Full text of The Northwestern Banker : December 1963, 69th Year, No. 917

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

OLD FASHIONED CHRISTMAS IN BANK— Page 44

CHRISTMAS IN THE LOBBY— Page 44

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Federal Reserve Bank of St. Louis

NEW CHRISTMAS "BANK GAME

LEONARD

B R O U L IK ,

Vice President,
Operations
Leonard Broulik has been associated with the
Merchants National Bank for 46 years. His *
understanding of internal operations and
knowledge

of

activities can

Bookkeeping

and

Transit

be of real value to you

and your bank.

Leonard is a member of

the National Office Management Association
and the American Institute of Banking. His
civic interests are centered in the Cedar
Rapids Chamber of Commerce and the
active in

Call on Len and MNB’s experienced staff —
now aided by the new Data Processing
Center — to help you with any operational
problems you may have.

Me/tcItonb H a h o n d
C E D A R R A P ID S

MEMBER F.O.I.C.

T H E F U L L SE R V IC E B A N K FOR TH E B A N K S OF IO W A


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Federal Reserve Bank of St. Louis

*

3

To our friends

inbusiness and banking . . .

meRRy chRistmas

happy new yeaR
cf7%e

NORTHERN
50 SOUTH LA SALLE STREET
C H I C A G O 90, I L L I N O I S
FI 6-5500 • MEMBER F. D. I. C.

N o. 917.

RUST
BANK

N orthw estern B anker is published m onthly by the N orthw estern B an ker Company, 306 Fifteenth Street, Des Moines, Iow a 50309. Subscription 50c
postage paid at Des Moines, Iowa. A ddress all m ail (subscriptions, change o f address, F orm 3579, m anuscripts,

per copy, $5 per year. Second class
Digitized
for
m ail item
s) FRASER
to above address.
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Federal Reserve Bank of St. Louis

4

i

First National City Travelers Checks
Official Travelers Check New York World’s Fair 1964-65
NEW YORK W O RLD'S FAIR 1 9 6 4 - 1 9 6 5
INTERNATIONAL
Fl u s h in g 5 2 . N Y. •

EXPOSITION

AT

FLUSHING

T e le p h o n e - A rea C ode 212 - W F 4 -i 9 6 4

•

CORPORATION
MEADOW

PARK

C a b le A d d r e s s W O R L D S F A IR "

May 9, 1963
First National City Bank
399 Park Avenue
New York 22, New York
Dear Sirs;
The New York W orld's Fair 1964-1965 Corporation has approved
and endorsed use of the slogan:
"O fficial Travelers Check - New York World's Fair 1964-1965" in
connection with the Travelers Check service of F irst National City Bank.
We are im pressed with the availability, negotiability and refund
services available to the public in connection with your Travelers Check.
Participation in your program by your global network of sales and refund
agents will undoubtedly prove to be extremely valuable to people of all
nations planning to visit the New York W orld's Fair.
Your plans for joint promotion of your Travelers Check service
and the New York W orld's Fair 1964-1965 are im pressive, and we
appreciate your enthusiastic support of the Fair.
We feel that your support of our program to advise bank officials
and others throughout the world of the tim eliness, international importance
and value of the Fair will make a substantial contribution to the success of
the Fair, to the accomplishment of an improved image of the United States
among the other peoples and nations of the world, and to the realization of
our theme "P eace Through Understanding. "
We greatly look forward to continued association and cooperation
with you and your associates.
With best wishes, I am
Cordially,

President
I

h (Ú¡S) l

349

DAYS

TO

O P E N IN G

DAY

This letter received from Robert Moses, President of World’s Fair 19644965 Corporation, May 10,1963
Northw estern Banker, December, 1963


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Federal Reserve Bank of St. Louis

F R O M O U R H O U S E T O Y O U R S ___

M lcrrp Christm as-

CHICAGO


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Federal Reserve Bank of St. Louis

6

How to put two extra people to
work on your bank advertising
J o in the F o u n d a tio n fo r C o m m e rc ia l Banks —C all on
F irs t N a tio n a l fo r S p e cia l A d v e rtis in g A ssista n ce
Throw the weight of a national advertising program
behind your local advertising. Join and tie-in with
the Full Bank Service campaign sponsored by the
voluntary, nonprofit Foundation for Commercial
Banks. For membership information write Execu­
tive Director, Foundation for Commercial Banks,
Philadelphia National Bank Building, Philadelphia
1, Pennsylvania.
Whenever you have a special problem in any aspect

of your bank’s advertising or public relations, call
on First National to help you. Advertising assist­
ance is only one of our wide range of correspondent
services . . . all geared to meet the highly competi­
tive pace of today’s banking.
Write for advertising k it. . . a complete and con­
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tive advertising. Send requests to “ Advertising Kit,”
First National Bank in St. Louis, St. Louis 1, Mo.

FIRST NATIONAL BANK IN ST. LOUIS
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
N orthw estern Banker, December, 1963


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Federal Reserve Bank of St. Louis

7

n e a r E d ito r

Oldest Financial Journal West of the Mississippi

for your D ECEM B ER , 1963, reading
69th Year

No. 917

“ Share Your Enthusiasm”
“ I read with marked interest your letter
addressed to Frank Warner appearing on
your ‘ Across the Desk’ page in the Novem­
ber issue of the N o r t h w e s t e r n B a n k e r .
.¡Having been a program participant at the
recent Iowa Bankers Association convention
I .share your enthusiasm for the spectacular
manner in which the entire event was han­
dled and certainly agree that the association
officers and members of the office staff are
to be commended.
“ It was especially gratifying for me to
èiote your recognition of the contribution
NAB AC Chapters made to the convention
proceedings. On their behalf I would like
to express my appreciation for your thought
£ul observation. I ’m sure you’re aware that
everyone connected with NABAC is pre­
pared and anxious to cooperate with all
other organizations sincerely interested in
furthering sound, progressive practices with­
in the great industry we serve.”

*

F. Byers Miller, Executive
Director, N A B A C , Pari;
Bidge, III.

EDITORIALS
20 Across the Desk from the Publisher

FEATURE ARTICLES
7 Dear Editor
23 Frontispage
25 Bigger Farms, Loans, Opportunities—Report on Ag Credit
Conference
26 Idle Computer Time Earns Extra Income
28 WHEN and WHAT to Buy in Municipals—Reese D. Jones
30 Bank Visitors View Indian Culture
31 PR Man Must Aid Bank to “ Live Its Reputation”—
Report on FPRA Convention
32 Executives You Know—Clifton B. Batchelder
33 First National Bank, Chicago, Conference—Ben Haller
34 Texas Beauty Wins Contest
36 Live Stock National Bank, Chicago, Conference
54 NASSB Survey Views Branching

STATE BANKING NEWS
“ Please Send Reprints of
Correspondent Rank Survey”
“ I would like very much to obtain a copy
of the Correspondent Bank Study which you
recently completed. The interesting priori­
ties in choice of correspondents is very in­
teresting to us and we very much would like
fco read the results of the survey.”
A. B. Johnson I II, Vice
President, Louisiana Nation­
al Band:, Baton Bouge, La.
y“ Would it be possible to obtain a copy of
the recent edition of your publication con­
taining the study on ‘Correspondent Bank
Relationships.’ This material would be most
helpful in my teaching.”
William D. Geer, Professor,
v
Division o f Business Admin­
istration, Howard College,
S
Birmingham, Ala.

Minnesota
Twin City
South Dakota
North Dakota
Montana
Colorado

News
News
News
News
News
News


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Federal Reserve Bank of St. Louis

71
73
74
80
87
94

Wyoming News
Nebraska News
Omaha News
Lincoln News
Iowa News
Des Moines News

OTHER FEATURES
99 Conventions
100 Index of Advertisers
100 In the Directors’ Room

NORTHWESTERN BANKER
306 1 5 th S t r e e t, Des M o in e s , Io w a 5 0 3 0 9 , T e le p h o n e

Chairman

*. “ I recently read about your survey trac­
ing how the country banker has chosen his
correspondent bank over the past decade.
I would very much like to obtain a copy of
■-this study.”
Balston L. Brooke, Account
E x e c u t i v e , Cargill Wilson
Advertising, Richmond, Va.

59
60
65
67
69
70

Publisher

C liffo r d De Puy

Associate Editor

Ben J. H a lle r , J r.
D o y le M in d e n

Circulation Department
Lena S u tp h in

Field Representative
A I K e rb e l

2 4 4 -81 63

Associate Editor

L a r r y W . N o th w e h r
E liz a b e th C ole

C ode 5 1 5 )

Editor

M a lc o lm K. F re e la n d

Advertising Assistant

(A re a

Auditor
B e rth a S o d e rq u is t

Field Representative
Paul M a s te rs

Frank P. S ym s, V ic e P re s id e n t, 550 F ifth A v e n u e , N e w Y o rk 3 6 , JU dson 2-7 1 2 6
M ilto n F. B ock, V ic e P re s id e n t, 309 B a ker B u ild in g , M in n e a p o lis , F E d e ra l 6-6357

Northw estern Banker, December, 1963

8

.Vi*«' St. P a u l F ét 3Ê P resid en t
M. HUBBS, 55, was elect­
RONALD
ed president of the St. Paul Fire
and Marine Insurance Company in St.
Paul last month. He succeeds A. B.
Jackson whom the board elected chair­
man following C. F. Codere’s retire­
ment. Mr. Codere will continue as a
director and consultant.

His career with the company began
in 1922. He was made assistant vice
president in 1936; assistant to the pres­
ident in 1938; vice president in 1943,
and in 1948 elected the company’s
sixth president.

Wells Fargo Director
William E. Roberts, president and
chief executive officer of Ampex Cor­
poration, was elected to the board of
directors of Wells Fargo Bank, San
Francisco.
The announcement came from Wells
Fargo’s president, Ransom M. Cook,
who said that Mr. Robert’s election
fills the vacancy on the bank board
created by the death of J. D. Zellerbach.

R. M. H U B B S

A. B. J A C K S O N

The company also named Carl B.
Drake, Jr., as assistant to the presi­
dent. He was formerly secretary.
Mr. Hubbs began his insurance ca­
reer in 1930. He joined the St. Paul
group as special agent in Oregon and
Washington in 1936. Subsequently, he
served as agency superintendent of
the Pacific Department; general man­
ager of the southern California branch;
assistant to the president in 1948; vice
president in 1952, director in 1954, and
since 1959 as executive vice president.

New Magnaprint Reader
An all new motorized microfilm
reader of unusual versatility has just
been announced by Recordak Corpora­
tion.
Known as the Recordak MAGNA­
PRINT Reader, Model PE-1A, this
unit accepts 16mm or 35mm roll film.
With accessory kits it also accommo­
dates Recordak film magazines, aper­
ture cards, film jackets and Micro-File
Filmcards (microfiche).
The new MAGNAPRINT Reader

[sb+nbb=(pm)*]*

Unusual formula
for portfolio management
[small (or medium) bank plus national boulevard
bank equals more effective portfolio management.]
Portfolio management counseling is but one of many correspondent
services we tailor to small and medium size banks. Call or write...

MAGNAPRINT READERS

has easily in te rch a n g e a b le lenses
which, together with an adjustable op-^
tical condenser system give the de­
sired image size, with even illumina­
tion across the 11 by 11 inch daylight
type screen.
*■
Motorized film advance and rewind,
at both high and low speeds, are con­
trolled by a single lever. The desired i
slow speed can be instantly selected
by the operator.
4
Within seconds a print up to 8 by 10
inch on 8% by 1114 inch paper is de-*
livered at the front of the unit. Prints
are of unusually high quality because
there are no prisms or mirrors in the
light path during printing.
The Reader is provided with one
p r o je c t io n lens of the customer’s
choice. However, accessory lenses arg
available in magnifications of 11.8, 19,
22.5, 30, and 38. The lamp and con^
denser system is adjustable for the
complete line of lenses.
Sensitized paper for the Recordak ^
MAGNAPRINT Reader is available in
widths of 4, 5 V2 and 8 V2 inches in 15®
foot lengths.
For further information write to:v
Recordak Corporation, 770 Broadway,
New York N. Y., 10003.

Takes Treasurer’s Post

A

William E. Bachert, vice president,
has been appointed to the additional^
post of treasurer of The Bank of New
York.

I11 Western Division

ml NATIONAL BOULEVARD BANK
of Chicago

400-410 N. Michigan Ave.

Northwestern Banker, December, 1963

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

*

Phone: 467-4100

John L. Street, Jr., has been ap<
pointed assistant vice president of the
Bankers Trust Company, New York.He is assigned to the western division
of the national banking department.
Mr. Street had been associated for ^
many years with New York Trust
Company and its successor, Chemical
Bank New York Trust Company.

9

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Federal Reserve Bank of St. Louis

N C R

Northw estern Banker, Decem ber, 1963

10

C om plete W e s t Const M e r g e r
HE Crocker-Anglo National Bank
T
and C itizen s N a tion a l B ank
merged last month, it was announced
jointly by Emmett G. Solomon and
Roy A. Britt.
Mr. Solomon, president of the for­
mer Crocker-Anglo Bank and now
president of the merged bank, and Mr.
Britt, president of the former Citizens
Bank and now vice chairman of the
board and chairman of the executive
committee of the combined banks, said
that all offices of both banks are now
offices of Crocker-Citizens National
Bank.

The Department of Justice filed a
suit against the banks in the Federal
District Court in San Francisco on Oc­
tober 8, charging that the merger
would violate the Sherman and Clay­
ton anti-trust acts. The department
asked a special three-judge court to
enjoin the merger, pending a full trial
of the suit.
The three judges denied the Justice
Department’s request for a temporary
halt to the merger, thus paving the
way for the banks to go ahead and
consolidate.
The banks received authorization to

TWENTY-TWO HUNDRED VALLEY BANKERS
SERVE JU 1 ARIZONA
THROUGH 81

OFFICES:

merge from Comptroller of the Cur­
rency James J. Saxon on September
30. Mr. Saxon said the banks could
merge on or after November 1, pro-»
vicled that Transamerica Corporation,
a large Citizens National shareholder. “
agreed to dispose of substantially all
of its stock in the merged bank by the '
end of 1966, and to claim only one seat A
on the Crocker-Citizens board of direc­
tors.
As president and chief executive,
Mr. Solomon will head the new institu- 4
tion, with its administrative headquar­
ters and northern division headquar­
ters at 1 Montgomery Street in San _
Francisco, and its southern division
headquarters at 457 South Springs
Street in Los Angeles.
Its significance to California and to f
the world of finance is shown, in part,
by the statistics describing the new
institution: $3.3 billion in assets; more ^
than one million depositors; approxi­
mately 7,500 staff members; 211 offices*
in 122 communities reaching from
Yreka, near the Oregon border, t o 4
Costa Mesa in Orange County.
A ssets Pass $ 5 B illion

A major increase in assets with4
new highs in all major areas of the
bank’s business is reflected in the *
ninety-seventh annual statement re­
leased by the Canadian Imperial Bank
of Commerce, Toronto.
t

We offer you, your friends and customers —anyone interested
in Arizona—the fastest, pleasantest and most helpful banking
service in the industry.
Try any office — and see for yourself!

Northweste rn Banker, December, 1963


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

Total assets of $5,218,614,000, up $486
million, marks the first time in the
bank’s history the fiscal .year-end
figures have exceeded $5 billion. To­
tal deposits reflect a corresponding,^
growth and at $4,782,272,000 are up
$447 million from last year’s high.
Gains were recorded in both per­
sonal savings deposits, which now 4
total $2,209,446,000, up $130 million^
from a year ago, and in other de­
posits by the public which at $2,092,-^
535.000 are up $97 million over the
previous year-end figures. Deposits by
other banks are up $52 million and
now total $244,929,000, while Govern- ^
merit of Canada deposits at $94,668,000
and Canadian provincial government
deposits at $140,695,000 also reflect y
substantial increases.
Commercial and other current loans
at $2,114,000,000 are up 829 million
from last year’s record high while dayto-day, call and short loans at $399,-<
524.000 are up 8117 million from a year
ago.
Net profits after provision for in­
come taxes are $20,385,059, a gain of
$1,195,133, or 6.2 per cent over a year
ago. Dividends paid during the year
totalled $15,678,000, an increase of
$1,045,000 over the previous year.

"Your consultant showed us how to

take the guesswork
out of planning
— says Thos. G. Wilson, President, First State Bank, Conway, Arkansas

"Before we went ahead
with our building program,
we wanted to know just
what we were getting into
and how much it would
cost. Your consultant,
Charles Guimbarda, took
the guesswork out of our
planning. He showed us
exactly how our new
quarters would work, what
they would look like, and
gave us a guaranteed cost
estimate. Your perform­
ance showed us why so
many bankers in our area
call in one of your MidContinent consultants
first, before making plans."

Bankers want facts, dislike guesswork. That’s why they appreciate Bank
Building’s unique, detailed preliminary presentation. You see exactly how your
completed project will look and function, and know how much it will cost . . .
before you make costly commitments. This presentation is a product of your
consultant’s on-the-spot analysis of your requirements, plus the practical knowl­
edge and experience of an organization which has planned, designed, built,
and equipped over 4,000 financial projects. May we tell you more about it?
F r e e p lan nin g g u id e ! S e n d fo r " 9 9 p ro b le m s you face w hen you plan n e w quarters.

M ID-CONTINENT

DIVISION

Charles Guim barda.
Consultant

1130 Hampton Avenue • St. Louis, Missouri 63139 • Phone: Ml 7-3800 Area Code: 314

O F F I C E S I N: A T L A N T A « C H I CAG O • D A L L A S • N E W Y O R K • S T . L O U I S ♦ S A N F R A N C I S C O


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Federal Reserve Bank of St. Louis

12

A u to m a tio n M e e t ftrtn rs 1 .2 0 0
TH E S E
COIN
HANDLING
SUPPLIES
Oy

F E D E R A L
BILL

f kijn uut'A.Li »I'JSAiUSKS :it AHA .National Automation Conference were (left to righ t):
Robert K. Wilmouth, conf. chmn., and v.p., First Natl. Bk., Chicago; Dale L. Reistad,
dir. of automation and market research, A B A ; Donald M. Graham, vice chmn. of board,’^
Continental Illinois Natl. Bk. & Tr. Co., Chicago; William F. Kelly, AB A pres., and
pres., First Pennsylvania Banking & Tr. Co., Philadelphia, and Joseph W. Barr, dir.
designate, FDIC, Washington.

S T R A P S

Made of the best quality
Kraft paper, so strong it
will not break in a straight
pull. Breaking strength 70
lbs. persq. in.With inverted
and r e v e r s e d f ig u r e s
instantly disclosing value
of package on top edge or
bottom.

" STEEL- STRONG ” is the only Bill Strap which
regularly delivers currency to Federal Reserve
Banks in unbroken packages. In 11 Colors.

Elect Senior Officers

Drovers Ups Capital

Harry P. Barrand, Jr., has been
elected an executive vice president of
Manufacturers Hanover Trust Com­
pany, it was announced in New York.
John H. Andren, Tristan E. Beplat,
James R. Greene and John A. Waage
were elected senior vice presidents,
and Michael C. Bouteneff and Joseph
A. Corrado, vice presidents. All are
in the international division.

The board of directors of the Drov*.
ers National Bank, Chicago, has voted
to increase the capital by the issuance
of an additional
62,500 shares in
the form of of £
stock dividend of
a b o u t I 8 V2 peri
cent. The action
is to be submitted
to the Comptrol­
ler and to the
stockholders Jan­
uary 14.
L eo G r u b e k,.
L. G R U B E R
president, states
that the bank expects to maintain th%
present dividend payment of $1 per
share annually on 400,000 shares,
which will be outstanding after the
increase is accomplished. Stockhold­
ers will receive one new share fo^
each 5.4 shares held.

BARRAND

GOMORY

ANDREN

Seeks CDIC Appointment

COIN
Due to unique-construction,
this Wrapper gives superior
strength, neatness, and a
definite greater protection
to wrapped coins. Too, there
is no c lo g g in g of coins.
Ends c r im p e d t ig h t ly .
Symmetrically packed 1,000
to a carton with the crimped
e n d s tu rn e d one way.

BEPLAT

I

Hw-S

THEY’RE GREAT TIME SAVERS
IN ALL MACHINE FILLING.

SEE YOUR
DEALER OR
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FREE SAMPLES
Dept. W

r/XL. DOWNEY
G a + ttfia ru f,
HANNIBAL, MISSOURI
W orld 's Largest M anufacturers
o f C o in H a n d lin g S u p p lie s

Northw estern Banker, December, 7963


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

GREENE

W AAGE

At the same time it was announced
that, on January 1, Mr. Barrand will
become officer in charge of the bank’s
international division, succeeding An­
drew L. Gomory, executive vice pres­
ident, who will retire at the end of
1963 after a career of more than 40
years in international banking. Mr.
Gomory will continue as a director
of the bank’s two Edge Act Corpora­
tions—Manufacturers Hanover Inter­
national B a n k in g Corporation and
Manufacturers Hanover International
Finance Corporation.

Marshall C. Corns, management en­
gineer and consultant to banks and
bankers, revealed last month that he
is seeking the appointment to be made
early in 1964 to the board of directors
of the Federal Deposit Insurance Cor->
poration. The term of the Hon. Jesse
P. Wolcott expires at that time and
President Lyndon Johnson, according
to law, must appoint a Republican to
fill this vacancy.
*
Mr. Corns was president of a bank
until 1943 when he entered his pres--»
ent line of work. He is the author of
“Practical Operations and Manage­
ment of a Bank,” as well as a number
of other books and articles on bank "
management and auditing procedures.
His home is in Wilmette, 111.

13


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Federal Reserve Bank of St. Louis

Northw estern Banker, December, 1963

14
and legal matters are developed
9s 5 th A n n ivpolicy
e rsa
each
monthry
by the Farm Business

N ew sletter

EDITORIAL BOARD members o f The Farm Picture recently marked the fifth anni­
versary o f the service. They are, from left, seated: Earl F. Crouse, Harold G. Halcrow,
Norman G. P. Krausz and T. A. Hieronymus. Standing: E. E. Broadbent and Harold
D. Guither.

HE fifth anniversary of The Farm
TPicture,
a monthly newsletter serv­
ing banks, was observed recently.
From a beginning in October, 1958,
with three clients and 1,500 circula­
tion, the Picture now is used by more
U

than 250 banks with more than 90,000
copies circulated each month. The
service is published in three editions:
Feedbelt, Southland and Ranch-Farm.
Timely features about farming and
ranching, price trends, agricultural

M EET M E IN ST. LOUIS

W e have always felt a particular
fondness for the city o f St.
Louis. This warm feeling, we are
sure, has been inspired by all
the songs written with this river
city as background. So, as we
open our newest manufacturing
plant, we just cou ldn ’t resist
using the title o f the catchy little
tune written back in 1904.
Our plant is located in the West
Port Industrial Subdivision at
2331 Schuetz Road. It will begin
operations early in December,
in approxim ately tw enty-five
thousand feet o f fully air-con­
ditioned space, and is equipped
with the best check manufactur­
ing facilities known to us. This
new unit will serve the St. Louis,
Southern Illinois, and Eastern
Missouri areas, relieving our
Kansas City and Chicago plants.
This will enable us to provide
im p r o v e d serv ice to banks

DELUXE
N ORW ALK

CLIFTON

throughout
country.

this

part

of

the

Chase Manhattan Promotions

T h e plant manager, Bill Venard,
a veteran DeLuxer from Kansas
City, and the production super­
intendent, John Bins, from our
St. Paul plant, will be assisted by
a group o f key people recruited
from various other plants. A
number o f enthusiastic St. Louis
area people have been in train­
ing for the past few months and
have quickly learned their spe­
cialized assignments. We are
very much impressed with the
know-how and ability o f this
new group and feel that within a
short time they will match the
efficiency o f our other operating
units.
W e welcome this new plant and
its new people to the DeLuxe
family, and extend an invitation
to all bankers to visit with us
whenever they are in St. Louis.

CHECK
PAOLI

RICHMOND

PRINTERS
CLEVELAND

D ETROIT

INC.
INDIANAPOLIS

CHICAGO KANSAS C IT Y ST. LOUIS ST. PAUL DALLAS CHATSWORTH PORTLAND

N o rthw e ste rn Banker, December, 1963


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

Council’s board of six directors.
Earl Crouse, president and founder*
has devoted more than 25 years to
agricultural newsletter writing. For*
20 years he was associated with Doane
Agricultural Service, Inc., and was
vice president in charge of publica- *
tions and economic research before his
resignation in 1958.
Associated with Mr. Crouse as di­
rectors, contributors and editorial re-*
view board are the following:
Harold C. Halcrow, vice president,
head of the department of agricultural^
economics at the University of Illi­
nois; Norman G. P. Krausz, secretarytreasurer, professor of agricultural
law, University of Illinois and a mem-t
her of the Illinois Bar Association;
Thomas A. Hieronymus, director, pro­
fessor of marketing, University of Illi­
nois and a top authority on marketing-*
soybeans, soybean products and fee^l
grains; Emer E. Broadbent, director,
professor of livestock marketing, U nk
versity of Illinois; Harold D. Guither,
director, and associate professor and
agricultural editor for the University
of Illinois Cooperative Extension Serv­
ice, and Ronald C. Dillingham, whq
joined the Council in 1962.

Stanley J. Lewand and Donald O.
Cameron have been named vice presi­
dents of the Chase
Manhattan Bank,
New York.
Mr. Lewand
a ssig n ed to the»<
d istrict responsi­
ble for the bank’s
b u sin e ss in Illi­
n o i s , Minnesota,-*,
M ontana, North
Dakota, South Da­
kota, and Wiscon­
S. J. L E W A N D
sin. He joined the
bank in 1937, and was promoted to as­
sistant vice president in 1960. At one
time he also traveled Iowa.
Mr. Cameron is in charge of the in­
ternational credit division.

Heads Trust Committee
John L. Gibbons has been elected
chairman of the trust committee and
a member of the board of directors o f '
the Chemical Bank New York TrusJ
Company.
Mr. Gibbons, who has been execm,
tive vice president in charge of Chem­
ical New York’s Metropolitan Division
with 117 offices in the New York area,
becomes the bank’s chief fiduciary of-“'
fleer in his new post. He has had
wide experience in the trust field.

15

*

A

T

>
A

>

K
r

>-

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Federal Reserve Bank of St. Louis

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Dept. B-12Ï

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North western Banker, December, 7963

16

K e y S p ea k ers at T ru st C on ciare

the past two years in determining
SAC’s world-wide manpower require­
ments. The new computer network
will supplement this system and ex­
pand SAC’s data processing capabili­
ties.
*

Promoted in Dallas
Leland S. Dupree, executive vice
president for business development at the Republic National Bank, Dallas,
has been named vice chairman of the*
board. Oran H. Kite, executive vice
president for loans, has been elected *
vice chairman of the executive com­
mittee of the bank.

West Coast Appointment
SPEAKERS at the opening session of the A.B.A.’s 32nd Mid-Continent Trust Conference
included, from left: Gordon A. McLean, secretary, A.B.A. trust division, New York
City; Robert D. Ferguson, president, trust division, and vice president, Pittsburgh Na­
tional Bank, Pittsburgh, Pa.; Frank B. Krause, conference general chairman and vice
president, First National Bank of Minneapolis, and Albert T. Sommers, director of eco­
nomic research, National Industrial Conference Board, New York City.

SAC Adds NCR Unit
The Strategic Air Command an­
nounced in Omaha that it is now com­
pleting the installation of five compu­
ter systems to improve the manage­
ment of personnel, logistical and finan­
cial accounting data among SAC’s four
major headquarters in the United
States. The project is being centrally
programmed and managed by the Di­
rectorate of Comptroller, under Briga-

dier General Edward J. Hopkins.
The new electronic data processing
network will utilize National Cash
Register 315 computer systems.
According to Owen B. Gardner, vice
president of computer sales for NCR,
the SAC order is the largest yet re­
ceived for the company’s 315 computer
series.
SAC Headquarters has been using
two NCR 304 computer systems for

St. Paul

BANKERS

BLANKET BOND
is always

"ONE STEP"
ahead
St. P a u l B ankers B lan ket B ond Form 24 with
Extended Coverages always covers everything in the
standard form. Then it goes one step further—and
beyond—to give you coverages not provided in the
standard form.

h o m e

For m ore Information
call y o u r

: o f f ic e
S e r v in g y o u a ro u n d the w o r ld . . . a ro u n d the d o c k

St. Paul Fire & M arine Insurance Company
St. Paul M ercury Insurance Company
Western Life Insurance Company

Northweste rn Banker, December, 7963


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

Adds Baseball Star
Gene Woodling, former major leagued
baseball star, has joined the public
relations staff of Diebold, Incorpo-v
rated.

Heads Northern Trust
Directors of the Northern Trust
Compay, Chicago, elected Douglas R.*
Fuller president, following a special
meeting of stockholders at which he ^
was elected to the
board.
Mr. Fuller had
been named presi­
dent-designate at
a directors’ meet­
in g O ctober 15<
when Edward By­
ron Smith, t h e H
p r e v io u s p r e s i­
dent, was elected
c h a i r m a n and ,
chief executive of­
ficer, and Solomon B. Smith was elects
ed chairman of the executive commit­
tee.
**
Mr. Fuller began his career with
North American Investment Corp.,
San Francisco, in 1930. After World
War II he joined Northern Trust as
second vice president.
y
He was elected vice president in
1949 and in 1962 was named senior \
vice president with executive respon­
sibility for the banking and bond de­
partments.

Heads Investment Bankers

T
H E ST. PAUL
I NSURANCE COMPANIES
3 8 5 W ashington
St. P aul, M in n .

Richard G. Tyrrell has been namecf
assistant cashier at The Bank of Cali
fornia, San Francisco. He will be at- T
tached to the National Division, Busi­
ness Development Department.

St. Paui Agent today!

4

David J. Harris, partner, Bache &
Company, Chicago, was installed as ^
president of the Investment Bankers
Association at its annual convention
in Hollywood, Fla., December 5. Mr.
Harris replaces Amyas Ames, senior ^
partner of Kidder, Peabody & Com­
pany, New York.

17

problem in Virginia
{to cut float with fast cash letter service)

solution in New York
{through Chase Manhattan)
The banker in Virginia— or any State— who wants to cut float gets far more than
simple mechanical functions from Chase Manhattan. He gets personal attention
focused on his particular problem. Members of our staff regularly make specific
recommendations that save time in both routing and handling procedures. Result:
faster availability of funds. All Chase Manhattan correspondent services give you
the same combination of skill and personal attention . . . down to the last detail.
Wherever you are, whatever your correspondent banking need, call on Chase
Manhattan, New York. Remember—
Most U. S. banks that have named a New York correspondent rely on
the people at Chase Manhattan
William H . Siddons, Jr.,
Vice-President, is always
ready to discuss cash letter
services fo r your bank, too.
Call him at 212-LL 2-5025.

TH E C H A S E M A N H A T T A N B A N K
1 Ch ase Manhattan Plaza, NewYork15, N.Y.

Q

M em ber Federal Deposit Insurance Corporation

Northw estern Banker, December, 1963


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

18

Rinn R e y ion al N A R A C M e e tin y s
1964 schedule for the five
T HE
conventions conducted by NABAC,

The A s s o c ia tio n for Bank Audit,
Control and Operation, has been an­
nounced by NABAC President Julius
E. Burges.
The four spring conventions, region­
al in nature, begin in April and con­
tinue through June. The National
convention is traditionally held in the
fall.
NABAC’s 1964 convention schedule
follows:
Eastern Regional — April 6-8, Nor­
folk, Va., Golden Triangle Hotel.
Northern Regional—April 27-29, To­

ledo, Ohio, Commodore Perry Hotel.
Southern Regional—May 18-20, Den­
ver, Colo., Denver Hilton Hotel.
Western Regional — June 8-10, Spo­
kane, Wash., Davenport Hotel.
National Convention — September
28-30, New York City, Americana Ho­
tel.
The New York City convention will
mark NABAC’s 40th annual National
meeting and is expected to establish
a new attendance record.

Honor Harris Executive
Stanley G. Harris, Jr., vice presi­
dent and director of Harris Trust and

Savings Bank, Chicago, was recently
named a trustee of Presbyterian-S't.
Luke’s Hospital.

LaSalle Promotions
Harry Black, commercial loan offi­
cer in the metropolitan division, ad­
vanced from assistant vice president
to vice president
at LaSalle Na­
tional Bank, Chi­
cago, heading a
list of seven pro-*
motions made re­
cently.
The bank also
announced t h e
fo llo w in g : Ray­
mond E. Nelson
of the regional^
group moved to
assistant vice president; Margery S.
Ogle to director of women’s banking
department, and Charles M. Way to
assistant cashier in the real estatß
department.
Officer appointments in the trust1*
department include: John A. Kapel
from trust officer to assistant vice
president and Paul R. Harkenrider,
from assistant trust officer to trust
officer. Vincent C. Constantino wa*
named assistant trust officer.

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The Central National Life insurance Company of Omaha
Northw este rn Banker, December, 1963


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

J. Dunham Jones of Minneapolis
has been appointed sales manager of
Peco-McClintock Corporation of Hop­
kins, Minn., ft
was a n n ou n ced
by Peter D. Huntf*
president.
Mr. Jones has
b e e n in s a 1e s_
work for 39 years.
He was a sales*"
man and execu­
tive for the O. BY
McClintock Com­
pany, parent or­
J. D. JO N ES
g a n iz a tio n
of ^
Peco-McClintock from 1929 through
1947. For 12 years he was a district
manager for Mosler Safe Company
and he has had sales positions alsoy
with Diebold, Inc.
In his new post, the sales manager
will be in charge of promoting the <
sale of vaults, ventilators, burglar
alarms and other equipment made by*
Peco-McClintock for use by financial
institutions. The firm, now under"1
new management, is the successor of
the O. B. McClintock Company, a
Minneapolis concern that has been <
widely known for the manufacture
of bank clocks.

19

The figure of the Christ Child, symbolized by a young girl, places a gift under the candle-lit Christmas tree.

E veryo n e at
C ontinental B an k
w ishes you a v e ry H appy
H oliday Season
Once again Continental presents “ Traditions of Christmas” . . .
a display of authentic scenes depicting customs of the season
from many lands. On our main banking floor, December 9 through
December 31. Should you be in Chicago during the holidays,
why not spend a few enjoyable minutes here?

CONTINENTAL

ILLINOIS
NATIONAL

BANK

AND TRUST COMPANY OF CHICAGO

M em ber Federal Deposit Insurance Corporation

Northw estern Banker, Decem ber, 1963


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

20

(om m erce^rust (ompany*

KANSAS CITY'S OLDEST AND LARGEST BANK - BUILDERS OF COMMERCE TOWER - MISSOURI'S LARGEST COMMERCIAL OFFICE BUILDING.

10th and Walnut
Northw este rn Banker, December, 1963


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

Kansas City. Mo.

21

(Dbjoa. $amsA. j?. Sa xvfL:
Comptroller of the Currency,
Washington, D. C.
Your recent action in declaring a near-mora­
torium on new national banks and branches in
California should perhaps be applied to many
other areas of the nation. It is true that you made
a similar move earlier this year to slow the wild
expansion of new banking facilities in Florida, and
it is reported that you may be considering similar
action in Texas and the suburbs of New York City.
In the N orthwestern B anker area, which con­
tinues to be a stronghold for independent banking,
your broad approval of new national bank charter
applications has caused many of us to wonder if
your policy has actually increased the quality of
banking services for some communities. Frequent­
ly, new charters are purely an avenue for new in­
vestment groups to exploit what they believe to be
a quick profit opportunity in the banking business.
Checking the background of many of these in­
vestors, we find that a substantial majority of them
haven’t the slightest knowledge of the management
responsibilities required by the profession. In­
stead, the quick profit operators feel that they cau
hire competent management after the charter is
granted.
In many instances, it has been distressing to the
investment groups to subsequently find that quali­
fied management is in short supply, particularly
when salary structures for a new bank are neces­
sarily limited. As a result, the new bank starts
operations with personnel whose banking knowl­
edge is as nearly limited as the investors them­
selves.
This may or may not be the situation in the case
of the Southern Hills National Bank, which was re­
cently chartered and opened in Tulsa, Oklahoma.
At least, similar situations could result due to a
shortage of competent personnel in newly-char­
tered national banks in other areas of the nation.
In the Southern Hills case, the bank opened and
offered to provide free checking services for the life
of charter accounts. The bank found itself unable
to cope with the flood of checks and deposits. A
staff of 300 employees was given the task of bal­
ancing the bank’s books. It was reported that at
one time the bank’s books were nearly $400,000 out
of balance, which was allegedly caused by book­
keeping errors made by incompetent personnel.

You decided it was necessary to close the bank
and appoint William H. Gieenfield, senior vice
president, Republic National Bank, Dallas, as con­
servator. Mr. Greenfield reportedly dismissed more
than 100 employees and one executive, stating that
ultimately the payroll can be reduced to 50. This
cannot be accomplished, however, until some 200,000 to 300,000 checks, reported outstanding, are
cleared.
It is true that a majority of newly-chartered na­
tional banks have highly qualified personnel, and
they are serving a real need in their respective com ­
munities. We agree that charters in this category
have long been overdue.
Now that a new record has been established in
chartering 127 national banks in a period of 10
months in 1963, it would seem that now is the time
to enlarge the scope of the “ near-moratorium” and
place greater emphasis on management ability
throughout the nation. A Southern Hills situa­
tion reflects upon the entire industry.

(D s m

a.

(f a d e

J.

Chairman, ABA Federal Legislative Committee;
President, Oklahoma State Bank, Ada, Oklahoma.
“ Passage of legislation to broaden the lending
and investing powers of Federal savings and loan
associations would mark the beginning of a funda­
mental and inequitable alteration in our financial
structure.”
Testifying before the House Banking and Cur­
rency Committee, you made this observation and
stated that the proposed legislation “ is not requi­
site to the public need nor in the public interest.”
You also called attention to the lack of adequate
regulatory safeguards in the proposals.
The measures under consideration by the com­
mittee would, among other things, extend savings
and loan lending powers to include consumer in­
stallment loans on household goods and furnish­
ings, and on mobile homes, and would permit
them to invest in municipal obligations.
We agree with your contention that savings and
loans are specialized institutions, designed pri­
marily to provide funds for the purchase or con­
struction of homes, and much of their development
has been stimulated and shaped by favorable tax
treatment and the government’s special attitude
toward them.
Northw estern Banker, December, 1963


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

22

O u r Officers, Directors and Staff
extend to You and Yours__
their Sincerest Good Wishes
for a __
Merry Christmas and
Happy New Year
I O W A ’ S

F R I E N D L Y

NATI ONAL
and TRUST
F I F T H and L O C U S T
MEMBER

FEDERAL

Northw estern Banker, December, 1963


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

DEPOSIT

•

DES

BANK

COMPANY

MOINES,

INSURANCE

B A N K

IOWA

CORPORATION

Northw este rn Banker, December, 1963


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

24

Alameda, Calif.

Alamo, Calif.

Albany, Calif.

Alhambra, Calif.

Altadena, Calif.

Alturas, Calif.

Anaheim, Calif.

Anderson, Calif.

Angels Camp, Calif.

Antioch, Calif.

Arbuckle, Calif.

Arcadia, Calif.

Areata, Calif.

Arlington, Calif.

Atwater. Calif.

Auburn, Calif.

Avenal, Calif.

Azusa, Calif.

Banning, Calif.

Barstow, Calif.

Bell, Calif.

Bellflower, Calif.

Arroyo Grande, Calif.

Arvin, Calif.

Atascadero, Calif.

Bakersfield, Calif.

We cover California from A to Y.
Today more than 800 Bank of America branches are
at your service throughout California —on the spot
in over 400 communities, from Alameda to Yuba
City. (We don’t have offices in Zamora, Zayante or
Zenia —but then, neither does any other bank.)
With these statewide facilities, Bank of America is
the ideal single source for correspondent services
in California, from collections to credit information
to direct routing on transit items.

In addition, when your corporate customers decide
to expand in California, we can help you serve them
better. With business leads, plant site information
and other data. And —once they’re established here
—with more than 70 banking services.
For this complete correspondent service, get in
touch with our National Division, 300 Montgomery
Street in San Francisco or 650 South Spring Street
in Los Angeles.

Bank of A merica

NAT IONAL TRUST AND SAVINGS ASSOCIATION • MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northw estern Banker, December, 1963


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

25

M

ORE than 700 bankers attend­
ing the 12th National Agricul­
tural Credit Conference of the
,/LB.A. in Kansas City last month
heard one central theme dominate
¿the m a jo r it y of speeches—bigger
farms, bigger credit requirements,
greater need for banker cooperation,
greater need for correspondent bank
cooperation.
Farming Big Business

T. P. Axton, chairman of the A.B.A.
Ag Committee and president of the
Lafayette Savings
Bank at Lafay­
ette, Ind., set the
tone of the con­
fe r e n c e
wi th
t h e s e remarks,
given h e r e in
summary:
Agri­
culture is a $214
billion industry;
f a r m e r s ’ net
worth is $185 bil­
T . P. A X T O N
lion, an equity
position of 86 per cent; their assets
increased $6.6 billion last year, while
farm debt increased $1.6 billion; they
are using about $28 billion of bor­
row ed funds. This has made it im­
perative that country banks improve
* and expand credit services, and equal­
ly imperative that more of the larger
banking institutions supply neces­
sary hanking services in the economic
area.

Correspondent Bank Help
Needed As Ag Credit Men See

Bigger
“ Correspondent Banking for Farm
Lending” covered this subject ex­
tremely well. Digests of each of these
discussions follow:
Faults and Cures

Mr. Smith: We have some faults we
should be aware of. 1. W e’re tradition
b o u n d — som e
hankers w o n ’ t
make a loan over
six months, some
James M. Kemper, Jr., president of
wo n ’ t
finance
¿the Kansas City Clearing House and
f a r m machinery,
president of Com­
merce Trust Comfor example. 2.
pany emphasized
We're too proud
the same points
to ask for the
in his address of
business. 3. We
welcome: Kansas
are n e g a tiv e ly
City is a great
oriented. Has this
T. R. S M IT H
corresp on d en t
n e g a tiv is m de­
banking
center; stroyed our initiative?
his bank and oth­
I'd like to take the cure in my own
ers in the city shop and you might wish to do the
have been partic- same. 1. Become as knowledgeable as
J. M . K E M P E R , JR.
, .
7
ipatingmag
we can on everything connected with
loans with country banks for years; our industry—use A.B.A., state asso­
the rapid shift has been from smaller ciation banking schools and other
to larger units, and a declining num­ sources. 2. Go to work. Competitors
ber of farm customers.
don't know they're supposed to work
T h r e e presentations underscored from 9 to 3, play golf Thursday after­
these individual points. Thomas R. noon, stay home Saturday—they think
> Smith, president of the First Na­ they have to be out calling on cus­
tion al Bank in Perry, Iowa, gave a tomers, constantly. 3. Offer financial
practical, witty address on how and programming. The modern success­
v why bankers must work harder for ful farmer is a businessman, knows
farm business. Otto Kotouc, Jr., pres­ what he wants, is headed somewhere,
ident of the Home State Bank at is demanding the best service and
H u m b old t, Neb., discussed credit will do business with people of simi­
v needs of farmers, particularly the lar leanings and qualities.
Help him with that important pro­
coming larger needs, and why bank­
ers must service them. A panel on gramming tool, the annual operating

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

• Fit VMS
• I AHM S

• O p portu n ities

statement. Supply forms for project­
ing income and expenses, visit with
him and his wife about his plans for
the future, near and far-term. Make a
commitment to finance his reasonable
needs, short-term and term loans,
tailored to fit his needs. Arrange for
overlines, for mortgage money; offer
full service. We talk about college for
his children, life insurance needs,
estate planning. He wants sound ad­
vice and we aim to give it.
Respond to Change
Mr. Kotouc: We must refuse to ac­
cept a declining position in the econ­
omy of our com^ÊÊÊtÈ^.
munities. Instead,
•
we must respond
Jp
'
\ f u l l y to broad
’ changes now mov­
ing into the ag
credit field, for
this provides the
o n l y sustaining
and p r o fita b le
course of action.
L o o k at this
o . K O T O U C , JR.
projection of U. S.
agriculture by Heady and Tweeton of
Iowa and Oklahoma State Univer­
sities, from the 60’s to the 80’s. Oper­
ating inputs are expected to increase
by 40 per cent—16 per cent increase
in livestock assets; 30 per cent rise
in irrigation, building and other land
improvements; 60-70 per cent increase
in nurchases of fertilizer and lime, or
AG CONFERENCE . . .

(Turn to page 56, please)
Northw estern Banker, December, 1963

26

At U. S. N ational . . .

I «II«? 4 o iii| » n lc i

U

S. NATIONAL BANK OF OMAHA has inaugu­
rated a new service which is designed to make4
* profiitable use of its idle computer time, while
helping to increase business by attracting new banking
customers.
By making its highly advanced data processing equip­
ment available to doctors and small commercial accounts,
the bank is pioneering a new phase in customer services
which may hold the answer to making computer opera-"4
tions more economical to a greater number of financial
institutions.
?I
The new program, which U. S. National calls “Medical
Billing Service,” provides completely automated account­
ing for doctors. The bank also is extending the service
to businesses as a means of attracting new accounts.
Using the Bell Telephone System’s Data-Phone service4
for machine transmission of data by regular telephone
lines, the bank links doctor’s offices in the area directly *
to its computer center.
For a small monthly fee, U. S. National handles virtu­
ally all paperwork and bookkeeping involved in patient
billing. In addition to handling billing and mailing, the
service supplies a daily register of business and a month­
ly accounts receivable list. Doctors and their accountants
also are provided accurate and detailed income tax rec--*
ords.
As a by-product, the bank also provides each doctor^
with a statistical tabulation of all services rendered his
patients during the year, ranging from hospital calls to
physical examinations. This Medical Services Analysis .
Listing is one of the many extra benefits that the bank
is able to provide.
"¥
Since the regular telephone network is used to trans­
mit data to the computer center, the bank can handle ^
accounts anywhere in the country. XJ. S. National’s ulti­
mate goal is 50,000 patient billings a month. “We can
comfortably handle that many and still easily meet our >
normal data processing requirements for the bank itself,”
Morgan Her, U. S. National vice president, says.
*
To facilitate machine automated collection and proc­
essing of data, each doctor’s office is equipped with a '
Data-Phone data set and an IBM 1001 card reader. The
data sets are leased by the doctors from their local Bell
■ D o c t o r ’ s r e c e p t i o n i s t (top) feeds patient billing data on <
punched cards into IBM 1001 reader. Connected Bell System.
Data-Phone data set automatically transmits pulses received
from reader by phone to U. S. National Bank. There (center)
data set receiver feeds information to keypunch machine
which produces duplicate cards. The data set also permits
voice communication. Cards then are processed by GE 225
computer system. Standing behind computer jyrint out unit
(bottom) U. S. National officers, William. Clark, assistant
vice president of data processing, and M. B. Iter, vice
president of data processing, discuss billing data.

Northwestern Banker, December, 1963


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Federal Reserve Bank of St. Louis

27

ini o Klim« Extra liirom r
>

Telephone Company for approximately $7 a month.
These units enable transmission of information on
^punched cards over regular voice-grade telephone lines.
The card readers are provided by the bank as part of the
monthly service fee.
At the bank’s computer center, data set receivers are
activated automatically on an unattended basis, feeding
incoming data from doctors’ offices to a key-punch ma­
ch in e which produces exact card duplication of trans*mitted information. The cards are fed into the bank’s
GE 225 computer system for final processing. Bills then
are prepared and returned to the doctor for mailing or
mailed directly by the bank as preferred.
Nurses or receptionists can be trained to use the trans­
mission equipment within 15 minutes. Training and
continued liaison between the bank and customer per­
s o n n e l are conducted by an employee of the computer
^ center.
When a doctor subscribes to MBS, he is supplied iden­
tity cards for each patient. These contain the following
information:
1. Doctor code number.
2. Patient code number, with additional data identify­
ing family members.
3. Patient’s name.
4. Space to record charges for the doctor’s conven^
ience.
In addition, a file of cards is supplied containing com­
plete information on medical services rendered by the
doctor.
To add a new patient, the assistant calls the bank on
the data set’s voice facilities. She transmits a special card
and keys in the charge of the service rendered. Then,
she verbally gives the patient’s name and address. The
bank prepares a permanent card for the patient and mails
it to the doctor.
Briefly, here is how the service works:
At her convenience each day, the nurse or assistant
dials the computer center. Upon receiving an audio
* signal, she first inserts the patient’s identity card into
u. the reader. When this is transmitted, she inserts the
appropriate service card for the treatment given; e.g.,
physical examination. Using the keys on the reader she
then registers the charge (or payment).
y
At the bank, this information is duplicated automat­
ically on punched cards. U. S. National has four data
* set receivers and connecting keypunch machines to env able continuous data collection from doctors. Cards then
are processed by the computer and bills prepared. These
are mailed directly to patients. There is no identification
of the bank on patient statements.
y
With the bill, the patient is sent a punched card in a
return envelope which he is requested to submit with
payment. The patient can send his payment to a special

post office box maintained by the bank, or directly to the
doctor’s office. If sent to the box, the bank credits pay­
ment to the doctor’s account. If the doctor is paid di­
rectly, the assistant notifies the bank by transmitting the
payment card returned by the patient.
MBS provides four basic documents:
1. Patient Statement, sent daily or monthly as re­
quested by the doctor.
2. Medical Service Daily Listing, a complete record
of all transactions, supplied daily.
4. Aged Accounts Receivable Statement, showing ac­
counts at 30, 60 and 90-day periods, plus current
balance on each, supplied monthly.
4. Medical Services Analysis Listing, a summary of
specific services rendered and related charges.
This also is supplied on a monthly basis, but can
be furnished more frequently if requested.
In addition to physicians, U. S. National also is serv­
ing a prescription druggist under the system. The bank
also is planning to expand the service to include other
professionals and businesses.
“Additional services are what count in the banking
field today,” Mr. Her asserts, “and through this highly
efficient administrative service, we expect to increase
substantially the number of our banking customers.—
End.

ONE OF FOUR basic documents received by the doctor under
this system is the patient statement shown here. Others are a
medical services analysis listing which is a summary of services
rendered and related charges; an aged accounts receivable state­
ment, showing accounts at 30-, 60- and 90-day periods, plus cash
balance; and a medical services daily listing, a complete record
of all transactions, supplied daily.
Northw estern Banker, December, 1963


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Federal Reserve Bank of St. Louis

28

W HEN
Mill/

W HAT . ..
to
HE buyer of municipal bonds for
trust accounts has one distinct
advantage over the commercialbank buyer. He can stay away from
high markets and wait until yields are
more attractive before committing
funds to municipal bonds.
The commercial-bank buyer, on the
other hand, unfortunately finds him­
self with money available when yields
are low. Also, because of loan de­
mand, he generally is faced with a
lack of money when yields are high.
To a large extent, commercial-bank
buying determines the level of the mu­
nicipal market. When banks buy in
volume, yields decline. When banks
are out of the market, yields increase.
This has been true—without exception
—in each bond cycle during the years
since World War II.

T

Advantage to Individuals

Purchase patterns of individual in­
vestors (who are not sensitive to the
forces affecting banks) have been di­
rectly opposite to those of the banks.
Moreover, since liquidity is largely
a function of acquisition price, the in­
individual investor probably did bet­
ter in this respect than most commer­
cial banks.
The conclusion then is: Approach
municipal timing in much the same
m a n n er as common-stock tim ing.
When banks are big buyers, and
prices are high, maintain liquid re­
serves for purchases under more fa­
vorable market conditions.
This is not to suggest the building
of enormous backlogs, or a policy of
guessing the market. It is merely a
matter of shifting emphasis from pur­
chasing on a modest basis in strong
markets to a more aggressive basis in
weak markets. Two of the best indi­
cators to use for this purpose are loan
Northw estern Banker, December, 1963


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Federal Reserve Bank of St. Louis

H u y in

demand and the level of free reserves
in the banking system.
Technical Conditions

It is also important to keep abreast
of technical conditions in the munici­
pal market. The Blue List volume
gives a rough approximation of inven­
tory in the hands of dealers, and the
30-day v is ib le su p p ly shows the
amount of new issues the market must
absorb over that period. These fig­
ures are readily available. When they
are compared with historical data,
they can be valuable in evaluating the
pressure on the market.
Municipal buyers should be aware
of the behavior of yield spreads over
a bond cycle. Yield spreads between
high and lower quality bonds should
be an important consideration in the
formulation of buying policy. During
strong bond markets, the yield spread
narrows between high and lower qual­
ity and between general obligations
and revenue bonds. This is perfectly
logical because yield buyers will down­
grade to maintain a given yield level.
Conversely, in a weak bond market,
these spreads widen because the pro­
jected yield levels can be maintained
with high quality. Therefore, lower
quality issues are disregarded to a
good extent and become more attrac­
tive from a yield point of view.
The careful buyer will adjust his
policy to work with — rather than
against—these forces. If it is neces­
sary to buy in a strong market, the
Excerpted from
an address by

R E E S E D . JO N E S
Vice President
Studley, Shupert & C o I n c .
Philadelphia, Pennsylvania

Ji

relative advantage lies with double,
and triple “A ” general obligations. In
a weak market, on the other hand, thé
advantage rests with single or double
“A ” revenue bonds or with single “A ’”
general obligations.
Important Disparities

There are also important disparities
between the primary and secondarj*
market over the life of a bond-cycle.
During a strong market, the secondary4
market is attractive compared with
primary issues. The reverse would b
true during a weak bond market.
In a rising or strong market, the
dealers tend to bid for new issues ir
anticipation of tomorrow’s prices. This
is especially true if Blue List volunn
and/or visible supply is low. As bid
ding becomes more aggressive in the
primary market, the secondary market
tends to lag and thus becomes more
attractive. This same lag persists on
a downturn in prices so that—in this
case — the secondary issues become
less attractive compared with primary
issues.
Although it is of little importance to
trust investors, the relationship of dis­
count bonds to par and premium '
bonds is worth mentioning in passing.
During the high-price phase of a bond-'*
cycle, discount bonds are least attrac-^
tive and more vulnerable to price de­
cline than other bonds. Conversely,
during a period of low bond prices,
discount bonds are most attractive ■
and have the greatest potential for
price appreciation.
To summarize, the timing of pur- A
chases, we can say that during periods
of high bond prices, the emphasis
should be on high-quality general ob
ligations, secondary issues and par or ~
premium bonds. Then, during pe­
riods of low bond prices, the emphasis

29
hould be on lower quality, revenue
onds, primary issues and—if feasible
-discount issues.
What to Select

v Now that we have covered the more
.,eneral factors, let us proceed to the
.Specifics of selecting individual issues.
First, and most important, is the
latter of quality. If a trust depart­
ment has no municipal specialist—or
it it lacks access to specialized and obj active sources of information — the
t est alternative is to rely on ratings
y Moody’s and Standard & Poor’s. A
i easonable policy for trust depart­
ments is to confine purchases to issues
rated at least single “ A” by both serv­
ices.
Rating services come in for much
Criticism from both issuing bodies and
. nderwriters. Yet there are few cases
j;n which assigned ratings are unrealis­
tic. And, while the services are not
the fountainhead of all knowledge,
[heir record for detecting deteriorat­
ing situations is considerably better
’ than the record of the market place.
'*

Get Two or Three Dealers

In the absence of a specialist in the
rust department, it would be well for
„he investment officer to establish
nlose relationships with two or three
* eliable and important municipal dealms. These will provide sources of in­
formation on specific issues, on the
tate of the market, and on the state
of certain accounts still in syndicate
. . and you will enjoy at least a good
Chance for participation in attractive
issues as they come along.
I would earnestly recommend against
^ihe use of only one source. This gen­
e-rally is somewhat less satisfactory
than the use of two or three sources,
as there is no audit. Moreover, a cap* live account rarely receives the dili'ence which is afforded in competitive
..'tuations.
- If municipal volume is substantial
enough to justify the expense, the cost
6i subscribing to several periodicals
:s worth considering. For example,
*■Moody’s and Standard & Poor’s have
.weekly publications on the bond mar­
ket. The Bond Buyer is a daily news- viper. Admittedly, though, The Bond
Buyer is somewhat more detailed than
;s necessary for the purposes of a
mall trust department. One of the
1 best sources of complete information
on specific issues is the Dun & Brad! treet service on municipal credits.
* Of course, such subscriptions may
not be required, because—as you un­
doubtedly have found—most dealers
ire quite cooperative in providing nec* essary data.
O nly One Procedure

There is only one justifiable proce
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Federal Reserve Bank of St. Louis

For 100 th Anniversary

'VI T r ip T hrtnujh ih r Ita it h “ Itim ir
l l r r i s n l . I*

i h r is i tuas

C H I L D R E N ' S game, “A Trip
A
Through the Bank,” is being
given away by the First National
Bank of Omaha.
“As a part of our bank’s 100th an­
niversary celebration, we are offering
a game free to all children in the Oma­
ha area," said John F. Davis, president
of the First National. ’’While they’re
enjoying the game, they will be learn­
ing about the many types of service
offered by a bank,” he said.
“A consumer survey conducted by
our advertising and public relations
agency, Bozell & Jacobs, Inc., showed
that most of the public had little
knowledge of the variety of services
offered by a bank. Therefore, we gave
the agency the assignment of finding
ways to stimulate interest in this sub­
ject, and the development of the game
is one of the results,” Mr. Davis re­
ported. Bozell & Jacobs originated
and copyrighted the game and plans
to market it to banks in other parts
of the nation.
The game, designed for children 12
and under, can be played by two to
four persons. Players compete to get
from start to finish on the game’s
board by moving forward the number
of spaces indicated by a spinner and
following directions on the squares
where they land.

ON THE COVER
John F. Davis, president of The
First National Bank of Omaha, was
photographed as he taught two young­
sters at Children’s Memorial Hospital
how to play the new Bank Game. The
First National has given many of the
games to hospitals, children’s centers
and similar institutions.
A player may move ahead of others
by stopping where the message is
“Need fast service — Go to bank by
mail,” or he may be slowed up by
landing on a square that reads: “ Late
dure in purchasing municipal bonds:
Make a thorough check of each bond
that is a candidate for acquisition.

Then, remember this:
Despite the fact that yon use rat­
ings, there is a considerable variance
within quality ratings. The trick is to

find bonds that are better than the
average rating, but priced in line with
the assigned rating.
Moreover, it is equally important
not to buy a bond that falls at the

iti ft

auto payment—Skip one turn.” The
game similarly mentions savings ac­
counts, trust department, Christmas
Club, personalized checks, night de­
pository, U. S. Savings Bonds, bank
draft, travelers checks, personal loan
and home improvement loan services
of the bank.
Anyone who comes into the First
National Bank can get a copy of the
game. The offer was introduced to
the public with a double-truck, fourcolor advertisement in the Omaha
World-Herald December 3.
On the same day, a three-week
schedule of about 200 announcements
concerning the offer began on Oma­
ha’s three television stations.

“We believe this game will bring
many new faces inside the bank and
that most of those who come to pick
up the game will be adults,” said John
Lauritzen, senior vice president of the
bank. “We also believe that in most
homes that have our bank game, moth­
er or father will play the game at
least once with their children. The
game will be retained in many homes
for years, and it will create very per­
sonal involvement of impressionable
children and their parents with the
First National Bank,” he declared.—
End.

lower end of a rating category scale
and that is priced along with bonds
in the middle or top of the scale.
In buying municipals, it is a good
policy to rely basically upon factual,
statistical data, and to be as free from
prejudice as possible.

Disfavor based on factual informa­
tion properly interpreted is perfectly
acceptable. But beware of blind preju­
dice based on something other than
fact. It can be unprofitable.—End.
Northw estern Banker, December, 1963

;o

THE FIRST of six panels in the mural covering a 9- by 30-foot
section of a wall in the Genoa National Bank is shown at left
above. Chief Petalesharo, famed leader o f the Pawnees in their
final days in northeast Nebraska, is pictured in front of earth

huts. Photo at right shows part of the collection of Indian
artifacts collected by Allen B. Atkins, vice president of the
bank. This part o f the collection is on display in a special
glass case.

Near Final Camp Site

H a n k V isito rs View I m i ion t Hit o r e
NE of the finest displays of In­
dian life and culture is to be
found in the Genoa National
Bank at Genoa, Neb. Pictured on one
wall of this small country bank (de­
posits $2.8 million, pop. 1,200), is a
mural nine feet high by 30 feet long
depicting highlights of the Pawnee
Nation. In addition, a display of In­
dian articles, principally arrowheads
and spearheads, is featured in a spe­
cial glass case in the bank.
The mural was painted at the re­
quest of E. L. Burke, Jr., president of
the Genoa National, by Bill Hammon,
well-known artist. The mural was
painted from an actual photograph
taken of the Pawnee Village near Ge­
noa about 1870. It shows Petalesharo,
famed Chief of the Pawnees, with men
and women of his tribe. Painted in
color, the mural continues to attract
attention from regular customers of
the bank accustomed to seeing it, and
of course immediately is the center of
attention for new visitors.

quite sure that we had the answer. I
think you will agree that the artist,
Bill Hammon, did an outstanding job
for us.”
The man responsible for the unique
collection of Indian articles is Allen
B. Atkins, vice president of the bank.
In a relatively short space of time he
has built a collection that would take
many people a lifetime to accumulate.
Here is his story on this collection:
“ I was chairman of our centennial
here in 1957 and we could not induce
anyone to bring in the artifacts they
had for display, so I decided to start
looking for them myself. On August
8, 1957, I had 12 arrowheads which
took about six weeks to find. It be­
came so fascinating that a took it up
as a hobby and today I have 8,000 to
10,000 pieces, consisting of arrow­
heads, knives, scrapers, tomahawks,
war clubs, mallets, grinding stones,
spades, pipes, pottery, bone tools and
beads.

Found Old Photo

“ I have a ceremonial spade (shown
in accompanying photo) made from
red flint that is supposed to be next to
the largest in the world as it is 22
inches long and four and one-half
inches wide. I think the most fasci­
nating pieces I have in my collection

O

Mr. Burke says of the mural, “ My
wife and I had considered a mural for
the bank for a good many years but
could not decide on the theme. When
we discovered Mrs. Greek’s photo­
graph of the Pawnee village we were
Northweste rn Banker, December, 1963


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Federal Reserve Bank of St. Louis

Ancient Pieces

are the four blacled knives. I have
about 50 of them and they had a va-*
riety of uses for the Indians as they
have a spiral point on each end.
*
“This was the last home of the
Pawnee Indian Nation in Nebraska.
“All of these pieces have been found
within a radius of 16 miles from here,
and were found on top of the ground.
It has taken all of my spare time the
past seven years searching the fields*
and camp sites. A fair estimate would
be about eight hours a week for seven^
months out of each year.
Popular Display

“The mural was put in the bank in
1960 and since that time we have
shown the mural and artifacts collec­
tion to schools, Scouts, community”
clubs, church groups, historical socie­
ties, banquets, etc. The bank guest
book contains a name from almost .
every state in the union, with a total
of 1,040 names, plus more than 1,000school children who have visited the
bank in the last three years. It has Y
became a very popular showplace for
people here to bring their guests.”
The bank distributes to all interested visitors a small folder showing
the first of the six panels, depicting«
Chief Petalesharo in front of his earth
lodge. The folder gives a detailed de- *
scription of the mural and the life of
the Pawnee Indians it depicts. The
Pawnees resided in the Genoa area 4
from 1859 to 1876, when they were
moved to the reservation in Oklahoma.
— End.

31

FPRA Keynoter Says:
►

P u b ! i f Ratal ions 3 fa n 31 a si A id
H ank to “ L ire it s

W

HEN the 48th annual conven­
tion of the Financial Public
R e l a t i o n s Association was
concluded in Los Angeles late in the
evening of Thursday, November 14,
.more than 800 registrants were glad to
head for home so they could return to
r a normal work day! At this hard-work­
ing convention they had business ses­
sions from 9:00 a.m. to 5:00 p.m. or la­
ter for four straight days (except for a
half-day Wednesday), and had conven­
t i o n functions four of the five nights.
This schedule verified the keynote
v speaker’s statement that “great de­
mands” are being made of each person
Today.
Veteran banker members of FPRA
took the fast pace in their stride for
they have been accustomed to looking
forward to this meeting each year as
v-a “working convention.” First-timers
found the pace a bit bewildering, but
-»■*nonetheless rewarding.

B y B EN H A L L E R , JR .
Editor

New officers and directors were
elected the final morning and installed
at the annual banquet that evening.
They appear in the pictures accom­
panying this report.
School of Semantics

The program started each morning
at 9:00 a.m. with a one-hour long
School of Practical Semantics, con­
ducted by William V. Haney, Ph.D.,
associate professor, School of Busi­
ness, Northwestern University at
Evanston, 111. This session played to
a full house each time in the Biltmore
Hotel’s spacious ballroom.
The traditional FPRA “Departmentals” were held the first three days,
covering Commercial Development,
Communications, Installment Credit,

Savings and Mortgages, Staff Rela­
tions and Trust Development. Three
speakers addressed each departmental
on each day, so that a total of nine
speakers appeared at each of the six
departmental series.
In addition, 20 clinics were held
throughout three of the four days.
At each of these, there were usually
a chairman and co-chairman, whose
duties were only to stimulate and
guide floor discussion, not to give pre­
pared speeches from the platform.
Another tradition with FPRA con­
ventions, these clinics frequently ran
beyond the allotted time into the meal
hours.
The central theme of all departmentals and clinics was to get new
business into the bank or improve
present services.
General business sessions were held
only on the first and fourth mornings.
At the first general session, retiring
FPRA President Ernest G. Gearhart,
Jr., vice president of the First Na­
tional Bank of Miami, Fla., delivered
his report titled, “A Baker’s Dozen.”
Dwelling on the well-known theme of
the extra measure of service, as de­
noted by the title of his talk, Mr.
Gearhart called on banks across the
nation to go the extra mile in giving
service and in meeting new require­
ments for customers.
Keynote Address

» NATIONAL OFFICERS, elected at the 48th annual convention o f the Financial Public
Relations Association, are, from le ft: President, Harold W. Lewis, vice president, First
¿National Bank, Chicago; First Vice President, Charles H. Hoeflich, president, Union
National Bank & Trust Co., Souderton, Pa.; Second Vice President, Frank R. Swan,
> executive vice president, City National Bank & Trust Co., Oklahoma City; Third Vice
President, R. Kirby Whyte, vice president, The Indiana National Bank, Indianapolis,
and Treasurer, John W. Heddens, second vice president, Continental Illinois National
Bank & Trust Co., Chicago.


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Federal Reserve Bank of St. Louis

The keynote address of the conven­
tion was then given by Lewis A. Lapham, chairman of the executive com­
mittee of Bankers Trust Company,
New York. “ My own experience,” he
related, “has taught me that public
relations philosophy, inspiration and
action must flow from the top. . . .
And to go to the heart of the matter
FPRA . . .

(Turn to page 40, please)
N orthw estern Banker, December, 1963

32

Ex

ecuti

v

c

s

t H it on B .
B a tc h eld er
President
United States Check Hook Company
Omaha , Nebraska

INCE 1959, when he purchased
and assumed active management
of United States Check Book
Company of Omaha, Clifton B. Batchelder has led this prominent midwestern bank supply firm with the same
outstanding abilities that have char­
acterized his successful careers in busi­
ness and in military service.
Upon taking over ownership of Pet­
erson Lithograph & Printing Company
and its subsidiary, the United States
Check Book Company, Mr. Batchelder
did extensive research of the compa­
ny’s markets and its abilities to prop­
erly service those markets. He im­
plemented the company’s existing
services with an extensive program
for full printing facilities to the bank­
ing industry in connection with the
M1CR program then getting under­
way.
Working closely with the company’s
-experienced sales force. Mr. Batchelder took every opportunity to travel
with his sales executives and repre­
sentatives in order to learn first-hand
requirements from banker customers.
His wide acquaintanceship among up­
per midwest bankers in the ensuing
years attests to the success of this
phase of the U. S. Check Book Com­
pany’s growth pattern.
Within two years, he announced a
major shift in the company’s physical
plant from the old, multi-story build­
ing it had occupied for many years to
a newer, two-level brick and concrete
structure that offered practically every
advantage such a printing firm needs
for efficient production. This meant
moving from a vertical printing opera­
tion, involving costly and time-consuinig moves of printing forms up and

S

Northw estern Banker, Decem ber, 1963


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Federal Reserve Bank of St. Louis

down old elevators and through crowd­
ed corridors, to a completely horizon­
tal operation with all printing, receiv­
ing, storage and shipping facilities on
one floor. The complete production
line in the new plant now is a contin­
uous flow from the time an order is
received until it is loaded at the ship­
ping dock, whether it is a small, onepackage order being delivered by car
locally, or whether it is a semi-trailer
or railroad car being loaded at private,
covered docks. Administrative and
sales offices occupy the upper floor.
Clifton Batchelder. the man who car­
ried through this reorganization pro­
gram, is a man used to getting things
done. Besides putting U. S. Check
Book Company in modern quarters, he
saw his program give the firm a 25 per
cent increase in production capacity
with basically the same equipment
and personnel, followed by a steady
rise in sales.
His leadership in this and previous
assignments was developed from a
background of education and disci­
pline. Born in Bradford, Vt., in 1909,
Clifton Batchelder at t e nd ed public
schools there until entering Norwich
University at Northfield, Vt. He was
graduated from this institution in 1932
with a Bachelor of Science degree and
a commission as a second lieutenant
in the Cavalry, Norwich University be­
ing known as “the Military College of
New England.”
Until the start of World War II, he
was employed at Tennessee Military
Institute, Sweetwater, Tenn., as Pro­
fessor of Military Science and Tactics,
assistant commandant, as well as in­
structor in certain academic subjects.
He reported to active duty March 4,

1941, with the Second Armored (HelK
on Wheels) Division, then commanded
by General George Patton. He served
with this division through to the end
of the war, during which time he ad­
vanced to the rank of Lt. Colonel a^
commander of a tank battalion. Dur­
ing this extended period of overseas,*
duty he participated in the invasion
of North Africa, and subsequently saw
action in Tunisia, Sicily, Normandy,
the advance across Europe which
started with the St. Lo breakthrough,
and ended up on the Elbe River,
Magdeburg, Germany. Mr. Batcheldew
adds a little ruefully now that “this
advance was slightly delayed by the~
Battle of the Bulge.”
During these hard-fought campaign?*
on the twTo continents he was awarded
the D.S.O. (British), the Silver Star
with three Oak Leaf Clusters, a Bronzy
Star and the Purple Heart.
In the heart of the Siegfried Line.«
about 10 miles from Aachen, Germany,
Mr. Batchelder met the woman whd
was later to become his wife. She
was Anne Stuart of Lake Forest, 111., M
who was the driver of a Red Cross,.
Clubmobile truck. Two weeks after
V-E Day they were married in Bad- >
nauheim, Germany.
The Batchelders now have four chip
dren: Edward 17; Anne, 14; Mary, 12,
and Lucia, 8. The family resides on a
62 acre farm near Omaha and Mr.4
Batchelder operates this as a spare­
time project.
After leaving the service, Clifton
Batchelder, known to his associated
and friends as “Batch,” went to work
EXECUTIVES . . .

(Turn to page 48, please)

33

»«TO» t

bourke
Dkisiw J

. 1st of Chicago Speakers Predict

S tv m lu tln s im ,ss to r 'U 4
dustry will have a slightly better year
over ’63 sales of 805 million pairs. Du­
Pont’s new “corform” synthetic threat­
ens serious conpetition to leather tan­
ning in d u s try as replacement for
leather in shoes. Utilities, airlines,
railroads and motor freight should
have another good year in ’64. Peak
oil company earnings will be steady to
slightly down. Construction will have
another banner year. Aerospace in­
dustry will show another 5 per cent
gain; electrical firms will be up SIV2
billion over 1963 $15 billion sales; ap­
pliances will be up another 5 per cent
in sales in first half of ’64.
Charles F. Newhall, vice president
of Division F serving banks and bank­
ers, predicted improved earnings for
banks in 1964, but not without great
attention being given to many factors.
Rising population and incomes mean
a greater use of bank services. Larger
corporations are no longer dependent
on banks for so much credit and com­
pete with banks as lenders for munici­
pal bonds. Demand deposits will only
hold steady and more reliance will
have to be placed on time and savings
deposits for lendable funds. Many
banks are upgrading service fees and
other charges, and doing as much as
Loan Divisions Outlook
possible to install automation to re­
The vice presidents in charge of the
11 lending divisions gave brief sum­ duce overhead.
19(»4 Outlook
maries of the businesses served by
The
three
speakers on the business
their divisions and forecasts for 1964.
~ A brief digest of their comments outlook predicted continued and grad­
ual upward trends in business, agri­
shows the following:
Cattle and hog receipts and prices culture and interest rates. Martin
should be about the same as late 1963. Gainsbrugh, vice president and chief
Business in department stores, apparel economist of the National Industrial
and textiles will be up slightly. An­ C o n fe r e n ce Board, sees a capital
other seven million car year is ahead s p e n d in g rise by corporations; in­
creased consumer spending; increased
a in ’64. Steel production will remain at
a high level. Installment sales finance government spending at all levels, and
firms will have another good year. A a reduction in unemployment only if
moderately better year is ahead for we get a tax cut permitting job ex­
canners and food stores. The shoe in­ pansion. Raymond Doll, vice presi­

E N E R A L business conditions
throughout the United States in
^ 1864 should be as good as 1963,
with prospects that the economy will
experience a moderate upswing in at
least the first six months. If the pro­
p o s e d tax cut before Congress becomes
a reality, a further upward trend
should result. This is the consensus
of speakers who addressed the 17th
Annual Conference of Bank Corre­
spondents held early this month by
The First National Bank of Chicago.
> More than 1,100 bankers and 900
wives attended the conference. The
men were treated to two exceptionally
fine addresses by Gaylord A. Freeman,
Jr., vice chairman, and Herbert V.
v. Prochnow, president of The First Na­
tional. Mr. Freeman gave penetrating
rr observations from his recent trip
around the world. Mr. Prochnow disr cussed “Responsibilities of Free Men,”
stating that this nation is at the cross­
roads today where it must choose to
go ahead to greatness or settle for
mediocrity, with the result hinging
on the ability of the nation and its
people to achieve self-discipline in cont duct of affairs at all levels.

HAASt

Siimio»*

dent and senior economist of the Kan­
sas City Federal Reserve Bank, sees
higher gross income for agriculture
with a lower net, resulting from sta­
ble prices and increasing costs. Wil­
liam Korsvik, vice president of The
First National, reported the balance of
payments problem may be solved sat­
isfactorily in the near future, with
domestic problems then influencing
Fed decisions.
Investment Outlook

The three-man investment panel
was fairly well agreed that stability is
the key word here. P. Alden Bergquist and Le Roy Winterhalter, both
vice presidents of The First National,
foresee orderly markets in municipals
and government bonds respectively.
Mr. Bergquist said commercial banks
have about $2.5 billion of maturing
municipals that will undoubtedly go
back into municipals during the year
and this is enough to absorb 25 per
cent of all new municipal issues. Mr.
Winterhalter said a boom, tax cut or
other development could push inter­
mediate and long-term rates higher.
Sidney Homer, partner in Salomon
Brothers and Hutzler, believes Fed
and Treasury policies will hold inter­
est rates steady to slightly higher in
the months ahead, with the course
uncertain. Tilford Gaines, vice presi­
dent of The First National, said con­
ditions probably will be stable, but if
his fear of a boom materializes with
ensuing inflation, there will be severe
pressure on credit and capital markets
with much higher interest rates.
Management Panel

On the management panel, Robert
Wilmouth, vice president of the host
bank, reviewed The First National’s
thorough automation program. Doug­
las Hayes, professor of finance in the
Graduate School at The University of
Michigan, thinks the increase in the
risk position of banks is a good sign
of supporting economic growth. His
detailed remarks on asset management
were well received.
Northw estern Banker, December, J963


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

34

T exa s H ea n ty W in s Vante s t

J

EAN DOGGETT, a teller at the event was attended by over 1,500 busi­
First National Bank, Weatherford, ness leaders and members of congress.
Tex., has be£n chosen Miss Drive-In
Teller for 1964 by a national vote of
New Executive Assignment
b a n k e rs in the
Catherine B. Cleary, well-known in
sixth annual con­ the banking world and a past presi­
test sponsored by dent of the National Association of
The Mosler Safe
Bank Women (1952-53), was elected
Company.
executive vice president of the First
Grand prize in
Wisconsin Trust Company in Milwau­
the contest is a kee, last month.
vacation for two
Miss Cleary has been with the trust
at the M on tego
company since 1947 except for one
Beach Hotel, Mon­
year spent in Washington as Assistant
tego Bay, Jamai­
Treasurer of the United States and
ca, B.W.I., with
J. D O G G E T T
Assistant Secretary of the Treasury in
transportation by
1953-54. She was named a director of
British Overseas Airways Corp. 707
the trust company in June of this
jet.
year.
In addition, Mrs. Doggett, who is
the wife of Jimmy Elroy Doggett, will
reign for a year as Miss Drive-In Tell­ Harris Ups Capital;
er and will appear at various banking Announces Promotions
functions throughout the year.
A vice president and eight new offi­
Mrs. Doggett and the two other cers were appointed by the board of
finalists in the contest — Bette Jean directors of Harris Trust and Savings
Sinram of the First National Bank of Bank, Chicago. The promotions rep­
Pompano Beach, Fla., and Mary Lou resented advancements for personnel
in five major de­
Hill of the Fountain City Bank, Foun­
partments.
tain City, Tenn.—were guests of The
William S. Gray
Mosler Safe Company recently at the
was nam ed vice
American Bankers Association Con­
president in the
vention in Washington, D. C., where
H a rris financial
they were presented to bankers at­
and economic re­
tending the convention. Following the
sea rch d ep a rt­
convention, the winner was selected
m e n t. He had
by ballots which were distributed to
b e e n a ssista n t
every bank in the country.
vice president.
John W. Bopp,
Joins ABA Staff
M ary O lson and
Edward B. Roberts, a veteran writer Forbes M. Taylor were promoted to
and executive in the TV and radio assistant cashiers in the banking de­
fields, has joined the American Bank­ partment.
ers Association. He will specialize in
Elizabeth A. Strong became assist­
maintaining w o r k in g relationships ant secretary in the Harris trust de­
with TV and radio and in improved partment, and Philip T. Smith, Jr.,
coverage for banking in their pro­ was named sales manager in the in­
grams.
vestment department’s New York of­
fice.
Honor St. Louis Banker
Herbert E. Neil, Jr., was promoted
Kenton R. Cravens, chairman of the to official rank as associate economist.
board of Mercantile Trust Company, James V. Smith was appointed assist­
St. L o u i s , r e ­ ant cashier in financial and economic
c e iv e d the 1963 research and Thomas E. Parfitt, assist­
“ Free Enterprise ant comptroller in the comptoller’s de­
A w a rd ,” present­ partment.
The bank’s board has recommended
ed by the Insura n c e Federation a stock dividend of about 17.2 per cent
of New York. The on the bank’s capital of $27,300,000. It
organization p r e ­ will have a par value of $4,700,000,
sents the award comprising 235,000 shares of $20 par
to an individual capital stock and would be paid by
who has made a transfer from undivided profits.
substantial contriAfter payment of the stock dividend,
b u tio n t o t h e
capital will be $32 million, comprising
cause of private enterprise. Last year, 1,600,000 shares of $20 par value. Fur­
the recipient was Henry Ford II. The ther transfers, as proposed, would inN o rth w e ste rn Banker, D ecem ber, 1963


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

crease the bank’s surplus to $43 mil­
lion.

Mercantile Ups Dividend
Directors of Mercantile Trust Com-r
pany, St. Louis, have voted to increase
the dividend rate on the bank’s stock <
from $1.80 per share to $2.40. The
new quarterly dividend rate of 60
cents per share will be paid January
2, 1964, to stockholders of record on
December 10, 1963.
The bank elected J. A. Baer II, pres­
ident and general manager of Stix,
Baer & Fuller, to the board of direc­
tors. Mr. Baer is executive vice presi-*
dent of the well-known retail store.

New Cleveland President
W. Rex Davis, 54-year-old director
and executive vice president of Hunt­
ington National Bank of Columbus,
Ohio, was elected president and a di-^
rector of Central National Bank, in
Cleveland, effective, Dec. 1.
James J. Nance, formerly chairman. t
president and chief executive officer of
Central National, will continue as
chairman and chief executive officer.

Acquire Japan Branches
Continental Illinois National Bank
and Trust Company announced in Chi­
cago that it plans to acquire branches *
in Tokyo and Osaka, Japan, of the
Nationale Handelsbank N.V., Amster­
dam.
Approval for the establishment of
the branches has been requested from
the Japanese Ministry of Finance and
from the U. S. banking authorities. It
is anticipated that formal approval
will be granted in the near future.
David M. Kennedy, Continental’s H
board chairman, who has been negoti­
ating for the acquisition since earlier *
this year, noted that the international
trade, direct investment, and other in­
ternational business of Continental’s
domestic customers have greatly in- ^
creased during the postwar period.

New St. Louis Cashier

Louis A. Ruebling, assistant cashier, 1
has been elected cashier of the First
National Bank in
St. Louis. He as­
sum ed his new
duties last month,
succeeding Harry
J. Michaely who
re tir e d after 52
y e a r s ’ s e rv ice
4
with the bank.
Mr. R u eb lin g
joined the bank
in 1924. He was
L . A . R U E B L IN G
K
made manager of
the bank’s transit department in 1949, 4
and was named assistant cashier in
1957.

35

improved—su bst antially

IMPROVED MACHINE
Almost 80% of the moving parts
of a regular tape machine
have been eliminated. Result
— mechanical failure reduced
drastically.

IMPROVED RECORDING
TECHNIQUES
Frankly, we were tempted to
shout about the dramatically im­
proved Mastertapes Background
Music Service from the rooftops. Failing that, at
least bellow the good news as hard as we could
from the printed page.
“ But no,” said the President.
“ Be calm. After all, the good people really don’t
want to know about all the research, all the
fancy expensive new recording equipment, all the
service problems eliminated from the machinery.
All they are interested in is fine background
music, with no attendent mechanical problems
at a modest monthly subscription. Just quietly
explain the service they’ll receive is superior to
any other they have heard of in the past—
including our own.
“ Then, in keeping with the
service, quietly, unobtrusively with just the cor­
rect amount of subtle emphasis, encourage the
reader to learn all the facts by mailing the
coupon in to us. They will then receive an
actual demonstration and learn the happy details
in their own office.”
Well, that’s what happened.
We promise to try to keep our excitement in
check when we visit with you about the “ im­
proved— substantially” Mastertapes Background
Music Service. But it won’t be easy.

The finest master recording equip­
ment available anywhere with
specially trained technicians
operating it. Result— specially
selected music that sooths
but never irritates.

IMPROVED HANDLING
Streamlined tape cartridge hand­
ling methods assure a con­
stant supply of fresh music
delivered where you want it,
when you want it. Result—
employees and visitors never
become tired of the program­
ming and the music continues
to do its quiet, effective job.

THE MASTERTAPES
CARTRIDGE
Just slip the entire cartridge into
the machine, flip a switch,
and you have music. So easy
a five year old child can
operate it with only a few
moments instruction. For a
new program, remove the old
cartridge and slip a new one
in its place. Result — new
music can be used whenever
you please with no time lost
by you or your employees.

V resent SUBSCRIBERS...

p l eas e

Just ask our service representative about the new
Mastertapes player the next time he drops by. He’ll
show you the greatly increased capabilities of the
unit and explain our special exchange program for
present subscribers. Thanks.

Serving Iowa, Nebraska, Kansas, Missouri & Illinois Banks

MAIL COUPON FOR COMPLETE INFORMATION
MASTERTAPES MUSIC, INC.
709 Railroad Avenue
West Des Moines, Iowa
Please see that I receive full information about the MASTERTAPES
Background Music Service. I understand that I am under no
obligation to subscribe.
NAME....................................................................................................................
CO. NAME.............................................................................................................

709 Railroad Ave.
•
West Des Moines, Iowa
Telephone 274-1588


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

ADDRESS...................................................................................
CITY............................................................................... STATE

Northw estern Banker, December, 1963

36

PRINCIPAL SPEAKER. L. H. Simerl (le ft ), ag economist, University of Illinois, Urbana, visits with David H. Reimers (center), pres., Live Stock Natl., and Robert E.
Hamilton, asst, to the pres.

S ees B e tte r Farm

N

• Is direct mail a good way to advertise
banking in this area?
• How can a banker be sure that the
material he sends will be read—

For just $25— you can get the
answ ers— d irect from 2 5 leading
farm ers that you know .
For just $25— you do not have
to depend on the exp erien ce of
other bankers.
For just $25 — you ge t a turn key
program and no obligations.
An

introductory letter explains the
Each panelist is asked
to contact you personally.
Samples and complete information
about other introductory plans are avail­
able. Preference Ratings help evaluate
your present service. Trade Area Surveys
help you develop a mailing list.
T ria l Period plan.

EARLY oOO bankers, livestock
men and their wives attended
the Annual Live Stock Show
Party sponsored early this month dur­
ing the International Livestock Show
in Chicago by the Live Stock National
Bank of Chicago.
At an afternoon business session, a
panel of speakers from the yards gave
an effective presentation on the pres­
ent solid position of the Chicago yards
as one of the top livestock centers in
the nation and its claim as the price
setting market for the country.
Robert E. Hamilton, assistant to the
president of Live Stock National, pre­
sided at this business meeting. Harold
P. Johnston, executive vice president
of the host bank, reviewed the U. S.
Treasury markets and said it would
seem advisable to follow a cautious

in 'ti /
investment policy. He gave several
examples to show what can be accom­
plished through the sale and purchase
of certain issues of Treasury Bonds in
achieving improved profits.
David H. Reimers, president of Live
Stock National, presided at the dinner
meeting in the Stock Yards Inn. The
dinner speaker was L. H. Simerl, agri­
cultural economist at the University
of Illinois, whose topic was: “What’s
in Store for ’64?” He expects lamb
producers to have another fairly good
year, while producers of stocker and
feeder cattle and calves probably will
not do so well as in 1963. Hog pro­
ducers, he stated, will make more
profit. Cattle feeders will show fewer
losses and more and larger profits. He
cited increased domestic production
as the principal reason for the decline
in prices of fed cattle this year.—End.

T H E F ARM PICTURE®
K h hh h h h m h m n
Attach coupon to your bank’s letterhead
Q

Here is our list of 25 farmers.
□ Our $25 check is enclosed
□ Send bill to the bank

We would like to have more informa­
tion and samples of the forms used for
□ Th e T P 25 m ailings
□ Th e Trade Area Surveys
□ T h e Preference Ratings
I j A sk your representative to call

Signed_______ ___________________
Title__ __ _______________________
Bank Name_______________
Address__________________________
Northw estern Banker, December, 1963


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

L eft to right— Howard Beermann, a.v.p., Live Stock Natl., Chicago; Ernie Hayes, pres,
o f Hillsboro Sav., Hillsboro, Iow a; Roland Hellwig, exec. v.p. o f Keystone Sav., K ey­
stone, Iowa, and Joseph E. Lisek, v.p., Live Stock Natl.

37

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W IT H

R E C O R D A K M IC R O F IL M IN G

F O R D O U B L E V A L U E R E C E IV E D
...all you need are extraR e c o r d a k film units!
N ow two or more departments can
take turns using the same microfilmer
and still end up with their records on
separate rolls of film.
How? It’s easy when you have a
R ecord a k R elia n t 5 0 0 M icro film e r and
accessory film units. Just slide out one
film unit. Slide in the other and you’ re
ready to microfilm !
Just look at the advantages. W ith
accessory film units one microfilmer
might do the jo b of two . . . or three
. . . or even more ! Each department
shares the fastest, most versatile micro­
filmer ever made.

In one hour up to 30,000 items can
be fed into the microfilmer . . . photo­
graphed . . . visually coded by the
K o d a m a tic In d ex er . . . and endorsed or
cancelled when an accessory R ecord ak
E n d orser is used. And it’s all done au to­
m a tica lly !

Twin rolls of microfilm can be ex­
posed simultaneously to give you an
extra roll for off-premises security
storage.
If you are now using two or more
older microfilmers, it makes sense to
get a new R ecord a k R elia n t 5 0 0 . If you
now have a R ecord a k R e lia n t 5 0 0 } ac­

cessory film units can make it even
more valuable. Your R ecord a k S ystem s
representative will gladly help you
evaluate the advantages . . and the
economies for your bank. No obliga­
tion of course. Write R ecord a k Cor­
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A-4, New York 3, N. Y.

( S u b s id ia r y o f E astm an K o d a k C o m p a n y )

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in m icro film ing since 1928
IN C A N A D A

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Northw estern Banker, December, 7963


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

R eo rg a n ize A a tion a l tH eision

T

HE Security First National Bank, who will have the principal adminis­
Los Angeles, has announced the trative responsibility for the division.
reorganization of the national division Paul W. Waterman, Jr., vice presi­
of the bank’s national and metropoli­ dent, has been named assistant to the
tan banking department.
division administrator to handle cer­
The division is responsible for cus­ tain important relationships and spe­
tomer and correspondent banking re­ cial assignments.
lationships throughout the U n ited
A. Randall Thomas, Jr., vice presi­
States.
dent, is coordinator of credits and
The division has been divided into loans.
five major geographical regions, and
John S. Sakellaris, vice president, is
w ill be headed by Robert J. Sevitz,
coordinator of operations with corre­
vice president, who is retiring in July,
spondent banks.
and Arnold B. Peek, vice president,
The line officers heading the five

geographical regions are:
W estern — Jack F. Holland, vice
president. This territory includes Cal­
ifornia, Arizona, Nevada, Utah, Colo­
rado, Oregon, W a sh in g ton , Idaho,
Alaska, and Hawaii.
Northeast—James M. Rudolph, vice
president. This territory includes Wis­
consin, Illinois, Indiana, Ohio, Penn­
sylvania, New York, Vermont, New
H am psh ire, Maine, Massachusetts,
Connecticut, and Rhode Island.
South Central —Duane J. Pittsford,
vice president. This territory includes
New Mexico, Oklahoma, Texas, Mis­
souri, Arkansas, Louisiana, and the
western portions of Kentucky and
Tennessee.

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HOME OFFICE — DES MOINES 7, IOWA

N o rthw e ste rn Banker, December, 1963


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

Southeast —J.

Arthur Myers, assist­
ant vice president. This territory in­
cludes New Jersey, Delaware, Mary­
land, West Virginia, Virginia, North
Carolina, South Carolina, Georgia, Ala­
bama, Florida, Mississippi, and the
eastern portions of Kentucky and Ten­
nessee.
North Central — James S. Barrett,
assistant vice president. This terri­
tory includes M ontana, Wyoming,
North Dakota, South Dakota, Nebras­
ka, Kansas, Minnesota, and Iowa.
These men have a total of 225 years
of experience with Security First Na­
tional Bank.

39

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Chicago 90, Illinois
F E D E R A L D EPO SI

5U RANCE COR

Northw estern Banker, December, 1963


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

P u b lic H clutions— PI* IS. I
(Continued from page 31)
at once, management cannot be con­ to think about the job at hand and
tent only to describe its reputation; it abstractedly about the long-range ob­
must, in fact, live its reputation.”
jectives of his function. And he must
Mr. Lapham said management ex­ thoroughly learn management’s ob­
pects the public relations officer to jectives.
have the qualities of a manager;
Over and above these, the public
equipped to define problems, spot op­ relations man must know more about
portunities, set goals, plan ahead, the world and world opinion than
measure results, control costs and those about him, and must be fully
manage people. He must have knowl­ briefed as possible on the political,
edge of the free enterprise system and economic and social forces which im­
enthusiasm for it. He must know his pinge on his employer’s business. He
bank and banking. He must be able must have an analytical mind, be cre­
ative, be able to express himself
orally and in writing. He must be
A m e r i c a ’s L a rg e s t
U n d e rw ri te rs o f
able to counsel on policy. You must
I n st it u tio n a l Lo an s
become the company expert on many
of the academic subjects that relate to
human understanding.

CHURCH,
SCHOOL,

Great Demands Today
“ If you feel the demands which
management is making on you are
excessive,” he stated, “you should

know, and I’m sure you do, that the
demands our society is making on
management have never been greater
and we are living in one of the most
revolutionary societies that ever ex­
isted.
“ In your work with senior man­
agement, you can rightfully expect
management to provide a climate in
which you can work effectively, and
you should expect, I think, to report
directly to the executive group and
in the main to be consulted before
policy decisions are made. It would
be helpful if management would rec­
ognize that you are the public’s advo­
cate and that you will have occasion
to disagree or express contrary views.
— End.

Milwaukee Promotion
John H. Hendee, Jr., was elected a
vice president of the First Wisconsin
National Bank in M ilw au k ee last
month. He is an officer in the corpo­
rate accounts division, joining the
bank in 1949.

H O SP IT A L
and
F. H . A . In su re d

BONDS
HELP M A I N T A I N
BANK EARNINGS
Current yields range from
4 to 5V2 % . . . offering
banks attractive income,
ready marketability, and
serial

maturities to fit

NEW DIRECTORS of the F.P.R.A., named at the annual meeting, are, from left:
Thomas W. Sefton, president, San Diego Trust & Savings Bank, Calif.; Edwin W. Goat,
vice president, Bowery Savings Bank, New Y ork; Thomas G. Brown, Jr., vice president,
State Street Bank & Trust Co., Boston; Kermit Hansen, vice president, The United
States National Bank, Omaha; Frank M. Pitt, president, The First State Bank of Union,
N. J.; Charles S. Signor, vice president, Lubbock National Bank, Texas; A. S. Lucas,
Jr., vice president, Birmingham Trust National Bank, Birmingham, Ala., and Monroe
A. Stenerson, cashier, Richfield Bank & Trust Co., Richfield, Minn

specific portfolio needs.

B. C. ZIEGLER
AND

COMPANY

West Bend, W isconsin
Branch O ffices:
MILWAUKEE— 735 North Water Street
CHICAGO— 135 S. La Salle Street, Suite 2048
ST. LOUIS— 411 N. 7th Street
TOLEDO— 6620 Lincoln Pkwy.
NEW YORK— Chrysler Building, Suite 609
MINNEAPOLIS— 607 Marquette Avenue
MEMPHIS— 420 Dermon Bldg.
DUBUQUE— 1003 American Trust Bldg.

The facilities provided by Studley, Shupert Trust Investment
Council Membership can help equip your bank to render a trust
service that is second to none! Write for details.

STUDLEY, SHUPERT TRUST INVESTMENT COUNCIL
1617

No rthw estern Banker, December, 1963


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

PENNSYLVANIA

BOULEVARD

PHILADELPHIA

3,

PA.

41

Noone has all the answers
Manufacturers Hanover is one of the larger banks in the nation . . . with a staff numbered
in the thousands . . . offices throughout New York City . . . and banking offices and
representatives throughout the world. I And yet not a day passes that we do not find
ourselves faced with a problem or need for which we must seek answers from sources
with closer access to facts. And, of course, this type of experience works in reverse. I One
of our correspondents in Iowa, for example, may communicate with us about a knotty
business problem in New York . . . or London. Because we are on location in both areas,
we are in a position to get essential facts promptly on which
our correspondent can exercise its own good judgment. I At
Manufacturers Hanover we seek to make available to our cor­
respondents the full facilities of our organization whether it be
in the field of lending, investment or operations. Our lines of
communication with correspondents are kept constant through
the officers of our National Division, all of whom work with
correspondents on a geographical basis. I The underlying

M ID-W ESTERN
DIVISION
V ic e P r e s id e n ts
GEORGE H. H A S L A M
J O H N J. E V A N S

A s s is t a n t V ic e P r e s id e n ts
C A R L G. C A R L S O N
J O S E P H SNY D ER

A s s is t a n t S e c r e t a rie s
G EORGE R. B E N NE T T
JOHN

F. KING

philosophy of our correspondent activity is quickly told—

M ANUFACTURERS HANOVER
w orks with its correspondents

M e m b e r F eder al 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

Northw estern Banker, December, 1963


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

42

M^aMonte H on ors E m p lo yees

tribution, the initial supply of the
new notes is being distributed through
normal commercial banking channels;
none of the first 50 million notes will
be available to the public at any of the<
Federal Reserve Banks or branches.
The new $1 Federal Reserve notes
closely resemble the present $1 silver
certificates, which ultimately they will
replace completely.

Reporting Procedure Booklet

LONG-TIME EMPLOYEES of George LaMonte & Son, check manufacturers, were hon­
ored recently. A t left George V. LaMonte, Jr., president, and Robert P. O’Connor, sales
representative, are shown after receiving watches and diamond-studded pins to com­
memorate 25 years o f service. At right, John S. Porterfield (righ t), midwestern sales
representative, receives a silver tray from Mr. LaMonte in recognition of 22 years of
service.

5 0 M illion N ew

*

Continental Illinois National Bank
and Trust Company, Chicago, is dis­
tributing to all national banks and<
national bank examiners copies of a
booklet explaining new proxy solici­
tation and reporting rules issued this k
year by the Comptroller of the Cur­
rency.

F ed N o tes

HE board of governors of the Fed­ Reserve Banks and their 24 branches
eral Reserve System and the Treas­ to commercial banks in every part of
ury Department announced last monththe country. This will make more sil­
that more than 50 million new $1 Fed­ ver available for coinage purposes and
eral Reserve notes are going into help to meet the increased demand for
circulation. Issuance of the new $1 currency in connection with prenotes, authorized by Congress last Christmas business.
To facilitate the widest possible disJune, began recently at all 12 Federal

T

Do your ( t y c w

fo

have questions about

TAXATION....
CANADA?
“ Your Guide To Business in Canada,” published
by Canada’s First Bank, includes a survey in
laymen’s language of the major Canadian taxes
affecting your clients’ business or personal in­
terests in Canada. These include Federal and
Provincial taxes, and special subsidiaries, invest­
ment companies and oil, natural gas and minerals.
Your Canadian-minded clients will find it “must”
reading.
To obtain your copy, write on your letterhead to
our nearest U. S. office, or to the Business Devel­
opment Division, Head Office.

B

a n k

o f

(panada 'a

M

o n t r e a l
(?oa d t-to- (?o cu t

BRANCHES IN ALL TEN PROVINCES
District He adq uar ters:
H a lif a x , T o ro n to , W in n ip e g , C a lg a r y , V a n c o u v e r

NEW YORK: Two W all St.
C H IC A G O : Board of Trade Bldg. • HOUSTON: Suite 716, 1021 Main St.
SAN FRANCISCO : 333 California St. • LOS A NGELES: 508 S. Spring St.

'ityead O ^ tce: ‘T ftrmfaeal
I BRANCHES IN CANADA, UNITED STATES, GREAT BRITAIN, EUROPE AND JAPAN • RESOURCES $4,000,000,000

Northw este rn Banker, December, 1963


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

NEW BOOKLET, explaining new report­
ing requirements for shareholder disclos­
ure, is examined by Donald M. Graham
(le ft ), vice chairman, Continental Illinois
National Bank & Trust Co., Chicago, and **
Philip H. Cordes, vice president. The
booklet was published by the bank and ^
prepared under Mr. Cordes’ direction.

The rules, covering all national
banks with total deposits of $25 mil­
lion or more, were promulgated by
the comptroller, James J. Saxon, t o H
provide uniform financial reporting
procedures. Continental’s booklet is
an elaboration on these rules, includ-^
ing examples of appropriate proxy
solicitation forms, balance sheets,
earnings statements, and other docu­
ments.
<

Chicago Banker Moves
Vincent C. Yager has joined the <
Madison Bank and Trust Company,
Chicago, as an assistant vice president
in the bank’s commercial loan depart­
ment.
1
Mr. Yager has been a commercial
loan officer at the Harris Trust and
Savings Bank, coming from the Chi- +
cago National Bank in the merger of
the two banks in 1960. He is a gradu­
ate of Grinnell College. He began his
banking career in 1954.

43

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eye-catching displays; news mats
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to make the contest work for you
in your locality.
Now’s the time to find out more!
Just drop us a n ote. Y ou r local
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FoundedbyHerbertFkowli

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. a Corporation


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

Northwestern Banker, December, 1963

On the Cover

Christinas in N atim i 's H anks
HE nation’s banks, from the small­ chorus of the Harris Trust and Sav­
est to the largest, have become ings Bank of Chicago singing tradi­
noted for their leadership in bringingtional carols and hymns beneath the
the Christmas spirit to their commu­ 35-foot Christmas tree in the bank
nities. Reminders of the Holiday Sea­ lobby. This scene, photographed last
son cover both the religious and fes­ year, wTill be reproduced at Harris
tive aspects of this annual observance Bank and with similar choruses in
of the birth of Christ. Two popular many other banks this Holiday Sea­
themes are pictured on our front son.
The other Christmas picture on the
cover.
One shows the 80-voice Christmas front cover shows the old-fashioned

T

H a w is A ills Coin
NATIONWIDE shortage of small in hopes of receiving small change
coins has been felt for some time from the piggy banks, fruit jars, and
in the marts of finance and commerce,old socks of Chicagoans.
In an attempt to spread the request
and may become critical during the
holiday season. One Chicago bank is
trying to do something about it.
Harris Trust and Savi ngs Bank
started running a six-column by 15inch advertisement in all four Chi­
cago metropolitan newspapers recent­
ly. The advertisement headline says,
“attention all piggy bankers,” and
body copy goes on to point out the
small coin shortage, the inability of
the United States mints to make any
more than they are now producing on
full 24-hour shifts, and asks the pub­
lic to “round up the small coins of the
realm around your house and use it
now for groceries. Or swap it for This is an urgent call to put all your pennies and nickels back into circulation
some folding money at the Harris
to help relieve a critical national shortage
Bank, unless you can get to another
bank faster. We won’t mind—just this
once.”
Harris has reprints of the ad in use
as counter cards in its lobbies, and has
BANK NAME HERE
set up a special coin-counting window

A

ATTENTIONALL
PIGGY BANKERS!

ARE

YO U

P L A N N IN G

FOR

family kitchen scene which is being
displayed in the Bank of the South­
west at Houston, Tex., for the eighth
consecutive year. This tableau fea­
tures employees dressed in authentic
costumes and playing the part of a
family typical of the early 1900’s bus­
ily preparing for Christmas. Since
this display was first seen at Christ­
mastime in 1956, more than 500,000 vis­
itors have viewed it, drinking hun­
dreds of gallons of wassail and eating
thousands of gingerbread men. These
refreshments are served to all visitors
during bank hours from December 9
through Christmas Eve, December 24.
for the return of small coins to circu­
lation, Harris Bank is offering free a
smaller version of its Piggy Bankers
advertisement to its correspondent
banks around the country in mat form
with no mention of the Harris.

Bank of Montreal Assets
Pass $4.25 Billion
Total assets of more than $4.25 bil­
lion and new records in loans, deposits
and net profits are reported in the
Bank of Montreal’s 446th annual state­
ment for the year ended October 31,
issued recently.
The bank’s assets rose by more than
$260 million to $4,275 million during
the year, while loans in all categories
totaled $2,419 million, an increase of
almost $151 million from 1962. Net
earnings of $16,747,028 after provision
of $18,204,530 for taxes were up 4.5 per
cent from a year ago.
Total deposits at $3,961 million show
an increase of $249 million, or 6.71 per
cent, more than the 1962 figure. Per­
sonal savings amounted to $1,937 mil­
lion, an increase of $103 million in the
year.

A U T O M A T I O N ?

We have a new concept of the type of check to be given to those accounts who
refuse to purchase fully personalized checks.
LET US EXPLAIN O U R PLAN TO YO U

1201

S O U T H S I X T E E N T H STREET

O M A H A 8 , NEBRASKA

Northw estern Banker, December, 7963


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

Jean R ob ert , Vice Pre sident, International B anking D ep ar t m e n t

(P ho t o by In g e M o ra t h j M a g n u m )

What else did Jean Robert bring back from Germany?
He brought back this handsome Bavarian
stein. But more important, Mr. Robert came
back with the latest economic and financial
information on West Germany and other
continental countries—valuable informa­
tion for you and your customers with busi­
ness interests in Europe.
Through Mr. Robert, and our other men

B A N

^ B ankers T rust Com pany


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

K E R S

1963

T R U S T

travelling abroad, Bankers Trust can help
your customers expedite their overseas
business. In addition, we provide the nec­
essary letters of introduction, credit infor­
mation and other vital services. Suddenly
your bank has a fully staffed, experienced
International Banking Department—when
you use ours.

C O M P A N Y

NEW

M o m h o r F p H p ra I D p n n c it

YORK

iPiebold E xp a n d s M a in 1*1a at

P

LANS for 30,000 square feet of ad­ expanding relations in the European
ditional mechanized file manufac­ area.
turing facilities were announced by This office is under the direction of
Diebold, Incorporated, Canton, Ohio. Henri W. Emmet, who has been ap­
Added to the present 52,000 square- pointed resident representative for
foot building at Europe, and Elward M. Bresett, Jr.,
deputy representative. The new office
1510 F o u r t h
Street, S.E., just is located at 9 Rue Tronchet in Paris.
east of Diebold’s
main plant on Offers Correspondent Booklet
M u l b e r r y Road,
Service “beyond the call of duty” is
the c o m b i n e d
the theme of First National Bank in
structure will pro­ St. Louis’ latest edition of Sincerely
vide complete pro- Yours, a booklet describing the bank’s
du c ti o n facilities correspondent services.
for Diebold’s ex­
C h ar a c t e r i z i n g the bank’s corre­
t e n s i v e lines of spondent services as “personalized,”
R. C. K O O N T Z
mechanized files,
the booklet goes on to detail the prin­
“ Contracts have been signed be- cipal functions First National per­
tween Diebold and private investors, forms for correspondents.
who will acquire land, build and rent
There are sections on agricultural
to the company, said Raymond Koontz, management and credit, advertising
president. Some $350,000 will be spent and public relations, international
for machinery, equipment and rear­ banking facilities, bank drafts, com­
rangement of the existing building mercial loan facilities and consumer
into an integrated manufacturing fa­ credit. Other sections include expla­
cility.”
nations of the bank’s recently installed
The new structure is Diebold’s sec­ G.E.-210 equipment and assistance in
ond major expansion within the past personnel practices and in operating
year. The company completed a 50,- methods.
000 square foot addition to its Mul­
Copies of Sincerely Yours can be
berry Road plant for the realignment obtained by writing to the Public Re­
of drive-up window production to keep lations Department, First National
pace with bank customer orders.
Bank in St. Louis, 510 Locust Street,
Nine months’ earnings for the com­ St. Louis, Mo. 63166.
pany were up 17 per cent over a year
ago.

American National Promotions

Opens Paris Office
Irving Trust Company, New York,
has opened a resident representative
office in Paris to serve the company’s

Three officers have been promoted
by the American National Bank and
Trust Company, Chicago.
Stefan S. Ande r so n, commercial

GET NEW CHECKING ACCOUNTS

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HALLMARK PROMOTION

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Yours for the asking— a complete packaged
promotion that gives prospective customers
new reasons for opening an account at your
bank. It projects a Security Image to present
customers at the same time— one that auto­
matically repeats itself every time a cus­
tomer receives his cancelled checks.
The Cummins Security Hallmark promo­
tion includes a handsome plaque to display
in your lobby that explains your use of per­
forated cancellations for depositor protec­
tion; a variety of advertising mats for use in
local papers that tell these new reasons for
banking with you; radio and television com­
mercials; publicity releases; envelope stuffers and other useful material. It’s all yours
for the asking. Just check the box and
return this ad to:

CUMMINS-CHICAOO CORPORATION
474 0 N R A V E N S W O O D A V E
• C H I C A G O 40. IL L
S A L E S A N D S E R V IC E IN A LL p r i n c i p a l c i t i e s

Northweste rn Banker, December, 1963


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

loans, Division C; James R. Sincox,
Division S, and Howard I. Wittenberg,
Probate Division, Trust Department,
were all advanced to assistant vice
presidents.
Mr. Anderson is a graduate of Har­
vard; Mr. Wittenberg holds a degree
from the University of Wisconsin
law school, and Mr. Sincox is a gradu­
ate of the University of Illinois, and

ANDERSON

SIN C O X

W ITTEN B ER G

currently assigned to the new data
processing division.

First of Chicago Raises
Capital and Surplus
The directors of The First National
Bank of Chicago declared a 16% per
cent stock dividend to be accomplished
by a charge to undivided profits and
to be payable to shareholders of record
on December 31, 1963, all subject to
approval by the shareholders of the
bank and to the issuance of a Certifi­
cate of Approval by the Comptroller
of the Currency.
This matter will be submitted to
the shareholders at the annual meet­
ing on January 14, 1964, and if duly
a p p r o v e d the stock dividend of
$25,000,000 will be distributed to the
shareholders on the date the Comp­
troller of the Currency approves the
increase in the bank’s capital stock
from $150,000,000 to $175,000,000.
The directors also authorized the
transfer of $5,000,000 from undivided
profits to surplus, thus increasing
the bank’s surplus to $175,000,000.
After giving effect to the proposed
stock dividend, the bank will have
a combined capital and surplus of
$350,000,000. Assuming no substantial
adverse change in business conditions,
it is the present intention of the di­
rectors to continue to pay dividends
at the annual rate of $1.60 per share
on the increased stock.

$5 Million Loan Limit
The board of directors of the First
National Bank in St. Louis approved
the transfer of $5 million from undi­
vided profits to surplus, increasing the
total surplus to $33,060,000 and bring­
ing the combined total of capital and
surplus to $50 million.
This transfer of funds under the
ruling of the comptroller of currency
increases First National’s legal loan
limit from $4,500,000 to $5,000,000.

an

V:

j|| i

m

M a c h i n e s n e e d h e lp , to o .
Can your automation program stand a boost? Let the knowledge and
experience of our E P O C H * specialists work for you. This is one way we
help our correspondents. W e ’d like to help y o u !
* Electronic Posting Operations for Correspondents of Harris*

HARRIS “

BANK

Organized as N W. Harris & Co. 1882— Incorporated 1907— Member Federal Reserve System...Federal Deposit Insurance Corporation

111 WEST


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

MONROE STREET—CHICAGO

60690

Northw este rn Banker, December, 1963

48

7 th F ed X u m es N ew IH r e e l ors

K

ENNETH V. Zwiener, chairman
Gerald F. Langenohl, treasurer and
of the board of the Harris Trust assistant secretary, Allis-Chalmers
and Savings Bank, Chicago, has been
elected a Class A Director of the Fed­
eral Reserve Bank of Chicago. He suc­
ceeds David M. Kennedy, chairman of
the board of the Continental-Illinois
National Bank and Trust Company,
Chicago.
Edward Byron Smith, chairman of
the board of Northern Trust Company,
Chicago, will replace Mr. Zwiener as
a member of the Federal Advisory
Council of the Fed.
K. V. Z W I E N E R
E. B. S M IT H

Manufacturing Company, Milwaukee,
was re-elected a Class B Director.
John H. French, president, City Na­
tional Bank of Detroit, succeeds Wil- <
liam A. Mayberry, chairman of the
board, Manufacturers National Bank,
Detroit, as a director of the Fed’s De­
troit branch. Franklin H. Moore, pres-*
ident of the Commercial and Savings
Bank of St. Clair, Mich., was reap­
pointed for a three-year term.
.,

Phoenix Bank Ups Capital
A 10 per cent stock dividend calling
for the distribution to shareholders of
249,502 shares of stock has been pro­
posed by the directors of the Valley
National Bank, Phoenix. In addition,
the directors approved the regular
fourth-quarter 25 cent cash dividend.
The Valley Bank’s common capital
will be strengthened by an additional
$1,247,510 if the stock dividend is ap­
proved by stockholders January 21
and by the Comptroller of the Cur­
rency. Directors also voted to trans­
fer $3,752,490 from undivided profits
to surplus, increasing the latter to
$36,277,355. Combined capital and sur­
plus will be $50,000,000.

EXECUTIVES YOU KNOW . . .
(Continued from page 32)

FIRST NATIONAL BAN K

Over Three Quarters of a Century of Banking Service
M EM BER OF FEOER AE DEPO SIT IN S U R A N C E CORPORATION

Northw estern Banker, December, 1963


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

for Poole Bros., Inc., a large printing
concern in Chicago. In 1950 he be­
came a vice president, and the follow­
ing year was transferred to San Fran­
cisco to become president and general
manager of Hancock Bros., Inc., ticket
printers, a wholly-owned subsidiary of
Poole Bros.
He moved to Omaha in 1954 to be­
come president and general manager
of Epsen Lithographing Company,
which Poole Bros, purchased at that
time from the Epsen family. Five
years later he resigned from this or­
ganization in 1959 to buy and operate
the Peterson Lithographing and U. S.
Check Book firms. As noted earlier,
the two companies now operate under
the U. S. Check Book name and sell
bank supplies and commercial print­
ing over a 10-state area.
Mr. Batchelder’s administrative abil­
ities have been put to use by several
other business firms and civic organi­
zations. He has served as a director
and member of the executive commit­
tee of the Omaha Chamber of Com­
merce. He is now on the board of
Goodwill Industries, is vice president
of the Midwest Employers’ Council,
has been a director of The Omaha Na­
tional Bank since January, 1962, is a
director of Epsen Lithographing, a di­
rector of Paramount Paper Products,
and is a Councillor of the Knights
of Ak-Sar-Ben.— End.

49

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Federal Reserve Bank of St. Louis

Northw estern Banker, December, 1963

50

S t. L ou is H ank E n terta in s

ATTENDING- the 1 irst National Bank in St. Louis’ 171li annual Conference o f Bank
Correspondents were: Harold R. Fischer (le ft), president, First Granite City National
Bank, Granite City, 111., and president of the Illinois Bankers Association, and Robert
J. Sterling (righ t), president, Bankers Trust Company, Des Moines, who were greeted
by Leonard J. Schrewe, vice president o f the St. L ou is‘bank.

ORMER Vice President Richard
F
Nixon proved almost twice as pop­
ular as New York Governor Nelson
Rockefeller when 600 of 878 bankers
from 15 states attending the 17th An­
nual Conference of Correspondents
sponsored by the First National Bank
in St. Louis, were polled last month
on who is the most likely to become

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the Republican candidate for Presi­
dent.
First choice of the bankers was Ari­
zona Senator Barry Goldwater, who
received 47 per cent of the bankers’
votes. Mr. Nixon followed with 28 per
cent, and Mr. Rockefeller received 15
per cent. Michigan Governor George
Romney gathered 6 per cent of the
votes and 4 per cent voted for others.
Almost three-quarters—74 per cent

_____ Zone

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Northw estern Banker, December, 1963


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Federal Reserve Bank of St. Louis

—of the bankers agreed that Senator
Goldwater could make substantial
vote-getting inroads in southern states.
Twenty-six per cent felt he could not.
Following their pattern of last year,
the bankers continued to be split
down the middle concerning the need
for a tax cut and its necessity to spur
the national economy. Fifty-one per
cent felt a tax cut in ’64 is not neces­
sary to spur the national economy,
while 49 per cent felt such a cut is
necessary.
Asked specifically “do you think
there will be a tax cut effective Janu­
ary, ’64, 56 per cent of the bankers
answered yes, while 44 per cent re­
plied no.
On the question of the over-all trend
of our economy, 72 per cent predicted
“a plateau of little change,” while 26
per cent predicted “a period of strong
growth,” and 2 per cent saw “a sharp
drop ahead.”
James P. Hickok, chairman of the
board of First National, introduced the
keynote speaker at the noon luncheon.
He was Dr. Paul W. McCracken, pro­
fessor of business conditions, School
of Business Administration, Univer­
sity of Michigan, who discussed “The
Economic Outook.” The one-day event
also featured a number of panel dis­
cussions on topics of investment port­
f o l i o management, agriculture and
farm credit, bank operations and serv­
ices, and commercial, real estate and
installment loans.

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“Banking—A Career for Today and
Tomorrow,” a new booklet on career
opportunities in banking for college
graduates, has just been published by
the P e r s o n n e l Administration and
Management Development Committee
of The American Bankers Association
and is available for distribution.
The booklet is designed to serve as
a supplement for materials used in the
various recruiting activities of banks,
as additional information for the col­
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in career counseling, informally done
by various college professors in bank­
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the booklet in their recruiting activi­
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Additional copies of the booklet may
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Prices range from 55 cents each on
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51

*

He wears out 4 pairs of shoes a year solving financial problems on the spot
By not being afraid to get mud on his
feet—he’s helped correspondent banks
and their customers beyond measure.
He surprises some. Apparently they
expect the traveling representative of
a 5-billion-dollar bank to be less pains­
taking. But that wasn’t how he earned
the title “ the New York banker with the
hometown touch.”

With an intimate knowledge of busi­
ness and industry, and with the aid of
correspondent banks everywhere, your
man at Chemical New York can often
supplement your own staff in accom­
modating customers.
He offers you the services of a large
corps of specialists, with headquarters
in the financial capital. That’s a lot of

service. A lot of shoe leather. It saves
steps for you. Chemical Bank New York
Trust Company, New York 10015.

C h e m ic a l
N ew Y o rk
Northweste rn Banker, December, 1963


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

I®

Irchitect's drawing of
!n Ann ‘ U in F.xpress / ’m, c/;

irchitcct: Kelly and Gruzen.
¡ enera I Contra ctor:
icorge A . Fuller, Co.
P 1 9G 1, 1 9 6 2 , 1963 I


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

Going to the World’s Fair?

The American Express Pavilion
offers a unique service to bankers and their
customers at the World's Fair
A fu ll-serv ice office and private lounge f o r y o u — right at the main entrance!

Your fair headquarters. You can t miss the
American Express Pavilion. It's just inside
the main entrance on Gotham Plaza! And it
offers you just about everything you need.
Upstairs there’s a luxurious lounge just for
you, your family and your valued customers.
Rest, relax and make yourself at home.
Get your bearings. See the fair in miniature
before you see it fulls iz e ! A re m a r k a b le
scale model of the en­
tire fair will be on view
in the A m erican E x­
press P avilion. This
$ 5 0 0 ,0 0 0 electron ic
exhibit depicts all the
fair’s landmarks, shows
© I 9 6 0 , 1961, 1962, 1963 NEW YORK
WORLD'S FAIR 1964-1965 CORPORATION you how to reach them
by the shortest and most convenient routes.
A fu ll-serv ice A m erican Express o ffic e .
This is the 84th domestic office and 403rd
in the American Express network of offices
around the world. It offers you and your
customers these 7 important services:

1 Complete travel service, covering every
travel need.
2 Sale and encashment of American Express
Travelers Cheques.
3 Spot refunds for lost or stolen Travelers
Cheques.
4 Free exchange of large denomination Trav­
elers Cheques for smaller denominations.
5 Exchange and remittance of foreign cur­
rency.
6 Encashment of personal checks against
American Express Credit Cards and Cour­
tesy Cards.
7 Encashment of your customers’ personal
checks against telegraphic authority from
your bank. (There’s a Western Union o f­
fice right in our pavilion!)
American Express has been designated offi­
cial Credit Card, offi- jjjjBg
cial Ticket and Infor­
mation Center and of­
ficial Travelers Cheque
f o r th e N e w Y o r k
W orld’s Fair 1964-65.

American Express Travelers Cheques
Official Travelers Cheque for the New York W orld’ s Fair 1964-65

^ This pavilion will contain an American Express office and private
lounge for you —just inside the main entrance on Gotham Plaza!

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

54

S u p erviso rs'

tendencies toward monopoly.
SurveE va lu
a ted
2. That supervisory personnel in the

A

SURVEY of State Banker Opin­ tion (of the NASSB) further study various state banking departments be
ion has been completed by the should be given to laws now in ef­ adequately compensated so that the
National Association of Supervisorsfect, to the end that criticism charging most qualified and experienced people
of State Banks and last month an control of competition is minimized, in banking will be attracted to such
evaluation committee selected to and a degree of flexibility added which departments.
3. That it would be a step forward <
study the survey returns published is attuned to current needs of the
its report.
community and with due regard to its if all the states had nonpartisan bank­
ing boards appointed by the respective
The 38-page report summarizes an­ future growth.
swers to 70 questions by 2,430 state
Supervisory Agencies—The commit­ governors for staggered terms. Such
banks. Questionnaires were sent to tee, assuming that the responsibilities boards should appoint the state bank
9,337 state banks. Questions were di­ with which it has been charged in supervisor, and should have the au­
vided into four general categories: (1)
this endeavor may properly include, thority to recommend salary levels in
Questions relating to branch bank­ within the purview of its study, sug­ the banking department.
4. That the terms of bank super­
ing; (2) Questions relating to super­ gestions and c o m m e n t s directed
visory agencies; (3) Questions relat­ toward the betterment of state bank­ visors should be for six years.
ing to operational areas, and (4)
ing supervision, offers the following
5. That the banking department of
Questions relating to the dual bank­ to the executive committee:
each state should be financially sup- r
ing system and the policies and posi­
1.
That state banking authorities ported by (examining) fees, thus be­
tions of the NASSB.
impress upon their legislators the coming completely independent of
Following are general comments need for laws which assure soundness legislative appropriations.
tmade by the evaluation committee:
to their respective banking systems,
6.
That the support of all associate
Branch Banking — This committee
with due regard to all competitive fac­ members banks of the NASSB be enstaunchly supports the right of a tors and the future economic growth listed to advance aggressively the ti
state to grant privileges and to im­ of their state, and the avoidance of all purposes of the foregoing suggestions.
pose obligations upon banks which
Operations—The survey supported
seek to expand through branching,
the conclusion that lending limits
mergers, or holding company opera­
should be measured by a percentage
tions within its borders.
of capital and surplus alone. Re­
At the same time, recognizing the
sponses show a strong desire on the
right of national banks to do business
part of state banks not to be subject
in the various states, the committee
to regulations promulgated by the
adheres to a policy of sound and con­
comptroller of the currency regarding
servative banking practices to be fol­
trust operations. State banks reported
lowed by both types of bank, which
they are in favor of a proposal to 1
cannot be attained if there should en­
allow commercial banks to build re­
sue a “competition in laxity” between
serves for bad debts up to 5 per cent
state and national bank supervisors.
of the quarterly average of all eligible
The whistle of the referee should have
outstanding loans at an annual rate
the same sound to both teams and
not exceeding one-half per cent of
the competitive game must be played
such loans.
under rules equally applicable to both.
The survey showed that the people
The survey reflects generally a
U N I Q U E M O D E L o f new Wells
in more than 75 per cent of the com­
Fargo building was shown for the
satisfaction with the present state
munities from which responses were
first time at a luncheon in San
branching laws. It is apparent, how­
received do not know the difference
Francisco. Inspecting the model are
ever, that there is not unanimity
between state and national banks and
Ransom C. Cook (righ t), president
among the banks on this subject.
o f the bank, and Lowell S. Dilling­
credit unions, and that the people in r\
ham, president o f the Dillingham
Mindful of the fact that in a number
90 per cent of the communities do not
Corporation, the firm that will build
of states which in recent years have
understand the difference between
and own the 43-story building. The
adopted and amended branching laws
commercial banks and mutual savings
bank owns the land on which the $25
there does not appear to be adverse
million structure will rise, and the
and loan associations.
bank w ill be the principal tenant
public reaction to such changes, it is
Regarding computers, the survey
when it is completed in 1966.
recommended that in each jurisdic­
indicated that there are no computer
services available to 75 per cent of
those banks replying, and where avail­
able, 20 per cent of the banks are
using computer centers.
On the subject of mergers, the sur­
vey indicated that in most unit bank
states, operations of newly acquired
offices via merger must be discon­
Bankers are Select Risks and we have special coverage
tinued, therefore, there is little mer­
ger activity; while in branch banking
designed lor Bank Men and W om en. Write for Application
states, when offices acquired by mer­
and Information.
ger may be retained, significant mer­
ger activity exists. Response also
indicated that the overwhelming ma­
jority of the responding state banks
2SS0 Pillsbury A ve. S.
Minneapolis 4, Minnesota
are independent institutions.

AEEIHENT, SICKNESS anil HOSPITAL
INSURANCE AT COST!

Minnesota Commercial Men’s Association

Northweste rn Banker, D ecem ber, 1963


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

55

J A M E S E. B R O W N

JOHN P ISAR K IEW IC Z

J O H N F. W I L K I N S O N

E D W A R D H. S C H O O R

R O B E R T L. T O B U R E N

L. ILA B A K E R

J O H N H. O B E R M A N N

J A C K J. S C O T T

J A M E S A . SM ITH

J IM Z I M M E R M A N

L A R G E S T B A N K IN M IS S O U R I

Phone
AREA CODE 3Î4
CEntrai 1-3500

S A IN T L O U IS . M O .

TRUST

COM PAN Y

s-ç

A . U. (J im ) H O O S S


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

Northw estern Banker, December, 1963

56

A g ric u ltu ra l C on feren ce . . .
(Continued from page 25)
an added $3 billion just for fertilizer.
Conversely, less than 4 per cent of
the population will live on farms in
1980, a decline of 43 per cent, and
in terms of products per farm, those
producing more than $10,000 annually
will double in number in less than
20 years.
Fewer Borrowers

So there will be fewer borrowers
for fewer loans, but of tremendously
increased size, shifting more into in­
termediate and long-term classifica­
tions. Today’s country banker and
his cit3 ^ correspondent, without whose
services we cannot hope to remain
competitive, will have to come a long
way to meet the demands of modern
farms of the future. According to
this study, all ag lenders will be com­
peting to serve fewer than 1,000,000
farm families who will control the
majority of farm assets and output.
With increasing competition from
the PCA-Land Bank team, it should be
crystal clear you cannot compete with­
out an agriculturally trained man in
your bank. The sophisticated farm
businesman is as critical of his source

N a t io n a l co v e ra g e assures
e x p o s u re to e x ce lle n t
o p p o r tu n itie s o n b a sis emp lo v e r a ssu m es a ll expenses.
COMM. LOAN OFFICER .....to $20,000
TRUST (CORPORATE) .........to $20,000
INVESTMENT OFFICER .........to $20,000
SENIOR CREDIT OFFICER ... to $15,000
SAVINGS AND LOAN .........to $15,000
MORTGAGE LOAN EXEC..... to $16,000

of credit and your judgment in lend­
ing as he is in all other phases of his
business. To return more ag lending
into the banking industry we will
have to prove to the perceptive, ef­
ficient farm operator that we are not
only more capable and competent, but
more interested than our competi­
tors in his welfare and growth.
In most instances, we bankers are
closer to the farmer than any other
lender, geographically, and we have
dealt with him and known him longer,
we know his land, his facilities, his
family. We have a favorable factor
here.
~*r'

farmer’s business into a strong, agri­
cultural complex, you have the obli­
gation to give him the benefit of
every financial aid to remain sound <
and efficient. The returns to the bank
will be eminently satisfactory.
Your full or semi-tax-sheltered com­
petitors will be aggressive in giving *
their best efforts and service. If you
envision a bright, dominant future for
your bank, you cannot afford to do less.
Panelists Speak
-1
J. W. Bellamy, president of the Na-

tional Bank of Commerce at Pine
Bluff, Ark., speak- _
ing on the Cor­
respondent Bank- r
ing panel, said in
part: Over the '
past few years,
Use Correspondent Bank
the banking in­
If it is a tough loan problem and
dustry has been
you are properly coordinated, you will
awakening to the
have available the consultative serv­
importance of cor- l
ices of your correspondent bank’s key
respondent bank
farm people. You and your corre­
participation in **
T. W . B E L L A M Y
spondent will be more heavily en­
farm l e n d i n g .
gaged in the field of intermediate and This has been especially true among v
long-term credit than at present. The large city banks. For the banks par­
time devoted to this one borrower ticipating in correspondent relation­
will be far less, however, in terms of ships an opportunity is provided to +
dollar volume. Furnishing a ‘’one completely serve the credit require­
stop” full-credit requirement program ments of the trade area and to build à
to these big borrowers will require a closer relationship for future types
time and ingenuity. Listen respect­ of business. In some instances, coun- *
fully to the long-range plans of the try banks do not provide trust serv­
modern farm customer and his fam­ ices, for example. This is a two-way
ily, to his hopes, dreams and aspira­ street in that the seller and the pur­
tions for the future, and direct your chaser of the loan participations profit
counselling to these channels which in such a relationship.
*
will produce for him the greatest pos­
Del Crouse, president of the Ameri­
sibility for success and happiness.
can National Bank at Riverton, Wyo.,
Your city correspondent may be said on the same panel: Country bank
called upon to provide technical mar­ loan portfolios were strained during
keting, trust and estate planning the 1950’s when installment loan de- ^
services. In helping to build the partments were added in country
--------------------------------------------------- ----------------------------------------------- ------------ A

NATIONAL ACCOUNTS .....to $20,000
CORRESPONDENT ... ......... to $16,000
AUDITORS ...............

to $12,000

COMM. FIN. EXEC. ................to $16,000
OPER. OFFICER (CPA) .......to $18,000
ASST. TRUST .......................... to $12,000
INSTAL. LOANS .....................to $12,000
S&L CONTROLLER (CPA) ... to $14,000
INVESTMENT ANALYST ..... to $14,000
BRANCH MANAGERS ____ to $13,000
Submit complete resume in confidence.
A R V ID D. J O H N S O N

C A D IL L A C
A S S O C IA T E S IN C .
29 E. M adison B ld g ., C hicago 2, Illin o is
F in a n cia l 6-9400

Northweste rn Banker, December, 7963


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

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banks. Loans-to-deposit ratios have
narrowed ever since. Enterprising
city banks have seen in these con> ditions an opportunity to be more
than a depository of reserve funds for
their country correspondents. City
banks that do offer their deposit vol­
ume and a good participation plan
will look for the country bank to
provide facilities designed to assure
a locally successful program. They
will want the country bank to seek
the better business; they will want
the loan program placed in the hands
of a capable, experienced senior offi­
cer; they will want the country bank
to respond with compensating bal­
ances to the limit of the country
bank’s capacity above the reserves
needed at the Fed and for local use;
they will want the country bank to
give even more attention to the de­
tail and servicing of participation
loans than to those placed in their
own portfolio. It goes without say­
ing that the size of those loans now­
adays and the pressure of loan-to-deposit ratios will automatically create
a need for the help of a participation
program.

WÊË&
First Pasadera (Tex.) State Bank

Franklin Fed. S&L Assn., Colum bus, Ohio

ISLAND BANKIT — This attractive
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BUILDING EXTENSION BANKIT —
Otherwise unused space gets a full
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l'ig g
■ 1
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Varied Program

A number of other excellent ad­
dresses on various phases of agricul­
tural credit were given during the
two day meeting. William F. Kelly,
president of the A.B.A. and president
of the First Pennsylvania Banking
and Trust Company, Philadelphia, was
the first speaker. Kenneth Monfort,
manager of Monfort Feed Lots, Inc.,
of Greeley, Colo., gave an interesting
talk on “New Concepts in Feeder Fi­
nancing.”
A review of his bank’s ag represent­
ative program, with complete figures
on costs, was given by Curtis B. Mateer, executive vice president of The
Pierre National Bank at Pierre, S. D.
This bank’s fine ag department was
reviewed in detail last year by the
T he N orth w estern B an k e r .

“A Farm Loan Officer Views Man­
agement,” was the topic discussed by
Charles P. Moore, vice president of
The Great Falls National Bank at
Great Falls, Mont.
One of the interesting features was
the afternoon bull sessions the first
day to discuss the general theme,
“ Me e ti ng Farmers’ Credit Needs.”
Fourteen b an k e r s were discussion
leaders.
Other banker speakers were E. J.
Clabuesch, president of The Pigeon
State Bank at Pigeon, Mich., and Rob­
ert N. Hilkert, first vice president,
Federal Reserve Bank of Philadelphia.
— End.

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

F irs t N a tio n a l B a n k, New P aris, O hio

C itizens State Bank, Paola, Kansas

FLUSH MOUNTED BANKIT — A prac­
tical solution where space is at a
premium or otherwise unavailable.

COMPLETE STYLING FLEXIBILITY —
You select the style, from colonial to
contemporary.

Flexibility in Motor Banking . . . with
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Any drive-up or walk-up facility
you can imagine is possible with Motor
Banking Equipment by LeFebure.
The key to this flexibility is the
L eF eb u re B ankit, w hich com p a ctly
houses all necessary operating features.
Smooth-operating deal drawer responds
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Your LeFebure representative has
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F U L L SER VIC E TO
T H E F IN A N C IA L F IE L D

58

A

fo r the fg|
¡If n o th tim e f l
|§
M erry
11
W Christmas I|
and a
Happy New Year

4

i«¿3 1

•4

4.

\
w
V

D iv isio n V — B A N K S A N D B A N K E R S W allace L. Boss, D onald W. B uckm an, David A. Shern, Elm er M. V olkena nt, Vice P residents
□ Laurence R. K ennedy, H enry N. S nyder, R ichard C. Swanberg, A ssista n t Cashiers □ Jam es T. Gowan,' R epresentative
■ John F. M ullen, John M. W ooldridge, Bond A dvisory S pecialists □ John D. T u rn e r, Bond A dvisory A ssociate □ Roland W
H ohm an, T ru s t A dvisory S pecialist.

FIRST NATIONAL BANK OF SAINT PAUL 4th and Minnesota • Area code: 612-222-1575
M em ber F e d e ra l D e p o sit In s u ra n c e C o rp o ratio n

Northw este rn Banker, December, J963


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Federal Reserve Bank of St. Louis

59

Minnesota

NEW S
T. E. OLSON

President

K. A. WALES

Secretary

Starbuck
Minneapolis

Promotion at Duluth
Promotion of three First American
National Bank officers was announced
recently, f o l l o w i n g the November

the association in the Griggs-Midway
Building in St. Paul.
Named executive council member
for the eighth congressional district
was John Dragavon, president, State
Bank of Tower. He succeeds W. H.
Holt, president, First National Bank,
Coleraine, who resigned because of the
press of other business.

Turtle Lake Opening

G RIFFITH

MALY

O’ KEEFE

hoard of directors’ meeting. Leonard
E. Griffith, S. J. Maly and C. W.
O’Keefe were made assistant vice pres­
idents.
Mr. Griffith joined the staff of the
First American as advertising man­
ager in 1952. He is now with the busi­
ness development department.
Mr. Maly joined the staff of the
First American in 1944, coming from
the First National Bank and Trust
Company of Fargo, N. D. He is with
the installment loan department of the
hank.
Joining the First American in 1953,
Mr. O’Keefe was initially in the in­
stallment loan department, and is now
in the commercial loan department.

Gain Lexington Charter
The Minnesota Commerce Commis­
sion has approved an application for
the Centennial State Bank of Lexing­
ton. The bank will be in Northway
Shopping Center, Lexington.
Proposed capitalization is $100,000.
Applicants are Mildred Huse, Circle
Pines, and Lorenz Seutter, Arthur
Otte and Richard Meyers, all of New
Brighton.

The Turtle Lake Station of the
Farmers Security Bank of Washburn,
held open house recently marking the
completion of a remodeling project.
The building has undergone a com­
plete face-lifting with a new ceiling,
new lighting, new heating, air condi­
tioning and modern counters.

Duluth Auto Display
Recently Duluth new car dealers
were offered the opportunity to dis­
play their new models in the 1st Auto
Park, located directly across the street
from the First American National
Bank of Duluth. The bank set aside
a corner space in the Auto Park for
the display of 1964 models. During
October a new model was scheduled
for showing each day. New car liter­
ature was available in the bank lobby.

New Winona Directors
Directors of the First National Bank
of Winona voted recently to enlarge
the board by three members and to
increase the bank’s capital from $350,000 to $700,000.
Membership of the board was ex­
panded from eight to 11 with the seat­
ing of Albert Kertzman, Paul B. Miner
and Thomas H. Underdahl as new di­
rectors.

New Delavan Directors

As a special meeting of the stock­
holders of the Farmers State Bank,
Independents Elect
A.
H. Stellner, president, State Bank Delavan, W a r r e n Wallace and R.
of Cyrus, Minn., has been elected treas­ Julian Halverson, both of Delavan,
urer of the Independent Bankers of were elected to the board of directors.
Minnesota. He was named to the post
by the executive council, and succeeds Seek Grand Forks Bank
Two local businessmen, t o g e t h e r
Stanford Ronning, president, Union
with other associates, have applied to
State Bank, Browns Valley.
Joseph H. Summers was re-elected the Minnesota Commissioner of Banks
secretary. He maintains offices for in St. Paul for a charter to establish

a new bank at East Grand Forks,
Minn. If the charter is granted this
would give East Grand Forks its sec­
ond bank. The proposed new bank
would do business as the Citizens
State Bank of East Grand Forks.
The incorporators were listed as R.
C. Nelson, who is president of the
Northwestern State Bank of Hallock,
and County Attorney Lyman A. Brink,
also of Hallock. Others are R. F. Foley
of Roseau and Herbert Paulson of
Neche, N. D. The proposed capital is
$ 200,000.

Eveleth Promotions
Erveen Johnson has been appointed
assistant cashier at the First National
Bank of Eveleth. He succeeds Karl
Sharp, who was recently promoted to
cashier of the bank.
Formerly, Mr. Johnson was auditor
of the First National Bank of Red
Wing, Minn.

Capital Stock Increases
The f o l l o w i n g banks have been
given permission to increase their cap­
ital stock:
The Jasper State Bank from $40,000
to $50,000 by stock dividend, and the
Union State Bank of Browns Valley
from $50,000 to $75,000 by stock divi­
dend.

Elected at Hutchinson
Irvin Burich has been named presi­
dent of the Citizens Bank of Hutchin­
son, taking over the post formerly
held by Helmuth Durth. Mr. Burich
has been associated with the Citizens
Bank of Hutchinson since 1936 and is
the third president of the bank.

Dassel Bank Addition
Work began recently on the con­
struction of an addition to the Dassel
State Bank, Dassel. The size of the
new addition will be 16 by 38 feet. It
is being built on the east side of the
present building, and will be used pri­
marily by the bookkeeping depart­
ment of the bank.

I f/

C o n feren ce

As this issue o f the N orth w estern
B a n k e r was being prepared for pub­
lication, the Minnesota Bankers As­
sociation announced that its A gricul­
tural Conference had been postponed
until December 12.
Originally set Monday, November
25, the meeting was rescheduled fo l­
lowing news o f the death of Presi­
dent John F. Kennedy.
A full report on the conference
will be featured in the next issue.
Northw estern Banker, December, 1963


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Federal Reserve Bank of St. Louis

60

R

OGER M. BROUGH, board chair­

named Class B director by Group 2
man of U. S. Steel, told a group banks.
of Minnesota business leaders that
with the creation of a good tax climate
for taconite, both steel and iron ore
face a brightened future.
Mr. Blough was the featured speak­
er at the annual Business Outlook
Conference conducted by the First
National Bank.
Nearly 350 business leaders from
the Twin Cities area attended the con­
PUNCH
DAVANT
WARNER
ference.
* * *
James W. Davant, resident partner
in
the Minneapolis office of Paine,
The Fourth Northwestern National
Bank announced the election of Paul Webber, Jackson & Curtis, was named
managing partner of the firm, suc­
W. Noreen as assistant vice president
and William D. Wilkening as cashier. ceeding Robert D. Punch, partner
Mr. Noreen has been cashier since since 1951. Douglas M. Warner con­
1954. Mr. Wilkening has been assist­ tinues as senior partner.
* * *
ant cashier since 1961.
First Bank Stock Corporation an­
nounced the election of six senior of­
ficers of its serv­
ice affiliate, First
Se r vi c e Corpora­
tion, to identical
offices in the hold­
ing company and
the service affili­
ate.

Dr. A r v i d C.
Knudtson, di r ec ­

tor of the dairy
section, W i s c o n ­
sin Council of Ag­
r i cu l t u r e , h a s
been named agri­
c u l tu ra l e c o n o ­
mist at the North­
western National
Bank of Minneap­
olis.
The appoint­
A.
C.
K
N
U
D
T
S
O
N
Law rence B .
ment is effective
Hogue was elect­
January 1, according to John A. Moor­
ed vice president
head, president,
and
secretary
of
* * *
L. B. H O G U E
the holding com­
The
First
Southdale
National Bank
pany; Edward C. Brown, Jr., Donald
has transferred $150,000 from its undi­
R. Grangaard, Thomas V. Markle and
vided profits to its surplus account. At
Donald W. Westbee were elected vice
president, and Leonard O. Fredell was the same time it was announced that
Donald A. Dahl has been promoted to
named treasurer.
manager
of the installment banking
* * *
department.
* * *
The Federal Reserve Bank of Min­
neapolis has announced the re-election
An application for a new state bank
of two directors to three-year terms. in Robbinsdale was filed recently with
They are Harold C. Refling, executive the Minnesota Commerce Commission.
vice president, First National Bank,
Proposed name is the Guaranty State
Bottineau, N. D.; and Ray C. Lange, Bank of Robbinsdale.
president, Chippewa Canning Compa­
Incorporators include Walter C. Ras­
ny, Inc., Chippewa Falls, Wis. Mr. mussen, Edina, president, Northeast
Refling was elected Class A director State Bank of Minneapolis; Clifford L.
by banks in Group 3. Mr. Lange was Thies, vice president, First Federal
No rthw estern Banker, December, 1963


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Federal Reserve Bank of St. Louis

Savings & Loan Association of Minne­
apolis; Harold Kalina, partner in the
M i n ne a po l i s law firm of Scholle,
Schweiger and Kalina, and Richard E.
Garmaker, Hopkins agent for Great
West Life Assurance Company.
Proposed capital is $200,000, made
up of $100,000 common stock; $50,000
surplus, and $50,000 undivided profits.
* * *
Theodore L. Nelson, president, Clo­
ver Leaf Creamery Company, has been
named a member of the advisory
board of the North American Office of
Northwestern National Bank.
* * *
More than 200 bankers associated
with the First Bank Stock Corporation
affiliates attended the corporation’s
1963 conference for managing officers
last month. Representing banking in-

F ir s t R o o k

PASSBOOK No. 1 in the savings
department o f the First National
Bank o f M in n e a p o lis has not
changed hands since it was issued
to Lee Potter, Jr., in 1918. Mr.
Potter’s father opened the No. 1
savings account for his son at the
old Minneapolis Trust Company,
which later was taken over by the
First National. Lee Potter, Jr., still
has that No. 1 passbook. He is shown
here, at left, as Betty Jax, savings
teller, presents him with a new No.
1 account passbook in the First Na­
tional Bank. Vice President Curtiss
Coleman holds Mr. Potter’s original
book. Mr. Potter is president o f the
Louis F. Dow Company o f St, Paul.

-

F

e

#

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l

. . . l'ïoni a // yvff i ^râ/ir/à a l - Habituelle
Strong Friend of the Independent Banker

THE MARQUETTE NATIONAL BA
OF

MINNEAPOLIS

• SEVENTH

AT

MARQUETTE

•

FEDERAL

3-5411

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis

62

Minnesota News

stitutions at 99 locations in Minnesota,
Montana, North Dakota, South Dakota
and Wi s c on s in , the group heard
speeches by financial, business and in­
dustrial leaders.
Two speakers associated with the
First Bank Stock organization who ap­
peared on the program were Rodney
Q. Selby, vice president, The First Na­
tional Bank of St. Paul, and Roland
T). Sullivan, assistant vice president,
First National Bank of Minneapolis.
* * *
St. Paul Chapter of the American
Institute of Banking held its annual
men’s smoker last month. Tom Mona­
han, with the First Trust Company,
was committee chairman.
* * *
Victor F. Rotering, retired senior
vice president, First National Bank
of Minneapolis, died last month at
Pompano Beach, Fla., after an ex­
tended illness.
* * *

The First Edina National Bank,
Edina, has opened two additional
drive-up windows. A ribbon cutting
ceremony was held last month with
Thomas C. Jackson, vice president and
cashier, presiding.
* * *
First National Bank of Minneapolis
has increased its surplus account from
$525,000 to $725,000.
* * *
Calvin R. Griffith, president of the
Minnesota Twins American League
baseball team, has been elected a di­
rector of the First Southdale National
Bank.
* * *
Donald A. Erickson has been elected

installment loan officer at the Mar­
quette National Bank of Minneapolis,
according to Carl R. Pohlad, president.
Mr. Erickson joined the bank in 1959
and has been in the installment loan
department for the past three and onehalf years.

NOW

The First Hennepin State Bank has
completed a face lifting on its exterior
and has expanded its facilities. A
drive-up teller window has been in­
stalled and parking facilities have
been added.
* * *
The Park National Bank recently
celebrated its fourth month in busi­
ness with a ground-breaking ceremony
for a new building. The bank plans
to be in the new quarters by next
June. The building is the first to be
started in the new $8 to $10 million
Cloverleaf Plaza project.

Issue Moorhead Charter
A charter has been granted to the
Moorhead State Bank to establish a
bank at Moorhead, Minn. The bank
opened for business on November 14.
President of the bank is Paul Horn;
executive vice president and cashier is
M. James Trask, and assistant cashier
is Emmanuel Jacobson.

Cloquet Elections

as vice president. G. L. Reding con
tinues as assistant cashier.

Buys London Bank
Robert W. Johnson, formerly opera­
tion manager at Wayzata State Bank,
has purchased controlling interest of
the London State Bank. He assumed
his duties as president of the bank on
December 1, succeeding Darrel L.
Gavin. Mr. Johnson’s wife will be
cashier of the bank.

Benson Open House
The new Swift County Bank of Ben­
son recently held a grand opening cel­
ebration, featuring tours of the build­
ing, refreshments, prizes and gifts.
Construction of the new bank started
in the late spring of 1962.

E. J. Feldman
E. J. Feldman, 83, president of the
First National Bank of Pipestone, died
unexpectedly recently at a motel in
Enid, Okla. Mr. Feldman and his fam­
ily were enroute to Long Beach, Calif.,
to spend the winter months when he
suffered the fatal attack.

A South Dakota banking official,
Henry E. Ruggles, was elected presi­
dent and cashier of the newly-formed
City National Bank of Cloquet at the
group’s first stockholders’ meeting re­
cently.
Board members elected other than
Mr. Ruggles were: J. Russell Elosner,
Park Falls, Wis.; Peter S. Lee, Girard
B. Stewart, Girard L. Stewart, Bern­
ard O. Nemmers and Clifford Johnson,
all of Cloquet.
The board named Mr. Klosner and
G. L. Stewart as vice presidents of the
bank.

The St. Martin National Bank re­
cently held an open house to celebrate
the opening of the new bank, which is
the first bank in St. Martin since 1933.
The State Bank of St. Martin was
chartered in 1917 and closed in 1933,
following the depression. A bank had
often been discussed, but not until
1963 did a few men get the ball rolling.
The bank went into full operation on
November 12.

Brownsdale Bank Sold

Hopkins Election

Richard A. Buck, cashier of the
State Bank of Brownsdale, announced
recently his purchase of the Browns­
dale bank.
Principles in addition to Mr. Buck
are Roland C. Danielson and W. I.
Danielson. H. G. Hill, who has been
with the bank 41 years, will continue

SER V IN G

St. Martin Open House

Richard A. Klingen, 31, was elected
as an assistant vice president of North­
western National Bank of Hopkins re­
cently.
Mr. Klingen joined the Hopkins
bank in 1960. Previously, he had been
with the Northwestern National Bank
of Minneapolis.

M IN N ESO TA

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profit by offering N FL’s broad flexible programs.
For full information ivrite Mr. Meichsner at 330
Minnesota, or drop a line to our Home Office.
CREDIT LIFE

Plymouth

Building,

Minneapolis

3,

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I R a tio n a l fid e lit y \ j f e
H. E. MEICHSNER

IN SUR AN C E C O M PA N Y
Northw estern Banker, December, 1963


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Federal Reserve Bank of St. Louis

KANSAS C I T Y 6, MO.

63

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Federal Reserve Bank of St. Louis

64

Minnesota News

Montevideo Appointment
Cl arence Nor th has joined the
Northwestern State Bank of Monte­
video where he will serve as manager
of the Northwestern Agency, accord­
ing to Lyle McCormick, president of
the bank.

Bank of Gibbon. Mrs. Schiro’s hus­
band, E. A. Schiro, is president of the
bank.

Laconia Construction

John O. Ohlemann has been appointagricultural representative for the
State Bank of Gibbon.

The First National Bank of Waconcia is constructing a new bank
building. The structure will measure
60 by 85 feet, with about 5;000 square
feet of floor space in the interior of
the building. Construction is sched­
uled for completion this month.

L. A. Duroe

Winonan Apointed

L. A. Duroe, vice president and di­
rector for the State Bank of Jeffers,
died recently at the age of 86, at a
Westbrook hospital. Mr. Duroe wTas
one of the founders of the bank in
1900 along with his father and broth­
ers.

S.
J. Kryzsko, president, Winona
National & Savings Bank, has been
appointed chairman of the savings
bond c o m m i t t e e of the American
Bankers Association.
The first Winona area banker to
serve as chairman of an Association
standing committee, Mr. Kryzska was
informed of his appointment by Wil­
liam F. Kelly, A.B.A. president.

Appointed Ag Rep

Young America Construction
The State Bank of Young America
has started construction of a new
building.

Doubling Space
The Lee State Bank, Browersville,
Minn., is in the process of remodeling
and enlarging its facilities. The proj­
ect will double present facilities.

Capital Increase
Capital of the Princeton State Bank,
Princeton, Minn., has been increased
from $150,000 to $200,000 by a stock
dividend.

New Trust Officer
Franklin S. Ruhl, formerly trust of­
ficer with the Merchants National
Bank in Cedar Rapids, Iowa, has
joined the First National Bank of
Rochester as trust officer. Prior to
joining the Cedar Rapids bank in
1958, Mr. Ruhl was in the trust de­
partment of the LaSalle National
Bank in Chicago.

Moves to California
Robert E. Hall, assistant cashier,
Northwestern National Bank, Sioux
Farmers State Bank, Clarissa, Minn. "> Falls, has joined the Crocker-Angelo
is remodeling to include new private National Bank in San Francisco. He
offices and customer desk spaces. The has been in Sioux Falls for one year
project will double the present bank­ and formerly was with the Northwest­
ing area.
ern National in Madison, S. D.

Clarissa Remodeling

Gibbon Appointment
Mrs. Virginia Schiro recently was
elected director to succeed Gene J.
Heymans, Jr., of the Citizens State

S

eu â on ó

C jreetin a â

C LIFF ADAMS
President

STAN EVANS
First V.P.

JO H N HAVER
V.P. & Cash.

LIVE STOCK
ED NEWELL
A.V.P.

N A T IO N A L B A N K

____________________________ SIOUX CITY
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

BEN HOLTDORFF
A.C.

Northw estern Banker, December, 1963


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Federal Reserve Bank of St. Louis

MALCOLM
ERICKSON

A.C. & Aud.

C LIFF DAHL
A.C.

DICK DRAPER
Representative

JIM M cGILL
A.V.P.

65
River and Mission, and the Jones
County Bank of Murdo.

South Dakota

Denies Detached Facilities

NEWS
SCOTT LOVALD
A. S. GULLICKSON

President
Secretary

Philip

1

Huron

1

25 he and Mrs. Twiss celebrated their
C.
A. Lovre, president, Northwest­51st wedding anniversary.
Mr. Twiss started his banking ca­
ern National Bank of Sioux Falls, has
announced that the hank has pur­ reer with the First State Bank of Ash­
chased property at 108-12 South Dako­ ton, S. D., as assistant cashier.
ta Avenue as part of the bank’s con­
tinuing expansion plan for improved On Sioux Falls Staff
John H. Torsey has joined the
drive-in and parking facilities. Mr.
Lovre said that construction on this Northwestern National Bank of Sioux
new facility is scheduled for 1964. Sev­ Falls as an examiner in the loan de­
eral drive-in and walk-up windows are partments. He will work in Sioux
planned, along with a spacious park­ Falls and in the bank’s branches. Mr.
Torsey originally was employed by the
ing area.
Sioux Falls bank from 1929 to 1939.
He then served as a national bank
New A .I.B . Group
An A.I.B. Study Group has been examiner until 1952 and since that
formed in Chamberlain, S. D., under time has been affiliated with banks in
the name of the Missouri Valley A.I.B. Oregon, Arizona, North Dakota and
Study Group, according to John V. Minnesota.

Drive-In Planned

Krastins, A.I.B. associate councilman
for South Dakota. Sixteen bankers
are participating in a class on “Princi­
ples of Bank Operations” instructed
by H. N. Thomson of Preshow and
Vern Douville of Chamberlain.
Newly elected officers of the group
are Melvin Syring, Northwestern Na­
tional, Chamberlain, chairman; Eve­
lyn Halgrimson, Farmers & Mer­
chants, Presho, secretary, and Shirley
Novak, Northwestern National, Cham­
berlain, treasurer.

Addresses School

Surplus Increased
The Western State Bank in Sioux
Falls announced an increase in its sur­
plus of $50,000. This makes a total
of $250,000 in capital and surplus.

South Dakota Attorney General
Frank Farrar ruled last month that
drive-in banking offices are not au­
thorized in the state when they are
located apart from the parent bank.
Mr. Farrar said the South Dakota
Legislature has not passed a law to
permit operation of separate banking
facilities. He said that since the state
laws do not permit state banks to
operate separate drive-in offices, the
federal law prohibits national banks
from operating the same type of fa­
cilities.
Mr. Farrar said the federal law al­
lows banks to operate the drive-in
facilities only if state banks are given
the same opportunity. Otherwise na­
tional banks would be at a competitive
advantage over state banks, Mr. Far­
rar said.
The ruling was made at the request
of Oscar Brosz, banking commis­
sioner.
One detached drive-in facility now
under construction is at the National
Bank of South Dakota in Huron.
George Goodell, vice president and
manager of the Huron banks, said he
did not know what effect the ruling
would have on his bank’s plans to
build a drive-in facility diagonally
across from the bank.

Pierpont Open House

Remodeling Complete

Open house was held recently at the
First State Bank, P ierp on t, S. D.,
marking completion of new quarters.
The interior of the new building is
finished in cherry wood and divided
into a main banking room, private offices and consultation rooms. The
quarters are completely air condi­
tioned.

Grand opening was held last month
at the newly remodeled Groton branch
of the First National Bank of Aber­
deen. The interior of the building has
been completely remodeled.

Centennial Observance

Banks in the Rosebud area cooper­
ated recently in the observance of the
centennial of the dual system of bank­
ing by publishing a special eight-page
section in the Gregory Times-Aclvoccite, Bonesteel Enterprise, Burke Ga­
zette, Winner Advocate, Tripp County
Journal, Todd Country Tribune, Mel­
lette County News, and the Murdo
Coyote. The special section reached
more than 10,000 residents of the area.
Participating banks included the
Two Anniversaries
M.
J. Twiss, president, Security Burke State Bank of Burke and BoneState Bank, Doland, S. D., last month steel; Northwestern National Bank of
celebrated two anniversaries. On No­ Gregory; Citizens Bank of Colonie;
vember 19 he marked his 57th anni­ Ranchers National Bank of Winner;
versary in banking and on November Farmers State Bank of Winner, White

Glen Ritterbusch, vice president,
Commercial Trust and Savings Bank,
Mitchell, was in Washington, D. C., re­
cently to address the Bank examina­
tion School of the Federal Reserve
System. He conducted a session on
agricultural finance during an annual
four-week training session for Federal
Reserve and FDIC bank examiners.

The National Bank
OF S O U T H D A K O T A

Member of Federal Deposit Insurance Corporation

CORSICA
HURON
PLATTE
PRESHO
VERMILLION
■ ■
■

D. P. Amsberry Honored
Open house was held recently at the
Farmers State Bank, Carthage, S. D.,
honoring D. P. Amsberry for 45 years
of service in the bank. Mr. Amsberry
became president in 1961.

Aberdeen to Build
A 50- by 60-foot two-story brick
and tile building is being moved from
324 S. 1st Street in Aberdeen to make
way for a new building for the Aber­
deen National Bank at that location.
The building formerly was owned by
WESSINGTON SPRINGS
SIOUX FALLS

■

Phillips at 9th
S. Minnesota at 33 rd
E. 10th at Omaha

■

! ■

■

N o r th w e s te r n


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■ ...

V -M f t l

Affiliated with F IR ST B A N K STOCK CORPORATION
B a n k e r, D e c e m b e r, 1963

66

South Dakota News

the bank and was sold recently to be
moved and to be put into use as an
office and apartment building.
Moving operations got under way in
mid-November and are to take 60 days.

Winners were finalists from thei
Open house was held recently at the respective counties and entries wer
First National Bank in observance of submitted for final competition b
county key bankers. In addition t
the bank’s 50th anniversary.
T.
A. Peterson, president, also an­ the state contest, an elimination con
nounced plans for construction of a test was conducted in each local are
participating with banks in those area,
new night depository.
providing local prizes, and on
Contest Results
level with county banks cooperatin
Winners in a statewide essay con­ in providing prizes.
test among high school students in
Topic for each essay was “Hov
South Dakota have been announced by Banks Serve Their Communities.” Th
the South Dakota Bankers Association. contest concluded association activi
Winners are Christine Hestad, Water- ties relating to the observance of
town, first place; Ruthanne Gasper, 100th anniversary of the dual systeCastlewood, second place, and Warren of banking.
Wintrode, Sioux Falls, third place.
Prizes were $200, $100 and $50 savings
Fourth Anniversary
bonds, respectively.
The Western State Bank in Siou
Falls held open house last month o
its fourth anniversary. During tha
time the bank has completed two ma
jor expansion projects and move
from its original one-room location a
West Twelfth and Kiwanis to Wes
Twelfth and Western.

Beresford Open House

Commission Action
The South Dakota State Bank Com­
mission has granted approval for the
Oldham State Bank to convert their
Class “B” office in Ramona to a branch
bank.
An application of the Bank of New
Effington to move to Sisseton and
maintain a branch at New Effington
was denied. No action was taken on
applications to establish savings and
loan associations in Rapid City and
Pierre.

LO O K IN G FOR A
CORRESPONDENT
BANK IN T H E
M ID -C O N TIN E N T
AREA?

New Hours
The Peoples Bank in Conde, S. D.
has announced a 12 noon closing tim
on Saturdays.

Combined Celebration

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k

..

THE FIRST NATIONAL BANK
AND TRUST COMPANY
T U L S A , O K LA H O M A

A combined grand opening and g
en anniversary was held last monti
at the First State Bank, Buffalo, S. D
Banking facilities were moved to ne
quarters just prior to the grand open
ing. The bank had occupied the sam
quarters for the entire 50 years.

Plans Drive-In
The National Bank of South Dakot
in Fluron has announced plans for
drive-in teller facility and customeparking lot. The facility, to be locate
diagonally across from the bank build
ing, will feature an enclosed walk-u
window and some landscaping aroun
the building. Parking space will b
provided for 11 cars.

Building Razed
The old Red Owl Store at Court an
Broadway in Onida, S. D., has bee
razed to make way for a new, model’cement block and brick structure t
house the Sully County Bank. Wor
on the new building got under way
soon as razing was completed.

Aberdeen Drive-In
The Farmers & Merchants Bank r
Aberdeen has announced plans for
new drive-in facility. The former sit
of the Burke Monument Company wil
be the location for the new facility.
N o r th w e s te r n

B a n k e r, D e c e m b e r,


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Federal Reserve Bank of St. Louis

1963

67
house was held and several door prizes
were given during the week-long ob­
servance.

North Dakota

New Fargo Bank

NEW S
O . K. ANDERSON
W'. J. DANER

President
Secretary

Lakota
Bismarck

Ashley Building
Ground was broken last month for
the construction of a new building for
the McIntosh County Bank in Ashley,
N. D. The new building will be at
Main and First Avenue. Completion
is scheduled for April 1.

Plans Drive-In
The First National Bank in Grand
Forks, N. D., has been granted author­
ity to operate a drive-up facility at 501
DeMers Avenue.
F.
Phillips Giltner, president, said
construction is to get underway as
soon as contracts can be let. Initial
plans call for construction of a build­
ing with drive-up windows on both
sides and also a walk-up window on
one end. A 24-hour depository also is
included in plans.
Mr. Giltner also announced a major
remodeling of the trust department.
Completion is scheduled for January
and space will be tripled.

Westhope Open House
The Peoples State Bank, Westhope,
D., held open house last month
arking completion of its new build'ng. A grand prize of an all-expense,
four-day trip by air for two to the
1964 Rose Bowl was awarded at the
■lose of the two-day event.
The new building, which has about
,000 square feet of space, features
all-to-wall carpeting in the main
obby, officers’ and machine area. New
onstruction methods made it possible
o eliminate center post reinforcement,
ther features include a new vault,
ir conditioning, and a hot water heat'ng system.

Agricultural Award
For the 32nd consecutive year, the
orth Dakota Bankers Association has
oeen presented the A.B.A. Agriculural Award. Agricultural activities
’ uring the past year have been under
he direction of Gordon Weber, agri­
cultural committee chairman and pres­
ident, Farmers State Bank, Lisbon.

at a farewell dinner. Mr. Saltzman,
who has been president of the First
National since 1941, has announced
plans to retire. Exact date of his re­
tirement has not been given.

Joins Minot Staff
Glenn D. Klebe, a certified public
accountant, has joined the First Na­
tional Bank of Minot, N. D., in the
new accounts department and will
work in the area of customer rela­
tions.

Harvey Anniversary
The First State Bank of Harvey, N.
D., celecrated its 50th anniversary last
month. The bank originally was char­
tered at Silva in 1913 and later was
moved to Harvey.

Leaves for Alaska
Merwin Smith, assistant vice presi­
dent, First James River National
Bank, Jamestown, N. D., has resigned
to join the First National Bank of
Alaska at Anchorage. He had been
with the Jamestown bank since 1957.

Edwin T. McCanna
Edwin T. McCanna, a former vice
president of the First National Bank
of Bismarck, N. D., died recently at
La Jolla, Calif., after a long illness. Mr.
McCanna was vice president of the
Bismarck bank from 1930 until 1939
when he was named president of the
Midland N a tion a l Bank, Billings,
Mont. He served at the Montana bank
until his retirement in 1951.

Plan New Building
Constructiton is to start next spring
on new quarters for the First National
Bank of Williston, N. D. Cost is to be
about $400,000.
The new building will give the bank
80 per cent more space. Plans call for
a drive-in teller facility and a com­
munity room.

Two New Directors
Thomas P. McElroy, Jr., an attor­
ney, and Charles W. Goodman, head
of a furniture and appliance store,
have been named to the board of di­
rectors of the Community National
Bank in Grand Forks. Mr. McElroy
also has been cashier of the bank since
it opened.

E. D. Saltzman Honored
E. D. Saltzman, president, First Naional Bank of Bismarck, N. D., and
Mrs. Saltzman were honored recently

The North Dakota Banking Board
has approved a new bank at Fargo
and denied one at Botineau.
The new Fargo bank is to be located
at the Northport Shopping Center.
Capital is to total $200,000. The new
bank will be called the Bankers State
Bank.
Organizers are Charles Tighe
of Bismarck, John Brunsdale of Mayville, Thomas Snortland of Sharon,
Glen Peterson of Fargo, Gordon Gray
of Valley City, Dr. I. L. Lazareck,
State Senator J. H. Mahoney and Mel­
vin Christianson, all of Devils Lake.

80th Anniversary
The Grafton National Bank recent­
ly marked its 80th anniversary. Open

Station Moved
The Page station of the First State
Bank of Hope has been moved to new
quarters. It was reported that plans
are underway to obtain a separate
charter for the Page location. If ap­
proved the bank would be called the
Page State Bank.

Schedule NABAC School
The 1964 session of the NABAC
School for Bank Audit and Control
will be held August 2-15, marking the
12th annual session conducted at the
University of Wisconsin, Madison.
A preliminary announcement show­
ing the complete course of study and
detailing admission requirements has
been prepared and soon will be dis­
tributed to member banks of NABAC,
The Association for Bank Audit, Con­
trol and Operation, as well as other
interested industry groups. The an­
nouncement sets March 1, 1964, as the
deadline for admission applications.
The NABAC School offers a threey e a r, two-weeks-per-summer course
for bank personnel with accounting,
auditing, control and operations re­
sponsibilities. It is the only banking
school devoted exclusively to those
areas. Both men and women students
may attend, and it is not necessary
that applicants be employed by a
NABAC member bank.

Foundation Trustee
R. Crosby Kemper, Jr., president of
City National Bank and Trust Com­
pany of Kansas City, has been elected
to the board of trustees of the Foun­
dation for Commercial Banks.
N o r th w e s te r n


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Federal Reserve Bank of St. Louis

B a n k e r, D e c e m b e r, J 9 6 3

68

Western Canada Changes

C A N A D IA N
BANK

im p e r ia l

OF COMMERCE

HEAD OFFICE • TORONTO

CONDENSED STATEMENT AS AT OCTOBER 31, 1963
ASSETS
C A S H R E S O U R C E S (IN C L U D IN G IT E M S IN T R A N S IT ) ............... $ 7 0 9 ,4 4 1 ,6 9 6
G O V E R N M E N T A N D O T H E R S E C U R IT IE S
.............................. 1 ,5 4 6 ,0 3 2 ,8 0 6
C A LL LO A N S
3 9 9 ,5 2 3 ,9 3 5
T O T A L Q U IC K A S S E T S ........................................................
L O A N S A N D D IS C O U N T S
M O R T G A G E S A N D H Y P O T H E C S IN S U R E D UNDER
T H E N .H .A ., 1 9 5 4
C U S T O M E R S ’ L IA B IL IT Y U N D E R A C C E P T A N C E S ,
G U A R A N T E E S A N D L E T T E R S O F C R E D IT , A S P E R C O N T R A
B A N K P R E M IS E S
O THER A SSETS

$ 2 ,6 5 4 ,9 9 8 ,4 3 7
2 ,1 1 4 ,5 1 4 ,9 8 8
2 1 9 ,0 5 9 ,1 8 6
1 6 7 ,7 3 1 ,7 6 3
6 7 ,5 0 6 ,3 7 1
2 4 ,8 0 2 ,8 9 9

T O T A L A S S E T S ............................................................................$ 5 ,2 4 8 ,6 1 3 ,6 4 4

LIABILITIES
D E P O S I T S ........................................................................................................$ 4 ,7 8 2 ,2 7 1 ,6 8 0
A C C E P T A N C E S , G U A R A N T E E S A N D L E T T E R S O F C R E D IT
1 6 7 ,7 3 1 ,7 6 3
O T H E R L IA B IL IT IE S
........................................................................
2 6 ,5 6 5 !9 3 6
S H A R E H O L D E R S ’ E Q U IT Y
C A P IT A L P A ID U P
........................................... $ 6 9 ,6 8 0 ,0 0 0
.............................................
2 0 0 ,0 0 0 ,0 0 0
R EST ACCO U N T
U N D IV ID E D P R O F IT S .......................................
2 ,3 6 4 ,2 6 5
2 7 2 ,0 4 4 ,2 6 5
TO TAL

L IA B IL IT IE S

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

The Royal Bank of Canada has an­
nounced a number of executive and
supervisory appointments in Western
Canada.
W. A. Hyndman, at present super­
visor of branches in Saskatchewan,
will become assistant general manager
in charge of branches in Alberta, with
headquarters in Calgary. He will suc­
ceed J. C. Mayne who will retire at
the end of February, 1964.
Appointed supervisor of branches in
Saskatchewan, with headquarters in
Regina, is C. L. Snyder, manager at
Edmonton Branch. He will assume
his new position in early December.
T. S. Dobson, supervisor of branches
in Ontario District (western division),
has been appointed to the newly-cre­
ated position of supervisor of Alberta
branches, with headquarters in the
assistant general manager’s depart­
ment, Calgary.

Kansas City Increase
First National Bank, Kansas City,
has made application to the Comptrol­
ler of the Currency for an increase in
the capital from $10.5 million to $11
million by issuance of a $500,000 stock
dividend. The action will be presented
to stockholders on January 14, 1964.

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

STATEMENT OF UNDIVIDED PROFITS
YEA R EN D ED O C T O B ER 31, 1963
B A L A N C E O F P R O F IT F O R T H E Y E A R A F T E R P R O V IS IO N F O R
* IN C O M E T A X E S A N D A F T E R M A K IN G T R A N S F E R S TO IN N E R
R E S E R V E S O U T O F W H IC H F U L L P R O V IS IO N H A S B E E N
M AD E F O R D IM IN U T IO N IN
$
D IV ID E N D S

1 5 ,6 7 8 ,0 0 0

$
T R A N S F E R R E D FRO M IN N E R R E S E R V E S
A F T E R P R O V IS IO N FO R -IN C O M E T A X E S E X IG IB L E
B A L A N C E O F U N D IV ID E D P R O F IT S O C T O B E R 3 1 , 1 9 6 2
$

.

j.

1 2 ,3 6 4 ,2 6 5
1 0 ,0 0 0 ,0 0 0

$
* T O T A L P R O V IS IO N

4 ,7 0 7 ,0 5 9
5 ,0 0 0 ,0 0 0
2 ,6 5 7 ,2 0 6

T R A N S F E R R E D TO R E S T A C C O U N T

n

2 0 ,3 8 5 ,0 5 9

2 ,3 6 4 ,2 6 5

F O R IN C O M E T A X E S $ 2 1 ,9 5 4 ,0 0 0

M c k in n o n

J. P. R. WADSWORTH

CHAIRMAN AND CHIEF EXECUTIVE OFFICER

WILLIAM M. CURRIE

PRESIDENT

“ Wanna know
somethin’? It’s those
Christmas Seals that
make my holiday mail
worthwhile”

CHIEF GENERAL MANAGER

Over 1250 Branches Cover Canada
Christmas Seals fight Tuberculosis
and other Respiratory Diseases
N o r th w e s te r n

B a n k e r, D e c e m b e r, 1963


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Federal Reserve Bank of St. Louis

69

NASSB Appointments

Montana

N EW S
D. J. D U N D A S
R.

C. W A L L A C E

P re s id e n t

G re a t F alls

S e c re ta r y

H e le n a

Glacier Conference
Holds Winter Meeting
The winter meeting of the Glacier
Conference of NABAC was held in
Great Falls, Mont., at the Rainbow Ho­
tel on December 7. Featured speakers
at the meeting were as follows:
Ralph Dreitzler, Federal Reserve
Bank of Minneapolis; Wallace Small,
First N a tio n a l Bank of Missoula;
Frank Mortieau, Union Bank and
Trust Company in Helena; Jack Greek,
Jr., The Montana Bank, Great Falls;
Ethel O’Brian, The First National
Bank, Helena; Bob McClellan, North­
western Bank, L e w isto w n ; LeRoy
Whittle, First Security Bank, Glas­
gow; Bob Simkins, Federal Reserve
Bank, Helena Branch; Lew Vanover,
Miners and Merchants Bank, Round­
up, and M. J. Taylor, business develop­
ment director of the College of Great
Falls.

Butte Bank Relocates
Miners National Bank of Butte has
recently taken over Burr’s Store Build­
ing at Park and Dakota Streets.
Harold Pitts, president of the bank,
recently announced plans for modern­
ization of the building for an up-to-theminute bank building, including a
drive-in and parking facilities.

Name Forsythe Director
Ivan Dahlman has been named to
the board of directors of the First
State Bank of Forsyth. Mr. Dahlman,
a well known wheat farmer of the
area, fills the vacancy on the board
created by the death of Clifford W.
Wright last summer.

Billings Promotion
Ingolv D. Peterson has been pro­
moted from assistant vice president to
vice president of the Midland National
Bank, Billings, according to an an­
nouncement by John E. Tenge, presi­
dent.
Mr. Peterson first joined Midland
National in 1936, left in 1948 and
joined Midland again in 1963.

Joins Great Falls Bank
Vernon F. Lauback, formerly vice
president and cashier of Farmers-Mer
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Federal Reserve Bank of St. Louis

chants Bank in Rudyard, has joined
Central Bank of Montana, Great Falls,
as cashier and agricultural represent­
ative.
Mr. Laubaeh began his banking ca­
reer in 1959 at the Citizens Bank of
Montana. Havre. Prior to moving to
Great Falls he had spent one and onehalf years with the Farmers-Merchants
Bank.

Name Branch Director
Charles G. McClave, president and
general manager of Montana Flour
Mills, recently was announced as a
director of the Helena branch of the
Federal Reserve Bank of Minneapolis
for the unexpired portion of the term
ending Dec. 31, 1964.
The Great Falls businessman suc­
ceeds Harry K. Newburn, former pres­
ident of Montana State University,
who resigned effective September 1.

Joins Great Falls Bank
Walter A. Bock has joined Montana
Bank, Great Falls, as a vice president
in the commercial loan department.
Formerly, Mr. Bock was assistant man­
ager and general loan officer for the
Moreland-Sellwood branch of the First
National Bank of Oregon, Portland.
He was employed there since 1951.

Dillon Open House
The State Bank and Trust Company
of Dillon recently held an open house
in its.newly completed bank building.
As a special feature of the grand open­
ing, a dispay of paintings by noted
Montana artist, Dan Taulbee of Butte,
were featured in the bank lobby.

On Banco Council
Norman Nackerud, president, North­
western Bank of Lewistown, has been
elected a member of the advisory
council of the Northwest Bancorporation for a regular three year term.

Contracts Awarded
Contracts have been awarded for
the construction of a new building for
the recently organized Peoples State
Bank in Missoula, Mont. Completion
is expected by early February.

Four new state representatives have
been named by the National Associa­
tion of Supervisors of State Banks in
the Northwestern Banker area. They
are:
Wyoming: H. F. Esmay, executive
vice president, Stockmen’s Bank, Gil­
lette.
Minnesota; Helmuth R. Kurth, pres­
ident, Citizens Bank, Hutchinson.
North Dakota: Sharpe Pruets, pres­
ident, Kulm State Bank.
Nebraska, George A. Knight, pres­
ident, Citizens State Bank, Lincoln.
The Association announced the re­
appointment of Joe H. Gronstal, presi­
dent, Carroll County State Bank, Carroll (Iowa); Carl G. Breeze, president,
The Bank of Kremmling (Colorado),
and V. H. Hollingsworth, president,
Citizens State Bank, Hamilton (Mon­
tana).

New B of A Director
George F. Getty II, president of
Tidewater Oil Company, has been
named a director of Bank of Amer­
ica, San Francis­
co. He succeeds
t h e l a t e Eric
Johnston.
Mr. Getty, 39,
has headed Tide­
water since May
1, 1958. He joined
the company as
v ic e
president
and general man­
ager of its eastern
division in 1956
and at the same time was named a
director.

Time Chart Available
When it’s noon in New York City,
do you know what time it is in Lon­
don, Tokyo, Mexico City, or Oslo?
Probably not, unless you are a time
expert or the world’s most experi­
enced traveler. Yet what is more im­
portant to modern man—when plac­
ing a long distance telephone call or
planning a trip—than knowing what
time it is in California, Sweden, or
Tanganyika ?
An informative brochure now sup­
plies the answers. It is Manufacturers
Hanover Trust Company’s “World
Time Chart” which shows how to
compute the time differences in over
100 countries throughout the world
as compared with New York Stand­
ard Time in effect since October 27.
Free copies of the brochure may be
obtained from the cable department,
international division, Manufacturers
Hanover Trust Company, 44 Wall
Street, New York 15, New York.
N o r th w e s te r n

B a n k e r, D e c e m b e r, Î 963

70

Colorado-Wyoming News
K. M . H A L L , C o lo ra d o S p rin g s
P re s id e n t
C o lo ra d o B ankers A ssn .

W . F. MESSENGER, C o d y
P re s id e n t
W y o m in g B ankers A ssn .

Fprf A p p ro v e s llohlinif C om pa n y

T

he

federal

reserve

BOARD approved plans of Denver
U. S. Bancorporation, Incorporated, to
become a bank holding company by
acquiring control of three Colorado
banks.
The company proposed to acquire
a minimum of 67 per cent of the vot­
ing shares of Denver U. S. National
Bank, with deposits of about $325
million and of the $5.8 million Arapa­
hoe County Bank, Littleton, Colo., and
a minimum of 75 per cent of the vot­
ing shares of the $8 million Bank of
Aurora, Colo.
The board said it approved the
plan after disagreeing with the Colo­
rado State Banking Board’s conten­
tion that formation of the holding
company would be “detrimental” to
competition. The Justice Department
also objected, the board said. It rea­
soned however, that the “convenience
and welfare of the two suburban com­
munities principally concerned will be
better served” after the transactions.
Board Governor J. L. Robertson dis­
sented. He said the chief detrimental
effect would be the “ elimination of
competition between Denver U. S.
Bank and each of the proposed sub­
urban subsidiaries for deposits and
loans.” The holding company’s own­
ership of the suburban banks “may be
followed by a draining off of these
suburban deposits to serve the re­
gional customers” of the bigger bank,
he said.
The approval probably will lead
other large banks in Denver to make
similar moves, the result of whin
“may well be the rapid transforma­
tion of Colorado’s banking structure
from one of many independent single
unit banks to one of banks controlled
by a few holding company systems,”
Mr. Robertson added.

N o r th w e s te r n

B a n k e r, D e c e m b e r, 1963


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Federal Reserve Bank of St. Louis

Unique Ad Campaign
The First National Bank of Golden
has introduced a new series of radio
commercials which feature on-the-spot
interviews with bank customers. A
series of interviews were made in the
bank with bank customers and these
are being used in a distinctive format
to sell the advantages of specified serv­
ices.

Talcott Appointment

ver U. S. National Bank. John D.
Hershner, senior vice president in
the commercial banking division, said
Mr. Wiley was hired as a consultant
to work with the bank in the science
industries field.

George L. King has been named
Colorado and Wyoming representative
of James Talcott, Incorporated. Mr.
King will headquarter in Denver. He
formerly was with Colorado Builders
Supply Company.

North Glenn Bank Opens

Acquisition Approved

The new First National Bank of
North Glenn opened for business last
month in temporary quarters at W.
104th Avenue and Valley Highway in
North Glenn. President of the new
bank is Eugene H. Adams, who also
is president of the First National
Bank of Denver. Active officers are
Richard C. Meckley, executive vice
president, and Glenn R. Haefliger,
cashier.
The board of directors includes Mr.
Adams and Mr. Meckley, Jordon Perimutter of Perl-Mack Homes, Incorpo­
rated and six other officers of the First
National Bank of Denver: Bruce D.
Alexander, vice president; Lee C. Ash­
ley, senior vice president and cashier;
Montgomery Dorsey, chairman; Clar­
ence Liller and Carrol L. Stubbs, sen­
ior vice presidents, and Wesley J.
Watson, assistant vice president.
The new bank has a capital struc­
ture of $212,500 in capital, $112,500 in
surplus, and $100,000 in undivided
profits.

Central Bank Changes
The Central Bank and Trust Com­
pany of Denver has named three new
officers and made three promotions.
Joseph R. Lincoln and Richard L.
Hanley were elected vice presidents.
Both formerly were assistant vice
presidents. Bernard A. Gibson, for­
merly assistant cashier, was promoted
to assistant vice president. Jack R.
Jacobson, Roy Willis and Warren Cul­
pepper were elected assistant cashiers.

Consultant Named
J. Bruce Wiley has been appointed
special consultant to the electronics
and science based industries for the
commercial bank division of the Den-

the Northeast Colorado National Bank
of Denver, and at the same time was
elected chairman of the board.

New Chairman Named
Melvin J. Roberts, president of the
Colorado National Bank, has been
elected to the board of directors of

The Federal Reserve Board has ap­
proved an application of First Colo­
rado Bankshares, Incorporated, Den­
ver, to acquire 67 per cent of the
shares of the new Security National
Bank. Bankshares also owns the First
National Bank of Englewood, Uni­
versity Hills Bank and Lakeside Na­
tional.

Joins Boulder Bank
Leo Hill, vice president for business
affairs and treasurer of the Univer­
sity of Colorado, will become execu­
tive vice president of the First Na­
tional Bank in Boulder January 1.

Heads Investment Bankers
George B. Fisher of Bosworth, Sul­
livan & Co. has been elected chairman
of the Rocky Mountain Group of the
Investment Bankers Association of
America. He succeeds Eugene L.
Neidiger of Earl M. Scanlan & Com­
pany.
Other officers are Paul W. Gorham,
Hornblower & Weeks, vice chairman;
Thomas R. Felt, Dain & Company,
Casper, second vice chairman, and
Thomas P. Owen, Francis I. du Pont
& Company, secretary-treasurer.
Richard Wolff, McDonnell & Com­
pany; Cletus E. Byrne, Jr., DempseyTegeler & Company, and Edward Hanifen, Hanifen, Imhoff & Samford, were
elected to the executive committee.

Heads New Bank
Howard L. Bauder, formerly vice
president of the Pueblo Bank & Trust
Company, has been elected president
and director of the recently organized
Boulder National Bank in Boulder.
He organized the Pueblo bank in 1953
and before that he worked for the

Wyoming News
Hastings National Bank, Hastings,
Neb.
Opening date has not been an­
nounced.

Richard D. Woodward has been named
assistant vice president in commercial
loans. Mr. Hill has been with the
bank for eight years and prior to that
was with the Capital City State Bank
in Des Moines, Iowa.

North Denver Change
Murray F. Hill has been promoted
to vice president in charge of install­
ment loans at the North Denver Bank.

Director Named
Percy J. Skinner, president, Metro-

W ifom inff
Dubois Bank Opens
The recently chartered Dubois Na­
tional Bank, Dubois, Wyo., opened for
business last month. Harry F. Hays,
former vice president of the First Na­
tional Bank of Lander and now vice
president of the American National
Bank of Riverton, was elected presi­
dent of the Dubois National.
John Benesch is acting vice presi­
dent; Kenneth Link, acting cashier;
and Del Crouse is chairman of the
board. All continue in their posts
with the American National Bank in
Riverton.

000. If approved it would be the fourth
bank in Casper.
Listed as organizers are R. W. Har­
ris, Thomas Fagan, Thomas Harvey
and Mayne Miller, all of Casper, and
Elbert Howe, Wheatland rancher.

Conducts Art Show'
The American National Bank of
Cheyenne last month held a one-man
exhibit of paintings by Helen P. Pelton of Laramie. Mrs. Pelton’s work is
primarily realistic interpretations of
Wyoming country and people.

Honors Ag Workers
New Powell Officers
George Cooke, vice president of the
Stockgrowers State Bank of Worland,
has been elected president of the new
American National Bank in Powell.
Eugene Hayes, assistant cashier at the
Worland bank, has been elected cash­
ier of the Powell bank. Ross Copenhaver is chairman of the board.
Francis Scranton is vice president
of the Powell bank. Directors include
James Bever, Robert Bishopp, Mr.
Cooke, Mr. Copenhaver, Emet Dicks,
Ralph Hawley, Henry Hecht, Peter
Kranz, Mr. Scranton and Lloyd VanBuskirk.

Group Meeting Held
Approximately 140 persons attended
the fall m e e tin g of the northeast
group of the Wyoming Bankers Asso­
ciation in Casper.
At the same time the executive
council of the state association and the
legislative committee also met.
The spring meeting will be held in
Buffalo.

Fourth Bank Asked
Application papers have been filed
with the national bank examiner in
Denver for the chartering of a new
bank in Casper, Wyo. The proposed
bank would be called the Western Na­
tional Bank and have assets of $500,-

The Shoshone First National Bank
of Cody, Wyo., recently held a special
recognition dinner for all Park County
4-H Club leaders and vocational agri­
culture instructors.

Representative Named
H. F. Esmay, executive vice presi­
dent, Stockmen’s Bank, Gillette, Wyo.,
has been appointed National Associa­
tion of Supervisors of State Banks’
state representative for Wyoming.

Honors 4-H Leaders;
Announces Contest
The First State Bank of Newcastle,
Wyo., recently held a special banquet
honoring Weston County 4-H leaders.
The bank also announced a new
“freezer” contest. To enter the con­
test persons must indicate the date
and exact time of day when they think
the temperature will reach 10 degrees
below zero. The bank’s time-tempera­
ture clock has been set to stop when
the temperature reaches 10 degrees
below zero.

Plan New Building
W. F. Messenger, president, First
National Bank of Cody, Wyoming, has
announced that the bank will con­
struct a new building.
The new building will combine the
most modern banking facilities with
an open, western motif. Steel beam

politan Pontiac Company, has been
elected to the board of directors of
the Bank of Denver.

H. F. Feucht Honored
Herman F. Feucht, senior vice pres­
ident, American National Bank of
Denver, was honored at a special din­
ner last month marking his retire­
ment after 41 years with the bank.

construction, liberal use of glass and
native stone is planned, giving the in­
terior an “open” feeling. Two drive-in
teller windows will be included and a
special “air door” is planned.
Location of the new building will
be on Sheridan Avenue.

Plans Parking Lot
The First State Bank of Cody, Wyo.,
has announced plans for the construc­
tion of a parking lot on the site of the
old Presbyterian Church on Beck Ave­
nue in Cody.

10th Fed Election
Eugene H. Adams, president of The
First National Bank of Denver, and
Fred W. Gilmore, president of the
U n io n S t o c k
Y ards Company
of Omaha, have
been e le cte d to
the board of di­
r e c to r s o f t h e
Federal R e se rv e
Bank of Kansas
City. Mr. Adams
will succeed Har­
old K o u n t z e,
chairman of the
E. H. A D A M S
Colorado National
Bank of Denver, as a Class A director,
and Mr. Gilmore will replace Max A.
Miller, Omaha industrialist, as a Class
B director.

Joins Security First
As Advertising Manager
Robert E. Cody has been appointed
advertising director of Security First
National Bank, Los Angeles.
He fo r m e r ly was affiliated with
Johnson & Lewis Advertising, San
Francisco. He also has been associ­
ated with Hixson & Jorgensen, Inc.,
and served as advertising manager of
General Controls, a division of ITT.

New Commerce Director
Ralph F. Moore, president of Platte
Pipeline Company, well-known crude
oil carrier, has been elected to the
board of directors of the Commerce
Trust Company, Kansas City.
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B a n k e r, D e c e m b e r, 1963

72

T h e R ig h t B a c k g r o u n d
. . . plus a wealth of first-hand knowledge, growing out of his dayby-day living and working experiences in a rural area, has helped
the country banker achieve a notable record of service to both agri­
culture and to th e b u sin ess, civ ic, and cultural interests of his
community. I t takes a rare combination of financial know-how and
deep-rooted understanding to supply the adequate credit service
which is so vital to progressive and prosperous farm, business and
city operation. W e're proud to be associated with the bankers who
are making such an im portant contribution to our nation’s economy.
A t this happiest time of the year, our greetings go to each of
them as to all of our friends and associates. Best wishes for the holi­
day season and for the new year ahead!
Member Federal Deposit Insurance Corporation

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1 963

COMPARING NOTES at the Nebraska Group Meetings. LEFT:
J. W. DeBord, pres., Platte Valley State, Kearney, and Glenn
Yaussi, pres., National Bank of Commerce, Lincoln. CENTER:
Everett Crume, v.p., Tootle-Enright National, St. Joe; Kenneth

Henry, teller, Cozad State of Cozad; Jerry Nightingale, cash.,
Cozad State, and Arden Bruch, v.p., First National, Kansas City.
RIGHT: Russell Peterson, St. Paul Terminal Warehouse, Omaha,
and G. V. Keller, exec, v.p., Lexington State of Lexington.

T im e S a le s is G r o u p
UTURE legislative action on in­ for a possible advertising program on phasis was given to possible changes
stallment lending proved to be the behalf of Nebraska bankers. A mo­ and their resulting effect on Nebraska
hot topic at group meetings of thebile unit to aid retail merchants in bankers. At the time of this writing,
Nebraska Bankers Association held recognizing bad checks is being con­ the three remedial bills, LBs 16, 17 and
sidered, as is a junior banking school 18, were approved by the legislature
last month.
to
be held in conjunction with Kansas and signed into law by Governor Mor­
Lyman Stuckey, president of the
and
Missouri. Mr. Osterberg also men- rison. This left LB 19, the fourth re­
Lexington State Bank and president
medial bill, and LB 11, providing new
of the state association, presided at
time sales controls, still to be acted
each of the meetings except for Group
By LA R R Y NOTHW EHR
upon. However, the Nebraska At­
2 at Columbus. This meeting, held
torney General is understood to hold
Associate Editor
the same day as Group 3 at Norfolk,
the view these bills, too, are illegal.
was presided over by N. T. Tiemann,
(A late summary of legislative ac­
president of Commercial State Bank tioned the NBA’s continuing efforts to
tion
is on page 76.)
maintain
an
association
library
of
lat­
at Wausa and vice president of the
Other speakers reviewed the current
est
sources
of
information
on
various
NBA.
situation in the cattle business and
The elevation of Harris Osterberg, facets of the banking profession.
The basic topic of conversation at agriculture in general.
secretary of the NBA, to the post of
The NBA Correspondent Bank Club
executive v ic e p r e s id e n t was an­ all meetings was the question of in­
hosted bankers and their wives for
stallment
lending
and
time
sales.
Mr.
nounced at the meetings. At the same
the social hour at each of the six
time it was announced that William Stuckey and W. A. Sawtell, legal coun­
meetings.
sel
for
the
NBA,
discussed
legislation
H. Osterberg will take over the post of
Following are new officers of each
secretary of the Nebraska Bankers then currently being enacted at the
of
the six groups:
special
session
of
the
Nebraska
State
Association. He has been assistant
Group One
secretary since joining the association Legislature in an effort to clear up
existing
confusion
in
this
area.
Each
G.
A.
Dunlap,
executive vice presistaff in February, 1962.
Bill Osterberg, in bringing Nebraska of the various bills backed by the
bankers up-to-date on recent NBA ac­ NBA was carefully explained by Mr. GROUP MEETINGS . . .
(Turn to page 82, please)
tivities, reported on plans being made Stuckey and Mr. Sawtell. Special em­

F

LEFT: Jerry Kraemer, Central States Health & Life Company,
Omaha; Gerald Loyd, pres., First National, Emerson, and Bill
Hoffman, also of Central States Health & Life. RIGHT: Carl

Erickson, cash., Farmers National, Central City; Eric Wright,
v.p., Farmers National, Central City, and Hal Childs, v.p.,
Chiles and Company, Omaha.
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B a n k e r, D e c e m b e r, 1963

74

Omaha News

H

AROLD BROWNING, vice presi­

division in 1954. He has been closely
correspond­ associated with the agricultural and
of The United
livestock industries during his long
Omaha, re­ banking career.
* * *
He will be
department
Glenn E. Burrus was elected vice
by Wayne M. Thorndyke, vice presi­ president of the South Omaha Bank
dent.
last month and John G. McGarraugh
Like the retired postman who joins was elected to the bank’s board of di­
a hiking club, or the former Naval
rectors, it was an­
officer who relaxes on his boat, Mr.
n o u n ce d by Jo­
Browning began his retirement in
seph F. Ringland,
busman’s holiday fashion. He launched
Jr., president.
his well earned leisure by taking a
Mr. B u r r u s
trip to California.
joined the staff on
Years of traveling for the U. S.
December 2. He
National’s correspondent department
had been chief of
have made Mr. Browning widely
the loan service
known throughout Nebraska and sur­
d iv is io n o f the
rounding states. He is on a first name
Omaha branch of
basis with hundreds of country bank­
the Small Busi­
G. E. BURRUS
ers in Nebraska, Iowa, Kansas, W y­
ness Administra­
oming, South Dakota and North Da­
tion.
kota.
Mr. McGarraugh is president of the
Mr. Browning came to the U. S. Home Insurance Agencies in Omaha
National in 1931. In 1933, he joined and Kansas City, Mo., and vice presi­
the First National Bank of the Black dent of the Home Insurance Agency
Hills in Rapid City. He resigned as of St. Joseph, Mo. He is also vice
vice president of the bank to return president and director of the Citizens
to the U. S. National’s correspondent National Bank of Wisner.
dent in charge of the
ent bank department
States National Bank of
tired as of December 1.
succeeded as head of the

States National Bank of Omaha, at his retirement dinner December 2. Other past and
present TJ. S. National correspondent bank representatives shown are: FRONT ROW—Austin L. Vickery, retired vice president, left, and Nels L. Sholin, right, also retired
vice president. BACK ROW— From left, Wayne M. Thorndyke, vice president; Jay F.
Bordewick, assistant cashier, and Leon E. Langemeier.
Northwestern Banker, December, 1963

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Federal Reserve Bank of St. Louis

Fred W. Gilmore, president of Union
Stock Yards Company, has been elect­
ed to the board of directors of the
Federal Reserve Bank of Kansas City
for a three-year
term. In order to
a cce p t th is ap­
poin tm en t, Mr.
G ilm ore had to
resign from the
board of directors
of the S t o c k
Yards N ation a l
Bank, on which
he had se rv e d
f r e d w . g il m o r e
s i n c e February,
1961. He has been
president of Union Stock Yards since
the same date. Prior to that he had
nearly 30 years of service with the
Federal Land Bank System. His first
banking experience was at North Eng­
lish in his native state of Iowa.
* * *
William E. Garrison, vice president
and personnel director of the First
National Bank of Omaha, has been ap­
pointed by William E. Kelly, president
ot the American
Bankers Associa­
tion, to serve dur­
ing the co m in g
year on the A.B.A.
personnel admini s t r a t i o n and
management com­
mittee.
B e fo r e joining
First National of
Omaha in June,
W . E. GARRISON
1961, Mr. Garrison
was the Peoples Trust Company in
Bergen County, N. J. He has had 22
years’ experience in the personnel
field and has served as a senior in­
structor in the American Society of
P e rso n n e l Administration and the
American Society of Training Direc­
tors.
* * *
Jim Cook, a member of the corre­
spondent bank staff of the First Naional Bank, Oma­
ha, has resigned
to accept a posi­
tion as executive
vice president of
the Citizens Na­
tional Bank, Min­
neapolis, Kansas,
a bank of approx­
imately $3 million
deposits.
A University of
j. COOK
Missouri gradu­
ate, Mr. Cook came to the First Na­
tional Bank in 1961 from western
Nebraska where he was associated
with an extensive farming and cattle
feeding operation.

75

May all that Christmas can mean
for you and yours
fill your hearts and your hours
during this season.

The O maha National Bank
Member Federal Deposit Insurance Corporation


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B a n k e r, D e c e m b e r, 1963

76

Nebraska News

E m p lo yees M a r k C entennial

EMPLOYEE PARTY, attended by more than 500 persons, was held recently by the
First National Bank of Omaha as part of the bank’s observance of its 100th birthday.
Shown cutting the cake are John F. Davis, president, at left, and John R. Lauritzen,
executive committee chairman. An impressive array of prizes, including television sets,
stereos, radios and cameras, were awarded to employees. Ten major prizes were awarded
to participants in a special employee suggestion contest.

C ou rt T est fo r T im e Sales Taw

N

EW time sales legislation was en­ of the hills before the Nebraska Su­
acted by the Nebraska legislature preme Court. Court action was un­
last month after five weeks of concen­
derway at this writing, and one Dis­
trated work on this extremely impor­ trict Court judge ruled early in De­
tant and complex problem in a special cember that three of the remedial bills
are constitutional.
session called by the Governor.
The new bills, setting forth interest
Hinging on the outcome of the high
rates that may be charged (in three court’s decision is the fate of more
instead of eight categories as previous­ than $1 billion in time sales business
ly enacted), were accompanied by a in the state, since the high court pre­
resolution asking the Governor and viously had declared void both the
Attorney General to file court action 1959 installment sales legislation (early
immediately to test constitutionality this year) and shortly thereafter, the

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

CH ILES
O M AH A, NEBR ASK A

&

COMPANY
L IN C O L N , N E B R A S K A

subsequent legislation passed in the
1963 legislative session to remedy this
situation. The Governor’s order for
a special session then followed.
The basic conflict stems from the
brief statement contained in the Ne­
braska Constitution, Art. Ill, Sec. 19
(in part): “The Legislature shall not
pass local or special laws in any of the
following cases, that is to say: . . .
Regulating the interest on money.
“Granting to any corporation, asso­
ciation, or individual any special or
exclusive privileges, im m u n ity, or
franchise whatever. In all other cases
where a general law can he made ap­
plicable, no special law shall be en­
acted.”
The general usury laws of the state
provide a 9 per cent interest rate per
year.
In the confusion that followed the
Supreme Court rulings, many lawsuits
were filed by Nebraskans to gain re­
turn of principal and interest, as well
as retaining title to the commodity
purchased. Many such suits are on
file now, awaiting the court ruling on
legislation passed in November.
Several of these new bills are in­
tended to eliminate such a “windfall”
to buyers and are generally referred
to as the “remedial” bills. LB9 is a
bill providing for a constitutional
amendment to go before the voters.
LB11 is the bill setting forth new rates
of interest for the three categories of
loans. The 9 per cent usuary law
would still apply to regular loans oth­
er than time or installment sales. A
rate of 12 per cent would apply for
time sales, with penalty for violation
being twice the amount of interest,
and replaces the time sales law voided
by the supreme court. This previous
law permitted up to 24 per cent. The
installment loan section reduces the
maximum amount from $3,000 to
$1,500, sets maximum interest rates at
30 per cent on the first $200, 12 per
cent on the next $300, and 12 per cent
on the final $1,000.
LB’s 16, 17, 18 and 19 are remedial
in nature to remove severe penalties
that would otherwise accrue to firms
who negotiated time sales under the
laws passed in 1959 and which were
later declared unconstitutional. LB24
is a bill setting new statutes of limita­
tions for action resulting in such
cases.
An early decision is being looked
for by the public and the finance in­
dustry.

412 Farm Credit Building

1321 P Street

Phone 346-6677

Phone 432-3324

L E X IN G T O N , N E B R A S K A

CH AD RO N , NEBR ASK A

YO U R STATE BANKERS A SSO C IA TIO N
O F F IC IA L SAFE, VAULT AND
TIM ELO CK EXPERTS

Ernst & Bieck Building

999 East 6th Street

F. E. D A V EN P O R T & C O .
O M AH A

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77

M an y in g re d ie n ts have b u ilt o u r g re a t M id west. Earth and water, bricks, c o n c re te and
steel. O ur land has been r ic h ly en d ow ed w it h th e raw m a te ria ls o f gre atn ess. B u t it
has been t h e m en o f abilit y, visio n and zeal w ho have c o m b in e d th e s e in g re d ie n ts in to
t h e re a li ty o f g re a tn e s s . . . t r a n s p o r ta t io n and trad e , a g ric u lt u re , in d u s t ry and fin a n ce.
Such were t h e m en wh o b u ilt th e First N a tio n a l Ba n k o f O m ah a and b r o u g h t it to its
p re s e n t h o m e , erected in 1916. As th e First N a tio n a l has gro wn, it has helped o th e rs
grow, a d d in g t o th e p ro s p e r ity and th e c o n t i n u i n g g r e a t n e s s o f o u r e n t i r e r e g i o n .
T h e F i r s t N a t i o n a l B a n k o f O m a h a w o u ld like to m ak e its services availa ble t o you.

FIRST NATIONAL BANK OF OM AHA

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M ember Federal Deposit
Insurance Corporation

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B a n k e r, D e c e m b e r, 1963

78

•J. «#.

H o n o red On B ir th d a y

Who of American Women. She is past
regional vice president of the Nation­
al Association of Bank Women.

Joins Nelson Staff
Donald Biltoft has resigned as Nuck
oils County treasurer to join the Com­
mercial Bank in Nelson, Neb. He was
appointed county treasurer to fill the
vacancy caused by the death of Dale
Ferguson last May.

Springview Building

SIX SONS of J. J. DeLay, chairman of the board, DeLay First National Bank, Norfolk,
were in Norfolk recently to honor Mr. DeLay on his 80th birthday. It was the first
time all six sons had been together in 28 years. They are, from left: Eugene E. DeLay
from Oakland, Calif.; Navy Cmdr. Paul R. DeLay of San Diego; Harold J. DeLay of
St. Paul, Minn.; J. J. DeLay; Jay J. DeLay of Ann Arbor, Mich.; Bernard M. DeLay
of Norfolk, and John F. DeLay of Gainesville, Ya.

Director Named
Dave Powell, vice president of the
Huse Publishing Company and man­
ager of News Printing Company, has
been elected a director of the DeLay
First National Bank, Norfolk, Neb., to
fill the vacancy caused by the recent
death of W. O. Eichelberger.

Neligh Addition
Construction of a night depository
at the National Bank of Neligh got
underway last month, according to
John Glandt, executive vice president.

Merl H. Garrison
Merl H. Garrison, chief bank exam­
iner for the Nebraska State Banking
Department, died last month. He had
been with the department since 1929.

R. H. Freudenburg, president, First
National Bank, West Point, has an­

e jC iÿ e

Joseph Hirschfeld
Joseph Hirschfield, a director of the
McDonald State Bank in North Platte1
for more than 20 years, died last
month. He was 72 years old.

Elsie Bank Sold
Mr. and Mrs. H. D. Bancroft have
sold their interest in the Commercial
State Bank in Elsie, Neb., to Willard
Jackman, Charles Jackman and Don
Sexson of Grant.
Mr. Bancroft will remain active in
the bank until the first of the year.
Dorothy Magers, cashier, is remaining
on the staff.

Directors Named
The American State Bank of Homer,
Neb., has added Ivan Krumwiede of
Dakota City and Christian M. Miller
of Emerson to its board of directors.
Both are land owners and operators.

In “ W hos W h o”

West Point Construction

^Q n v e â to r â

nounced plans for a new bank build­
ing.
The new 64 by 57 foot building will
have a full basement and has been de­
signed to provide space for future
growth. It will have two private of­
fices, a spacious open officer area and
a combination directors’-estate confer­
ence room. One drive-in unit will be
installed and provision made for the
addition of a second window in the
future. Off-street parking also will be
provided.

Harry G. Titus, president, First Na­
tional Bank of Springview, Neb., has
announced the purchase of three lots
as a site for a new bank building. Con­
struction is to start next spring.
The new building will be located on
the west side of Main Street on the!
three lots extending north from the!
Niobrara Theater.

Mrs. Marie Wolden, cashier, Farm­
ers State Bank, Wallace, Neb., is listed
in the most recent edition of Who’s

n â u ra n ce

Nebraska City Change
San Vala, formerly in the commer­
cial loan department of the South
Omaha Bank, has jo in e d the Otoe
County National Bank in Nebraska
City as assistant vice president and
manager of the installment loan de­
partment. Mr. Vala had been in the
Omaha bank’s installment loan depart­
ment for nine years.

COM PANY OF NEBRASKA

Omaha, Nebraska
Serving N ebraska Banks with Competitive

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(A wholly owned subsidiary of the 4,500 stockholders
of L ife Investors of N ebraska)

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N orthw estern

Banker, D ecem ber,


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Federal Reserve Bank of St. Louis

7963

D. A, (DON) DREWS
1020 Omaha Natl. Bldg.
Omaha, Nebraska

79

M a y the peace and
happiness of Christmas
be yours this holiday
season and throughout
the com ing year.

., W 0 À W * ) H

STOCK YAHDS NATIONAL BANK
o f South Omaha, Nebraska
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION


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B a n k e r, D e c e m b e r, 1963

80
of absence from the correspondent
bank department of the National Bank
of Commerce in Lincoln during the
past two months to assist in the man­
agement of the First National follow­
ing the resignation of H. L. McKibbin.

New Bank Opens

National Bank of Commerce
T HE
Trust and Savings of Lincoln held
its Third Annual Women’s Finance
Forum November 5, 12 and 19 at the
Nebraska Center for Continuing Edu­
cation. More than 250 ladies signed
for the Advanced Seminar course this
year.
The staff of the trust department
acted as hosts and hostesses at the
meetings and served the ladies refresh­
ments following each meeting. J. C.
Whitten, senior vice president and
trust officer, acted as a seminar direc­
tor.
This year’s Forum was by invitation
to the ladies who attended the two
previous forums where basic banking
operations and transactions were ex­
plained and the operation of trust de­
partment services were outlined. It
was from the volume of questions
turned in at the previous Forums
that this year’s program was devel­
oped.
Subjects c o v e r e d in th is year’s
course were:
“ The E sta te P la n n in g Process
Through Wills and T e sta m e n ta ry
Trusts.” Speaker, Oscar L. Clarke, Jr.,
vice president and trust officer.
“The E sta te P la n n in g Process
Through Living Trusts and Life In­
surance Trusts.” Speaker, John E.
Wilson, trust officer.
“The Administration and Settle­
ment of Estates.” Speaker, D. J. Kro­
ger, vice president and trust officer.

"Post Mortem Estate Planning.”
Speaker, Robert S. Hinds, vice presi­
dent and trust officer.
“ Investments.” Speaker, Vincent T.
Goeres, vice president and trust offi­
cer.

Gruntorad Retires
With the transfer of operations from
the Ulysses State Bank to the David
City Bank, Emil L. Gruntroad ended
a banking career extending over more
than 40 years. He was vice president
and cashier of the Ulysses bank. Mr.
Gruntroad is remaining in Ulysses and
is operating an insurance agency.

Plan Blair Drive-In
Work was to begin last month on a
new drive-in facility for the Washing­
ton County Bank in Blair, Neb. The
facility is being built on a lot located
opposite the Blair newspaper offices.
Completion date is dependent upon
the weather.

The new Dakota County State Bank
in South Sioux City, Neb., opened last
month and conducted an open house.
The modern banking facility has four
teller w in d o w s and new banking
equipment. Construction of a drivein facility is underway and it will
open later.
Free rental of a safe deposit box for
one year was given to the first 100 per­
sons to open savings accounts.

Hastings Open House
Open house was held for four days
this month at the First National Bank,
Hastings, following completion of its
new building.

Plan Washington Trip
The Nebraska Bankers Association
has announced that dates for the bi­
annual Washington Trip will be Feb­
ruary 14 through 20. Persons making
the trip will leave Lincoln and Omaha
Friday evening, February 14, via the
Burlington Railroad, arriving in Wash­
ington Sunday morning, February 16.
The delegation will leave Washington
Wednesday afternoon, February 19,
and arrive in Omaha and Lincoln
Thursday, February 20.

80th Anniversary
New Bayard Officers
Mrs. J. A. Stockwell has been elect­
ed president of the First National
Bank of Bayard, Neb. James D. Stockwell, son of the late J. A. Stockwell,
who was president for many years
prior to his death, has been elected
executive vice president and manag­
ing officer. Donald Johnston has re­
signed as vice president.
James Stockwell has taken a leave

The Beatrice National Bank and
Trust Company, Beatrice, Neb., cele­
brated its 80th anniversary last month.
A $293,000 addition to the bank is
now under construction, with comple­
tion scheduled for next spring. The
new addition will be a half-block long,
three-story parking building which
will have two drive-in banking offices
on the first floor. Parking for 179 cars
will be available.

LADIES at the National Bank of Commerce seminar
listen intently as John C. Whitten, sr. v.p. & t.o., con­
ducts question and answer period. Assisting him are
Oscar L. Clarke, Jr., v.p. & t.o., and John E. Wilson, t.o.
N o r th w e s te r n

B a n k e r, D e c e m b e r ,


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Federal Reserve Bank of St. Louis

1963

81

FI RST NATIONAL BANK
& T r u s t C o m p a n y o f L i n c ol n
12th & N Street —Lincoln, Nebraska

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Federal Reserve Bank of St. Louis

Member: F.D .l.C .
N o rth w estern

Banker, D ecem ber,

19 6 3

82

Nebraska News

SHOWN VISITING- between sessions of the Nebraska Group
meetings are LEFT: Bill Beavers, a.v.p., Van Horne Invest­
ments, Inc., Omaha; G. A. Dunlap, v.p., Farmers & Merchants,
Milford, and John Van Horne, pres., Van Horne Investments,
Inc., Omaha. CENTER: Cecil Means, v.p., Stock Yards Na­
tional, Omaha; State Senator H. L. Gerhart, pres., First Na­

GROUP MEETINGS . . .
(Continued from page 73)
dent, Farmers & Merchants of Milford,
president; John A. Barr, executive
vice president, Citizens State Bank of
Pawnee City, vice president, and Dale
Young, assistant vice president, First
National Bank of Lincoln, secretarytreasurer.
Group Two

tional, Newman Grove, and Don Murphy, sr. v.p., Stock Yards
National, Omaha. RIGHT: New Group 1 officers: J. A. Barr,
exec, v.p., Citizens State, Pawnee City, new v.p.; G. A. Dunlap,
v.p., Farmers and Merchants, Milford, new pres., and Floyd J.
Patton, pres., Blue Springs State, Blue Springs, retiring
pres.

Group Four

Roland Emmett, vice president, Citi­
zens State of Arapahoe, president;
Warren McClymont, executive vice
president and cashier, First State of
Loomis, vice president, and Wally J.
Chaloupka, vice president, First Na­
tional of Hastings, secretary-treasurer.
Group Five

Paul Kosch, president, First Nation­
al of David City, president; L. L.
Loerch, Sr., vice president and cash­
ier, First National of Tekamah, vice
president, and James H. Moore, Jr.,
executive vice president, First State
of Fremont, secretary-treasurer.

R. R. Aden, vice president and cash­
ier, Gothenburg State of Gothenburg,
president; E. C. Varney, vice president
and cashier, Security State of Ansley,
vice president, and Dale E. Walkenhorst, vice president, First National of
North Platte, secretary-treasurer.

Group Three

Group Six

John E. Glandt, Jr., executive vice
president, National Bank of Neligh,
president; Edwin W. Tauer, president
and cashier, Crofton State of Crofton,
vice president; Leo Schellpeper, assist­
ant cashier, DeLay First National of
Norfolk, secretary, and Milford Weav­
er, auditor, National Bank of Norfolk,
treasurer.

Donald Lichty, vice president, Guard­
ian State of Alliance, president; George
R. Acker, vice president, Scottsbluff
National of Scottsbluff, vice president,
and E. K. Yanney, cashier, First State
of Lodgepole, secretary-treasurer.
Attendance at the six meetings was
approximately 1,330. These were the

NEW GROUP 4 OFFICERS are pictured at LEFT: Roland
Emmett, v.p., Citizens State, Arapahoe, new pres.; Wally Chaloupka, v.p., First National, Hastings, new secy.-treas., and
Edward Hall, pres., Roseland State, Roseland, retiring pres.
N orthw estern

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Federal Reserve Bank of St. Louis

7963

first group meetings held since April,
1962, when it was voted to transfer
the annual state convention to a
spring date and hold group meetings
in the fall.

NABAC Guidebook
Coupon Cutter’s Guidebook, a new
technical manual, has been issued to
member banks of NABAC, The As­
sociation for Bank Audit, Control and
Operation. It is especially designed
to provide banks with a simple, easyto-use reference for determining the
semi-annual amount of interest due on
bond coupons. Use of the new man­
ual can result in significant time sav­
ings, especially in banks with larger
bond, trust or collection departments.
Copies of “ Coupon Cutter’s Guide­
book” are available to non-member
banks as well as NABAC members.
The member price for additional cop­
ies is $1.25; the non-member price is
$2.50, and quantity discounts are
available. The guidebook may be or­
dered from NABAC Headquarters, •
P. O. Box 500, Park Ridge, 111.

RIGHT: Panel members at Group 5 meeting: R. E. Owen,
v.p., Nebraska State, Broken Bow; R. E. Johnson, v.p., Omaha
National, Omaha, and Wayne R. Morris, v.p., Overland Na­
tional, Grand Island, retiring pres, and panel moderator.

83

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S ea so n ’s G reetin gs From Y o u r C a p ita l C ity C orrespondent
NATIONAL

RANKofcom
merce
T R U S T S SAVINGS
MEMBER

AI Jorgensen

Rex M iller

F D I C

Tom Waldo

L IN C O L N . N E B R A S K A

Gen Goble

Dale Fagot

Wlnton Buckley

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Federal Reserve Bank of St. Louis

Charles Thompson

Banker,

Decem ber,

7963

Nebraska News

M o r e N eb ra sk a G roup M e e tin g P h o to s

ENJOYING GOOD FELLOWSHIP, always present at Nebraska
Group Meetings, are these bankers. LEFT: Jay Bordewick,
a.c., United States National, Omaha; Charles Novak, cash., M c­
Donald State, North Platte; Everett Johnson, v.p., Bank of

Burwell, and Wayne Thorndyke, v.p., United States National]
Omaha. BIGHT: Ernie Tanner, v.p., First National, Omaha;
Carl Schneider, v.p., Farmers State, Fairmont; Mrs. Schneider]
and Frank Love, v.p., First National, Omaha.

N e w P u blic ttela tio n s Guide

A

“ C u stom er Relations,” James F.
MANAGEMENT Guide to Public
Relations” is the title of a new L an gton , public relations director,
book just published by the FinancialBank of America, San Francisco.
Public Relations Association.
“ Community Relations,” Rawley F.
Chapter titles and their banker-au­ Daniel, vice president, State-Planters
thors are:
Bank of Commerce & Trusts, Rich­
“ Staff Relations,” Alfred E. Langen­ mond, Va.
bach, vice president, The First Nation­
“ Business Development,” C. Alfred
al Bank of Chicago.
“ Shareholder Relations,” Thomas R. Bailey, vice president, Mercantile Na­
Smith, president, The First National tional Bank, Dallas, Tex.
“Advertising,” Alexander B. Adams,
Bank of Perry, Iowa.

vice president, Bankers Trust Com]
pany, New York.
“ Publicity and Press Relations,” C|
Arthur Hemminger, vice president]
First National Bank in St. Louis.
“ Organizing for Public Relations,’
William P. Scott, vice president, Tht
Central Trust Company, Cincinnati]
Ohio.
Copies of the book (167 pages) havt
just been mailed to FPRA member or-I
ganizations. Non-members may order]
it ($5) from Financial Public Relations!
Association, 231 S. LaSalle Street, Chi-|
cago, 111., 60604.

Credit Card Protection

John Van Horne

Edwin Van Horne

“. . . anb a

PROSPEROUS
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Investm ents r
FARM CREDIT BLDG.

OMAHA

PHONE

Inc*
345 2241

Over 70 years of banking and investment experience
N orthw estern

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Federal Reserve Bank of St. Louis

The St. Paul Insurance Companies
have added credit card insurance toj
their product line.
Protection is supplied the policy-1
holder for charges made against lost]
or stolen credit cards. The new cover-]
age is available to individuals and to|
businesses.
The card holder is probably respon­
sible for charges against a lost or]
stolen card until such time as the card]
issuing company is notified that its]
card is missing.
This conclusion is supported by a]
recent New York State Supreme Court
decision in which a credit card holder]
was held liable by the court for $5701
in gasoline charged by the card finder.
In this case the card was used after
the holder lost it but before he knew
it was gone.
Protection a g a in st such financial]
loss is provided in the new St. Paul]
Insurance Companies’ credit card in­
surance.
All credit cards are covered, includ-|
ing telephone, diner club, gasoline, air
travel and department store. Limits
from $1,000 up are written for both|
individual and businesses.

Nebraska News

K-f:■'

iELAXING BETWEEN sessions of the group meetings are
iiEFT: Lyle F. Stoneman, v.p., First National Bank & Trust of
Lincoln, and H. L. McKibbin, pres., Bank of Minatare, Mina-

tare. RIGHT: John M. Shonsey, exec, v.p., and chm., Omaha
National, Omaha, and L. W. Langford, exec, v.p., First Na­
tional, North Platte.

1/EFT: E. J. Spieth, pres., First National, Oakdale; Tom Waldo,
r.-p., and A. F. Jorgensen, v.p., both of National Bank of ComInerce, Lincoln. CENTER: New Group 6 officers: Donald
jichty, v.p., Guardian State, Alliance, new pres.; George Acker,
f.p., Scottsbluff National, Scottsbluff, new v.p., and E. K. Yan-

ney, cashier, First State, Lodgepole, new secy.-treas. RIGHT:
Group 3 officers: G. P. Bauman, pres., The Tilden Bank, Tilden,
retiring pres.; John E. Glandt, Jr., exec, v.p., National Bank of
Neligh, new pres.; Leo Schelpeper, a.c., DeLay First National,
Norfolk, new secy.

few Accident Policy
A new accident insurance policy for
quests of hotels and motels has been
introduced in 25 states by The St.
5aul Insurance Companies.
Coverage for accidental death is
¡purchased by the hotel or motel. Pro­
tection is extended to all registered
quests.
In the event of death by accident,
the policy pays the guest’s estate $5,300. Each guest is insured during

the time he is registered at the hotel
or motel, plus a 12 hour period fol­
lowing the customary check-out time
on the day he departs.
Accidents occurring any place dur­
ing the period of coverage are in­
cluded.
Around the clock protection is thus
supplied the traveling man or family
on an extended trip, if each night’s
lodging is with a hotel or motel carry­
ing the plan of accident insurance.

Plan Merger December 7
Officials of Tootle-Enright National
Bank and American National Bank,
both of St. Joseph, Mo., who previous­
ly announced plans for consolidation
of the banks, hoped to have the merger
completed by December 7. The bank
will operate under the Tootle-Enright
charter, the title of American National
Bank of St. Joseph, and will be located
in the present quarters of Tootle-En­
right.

C o m p le te in v e s t m e n t s e r v ic e
Dealers

Underwriters
F

ir s t

N

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M e m b e r N e w Y o rk S to c k E x c h a n g e

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Distributors
e c u r it ie s

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.

A m e r ic a n S t o c k E x c h a n g e (A s s o c .)

Municipal and Corporate Bonds • Mutual Funds • Listed and Unlisted Stocks
1001 "O" St., Lincoln, Nebr.
Tel. 4-77-9221
2 3 7 N. St. Joseph Ave., Hastings, Nebr.
Tel. 4-63-314.1

Suite 624, Omaha National Bank Bldg.,
Omaha, Nebr.

Tel. 341-1500

513 West 3rd St.. Grand Island, Nebr.
Tel. 3 8 2 -0 7 4 6

N o rth w estern


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B anker, Decem ber,

1 96 3

86

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BANKERS TRUST COMPANY
DES M O IN E S , I O W A
M em ber: Federal Deposit Insurance C orporation

N orthw estern

Banker,

Decem ber,


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Federal Reserve Bank of St. Louis

1963

• Federal Reserve System

87
is slated to change hands in the near
future. A majority of the stock is to
be held by Stanley G. Smith, C. D.
Riter, John DeWild and Carl Lange.
The new owners plans to remodel the
bank.
Mr. Smith, who is heading the
group, is the executive officer and ma­
jority stockholder in the Rock Rapids
State Bank.

Iow a

NEW S
CH A R LE S H . W A L S H
FR A N K W A R N E R

P re s id e n t
S e c re ta r y

B u rlin g to n
Des M oines

Heads Emmetsburg Bank
John F. Spies has been elected pres­
ident of the Iowa Trust and Savings
Bank, Emmetsburg. He succeeds his
father, Charles J. Spies, who died last
month.
Following graduation from the State
University of Iowa, John Spies served
as a state bank examiner before join­
ing the bank in Emmetsburg. He has
recently been executive vice president
and cashier.
Charles J. Spies, 65, was well-known
by the banking fraternity throughout
the nation, having served as a council
member of the American Bankers As­
sociation. He was also a former vice
president and treasurer of the Iowa
Bankers Association, and he had re­
cently headed the IBA legislative com­
mittee. With his father, Jacob A.
Spies, Charles Spies founded the bank
in 1929.

Green Mountain Purchase
Application has been received by
the Federal Deposit Insurance Corpo­
ration for consent for the Security
Savings Bank, Marshalltown, to ac­
quire the assets of and assume the de­
posit liability of the Producers Sav­
ings Bank, Green Mountain.
As of December 31, 1962, the Green
Mountain bank had deposits of $609,710 and loans of $281,242. Capital is
$30,000, surplus is $30,000, and undi­
vided profits is over $10,000. It is an­
ticipated that the Green Mountain
bank will become an office for the Mar­
shalltown bank.

unit is built upon an all-welded steel
frame base, is air conditioned, and has
thermostatic controlled gas heat.

Farley Stock Increase
Capital stock has been increased at
the Farley State Bank from $75,000 to
$100,000 by a stock dividend of 33 Vs
per cent, according to J. L. Mahoney,
president.
Mr. Mahoney reports that this is the
third stock dividend declared by the
bank since 1951. In June, 1951, a 100
per cent dividend of $25,000 was made,
and in March, 1958, a 50 per cent divi­
dend of $25,000 was declared. The sur­
plus fund of the bank was increased to
$100,000 in June, 1963.

Emmetsburg Drive-In Plans
Construction is now underway on a
drive-in banking facility and after­
hour depository by the Iowa Trust
and Savings Bank, Emmetsburg, at
the rear of its building. A contract
has also been let to enlarge the book­
keeping department, build employees’
lounge and to modernize the entire
west side of the bank. The project is
being supervised by the Kirk Gross
Company, Waterloo.

Lester Bank Sold
Ownership of the Lester State Bank

2 ,0 0 0 At Centerville
Over 2,000 people attended the open
house held by the Centerville Nation­
al Bank last month, following comple­
tion of a remodeling project, according
to Wilson K. Ervin, president.

Cedar Falls Cashier
Keith E. Loterbour, formerly a vice
president of the First National Bank,
Canon City, Colo., has assumed his
n e w d u t i e s as
ca sh ie r of the
Midway National
Bank, C e d a r
Falls. Mr. Loter­
bour was auditor
o f the U n ited
Home Bank and
T ru st Company,
M ason City, be­
fore going to Col­
orado six months
K. E. L O T E R B O U R
ago.
Mr. Loterbour succeeds Philip A.
Jacobson, who resigned to accept a
position as cashier of the Postville
State Bank.

C. H. Hoyman
C. H. Hoyman, director of the Union
Trust and Savings Bank, Stanwood,
died recently. He was a director of
the bank for more than 50 years.

¡H an N ew Khteenpert M e t e r H ank

D. R. Cummings
D. R. Cummings, 94, director and
president of the Iowa State Bank,
Morning Sun, until 1960, died recently.
He is survived by his wife and one
daughter.

Ridianola Open House
An open house was held last month
at the new Motor Bank completed re­
cently by the Peoples Trust and Sav­
ings Bank, Indianola.
The Motor Bank building was built
locally by McCoy Manufacturing Com­
pany. It is 7 by 13V2 feet with a fourfoot overhanging roof on each side and
two feet on each end. The three-ton

ARCHITECT’S DRAWING of new drive-in facility planned for First National Bank,
Davenport, in Village Shopping Center.

The new facility will be designed in
HE First National Bank of Daven­
port has announced plans to build charcoal brick and white trim. It will
a new drive-in banking facility at theconsist of two outside drive-up win­
Village Shopping Center. Completion dows and one inside walk-up window.
There will also be a sizable “lobby.”
date is set for February 1.

T

N orthw estern


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Federal Reserve Bank of St. Louis

B anker, D ecem ber,

1963

Iowa News

M a rio n C entennial C elebra tion

free door prizes. Mr. Roberts was prt
sented with several gifts which ii
eluded a large three-tier birthday cake
Grade school youngsters gave him se\
eral birthday cards which they ha
made in art class.

Complete Westgate Purchase
R. L. Jipson, president of the Firs
National Bank, O elw ein, has an
nounced the completion of the pm
chase of the assets and deposit liabil
ties of the State Bank of Westgat«
The bank will be operated as a brand
of the First National Bank in Oelweii

Plainfield Open House
CENTENNIAL CELEBRATION of the First
National Bank of Marion, Iowa, was climaxed
recently with a stockholders’ and employees’
dinner. Featured speaker was A. Gordon Bradt,
retired vice president of the Continental Illinois
National Bank & Trust Company of Chicago.
He is shown here being greeted by Phil Morris,
president of the Marion bank. Mr. Morris is at
right.

I

OWA’S oldest national bank, the the month of October, according to a
First National Bank of Marion, cli­ report released by Glenn L. Ingle,
maxed 10 months of centennial cele­ state director of the savings bonds
bration with a stockholders’ and em­ program.
ployees’ dinner recently.
October sales brought the ten-month
It was on October 31, 1863, the char­ total for Iowa to $96,823,923 for 82 per
ter number 117 was granted to the cent of the 1963 quota. Ten-month
Marion bank. Now 100 years later the average for the entire nation was 91
bank is still operating under the origi­ per cent.
nal charter.
Bankers from around the middle- In Temporary Quarters
west attended the banquet and heard
The National Bank of Washington is
A. Gordon Bradt, retired vice presi­ doing business at a temporary location
dent of the Continental-Illinois Nation­ on the north side of the square while
al Bank and Trust Company, Chicago, an extensive remodeling job is being
present a discussion on “ Seven Sure undertaken on the main bank build­
Steps to Win Customers.”
ing. Work is expected to be completed
Among the highlights of the Centen­ by May, 1964.
nial celebration was the circulation of
the History of First National Bank in lien wick Open House
The Renwick Savings Bank held
pamphlet form to some 75,000 homes
in the Cedar Rapids-Marion-Linn Coun­ open house last month following the
ty area. A unique and, according to completion of an extensive remodeling
the newspapers participating, a “First project, supervised by the Kirk Gross
time” procedure was inaugurated in Company, Waterloo.
Improvements include a new direc­
the publication of the history of the
bank. The history was printed in tors’ room and two new private of­
such a manner as to allow insertion of fices. The lobby has been enlarged by
it in the newspapers. Subscribers fol­ incorporating a neighboring building
lowing the detailed instructions could into the main banking structure. A
fold and cut the insert so that it be­ new front of procelain and steel gives
came a booklet and was presented as the bank an attractive exterior appear­
“Your Own Personal Copy of The His­ ance. Adrian Raedmaker is the man­
tory of Iowa’s Oldest National Bank.” aging officer, having the title of exec­
Phil Morris, president of First Na­ utive vice president and cashier.
tional Bank of Marion, stated that he
was pleased and, in speaking on be­ Honor Diagonal Chairman
The First State Bank of Diagonal
half of the board of directors, gratified
at the reception of First National’s honored M. I. Roberts, chairman of
the board of directors, on his 84th
centennial celebration in Marion.
birthday anniversary recently with a
Iowa Bond Sales
Pancake Day. Three hundred fifty
Iowans purchased $8,158,583 worth persons signed the register through­
of United States savings bonds during out the day and participated in the
N orthw estern

Banker, D ecem b er,


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Federal Reserve Bank of St. Louis

1963

The Farmers State Bank, Plainfiek
held open house in its newly-remot
eled bank building on December 9, ac
cording to H. C. Stevens, president.

Honor Aurelia Banker
Howard Deyloff, president of th
First Trust and Savings Bank, Au
relia, observed his 40th year with th
bank on December 6.

List Van Horne Officers
Dean Johnson has been named pres
ident of the Van Horne Savings Bank
and Fred O’Brien has been advance«
to cashier.

Maquoketa Anniversary
The Jackson State Savings Bank oh
served its 60th anniversary last month
according to Lynn G. Fuller, cashier.

New Logan Cashier
Gerald C. Peterson has resigned a:
Harrison county auditor to take th<
position as cashier of the First Na
tional Bank, Logan.

Central City Bank Sold
A majority of the stock in the City
State Bank, Central City, has beer
sold to James A. Maurice, presiden
of the Monticello State Bank, and ;
group of his bank’s directors. Mr
Maurice says that the bank staff ir
Central City' will continue the same
Two new' directors will probably b(
added at the annual meeting.

Heads Clear Lake Bank
W. Howard Stewart, formerly exec
utive vice president of the First Na
tional Bank, Highland Park, 111., wil
be the managing officer of the newly
chartered Community National Bank
Clear Lake.
Mr. Stewart was a vice president o
the United States Bank and Trus
Company in Mason City before joining
the bank in Illinois. Donald Noller
president of the First National Bank
Evansdale, will not be actively asso
dated with the bank, as previously
announced.

RE WA RD

GH LOOKOUT POR BILL ALDRICH
This is Bill Aldrich, assistant cashier of the American National Bank£
Trust Company of Chicago. Clad in an old raccoon coat and driving
a high-powered Stutz Bearcat, Bill fingers banks in Nebraska, Iowa,
Kansas, Colorado, Montana and Wyoming.

He is prim arily known as a "contact” man. He moves
in quietly and cases every bank he calls on. (Be on
the alert if he hauls out an innocent-looking golf bag.)
Youngest member of famous Nebraska Aldrich clan. Watch him
carefully. Especially interested in rustling new business.
Rewards are substantial for bankers who apprehend this man for im­
portant information.
W e s e r v e t h o u s a n d s of p e o p le . ..b u t we s e r v e t h e m o n e at a tim e

American National Bank
AND TRUST COMPANY OF CHICAGO/LASALLE AT WASHINGTON
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION


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Federal Reserve Bank of St. Louis

FRANKLIN 2-9200

90

Iowa News

Heads College Foundation
Wayne Liljegren has been appoint­
ed as executive director of the Iowa
C o lle g e Founda­
tion which is an
association of 21
n on -ta x support­
ed colleges in the
state. He has been
vice president for
d e v e lo p m e n t at
J a m estow n Col­
lege in North Da­
kota. He is a na­
tive of G ow rie,
Iowa.
Neal Sands, president of the Valley

Bank and T ru st Com pany, Des
Moines, is treasurer of the Founda­
tion.

Fort Madison to Build
The Iowa State Bank will erect a
new bank building in Fort Madison,
60 by 80 feet, on the site of the old
post office, according to Bernard B.
Heese, president. Designer will be
the Kirk Gross Company, Waterloo.
The decor will be ceramic tile floor
in the lobby and the wall covering will
be walnut and vinyl. Carpet will be
laid in the open officers’ area and pri­
vate offices. Each department will
have its own individual colors, blend-

ing in with the ceramic tile floors.
The exterior will be faced with a
new brick. Predominating colors
blue, green and tan will be used in t‘
brick. The front will be of glass wit
a canopy extending over the front etrance.

New Waterloo Director
Robert L. Beal, president of th
Iowa Securities Company, has bee
e le cte d to th
board of director
o f the P e o p le
Bank and Tru
Company, Wate
loo.
In a d d itio n t
.
i g ^ being president o
I o w a Securitie
J g p f!
he is p resid en
'
^
and m em ber o
R. L . B E A L
th e b o a r d o
Guardian Invest
ment Company, Mutual Realty an
Investment Company and the West
ern Home Traders.

Complete Truro Building
Over 450 people attended the recen
opening of the new building com
pleted by the Truro office of the Unio~
State Bank, Winterset.
The building is of modernistic de
sign with large windows facing th
south on the main street. The build
ing was constructed and leased to th
bank by Dr. W. C. Coleman.

Ankeny Sponsors Barbecue
Between 1,400 and 1,500 people at­
tended the second annual barbecue,
sponsored by the Ankeny National
Bank, according to Carl Henderson,
president. The menu consisted of bar­
becued beef sandwiches, chips, rel­
ishes, cookies, milk and coffee.

Humboldt Buys Pennies

From the heart o f Sioux City
O u t

most sincere wishes to you

for a happy Holiday Season
-

-

-

-

from all of us at the

Security National Bank.

Red Oak Buys Site

SECURITY NATIONAL BANK
6TH AND PIERCE STREETS

N o rth w estern

Banker,

December,


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Federal Reserve Bank of St. Louis

•

1 96 3

SIOUX CITY, IOWA

•

The Humboldt Trust and Savings
Bank is paying a premium for pen­
nies, offering $1.05 for 100 pennies.
Jack Campbell, president of the bank,
feels that the plan may help relieve
the penny shortage in the Humboldt
area, stating that there must be thou­
sands of pennies in sugar bowls, ma­
son jars and piggy banks.

MEMBER F.D.I.C.

Paul D. Dunlap, president of the
Houghton State Bank, Red Oak, has
announced the purchase of the 80room Hotel Johnson.
Mr. Dunlap said the hotel will be
torn down and a new bank building
will be constructed on the site. Drivein facilities will be included in the
plan. Hotel operations will be discon­
tinued as of January 1.

91

NEARLY
*

CENTURY OF SERVICE
TO THE BANKS AND
PUBLIC OF IOWA

j&mw) cins<
QjJ©cn3
Walnut at Fourth

Des Moines, Iowa

F.D.I.C.

N o rth w estern


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Federal Reserve Bank of St. Louis

Banker, Decem ber,

1963

92

Iowa News

M o u n t V ernon C om pletes B u ildin g

O

PEN house was held last month up window and night depository.
by the Mount Vernon Bank and
The bank also offers a parking lot,
Trust Company, following the comple­
91 by 107 feet, giving access from the
tion of the bank’s extensive remodel­ alley and a U-shaped drive for easy
ing program.
entrance and exit. J. A. Fordyce, vice
The new structure is 46 by 60 feet president and cashier, was in charge
with a balcony level on three sides of of the project.
the lobby. One teller unit and the
note teller unit have raised floor units. Albia Banker Marries
Mrs. Katherine N. Falvey, vice pres­
Special features of the newly remod­
eled facilities are: LeFebure teller ident of the First Iowa State Bank,
equipment; Recordak microfilm equip­ Albia, has announced her marriage to
ment; Mastertape Music system, and Ralph W. Zastrow, prominent Charles
a special conference room for custom­ City attorney. The couple will reside
ers. The Mosler Safe Company has in Charles City, and also will maintain
installed a Century three and one-half a home in Albia.
Mrs. Falvey is completing her third
foot vault door, drive-in window, walk-

term as state representative iron
Monroe county. She has been instru
mental in legislation for the Iowr
banking fraternity and the Iowa De
velopment Commission.

Plan NABAC Meeting
The Eastern Iowa Conference of;
NABAC will hold its meeting at the
Sheraton-Montrose Hotel, Cedar Rap­
ids, January 15. “Credit Files for the
Country Banker” will be the theme of
the meeting.

60th Wedding Anniversary
Charles C. Kuning, retired vice pres­
ident of the American National Bank
and Trust Compa­
ny, Chicago, and
w ife, w ill ce le ­
brate their 60th
wedding anniver­
sary on December
16. The couple res i d e s at 6700
South C happel
A ven u e, Chicago
49, 111. Mr. Kun­
ing e s ta b lis h e d
c. C. K U N IN G
the correspondent
bank department for his bank in 1936.
He retired officially a year ago, but
reports that he goes down to the bank
once or twice a week.

Name Iowa Representative

see

NATIONAL

BANK

OF

WATERLOO

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

F
Member . . . Federal Deposit Insurance Corporation
Northwestern Banker, December, 7963

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Federal Reserve Bank of St. Louis

•

Federal Reserve System

Paul J. Burnett has been named the
Iowa representative of James Talcott,
Inc., according to Clarence A. Adams,
vice president of the firm.
Mr. Burnett joined Talcott in 1960,
and is a graduate
of St. T h o m a s
C o l l e g e in St.
Paul. He former­
ly held credit and
sales positions in
the M in neapolis
Talcott office. He
lives at 3103 For­
tieth Street, Des
Moines.
Iowa is within
P. J. B U R N E T T
the eig h t-sta te
area making up Talcott’s Minneapolis
district, headed by Mr. Adams. The
firm provides businesses with com­
mercial finance, factoring, equipment
financing and leasing, and rediscount­
ing.

Joins Decorah Bank
Carroll O. Sunde, Winneshiek Coun­
ty Extension agent for the past three
years, will join the staff of the Secu­
rity Bank and Trust Company, De­
corah, as farm representative on Jan­
uary 1,1964, according to Harold Grimstad, president.
Mr. Sunde, 32, is a graduate of Iowa
State University, Ames.

this: B anker Duroe keeps the credit lines open
to B urrell’s progressive dealership and to good
farm ers who w ant to expand; B urrell serves
farm ers with high-quality Purina Chows and
m an ag em en t help; v e te ra n P u rin a S alesm an
H arry Van De Pol acts as counsel and coor­
dinator to help keep the new business com ing
in to both men.

If your picture of “ a farm ” is the quaint, old
red barn, chickens on the lawn, and hogs ro o t­
ing in a pasture, it will pay to tu rn your head
90 degrees and look a t th e new farm business
opportunities around you.
T h a t’s w hat B an k er C. R . D uroe (F a rm er’s
S ta te B an k , Jesup, Iow a), Purina D ealer Cliff
Burrell and P u rina Salesm an H arry V an De Pol
are doing here. W h a t do th ey see? A new Purina
Pig P arlor, th a t takes hogs ou t of the mud and
puts them on an efficient, pork-m aking basis.

I f y o u ’re in terested in sim ilar new business
opportunities, talk with your local Purina Sales­
m an, or w rite D ept. 259, R alston Purina C om ­
pany, Checkerboard Square, S t. Louis 2, M o.

E a c h m an plays a p a rt in new farm business like

r

u

r

i

i

m

a

.

S E R V I IMG AIMI M AL A G R IC U L T U R E

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Federal Reserve Bank of St. Louis

94

He is currently serving on the boar«
of directors of AVillkie House and th
Grace Lutheran Church.
* * *
Central National Bank & Trust Com
pany is providing holiday shopper
additional parking area by turning th<
excavated site of its future new build
ing into an improvised parking lot
The area has been leveled to provide
parking spaces for some SO autos a
one time. The area was given by th<
bank rent-free to the Retail Mer
chants Bureau for the holiday season

Des Moines News

HE South Des Moines National
T
Bank has opened a new “Conven­
ience Center.” The 50 by 25 foot
addition includes a third drive-in win­
dow, the installment loan department
and a community room for use by civ­
ic groups.
=K *
The Iowa-Des Moines National Bank
has inaugurated a speech program for
Des Moines schools. A series of six
speeches are available to be presented
at the schools by bank personnel. A
teacher simply selects one of the six
topics, calls the bank and a member
of the bank staff schedules an appear­
ance at the school.
* * *
John Kern, Highland Park State
Bank, president pro tern of the Des
Moines Chapter of the American In­
stitute of Banking, has announced the

the appointment of Myrt Willemssen,
Iowa-Des Moines National Bank, as
women’s chairman for the coming
year. She fills a vacancy left by the
resignation of Mrs. Carol Van Gorp.
*

*

The Des Moines A.I.B. women’s
Christmas party was held December
3 at the Des Moines Club. The A.I.B.
Stag Party was held December 4.
* * *
Joseph F. Whylie, president of Whylie Opticians, Incorporated and Whylie
Farrell, Incorporated of Des Moines,
has been elected to the board of di­
rectors of the first Federal State Bank
24th Street and University, it was an­
nounced by Morris Stephens, presi­
dent and board chairman of the bank.
Mr. Whylie has been a resident of
Des Moines over 27 years and is ac­
tive in community and church affairs.

Vorn P o p p e r ! Ba y s tPividends

TRIAL RUN for corn
popper was made at
local school function.
Shown with Mr. Nel­
son are two of his
daughters, Judy (left)
and Barbara.

I

B a n k e r, D e c e m b e r,


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Federal Reserve Bank of St. Louis

The annual report of the Greatei
Iowa Corporation reports that the in
vestment firm has sold its 860 share*
of stock in the Midway National Bank
Cedar Falls, to W. N. Shellenbarger
president of the Farmers State Bank
Marion. He is treasurer of Greatei
Iowa.
The investment firm will retain it;
stock in the First National Bank, Ce
dar Falls, and also retain an interes
in First Federal State Bank, De*
Moines.

Knoxville Opening
The C om m u n ity National Bank
Knoxville, held open house last montl
following the completion of its remod
eling program.
One of the major new service fea
tures added during the remodeling h
a walk-up window, which was in
stalled in the small lobby just inside
the front entrance.
Individual private offices have alsc
been installed for bank officials along
the south wall of the bank. The new
offices, President Jam es B ellam y
points out, not only provide added pri­
vacy, but also expedite service to the
bank’s customers. New flooring and
carpeting were placed in the office
area. There were other minor con­
struction improvements, including re­
painting of the entire lobby area.

Elect Bluegrass Officers

F YOU are frequently confronted by than $100.
members of local organizations ask­
Direct donations to worthy groups
ing for donations, take a tip from have been reduced through the alter­
George Nelson, assistant cashier of the nate plan of lending the groups the
Central National Bank and Trust Com­ corn popper and enough supplies to
pany, Des Moines. To solve the fund make about $30 by selling freshly
raising problem, Mr. Nelson purchased popped corn at their meetings. Mr.
an electric corn popper on behalf of Nelson states that the groups must
the bank for an investment of less furnish their own labor!
N o r th w e s te r n

Greater Iowa Sells Stock
In Cedar Falls Bank

1963

Members of the Bluegrass Bankers
Association, consisting of bank person­
nel from Ringgold, Union, Taylor and
Adams Counties, held a meeting in
Clearfield last month and elected new
officers.
Dale Juergens of Clearfield was
named president of the group, and
Stanley Cregeen of D iagon a l was
named treasurer.
YO U R STATE BA N KERS A SS O C IA T IO N
O F F IC IA L SA FE, V A U L T A N D
T IM E LO C K EXPERTS

F. E. DAVENPO RT & CO.
O M AH A

Iowa News

money bag with the firm name im­
Loan It is Its in c rea
se along with the words “ Mint
printed

ortffnife
HE managers of mortgage port­
folios are again assuming more
sks, and must be more selective in
xepting loan applications, according
the article “New Developments in
e Residential Mortgage Market,” in
le Monthly Review of the Federal
eserve Bank of Minneapolis.
The volume of residential building
1 recent years has depended mainly
n demand factors unrelated to the
vailability of credit, and the growing
mount of mortgage debt places added
nportance on the soundness of this
pe of lending, writes Oscar F. Litrer.
After reviewing the expansion of
ortgage debt in the 1960s and noting
he pressure that ample investment
unds have placed on mortgage yields,
rr. Litterer considers the questions
ome observers have raised about loan
uality.
‘In adopting aggressive methods in
rder to loan out the large inflow of
unds, financial institutions have liberlized terms and resorted to a considrable amount of mortgage refinancing
vhich, in fact, involved making peronal loans at mortgage loan rates,”
vrites Mr. Litterer.
“An increasing amount of mortgage
redit has been granted to borrowers
vhose annual income probably would
ave classified them as marginal in
ormer years,” he says.
Despite the apparent lowering of
redit standards, and the increasing
'ate at which mortgage loans are passng through the stages of delinquency,
default and foreclosures, “the number
f such loans in relation to the total
utstanding still is small, in fact, alnost insignificant,” writes Mr. Literer.
The current doubts expressed on the
uality of credit, he says, stems from
he fact that the number of loans in
ifficulty is rising steadily.
* *
An abundance of funds in savings
nd loan associations is promoting
ome loan officers to grant mortgages
hey otherwise would hesitate to con­


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Federal Reserve Bank of St. Louis

95

sider, according to Joseph P. McMurray, chairman, Federal Home Loan
Bank Board.
“ Continuation along these paths will
inevitably lead to difficulty for a suf­
ficient number of institutions so that
the entire industry might be embar­
rassed if not weakened,” he said.

$amples.” The bag is filled with indi­
vidually wrapped mint candies. The
cost is less than a dime each. Free
samples available on request from
Thomas G. Lohre, Sales Promotion
Consultants, 1220 Breckenridge, Cov­
ington, Ky.

ACORN

M i n t S a m p les
COVINGTON, ICY., firm is mak­
ing available to the financial field
a new specialty item in the form of
“ Mint $amples.”
It consists of a miniature cloth

A

Registers

"Accepted Sale Registers by Bank
Clerks Everywhere"
For information write

THE A C O R N PRINTING CO .
Oakland, Iowa

Holiday
Good Wishes
to you and yours
from all your
f riends at
Drovers

N o r th w e s te r n

B a n k e r, D e c e m b e r, 1 9 6 3

96

Iowa News
succeeded in marshalling strong Con
gressional support for a tax cut, al
though there appeared to be little
chance of the tax bill being enacted ii
the c u r r en t Congressional session
There is no apparent reason why Pres’
ident Johnson should be less inter
ested than his predecessor in achiev
ing a reduction in taxes. In fact, th
shift in Administration could meai
earlier action on the tax bill than wa:
likely previously, assuming Presiden
Johnson is willing to give it priority
over civil rights legislation.”
Construction

ON THE PROGRAM of the Iowa-Des Moines National Bank’s annual “ Trends” con­
ference were, from left, STANDING: Calvin W. Aurand, pres., Iowa-D.M. Natl.; Dean
McNeal, exec, v.p., Pillsbury Co., Minneapolis; Robert J. Hampson, v.p., Ford Motor Co.,
Birmingham, Mich.; Thomas O. Nobis, v.p. & secy., Central Engineering Co., Davenport;
Earl B. Hathaway, exec, v.p., Firestone Tire & Rubber Co., Akron, Ohio. SEATED:
Roy L. Reierson, sr. v.p. & chief economist, Bankers Trust Co., New York, and A. Paul
Thompson, pres., Iowa Power & Light Co., Des Moines.

T ren d s fo r
tiff

1 9 6 i P r e se n te d

tin si n ess T en d ers

business lead­
S IXersnationally-known
presented their views on

“ Iowa Business Trends in 1964” at the
annual conference for business execu­
tives sp o n s o r e d by the Iowa-Des
Moines National Bank in Des Moines
on December 4.
Calvin W. Aurand, president, intro­
duced the speakers and presided over
the session. A summary of the 1964
business trend forecast by the six
leaders follows:
The Economy

Roy L. Reierson, senior vice presi­
dent and chief economist, Bankers
Trust Company, New York: “The per­
formance of the American economy
this year has exceeded expectations,
and as a result business sentiment is
optimistic regarding p r o s p e c ts for
1964. Contributing to this confidence
in the outlook has been the surprising
strength shown by automobile sales
and home building, and the anticipa­
tion of a reduction in Federal income
tax rates.
“The majority of economists are in­
clined to discount the likelihood of a
business downturn in the foreseeable
future, and to envisage total output,
industrial p ro d u ctio n , employment,
personal income and other such broad
measures of economic activity as con­
tinuing to register gains through most,
if not all, of the year ahead. Most
N orthw estern

Banker, D ecem ber,


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Federal Reserve Bank of St. Louis

Thomas 0. Nobis, vice president anc
secretary, Central Engineering Com
pany, Davenport: “ In terms of dollar
value of construction, there will b
spent in Iowa during 1964 approxi
mately $138 million on residential com
struction, approximately $142 millioon non-residential, public building an
commercial construction, and approxi­
mately $150 million on public work
and utility construction, for a grand
total of about $430 million. This will
reflect a nearly 3 per cent upswing in
dollar volume of construction in Iowal
over anticipated 1963.
“Factors that could alter my pre
diction are: weather, national econom­
ic conditions and the coming election
year. The latter can make a differ­
ence t h r o u g h public funds being!
speeded into public works to create
job opportunity and higher payrolls
before election time so as to create;
economic well being. This could in­
crease contemplated construction ac­
tivity in Iowa in 1964.”

1963

economic projections place the gross
national product for 1964 in the neigh­
borhood of $615 billion, or about 5 per
cent above the estimate for this year.
“ It seems a reasonable assumption,
too, that the favorable economic cli­
mate in prospect, together with other
forces at work, may operate in the
direction of some further rise of inter­
est rates in the course of the year
ahead. However, barring a balance of
payments crisis, it seems unlikely that
credit conditions will become so tight
as to place significant upward pres­
sures on bond yields and mortgage
rates. This suggests that interest rate
movements, in the long-term markets
at least, may continue to be fairly
moderate, as has been the case for
some time.
“ President Kennedy’s assassination
and the subsequent change in Admin­
istration obviously pose a number of
questions as to possible implications
for the course of business, of legisla­
tion and of finance. However, a pro­
tracted period of unsettlement in busi­
ness confidence sufficient to cause
business managements to curtail their
capital investment programs does not
seem a likely prospect. Likewise, it
seems fair to conclude that once the
shock of the tragedy has worn off,
consumers will resume their earlier
spending patterns.
“The Kennedy Administration had

Manufacturing

Robert J. Hampson, vice president,
Ford Motor Company, general man­
ager, Ford Tractor Division, Birming­
ham, Mich.: “The Ford Motor Compa­
ny is represented in Iowa by a farm
implement plant, a Philco plant, two
parts depots, three district sales of­
fices, and more than 350 car, truck
and tractor dealers.
“D e m a n d for agricultural equip­
ment, of course, is closely related to
farm income and to the farmer’s con­
fidence in the future. He tends to
plan on the basis of his recent experi­
ence, his cash on hand, and his expec­
tations for the year just ahead.
“Generally speaking, the national
outook for the farmer in 1964 is an
optimistic one. Despite the drought
in many parts of the country this year,
farmers largely have fared well and
in some instances have harvested rec­
ord crops at record prices.
“ In an effort to assess the farmer’s
outlook in Iowa, we recently made a
survey which indicates a further opti­
mistic view for 1964.

Iowa News
“A year ago 11.5 per cent of our re­
lies from Iowa farmers in a similar
urvey predicted that 1963 would be a
etter year for them than was 1962.
his time the percentage counting on
better 1964 rose to 16.
“The majority, as is customary in
ost surveys like this, predicted that
ext year would be “about the same”
s 1963. In our evaluation, however,
hose who make a positive answer beome the barometer. Hence, we reard this increased percentage of optiistic replies as a significant indicaion of Iowans’ outlook.
“Manufacturing in Iowa appears sta­
le. The national outlook for manuacturing as a whole shows significant
rowth. The automobile industry, al~ays looked to as a vital indicator of
he strength of our economy because
t affects so many industries, again
xpects a strong year. Although unrecedented, this would mean three
onsecutive years of seven-millionlus car sales. The machine tool inlustry, linked closely with the forunes of other industries, is optimistic
n the wake of its best year since 1957.
ànd, as mentioned earlier, the tractor
nd implement manufacturers expect
third consecutive good year in 1964.”

for natural gas service in 260 commu­
nities.
“Meeting this greater and greater
demand for energy, both electric and
gas, requires investment in new’ facili­
ties. The gas industry forecast of con­
struction in 1964 is $1,740,000,000 com­
pared to $1,680,000,000 for 1963. The
estimate for the electric energy indus­
try construction expenditures in 1964
is $4,695,000,000, after a 1963 program
aggregating $4,642,000,000.
“The Iowa investor-owned electric
and gas utilities will construct and in­
vest in generation, transmission and
distribution facilities, both electric

97

and gas, approximately $58,000,000
during the next 12 months. The two
major projects to be completed in 1964
are the 125,000 kw addition to Des
Moines Power Station and the new
George Neal Power Station at Sioux
City with a capacity of 150,000 kw.
This represents an increase in gener­
ating capability of 16 per cent for the
Iowa Power Pool and, through the use
of the Iowa Grid network, assures a
dependable, adequate supply of elec­
tric power for present and prospec­
tive business and industry in the state
of Iowa.
“The utility picture for Iowa would

Public Utilities

A. Paul Thompson, president, Iowa
ower and L ig h t C om pany, Des
"bines:
“ The 1964 outook for the utility in­
dustry is a fairly reliable barometer of
he economic health of the area we
serve.
“Continued growth in sales and rev­
enues will result from increased usage
primarily and from additional custom­
ers to a lesser extent. This has been
the pattern for the past decade and
longer, and I see no reason to discount
such a trend into the foreseable fu­
ture. Illustrative of growth in usage,
Iowa Power’s electric sales averaged
3,500 kilowatt-hours per urban resi­
dential customer last year, are esti­
mated at 3,700 kilowatt-hours for 1963,
and are projected for 1964 at 3,900 kilo­
watt-hours. Ten years ago this aver­
age urban residential customer usage
w a s approximately 2,100 kilowatthours.
‘In connection with the natural gas
business, communities now served are
approaching practical saturation and
the growth is in adding new communi­
ties. For example, Northern Natural
Gas Company has Federal Power Com­
mission approval to bring natural gas
to 76 new communities in 1964. In­
cluded are two to be served by Iowa
Power in central Iowa. Over the last
two years, Northern has accumulated
firm requests from utility companies

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Federal Reserve Bank of St. Louis

A ll th e usual services
provided fo r correspondents . . . and a desire to per­
form them well enough to deserve your patronage and
good will.

Call us about participations and cattle or

grain overlines.

L e t us a ct as your depository.

Our

y ears of correspondent experience will help you serve
custom ers better.

tFMoney Matters-iWk "First

...4 :

-S '/.

Lrst N a tio n a l B a n k
M e m b e r F ed era l D e p o sit I n s u r a n c e C o r p o ra tio n

'l i t i

N o rth w estern

C

Banker,

it y

Decem ber,

1963

98

Iowa News

W ANT ADS

Rates 20 cents per word per
insertion. Minimum: 10 words.
NORTHWESTERN BANKER
306 15th St., Des Moines, Iowa
BANK WANTED
If you have a bank of two to four
million dollars of deposits for sale,
please contact me. My 26 years of
experience in banking has been
conducted in the rural area. Write
in confidence to SWA, c /o NORTH­
WESTERN BANKER, 306 15th
Street, Des Moines, Iowa 50309
BANK EXECUTIVE
Completely modern three and onehalf million dollar bank in a small
but live town in Northeast Ne­
braska needs a second executive
officer thoroughly qualified to make
and service agricultural and live
stock loans. Vice-Presidency, di­
rectorship; opportunity to buy
shares all open to the right man.
Prefer married man under 40. Send
details and full particulars your
record of loaning experience to
DPS, c /o N O R T H W E S T E R N
BANKER, 306 15th Street, Des
Moines, Iowa 50309.
Young banker will pay premium
for 51 to 100% of stock in coun­
try bank. Prefer bank with good
insurance agency and deposits of
$2 million or more. All replies
strictly confidential. Write AQN,
c /o N O RTH W E STE RN BANK ER,
306 15th Street, Des Moines, Iowa
50309
LEGAL FORMS
Any form you need we stock, or
will print. Special form s then
stocked fo r prompt shipment on
reorders.
IOWA LEGAL BLANK
& PRINTING CO.
Box 238, Webster City, Iowa

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N o r th w e s te r n

B a n k e r, D e c e m b e r, 1 9 6 3


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Federal Reserve Bank of St. Louis

be incomplete without consideration
of the communication and transporta­
tion industries.
“With reference to communications,
an outstanding example of growth in
hand for 1964 is Northwestern Bell
Telephone. It has announced a 1964
construction program for Iowa in the

C O N V E N T IO N S
January 22-25 — American Institute of
Banking, M id w in ter Meeting,
Diplomat Hotel, Hollywood, Fla.
January 22 — Minnesota Bankers, An­
nual Midwinter Conference, Radisson Hotel, Minneapolis.
January 27-28—ABA National Credit
C o n fe re n ce , Bellevue-Stratford,
Philadelphia.
February 16-19—Colorado Bankers In­
stallment Workshop, Broadmoor
Hotel, Colorado Springs.
March 9-11— ABA National Install­
ment Credit Conference, Conrad
Hilton, Chicago.
March 23—Iowa Bankers Association,
Spring Banking Conference, Savery Hotel, Des Moines.
April 6-8—ABA National Savings Con­
ference, Sherman House, Chicago.
April 9-11—Independent Bankers As­
sociation, A n n u a l Convention,
Leamington Hotel, Minneapolis.
April 14-15—South Dakota Bankers
Agricultural Conference, Pierre.
April 22—Minnesota Bankers Associ­
ation Installment Credit Confer­
ence, Hotel Duluth, Duluth.
May 7-8—Nebraska Bankers Associa­
tion, Annual Convention, Cornhusker Hotel, Lincoln.
May 14-16—South Dakota Bankers As­
sociation, A n n u a l Convention,
Sheraton Johnson Hotel, Rapid
City.
June 1-5—American Institute of Bank­
ing, Annual Convention, SheratonPark and Shoreliam Hotels, Wash­
ington, D. C.
June 4-6—Colorado Bankers Associa­
tion, Annual Convention, Broad­
moor Hotel, Colorado Springs.
June 11-13—Wyoming Bankers Associ­
ation, Annual Convention, Jackson
Lake Lodge, Moran, Wyoming.
June 15-17—Minnesota Bankers Asso­
ciation, Annual Convention, Hotel
Leamington, Minneapolis.
June 18-20—Montana Bankers Associ­
ation, Annual Convention, Many
Glacier Hotel, Glacier National
Park.
September 27-30—Robert Morris As­
sociates, Annual Co nv e nt i o n,
Queen Elizabeth Hotel, Montreal.
September 27 - October 1 — Financial
Public Relations Association, An­
nual Convention, Chase-Park Plaza
Hotels, St. Louis.
September 28-30 —- NABAC, National
Association for Bank Audit, Con­
trol and Operations, Annual Con­
vention, Americana Hotel, New
York.
October 18-21—Iowa Bankers Associa­
tion, Annual Convention, Hotel
Fort Des Moines, Des Moines.
October 25-28—American Bankers As­
sociation, Annual Convention, Mi­
ami Beach, Fla.
November 8-10—ABA National Agri­
cultural Credit Conference, Hotel
Peabody, Memphis, Tenn.

amount of $36,000,000. This compares
to $32,000,000 in 1963. Next year, Des
Moines will see the building of a new
office structure, the largest, 264,000
square feet, in our city.”
R etailing

Earl B. Hathaway, executive vice
president, The Firestone Tire and
Rubber Company, Akron, Ohio: “At
Firestone when Iowa is mentioned, we
sit up and take notice. There is no
other state where we do more farm
tire business than we do in Iowa. In
Des Moines we have one of our largest
tire plants making many of the largest
tires we produce. It was begun in
1945 and we have never regretted it
for a minute. In Iowa, we have located
15 of our company stores—three in
Des Moines. Many of our strongest
dealer outlets are prospering in Iowa.
“Efficiency experts tell us that mu­
sic steps up a worker’s productive ca­
pacity. The sound of more and more
vehicles roaring along our highways
and working on our farms is the mu­
sic that keeps our industry stepping.
By 1970, the 81 million vehicles of to­
day will be joined by over 15 million
more. Many of the people who are
living in our central cities today will
join their friends outside the cities in
“ Suburbia.” In fact, in less than 15
years, 32 million people will be living
on land that today is largely unincor­
porated open area. So we not only
have this great retail growth problem
in our industry complicated by the
mobility of people, but we also have
an influx of new retailers going after
this business.
“This conference is concerned not
only with retailing but also with busi­
ness trends and the outlook for 1964.
Here is what we believe 1964 has in
store for us:
“The tire industry will sell an esti­
mated 141 million new passenger,
truck and tractor tires in 1964—the
biggest year ever for our industry. Of
these, over 15 million will go to the
important farm market. In fact, farm­
ers use enough rubber each year to
provide the tires for over six million
cars.”
Agriculture and livestock

Dean McNeal, executive vice presi­
dent, The Pillsbury Company, Min­
neapolis:
“With record numbers of cattle on
feed and with many of these cattle be­
ing at heavy weights, prices for fed
cattle are expected to be weak during
the first part of 1964—probably into
May-June. Prices during this period
probably will average $1 to $2 per
hundredweight under prices a year
earlier.
“Prices for heavier cattle probably

Iowa News

99

IH ¡I

Üi

REGIONAL HEADQUARTERS for Diebold, Inc., lias been
moved to new quarters in Des Moines at 5711 Hickman Road.
Staff members, shown above in the new offices, are, from left:
Richard S. Gwinn, regional manager; John E. Klein, Iowa sales

engineer; Hal Herron, Nebraska sales engineer; Don Camp,
service representative; Don Graul, service representative; John
Fluke, service manager; Fred Alexander, service representative,
and Harold Connor, service representative.

Diebotd Expands Des Moines Office

S

ERVICE and sales facilities of the
Des Moines office of Diebold, Inc.,
has been expanded through a move to
larger quarters. The new office is lo­
cated at 5711 Hickman Road in Des

Moines. The new telephone number
is 277-4427.
Richard Gwinn is manager of the
office, which has charge of the firm’s
bank business in Iowa and eastern Ne­

braska. Personnel include three sales­
men and six service technicians.
The service department of the Des
Moines office of the safe company has
grown from one man to six men in the
last four years. Home office of Diebold
is in Canton, Ohio.

will continue lower than normal rela­
tive w e i g h t s d ur i ng the winter
months.
“ Some strength is expected in fat
cattle prices after June, and it is ex­
pected that prices will advance to lev­
els above the same period in 1963 by
September or October. The average
price for the year probably will be
only slightly lower than the average
during 1963. Feeder cattle prices have
declined rather sharply this fall. This
trend seems to be leveling off, and
there may be some rally into early
1964.
“Hog producers in this country have
maintained a good balance between
the supply of hogs and the demand
for pork products during the past
three years. Hog numbers on farms
January 1 will be down slightly from
last year. Farrowings were signifi­
cantly higher than a year earlier in
April-July. This means slaughter sup­
plies will be somewhat bigger than a
year earlier during December-February. Higher feed prices during the
past summer with hog prices about
the same as a year earlier caused the
late fall crop to be down about 3 per
cent. It is expected that the December-May litters will also be down
slightly as compared with a year ear­
lier.
“ Continued high consumer incomes
and slightly smaller slaughter supplies
of hogs should result in prices during
1964 averaging slightly higher than in
1963. It seems likely that the high for
Chicago hog prices next July or Au­

gust will be about $20 per hundred­
weight, or the same as during the
summer of 1963.
“The number of sheep and lambs on
farms in 1964 will be close to the low­
est on record. This is a continuation
of a long-time trend which shows no
signs of turning. The supply of sheep
and lambs for slaughter in 1964 is ex­
pected to be slightly smaller than in
1963, and prices will average about the

same. Ample supplies of beef will
hold prices down even though the sup­
ply of sheep and lambs for slaughter
is smaller.
“The outlook for Iowa livestock pro­
ducers appears reasonably good for
the next three to five years. Those
producers who have operations big
enough to keep unit costs to a practi­
cal minimum should experience favor­
able results.” — End.

N o rth w estern


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

B anker, Decem ber,

1963

100

In the

DIRECTORS9
RO
The True Test
Judge: Officer, what makes you
think this man’s drunk?
Officer: Well, Judge, I didn’t bother
him when he staggered down the
street or when he fell flat on his face,
but when he put a nickel in the mail
box, looked up at the clock on the
church and said, “Good heavens, I’ve
lost 14 pounds, I brought him in.”

Modern Living II
The modern husband comes home
from work and greets his wife with,
“Hiya honey, what’s thawing?”
Useful Gifts
Gift for the man who has every­
thing: A calendar to remind him when
the payments are due.

Big Spender
There is the story of the Texan wh(
was so rich that every time he wroti
a check the bank bounced.

W ho’s Boss?
“You’re getting a new car? But the
one you have is practically brand
new!”
“It’s a whim of my wife.”
“Why don’t you put your foot
down?”
“Not with my wife. She has a whim
of iron.”

Cause for Reflection
t
This is a weird story of the last mar
on earth, after the H-Bomb had de
stroyed the world. Alive only by £
miracle, this d i s t ra u g h t survivoi
looked down from an upper floor o1
the Empire State Building on tota
devastation as far as the eye could see
Engulfed in a feeling of abysmal
loneliness, he decided he could not
bear to be the only person alive—sc
he jumped.
His body hurtled down, story after
story.
As he passed the 13th floor, he heard
a phone ringing!!

Daddy’s the Devil
Two little girls on their way home
from Sunday school were solemnly
discussing the lesson.
“Do you believe there is a devil?”
asked one.
“No,” said the other promptly. “ It’s
just like Santa Claus; it’s your father.”
i)

Davenport, P. E., and Company ...........
DeLuxe Check Printers, Inc.......................
Diebold, Inc.......................................................
Downey, C. L. Company ..........................
Drovers National Bank ..............................

I N D E X OF
A D V E R TISE R S

94
14

15
12
95

E

Employers Mutual Casualty Company . 38
F

DECEMBER, 1963
„

A

A corn Printing- Company ........................... 95
A m erican E xpress Company ................. 52-53
Am erican National Bank and Trust
Company— Chicago .................................... 89

^

B

B ank of Am erica .............................................
B ank Building and Equipment
Corporation ...................................................
Bank of M ontreal .............................
Bankers Trust Company— Des M oines!
Bankers Trust Company— New Y o r k ..
B lack Sale System ........................................
C

24
11
42
86
45
56

Canadian Im perial Bank of C o m m e re .. 68
Cadillac A ssociates, Inc.............................
56
Central National Bank and Trust
Company— Des Moines ............................. 22
Central National Insurance Company . . 18
Central States H ealth and Life Co ..1 0 1
Chase M anhattan Bank, The .................... 17
Chemial Bank New Y ork Trust Co........ 51
Chiles and Company .................................... 76
Christmas Club a Corporation ......... ! ! ! 43
Commerce Trust Company ......................... 20
Continental Illinois National Bank and
T rust C o m p a n y ............................................. 19
Council Bluffs Savings Bank .................. 99
Cum m ins-Chicago Corporation ................ 46
N o rth w estern

Banker, D e c e m b e r,


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

1963

Hot Debate
Two political candidates were hav
ing a big debate. Finally one of then
jumped up and yelled at the other:
“What about the powerful interest
that control you?”
And the other guy screamed back
“You leave my wife out of this!”

Farm Business Council, Inc......................
First National Bank— Chicago ...........
First National Bank— Kansas City . . . .
First National Bank— Omaha .................
First National Bank— St. Louis ...........
First National Bank— St. Paul ...........
First National Bank— Sioux C i t y ........
First National Bank and Trust
Company— Lincoln ....................................
First National Bank and Trust
Company— Tulsa ......................................
First National City Bank of New York
First Nebraska Securities, Inc..................

M

Manufacturers Hanover Trust Co............
Marquette National Bank .......................
Mastertapes Music, Inc.................................
Mercantile Trust Company .....................
Merchants National Bank .......................
Minnesota Commercial Men’s
Association ...................................................
Morrison Hotel ..............................................

41
61
35
55

2

54

50

\

36
39

48

77
6

58

97

81
66

National Bank of Commerce Trust
& Savings .....................................................
National Bank of South Dakota ...........
National Bank of Waterloo ...................
National Boulevard Bank of Chicago . .
National Cash Register Company . . . . 9,
National Fidelity Life Insurance Co. . .
Northern Trust Company .........................
Northwestern National Bank— Sioux
Falls ...............................................................

83
65,
92
8

49
62

3

66

«

4
85

Omaha National Bank ................................ 75
Ozark Air Lines, Inc..................................... 63

Gross, Kirk, Company ................................ 95

G

Ralston Purina Company ......................... 93
Recordak Corporation ................................ 37

H

St. Paul Insurance Com panies...............
Security National Bank— Sioux City . . .
Stock Yards National Bank— Omaha . .
Studley, Shupert Trust Investment
C o u n c il...........................................................

Harris Trust and Savings Bank ........... 47
Hotel Henry Hudson .................................. 50

I

Investors Life Insurance Company
of Nebraska ......................... •...................... 78
Iowa Bank Sales ...................................... ! . 98
Iowa-Des Moines National Bank ............102
Iowa Stamp & Marking Company . . . . 98
li

LaMonte, George & Son ............................ 13
LaSalle National B a n k ................................
5
LeFebure Corporation ................................ 57
Live Stock National Bank— Sioux City. 64

R
S

16
90
79
40

IT

United States Check Book Company . . 44
United States National Bank— Omaha . 72
V

Valley Bank and Trust Company—Des Moines ................................................. 91
Valley National Bank— Phoenix .......... 10
Van Horne Investments, Inc..................... 84

z

Ziegler, B. C., and Company ................. 40

<

"Our customers like
the Central States
Bank-Health Plan”
— reports Robert Van Nostrand,
Executive Vice President & Cashier,
State Savings Bank, Cantril, Iowa
“ Bank Health was well established here when I
joined the bank in May,” said Mr. Van Nostrand.
“ The plan was new to me, so I have observed it
closely. It is a service that no doubt has had its
share in the recent growth of our bank.”
The Bank Health plan builds goodwill and is now
enjoyed by more than 900 banks and their
customers. Briefly, it works like this:
1. Central States representatives sell the
insurance.
2. The bank deducts premiums monthly from
checking accounts.
3. Retaining a liberal fee, the bank sends one
check each month to Central States.
All operations are streamlined and become simple
clerical routine within the bank.
May we explain the complete program for you?
Simply write, wire or phone us collect.

Ce n t r a l St a t e s
H e a l t h &L if e C o .
of Om ah a
T. LESLIE KIZER, President
CENTRAL STATES INSURANCE BUILDING
HOWARD AT 18TH STREET • OMAHA
UNDERWRITING EXCLUSIVELY THROUGH FINANCIAL INSTITUTIONS


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Federal Reserve Bank of St. Louis

S0ITI6 SinCCrC Wishes For Your Christmes... I
May there be a child at your house to help find and de cora te the
Pe rf ect T re e . . . as fresh and lovely as the sp irit of C h r is t m a s .
M ay all of your family, from far and near, be gathered together
for these jo y o u s da ys .. . in good health and good fortune.

H
I
H
H

May S an ta discover, in your se cre t heart, the one m ost ardent
w ish you hold, and fulfill it fo r all the years to come.
A n d finally . . . may you find a m oment in this happy se a so n to
let us see you, shake your hand, and say ou r than ks for your
frie ndship . Merry Ch ris tm a s!

We’re here to help you get what you want

Io w a -De s M o i n e s •National Bank
Sixth and Walnut, Des Moines 4 • CHerry 3-1191 • Member Federal Deposit Insurance Corporation


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Federal Reserve Bank of St. Louis

«a.