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A.B.A. President Fleming, Iowa Governor Erbe and U. S. Rep. Keogh visit at Iowa convention— Story on Page 79 How the Farm Representative Helps His Bank— Survey— Page 25 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis «•»nr* OVER HALF OF ALL IOWA BANKS ARE MERCHANTS NATIONAL CORRESPONDENTS One reason is the specialized service MNB offers, such as helping design and maintain pension and profit-sharing plans. Experienced Merchants National experts study the complexities of each situation, and work with you and your customer, attorneys and insurance specialists to design a plan to fit the specific need. This is just one of the many ways The Merchants National serves over half of all Iowa banks. Let MNB serve you, too. Your call will be welcomed. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis fe w ! T H E M E R C H A N T S N A T IO N A L B A N K O F C E D A R R A P ID S 3 H o w d ig g in g fo r b u s in e s s b ro u g h t th is b a n k e r a n e w accou n t One of our correspondents in a midwestern city heard an interesting report —mining properties located nearby were being considered for development. The bank asked us to investigate. The report was true, and we immedi ately contacted the mining company. We told them o f our correspondent’s interest in doing business with them, and arranged a personal introduction between the bank’s officers and the executives of the mining company. Result: the mining company opened an account with our correspondent bank, and an important new relation ship was established. "Digging for busi ness’ ’ to help correspondent banks is one of our most important services. As a correspondent of the Northern Trust, you too can count upon this ready cooperation. It’s an important "plus” that goes along with our full range o f banking, credit, bond, trust, and operating services. M ay we be of help to you? If you are not already a c q u a i n t e d w i t h u s , c a l l N. Ha l l Layman, Vice President, or one of his associates in the Banking Department. ^Ae N O R T H ER N T R U S T 5 0 S o u t h La S a lle S t r e e t C h i c a g o 9 0 , I l l i n o i s FI 6 - 5 5 0 0 • M e m b e r F . D . I . C . ( / 'm w cm BANK U ' “ No. 893. Northwestern Banker is published m onthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines 9, Iowa. Subscription 35c per copy, $3 per year. Second class postage paid at Des Moines, Iowa. Address all mail (subscriptions, change of address, Form 3579, manuscripts, mail items) to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 NCR THE 315 is supported by a strong foundation! £S p P °0jTlN£SThe outstanding performance of the NCR 315 is based on a strong foundation of vital back-up and support. This new generation computer exemplifies the same back-up and support provided by NCR in all areas of data processing. Standard programs . . . from scientific routines to common English translators . . . to reduce programming time and cost. Professional instructors to provide complete customer training. Trained specialists to assist in system and site design. Preventive and correc tive maintenance to maintain your NCR equipment in top operating efficiency. All provided with the 315 . . . all backed by a company with 77 years of experience in the office equipment business. Investigate today! Call your NCR representative, a trained systems consultant, or write: Electronic Data Processing Systems and Sales, Dayton 9, Ohio. *t*aocma»k—mr.a. u.s. pa t . Q / fcâ tU m a l THE NA TIO NA L CASH REGISTER C O M P A N Y , DAYTON 9, OHIO 1039 OFFICES IN 121 COUNTRIES • 77 YEARS OF HELPING BUSINESS SAVE MONEY Northwestern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ELECTRONIC DATA PROCESSING AD D IN G MACHINES • CASH REGISTERS ACCOUNTING M ACHINES n c r p a p e r (No C a r b o n R e q u i r e d ) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 At Security First National o f L. A. NASSB Elects Officers Top E x ecu tiv e Chunges A n n ou n ced Members of the National Associa tion of Supervisors of State Banks met in Las Vegas, Nev., recently for their 60th annual convention, electing the following men to office for 1961-62: President—Robert L. Myers, Jr., sec retary of banking, Pennsylvania; 1st vice president—William J. Murphy, superintendent of banks, California; 2nd vice president—Norris E. Hart well, Wyoming state examiner; 3rd vice president—C. V. Pierce, South Carolina chief examiner; secretarytreasurer—Edward H. Leete, deputy superintendent of banks, New York, and executive vice president (former ly called executive director)—Hollis W. Burt. The 1962 convention will be held at Bretton Woods, N. H. IRECTORS of Security First Na tional Bank of Los Angeles last D month made major changes in the bank’s management following the an nouncements by James E. Shelton, chairman of the board, and Chester A. Rude, vice chairman of the board, of their intended retirements on Jan uary 31, 1962. At the meeting of the bank’s board, Mr. Shelton was named senior board chairman, with the expectation that in continuing as a member of the board after January 31, 1962, he will then be designated chairman emeritus, and continue to serve as a member of the bank’s executive committee and chair man of its trust committee. Mr. Rude continues as vice chair man of the board through January, 1962, when, on retirement, he expects to continue as a member of both the bank’s board and its executive com mittee. Lloyd L. Austin was elected chair man of the board. He continues as chief executive officer of the bank, and chairman of the managing com mittee. For the past six years, Mr. Austin has served the bank as its president. Frederick G. Larkin, Jr., was elected president and a member of the bank’s important managing committee. Mr. Larkin was formerly a senior vice president. William E. Siegel was elected ex ecutive vice president, banking, a newly created title, and was appointed a member of the bank’s managing committee. Edwin H. Corbin was elected execu tive vice president, trust, also a new designation. He has recently headed and will continue in charge of the bank’s trust department. Mr. Corbin, too, joins the managing committee. Oscar T. Lawler, a senior vice presi- dent, was added to the bank’s manag ing committee. These seven officers, along with Elden Smith, chairman of the execu tive c o m m i t t e e , and Edmund F. Schnieders, senior vice president, pres ently constitute the managing com mittee of the bank. SH ELTO N RUDE A U S T IN FPRA In Session L A R K IN S IE G E L C O R B IN Mr. Austin’s election as board chair man highlights a banking career that began when he joined the bank in 1933. He was elected to the board of directors and appointed to the man aging and executive committees in 1953. Two years later he became pres ident, and last year was appointed chairman of the managing committee. Mr. Larkin, at 47 years of age, is one of the youngest presidents of a major national bank. He has headed the bank investments and bond de partment for several years. He was elected a director of the bank last month, and a senior vice president a year ago. He joined Security Bank 25 years ago as a research assistant after receiving his MBA from the Stanford Graduate School of Business. a L I F E S A V E R for Community Bank Trust Officers Who Need Assistance “ F R O M T H E T R U S T V I E W P O I N T ” Yes . . . S tu d ie y , S hup ert Trust Investm ent C ouncil services g o f a r b e y o n d m ere sta tistica l d a ta a n d g e n e ra liz e d an alyses o f econom ic con ditions. In ste a d , the C ouncil augm ents its M e m b e rs ’ tru st d e p a rtm e n t pe rsonn el w ith a s ta ff o f e x p e rie n c e d , c o m p e te n t, tru s t-m in d e d specialists . . . a n d these assist M e m b e rs in a tta in in g the spe cific tru st o b je c tiv e s o f in d iv id u a l accounts. W e in v ite y o u to in v e s tig a te the a d v a n ta g e s o f Council M e m b e rs h ip . W r ite D e p t. N W -LS . S T U D L E Y , S H U P E R T T R U S T IN V E S T M E N T C O U N C IL 1617 Pennsylvania Boulevard, Phila. 3, Pa. Northwestern Banker, December, 7967 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 155 Berkeley Street, Boston 16, Mass. Members of the Financial Public Relations Association were meeting at Bal Harbour, Fla., for their 46th annual convention as this issue was being printed. Delegates from all over the nation were participating in the usual workshops provided at each an nual FPRA meeting, as well as hear ing prominent speakers on the general session program. The four workshops covered the schools of human relations, advertis ing, marketing and communications. An on-the-spot report is being prepared for our next issue by Malcolm Freeland, president of the N orth w ester n B anker. Report MICR Progress Commercial banks in the nation have made considerable progress in adopting magnetic ink character rec ognition— known as MICR — which will make possible electronic check processing, according to a recent sur vey made by the 12 Federal Reserve Banks. The survey indicated that 36.1 per cent of all checks now carry the mag netic ink characters devised by the American Bankers Association to aid Bankers in their biggest job—the col lection and handling of checks. This figure represents a marked improve ment over the 19.5 per cent recorded in a similar survey six months ago. However, in the Tenth Federal Dis trict—which includes Colorado, Kan sas, Nebraska, W yom in g , western Missouri, northern New Mexico, and most of Oklahoma—the program has lagged somewhat behind the nation. For example, in Nebraska the percent age of encoded checks is currently only 10.7 per cent. Oldest Financial Journal West of the Mississippi for your DECEMBER, 1961, reading D i t a r E d i t i n ' 67th Year No. 893 EDITORIALS 14 Across the Desk from the Publishers FEATURE ARTICLES 7 23 25 31 “ Still Equipping Facility” “ We appreciate very much the article which you included in yonr November N o r t h w e s t e r n B a n k e r on page 74, con cerning our Civil Defense Emergency Vault Facility. “ We still are in the process of fully equipping and stocking the facility, but find that advice is difficult to find, inasmuch as no one else in our area has previously attempted this. We hope that if you are ever in our area, you will stop in.” 32 33 34 35 36 Trigger STATE BANKING NEWS Minnesota Twin City South Dakota Sioux Falls North Dakota Colorado Wyoming Burton P. Allen, Jr., Exec utive Vice President and Cashier, The First Na tional Bank o f Milaca, Minn. “ European Trip” “ I just returned from a five-week trip to Europe. Visited England, Denmark, Netherlands, Belgium, West Germany, Switzerland, Italy and France. “ General business activity was high, es pecially in West Germany and to a lesser degree in Italy. The demand for credit, especially in Denmark, is at a high degree. “ In business circles there is some com ment on the Common Market now covering six countries. England is considering join ing. This is now in the discussion stage. (Negotiations between Britain and the six original Common Market members were scheduled to begin in Brussels on November 8.— Ed. Note.) “ Visitors to Europe still arrive at a high rate. The limit of purchases for one person has been reduced from $500 to $100 as free from customs. D E A R E D IT O R . . . (Turn to page 8, please) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Dear Editor Frontispage— Bouncing One Out How the Farm Representative Helps His Bank— A N o r t h w e s t e r n B a n k e r Survey Something for Nothing Will Not Make America Great— Rita E. Rawll Most Talked About Lobby Display Sam Fleming New A.B.A. President— Ben Haller, Jr. Loan Help of Correspondent Banks Gains in Importance Minnesota Bank Offers Showroom to Customers Bonds, Stocks Continue Climb to Higher Prices— Raymond News News News News News News News 51 52 59 61 62 63 64 65 67 68 74 79 90 96 Montana News Nebraska News Omaha News Lincoln News Iowa Bankers Elect Charles W alcott Iowa News Des Moines News OTHER FEATURES 102 103 104 104 Index of Advertisers The Bankers’ Market Place In the Directors’ Room Convention Calendar N O RT H W ESTER N BANKER 3 0 6 1 5th S t re e t , D e s M o in e s 9, Io w a , T e le p h o n e C H e r r y 4 -8 1 6 3 Publisher Associate Publisher C liffo rd De P u y M a lc o lm K. F re e la n d Associate Editor D o y le M in d e n Circulation Department E liz a b e th C ole L e n a S u tp h ln Field Representative A I K e rb e l F ra n k P. S y m s , V ic e M ilt o n P. Bock, V ic e Ben J. H a lle r, Jr. Associate Editor W a lt e r T. P ro c to r Advertising Assistant Editor Auditor M a r g a r e t R e d d in g Field Representative Paul M a ste rs P re sid e n t, 5 5 0 F ifth A v e n u e , N e w York 3 6, J U d s o n 2 -7 1 2 6 P re sid e n t, 6 5 4 B a k e r B u ild in g , M in n e a p o lis, F E d e ra l 6 -5 3 5 7 DE PUY PUBLICATIONS: Underwriters Review, Northwestern Banker, Iowa-Nebraska Bank Directory Northw estern Banker, Decem ber, 1961 8 C h ristm a s Club P a sse s $ 1 .5 ß itlio n dw ard f . Do r s e t , president, of Christmas Club a Corporation, has E announced that for the first time Christmas Club savings have passed the one and a half billion mark. The 1961 Club accumulation will be a huge $1,510,460,000 and checks for this sum are being mailed to over thirteen mil lion Christmas Club members by some 8,800 banks and savings institutions. Mr. Dorset called attention to the fact that the members now receiving their checks joined the Club last No vember and December, months that were considered as the bottom of the recession. “ It’s evident” said he “that the American people had confidence in the strength of our economy and were ahead of some business and gov ernment leaders in anticipating the recovery. After all it took courage to start a savings program when not even national leaders were sure of the economy.” The 1961 accumulation represented savings in all 50 states and the aver age was $112.00 per member compared to $110.00 per member in the 1960 F t a a * G rub e r peace ■ ful night! bo - li-est night! ho - li-est night! Thro the (lark - ness Dark-ness fîtes and (luid - iag Star. O beams all lead a :s th.V Sight, light light1 Club. A recent survey by Christmas Club a Corporation shows that the total will be used as follows: Christmas Purchases Savings and Investm ent for Future U se Taxes Year-end Bills Miscellaneous 30% $ 42% 17% 5% 6% 453,138,000 634,393,200 256,778,200 75,523,000 90,627,600 $1,510,460,000 The year 1961 marks the tenth sue- , cessive year that the Club disburse ments have exceeded a billion dollars and the 1961 accumulation, following the trend of the past several years, is about 3.9 per cent larger than in 1960. New York led the 50 states with 2,652,959 members and $305,407,064 in savings. Pennsylvania was second with 1,681,195 members and savings of $201,229,371. New Jersey with 1,148,940 savers who saved $154,415,150 shared third place honors with Califor nia whose 982,660 savers accumulated $156,231,490. DEAR EDITOR . . . (Continued from page 7) “ Denmark, Netherlands and also Belgium have a prosperous farm economy. “ France still labors under the Algerian crisis. I saw no riots, but some were ex pected on All Saints Day, November 1. 20,000 police were alerted but nothing hap pened.” L. Boyd Hist, President, Wymore National Bank, Wymore, Nebraska. FIRST NATIONAL BANK KANSAS CITY, MISSOURI M EMBER No rth weste rn Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OF FEDERAL DEPOSIT INSURANCE CORPORATION P U B L IS H E R ’ S S T A T E M E N T Statem ent required by the A c t of A ugust 24, 1912, as amended by the Acts of M arch 3, 1933, July 2, 1946 and June 11, 1960 (74 Stat. 208) Showing the Ownership, M anagem ent and Circu lation of T h e N o r t h w e s t e r n B a n k e r , published monthly at Des Moines, Iowa, for October, 1961. 1. The names and addresses of the publisher, editor, m anaging editor, and business m anagers are: Publisher, Clifford DePuy, Des Moines, Iowa; Editor, Ben Haller, Jr., Des Moines, Iow a; Presi dent, Malcolm K . Freeland, Des Moines, Iow a; Associate Editors, W alter T. Proctor and Doyle Minden, Des Moines, Iowa. 2. The owner is: N o r t h w e s t e r n B a n k e r C o m p a n y , 306 15th Street, Des Moines 9, Iowa; M al colm K. Freeland, President, Des Moines, Iowa; Ben Haller, Jr., Vice-President, Des Moines, Iowa. 3. The known bondholders, mortgagees, and other security holders owning or holding 1 percent or more of total amount of bonds, mortgages, or other securities are: Malcolm K. Freeland, President, Des Moines, Iow a; Ben Haller, Jr., V ice President, Des Moines, Iowa; Clifford DePuy, Chairman, Des Moines, Iow a; Frances Prouty De Puy, Des Moines, Iowa. 4. Paragraphs 2 and 3 include, in cases where the stockholder or security holder appears upon the books of the company as trustee or in any other fiduciary relation, the name of the person or corporation for whom such trustee is acting; also the statements in the two paragraphs show the affiant’s full knowledge and belief as to the circumstances and conditions under which stock holders and security holders who do not appear upon the books of the company as trustees, hold stock and securities in a capacity other than that of a bona fide owner. 5. The average number of copies of each issue of this publication sold or distributed, through the mails or otherwise, to paid subscribers during the 12 months preceding the date shown above w as: (Th is inform ation is required by the act of June 11, 1960, to be included in all statements regardless of frequency of issue.) 4,070. M a l c o l m F r e e l a n d , P res id en t. Sworn to and subscribed before me this 15th day of September, 1961. (Seal) B e n H a l l e r , J r ., N otary Public (M y commission expires July 4, 1963) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE NO T-SO -M AG IC INGREDIENT Quality is never an accident. It takes work to build it into an article or service—and more work to keep it there. O ver the years, w e’ve tried to make correspondent banking a "quality operation. Result: of the thou sands of banks w e serve, hundreds have been with us for over half a century. But, as baseball’s great Carl H ubbell put it: “ A fellow doesn’t last long on what he has done. H e’s got to keep on delivering as he goes along.” W e intend to keep delivering. MANUFACTURERS HANOVER TRUST M e m b e r F e d e ra l D ep osit In su rance C orporation Northw estern Banker. Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11 theDiebold Direction-Controlled W in d ow ... BEST WAY TO REACH ALL YOUR DRIVE-IN CUSTOMERS With today’s variety of vehicle heights, it takes a special kind of drive-in banking window to serve all your cus tomers with the convenience they expect and you want to provide. Now you can provide this convenience with the new Diebold Direction-Controlled Drive-In Banking Window, the window with a deal drawer that measures up to small cars, tall cars, all cars. The Diebold Direction-Controlled window moves outward and inward . . . upward and downward— all at the touch of a button. Customer access to deal drawer is quick and convenient no m atter what height their car may be. Isn’t this the kind of considerate drive-in banking service you want to give your customers? Use the coupon right now to get complete information. DIEBOLD I N C O R P O R A T E D OIEBOLD, Incorporated Canton 2, Ohio Gentlemen: Please send detailed Information on the Diebold Direction-Controlled Drive-In Window. Name Firm HERRMILMARI B-123 . „ Address City____ Zone. State. SAFE C O M P A N Y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northw estern Banker, December. 1961 12 H a r r i s H a n k N otv A n t o m a tc s C o m m e r e ia i Accoun ARRIS Trust and Savings Bank announced this week that its handling of commercial accounts is now completely automated by the in stallation of a d d i t i o n a l electronic equipment, the first of its type to be put into use by any Chicago bank. Nearly two years ago, the Harris Bank became the first in the country to convert the bookkeeping process on all its checking accounts to a largescale computer. At the Harris this computer was Uni vac II, installed on the bank’s seventh floor by Remington Rand. Since that time, the same com puter with its peripheral equipment has taken on the bookkeeping assign ment for all the bank’s savings, per- H sonal trust and stock transfer ac counts. Soon Univac II will be retired in favor of its successor, the complete ly transistorized Univac III, which will handle a larger volume of work at ten times the speed. Although the Harris bookkeeping process has been fully automated, the checks and deposits still were sorted by hand and amounts and account numbers manually converted to punch cards for feeding the information into the computer. The heart of the installation just announced by the Harris is the IBM “ 1401” computer, the first of this new ly developed type to be installed in a Chicago bank. Its companion, the “ 1412” Reader-Sorter, electronically reads the amounts and account num bers of eight hundred checks per min ute as it sorts them far beyond the speed of human handling methods. As the information is read, it is fed to the computer for the production of customers account and statement en tries. The automated procedures now in operation at the Harris are the re sults of seven years research and sys tem design administered by Maurice K. Heald, vice president of the bank, and the operations research departmet automation specialists, in close co operation with equipment manufactur ers. Current intensive study is devoted to establishing availability of the Har ris Bank equipment for various record keeping requirements of its commer cial c u s t o m e r s and correspondent banks.— End. Bankers Trust V. P.’ s ¿Work OTIS M cCLINTO CK ELM O T H O M PSO N JACK ALLEN Thomas E. Baggott, Theodore R. Hilb, Isaac W. Hughes and Henry E. Podsen have been named vice presi dents of Bankers Trust Company, New York, it was announced by William H. Moore, bank chairman. All are associated with operations at branch offices or in headquarters. MAC M cCLINTO CK NCR’ s Sales and Earnings Set New Record Highs R U S S E L L HUNT BILL KE N D A LL DICK W AGNER GUY B A Y L ESS a Happy Holiday Season for YOU! GEORGE HAUGER T hink . . . FIRST NATIONAL BANK AND TRUST COMPANY Northw estern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sales and earnings of The National Cash Register Company for the first nine months of 1961 and also for the third quarter set new all-time records, Robert S. Oelman, NCR president, an nounced in Dayton following a month ly board of directors meeting. Total sales were $361,776,309, or an increase of 15 per cent over the pre vious high of $315,768,220 recorded for the first nine months of 1960. Net in come, after all taxes, was $13,428,864, up 10 per cent over the $12,179,673 earned during the first nine months of last year. On a per-share basis, the 1961 ninemonth income amounted to $1.69 each on the 7,958,990 shares now outstand ing, compared with $1.53 during the comparable period of 1960. Unremitted earnings from the com pany’s overseas su b s id ia rie s and branches, which are not included in net income, totaled $6,206,686 for the first nine months of this year, com pared with $1,803,083 for the similar period of 1960. Sales for the third quarter were $122,929,823, compared with the pre vious third-quarter record of $109,990,886 set last year. Net income for the third quarter of this year was $5,293,011, which compares with $4,591,504 for the third quarter of 1960. A "...since modernizing...a 134% gain in deposits..." Says C. P. S t u a r t , chairman of the board, Fidelity National Bank & Trust Co., Oklahoma City: “Since the completion of our modernization program in 1957, our deposits have increased 134 per cent; and we have a 40 per cent gain in number of depositors. Our new interior layout has helped considerably in improving our overall operating efficiency. In my opinion, Bank Building Corporation has made a significant contribution to the progress and growth of Fidelity National.” C. P. Stuart, chairman of the board What does it take to design, build, and equip a bank that can win more than its share of new business and profits, year after year? You can get the answers by consulting with the 500-strong team that has built more banks than anyone else in the world... Bank Building. A single call or note to us puts at your disposal the experience gained from more than 3,600 financial projects. Left and below: An executive office and lobby o f Fidelity National Bank & Trust C o., Oklahoma City. ***»***•'• üfócir... OF AMERICA ST. LOUIS, 1130 HAMPTON AVENUE • ATLANTA Just out! Fourth and newest edition send today for your FREE copy. . . 'What happens to business AFTER a bank modernizes?" Case histories! Current, factual information unavailable through normal channels. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • CHICAGO • DALLAS • NEW YORK • SAN FRANCISCO 14 » S the D E S K jjMmthe PoWiahei (DmJi. $jOMpk. d t. JaqqahL: Dean, Graduate School of Business Administration, New York University. In your predictions for 1962 you expressed the belief that we would have “ good times but no boom.” You also felt that the Gross National Product would reach about “ 580 billion by the end of 1962,' and warned that too much government regulation could stifle individual enterprise and hurt long term growth. “ We can combat Communism and its spread not by embracing collectivization ourselves, but by showing for all the world to see the tremendous productivity and blessings of a dynamic free enter prise system,” you declared. To refute your expressions of confidence in the outlook for the next year, the Baxter International Economic Research Bureau of New York is adver tising a new study, the title of which is, “ W hy we believe this coming business crisis will be the worst in 100 years.” This Bureau has been selling pessimism for years and just to prove how wrong they have been, in October, 1957, or four years ago, William J. Baxter said “ The Russian Communist Empire is about to collapse-—what it means to business and the stock market. “ Our c o n fi d e n ti a l advisors inform us that Khrushchev and his group are in very serious trouble with the Russian people— and it is doubt ful if he will live much longer.” This is one prediction we wish had come true, and we do not think we are faced with the “ worst crisis in 100 years” but we must put our national government “ house in order” if we are to defeat Communism in the United States. As to the outlook in 1962, Dean Taggart, your favorable estimate of next year is endorsed by 600 businessmen who attended the National Industrial Conference Board meeting in Detroit, and more than 70 per cent of the bankers who gave their Northw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis opinion on this subject at the First National Bank of St. Louis conference last month. It was their belief that, “ business will expand next year, but to a different degree in the various segments of our economy.” Martin P. Gainsburgh, chief economist of the National Industrial Conference Board, said the country approaches 1962 “ with far less strain upon the national industrial base than in any previous postwar recovery” from a recession. He said, “ most business analysts expect a long-lived but moder ately paced growth in the economy throughout the coming year and possibly well into 1963.” Thus we enter 1962 without a feeling of doom and with the hope for “ good times, but no boom.” ^ ^ ^ Q qw u (R jo tw lx L Television and Movie A ctor, Hollywood, California. In discussing tax reform you said: “No nation in history has survived a tax burden that reached a third of the national income, yet today the tax collector takes 33 cents out of every dollar earned and of that 33 cents, 23 cents goes to the federal government.” Certainly one of the most important areas for correction is in our unfair and confiscatory tax structure. ^ (Dsmtu (David (Rjod&fajU^: President, Chase Manhattan Bank, New York, New York. With the threat of communist dominated coun tries competing for trade in the markets of the world you recently emphasized that “ The Free W orld’s private businesses are producing goods and services at an annual rate of more than $700 billion, at least double the total production of the communist bloc where state enterprise is virtually all-encompassing.” Thus, individual initiative and free enterprise are still way ahead of the “ controlled economics” of the Kremlin crowd, and the United States and all other independent nations must continue to keep this lead in the years ahead. It can and must be done. 15 CHRISTMAS CLUB a Corporation extends the Season’s Greetings to customers and friends Your loyalty and confidence in us during the past fifty-one years are price less possessions which we value highly. W e send our deep appreciation along with our warm wishes for the Season. With you we march ahead with renewed confidence in the public’s ability to understand our American system of banking — a system which opens the door to individual security. Each year 13 million people learn the principle of selfdiscipline, integrity and responsibility through their Christmas Club member ship. This practice in simple economics and thrift leads them to a better understanding of the other services you offer. W e join with you in welcoming a New Year of vital service to the public. Builds Character • Builds Sav in g s * Builds Business for Financial Institutions C ijristm as Cluti a (¡¡Corporation 230 Park Avenue, N e w York, N.Y. F ound ed by Herbert F. R a w ll https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northw estern Banker, December, 1961 16 thirst ut H A . ¡H ans A d d ition A MAJOR ADDITION to the First National Bank of Kansas City will be constructed from design shown in this architect’s sketch. It will double size of the bank. o n s t r u c t io n 13th and Washington. Taylor S. Aber nathy, chairman of the board, pointed out that both the completion of the drive-in and the beginning of con struction of the new addition on the main bank are occurring in the First’s 75th anniversary year. It was estimated that the addition will be completed in about one year. will start soon on C a major addition to the First Na tional Bank of Kansas City at its 10th and Baltimore location in Kansas City, extending the bank 115 feet north and virtually doubling its pres ent floor space at every level. Earlier this year The First National Bank completed its drive-in bank at LEST W E FORGET Exactly three years have passed since the M ICR printing specifica tions were wrapped up and ap proved by the American Bankers Association. They have been chal lenging years, during which we, as printers, relearned the techniques we thought we had mastered long ago. They have been fruitful years when measured in terms o f technological gains. A nd now, what we formerly referred to as the "check o f the future” is in fact the conventional "check o f today.” o f Check Handling, to the various subcom m ittees representing the m a c h in e m a n u fa ctu rers, and especially to the individuals repre senting both groups who in so many instances subordinated their own interests in order to achieve a com m on objective, we d off our hat in great respect. W h ile it might be said that the M I C R program is barely o ff the ground, it is accelerating at such a swift pace that it soon will be old hat and time will erase from our memory the significance o f this great accomplishment. Before that occurs, therefore, we would like to pay tribute to those who made it possible. T o the A.B.A. Techni cal Committee on Mechanization DELUXE C L IF T O N C H IC A G O CHECK NORW ALK K A N S A S C IT Y Northwestern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The M IC R system in itself is a mechanical thing, but it exists only because people were willing to work together on a give-and-take basis over a long period o f time. Differences o f opinion, instead o f creating rifts, did indeed solidify their determination to reach the goal, and we wonder if perhaps this demonstration o f human en durance and tolerance is not even more significant than the product. One thing is certain . . . we would not today have at our disposal a compatible check handling system were it not for the com patible people who created it. PAOLI PRINTERS CLEVELAND ST. P A U L DALLAS D E T R O IT INC. I N D IA N A P O L IS CHATSW O RTH PO RTLAND The new facility will greatly increase the size of the present lobby, provide two floors of short-time parking for customers, and substantially improve the bank’s customer conveniences, Mr. Abernathy said. Included in the new addition will be a customer service center on the main floor, a large trust department addi tion on the second floor, modern facil ities for electronic data processing on the third floor, and new kitchen, din ing and lounge facilities on the top floor. The outside facing of the new build ing will be Georgia marble of the same type used on the original build ing built in 1906. The design, how ever, of the new building will be mod ern. It will be separated from the present traditional bank by a marble section whcih will house the elevators and other services. Heads Trust Division Appointnment of Duncan H. Newell, Jr., as executive head of Valley Na tional Bank’s statewide trust depart ment was announced in Phoenix by president Carl A. Bimson. At the s a m e time, F ran k L. Gibson was nam ed supervisor of trust account ad ministration and, in addition, will personally service _D. H tt. N „i..,,,L i' i ■ a number of maEW U L jor estates handled by the /0-office VNB network. In addition to his new post, Mr. Newell will continue to supervise Valley Bank’s trust investment divi sion, an area in which he is nationally recognized as a specialist. American National Boosts Capital By Stock Dividend Lawrence F. Stern, chairman of the board, American National Bank and Trust Company of Chicago, following a special meeting last month an nounced stockholder approval of a 33Vs per cent stock dividend. The dividend, subject to final ap proval by the Comptroller of Cur rency, will be issued on the basis of one share for every three held by stockholders of record as of November 8, 1961, and an additional 25,000 shares will be issued, raising the total num ber of shares outstanding from 75,000 to 100,000. Based on a par value of $100 per share, the dividend increases the capital to $10 million, and boosts the bank’s total capital and surplus from $20 million to $22.5 million. 17 W h y a G a m b le D e a le r F r a n c h ise is a n u n b e a ta b le in v e s tm e n t o p p o rtu n ity W hen a man com es to you for help in starting a business, you ask certain questions, to which y ou expect satisfactory answers. Y o u ask: “ W hat kind o f business are you going into? H ow will you run it? W h a t’s the potential? H ow m uch m oney can you reasonably expect to m ake?” I f the w ould-be businessman is a prospective Gam ble Dealer, he com es to you pre-screened and pre-selected. G am bles’ dealer recruitm ent m ethods have already established that he has the am bition and the ability to succeed as a G am ble Dealer. He has qualified for the opportu n ity o f becom ing a full-fledged m em ber o f the fastest-growing retail organization in m id-Am erica. T his prospective Gam ble Dealer has other quali fications, too, qualifications that will keep his cash register ringing year-in and year-out. G am bles’ unique Dealer Assistance Plan gives him a head https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis start tow ard success with experienced merchandis ing help, efficient warehousing, pre-paid delivery o f merchandise, dynam ic national advertising, ac counting services and store planning, proved in more than 2300 Gam ble stores. This com bination o f the right man, the right com pany and the right business m ethods makes a Gam ble Dealer Franchise an unbeatable invest ment opportunity . . . an investm ent you can share with confidence. Gamble-Skogmo, Inc., 15 N orth 8th Street, M inneapolis 3, Minnesota. A M E R I C A ’S HOME TOWN STORES Northw estern Banker, Decem ber, 1961 18 At 1st of St. Louis Conference— 70% o f H a n kers O ptim i s tir A b o u t Itnsinoss fo r ¡ 0 0 2 ONSERVATIVE optimism” about the trend of the U. S. economy C was expressed by 613 of 864 bankers from 21 states who attended the 15th Annual Conference of Correspondents sponsored by the First National Bank in St. Louis last month. Most of the bankers holding this view expect economic progress next year to be “good, but not great.” Eight per cent expressed “unbounded con fidence,” while 19 per cent saw a “leveling off.” A mere two per cent are anticipating a “ sharp drop.” Asked how they would characterize the Kennedy administration after ob serving almost a year of its term, 39 per cent indicated there was “lots of room for improvement,” 15 per cent said it has not done as well as ex pected, and 10 per cent said it is less effective than the previous adminis tration—a total of 64 per cent holding unfavorable views. Of those holding a favorable opin ion, 17 per cent think the administra tion is “doing a good job.” Another 10 per cent feel it has done better than expected, and eight per cent consider it better than the prior administra tion. With the possibility of nuclear war a matter of vital interest to everyone, the bankers were asked how serious they considered the threat of such a war, in terms of whether they were building home fallout shelters. To this, 57 per cent answered that they have “no intention” of building a shelter. Another 23 per cent said they have “decided there will be no nuclear war.” To the question of whether they ex pect a steel strike next spring, 61 per cent of the bankers said “no.” Of those expecting a strike, 21 per cent thought it would have a “moderate” effect on business activity and 11 per cent expect the effect to be “serious.” The others feel it will be “slight.” On money rates in the months ahead, 50 per cent expect them to re main “unchanged.” Forty-four per cent feel they will be higher, and 6 per cent think they will be lower. Keynote speaker at the noon lunch eon was Dexter M. Keezer, economic advisor, McGraw-Hill Publishing Com pany, New York City, who discussed “The Current Economic Situation and Outlook.” He stated in part: “ If we keep our nerve, as I believe we shall, and get a modicum of good national economic policy making, the recovery of business this year has de veloped a strength and thrust which should keep it on an expanding course right through next year (1962) and on into the following year. Where this year the total volume of business, as measured by the Gross National Prod uct, will be about $520 billion, it has what it takes to make the total some where between $560 and $565 billion next year. And that increase of eight or nine per cent between 1961 and 1962 will be accounted for only in small part by increased prices. Most of it will be accounted for by expansion of the physical volume of business.” Other guest speakers at the confer ence included Richard H. Swaim, pres ident, First National Bank, Cape Gi rardeau, and W. C. Rainford, presi- Representatives in the NORTHW ESTERN BANKER trade area: IOWA C E D A R R A P ID S Le F e b u re C o rp o ra tio n 7 1 6 O a k la n d Rd. N.E. W. J. R e d m o n d DAVENPORT P. O. B o x 4 3 4 M. R. P e a rso n D E S M O IN E S 2 7 2 6 - 53rd St. C. H a yw a rd D E S M O IN E S 182 4 A rm y P o st Rd. J. J. S t o n e k ln g M A S O N C IT Y 3 1 0 So. T a y lo r Ave. G. H. H ow a rd M A S O N C IT Y 2 0 9 So. K e n t u c k y H. M. K e rr S IO U X C IT Y 4 0 1 Q u e e n s C o u rt W. L. D ro m m e r S IO U X C IT Y 2 1 3 4 K e n n e d y D riv e G. V in s o n M IN N ESO TA M IN N E A P O L IS , 24 5 1 2 0 D a n e n s D riv e D. C la rk M I N N E A P O L I S , 10 3 5 3 7 W. F u lle r St. L. C la rk N. ST . P A U L 2 3 3 2 E. B la c k fo o t Rd. D. A. O ie ST. P A U L , 4 1821 U n iv e rs it y Ave. G. A . T a u e r NEBRASKA O M A H A , 11 3 9 1 5 C u r t is Ave. J. P. C a r NORTH DAKOTA B IS M A R C K 131 4 M o h a w k St. C. L. W a g n e r SO U TH DAKOTA S IO U X F A L L S P. O. B o x 8 9 3 P. T u c k e r Representatives through out the United States and many countries o f the Free World William A. McDonnell, chairman, First National Bank in St. Louis (right), and James P. Hickok (left), president, compliment Dr. Dexter M. Keezer, economics ad visor, McGraw-Hill Publishing Company, New York City, following liis address. Northwestern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 19 When you build or remodel, which is most important, beauty or efficiency? Both. B eauty and efficiency go hand in hand toward your objectives — an im pressive appearance your cus tom ers w ill a p p re c ia te , and a sm ooth-w orking operation keyed to your specific needs. Your local A rc h ite c t has th e c reative ta le n t to furnish th e design and decor you w ant . . . and LeFebure, work ing closely w ith your A rc h ite c t, has th e fin an cial back ground and foresight necessary to re la te operatio nal e q u ip m en t and work flow to th e size and nature of your business. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LeFebure has 6 5 years' experience and 1 0 ,0 0 0 custom ers in th e financial field. There are over 4 5 0 financial b u ild ing projects where LeFebure and A rchitects have suc cessfully planned together. W hen you’re th in k in g of b u ild in g or rem odeling, th in k of both beauty and efficiency. Call in your A rc h ite c t and your LeFebure representative for team w ork th a t w ill save hours, dollars and aspirins. M E A N W H IL E , if you don’t have a copy o f “ B u ild in g Program D ata Folder”, w rite today. Northwestern Banker, December, 1961 20 THE COIN WRAPPERS and CORRELARY ITEMS HEREIN ARE THE LEADERS IN SALES IN AMERICA IN BANKS and OTHER BUSINESSES WHERE COINS ARE HANDLED IN VOLUME... THIS FACT BESPEAKS THEIR dent, Mercantile Mortgage Company, Granite City, 111., who participated in a rural and urban real estate panel mod erated by William H. Harrison, vice president of First National Bank. James P. Hickok, the bank’s presi dent and Missouri chairman of the Crusade for Freedom, gave a summary of his recent inspection tour of Radio Free Europe installations in Portugal and West Germany. Mr. Hickok also described his visit to East and West Berlin. A Government and municipal bond panel was also held during the after noon session at which Major B. Ein stein, vice president of First National Bank, was the moderator. He was as sisted by Newell S. Knight, vice presi dent, and Frank K. Spinner, assistant vice president of First National. The one-day meeting was climaxed by a reception and dinner presided over by William A. McDonnell, chair man of the board of First National Bank.— End. Chicago Promotions TUBULAR WRAPPERS THE Y POP OPEN! They save 25% of time consumed in machine filling. A slight pressure of the thumb and finger and they ‘pop open’, yet pack flat. There are 1,000 of each de nomination to a carton. In 6 colors for 6 different coins. They Outpe rf orm A l l Competition I Here is real packaging for all coins handled by machines. They’re made extra strong due to unique construction, hence extra protection of all coins. Ends crimp tightly. Packed 1,000 to a carton with crimped ends turned same way. MANUAL. COIN COUNTER SPEEDS U P C O I N C O U N T IN G Merely push Tubular Wrapper up from bottom, then count coins into the hopper, withdraw filled wrapper and close open ends. You save valuable time in pack aging coins with this handy device. Made in 5 different size Stems of Bakelite for lightness and long service. Directors of the National Boulevard Bank of Chicago have announced two new officer appointments. Francis Callaghan has been elected assistant vice president in charge of the real estate loan department, coming to the bank from Equitable Life Assurance Society where he worked in the mort gage department in the Chicago area. H. Ward Birch, Jr., was advanced from assistant comptroller to comp troller of the bank. In other action, directors voted to increase the bank’s surplus from $3,500,000 to $37,50,000 by transfer from undivided profits. Total capital and surplus now is $5,500,000. A r t A dd ed COIN STORAGE TRAYS L IF T PANS for COIN "S te e l-S tro n g ” Coin Trays afford a rapid system for handling wrapped coins. Teller merely counts number of filled trays and top rows of unfilled trays... giving him an accurate total of wrapped coins. Saves time, saves errors. STEP BLOCKS. EXCLUSIVE FEATURE of “ Steel-Strong” Coin Trays permit fast loading of rou leaux into Trays, limiting the exact amount of the coin total as shown by colored end labels, which always match the color of the coin wrappers for easy identi fication of the coin denomination. Stamped from one piece of heavy sheet steel, they are absolutely uni form and nest perfectly at any height. Colored capac ity end labels. W R I T E TO * • • DEPT, W I No rth weste rn Banker, December, 196Î https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis •'Steel-Strong” Lift Pans serve to accommodate filled Coin Trays in the Teller's cage, and be come a convenient carrier to and from the vaults for night storage, illustration also shows Pan filled with loaded Coin Trays and the great ad vantage of all trays being the same length and width. This permits secure stacking and per fect nesting. The C L. D O W N E Y CO. HANNIBAL, .. . MISSOURI .... ' .• ARTI STI C F OU N T A I N shown above has just been unveiled in the entrance arcade of the Commerce Trust Company in Kansas City. This sculpture, 6y2 feet high, stands in the center of an foot square white marble basin. It is the work of Arthur Kraft, Kansas City artist and sculptor. It was cast in bronze by James Wenkle at the University of Kansas Foundry. 21 His pencil writes financial plans with a double point of view What comes out of a pencil depends on the man who’s holding it. When it’s in the hand of the man from Chemical New York, it writes financial plans for your customers with a double point of view. It writes with a local flavor because the man at the thinking end has the hometown touch. He travels in particular regions of the country, and gets to know their prob lems, trends and industries firsthand. /^ I # And it writes with the know-how and financial experience that can come only from a banker based in New York, the financial capital of the world. Why not take advantage of this unique combination of local knowledge and metro politan experience? Call “ The New York Banker with the hometown touch,” and start his pencil working for you. Chemical Bank New York Trust Company, New York 15. Member Federal Deposit Insurance Corporation | -| J? I Total banking and trust services § Chemical Bank vSS /1 NewYork trust Company Northwestern Banker , December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 22 ©ne Volitar? Ulfe.... pip ere is a man who was bom 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 H e was thirty, and then for three years H e was an itinerant preacher. He never wrote a book. H e never held an office. H e never owned a home. H e never had a family. H e never went to college. H e never put his foot inside a big city. H e never traveled two hundred miles from the place where H e was born. H e never did one of the things that usually accompany greatness. H e had no credentials but Himself. H e 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. H e 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 H e had on earth while H e was dying — and that was His coat. W hen H e was dead H e was taken down and laid in a borrowed grave through the pity of a friend. Nineteen wide centuries have come and gone and today H e 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 O N E 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 North wes tern Banker, December, 1961 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 23 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, December, 1961 24 Joy to the World T h e F ir st N a tio n a l B a n k o f C h ic a g o Dearborn, Monroe, Clark & Madison Streets • Building with Chicago since 1863 MEMBER Northwestern Banker , D ecem ber f 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEDERAL DEPO SIT INSU RANC E CORPORATION H o w th e F a r m R e p r e s e n t a t iv e U L . i l » n l r A NORTHWESTERN BANKER Survey HE Utopian farm representative has graduated from a school like Iowa State University, has had pre vious agricultural credit experience, was raised on a farm, has had actual farm operating and management experience, and is not less than 30 years old. "He is a restrained extrovert with a ready smile and a deep and genuine interest in people and their problems. He has the crusading spirit of a salesman with the re served composure of a diplomat, and has the ability to sense when each role is most appropriate. He has the adaptability of a child and the patience of a teacher.” This is the way W. A. Lane, Jr., vice president and trust officer of the Security Savings Bank, Marshalltown, Iowa, describes the ideal farm representative. Other bankers commenting in a survey just completed by the N o r t h w e s t e r n B a n k e r on farm representatives and how they serve banks agree with this description. Duties of the farm representative are as varied as farming and banking combined. One day he may be helping a heifer deliver its first calf, as the farm repre sentative at the Gering National Bank, Gering, Neb., did recently, and shortly thereafter he may be attending the A.B.A. convention. Two Goals In nearly every instance, activities of the farm repre sentative are directed toward two goals: (1) Better pub lic relations for the bank, and (2) A sounder basis for agricultural loans. Bankers replying in this survey re port outstanding success in both areas. An agricultural background is a most important factor in the success of a farm representative. J. Y. Castle, president, McDonald State Bank, North Platte, Neb., re ports that his bank has had two distinctly different types of men as farm representatives. The first was a graduate of an agricultural school and could be termed an expert in agriculture. However, as T https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis a farm representative he did not get along with country people in that particular area because he could quickly see the faults of the farming operations and told the farmers too bluntly what was wrong. The people re sented being reminded of faults and bad habits. The representative now employed by the North Platte bank is a "dirt-farmer without college education who has come up the hard way and can talk of personal loss and financial troubles as well as success. Farmers take his ideas as suggestions instead of criticism and he wears like an old shoe with them.” Experience in the fields of farm management, agricul tural businesses, vocational agriculture and county exten sion work are complementary to the job of farm repre sentative. Smaller banks often have difficulty hiring qualified personnel at a salary the bank can afford. The Gering National, Gering, Neb., solved this problem by locating a county agricultural agent who was eligible for retire ment, and who also wanted to qualify for social security. The bank’s first representative was hired with the under standing that he could retire after qualifying for social security if he was not satisfied with the program. In stead of retiring as soon as possible, he stayed five years. The McDonald State Bank at North Platte solved the problem by hiring a full-time farmer as a part time agriculture representative. As pointed out previously, duties and responsibilities of the farm representative vary with the bank and its location. Following are comments from bankers in var ious sections of the N o r t h w e s t e r n B a n k e r area telling how their farm representatives work: H. M. JOHNSON, president, The First National Bank, Fairmont, Minnesota: As a farm representative begins his duties with a bank he will spend most of his time calling on bank farm cusNorthwestern Banker, December, 7961 26 00ini V iew o f We feel that a representative should spend about half his time in the country and the balance in the bank. He should also attend all local farm meetings and programs. Inspection and appraisal sheets are made on every farm borrower. These appraisals are discussed with our officers and decisions are made after discussion. Progress reports on crops are made at various times during the growing season. T oo X ia n y V is its 33 w. A. LANE, JR., vice president & trust officer, Security "F a r m e r s T ake tomers, agricultural businessmen and in general meeting people of the community. As he increases his banking skills the farm representative will acquire a clientele requiring him to spend more time inside. As a rule farm visitations are heaviest during the winter months. We find it difficult to follow a “specific” plan applicable to all our farm customers. However, as general policy we make a thorough review of each credit line twice yearly. This involves detailed budgeting of income and expenses and adjusting them to determine exactly where we are going. Where applicable, actual farm planning, farm manage ment and factors of enterprise analysis are applied. Time becomes a most important consideration when approach ing a farm loan in this manner as it does take a great deal of time. Farm visits are a must and the frequency of each visit is relative to soundness, security, ability of customer to repay, etc. Sound public relations between a bank and rural people as well as agricultural business is highly desirable and an absolute must. The extent to which a farm representative participates in approving or appraising a farm loan depends entirely on the farm representative’s experience, size of loan, se curity, etc. It is customary to discuss all new loans and heavy loans with bank management prior to extension of credit on renewals of existing loans. Our farm repre sentative visits the prospective farmer, takes an inventory of livestock and equipment, runs a credit check, exam ines chattel abstract and makes a projection of income and expenses prior to discussing a new loan with man agement. We want an accurate and complete picture before entering into a new line of credit. Our farm representative has been working very closely with the local county agent, especially with 4-H young sters. As a result we continue to finance a sizeable num ber of 4-H animals. In several instances the Dad has been so pleased with our sincerity of purpose that he has brought his business to our bank. We carry on a similar program in FFA work. Our farm representative’s interest in the county DHIA program is also beginning to show results. We endeavor to use our public relations program to attract new farm clientele. The farm people must recognize who your farm representative is. A sound PR program is the means by which it can be accomplished. We do not use gimmicks, schemes or other devious methods to attract new business—just good sound common sense. DALE SORENSEN, president, Gering National Bank, Gering, Neb.: The application of commercial fertilizer came to our area in the early 1950’s. Our farmers were making appli cations without soil analysis and had very little knowl edge of the proper amounts to apply. Some were applying too much and some, too little. This situation prompted our hiring our first agricultural representative. N orthw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Savings Bank, Marshalltown, Iowa: Our farm representative spends all day Monday plus Wednesday afternoon each week in on-the-farm contacts. In seasons when farm customers are not too busy with their work, he makes outside calls after banking hours each day. We believe this schedule of outside hours may be too limited. On the other hand, farmers take a dim view of the bank’s representative popping up every time they lift a bale of hay. Checking and savings account customers receive a cour tesy visit from our farm representative about once a year. An inexpensive gift is presented to them and they are encouraged to use additional bank services. This provides an opportunity for us to learn of any dissatisfaction they may feel toward the services they are using. Borrowing customers are visited more frequently in most cases. A detailed report of our representative’s eval uation of the farm operation is recorded in the borrower’s credit file. Collateral inspections are made in a casual, unobtrusive way. Advice and suggestions are not given unless requested except in unusual cases. Public Relations Farm public relations activities are stressed. Our an nual cattle outlook meeting was attended by more than 300 cattle feeders. A bank-arranged bus tour to the Sioux City Stockyards was another successful project. Our farm representative attends many meetings of farm organiza tions and frequently presents speeches to FFA classes and other farm groups. He judges 4-H club contests and buys a number of 4-H calves at the annual sale. He is in charge of the banks booth at our local fair. With his YOUTH WORK is an important part of the agricultural rep resentatives duties. Above, Russell Garry, a.v.p., Northwest Security National Bank, Gregory, S. D., presents the cattle showmanship award to Floyd Shattuck, right, of Gregory, dur ing the annual Gregory County Achievement Days last summer. Mr. Garry has been instrumental in promoting 4-H and other agricultural events in the Gregory area. 27 encouragement and guidance, a farm record study group was organized. His advice is indispensable in approving farm loan situations. He is a regular member of our discount com mittee which meets weekly to approve loan applications and review existing loans. His on-the-farm observations provide invaluable background for the committee’s farm loan decisions. He has full responsibility for appraising farm collateral. Sam Neill, our farm representative, was instrumental in solving some sticky financial problems for a young tenant farmer. This fellow lacked experience and capital. Loss possibilities were apparent for both the farmer and the bank. After careful analysis, Sam advised him to quit farming while he still was solvent and to get a job in the area of his college degree, engineering. The advice was accepted, the move was made in time, and the former farmer has a high salaried engineering job on the West Coast. I would emphasize that the fine work of our farm rep resentative is one of the major factors in the continued growth of our bank. Our public image has been immeas urably improved by his resourcefulness, hard work and sound credit judgment. CU RTIS B. MATEER, executive vice president, Pierre National Bank, Pierre, S. D.: The banks responsibility in keeping the farm represen tative up to date requires training and conferences each year. Our bank has sponsored training for the agricul tural representative as follows, A.I.B. work, a one-week school at the National Appraisers annual meeting, at tendance at the National A.B.A. at Denver and Cincinnati, membership to the state and local chapters of Rural Ap praisers S.C.S., South Dakota Feeders Association and many others, local and state. This is all a necessary part in developing and maintaining a program. In addition, one must not overlook the need to keep abreast of de velopments in agriculture. When a new prospective customer wishes to come in as a client, the agricultural representative visits the unit, looking over the stock and the land. He makes an ap praisal of the unit as to its potential production capacity, present and planned operations, how long the unit has been in operation and why he wishes to change from his present lending source. One of the more important checks is to determine the individual’s management ability, character, and his standing as to honesty. The time divided between the bank and the field will vary in each bank. In the case of this bank, the agricul tural representative spends two thirds of his time outside of the bank. This time is spent in various ways: attending agriculture meetings in the area, personal calls, contacts, farm and ranch visitations, attendance at livestock sales and some individual sales in the area. The loan customer has first priority on the time spent outside of the bank by the agricultural representative. Each customer is con tacted at least once a year and a large number of clients are contacted two or more times a year. Also, while out working on the loans of the customers, time is spent visiting and making acquaintances of the prospective cus tomers. Follow Up The follow-up practices of the agricultural representa tive are done in this way. When advancement is made for purchase of land, cattle or operating expense, it is the agricultural representatives job to check with the client, see that he has a full understanding of what he wishes to accomplish and in turn point out some of the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SPECIAL BUS is used by the Monticello State Bank, Monticello, Iowa, agricultural representative, Bob Patten. This unique “ extra” attracts a considerable amount of interest in the bank’s farm department. added management problems, risks, and other pitfalls that may have been overlooked by the client. This follow up that is done is especially advantageous for the bank and is an added service to the client. A routine check-up is made of each client each year. Special follow-up is made on feed supplies of livestock operators in years of feed shortages, etc. He sees that the client has enough feed to carry him through an aver age winter, either by getting him more feed or adjusting his livestock numbers to fit his feed supply. There are many ways that an effective follow-up can be made, and it is one of the more important duties of the agricultural representative. This is one of the musts for each rep resentative. The farm representative has in the past few years taken a number of units and worked them up into complete farm and ranch plans, making a complete plot of the unit, then programing the unit into different phases that should be considered as labor requirements, animal units per acres, production capacity and feasibility of the unit under the present status. When working up a program to increase the production of the unit, one may cut labor and equipment cost by devising new combined methods of operation, becoming more specialized in one or two fields of endeavor. This is an extra service that is ex tended to the customers of our bank and has been used by several to date. Two Cases In two particular cases in the bank, the clients indicate that help has been received by this practice. In one case the individual in financial trouble had a part time job trying to make ends meet even though his unit was big enough to support a year around work load. By increas ing the work load on the farm and balancing the crops and the livestock, the individual was able to bring his unit back on a paying basis. He is no longer in financial troubles. In the other case, the individual had too small a unit to be practical in this area and was struggling to make ends meet. In talking to the water resources people the representative noticed that the maps showed that an aquifer lay below the land. By having a test well put down in several locations it was found that he had plenty of water in two different areas of his farm. By putting down two wells and developing 210 acres under cultiva tion he has a paying unit. Last year, with 100 acres developed, he was able to market nearly 40,000 pounds Northwestern Banker, December, 1961 28 "S u c c e s s M u s t He M e a s u r e d O ver S evern t I 'e a r s"9 of beef by utilizing this well. This has been used to the advantage of the loan customer and has helped to insure the safety of the loan to the bank. There are many factors that have to be considered in determining whether or not an agricultural representa tive is doing a satisfactory job for his bank. He has to be sincere in his work. His time must be devoted to the agriculture loan customer and must follow the trends of present day agriculture, helping the cus tomer to make adjustments in his operation to adapt to these changing trends. To do this, the agricultural rep resentative must make continued contacts with loan customers, making sure that he covers the whole opera tion of the agriculture loan customer. The final success of the agricultural representative and his department cannot be measured in one or two years, but over a number of years. The bank officers, the agri cultural representative, and the agriculture loan officer working together as a team can develop a program that is successful. One thing that the agricultural representative has to keep in mind is the relationship of the customer with the bank, and that he is the bank’s representative when on the customer’s unit. His actions should not jeopardize the necessary actions of the loan officer or the bank functions. His success will be measured from the success of the loan customers, which is the safety of the loan, amortization of the loan and financial progress of the individual loan customer. His guidance in management, finance, and relationship with the customer and the bank will be the over-all measure of the success to his bank. R. D. HARKISON, 'president, First National Bank, Moor head, Minn.: The farm representative in our bank spends no definite time outside the bank. During peak traffic in farm busi ness, practically no time is spent outside; while during the slack season, considerable time is spent calling on farmers. Time is spent in the field throughout the year when a situation warrants attention. An attempt is made to visit as many farm customers a year as possible. This includes servicing farm chattels, as well as general goodwill calls. A yearly review with customers on their financial progress as well as projecting their future credit and banking needs. Our farm representative handles most of the loans to farmers and assists other loan officers on agricultural credit lines. I feel that having a man attend the various agricultural functions, as well as working with organizations in pro moting the community agriculture, shows the customers that you are interested in their business. Another area where he is helpful is in referring customers to agri cultural specialists, such as the county agent, for help in particular problems. J OHN J. PORTER, president, Lyon County State Bank, Rock Rapids, Iowa: It is estimated that our farm representative spends Northwestern Banker, December, J96I https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis about one-third of his time outside the bank in various activities and we think he could spend even more time outside if other duties would permit. We use our farm representative in making farm inspec tions of chattel security, as well as just making courtesy calls on established customers or new residents. He prepares an inspection report, which is then acted upon by the loaning officers and loan committee. He also works closely with local 4-H, Future Farmer, extension office and other organizations serving farmers and farm youth in the area. He brings to our attention ideas which have proven valuable to our community and to our bank, by suggesting ways farm people can be helped. While in our case, the farm representative does not make any approval of loans, the impression of the type of farmer a man is and the general appearance of the premises is highly valuable to the loaning officers and loan committee of our bank. The right approach in a farmer’s yard always leads to obtaining much more infor mation than can be obtained in the bank from the same man. The farm representative is able to assist many of our farmers by merely passing on ideas obtained from suc cessful operators. Each year our farm representative and his wife accompany four county winners in 4-H or Fu ture Farmer work to the Chicago International Livestock Show for a three-day trip, during which they visit other points of interest, such as the Federal Reserve Bank, Stock Exchange, Museums and others. This has resulted in lasting connections with these young people and their parents. J AMES A. MAURICE, president, Monticello State Bank, Monticello, Iowa: We offer farm management services set up and organ ized by the farm representative. This is a private management contract with owners who are bank cus tomers. We also are serving farm owners who were not previously bank customers, which has resulted in a small, yet worthy, addition to accounts. Our largest clientele for management services results from our regular cus tomers. We offer real estate appraisals although this demand is small and it would be prohibitive from the time available if many appraisal requests were received. The farm representative has charge of all farm and non farm sales, which are clerked by the bank. Sales have averaged forty per year with three-fourths of these farm sales. Customers are charged a fee for the above services. The farm representative spends approximately 70 per cent of his time on farm management work, although a small portion of this can be done in the office. Con sidering all of the duties, 75 per cent of the time is out side of the bank with customers, prospective customers, sales, and management supervision. The visitation of prospective new customers and par ticularly those desiring farm operating loans is a part of the farm representative’s duties. Property statements are made or analyzed when making a farm visit. Budget ing with the prospective borrower is an important part of these visitations. There are some operators who really have no plans for loan repayment or, if they do, they have never taken into consideration the expenses they must incur to operate. The Optimist There is the optimist who is convinced his ability along with a fair property statement warrants the loan. Farm visitation assists in narrowing down misinterpretations of an individual’s ability. Assistance is not limited to analysis of new loan prospects, but budgeting and plan- 29 ning is offered to those farm customers who desire or show a need for consultation of this type. After the farm visitation a written report and estimated budget, where necessary, is prepared. Consultation is held with the loan officer in regard to the loan prospect. In addition to appraising real estate on property state ments, customers occasionally desire, not an appraisal, but an opinion on real estate which they may be con sidering for purchase. We are willing to make a special trip to inspect the property which permits us to have more confidence in many of our opinions or suggestions. Work of the farm representative is another link in providing general bank services. Each officer and bank staff member has an accumulative effect on assisting customers and building a bank’s good name. Picking single instances of service or assistance given, leads to the over all effect hoped for by the bank management. In addition, I think farm representatives are probably not as essential in smaller communities as they are in a city the size of Hastings or larger. In a town this size our loan officers become more or less specialized in whether they handle the city account or the farm ac count. And we find that the farmer certainly likes to go to the man who knows how to speak his language. I do not believe this is as true in the smaller community where the banker undoubtedly has a better working knowledge of the local farming conditions and perhaps may even be doing some farming himself on the side. R. c G . L. VAN HORNE, president, First National Bank, Hastings, Neb.: We have had two farm representatives in our bank, both of them were obtained from our local high school where they were teachers of agriculture. I think that for the most part, I would recommend a man with a degree in agriculture and I think that teaching experi ence is certainly beneficial and undoubtedly gives them a little more maturity after graduation. Perhaps we have been more than fortunate, but the two gentlemen that we have had in our bank came in and sat down and started making loans immediately. In the beginning, it seems to be quite important that these fellows do spend time outside of the bank getting acquainted with the farmers. As they become better and better acquainted, however, we have found that they become more and more tied down to their desks as farmers come in to see them. I think the first call on a farmer at his farm is important. After that, I do not necessarily see the need for repeating unless it is for appraisal of cattle or by request of the farmer in assisting him in an operational problem or some similar matter. I think one of the most important things in using a farm representative is to give him full authority to make loans. The representative that has to either return to the bank or seek the consent of another officer will soon lose the respect of the farmer. NELSON, president, Northwestern State Bank, Hallock, Minn.: Our agricultural representative (and a good one) was a county agent (and a good one), but I don’t believe such a background is essential. Our representative spends about half of his time out side the bank and this is something I believe he should start doing right from the first day on the job. It is nice to have him in the bank but it is more profitable to have him in the country. First of all, he is available to any and all of our farm customers. He assists our beef herd people in placing their calves and he assists our feeders in locating calves. He goes over the various operations, considers the prices, and other items, frequently in office visits, and in addi tion several farm visits are made during the year both in offering further assistance and checking progress. Our area is predominantly small grains, potatoes and some sugar beets. During the growing season visits are made to farms and districts at appropriate times to check progress. Risks such as hail are considered with the farm customers during these visits and also other points of mutual interests are discussed. During the year time is spent in other projects that deserve con sideration such as livestock improvement, new varieties of grain and new crops. Cooperation with the county extension office and other service organizations are also items that receive time and service. Our agricultural representative takes a look at every potential new farm borrower’s operation and gives an opinion, not merely a yes or no—but a yes or no with a why. His service might well be charged to insurance MONTANA CATTLE are shipped to customers of the Beatrice National Bank, Beatrice, Neb., through the efforts of the bank. This year 1,444 Hereford calves, valued at $150,000, were pur chased for 22 bank customers. Above Eldon Goble, assistant vice president, and Walt Braun, assistant cashier and agri- cultural representative, look over one pen of the shipment. Mr. Goble went to Kalispell, Mont., to select the calves, with the help of Garnet Gahagen, an order buyer from Scottsbluff, Neb. This is the fifth year the bank has served customers as an agent to purchase calves. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern Banker, Decem ber, 1961 30 Farm visits are an important factor in the success of all ag. reps. Here, Art Norman, ag. rep., Iowa State Bank, Des Moines, visits with Ray Cummings who farms south of Des Moines. because his efforts not only create new business but certainly help prevent some losses. Cases in Point I can relate a couple of cases that have happened re cently. During a farm visit regarding a customer’s sheep flock the suggestion was made that the flock certainly could use some improving by culling and by the addition of some young ewes. When the financing program was discussed it was pointed out that too much short-term credit was being used and some long term credit should be planned. The result was a real estate loan to pay off some outstanding debts, purchase some new machinery, and to make the operation more efficient, add some addi tional operating capital for fertilizer and some other items as well as provide the borrower with an additional one hundred good yearling ewes. The transactions were handled through the bank and the operators have gone ahead with a new and better outlook and are coming up with a much better profit picture. Another relatively small operator received some assist ance when he was advised by our agricultural representa tive to add a small feeder operation to his present unit. The operation has been increased, an improvement made in the buildings and the ability shown by the operator has convinced us that the man is deserving of increased credit for his feeding operations. He started small, has now increased considerably and has become a much more worth-while customer to the bank. A lot of our Ag Man’s work is with the young people and in this connection a young FFA member paid our representative a visit along with his parents regarding a summer project which might be worth while. Two possible projects were suggested, feeding hogs or beef. The latter was selected and assistance was given in find ing and purchasing ten head of feeders which were financed through the bank. The project was successful and it has been repeated and increased in size. What started to be merely a summer project is going to result in available funds for a college education. We are, I believe, one of the smallest banks in the state to offer the services of a qualified agricultural rep resentative, however, we know it pays. H. C. OVERBECK, 'president, Boone State Bank & Trust Co., Boone, Iowa: Our farm representative is Harry Hix who holds a degree in agricultural business from Iowa State Univer sity of Ames. He is well qualified for the job and he spends about 25 percent of his time outside the bank with customers. Most of this time is spent with tenants on farms in our various trusts. His plan is to make the farm circuit at least once every six weeks. This is for inspection of buildings, crops, and any other problems Northwestern Banker, December, 196? https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis that might come up between landlord and tenant during the season. When we have an application from a prospective cus tomer our farm manager inspects the livestock, farm machinery and equipment, and reports on his first im pression of the customers place, such as, is it well kept, is the machinery housed and in good shape, and so forth. Then he also makes an appraisal of the value of the livestock, machinery and equipment. In having these inspections and appraisals we have been able to accom modate these prospective customers and it has worked out to our mutual satisfaction. w. K. ERVIN, president, Centerville National Bank, Centerville, Ioiva: Our bank started a farm representative October 1, 1946, and we feel that much has been accomplished since that time. A definite plan was laid down at the start of this program because we are in a farm community, and all our officers need to have a basic agricultural knowledge and background. We think of our farm representative basically as a service to the many farm programs and projects carried on in the community. He works with the 4-H, F.F.A., county fair, Chamber of Commerce agricultural commit tee, and the extension program. He also works on farm appraisal, farm sales, and farm management. We do not manage farms for absentee owners as the demand does not warrant this service. We handle farm management only where an emergency exists. Our farm representative studies the various farm pro grams and is in a position to assist our customers when they request help. We believe that a good farm representative should be a farm-raised person or from a town where farming is the basic industry. Having actually lived on a farm, in a farm community, or attended an agricultural college is of great assistance to a farm representative. W. R. Rush is currently serving as a farm representa tive for our bank. Mr. Rush has a small town and farm background and is a graduate of Iowa Bankers Associ ation’s Agricultural Credit School and AIB in Des Moines, Iowa, and spends considerable time studying farm and livestock prices. A good many customers visit with him about current prices and general farming problems. We have a high regard for our farm service department and feel that it has kept us all in close contact with all farm activities and our customers. J. Y. CASTLE, president, McDonald State Bank, North Platte, Neb.: We have a farm representative who has been and is, an active farmer. He works on a part-time basis, with ex pense, and between his farm work and the bank, is fully occupied. We give him no desk within the institution for I have observed that field representatives easily become desk-bound. Ranchers and farmers inquire for them and if they are within the bank, time for outside work is difficult to find. We do not give our representative loan authority. His job is to inspect and appraise operating practices and management and submit his report to the lending officers of the bank. This has one distinct benefit for he always represents the applicant or customer and if we err on a close decision, he can always state to the man in the country that he personally favored the credit.—End. 31 Som ething fo r N othin #/ 11 i l l Not3 i a h e A ####»#•##•## There is a modern philosophy developing in the United States today among some individuals who believe that the government should enact laws which will force corporations to provide them with higher wages, medical assistance and pension funds without their making a real effort to contribute toward such a program. “Something for Nothing” did not make America great and it never will. A MERICA the Hand of the Free is a familiar expression through out the world. The public image of a free America today may not be the concept of freedom and liberty that our forefathers conceived when they signed the Declaration of Inde pendence, but individual thinking and individual responsibility are not as popular now as then. There is a new trend in the pattern of public thinking in America. Free enterprise is com ing to mean “Enterprise-Free.” The three R’s envision Riches, Rest and Relaxation. People hear and read a great deal about billions of dollars being spent to create new frontiers that will keep America free. The sense of freedom today, however, rests in a modern world where childish dreams of reach ing the moon appear on the horizon of reality. Hope of financial security rests on unconditional welfare pro prams, workers’ pensions and the now p o p u la r something-for-nothing pro grams. The lure of something-for-nothing is not a new human emotion. It has, for generations, given people a frost ing on their cake. Occasional indul gence in this emotion has served the people well as a change of pace in their hard-working lives. It is only when people come to rely too much upon the generosity of the govern ment and the generosity of business men that the thinking pattern of the people gets out of focus. Valued Qualities Lost When everybody rides on the band wa g o n of “something-fornothing” promotion and advertis ing people begin to lose their sense of economic balance. It is not surprising that people have lost many of the good old-fash ioned qualities of self-reliance, selfdiscipline a n d self-responsibility when with practically no effort at all they can be supplied with so much for nothing. Through the appeal of modern ad vertising media the butcher, the bak er, the banker and the candlestick maker lure the public into a some thing-for-nothing consciousness. Peo ple stand in line to get into a movie or TV give-away show. Some of the more fortunate can win a house and lot, an automobile, a trip around the world and hundreds of other luxury prizes for answering the most simple questions. If the answers do not come quickly the participating audience is always ready to help. Those in the audience who are not selected as a contestant today are confident they W ritten Especially fo r the Northwestern Banker By RITA E. R AW LL \ ice President Christmas Club a Corporation New York , New York will be selected tomorrow or the next day. While waiting to become a contest ant on one of the big shows, the pa rade of something-for-nothing shop ping goes on. Merchants on the com petitive road to success vie with one another to give the American public something-for-nothing. Indifference Spreads Many people are beginning to ask: “How much can we give away with out endangering the morale of the country?” It is by no means the grat uities, in themselves or the spirit in which they are given, that presents a dangerous outlook for the future. It is the trend that is taking a false shape in the public thought pattern that should be examined. This kind of freedom and liberty was not born in our American democracy. These baser instincts breed in an environ ment of too much paternalistic liber ty and freedom. Indifference and dis regard for individual responsibility in one’s personal life soon spreads to in difference and disregard for one’s country. A false pattern of thinking could entice well-meaning people to ac cept complete government control. The next step: To accept a social istic state would be easy, and per haps may eventually lead to the acceptance of communism. There is not a thinking Ameri can who would wish such a catas trophe to take place in this coun try. Most people believe it could not happen. The fact is, that the trend has already advanced far SOMETHING FOR NOTHING . . . (Turn to page 38, please) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, December, 1961 .1to si Tutti od A b o u t Lobhif tUspluif Project Mercury Spacecraft exhibit, T HE which attracted an estimated 15,000 viewers for two weeks last month in the lobby of the Mercantile Trust Company, St. Louis, “was one of the most talked-about displays ever to appear” said officers of the bank. The display—two-ton spacecraft, duplicate of ones used by Shepard and Grissom in their space flights—is sponsored nationally by the National Aeronautics and Space Administration and lo cally by the National Museum of Transport. Getting the display into the lobby was a major production and revolving doors and part of one of the bank’s entrances (see upper left photo) were dismantled so the capsule could be moved in. Lower three photos show activity in the lobby when the display was ready. At lower left, dis play is dedicated by five men, from left: Arthur Atkinson, chm, of bd., National Museum of Trans port; Robert Brookings Smith, vice chm. of bd., Mercantile Trust Company; Arnold Stifel, a mem ber of the bd., Mercantile Trust; Tom Rutledge, v.p., McDonnell Aircraft Corp., builders of Project Mercury Spacecraft, and Ray Rowland, member of the bd., Mercantile Trust, and pres., Ralston Purina Company. At lower center, viewers are SPACECRAFT S ax Wk MCDOHNELUiWmn I CGWOWffiWi j 3AS» «saw. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Continued on next page 33 OFFICERS of the American Bankers Association for 1961-62, (photo at left) are, left to right: Dr. Charts E. Walker, exec utive vice president of the A.B.A.; Vice President M. Monroe Kimbrel, chairman of the board, First National Bank, Thomson, da.; Carl A. Bimson, president for 1960-61, and president, Valley National Bank of Arizona, Phoenix; President Sam M. Fleming, who is president, Third National Bank in Nashville, Tenn., and Treasurer J. Carlisle Rogers, president, First Na tional Bank, Leesburg, Fla. S a m F t e r n i n y N e w PHOTO at right shows presidents for 1961-62 of the four divisions of the A.B.A. From the left: Harry B. Freeman, president of the state bank division and president, Rhode Island Hospital Trust Company, Providence; Harold. J. Mar shall, president of the national bank division, and president, National Bank of Westchester, White Plains, N. Y .; Roger L. Currant, president of the Savings division and president, Fall River, Mass., and Thomas H. Beacom, president of the trust division and senior vice president, The First National Bank of Chicago. A . f í . A . P r e s i d e n t B y BEN HALLER, JR. Editor ORE than 9,000 persons reg istered for the 87th annual convention of the American Bankers Association in San Francisco. The four day meeting was held prin cipally in the Civic Auditorium center, where bankers and their wives also had an opportunity to visit the more than 100 exhibits displayed by manu facturers and suppliers. Dozens of committee meetings were spread throughout the several main downtown hotels. General sessions were held at the auditorium. Each of the four A.B.A. divisions held meet ings of their own and elected officers for the coming year. The division probably attracting the greatest interest was the savings divi sion meeting where a panel of topranking bankers, an educator and ad vertising executive gave a thorough presentation on the value of savings deposits and how to attract them to commercial banks. In addition to officers pictured above, others elected were: National Bank Division: Vice Pres ident—Paul M. Jones, president, The Old Phoenix National, Medina, Ohio; chairman of executive committee— Walter A. Schlechte, president, Old National Bank in Evansville, Ind. Savings Division: Vice President— S. Edgar Lauther, president, Urwin Union Bank and Trust Company, Co lumbus, Ind. State Bank Division: Vice President —Carl G. Breeze, president, The Bank of Kremmling, Colo.; chairman of ex ecutive committee—Edwin P. Neilan, president and chairman, Bank of Del aware, Wilmington, Del. Trust Division: Vice President—LeRoy B. Staver, vice president, United States National Bank, Portland, Ore.; chairman of executive committee— Joseph M. Naughton, president, Sec ond National Bank, Cumberland, Md. State Association Section: President -—Howard J. Morris, Jr., executive vice president, Alabama Bankers As sociation, Montgomery; vice president —Ralph L. Stickle, executive manager, Michigan Bankers Association, Lans ing. The 88th convention will be held in Atlantic City, N. J., September 23-26, 1962. The 1963 convention will be held in Washington, D. C., October 6-9 — End. SPACECRAFT . . . photo show part of the crowd that viewed the display. One little old lady viewed the dummy astronaut through the window in the capsule for a few minutes, then told one of the bank guards, “You’d better get that man out of there, he is turning a funny color.” Banks interested in securing the outstanding display (you must have a two-story lobby or display area) may contact the N o r t h w e s t e r n B a n k e r . M (Continued from page 32 youngsters who were appearing in the production, “The Sound of Music” at a St. Louis theater. Lower right https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis that year, and will mark the 100th anniversary of the dual banking sys tem. Carl Bimson, retiring A.B.A. presi dent, spoke out vigorously again in his presidential report, on the need for continuing the fight to achieve tax equality among financial systems. He stated that the Federal Home Loan Bank Board figures show that mem ber savings and loan associations in 1960 paid federal income taxes of $4,160,000, which was only seventenths of one per cent of net income after dividends. The final speaker at the general sessions was Ronald Reagan, noted movie and TV actor, who spoke on “Losing Our Freedom by Install ments.” He delivered a call to all Americans to withstand the pressures being exerted by small, cunning mi norities who plan to change this coun try from a democracy to a socialist state without firing a shot. He spe cifically called for a return to more reliance on state’s rights, rather than a further concentration of power in the hands of the federal government. Northw estern Banker, Decem ber, 1961 34 At A.B.A. Ag Credit Conference— L H o a a n n k H e l p o f s ONSIDERABLE em p h a sis on the importance of correspondent bank relationships was stressed at the 10th National Agricultural Credit Conference of the American Bankers Association in Dallas last month. About 700 bankers registered for the meeting at the Statler Hilton Hotel. John H. Crocker chairman of the A.B.A. agricultural committee and chairman of the Citizens National at Decatur, 111., reported in his address that a committee study just completed shows that one out of every three banks serving agricultural areas has received during the past year one or more acceptable farm loan applica tions for amounts larger than they could handle alone. This situation, he said, points to the need for im proved correspondent relationships and loan participation programs, as well as credit arrangements with in surance companies and other institu tional lenders. C Big Loan Requests Big investments and high operating costs of today’s commercial farm op erations have resulted in credit re quests larger than the local bank’s lending limit permits it to make. In the northern plains area, where 92 per cent of the banks reported de posits of less than $10 million each, 62 per cent of the banks received one or more loan applications from farmers and ranchers which were larger than they could finance alone. These banks, however, served 75 per cent of such requests on a participa tion basis with correspondent banks. Bankers in all agricultural regions pointed to the cost-price squeeze as the number one problem facing their farm and ranch customers. The importance of maintaining mu tually satisfactory arrangements with large city correspondents and other financial institutions such as insur ance companies for loan participa tions, was further emphasized by a five-man panel discussing the topic, “Providing a Complete Financial Serv ice.” Correspondent Survey C. Rupert Evans, president of the First National at Lake Providence, Northw estern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C C a í a s i n La., quoted from a survey he recently completed among city and country correspondents to determine what services country banks wanted from city banks. In this study he reported that only one-third of the country banks queried buy loan applications from city correspondents. Francis E. Ferguson, farm mortgage manager for Northwestern Mutual Life Insurance Company, Milwaukee, referred to the practice of banks and life insurance companies working closely together on industrial term loans, with banks taking the short maturities and insurance companies taking the longer maturities. The same type of cooperation can be pursued, he said, to offer a better serv ice to farmers to meet the needs for longer loan requirements. He also suggested the development of a rela tionship between banks and insurance companies patterned after correspond ent bank relationships. “ In other words,” he explained, “you extend the credit on a long term basis, keep a certain percentage for your own bank, and lay off the rest of the debt with an insurance company.” He further suggested there was merit in the idea of having a permanent debt on a farm through a workable open- IT WOULD APPEAR as though farmers have an inherent fear of going into debt, DR. George J. Beal (left), and Dr. Joe M. Bohlen (right), professors of rural sociol ogy, Iowa State University, Ames, told the 10th National Agricultural Credit Con ference of The American Bankers Associ ation during a flannel board presentation suggesting approaches to farm credit mer chandising. end provision in the real estate mort gage. Farmers’ Credit Plan Another panelist, S. Edgar Lauther, president of Urwin Union Bank & Trust at Columbus, Ind., reported that his bank has established a “Farm Merchandise Purchase Plan.” Through this procedure, any farmer with ap proved credit can purchase farm sup plies on bank credit without setting foot inside the bank. Under agree ment, the bank agrees to accept the Farm Merchandise Plan notes from the farmer to the bank, given to the merchant as payment for farm sup plies. The note stipulates that the proceeds of the note are to be paid to the merchant’s account in payment for merchandise listed on the reverse side of the note. The merchant cer tifies the sales slip on the back of the note, and the farmer’s signature acknowledges receipt of the products listed. There is no recourse to the merchant by the bank and no cost to the merchant. Notes are accepted, however, on a prior-approved credit basis only. The advantages to the bank, Mr. Lauther stated, are obvious. “We get increased loan volume at a low cost of acquisition, new checking accounts from merchants, and gradually lead new farm customers to our complete financial services. In the case of the farmer who is already a customer of our bank, it helps us both to have his credit all at one place. Merchants like the plan because it frees their working capital, and also lowers their bookkeeping costs. Then, too, they soon find that we are better collectors than they. With the farmer using bank credit for his purchases, the merchant can’t lose.” He said farmers like the idea, too, because they appreciate the faith and confidence given them by the bank and it enhances their credit rating. Panel Disagreement The second panel had as its topic, “Which Way Is Livestock Feeding Going?” Considerable heat was gen erated by the statement of Durwood Lewter, operator of Lewter Feedlots at Lubbock, Tex., when he flatly claimed that livestock feeding is mov- 35 M in n eso ta R a n k O ffers Shou'roown to f'u sto m evs SHOWROOM presents attractive appearance at niglit in photo at left. RIGHT—Interior picture shows display area from lobby. At left is B. E. Grottum, president of the First National Bank. At right is L. P. Wagner, senior vice president. F OR six months the First National Bank in Jackson, Minn., has been granting free use of the front corner display windows in its new bank building to its commercial customers and the results have been most grati fying. R. M. Burnham, vice presi dent, relates that this special show room, measuring 20 by 30 feet in the front corner of the building facing main street, was purposely included in the plans for the new bank build ing. It is easily accessible to walk-in customers as well as commanding at tention from passers-by. In relating details of the showroom, Mr. Burnham says, “We allocate the space to our commercial customers for a week’s period at a time at no charge. The use of this space has elicited comments such as the follow ing from the Peoples Natural Gas Company: “ W e would like to express our sin cere appreciation for the opportunity of displaying our merchandise in your commercial display area. May we again congratulate you and your asso ciates on your fine banking facilities which have done much to improve our community.’ ” There has been no restriction as to type of display. It has ranged from the largest tractors available through automobiles, down to a complete dis play of fine table china and crystal from a local jewerly store. “The space is allotted,” Mr. Burn ham says, “by running an ad in our local paper in the fall requesting that any commercial customer desiring to use the display area stop in the bank and sign up for the week he wishes during the coming year. We are hold ing the reservations to 45 commercial displays, five civic groups, such as Boy Scouts and Girl Scouts, and using the area ourselves for two weeks of the Christmas period. In addition to the regular Christmas tree this year, a nearby piano company is supplying an organ and organist to play Christ mas music during banking hours.”— ing from the midwest corn belt area to the south and southwest. He said this is because of “ 1) climatic condi tions, 2) grain sorghum, cottonseed meal, ensilage, and other cotton by products, 3) availability of feeder cat tle, 4) shift of population both to southwest and west coast, and 5) packers moving to areas of cattle feed ing, major packers losing ground to independent packers.” Wayne M. Thorndyke, v ic e president of the U n ited States National Bank of Omaha, respond ed emphatically to Mr. Lewter’s assertions, prov ing with current figures and the trends of past W . THORNDYKE years that the corn belt is now and will remain the principal livestock feeding area in the United States. (A news release issued by the Amer ican Bankers Association News Bu reau, dated for release at 11:00 a.m., Tuesday, November 14, 1961, the date the panel appeared on the program, gives a completely erroneous inter pretation of the panel’s feelings. The lead paragraph of this release, which apparently was distributed to all news media, stated: (“Livestock feeding is moving from the Midwest Corn Belt to areas in which meat and livestock products are marketed because of the avail ability of feeder cattle locally pro duced and the shift of population es pecially to the Southwest and West Coast, members of a panel at the 10th National Agricultural Credit Confer ence of The American Bankers Asso ciation at the Statler Hilton Hotel here said today.” (The panel, in fact, did not say this! Only one panelist made such a statement—Mr. Lewter—and this was his prerogative to do so. The news release was prepared in advance, but was still distributed following the closing session on Tuesday, despite the discussion that took place during the panel’s time.—Editor) The weight of evidence of compe tent authorities in the livestock busi ness disproves Mr. Lewter’s asser tions, Mr. Thorndyke pointed out, and apparently the rest of the panel and the audience agreed with him. Several factors mentioned were 1) the mid west feeder has his labor right on the farm, 2) the wealth of grain on farms in the midwest, 3) the source of supply of feeder cattle is adjacent to the midwest corn belt. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis End. Two professors of Rural Sociology from Iowa State University at Ames, reported on “Farmers’ Attitudes To ward the Use of Credit.” In this flannelboard presentation they gave re sults of interviews conducted in Iowa and Missouri that they said showed farmers for the most part have an aversion to being in debt. The 11th National Agricultural Cred it Conference will be held in Omaha at Sheraton-Fontenelle Hotel Novem ber 12-13, 1962.—End. N orthw estern Banker, Decem ber, 1961 36 H o n d s m C l i m b S t o c k s C o n t i n t o u e I H t f l i By RAYM OND TRIGGER Investment Analyst, New York City IKE the economy in general, securities of investment grade keep fluctuating at value levels that have a transient look, with future trends effectually masked. As a consequence, the marget sup ply of securities vis-a-vis the supply of investable funds is the dominant force making for price changes among equity and debt securities. This is why high grade corporate bonds keep inching upward in price at the same time that seasoned blue chip equity investments are resurging toward high prices of record and in some cases establishing new peaks. L “Blue Chips” are High With the leading stock market price indexes liberally constituted of estab lished blue chips, the stock market, as measured by the “averages,” is once again at circus heights. The in stitutionalized buyers of prime debt and blue-chip equity keep accumulat ing money; and the supply of new se curities of top grade is not increasing at matching pace. In the stock market, a singular aspect of the renewed strength in many major blue chips is the fact that new issues of stock sold in 1961 may well make up the highest total since 1929. Thus it is that while many established market leaders “never had it so good,” a great number of fledg ling stocks or equities of old compa nies vulnerable to economic change are going nowhere in particular or drifting downward. The cloud of the profit squeeze keeps hanging around, however, keeping the business community cautious and little disposed to expansionary enterprise. As profit margins in the United States shrink, the flow of investment money abroad into European equities rises. Kennedy Administration spokesmen meantime show an increasing sensi tiveness to the business community’s defensive attitude. Tax Reform Moves A first gesture toward tax reform— Northw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Treasury acquiescence to more rapid tax write-offs for new capital equip ment in the textile industry—is to be amplified in a general investment credit allowance under legislation com ing up in January. More sweeping tax relief to business presumably will have to await abatement of the ten sions of the international “cold war” and the enlarged government expen ditures that they are requiring. The essential bent of the Kennedy Administration toward conservatism in the public debt management area of financial administration continues to be evident. Despite the continuing growth of the economy and its ability to make use of an enlarged pool of short-term money market money in struments, the Treasury is still sensi tive to the over-concentration of shortdated maturities in the structure of the public debt and is persevering in its effort to lengthen the debt struc ture whenever it can be done with a minimum of disruptive effect on the market standing of corporate bond and mortgage yields. Offers Debt Conversion The refunding of nearly $7,000,000, 000 of 2 V2 per cent bonds due this month (November) was an instance. To the surprise of the financial dis trict the Treasury included in a debtexchange offering a reopening of the outstanding issue of 3% per cent bonds due in 1974 to new subscrip tions. The debt conversion resulted in $3,589,000,000 being exchanged for 3% per cent notes due in fifteen months; $2,345,000,000 into the reopened 3% per cent bonds due in 1966; and $513,000,000 into the 3% per cent of 1974. This extension of debt came in the wake of “advance refunding” in September that resulted in nearly $3,700,000,000 of war-issued 2% per cent bonds being extended for terms ranging from nine to twenty-eight years. In previous advance refund ings undertaken in 1960 and 1961, the Treasury succeeded in extending about $14,000,000,000 of debt not yet due into repayment commitments coming up from 3!4 to 24 years later. So far as Federal Reserve credit policy is concerned, there may be sig nificance in the fact that the float of net free reserves in the commercial banking system has declined in recent weeks from an aggregate of $500,000, 000 to one nearer $400,000,000. It is too soon, however, to see in this lower pool of lendable excess a move by the Federal Reserve toward restrictive ness. The central bank has had to cope with repeated seasonal distor tions in the flow of the nation’s money since the Labor Day period including major Treasury financing operations. Money Market Tighter Nevertheless, there has been more stringency in the money market in recent weeks than in a long time. Repeatedly, the lending rate on the uncommitted reserves of the commer cial banks has moved up to 3 per cent, the level of the Federal Reserve dis count charge. With this stringency is a gradual tightening of the discounts of ninetyone-day Treasury bills. The resump tion of gold outflow from the United States has served to keep the rate on three month bills under scrutiny. As this is written, the market rate on the short-dated bill series rose 2.38 per cent, the highest since last August. With the yield on British Treasury bills of like term declining sharply INVESTMENTS . . . (Turn to page 48, please) 37 “ Looks and sounds as if the glass weren’t W hen telle] and customei separatee there' byare glass, anc with outdoor noises adding to the difficulties, it takes an excellent com munications system to make a trans action easy. Mosler equipment ha* this kind of system. That’s one rea son why The Colonial Bank and Trusl Company, of Waterbury, Connecticut chose M osler equipm ent fo r its Drive-In Window installations. Colonial has two Mosler Drive-Ir Windows and a-W alk-Up Window Mr. John H. Payne, Jr., Executive Vice President, comments on their value to Colonial: “ Our customers have found using the Mosler DriveIn Window a truly ‘personal’ experi https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ence. The window looks and sounds as if the glass weren’t there. The rapidity with which the teller can operate the drawer, plus the clarity of the communications system, has truly enabled us to reach a new high in customer relations. T H E R A D IC A L IM P R O V E M E N T “ The average transaction at these windows takes about 20 or 30 sec onds, with absolutely no inconven ience to the customer. The new Mosler concept in banking services has radi cally improved customer servicing and has up-dated banking practices.” T H E D E C IS IO N F O R M O S L E R Mr. Payne sums up the decision in favor of Mosler equipment. “ In the fin al analysis, there were exactly three factors which influenced us in our selection of Mosler equipment: (1) Customer needs, (2) security, and (3) over-all cost. Mosler equip ment won on all three counts.” P R O B L E M S O L V IN G - A M O S L E R S P E C IA L T Y From auto banking to the largest vaults, Mosler design and manufac turing experience is at your service. If you are considering a new branch or expansion, w rite fo r M osler’s “ AUTO BANKING IDEA BOOK” and information on any problem involv ing banking equipment. The Mosler Safe Company, 320 Park Avenue, NewTYork 22, N. Y. The M osler S afe Com pany W o rld ’s L a rg e s t B raiders o f Safes a nd V a u lts Northw estern Banker, Decem ber, 7961 38 public relations programs have gone forXitlhiiiq .far . to. maintain sound and productive relations with the public. Public rela S om eth in y (Continued from page 31) aganda and a stu te advertising, however, could easily mold a pub lic pattern of thinking that would result in a return to the basic principles of human behavior that have made this American democ racy the greatest country in the world. There are safe and sure roads paved with opportunities to discover individ ual talents, which if developed and used, will pay big dividends. Some enough to cause alarm among in formed people. In the face of immediate prosperity and the popularity of these media of attracting business it is perhaps pre mature to suggest that the trend of public thinking be converted to pro grams that emphasize the satisfaction of individual accomplishment by per sonal effort. Return to Greatness Public relations programs, prop M- A t te n tio n : B a n k e rs h e a d e d fo r ARIZONA! A W e have com pressed the most com plete, attractive, concise and useful in fo r mation about this remark able state into: a booklet, “ A bout A rizon a” ; colorful maps o f P hoenix-T ucson areas and tou r b o o k le t s for auto trips out o f both cities. T h ese (plu s a frien d ly, warm w elcom e) await not on ly you —but any friend or cu stom er o f y o u rs—at all o f our (7l) offices! tions programs involve responsibility and an art in motivating thought pat terns. When skillfully manipulated and directed to a constructive purpose, people are benefited by accepting ideas that motivate action toward construc tive goals. Many such programs now exist, more are needed to strengthen public morale. Fifty years ago financial institu tions paid very little attention to public relations. Some public rela tions advisors tried to convince bankers that a more friendly atti tude toward the public would cre ate a better understanding of banking and attract more people to banks. Self-Reliance, Self-Discipline Christmas Club was one of the first public relations programs accepted by bankers. Christmas Club member ship while attracting people to the banks also encouraged individual selfreliance, self-discipline and a sense of individual responsibility in forming and building the habit of savings. The method of this plan placed a voluntary obligation on the individual to help himself reach a goal set by himself. The people accepted this plan when they received the rewards of their efforts. Moreover, t h r o u g h the years Christmas Club members have in creased their knowledge of bank ing and use other services of finan cial institutions that have helped them to financial prosperity. More than 13 million people use this same Christmas Club plan of sav ing today, with emphasis on build ing capital through savings for constructive use when opportuni ties arise. This is but one illustration of the kind of public participation in pro grams that lead to constructive think ing that motivates individual respon sibility, and good business. “ Something for nothing” has not and never will make America great . . . but thrift and savings will, no matter what the free spenders of our tax dollars may say to the contrary. Talcott Director ARIZONA’S WORKING PARTNER Wfi W M E M B E R F E D E R A L DEPOSIT ft H Ì N orthw estern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis V 1 N S U R A N C E C O R P O R A T I O N Kenneth Rush, executive vice pres ident of Union Carbide Corporation, was elected a director of James Tal cott, Incorporated, the country’s larg est independent industrial finance company. James Talcott, board chairman, and Herbert R. Silveiunan, president, re ported Mr. Rush’s election increased the number of Talcott directors to 14. ' A r |nhere are stars in the sky as well as thunder and 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. C H R IS T M A S 1961 . BANKERS TRU ST CO M PAN Y, N E W YO R K O n ce m ore w e reprin t this n ow fam iliar p r a y e r o f ours, ex a c tly as it w as w ritten fou rteen y e a rs ago https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 40 Open N e ir H on te O ffice A d d itio n in St. H aul ST. PAUL COMPANIES’ $6 million home office building addition opened last month between 5th and 6th Streets in St. Paul. Offices now cover two-thirds of a block. At left is shown the O VER 7,000 men, women and chil dren from the Twin City area helped The St. Paul Insurance Compa nies celebrate the opening of their new home office. The two-day open house, October 23 and 24, climaxed four years of plan ning and construction work. Employ ees and their friends and families toured the $6 million building the first conference room of the new quarters. Shown are, from left, C. F. Codere, chairman; A. B. Jackson, president; R. M. Hubbs, executive vice president, and J. F. Driscoll, corporate secretary. night and business and professional people were invited the second night. Special guests of A. B. Jackson, president, during the open house were Minnesota’s Governor Elmer Ander son and George Vavoulis, mayor of St. Paul. The 7,000 who attended the twoday event saw one of the nation’s most modern office buildings built to pro- vide good working conditions for over 1,600 home office employees. The building at 385 Washington Street now occupies two-thirds of a city block. Spread out flat, the floor space of its seven stories would cover nine and one-half acres. The rest of the block, owned by the insurance companies, is available for future con struction, and a master plan for such additions exists. LaSalle Promotes Six For Your ( ty ie u td ANADIAN Patent, Copyright and Tradem ark... regulations are outlined in " Y o u r G u id e to B u si n ess in C anada, ” ju st published as a service to A m erican executives b y C anada’s F irst Bank. M a n y other essen tial subjects, including Canadian taxes and com pany form ation, are discussed. T h is booklet is one o f a num ber o f B o f M publi cations which m ay help you render broader ser vice to your Canadian-m inded custom ers. F or a free copy w rite on you r bank letterhead to our nearest U . S. office or to the B u sin ess D evelop m en t D epartm en t, H ead Office, M ontreal. B a n k o f M o n t r e a l d?<t*uz<ùz d 'p trd f “S an é (fa u t-fo -O fa w t B R A N C H E S IN ALL TEN P R O V IN C E S D istrict H e a d q u a r t e r s : Halifax, Toronto, Winnipeg, Calgary, Vancouver N E W YORK:TwoW all St. • S A N FR A N C ISC O : 333 California St. C H IC A G O : Special Representative's Office, 141 West Jackson Blvd. “r^ceuC Ofótce: 'W ùuiûietU 850 BRANCHES IN CANADA, U.S., GREAT BRITAIN AND EUROPE Northw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RESOURCES EXCEED $3,300,000,000 La Salle National Bank of Chicago directors approved promotions for six men last month, it was announced by Harold Meidell, president. Promoted to assistant vice president were Harry Black and Erik Ekdahl, both com mercial loan officers. Appointed as sistant cashiers were Edward W. Ostrander of the bank’s Loan Division A, Richard L. Beverly, investment de partment, and Richard T. Britton and Walter E. Zdunek of the bank’s oper ations department. Heads Industrial Division Robert P. Abate has been appointed assistant vice president in charge of the industrial division of American Nat i onal Bank and Trust Com pany of Chicago, it was announced recently by Law rence F. Stern, chairman. M r. Abate joined the bank earlier this year after 11 years’ ex perience with one R. P. A B A T E of the nation’s leading finance companies. His father is vice president of the Melrose Park National Bank of Melrose, 111. 41 C iN ° weden’s Lucia . . . one of twelve exquisite and authentic scenes from our main banking floor holiday display, “ The Traditions of Christmas,” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis o ^ T f iU S T -O & Is N‘ n o „ C°AíPAjNrv —opening December 11. Should you be in Chicago during the holiday season, why not spend a few enjoyable minutes here? N orthw estern Banker, Decem ber, 1961 42 AS YOU READ T H IS ... Chica i/o Ittioli A id s A MILLION READERS OF 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 • 9 0 % S ellin g C om m ission • C hoice of W a ll e t Colo rs • F r e e S a le s A ids F IR S T N A T IO N A L C ITY BANK Member Federal Deposit Insurance Corporation N orthw estern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PLANNING CENTER— The National Boulevard Bank of Chicago in the Wrigley Building has become the first Chicago area financial institution to establish a Better Homes Planning Center, designed to be of practical assistance in the solution of all types of home planning problems, according to Robert Bachle, vice president. Located in the real estate loan department, main floor lobby of the north section of the Wrigley Building, the Center offers a collection of more than 50 different idea books, plan books, planning guides, and inspirational publications dealing with home planning. Joins National Fidelity Michael Braude has been appointed field training assistant for National Fidelity Life Insurance Company, Kansas City, Mo. Mr. Braude will c o o r d i na t e the company’s field training material, and develop new training materal. He was formerly a field training s u p e r v i s o r for Kansas City Life Insurance Com pany. It was further announced by Na tional Fidelity that the October sales campaign set a new all time high for any month. Life insurance applica tions totaled $5,156,201, a 62 per cent increase over October, 1960. Premi ums on new applications for health insurance were $70,000 a 25 per cent increase over the previous October. Business for the first 10 months is 32 per cent ahead of last year. Estimated income taxes for the first nine months owing the United States and other governments amounted to $4,904,000 compared with $6,200,000 in the same period in 1960. Declares Stock Dividend Directors of the First National Bank of Kansas City last month voted a $1,000,000 stock dividend to be added to capital, bringing the latter figure up to $10,000,000. After approval by the Comptroller of the Currency in Washington, D.C., approval of stock holders will be asked at their meeting on January 9, 1962. The stock dividend is approximately 11 per cent and will be the fourth ad dition to capital in the last five years as noted by these figures: 1957 17% 4,250,000 to 5,000,000 1958 50% 5,000,000 to 7,500,000 1959 20% 7,500,000 to 9,000,000 1962 11% 9,000,000 to 10,000,000 Capital at the time of founding in 1907 was $250,000. It was increased in 1911, 1929 and 1945, and again in 1955 when Inter-State National was merged with the First National. Burroughs Profits Rise Burroughs Corporation has reported that profits for the third quarter dou bled over the same period last year. Indicated earnings for the quarter were $2,315,000 or 35 cents per share on revenues of $97,462,000, compared with a net of $1,154,000 or 17 cents per share on revenues of $85,819,000 in the third quarter of 1960. For the first nine months Burroughs profit amounted to $5,500,000 or 83 cents per share, against profits in 1960 of $6,198,000 or 93 cents per share. Revenue for the nine months was $282,318,000 as compared with $287,320,000 last year. Expansion or Modernization . . . C an increase your bank's business. Sound planning is the most im p ortant step when building. W rite or call us collect for practical con sultation. Kansas City Bank Builders and Consultants, Inc. 7219 H ullw ood, Kan sas C ity . Mo. FLeming 3-5095 43 This symbol means greater usefulness service to correspondents Nearly half of all U. S. banks with a New York correspondent have learned through experience that Chase Manhattan provides world-wide facilities and fast, dependable service. Chase Manhattan people hope they may soon have an opportunity to demonstrate greater usefulness to you. Analysis of investment portfolios • Safekeeping of securities - Dealers in State and Municipal Bonds • Execution of security orders • Full foreign services • Credit information • Aroundthe-clock mail pick-up • Quick collection o f items ♦ Many personal services THE C H A SE M A N H A TTA N B A N K f t H e a d O ffice: 1 C h a s e M anhattan Plaza, N ew Y o rk 15, N e w Y o rk Member Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern Banker. Decem ber, 196Ï 44 . . . a H a r r is c u s to m e r g e ts t o d a y s m o s t ROUGH TRANSLATION: 'l have finished reading the in formation on the bottom of this check. It is correct. I have trans ferred it to you. Now I’m ready to read the next one.” 0 ‘7 0 \ U N IV A C Rand. II. It w as b u ilt by n u m bers an It s o r ts a flo o d o f c h e c k w a tc h fu l e y e o f a c o m p a n io n c o m p u t e r , th nam ed R e m in g to n It w e ig h e d in a t 7^2 to n s . little fa s t e r th a n th e e y e c a n s e e . A n d u n d e r th T w o y e a r s a g o , w e tu r n e d o v e r o u r c h e c k in g m arvel fu n n y H a r r is c h e c k s . a c c o u n t b o o k k e e p in g to a h e lp fu l (a n d n ot e le c tr o n ic rea d s “ th ose s y m b o l s ” th a t y o u s e e a lo n g th e b o t to m o / u n fr ie n d ly ) It It w a s — “ 14 01 ® ” , it f e e d s a ll th e in fo r m a tio n to it e le c tr o n ic fr ie n d , U N I V A C I I . We th o u g h t you’d m ore about how sy ste m and lik e to know a littl w h a t th is m a r v e lo u d o e s — a n d w ill d o — fo r y o u . H er a re a fe w o f th e h ig h lig h ts . a n d i s — a b le to a d d o r s u b tr a c t 5 ,0 0 0 t w e l v e d ig it n u m b e r s per second! B e s id e s m a in ta in in g c o m p le t e r e c o r d s fo r o u r m a n y c u s t o m e r s , it d id a w o n d e r fu l a n d r e v o lu tio n a r y jo b o f k e e p in g tra c k of th e th ou san d s of c h e c k s th a t p a s s th ro u g h o u r h a n d s e v e r y d a y . B u t o n e b ig h u r d le still r e m a in e d . H u m a n e y e s a n d h u m a n h a n d s still h a d to t r a n s la te th e d a ta fr o m e a c h c h e c k a n d d e p o s it in to p u n c h e d c a r d s — in la n g u a g e th a t U N I V A C c o u ld u s e . T o d a y , o n o u r N in t h F lo o r , th a t p r o b le m has been fa n ta s tic s o lv e d new w ith th e m a c h in e . a id of a n o th e r It is c a lle d , This is only the beginning. Using automation to handle checks merely scratches the sur face. Already, bookkeeping for our Savings, Personal Trust and Stock Transfer accounts is done by UNIVAC II. Electronic equipment opens a w hole new world of opportunities to improve all bank services. And we will find new ways to use this equipment to help cor respondent banks, businesses, and individ uals. Future: unlimited. m o d e s t ly , th e I B M “ 1 4 1 2 ” . ©The model numbers 1412 and 1401 are trademarks of the International Business Machines Corporation. ©The Name UNIVAC is a trademark of the Sperry Rand Corporation (Remington Rand Univac Division) Northw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis HARRI Organized as N . W . H arris & Co. 1882— Incorporated 19 ou r U n iv a c... u p -to -d a te c h e c k h a n d lin g s e r v ic e We owe a big debt of grati tude to the unprecedented team w ork o f electron ics equipment manufacturers w ho h a v e w o rk e d so closely with our O pera tions R esearch group, sup plying special equipment to make our system tick. r°u © What if we didn't automate? T he present U. S. bank ing system would soon be swam ped by the fast growing tide of paper w ork if banks didn’ t take full advantage o f up-to-date methods. IBM A s a H a r r is c o r r e s p o n d e n t, y o u c a n b e s u r e th a t y o u r t r a n s a c tio n s a re h a n d le d w ith e l e c tro n ic speed and accu racy. And th a t th e p e r s o n a l s e r v ic e y o u ’ v e c o m e to e x p e c t h e r e w ill be as good as ever becau se m ir a c le m a c h in e s h a v e fr e e d m o r e p e o p le fo r w o r k th a t o n ly p e o p le c a n d o . M ore th a n t h is , you can be su re th a t H a r r is s e r v ic e w ill r e m a in e x c e lle n t in th e f u t u r e — in sp ite o f th e r isin g tid e o f p a p e r w o r k . A n d th a t a u t o m a tio n w ill h e lp to k e e p th e c o s t o f t h e s e s e r v ic e s d o w n . Experts from banks all over the world visit U S regularly to watch the progress of our system . It’ s nice to first, but far more important, the seven years ve’ ve spent in developing new techniques will pay Dff in better banking everywhere. [ Y u st a n d IS a vin gs W e ’ r e a lr e a d y w o r k in g o n w a y s to u s e o u r a m a z in g e le c tr o n ic h e lp e r s to s e r v e y o u b e t te r. And w e ’r e a lw a y s in s e a r c h o f b e tte r w ays. BANK jlember Federal Reserve System...Federal Deposit Insurance Corporation 111 W E S T M O N R O E S T R E E T — C H I C A G O 90 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northw estern Banker, Decem ber, 1961 46 O pens N ew S a cra m en te O ffice NEW LOOK—Down town S a cr a m e n to took on a new “ Fall Look” recently wken the Bank of Cali fornia (Los Angeles) opened its new $2,500,000 Sacramento main office. The re inforced c o n c r e t e building has f o u r stories and a full basement, with each level containing 25,G00 square feet of floor space. The street floor and lower level house various departments of the bank ing office. The upper four levels, including th roof, serve as a public parking garage, with a capacity of 326 cars. < 5 First National Conference The First National Bank of Chicago was conducting its 15th Annual Con ference of Bank Correspondents in Chicago late last month. Following the traditional pattern used so suc cessfully at previous conferences, First National conducted seminars on business outlooks in various fields, management, and investments. About 2,500 men and women have registered for this conference in past years. Details of the meeting will be re ported in the next issue. Two Prominent Figures Join Colorado National The appointment of S. T. Mason Frey and Donald F. Magarrell as vice presidents of the Colorado National Bank was announced recently by Merriam B. Berger, bank president. Mr. Frey is a former vice president of the Bankers Trust Company of New York. He joined the staff of the Colo rado National Bank January 1, 1961. ? 0 SERVICE Î91M 961 . . . protecting business and industry S. T. M . F R E Y FIRE • BONDS • C A SU A LTY including W O R K M E N ’S C O M P E N S A T IO N • Competitive mutual rates • Prompt nationwide claim service • Accident prevention engineering • Branch offices coast to coast PROTECTION IN A C T IO N — EVERYW HERE À NÂTtQNÀt INSTITUTION M U T U A L CASU A LTY C O M P A N Y Des M o in e s 7, Io w a 100% American Agency System _______ ~7 Northw estern Banker , December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis stren Assets Over 5 4 Million Dollars D. F. M A G A R R E L L After attending Columbia Universit, Mr. Frey became associated with the Bankers Trust Company’s foreign department in 1932. In 1948 he was appointed vice president in charge of the west coast division of the Bankers Trust Company. He was a member of the aviation securities committee of the Investment Bankers Association. Mr. Magarrell, well known in both local and national business circles, was senior vice president and a director of United Air Lines until his retirement in October. His appointment as vice president of the Colorado National Bank is effective March 1, 1962. Mr. Magarrell is a native of Council Bluffs, Iowa. He joined United Air Lines in 1936, and in 1958 became sen ior vice president in charge of all passenger service activities of the air line, station operation and mechanical l i n e maintenance. Mr. Magarrell moved to Denver in 1948 when United Air Lines’ operating base was trans ferred there from Chicago. Moves to Wyoming Field State Agent Richard L. Cotherman has been transferred to the Casper, Wyoming office from where he will W A R M E S T G REETING S as w e tur#, J A M E S E, BROWN JOHN F. W IL K IN SO N A. U. (JIM) ' U f H O O SS ï I M A C K A. ALDRICH JOHN PISA R K IE W IC Z Northw estern Banker, Decem ber, I9 6 Ï https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M A U R IC E J S IN G E R ROBERT C. BU TLER M E R C A N T IL E ILA BA KER JAMES HILL Om M ercantile T R U S T COMPANY ST. LOUIS 66, MISSOURI MEMBER F. D. I. C. f-ner into the N e w Year J A M E S A. S M IT H EDWARD H SCHOOR Hf-I 48 V a u lt E q u ip m e n t Meet Miss Betty Ring who gives our advertising the feminine touch Women, they say, control the wealth of the world, write the checks, save for new homes, borrow, love drive-in banking. Pretty important customers. Creative Direc tor Ring* specializes in the telling, selling approach to women. Just as we specialize in bank advertising and public relations. Joins Bank Building; Firm VENUS DELUXE vault door shown here is part of a complete line of vault equip ment offered by Protection Equipment Company, Inc., Hopkins, Minn. The Venus Deluxe door is 10 inches thick front to back and is completely finished in stain less steel and brushed chrome. Models are priced from $3,600 to $5,200. service the Wyoming agents of the St. Paul Insurance Companies under the direction of Fred E. Shellman, manager Denver, Colorado office. Mr. Cotherman joined the St. Paul in 1953 in the fire department at the home office and was assigned to the Colo rado field at Denver in September, 1959. *Miss Ring’s phone number is FEderal New Investment Officer Eugene A. Mintkeski has joined the bank investment division of Chemical Bank New York Trust Company as vice president in charge of the gov ernment b o n d d e a l e r depart ment, Chairman Harold H. Helm h a s announced. He will also serve as a member of the bond commit tee. A n a t i v e of E. A. M I N T K E S K I Wilks-Barre, Pa., Mr. Mintkeski is a graduate of Yale 8-8991 W ayne H u m m er CHICAGO R IC H A R D S TE B B I N S A N D A S S O C I A T E S INC. M EM BERS NEW 5 2 7 SECOND AVE. SO U TH . MINNEAPOLIS 2, MINN. Northw estern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis University (1934) and the Harvard Graduate School of Business Admin istration (1936). He became associated with Blyth & Company, Incorporated in 1936; served in the Navy, and, after separation with the rank of Com mander, rejoined Blyth in 1946 as head of research in the Municipal Bond Buying Department. From 1948, he has been with the Port of New York Authority, serving as treasurer since 1951 and also as deputy director of finance since 1958. YORK STOCK EXCHANGE & Co. James R. Bowton recently joined the sales staff of Bank Building and Equipment Corporation of America, St. Louis, according to an announce ment by the firm’s vice pr es i dent sales director, Earl T. Klein. Before joining Bank Building he was a regional sales manager for the Michigan Alu minum Corpora tion. After his training in St. j. R. B O W T O N Louis, Mr. Bowton is assigned to Bank Building’s Chi cago Office under the direction of regional manager. S. L. Fisher. INVESTMENTS . . . (Continued from page 36) in yield following a reduction of the British bank rate from 7 to 6 per cent, the unhedged yield advantage of the British bills fell to about 3 per cent. With the discount on forward sterling approximating the 3 per cent level, the yield advantage of a fullyhedged investment in British bills was thus virtually wiped out. So long as the international money flow statistics continue to show an outflow of gold from the United States, the Treasury and Federal Reserve can be expected to be unconcerned about a rise in bill discounts here to a level of 2% per cent or so. Corporates, Municipals Gain The paucity of borrowings in the corporate bond market by major in vestment names continues to bring pressure on market yields in this area. The American Telephone and Tele graph 4% per cent debentures are selling at this writing at a price of 105, a yield of 4.46 per cent. This issue came out in early June at a price to yield 4.68 per cent. The newest major borrowing on public utility bonds to achieve a suc- 49 cessful marketing was a $50,000,000 issue of Public Service Electric and Gas 4% per cent debentures, which came out in mid-October at 102.34 to yield 4.57 per cent. The availability of investment funds in the municipal market is still a bul lish force in the face of the fact that total state and local government mar ket borrowing in 1961 is likely to reach a new high record. The Bond Buyer’s average early this month hit 3.36 per cent, compared with 3.55 per cent in early September.— End. THE|BANK THAT I BUILDS C A N A D IA N BANK 11 Officers Promoted Directors of Continental Illinois Na tional Bank and Trust Company of Chicago have promoted eleven officers. In the commercial banking depart ment, Roy W. Davis was promoted to vice president from second vice presi dent, and Charles R. Hall, formerly assistant cashier, was named second vice president. Alvin J. Pearson was newly elected a second vice president. In the bond department, three for mer assistant cashiers were named second vice president. They are John M. Murray, Glenn R. Schultz, and James Stenson. Albert L. Fern, formerly second vice president in the international banking department, was promoted to vice president. In the trust department, Harold O. Schultz, previously second vice pres ident, was named vice president; Eugene C. Wilson, formerly trust offi cer, became second vice president, and Donald H. Remmers, formerly assist ant secretary, was elected trust officer. William M. McKoane, formerly as sistant cashier in the operating depart ment, was named second vice presi dent. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OF COMMERCE HE AD O F F I C E - T O R O N T O CONDENSED STATEMENT AS AT OCTOBER 31, 1961 ASSETS Promoted By Tulsa Bank John L. Robertson, formerly senior vice president, has been named an executive vice president of the Fiirst National B a n k and Trust Compa ny of Tulsa, it w a s announced recently by R. El mo Th o mp s o n , chairman of the board. Mr. Robertson is well known in civic, agricultural and financial cir cles. A native of Marietta, Ohio, Robert son was reared in Nowata, Okla., and was a rancher there before joining First National in 1953. IM P E R IA L Cash Resources (including items in transit) $ Government and other Securities 7 6 4 ,7 0 3 ,2 6 8 1 ,3 7 5 ,3 3 8 ,0 3 6 Call Loans ......................................................... 2 5 1 ,0 1 6 ,8 9 4 Total Quick Assets ......................... $ 2 ,3 9 1 ,0 5 8 ,1 9 8 Loans and Discounts ................................... 1 ,7 9 9 ,8 7 7 ,1 0 2 M ortgages and Hypothecs insured under the N .H .A ., 19 5 4 ...................................... 2 3 5 ,3 9 4 ,4 4 0 Customers’ Liability under Acceptances, G uarantees and Letters of Credit, as per contra .............................................. 7 7 ,2 4 0 ,8 6 5 Bank Premises ................................................. 5 5 ,6 1 5 ,9 1 8 O ther Assets ................................................... Total Assets 2 4 ,8 1 9 ,3 6 7 , $ 4 ,5 8 4 ,0 0 5 ,8 9 0 LIABILITIES Deposits ........................................................... $ 4 ,2 2 0 ,1 9 2 ,3 6 8 Acceptances, Guarantees and Letters of Credit .............................................................. 7 7 ,2 4 0 ,8 6 5 O ther Liabilities .............................................. 3 0 ,7 9 2 ,5 7 7 Shareholders' Equity C apital Paid Up .............. $ 6 9 ,6 8 0 ,0 0 0 ........ ...... 1 8 3 ,0 0 0 ,0 0 0 Undivided Profits ............ 3 ,1 0 0 ,0 8 0 Rest Account Total Liabilities 2 5 5 ,7 8 0 ,0 8 0 $ 4 ,5 8 4 ,0 0 5 ,8 9 0 STATEMENT OF UNDIVIDED PROFITS Year Ended O ctober 31 , 1961 Balance of profit for the year after provision for ’" in come taxes and after making transfers to inner re serves out of which full provision has been made for diminution in value of investments and loans $ 1 7 ,6 9 9 ,8 0 3 Dividends ...................................................................................... 1 3 ,6 9 0 ,8 0 0 Amount carried forw ard ........................................................ $ 4 ,0 0 9 ,0 0 3 Transferred from inner reserves after provision for ’"in come taxes exigible 1 0 ,0 0 0 ,0 0 0 Balance of undivided profits o f the am algam ating banks, O ctober 3 1 , 1 9 6 0 ................................................................ 2 ,0 1 1 ,0 7 7 $ 1 6 ,0 2 0 ,0 8 0 Transferred to rest account .................................................... 1 2 ,9 2 0 ,0 0 0 Balance of undivided profits O ctober 3 1, 1961 ............. $ 3 ,1 0 0 ,0 8 0 * Total provision for income taxes $2 9,21 1 ,0 0 0 n . j . M cKi n no n PRESIDENT j . p . r. w a d s w o r t h GENERAL M A N A G E R N orthw estern Banker, Decem ber, 196Î We wish you a Merry Christmas./^ For the 26th year our First National Male Chorus will be caroling every noon during Christmas Week on our main banking floor. W e’d like to wish you “ Season’s Greetings” personally, with your favorite carols. That’s why we hope you’ll stop in and hear the sounds of Christmas if you’re in St. Paul during Christmas week. But, just in case you can’t make it, this page is our way of wishing you a Merry Christmas and a Happy New Y e a r/ F IR S T in service to St. P a u l and the U p p e r M i d w e s t ... FIRST NATIONAL BANK of SAINT PAUL D E P A R T M E N T OF B A N K S A N D B A N K E R S W a lla c e L. B o ss, 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 , V ice P re s id e n ts • H en ry N. S n yd e r, D a vid A. S h e rn , A s s is ta n t C a s h ie rs • R o n a ld W. H o h m a n , T ru st A dvij S p e c i a lis t • J o h n F. M u lle n , B o n d A d v iso ry S p e c ia lis t • Jo h n M. W o o ld ridge, B o n d A d v iso ry A sso c ia te M em ber Federal D eposit Insurance C orporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 51 2.9 per cent. Expenses were up 3.3 per cent. Minnesota Bank Club Meets NEWS P. R. K E N E F IC K K. A . W A L E S P re sid e n t S e c re ta ry M a n ka to M in n e a p o lis C on du cts A if. C red it C on feren ce A GRICULTURAL Credit Confer ence of the Minnesota Bankers Association was conducted last month at the Pick-Nicollet Hotel in Minne apolis. S p e a k e r s covered the complete range of lending to farmers and the program was designed to bring bank ers practical information on agricul tural credit and to lead to a better understanding of the problems of agri cultural lending. Chairman of the agricultural com mittee is Jerry J. Kigin, president, Northwestern Bank and Trust Com pany, St. Cloud. The all-day meeting opened with a program for “Developing an Effective Agricultural Credit Program” by Don Harrington, president, First National Bank, Plainview. Howard C. Wollam, president, Peoples State Bank, Cleve land, discussed “Cattle Buying, Feed ing and Financing.” He was followed by G. J. Kunau, county agent at Red Wing, who gave “A County Agent’s View of How Bankers Should Work with A g r i c u l t u r a l Organizations.” Richard M. Bird, vice president, Goodhue County National Bank at Red Wing, spoke on “ The Banker Work ing with County Agents and Agricul tural Organizations,” and C. B. Upham, chief national examiner for the Fed eral Reserve at Minneapolis, outlined methods of “ Supervising an Agricul tural Loan.” Speaker at the noon luncheon was Dr. Sherwood O. Berg, head, depart ment of agricultural economics, Insti tute of Agriculture, University of Minnesota. His topic was “Credit—The Lubricant of Agricultural Change.” At the afternoon session, David Lloyd, a farmer from Cleveland, Minn., explained “What the Farmer Expects of His Banker” ; W. T. Richards, pres ident, First National Bank, Hutchin son, discussed “Dairy Cattle Financ ing,” and Eldon R. Zachman, presi dent, Citizens State Bank, Waterville, discussed “Hog Financing.” The program concluded with four “bull sessions” on varying topics. Elected President Mr. Winge began his banking career in 1953 as head of the insurance de partment of the Dawson bank. Edward H. Lundquist, vice presi dent of the Northwestern National Bank of Rochester, has been elected president of that bank. He succeeds Orvai U. Habberstad who died re cently. Mr. Lundquist, a native of Fergus Falls, Minn., has been associated with the Rochester banks since 1947. Sauk Center Change Keith Winge, vice president of the Northwestern State Bank of Dawson, Minn., has been named executive vice president of the Northwestern Bank at Sauk Ra pids, Minn., effec tive December 1. On February 1, 1962, he is to asI sume the presi dency when C. I. Erstad, the cur rent president re tires. Name Changed The name of the Guaranty State Bank and Trust Company of St. Cloud, Minn., has been changed to North western Bank and Trust Company of St. Cloud, it was announced by Jerry J. Kigin, president. Mr. Kigin said the new name is a more accurate description of the area served by the bank. Affiliation with the Northwest Bancorporation also made the change desirable, Mr. Kigin said. The “Gay Nineties” was the theme of the First American National Bank of Duluth 25 Year Club annual dinner last month. Members of the party planning committee were dressed in period costumes. Officers elected in clude the following: Joseph C. Jorgensen, president; Wil liam K. Alford, vice president; Mrs. Vera Trader, secretary; Mrs. Muriel O’Rourke, treasurer, and Mrs. Perry Ecker, board of governors. Other members of the board of gov ernors are Earle J. Andree, Robert Craig, Joseph C. Jorgensen, William K. Alford, Mrs. Vera Trader. St. Louis Park Change Harvey T. Orndorff, formerly cash ier at the First National Bank of Red Wing, Minn., has been named cashier at the Citizens State Bank of St. Louis Park, Minn. He succeeds A. M. Macho, who retired last summer. Mr. Macho had been an officer since the bank opened in 1950. 75th Anniversary The Citizens Bank of Hutchinson, Minn., recently celebrated its 75th an niversary with an open house. Door prizes were awarded. More than 4,200 persons registered. Buy Worthington Interests M. R. Koster, president, and D. S. Amundson, cashier and director, of the Citizens State Bank at Scobey, Mont., have purchased the interests of A. W. Hoodecheck in the State Bank of Worthington, Minn. In announcing the sale, Mr. Hoodecheck also an nounced his retirement, effective De cember 31. Ted Nelson, vice presi dent, earlier announced his plans for retirement October 31. No other changes in personnel are planned. Willis A. Putman Willis A. Putman, 72, retired Du luth banker, died recently in Danville, Va. He was vice president of the First American National Bank of Du luth when he retired in 1948. Banco Reports Interim report of Northwest Bancorporation and affiliated banks and companies for the first nine months of 1961 listed consolidated net oper ating earnings of $11,770,680, compared with $11,264,099 for the first nine months of 1960. Gross operating earn ings rose to $70,815,903, an increase of NABAC Meeting Forty-five bankers from southwest ern Minnesota attended a recent din ner meeting of the Southwest Confer ence of NABAC. Ken Wales, execu tive secretary of the Minnesota Bank ers Association, was the featured speaker. Northw estern Banker, Decem ber, 7967 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 52 C ARL R. POHLAD, president, Mar quette National Bank of Minne apolis, has announced the acquisition of practically the entire second floor of the First Federal Building, which now gives the bank a total of 46,000 square feet of banking space. The expansion adds 11,000 square feet. Doubling and redoubling of Mar quette’s resources from 1920 to 1955 forced the bank to move to its present facilities. And continued growth—re sources have climbed from $55 million to more than $85 million the past six years—has made further expansion necessary. The new space has been occupied, in part, by a rapidly-expanding trust department. In addition to a reception area, shown in accompanying photo, the new department includes five carpeted executive offices, large conference room, clerical staff area, cashier de partment and facilities for all stock transfer transactions. Also in the new space are enlarged accounting, proof and transit depart ments. Open house was held in the trust department last month, with a special showing for attorneys and brokers. RECEPTION AREA of the expanding Marquette National trust department as de picted by an artist. Rollin O. Bishop, president, Ameri can National Bank of Saint Paul, was elected Group 1 Class A director of the Federal Reserve Bank in Minne apolis at last month’s election of di rectors. The selection of director is made by secret ballot, cast by all member banks in Group 1, Ninth Fed eral Reserve District. * * * Willard M. Henjum, vice president, Northwestern National of Minneapo lis, has been elected president of the Corporate Fiducary Association of Mi nnes ot a, succeeding Oliver W. Hedeen, vice president and trust offi cer, First Trust Company, St. Paul. Other new officers are: vice presi dent— Neil K. Sawyer, vice president and trust officer, First National of N orthw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Winona; vice president—John Mont gomery, assistant vice president and trust officer, Midland National Bank; vice president—Joseph B, Reohtiene, assistant trust officer, First Trust Co., St. Paul; secretary-treasurer—John O’Connor, assistant vice president and trust officer, Northwestern National of St. Paul. Chairman of the executive commit tee is Frank B. Krause, vice president, First National of Minneapolis. * * * Douglas J. Dayton, president, newlyformed Target Stores, Inc., has been elected a director of First Produce State Bank, announces President Swen O. Huso. He succeeds Richard M. Dobson, president and general manager, J. F. Anderson Lumber Co., who resigned when that company moved head quarters to Denver, Colorado. * * * William A. Benson has retired after 48 years in banking, the last 12 as manager, North American Office of Northwestern National of Minneapo lis. He began in 1913 as a messenger with the German American Bank, which changed its name to North American Bank in 1917 and merged in 1922 with Northwestern National to become the North American Office. He became assistant manager of that office in 1922, was transferred in Northwestern National in 1945 as as sistant cashier and returned to the North American Office in 1949 as man ager. * * * John R. Montgomery, assistant vice president and trust officer, Midland National Bank of Minneapolis, has been promoted to vice president and trust officer. Robert W. Morgan, pres ident, W. S. Nott Co., Minneapolis in dustrial supply firm, has been elected a director of the bank. * * =1= James E. Klingel of Juran & Moody, Inc., St. Paul, has been elected chair man of the Minnesota group, Invest ment Bankers Association of America. * * * William MacDonald, First National Bank of Minneapolis, has been elected treasurer of the Twin City Security Traders Association. Other officers are Nicholas V. Schaps, J. M. Dain & Co.. Inc., president; Robert G. Davis, Piper, Jaffray & Hop wood, vice president, and George Pappas, Blyth & Co., sec retary. * * * Gordon Murray, president, First Na tional Bank of Minneapolis, has been elected a director of Northwestern National Life Insurance Co. of Min neapolis. * * * George F. Humphrey, who has been in estate planning work with the This new <^¡116 catalog show s bankers how to elim inate costly "GIVE-AWAY"checks Actual samples of BUSINESS CHECKS T here never was a more complete check catalog ! Packed with the latest forms and styles— all redesigned for MICR. Actual samples of every kind of check—business, payroll, voucher and personal, including the handsome Pocket Banker. Also illustrates a complete line of cuts and trademarks which can be printed on your customers’ checks. For your convenience, we’ve also included samples o f money orders, drafts, cashier’s checks and certificates o f deposits. Complete U n e of PERSONAL CHECKS <g> Your COLUMBIAN ART WORKS representative will be calling on you soon to give you your copy of this new check catalog. Or if you would like your copy immediately, call, write or wire C O L U M B IA N A R T W O R K S , IN C . 2 3 0 0 W . C o rn ell M ilw a u k e e 9 , W is c o n s in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis COLUMBIAN 2300 WEST CORNELL STREET WORKS, INC. • M IL W A U K E E 9, W I S C O N S I N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis VOLUME U P? Take it in stride with a new R e c o r d a k R E L IA N T 500 M icrofilm er W ith the larger work load your bank handles today—and the way costs are ris ing— it makes sense to check on just how m uch you ’ll save with a new R ecordak R E L IA N T 500 M icrofilm er. I t ’ s fa s t e r ! T he Reliant 500, in one con tin u o u s and a u to m a tic o p era tion feeds, microfilms, indexes up to 500 checks a minute! Also cancels or endorses them with accessory endorser. Think how this can reduce your check-handling costs. I t ' s m o r e c o n v e n i e n t . O p era tors appreciate the Reliant 500’ s sensible de sign. All controls are at finger tips . . . microfilmed checks are returned neatly stacked in sequence. Even him changing is easier. Takes only a second to slide out the Reliant 500’ s self-contained him unit to load or unload him. I t ’ s a lm ost tw ice as u sefu l. T h e fact that the Reliant’ s him unit can be removed and replaced at any time lets you use it on more jobs. H ere’ s an exam ple: two or more departments— each with its own accessory him unit— can do their m icrohlming with the same Reliant 500 and still keep their work on sepa rate him rolls. Get in touch with your Recordak representative for further details, or write: Recordak Corporation, 415 M a d i son Ave., New York 17, N .Y. (Su b sid iary o f Eastm an K o d a k C o m p an y) origin ator o f m o d ern m ic r o film in g — n o w in its 34th year I N C A N A D A contact R eco rd ak o f C a n a d a Ltd., Toronto New R e c o r d a r RELIANT 500 Microfilmer. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northw estern Banker, Decem ber, 1961 56 M innesota N e w s N ew M in n ea p olis dent; Virgil M. Dissmeyer, from as sistant comptroller to assistant vice president; James L. Buckles and Wal lace B. Butler, to assistant cashiers, and C. Stanley Rude, to publicity di rector. * * * The First National Bank of Minne apolis was among several Twin City firms which won certificates recently for outstanding newspaper advertis ing. * * * Northwestern National Bank of Bloomington-Richfield held an open house to mark completion of a project which more than doubled the size of the bank. * * * RECORDAK Corporation, subsidiary of Eastman Kodak Company, formally opened its expanded offices and laboratories recently in its new building at 2414 Nicollet Avenue, Minneapolis. Open house was held to mark the occasion. Tom B. Mathison, branch manager, conducted visitors on tours of the new building shown above. Frank Xi. Hilton, Jr., Recordak vice president, and John P. Eager, sales manager, came from New York to attend the opening ceremonies. The new building is within one block of the former branch location which was established in 1949. Northwestern Mutual Life Insurance Company the past 15 years, has joined the trust department of First National Bank of Minneapolis. * * =t= J. C. Hammond, president, Franklin Manufacturing Co., has been named to the advisory board of the St. An thony Falls Office of First National Bank of Minneapolis. M. L. Pugh, who retired recently as board chairman and treasurer of Franklin Manufac turing, will continue on the St. An thony Falls Office board. * * * Walter V. Dorle, president, North western State Bank of St. Paul, has been re-elected a director of Tedesco, Inc., St. Paul. * * * John deLaittre, president, Farmers & Mechanics Savings Bank of Min neapolis, was a member of a 12-man “task force” that scrutinized opera tions of the federal home loan bank board in a three-day meeting at Farm ers & Mechanics bank recently. Five staff members at Northwestern National Bank, Minneapolis, have been elected to new positions, an nounces John A. Moorhead, president. They are: Harold G. Olson, from as sistant vice president to vice presi- H. G. O L S O N BUCKLES V . M . D IS S M E Y E R BUTLER RUDE Bankers are Select Risks and we have special coverage designed for Bank M en and W om en. Write for Application and Information. Minnesota Commercial Men’s ' ^ Northwestern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis William W. Helmes, assistant trust officer, First Trust Co., St. Paul, and Harold G. Olson, assistant vice presi dent, Northwestern National Bank of Minneapolis, were honored recently for their theses written at the gradu ate school of banking at Rutgers Uni versity. * * * Two Minneapolis bankers have been named chairmen of subcommittees in the industrial department of the Min neapolis Chamber of Commerce. Ralph Scott, Northwestern National Bank, heads the promotion-case study sub committee, and Harry C. Benson, Mid land National Bank, the local contact and industrial climate group. * * * ACCIDENT, SICKNESS and HOSPITAL INSURANCE AT COST! 2550 Pillsbury A v e. S. Jerome H. Dols, formerly of Minne apolis, has been appointed an assistant treasurer of the Chase Manhattan Bank of New York. * * * *" Minneapolis 4, Minnesota Any doubts that women are finan cially-minded were dispelled recently at the First National Bank of Minne apolis. The bank’s financial forum for women drew capacity crowds, and among the group attending the ses sions were six women from Willmar, Minn., who made the 200-mile trip to Minneapolis each week to attend. * * Directors of Northwest Bancorporation increased the regular quarterly dividend rate on common stock from 30 to 32% cents per share, and de clared an extra dividend of 7% cents per share for a total of 40 cents for the quarter. The dividend, plus a regular dividend of $1.12% per share on preferred stock, is payable Dec. 1 to stockholders of record Nov. 3. The corporation reported consoli dated net operating earnings of $11,770,000 for the first nine months of 1961, a 4.5 per cent increase over a similar period last year. M in n eso ta N e w s Directors of First Bank Stock Corp. recently declared an extra dividend of 10 cents per share in addition to its regular dividend of 47% cents. Both are payable Dec. 11 to stock holders of record as of Nov. 17. Joseph H. Colman, president of the corporation, reported consolidated net operating earnings for the first nine months of 1961 were $11,102,000, com pared with $11,676,000 in a similar period last year. Representatives from banks and law enforcement officers from Minnesota, North and South Dakota have been invited to a Bank Robbery Conference, at 1 p.m., December 6, at the North American Life and Casualty Auditor ium, 1750 Hennepin Ave., Minneapolis. W. H. Williams, special agent, FBI, is in charge of the meeting. * * * A “Gold Bond Stamp” promotion by the Marquette National Bank of Minneapolis was announced in last month’s N o r t h w e s t e r n B a n k e r . Here are the results of that promotion: Concluded October 27th, the total number of new savings accounts opened increased 580 per cent over October of 1960. Total number of new standard checking accounts increased 28 per cent and new Mar-Pay-Go checking accounts increased 59 per cent. Average dollar volume of each new savings account was $208 per account; average dollar volume of each Mar-Pay-Go checking account was $141. 57 D istric t O fficers E le c te d A complete list of officers elected at recent district meetings of the Minne sota Bankers Association was published in last month’s issue. Pictures from three of the meetings appear below. Photo courtesy of Rochester Post-Bulletin AT DISTRICT 1 in Rochester were, from left: R. J. Sapp, pres., First National Bank, Albert Lea, and new District I pres.; T. S. Roberton, outgoing dist. pres., and pres., Rushford State Bank; R. L. Seibert, new dist. vice pres., and v.p., Rochester State Bank; R. D. Burns, new dist. sec.-treas., and v.p., First State Bank, Grand Meadow; Minne sota Commissioner of Securities J. Allan Topping, and MBA President P. R. Kenefick. Photo courtesy of Mankato Free Press A t C o n feren ce MORE THAN 350 bankers attended their District II meeting recently in Mankato. Shown above, from left, are: Kenneth A. Wales, exec, secy., MBA; P. R. Kenefick, MBA pres., and pres., National Citizens Bank, Mankato, and newly-elected district officers: G. A. Uggen, Wells, councilman; E. A. Fenrick, Truman, v.p.; F. A. Weiland, Shakopee, pres., and W. D. Schroeder, Mt. Lake, secy.-treas. KEY FIGURES in the recent very suc cessful 12th Annual Junior Bankers Con ference look over a German travel poster. From left are: Arthur A. Eprelding, asst, treas., Farmers & Merchants Savings, Minneapolis, chairman of the MBA-AIB educational committee, Lynn P. Duncan, a.c., Northern City National of Duluth; Henry M. Snyder, a.c., First National of Saint Paul, conference arrangements chair man, and B. A. “Bill” Staats, v.j., Hutch inson (Kan.) National, Region 10 execu tive committee member for AIB. Mr. Ep relding, Mr. Duncan and Mr. Snyder are all AIB associate councilmen for Minne sota and Mr. Staats was a conference speaker. Photo courtesy of Brainerd D aily Dispatch AT DISTRICT VI meeting in Brainerd were, from left: John Gargaro, v.p., American National, Little Falls, and new District VI pres.; MBA President P. R. Kenefick, pres., National Citizens Bank, Mankato; S. R. Wheaton, outgoing dist. pres., and v.p., First National of Elk River, and George B. Phillips, new dist. v.p., and v.p., Wright Countv State Bank, Monticello. Northw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 58 Minnesota News R. Li. Smith, president, Stock Yards National Bank of South Saint Paul, has announced the election of three CARLSON STEFFEN JO H NSON new officers: Gordon B. Carlson, as sistant vice president, and Harold G. Steffen, assistant cashier, both in the installment loan department, and Etlar “Duke” A. Johnson, Jr., assist ant cashier, commercial department. ^ * Thomas M. Dale, Jr., graduate of Michigan Law School and formerly with Dorsey, Owen, Barber, Marguart & Windhorst in their municipal bond section, and presently with Kalman & Company, Inc., in their municipal department, has been appointed a member of the committee on General Obligation Bonds of the American Bar Association. * * * The University National Bank, Min neapolis, has completed several weeks’ work on modernizing and improving facilities at their campus location. A two-week open house was held at the quarters and was tied in with the first weeks of the University’s “Freshmen Week.” Coffee and re freshments were served, a style show was held for a showing of fall and winter styles to Freshmen girls who were invited from the entire state. Culmination of the open house was a drawing for a TV set. Bonnie Nyberg (see photo), Freshman Queen, University of Minnesota, drew the winner’s name from 7,000, who had registered. Work has begun on an extensive expansion and remodeling program at the First Southdale National, Minne apolis, that will more than double its customer service areas. The bank is taking over space occu pied by a real estate and insurance broker and a corridor known as “Wall Street.” The additional 2,300 square feet will give the bank 7,300 square feet, plus storage space in the base ment. Planned is a new installment loan department, four new teller units for both installment loan and savings customers, two additional conference rooms and more check counters and desks in the lobby. The officers’ area and bookkeeping department also will be substantially enlarged.—End. Moves to Arizona PRETTY BONNIE NYBEEG, University of Minnesota Freshman Queen, is flanked on the left by, from left: Dick Webb, Minnesota, Daily, and Russell L. Stotesbery, pres., University National Bank, and on the right by, from left: Paul Vollan, a.v.p., University National Bank, and John Youngberg, WPBC. Leo F. Winegar, assistant vice pres ident of the First American National Bank, Duluth, assumed new duties about December 1 as an assistant vice president at the Valley National Bank, Phoenix, Arizona where he will be connected with the investment depart ment at the main office there. Joel W. Schmidt, assistant cashier, will succeed Mr. Winegar. DIRECTORS CLIFFORD L. ADAMS President MARK CORD Realtor-Farmer STANLEY W. EVANS First Vice President CARL L. FREDRICKSEN President Tri-State Investment Co. 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, Attorneys MILTON TAPPAN President Johnson Biscuit Co. President LeMars Mutual Insurance Co. OFFICERS CLIFFORD L. ADAMS President STANLEY W. EVANS First Vice President WILLIAM C. SCHENK Vice President JOHN S. HAVER Vice President and Cashier EDWARD L. NEWELL Asst. Vice President JAMES J. McGILL Asst. Vice President KINLEY W. SMITH Asst. Cashier BEN E. HOLTDORF Asst. Cashier MALCOLM H. ERICKSON Asst. Cashier and Auditor 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 N orthw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 59 the latest in customer convenience and this includes the use of Recordak equipment for all photographing of all checks and statements and special N a t i o n a l Cash Register Company equipment which prints the customers’ record at the same time as the bank’s record and provides an index of the teller taking the transaction. South Dakota NEWS C . C. L IN D P re s id e n t A . S. G U L L IC K S O N A b e rd e e n S e cre ta ry H u ro n Changes at Huron Harold Modine, formerly of the Huron Branch, National Bank of South Dakota, is the new assistant manager of the Timepay Department. He succeeds Dwaine Halse, who re cently became assistant vice president at a Miller hank. Clear Lake Open House Open house was held last month at the new Deuel County National Bank, Clear Lake, S. D., and to help high SOUTH D AKO TA CALENDAR December 7, SDBA Educational Com mittee at 10:30 a.m., and Insur ance Committee at 2:30 p.m., Marvin Hughitt Hotel, Huron. December 9, Tri-State Association Of ficers Meeting, Bismarck, N. D. December 13, County Key Bankers Luncheon and Conference, 12 Noon, Marvin Hughitt Hotel, Huron. 1962 January 24, SDBA Installment Credit Committee at 10:30 a.m., and Legislative Committee at 2:30 p.m., Community Room, Pierre National Bank, Pierre. February 14, SDBA Executive Coun cil at 3 p.m., First National Bank of Aberdeen. February 15, Junior Employees Con ference, Alonzo Ward Hotel, Aberdeen. March 25-28, Legislative Trip to Wash ington, D. C. , April 11-12, Agricultural Conference, Community Room, City Hall, Pierre. May 17-19, SDBA Annual Convention, Sheraton - Cataract Hotel, Sioux Falls. June 13, Installment Credit Confer ence, Masonic Temple Building, Mitchell. September 24-28, 1962 Annual Group Meetings. 1963 May 16-18. SDBA Annual Convention, Watertown. Manager at Hecla light this occasion, total assets of the bank passed $5 million. Visitors were taken on a tour of the building and then served coffee and cake in the old bank building across the street. The bank’s guests also re ceived first aid kits, balloons and story books as mementos of the grand opening. Leaves Retirement A. O. Rolien, former president of the First National in Lemmon, has re turned to the bank from retirement to assume the duties of James Howard, assistant to president, John V. O’Don nell. Mr. Howard left recently for a year’s duty with the Lemmon Na tional Guard Company at Fort Lewis, Wash. Mr. Rolien’s new title is vice president. Joins Madison Branch Victor E. Nield, formerly manager of the telephone company at Pierre, has joined the Madison Branch of Northwest Security National Bank and is associated with the Northwest In surance Agency of the bank. SOUTH Roscoe Expansion Work is underway at the First State Bank of Roscoe where the post office part of the bank building is being enlarged and the bank, itself, is being expanded with an addition of 14 by 32 feet. A. N. Johnson, president, pointed out that steady growth through the years has made these changes neces sary. As recent as 1954, he said, de posits were $832,461 and loans were $155,979. This year, deposits were $1,351,997 and loans, $558,986. F a ith fu l C u sto m er Moves to Milbank Merlin Stocking, vice president and manager of the Hecla Branch of the First National of Aberdeen, has been named vice president and assistant manager of the Milbank Branch of the bank. In banking 10 years, Mr. Stock ing began in 1951 at the Britton bank, moving to the Hecla Branch in 1956. He became assistant vice president in 1957 and vice president in 1959. 75th Anniversary One of the oldest national banks in the state to retain its original name and charter observed its 75th anni versary recently. Certainly modern, compared to the early days, the Mit chell National Bank today features The National Bank OF Allen “Pete” Ehrke, formerly assist ant vice president and assistant man ager of the Redfield Branch of the First National of Aberdeen, has been named manager of the Hecla Branch of the bank. Also, Elmer Goetz, assist ant cashier, First National of Aber deen, has moved to the Hecla Branch to be assistant cashier and assistant manager. DAKOTA M e m b e r o f F e d e r a l D e p o sit In su ra n ce C orp o ra tio n 60 YEARS OF BANKING at the North west Security National Bank of Sioux Falls is the record of S. H. Detlie, 90, left, shown here being congratulated by C. A. Lovre, president. Mrs. Edith Nystrom, teller, is shown in the background. Mr. Detlie still makes regular trips to the bank. i f SIOUX FALLS, 100 North Phillips Avenue i f SOUTH BRANCH, 2501 South Minnesota Avenue i f EAST BRANCH, 2301 East 10th Street ★ VERM ILLION ★ HURON A ffilia ted w ith F I R S T BANK STOCK C O R P O R A T IO N N orthw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 60 South Dakota N e w s AT SDBA BANK MANAGEMENT CONFERENCE, left to right: R. D. Haynes, a.c., Spink County Bank, Redfield; Harmon Kopperud, pres., Community State Bank, Lake Preston; Lewis A. Meyers, v.p. & mgr., Huron Branch, Northwest Security National of Sioux Palls; Bruce B. Hodson, cash., Blackpipe State Bank, Martin; Henry L. Serr, pres., Citizens State Bank, Ar lington; Martin J. Colton, vice president, National Bank of South Dakota, Sioux Falls; Gen. William H. Wilbur, U. S. Army, retired, a conference speaker, and A. S. Gullickson, exec, sec., SDBA. DISCUSSING BANK MANAGEMENT during a coffee break, left to right: Scott Lovald, pres., First National of Philip; J. S. Chase, pres., Faulk County State Bank, Faulkton; C. R. Price, cash., Citizens State Bank, Clark; W. E. Shoberg, sr. v.p., American National Bank of Rapid City; M. L. Twiss, pres., Security State Bank, Doland, active in banking since 1906; C. A. Berg, pres., Stockholm State Bank, Stockholm, original stockholder of share number 5 in the bank since 1909 and active in bank since 1933; Leo Pottratz, cash., Farmers State Bank, Flandreau; V. E. Roeber, cash., Spink County Bank of Redfield, and H. O. Ekeland, exec, v.p., Bank of Kimball. SIHSA C o n feren te a S u ccess S OUTH DAKOTA b a n k e r s were commended last month at their annual Bank Management Conference in Huron for their community serv ice work and increased agricultural lending. Larry Brock, assistant ad ministrator for FHA, Washington, cited the bankers for “overcoming hazards, obstacles and pitfalls” to pro vide a $133 million lending program, not including $28 million in Commod ity Credit Corporation loans. He also paid tribute to the bankers’ fine co operation with the Jaycee “Outstand ing Young Farmers Program.” Quality speakers certainly were the highlight of the conference and they were, in addition to Mr. Brock: David M. Molthrop, executive vice president, Committee on State Sovereignty, Inc.; Martin J. Colton, vice chairman, Foundation for Commercial Banks, and vice president, National Bank of South Dakota, Sioux Falls; L. M. Schwartz, president, Citizens State Bank, Paola, Kan., and chairman, Foundation for Commercial Banks; F. Buyers Miller, executive director, NABAC, Chicago; Dr. Forrest E. Con ner, superintendent of schools, St. Paul, and General William H. Wilbur, U. S. Army, retired. Northw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Of pertinent interest to the bank ers were group discussion sessions, conducted by South Dakota bankers for South Dakota bankers about prob lems of South Dakota bankers. Mitchell Bank in Its Modern New Building The Commercial Trust and Savings Bank of Mitchell is now operating from its new bank building at East 3rd and Lawler. The structure is brick and glass, designed by A. Moor man and Company, Minneapolis, and provides modern service, including drive-in, walk-up facilities as well as parking. A 24-hour night depository also is a new feature along with air and heat conditioning, indirect light ing, background music, new intercom system, new banking machines, safe deposit boxes and a fall-out shelter for bank employees which is used pri marily, at this time, as a supplemental vault for storage of certain records. ABA Vice President Boyd Knox, president of the Mc Cook County National Bank of Salem, and a past president (1959-60) of the South Dakota Bankers Association, has been appointed vice president of the American Bankers Association for the State of South Dakota, announces Sam M. Fleming, newly-elected ABA president, Nashville, Tenn. Two New Men at First o f Black Hills J. B. “ Buzz” Driskill, in South Da kota and Wyoming ranching for 34 years, has been named ag represent ative of the First National Bank of the Black Hills, Rapid City. Harold R. Horlocker, president, said Mr. Driskill will live in Spearfish (home of the bank’s Spearfish Office), but will han dle ag business for all of the bank’s offices throughout the Black Hills, as well as part of Wyoming and Mon tana. James A. Jennings, with the Spear fish Office since June 1, is now work ing in the loan department. He had previously been ag representative for the b a n k , working out of Belle Fourche. Gilbert C. Mogen Gilbert C. Mogen, South Dakota banker, died recently after a heart at tack at a hospital in Weber. Mr. Mogen entered the banking business at Turtle Lake in 1907, was a bank examiner 1918-1919 and entered 61 The group, together with their wives, then enjoyed a social hour and dinner at the Country Club before attending the Augustana vs. South Dakota State College football game. This conference is sponsored an nually by the Northwest Bank, with a different and timely topic discussed W oonsocket Bank Election At a recent meeting of directors of each year. C. A. Lovre, president, re the Sanborn County Bank, Woon ported that correspondent bankers socket, the following officers were again received this conference with enthusiasm . . . and the large attend elected to new positions: T. M. Brisbine was named vice ance attested to its success. president and chairman of the board; * * * A. R. Bratsberg remained president; Abdurahman Tupara and Milan CoT. R. Brisbine, advanced from cashier to executive vice president, and G. W. Beddow, advanced from assistant cash ier to cashier. the banking business with his brother, Conrad, to operate the State Bank of Waubay, which they had purchased earlier. He continued in this venture as president of the bank until his death. sevski, ag leaders from Yugoslavia, visited the Northwest Security Na tional Bank of Sioux Falls last month, touring the bank and talking with officers and personnel of the bank. * * * Open house was held recently at the new East Branch of the National Bank of South Dakota. Leonard F. Martinek, vice president and man ager, greeted customers, and showed them the new facility. Mrs. Carol Ihnen, receptionist, saw that all visi tors received a memento of the open ing.— End S io u x F a ils Northwest Security National T HE Bank of Sioux Falls recently en tertained more than 65 bankers of the area at the bank’s Annual Conference for Correspondent Banks. After coffee and a tour of the bank in the morning, guest bankers and officers and directors of the North west Security National departed by special bus for the Bones Hereford Ranch at Parker, S. D., where Walt Bones Jr., president of Bones Here ford, explained the operations of the ranch and conducted a tour of the purebred and commercial cattle oper ations and sugar beet fields. A Bar-B-Q at the Bones Ranch was a highlight of the day, after which the group moved to the Minnehaha Coun try Club, Sioux Falls, for the after noon program. PART OF THE CROWD at the Fellow ship Hour, one of the social events con nected with Northwest Security National’s Annual Conference f o r Correspondent Banks. This consisted of: “ Livestock Out look” , Art Anderson, farm manage ment specialist, South Dakota State College; “ Livestock Expansion in Our Area” , Frank Lingo, manager, Agri cultural Service Department, John Morrell and Company; “Farming For Profit” , Everett Holst, advertising manager, Zip Feed Mill; a panel dis cussion on “What Does The Farmer and Rancher Expect From Their Banker” , and “Fertilizer Loans— Sound Credit?” , Dr. O. Bentley, dean of agriculture, South Dakota State College. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Bank offers a helping- hand as a correspondbank w ith transit facilities unexcelled in this area, advice on trust m atters, safekeeping- o f securities, credit inform ation or help on any other problem you m ight have. W e’re always glad to hear from you. N N orth w est & Bank W Sioux Falls, Brookings, Chamberlain, Dell Rapids, Gregory, Huron, Madison, and S. F. Stockyards BANK MEMBERS FEDERAL. DEPOSIT INSURANCE CORPORATION Northw estern Banker, Decem ber, 1961 62 cashier and auditor at the First Na tional of Mandan, announces directors of the bank. Miss Theisen began her banking ca reer in 1927 as assistant cashier in the bank at Napoleon joining the present staff in 1937. She was assistant cash ier in 1943 and has acted as auditor and operations officer the past 20 years. North Dakota NEWS GARY L. LERBERG BILL DANER President Secretary Parshall Bismarck Wins Ag Award The Agricultural Committee of the North Dakota Bankers Association won the ABA National Award for the 30th consecutive year. John A. Coles, ag representative, First National of Bismarck, is the chairman of the com mittee. Joins Dickinson Staff Arthur H. Davis, formerly cashier at the First National at Hettinger, has joined the staff of the Liberty Na tional in Dickinson as vice president. Mr. Davis has served also as cashier in a Miles City, Mont., bank, and the Yellowstone Bank at Columbus, Mont. Fargo’ s Merchants National Plans New Building Formal approval of a recent ex change of property between the City of Fargo and the Merchants National Bank & Trust Company, Fargo, will result in the bank’s construction of a parking ramp and new bank building on the 5th Street parking lot property. This transactions turns over to the bank the south 200 feet of the park ing lot in exchange for property owned by the bank on the north side of 2nd Avenue North between the al ley a half block west of Broadway and the Public Library. Adrian O. McLellan, bank president, said bank officials are looking forward to a construction start in the spring. Dakota National Appointment Aaron J. Hanson, state director of Farmers Home Administration of Wis consin since 1959, has been appointed assistant vice president and agricul tural representative of the Dakota National Bank, Fargo, announces A. M. Eriksmoen, executive vice presi dent. The post of ag representative is a newly-created position at the bank. From 1955 to 1959, Mr. Hason was agricultural loan officer with the First National Bank of DeKalb. Previously he was agronomist and manager of the Davidson Gas and Electric Com pany, liquid fertilizer division, at Osage, Iowa, and was farm planner N o rth w estern B a n k e r, D e c e m b e r , 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis and soil scientist with the U. S. Soil Conservation Service at Osage. He also taught vocational agriculture at Medford, Wis., High School after serv ice with the Army in World War II. Joins Fargo 1st National Gerald E. Hobbs, formerly with the Citizens National Bank, Watertown, S. D., has been elected assistant cash ier at the First National Bank & Trust of Fargo, announces William F. Graves, president. The son of Eugene T. Hobbs, assist ant vice president, Northwest Security National of Sioux Falls, S. D., he started in banking with the First Na tional of Arizona in Phoenix. Two New Directors Harold A. Boe and Clifford W. Bohlman have been elected to the board of directors of the First National Bank in Grand Forks, it was announced re cently by Fred R. Orth, president. Mr. Boe, who is vice president of John C. Boe Company, real estate and insurance, and Mr. Bohlman, president and general manager of Lystad & Red ick, wholesalers, succeed E. V. Bock, who has moved to Iowa, and the late Frank C. Smith. Promoted at Hettinger Darrell Papka, assistant cashier, First National Bank of Hettinger, has been elected cashier to succeed Arthur H. Davis, who recently became vice president, Liberty National Bank, Dickinson. Mr. Papka also served in the bank’s insurance department before his re cent promotion. Heads Chamber o f Commerce H. F. Buegel, Jr., vice president, Jamestown National Bank, Jamestwon, was elected president of the Jamestown Chamber of Commerce at that group’s recent annual meeting. He assumes the responsibilities of the office January 1. Mandan Prom otion Irene Theisen has been promoted from assistant cashier to assistant W. E. Tooley, Jr., and His Two Daughters Killed Walter E. Tooley, Jr., president of the First National of Mandan, was killed recently in a car-truck accident that also took the lives of his two daughters and injured his wife. The last report N o r t h w e s t e r n B a n k e r had is that Mrs. Tooley is recovering from the severe crash. The daughters were Beth Colleen, 10, and Mary Kathleen, 9. Killed also was Donald Bruels, 30, of Plaza, who was riding with the Tooleys from Plaza, where they had attended a wedding, to Mandan, where Mr. Bruels was going to buy a truck. Two occupants of the other vehicles —a pick-up truck—were not seriously injured. It was reported that the truck driver was under the influence of intoxicating liquor as defined by the law. Valley City Appointment Josephine Ruff, recent graduate of Dakota Business College, has joined the staff of the American National at Valley City. Goose River Remodeling The Goose River Bank at Mayville recently completed its remodeling pro gram and now features soft back ground music, new lighting, air con ditioning and a new appearance throughout. Erie Fouks Erie Fouks, 71, retired president and board chairman of the First Na tional of Valley City, died recently while hunting near Winthrop, Wash. He was returned to Valley City for funeral services. Mr. and Mrs. Fouks have resided in Mt. Vernon since his retirement as First National president January 1, 1956. He had served as an officer of the First National from 1918 until 1928 and thereafter with the exception of one year, as an executive through 1955. Upon retirement as president, he became chairman of the board hold ing that position until January of this year. 63 Color ado-W yom ing News buy control of three suburban Denver banks. Colorado Bankshares would then be a holding company for the First Na tional of Englewood, the University Hills Bank, and the Lakeside Na tional. Areas served by the banks do not overlap, the board said, and stock holders common to the three banks together hold a majority of stock in each one. Opens Parking Lot Votes Stock Dividend Directors of the Denver United States Bank last month declared a 2 per cent stock dividend, payable Jan uary 26 to stockholders of record on January 16. The dividend is subject to approval by the stockholders at the annual meeting on January 16 and by the comptroller. Under the proposed plan, stockhold ers would receive a dividend of one share (at par value of $10) for each 50 shares now held. This will in crease the banks’ capital stock ac count to $10,200,000. This $200,000 in crease would be transferred from the bank’s undivided profits account. Joins Salida Bank Frank Bunts of Lakewood, Colo., recently was elected executive vice president of the First National Bank of Salida. Most recently, Mr. Bunts was in the investment and real estate business in Fort Collins. For eight years he was senior officer at the San Juan, Puerto Rico, branch of the First National City Bank of New York. Greeley Promotions Herbert A. Jacobson, vice president, was named senior vice president, and Ralph E. Mercer, vice president, has been assigned to head the bank’s loan and credit department at the Greeley National Bank, Greeley, Colo. Mr. Jacobson becomes the principal officer in the public and customer relations department. Mr. Mercer joined the bank as as sistant vice president in 1955. Mr. Jacobson has been with the bank since 1918 when he joined the Union National Bank, one of the predeces sors of the present Greeley National. Capital Increased On October 12, $1 million was added to the capital stock account and $2 million to the surplus account of the Denver U. S. National Bank, Roger D. Knight, Jr., president, announced. This raised total capital funds to more than $28 million. Trinidad Renovation Renovation and improvements are being made at the First National Bank in Trinidad, Colo. The exterior is be ing sandblasted and mortar is being replaced between all stones. Buys Aspen Bank Controlling interest in the Pitkin County Bank at Aspen, Colo., was purchased recently by William M. White of Pueblo. Mr. White has been named presi dent, and his son, William Jr., vice president and director. Robert L. Freeman, Pueblo, was also named vice president and temporary manager. The Aspen bank is the fifth banking property controlled by the White fam ily. The others are the First National in Alamosa, the Minnequa Bank in Pueblo; the First National in Durango and the First National in Salida. Pur chase of the Salida bank was reported in the N o r t h w e s t e r n B a n k e r last month. Building at Julesburg W. R. McKinstry, president, First National Bank of Julesburg, Colo., an nounced plans recently for the con struction of an ultra-modern bank building at Third and Cedar Streets in Julesburg. Estimated over-all cost for the build ing is $150,000. The modernistic new building will feature large expanses of glass, a solar brick decorative panel and light lavender blend Lyons stone. Over 100 feet of non-glare glass on the front and side will be furnished with full-length drapes. Planters and land scaping will complete the exterior decor. A drive-up banking window will be on the east side of the building. There also will be night depository facilities. The building will measure 96 by 106 feet. The Colorado Bank & Trust Co. of Delta, Colo., recently opened its new parking lot. Bank customers are giv en one hour of free parking. Heads C.B.A. Committee W. H. Flory, vice president, Engle wood State Bank, Colo., has been named chairman of the Installment Credit Commission of the Colorado Bankers Association. Surplus Increased The Bank of Denver directors voted recently to increase surplus of the bank by $100,000, bringing the total surplus account to $500,000. This is the largest single increase since the institution became a commercial bank in 1953. Ups Common Stock Stockholders of the Union National Bank in Denver voted recently to de clare a 100 per cent stock dividend. Subject to approval of the Comptrol ler, the dividend will increase common stock to 20,000 shares. Declares Stock Dividend Common capital stock of the First National Bank of Julesburg, Colo., was increased recently from $100,000 to $150,000 by a stock dividend. Wins Ad Award Ernest Erskine, a member of The Pueblo Star-Journal and the Chieftain advertising department, recently was named winner of the Rocky Mountain AdMan contest for the best space pro ducing idea. He won the award for a series of six ads he prepared for the Minnequa Bank of Pueblo. Heads Brotherhood Group Robert D. Knight, Jr., president, Denver U. S. National Bank, has been named chairman of the 33rd anniver sary Brotherhood Dinner of the Na tional Conference of Christians and Jews in Colorado. Form Holding Company The Federal Reserve Board in Washington, D. C., has authorized First Colorado Bankshares, Inc., to Denver Bank Expands William G. Griffith, president, Moun tain State Bank in Denver, reported N orthw estern Banker, Decem ber, 7961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 64 Wyoming News recently that construction now under way will add 14,000 square feet of floor space to the existing 9,000 square feet available to the bank. The completed building will have two floors above ground and one be low ground level. W yo m in fi N e w s First Anniversary; Expansion Planned The Security Bank & Trust Com pany, Casper, Wyo., recently marked its first anniversary, and at the same time announced plans for construc tion of a new building at Midwest and Wolcott in Casper. The building now at that location will be removed to provide parking and drive-in facilities. Construction is to begin shortly after the first of the year. After one year of operation, deposits total $4.5 million. Dr. John D. Clark Dr. John D. Clark, 75, chairman of the American National Bank in Chey enne and nationally-known economist, died recently at his home. He appar ently died of a heart attack. From 1937 to 1939, Dr. Clark served as an advisor to the U. S. Senate com mittee on government reorganization, and won national acclaim for his work in that field. During the administra tion of President Truman, he became one of the top men in government as vice-chairman of the president’s coun cil of economic advisors. Prior to this post he served as dean of the college of business administration at the Uni versity of Nebraska from 1941 to 1946. In 1951 he returned to Cheyenne to resume his law practice and to play an active role in the operation of the American National Bank. Heads Kiwanis Vincent E. Christie, vice president, First National Bank of Powell, Wyo., has been elected president of the Powell Kiwanis club. W.B.A. Gives Scholarships The Wyoming Bankers Association has established two $400 scholarships at the College of Commerce and In dustry of the University of Wyoming to be awarded to two resident grad uating seniors of high schools of the state who wish to enroll in the college. These scholarships will be granted in recognition of scholastic ability, personality, character, and leadership. The association also has provided $200 to be used as a grant-in-aid for students in the college. New Casper Director Glenn Taylor, Casper rancher, has been elected the to the board of the First National Bank of Casper, Wyo. Mr. Taylor also has active interests in the oil business and the heavy con struction business in the oil regions around Casper. Joins Cody Staff Noah W. Riley, pioneer Cody resi dent, has been appointed as outside representative for the Shoshone-First National Bank of Cody, Wyo. Mr. Riley was U. S. Marshal for the State of Wyoming from 1953 until last April. H onor Club Grows The First National Bank of Casper has added seven new members to its growing Honor Club. The club, started 10 years ago, is now composed of 200 members who have found and returned money, billfolds and trav elers checks to the rightful owners. Each new member receives a $5 sav ings account from the bank and thea ter tickets from the local theater. Names of all members are inscribed on a plaque in the First National Bank lobby. GOOD WISHES FOR CHRISTMAS from Art Williams, Art Bridgewater, Don Delano, Bill Gossett and the entire Central staff and a promise to continue cherishing you as a correspondent, to give you sincere and cooperative service in every possible way. CHECK WITH CENTRAL IN ’62 I A L- B A N K A N D T R U S C entral Park . . . 15th & A ra p a h o e . . . Denver 17, Colo. MEMBER: FEDERAL DEPOSIT INSURANCE CORPORATION • FEDERAL RESERVE SYSTEM N orthw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis c o 6b versary recently with an open house. At the same time the bank celebrated completion of its extensive remodel ing program. Montana NEW S ®, D. RUBIE R. C. W ALLACE President Secretary Harve Helena Sponsors Clinics Loss Prevention Clinics, sponsored by the Glacier Conference of NABAC, are under way in Montana. The first of four clinics was held at Missoula November 18, and another was held at Glendive on the same day. The final two clinics will be conducted December 9 at Missoula and Billings. The all-day programs point out methods of audit and control for the prevention of fraud. The importance of directors in an audit program is emphasized at an evening dinner. Conducts Consumer Clinics Three consumer credit clinics were sponsored by the Montana Bankers Association during November. On November 6 a clinic was conducted at Havre, on November 8 at Butte and on November 10 at Miles City. of the new bank which was chartered June 30 and capitalized at $400,000'. E. T. Sletten is chairman of the board. Jay F. McLeod is vice presi dent, and John J. Buettner of Big Sandy is cashier. Tom Corbally, Jr., who formerly was affiliated with the North Montana Ab stract Co. in Great Falls is trust, real estate and investment officer. Richard Rubie, George Nilson, Charles B. An derson and A. C. Kammerzell are directors. A $67,000 renovation of the building which will house the new bank at Central Avenue and Fourth Street was completed last month. Two Directors Named Livingston Rodgers, with the trust department of the Pittsburgh National Bank in Pittsburgh, Pa., has been ap pointed trust officer of the Montana Bank in Great Falls, according to Charles J. Thomson, president and chairman. Mr. Rodgers is a graduate of the University of Pittsburgh School of Law and has been affiliated with the Pittsburgh bank since 1953. Two new directors have been elected at the First National Bank of Great Falls, Mont. They are Lawrence J. Ingvalson, manager of The Anaconda Co.'s Great Falls reduction depart ment, and Harold K. Dickinson, man ager of the Great Falls division of the Montana Power Co. Mr. Ingvalson succeeds Alexander Warden, publisher of the TribuneLeader, who resigned to become a di rector of the Minneapolis Federal Re serve District. Mr. Dickinson succeeds Roy Currell, retired manager of the J. C. Penney store in Great Falls, who died July 7. A.I.B. Work Starts Hillsdale Open House The Great Falls, Mont., chapter of the American Institute of Banking began its 1961-62 study program re cently. Courses and instructors in clude “ Money and Banking,” Bruce Ricks of D. A. Davidson & Co.; “ Pub lic Relations,” Gordon Platts, Wendt A d v e r t is in g ; “ Economics,” James Snow, Piper, Jaffray & Hopwood; “ Principals of Bank Operations,” L. D. Short, assistant cashier, First Na tional Bank, and “ Installment Credit,” Dick Payne, Copper State Credit Corp. Eighty persons are enrolled. The First National Bank of Hins dale, Mont., celebrated its 45th anni Joins Great Falls Bank New The bank remodeled the public meeting room and other parts of the basement. Upstairs ceilings were low ered, modern recessed lighting was installed, walls were insulated and re built and floors re-tiled. New counters, desks and other equipment also were installed along with new doors. Opens Drive-In Unit Grand opening of the drive-in facil ity at the Miles City Bank, Miles City, Mont., was held recently. It is the first drive-in facility in that city. Aberdeen Girl Is Named Miss Drive-in Teller Miss Carol Thommen, a teller at the First National Bank of Aberdeen, S. D., has been elected Miss Drive-in Teller by a national vote of bankers. Grand prize in the contest, spon sored by The Mosler Safe Company, is an all-expense Caribbean Holi day for two, in cluding jet transp o r t a t i o n by Trans Caribbean A irw a y s , o n e week in San Juan, M IS S T H O M M E N P. R., and one week in Aruba, D.W.I. Miss Thommen and the two other finalists in the contest, Betty Jean Schultz of the Peoples Bank and Trust Company, Cedar Rapids, Iowa and Joyce Ross of The Citizens National Bank, Tunkhannock, Pa., were guests of The Mosler Safe Company in San Francisco during the American Bank ers Association Convention in October. K atispeli H Bank Staff Selected Personnel of the new Central Bank of Montana in Great Falls have been named by Charles W. Rubie, president https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis COMPLETED earlier this year was this new building for the Conrad National Bank of Kalispell, Mont. Drive-in facilities are shown at left. Grand opening was reported earlier in the N o r t h w e s t e r n B a n k e r . Northw estern Banker, Decem ber, 196Ì 66 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 67 Foreign Visitor at Pierce N Abdulghani Sikta, of Tripoli, Libya, visited the Cones State Bank in Pierce, Neb., recently, continuing a year’s study of banking methods in the United State which he began May 17. He is primarily interested in ag credit and FHA. e b r a s k a NEW S B. D. BERKHEIMER President H ARRIS V. OSTERBERG Secretary Gordon Omaha Ralston Expanded Services Continuous banking service from 8 a.m. to 6 p.m. is now available at Ralston Bank in the Hillcrest Shop ping Center, Ralston. Seven teller windows, a night de pository and envelope drop are offered States in 1930. He said that American through an enlargement project re banking methods, in certain phases, cently completed. particularly in credit, can do much to Two walk-in windows, open from help India’s progress. 8 a.m. to 9:30 a.m. and from 2 p.m. to After his year of work-study at 6 p.m. Monday through Friday, have Beatrice, he will study banking meth been added for customers unable to ods at a Lincoln, Neb., bank. bank during regular hours. A night depository and envelope drop also are Heads Enterprise Boosters provided. G. W. Shaffer, Jr., president, First Regular hours remain in effect in State Bank of Beaver City, has been the main lobby. appointed chairman of the Furnas The new facilities were completed County Chapter of the National Fed to enlarge the bookkeeping depart eration of Independent Business. ment which has grown from eight to Each business and professional man 17 employees in the past year, accord member is polled throughout the year ing to Ed Littrell, vice president and on bills and issues that affect inde cashier. An extra 550 square feet to pendent enterprise, the tabulations the west of the bank’s quarters made are then made and directed to the at room for the bullet-proof walk-in win tention of Phil Weaver and Don dows, night depository and envelope Thompson, Nebraska congressmen. drop, as well as two additional private offices. I1U at Installm ent Conference A N INTERESTING and worthwhile program attracted 118 Nebraska bankers to their Installment Credit Conference at Grand Island last month where they discussed the making and servicing of good installment credit, collection systems and activities, the Soldiers and Sailors Relief Act, gar nishment and other related subjects. Marvin Werve, vice president, Oma ha National Bank, Omaha, was chair man of the program, and also dis cussed activities in banks around the country on the mailing of notices. He said many banks have eliminated the mailing of notices and do their con tacting by phone. Instead of, say, three notices in 30 days, many now send one notice and then telephone, while others do all reminding by phone. Tom Gearty, agent in the Iowa-Nebraska area for the Federal Bureau of Investigation, was a principal speaker and reported on aspects of his work which is of pertinent interest to bank ers in the installment credit field. Beatrice’ s New Addition Work was begun recently on a new addition to the First National of Be atrice to house its small loan center. President Harold R. Deitemeyer said construction is expected to be com pleted shortly after the first of the new year. Brainard Open House An open house was held last month at the Bank of Brainard, Neb., as officers, directors and employees celebrated the bank’s 75th anniver sary. Charles Novak, president, was on hand to greet the large turnout of well wishers, who were served re freshments. FBI Conferences Bank officials from Kimball, Sidney, Scottsbluff and Potter attended an FBI conference on bank thefts recently at Sidney, Neb. Similar conferences also were held in Omaha and Grand Island. Law enforcement officers from the area also were in attendance. Geneva Hank Halils Openini/ ABA Ag Award The Nebraska Bankers Association has been awarded the ABA Agricul tural Award for the 17th consecutive year. The award is presented to the bankers’ associations in states where programs have been outstanding in service to agriculture. Indian Speaks in Beatrice M. C. Gurg, banker from Jodphur, India, who is working a year at the Beatrice National Bank, Beatrice, to study banking methods, spoke to Kiwanis members in Beatrice recently, pointing out that banking in India is about the same as it was in the United https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H U N D R E D S of people from Geneva and surrounding communities attended open house at the recently remodeled quarters of the Geneva State Bank. Redecorated interior is shown above. Exterior also was remodeled with addition of granite and new windows and doors. A door prize was given every 15 minutes during the open house. Remodeling was carried out without interruption of service. Northw estern Banker, Decem ber, 1961 68 HE First National Bank of Omaha has announced the appointment of J im C o o k as a member of the corre spondent bank department. A University of M isso u ri gradu ate, he received a Bachelor of Sci ence Degree in 1956 and a Mas ters D eg ree in Animal Husband ry in 1957. He was a m e m b e r of the Univer sity’s champion sh ip liv e s to c k judging team. After duty as an officer in the United States Air Force, Mr. Cook spent a period at the beef cattle sta tion at Fort Robinson, Crawford, Nebraska, and then a year in New Zealand under a Fulbright Research Grant. There he established a per T formance testing program for the New Zealand beef industry. He came to the First National Bank from western Nebraska where he was associated with an extensive farming and cattle feeding operation. * * * State Banking Director R a lp h M is k o last month denied the application of backers of the North West Bank of Omaha to locate at either 72nd or 78th Streets and Military Avenue. Appli cants had filed for a state bank char ter at either location, and also claimed priority option on a third spot at 60th and Ames. K e n n e t h G . H a r v e y , president of the Douglas County Bank in suburban Benson in the northwest section of Omaha, was one of the chief organ izers of the proposed new bank. Mr. Harvey and his associates had filed their application earlier this year. In late August, another group, headed by E d w i n E . B r o d k e y of Municipal and Corporate Bonds Listed Stocks Unlisted and Local Stocks O R D E R S E X E C U T E D O N A L L P R IN C IP A L E X C H A N G E S CHILES-SCHUTZ CO. OMAHA, NEBRASKA 412 Farm Credit Building Phone 346-6677 LINCOLN, NEBRASKA 1321 P Street Phone HEmlock 2-3324 LEXINGTON, NEBRASKA Ernst & Bieck Building CHADRON, NEBRASKA 999 East 6th Street Northw estern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Omaha, who is also chairman of the Sidney National Bank at Sidney, Nebr., filed application for a state charter for the Ames Plaza Bank to be located at 60th and Ames. Mr. Misko said two investigations had determined that a bank at 72nd or 78th Streets would not promote public necessity. He told Mr. Harvey he would consider an amendment to the application for a bank at 60th and Ames Avenue. Mr. Harvey is reported to have told the banking director that his group had surveyed the latter location and decided it had no potential. A short time prior to this hearing in Lincoln, Mr. Harvey announced that the Douglas County Bank will build a drive-in facility at the south west corner of 60th Street and the Northwest Radial Highway. (Details below.) The Radial Highway, con structed in very recent years, runs diagonally northwest from the busi ness district and central Omaha to tie in with Military Avenue through the Benson district. The Douglas County Bank is located at 6108 Mili tary and the drive-in location is a short distance from the bank. 60th and Ames Avenue, site of the latest proposed state bank location, is ap proximately one mile north of the new drive-in location. * * * The D o u g la s C o u n t y B a n k will build a drive-in facility at the southwest corner of 60th and the Northwest Radial Highway, according to K e n n e th G . H a r v e y , president. It will extend 300 feet along the radial with access from both streets. Constructed of steel and glass it will provide 3000 square feet of floor space. The exter ior will be faced with ashlar stone. Three drive-in windows, four inside teller windows, office and storage space and a vault will be furnished. In addition, there will be parking for 30 cars. Completion is expected early in 1962. * * * T h e O m a h a N a t io n a l B a n k ’s drivein office at 17th and Douglas Streets resembled a floral decorator’s fondest dream recently when the interior was literally covered with floral displays. Occasion was the fall showing of flower arrangements by the Garden Club of Omaha. The Omaha National made its beautiful drive-in office fa cility available to the group for the annual display. * * * C a r l H . D e W a a l , assistant cashier of the United States National Bank of Omaha, died early last month of a heart attack. Born in Omaha in 1896, Mr. DeWaal M e rrÿ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 70 Nebraska N e w s Fourth Window Opens in FOURTH DRIVE-IN teller window at the United States National Bank’s drive-in and walk-in facility at 20th and Douglas in Omaha has been completed and is in operation. The new window is shown at the far right. Two of the three original windows are shown at left. The third is inside the covered driveway. joined the U. S. National in 1915. He worked in virtually all bank depart ments; was manager of the bookkeep ing and savings departments, and most recently has been officer in charge of the bank’s commercial tellers. He was elected assistant cash ier in January, 1954. He is survived by his wife Eleanor, one daughter and two grandchildren. * * * Two First National Bank of Omaha officials were honored by civic groups last month. E r n e s t T . T a n n e r , vice president, became an honorary life member of the Omaha Chamber of Commerce for bringing in 50 Senior Chamber memberships or their equiv alent with a 12-month period for the C of C’s President’s Club. * * * E . J. C a r ls o n , vice president, was elected first vice president of the Na tional Association of Credit Manage ment’s Nebraska-Western Iowa unit. He recently returned from a five-state credit conference at Sioux City. P e r r y S . F r a n c is , a veteran of 22 years experience in bank and credit work, has been named executive vice president of the newly-opened South west B a n k of Omaha. Mr. Fran cis has been asso ciated with the Stock Yards Na tional Bank of Omaha where he was serving most recently as vice president. Following FDIC a p p r o v a l last P. S. F R A N C I S m on th , S t a t e Banking Director R a lp h M is k o issued the official charter for the bank. Pres ident is W i l l i a m A . F r a s e r , J r., presi dent of the Snell Sash & Door Com pany. The bank was scheduled to begin operations in mid-November in a tem porary location in the Loveland Shop ping Center. A permanent building is being planned for a site at 88th and A c o m p l e t e , t i m e t e s t e d , p e r f o r m a n c e g u a r a n t e e d outfit For Auction Sale Clerks CO M BINES ALL TH E FEATURES YO U DEM AND Receipts for Each Buyer • • No Additional Listing • • No Posting of Accounts • • Absolutely the only outfit on the market sold on a money back Combats Skip Buyers Speeds Up Settling Buyers Like It combining all these features— guarantee. BLACK SALE SYSTEM »Telephone Nos. 536-2651 or 536-2522 Fullerton, Nebraska W rite Us for Sam ple Sheets and Inform ation Northw estern Banker, Decem ber, 1967 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Center Streets, adjoining the shopping center on the southeast. Construction will begin as soon as zoning and final plans are approved. The bank has $300,000 capital and $100,000 each in surplus and undivided profits. * * * R o b e r t E . B r o w n , 42, head of the dealer service section in the First National Bank of Omaha loan center, died recently after a one month ill ness. He had worked for the bank since 1948. While attending Benson High School and the University of Omaha he was a star halfback. Sur vivors include his wife and two daughters. * * * Nebraska Governor F r a n k M o r r is o n recently appointed two new members to the Nebraska Resources Commit tee, and reappointed two present mem bers. New appointees are M a r v in R . W e r v e , vice president, Tthe Omaha National Bank, and M a r s h a ll J e n s e n , Minden farmer and businessman. Reappointed were H e n r y F . K lo s t e r m a n , chairman of the First National Bank in David City, and M a r v in H i l l of Kearney. Governor Morrison also appointed J. L e r o y W e l s h of Omaha as chair man of a permanent committee to raise funds for Nebraska’s possible participation in the 1964 World’s Fair in New York. Mr. Welsh is president of Butler-Welsh Grain Company and a director of The Omaha National. Appointed Douglas County (Omaha) election commissioner by the gover nor was J e r r y H a s s e t t , 42, who re signed as assistant sales manager of John Day Rubber & Supply Company, to accept the appointment. His first 10 years in business were with the Stock Yards National Bank of Omaha. * * * F r a n k L . L o v e , vice president of the First National Bank of Omaha, re cently addressed two Nebraska farm groups. He spoke before the York County Breeder and Feeder Associa tion at York on “The Livestock Out look for the 1961-62 Cattle Feeding Season.” He also addressed a meeting of more than 100 farmers and feeders sponsored by the A u b u r n S ta te B a n k and the Nemaha County Farm Bu reau. His topic was “New Trends and Developments in Cattle Feeding. Mrs. V. E. Dolpher Mrs. Y. E. Dolpher, wife of retired vice president of the First National of David City, died last month at Fresno, Calif., where she and her husband had moved the month before. Mr. Dolpher is a past president of the Nebraska Bankers Association. 71 TO ATT OUR F R IE N D S ¿ L f-' FIRST NATIONAL Q BANK OF OMAHA Member Federal Deposit Insurance Corporation Sixteenth and Farnam ■ Omaha, Nebraska N orthw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 72 N ebraska N e w s MHun Ihniylus County tiri rv-h t were: Hugh Blum, vice president and cashier, McCook National of McCook, president; Warren D. Fowler, cashier, Harlan County Bank, Alma, vice pres ident; George Shafer, president, First State, Beaver City, secretary, and Charles Novak, cashier, McDonald State Bank, North Platte, treasurer. Elected directors were: H. E. Day, vice president, First National of Cam bridge, and Harold Larmon, vice pres ident, First National of McCook. Promoted at Tekamah DRIVE-IN FACILITY plans for the Douglas County Bank were announced by Kenneth. G. Harvey, president. The unit will occupy an area extending 300 feet on Northwest Radial at 60th Street, and will be accessible from both streets. The building will cover about 3,000 square feet, will be constructed of steel and glass, faced with ashlar stone and will house three drive-in windows, four teller windows, lobby, office space, storage and vault area. Parking for 30 cars will be provided. Completion is expected by early 1962. NABAC Speakers More than 75 bankers from the area attended last month’s meeting of the Central Nebraska Conference of NABAC at the Meadowbrook Golf Club in Hastings. Men from the City National and the First National in Hastings were hosts. N. T. Tieman, president, Commer cial State Bank, Wausa, and Roger L. Cunningham, vice president, First Continental National of Lincoln, were principal speakers. New NABAC Group Bankers of Southwestern Nebraska have formed a new NABAC group in their area and it is the Southwest Ne braska Conference, NABAC. Elected to serve as the first officers Richard “Rick” Nelson, who joined the staff of the Burt County State Bank, Tekamah, in early August, has been elected cashier. He previously had been agency manager of the Farm Bureau Insurance Company and field representative for the Lyons Co-op Creamery Company. Fairbury Award Program This is the 14th consecutive year the First National Bank of Fairbury has sponsored a Conservation Awards Program and this project continues to attract a great deal of favorable com ment. Members of the Jefferson Coun ty Soil Conservation district board have selected six farms to compete. Winners of the 1961 awards will be announced by the First National at the Annual Soil Conservation District Banquet in January. To Grand Island Bank For your Banking N eeds Henry Bach, treasurer of Grand Is land several years, has been apointed to the staff of the Overland National Bank, Grand Island, announces George Monson, executive vice president. iM r r d ic ts P r ic e s * Complete Line of Bank Supplies. ^ Check Imprinting. ^ O ffice Equipment & Supplies. ^ Office Furniture. * Stationery. W e re happy to serve y o u .......... U N ITED S T A T E S C H E C K B O O K C O . 1311 H O W A R D STREET Northw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O M A H A 2, NEBR. CRYSTAL BALL GAZING contest, con ducted by the First National Bank of Omaha, was won by Charles T. Backer, executive vice president, Burt County State Bank, Tekamah. The contest is con ducted during the bank’s beef cattle con ference in September. Mr. Backer came closest in predicting the average price at the Omaha Stock Yards on three categor ies of beef cattle for the week of October 23 to 28. Carl N. Bloom, right, assistant vice president, First of Omaha, is shown presenting a trophy to Mr. Backer for his achievement as Jim Cook, left, of the First National looks on. 73 M ay tl le peace and happiness of Christmas be yours this holiday season and throughout the coining year. o f South Omaha , Nebraska M EM BER FEDERAL DEPOSIT INSURANCE CORPORATION Northw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 74 the N a tion a l B ank of Commerce through the merger of the First Trust Company last September. He had been with the First Trust Company since 1920. He also had worked for the First National Bank in Lincoln in 1916-1918, and the Federal Reserve Bank of Kansas City in 1918. * * Howard A. Chapin, vice president and trust officer, First Continental Na tional Bank & Trust Company, was the featured speaker at a meeting of the Fairbury, Neb., Rotary Club. He discussed “Wills, Trusts and Taxes.” E. HINDS, vice presi CLARENCE dent in charge of trust develop ment at the National Bank of Com merce, died suddenly after being ill for about a week. Mr. Hinds had joined the staff of A BANKER’S BANKER Broken Bow Director Dr. Theodore Koefoot, Jr., presi dent of the Custer County Medical So ciety, has been elected to the board of the Broken Boken State Bank, Broken Bow, announces T. T. Varney, Jr., president of the bank. Stocks Fallout Shelter A “Fallout Shelter” at the Overland National Bank, Grand Island, capable of sheltering 240 persons, has been stocked with shelves for storage, tran sistor radio and extra batteries, emer gency lanterns and extra batteries and radiological equipment for personnel monitoring and constant check of radioactivity both in and outside the shelter. Hastings Drive-In A new drive-in banking facility early in 1962 will give Hastings its first de tached banking facility. Owned and operated by the City National Bank, it will be known as the City National Bank Motor Bank. The “L-shaped” structure will be of con temporary design with walk-in lobby as well as drive-up teller facilities. Hubbell Banker Featured Gene C. Eaton , Senior Vice President Gene Eaton has been a member of the staff of your Capital City Correspondent since 1947. During the years that he has been visiting your banks and your communities, he has become well acquainted with your problems . . . and your progress. Gene is always ready and happy to be o f service. NATIONAL BANKcommerce TRUST& SAVINGS Lincoln, Nebraska ‘Your Capital City Correspondent’ Northw estern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J. E. Conklin, president of the Hubbell Bank, Hubbell, was featured in a recent biographical sketch type ar ticle in the Lincoln Star. Glenn Kreuscher, farm editor of the paper, pointed out that Mr. Conklin has been in banking more than 70 years (his mother was cashier of the bank and took him to work with her from their home over the bank when he was two years old) and also that he was en couraging conservation long before many in the area thought it was im portant. Mrs. John D. Stocker Mrs. John D. Stocker, 63, wife of the president of the Otoe County National Bank, Nebraska City, died recently at a Nebraska City hospital. Surviving are her husband, two daughters, a brother and two grandchildren. 75 FIRST CONTINENTAL NATIONAL ! 2 T H < 5 c N BANK S T R E E T & TRUST L I N C O L N , COMPANY N E B R A S K A Northw estern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 76 Nebraska N e w s X m ned *'Ou ARCUS W. DITTMAN, president, M Central Bank, Central City, Neb., was named “Outstanding Citizen” of the community recently by the Cen tral City Chamber of Commerce at its annual Awards Banquet. Mr. Dittman has been active in industrial develop ment of Central City and is a member of the Merrick County Industrial Cor poration. Also, he has been instru mental in efforts to procure new industry for the area through the In dustrial Development Act. Mr. Dittman started the first Finan cial Forum ever held in the area and his bank’s recent “ Second Annual Farm Financial Forum” was even more successful than last year’s much- ONE BANK the St. Joseph Stock M s Street and Norfolk Avenue, in Norfolk. istandiCitizen*' Ole W. Gladem, assistant cashier, applauded one. The program included: “Things Are Happening in This Cattle Feeding Game” by Floyd Bond, farm er-feeder-rancher; “ 1961-62 Outlook and Points Intended to Help a Feeder of Cattle” by Les Curran, ag represent ative, Continental National of Lin coln; “A Hog Program that Makes Us Some Profit” by Ken Ross, farmer, swine and hybrid seed corn producer. Also, “What Bank Looks for in a Cattle Loan and What the Borrower Should Expect From the Bank” by Bob Johnson, assistant vice president, Omaha National Bank; “What Next?” by Tom Moates, founder and partner of Central Farm Development Com pany and director of Merrick & Com pany, ag-industrial corporation; “You Don’t Plant and Tend Squaw Corn— Why Be Satisfied with Squaw Pasture and Grasses?” by Jim Wilson, owneroperator of Wilson Seed Farms, Polk Neb., and “ Problems in Livestock As I See Them” by Dr. Dick Barnett, doc tor of veterinary medicine. Nebraska City Opening Formal opening of the new drive-in facility of the Farmers Bank, Nebras ka City, was held last month and hailed as a great success. More than 500 cars went through the first day and a gift was given each driver. The drive-in—first in the Nebraska City area—features two Diebold, Inc., win dows with bullet-proof glass, defroster and intercom system. The working space containing the two windows in cludes a coffee bar between the win dows and a restroom for women em ployees and is connected directly with the bank. was placed in charge of the new fa cility. The new glass and stone struc ture features two drive-in windows, a walk-up lobby and money vault, plus additional parking for those wishing to use the walk-up service. Mrs. M. J. Dolce Mrs. M. J. Dolce, 69, wife of the vice president of the Spalding City Bank, died recently after a lifetime residence in the Spalding community. Surviv ing are her husband, a daughter, a son, two sisters and a brother. Holdrege Open House Open house was held last month at the new First National of Holdrege. The event was on a Saturday, so offi cers, directors and employees were free to concentrate on being host to the large crowd of people who visited the bank. Souvenirs were given all guests. Among new features are a Time and Temperature sign, electric-eye doors, drive-in service and all new fixtures and furniture throughout the bank. Clarence G. Hohl Clarence G. Hohl, 62, president, Wahoo State Bank, died recently in a Fremont hospital. Surviving are his widow a, son, a sister and two broth ers. W in s H and A w a r d Drive-In at N orfolk The DeLay First National Drive-In Bank—first separate facility of its kind in Northeast Nebraska—opened for business the first of last month at 10th Use Christmas Seals FIRST STOCK YARDS BANK . . . make it your correspondent! The only bank with up-to-the minute information on livestock marketing and financing! FIRST STOCK YARDS BANK SOUTH ST. JOSEPH, MO. Northwestern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Fight TB CONCORD MINUTE MAN Trophy was presented to Robert I. Stout, center, chair man, First National Bank, Tekamah, and Nebraska A.B.A. Savings Bond chairman since 1944, for his patriotic service to the U. S. Savings Bond Program. Mr. Stout resigned his bond post recently and was unable to attend the Nebraska Bank ers Association Convention where the award was to have been given. Instead, the award was presented recently at Tekamah. On hand for the presentation were Hal Master, left, planning director of the bond program in Washington, D. C., and Frank Heintze, right, state director for the bond program in Nebraska. YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS The Family Circle F. E. DAVENPORT & CO. OMAHA 77 Nebraska N e w s C ity Ms W in n e r nearest the exact time the sign first flashes 9 degrees above zero. Presi dent of the bank is Minor P. Baird, immediate past president of the Ne braska Bankers Association. Sutton Remodeling Underway Remodeling at the City State Bank in Sutton, Nebr., is underway and plans include new sidewalks, en trances, windows, lowered ceiling with indirect lighting, two new conference rooms and a basement. Capital and Board Increase COMMUNITY CHEST at Beatrice, Ne braska is $225 richer this year because the weather failed to cooperate with the Beatrice National Bank, reports W. W. Cook. Sr., president. The money was to have been awarded to the person guess ing the time when the temperature in Beatrice would reach 103 degrees last summer. Nobody won because 102 was the top mark for the summer. Cash prizes of $100, $75 and $50 were to have been awarded to the winner. With no winner to claim the money, it was presented to the Beatrice Community Chest this fall. Above, Mr. Cook present a $225 check to Harlan Hubka to kick-off the Community Chest drive. 500 Guests at Springfield More than 500 persons toured the newly-rem odeled Springfield State Bank of Springfield recently and took turns trying to guess the amount of change that was in a jar. After activities at the bank, guests were taken to the Legion Hall for refresh ments. Joins Staff at Stella Richard A. “Andy” McMullen, Jr., recently resigned as a national bank examiner, out of Kansas City, and has joined the staff of the State Bank of Stella, Neb., where his father, R. A. McMullen, Sr., is president. Fredolph Johnson Fredolph Johnson, 78, a director of the First National Bank, Stromsburg, died last month after spending his lifetime in Polk County, Neb. He had been treasurer of the Scandinavian Insurance Company. Shareholders of the Tilden Bank, Tilden, Neb., voted last month to dou ble capital, increasing it from $50,000 to $100,000. G. P. Bauman, executive vice president, said the growth since the last increase in July, 1958, has been such that the present increase is de sirable as it will make easier the fu ture growth which is in prospect. Stockholders also enlarged member ship of the board by electing Elton Jess, cashier, and Rollancl Johnson, assistant vice president, to the board. Mr. Bauman said plans are being developed for the observance of the bank’s 75th jubilee in 1962. Drive-In Open Longer Hours The drive-in window of the Tilden Bank at Tilden will be open on Satur day evenings from 7:00 to 8:30, accord ing to G. P. Bauman. This will be in addition to the regular hours the win dow is open. Alliance Stock Increase Directors of the Alliance National Bank, Alliance, have announced that capital stock has been raised a quar ter of a million dollars to $375,000. Edward M. Knight said directors voted a stock dividend to bring about the increase. The bank now has a total of $750,000 in capital and surplus funds. Bloomfield Bank Remodeling Business activity at the Farmers and Merchants State Bank, Bloomfield, was moved into the new addition re cently so the front portion of the bank could be closed for remodeling. When completed the entire bank in terior will be one overall “new-look” institution. Capital Increased Capital and surplus of the Carson National Bank at Auburn have each been increased from $60,000 to $100,000, according to Virgil L. Lehr, president. Total capital and surplus will be $ 200,000. Adds to Surplus A. J. Jorgenson, chairman of the American National Bank of Sidney, announced recently that directors have increased surplus from $200,000 to $400,000. Capital is $200,00. James D. Barta James D. Barta, 61, a teller at the Otoe County National Bank in Nebras ka City, died recently of complications following surgery. Open Longer Hours The Bank of Talmage will be open for business from 7:00 to 8:30 p.m. on Wednesday and Saturday nights in addition to regular hours, according to William E. Damme, president. TAX EXEMPT BONDS Frank Williams EXF.C. V.P. EXCLUSIVELY You are invited to make full use of our experience and facilities for analyzing mu nicipal bonds. No obliga tion on your part. William March New T&T Sign at Superior The Farmers State Bank, Superior, Neb., recently installed an attractive time-temperature sign on the front of the bank building which flashes the time and the temperature alternately for shoppers on Main Street. The bank is offering a $100 savings bond to the resident of the area who guesses SECY. & TREAS. ROBERT E. S C H W E S E R CO. IN VEST M EN T B A N K E R S • U N D ER W R ITERS TAX EXEMPT BO ND S EXCLUSIVELY 208 SO. 19TH ST. OMAHA, NEB. J Northw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 78 // VI ji .ß*m '1 To Our Friends T i C h ristm a s, m o r e th a n a n y o th e r tim e, o u r th o u g h ts tu r n to v a lu e d fr ie n d s iv h o se lo y a lty a n d c o n fid e n c e w e tr e a s u r e . I n th e s p ir it o f g o o d w ill th a t m a r k s th is jo y o u s s e a s o n , it is a p le a s u r e to w ish y o u a C h r is tm a s o f a b u n d a n t h a p p in e ss . . . a N e w Y e a r o f p e a c e a n d n ew p r o s p e rity . BANKERS TRU ST C O M P A N Y DES MOINES, IO W A Member: Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • Federal Reserve System 79 NEWLY ELECTED officers of the Iowa Bankers Association for 1961-62 are Charles H. Walcott (left), president, and Charles R. Atwell, vice president-treasurer. Mr. Walcott is president of the Security National Bank, Sioux City. Mr. Atwell is president of the Mt. Pleasant Bank & Trust Company. Iow a B a n kers E lect Charles W a lcott Registration Hits New High o f 4,5 1 8 fo r 75th Annual Convention By M ALCOLM FREELAND President N A state where really great bank ers conventions have come to be expected as a normal standard, the 75th annual meeting—the Dia mond Jubilee Convention — of the Iowa Bankers Association must be considered as one of the finest yet seen. It achieved the basic purpose of such state conventions, to provide member bankers with a forum where they can hear the thinking of cur rent leaders in the fields of agricul ture, banking, general business, edu cation and government, and at the same time it provided them with en tertainment of a wide variety usually found only in Hollywood or on Broadway. All those connected with the plan ning and execution of the convention I did their jobs well and it was the superb, experienced hand of IB A Sec retary Frank Warner that guided this anniversary convention through four days in such smooth fashion. As a result of the selection of out standing speakers and entertainment, the convention attendance again set a new high, with 4,518 registrations compared to 4,235 a year ago. This makes the Iowa Bankers Association convention the second largest bankers convention in the nation, being ex ceeded only by the American Bank ers Association annual meeting, which this year drew in excess of 9,000 per sons at San Francisco. Charles H. Walcott, president of Se curity National Bank, Sioux City, was elected IBA president for 1961-62. The complete list of elected officers is in LE F T : RETIRING- IBA President Ralph Eastburn, left, intro duces V. O. Figge, pres., Davenport B&T, who received testi monial on behalf of his father, Fred J. Figge, who was honored at the 75th convention as the dean of Iowa bankers. The senior Mr. Figge was unable to be present but was given a warm ovation by the hundreds of bankers present who have known him for many years. The senior Mr. Figge is president of the Ossian State Bank and Iowa State Bank at Calmar. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis and BEN H A L L E R , JR. Editor the box accompanying this story. The Early Bird Party on Sunday night at Hotel Fort Des Moines, head quarters hotel, attracted a capacity crowd for the ballroom. The guests were entertained by two quartets from the Des Moines Chapter of the Barber Shop Quartet organization, and by Dr. Carl S. Winters, minister from Oak Park, 111., who talked humorously but with good point on the topic, “The Fine Art of Living.” For the 13th consecutive year, the formal program started on Monday morning with an Agricultural Break fast and program. The speeches this year covered farm equipment financ ing, feeder cattle prices and Fire stone’s tire plant in Des Moines. H a r o ld B . H a l t e r , managing director, Farm Equipment Manufacturers’ As- CENTER: Mr. Eastburn receives on behalf of the association the U. S. Treasury’s Award for outstanding service from Glenn L. Ingle, Iowa director, U. S. Savings Bonds Division. RIGHT: For his line work as president of the Iowa Bankers Association the past year, Mr. Eastburn is presented an ivory gavel on behalf of the IBA by Arthur T. Donhowe, v.p., Central Na tional B&T, Des Moines, who is also a former president of the state association. Northw estern Banker, Decem ber, 1961 80 Iowa News FEATURED SPEAKERS included, from left, Dr. Sterling M. McMurrin, U. S. Commissioner of Education, Washington, D. C. Art Linkletter, the man who tickles the world’s funnybone. J. Lewis Powell, Washington, D. C., lecturer on the “ Parade sociation, St. Louis, reported that the FEMA does not include the “Big 8” manufacturers such as International Harvester. Where these large manu facturers have their own sales out lets, FEMA members sell through in dividual dealers who have to do their own financing. This is the greatest problem today for farm equipment retailers, he stated, there being a tre mendous need for some kind of order ly financing program for users of these small equipment manufacturers. He said American agriculture ac counts for 40 per cent or about $200 billion of the nation’s $500 billion GNP. His figures show that Iowa has about 94 per cent of its land area in farms, with only Kansas and Nebraska exceeding this figure. The State Uni versity of Iowa has published figures, he stated, showing that a farm of 300350 acres should have a machinery in ventory of $30,000. The FEMA is try ing to provide and service this equip ment for farmers, who are more and more in a cost squeeze. The magnitude of the financing problem is noted by the fact that International Harvester alone han dled $576 million in wholesale farm equipment paper in 1960 and $176 mil lion in retail paper the same year. Implement dealers, Mr. Halter told his audience, have a cash flow prob lem at peak periods of the year. If they can’t get the necessary funds from banks they are forced to turn to finance companies, thus paying more and passing this cost along to every one. Big finance companies are woo ing FEMA members now to get their business but the speaker felt the financing could best be done by local bankers. He closed his talk with the hope that such financing could be worked out to keep it in banks at the local level. R a lp h J. V e r m e e r , an FEMA direc tor, and president of the Marion County State Bank at Pella as well as secretary of the Vermeer Manufac turing Company in this well known Iowa town, discussed “Allied Farm Equipment Financing.” He said it was not his intent to ask fellow bank LEFT: Ralph J. Vermeer, pres., Marion County State Bank at Pella, and a director of Farm Equipment Manufacturers Asso ciation, discussing “ Allied Farm Equipment Financing,” and A. E. Muir, dim., IBA ag committee and pres., Onawa State. CENTER: W. J. Heimerman, v.p., Northwest Security NaNorthw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis of Progress.” James C. Hagerty, v.p., American Broadcasting Company, New York, and White House Secretary for eight years to former President Eisenhower. These men helped draw a record registration of 4,518 bankers and ladies. ers to underwrite bad credit risks, but to ask an IBA committee to study this problem and see if they could give O ffice rs E le c t e d a t 7 5 th Io w a B an k ers C o n v e n tio n President—Charles H. Walcott, p re s id e n t, Security National Bank, Sioux City. Vice President and Treasurer— Charles R. Atwell, president, Mt. Pleasant Bank and Trust Com pany. Secretary (reappointed)—Frank Warner, Des Moines. E l e c t io n o f I o w a A B A O fficers Executive Councilman (3 year term)—John B. Keeline, presi dent and cashier, Central Trust & Savings Bank, Cherokee. N om in a tin g Committeeman— William H. Brenton, president, National Bank of Des Moines. Alternate Nominating Commit teeman—Ted J. Welsh, presi dent, Peoples Bank & Trust Com pany, Cedar Rapids. tional, Sioux Falls, S. D.; Robert T. Knapp, cash., Bettendorf B&T; F. J. Lewis, pres., Harlan National, and Edward L. Newell, a.v.p., Live Stock National, Sioux City. RIGHT: Hon. Paul H. Douglas, U. S. Senator from Illinois, speaking on “ The Truth in Lending Bill.” 81 No. 12 in a Series 1930 Marquette Owner: Mr. Ed Fritz This 1930 Marquette was one of the nation’s first “com pact” cars. Buick, which theretofore had made only larger automobiles, produced it to compete in the lowerpriced, smaller-car market. When this Marquette was new, the Val ley Bank had already been a part of Iowa banking history for 58 years . . . with progressive, forward-looking service to banks throughout the state. Ä IL IL ilW ¡B Ü M A N D C O M P A N Y T R U S T Walnut at Fourth Des Moines, Iowa F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern Banker, Decem ber, 196! 82 Io w a N e w s EQUIPMENT DISPLAYS were featured in the hotel lobby. At the Recordak display are, from left, Steve Manchester, v.p. & cash., The State Bank, Fort Dodge; Don Frankland, Omaha, Recordak Corp.; Ed L. Newell, a.v.p., Live Stock National Bank, Sioux City, and Jack Ludwig, Omaha, Recordak Corp. National Fidelity Life representatives with that firm’s display are Robert Stroud, Kansas City, and Chuck Gustaveson, Des Moines. Seated is Walter Birmingham, Kansas City, all repre sentatives of National Fidelity Life, Kansas City. At the Time ly Events booth are Byron J. Loving, Walter E. Ollech and 6. J. Tomson, all three with the Federal Reserve Bank of Chiago in Ames, and B. Fomund, president, Timely Events, Chi cago. American Lithographing and Printing Company’s booth was manned by Glenn A. Drager and J. Earl Schreiner, both of Des Moines, headquarters for the firm. Ah". ksshromc ..PI*OCESSUn astertape music AT THE NATIONAL Cash Register booth are, from left, Dana Musser, a.e., Farmers State Bank, Marion; F. E. “Bob” Pursley, spec, rep., National Cash., Dayton, Ohio; Charles E. Krejci, v.p., Peoples Bank & Trust, Cedar Rapids; J. A. Schulte, terr. mgr., Cedar Rapids, and F. A. Weyer, sales rep., Des Moines, both of National Cash. At the LeFebure display are Herb Kerr and Jerry Stoneking, factory reps., LeFebure, Cedar Rapids; Herb Qllenburg, pres., Hancock County National, Gar ner, and Gene Howard, factory rep., LeFebure. Sales repre sentatives at the Mastertapes Music, Inc., of West Des Moines display are Roy Baron, left, and Dave Gregory. At the Cummins-Chicago Corp., display are, from left, Bernard Hillyer, Omaha rep.; Lloyd Malstrom, Davenport mgr., and Keith Jung, Des Moines and Omaha mgr., all of Cummins-Cliicago, and Frank Blaser, div. mgr., Bankers Business Service, a division of Cummins-Cliicago. LEFT: (From left) Allen P. Stults, exec, v.p., American Na tional B&T, Chicago; Mrs. Ferd Skola; Charles C. Kuning, v.p., and George H. Spence, ag. rep., American National B&T, Chi cago, and Ferd Skloa, pres., Farmers Savings, Kalona. CEN TER: Harold P. Klein, sr. v.p., Iowa-Des Moines National; James F. Oates, Jr., pres., Equitable Life Assurance Society, New York; Jackson D. Breaks, v.p., Chase Manhattan, New York; Charles F. Newhall, v.p., First National, Chicago, and John S. Hejinian, a.v.p., Chase Manhattan. Mr. Oates was a convention speaker and is a director of both Chase Manhattan and First National of Chicago. RIGHT: James W. Hubbell, dimn., Bankers Trust, Des Moines; Sam M. Fleming, pres, of A.B.A. and pres., Third National of Nashville, Tenn.; retiring IBA Pres. Ralph Eastburn. pres., Iowa State B&T, Fairfield, and W. Harold Brenton, former A.B.A. president and pres, of Brenton Banks. Northw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Io w a LEFT: (From left) John B. Keeline, pres., Central T&S, Chero kee; Neal Sands, pres., Valley B&T, Des Moines; D. E. Wilkins, supervising exam., FDIC, Chicago, and Charles K. Grochala, exec, v.p., Highland Park State, Des Moines. CENTER: K. B. constructive advice in its solution. His important talk will be presented more fully in next month’s issue. C o u r t e n a y C. D a v is , former attorney who has operated the Y Cross Ranch at Horse Creek, Wyo., since 1941, talked about “ The Outlook for Feeder Cattle Prices.” To illustrate the ef fects of inflation, Mr. Davis said that in 1940 it took $640 to buy a pickup truck; today it costs $2,800. In 1940 it took about eight wet cows at $85 each, but today it takes 18 cows. He called for a federal investigation of big chain stores, stating that prices the public is forced to pay are not in conformity to prices paid for the raw material. He told about decentralization of packing plant operations under fed eral court orders which in recent dec ades have confined them strictly to this area of the livestock industry. On the other hand, chain stores have tended to centralize meat sales in their stores as opposed to the former decentralization of sales through inde pendent stores. (It is well known that many large claims operate their own ranches, feeding lots, slaughter oper https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 83 Fairall, branch manager, Small Business Administration, Des Moines, and Edward Burchette, ehmn., Valley B&T, Des Moines. RIGHT: C. E. Aronson, a.v.p., Toy National, Sioux City; L. E. Ballou, chmn; C. C. Fritcher, v.p., Security T&S, Storm Lake. ations and shipping, the only such business within the industry permit ted to do so.—Ed.) Mr. Davis cited the example which showed that in November, 1951, when beef in Omaha was $41, meat was sell ing retail for 69c. Now that beef is selling for $25.25, the same cuts of meat are up to 89c-$1.09. This repre sents a 40% drop in prices paid to feed lot operators, while retail prices in chain stores were up 30 per cent to nearly 60 per cent, a disparity range of 70 per cent to 100 per cent in price comparisons. He said feeders and ranchers are sitting in a poker game with packers and chain stores where the latter are using marked cards. J a m e s E . T r a in e r , J r., factory man ager, Firestone Tire and Rubber Com pany, Des Moines, briefly discussed the company’s operations before tak ing the bankers on a tour of this huge plant. R o b e r t R . R ig le r , Iowa state sena tor, member of the Iowa Development Commission and executive vice presi dent of the Security State Bank at LEFT: (From left) Marvin Graves, pres., Iowa Savings, Dike; A1 J. Burk, v.p., National Bank of Waterloo; Ted J. Welch, pres., Peoples B&T, Cedar Rapids, and H. F. Hoffer, a.v.p., National Bank of Waterloo. CENTER: Joe Burright, sales repr., and Kirk Gross, pres., Kirk Gross Bank Plan, Waterloo, News New Hampton, spoke vigorously on “The Iowa Banker’s Role in Industrial Development.” The future of the Hawkeye state can be greatly en hanced through this type of program he stated in his address. The interest generated by his talk, as well as inter est evidenced by a number of Iowa bankers and those in surrounding states has prompted a detailed analysis of progress being made and this re port, based in considerable detail on Senator Rigler’s remarks, will be provided soon in the N o r t h w e s t e r n B anker. J. L e w i s P o w e ll, Washington, D. C., gave his interesting and well-illustra ted talk on “The Parade of Progress,” noting the vast gains in speed achieved in the past two decades, compared to all the previous history of humanity. J a m e s C. H a g e r t y , vice president of the American Broadcasting Company, New York, and press secretary for former President Dwight D. Eisen hower, urged all Americans to take the offensive as individuals in pre senting the true American way of life and thinking to the rest of the world. and J. P. Novak, pres., Clutier State. RIGHT: L. T. Harlan, v.p., Hillsboro Savings; Denis T. Jones, cash., and Ernie A. Hayes, dir., Henry County Savings, Mt. Pleasant, and Merle Hess, a.v.p., National Boulevard Bank, Chicago. N orthw estern Banker, Decem ber. 1961 84 Io w a N e w s LEFT: (From left) Seated: James H. Pullman, chain., Fremont County Savings, Sidney; A1 Hansen, exec, v.p., State Bank of Bussey, and Victor M. Meyer, v.p. & cash., Commercial T&S, Charles City. Standing: Clair H. Schroeder, v.p., and James Jackson, a.v.p., City National B&T, Kansas City. CENTER: F. Forbes Olberg, v.p., Merchants National, Cedar Rapids; Rob He decried the practice of concentrat ing on issues raised, circulated and invented by Communists rather than on those issues which we feel are vital, as well as ones which tell the real American way of achievement. S a m M . F l e m in g , president of the American Bankers Association and president, Third National Bank, Nash ville, Tenn., made his first appearance after being elected head of the ABA at San Francisco, and it was a strong one that let all Iowa bankers know they will have another vigorous bank er heading their national association. He hit hard at the increasing tax load, stating that tax reform is now a vital issue, one that is necessary to assure continued orderly expansion of indus try. He called for a decrease in top tax brackets, change in the law to modify present double taxation of corporate earnings through dividend tax, and other tax reforms that will restore incentive to every American wage earner. I o w a G o v e r n o r N o r m a n A . E r b e re viewed progressive steps being under taken to afford state government the advantages of the same technical de velopments in electronic equipment that industry now is using. He stated the use of such equipment will help each department of state government to operate more efficiently and let all departments know what the others are doing so work will be better coordi nated. P a u l C. H o d g e , vice president and general counsel and secretary of the Federal Reserve Bank of Chicago, told about “Emergency Planning for Bank ing,” and after he was through his audience realized that instead of the theoretical talks they had heard in re cent years when emergency proce dures were being first discussed, they had just learned of concrete steps already taken by the Chicago Fed to meet emergencies due to nuclear war or other causes. For one thing, cer tain men in each of Iowa’s 10 geographical groups have been ap pointed for specific jobs. Cash (sur LEFT: (From left) Vic vonMeding, a.v.p., First National, Chi cago; Dale K. DeKoster, pres., Waterloo Savings; Harold B. Halter, man. dir., Farm Equipment Mfrs. Assn., St. Louis, and Ralph J. Vermeer, pres., Marion County State, Pella, and an FEMA director. CENTER: Joseph E. Lisek, v.p., Live Stock National, Chicago; H. Lee Huston, pres., Columbus Junction State; J. R. Helscher, exec, v.p., Farmers Savings, Keota; Lew Northwestern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ert P. Kline, v.p., Northern Trust, Chicago; Lee Huddleston, v.p., First National, Kansas City, and Peter Bailey, a.c., Mer chants National, Cedar Rapids. RIGHT: Ron Fairs, v.p., LaSalle National, Chicago; A1 Hansen, exec, v.p., State Bank of Bussey; Don M. Erusha, exec, v.p., Chelsea Savings, and Max Roy, v.p., LaSalle National, Chicago. plus currency) has been stored in Fed vaults for emergencies, and it is planned (and may be done now) to do the same in at least one bank in each of Iowa’s 10 groups. E u g e n e J. K e o g h , member of U. S. House of Representatives, New York, gave a major address on “The SelfEmployed—Their Future Retirement.” This was a careful but most interest ing insight into the workings of his bill known prominently now as H. R. 10, the bill that would permit selfemployed persons to provide within prescribed limits for their own per sonal retirement plan on a basis com parable to that permitted an indi vidual working for a corporation. P a u l H . D o u g la s , United States Sen ator from Illinois, was the center of the only major hitch in the program, due to being unable to depart from Chicago by plane on schedule. Rather than being first on the afternoon pro gram the second day, he was the final speaker, discussing his “Truth in Lending Bill” that has been a contro- Holland, v.p., Live Stock National, Chicago, and T. Edward Batty, pres., First State, Rockford. RIGHT: Leo E. Carlson, Jr., v.p., First National, Sibley; Volney Palmer, cash., Citizens Sav ings, Hawkeye; Ray Dieball, a.c., First National, Chicago; A1 Maser, v.p. & cash., First National, LeMars, and Roy F. Win terhalter, v.p., First National, Chicago. Prior to establishing credit, Banker Davison (left) and Dealer McOllough discuss customers’ plans for expanding livestock operations. “WE LIKE TO HAVE OUR BANK HELP PEOPLE GET STARTED IN B U SIN ESS” —says R.L. DAVISON, President The F irst N ational Bank, Clarion, Iowa Extending financial support to capable people who want to help themselves is a practice o f The First National Bank o f Clarion. It is a practice that has proved to be community service and sound banking business. Clair M cO llough, for example, started selling Purina Chows from the trunk o f his car about nine years ago. With the help of The First National Bank, he has de veloped Clarion Farm Supply into a modern service center, offering services needed by farmers in the grain-growing, stock-raising area. The Dealership has developed into a good and growing Bank customer and a “ partner” o f the Bank in serving the community. Working PURINA together, the Bank and the Dealer ship have helped many farmers expand their livestock production and increase their incomes. This expanded animal agriculture has brought about greater volume for retailers and services o f Clarion. * * * * Like The First N atio nal Bank of Clarion, m any financial institutions find their Purina Dealers to be good customers and teammates in serv ing the community. Several such experiences are review ed in the booklet: “ New Profit Opportunities with Agricultural Loans.” Your re quest w ill bring a complimentary copy of the booklet. Address: Ralston Purina Com pany, Public Relations Department, Checkerboard Square, St. Louis 2, Missouri. Q U A LITY (| SERVICE . . . YOUR https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “ PARTNER” IN SERVING ANIM AL AG RICULTURE Northw estern Banker, Decem ber, 1961 86 Io w a N e w s LEFT: (From left) Greg Corken, v.p., Dubuque B&T; Dick Rastetter, v.p., Continental Illinois National B&T, Chicago; J. F. Kleeman, cash., Farley State; Joe Snyder, a.v.p., Manufactur ers, Hanover, N. Y., and John G. Topp, a.v.p. First Wisconsin versial piece of proposed legislation. His plane did not arrive until 4 p.m., but more than half the audience was still on hand waiting to hear first hand from Senator Douglas on his views about this bill. J a m e s F . O a te s , J r., president, Equi table Life Assurance Society, New York, also called for a sweeping tax law overhaul as the means to stimu late economic growth and afford greater freedom of industrial and pri vate development. He cited the need for developing complete new indus tries just to meet the need of jobs for the 1.4 million persons being added to the working force each year. He said the capital to produce such indus tries and expansion of existing ones will come only from reduced tax loads that permit these funds then to be ex pended as capital investments for true growth. High personal tax rates, the 52 per cent corporate tax rate, inequi table depreciation schedules and cap ital gains tax all contribute to freezing capital into long-term investments, he stated. L e s t e r A . P r a t t , president of the CPA firm in Washington, D. C., bear ing his name, told how bank directors can give operating management help in their banks. This was his third appearance at Iowa state conventions, and numerous questions evidenced the continuing interest of bankers in the need for greater concern with internal bank problems on the part of their directors. D r . J o s e p h H . T a g g a r t , dean of the Graduate School of Business Admin istration at New York University, New York, said in his “ Business Outlook” that he anticipates the GNP by the third or fourth quarter of 1962 will approximate 585 billion dollars. He cited the factors for steady growth, as opposed to any spectacular boom as some anticipate, listing the gains to be had in increased industrial activity, services provided and the big expen ditures being made by government OFFICERS of Iowa Club School of Banking— (Seated) L. G. Hix, v.p., 1st National of Waverly; John Mangold, v.p., Mer chants National, Cedar Rapids; Tom Huston, v.p., Columbus Junction State, and Bill Thomas, cash., Palo Alto County State, Emmetsburg. (Standing) E. Lee Ballou, pres., Security T&S, Storm Lake, and Robert G. Scott, senior state bank examiner, Northw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis National, Milwaukee. BIGHT: (From left) Nick Schrup, v.p., and Christy Armstrong, v.p., both with American T&S, Dubuque, and Larry Frowick, 2nd v.p., Continental Illinois National B&T, Chicago. with their resultant impact on the cur rent economy. S t e r lin g M . M c M u r r in , United States Commissioner of Education, Washing ton, D. C., gave a serious minded talk on “The Primary Responsibilities of American Education.” Speaking with out notes, Dr. McMurrin talked quiet ly, but eloquently, for 40 minutes on the need for Americans to realize that we can allow our society to fail by de fault, and it will be from anxiety over this concern that we will spur our selves to face the problems of our moral, intellectual and spiritual life. From this we can develop a supreme confidence in ourselves and come to the realization that history is some thing we can develop ourselves, rather than being slaves of history, as Marx ists believe. Devolping an informed public to carry the weight of this task today and in the future is a challenge for our educational system. The task of our democratic society is to realize it can whip this problem and measure West Union. Mr. Mangold is Club president for 1961-62, Mr. Huston is vice president and the other four are directors. RIGHT: Clyde McEntire (left), repr., DeLuxe Check Printers, Marshalltown, and Ed Peters, exec. v.p. & cash., First Federal State, Des Moines. Io w a News 87 Jt / LEFT: (From left) Richard O. Weyrauch, a.v.p., 1st National, Minneapolis; Robert H. Isensee, pres., United Home B&T, Mason City, and Dale C. Smith, v.p., Central National B&T, Des Moines. CENTER: Mack A. Aldrich, v.p., Mercantile Trust, St. Louis; B. M. Lamberson, v.p., Commerce Trust, Kansas City, and Scott C. Pidgeon, pres., Bankers Trust, Des Moines. RIGHT: L. M. Schwartz, pres., Citizens State, Paola, Kans.; Tom C. Cannon, v.p., Commerce Trust, Kansas City, and Lew W. Ross, pres., Council Bluffs Savings. LEFT: (From left) W. P. Ronan, pres., Decorah State, William H. Miller, v.p., Continental Illinois National B&T, Chicago; V. O. Figge, pres., Davenport B&T, and Rudy R. Schroeder, pres., Iowa County Savings, Marengo. CENTER: Seated— R. D. Reibsamen, a.c., Corwith State; Clark Arnott, pres., Sac City State, and E. C. Bartik, exec. v.p. & cash., Corwith State. Stand ing—John T. Pain, Jr., a.c., and Gus W. Carlson, Jr., repr., both with Marquette National, Minneapolis. RIGHT: Robert D. Dixon, pres., Rolfe State; Mrs. Dixon; Fred D. Cummings, v.p., Drovers National, Chicago, and Mrs. Jack Campbell, Jr., whose husband is v.p., Humboldt T&S. OFFICERS, at left, conducting the business of the Federation of County Bankers Association were, from left: E. H. Mertz, pres., Hayesville Savings Bank, secretary; John H. Reid, cash., Security State, Hubbard, president, and John A. Kovar, v.p. & cash., Peoples State, Missouri Valley, vice president. CENTER: T. L. Sears, chmn., Clear Lake B&T, and Arthur E. Lindquist, Jr., v.p., Merchants National, Cedar Rapids, taking a picture with his Minox camera of the N o r t h w e s t e r n B a n k e r photographer. OFFICERS, at right, presiding at the meeting of the Council of Junior Bankers Association were, from left: Leo F. Kane, v.p., American Trust & Savings, Dubuque, president, and D. M. Heineking, a.c., State Savings Bank, Baxter, secretary. Vice President Robert A. Helgerson, exec, v.p., Hedrick Savings Bank, Hedrick, was not present for the picture. Northw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Io w a N e w s LEFT: (From left) Charles Krejci, v.p., Peoples B&T, Cedar Rapids; Phil Morris, cash., First National, Marion, and Richard Gwinn, reg. mgr., Diebold, Inc., Des Moines. CENTER: Ken neth T. Martin, v.p., First National, Minneapolis, and John T. Hamilton II, pres., Merchants National, Cedar Rapids. RIGHT: up to the strength needed to bring our society out on top in the clash with the ideas of Communism. This is the greatest challenge democracy has ever faced in history, he said. Dr. McMurrin stated further that to achieve our goal we must maintain local control of schools and education. We must work to avoid federal gov ernment from even inadvertently tak ing this over. A r t L in k le t t e r , radio and TV star from Hollywood, provided a real fin ish to a star-studded program with his humorous, enlightening talk on “The Financial Education of an Entertain er.” He discussed problems of invest ing the money that entertainers are able to keep after high taxes take their cut. Among the projects he has be come involved in are dealings in var ied industries in this country and farming, mining and manufacturing in foreign countries. He is probably best known for his sincere interest in and fun with children and his anecdotes on this side of his “business” met with complete favor by the audience. Among the smartest businessmen in Hollywood, he said, one would have to put Bob Hope at or near the top, with other top men being Gene Autry, Di rector Clarence Brown, Donald Crisp (whom he described as one of the richest men in Hollywood), and Wil liam Holden. R a lp h E a s t b u r n , president of the Iowa State Bank & Trust Company, Fairfield, presided at all sessions of the convention. He was presented a treasured ivory gavel as a memento of his service this past year as presi dent of the IBA. W. A. Kneeland, president of the Postville State Bank, was vice president and treasurer dur ing the past year. In addition to the formal program conducted on the beautifully decorated ballroom stage, a number of allied meetings as well as entertainment fea tures were offered. Included were the annual dinner honoring past presi dents and 50-year bankers, the ladies luncheon, Iowa Club of School of Banking luncheon, and the two main entertainment features. L a w r e n c e Welk brought his entire troupe to Des Moines by chartered LEFT: (From left) C. Floyd Harris, pres., State Bank, Gladbrook; William H. Miller, v.p., David V. Flynn and Lee Parkin, 2nd v.p.’s, all with Continental Illinois National B&T, Chicago. CENTER: Jack Stine, a.v.p., Security First National, Los An geles, receives registration from S. G. Barnard, v.p. & cash., Northw estern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Lee A. Holland, exec, v.p., Washington State; Carroll W. Grimes, exec, v.p., First National, West Union; F. W. Kamman, v.p., National Bank of Burlington, and Frank L. Kos, v.p., Wash ington State. plane for a stage show and dancing at Val Air ballroom in West Des Moines. Large as this beautiful ball room is, it could not accommodate the tremendous crowd that requested tick ets, proving the popularity of this prominent orchestra. Buffet supper was served prior to the show, with the Welk orchestra providing dinner music. The Lennon sisters, ages 20, 18 and 15, entertained the ladies at their luncheon the following day, with Larry Hooper at the piano. All these stars are from the Welk orchestra. The stage show presented at KRNT Theatre this year featured Andy Wil liams, a Wall Lake, Iowa, youngster who has become one of the top per sonalities today in show business. He presented a number of guest stars, assisted by the Tommy Dorsey orches tra. Visiting bankers were entertained by city correspondent banks in hos pitality rooms in the Fort Des Moines, Savery and Kirkwood hotels. It was an educational and entertaining con vention for this largest of all Iowa state meetings.— E n d . Bankers Trust, Des Moines. RIGHT: Keith Campbell, pres., Citizens State, Sheldon; Arthur J. Frey, v.p., Continental Illinois National B&T, Chicago, and Robert G. Ziemer, a.v.p., North western National, Minneapolis. 89 Gleaming bells in the city at twilight. . . Carols on the wintry air The quickened step and heart. .. These herald the return of Christmas. May it be for you a season of joy and of peace. ,11:111111 THE FIRST IN ST. LOUIS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northw estern Banker, Decem ber, 1961 90 Io w a N e w s DES MOINES BANKS also featured displays of new equip ment and facilities. Above, Bette Gnade, woman’s consultant in the new first floor Iowa-Des Moines Savings and Service Center, visits with Mr. and Mrs. W. E. Wiemer, of Ledyard. He is v.p., State Bank of Ledyard. . . . . . . AT THE CENTRAL NATIONAL BANK, new automation equipment was on display. Above are, front row from left, Sam McHose, pres., Nevada National Bank, Nevada; Lloyd I. Nelson, cash., Corvdon State, Corydon; Charles Kramer, exec, v.p., State Bank of Toledo; Orrin H. Johnson, exec. v.p. & cash., Peoples Savings, Crawfordsville; W. F. “Bill” Werner, v.p., United Home B. & Tr., Mason City, and James Van Noy, trans. dept., Central National. In the back row, from left, are Barton Peddicord, auditing dept.; Roger Hicks, mgr., transit dept.; Jack Parmenter, mgr., Bookkeeping dept., and Norman Wilson, transit mgr., all of Central National Bank & Trust. Columbus Junction Banks Plan Merger Directors of the Louisa County Na tional Bank and the Columbus Junction State Bank have announced plans to combine operations of the tw o C olu m bu s Junction banks in one operation. Under the t e r m s of the agreement the as sets and liabili ties of the two banks w i l l be combined u n der H. L. H U S T O N the charter of the Columbus Junction State Bank, which will be the continuing institution. H. Lee Huston is president. Upon completion of the transfer, the stockholders of the Louisa County National will receive full payment for their stock and the combined business will be conducted in the present Co N orthw estern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . . . BANKERS TRUST COMPANY also had electronic equip ment on display. Above are, from left, Homer R. Jensen, a.c., Bankers Trust, Des Moines; Arthur J. Duben, v.p. & cash., Iowa State Savings, Creston; Walter F. Schmidt, v.p., Iowa State B. & Tr., Iowa City; Carl Kent, a.c., in charge of automation pro gram at Bankers Trust; Helen Duckworth, installment loan dept., Bankers Trust; and Cyrus D. Kirk, v.p., Bankers Trust. . . . THE IOWA-DES MOINES also displayed its new elec tronic equipment. Above are from left, Ralph C. Eckey, cash., New London State; L. L. Knudtson, cash., Elgin State; Wm. Thomas, cash., Palo Alto County State, Emmetsburg; C. J. Mosby, exec, v.p., Elgin State; Gerald O. Nelson, v.p., IowaDes Moines; W. E. Wiemer, v.p. & cash., State Bank of Led yard, and Don C. Fiske, manager systems, procedures and data processing dept., Iowa-Des Moines. lumbus Junction State Bank building. The plan also calls for retention and employment by Columbus State Bank of all personnel of the Louisa County National. Pending approval by the Federal Reserve System, it is expected that the plan will be effective shortly after January 1. Earlier, the state bank had announced the purchase of two build ings adjacent to its present quarters for possible expansion. Modale Renovation The building of the Modale Savings Bank is undergoing exterior renova tion and improvement. The outside brick and block structure has been washed and the wood trim is being painted. The front step is being en larged and a new double glass door is being installed. H onor 4-H Leaders County 4-H leaders and committee members were guests of the Peoples Trust & Savings Bank of Indianola recently at a dinner. Ray C. Cunning ham, well known youth leader and public speaker and for 34 years YMCA secretary at Ames, was the featured speaker. A. P. Beck A. P. Beck, director of the Jackson State Savings Bank, Maquoketa, Iowa, died recently. He was 80 years old. Mr. Beck was a partner in the Beck & Ehliner Agency in Maquoketa and also was a member of the board of the Iowa Mutual Tornado Insurance As sociation. Remodeling Complete A remodeling and expansion pro gram has been completed at the Craw ford County Trust and Savings Bank, Denison, Iowa. Facilities included in the program are: New electronic bookkeeping equip ment, new custom made service win dows, additional teller stations, new safety deposit boxes, a night deposi tory, and a time and temperature sign. 91 G reat National Manu Company ANYTOW N, b a l a n c e s h e e 1961 Assets C a s h ......... A c c o u n t s R e c e iv a b le $ , $ L e s s A l lo w a n c e s f o r EVïï m a te s e n e e o m :g $ ÜFMG IAW RENCE YSTEM IN VE N TO RY R a w M a t e r i a l s .................... “ ~ ini Br W o r k in P r o d u c t io n F in is h e d G o o d s LOOK TO THE LEADER . . . in Field Warehousing when Collateral is a Problem -yet inventory is an asset Lawrence provides the most comprehensive bond coverage —assuring you maximum protection. Lawrence furnishes an I.B.M. Loan Officers Monthly Collateral Report that simplifies your record keeping. Lawrence has the largest and most experienced force of trained field men operating the famed Lawrence System “Know-How.” Lawrence has an unblemished record of almost50 years service to banks everywhere. So the next time you see Inventory on a client’s statement, why not call in Lawrence—and be secure! LAW RENCE O N W AREH O U SE R E C E IP T S y IAWRENCE^ . .. IS L IK E C E R T IF IE D ON CHECKS The La w r e n c i s C o m p a n y N A TIO N W ID E C H IC A G O 2, ILLINOIS 100 North LaSalle Street DENVER 2, COLORADO 818-17th Street Building https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PORTLAND 4, OREGON Cascade Building ST. LOUIS 2, MISSOURI Boatmen's Bank Building FIELD W / R E H O U S I N G SAN FRANCISCO II, CALIFORNIA 37 Drumm Street SEATTLE 4, W ASHINGTO N Exchange Building OFFIC ES IN P RIN C IP AL CITIES ;;u SPOKANE 8, W ASHINGTO N Empire State Building W ICHITA 8, KANSAS 1714 North Vassar Avenue 92 Iow a N e w s D edicates . I ihlithm O. I nnirerstu’ff FORMAL OPENING of the new quarters of the College Savings Bank, Ames, was held recently. Shown at left are Kirk Gross of Waterloo, who planned the attractive facilities; Gov. of the College Sav DEDICATION ings Bank’s new addition in Ames recently, also marked the bank’s 45th anniversary. In the new expansion, the bank has about 60 per cent more space than was formerly occupied. Added are two private offices, a large officers’ area, a walk-up window at the front of the building, and a drive-up window at the rear. An after-hours depository also was added. The vault was tripled W H E N PEOPLE TH IN K OF PERMANENCE Norman Erbe, who attended the dedication, and Dean Knudson, president of the bank. Guests who toured the bank saw the beautiful interior shown at right. in size, and 400 new safety deposit boxes were installed. In the lobby and service area of the addition, eight teller windows were added. The bookkeeping room, moved to the new addition, has been acoustically treated and features new record-keeping equipment. Lighting has been recessed into the lowered ceiling and acoustical material covers the walls. Kirk Gross Company of Waterloo designed the addition and was in charge of construction. LeMars Remodeling Contracts have been let for the re modeling of the First National Bank in LeMars. The top two stories of the old First National building are being removed. The exterior of the remain ing story will be faced with the same modern black facing now on the north wall. Contracts were awarded to the Wiltgen Construction Company. ^TT \ THEY TH IN K OF X W i/V • RELIABILITY • STRENGTH That’s w hy better banks are built with brick. H ere is a partial list of bank buildings using Goodw in Companies products in the recent past. FIRST STATE BANK, St. Paul Minnesota, Frosty Wire Cut, Des Moines Clay Company. 1ST NASHUA STATE BANK, Nashua, Iowa, Red Hack Romans, Oskaloosa Clay Products Company. 1ST NATIONAL BANK (drive-in), Waverly, Iowa, Rockface Romans, Ottumwa Brick and Tile Company R ICEV ILLE BANK, Riceville, Iowa, Red Wirecut Normans, Des Moines Clay Company. DUMONT BANK, Dumont, Iowa, Red Rockface Romans, Redfield Brick and Tile Company. CRESCO BANK, Cresco, Iowa, Criterian Norman Brick, Furnished by Good win Companies. OAKDALE STATE BANK, Owatonna, Minnesota, Old English Face Brick, Furnished by Goodwin Companies. FIRST NATIONAL BANK, Dodge Center Minnesota, Red Colonades, Furnished by Goodwin Companies. CALEDONIA BANK, Caledonia, Minnesota, Queen Mary, Des Moines Clay Company. DUBUQUE BANK & TRUST, Dubuque, Iowa, Camelia Blend Norman, Mason City Brick & Tile Co. S P IL LV IL L E BANK, Spillville, Iowa, Antique Colonials, Mason City Brick and Tile Company. SAVINGS & LOAN, Waupan, Wisconsin, Johnston Rose, Furnished by Goodwin Companies. DRIVE-IN-BANK, Iowa City, Frosty Wire Cut, Des Moines Clay Company. MONTICELLO STATE BANK, Monticello, Iowa, Buff Velour, Ottumwa Brick and Tile Company. RUTHUER STATE BANK, Ruthuer, Iowa, Grey Velour, Des Moines Clay Company. 1ST NATIONAL DRIVE IN, Fairmont, Minnesota, Buff Velour, Ottumwa Brick and Tile Company. 1ST FARM ERS NAT’L BANK, Alexandria, Minnesota, Queen Mary, Des Moines Clay Company. BALDWIN BANK, Baldwin, Iowa, Red Hack Norman, Redfield Brick and Tile Company. AM ERY SAVING S & LOAN, Amery, Wisconsin, Johnston Royal Nubark, Mason City Brick & Tile. FOREST LAKE STATE BANK, Forest Lake, Minnesota, Velour Grey, Des Moines Clay Company. Ask your architect. He knows that brick is the best building material for last ing color, ease of maintenance, low first cost, low end cost, lower heating and air conditioning costs, maximum unique design opportunities. MANUFACTURING DIVISIONS DES M O IN E S CLAV C O M PA NY M A SO N CITY BRICK AND TILE C O M PA N Y , O SKALOOSA CLAY PRODUCTS C O M PA NY OTTUM W A BR IC K AND T ILE C O M PANY R E D F IE LD BR IC K A N D TILE C O M PANY Northw estern Banker. December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 614 CENTRAL NATIONAL BLDG DES M OIN ES, IOWA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 94 Io w a News N ational's 'T I M - W " Seminars PHOTOGRAPHED while carrying out their part of the explanation of the National 315 “ CRAM” were, from left: T. P. Hannon, br. mgr., Des Moines; G. E. Nesmith, mgr., data sales processing dept., Chicago; Anthony Falco, insurance E.D.P. specialist, Dayton, and Byard Cox, data processing systems rep., Des Moines, all with National Cash Register Company of Dayton, Ohio. identifications at left) completed their part of the program, a National 315 film explained graphically what they had discussed. After a question and an sw er p eriod , refreshments were 4 served. Each of the 256 cards used with the system is capable of storing 21,700 alpha-numberic characters of informa tion and can be selected by the proc essor in less than 200 milliseconds. For the first time, a random memory device can be utilized for both random and sequential processing. The mem ory of the random access device can be removed and a new memory mounted in 30 seconds. Also, this is the first time mulitple random access units have been employed in one sys tem that is economically practical. Cecil K. Cullings HOSTS AT NCR’s “CRAM” SESSIONS were, from left: Francis Weyer, Richard Hibbs, Frank Rogan and Paul Schwader. All are accounting machine salesmen headquartered in the Des Moines office, except Mr. Rogan, who is territory manager. representatives of National FOUR Cash Register Company played to an overflow audience on two consecu tive days last month when they ex plained their company’s new National 315, data processing computer system featuring CRAM (Card Random Ac cess Memory). The occasion was a two-day seminar on the National 315, the first day’s ses sion being a “general session” for rep resentatives on hand from banks and other firms in central Iowa. The next day’s session was for representatives from the insurance industry in Iowa. Meetings were at Hotel Fort Des Moines. After the men (see pictures and "Strong friend o f the pppIndependent FEderal 3-5411 TA M A R Q U E T T E at /bfcnyutfSt FEDERAL OitPOSIT N orthw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis INSURANCE Open House at Traer Open house was held last month at the Farmers Savings Bank of Traer marking completion of the new bank building. The Farmers Savings be comes the first bank in Tama County to offer drive-in services. The new bank building is located on the former site of the Traer-Garrison Coop Dairy, about a half block east of the bank’s original location. Other interesting features of the new building include a kitchenette for em ployees. H onor J. F. Kennedy OF M INN EAPO LIS MEMBER Cecil K. Cullings, 61, president, Exira Exchange State Bank, Exira, Iowa, died last month of a heart at tack at the National Health Medical Center in Bethesda, Md. Mr. Cullings worked in banks at Clearfield, Des Moines, Linden and Colfax before joining the Iowa State Banking Department as a bank exam iner in charge of liquidation of banks in southwest Iowa from 1932 to 1940. He then came to Exira where he became associated with the Exchange State Bank, serving as president 15 years. He had been ill for several years and entered the medical center a week before his death. Mr. Cullings served as vice presi dent of the Iowa Bankers Association, and secretary-treasurer and chairman of Group Five. He also had served as vice president from Iowa for the A.B.A. CORF J. F. Kennedy, president, First Na tional Bank, New Hampton, Iowa, was named recipient of the New Hampton Community Service Award by the New Hampton Rotary Club. Io w a Open House at Elgin The Elgin State Bank recently com pleted remodeling its banking quar ters. An addition was put on the rear of the bank, which now houses the bookkeeping room, vault and coupon booths. The bank has all new furni ture and fixtures in black walnut and is modern in every respect. New pan eling is also in black walnut. General contractor was Spencer with no basement. Construction will start about April 1 and completion is expected by early fall. Drive-in service also will be added, along with private parking for 18 cars, and an after hour depository. A new community room also is planned. Hours Changed New banking hours have been an nounced for the Mediapolis Savings Bank. Mediapolis, Iowa. They are from 8 to 3 on Monday, Tuesday and Wednesday; from 8 a.m. until noon on Thursday; from 8 to 5:30 on Friday and from 8 a.m. until noon on Saturday. News 95 Retires at Sioux City Kinley W. Smith, assistant cashier, Live Stock National Bank, Sioux City, completed 31 years of service on Oc tober 1 and retired November 1. A party was held in his honor, at which time he was commended by C. L. Adams, president, for his many years of service. Leisure traveling is the first item on Mr. Smith’s retirement agenda. Joins Fonda Bank Richard B. Ford, formerly with Central Finance and Salzness Buick in Sioux City, has joined the First Na tional Bank of Fonda, Iowa, reports A. M. Kuhl, president. LOBBY of Elgin State Bank Mulford Construction Company of Oelwein. Furniture and fixtures were installed by Kirk Gross Company, Wa terloo. About 1,000 persons attended open house in mid-November, including many neighboring and correspondent bankers. Each visitor was presented with a gift. Coffee and doughnuts also were served. Officers of the Elgin State Bank are: Max Thomas, president; Gordon J. Mosby, executive vice p r e s id e n t; Charles L. Capper, vice president; L. L. Knudtson, cashier, and W. F. Kohler, assistant cashier. /o ' you (Ztcc /0 ¿ O U ' Marion Construction An installment loan department is being added to the First National Bank of Marion adjacent to the pres ent bank building. Cost of the project is $6,000. < £ j(~ New Traer Director Jack Bauch, Traer attorney, has been elected a director of the First National Bank of Traer, Iowa. He suc ceeds Milton Paul who has moved to Odeboldt. Plan Jefferson Building Announcement was made last month that the Home State Bank of Jeffer son, Iowa, will begin construction of a new bank building next spring. The structure will be on the north west corner of the same block on which the bank is located now. The brick and glass building will measure 64 by 100 feet, all on the ground floor https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ^Drovers Banks MEMBERS F.O.I.C. Drover» Notional Bonk • Drover* Trust & Savings Bank U N IO N STOCK YARDS, C H IC A G O 9, ILLIN O IS Northw estern Banker, Decem ber, 1961' lies M oines N e w s OLLOWING the recent American Bankers Convention in San Fran F cisco president Sam M. F l e m in g , of A.B.A., New York, announced the appointment of G e r a ld O. N e ls o n , vice president, Iowa-Des Moines National Bank, as chairman of the federal fiscal procedures committee for the year 1961-1962. This is a standing commit te e and the chairmen of all standing committees become ex officio members o f the executive council with the right to vote. =i= * * Second semester AIB classes begin January 4 and continue for 14 weeks. th e MERCHANTS MUT UA L BONDING COMPANY Incorporated 1933 Two classes are s c h e d ul e d for Thursday evenings, beginning Janu ary 4, and two for Tuesday evenings, beginning January 9. All classes will meet from 4 to 7 p.m., once a week for the 14-week period at the same location as indicated for the first ses sions as follows: January 4—“ Commercial Law” to be taught by L e w i s C. “ B i n g ” C o b b , assistant trust officer, Iowa - Des Moines National, in the Central Na tional lunchroom, “Effective Speaking” to be taught by C h a r le s W . D ic k s o n , J r., professor of speech, Grand View College, in the Bankers Trust Company lounge. January 9—“Financing Business Enterprise” to be taught by G e o r g e J. B u s e r , J r., executive vice president, Plaza State Bank, in the Central Na tional lunchroom. “ Business Administration” to be taught by M a r v in L . H id d le s o n , audi tor, Iowa-Des Moines National, in the Bankers Trust lounge. * * * The second phase of an extensive new construction and remodeling pro gram has been completed by B a n k e r s T ru st C om pany. The ground floor offices at the corner of Sixth and Locust Street, occupied for many years as the main banking room, have now been completely remodeled. The beautiful new main banking room now is located in the spacious ground floor of the new five-story addition which was recently completed. The former banking room now houses the commercial loan depart ment, correspondent bank department and executive offices of J a m e s W . H u b b e ll, chairman; S c o tt C. P id g e o n , president, and F r a n c is S . L o c k w o o d , first vice president and trust officer. The mezzanine around this newly remodeled area provides office space for auditing and transit departments. The third phase of the building pro gram is due for completion the end of December. Bankers Trust is plan ning an open house for the public and banker friends early in 1962. * * * Several men from Central National Bank & Trust Company recently at tended important meetings in Florida. P a u l A s h b y , vice president, attended the annual meeting of the National Real Estate Association, Miami. I r w i n A b r a m and W i l l i a m G. K a n e , vice .V e ir .1 n ken if Hank Opens Home Office 2100 G R A N D A V E N U E Des Moines, Iowa • This is Iowa’ s oldest surety com pany. A progressive com pany with experi enced, conservative management. W e are proud o f our three hundred bank agents in Iowa. T o he the exclusive representative of this com pany is an asset to your bank. / • E. H. W A R N E R President and M an age r W. W. W A R N ER Vice President M. J. CO RBIN Secretary-Treasurer Northw estern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OPEN HOUSE at the new Ankeny National Bank was held last month. The new 45 by 60-foot masonry building is on Highway 69 at Third Street in Ankeny. Capital of the bank is $100,000, surplus is $100,000 and undivided profits total $50,000. Fa cilities include safety deposit boxes, a drive-in window and all other banking services. Staff members are Carl Henderson, president, Charles R. Triplett, vice president, Mrs. Nadine Johnson, cashier; and Mrs. Charlotte Johnson, bookkeeper. Iowa N e w s presidents attended the Robert Morris Associates meeting, Miami. George Nelson, assistant cashier, attended the 46th Annual Convention of the FPRA at Bal Harbour. * * * The Women’s Section, Des Moines Chapter of AIB, will meet at 6 p.m., December 14, at the Colonial Room, Des Moines Club, for their annual Christmas Party. A social hour, din ner and male quartet entertainment will be highlights. The men of AIB enjoyed an Annual Stag Party last month at the Mainliner Club, across from the Municipal Airport. A social hour and an excel lent buffet dinner were followed by cards and musical entertainment. Sev eral outstanding door prizes were awarded, including a bowling ball and carrying case, bowling shoes and tickI ets for several games of free bowling. * * * Richard C. Bee, vice president, Cap ital City State Bank, attended the recent annual meeting of the Finan cial Public Relations Association in Bal Harbour, Fla. * * * Valley Bank & Trust officers at tended important meetings recently and these were: J. R. Astley, vice president, who attended the Mortgage Bankers Association meeting at Bal Harbour, Fla.; Edward P. Kautzky, executive vice president, who attended the Robert Morris Associates meeting in Miami, and Neal A. Sands, presi dent, and Allon E. McGlothlen, assis tant vice president, who attended the FPRA meeting at Bal Harbour. * * Mr. Brunk the controlling interest in the bank, as he now holds 7450 shares of the bank’s 10,000 shares. 97 The stock was split 10 for 1 in Janu ary 1960. The capital of the First Federal State Bank is $200,000, surplus $250,000, undivided profits $169,475, and deposits $6,306,408. Executive Changes At Council Bluffs Bank GREGORY BRUNK E. F. P E T E R S Edwin F. Peters, who has been executive vice president and cashier, was elected as the new president. Dean Martin Tollefson of the Drake University Law College was elected vice president and trust officer. Named new directors were Tollef son; Matthew J. Heartney, Jr., attor ney; and James O. Bragg, who is associated with Sturges, Bragg & Kister, Inc., insurance firm. Floyd Fiene, former vice president, was elected vice president and cashier. Re-elected was Margaret Johnson as vice president and auditor; Don E. Keller, vice president; and Kenneth G. Miller, Ardell Kurshinski and Wil liam S. Herbster, assistant cashiers. Other stockholders are: Martha Goodwin Brunk estate, 1,550 shares; Thomas Goodwin Higgins, 250 shares; Dreher, 500 shares; Peters, 100 shares; and Bragg, Tollefson and Heartney, 50 shares each. Ronald H. Tornblom, vice chairman of the board of the City National Bank, Council Bluffs, Iowa, was elected president last month fol lowing the resig nation of Fred P. Turner. Mr. T u r n e r ’ s r e s ig n a tio n be c o m e s effective December 31, and Mr. Tornblom be comes president January 1. Mr. R. H. T O R N B L O M Turner said he would leave Council Bluffs shortly after the first of the year to join a general management consultant firm in Seattle, Wash. Mr. Tornblom, 45, joined the City National as a messenger in 1938. Later he served as a teller in the mortgage and trust departments; was assistant cashier, vice president, executive vice president, and last January was named vice chairman of the board. Mr. Turner, son of Board Chairman Robert W. Turner, joined the bank as a trainee in 1954. He was named president last January. * Open House was held last month in the new trust and real estate loan offices of the Capital City Bank. Unusual features of the new depart ment include polarized lighting, which has been described as far more effi cient than ordinary lighting and rivals the sun in showing everything in its true color, and air conditioning, which is contained in the suspended ceiling to provide draft-free cooling. First Federal Control Changes Gregory Brunk, Des Moines attor ney, has become chairman of the board of the First Federal State Bank of Des Moines after purchasing the 4360 shares of common stock of Her man Kucharo, former president and chairman, for $60 a share. Mr. Brunk also purchased 990 shares of stock from Robert E. Dreher, one of his law partners for $60 a share. These two purchases, together with the stock he already owned, gives Northwestern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 98 fowa News Mourn Bank Women Appointed IGHT Iowa women bank execu E tives have been named to national committees of the National Associa tion of Bank Women, an organization of more than 3,700 members, all of whom hold official titles or executive positions in banks throughout the country. Miss Alice Akes, vice president, Decatur County State Bank, Leon, is chairman, Founders Tribute Commit tee, which selects recipients for two awards given each year by the Asso ciation. Other Iowa members of the Found ers Tribute Committee include; Mrs. Mary Fogarty, assistant vice presi dent, National Bank of Des Moines; Mrs. Darlene Miller, vice president, Central State Bank, State Center; Mrs. Marie Holderson Peebles, assistant cashier, Central National Bank and Trust, Des Moines, and Miss Marie Van Gilst, assistant cashier, Jasper County Savings Bank, Newton. Mrs. Peebles served as Association record ing secretary last year and was, her self, a candidate for the Jean Arnot Reid Award in 1951. Mrs. Miller and Miss Van Gilst are both past presi dents of the Iowa group. Miss Helen Rhinehart, vice presi dent and secretary, Brenton Compa nies, Inc., Des Moines, and past pres ident of the National Association of Bank Women, is a member of the president’s advisory committee. She was Association president in 1959-60. Mrs. Gladys Chiverton, assistant cashier and trust officer, Guaranty Bank & Trust, Cedar Rapids, has been named to the research commit tee and the resolutions committee. Miss Betty L. Steele, assistant cash- ier, Northwest Des Moines National Bank, Des Moines, has been named publicity chairman for the Midwest Division. There are approximately 90 Iowa members of the Association. Heads County Bankers Robert E. Coon, executive vice pres ident and cashier, First State Savings Bank, McGregor, has been elected president of the Clayton County Bankers Association. Installs Time-Temp. Sign The Security Bank & Trust Com pany, Decorah, Iowa, has installed a new time and temperature sign above the canopy in front of the bank building, in the heart of Decorah’s down-town shopping area. Beaman Construction Work is nearing completion on the new Farmers Savings Bank building in Beaman, Iowa. Exterior has been completed and contractors are nearly finished with interior work. W ill Travel Northern Iowa C. E. (Chuck) Strattan, Jr. is now travelingnorthern Iowa for the United States Check Book Company, Mr. Strattan has been with the firm a number of y e a r s and has been working banks in an area adjacent to Oma ha, including the banks in Council Bluffs. C h u c k Peter son, who h a s been in this new territory of Mr. Strattan’s is being moved to an area consisting of North western Iowa and Eastern Nebraska. Mr. Strattan will make his home at Cedar Falls, Iowa. Dallas Co. Bankers Meet Herman H. Harvey, cashier, Bren ton State Bank, Dallas Center, has been elected president of the Dallas County Bankers Association. He suc ceeds Tom Tierney, cashier, Perry State Bank. A Bank Promotion With Strings Attached Each of the 30 staff members at the Bettendorf Bank & Trust Company, Bettendorf, Iowa, recently worked for Northw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis several days with a string tied around one finger. The string served as a reminder to employees and customers that they could forget about forgetting to pay on notes or to add to savings accounts by using the bank’s new Save-O-Matic and Loan-O-Matic plans. Under the new plans the bank makes regular payments or deposits in savings from the customer’s check ing account at specified intervals. Heads Grundy County Bankers Association Andrew H. Agena, cashier, Iowa Savings Bank, Dike, was elected pres ident of the Grundy County Bankers Association at a recent meeting. Leland Luwe, executive vice president and cashier, Peoples Savings Bank, Wellsburg, was elected vice president and Arnold Schultz, farm representa tive, The Grundy National Bank, f Grundy Center, was elected secretarytreasurer. Buys Marion Control Phil Morris, cashier, First National Bank, Marion, has purchased control ling interest in the bank and will as sume control on January 1. Mr. Morris came to Marion in 1952 as assistant cashier of the First Na tional. Joins Mason City Staff On November 1, Robert Lorge, for merly senior examiner for the State Banking Department, joined the staff of the United Home Bank & Trust Company, Mason City, as vice presi dent in the commercial loan depart ment. Mr. Lorge has been with the bank ing department for eight years. Prior to that he was with the Pocahontas State Bank. He graduated from the Wisconsin School of Banking this year. 90tli Anniversary The Exchange Bank, Bloomfield, Iowa, celebrated its 90th anniversary recently with a two-day celebration. The “birthday party” was held in co operation with the Greater Bloomfield Chamber of Commerce Dollar Days and the high school homecoming. A booth was set up in the parking area and cider and doughnuts were served to visitors. A drawing was ACORN Registers "A ccepted Sale Registers by Bank Clerks Everywhere" For information write THE A C O R N PRINTING CO. Oakland, Iowa Iowa News < conducted every half hour. Fiddlers played throughout the event, helping to re-create the atmosphere of 1871 when the bank first opened. The Exchange Bank is one of nine ) private banks in the state. Walter H. Barnard Walter H. Barnard, 95, retired Des Moines banker, died recently. He was president of the Security Loan & Trust Bank until it merged with the Bankers Trust Company. ^ Baldwin Bank Builds Construction is well underway on a new bank building for the Baldwin Savings Bank, Baldwin, Iowa. Com pletion is expected by February 1. Lake View Remodeling ^ Work started recently on remodeling the Farmers State Bank, Lake View, Iowa, and the former Ketteriing building, purchased by the bank. Part of the north wall between the build ings is being removed and the ceiling in the bank is being lowered. Opens New Drive-In Grand opening of the new drive-in facility of the Emmet County State Bank, Estherville, was held recently. The new unit features a two-way inter-com system, air conditioning, an individual heating system. A portable television set was given as a door prize during the grand opening. 99 I turn Hunkers Hold Tax School 14th Annual Iowa Bankers T HE Association Tax School was held November 20 and 21 at the Kirkwood Hotel in Des Moines. Agencies co operating in the school were Iowa State University, Ames, Federal In ternal Revenue Service, Iowa State Tax Commission, Federal Social Se curity Administration. Lecturers and instructors included H. B. Howell, professor, department of economics and sociology, Iowa State University; Richard J. Morris, internal revenue agent; George L. Good, di rector, income tax division, Iowa State Tax Commission; Carroll E. Hollebrands, chief, office audit branch, In ternal Revenue Service; Andrew L. George, chairman, Iowa Tax Commis sion; Ernest W. Bacon, district direc tor, Internal Revenue Service; Daryl A. Nestvedt, internal revenue agent; Claude K. Bradley, assistant director, income tax division, Iowa Tax Com mission; Elmer F. Heckinger, super visor, fiduciary and nonresident sec tions, Iowa Tax Commission; Donald E. Cunningham, director, sales tax division, Iowa Tax Commission; Leo W. Smith, district Social Security manager; Paul J. Powers, chief, audit division, Internal Revenue Service; Glenn C. Bentler, internal revenue agent; Paul R. Cremer, conferee, In ternal Revenue Service; E. G. Stoneberg, association professor, depart ment of economics and sociology, Iowa State University, and George W. Mur ray, Iowa assistant attorney general. A question and answer period, with all speakers constituting the panel, completed the school. Frank C. Vierhus, president, Avoca State Bank, Avoca, headed the tax school com mittee. Buys Palmer Stock Wesley J. Pulley, vice president, has purchased the interests of Herman O. Beneke, cashier, in the Palmer State Bank, Palmer, Iowa. Mr. Beneke has resigned as cashier and director be cause of the condition of his health and on the advice of his doctor. Mr. Pulley for many years has been in the hardware business in Palmer and has been a member of the board for several years. He will assume ac tive management of the bank as cash ier. Mr. Beneke also sold his interests in an insurance agency to Mr. Pulley. John B. Mayer Honored John B. Mayer, president of the Iowa State Bank of Hull, was honored for 69 years of banking service at a dinner recently in Hull. A A f i t C L o s s Clinic fM m * EASTERN IOWA Conference of NABAC conducted an all-day “ Loss Prevention Clinic” recently in Cedar Rapids. Above, Robert Winninger, (standing) of the tech nical division of NABAC, talks with John Miller, a.c., Central State Bank, Elkader; Don Davidson, Peat, Marwick & Mitchell C.P.A. firm of Cedar Rapids; and Jim Liv ingston, aud., Peoples Bank & Trust Co., Cedar Rapids. Mr. Winninger conducted the meeting. After the afternoon session, bankers visited the Merchants National Bank for an automation demonstration. t r u s t an d s a v in g D(j B|j q u e ’S L A R G E S T BAN* M eMBER FDIC AND F*S Northw estern Banker, Decem ber, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 100 New Branch Manager Lloyd D. Malstrom has been named to replace R. F. Asheton as manager of the Davenport, Iowa branch of fice of CumminsChicago Corpora tion. He will be assisted by Ken neth E. Walsh, who headquarters in St. Louis. Me chanical s er v i c e will be performed by David Menden L. D. M A L S T R O M hall out of the Davenport office. New DeWitt Quarters A preview showing of the new quarters for the DeWitt Bank & Trust Company, DeWitt, Iowa, was con ducted for bankers last month. After a tour of the new facilities, visiting bankers were guests at a dinner at the DeWitt Country Club. Elgin Open House Open house marking the completion of a remodeling program was held last month at the Elgin State Bank, Elgin, Iowa. A 16-foot addition at the rear of the old building provides ad ditional work area. The old vault was removed and a new one built. New furnishings, purchased from Kirk Gross Company, Waterloo, also were installed. L. H. Davis Honored L. H. Davis, cashier, Hampton State Bank, Hampton, Iowa, was honored recently for 25 years of service to that bank. He was promoted to vice president on his 25th anniversary with the bank. He had been cashier since joining the bank in 1936. Mor ris Ackerman, with the bank since 1953, was elected cashier. Soren Hoien Soren Hoien, 68, vice president, Em met County State Bank, Estherville, Iowa, and manager of the bank’s Ringsted office for the past 30 years, died recently at an Estherville Hos pital. He had been in banking for 40 years. Bank Changes Given The following changes in the status of Iowa chartered banks during Oc tober have been announced by the state department of banking: Capital Stock Increases by Common St oc k D iv id e n d —Rowley Savings Bank, Rowley, from $30,000 to $45,000; Kalona Savings Bank, Kalona, from $25,000 to $75,000. New Bank Charter—Valley State Bank, Sioux City, with capital of $150,000. W. M. Goodyear, executive vice president, Lake City State Bank, Lake City, Iowa, tells about a woman cus tomer who came in the bank recently frantically waving a handful of can celled checks and shouting into the teller’s cage: “You mean the bank saves all the checks I write and sends them to my husband? What a sneaky thing to do!” Crime Conferences C a u tio u s C h a rlie always p la y s it s a fe . E s p e c ia lly a g a in s t ca n c e r. He kn o w s th e re ’s no g u a ra n te e he w o n ’t g e t it. B u t he a ls o kn o w s th a t m o st c a n c e r s can be cu re d , if p eo ple g iv e th e ir d o c to rs a ch a n ce to find c a n c e r e a rly and tr e a t it Fred Zabel has retired as vice pres ident of the Merchants National Bank of Aurora, 111. He had been associated with the bank as vice president and director since 1939. Coming to Aurora from Davenport, Iowa, he started his banking career with the Durant Sav ings Bank, Durant, Iowa, and several years later became associated with the Union Savings Bank, Davenport, as cashier and vice president, a position he filled for 15 years. He subsequently spent several years with the State ^ Banking Department of Iowa and the Reconstruction Finance Corporation. Shortly before coming to Aurora he was Iowa representative for the in vestment firm of Harriman, Ripley and Company of New York City. Mr. Zabel’s son, Jim, is a well known sports announcer for radio station WHO in Des Moines. 50th Anniversary It Takes All Kinds playing u safe Fred Zabel Retires Four F.B.I. conferences on crimes against banks were conducted recent ly in Iowa. They were held at Daven port, Waterloo, Spencer and Atlantic. The Stacyville Savings Bank, Stacyville, Iowa, celebrated its 50th anni versary recently with an opening hour. Coffee and doughnuts were served, gifts were given to all new accounts and a drawing was con ducted for door prizes. Clarence G. Niemann Clarence G. Niemann, 62, cashier and vige president, First National Bank, Sumner, died recently at the University Hospital in Iowa City where he was a patient for about five weeks. He was associated with the Sumner bank since the early 1920’s. Reid Giese, assistant cashier, First National Bank, West Union, has been named as Mr. Niemann’s successor. Muscatine W ork Progreses Construction work has been started on the third phase of the building project started earlier this year by the Central State Bank, Muscatine—a parking area for bank customers. Parking space is being made avail able for more than 25 cars with en trances and exits on East Third. Work is now well along on the two initial projects: remodeling of the bank building at East Third and Iowa Avenue, and construction of a drive-in banking facility across the street from the new parking area on East Third. Completion of all three phases of the project is expected by the end of the year, according to John B. Rigler, president. rig h t aw ay. So C a u tio u s C h a rlie p ro te c ts h im s e lf by h a v in g a h e a lth ch e c k u p e ve ry ye ar. W hy d o n 't you p la y it s a fe ? - - Bettendorf Promotion Jsi 2 Leonard Finck, previously associ ated with the National Bank of Water loo, has been appointed assistant cashier at the Bettendorf Bank & AMERICAN CANCER SOCIETY Northwestern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J 101 ^ ) Trust Company, Bettendorf, Iowa. He joined the Bettendorf bank last May as a teller. Chelsea Open House Open house was held recently at the Chelsea Savings Bank, Chelsea, Iowa, in observance of the bank’s 25th anniversary. Iowan Promoted 6 Gary Muir, who was with the IowaDes Moines National Bank until moving to Los Angeles in 1960, has been appointed assistant branch manager of the Security First National Bank of Los Angeles. Mr. Muir is a native of Onawa, Iowa. Joins Colfax Staff Walter Adair, formerly with the Se curity State Bank of Hubbard, Iowa, has been appointed assistant cashier of the First National Bank of Colfax, according to H. E. Bell, executive vice president. Ross R. Rogers Honored Ross R. Rogers, assistant cashier, Clear Lake Bank and Trust Company, Clear Lake, Iowa, was honored re cently on his 85th birthday by officers and employees of the bank. This year also marks his 51st year in banking. To Add Parking Area M. J. Grogan, president, National Bank & Trust Company, Chariton, an nounced last month that the bank has purchased an adjoining 85 by 165 foot lot for customer parking. The bank also is installing a gas furnace and the heating system has been zoned so heat can be controlled in each section of the three story building. sion of Diebold, Incorporated, it was announced r e c e n t l y by Raymond Koontz, president. He succeeds the late Frank Schneider. His headquar ters will be in Los Angeles. Mr. McCarthy was formerly assist ant sales manager at the home office bank division in Canton, Ohio, as well as central zone bank division man ager. For the past year he has also been director of alarm sales. Mosler Promotion The promotion of Alfred Kwiecinski from regional systems supervisor to product manager-systems division of The Mosler Safe C o m p a n y has been announced by John Hampel, vice president na tional sales. In his new po sition, Mr. Kwie cinski is respon sible for systems sales supervision of Mosler’s bank A. K W I E C I N S K I a n d commercial sales departments, sales training, new product development and application development. His office is in the com pany’s national sales headquarters in Hamilton, Ohio. Promoted By Diebold Joseph F. McCarthy has been named manager of the western bank diviYOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS F. E. DAVENPORT & CO. OMAHA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LaSalle National Gets First Electronic Unit La Salle National Bank, Chicago, has received the first unit of the elec tronic data processing system it will install during the coming year. Har old Meidell, president, announced that an ultra high-speed electronic sorterreader— the first of its kind installed in the Chicago area—will soon be sorting thousands of checks, deposit tickets and other documents that flow into the bank each day. Built by Burroughs Corporation, the precision machine reads characters printed in “magnetic ink” on each item and processes them at speeds up Irving Trust Promotions Irving Trust Company, New York, announces the election of Arthur G. Boardman, Jr., to a new post of exec utive vice president. He was also elected a member of the board of directors. His primary responsibili ties will be planning for the develop ment of business and assistance in over-all company administration. Attention Bankers: WESTERN AND SOUTHERN Will Help You Promote Your CREDIT LIFE PROGRAM Estherville Honors 4-H About 200 members of the 4-H and FA A were guests at the first annual awards dinner sponsored by the Em met County State Bank, Estherville, according to Max M. Soeth, vice presi dent. James Currell, vice president of the bank, introduced bank officers, 4-H leaders and guests. R. S. Knight, president, presented awards for win ning fair entries. and will succeed Mr. Boardman as head of the international division. After graduate work in Germany, France and this country, Mr. Maffry received his Doctorate in Economics from the University of Missouri. For more than ten years he was with the United States Department of Com merce where he served on a number of major international commissions and subsequently was with the Ex port-Import Bank of Washington. He has been associated with the Irving since 1948 and most recently has been vice president in charge of Irving business in the Far East. For Complete Information Contact Our CREDIT IN S U R A N C E DEPARTMENT A. G. B O A R D M A N A. M A F F R Y Mr. Boardman, a graduate of Dart mouth College and Amos Tuck School of Business Administration at Dart mouth, joined the bank in 1932. He was named an assistant secretary in 1941, assistant vice president in 1947, vice president in 1949 and a senior vice president in 1957. He was most recently in charge of the bank’s in ternational division. At the same time August Maffry was elected a senior vice president P. O, Box 1119 Cincinnati 1, Ohio THE WESTERN AND SOUTHERN LIFE INSURANCE COMPANY A Mutual Company William C. Safford, President Northwestern Banker, December, 1961 102 to 1,560 a minute, or 15 to 20 times faster than under the bank’s former method. Mr. Meidell said the machine, the world’s fastest paper document sorter, is part of a complete electronic sys tem which eventually will comprise an electronic data processing system— the Burroughs B251 Visible Record Computer—and a battery of other ma chines that will process much of the bank’s accounting and data processing work automatically. “Our check-handling problems are similar to those experienced by banks throughout the rest of the country,” Meidell declared. “ In 1960, Americans wrote 14 billion checks, and by 1965, the number is expected to reach 20 billion. Checks loaded into the sorter’s feed hopper are accelerated from a stand ing start to a speed of about 23 miles an hour in a distance of four inches. Each magnetic digit or symbol is read in 32-millionths of a second. Chase Manhattan Bank, The ................... Chemical Bank New York Trust Co. . . . Chiles-Schutz Company .............................. Christmas Club a C orporation................. Columbian Art Works, Inc......................... Commerce Trust C om p an y ....................... Continental-Illinois National Bank and Trust C om pan y.......................................... Council Bluffs Savings B a n k ................... 43 21 68 15 53 93 41 97 D Davenport, F. E., and Company . . . .76, 101 De Luxe Check Printers, Inc.................... 16 Diebold, Inc........................................................ 11 Downey, C. L., Company ............................ 20 Drovers National Bank .............................. 95 E Employers Mutual Casualty Company. . 46 F Farm Business Council, Inc........................103 First Continental National Bank and Trust C om pan y.......................................... 75 First National Bank— Chicago ............... 24 First National Bank— Kansas City . . . . 8 First National Bank— Omaha ................. 71 First National Bank in St. L o u is ........... 89 First National Bank— St. Paul ............... 50 First National Bank and Trust Com pany-—T u ls a ................................................. 12 First National City Bank of New York 42 First Stock Yards Bank— South St. Joseph ..................................................... 76 G Gamble-Skogmo, Inc...................................... 17 Goodwin Companies .................................... 92 Gross, Kirk, Company .................................100 11 Harris Trust and Savings B a n k ......... 44-45 Humber, Wayne, and C om pany............... 48 IN D E X OF I A O V E R T F S F It S Institute of Management Services............103 Iowa-Des Moines National Bank ............106 K D E C E M B E R . 1961 A Acorn Printing Company ......................... 98 Advantage Film Sales, Inc..........................103 American Trust and Savings Bank— Dubuque ....................................................... 99 BANKING POSITIONS INVESTMENT O FFICER li to $20,000 Q u alifie d to assume responsibility of Senior Invest. O ffice r. Bank of considerable size. LO AN OFFICER to $18,000 Executive o fficer experienced Com m ercial Lend ing— Public Relations— Bus. Developm ent TRUST OFFICER to $18,000 C om p le te supervision of all trust activities. C O M M E R C IA L LO A N S $10 to 12,000 Know ledge all forms of loans cap able m anage branch. TRUST DEPT. $10 to 12,000 10 96 56 37 N National Bank of Commerce Trust and Savings ......................................................... 74 National Bank of South D a k o t a ............. 59 National Cash Register Company ......... 4 3 Northern Trust Company ......................... Northwest Security National Bank . . . . 61 O 1< $9 to 10,000 S $8 to 10,000 Execute internal audit program and safeguards. A ll con ta cts k ep t in a b solu te confidence. A R V ID D. J O H N S O N Cadillac Associates, Inc.* 29 E ast M adison B ld g., C hicago, Illin ois F in a n cia l 6-9400 * “ W h e ie m ore E x e c u tiv e s find their p o si tion s than a nyw here e lse in the w orld.” Northwestern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C Cadillac Associates, Inc................................ 102 Canadian Imperial Bank of Commerce 49 Central Bank and Trust Company— D e n v e r ...............................................................64 Central National Bank and Trust Company— Des Moines ............................ 22 Central States Health and Life Co..........105 M Manufacturers Hanover Trust Company Marquette National B a n k .................... 94 Mercantile Trust C om pan y.................. 47 Merchants Mutual BondingCompany.. Merchants National B a n k .................... 2 Minnesota Commercial Men’s Ass’n . . . Mosler Safe C om pan y.................................. Ralston Purina Company ......................... 85 Recordak Corporation .............................54-55 H an dle C o rp o ra te Trust and Fiduciary. A U D IT O R 13 40 78 39 70 L La Monte, George and S o n ....................... 9 La Salle National B a n k ................ 5 Lawrence Warehouse Company ............. 91 Le Febure Corporation.............................18-19 Live Stock National Bank— Sioux City. 58 Omaha National Bank ................................ 69 Omaha Printing Company ....................... 77 A dm inistration of all trustsestates— agencies and corporate SECURITY A N A LY S T Bank Building and Equipment Corp. . . Bank of M o n trea l........................................... Bankers Trust Company— Des Moines . Bankers Trust Company— New York . . Black Sale S y ste m .......................... Kansas City Bank Builders and Con sultants, Inc.................. 42 Koch Brothers ............................................... 98 Schweser, Robert E., Company ............... 77 Stebbins, Richard, and Associates, Inc. 48 Stock Rards National Bank— Omaha . . . 73 Studley, Shupert Trust Investment C o u n c il........................................................... 6 U United States Check Book Company . . . 72 United States National Bank— Omaha . 66 V Valley Bank and Trust Company— Des M o in e s................................................... 81 Valley National Bank—-Phoenix ......... 38 W Western and Southern Life Insurance Company ........................................................101 % 103 The Bankers’ Market Place 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. ERVICE to customers is greatly improved with a new, fast and accurate filing system announced re cently by LeFebure Corporation, Ce dar Rapids, Iowa. Called the Chexpeditor, the unit speeds up filing. Fil ing can be done alphabetically or by signature with cross reference a part of the dual tabbing if required. Flag ging of special accounts or conditions also can be accomplished. The Chexpeditor is modular, and available in a variety of sizes to meet space and capacity requirements. S a button. The deposit slip is validated and the duplicate returned. Each de posit is individually packaged within the unit. In addition, a micro-film SERIES of ad mats, posterettes, A and ad inserts is offered by the Crewdson Company, 626 South Clark tested animated television SALES commercials on bank services are Street, Chicago, 111. More than 100 samples are available on an exclusive basis. being syndicated on a regional basis by Advantage Film Sales, Inc. De velopment expense is spread over many markets, reducing the per bank cost, at the same time retaining the custom-made effect for the individual bank. a new banking BANKOGRAPH,” development for the automatic acceptance of deposits, was demon strated to bankers attending the American Bankers Association con vention in San Francisco by the Uni versal Match Corporation, and The Mosler Safe Company. Bankograph accepts checks, cur rency and coins, immediately return ing a validated deposit slip. It supple ments a bank’s regular tellers during rush hours by handling routine de posits. A deposit is made by inserting the deposit and deposit slip and pushing ' Teaching Your C h ild to M anage M o n e y "— 32-page bo oklet appeals to parents, a ttra cts new accounts, builds bank im age o f frie n d ly helpfulness. Revised e d itio n just o ff the press (o u t o f p rin t 5 yea rs). Ideal tie -in fo r ads, TV, special drive, forum fo r parents, PTA, etc. A n a u th o rity offers sound, spe cific a d vice on subject o f serious concern to d a y. C o m p le te tra in in g procedure, 10 rules, II problem cases, how to handle allowance. W rite on lette rhe ad fo r fre e sample copy: Institute o f M anagem ent Services, 247 W e s t Union, W e s t Chester, Pa. tinent data for bank executives con templating a building program. The brochure states that building costs can be controlled and accurately estimated. In clear, understandable language, this new brochure covers the mechanics of the remarkable sys tem of cost estimating and control developed by BBEC. In addition, readers are taken on a capsule tour of the firm’s headquarters office and provided with a portfolio of photo graphs covering recently completed projects, both large and small, in all sections of the country. “Building at a Guaranteed Cost” may be obtained free by writing D. E. Mosby, vice president, Bank Building and Equipment Corporation, 1130 Hampton Avenue, St. Louis 10, Mo. National Cash Register Com THE pany recently unveiled its first record of each item made by the machine insures the accuracy of the deposit and proves the transaction. Custom tailored to blend with sur rounding decor, the machines meas ure 27 inches wide, 25 inches deep and 50 inches high. They are mar keted nationally by Mosler Safe Com pany. HIGHLY informative brochure A titled, “Building at a Guaranteed production model of a new desk-size computer, the Class 390. This general purpose computer is the first capable of reading conven tional-type business documents. To do so, it employs a unique magnetic ledger card which stores data elec tronically on the back of the form, yet carries necessary printed information for easy reference on the front of the form. About 50 of these systems will be delivered this year. There is a backlog of over 200 orders. The unit is priced at $56,300 and up. It rents for $1,395 a month, and up. Cost,” has been issued by Bank Build ing and Equipment Corporation of America, St. Louis. It contains per- OUTSTANDING CHOICE ^ g y OF OUTSTANDING BANKERS The bank newsleteer fo r modern ag ricu ltu re — pro vid in g an excellence o f q u a lity th a t elevates bank prom otion to the fu ll service level. Preferred by 8 ou t o f 10 farm ers be cause it helps w ith th e ir "m oney m a tters." the FARM PICTURE Dept. 43 P.O. Box 221, Urbana, 111. SALES TESTED anim ated television spots selling bank services are available to your bank, even if you have a lim ite d ad vertis ing b u dget. By syndicating these effective film s on a regional basis, trem endous sav ings are realized fo r the in d ivid u a l banks. D evelopm ent expense is spread over many markets instead o f being paid by one spon sor o f a single message. Yet, it lets your bank achieve the e ffe ct o f a custom-m ade com m ercial. For com plete details on how your bank can use effective TV com mercials w rite : A D V A N T A G E FILM SALES, IN C ., 736 N o rth Seward Street, H ollyw ood 38, C a lif. Northwestern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis In the DIRECTORS7 ROOM Time to Punt We often wonder if the early teen agers are ready for the boy-girl storm they seem to be tossed into earlier and earlier every generation. Take for instance the 14-year-old boy who raced inside from playing football with the neighbor kids all afternoon to get ready for a date. “Don’t forget your bath, Bill,” his mother said. “Bath?” he cried, “who has time for a bath. I’ve just got five minutes to learn to dance!” Always Talking Shop The union leader on vacation sent several cards home to his friends: “Having a wonderful time-and-a-half. Wish you were here.” Where Else? Plumber: I understand you have something here that doesn’t work. Housewife: Yes, you’ll find him on the sofa in the living room. H e’s Prepared 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. Twas the Day After . . . ’Twas the day after Christmas And all through the house, Not a creature was stirring, Not even a mouse. Young parents had left With their girls and their boys. Their car was piled high With their presents and toys. Grandfather had left for The bank on the “quick,” To try and earn money To pay old St. Nick. The friends had departed With loads of good wishes, And grandma was left With a sink full of dishes. (Mrs. By ron L. McKee, wife of the president of the Muscatine Bank & Trust Com pany, Muscatine, Iowa.) Northwestern Banker, December, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Helpful Advice Golfer: I’d move heaven and earth to break 100. Caddy: Try heaven, you’ve moved enough earth already. It’s Coming! A clerk was handed a pay envelope which, by error, contained a blank check. The astonished clerk looked at it and moaned, “Just what I thought would happen. My deductions have at last caught up with my salary.” Different Circumstances The general 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.” C O N V E N T IO N S January 18, Minnesota Bankers Asso ciation, M id-W inter Conference, Leam ington H otel, Minneapolis. January 22-23, A B A National Credit Conference, 14th Annual, LaSalle Hotel, Chicago. February 5-7, M id-W inter Trust Con ference, 43rd Annual, W aldorfAstoria H otel, New Y ork. March 26-28, National Installment Credit Conference, Conrad H ilton H otel, Chicago. A p ril 16-18, N A B A C Northern R e gional Conference, Abraham Lin coln H otel, Springfield, 111. A p ril 30-May 2, Independent Bankers Association, 28th Annual Conven tion, Pittsburgh - H ilton H otel, Pittsburgh, Pa. May 16-19, Am erican Safe Deposit Association, 31st Annual Conven tion, Sheraton-Palace H otel, San Francisco. May 17-19, South Dakota Bankers Association Annual Convention, H otel Gardner, Sioux Falls. May 24-26, North Dakota Bankers Association, Annual Convention, Plainsman H otel, W illiston. May 28-June 1, Am erican Institute of Banking, Annual Meeting, Chase H otel, St. Louis. June 5-6, Minnesota Bankers Associa tion, 72nd Annual Convention, Leam ington H otel, M inneapolis. It’s Right After All A linotype operator on a small ^ newspaper down in Missouri hit a wrong letter on his machine last week and the word “government” came out “givernment.” The editor, who does much of the newspaper’s proofreading as he hates errors, decided to let this one go through. “After all,” he said, “how could you " y better describe the present adminis tration?” 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.” June 11-12, Stonier School of Banking, Rutgers University, New Bruns wick, N. J. June 14-16, Montana Bankers Asso ciation, 59th Annual Convention, Many G lacier H otel, Glacier Na tional Park, Montana. August 6-24, National Trust School, Northwestern University, Evan ston, 111. September 23-26, Am erican Bankers Association, 88th Annual Conven tion, Atlantic City, N. J. O ctober 11-12, Nebraska Bankers Association, 65th Annual Conven tion, Cornhusker H otel, Lincoln. O ctober 14-17, Robert M orris Asso ciates, 48th Annual Conference, W aldorf-Astoria H otel, New York. O ctober 14-18, F P R A , 47th Annual Convention, Chalfonte - Haddon Hall Hotels, Atlantic City, N. J. O ctober 21-24, Iowa Bankers Asso ciation, 76th Annual Convention, H otel Fort D es Moines, Des Moines. O ctober 21-23, A B A Regional M ort gage W orkshop Meeting, H otel Leam ington, M inneapolis. O ctober 22-24, N A B A C , 38th Annual Convention, Americana H otel, Bal H arbour, Fla. N ovem ber 8-9, Mid-Continent Trust Conference, 31st Annual Meeting, H otel Drake, Chicago. N ovem ber 12-13, National Agricultural Credit Conference, 11th Annual Conference, Sheraton - Fontanelle H otel, Omaha. C E N T R A L STATES H E A L T H k L IF E CO. OF O M A H A 504 South 18th Street Omaha 2, Nebraska There’s no better than the BEST’S iU E D IN S U R A N C E AUTHORITY S IN C E 1899 Of the more than 1400 insurance companies operating in the U. S., only about one out of five are “ recommended by Best’s” — the Alfred M. Best Company. Central States is proud to be one of the select companies so rated. This Best's recommendation is assuring to bankers who offer our policies to their custom ers. It is a good idea to obtain Best's unbiased information on any insurance company you deal with. IN OVER 7 0 0 BANKS *V oluntary Insurance Protection Ce n t r a l S t a t e s H e a l t h & L i f e C o. of Om ah a T. LESLIE KIZER, President CENTRAL STATES INSURANCE BUILDING HOWARD AT 18TH STREET • OMAHA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A garland of Merry Christmas wishes . . . fro m our C orrespondent D epa rtm en t: B etty, J erry, John, Ben, G eorge 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. M e r r y C hristm as! We're here to help you get what you want Io w a D e s M o i n e s •National Bank Sixth and Walnut, Des M oines 1+ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • CHerry 3-1191 Member Federal Deposit Insurance Corporation
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