, the final weeks
of the election seemed indifferent to
its outcome. Stock prices backed and
filled throughout October; bond prices
drifted lower on scanty business. As
had been expected by many in the
financial district, the end of the cam
paign was marked by a substantial
rally in stock prices. The bond mar
ket, however, still seems to be in a
trance.
Evidently the investment world
was waiting not so much to see who
who be elected as to see what steps
the President-elect would take to fur
ther campaign assertions and pledges.
Certainly large parts of the invest
ment co m m u n ity both here and
abroad have been apprehensive about
the implications of some of President
elect Kennedy’s campaign statements
and about the financial thinking of
some of his purported advisers.
Is the independence of the Federal
Reserve System about to pass into
history?

Monetary Policy

Will the new administration try to
use “monetary policy” that is, mone
tary policy in the narrow sense of in
terest rate manipulation—as a major
means for controlling business fluc
tuations? Will the executive branch
intervene in the long-term money
market to force down the cost of bor
rowing money and the corresponding
earning power of savings? Converse
ly, as a means of arresting the outflow
of gold from the United States, will
the government try to boost the earn
ing power of short-term money—that
created by the banks — to artificial
heights so that foreign investors will
be persuaded to leave their balances
here?
These questions are not hobgoblins
conjured by calamity stalkers. They
stem from the campaign utterances of
the President-elect. Mr. Kennedy said
or implied:
• The short-term interest rate is
probably too low in view of the tend
ency of foreign investors to repatriate
their capital.
• The long-term rate is injuriously
high to business.
• The independence of the Federal
Reserve System is not at issue. There
ought to be no interference with the
“day-to-day” operations of the System.
However, a victory for the Democrat
ic candidate will mean that the Feder
al Reserve will change its course. He
did not say that if the Reserve System
is not willing he will have to use

In vestm en t 11 artit
Pointers K ennedy Era
By RAYMOND TRIGGER
Investment Analyst
New York City

force. He only predicted that the Re
serve System will be willing.
• The Federal Reserve is not a
“fourth arm” of government.
Campaign Promises

The implications of these campaign
assertions, especially when viewed
out of context, could be alarming.
They would seem to suggest that Mr.
Kennedy regards the Presidency as
an agency for administering prices—
in this instance, the price of the pub
lic’s savings. In context, the asser
tions are not so dismaying. Unfortu
nately, the contextual reservations
are not as explicit and emphatic as
the outright denunciation of the Fed
eral Reserve as a regulator of credit
and the reflection cast on the Sys
tem’s historic freedom from political
dictation.
It is arguable that Mr. Kennedy, as
a campaigner, only said what he felt
he had to say. That — circumspect
man that he is—he didn’t mean to
set himself up as an authority in fi
nancial economies, but rather was
depending on what was assured him
by advisers who were professed spe
cialists in the field. That he was
aware, as a practical politician, that
money management has been a catchas-catch can of political controversy
since time immemorial and that no
one is ever asked to account for what
he said the day before yesterday.
Cabinet Choices

Financial institutions, therefore, in
appraising the impact of the election
of Senator Kennedy on their profes
sional interests, would do well to hold
reservations about the radical impli
cations of the campaign assertions at
least until the President-elect shows

his post-election hand—his choices for
key cabinet spots, and his formal req
uisitions on the Congress.
Such appraisals, to be realistic,
should take into account things like
these:
• Senator Kennedy, while winning
the office of President Eisenhower,
has, in a way, inherited the Eisen
hower “curse”—the fact that a ma
jority of the Congress does not see
eye to eye with him.
• The Presidency is not three arms
of government, but only one. The
Congress may neither want nor be
able to diminish the independence of
the Presidential office, but it is a safe
prediction that whatever Congress de
cides will be done will be done.
• It would be most rash to assume
that President-elect Kennedy would
try to enforce an interest-rate policy
on the Federal Reserve System that
was inconsistent with the course Con
gress was following on the appropria
tions front and that the Treasury was
following on the debt management
front. There is no less-contradicted
axiom of financial economics than
that balanced and effective money
m an agem en t requires the three
“arms” of money sway to be headed
in the same direction. If inflation is
threatened, it is not enough for the
central bank to arrest the growth of
the money supply; it is imperative
that Congress be uninhibited about
levying taxes adequately to match or
even exceed public spending; and it is
imperative that the Treasury, in its
market operations, direct its borrowINVESTMENTS . . .

(Turn to page 70, please)
No rthwestern Banker, December, 7960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

0'tiri

Him son

Appoints A.Mi»A .
HE following bankers from the
N o r t h w e st e r n B a n k e r area have
been named to important A.B.A.
committee posts by Carl A. Bimson,
president of the A.B.A. and president,
Valley National Bank, Phoenix, Ariz.
Included are appointments made by
Mr. Bimson since his election last Sep
tember.
Listed are the committee chairmen
and committee members in the area
served by the N o r t h w e st e r n B a n k e r :
Executive Council—V. W. Johnson,
president, First National Bank, Cedar
Falls, Iowa (appointed for one year).
L. A. Hollenbeck, president, Farmers
& Merchants State Bank, Iroquois,
S. D.

Central National Bank and Trust
Company, Des Moines.
Minnesota — A. G. Sirek, executive
vice president, State Bank of New
Prague.
Montana—J. D. Street, president, Se
curity Bank & Trust Company, Boze
man.
Nebraska — Chase Neumann, presi
dent, Farmers and Merchants Nation
al Bank, Oakland.
North Dakota—O. K. Anderson, pres
ident, State Bank of Lakota.
South Dakota — Curtis A. Lovre,
president, Northwest Security Nation
al Bank, Sioux Falls.
Wyoming—J. W. Pearson, president,
First National Bank, Lovell.
Administrative Committee — Harry
M. Bardt, executive vice president,
Bank of America N.T. & S.A., Los
Angeles, Calif., chairman.
A.B.A. Savings Bonds Committee—

Reno Odlin, president, Puget Sound
National Bank, Tacoma, Wash., chair
man.
State Chairmen
L. A. H O L L E N B E C K

V. W . JOH N SO N

Organization Committee

John B. Keeline, president, Central
Trust and Savings Bank, Cherokee,
Iowa, chairman.
Regional Vice Presidents — H. L.
G erhart, president, First National
Bank, Newman Grove, Neb.; G. A.
Redding, president, Windom State
Bank, Windom, Minn.
State Vice Presidents

Colorado — J. H. Macdonald, presi
dent, Colorado Savings and Trust
Company, La Junta.
Iowa — E. F. Buckley, president,

J. B. K E E L IN E

H. L. G E R H A R T

Northwestern Banker. December, I960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Colorado—W. M. Watrous, executive
vice president, Farmers State Bank,
Brush.
Iowa — Chas. H. Walsh, president,
Farmers & Merchants Savings Bank,
Burlington.
Minnesota — John A. Moorhead,
president, N orth w estern National
Bank, Minneapolis.
Montana — Claude M. Jones, chair
man, First National Bank, Miles City.
Nebraska — Robert I. Stout, chair
man, First National Bank, Tekamah.
North Dakota — Not available at
press time.
South Dakota — Walter H. Frei,

E. F. B U C K L E Y

A. G. SIR EK

chairman,
Wagner.

Commercial

State

Bank,

Wyoming — Max F. Stevens, vice
president and investment officer, W y
oming National Bank, Casper.
Advisory and International Com
mittee — William A. Mitchell, chair

man, Central Trust Company, Cincin
nati, Ohio, chairman.
Agricultural Committee — John H.
Crocker, chairman and president, Citi
zens National Bank, Decatur, 111.,
chairman.
Bank Executive and Staff Develop
ment Committee—William L. Butcher,

chairman, County Trust Company,
White Plains, N. Y., chairman; James
J. Durkin, vice president and cashier,
Colorado Nat i onal Bank, Denver;
Henry T. Rutledge, executive vice
president, N o r t h w e s t e r n National
Bank, Minneapolis, Minn.
Bank Management Committee — C.

Edward Cooper, senior vice president,
Philadelphia, Pa., chairman; R. A. Bezoier, president, First National Bank,
Rochester, Minn.
Bank Education Committee—Ever
ett D. Reese, chairman, City National
Bank and Trust Company, Columbus,
Ohio, chairman.
Country Bank Operations Commit
tee—Thos. G. Wilson, president, First

State Bank, Conway, Ark., chairman;
J. Y. Castle, president, McDonald State
Bank, North Platte, Neb.; Thos. O.
Cooper, president, Jefferson State
Bank, Jefferson, Iowa; James B. McKeever, executive vice president, First
National Bank of Holly, Colo.
Credit Policy Committee — Carl M.

Flora, vice president, First Wisconsin

J. D. S T R E E T

C. N E U M A N N

"M y banker says...
. . . the fast w a y to get livestock
proceeds back home from the Chicago
market is to have Live Stock National
handle the transaction”

3 A e

LIVE STOCK
B

A . IN " K

o f ' c(o / ü c a ÿ < j

4150 South Halsted Street, Chicago, Illinois
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

You know how careful a banker must be about express
ing an opinion. Words from you carry a lot of weight.
We know this, too. That’s why we are particularly
careful that the Live Stock Bank always serves you in
a way that is most advantageous to you and your shipper.
In collecting and transferring livestock shippers’
proceeds, this bank has unrivaled experience. Over the
years we have perfected what we sincerely believe to
be the fastest, most accurate procedures.
If you are not already acquainted with our Shippers’
Service, we will be happy to have our man in your area
call and give you full details. If you are one of the many
banks that are presently suggesting this service to
their customers, we thank you.

SERVING INDUSTRY AND AGRICULTURE FOR OVER NINETY YEARS

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

34
National Bank,
Chairman.

M ilw a u k ee,

Wis.,

Credit Unions — Archie K. Davis,
chairman, Wachovia Bank and Trust
Company, Winston-Salem, N. C., chair
man; Robert M. Waters, president, Se
curity Trust and Savings Bank, Bill
ings, Mont.
Economic Growth Without Inflation

— Casimir F. Sienkiewicz, president,
Central-Penn National Bank, Philadel
phia, Pa., chairman; W. Harold Brenton, chairman, National Bank of Des
Moines, Iowa.
Economic Policy Committee—Jesse
W. Tapp, chairman, Bank of America
N.T. & S.A., Los Angeles, Calif., chair
man; W. Harold Brenton, chairman,
National Bank of Des Moines, Iowa
(term expires 1963).
Federal Deposit Insurance Com mit

man, Citizens Fidelity Bank and Trust
Company, Louisville, Ky., chairman;
Erling Haugo, chairman and presi
dent, Sioux Valley Bank, Sioux Falls,
S. D.
Subcommittee on Taxation—Robert
L. Woodford, vice president and trust
officer, Delaware Trust Company, Wil
mington, Del., chairman.
Government Borrowing Committee

—David M. Kennedy, chairman, Conti
nental Illinois National Bank and
Trust Company, Chicago, chairman.
Installment Credit Committee—Ed
ward J. Frey, president, Union Bank
and Trust Company, Grand Rapids,
Mich., chairman; Thomas M. Kulp,
vice president, First National Bank of
Minneapolis, Minn.; Ted J. Welch,
president, Peoples Bank and Trust
Company, Cedar Rapids, Iowa.

Federal Legislative Advisory
Committee Members

M. Monroe Kimbrel, executive vice
president, First National Bank, Thom
son, Ga., chairman.
Colorado — Not available at press
time.
Iowa—Harold P. Klein, senior vice
president, Iowa-Des Moines National
Bank, Des Moines.
Minnesota—Arthur W. Sands, presi
dent, Western State Bank, St. Paul.
Montana—L. A. Christensen, chair
man, Bank of Glacier County, Cut
Bank.
Nebraska—H. D. Kosman, president,
Scottsbluff National Bank, Scottsbluff.
North Dakota—William Stern, pres
ident, Dakota National Bank, Fargo.
South Dakota — Tom S. Harkison,
president, National Bank of South
Dakota, Sioux Falls.
Wyoming—Ralph E. Barton, presi
dent, Wyoming National Bank, Cas
per.
State Legislative Advisory
Committee Members

er K. A N D E R S O N

C. A. L O V R E

tee — D. Emmert Brumbaugh, presi
dent, First National Bank, Claysburg,
Pa., chairman; Grant W. Anderson,
vice president, Northwestern National
Bank of Minneapolis, Minn.
Federal Procedures Committee —

Richard A. Norris, president, The
Riggs National Bank, Washington, D.
C., chairman; Gerald O. Nelson, vice
president, Iowa-Des Moines National
Bank, Des Moines, Iowa.
Federal Legislative Committee — H.
Monroe Kimbrel, executive vice presi
dent, First National Bank, Thomson,
Ga., chairman; Frank P. Powers, pres
ident, Kanabec State Bank, Mora,
Minn.; Harry W. Schaller, president,
Citizens First National Bank, Storm
Lake, Iowa.

Subcommittee on Agricultural Cred
it—Harry W. Schaller, chairman; Carl
G. Breeze, president, Bank of Kremmling, Colo.; Otto Kotouc, Jr., president,
Home State Bank, Humboldt, Neb.;
Curtis B. Mateer, executive vice presi
dent, Pierre National Bank, Pierre,
S. D.

Subcommittee on Mortgage Financ
ing and Urban Housing—Robert H.
Bolton, president, Rapides Bank &
Trust Company, A le x a n d ria , Va.,
chairman.
Subcommittee on Section 5219 U. S.
Revised Statutes—Lee P. Miller, chair
Northw estern Banker, December, I 9 6 0

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

J. W . PE AR SO N

H. W . SC H A L LE R

Insurance and Protective Commit
tee — Thomas F. Glavey, vice presi

dent, The Chase Manhattan Bank,
New York, chairman.
Mortgage Finance Committee —

Cowles Andrus, president, New Jersey
Bank and Trust Company, Passaic,
N. J., chairman.
Public Relations committee — Wil
liam E. Singletary, vice president,
Wachovia Bank and Trust Company,
Winston-Salem, N. C., chairman.
Research Committee—Roy L. Reierson, vice president, Bankers Trust
Company, New York.
Retirement Committee — Vance J.
Alexander, chairman, Union Planters
National Bank, Memphis, Tenn., chair
man.
Small Business Credit Committee—

Arthur F. Maxwell, president, First
National Bank, B id d eford , Maine,
chairman; W. W. Summerwill, presi
dent, Iowa State Bank and Trust
Company, Iowa City.
State Legislative Committee

Elwood F. Kirkman, president, The
Boardwalk National Bank, Atlantic
City, N. J., chairman; Eugene H.
Adams, president, First National Bank
of Denver, Colo.; G. H. Hernett, presi
dent, McIntosh County Bank, Ashley,
N. D.; Otto Kotouc, Jr., president,
Home State Bank, Humboldt, Neb.

Elwood P. Kirkman, president, the
Boardwalk National Bank, Atlantic
City, N. J., chairman.
Colorado—H. P. Mendenhall, presi
dent, Rocky Ford National Bank,
Rocky Ford.
Iowa — Charles J. Spies, president,
Iowa Trust and Savings Bank, Emmetsburg.
Minnesota—K. O. Sattre, president,
Blue Earth State Bank, Blue Earth.
Montana — D. J. Dundas, president
and trust officer, Great Falls National
Bank.
Nebraska—George A. Knight, presi
dent, Citizens State Bank, Lincoln.
North Dakota—Adrian O. McLellan,
president and trust officer, Merchants
National Bank and Trust Company,
Fargo.
South Dakota—Rex Terry, cashier,
Fort Pierre N a tion a l Bank, Fort
Pierre.
Wyoming—A. L. Kendig, executive
vice president, State Bank of Wheatland.
Uniform Tax Treatment Committee

—Joseph M. Naughton, president, Sec
ond National Bank of Cumberland,
Md.
Foundation for Education in Eco
nomics — Richard G. Stockton, chair

man, executive committee, Wachovia
Bank and Trust Company, WinstonSalem, N. C., chairman of the board
of trustees.
Stonier Graduate School of Banking

—John W. Remington, president, Lin
coln, R o c h e s te r T ru st Company,
Rochester, N. Y., chairman of the
board of regents.—End.

h b
CASA

ROSADA

(EXE CUTIV E

OFFICES

THE

ARGENTINE

G O V E R N M E NT ) -

F IV E

BLOCKS

FROM

BANK

AM ER IC A.

N ow ...a man-on-the-spot in Buenos Aires!
Bank o f A m e rica has n ow opened a b ran ch in
Buenos A ires, conveniently located at Maipu 250
in the heart o f the city ’s financial district.
Together w ith our long-established Represent
ative Office in the A rgentine capital, our Buenos
A ir e s B ra n ch n ow o f f e r s you c o m p le te in t e r
national banking service.

From Buenos A ires to Bangkok, from Manila
to M ilan—other Bank o f A m erica m en-on-the-spot
are ready to represent you in your dealings abroad.
Each is an authority on his locale. He knows how
to expedite your business in his part o f the world.
W hy not find out m ore about our International
Banking Organization ? Just give us a call.

O V E R S E A S B R A N C H E S : L o n d o n • M a n ila • Tokyo • Y o ko h a m a • K obe • Osaka • B a n g ko k • G uam
M e x ic o C ity • R io de J a n e iro • B ue n o s A ire s • L is b o n • M ila n • Z u ric h • L o n d o n • P a ris • B e iru t

B A N K O F A M E R IC A

D u e s s e ld o rf

N A T I O N A L

O k in a w a * Lagos » B u e n o s A ire s ; R E P R E S E N T A T IV E O F F IC E S : New Y ork « W a s h in g to n , D .C .* C h icago
•

N ew D e lh i

•

To kyo; B A N K OF A M E R IC A ( In te r n a tio n a l) — a s u b s id ia ry : N ew Y ork

T R U S T

G u a te m a la C ity • P a ris • D u e s s e ld o rf • H o n g K ong • S in g a p o re • K u a la L u m p u r • B e iru t; B A N C A

H E A D

O F F I C E S :

D 'A M E R IC A E D 'IT A L IA : o ve r 6 0 B ra n ch e s th r o u g h o u t Ita ly ; C O R R E S P O N D E N T S W O R L D -W ID E

B A N K

O F

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

A N D

S A V I N G S

S A N

F R A N C I S C O

A M E R I C A

A S S O C I A T I O N
2 0

( I N T E R N A T I O N A L )

•

LO S
N E W

•

MBR.

F.D.I.C.

A N G E L E S
Y O R K

C I T Y

54
5

No rthwestern Banker, December, I9 6 0

P h ila d elph ia M e r g e r P la n n ed
The merger will result in a bank
HE board of directors of The Phil
adelphia National Bank and Girard with total resources exceeding $1,750,Trust Corn Exchange Bank have ap
000,000. Capital and surplus will be
proved a plan for a merger of the two $150,000,000, and the legal lending ca
pacity to any one borrower will be
banks.
A joint announcement was made by $15,000,000.
Frederic A. Potts, president of Phila
The principal officers will be as fol
delphia National, and George H. lows: Frederic A. Potts, president of
Brown, Jr., president of Girard, who Philadelphia National, will be chair
said the merger is subject to the adop man and chief e x e c u tiv e officer;
tion of a formal agreement by both George H. Brown, Jr., president of
boards, the approval of the sharehold Girard, will be president and chief ad
ers of both banks, and the required ministrative officer; Geoffry S. Smith,
approval by Federal banking authori chairman of Girard, will be vice chair
ties.
man and chairman of the executive

i t ’s w a r m
i t ’s d r y
i t ’s s u n n y

iMU

JW ÿM U Ü J

Please tell your friends and
customers headed our way that
Valley Bank service is as dependable
as Arizona’s famed climate!

M E M B E R

F E D E R A L

D E P O S I T

Northw estern Banker. December, 7960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

I N S U R A N C E

committee; John McDowell, executive
vice president of Philedlphia Nation
al, will be executive vice president,
and George R. Clark, vice chairman of
Girard, will be a vice chairman.
Continental P rom otion
Wallace W. Wilson has been pro
moted to vice president of Continental
Illinois National Bank and Trust Com
pany of Chicago.
Mr. W i l s o n
joined Continen
tal in 1956 as a
p e tro le u m engi
neer in the bank’s
o il and p u b lic
utilities loan division and was
e le cte d secon d
vice president in
1957. The division
w. w. w ils o n
operates national
ly and is one of the largest oil and
utilities loan groups in the country.
Born in Mandan, N. D., Mr. Wilson
graduated from Pomona College and
was chief reservior engineer with Con
tinental Oil Company and an assistant
professor of petroleum engineering at
the University of Texas before com
ing to the bank.
W est Coast Dividend
Wells Fargo American Trust Com
pany, San Francisco, has declared a
10 per cent stock dividend in addition
to the regular 40 cent quarterly cash
dividend.
The stock dividend will be distrib
uted on January 16, 1961, to stockhold
ers of record December 6, 1960. The
quarterly dividend is payable on Jan
uary 5 to stockholders of record De
cember 5.

C O R P O R A T I O N

R epublic National Dividend
Shareholders of the Republic Na
tional Bank of Dallas last month
voted approval of plans for a stock
dividend of 78,888 shares, with a value
on the present market in excess of
$5,000,000, and simultaneous announce
ment was made of payment to the
bank of a $2,000,000 cash dividend by
The Howard Corporation, et al., whose
shares are held in trust for the share
holders of the bank.
Simultaneously with payment of the
$2,000,000 cash dividend by The How
ard Corporation, et al., $2,053,344 will
be transferred from the bank’s undi
vided profits account to surplus, in
creasing surplus to $56,720,124. Upon
completion of proposals, capital and
surplus will be $105,000,000. Capital
funds, including undivided profits and
reserve for contingencies, will total
more than $122,000,000.

Top FPRA Recruiter
Robert W. Williams, vice president,
LaSalle National Bank, Chicago, was
honored during the annual FPRA con
vention last month in Boston for
b r in g in g in the
greatest number
of new members
into the associa
tion during the
past year.
Mr. W illia m s
p e r s o n a lly r e
c r u ite d 16 new
m e m b e r s . The
state of Illinois,
of w h i c h Mr.
R. w. W I L L I A M S
Williams is membership chairman, also attracted the
greatest number of new members.
Total new members of the entire as
sociation for the past year was 301.

New Physicians Firm
A new firm to assist midwest com
munities in obtaining a permanent,
resident physician has been organized
under the name of Physicians & Asso
ciated Service, Inc., with headquarters
in Des Moines. Richard H. Hoch is
manager.
Rural communities particularly have
found it difficult to obtain the services
of a full-time doctor, says Mr. Hoch,
and this is where the new company
can be of help. He states his profes
sional group comes well recommended
by v a r io u s medical societies and
through acceptance of the company’s
program by the medical profession
has built an active file of interested
physicians seeking practice locations
in midwest towns.
Mr. Hoch reports that representa
tives of the company call on numer
ous doctors in a number of states, rep
resenting individual communities on
a fee basis.

Regional N AB W Meetings
Six regional NABW conferences for
1961 were announced recently by asso
ciation President Marion Anderton,
Bank of America, San Francisco.
In early spring the National Asso
ciation of Bank Women members will
gather in B oston ; Seattle; Miami
B each; Oklahoma City; Scottsdale,
Ariz., and Lincoln, Neb., to conduct
clinics and business sessions on latest
banking trends.
NABW members from the middlewest will convene in Lincoln May 1921, at the Cornhusker Hotel. Co-chair
man for the meeting will be Mrs.
Evelyn M. Whiting of the First Na
tional Bank and Trust Company in
Lincoln, and Mrs. Eva McBride, chair
man of the board and president of The
Commercial Bank, Blue Hill, Neb.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

From the world Inventory of great ideas

LET NOTHING

I.vss

THAT WILL
ADVANTAGE
Great ideas provide the foundation for
sound business practice.
Many of America’s leading banks have
long used St. Paul Terminal’s Preferred
Warehouse Receipts as bonded collateral
upon which to secure loans—beyond open
line credit limits.
Let us show you how inventory control
through St. Paul Term inal’s field ware
housing can increase your banking serv
ices, good will, and profits.

ST. P A U L T E R M I N A L
W AREHOUSE COMPANY
O ffic e s in p r in c ip a l c itie s
4-25

East

8th

Street

•

St.

Paul,

M innesota

M o r 'fiwestern Banker, December, i9 6 0

Ita uh o f A m e r ic a O pens Ita Udì at
EIGHT STORIES high with
13%. acres of floor space, this
$17 million structure features
the most advanced electronic
and mechanical equipment
available for banking services.
The only public banking area
is a motor branch offering
drive-in and walk-up service
on part of the ground floor.

95 PROOF MACHINES and
their operators are easily ac
commodated in this spacious
Central Oflice in Bank of Amer
ica’s new building. Occupying
about one-third of the oneand-a-half acre third-floor of
the building, the Central Office
is one of 30 departments
scheduled for the building.

NE South Van Ness, a new type in downtown San Francisco late last
bank building which will house month by Bank of America President
the greatest array of modern techno
S. Clark Beise.
logical banking equipment ever in
Eight stories high with 13% acres of
stalled in one location, was unveiled floor space, the $17 million structure

R N I A ' S
~ to i& £ . a u M d

features the most advanced electronic
and mechanical equipment available
for banking services.
The only public banking area is a
motor branch offering both drive-in
and walk-up services on part of the
ground floor.
At a special press preview Mr. Beise
told newsmen:
“One South Van Ness stands as
physical evidence of a new age in
banking.
“Electronic science has developed
miraculous tools for bankers to use in
bringing newer, speedier and cheaper
services to the public.
“We have this equipment.
“We needed a building where it
could be utilized to the maximum ca
pacity at all times. One South Van
Ness provides the space and flexibility
to centrally locate many electronic
tools and coordinate their operation.
“ It assures lowest cost production to
ourselves and to our customers.”
More than 60 per cent occupied to
day, when full activated next March,
One South Van Ness will be the
working home of 1,600 employees in
30 service and administrative depart
ments serving the bank’s Bay Area
branches and, in some cases, the en
tire world-wide organization.
The ERMA Center is currently per
forming all the bookkeeping detail for
120,000 checking accounts and at full
capacity will serve approximately 87
branches in the San Francisco area.
The Data Processing Center now be
ing installed will handle all Timeplan
and real estate loan accounting for
172 branches in northern California,
plus settling the exchange of checks
and deposits between the 702 branches
of Bank of America.

Canadian Farm Problem

C a lifo rn ia 's W o rld Famous Resort o v e rlo o k in g the Blue P acific w h e re W ilsh lre meets the sea. T w e n ty m inu tes fro m In te rn a tio n a l A ir p o r t. 4 50 lu x u r i
ous room s a n d b u n g a lo w s , a ll w ith te le visio n a n d ra d io . C o m p le te co n ve n tio n
fa c ilitie s . B a n q u e t room s f o r up to 2 ,0 0 0 , a ir-c o n d itio n e d . E xcitin g new
V e n e tia n Room a n d C a nto ne se Room. S w im m in g p o o l . , . B e a u tifu l g ro u n d s
a n d la n d sca p e d g a rd e n s . Rates fro m $8.

A c r o s s I h e U . S . A . a n d in H A W A I I

M A S S A G L IA

CREST OF G O O D LIV IN G
J O S E P H M A S S A G L I A , J R ., P r e s id e n t
Santa Monica. Calif. Hotel MIRAMAR
San Jo»e, Calif. Hotel SAINTE CLAIRE Washington. D. C. Hotel RALEIGH
long Booth, Calif. Hotel WILTON
Hartford. Conn. Hotel BOND
Gallup. N. M. Hotel EL RANCHO
Pittsburgh, Fa. Hotel SHERWYN
Albuquerque. N. M. Hotel FRANCISCAN Cincinnati. O. Hotel SINTON
Honolulu Hotel WAIKIKI 8ILTMORE
Denver, Col. Hotel PARK LANE
C H I C A G O MIDWEST HEADQUARTERS
BOOKING OFFICE 200 E. WA LT ON DE 7-6344

World famed hotels— Teletype service— Television
Northwestern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

In its monthly Commercial Letter,
the Canadian Bank of Commerce, To
ronto, points out that Canadian farm
ers are facing situations very similar
to those confronting American agri
culture.
“We can only hope,” the Letter
states, “that the increased productiv
ity which up to this time has been so
important a factor in creating farm
surpluses, may, wisely used, yet be
the salvation of the agricultural indus
try by reducing costs, lowering prices
and this to some extent increasing de
mand, both at home and abroad.”

Elected Chase Director
Jeremiah Milbank, Jr., chairman of
the executive committee and a direc
tor of Commercial Solvents Corpora
tion, has been elected a member of the
board of directors of The Chase Man
hattan Bank, New York.

'
:

r p here

arestars in the sky
as well as thunder

lightning

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
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
strength that will not be denied. » « May these stars
be seen and followed by the wise men of all nations.
May they light the path to peace.
That is the Christmas prayer of the people.
.

it...

I«

C H R IS T M A S

1960

•

BANKERS TR U ST C O M P A N Y , NEW Y O R K

Once more we reprint this now familiar prayer of ours, exactly as it was written thirteen years ago.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ËHan A i t A V red it Con fe r en ee

of $200,000,000, increasing its loan lim
it to $20,000,000.
At the end of October, Security’s
total resources were $3,528,844,493. To
tal deposits were $3,149,053,275.

ANK lending policies under a new C. Boushall, chairman of the board,
national administration in Wash Bank of Virginia, Richmond; Casimir
ington will be the central theme forA. Sienkiewicz, president, Centraldiscussions at the 13th National Cred Penn National Bank, Philadelphia,
Colorado Football Party
it Conference of The American Bank and a panel representing the Robert
A record 539 guests attended the cor
ers Association, which will meet at Morris Associates, the national asso
respondent bank football party spon
the La Salle Ho ciation of bank credit men.
sored by the Central Bank & Trust
tel in C hicago,
Rounding out the program will be
January 23 and nationally known industrialists, in Company, Denver, according to Max
24, 1961, accord cluding: Clair C. Lasher, general man Brooks, president.
ing to Carl M. ager, General El e c t r i c Company,
F lo ra , chairman Phoenix, Ariz.; Morris J. Vollmer, vice
of the Credit Pol president and treasurer, A. O. Smith
icy Committee of Cor por at i on, Milwaukee; Geor ge
A.B.A.
Bunker, chairman of the board, The
Speakers repre Martin Company, Baltimore, and Don
se n tin g banking ald MacArthur, treasurer, Sears Roe
during the two buck & Company, Chicago.
C. A. B I M S O N
days will be head
ed by A.B.A. President Carl A. Bimson, president, Valley National Bank, New Assistant Com ptroller
E. M. BR OO KS
M. G. BROO KS
O.
Paul Decker, president of Na
Phoenix, Ariz. Among others will be:
M. Monroe Kimbrel, executive vice tional Boulevard Bank of Chicago, an
The group saw Colorado’s thrilling
president, The First National Bank, nounced recently the election of H. 7-0 victory over the University of Ok
Thomson, Ga.; D. C. Sutherland, sen Ward Birch, Jr., as assistant comptrol lahoma. After the game, the entire
ior vice president, Bank of America ler of the bank.
party returned to the Cosmopolitan
N.T. & S.A., San Francisco; Howard J.
Mr. Birch, who joined National Hotel for a cocktail party, dinner and
Stoddard, president, Michigan Nation Boulevard in October of this year, has dancing. The climax of the party was
al Bank, Lansing, Mich.; Philip S. a background of 19 years in the public a sincere welcoming address by Board
Shoemaker, vice president, Pittsburgh accounting and banking field, includ Chairman Elwood M. Brooks. It was
National Bank, Pittsburgh; Thomas ing seven years as a bank auditor and the bank’s biggest correspondent bank
comptroller.
party. Guests attended from 10 states.

F I R S T IN A R I Z O N A
"Ted, First N a tio n a l Bank will tell
you everything about A r iz o n a ."

Yes, Arizona’s oldest bank knows
the state through and through. Send
for "A r iz o n a ’s Challenge of the
’60’s," a free report giving projec
tions on future population, employ
ment, bank deposits, income and
other vital facts. Contact First
National first and see how we can
serve you.
Business Development Dept
First National Bank
Phoenix, Arizona
ALpine 8-7212

F IR S T
NATIONAL.
*OED
BANK O F A R I Z O N A
Northwestern Banker, December, 7960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

H anover Dividend
Trustees of The Hanover Bank,
New York, have declared a stock divi
dend of one share for each nine held,
payable February 28, 1961, to stock
holders of record at the close of busi
ness January 31, 1961.
This will increase the number of
shares outstanding from 4,500,000 to
5,000,000 and the capital of the bank
from $45,000,000 to $50,000,000. Stock
holders will be asked to authorize the
necessary amendment of the bank’s
charter at the annual meeting Janu
ary 18, 1961. The dividend also is sub
ject to approval of the state superin
tendent of banks.
It is anticipated that after payment
of the stock dividend the regular divi
dend of $2 per share will be continued
on the larger capitalization.
Trustees also declared a regular
quarterly dividend of 50 cents a share,
payable January 3, 1961, to stockhold
ers of record December 14, 1960.
Security First Dividend
Directors of Security National Bank,
Los Angeles, recently voted a 10 per
cent stock dividend, subject to approv
al by the shareholders at their annual
meeting January 10, 1961.
Upon completion of the action, the
bank will have a capital and surplus

ONE OF NEW YORK’S
FINER HOTELS
On

the

c i t y ’s m ost

fam o us

t h o r o u g h f a r e , 5th Ave nu e in
exclusive Washington Square.
Spacious single rooms from $10
daily. With air-conditioning from
$12-$14. Lavish 2 & 3 room ap a rt
m en ts w ith servin g pa n trie s .
Television available.

SPECIAL RATES
on a monthly
basis. Additional
substantial
savings, on
unfurnished and
furnished
apa rtments
on lease.

¡lililí
■»¡«Ssi:
»it.»««

Write for descriptive brochure
N. Scheinman, Managing Director

ilf t k A v e m ie
Hotel
24 FIFTH AVENUE at 9th STREET

E V E R Y O N E A T C O N T IN E N T A L JO IN S U S IN W I S H I N G YOU

B dl Grew

L on jfammerstrem
E d M u rjih y - A r t Trey
J)ince J iy vm

L ittljid d

jfo m c r B m n d lA ' Chester Jitzytroid
John Jenson * A n d y Paine J c John Perkins
Q eotye JCernm ^ J o h n J fk h d s - Jfarold Conley
B ilí Resseyuie ' J W JSfaker - Bol? Stdtr | John JiurrMj
jf e r b Jdey er ' E d D residhuys - S e r f Brittain ' StuJSiac Intire

JLdfU A h e l t yif John A dam s

L e e j a r l m ' L ee R a y ' Berme Jacobs

Bruce Benner - B ilí JMoohíw ' JÁerle Gfíanvílle f> A r t Jackson - A^ic Dixon
Cfene S tevens - D ic& R a stetter jk 'W a y n e A \ len - John palvey W E d jU c fjr a tk
DonJVÍilUr ' B ill B abcock ' J o m D ow en ' C huck piali k J im Johnson - Larry prowich
Paul Midler -

J im D f

C m tillon i

ChuckJSattey - (Jewt

J V

C O N TIN E N TA L
ILLIN O IS

N ATIO N A L

BANK
AND

TRUST

COMPANY

OP CH IC A G O

Member f.D .I.C .

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, December, I 9 6 0

.Vi'ir S ym b o l fo r C hase M a n h a tta n
Chase Manhattan Bank, New
T HE
York, has started using a new

symbol which is a non-representational, geometric form.
Instead of the monograms, busts of
founders, drawings of buildings and
other emblems common to banks,
Chase Manhattan has chosen an ab
stract octagon divided into four parts,
which will in time, the bank’s market
ing officials hope, come to represent
the bank itself and nothing more. The
bank is abandoning a complex trade
mark based on a map of the United
States and an inset globe. The new

symbol will be used in advertising, on
checks and other forms, on letter
heads and publications and as a dec
oration in the bank’s buildings.

N e w Sy m b o l

O ld S y m b o l

IMPERIAL BANK
OF CANADA
Condensed 86th Annual Statement
October 31, 1960
ASSETS
C ash

r e s o u r c e s .............................................................................

S e c u r i t i e s a n d c a l l l o a n s .....................................................
T o t a l q u i c k a s s e t s ......................................................................

1 7 4 ,9 2 3 ,2 7 9
2 9 7 ,7 5 2 ,8 1 4

4 7 2 ,6 7 6 ,0 9 3

L o a n s .......................................................................................................

4 8 8 ,7 4 3 ,4 7 9

N . H . A . m o r t g a g e s ......................................................................

5 7 ,3 3 0 ,5 0 1

B a n k p r e m i s e s ................................................................................

1 3 ,9 7 4 ,1 1 9

L e tte r s o f c r e d it a n d

2 4 ,9 8 1 ,5 5 9

o t h e r a s s e t s .............................

LIABILITIES
D e p o s i t s ...............................................................................................

9 7 0 ,7 0 1 ,5 9 9

o t h e r l i a b i l i t i e s .....................

3 0 ,2 2 4 ,5 2 3

T o t a l l i a b i l i t i e s t o t h e p u b l i c .............................................

$ 1 ,0 0 0 ,9 2 6 ,1 2 2

C a p it a l, rest a n d

u n d iv id e d

p r o f i t s ........................

5 6 ,7 7 9 ,6 2 9
$ 1 ,0 5 7 ,7 0 5 ,7 5 1

STATEMENT O F

EA R N IN G S

P r o f it s a f t e r m a k i n g t r a n s f e r s t o i n n e r r e s e r v e s
and

a f t e r in c o m e t a x e s

$ 5 , 2 0 0 , 0 0 0 .............

D i v i d e n d s ............................................................................................

p r o f i t s b r o u g h t f o r w a r d ........................

Heads Trust Departm ent
Wayne B. Crewell has been appoint
ed vice president of Security First
National Bank’s head office trust de
partment in Los Angeles.
Mr. Crewell, former assistant vice
president, will continue to head staff
management and operations in the
trust department.

1 ,4 4 7 ,3 1 3
1 ,5 7 2 ,3 1 6

$
T r a n s f e r t o r e s t a c c o u n t ......................................................
B a la n c e o f u n d iv id e d

4 ,1 3 4 ,1 3 5
2 ,6 8 6 ,8 2 2

$
U n d iv id e d

3 ,0 1 9 , 6 2 9
2 ,0 0 0 ,0 0 0

p r o f i t s ........................................

1 ,0 1 9 ,6 2 9

1 9 5 9 ..........................................

4 0 ,2 2 0 ,5 0 7

ST A T E M E N T O F REST
B a la n c e O c t o b e r 3 1 ,
T r a n s f e r fro m
P r e m iu m

u n d iv id e d

on c a p it a l sto ck

B a la n c e O c t o b e r 3 1 ,

p r o f i t s ..................................

2 ,0 0 0 ,0 0 0

s u b s c r i p t i o n s ...............

1 9 6 0 ..........................................

J. S. PR O C T O R ,
P r e s id e n t

NCR Sales R ecord
Sales of The National Cash Register
Company for the third quarter of 1960
set a new record for the period of
$109,990,886, an increase of 6 per cent
over the previous high of $104,252,585
established in the third quarter of
1959.
At the same time third-quarter net
income this year totaled $4,591,504, up
3 per cent over last year’s third-quar
ter earnings of $4,475,345, and second
only to the company’s third-quarter
earnings in 1956.
For the first nine months of 1960,
sales totaled $315,768,220, compared
with $298,953,356 for the comparable
period of 1959, an increase of 6 per
cent and also an all-time high for the
nine-month period.
New Tulsa Equipm ent
Plans have been announced by the
First National Bank and Trust Com
pany, Tulsa, to install a new fully
mechanized data processing system
valued at $433,000. The order has
been placed with International Busi
ness Machines Corporation for what
IBM terms its “magnetic character
sensing equipment,” according to R.
Otis McClintock, bank chairman. De
livery is expected in middle 1961.

$ 1 ,0 5 7 ,7 0 5 ,7 5 1

L e tte r s o f c r e d it a n d

Introduction of the new symbol was
timed to coincide with the completion
of a new glass and aluminum 60-story
head office building in downtown New
York which the bank hopes to occupy
soon. Chermayeff & Geismar Associaates, designers of the symbol, were
also commissioned to design a new
Chase Manhattan alphabet and logo
type which will be used in the bank’s
advertising and publications and in
signs in the new building.
Work on the new symbol project
began over two years ago.

9 9 ,4 9 3
$

4 2 ,3 2 0 ,0 0 0

H. W . TH O M SO N ,

a y n e

IM PER IAL.
vtâ, H-fcJC L M

Aiìét'
0206

N o r t h western Banker, December, i960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

u m m e r

C H IC A G O

G e n e ra I M an ag er

NEW

YORK

STO CK

EXCHANGE

& Co.

O ^^A À /vv/
THE BEST LOAN COLLATERAL
Even though inventories are in plain sight, they are often overlooked as
prime collateral for secured loans.
So MR. LOAN OFFICER — the next time you see INVENTORY in
plain sight on a financial statement — why not call in Lawrence. The use
of Lawrence Field Warehouse Receipts enables your bank to make safe
and profitable inventory loans. It also makes it possible for you to provide
your customers with needed working capital on a secured basis.
LA W R E N C E

mj L JCmJ

O N

W AREHOUSE

R E C E IP T S

awrenc^

System

...IS

L IK E

C E R T IF IE D

O N

CHECKS

La w r e n c e C o m p a n y
N A T IO N W ID E FIELD W A R E H O U S IN G

C H I C A G O 2, I L L I N O I S
100 N o r t h L a S a l l e S t r e e t
D E N V E R 2, C O L O R A D O
8 18 17th S t r e e t B u ild i n g

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

P O R T L A N D 4, O R E G O N
C a s c a d e B u ild i n g

SA N F R A N C IS C O
37 D r u m m S t r e e t

S T . L O U I S 2, M IS S O U R I
B o a t m e n 's B a n k B u ild i n g

S E A T T L E 4, W A S H I N G T O N
E x c h a n g e B u ild i n g

OFFICES IN PRINCIPAL CITIES

II,

C A L IF O R N IA

S P O K A N E 8, W A S H I N G T O N
E m p i r e S t a t e B u i d in g
W I C H I T A 8, K A N S A S
17 4 N o r t h V a s s a r A v e n u e
N E W Y O R K 5, N E W
79 W a l l S t r e e t

YORK

Canadian F o reig n A id T oo Sm all
By JOHN S. PROCTOR, President
Imperial Bank of Canada
Toronto , Canada

N HIS address to the 86th Annual mand, help it to avoid the economic
Meeting of Shareholders of the Im waste of large scale unemployment.
perial Bank of Canada, John S. Proc “The growth of the economies of
tor, president, discussed the business other countries is of prime importance
outlook and in conclusion emphasized in bringing about that world of ex
that in his opin panding trade and human intercourse
ion C a n a d a
which is of such importance to our
should do more economic and political well-being. The
in “non-military continued loss of gold by the United
foreign aid.”
States, partly as a result of its aid
“We need bold program, means that other countries
ness and imagi must provide more aid. If we are to
nation in our ap play that part and bear that influence
proach to foreign in world councils to which we aspire,
aid,” said Presi we must act as a full and mature
member of these councils.”
dent P r o c t o r .
“For a nation of
j. s. PR O CT O R
our p r o d u c t i v e
Burroughs Increase
Burroughs Corporation’s world-wide
potentialities and high living stand
ards the aid we extend now to other revenue increased 12 per cent to $287,countries is much too small. A great 320,000 in the first nine months of
increase in non-military foreign aid 1960 as compared with the same pe
could be fully justified on moral riod in 1959, Ray R. Eppert, presi
grounds alone; our status as a nation dent, announced.
Net income taxes increased 17 per
would be enhanced by such a policy.
Nor is it discreditable to any nation cent to $6,198,000 for the first nine
following such a policy that providing months of 1960 compared with $5,312,aid to others will, by maintining de 000 in the same period last year.

Based on the average number of
shares outstanding, earnings per share
were 93 cents for the first three quar
ters of 1960 compared with 80 cents in
the same 1959 period.
Although present economic trends
are difficult to predict, the fourth quar
ter is normally the best of the year
for Burroughs.

FARM SURPLUS . . .
(Continued from page 30)
—other than the high being reached
slightly earlier in the spring, probably
in March.
He revealed that in a recent meet
ing in AVashington of agricultural
economists of the Federal Reserve
Banks and the Department of Agricul
ture it was announced that a cattle
census completed in 36 states shows
there are 7 per cent fewer cattle than
had been estimated all along by the
D. of A. After adjustments of vari
ous kinds that will change this figure
slightly, Mr. AVetmore stated, this
lower level of cattle numbers still
doesn’t change the outlook much.
Mr. AVetmore looks for good hog
prices for the first half of 1961, and
lower in the second half. In response
to a question from a cattle feeder, he
said he believes 1961 farm income,
with average weather, should be about
the same as 1960. Asked whether he
would buy heifers or calves at this
time, Mr. AVetmore pointed out that
fat cattle prices probably will rise un
til March and feeder prices would par
allel them. He thinks short-term feed
ing is best now.
Following the dinner, the guests and
their wives accompanied officers of
The Live Stock National to the Inter
national Horse Show and Rodeo.—
End.

Most U pper M idw est B an ks C a rry
St. P a u l’s B a n k e r s B la n k e t Bond
Here’s why: Modern banking requires modern bonding
service. That’s why most Upper Midwest banks bond with
St. Paul. St. Paul’s Bankers Blanket Bond Form 24 with
extended coverages not only guarantees standard protection,
but offers many up-to-date, optional coverages, too. For
more information, call your nearest St. Paul Agent.

Northwestern Banker, December, i9 6 0

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

| in c6 R € B e s t w is h e s
1 fo u

^ , r ,sc,tv
r''"rionsponsorcd"by F
a'ris[m^ Cad

anò

m e R R y ch R istrriA S

hAppy

new

yeA R

once^f er' 3rC,ident ofou t ^ 1' G“¡U
*1-"*
''*• ms first
inh
,nMoth,eerr C50^5 ,
br JOD o u t n f L- ,
3,' W
inth
e bani.» , f™
hbsch
,9J
22
3
*A
*Sin
ehe
cs
g
ïo
ïo
Sl ? •
P
e
rtin
e
n
t.
T
«...
^s
«*
e
ck
Pertinent. Two
“cofU
^^
'd. T
*° a,tcnd art School

M "

h° left

banV
THIflRST
ÎM SÍ.toÛ ÏS

Northwestern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

he wants to make as many loans as
possible; he wants to win new cus
tomers for his bank by meeting their
(Continued from page 27)
personal loan needs. But he soon dis
and payroll tax accounting for its cus our bank our vigorous installment covers that there is a profit factor sep
tomers, with the special gimmick be loan department is currently produc
arate from the enterprise of his loan
ing the automatic transfer, without a ing almost one-third of our gross in officers, separate from their good judg
pay check, of the employee’s earnings come with the use of approximately
ment on credits, separate from their
from the employer’s account to the one-sixth of our investible funds. Of
astute use of the 78th method, and that
employee’s account, both accounts, of course, we have been riding the crest
is the net cost of putting an install
course, being in the same bank.
of the wave, boom times, infinitesimal ment loan on the ledgers and the cost
loss ratios, inconsequential delinquen of servicing it for 12 months, or 18
Installment Loans
cy ratios.
months, or 36 months. In other words,
At the other end of the spectrum is
But even in this lush meadow the in simple words, a 12-payment $100
the i ns t al l me nt loan department, loss leader problem raises its ugly
personal loan is a loss to the bank at
which radiates success and profit. In head. If the banker is retail minded,
a 6 V2 per cent discount rate. Our men
insist that it costs well over $15 today
for acquisiton costs and maintenance
of a modest-sized installment loan.
We simply cannot afford to accommo
Banker Agents Recommend
date the small personal borrower.
Should such obvious unprofitable
business' as the small personal loan be
held in the- bank, in the loss leader
department? The answer seems to be
“ No,” for the reason that obviously
such a borrower cannot afford other
bank services, and so we cannot look
to him for profitable business in other
departments.
I will skip over some obvious loss
leader operations in a retail bank,
such as the collection window, the sav
ings bond redemption window where
the Treasury doles out 10 cents per
redemption for 16 cents worth of
work, and the Christmas Club window.
Actually, banks are wholesalers and
retailers of money and services. The
big banks have been traditionally
wholesalers, and some of them would
like to remain so, and probably will,
but the pressure for retail banking is
great. One after another the big
FIRi
*
BONDS
•
CASUALTY
banks have opened their marble por
INCLUDING WORKMEN’S COMPENSATION
tals to consumer credit, low-cost
checking accounts, and in Texas,
where banking in general has an ex
> M oney-saving premiums
travagant flair, the big banks have
• N a tio n w id e claim service
incorporated drive-in windows in their
expensive downtown skyscraper struc
• 4,000 independent agents
tures.
• Branch Offices coast to coast
In my opinion, retail banking faces
an expanding, exhilarating and chal
PROTECTION IN ACTION — EVERYWHERE!
lenging future. Loss leaders are defi
nitely a necessary tool in that develop
ment, and bankers must accept them.
*
If you ran a corner grocery store you
A NATIONAL INSTITUTION
would have to carry bread, even if
you sold it at a loss, or your customers
might go to the other corner store for
bread and for the rest of the groceries.
But bankers, and grocers, should bear
in mind that the profitable portions of
MUTUAL CASUALTY C O M P A N Y
the business need to be proportionate
ly sizable to produce an over-all satis
D E S M O I N E S 7, I O W A
factory profit. Perhaps it is time to
run a cost study on the various opera
ASSETS OVER $50 M IL L IO N
tions in your bank to determine your
profit and loss areas.—End.
I

s i n ff

L o s s

i .v n d r r s

CNEIME

Northwestern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

IXSURAXCE

Every Independent Agent W ill W ant These Ideas for His Files

14 "D ifferent” Advertising Ideas
By FRANK SCHAFFER
Vice President
Doremus & Company
I\ew York City

HE possibilities for agents’ ad
vertising are endless, and they
are largely untapped. As “ for
instance,” here are 14— count ’em,
14— sales ideas in capsule form which
have worked for independent agents in
different parts of the country. Some of
them, I hope, will be brand new to
you. Some of them, I hope, you can
use yourself to good advantage.

Idea Number 1

Make home appraisals the subject
of your newspaper and direct mail
advertising. An agent in New York
sent out a direct mail letter to each
of his fire customers asking if he would
sell his home today for the amount for
which it was insured. Most impor
tant, he cited the specific dollar figure
in each case. Two out of three of his
customers increased their home insur
ance.
Idea Number 2

Offer your prospects the opportu
nity to buy their insurance in install
ments. Y ou, of course, determine
whether to use a bank plan, a company
plan, or a plan like Afco. A Texas
agent who is a heavy advertiser now
spends his entire advertising budget on
premium budgeting. Over a two year
period, this advertising has produced
over 4,500 new customers!
Idea Number 3

Encourage your customers to in
crease their automobile insurance
limits. An agent in New Jersey
(who does a great deal less advertising
than that Texas agent) stressed the im
portance of increasing bodily injury
limits in a direct mail campaign. Dur
ing three summer months, with a mini
mum of effort, he increased the B.I.
limits on 36 policies.
Idea Number 4

To build public confidence, publi
cize the claims you pay. An agent in
Pennsylvania used an attractive folder
to advertise the prompt payment of a
staggering $96,000 loss to one of his

customers. On the left appears a re
print of a newspaper story about the
loss; on the right, a letter announcing
prompt payment of the claim.
Idea Number 5

Indicate unusual ways in which
you serve your customers. An agent
in Florida ran this ad when one of
his business customers was burned out.
It demonstrated with utmost simplicity
the value of an independent agent. The
ad announces that a men’s store is op
erating a temporary office in this in
surance agency, and that anyone wish
ing to file claims, pay accounts or
obtain information from the store can
do so there.
Idea Number 6

Use a combination of different me
dia. An agent in Rhode Island used
several different media and finally set
tled on a combination of radio and di
rect mail to promote a new merit-rating
automobile policy just issued by one of
his companies. The company paid for
a portion of this advertising. During
the first five months of 1960, the agent
sold 500 new policies as a direct result
of this advertising, with an average pre
mium of $93 per policy. Ele had to
make only two personal calls. Inci
dentally, 67 per cent of these new cus
tomers came from Allstate!
Idea Number 7

Try unusual sizes or positions for
your advertising. A Pennsylvania
association runs small, six-line adver
tisements on the front page of the local
newspaper. These look like news briefs
or classified advertising, and get high
readership. One reads:
“ TR O U B LE ? W e can’ t keep
you out of it but an IN D E PE N D
E N T agent can be at your side in
no time flat. Call a ‘Serves You
First’ insurance agency N O W !!!

agent in Indiana got fed up with the
local deluge of misleading direct writer
advertising, and composed this ad in
reply:
“ A T N IG H T . . . A L L CATS
A R E GRAY. Insurance Policies
are beautifully engraved, and the
printing is a work of art. And
unless you have a loss, one policy
is as good as another. But who
selected the insurance company?
Who examined the form and sug
gested the amount of coverage?
Only your independent insurance
agent can perform these services
for you. Many other so-called
agents are actually company em
ployees who are subject, of course,
to discharge if they do not perform
their duties as directed by their
superior.”
Idea Number 9

Offer some special service to the
community. An agent in New Hamp
shire builds good will via the tele
phone. He has installed an automatic
telephone device for reporting weather
forecasts. People in the community
can get up-to-the-minute weather news
by dialing a number in his agency.
Idea Number 10

Cash in on local news events that
relate to insurance. A Kentucky
agent has been advertising on the same
local radio news program for five years.
He has commercials prepared on fire
insurance which the station uses when
ever there is a local fire. The same for
windstorm, burglary, and other news
events.
Idea Number 11

When a new development emerges
in the business, get your local assotion to take large, dramatic space to
advertise it. A good ad run by the

Idea Number 8

Don’t be afraid to set the record
straight on competitive claims. An

ADVERTISING IDEAS . . .

(Turn to page 89, please)
No rthwestern Banker, December, i9 6 0

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Like having an
extra microfilmer!
New R eco rdak R E L I A N T 500 Microfilmer
lets various departments microfilm with
their own interchangeable film units.
Takes only a few seconds to slide out one film unit and insert
another in the new Reliant 500.
This instant change-over enables two departments to use
the same microfilmer and still maintain record continuity . . .
keeps departmental items on separate rolls o f him just as if
two microhlmers had been used. (Film units for the new
Reliant 500 are available with reduction ratios of 40 to 1,
32 to 1 or 24 to 1.) Choice o f one unit included in m icro
filmer cost.

New speed on every job!
In one minute your Transit Department can photograph the
fronts and backs of 500 checks. In one minute your Trust
Department can photograph 185 letter-size documents. All
items are indexed on the him in the microhlm ing operation,
which makes reference easier. At the same time, checks
can be cancelled or endorsed when accessory Recordak En
dorser is used.
Write today for free 4-color folder giving details on this trim
and wonderfully capable new Recordak M icrohlmer. Recordak
Corporation, 415 M adison Avenue, New York 17, N .Y.

T R E C tiM M IC
(S ubsidiary o f Eastman K odak C om p any)

originator of m odern m icrofilm ing
— now in its 3 3 rd year
IN C A N A D A : con tact Recordak o f C ana da Ltd., To ron to

No rthwestern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

! -

....

: : ..

I ll

W a lla c e L. B o s s . . . E lm e r M . V o lk e n a n t . . . D o n a ld W . B u c k m a n . . . H e n r y N . S n y d e r
. . . D a v id A . S h e rn . . . R o la n d W . H o h m a n . . . J o h n F. M u lle n . . . J o h n M . W o o ld r id g e . . .
o f th e D e p a r tm e n t o f B a n k s an d B a n k e rs .
THE FIRST NATIONAL BANK OF SAINT PAUL «M EMBER FEDERAL DEPOSIT INSURANCE CORPORATION

No rthw este rn Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

51
signed that position to join the Indi
ana National Bank at Indianapolis.

Minnesota

Bird Island Prom otions
Directors of the State Bank of Bird
Island, Minn., have promoted Donald
Kiebholz from assistant cashier to
vice president and Virgil Wenzel from
assistant cashier to cashier. R. B.
Haakenson, who has been executive
vice president and cashier, will con
tinue as executive vice president.

NEW S
G.

REPPE

W A LES

P r e s id e n t

G ra n d

S e cre ta ry

M eadow

M in n e a p o lis

Ir r in ff C. It itsin h ssi1it Court n if
C om m ission er P o st in •liiniiiirif
RVING C. RASMUSSEN, Minne President Louis Marolt, cashier, First
sota Commissioner of Banks, has National Bank of Gilbert, was toast
submitted his resignation to governor master.
Orville Freeman, effective January 5.
Elected to serve with Mr. Krause
Commissioner since 1955, Mr. Ras are Ray Willenbring, vice president,
mussen said in a State Bank of Virginia, vice president,
letter to the gov and James Hansen, assistant cashier,
ernor that he was Security State Bank of Hibbing, secre
resigning “to re- tary-treasurer.
e n t e r pr i v at e
business.” He had
Joins Baudette Staff
been vice presi
Clyde L. Tyler, Dell Rapids, S. D.,
dent of Marquette
has
been named assistant vice presi
Nat i onal Bank
prior to his ap- dent, First National Bank of Baudette.
p o i n t m e n t as Before serving at the Dell Rapids
branch of Northwest Security Nation
commissioner.
I. C. R AS M U SS EN
Mr. Rasmussen al, he was in the Northwest Security
is immediate past president of the Na National’s main bank at Sioux Falls.
tional Association of Supervisors of
State Banks.
Cashier Leaves Ortonville
He began his banking career as a
Leo Smith, cashier, Northwestern
messenger for Fourth Northwestern State Bank, Ortonville, recently re
National Bank at the age of 18. He
joined Marquette National after World
War II.
G ie e n H a n d A te a n i
Mr. Rasmussen’s six-year term as
commissioner is due to expire in
March. A decision as to how the re
mainder of his term is to be filled will
be made by Minnesota’s incoming gov
ernor, Elmer Anderson.

R . L. Krause
R. L. Krause, president, First Na
tional Bank of Winnebago, Minn., died
recently in a Winnebago hospital. He
had been in poor health about three
years.
His banking career began in 1927
when he joined the staff of a bank in
Truman, remaining there until 1946
when he moved to Winnebago.
J. J. K rause Is President,
Range Bankers Association
John J. Krause, assistant cashier,
First National Bank of Chisholm, was
elected president of the Range Bank
ers Association at its annual meeting
last month in Chisholm. Outgoing

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ARNULF UELAND, chairman and
chief executive officer, Midland Na
tional Bank, Minneapolis, and state
chairman of the Minnesota Savings
Bond Committee, was recipient of a
coveted U. S. Treasury Department
medallion award recently. The award
is called the Secretary’s Medallion
and features a portrait of Secretary
of the Treasury Anderson. Above
are, from left, John B. Kimberley,
regional director, IT. S. Savings
Bonds Division, Des Moines; Mr.
Ueland; William H. Neal, national
director, Treasury’s Savings Bond
Division, Washington, and Fred
King, Minnesota Savings Bonds Pro
gram state director.

Brown’ s Valley M odernization
The front of the Union State Bank,
Brown’s Valley, Minn., recently un
derwent a face-lifting as several tons
of large granite blocks were removed
from the front’s top. After removal
of the huge blocks, the front was
squared off at the top making the
building, erected in 1902, assume a
more modern appearance.
W illiam W . Lindquist
Willard W. Lindquist, 55, former
Rockford, Minn., banker, died recent
ly at his home in Rockford. Surviving
are his wife, Muriel; a son, Willard,
Jr., and a sister, Mrs. George B.
Hildre.
Brainerd Surplus Increase
C. W. Boteler, president of the First
National Bank, Brainerd, Minn., has
announced an increase of $46,000 in
the bank’s surplus account, bringing
its surplus to $250,000, equal to its
capital. Total capital structure now
stands at $608,655.47.
Business in New Location
Business began recently for the
Polk County State Bank, Crookston,
Minn., in a new location on the corner
of Broadway and Robert Streets. The
bank building has been undergoing
extensive remodeling and expansion
for some time.
After the temporary building next
to the bank building has been re
moved, work will begin on new drivein facilities. President G. E. Kronholm recently explained the new ceil
i ng— airson ceiling — which provides
fresh air which is cool in summer and
warm in winter.
Ediua P rom otion Announced
Election of D. William Smith, Jr.,
as cashier of the First Edina National
Bank has been announced by Presi
dent E. W. Oredson.
Mr. Smith began his banking career
in 1952 at the First National Bank of
Minneapolis. He joined the bank in
Edina in 1957 at which time he was
elected assistant cashier, a position he
has held since.
Northwestern Banker, December, 1960

Twin City News

111 ** *i
f«R«aasaa

infintili

Carl Forsberg, manager of the school
dent, First Trust Company, St. savings department, said 173 schools
are participating in the program this
Paul, has been elected president of the
Corporate Fiduciaries Association of year.
* * *
Minnesota. Vice presidents are. Albert
The First Group of banks, 18 in the
W. Gray, vice president and trust offi
cer, Midland National of Minneapolis; Twin Cities area and 70 elsewhere in
John T. O’Connor, assistant vice presi the Ninth Federal Reserve District,
dent and trust officer, Northwestern has retained the national advertising
National of St. Paul, and Vernon K. agency of Batten, Barton, Durstine &
Falgren, vice president, First Ameri Osborn. This is the first time all af
can National of Duluth. Frank B. filiates of the First Bank Stock Cor
Krause, vice president, First National poration have e mp l o y e d a single
of Minneapolis, was elected secretary- agency.
* * *
treasurer.
De
Luxe
Check
Printers, Inc., has
* * *
begun construction of a new head
Directors of the Northwest Bancor- quarters and research building in
poration have announced the promo nearby Roseville. The 23,000 squaretion of Roy L. Swenson and Frederick foot structure will cost about $600,000.
T. Hubbard, Jr., from assistant vice
The company has 11 plants in various
presidents to vice presidents, and sections of the nation. Printing of
Bruce B. Burnes from assistant secre checks will be continued at the firm’s
tary to assistant vice president. A. St. Paul plant.
Ned Mayer, vice president of The Da
* * *
kota National of Bismarck, also was
The Camden Northwestern State
elected assistant vice president of the Bank of Minneapolis recently cele
Bancorporation.
brated its 50th anniversary with a
* * *
two-week observances climaxed by an
Directors of the First Southdale Na open house. The bank has grown
tional Bank have approved a new is from three employees in 1910 to 52 at
sue of capital stock and committed the present. Resources have increased
bank to expansion of its space in from $105,818 to nearly $15 million.
Southdale Center, it was announced
Reuben R. Nelson, president, has
by Donald W. Judkins, president. Both been with the bank since 1914.
actions were taken to meet the steady
growth of deposit and loan activities
which the bank is enjoying, according
to Mr. Judkins.
The stock subscription, effective at
once, adds $163,500 to the bank’s capi
tal structure which now totals $515,000.
Expansion of the bank’s quarters
will occur in November, 1961, when
leases of several neighboring Southdale tenants expire. Mr. Judkins
stated that customer service and 50th ANNIVERSARY of the Camden
working areas of the bank will be Northwestern Bank was commemorated
last month with an open house. John
doubled at that time.
Hokans, left, at age 85, is the bank’s
* * *
oldest depositor. Here he is shown point
The Farmers & Mechanics Savings ing out a familiar landmark on one of the
open house displays to G. B. Sigurdson,
Bank of Minneapolis recently record 79,
a director of the bank and its first
ed the 100,000th account in the 52-year cashier when it received its charter in
history of its school savings program. 1910.
LIVER W. HEDEEN, vice presi

Northwestern Banker. December, 7960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

John R. Winsor, Harris, Upham &
Company, is the new chairman of the
Minnesota group, Investment Bankers
Association of America. Other officers
are: James E. Kingel, Juran & Moody,
Inc., vice chairman; Wheeloek Whit
ney, Jr., J. M. Dain & Company, Inc.,
secretary-treasurer, and Arthur H.
Rand, Jr., Woodard-Elwood & Com
pany, governor. Named to the execu
tive committee were Wi l li am W .
Lewis, Reynolds & Company, and Les
lie A. Nelson, Merrill Lynch, Pierce,
Fenner & Smith, Inc.
Speaker at the group’s annual meet
ing in Minneapolis was James Lee,
New York, retiring president of the
Investment Bankers Association of
America.
* * *
Three members of the Minnesota
group, National Association of Bank
Women, have been appointed to posts
for 1960-61.
Eleanor Vanderbilt, manager of the
stenographic department, Northwest
ern Bank of Minneapolis, was named
regional vice president, north central
division; Alice Foss, assistant secre
tary, Farmers & Mechanics Savings
Bank of Minneapolis, was named to
the public relations committee, and
Frances Baker, women’s representa
tive, First National Bank of Minneap
olis, to the publicity committee.
Officers of the Minnesota group in
clude: Juanita White, First National
Bank of Minneapolis, vice chairman;
Mrs. Virgille L. Peeke, Northwestern
National Bank of Minneapolis, secre
tary; Mrs. Helen I. Belmont, Richfield
State Bank, membership chairman,
and Dorothy Goth, First National
Bank of St. Paul, publicity chairman.
5j! ^ ^
S. O. Huso, president, First Produce
State Bank of Minneapolis, announced
an increase of $70,000 in that bank’s
surplus account, bringing its surplus
to $320,000, equal to its capital. De
posits now total more than $10 mil
lion.
* * *
The $3 million modernization pro
gram at the American National Bank

''G/fyational POST-TRONIC machines save us 6 1 % annually

on OUir investment!”

jSocictlJ NATIONALBANK

o f

C LEV E LA N D

machines e n a b le us to save e n ough space so

Electronics p ro v id e the low est po sting costs

e ty's 1 1 0 -y e a r-o ld re p u ta tio n as a h e lp fu l,

we can c e n tra liz e o u r b o o kke e p in g a t the

ever kno w n , m ore e ffic ie n t o ve r-a ll o p e ra

frie n d ly p la c e to do business. This re quire s

m ain o ffic e fo r a ll ou r branches.

tio n o f an y b a n k, re gard less o f size. Your

" W e a re a lw a y s s triv in g to m a in ta in Soci

"T hese savings have p ro ve d to ou r m an

lo ca l N a tio n a l re p re se n ta tive w ill show how

a g e m e n t th a t N a tio n a l POST-TRONIC m a

m u ch th e P O S T -T R O N IC c a n sa v e y o u r

" I n m id-195 8, w e in s ta lle d seven N a tio n a l

chines a re an e x c e lle n t investm ent fo r banks

b a n k. He's listed

P O S T-TR O N IC * m achines in o u r C om m er

. . . in term s o f reduced o p e ra tin g costs, and

pages o f y o u r phone bo ok.

e q u ip m e n t to

h a n d le

the

eve r-increasing

che ckin g ac c o u n t a c tiv ity .

in m a in ta in in g custom er service w h ile h a n

cia l B o okke eping D e p a rtm e n t.
" C o m p a r is o n o f o u r o p e r a t in g

in the y e llo w

costs

d lin g increased w o rk loads each d a y ."
♦TR A D E

shows ou r POST-TRONIC in s ta lla tio n saves

MARK

REG.

PAT. O FF.

us 61% o f ou r investm ent each y e a r.
"A m o n g the m any fa c to rs th a t m ake pos
sib le these savings is flo o r space. The speed

President

a n d e ffic ie n c y o f the seven POST-TRONIC

Society N a t i o n a l Bank o f C levela nd

e /fjo tto n o l*
ACCOUNTING MACHINES
ADDING MACHINES

THE NATIONAL CASH REGISTER COMPANY, Dayton 9 , onto
1039 OFFICES IN

121 COUNTRIES

•

CASH REGISTERS

ELECTRONIC DATA PROCESSING
ncr paper

(N o Carbon Required)

■ 76 YEARS OF HELPING BUSINESS SAVE M O N E Y

Northwestern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Minnesota News

W in s HUH T h u n d erbird fo r W in d ow D isp la y

THE 3-WINDOW DISPLAY at left emphasizing the impor
tance of travelers cheques to the traveling public won first
place in a national bank display contest held by American
Express Company. Winner was Jon Bjornson, director of ad
vertising for Northwestern National Bank of Minneapolis, who
conceived and designed the triple window display for the bank’s

of St. Paul has reached the half-way
point, with completion expected early
in 1962. The bank will use twice as
much space in the remodeled building,
expanding into the entire third floor
and part of the fourth. Main banking
will occupy the entire 34,000 squarefoot second floor, centering on an
L-shaped lobby.
The remodeling is the second stage
of a three-stage building program. The
first, a circular drive-in bank and
parking area, was completed last year
at a cost of $1 million. The third
phase will consist of expansion of the
drive-in and construction of under
ground parking ramps.
* * *
Al F. Hein, president of Modern
Bin Equipment Company, has been
appointed a director of the Third
Northwestern Bank, E. A. Patch, pres
ident, has announced. He fills the va
cancy left by the death of a former
director, Edward R. Conry.
* * *
Re-election of two directors of the
Federal Reserve Bank of Minneapolis
has been announced by O. B. Jesness,
chairman. They are Harold C. Refling,

cashier of
Bottineau,
president
Company,
Wis.

ground floor windows on Sixth Street. He is shown at right
receiving the keys to the first prize, a custom-built 1961 Ford
Thunderbird, from Joseph H. Heller (left), district manager
for Amercian Express’ Minneapolis office. James Henderson,
American Express vice president in New York, said a total of
250 prizes were awarded in contest, which closed in September.

the First National Bank of
N. D., and Ray C. Lange,
of the Chippewa Canning
Inc., of Chippewa Falls,
*

Ralph V. Hagen, president, First

Hennepin State Bank of Minneapolis,
reported an increase of $50,000 in the
bank’s surplus account, bringing its
surplus to $200,000, equal to its capi
tal. Deposits now total more than $6
million.
* * *
Capital and surplus of Third North
western National Bank now stands at
a record $1 million, reports Earl A.
Patch, president.
In an action by the bank’s directors,
the surplus account was increased
$100,000 to $550,000. It marks the fifth
increase since January 1, 1953.— End.
George Schou
George Schou, 45, vice president,
Chisago County State Bank, Center
City, Minn., died recently at his home
in Lindstrom. He had farmed near
Tyler until February, 1957, when he
entered banking.

ACCIDENT, SICKNESS and HOSPITAL
INSURANCE AT COST!
Bankers are Select Risks and we have special coverage
designed for Bank Men and Women. Write for Application
and Information.

M innesota Commercial Men’s Association

2550 Pillsbury Ave. S.

Northwestern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Minneapolis 4, Minnesota

Heads Minnesota Bank
Harris J. Sorensen, vice president
and cashier of the Wahpeton, N. D.,
Nat i onal Bank,
has been elected
president of the
First State Bank
of Minneota,
Minn., succeeding
A r t h u r
E.
Schnad who be
comes vice presi
dent of the First
National Bank of
Miller, S. D.
H. J. S O R E N S E N
All three banks
are members of the First Service
Group of banks of First Bank Stock
Corporation, Minneapolis.
W in s in National Contest
Willis D. Wyard, First American
National Bank, Duluth, recently an
nounced that Leonard E. Griffith, as
sistant cashier, is a prize winner in
the nation-wide Travelers Cheque Dis
play Contest sponsored by American
Express Company.
Mr. Griffith won seventh prize, a
transistor radio, which was presented
to him at the bank by Mr. Wyard
with a message of congratulations
from Olaf Ravndal, senior vice presi
dent and treasurer of American Ex
press.
The prize was awarded for oiginality and imagination in designing a
lobby display at the bank.
Prom oted at W illm ar
Promotion of Maynard A. Lawrence
from assistant cashier (since 1957) to
cashier, First National Bank of Willmar, Minn., has been announced by
President Arthur M. Kjos. He sue-

M in n e so ta

News

S en a tors View N ew H om e

ceeds George T. Galloway, now cash
ier of the First National Bank of Vir
ginia, Minn. Both banks are affiliates
of the First Service Group of First
Bank Stock Corporation.
Also, E. T. Fridner, vice president,
has been elected to the board, suc
ceeding the late O. F. Grangaard.
Assistant Cashier at W in d o m
Vernal L. Tho mps o n, president,
First National Bank of Windom, has
announced the election of Jack M.
Thompson as assistant cashier.
Charles E. M eislahn
Charles E. Meislahn, 75, who had
been in the banking business at Cleve
land from 1934 until his retirement in
1959, died recently at his home in
Cleveland.
Capital Stock Increase
The First National Bank of Elbow
Lake, Minn., recently announced a
$50,000 capital stock increase—from
$50,000 to $100,000—by the sale of new
stock.
W aterville Banks to M erge
Steps have been taken toward the
consolidation of the Citizens State
Bank of Waterville and the Security
State Bank of Waterville. Planned
also is a remodeling for an addition to
the rear of the present Citizens State
Bank.

NEW HOME TOR THE WASHINGTON SENATORS is inspected from the 28-story
First National Bank building in Minneapolis by officials of the new MinneapolisSt. Paul Major League Team. Shown here in the bank’s dining room pointing out the
location of Bloomington Stadium where the former Washington Senators will make
their home are, from left: William Robertson, Senators’ stadium manager; Gordon
Murray, First National president; Ossie Bluege, team vice president and comptroller;
Calvin Griffith, team president, and Howard Eox, road manager.

Announces $ 1 0 0 ,0 0 0 Increase
C. E. Taylor, president of the First
National Bank of Hibbing, has an
nounced an increase of $100,000 in the

$ 1 0 0 ,0 0 0 Owatonna Increase
Clifford Sommer, president, Secu
rity Bank and Trust Company, Owa

(Z itea fo

For Y o u r

Joins Staff at Fairfax
Paul A. Duckstad of Montevideo has
joined the staff of the First National
Bank, Fairfax, to assist in the loan
department and on public relations
and new business developments.

ANADIAN
Patent, Copyright
and Trademark...

1 ,6 0 0 at O pen H ouse
An estimated 1,600 persons attended
the recent open house at the Greenbush State Bank, Greenbush, Minn.,
in observance of that institution’s 25th
anniversary.
I. S. Folland, president, said there
were more than 1,400 registrations and
that guests were pleased with refresh
ments and several prizes.
Carl W . Jensen
Carl W. Jensen, an officer of the
First State Bank in Clearbrook for
the past 50 years, died recently after
failing health since 1951 when he re
tired from active work as vice presi
dent. Since that time he has remained
on the bank’s board of directors.

tonna, announced last month that di
rectors have approved an increase of
$100,000 in the common capital of the
bank. This increases capital from
$300,000 to $400,000 by transfer of
$100,000 from undivided profits.

participate in a testimonial breakfast
for George N. Reppe, who was elected
president of the Minnesota Bankers
Association at last June’s meeting.
Mr. Reppe is president of the State
Bank at Brownsdale and the First
State Bank of Grand Meadow.

regulations are outlined in " Your Guide to Busi
ness in Canada, ” just published as a service to
American executives by Canada’s First Bank.
Many other essential subjects, including Canadian
taxes and company formation, are discussed.
This booklet is one of a number of B of M publi
cations which may help you render broader ser
vice to your Canadian-minded customers. For a
free copy write on your bank letterhead to our
nearest U. S. office or to the Business Develop
ment Department, Head Office, Montreal.

injjiiii

B a n k of M o n t r e a l
(? a *t< zc ia

"p ù i

B R A N C H E S IN A L L TEN P R O V IN C E S
D is t r ic t

H e a d q u a rte rs :

Halifax, Toronto, Winnipeg, Calgary, Vancouver

George R eppe Honored
More than 60 distinguished friends
from various parts of the nation met
recently in Grand Meadow, Minn., to

N E W Y O R K :T w o W a ll S t.

•

SAN

F R A N C IS C O : 3 3 3 C a lif o r n ia S t.

C H IC A G O : S p e c ia l R e p r e s e n ta tiv e 's O ffic e ,

141 W e s t J a c k s o n Blvd.

“ity&zd Ofóice: 'T^fcuntreal
825

BRANCHES IN CANADA, U.S., GREAT BRITAIN AND EUROPE

RESOURCES EXCEED $3,000,000,000

North western Banker, December, i9 6 0

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Minnesota News

bank’s surplus account, bringing its
surplus to $600,000, compared to its
capital of $300,000. Total capital, sur
plus and surplus reserves now stand
at $1,256,000.
Banker to Insurance Board
Harold Lothspeich, cashier of the
First Bank of Langdon and manager
of the First Bank Insurance Agency,
was elected a director for a two-year
term of the Insurance Federation of
North Dakota at the group’s recent
annual meeting at Bismarck.
Albert Lea Bankers Study
Fifteen bank officials from Albert
Lea recently participated in a class in
principles of bank operations.
Don Nordlie, vice president, Free
born National Bank of Albert Lea,
was the instructor. Assistant instruc
tors were: R. J. Sapp, V. O. Henry,
E. A. Campion and R. W. Delaney, all
of the First National Bank.
The class was organized by the
Minnesota Bankers Association Edu
cational Committee, through J. A.
Dorman of the First National Bank of
Albert Lea.
Attending from the First National
Bank were: Herbert O. Anderson, Vir
ginia Blizard, J. A. Dorman, Helen
Jorgenson, Frances Land, Betty Olson
and Gloria Thofson.
DIRECTORS
CLIFFORD L. ADAMS
President
MARK CORD
Realtor-Farmer
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

Attending from the Freeborn Na
tion bank: Marilyn Ferring, Bernard
E. Halfpop, Richard J. Kenevan, Pat
Light and Kay Wichmann.
Attending from Se c ur i t y State
Bank: Ellen C. Helgesen, C. E. Myre
and Mary Ann Sorenson.
Also, from Glenville, Mrs. Frances
Nelson of the Citizens State Bank.

Corporation. Following that, he be
came cashier, First National Bankr
Bozeman, Mont., until 1949 when he
went to the First State Bank of Minneota as vice president. He has been
president of that bank since 1957. The
Bozeman, Minneota, and Miller banks
are also affiliates with the First Serv
ice Group.

M orris Bank Celebrates 25 th
Gifts were awarded to the first 500
families represented at the recent
open house at the Morris State Bank,
Morris, Minn., as that banking institu
tion celebrated its 25th anniversary.
Also, there were refreshments for all
who were in attendance.

A pproves Drive-in
The Huron city commission has
given its approval for the Farmers
and Merchants Bank to construct a
drive-in facility. Plans are to install
a drive-in window on the east side of
the bank building. Space was pro
vided for this when the bank was re
modeled.

M OKE M IN N E SO T A
N E W S ON PAG E 91
Joins M iller Bank
Election of A. E. Schnad of Minneota, Minn., as vice president of the
First National Bank of Miller, S. D.,
has been announced by L. E. Weaver,
president of the South Dakota bank.
Mr. Schnad, pioneer upper midwest
banker, began his banking career in
Miles City, Mont., in 1924. From 1939
to 1946 he ma na g e d the Huron
Branch, National Bank of South Da
kota, an affiliate of First Service
Group of banks of First Stock Bank

New SD BA Comm ittee
Robert H. Frei, president, South
Dakota Bankers Association, has an
nounced the appointment of a newly
formed installment credit committee.
Members are William H. Mateer, as
sistant vice president, Citizens Bank
of Mobridge, chairman; D. Wayne
Meyer, vice president, Peoples State
Bank, De Smet; Earl G. Miller, vice
president, National Bank of South Da
kota, Sioux Falls; Leo Pottratz, cash
ier, Farmers State Bank, Flandreau,
and A. L. Mikkelson, cashier, Security
State Bank, Wakonda, executive coun
cil representative.

OFFICERS
CARL L. FREDRICKSEN
Chairman of the Board
CLIFFORD L. ADAMS
President

)euóon

'reetin

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 IN S U R A N C E C O R P O R A T IO N

Northwestern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

of staggered design to provide cus
tomer privacy. A walk-up window
and night depository are other fea
tures.
During the first week of operation,
checking and savings accounts total
ing more than $100,000 were opened.

Soufli Dakota
N EW S
ROBERT

FREI

A . S. GULLICKSON

President
Secretary

SiHt. I

W agner
Huron

M a n a g em en t Clinic

HE 12th annual Bank Manage
ments Clinic was held last month
in Huron under the sponsorship
the South Dakota Bankers Associa
tion.
A stimulating program keyed for
both large and small banks made this
one of the most interesting programs
for the attending bankers.
The opening session featured Devereaux F. McClatchey, Atlanta, Ga.,
lawyer and financial writer, and
James Claypool, Northern City Na
tional Bank of Duluth, Minn. O. D.
Hanson, president, Independent Bank
ers Association, also appeared on the
program.
In the afternoon session a panel
dealt with the subject of “Promoting
a Greater South Dakota.” Next, Dr.
Arthur Upgren, Macalester College,
St. Paul, Minn., delivered an address.
This was followed by a panel discus
sion on the Wisconsin School of Bank
ing. Roger Reisher, assistant cashier,
Home State Bank, Kansas City, Kan.,
closed activities of the first day with
a discussion of bank personnel activi
ties.
Banquet speaker was Clarence Pe
ters, New York City. His topic was
“Getting Along With Our Human Re
lations.”
The next morning Karl Goldsmith,
legal counsel for the SDBA, started
things off with a look at the 1961 leg
islative picture. J. F. Kennedy of
New Hampton, Iowa, spoke on “A
Country Banker’s Role in Community
Development” and William Oncken,
Jr., discussed management develop
ment. Carl E. Bolte was the lunch
eon speaker.

Capital Increased
Common capital of the Custer Coun
ty Bank, Custer, S. D., has been raised

to $100,000, according to E. R. Arneson, president.
of The increase brings total capital
investment to over $400,000.
Brookings Changes
R. O. “Dick” Wold, assistant cashier,
Northwest Security National Bank at
Sioux Falls, has been named vice
president of the Brookings branch.
Thomas J. Garry, assistant vice presi
dent of the Brookings branch, has
been named assistant vice president
and assistant manager of the Dell
Rapids branch.
Installs Postronic
A Postronic bookkeeping machine
has been installed at the Farmers and
Merchants Bank of Watertown, S. D.,
according to W. C. Talen, president.
Hot Springs O pening
More than 1,800 persons attended
open house at the new Hot Springs
branch of the Rapid City National
Bank.
Officers of the new branch are
Philip Zastrow, vice president and
manager, and Nick C. Theisen, assist
ant cashier. A. E. Dahl is chairman
of the board of the Rapid City Na
tional and Walter Pailing is president.
The new bank is at 702 Jennings
Avenue in a building that has been
completely remodeled. The front fea
tures a large time and temperature
sign, similar to that which is dis
played at the Rapid City National.
Interior of the branch is completely
new with luminous ceiling, new floors,
carpeting and newly decorated. The
building is air conditioned and has a
new concrete and steel vault with a
steel Diebold door.
Fixtures are unique in that they are

t he Nationial Bank
0 F SOUTH
M e m b e r o f F e d e r a l D e p o s it In su ra n ce

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

DAKOTA
C o rp ora tion

★
★
★
★
★

Pollock Open House
Open house was held last month at
the Pollock branch of the Campbell
County Bank, Herreid, S. D. Free
prizes—two $25 savings bonds, a radio
and 15 other valuable prizes were
given to visitors.
The Pollock branch opened for busi
ness last July.
L. H . Cornell R etires;
R em odeling Under W ay
L. H. “ Peck” Cornell, vice president
and manager of the installment loan
department of the Huron branch of
the No r t h we s t Security National
Bank, was honored recently at a ban
quet preceding his retirement. Mr.
Cornell started his banking career a
little over 40 years ago.
The bank also has announced that
work is now under way on a compre
hensive remodeling program. Esti
mated cost of the project is $200,000
and completion is expected in about
six months. Rearrangement and com
plete refurnishing of the main floor
lobby and transfer of the bookkeeping
department to the second floor are
highlights of the project. A walk-up
window also is planned.
In New Quarters
The Farmers State Bank, Parkston,
S. D., has moved to new quarters and
has installed 182 new safety deposit
boxes. The new building also houses
the Farmers State Insurance Agency.
A grand opening will be announced
later, according to V. E. Bormann,
president.

S iou x F a lls
INCREASE of $250,000 in the
capital of The National Bank of
South Dakota was announced by T o m
S. H a r k i s o n , president. Capital now
stands at $1,000,000, surplus $1,000,000,
and undivided profits $207,372.

STOUX FALLS NEWS . . .

(Turn to page 88, please)

SIOUX FALLS, 100 North Phillips Avenue
SOUTH BRANCH, 2501 South Minnesota Avenue
EAST BRANCH, 2301 East 10th Street
VERMILLION
HURON
A ffilia ted w ith F I R S T

BANK

STOCK

C O R P O R A T IO N

Northwestern Banker, December, I9 6 0

South

Dakota

News

ilolds A r t

Show.

CYRUS RUNNING, painter of the mural, is shown explaining a section of the North
west Bank’s new 104-foot mural. Mr. Running is head of the art department at Con
cordia College, Moorhead, Minn.

HE Northwest Security National industry, schools, churches and agri
Bank, Sioux Falls, S. D., was host culture of Sioux Falls and the sur
last month to the Northwest Bank’srounding area. The mural was painted
1960 Festival of Fine Art. This was by Cyrus Running, head of the Art
an exhibition of outstanding oil paint Department, Concordia College, Moor
ings by a selected group of the na head, Minn. The bank held a “Name
the Mural” contest with a prize of
tion’s finer painters.
Held in connection with the exhibit $100 to stimulate interest in the
was the public introduction to the mural.
Artists from many parts of the coun
new Northwest Bank mural, a beauti
ful 104-foot long mural depicting the try exhibited their paintings at the

Festival of Fine Art. Included were
artists from New York City; Hartford,
Conn.; Iowa City, Iowa; Moorhead,
Minn.; Northfield, Minn., and Sioux
Falls. All were professional artists
who make their living in the field of
art.
The Northwest Bank paid the costs
of shipment of the works on exhibit
and acted for the artists in the sale of
their works. The prices of the paint
ings were established by the artists
and all transactions were handled by
the bank without cost to the artists.
The exhibition continued in the lobby
of the Northwest Security National
Bank for one week. The works not
purchased were then returned to the
artists.
The Northwest Bank established a
$500 purchase award for the painting
designated as the winner by a panel
of three jurors. Jurors were Walter
Quirt, department of art, University
of Minnesota; Rob Roy Kelly, head of
graphics depar t ment , Minneapolis
School of Art, and James O’Rourke,
director of O’Rourke Gallery, Moor
head, Minn.
Acting for the bank as coordinator
in the organization and management
of the exhibit was Robert J. Aldern
of Sioux Falls. W. J. Heimerman,
vice president, was in charge of the
show for the bank.

T h e a b o v e s c e n e is a p o r t io n o f t h e n e w 1 0 4 f o o t w a ll m u r a l o t t h e N o r t h w e s t B a n k in S io u x F a l l s . C o m m is s io n e d
t o d o t h e m u r o l w a s C y r u s R u n n in g , h e a d o f t h e a r t d e p a r t m e n t a t C o n c o r d io C o l l e g e , M o o r h e a d , M in n e s o t a . T h e
m u r a l is a t r ib u t e to S io u x F a l l s a n d t n e s u r r o u n d in g a r e a d e p ic t i n g c h u r c h , s c h o o l s , a n d h o s p i t a l s , t o g e t h e r w it h
l o c a l in d u s t r y , c o m m u n i t y a c t i v i t i e s , r e s i d e n t i a l a r e a s , a r u r a l c o m m u n i t y
(sh o w n
a b o v e ),
and
a
t y p ic a l
So u th
D a k o t a f a r m . M a n y s c h o o l a n d c o m m u n i t y e v e n t s a r e s u g g e s t e d b y t h e p e o p le a n d o b j e c t s in c lu d e d in t h e m u r a l.

BANK

N orthw est
OF

S IO U X

FA LLS,

GREGO RY,

HURON,

Northwestern Bunker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Bank

B R O O K IN G S , C H A M B E R L A IN ,
M A D IS O N

D ELL

R A F ID S ,

F. S T O C K Y A R D S

president of the First State Bank of
Minneota, Minn.
Mr. Schmidt joins the Wahpeton
bank from the First National Bank of
Bismarck where he was assistant
cashier.
Both banks are affiliates of the First
Bank Stock Corporation.

\o rlli Dakota

NEW S
EARL WEYDAHL

President

Killdeer

C. C. W ATTAM

Secretary

Fargo

K ilim Open H ouse
Open house was held last month at
the Kuhn State Bank, Kulm, N. D.,
marking the completion of an exten
sive remodeling project that has trans
formed the bank into one of the most
modern in that area.
Changes include lowering of the
ceiling, addition of two executive of
fices and two consultation rooms, a
new addition measuring 28 by 46 feet
and complete redecoration.
A full basement under the new addi
tion contains a community room com
plete with kitchenette. The room is
decorated with an original mural of
the Whitestone Battlefield.
A $25 savings account was awarded
as the top door prize at the open
house, according Sharpe Pruetz, presi
dent.
Hosts 4-H Club
The Liberty National Bank of Dick
inson, N. D., recently hosted the Glad
stone, N. D., 4-H Club at the Stark
and Billings County 4-H Awards Ban
quet.
Executive Vice President J. A.
O’Brien also reports that plans for a
new building have been submitted to
contractors for bids. Work is to start
next spring.
Two New Directors
Jos. D. Bryne, senior partner in the
Bryne Insurance Agency, and Evan

E. Lips, member of the Murphy Insur
ance Agency, have been elected to the
board of directors of the First Na
tional Bank of Bismarck, N. D.
Evan Staltzman, president, said
both men were born in Bismarck,
have spent their entire business ca
reers there and both have been active
in civic affairs.
Moves to New Quarters
Gordon P. Stennes, cashier, Har
wood State Bank, Harwood, N. D., re
ports that bank has moved to new
quarters and that an open house was
scheduled for December 10.
Architect for the new building was
Herman Skaret of Fargo, N. D., and
general contractor was Marv Wenaas
of Hunter, N. D.
Leaves Jamestown
Charles A. Thorkelson, 44, cashier
of the First James River National
Bank, Jamestown, N. D., has been
elected president of the Citizens State
Bank of Redwood Falls, Minn., accord
ing to P. J. Schirber, president.
Both banks are affiliates of the
Northwest Bancorporation.

New at W ahpeton
C. B. Schmidt has been named vice
president of the Wahpeton National
Bank, Wahpeton, N. D. He succeeds
H. J. Sorenson, who has been named

Montana

NEWS
R. M. WATERS

President

Billings

R. C. WALLACE

Secretary

Helena

Glacier N A B AC Meeting
The Glacier Conference of NABAC
met December 10 at the Rainbow Ho
tel in Great Falls, Mont. Featured
speakers included the following:
“Audit, Control Without an Auditor

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

in Your Bank” was discussed by Leon
ard Roche, auditor, First National
Bank of Missoula, Mont. “Trends in
Consumer Finance in the 1960’s” were
outlined by Charles A. S. Rigg, vice
president and manager, installment

Increases Capital
Common capital stock of the Secu
rity Bank of Hebron, N. D., has been
increased from $70,000 to $85,000.
Grand Forks Changes
Paul M. Mikelson has resigned as
cashier of the First National Bank in
Grand Forks, N. D., to become vice
president and cashier of the First Na
tional Bank of Winnetka, a suburb of
Chicago.
L. S. Bue, assistant vice president,
has been promoted to fill the vacancy.
Also, B. P. McDermott has been made
manager of the installment loan de
partment where he has worked with
Mr. Bue for several years.
Mandan Prom otion
George L. Selinger has been pro
moted to assistant cashier at the Mandan First National Bank, Mandan,
N. D.
Robert M . Stroup
Robert M. Stroup, who had devoted
nearly half a century to banking, died
recently at Memorial Hospital in Bis
marck, N. D. He was 82.
At the time of his death, Mr. Stroup
was president of the Union State
Bank in Hazen, a position he had held
since purchasing an interest in the
bank in 1929.
In 1916. Mr. Stroup helped found
the First State Bank of Zap, N. D.,
and in 1956 the Stroup family pur
chased a controlling interest in the
Garrison State Bank.

loan department, First National Bank,
Missoula. “Federal Reserve Bank Pol
icies” were discussed by Clement A.
Van Nice, vice president, Federal Re
serve Bank of Minneapolis, Helena
Branch. The team of John Cross and
Dick Rigg, C.P.A.s from the account
ing firm of Cross & Rigg of Glendive
told how “A C.P.A. Looks at Audit,
Control and Operations of a Bank.”
The one day meeting was concluded
with a panel review moderated by
Harry A. Hermanson, cashier, Great
Falls National Bank. A symposium
and dinner rounded out activities.
Lewistown O pen H ouse
Open house at the newly remodeled
Northwestern Bank of Lewistown,
Northwestern Banker, December, I960

60
Mont., was held recently. The reno
vation took nearly seven months.
The interior of the bank has under
gone several changes. A new book
keeping department, featuring mod
ern machines and techniques, is now
in operation as well as a complete con
sumer finance department. A special
feature is the addition of a drive-up
banking facility.

Big T im ber Opening
The Citizens Bank at Big Timber,
Mont., held open house recently after
completion of a remodeling project.
New fixtures and rearrangement of
facilities were included in the project.
A door prize of $75 was given.
Names A g Representative
Earle C. Gross, former county agent
at Forsyth, Mont., has joined the
First National Bank in Miles City,
Mont., as agricultural representative.
He has served four years as county
agent for Rosebud County.

Havre A g Representative
Stuart Ellison has joined the First
National Bank in Havre, Mont., as
full-time agricultural and livestock
representative.
Mr. Ellison formerly was wtih the
Farmers Home Administration and
was county supervisor of McCone,
Garfield, Hill and Blaine counties.

Joins New Bank
Robert Nute, formerly with the
First National Bank in Bozeman, has

Colorado«Wyoming News
L. E . F IT Z G E R A L D , Y um a
P r e s id e n t
C o lo r a d o B a n k e r s A s s n .

JO H N

W .

F R A N C E , R a w lin s
P r e s id e n t
B a n k e rs A s s n .

W y o m in g

Denver Dividend
The Denver U. S. National Bank di
rectors recently voted to declare a
12% per cent stock dividend subject
to the approval of stockholders at the
annual meeting January 17. The divi
dend will be payable January 27. A
one share dividend will be paid for
every eight shares held.
Also, the directors transferred $1
million from undivided profits, raising
the bank’s capital structure from $8

to $9 million, to provide for the divi
dend.
Buys Cortez Bank
Controlling interest in the Citizens
State Bank, Cortez, Colo., has been
purchased by Charles Searle, a Cortez
real estate man, in association with J.
Crawford Butts of Boulder.
Controlling interest was purchased
from Jack Wells and Dwight Martin
who had purchased controlling inter

D r ie e -tn N ea rs C om pletion

SCHEDULED FOE. COMPLETION by January 1 is this Englewood State Bank
$150,000 drive-in facility. It will provide 10 windows for drive-in and walk-up service.
Located diagonallyy across from the main bank, this unit will feature a 24-hour drive-in
depository and a small lobby open 24 hours a day with a walk-up depository. It is
connected with the main bank by telephone, an alarm system, closed circuit television
and a two-way pneumatic tube.
Northwestern Banker, December, I960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

assumed duties with the Valley State
Bank in Billings as cashier. Opening
of the new Billings bank was an
nounced last month with a report that
Aldon E. Omdahl had been named
president.
Plan New Bank
An application has been filed for a
state banking charter by Charles W.
and Richard D. Rubie of Havre for a
new bank in Great Falls, Mont.
The applicants plan to renovate the
old Montana Bank in Great Falls and
to establish the Central Bank of Mon
tana. The Rubies are officers of banks
in Havre, Chinook, Big Sandy, Chester
and Rudyard.
A new bank would be the fifth for
Great Falls.
est last August.
Directors, in addition to Mr. Searle,
are A. W. Denny, W. V. Dunlap, H. C.
Flaugh, Jack Hawkins, C. C. McAfee,
Robert O. Moll, Dan O’Laurie, Charles
Snyder, Mr. Wells and Mr. Martin.
Mr. Searle has been a director of the
bank for the past two years.
Mrs. Ruth Alexander
Mrs. Ruth Alexander, 67, wife of
Phillip K. Alexander, senior vice pres
ident of the First National Bank of
Denver, died recently. She became ill
shortly after returning from a fiveweek tour with Mr. Alexander of the
Scandinavian countries.
Buys Reserve Champion
The First National Bank of LaJara,
Colo., purchased the reserve cham
pion 4-H calf at the 22nd annual San
Luis Valley 4-H Show and Sale re
cently in Alamosa. The bank also
purchased the 12th place calf in the
heavyweight division.
Capital Increases
Capital stock of the Citizens Nation
al Bank of Akron, Colo., has been in
creased from $200,000 to $250,000 by a
stock dividend and at the First Na
tional Bank in Fort Collins, Colo., cap
ital stock has been increased from
$375,000 to $450,000 by a stock divi
dend and from $450,000 to $500,000 by
the sale of new stock.
Heads Clearing House Group
Douglas W. Caldwell, senior vice
president, First National Bank of
Pueblo, was elected president of the
Arkansas Valley Clearing House Asso
ciation at the group’s annual meeting
at La Junta. He succeeds Henry D.
Williams, vice president, Arkansas
Valley Bank.
Other officers include A. F. Esgar,

Colorado News
president, Wiley State Bank, vice pres
ident, and Mrs. William Schiffman of
the First National Bank of Trinidad,
secretary-treasurer.
Alam osa Changes
Lloyd O. Burton, Jr., has been pro
moted to executive vice president and
Walter E. “ Bud” Carsella has been
promoted to vice president of the
First National Bank of Alamosa, Colo.
Mr. Burton has been with the bank
for 13 years and is currently serving
his first term as mayor of Alamosa.
Mr. Sarsella has been manager of
the installment loan department for
the past two years.
Also announced was the election of
two new directors, Malcolm Stewart,
Jr., Alamosa rancher, and Donald J.
Wuckert, Alamosa lumber retailer.
In other news, the bank held open
house recently, marking the comple
tion of its remodeling program.
New Englewood Director
F. George Robinson, president of
Robinson Brick and Tile in Engle
wood, Colo., has been elected to the
board of directors of the First Nation
al bank of Englewood, replacing the
late D. E. Buchanan.
New Board M em ber
Thomas Keely, member of the law
firm of Hughes & Dorsey, was elected
a director of the
Fi r st Nat i onal
Bank of Denver,
Colo., at a recent
b o a r d meeti ng.
He fills the va
cancy created by
th e d e a t h of
Ralph J. Wann
last September.
Mr. Keely has
b e e n associated
with the law firm
since 1942. The firm serves as legal
counsel for the bank.

S ta rt

N ew A u r o r a

NEW BANK— Contracts have been let for this new building for the Bank of Aurora.
The building, designed by Ken White & Associates, will feature gold spandrelite cur
tain walls, ebony black brick work and white pre-cast terrazzo for the column on the*
exterior surfaces. The lobby will have two floors with a shell concrete barrel vault roof'
over the clerestory lighting. The interior will carry out the graceful lines of the con
temporary bank design. Completion is expected next April.

ule of tours and open house activities
marked the completion of the $600,000
building. First official opening was on
November 1 and the final scheduled
tour was on November 28.
The split-level design of the new
building features the tellers’ section,
bank officers’ desks, customer lounge,
savings division, meeting rooms and
other departments on the lobby level.
From the lobby customers have a
view of several areas of upper floors.
Giant planters with decorative plants
divide some departments. White lime
stone filled with marine shells domi
nates the central structure inside the
building. The entire ceiling of the
lobby is a giant light fixture.

iV e ir ttn n h itu ild in y

Longm ont Bank Moves
T o New, M odern Quarters
The First National Bank of Long
mont, Colo., moved into new quarters
last month. A total of 11,730 toured
bank had been operating from tempo
rary quarters at Fourth and Kimbark
since December, 1959, while the old
bank home was razed and the new
building completed.
A formal opening has not been an
nounced but is planned for the near
future.
P ueblo Bank Hosts
2 7 ,0 0 0 at O pen House
Over 27,000 persons toured the new
Pueblo Savings and Trust Company
last month, a total of 11,730 touring
the building in one day. A full sched

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

W y o m in g N ew s
Am erican National o f
Cheyenne Is Dedicated
ORMAL dedication services at the'
new multi-million dollar American
National Bank Building in Cheyenne,
Wyo., attracted a large turnout last
month as people of the area came to
tour the beautiful new structure.
Wyoming’s governor, Joe J. Hickey,
and Cheyenne’s mayor, Worth Story,
spoke at the dedication and joined R.
J. Hoffman, bank president; Dr. John
Clark, board chairman, and other of
ficers and directors in celebrating the
grand opening of the building.
Tours were conducted all afternoon,
during the Sunday opening and there
was no time that the building was
not crowded with people who were
anxious to see the tower fountain in.
the entrance lobby, one of the first
private traveling displays of United
States gold coins, plus the rest of the

<■-----------------------------------------------------

NEW HOME for the American National
Bank of Cheyenne is the first multi-storied
building to be built in Cheyenne in 40
years. It has 58,434 square feet of floor
space and houses 17 lessees in addition to
the bank proper. Total number employed
in the building is 223. Of these, 80 are
American National employees.

completely modern banking quarters,
fixtures and other new equipment.
The gold coin exhibit was made up
from the private collection of the
First National City Bank of New
York.
While completing its move from the
old quarters, the American National
transported its money “western style.”
The undisclosed sum was transported
the three blocks, not by armored cars
and guards with puny pistols, but by
the original Cheyenne-Deadwood Stage
Northwestern Banker, December. I 9 6 0

Wyoming News

. . . and with Lamarie County Com
missioner Dan Brees “riding shot
gun.”
Cheyenne coin collectors had a
break shortly before the final stages
of the move. Bank officials uncovered
several boxes of coins that had not
been in circulation since their minting
17 and 18 years ago. Wartime nickels
dated 1942 and 1943 made in San Fran
cisco were put into circulation that
week, and coin collectors flocked to
the bank when word got out.
Tom Mason, president of the Chey
enne Coin Club & Coin Dealers, said
that 1942 “ S” nickels were selling for
$30 a roll and that 1943 “ S” nickels
were valued at $20 a roll uncirculated.
The collectors will clear several
thousand dollars on the windfall the
American National created.
Four special windows and 10 cus
tomer service windows supplement
the 14 tellers’ windows in the main
banking lobby, while at the rear of
the bank three drive-up windows and
a walk-up window serve customers in
a hurry.
Trust Officer E lected;
H uge Sign Erected
Richard Corbridge, assistant trust
officer, First National Bank, Casper,
since March of 1959, has been elected
trust officer of that bank.

Also, sidewalk engineers had a field
day recently at the First National
when a huge sign reading, “ 1st Bank,”
was hoisted into place on the roof of
the bank, 123 feet above the ground—
during a brisk wind. A 60-ton crane
with a 135-foot boom and 45-foot jib
was used to lift the 40 by 40 foot steel
base (3% tons) for the sign into place
before the 40-foot neon sign could be
secured into position. The neon sign
indicates weather to come as it turns
white to indicate a temperature drop,
green for no change and red for ris
ing temperatures.
W yom ing National Plans
New Bank Building
The Wyoming National Bank, a
Casper institution since May of 1914,
recently purchased the Washington
School property at First and Durbin
Streets and will erect on the land in
the near future a three-story structure
to be used solely for banking pur
poses.
Announcement of the bank’s plans,
made by Ralph Barton, bank presi
dent, resolved the question of more
than a year as to disposition of the
property which was purchased in Au
gust of 1960 by interests represented
by Attorney William H. Brown.
The new bank site will have a mini

mum of five drive-up windows located
north of the main structure but not
attached to it, Mr. Barton said. Tun
nels from the basement of the main
building will be used by personnel
manning the five windows.
Space for at least 16 waiting cars
will be provided in a reservoir serv
ing the drive-up windows, and at least
40 free, half-hour parking spaces will
be provided on the lot for customers
wishing to enter the bank proper.
W y om in g G roup, N A B W
Meet at Douglas Bank
The Converse County Bank in Doug
las was host recently at a meeting of
the Wyoming Group, National Asso
ciation of Bank Women.
Cecil J. Coe, Converse bank presi
dent, was guest speaker at one session
and Mrs. Janet Walker, regional vice
president of the NABW, spoke to the
group about the organization.
Mr. Walker, who is also vice presi
dent of the First Security Bank of
Ogden, Utah, reported that NABW
now has 3,600 members who meet to
exchange ideas and experiences in or
der to further their banking knowl
edge.
Mrs. Sally Fernau, assistant cashier
of the Lusk State Bank, Lusk, was
appointed publicity chairman.

A Pack of Services!
Santa Central brings you a whole
pack of superlative correspondent services
again for 1961—speedy attention
to every item, complete dependability,
efficiency, accuracy, plus the
shining special of cooperative and friendly
concern! And of course, tucked
all around the pack, are bright Christmas
greetings, hearty good wishes from every one of us here at the Central
to every one of you!

T H

C E N T R A L

B A N K

A N D

T R U S T

Central P ark ... 15th & Arapahoe. . . Denver 17, Colo.
MEMBER: FEDERAL DEPOSIT INSURANCE CORPORATION • FEDERAL RESERVE SYSTEM
N o rth w e s te rn

Banker.

D ecem ber,

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1960

CO.

B anke r C h a p p e ll (rig h t), D e a le r W il
liam s, an d D e a le r Pierce (sta nding )
discuss lo ca l a d v e rtis in g , a fe a tu re
o f Pierce an d

W illia m s p ro m o tio n .

“WORKING WITH OUR PURINA CHECK-R-MIX
DEALER, W E’VE HELPED OUR COUNTY GROW”
—says Phil E. Chappell, President
Planters Bank and Trust Company, Hopkinsville, Kentucky
For more than two decades, Planters
Bank and Trust Company and Pierce
and Williams, Purina Dealership,
have worked as a team in the Hop
kinsville market. This teamwork has
been a major factor in the area’s
development, which is indicated by
the increase in deposits in Hopkins
ville banks from $4,500,000 in mid
year 1939 to $33,000,000 as of June
30, 1960.
The Bank financed the Dealership
from its beginning and through its
growth to include two Check-R-Mix
mills and a modern Farm Service
Center. The Dealership’s work has
contributed vastly to the develop
ment of livestock raising and dairy
ing, which have been major factors

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

in the growth of the community’s
income.
Planters Bank and Trust Company
makes direct loans to farmers pro
ducing beef, pork and milk. The
Bank has had no losses on such busi
ness . . . not even during the 1930’s.
* * * *
Planters Bank an d Trust C o m p a n y has
ga in e d m a n y n e w customers through
its a sso ciation with Pierce a n d W illiam s.
“We can count on the Purina Dealer’s
recom m endation of a n e w customer,”
s a y s Mr. Chappell, “a n d the Dealer
s h i p ’s w o r k w it h f a r m e r s is extra
protection for our loans. We believe
that the D ealersh ip h a s d on e more to
educate this a r e a ’s farmers on livestock
feeding than h as a n y other group. The
farmer w h o w ill f o llo w the Purina Pro
g r a m never should h ave a n y trouble.”

No rthwestern Banker. December, 1960

DO T H E D IG G IN G ?
Keeping completely up to date with market trends and the current financial situation
in relation to your own securities list could turn into a full-time job. It is a full-time job
for U. S. National portfolio analysts. They’ll be happy anytime to review your portfolio
and make recommendations for your consideration.
Mention it to a man from U. S. National.
Whether it’s a com plete portfolio analysis or
recommendations on a particular trade, he’ll see
that you get an accurate and prompt report.
Call U. S. anytime — 341-8765, Omaha.

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northw estern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

stock.” The second featured “Trusts
and Investments,” and the third dealt
with “Wills, Estates and Contracts.”

E. N. Van H orne Resigns
Nebraska State Banking Director E.
N. Van Horne has resigned, effective
January 5, 1961. He has held the post
since his appointment by the late Gov
ernor Ralph Brooks on March 1, 1959.
Frank Morrison is Governor-elect of
Nebraska and will take office after the
first of the year. Like Mr. Brooks, he
is a Democrat and was elected last
month.
Mr. Van Horne, 70, said he is resign
ing to re-enter private business and
give more attention to his personal
affairs, including farms and banking
interests. The latter includes a direc
torship of the Farmers State Bank at
Pawnee City in which the Van Horne
family has been active since 1882.
J. T . Russell
J. T. Russell, 70, president, First
National Bank of Fullerton, Neb., died
last month after a brief illness. He
had suffered a severe heart attack in
1943 and retired from active duty in
1944. He had been associated with
the First National since 1913 and its
president since 1928.
O sm ond Capital Up
Capital of the Osmond State Bank
of Osmond, Neb., has been increased
from $25,000 to $50,000 and surplus
was increased from $35,000 to $50,000.
W . W . Cook H onored
W. W. Cook, president, Beatrice
National Bank, Beatrice, Neb., is one
of six men elected to the board of
directors of the Financial Public Re
lation Association at the group’s re
cent annual meeting. He was elected
to a three-year term.

tion at Broken Bow last month. About
250 cattlemen and their wives at
tended.
Mr. Tiemann’s subject was “A
Banker Views the Livestock Econ
omy.”
New at Auburn
Dick Hahn, Jr., has been appointed
assistant cashier at the Carson Na
tional Bank of Aurora, Neb. Prior to
this appointment he was with the
National Bank of Commerce in Lin
coln.
Sidney Ag Representative
Eugene Bonkiewicz has been ap
pointed agricultural representative by
the Sidney National Bank, Sidney,
Neb. Mr. Bonkiewicz has been asso
ciated with the bank since 1955 and
has held the position of assistant cash
ier. Prior to joining the bank, he was
in partnership with his father and
two brothers in a 480-acre farm. He
is a graduate of the Colorado School
of Banking.
R em odel at McCook
One feature of the newly remodeled
First National Bank of McCook, Neb.,
is a large community meeting room
in the basement which is made avail
able to groups rent free. Included in
this room are a telephone, kitchen fa
cilities and rest rooms.
Also, the main floor of the bank has
been completely remodeled giving a
larger, more attractive atmosphere.

Daniel S. H inds
Daniel S. Hinds, president of the
State Bank of Stella, Neb., died re
cently. He had been an officer of the
bank for 20 years and was 86 years
old.

Opens New Departm ent
The Bank of Brule, Neb., has initi
ated an installment credit department
and Mel Adams has been named man
ager. Mr. Adams formerly worked for
the National Bank of Commerce in
Lincoln in the installment credit de
partment.
Announcement of the appointment
of Mr. Adams was made by Melvin
Adams, Sr., president.

Guest Speaker
N. T. Tiemann, president, Commer
cial State Bank, Wausa, Neb., was a
speaker at the regional convention of
the Nebraska Stockgrowers Associa

H olds Public Forum s
The National Bank of Neligh last
month held three public information
forums. The first was on “Money
Making Tips in Farming and Live

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

M itchell Appointm ents
William B. Huffman has been pro
moted from assistant cashier to cash
ier of the First National Bank of
Mitchell, Neb., filling a vacancy cre
ated by the death of Harry Phinney.
At the same time L. Newell of Lingle was named to the board of direc
tors.
George W aneck
George Waneck, 86, retired cashier
of the Farmers State Bank of Aurora,
Neb., died recently after a short ill
ness. He had retired from the bank
in 1952, after 42 years as top executive
officer of the bank he helped organize.
Overland Changes
Clarence J. Reitan, president of Reitan’s, Inc., has been elected to the
board of directors of the Overland Na
tional Bank, Overland, Neb., to fill a
vacancy created by the death of M. M.
Shapiro. He is among the original
stockholders of the bank.
At the same time, C. J. Cords, senior
director of the bank, was elected vice
president. He has been a director
since the bank was founded in 1934.
In New Quarters
The Citizens Bank, Columbus, Neb.,
opened for business last month in its
new quarters at 1464 26th Avenue.
Featured in this modern bank build
ing is the city’s first drive-in window,
located on the north side of the 44 by
70 foot structure. Another feature is
a drive-up, walk-up night depository.
Ben B. McNair is president of the
bank, Paul Abegglen is vice president
and cashier and Dan McNair is vice
president.
O pen H oldrege Drive-In
The First National Bank of Hold
rege recently opened its new Diebold
drive-in facility and celebrated the oc
casion by awarding gifts to those who
used the unit.
The drive-in is the first step in an
over-all remodeling plan. Next year
the entire outside of the building will
be refaced with steel and brick. A
new heating and air conditioning sys
tem also is being installed.
Anniversary Celebration
Over 400 persons attended a recep
tion celebrating the golden wedding
anniversary of Mr. and Mrs. Reuben
E. Knight in Alliance, Neb. Mr.
Knight serves the Alliance National
Bank as chairman of the board. He
was president for a number of years.
Northwestern Banker, December, 1960

chairman of tion of assistant manager of the Con
• the board of The Omaha Na cordia Creamery Company in Con
W
tional Bank, recently announced the cordia, Kan. In 1928, he was made
DALE CLARK,

election of two new directors, Erhart
1). Edquist and Herbert P. Heath.
Mr. Edquist is president of the Fair
mont Foods Company. Born in Mc-

E. D. E D Q U IS T

H. P. H E A T H

Keesport, Pa., he attended public
schools in Chicago and Minnesota.
He was graduated from the Minne
haha Academy in Minneapolis and
attended the University of Minnesota.
One of Mr. Edquist’s first jobs was
in banking. He served as assistant
cashier of the Bank of Dassel in Min
nesota. Later he accepted the posi

manager of the Fairmont Foods Com
pany in Concordia and held this posi
tion until 1947 when he was named a
division manager of Fairmont Foods.
Mr. Edquist was named vice president
and southwestern division manager of
Fairmont Foods in 1949. He came to
Omaha as operatng vice president in
1952 and held that position until May
of 1959 when he was elected president
of the company.
Mr. Heath, who is manager of the
Western Electric Company’s Omaha
Works, was born in Lake City, Colo.,
and was graduated from the Univer
sity of Colorado in 1925 with a bache
lor of science degree in electrical en
gineering.
His entire working career has been
with Western Electric, which he
joined in 1925 as a member of the
student training course. Throughout
the years, Mr. Heath assumed various
positions of greater responsibility in
the company. He came to Omaha in
March of 1956 when Western Electric

Municipal and Corporate Bonds
Listed Stocks
Unlisted and Local Stocks
ORDERS EXECUTED ON A L L PRINCIPAL EXCHANGES

CHILES-SC HUTZ CO.
O m a h a , N ebraska

L incoln , N ebraska

412 Farm Credit Building

203 Stuart Building

Phone 34 6-6677

Phone HEmlock 2-3325
C hadron , N ebraska

L exington , N ebraska

346 Main Street

Phone FAirview 4-3766

Phone HEmlock 2-5555

No rthwestern Banker, December, I960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

started its pilot operations and the
construction of its Millard plant. In
June of 1959, after the completion of
the Western Electric plant, he became
work manager in Omaha. Mr. Heath
is credited with several inventions in
connection with coil manufacture.
* * =i<
Harold Kountze, Denver, Colo., and
Max A. Miller, Omaha, Neb., have
been re-elected to the board of direc
tors of the Federal Reserve Bank of
Kansas City, it was announced re
cently by Raymond W. Hall, chairman
of the board. Mr. Kountze is chair
man of the board of the Colorado Na
tional Bank of Denver. Mr. Miller is
a rancher and chairman of the execu
tive committee of Fairmont Foods
Company and vice chairman of North
ern Natural Gas Company of Omaha.
Mr. Kountze was re-elected to a
Class A directorship, which is filled by
a banker, by member banks having
capital and surplus of more than $1
million. Mr. Miller will continue as
a Class B director, a person engaged
in business or agriculture, and was
re-elected by banks having more than
$200,000 but less than $1 million in
capital and surplus. Both men were
re-elected for three-year terms.
* * *
Congdon E. Paulson, assistant cash
ier, First Nation
al Bank, has been
nam ed to head
the 1961 fu n d
raising campaign
fo r th e n ew
March of Dimes
in Douglas Coun
ty.
T h e a p p o in t
m e n t w a s an
nounced by the
C. E. P A U L SO N
e x e c u tiv e c o m
mittee of the Douglas County Chapter
of The National Foundation, sponsors
of the drive.
* =t= *
Susan Matthews, daughter of Dale
Matthews, president of the North Side
Bank, was a princess in the annual
Ak-Sar-Ben coronation ball. She is a
senior at the University of Nebraska.
* * *
A. F. Jacobson, president of the
Northwestern Bell Telephone Compa
ny, has been elected a director the
S e cu ritie s Acceptance Corporation.
He replaces Herbert W. Potter, who
has retired after 34 years.
He also is a director of the United
States National Bank of Omaha, the
Nebraska Savings and Loan Associa
tion, the Northwest Bancorporation
and the Carpenter Paper Company.
* * *
Darrell Runnings has been named
manager of the new First West Side

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Nebraska

News

Bank facility in the Crossroads shoping center in west Omaha. He was
formerly associated with an Omaha
real estate firm. George Giuiia has
been named assistant manager.
* * *
Attorney Stanley A. Traub joined
the estate and
trust department
o f The Omaha
N a tion a l Bank
last month. He
r e c e i v e d his
Bachelor of Arts
degree from Wit
tenberg C o lle g e
in S p r in g fie ld ,
Ohio, in 1954, and
three years later
S. A. T R A U B
he received his
law degree from the University of
Chicago.
* * *

struction of three new school build
ings in the district. The net interest
cost to the school district is 3.583 per
cent. The bonds were re-offered at a
net yield of 2.40 to 3.65 per cent.
=t= * *
The employees of the Omaha Na
tional Bank held their annual dinner
party recently at the Town House.
The feature of this year’s party was a
dozen skits put on by the bank’s vari
ous departments.
W ah oo Increase
Capital stock of the First National
Bank of Wahoo, Neb., has been in
creased from $80,000 to $120,000 by a
stock dividend.

Im provem ent at Tilden
Construction began last month on
an addition to the Tilden Bank Build
ing which will house a drive-in teller’s
Mrs. Mary Elizabeth Birch Thomas, window.
53, wife of Bruce H. Thomas, vice
The window is manufactured by the
president of the Omaha National Mosler Safe Company and is of very
Bank, died last month at an Omaha latest design, including a two-way
hospital.
speaker system enabling customer and
Other survivors include two sons, teller to communicate easily. It is of
Lawrence B., and James Thomas; his stainless steel and bullet-proof glass.
mother, Mrs. Chester Birch, and two
Construction work is being handled
grandchildren, all
of
Omaha. by Tilden contractors with all mate
* * *
rials procured locally.
The winter meeting of District 10
AIB associate councilmen and state
secretaries was held December 3 at James Allen
James Allen, 78, widely-known Val
the Sheraton Fontenelle Hotel in Oma
ley,
Neb., farmer and livestock feeder,
ha.
Discussion topics included “How died last month during a routine med
AIB Might Work Closer With State ical checkup in an Omaha doctor’s
Associations,” “College Training Pro office.
A retired director of the Omaha
grams,” “ School Relations Committee
Progress,” “Plans for the Regional Stock Yards National Bank, he had
Conference and the National Conven received national recognition as Fire
stone Champion Farmer.
tion.”
* * *
Chiles-Schutz is heading the account California Prom otion
Max B. Horn, vice president, Cali
of school district 66 of Douglas coun
ty for $1 million in bonds for the con fornia Bank, and at one time execu

A c o m p le te , tim e tested, p e rfo rm a n c e g u a r a n t e e d outfit

For Auction Sale Clerks
COMBINES ALL THE FEATURES YOU DEMAND
Receipts for Each Buyer

•

Combats Skip Buyers

No Additional Listing

•

Speeds Up Settling

No Posting of Accounts

•

Buyers Like It

tive vice president of the First Na
tional Bank of Hay Springs, Neb., has
been named manager of the Market
and Produce Office of California Bank.
He formerly was assistant manager of
the Fifth and Main Office of the bank.
Joins Sidney Bank
R. D. Morgan, formerly of Omaha,
has joined the Sidney National Bank
in an executive position. For the past
five years he has been supervisor of
a district that included the Morris
Plan and three large finance compa
nies for the Live Stock Finance Com
pany.
Heads Denver Division
John D. Hershner, vice president of
the Denver United States National
Bank, is now heading a newly created
commercial banking division. Encom
passed in the new
unit are four pre
viously e x is tin g
d iv is io n s : com
m e rcia l l o a n s ,
c o rrespon d en t
bank and l iv e
stock, investment
and oil loan.
Mr. H ersh n er
w ill d ire ct the
co m b in e d diviJ. D. H E R S H N E R

g io n s a n d w j U r e _

port directly to Neil F. Roberts, exec
utive vice president. A native of Lin
coln, Neb., Mr. Hershner, 45, joined
the bank in 1946.
Bank o f New Y ork Promotes
Three promotions at The Bank of
New York were announced recently
by Albert C. Simmonds, Jr., chairman.
Raymond W. Hammell has been
named a vice president. Mr. Hammell
joined the bank in 1942 and was ap
pointed an assistant secretary in 1955
and an assistant vice president in 1958.
He is associated with the Security
Research Department.
Robert S. Wadsworth of the Fifth
Avenue Office has been promoted to
assistant vice president. Mr. Wads
worth was appointed an assistant
treasurer in 1953.
Joseph L. McElroy has been named
a trust officer. Mr. McElroy came to
the bank in 1954 and was appointed an
assistant trust officer in 1959.

Absolutely the only outfit onthe market combining all these features—
sold on a money back guarantee.

BLACK SALE SYSTEM
iForm erly Black M ig. Company!

Fullerton, Nebraska
W r i te Us for Sample Sheets and Information

Northwestern Banker, December, I960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Chicago Bank P rom otion
Arnold J. Rauen was recently ap
pointed an assistant vice president of
the American National Bank and
Trust Company, Chicago. He joined
the bank in May, 1959, after many
years of experience in all phases of
finance.

Christmas Qreetinÿs
and all c)ood wishes
jo r a
Prosperous CNew P ear

FIRST NATIONAL BANK
OF OM AHA

TiMPiMrap
MEMBER

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

FEDERAL

D E P O SIT IN S U R A N C E C O R P O R A T IO N

Northwesfern Banker, December, 1960

in v e stm en ts

...

(Continued from page 31)
ings to the public’s savings or to the
existing supply of bank money, even
if marginal private borrowers have to
be passed up by the market. One
singular thing about the business
scene today is that wages, prices, and
interest rates show no sign of falling,
even though the economy is in slack.
If President-elect Kennedy can get
the Congress to go along with him in
a prudent financial program suited to
the times, it goes without saying that
his prediction about the cooperation
of the Federal Reserve will come true.
The reasoning in the above para
graph is reassuring but, of course, it
is ingenuously over-simple. It is just
not to be expected that the Congress
will go along with a new President in
all things all the way. Moreover, the
Treasury and the Federal Reserve—
regardless of their motives—probably
will make wrong guesses in the fu
ture as in the past. The Massachu
setts Senator is a too long-viewed man
not to be aware of that. First things
come first. In national financial pol
icy the first things are Congressional
appropriations and Treasury debt de-

cisions. It is reaching out far in the
field of unnecessary apprehensions for
financial institutions to fear that one
of President-elect Kennedy’s first fi
nancial adventures will be a quixotic
duel with the Federal Reserve System
to show who is boss.
Besides, one of the vexing first prob
lems in finance to face the new ad
ministration is that of gold flow. Basi
cally, the movement of gold in and
out of the United States is a measure
of the relative productivity of the
national economy.
It is conceivable that the drain on
United States monetary gold — it is
now down to about $18,000,000,000
from about $24,000,000,000 in 1948—
may become a political issue in a pan
icky Congress. If so, Mr. Kennedy’s
first big adventure on the financial
front will lie in pitting the prestige
of the Presidential office against the
rashness of Congress. It is most un
likely that any move toward one of
the more extreme treatments of the
problem—such as an embargo on gold
shipments out of the United States—
would get anywhere without the

acquiescence of the new President,
and it seems equally unlikely that
Senator Kennedy would lend his pres
tige either as President-elect or as
President to such an effort.
Meantime, the money market has
been dominated largely by the cash
and refunding requirements of the
Treasury and the seasonally-expand
ing needs of business. In the long
term government market, the highest
yields are under 4 per cent.
Refundings

A $3,000,000,000 cash borrowing by
the Treasury on tax anticipation
notes due in June was underwritten
largely by commercial banks. Strin
gency in the market resulted from the
need of the banks to put up about
$600,000,000 to margin the deposits
newly created for the Treasury. Short
ly thereafter, the Treasury refunded
$10,800,000,000 of maturing certificates
of indebtedness and bonds, about half
of which has been held by the Federal
Reserve System. The issues offered
in exchange were 15-month notes
bearing 314 per cent interest and five
and one-half year bonds bearing 3%
per cent interest. More than $1,000,000,000 of the maturing debt was
turned in for the bonds.
The Reserve System carried out
large purchases of United States gov
ernment securities to keep the money
market balanced in the wake of the
Treasury financing operations and to
offset the continued drain of gold
abroad.
Short Terms Only

6,000 Head of Average Size Beef Cattle
Weigh 5,000,000 Pounds and . . .
T H A T ’S A L O T O F B U L L !
This is no bull —

The aggregate weight o f all

o f the checks, we were privileged to produce
last year fo r the 4 ,0 0 0 banks we serve in a ten
state area totalled over 5 ,0 0 0 ,0 0 0 pounds.

Thanks, Mr. Banker!
U N I T E D STATES C H E C K B O O K CO.
1311 H O W A R D STREET
Northwestern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

O M A H A 2, NEBR.

These purchases threatened to dry
up the market supply of Treasury dis
count bills, to which the Federal Re
serve usually confines its open market
operations. With the market discount
rate on 91-day bills seemingly headed
toward a level of 2 per cent or less,
the Reserve System saw fit to extend
the choice of its market purchases to
Treasury certificates of indebtedness,
notes and bonds. However, the cen
tral bank did not buy securities hav
ing a term of more than 13 months,
and thereby maintained its traditional
policy of dealing only in “short-term
securities.”
The Reserve also found the time op
portune to effectuate further a Con
gressional mandate to equalize the
reserve requirements of the different
classes of commercial banks belong
ing to the System — central reserve
city (New York and Chicago) banks,
reserve city banks and country banks.
A like move had been made at the end
of August. The new regulations
about reserve requirements and vault
cash have the effect of releasing to
the banks about $1,300,000,000 former
ly immobilized as vault cash or statu
tory reserves.— End.

Christmas
and Happy

STOCK YARDS NATIONAl

THE ONLY BANK IN OMAHA'S
GREAT UNION STOCKYARDS

MEMBER OF FEDERAL DEPOSIT INSURANCE CORPORATION

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

No rthwestern Banker, December, I960

72
vice president of the First Continental
National Bank and Trust Company,
was awarded a $25 bond for suggest
ing the winning name for the bank’s
new internal house organ. The name
selected is “First Conba News.”

president of
Citizens State Bank, located in
G
suburban northeast Lincoln, won a
EORGE

KNIGHT,

seat in the Nebraska Unicameral leg
islature in the November 8 election.
Senator Knight will represent the
18th district in the state’s non-parti
san law-making body.
* * *
A time, day, date and month sign
has been installed on the National
Bank of Commerce. Every five sec
onds the correct time is alternately
flashed with day, month and date.
The sign is the answer to a problem
posed to John Pavich, president of
Nebraska Neon, and his International

No rthwestern Banker, December, I960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Sign Design Award winning staff by
officers of the bank who wanted some
thing different in the way of public
service advertising. The attractive
double-faced sign complements the
----------------------------------------------------- >
modern architecture of the building
and gives advertising dominance in
four directions for its downtown cor
ner location.
E. J. Schulenburg is general man
ager of Time-O-Matic, Danville, 111., the
manufacturer of the electrical con
trols.
* * *
Edward A. Becker, retired senior

TIME-CALENDAR sign recently installed
on the new National Bank of Commerce
building in Lincoln. The sign, manufac
tured by Nebraska Neon Sign Co. of Lin
coln, alternates the correct time and the
day, month and date every five seconds.

F I R S T
N A T I O N A L

C O N T I N E N T A L
B A N K
I 2 T H

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

&
S T R E E T

T R U S T
L

C O M P A N Y
L

Northwestern Banker, December, I960

Sol ri ut/ fu t u r e A g ric u ltu ra l C red it N eed s

...

(Continued from page 25)
In this expanding agriculture, we find many country
their customers and fulfill their responsibilities in their
banks trying to take care of their communities under
communities, country banks will need more help in the
some handicaps. They are being called upon to extend
future. If they have not already done so, they will need
larger total amounts of credit to their farm customers.
to enlist the aid of a good correspondent bank to help in
They are encountering more individual loans in an
the job. To hold good customers, it will be necessary for
amount exceeding their bank’s limit. Further, they find
the country bank to be able to provide a complete credit
that deposits and loan limits are not keeping up with the
service, which would include loans of various types,
increased credit demand.
terms, and amounts. It will be necessary in an increas
They have competitors with generous limits and a
ing number of cases to find an outlet for excess loans.
lower dependence on liquidity actively soliciting their
More country banks will need a source of loan funds to
good customers. Finally, they are experiencing wider
help them out during temporary periods of high seasonal
seasonal variations in loan and deposit totals due to large
loan totals. A good correspondent bank will be able to
seasonal cash requirements for farm operations. For ex
provide the benefit of additional experience and judgment
ample, banks located in intensive irrigated sections and
in the more complex or unfamiliar loan situations which
the ranch areas have extremely wide seasonal loan to
the country banker will face. The correspondent bank is
deposit ratios.
the pivot on which the important transfer of money supIn order to compete and to provide complete services to

a B ank U known

plies from points of availability to
points of need will turn.
Correspondent Assistance

i(j t k B w tu m
ä K w pi

* Only bank in the nation's
fastest growing stockyards,
sf 62 years of livestock banking.

( S to c k
Telephone ADams 8-1738
South St. Joseph, Missouri

"Svwa <joa Bed
at the St $oe %mkeiM
Northwestern Banker, December,

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

I960

In order for correspondent banking
facilities to approach a solution to
these problems, there must be a de
sire on the part of both the city bank
er and the country banker to use
them. It will be an effort requiring a
high degree of mutual confidence and
cooperation between them.
From a practical standpoint, an ini
tiative for greater use of correspond
ent banking facilities rests with the
country bank. If a country banker
chooses to turn his back, so to speak,
upon change and progress, there is lit
tle a city correspondent bank can do
to help. On the other hand, the cor
respondent banks who, because of
their size can undertake specialized
projects of information and education,
have a responsibility to make them
available to country banks.
In this connection we conducted a
survey of 40 city banks in 21 states.
The summary of the questionnaire re
produced with this article tells us that
the large majority of city banks con
tacted are extremely interested in this
subject and furthermore are thinking
and doing something about it with
their country bank customers.
In the beginning, I stated that our
future role of correspondent banking
in agricultural lending would depend
upon our realizing the significance of
agricultural changes, our understand
ing of the expansion of capital and
credit requirements in agriculture, our
confidence in agriculture as a sound
and profitable field for loans, and the
YOUR STATE BANKERS ASSO CIATIO N
O FFICIA L SAFE, V A U L T AN D
TIMELOCK EXPERTS

F. E. DAVEN
PORT &CO.
OMAHA

extent to which we effectively use our
correspondent banking relationships.
It is my conviction we have already
made considerable progress in getting
country banks and city banks thinking
alike and working together on agri
cultural credit problems and that the
future role will be an expanding one.
— End.

Heads Mosier Sales
Edwin H. Mosier, Jr., president of
the Mosier Safe Company, has an
nounced the appointment of Frederick
F. C hisholm , as
vice president in
charge of sales.
Mr. Chisholm will
have offices at the
company’s m ain
plant in Hamil
ton, O hio, and
will be responsi
ble for sales of
sy stem s, safes
and office equip
F. F. C H ISH O LM
ment. He will re
port directly to John Mosier, execu
tive vice president.
With more than 30 years’ experience
in the safe and office equipment fields,
Mr. Chisholm has been president of
Mosler-Taylor Safes, Etd. of Bramp
ton, Ontario, Canada.
Republic National Increase
The Republic National Bank of Dal
las last month announced plans for
issuance of a stock dividend of 78,888
shares, with present market value in
excess of $5,000,000, and simultaneous
payment to the bank of a. $2,000,000
cash dividend by The Howard Corpo
ration, et al., whose shares are held
in trust for shareholders of the bank.
Completion of these proposals will
increase capital, surplus, undivided
profits and reserves for contingencies
of the bank to more than $122,000,000.

r e p r e se n ta tiv e , First Stock Yards ties Bankers Association last month
Bank; E. L. Online, vice president and at Ludlow, Mo. The bank arranged
Charles Burri, assistant vice presi for the program, providing as speaker
dent, Tootle-Enright National Bank, Theodore M. Nelson, St. Joseph radio
and Don Folks, assistant cashier, and television manager, who described
American National Bank, attended the his recent trip to Russia.
* * *
quarterly meeting of the Nemaha
Milton Tootle, president of TootleCounty Bankers Association at Se
neca, Kan. Meetings of Group 3 of Enright National Bank, has recovered
the Kansas Bankers Association were from an illness that kept him away
attended at Clay Center; Group 4 at from the bank for several weeks.
* * *
Eldorado, and Group 2 at Chanute.
* * *
Donald Folks, a ssista n t cashier,
Benton M. Calkins and Charles J. American National Bank, attended a
S i. J o s e p h N e w s
Conant, vice presidents of the Ameri meeting of correspondents of the
L. DOMINICK, president of the can National Bank, attended a meet First National Bank of St. Louis last
• Missouri Bankers Association, ing of the Caldwell-Livingston Coun month.
declared at the fifth annual Install
ment Credit Clinic in St. Joseph that
automobile manufacturers have cre
ated a hardship for dealers by forcing
Expanded and Com pletely Remodeled
them to purchase cars at a greater
rate than they can be sold. The sub
ject is of interest to bankers, he point
ed out, because 44 per cent of install
ment credit is that extended to pur
chasers of cars.
J. M. Ford II, president of the First
National Bank and president of the
St. Joseph Clearing House Associa
N A T IO N A L B A N K
tion, gave the address of welcome at
in St. Joseph, Missouri
the two-day meeting. W. Franklin
Evans, vice president, American Na
tional Bank, read a proclamation from
Governor James T. Blair of Missouri
proclaiming the 50th anniversary of
installment credit. Mr. Evans also
read a letter from Carl Bimson, presi
dent of the American Bankers Asso
ciation, and introduced a farm panel
that was moderated by Benton O’Neal,
a g r ic u ltu r a l representative of the
First National Bank. Robert E. Killen, assistant cashier of the American
National Bank, took part in an after
noon panel session.
*
*
First Stock Yards Bank of St. Jo
seph was decorated by more than 40
bouquets November 16, the day of its
open house. Many guests were taken
through the bank to see the new teller
cages, the lowered ceiling of acousti
Our enlarged and modernized facilities enable us to
cal tile, ceramic tiled floors, hardwood
trim, walnut paneling, new doors and
provide correspondent banking service with greater
casement work. The banking area
dependability and efficiency than ever before. We
has been increased more than 700 feet.
believe, too, that these new surroundings comple
* * *
ment the friendly warmth and desire-to-serve that
John F. Killackey, vice president of
lias come to be identified with The Tootle-Enright
the First National Bank; Merritt
National Bank.
Blanchard, vice president and cashier,
and Arthur McClaskey, agricultural
We cordially invite you to make your correspondent
affiliation with us.
W orld T im e Chart
Manufacturers Trust Company is
distributing copies of a “World Time
Chart” showing the time differences
in over 100 countries throughout the
world.
Copies of this chart may be obtained
from the International Banking De
partment of M a n u fa ctu re rs Trust
Company, 55 Broad Street, New York
15, N. Y.

The

NEW

TOOTLE-ENRIGHT

BANKS IWsVll
A ll Negotiations Confidential
A
FOR

N A T IO N A L

C L E A R IN G

E X P E R IE N C E D
W IT H

BANK

C A P IT A L

HOUSE

E X E C U T IV E S
IN V E S T

B a n k e r s S e r v ic e C o m p a n y
BOX 1433

6 PES MOINES !i. IO W A

The

TOOTLE-ENRIGHT National Bank
St. Joseph, Missouri

PHONE AT 2 -7 8 0 0

Northwestern Banker, December, I960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Æ ïfc â

To Our Friends

Fli Christmas, more than any other time, our thoughts

turn to valued friends whose loyalty and confidence we
treasure. In the spirit of good will that marks this
joyous season, it is a pleasure to wish you a Christmas
of abundant happiness . . . a New Year of peace and
new prosperity.

a n k er s

r u st

The Des M o in e s Bank for Y O U

ro
Northwestern Banker. December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Member: Federal Deposit Insurance Corporation • Federal Reserve System

I o w

past two years, has assumed manage
ment of the Waukee Office of the
Brenton State Bank and became an of
ficer the first of this month, announces
Thomas N. Scott, executive vice presi
dent, Brenton State Bank, Dallas Cen
ter.

NEW S
RALPH EASTBURN
FRANK WARNER

President
Secretary

Fairfield
Des Moines

County Banker Officers
Cleo Orris, executive vice president
and cashier, Ainsworth State Bank,
was elected president of the LouisaWashington County B a n k ers last
month in Crawfordsville.
Richard Weeks, assistant cashier,
National Bank of Washington, was
named vice president, and Leroy
Hughes, assistant cashier, Columbus
Junction State Bank, secretary-treas
urer.

teller and safe deposit cages and new
statement counters.
New modern lobby lighting for the
convenience of both bank customers
and the bank staff.
Replacing present windows with
aluminum windows in the bank.
Installing a new electric sign out
side the bank.
In 1955 the First National expanded
its accounting and installment loan
divisions and built drive-in facilities
to the west on Third Street.

D r. J. W . M orrison
Dr. J. W. Morrision in Alta Com
munity for more than 50 years, and
director at the First Trust and Sav
ings Bank, Alta, died recently in that
community.

Honored fo r Leadership
Frank C. Welch, board chairman,
Peoples Bank and Trust Company in
Cedar Rapids, was honored last month
for “leadership and dedication in con
tributing to the constructive growth
of consumer credit in commercial
banks of the nation.”
The honor was given in Des Moines
by the national committee for the 50th
anniversary of consumer credit in
commercial banks.

Converted to State Bank
The American National Bank of Ar
lington, with capital stock of $25,000,
was converted into a state bank last
month under the new title of Arling
ton State Bank.
Cedar Falls R em odeling
Work has been started on an exten
sive remodeling program at the First
National Bank in Cedar Falls. In
cluded in the plans are:
Rebuilding of the present officers’
area to enlarge it.
Elimination of present note teller
and savings teller cages to provide
space for construction of new note

V i 'i r

Frank A. Ide
Frank A. Ide, 91, retired farmer and
livestock man and a former president
of the First National Bank in Creston,
died recently at the Greater Commu
nity Hospital in Creston. He had been
ill about three weeks.
Manages W ankee Office
James Johnson, formerly assistant
cashier and employed by the Warren
County Bank & Trust of Indianola the

Si. a Ion n

NEW QUARTERS for the Farmers Savings Bank, at Kalona
were opened recently with an open house highlighting the
event. The new building is completely modern in design. Fur
nishings are in the most modern style giving the bank an open,
uncluttered look. A large expanse of glass forms the front of

Honoretl in Davenport
Rupert M. Kautz, former president
of the Buffalo Savings Bank, Buffalo,
Iowa, was honored last month for out
standing achievement in the field of
business and finance by the St. Am
brose College Alumni Association,
Davenport.
M odernization at Denison
Crawford County Trust & Savings
Bank, Denison, Iowa, is in the midst
of a remodeling program. The entire
bookkeeping d ep a rtm en t is being
moved to the basement of the bank
and the main floor bank quarters will
be entirely remodeled. A. Moorman
of Minneapolis is the architect, having
been architect in charge of construc
tion when the bank was built in 1938.
Local contractor Walter Hass is doing
the construction work.
Colum bus Junction Director
Fred Wier, prominent farmer of the
Letts and Grandview communities,
has been elected a member of the
board of the Columbus Junction State
Bank to succeed the late R. Schlichting.
Mr. Wier is a member of the Iowa
State Legislature and was re-elected
for a second term at the recent gen
eral election.
“ C olonial’ '' M otor Bank
Work is underway at the Mobilgas
Service Station at the corner of Edgington Avenue and 15th Street, which
is being converted into a beautiful
colonial-style motor bank for the
Hardin County Savings Bank of Eldora.

tin
Stnihlint/ Opens

the building. A community room is featured in the basement.
Directors of the bank didn’t exactly plan what is shown at
right, but they note that Amish farmers in the Kalona area are
finding the drive-up window as convenient as motorists, accord
ing to F. E. Skola, president.
Northwestern Banker, December, i 9 6 0

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Iow a

News

First National, D ubuque,
Planning New Building
A property transaction which will
provide the site for a modern bank
building has been completed by the
First National Bank of Dubuque and
the Roshek Realty Company.
Waldo Adams, president of the First
National Bank, has announced acqui
sition of the land in the 700 block of
Locust Street. The area is 14,000
square feet.
While final plans for the building
have not been completed, the an
nouncement said the proposed build
ing will be one of the most modern
bank buildings in the middlewest.
Both drive-up auto banking and park

for

f ast

ing facilities will be included in the
plans.
Mr. Adams said construction will
start in the summer of 1961 and occu
pancy of the new building should be
in June of 1962.
Elm er J. K u h l
Elmer J. Kuhl, 63, vice president,
Central Trust & Savings Bank of Eldridge, died last month in St. Luke’s
Hospital, Davenport. Mr. Kuhl had
farmed until 1947 when he moved to
Davenport. He had been past presi
dent of the Scott County Bankers
Association.
Two new directors have been named
to the Eldridge bank’s board. They

c or r e s po nde n t

service

are W. W. Brubaker of Bettendorf and
Alvin G. Mohr of Eldridge.
F. E. W elterlen
F. E. Welterlen, president, Commu
nity Savings Bank, Edgewood, died
last month after serving that institu
tion more than 25 years, the past four
as president. He had been a director
until that time. A successor is not
to be named until the January annual
meeting.
Fort Dodge M otor Facility
A total of 748 autos were driven
through the new Iowa State Motor
Bank in Fort Dodge at the recent
grand opening and more than 2,000
persons registered for gifts and prizes.
Several savings bonds were awarded
during the event.
Heads Fort Dodge Bank
Harry T. Huff, executive vice presi
dent of the State Bank, Fort Dodge,
has been elected
president of the
bank, succeeding
the late W. S.
Merryman. A lso,
Maurice E. Stark,
Fort Dodge tax
a t t o r n e y , has
been e le cte d to
the board to suc
ceed Mr. Merryman.
H. T. H U FF
All other offi
cers were re-elected at last month’s
meeting.

see

NATIONAL

BANK

WATERLOO

Let our complete facilities. . . our
staff of friendly, helpful Iowans . . .
save you valuable time on all items
and collections.
Send your items to us for fast,
accurate, efficient banking service.

Named Farm Representative
A. J. Marken, well-known Hamp
ton farm operator, has been engaged
as farm representative by the First
National Bank of Hampton, reports D.
D. Bramwell, president.
Mr. Marken has been county agent
for Greene County (seven years) and
has been in charge of Veterans Onthe-Farm Training the past 10 years.
Hills Addition, R em odeling
The new addition and remodeling
program of the Hills Bank & Trust
Company, Hills, Iowa, is in its final
stages. Fifty per cent more space is
being added to the bu ild in g , con
structed in 1952, and this was necessi
tated because of the bank’s growth
since 1952, when assets were $3 mil
lion, compared to $6 million today, re
ports A. F. Droll, executive vice presi
dent, and T. R. James, cashier.
Jefferson State Open House
Officers, directors and employees of
the Jefferson State Bank, Jefferson,
held open house last month in its re-

Northwestern Banker, December, I960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

AND TRUST COMPANY
W A L N U T AT F O U R T H

D E S M O I N E S , I O WA

Member Federa! Deposit Insurance Corporation

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northw estern Banker, December, I9 6 0

Iowa News

N C R E x e c u tiv e A d d r e sse s Club

GEORGE W. HEAD, at right, manager of advertising and sales promotion at National
Cash Register Company, Dayton, Ohio, explains a few sales pointers to Frank Rogan,
left, manager of accounting machine sales, and J. P. Carruth, branch manager, both of
National Cash in Des Moines, before his talk last month to members of the Des Moines
Advertising Club. Iowa ad men rated Mr. Head’s presentation as one of the finest in
many years.

cently remodeled and enlarged bank
ing quarters.
Souvenirs, prizes, refreshments and
tours were offered residents of the
area who flocked to see the newer,
larger space and equipment. Of par
ticular interest was the new electronic
posting machine and guests were told

how it “memorizes” the identity of
each account for faster, more efficient
service.
The new addition, which is the
the building next door, provides book
keeping space, officer space and room
needed generally for the expanded
operations of the bank.

AM E R IC AN TRUST LEAD S THE W AY

In Dubuque
• Central in location — always quickly
available — Am erican Trust is your
strong, reliable, interested financial
friend — where progress and trust
worthiness go hand-in-hand.

AMERICANTRUSTand savings bank
M e m b e r Federal R eserve System
M e m b e r Federal D eposit In su ra n c e C orporation

W . W . Blasier’ s 50 th Year
W. W. Blasier, chairman of the
board, Farmers State Bank, Jesup,
Iowa, was congratulated by many
friends and bank cu sto m e rs last
month on his 50th anniversary in
banking. A former president of the
IB A and member of the executive
council of the ABA, Mr. Blasier began
his banking career in 1910 in the
Jesup bank. He has been chairman
of the board the past 10 years.
K eoku k Banker W in s
E. A. Ebersole, vice president and
cashier, State Central Savings Bank,
Keokuk, was presented a seventh
place award — a transistor radio —
which he won recently in an advertis
ing contest sponsored by the Ameri
can Express for promoting use of its
Travelers Cheques.
Keosauqua Outstanding
Citizen
Fred E. Ovrom, president of the
Farmers State Bank, Keosauqua, since
1936, was named Keosauqua’s “Out
standing Citizen of the Year” by the
Keosauqua Commercial Club in spe
cial ceremonies last month at the
Manning Hotel.
A plaque recognizing his outstand
ing citizenship was presented to him
by Joseph S. Stong, a former winner
of the award.
Among those speaking briefly to
recognize Mr. Ovrom’s outstanding
service to his community was S. H.
Watkins, president of the Iowa State
Bank of Stockport.
K iron Adds Music
Just in time for beautiful Christmas
music, the Kiron State Bank, Kiron.
installed a high-fidelity background
music system in the bank. One thou
sand individual selections, without
duplication, are heard u n ifo r m ly
throughout the entire building.
L. C. M cGill
L. C. McGill, 75, former cashier at
the La Porte City State Bank, La
Porte City, died last month at his
home. Mr. McGill came to La Porte
City in June of 1940, retiring as cash
ier in 1954.
Leighton O pen House
An open house was held last month
at the newly-remodeled Farmers Sav
ings Bank at Leighton, Iowa, and a
“fine turnout” was on hand to inspect
the new counters, new flooring, new
lighting system and redecorations
throughout the bank. Refreshments
and free gifts added to the friendly
atmosphere as guests congratulated
officers, directors and employees at

N o rth w e s te rn

B anker.

D ecem b er,

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1960

loow a

the bank. The Kirk Gross Company,
Waterloo bank planning service com
pany, planned and remodeled the
bank.

of Pomeroy which increased its capi
tal stock from $25,000 to $50,000 and
the Commercial State Bank of Poca
hontas from $50,000 to $100,000.

Lone Tree Banker Marries
H. S. Hamilton, vice president of
Lone Tree Savings Bank of Lone Tree,
was married recently to Mrs. Beulah
Rife. They left the latter part of last
month for a three weeks’ vacation in
Hawaii.

E. Bartle Succeeds Father
As President in Prescott
Ernest Bartle of Creston, vice presi
dent of the First National Bank of
Prescott, was elected president last
month, succeeding his father, the late
George J. Bartle.
Fred W. Day, a member of the
board, was elected vice president, and
Max James of Creston was elected to
the board to fill the vacant director
ship. Other members of the board are

Nevada Construction Planned
Directors of the Nevada Savings
Bank, Nevada, Iowa, have approved a
plan to build a new bank building at
the site of the present location. Con
struction is to begin about March 1
on a building that will be in the neigh
borhood of about $200,000, and will in
clude a new drive-in window, night
depository service and new vaults.

Two D ouble Capita] Stock
Two Iowa chartered banks doubled
their capital stock recently via a com
mon stock dividend, reports Joe H.
Gronstal, superintendent of banking.
They are the Pomeroy State Bank

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Joins Rock Rapids Staff
James A. Anderson, assistant cash
ier and manager of the Waukee
branch of the Brenton State Bank at
Dallas Center, has resigned to accept
the appointment of cashier at the
Rock Rapids State Bank. In the lat
ter position he succeeds Donald D.
Schnepf, who resigned to enter the
real estate business in Rock Rapids.
Mr. Anderson was associated with
the Brenton banks for two and onehalf years, the past 18 months at Wau
kee.

C H IC A G O U N IO N
STO CK YARDS
][

□ P A C K IN G ^
1 PLANTS —1
0
>
<
~o
c
o

Ira C. Martin Retires
Ira C. Martin, vice president and di
rector, Odebolt State Bank, Odebolt,
has retired after 35 years in the bank
ing business in the community. He
has already sold his home there and
has purchased a new one in Mountain
Grove, Ark., where he will relax, re
ports R. H. Griffin, president of the
bank.

M. H . Niggleing
M. H. Niggleing, director, First
Trust & Savings Bank, Remsen, died
recently of injuries received in an
auto accident. He had been associated
with the Remsen bank 46 years, many
of those years as cashier. He was
elected a director upon his retirement
in 1957.

Bradford Outhier, cashier, and Mrs.
Fred Day.

_______ 39th Street_______

N A BAC Meeting
Bankers and key personnel of the
Central Iowa Section, NABAC, met
last month in Nevada for a dinner
meeting at which Oscar N. Young,
assistant vice president, Federal In
termediate Credit Bank of Omaha, dis
cussed “Farm Operating Loans.”

Announce Orient Manager
G. W. Mease of Winterset, Iowa, has
been named office manager of the
Farmers and Merchants State Bank in
Orient, succeeding Arthur Charlestrum of Spencer, who has resigned to
operate Hotel Sigourney, which he
and his wife purchased recently.

News

EXCHANGE
BUILDING
LIVESTOCK
PENS

CO
"D

0
O

47th Street

Drovers’ Location makes
Immediate Credit possible
on livestock proceeds...

The Drovers National Bank
is a direct member of the
Chicago Clearing House
Association and the Federal
Reserve System.

Friendly service
to Livestock Producers
f o 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 Drovers 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

Drovers Banks
UNION STOCK YARDS, CHICAGO 9, ILLINOIS
MEMBERS, FEDERAL DEPOSIT INSURANCE CORPORATION

Northwestern Banker, December, 1960

Io w a

Nows

H ost to S 6 0 C orresp on d en ts in St. L ou is

WILLIAM A. McDONNELL, second from right, ehm. of the
bd., First National Bank of St. Louis, congratulates speakers
on their line performance at the bank’s 14th Annual Conference
of Bank Correspondents last month in St. Louis. The speakers
were, left to right: Martin R. Gainsbrugh, chief economist,
National Industrial Conference Board, New York City; E.

than 860 bankers from 21
M ORE
states attended last month’s 14th

Annual Conference of Bank Corre
spondents as hosts of the First Nation
al Bank in St. Louis.
As the conference was held on the
day after election,
bankers were in
terested in the fu
ture under a new
a d m in istra tion .
They were asked
several questions
and their replies
are given in the
b o x w h ich ap
p e a r s on this
page.
J. P. H IC K O K
Keynote speak
er at the noon luncheon was E. Sher
man Adams, vice president, First Na
tional Bank of New York, who spoke
on “ Challenges Ahead for Banking.”
President James P. Hickok presided
over the afternoon session at which
Martin R. Gainsbrugh, chief economist
of the National Industrial Conference
Board, New York City, discussed “Cur
rent Economic Trends.”

Sherman Adams, v.p., First National City Bank, New York
City; Mr. McDonnell, and Dr. C. B. Ratchford, director of agri
cultural extension, University of Missouri, Columbia, Mo. In
photo at right, a First National of St. Louis representative, at
bottom left, explains to midwest bankers and wives how the
bank’s new “ Employee Banking Service” is presented.

Only one workshop was held at the
1960 Conference—a discussion, ques
tion and answer period—on the man
a gem en t of government securities
portfolios. Discussion leaders were
Major B. Einstein, vice president,
First National, and Robert Van Cleave,
vice president in charge of research,
C. F. Childs & Company, New York
City.
Final speaker on the afternoon pro
gram was Dr. C. B. Ratchford, director
of agricultural extension and dean of
the university extension service of the
University of Missouri, Columbia.
Each banker attending the Confer
ence received a copy of First Nation
al’s new publication, How to Make a
Bank Grow Faster. This leaflet in
troduced a new service inaugurated by
the bank to provide information and
advice in connection with the con
struction of new banking quarters and
the expansion and modernization of
present facilities.
At the evening banquet William A.
McDonnell, chairman of the board,
entertained the guests briefly, then in
troduced the guest speaker, Joe Gar-

'fStrong friend o f the
Independent Banker!”

3-5411

igpiniïÉ
liiL O H » ! '

,S e«e*aL a t M aafuúfc,
MEMBER

FEDERAI.

DEPOSIT

Northw estern Banker, Decem ber, i960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

INSURANCE

jr %
CORPORATION

BANKERS’ O U TLO O K
A considerable amount of interest was
centered upon the results of the First Na
tional’s annual survey of opinion at the
Correspondent Conference as the answers
were solicited on the day after election day,
when it became increasingly apparent that
the next president of the United States
would be a Democrat, with a different po
litical philosophy than that of the present
administration.
Here are the questions (somewhat con
densed) and answers from 860 bank offi
cials from 21 central and south central
states :
1. Business outlook between now and mid1961?
a. Somewhat depressed .........................38%
b. Moderately up ...............
33%
c. On a plateau ....................................... 22%
d. Sharply up ......................................... 4%
e. Sharply depressed ............................. 3%
2. Money rates during months ahead?
a. Unchanged ......................................... 47%
b. Lower .................................................... 42%
c. Higher .................................................. 11%
3. Inflationary pressures under new admin
istration,
a. Greater .................................................. 81%
b. Less ........................................................ 17%
c. About the same ................................... 2%
4. Two most important factors determining
election outcome?
a. Personality of candidates .............. 54%
b. Television debates .............................30%
c. Welfare issues ................................... 28%
d. Other factors ..................................... 88%
5. Did T V debates add great deal to the
Campaign ?
a. Yes ........................................................ 52%
b. No .......................................................... 45%
c. No opinion ............
3%

FEderal

MARQUETTE
O F M IN N E A P O L IS

agiola, baseball sportscaster and au
thor of the book “Baseball Is a Funny
Game.”

.4 L j k

Storm Lake Construction
The Security Trust and Savings
Bank of Storm Lake began construc
tion last month of a new drive-in
service structure, at the corner of
West Fifth and Geneseo. It will op
erate in addition to the regular bank
ing facilities now offered, and will be
limited to the deposit and withdrawal
of funds, it is announced by President
Leland Ballou.
Basic construction will be of con
crete and dark red brick, without a

Drive-In drives out traffic problem!
G e o r g e T. N e ls o n , A s s is t a n t
Cashier o f Central National Bank
and Trust Com pany o f Des Moines,
say s, “ T he o n ly w a y to h an dle
the t r a f f i c w as w ith a M oslerequ ipped d riv e -in fa cility . We
thought our new drive-in would
handle the same number o f trans
actions as the previous installa
tion . Instead, each o f the fo u r
M osler drive-in w indow s did the
sam e am ount o f b u sin ess! The
fo u r w indow s handled well over
5000 custom ers in D ecem ber.”
S a y s R o b e r t K . G o o d w in ,
C hairm an o f the B o a r d : “ The
basis fo r our phenomenal grow th
is w arm custom er relationships.
Our custom ers needed the con
venience o f a drive-in facility, so
we gave them one.”

E. F. Buckley, President, says,
“ We a r e m o st s a t i s f i e d w ith
M osler equipm ent. The e le ctri
ca lly operated deposit d raw er
efficiently serves small and large
c a r s . . . e v e n t r u c k s . We u sed
M osler equipm ent exclu sively.
I t ’ s tro u b le -fre e and has won
many satisfied custom ers.”

“ This Mosler walk-up window really surprised
us. Even though the main bank is just up the
street, it averaged a transaction every two min
utes in the month of December.”

Problem Solving —A Mosler Specialty

From the largest bank vaults to
the smallest safe deposit boxes,
Mosler design and m anufactur
ing experience is at your service.
W rite fo r in form a tion on any
kind o f customer convenience and
protection equipment.

“ The facilities in our Mosler Drive-In Windows
are so complete that each one is practically a
branch office in itself. Their ease of operation
keeps our tellers comfortable and alert.”

The Mosler Safe Company
Dept. A-360, 320 Fifth Avenue, New York i, N. Y.
Factories, Hamilton, Ohio
World’s Largest Builder of Safes and Vaults

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

No rthwestern Banker, December, Ï96Ù

Iow a

News

basement. The balance of the lot will
be landscaped into a small parkway,
with almost all new curbings and con
crete areaways.

Whiting banker more accurately pre
dicted the average price of several
grades of cattle at the Omaha yards
for a given week.

Bluegrass Bankers Elect
Allen Heaton, vice president, Bank
of Brooks, was elected president of
the Bluegrass Bankers Association at
the group’s annual meeting in Pres
cott.
Other new officers: A. J. Duben,
Iowa State Savings Bank, Creston,
vice president; Royce Davis, Security
State Bank, Mount Ayr, secretary;
Dale Ju ergen s, Clearfield, Bedford
State Savings Bank, treasurer.
Official host for the dinner-meeting
was The First National Bank of Pres
cott, with Brad Outhier in charge.
Don Smith, Bedford State Savings
Bank and outgoing president, presid
ed at the business meeting.

Proposed New W aterloo Bank
Plans Sleek New Building
A new, low, modern frosted brick,
steel and glass building is being
planned for the proposed First Bank
& Trust Company of Waterloo, on
Highway 218.
A group of business and industrial
leaders filed application recently with
the state superintendent of banking in
Des Moines for a charter for the new
state bank. The application was filed
by Dale DeKoster, executive vice pres
ident of the Waterloo Savings Bank,
listed as one of the directors of the
new corporation.

Heads Iowa M otor Club
J. W. Edge, president of the Tipton
State Bank, in Tipton, and the Farm
ers Trust & Savings Bank in Spencer,
was elected president of the Iowa
Motor Club, AAA, last month, suc
ceeding Lester J. Schuster of Clinton,
who lost his life in a private plane
crash in June.

MAX ROY, La Salle Assistant Vice
President, sends you Season’s Greet
ings. Max knows Iowa and Iowa farming
. . . that’s why his ad is a bit “corny.”
You’ll continue to see a lot of Max be
cause he lives in Iowa City, right nearby.
Of course, his headquarters is La Salle
National Bank, 135 S. La Salle St., Chi
cago 90, III.,STate 2-5200. Member FD 1C.
Complete Trust Services.

W hiting Banker W in s
Henry C. Bierwith, president of the
Community State Bank, Whiting, won
the “Crystal Ball Grazing Contest”
held recently at the First National of
Omaha’s Beef Cattle Conference. The

E c o n o m is t

EUGENE C. ZORN, JR., vice president
and economist, Republic National Bank,
Dallas, Texas, addressed members of the
Iowa Association of Mutual Insurance As
sociations at their annual meeting last
month in Des Moines, Iowa. Mr. Zorn
discussed the nation’s business outlook
for 1961. At lower left in the photo is
Harry L. Gross, pres., Iowa Mutual Tor
nado Insurance Association, Des Moines,
and retiring president of the group of
associations.
Northwestern Banker, December, I960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

T oy National Expansion
Is W ell Underway
Razing of a familiar business place
in downtown Sioux City, the former
Lone Star Building at 314 Pierce
Street, was begun last month, to make
room for additional facilities for the
Toy National Bank, according to Carleton Van Dyke, bank president.
The new addition will include mod
ern drive-in facilities to be completed
by early spring, with the drive-in area
to be accessible from two major one
way arteries in Sioux City—Nebraska
and Pierce Streets.
The new improvements also will in
clude a walk-up teller window for
pedestrians.
Savings Bond Figures
October sales of U. S. Savings Bonds
in Iowa were recorded at $8,993,335,
giving the state a 10-month total of
$116,465,976 for 76 per cent of its an
nual goal it was announced by Glenn
L. Ingle, state director for the pro
gram. National average was 79 per
cent.
Mr. Ingle said the national average
is higher due to nine consecutive
months of increased sales of Series E
and H bonds, which has been contrary
to the Iowa pattern.
At the same time, Mr. Ingle said,
October redemptions nationally were
29 per cent below the like month of
1959, and the lowest in 24 months.
Growth Continues
The Bank of California, N.A., is con
tinuing its growth pattern and has
recently established two more offices,
bringing its total to 19 in California,
Washington and Oregon. Total re
sources of the bank as of September
30, 1960, were more than $674,000,000,
according to Edwin E. Adams, presi
dent.

Io w a

News

In sta llin g E lectro n ic E q u ip m en t

S. E. COQUILLETTE, left, dim. of bel., and Arthur E. Lindquist, center, v.p., listen to
Joseph McAndrews’ discussion of the new ultra-modern electronic equipment at Mer
chants National of Cedar Rapids. Mr. McAndrews has joined the staff of the bank as
director of the new “ Datacenter.”

Merchants National Bank of
T HE
Cedar Rapids has found an answer

to their ever mounting burden of pa
per work in the installation of a fully
transistorized solid state Data Proc
essing System developed by Interna
tional Business Machine Corporation.
Merchants will be one of the first
banks in the upper midwest to installP'

■

.... ‘

NO TIME OF YEAR FOR TB.
Is there ever a right time? O f
course not. But Christmas,
more than any other season,
should he a time of glowing
good spirits , health and hap
piness. In the fight against
TB, it can at least be a time
of hope —when millions of
A m ericans h elp by using
Christmas Seals. Answer your
Christmas Seal letter today.

this equipment. Joseph McAndrew,
who recently joined the bank staff,
will be director of the new Datacen
ter.
The IBM series 1412 Magnetic Ink
Character Sensing Equipment can
“read” and act on data printed in
magnetic ink on paper checks and
similar bank paper. It will scan and
interpret information on bank docu
ments such as amounts, check routing
codes and customer account numbers.
Combined with the IBM Type 1401
Data Processing System, it will auto
matically sort checks for all the Mer
chants National Bank’s checking ac
count customers, processing them at
the rate of 950 checks per minute.
Mr. McAndrew explained that the
installation of the equipment will be
done in two phases. The first will
initiate the system in the trust, in
stallment loan, mortgage loan and dis
count departments, as well as in pre
paring statistical records. This por
tion will get underway early in 1961.
The second phase will be the installa
tion of the system for use in other
bank departments and is planned for
1962.
When the system is installed, he
said, it will be available for use by
business, industry and the professions
throughout the area for use in prep
aration of payroll, invoicing and state
ment writing, inventory control, sales
analysis, and other accounting, statis
tical and engineering processes.
Mr. McAndrew will welcome any
inquiries about the system’s availabil
ity and use for business and industry.
Mutual Fund Sales Down
Iowa investors purchased $21,516,000 of mutual fund shares during the

KEITH CO N E, La Salle Vice Presi
dent and head of La Salle’s Instal
ment Credit Department, sends you
Season’s Greetings. Whether it’s car
or college loans, you can depend on
Keith to give you valuable informa
tion on consumer instalment credit.
But for now Keith wishes you a
Happy New Year and that goes for
all the folks at La Salle National
Bank, 135 S. La Salle St., Chicago
90, Illinois, STate 2-5200. Member
FDIC. Complete Trust Services.

Northwestern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Iow a

News

B O B H A N L O N , La Salle Vice
President and head of the cor
respondent banking division,
sends you Season’s Greetings.
He is a big spender —that is, he
spends his time trying to find
ways to help correspondent
banks. Right now he only has
time to wish you a Happy New
Y ear! G reetin gs too, from

La Salle National Bank,
135 So. La Salle St., Chicago 90,
Illinois, STate 2-5200. Member
FDIC. Complete Trust Services.

first six months of this year compared
with $22,324,000 in the last half of
last year and $24,720,000 in the first
six months of 1959, according to a sur
vey made by the National Association
of Investment Companies.
More than 2,000,000 shareholders
have more than 4,000,000 shareholder
accounts with the 159 mutual fund
m em b ers of N.A.I.C., which was
founded in 1941. Combined assets of
the member companies are in excess
of $15 billion.
Total mutual fund share purchases
for the 50 states during the six months
period amounted to $1,123,710,000. This
compared with $1,126,003,000 during
the last six months of last year and
with $1,153,979,000 in the first six
months of 1959.
Purchases of mutual fund sales dur
ing the first six months of this year
by investors in the west north central
area in addition to Iowa were: Minne
sota with $33,786,000, compared with
$36,914,000 in the last half of last year
and $33,847,000 in the first six months
of 1959. For the same three periods,
Missouri reported $42,263,000, com
pared with $42,844,000 and $47,306,000;
North Dakota $4,583,000, compared
with $4,905,000 and $4,760,000; South
Dakota $7,282,000 compared with $8,526,000 and $8,942,000; Nebraska $10,281.000, compared with $10,583,000 and
$11,400,000, and Kansas $19,386,000,
compared with $21,864,000 and $21,445.000.
Total for the west north central area
for the first six months of this year
was $139,097,000, representing 12.38
per cent of the nation’s total mutual
fund sales, compared with $147,960,000
or 13.15 per cent in the last half of
last year and $152,420,000 or 13.20 per
cent in the first six months of 1959.

to employee benefit plans for which
the bank is trustee, a co-trustee or
agent. Funds are pooled and managed
by the trust department of Continen
tal Illinois National Bank and Trust
Company of Chicago.
Assets of the fixed income fund in
creased 38.7 per cent during the year,
from $27,057,562 to $37,528,703. The
fund was invested in bonds, mort
gages, preferred stocks and other as
sets.
The equity fund, invested primarily
in common stocks of 92 companies, in
creased its assets 38 per cent, from
$17,494,199 to $24,228,821 during the
year.
John W . Ashwell
John W. Ashwell, 67, founder and
senior partner of Ashwell and Com
pany, 176 West Adams, Chicago, died
last month at his home in Evanston.
His firm was one of the best known
in the commercial paper brokerage
field.

H o n v rm l

Addresses Industrial Bankers
William L. Schloss of Indianapolis,
president of the American Industrial
Bankers Association, addressed mem
bers of the Iowa Industrial Bankers
Association last month in Des Moines.
Investment Trust Growth
Total assets in the Continental Illi
nois Investment Trust for Employe
Benefit Plans increased 38.6 per cent
during the fiscal year, ended Septem
ber 30, according to the trust’s fifth
annual report.
Assets amounted to $61,757,524 at
the close of the year, compared with
$44,551,762 a year ago. A total of 222
pension and profit-sharing trusts hold
units in Continental Illinois Invest
ment Trust, the first of its kind in the
country.
The investment trust, divided into
fixed income and equity funds, is open
Northwestern Banker, December, 7960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

FRED H. QUINER, v.p., Central National
Bank & Trust Company, Des Moines, was
honored on Ms 50th anniversary with that
institution last month at a retirement din
ner, sponsored by officers, directors and
friends at the bank. He is shown above
with a beautiful plaque presented to him
by E. F. Buckley, pres., who was M.C. He
also was presented several pieces of lug
gage, a gift from officers and directors.
Robert K. Goodwin, chm. of bd., presented
Mr. Quiner with a supplementary annuity
and personal cards designating him as a
special representative of Central National.

Iow a

News

Des M oines New s

Park Fair clrive-in banking fa
T HE
cility of the Highland Park State

|Bank was opened last month with
hours from noon to 6 p.m., Monday
[through Thursday, and from noon unitil 8 p.m., Friday. The modernistic
Ibuilding is at Euclid and Second Aveinues on the Park Fair Shopping Cen
ter lot, and features four drive-in tell
er windows reached by two wide
|driveways.
* * *
George W. Mitchell, vice president,
Iin charge of research, Federal Reserve
Bank of Chicago, addressed members
of the Sales Executive Club last
month at the Hotel Kirkwood in Des
Moines. Several Des Moines bankers
were in attendance to hear “ The Elec|tion Is Over—Now What?”
*
>1=
Edwin F. Peters, executive vice
Ipresident, First Federal State Bank,
[is the general meeting chairman for
the FPRA regional meeting which is
scheduled for April 9-10, at Hotel
Kirkwood in Des Moines. Mr. Peters,
1960 membership chairman for the
4th Region of the FPRA, which in
cludes activities in six states, reports
there will be only three regional meet
ings during the spring of 1961 and as
one of these is being held in Des
Moines, the turnout of bankers from
the central part of the nation should
|be exceptional.
* * *
Frank R. Warden, vice president,
ICentral National Bank and Trust Com
pany, attended last month’s annual
meeting of the Investment Bankers
Association in Hollywood, Fla., only
after first attending the marriage of
[his daughter in Des Moines.
* * *
Members of the Des Moines Chapter
Y O U R STATE B A N K E R S A S S O C IA T IO N
O F F IC IA L S A F E , V A U L T A N D
T IM E L O C K EXPERTS

F. E. DAVENPORT &CO.
O M AHA

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

of A.I.B. attended a forum last month
at the Central National Bank & Trust
to hear a general discussion and see a
film by three men who have been
studying bank automation for their
respective banks. The three are: Carl
L. Kent, assistant cashier, Bankers
Trust; Larry Chemberlin, assistant
comptroller, Iowa-Des Moines Nation
al, and Jack Tarmenter, Central Na
tional Bank & Trust.
* * *
Orville M. Garrett, 65, has retired
after 25 years as vice president in
charge of the real estate loan depart
ment of Iowa-Des
Moi nes National,
announces Calvin
W. Aurand, presi
dent.
Mr. Garrett was
in the ba nk i ng
b u sin e ss almost
45 y e a r s . He
started in 1916 as
a $45 a month
clerk in the prov
O. M. G A R R E TT
ing department of
the old Des Moines National Bank.
He has been president of the Iowa
Mortgage Bankers Association, the
Des Moines Mortgage Bankers Asso
ciation, and active on the Des Moines
Real Estate Board.
* * *
Attending recent meetings from the
Valley Bank & Trust were: Neal A.
Sands, president, who attended the an
nual meeting of the FPRA in Boston;
J. Locke Macomber, vice president
and trust officer, who attended the
29th annual Mid-Continent Trust Con
ference in Chicago, and J. R. Astley,
vice president, who attended the 47th
annual meeting of the Mortgage Bank
ers Association of America in Chicago.
* * *
M. J. Dwigans, vice president, Iowa
State Bank, and Mrs. Dwigans re
turned recently from a trip to Monro
via, Liberia, West Africa, where they
visited their son-in-law and daughter,
Mr. and Mrs. Ray Lasell. Mr. Lasell

fTlER R Y
C H R I TiTlR
5

HARRY MERTZ, La Salle Vice Presi
dent and Auditor, sends you Season’s
Greetings. Harry’s greatest talent is
putting his finger on where banking
systems can be modernized to make
them more efficient. For now he just
wishes all our banking friends a happy
1961. In case we didn't tell you, Harry’s
at La Salle National Bank, 135 So. La
Salle St., Chicago 90, III., STate 2-5200.
Member FDIC. Complete Trust Serv
ices, of course.

Northw estern Banker, December, 1960

Iowa

News

e n

R y

CHRiST/was
JACK SMITH, commercial loan
Vice President . . . is another
native Iowan working for you at
La Salle. Jack is a young man
you should know if you’re on the
go. He’s all geared up, as you can
see, for a fast-m oving 1961!
LaSalle National Bank, 135
So. La Salle St., Chicago 90, 111.,
STate 2-5200. Member FDIC.
Complete Trust Services.

is a civil engineer, associated with
the Stanley Engineering Company,
which has its main office in Musca
tine, Iowa. This firm is doing a great
deal of work for the Liberian govern
ment, as well as handling many jobs
for private industry. On the return
trip, Mr. and Mrs. Dwigans stopped a
few days in Lisbon, Portugal.
* * *
Sherman Fowler, vice president of
the First of Iowa Corporation, com
pleted his 56th year as a banker on
December 2. On that date in 1904 he
began work with the Iowa National
Bank. In subsequent years, through
several mergers, he worked in banks
on three different corners of Sixth and
Walnut Streets. He retired in 1953
as assistant vice president of the IowaDes Moines National Bank, and has
since been affiliated with the First of
Iowa investment banking firm.
* ^ *
Bank personnel in Des Moines al
ways look forward to their bank’s An
nual Christmas Party, and these holi
day events this year, to be attended
by officers, directors, employees and
their husbands or wives, have been
scheduled as follows:
Dec. 6—Women’s Section, Des
Moines Chapter, A.I.B., at the Des
Moines Club.
Dec. 10—South Des Moines Na
tional Bank, at the Cloud Room,
Des Moines Municipal Airport.
Dec. 12—Iowa-Des Moines Nation
al, at the Des Moines Golf and
Country Club.
Dec. 15—First Federal State Bank,
at the Hotel Kirkwood.
Dec. 15—Valley Bank & Trust, at
the Des Moines Club.
Dec. 16—Iowa State Bank, at Hoyt
Sherman Place.
Dec. 16 — Plaza State Bank, at
Bishop’s Buffet in the Merle Hay
Shopping Center.
Dec. 17—Central National Bank &
Trust, at the Hotel Savery.
Dec. 18—Northwest Des Moines
National, at Vic’s Tally Ho.
Dec. 20—Capital City State Bank,
at Hotel Kirkwood.
Dec. 20 — Highland Park State
Bank, at the Des Moines Club.
Dec. 22 — National Bank of Des
Moines, in the bank’s quarters.—
End.

S IO U X FALLS N E W S . . .
(Continued from page 57)
The change was voted at a meeting
of the bank’s board of directors and
was subsequently approved by the
Comptroller of the Currency in Wash
ington.
“This move,” Mr. Harkison said,
Northw estern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

“will allow for a greater legal loaning
limit, which in turn will help acceler
ate commercial development. Our
bank has experienced a great growth
during the last decade. We feel it
our responsibility to provide the prop
er financial climate for further eco
nomic growth in our area.”
The National Bank of South Dakota
recently opened a branch in the east
ern part of Sioux Falls. It now has,
in addition, branches in South Sioux
Falls, Vermillion and Huron, with to
tal deposits of $30,000,000. The insti
tution is affiliated with First Bank
Stock Corporation of Minneapolis.
* * *
Ludwig H. Hagen, 60, trust officer
and assistant cashier of the Northwest
National Bank, died last month after
a brief illness. He had been employed
in the bank’s trust department since
January 14, 1944. A native of Pipe
stone, Minn., Mr. Hagen lived in Sib
ley, Iowa, and Winfred, S. D., before
coming to Sioux Falls. Surviving are
his widow and his mother.
* * *
Carl Voigt, chairman of the board
of the Northwest Security National
Bank, was elected as a director of the
Sioux Falls Safety Council for a twoyear term.
A. F. Junge, vice president of the
First National Bank, was re-elected
secretary-treasurer of the Sioux Falls
Industrial & Development Founda
tion.

New Foundation Brochure
Bankers across the country are now
receiving copies of a new brochure
entitled “The Foundation for Com
mercial Banks — What It Is and
What It Can Do
for You,” to as
sist in a steppedup drive for en
rollment of new
members in sup
port of the 1961
adverti si ng pro
gram.
The eight-page
pamphlet de
sc r i bes the hisl .m . s c h w a r t z
tory and organi
zational structure of the foundation.
It stresses the advantages of a unified
advertising effort on behalf of com
mercial banks.
L. M. Schwartz, president of the Cit
izens Bank, Paola, Kan., is the newlyelected chairman of the foundation.
Started in 1958, the foundation now
lists 5,670 member banks representing
70 per cent of all deposits.

H ank o í M o n tr e a l Show s Gains
resources increased by more
W ITH
than $225 million to $3,485 mil
lion, and with loans maintaining the
peak of $1,773 million established in
1959, the Bank of Montreal last month
reported new records in almost every
phase of its annual statement for the
year ended October 31.
Before-tax earnings were at the rec
ord level of $31,578,780. With $17,352,044, or 55 per cent, of this amount pro
vided for income taxes, the bank’s net
profit for the year’s operations was
$14,226,736, an increase of $2,035,676
over 1959.
Ea r n i n g s per share showed a
marked increase, rising from $1.01 in
1959 to $2.34 in the year just ended.
Of the net profits, shareholders are
receiving $12,148,167, comprising one
quarterly payment of 40 cents per
share, three of 45 cents and an extra
dividend of 25 cents, for a total of $2,
versus $1.85 in 1959 and $1.65 in 1958.
P rom ote Chase Executives
The Chase Manhattan Bank has ap
pointed Cornelius D. Howland and
Robert K. Schell vice presidents in
the United States department, George
Champion, president, has announced.

C. D. H O W L A N D

R. K. SCH ELL

Both are assigned to the district com
posed of Illinois, Minnesota, Montana,
North Dakota, South Dakota and Wis
consin.
Mr. Howland joined the Chase Na
tional Bank in 1936 and in 1945 be
came a member of the first head office
training class. He was assigned to
the mid-western district in 1947 and
was appointed an assistant cashier in
1950. He was promoted to assistant
vice president in 1956, the year after
the Chase National Bank merged with
the Bank of Manhattan Company.
Mr. Schell joined the Bank of the
Manhattan Company in 1951 as a
member of the special training pro
gram. He was appointed an assistant
treasurer in 1954 and in 1957 he was
transferred from the bank’s branch
system to the United States depart
ment. He was promoted to assistant
vice president in 1958.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Total deposits reached an all-time
year-end high of $3,200 million, up
$202 million, or 6.7 per cent from from
1959.
The statement showed total loans
outstanding of $1,773 million, a figure
practically identical with the record
level set in 1959.
A sharp increase of more than 18
per cent in the statement’s valuation
of B of M premises—from $47 million
in 1959 to more than $55 million—re
flected completion of the bank’s new
head office building in Montreal, as
well as the continuing rapid pace of
branch extension and modernization.
Transfer of $2 million from undi
vided profits brought the B of M’s
rest account to $141,850,000. This, plus
paid-up capital of $60,750,000 and re
maining undivided profits of $1,150,859, brought total B of M sharehold
ers’ equity to the record figure of $203,750,859.
5 0 ,0 0 0 M um s on Display
“ Mum’s the word” was more than
an expression last month at The First
National Bank of Chicago. Over 50,000 chrysanthemums were shipped to
the bank from all parts of the United
States and displayed on the first and
second floors of the building.
Free boutonnieres were available
to all visitors attending this new
event. It is reported that it was one
of the largest mum displays ever held
in Chicago. In fact, one of the humor
ous twists resulting from the display
occurred when the wife of one of the
bank’s senior vice presidents called
her local flower shop to place an or
der for mums. She was told that the
only mums available in Chicago were
at the First National Bank.
A D V E R T IS IN G ID E A S . . .
(Continued from page 47)
Houston Exchange upon the intro
duction of a safe driver plan in the state
has this headline: “ You will set your
own insurance rates under the new
Safe Driving Insurance Plan.”
Idea Number 12

Think up original promotions for
anniversaries and other special occa
sions. A t the time of his agency’s
25th anniversary, an agent in a small
Illinois town ran a large ad in the
local newspaper announcing the anni
versary. He then urged all and sundry
who read the paper to have coffee and
a roll “ on him” at any lunch counter
in town— and he made arrangements
with all the lunch counters in town to

BO B W ILLIAM S,

La Salle
Vice President
in charge of
advertising, sends
you Season’s
Greetings. Bob
knows about
blowing horns and
causing excitement
with advertising
that’ll boost business.
But right now
he’s only interested
in wishing you the
happiest of New Years
.. . and he hopes all
your ads produce!
L a S a lle National
Bank,

135 So. La Salle St.,
Chicago 90, 111.,
STate 2-5200.
Member FDIC.
Complete Trust Services.

No rthwestern Banker, December, I960

F.IM Í..4. M e e t i n g I t r a w s l . t i H t
MERRY
C H R IS T M A S !

RON FAIRS, LaSalle Vice President,
sends you Season’s Greetings. Ron’s
experience in helping correspondent
banks with their investments
is worth talking about,
but not in a Christmas
ad. He simply hopes
that 1961 will yield you
a full measure of
growth and happiness
...on behalf of himself,
and La Salle
National Bank,

135 So. La Salle St.,
Chicago 90, 111.,
STate 2-5200.
Member FDIC.
Complete Trust
Services.

than 1,400 bankers and finan
M ORE
cial executives attended the 45th

president, First National Bank, Miami,
second vice president; Harold W.
Lewis, vice president, First National
Bank of Chicago, third vice president,
and Robert A. Bachle, vice president,
National Boulevard Bank of Chicago,
re-elected treasurer.
Mr. Crouch succeeds Reed Sass, vice
president of the Fort Worth National
Bank at Fort Worth, Tex., who auto
matically becomes a member of the
board of directors. The other six di
rectors, all elected for three-year
terms, are:
Clifton Blackmon, vice president,
The First National Bank of Dallas,
Tex.; W. W. Cook, president, The Bea
trice National Bank, Beatrice, Neb.;
Avery H. Fonda, vice president, The
South Carolina National Bank, Green
ville, S. C.; Donald R. Hassell, assist
ant vice president, The Hanover
Bank, New York City; Dutton Hay
ward, vice president, The Puget Sound
National Bank, Tacoma, Wash., and
Edward A. Khayat, vice president of
The Pascagoula-Moss Point Bank, Pas
cagoula, Miss.
Elected to complete the unexpired
term on the board vacated by Mr.
Lewis’ election to the vice presidency
was Robert E. McLaughlin, president
of the Piscataqua Savings Bank,
Portsmouth, N. H.
Preston E. Reed was given special
recognition on his retirement as exec
utive vice president of F.P.R.A. Elect
ed to succeed him is Vernon Schwaegerle, who joined the association in
1959 as executive secretary after 25
years with the American Meat Insti
tute’s advertising and public relations
division.
Named to the executive secretary
post vacated by Mr. Schwaergerle is
Wi l s o n Parfitt, as s oc i at ed with
F.P.R.A. since 1954 as assistant execu
tive secretary.—End.

pick up the tab. (P.S. Don’t try this
if you live in Chicago, Los Angeles, or
New Y ork!)

I am in the fire and casualty insur
ance business and as you can see
from this little bottle of perfume
my company has been in business
for ffty years. Now, if you have
any problems with your wife, I
suggest that you take this perfume
that I found in Paris last year and
give it to her. She will put it be
hind her ears and be so delighted
with the smell that she will forget
all about the amount of money that
you are spending on insurances

annual meeting of the Financial Pub
lic Relations Association in Boston last
month. They participated in dozens
of departmental and clinic sessions, as
well as three general sessions during
the four-day period of the convention.
The keynote address was delivered,
appropriately enough, by A.B.A. Pres
ident Carl A. Bimson, president of the
Valley National Bank of Phoenix, and
a long-time F.P.R.A. member and
booster. In his address at the open
ing general session he discussed “ Pub
lic Relations Comes of Age” and re
ported:
“This year the nation’s 15,500 banks
are spending more than four times as
much on advertising as they spent a
decade ago, an estimated $170 million
compared with some $40 million in
1950. But advertising alone will not
do the job. Publicity can and should
play an integral role in a public rela
tions program. In too many banks
today publicity is relegated to the
status of a necessary evil.
It would be foolish indeed if we
were to make headway in one area
at the expense of the other. Like good
advertising, good publicity requires
foresight and professional competence
and hard work. It may not be as
fancy as some of the newer communi
cations techniques, but there is no
substitute for it in terms of building
and sustaining public consciousness
of banking’s leadership and service
within the community.”
The 1960-61 officers of F.P.R.A., pic
tured in the November issue, are: Jor
dan J. Crouch, vice president, First
National Bank of Nevada, Reno, presi
dent; John P. Anderson, vice presi
dent, First National Bank of Passaic
County, Paterson, N. J., first vice pres
ident; Ernest G. Gearhart, Jr., vice

Idea Number 13

Make your advertising as personal
as possible. One ingenious letter, de
vised by a Pennsylvania agent, ac
tually shows a photograph of the pros
pect’s house. After pointing out what
a beautiful home it is, the letter goes
into a hard sell for a package home
owner’s policy.
Idea Number 14

Try an occasional gimmick. Here
is a successful gimmick used by an
agent in Decatur, Illinois, in writing
to prospects:
“ M y name is Paul Swarm and
Northw estern Banker, December,

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

I960

Above all else, capitalize on the Big
“ I.” For, as the Big “ I” becomes es
tablished as a national trademark, it
will prove to be one of the strongest
weapons in the independent agent’s
selling arsenal.—

.V .

W .ß anrorporation Earnings Up

LOWRY, president, re
GOODRICH
leased the i nt e r i m report of
Northwest Bancorporation and affili
ated banks and companies covering
operations for the first nine months
of 1960, following the October board
of directors’ meet
ing held in Sioux
Falls, S. D.
C o ns o l i dat e d
net operating
e ar ni ng s of the
corporation a n d
affiliated b a n k s
and c o mp a n i e s
fo r the ni ne
mo n t h s endi ng
S e p t e m b e r 30,
G. L O W R Y
1960, amounted to
$11,264,099. This is an increase of
$985,214, or 9.6 per cent compared
with $10,278,885 for the first nine
months of 1959. After preferred stock
dividends, earnings were equal to $2.08
per share on 5,316,676 common shares.
This compares with $1.93 per share
last year in the first nine months on
5,156,466 common shares.
Net additions to income from non
operating sources, as distinguished
from operating and service activities,
amounted to $571,024 as compared

MERCHANTS
MUT UA L

BONDING
COMPANY
Incorporated 1933

2100

H o m e Office
GRAND AVEN U E

Des Moines, Iowa

This is Iowa's oldest surety company.
A progressive company with experi
enced, conservative management.
We are proud of our three hundred
bank agents in Iowa.
To be the exclusive representative of
this company is an asset to your bank.

•

with $58,213 for the comparable period
in 1959. Included in the net addition
for 1960 were net profits from secu
rity transactions amounting to $536,304 before taxes. In the same period
in 1959 security transactions resulted
in net losses of $552,815.
Consolidated net income amounted
to $11,835,123 or $2.18 per share of
common stock. This compares with
$10,337,098 or $1.94 per share for the
first nine months in 1959.
Total dividends declared on the
common stock in 1960 amount to $1.20
per share, compared with $1.10 per
share for the same period in 1959.

M IN N E SO TA N E W S . . .
(Continued from page 56)
Blom kest Open H ouse
The State Bank of Blomkest held
open house recently for its 50th anni
versary and its newly remodeled quar
ters. About 500 people attended and
were treated to coffee, cookies and
cake.
Several prizes were awarded, in
cluding savings bonds and savings
banks.
A lfred O . Aune
Alfred O. Aune, 68, well-known Min
nesota banker, died recently in Langdon, where he had been in the bank
ing business 27 years. He had man
aged the Northwestern Bank of Langdon (now the First Bank of Langdon)
from 1930 until his retirement as pres
ident in October of 1957. Before World
War I, he was with the Farmers State
Bank at Battle View, N. D. After
service, he became assistant cashier,
State Bank of Grenora, then cashier
and manager, Granger State Bank at
Granger, and vice president, Farmers
State Bank at New Rockford. He be
came vice president of the Langdon
bank in 1930, then president in 1932.
5 0 Years in Loretto
The State Bank of Loretto, Minn.,
held open house recently in its newlyremodeled quarters in celebration of
its 50th anniversary. J. H. Grinnell,
president, and all officers, directors
and personnel were hosts to guests
who toured the modern quarters and
enjoyed refreshments and opportuni
ties at door prizes.

President and M anager

W. W. WARNER
V ice President

M. J. CORBIN
S ecretary-Treasurer

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Changes at L u y em e
Delvin Meyer left the First National
at Fremont last month to take charge
December 1 of the insurance depart
ment of the First National Bank of
Luverne. Ernest Parry, formerly in

i c

6 0 0 5 S. M ilw a u k e e W a y • L ittle to n , C o lo .

P. O . BO X 1 4 9

•

A M E S, IO W A

Among other things . . . AN IC O
has special facilities for admin
istering your credit insurance
program . . .
• prompt, unsurpassed service
• sound, continuing growth

Credit
Insurance

E. H. WARNER

r t i c

Division
Dallas 5,
Texas

A M E R IC A N
N A T IO N A L
INSURANCE
COM PANY
o f G A L V E S T O N , TEXAS

No rthwestern Banker, December, 196B

WANT ADS

Rates 20 cents per word per
insertion. Minimum: 10 words.
NORTHWESTERN BANKER
306 15th St. Des Moines, Iowa

POSITION W ANTED
Installment loan position wanted.
College graduate. Seven years’ ex
perience with finance and loan or
ganization. Iowa insurance agent’s
license for all types. Age 33, mar
ried, 3 children. Will relocate. Box
FLH, Northwestern Banker, 306
15th Street, Des Moines 9, Iowa.

FOR SALE
Remington Rand Printing Cal
culator, Model 98.
Heyer Model 70 Mark II Con
queror Spirit Duplicator.
Both excellent condition.
Write CXP c /o NORTHWESTERN
BANKER
306 15th Street, Des Moines, Iowa

POSITIONS AVA ILAB LE
for bankers of all skills and ex
perience. In absolute confidence
write to
BANK PERSONNEL
CLEARING HOUSE
and Employment Agency
503 N. Washington
Naperville, Illinois

POSITION W ANTED
Ambitious 31-year-old married man
with B.S. in Commerce, five years’
insurance and financial counselling
experience, desires position in pro
gressive bank. Write DMK, c/o
NORTHWESTERN BANKER, 306
Fifteenth Street, Des Moines, Iowa.

FOR SALE
Burroughs Sensitronic-single head
posting machine 1 year old.
Mr. Cliff Jossart
Olmstead County Bk. & Tr. Co.
Rochester, Minn.

BANKS a
Bn
°AG
oH
L¿
A l l N e g o tia tio n s C o n fid e n tia l
A
TO N

N A T IO N A L

C L E A R IN G

E X P E R IE N C E D
W IT H

RANK

C A P IT A L

HOUSE

E X E C U T IV E S
IN V E S T

¡Bankers Service c o m p a n y !

I»OXHi* » PMMOINISS. IOWA « PHONt AT*-7800 |

ACORN

Sale
Registers

"Accepted Sale Register* by Bank
Clerks Everywhere"
For information write

THE A CORN PRINTING C O.
i

OAKLAND, IOWA

Northwestern Banker, December, I960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

charge of the department, left the
middle of last month to join BachmanAnderson’s insurance firm in St. Paul.
Ups Surplus $ 1 0 0 ,0 0 0
The First National Bank of Man
kato raised its surplus $100,000 last
month by a transfer from its undi
vided profits account, according to H.
M. Grant, president.
This increase gives the bank a capi
tal structure of $750,000. In addition
to the above, the bank has other re
serves of more than a half million
dollars protecting its depositors.
Directors are: R. G. Foster, presi
dent, Mankato Paper Box Company;
J. G. Lynch, manager, Northern States
Power Company; C. B. MacLeod, chair
man of the board, Hubbard Milling
Company; Earl Madsen, president,
Madsen’s Super Valu Stores; R. J.
(Bert) Mahowald, owner, Mahowald
Company; H. H. Miller, retired; Brett
M. Taylor, vice president, Geo. E.
Brett Company; B. W. Kough, vice
president, and H. M. Grant, president,
First National Bank.
M odernization at Mankato
A drive-in and walk-up teller facil
ity was completed recently at the Na
tional Bank of Commerce in Makato,
Minn., and the first 500 customers who
used either teller were given silver
serving spoons. F. A. Buscher, presi
dent, reported that the bank has been
considering closed TV circuit which
would enable the drive-in teller to cor
respond visually as well as orally with
the main part of the bank.
New Sign in Pipestone
The Pipestone National Bank in
Pipestone has a new 10 Vz-foot high
time and temperature sign for the
front of its banking home.
C. A . T horkelson Elected
President at Redwood Falls
C. A. Thorkelson, cashier of First
James River National Bank at James
town, N. D., succeeded Gerald B. Stan
ton as president of Citizens State
Bank of Redwood Falls the first of
this month.
Son of a Valley City, N. D., banker,
the late A. C. Thorkelson, he prog
ressed from bookkeeper to teller at
First Citizens State Bank, Watertown,
S. D., between 1937 and 1941.
Transferred to Mandan, N. D., Mr.
Thorkelson served as teller there in
1941 and 1942 and came to Minnesota
to be assistant cashier of State Bank
of Lake Park from 1942 to 1947. When
Northwest Bancorporation sold the

Lake Park bank, Mr. Thorkelson went
to Rock County Bank at Luverne
where he was assistant cashier until
going to the Jamestown bank in 1951.
He headed its installment loan depart
ment before becoming assistant cash
ier in 1954, and has been cashier since
1955.
J. E. Hegstrom
J. E. Hegstrom, 78, a prominent
southern Mi nne s o t a business and
banking figure for more than 50 years,
died recently at his home in St. James.
Mr. Hegstrom was the current pres
ident of the First National Bank of
St. James, and the second veteran
officer of that institution to die this
year, having been preceded by C. A.
“Tony” Torkelson, July 12.

C O N V E N T IO N S
January 18, Minnesota Bankers Asso
ciation Midwinter Conference,
Radisson Hotel, Minneapolis.
January 23-24, ABA 13th National
Credit Conference, LaSalle Hotel,
Chicago.
February 6-8, ABA Midwinter Trust
Conference, Waldorf-Astoria, New
York.
March 6-8, ABA 58th Annual Savings
Conference,
Hotel
Roosevelt,
New York.
March 20-22, ABA Instalment Credit
Conference, Conrad Hilton Hotel,
Chicago.
April 20-22, Independent Bankers
Association, Annual Convention,
Sheraton-Park Hotel, Washing
ton, D. C.
May 25-27, South Dakota Bankers
Association, Annual, SheratonJohnson Hotel, Rapid City.
May 26-27, North Dakota Bankers
Association, Annual, Gardner Ho
tel, Fargo.
May 29-June 2, American Institute of
Banking, Annual Convention,
Statler-Hilton, Seattle.
June 6-7, Minnesota Bankers Associ
ation, Annual Convention, Hotel
St. Paul, St. Paul.
June 15-17, Wyoming Bankers Asso
ciation, Annual Convention, Jackson Lake Lodge, Wyoming.
June 22-24, Montana Bankers Associ
ation, Annual Convention, Jackson Lake Lodge, Wyoming.
September 11-13, NABAC 37th annual
national convention. Conrad Hil
ton Hotel, Chicago.
October 11-12, Nebraska Bankers
Association, Annual, SheratonFontanelle Hotel, Omaha.
October 15-18, American Bankers
Association, Annual Convention,
San Francisco.
October 29-November 1, Iowa Bank
ers Association, Annual, Hotel
Fort Des Moines, Des Moines.
November 13-14, 10th National Agri
cultural Credit Conference, The
Statler-Hilton, Dallas, Texas.

T h e B a n k e r s ’ M a r k e t P la ce
A Page Telling What’s New for Banks and Bankers

Each month the Bankers’ Market Place will bring you listings of new
products, specialty items, banking equipment, and gift items which will
help you and your staff do a better job. This is the selection for this month.
COMPLETE catalogue of SheafA
fer pens available as premiums,
including prices, can be obtained from
A.B.C. Advertising in Des Moines.
Listings include items from 92 cent
cartridge pens to $50 desk sets. In
formation about additional specialty
items also is available from the same
firm.
manufactur
CUMMINS-CHICAGO,
ers of bank and business machines,

recently announced the availability of
soundproof cabinets to purchasers
nd users of their Cansamatic. The
Cansamatic is a perforator with auto
matic feed and is used to cancel all
types of checks.

designed for use in critical areas
where a quiet atmosphere is impera
tive in order to maintain error-free
work.
has
electronic de
digit varifier,
which virtually eliminates human er
ror in encoding amount and other
reference numbers into punched pa
per tape.
About the size of a portable radio,
the varifier is actually a solid-state
electronic computer, designed to oper
ate cable-connected to Burroughs ac
counting machines that produce tapes
for data processing. A mathematical
computation which the varifier per
forms instantaneously upon account
numbers to be entered into tape en
sures the accuracy of each entry.
urroughs

c o r p o r a t io n

B introduced a new
vice, the A570 check

the number of members in the family
from two to five.
NEW, inexpensive, practical, yet
A
unus ual ad v e r t i s i ng novelty
called the Mark-A-Ball has been placed
on the market by golf pros Ted Longworth and Charles Sullivan of Port
land, Ore. The Mark-A-Ball serves as
a popular ad novelty when imprinted
with the bank name or advertising
message. It is ideal as a give-away at
open houses, special events, golf tourn
aments, business premiums or person
al gifts. Prices and samples can be
obtained from Mark-A-Ball, P. O. Box
5844, Portland 22, Ore.
COMPLETE line of steel teller
A
counter units has been announced
by Diebold, Inc. Included are single
and double pedestal counter height
units, apron cases, cash trays, teller
buses, counter height mobile units and
accessories. All are in standard di
mensions and are interchangeable to
provide custom-designed teller coun
ters at mass-production prices.

HE Bank of Nova Scotia has re
T
ported that a large amount of cus
tomer response has been developed

Sound P roofing Cabinet

The soundproof cabinet cuts down
50 per cent of the machine noise. It is

through the distribution of a “Pocket
Guide for Family Spending.” The
guide breaks down a customer’s takehome pay into the amounts he should
set aside for food, shelter, home opera
t i o n s, transportation, development
and savings. It considers monthly
take-home pay from $300 to $800 and

Quality Equipment
At Sensible Prices!
T ry An A.B.E.
Electric
Check
P e rfo ra to r

Desk Model
Trouble FREE
— Fast —
No O p e ra to r
Fatigue

FREE TRIAL! WRITE TODAY!

American Bank Equipment
Perforators
By

BUD GBEENSPAN
4775 D ecatur, Omaha 4, Nebraska
Coupon Loan Systems
Cheek Endorsers, Signers
Certifiers and Numbering Machines
Paper Cu tters and Shredders
★
★
★
★
★
★
★
★
★
Prom pt Service On All Makes Check
Cancelling P erfo ra to rs

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

SHEAFFER'S SPECIAL No. CS is gift-boxe d
w ith 2 Skrip cartridge s. This new, leakproof
fou ntain pen holds more in one load than
any other A m erican-m ade c a rtrid g e pen.
Backed by Sheaffer's re puta tion, you g e t
5 lines o f ad copy and your choice o f fine
or medium points. 100— $1 each; 250— 96c
each; 500— 92c each. Send your ad and
state p o in t desired to A B C A d vertisin g,
3212 Ingersoll Ave., Des Moines 12, Iowa.

Northwestern Banker, December, I960

Everybody Wins?

Remember This One

Clever, These Chinese

A preacher saw a beautiful newlypainted white fence and could not re
sist writing on it in large letters: “ I
pray for all.”
One of the candidates for high office
during the recent election saw the
message and could not resist writing
below it in large letters: “ I’ll provide
everything for all.”
On his way home from extra hours
in the office (for no overtime pay),
Mr. Small Businessman saw the two
messages . . . and could not resist writ
ing in large letters: “And I’m the poor
guy who’s going to have to pay for it

Conductor: What are you doing
with those towels in your suitcase?
Passenger (with presence of mind):
Oh, they are some I used the last time
I was on this train. I had them
washed and brought them back.

A sailor, after placing some flowers
on a grave in the cemetery, noticed an
old Chinaman placing a bowl of rice
on a nearby grave and asked: “What
time do you expect your friend to
come and eat the rice?”
Chinaman (with a smile): “ Same
time your friend comes up to smell
the flowers.”

all.”

Wife: I baked two kinds of biscuits
today. Would you like to take your
pick?
Husband: No, thank you. I think
I’ll use my hammer this time.

Follow in Footsteps
Little Johnny was in one of his very
bad and disobedient moods. In answer
to his mother’s remonstrations that
he behave himself, he said, “Give me
a nickel and I’ll be good.”
“Give you a nickel!” she scolded.
“Why, Johnny, you shouldn’t be good
for a nickel, you should be good for
nothing—like your father.”

Sufficient Reason
Psychiatrist: Why have you got
into the habit of walking backwards?
Patient: I like to see the expression
on the faces of the people following
me.

He's Prepared

Boy, That's Lucky
A woman fell overboard in the mid
dle of the Atlantic and a shark came
right up to her, took one look and
went away. Fortunately, it was a
man-eating shark.
Jt

Davenport, P. E., and Company . . . . 74, 87
DeLuxe Check Printers, Inc....................... 14
4
Diebold, Inc.......................................................
Drovers National Bank .............................. 81

IN D E X OF
A D V E R T IS E IIS

Employers Mutual Casualty Company. . 4 6

DECEMBER, I9 6 0
A

ABC Advertising C om p an y.......................
Acorn Printing Company .........................
American National Insurance
Company of G a lv esto n ............................
American Trust and Savings
Bank, D u b u q u e..........................................

93
92
91
80

R
Bank of America ........................................... 35
Bank of M o n trea l.......................................... 55
Bank of New Y o r k ................
7
Bankers Service Company, Inc..........75, 92
Bankers Trust Company, Des Moines. . . 76
Bankers Trust Company, New York. . . 39
Black Sale, S y s te m ........................................ 68
C

Canadian Bank of Commerce ....................
Central Bank and Trust Co., Denver . . .
Central National Bank and
Trust Company, Des M o in es.................
Central States Health and Life Co..........
Chase Manhattan Bank ..............................
Chemical Bank New York Trust Co........
Chiles-Schutz Company ..............................
Christmas Club a Corporation.................
City National Bank and
Trust Company, C h icago.......................
Commerce Trust Company .......................
Continental Illinois National Bank
and Trust C om pan y..................................
Northwestern Banker, December, 1960

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Fifth Avenue Hotel ......................................
Financial Colorad C om p an y .....................
First Continental National Bank
and Trust Company, L in c o ln ...............
First National Bank of A r iz o n a .............
First National Bank, Chicago .................
First National Bank, Kansas C ity.........
First National Bank, Omaha ...................
First National Bank in St. L o u is ...........
First National Bank, St. P a u l.................
First National City Bank
of New York .............................................
First Stock Yards Bank,
South St. J o se p h ........................................

40
93
73
40
11
6
69
45
50
8-9
74

Glo-Processed Displays, Inc....................... 93
Greenspan, M. 1................................................ 93

Hummer, Wayne, and C om p an y ............. 42

Consider the Viewpoint
A sports-car driver was puzzled
when a friend whom he had given a
lift asked, “What is this long wall we
keep driving past? It’s over 10 miles
long.”
The s ur p r i s e d driver answered,
“ That’s not a wall—it’s the curb.”

Different Circumstances
The major looked up from his desk
at the first-class private and snapped,
“ Now really, I ask you, in civilian life
would you come to me with a puny
complaint like this?”
“No, sir,” was the reply, “ I’d send
for you.”
M
Manufacturers Trust C om p an y............... 17
Marquette National Bank ......................... 82
Massaglia Hotels .......................................... 38
Mercantile^ Trust C om pan y....................... 15
Merchants Mutual BondingCompany.. 91
Merchants National B a n k .......................... 2
Minnesota Commercial Men’s Assn........ 54
Mosler Safe C om pan y.................................. 83

N
National Bank of Com m erce.....................
National Bank of South D a k o t a .............
National Bank of Waterloo .....................
National Cash Register Company...........
Northwest Security National Bank . . . .

72
57
78
53
58

O
Omaha National Bank ...............................

Ralston Purina Company ......................... 62
Recordak Corporation ......................... 48-49
S

St. Paul Terminal Warehouse Co............ 37
St. Paul Western C om panies................... 44
Stock Yards National Bank, Omaha. . . . 71

16
62
20
95
19
10
66
13
22
18
41

Imperial Bank of Canada ......................... 42
Iowa-Des Moines National Bank ........... 96

Koch B roth ers................................................. 44

LaMonte, George, and S o n .........................
LaSalle National
B ank...... ................ 84, 85, 86, 87, 88, 89,
Lawrence Warehouse Company .............
Live Stock National Bank, Chicago.........
Live Stock National Bank,
Sioux C i t y .....................................................

3
90
43
33
56

Tootle-Enright National Bank ............... 75
IT

United States Check Book Company. . . . 70
United States National B a n k ................... 64

V
Valley Bank and Trust Company,
Des M o in e s.................................................. 79
Valley National Bank, P h o en ix ............... 36

Is Your
"Resting” on
Its Services?
As financial advisers to business men in their
communities, bankers know the importance of a business
keeping its services up-dated, competitive, dynamic.
This business principle is as applicable to a bank as it
is to a feed store, grocery, or any retail outlet.
Of course, new services must be profitable themselves . . . or
increase profits indirectly through improved good will.
Central States B A N K H E A L T H Program does both! It returns
profitable extra income . . . it’s good public relations.
How? I t ’s simple. Central States offers protection to your
checking account customers in good standing . . . who authorize
checking account deductions. Y ou relieve them of the bother of
premiums . . . retain a liberal fee for your efforts.
The fact that more than half of all banks in Nebraska and
South Dakota are using this program is evidence that it is sound and
effective. For complete details, please write, wire or phone:

e n t r a l

ealth &

o f

t a t e s

L if e C o .

m a h a

T. L e s l ie K iz e r , P r e s id e n t
U N D E R W R I T E R S
A N D

L I F E ,

T H R O U G H

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

O F

H E A L T H ,
F I N A N C I A L

C O N S U M E R
A C C I D E N T

A N D

I N S T I T U T I O N S .

C R E D I T
H O S P I T A L

I N S U R A N C E
I N S U R A N C E

A garland of
Merry Christmas wishes
from our Correspondent Department: Betty, Jerry, Christy, Keith, George and Bob

May there be a child at your house to help find and decorate the
Perfect Tree . . . as fresh and lovely as the spirit of Christmas.
May all of your family, from far and near, be gathered together for these
joyous days . . . in good health, good fortune and good cheer.
May Santa discover, in your secret heart, the one most ardent wish you hold,
and fulfill it for all the years to come.
And finally . . . may you find a moment in this happy season to let us see you, shake
your hand, and say our thanks for your friendship. Merry Christmas!

We’re here to help you get what you want

w a

e s

o in e s

Sixth and Walnut, Des Moines 1+

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

CHerry 3-1191

(ff) N
Member Federal Deposit Insurance Corporation

Full text of The Northwestern Banker : December 1960, 66th Year, No. 881

FRASER