Full text of The Northwestern Banker : January 1961, 67th Year, No. 882

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NORDW ESTERN
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OVER HALF OF ALL IOWA BANKS ARE MERCHANTS NATIONAL CORRESPONDENTS
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N o. 882. N orthwestern Banker is published m onthly by the N orthw estern Banker Company, 306 Fifteenth Street, Des Moines 9, Iowa. Subscription,
35c per copy, $3 per year. Entered as Second Class M atter January 1, 1895, at the Post Office at Des Moines, Iowa, under the A ct o f M arch 3, 1879.


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Oldest financial Journal West o f the Mississippi

for your J A N U A R Y , 1961, readins
67th Year

Htatr iUtitar

No. 882

EDITORIALS
10

A cross the Desk from the Publisher

13
15
19
20
21
22
23
24

Frontispage
W h at’s Ahead fo r 1961— A N orthwestern B anker Survey
Ideas fo r New Business from Old A ccou n ts— W. W. Cook
W inning Y ou n g A dults to Y ou r Bank— Thomas 0 . Cooper
— C. H. Reilly, Jr.
Meet Future Needs— Robert B. Silleck
Effective P R Ideas
Bond M arket Swayed By Bullish Influence— Raymond Trigger

FEATURE ARTICLES

“ C o rre sp o n d e n t

B a n k in g ”

“ A n eastern hanking publication recently
spoke about a survey made by the N orth ­
w e s t e r n B a n k e r on the subject of corre­
spondent banking. I would like very much
to obtain a copy of this exclusive survey.”

INSURANCE
39

STATE BANKING NEWS

W. B. Schmink, Vice Pres­
ident, National S h a w m u t
Bank,
Boston,
Massachu­
setts.

M innesota
Tw in City
South Dakota
Sioux Falls
N orth Dakota
W yom in g
Colorado

“ E n jo y Y o u r M a g a zin e”
“ May we take this opportunity to say
that we at the State Savings Bank certainly
enjoy your magazine and look forward to
receiving it each month.”
Jack Pi. Bakin, President,
State Savings Bank, Council
Bluffs, Iowa.
“ Sen d M e A C o p y ”
“ I would appreciate your sending me a
copy of the November issue o f the N orth ­
w e s t e r n B a n k e r as we have just learned
of the interesting survey on correspondent
banking.”
C. Linden Sledge, Assistant
Vice President, Frost Na­
tional Bank, San Antonio,
Texas.

H ow I W rite A M illion in L ife Insurance— C. F. Stilgebouer

“ I read in a local banking publication of
a survey that the N o rth w e ste r n B a n k e r

DEAR EDITOR . . .

(Turn to page 33, please)

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46
51
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54

57

M ontana News

59

N ebraska News

60

Omaha News

66

Lincoln News

71

Iow a New s

74

Des M oines News

OTHER FEATURES
80
80
82
82

Bankers’ M arket Place
Index o f A dvertisers
In the D irectors’ Room
Conventions

NORTHWESTERN BANKER
306 15th S treet, Des Moines 9, Iow a, Telephone CHerry 4-8163

Publisher

Associate Publisher

Clifford De Puy

Editor

Malcom K. Freeland

Associate Editor

Elizabeth Cole

Circulation

Doyle Minden

Department

Lena Sutphin

Field Representative
AI Kerbel

Ben J. H aller, Jr.

Associate Editor

W a lte r T. Proctor

Advertising Assistant

“ W o r k in g O n T h e sis”

New s
New s
News
News
News
News
News

Auditor
M argaret Huffman

Field Representative
Paul Masters

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

DE PUY PUBLICATIONS: Underwriters Review, Northwestern Banker,
lowa-Nebraska Bank Directory
Northwestern Banker, January, 1961

6
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Northwestern Banker, January, 1961

8

2 0 / li Y ea r fo r Sari at/s H oads
HE year 1961 marks the 20th anni­
versary of the United States Sav­
ings Bond program.
Since May 1, 1941, when the familiar
series of E bonds were first offered for
sale, the American people have pur­
chased nearly $100 billion worth. Banks
have issued about 80 per cent of this
total. Today, there are $37.5 billion
in E bonds and $5.5 billion in H bonds
outstanding. This holding of $43 bil­
lion is 15 per cent of the national debt.
About 60 per cent of the state chair­
men, appointed by the Secretary of

the Treasury, have been bankers. In
addition, of the more than 3,000 county
H o w E a n d H Savings Bond Holdings H a v e G ro w n

chairmen currently serving, over 55
per cent are bankers. Many of them
have served since the early days of
the program.
Secretary of the Treasury Robert B. 4
Anderson has recently issued a special
message of appreciation to the banks
of the nation for their cooperation in
the Savings Bonds program.

New Chicago Bank Sign
Increasing good will, vital to suc­
cessful business, is often difficult to
A
sustain. To accelerate its pace in that
direction, The Live Stock National
Bank of Chicago has deviated from the
normal approach.
Business identification signs, in a
competitive economy, are no novelty,
but that just acquired by The Live
Stock National is worthy of mention.
The legend in white plastic letters,
illuminated from within, is in tasteful
contrast with the burgundy back­
ground and bronze metal trim, reflect­
ing the conservative good judgment of
a reputable bank. The sign, approxi­
mately five feet high, is installed at

4

NOTE
TO THE

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B A N K IN G F R A T E R N IT Y :
Please refer any birds
>

heading this way to the Valley Bank.
W e ’ll make them feel glad
they came and thankful
to you for pointing them
in our direction.

67 F R I E N D L Y

O F F IC E S

Resources Over $600 Million
MEM BER
FEDERAL
D E P O S IT
IN S U R A N C E
C O R P O R A T IO N

Northwestern Banker, January, J96Ì


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the second story level and runs over 70
feet along the front of the building.
The focal point of interest, however,
is a five by 15 foot panel, centered
and surmounting the legend. This
consists of a grid of 304 incandescent
lamps, automatically controlled to il­
luminate in prescribed patterns that
form king size numerals. The num­
bers alternately flashed indicate time
and temperature.
“ I believe,” stated L. B. Achor, vice
president, “that a business institution
owes much of its success to commu­
nity acceptance. Our clock-thermom­
eter should become a useful landmark
in this area and is our best way of
saying thanks to our friends and
neighbors.”
The entire display was the concep­
tion of Federal Sign and Signal Cor­
poration.

A

U

9

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greatly simplifying installation procedures, and reducing sub-structure building costs.
Another precedent-setting feature of the Panoramic window is the new deal drawer with
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Federal Reserve Bank of St. Louis

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Northwestern Banker, January, 1961

1U

A C R O S S the D E S K
Horn the PuMíáheA
Hoir Ho You Vote
On These issu e s?
a

AYIN G recently finished a national election
the N o r th w ester n B a n k e r thought you
might like to express your opinion on these prob­
lems and vote again on issues facing the nation.
If you wish to write us your opinions please feel
free to do so, and we will publish them with your
permission.
1. W hy should foreigners be allowed to take
gold out of the United States when our own
citizens cannot even get gold in the United
States ?
2. How would you solve the farm surplus prob­
lem, which is costing us $1 billion a year for
storage alone?
3. Should we keep on “ shooting for the moon”
at a cost of billions of dollars or spend that
money on schools and highways or to reduce
our national debt?
4. Should the United Nations continue to main­
tain troops in the Congo at a cost of $10
million a month, one-half of which we pay,
or let the jungle tribes fight it out among
themselves? The United Nations Charter
says:
“ Nothing contained in the present Charter
shall authorize the United Nations to inter­
vene in matters which are essentially within
the domestic jurisdiction of any state.”
5. Since 1945 the United States has donated $76
billion in foreign aid and is continuing to
do so at the rate of $4 billion a year. Do
you think this should be continued when our
budget is unbalanced and our national debt
is $290 billion?
6. We sent our war ships into the Caribbean
to protect Guatemala and Nicaragua from
an invasion by Castro’s Cuban Communists,
but we let him confiscate $1 billion of prop­
erty in Cuba belonging to citizens of the

H

Northw estern Banker, January, 1961


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United States, without even sending an armed
rowboat to protect their interests. Do you
approve of this procedure?
7. Isn’t it time for us to be pro-American as
well as awif-Communist?
8. H owt much more power should labor unions
be allowed ? Shouldn’t every American have
the Right to Work without belonging to a
union? We do not force a business man to
join the Chamber of Commerce when he
starts a new company. We have anti-trust
laws for corporations so they won’t become
too powerful, so why not apply the same laws
to unions, if they try to get a strangle hold
on all the workers in the United States?
9. W hy shouldn’t we pay our career diplomats
and ambassadors enough money so they can
conduct our business without paying for gov­
ernment expenses out of their own funds?
The London embassy costs $100,000 and the
Rome embassy $55,000 more per year than the
United States allows our representatives, and they
pay these extra expenses personally.
In Paris we allow $16,000 for expenses and the
British allow $67,500 per year. We spend billions
to feed the Hottentots in Afrislavbodia or build
power plants in Swindle-Glormora but we don’t
pay our important diplomatic representatives
enough to cover their legitimate expenses. Is that
fair ?
How would you solve these problems?
How would you vote on these questions if you
were a Senator or Congressman from your state?
Write and tell us.

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11

WHO among these people should
be your customers?

Growing children, college students, bakers, butchers, professors, doctors,
chefs, salesmen, engineers, architects, housewives, plumbers, business execu­
tives, telephone operators, lawyers, masons, carpenters, chauffeurs, secre­
taries^ druggists, ministers, clerks, pilots, actors, stewardesses, models,
editdrs, scientists, insurance agents, real estate brokers, school teachers?

All of them, Mr. Banker!
They are Christmas Club members and all are potential customers for every service you offer.

If you do not now offer a Christmas Club, join the successful financial
institutions that do. If you do offer a Christmas Club service, get to
know your Christmas Club members. Cultivate them and help them to
manage their money by using the other services you offer.

Christmas Club
a (Corporation
230 Park Avenue, New York, N. Y.
Founded by Herbert F. Rawll
B uilds C h aracter


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Federal Reserve Bank of St. Louis

•

Builds Savin g s

•

Builds Business for Fin a n cia l Institutions
No rthwestern Banker, January, 1961

12

are in order. •.
and here are ours
. . . __ hat we shall continue in our whole-hearted
dent Account as though

RESOLVED-—that

endeavor to serve every
it were the only one we
RESOLVED

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that we ^

further augment and

Correspondent

effort to
^

,,Round.T h e.Clock”

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Service.

R E S O L V E D -th a tb y e v e r y w o
continue in our efforts to )u

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dependabaity, good
ever-growing list

will and friendship reposed tn us by
of

Correspondent

Accounts.

Central National Bank
3 „ d" L

C o m p a n y . O es M o ,n o , U *

«B E R FEDERAI DEPOS,T INSURANCE C O R P O R A

...

No rthwestern Banker, January, 1961


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Federal Reserve Bank of St. Louis

13

Northwestern Banker, January, 1961


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Federal Reserve Bank of St. Louis

14

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Federal Reserve Bank of St. Louis

A N D
S A N

A M E R I C A

S A V I N G S

A S S O C I A T I O N

F R A N C I S C O

2 0

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

•

L O S
N E W

•

MBR.

F.D.I.C.

A N G E L E S
Y O R K

C I T Y

54
5

15

HE usual question about what the New Year holds
T
in store for business and the national economy is
further complicated for 1961 by two major considera­
tions—a new administration working with a “friendly”
Congress, and increasing tensions in a number of dan­
ger spots around the globe.

These are unknowns most difficult to assess, but
there are basic factors in the domestic economy that
are easier to project into the near-term outlook and the
N orthwestern B anker has asked the following 16 bank­
ers to express their views on the important subject,
“What’s Ahead for 1961.”

A Northwestern Banker Survey

KENNETH V.
ZW IENER
President
Harris Trust &
Savings Bank
Chicago
Illinois

■ The banking industry sensitively
reflects changes in business activity
and economic policy. Recent loan and
deposit trends indicate the economy
is currently in a mild recession and
that monetary policy has eased. Ac­
tually total bank loans are near alltime highs, as is the economy, but a
less than normal seasonal rise in bank
loans has occurred in recent months.
Deposits are again increasing in re­
sponse to the easier monetary policy
of the Federal Reserve Board. The
provision of reserves by the Federal
Reserve has been more than sufficient
to meet usual seasonal demands, and
banks have responded by increasing
investments in U. S. Government and
municipal securities. These invest­
ments have resulted in an increase in
the money supply and consequently
an improvement in the liquidity of
the economy.
I do not expect the current decline
to be deep or protracted. In fact,
present trends suggest that within a
few months the economy will resume
an upward movement. For the year
1961 bank loans are expected to ex­

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Federal Reserve Bank of St. Louis

pand less than usual due to inventory
liquidation and a further reduction in
capital spending. Since inventories
and capital spending usually continue
to decline for some time after the
business trend starts uppward, it ap­
pears probable that the demand for
bank loans will not rise until late in
the year. In early 1961 both seasonal
and cyclical factors will account for
a rather sharp decline in bank loan
totals. Since monetary policy is likely
to remain easy until the business cli­
mates improves, I expect that the
growth in bank investments and bank
deposits will be larger than usual dur­
ing the coming year.
Recession, not inflation, is the cur­
rent short-run problem. Therefore,
an easier money policy is justified, pro­
vided it is changed once the business
trend improves. Some argue that we
cannot afford easier money today be­
cause of the adverse effect upon our
gold position. It is true that tempo­
rarily lower interest rates in this
country tend to accelerate the gold
outflow as investors seek higher re­
turns in other world markets. How­
ever, with our present gold stock of
nearly $18 billion, we can afford some
temporary gold loss if that is necessary
to insure economic recovery in this
country. The value of the dollar as a
world currency can best be maintained
by continuing to follow flexible do­
mestic financial policies which will
promote price stability and high lev­
els of employment. Although our
foreign accounts show a surplus on
current account, we must encourage

an increase in exports if we are to
eliminate the over-all deficit in our
balance of payments.
In summary, I expect the current
recession to be mild. Although the
decade of the Sixties did not get off
to an auspicious start, I believe that
our vast potential for economic growth
and improved living standards will be
realized in coming years. If prudent
financial policies are pursued, infla­
tion can be avoided. Achieving eco­
nomic growth in a free environment
while maintaining the value of the
dollar are the two great challenges of
the new decade.

KENTON R.
CRAVENS
President
Mercantile Trust
Company
Saint Louis
Missouri

M The domestic economy is now in a
declining phase and it almost certainly
will not turn upward for some time.
Plant and equipment expenditures are
expected to decline in 1961 and, con­
sequently, any stimulant to business
must come from either government
spending or consumer spending. Sur­
veys indicate that consumers are not
particularly anxious to spend their
money. The trend of governmental
expenditures will become clearer after
the first of the year when Congress
No rthwestern Banker, January, 1961

16
A Northwestern Banker Survey

begins to consider the financial re­
quests of the new administration.
The international economy is also
likely to be watched closely. Any sign
of weakness in that area is likely to
postpone still further any recovery in
the United States, and a serious de­
cline in business abroad might lead to
further contraction in this country.
The next year is, on balance, not likely
to be characterized by any sudden up­
surge, but a sharp downturn is prob­
ably unlikely.
Under these circumstances, the de­
mand for bank loans is likely to be
somewhat less than in the last two
years. Since monetary policy is likely
to be easy during most of the coming
year, an expansion in bank deposits is
likely to result from the continued
policy of supplying reserves to the

LEO R.
GRUBER
President
The Drovers
Banks
Chicago
Illinois

■ I think the strong points in our
economy are that we are on a level
plateau at the present time and I
think this level will be maintained.
While steel production is only 50%
of capacity, we all must realize that
in the past few years capacity has
been increased considerably.
I think it is the aim of the present
and future heads of our Government
to keep the dollar sound. The weak
points in our economy appear pri­
marily to be the outflow of gold and
the adverse balance of foreign trade.
This could be corrected somewhat by
withdrawing military support or for­
eign aid to other countries. In some
cases this might be very drastic.
It could be done by reducing costs
of our products and putting forth a
little sales effort to recapture some of
the foreign business we may have
lost. In any event, the Treasury De­
partment should avoid the temptation
of deficit financing or inflation.
I think the outlook for bank de­
posits for 1961 will be a slight upward
Northw estern Banker, January, 1961


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Federal Reserve Bank of St. Louis

trend and the demand for loans will
remain constant, especially in the midwestern agricultural area. We are op­
timistic for 1961 but do not see any
sharp upturn in business for the next
six months.

A. J. HALLAS
President
Stock Yards
National Bank
Omaha
Nebraska

■ I am inclined to predict that 1961
will be a relatively good year. It will
be a long way from being our best
year, but also a long way from being
the poorest. It is my opinion that
when the year is over it will rate fair­
ly well with 1960 and perhaps show
some improvement. The first quarter
of 1961 will no doubt start out rather
slow, but after the year progresses
and we get into the second quarter,
there should be some signs of im­
provement, which I believe will con­
tinue throughout the year.
There is always a considerable
amount of apprehension over the
changing of a political administration
in Washington, however, I am in­
clined to believe that Mr. Kennedy
and his advisors will be able to meet
the problems as they arise.
The situation here in the territory
surrounding Omaha is dependent on
weather conditions and assuming we
have normal weather conditions, we
should experience as good a year as
1960. We have harvested a bumper
crop in 1960 and certainly should reap
the benefits of this crop in the early
part of 1961.
The quality of the crop raised here
in 1960 is much better than that
which was raised in 1959, which makes
a larger percentage eligible for maxi­
mum prices under government seal­
ing. This in itself should add to the
farmers income. Prices of both cattle
and hogs in the market are good and
apparently are showing a profit to the
producers and feeders. Apparently
there is more live stock to be mar­
keted in 1961 than in 1960, and the
prices received will greatly depend on

a strong general economy. We do have
soft spots in the economy, such as un­
employment in various industries and
districts, which condition I believe
will improve somewhat as the year
continues. If this is the case it is ap­
parent that the people working and
drawing higher salaries are in a posi­
tion to pay good prices for the prod­
ucts of the farmers.
I am not at all pessimistic over the
1961 outlook and feel that when it is
over we will all agree that we have
had another good year. There are a
number of strong points in our econ­
omy which should accrue to the bene­
fit of the economy, such as high wages
paid to labor, spendable income is
high, and a backlog of purchasing
p o w e r through increased savings,
which should continue to grow. There
are weak spots in the economy, such
as foreign imports produced by cheap
labor, which no doubt is adding to our
unemployment situation and the out­
flow of gold.
I believe the outlook for bank de­
posits in the larger cities is good, how­
ever, I do not see where deposits in
rural communities can improve much
over the present figures, due to the
high cost of operation. I believe that
loans will continue to increase some­
what because of the demand from the
construction business and the fact
that inventories will no doubt be re­
plenished after the first of the year.

CARL R.
POHLAD
President
Marquette
National Bank
Minneapolis
Minnesota

■ The overall results of the past year
certainly did not measure up entirely
to the preponderance of optimistic
views which were expressed at its
outset. Even though some of the eco­
nomic adjustments which occurred
might not have been wholly un­
expected, and in the long run may
prove beneficial, they have undoubt­
edly given rise to a sense of instabil­
ity which could deter both consumer
and businessman alike from acquiring

17

A Northwestern Banker Survey

. . 1961

should witness new high levels in GNP”

capital goods in any great quantity
until it is felt that there is no further
need for caution. This attitude could
conceivably obtain for a number of
months ahead and inclines us toward
a policy of conservatism for the im­
mediate future, particularly as to
marginal risks whose successful per­
formance would be dependent chiefly
upon an early upturn in our economy.

E. F. BUCKLEY
President
Central National
Bank & Trust Co.
Des Moines
Iowa

H In 1960 we had continued high per­
sonal income, and a greater than
normal accumulation of personal sav­
ings. This accumulation of savings
should provide the basis for increased
personal consumption expenditures in
1961. We have the greatest productive
capacity in the world, and because of
this we should be able to continue to
compete successfully in the expanding
domestic and foreign markets. Indus­
trial, commercial and governmental
construction expenditures were up
this year and should increase next
year, which should stimulate the econ­
omy.
High taxes continue to be the great­
est problem in our economy. Federal,
state and local taxes were at an all
time high in 1960, in both dollars and
in percentage of income. High over­
head of American business and in­
creasing labor costs must be com­
bated, if we are to maintain our lead
in productivity. The possibility of
labor disputes is a problem we face in
1961. This past year we have experi­
enced inventory liquidation, which
was reflected in industrial production.
A reversal in this situation would be
a favorable sign for 1961.
B ank d e p o s it s should increase
slightly in 1961. We look for a small
decline in loan demand in the first
half of 1961, and a slight rise in the
second half. Loans by the end of 1961
should be at this year’s level, or
slightly higher.

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Federal Reserve Bank of St. Louis

JAMES M.
KEMPER, JR.
President
Commerce Trust
Company
Kansas City
Missouri

■ I think there are many strong points
in our economy at this point, in par­
ticular the vast amount of investment
capital and loanable funds which have
been built up in our financial institu­
tions and the high level of managerial
efficiency created through the opera­
tion of an expanding economy.
Our weak points, I think, have been
pretty well outlined, and these are a
tendency toward over-expansion of
plant capacity and unrealistic depreci­
ation schedules in our income tax
laws.
We must do everything to increase
the efficiency and opportunity for
American business. I think that the
outlook for bank deposits on the short
term is one of increase, with loans
holding about even. Later on in the
year I feel that we will see a tighten­
ing in deposits and a return to a
tighter money situation.

PHILIP H.
NASON
President
First National Bank
St. Paul
Minnesota

■ Despite disappointments and profit
squeezing in many areas, the nation’s
economy as a whole operated at a
high level during 1960. Gross national
product and disposable personal in­
come reached all-time highs though
there was a slowing down in business
activity in the third and fourth quar­
ters.
We expect to see further downward
adjustments during the first quarter
of 1961, possibly extending into the
second quarter. By the end of the
y ea r, h o w e v e r, business activity
should again be on the upswing as we

recover from this period of brief ad­
justment, the mildest since World
War II.
The year 1961 should witness new
high levels in gross national product
and disposable personal income; how­
ever, there will be divergent trends in
the various economic indices. Con­
sumer spending for nondurable goods
and services will increase, housing
starts will rise slightly, and spending
by the Federal Government, as well
as by State and local governments,
will increase moderately. On the other
hand, capital expenditures for new
plant and equipment will decline, pas­
senger automobile production may
decrease, and inventories will, in all
probability, decline further. Consumer
prices should not vary significantly
from current levels.
In an effort to stimulate business,
the Federal Reserve authorities have
taken steps to increase the availability
of and to reduce the cost of credit to
commerce, industry and agriculture.
Interest rates in many sectors of the
capital market have declined signif­
icantly from the levels of a year ago.
We anticipate, however, that the in­
crease in the demand for funds will
reverse this trend and will be re­
flected generally in a higher level of
interest rates a year hence.
The most serious financial problem
facing this country today is our con­
tinued loss of gold and our adverse
balance of payments. The gravity of
this problem is such that the mone­
tary authorities must of necessity
take into consideration the effects of
their actions, not only on this coun­
try’s economy but also upon our in­
ternational position as the leaders of
the free world.

BEVERLY PITTS
President
American National Bank
St. Joseph
Missouri

■ We rather expect the outlook for
bank deposits to be about what they
were in 1960 and the loans to be about
in the same proportion.
With reference to the deposits par­
ticularly, however, a great deal will
depend, we believe, upon prices, and
these we feel will be dependent upon
the employment situation as well as
Northwestern Banker, January, 1961

18
A Northwestern Banker Survey

..

basic long-term factors will move economy ahead99

the farm policy. The latter seems to
be an imponderable factor.
There is one special factor which I
consider to be a strong point in our
economy. This is the fact that there
seems to be a much greater interest
taken in our affairs, both locally and
nationally. The size of the recent vote
is an indication of this matter and it
seems that when our people interest
themselves in these matters, much
good comes from it.

JOHN A.
MOORHEAD
President

Northwestern
National Bank
Minneapolis
Minnesota

■ Despite the problems and adjust­
ments which our economy has exper­
ienced during 1960, we enter the year
1961 in a strong position. The decline
in business activity from the very
high levels reached early in 1960 has
been caused largely by the liquidation
of business inventories. This liqui­
dation, which over-shadowed many
strong segments in the economy,
should be completed early in 1961.
For the balance of the year we would
expect the high and increasing level
of consumer disposable income to­
gether with rising expenditures by
government, both at the federal and
local level, to result in increased ac­
tivity as the year 1961 progresses.
Of particular interest, we feel, is the
change which seems to be developing
in our economy. This change suggests
increased expenditures by the con­
sumer for services and non-durable
goods with a somewhat smaller por­
tion of the consumer dollar going for
durable goods. Therefore, we would
expect the Gross National Product to
increase $20 billion to the $520 billion
level and consumer disposable income
to average $370 billion, the increase in
total industrial production will prob­
ably be somewhat smaller.
Thus we might summarize the strong
and weak points of our economy in
1961 as follows:
Elements of strength:
1. Consumer disposable income
Northw estern Banker, January, 1961


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Federal Reserve Bank of St. Louis

2. C on su m er consumption expendi­
tures
3. Government expenditures
4. End of inventory liquidation
The weak points will be:
1. Lower capital expenditures by busi­
ness
2. Lower consumer durable purchases
In our area, the outlook for agricul­
ture is particularly important and it
would seem that prospects are good as
a result of ample moisture. The possi­
bility of somewhat higher prices for
farm products and the probability of
increased livestock marketings leads
us to believe farm income will be wellmaintained in 1961.
The prospect for continuing high
levels of overall business activity sug­
gests that the demand for funds dur­
ing 1961 will continue at a relatively
high level as the demands by business,
consumers and government are met.
In summary, the outlook for 1961
suggests a good year with a high level
of overall activity and the prospect
that the total Gross National Product
in 1961 will exceed that of 1960 by a
significant margin

HAROLD
MEIDELL
President
La Salle
National Bank
Chicago
Illinois

■ It is obvious that the “ Soaring Six­
ties” did not get off the launching pad,
and now those who made the glowing
predictions a year ago are taking a
longer look into the crystal ball. How­
ever, the basic long-term positive fac­
tors — population g row th , in com e
growth and the products of research
and development, will indeed, during
this decade, move our economy for­
ward at a very satisfactory average
annual growth rate.
Dealing with 1961, our immediate
subject, we observe some transitory
problems that clearly take this year
out of the longer term projection in at­
tempting to make a specific prediction.
A number of important things “rip­
ened” in 1960. The industrial countries
of the free world attained a degree of

productivity and prosperity sufficient
to strengthen their economies, and
through accumulated dollar reserves,
now pose a real problem for us in in­
ternational payments. For the first
time in post-war years, the combined
effect of our foreign aid, and spending
both military and tourist, together
with short-term funds flowing to the
higher interest rate areas abroad,
overcame our still favorable balance
of trade. This caused a significant net
deficit balance of payments and an
important drain on our gold reserves.
The very real problem facing our
monetary and fiscal authorities is one
of developing policies that will provide
sufficient ease in money supply and
interest rates to stimulate the lagging
economy, without further aggravating
our already serious gold loss. Meas­
ures restricting our foreign spending
and some cooperation from our allies
in the free world should resolve the
problem satisfactorily.
Housing starts and automobile sales,
the two activities that exert the greatest leverage on our economy, and
capital expenditures, the underlying
sustaining power, provide the answers
to 1961. Housing appears to be taking
a periodic “breather” and may not do
more than keep pace with a lessened
current demand. Automobile sales,
while good by historical standards, do
not promise a record year. Capital expenditures will do well to match 1960.

>

X

j

>

y

Therefore, I would predict that 1961
will be a reasonably good year over­
all—the first quarter will perhaps be
less than satisfactory with the profit *
squeeze of 1960 continuing into the
new year. As the year moves on we
may expect a rebuilding of inventories
as the business community develops a
better feel of the new administration
and evaluates the effect of somewhat
greater Federal spending. In the last
half of 1961, we might assume that the
adjustment started in mid-1960 will
have been completed and increasing
economic activity will be apparent.
Bank deposits should increase mod­
erately during the year, and interest
rates will do well to maintain their
present levels over the near term.
Softening of rates in the near future
would not be surprising, with a later y
firming should our prediction of eco­
nomic recovery in the latter part of
1961 come to pass.

A Northwestern Banker Survey

. . reasonable prosperity

ROGER D.
KNIGHT, JR.
President
Denver U. S.
National Bank
Denver
Colorado

■ We anticipate a good business year
in 1961 on both the national level and
in Colorado—a good year but not a
record year, for some industries will
experience lower rates of activity
than in either 1959 or 1960. The current
slackening in the national business pic­
ture will probably continue through
most of 1961. However, many facets of
the economy will turn in very good
performances so that on the over-all
we visualize a year of reasonable
prosperity but certainly not boom.
Points of considerable strength and/
or improvement which we visualize
for 1961 are:
1. The maintenance of a high level
of consumer consumption; the
volume of goods and services ac­
tually used should compare fa­
vorably with recent years and
may move to a new high. This
will, of course, have a strong
beneficial effect on gross nation­
al product.
2. We envision an upturn in spend­
ing by the Federal Government
with the majority of this upturn
coming late in the year or pos­
sibly 1962 — incidentally, prob­
ably too late to achieve its basic
purpose of counteracting the re­
cession.
3. The steel industry will be one of
the strong pluses of 1961 as this
highly depressed section of the
economy recovers to somewhat
normal operating ratios.
4. Our own Colorado economy we
anticipate will be better than
the national average and should
prove stimulating to businesses
operating in this area.
Among the problems and weaker
points of the 1961 picture, we would
list:
1. Unemployment in first position.
The growth of the economy is
currently not keeping up with

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Federal Reserve Bank of St. Louis

but not boom 99

the increments to the labor
force. Rigidities of wage rates
and of shifting trade skills is
complicating this problem as la­
bor lacks the flexibility it should
have to move to new areas and
to new fields of opportunity;
therefore, the so-called depressed
areas problem.
2. We anticipate inventories will
tend to decline in 1961. Steel in­
ventories may well be an excep­
tion to this over-all prediction.
3. Profit margins in industry are
currently unsatisfactory, and we
are not optimistic on a change
during 1961 as sales will be high­
ly competitive with only slight
reductions in costs.
4. The
housing industry should
have
another active year but
probably lower than either 1959
or 1960.
Our expectation on bank deposits is
for a year of substantial growth. Gen­
erally speaking, the nation’s bankers
should find 1961 a year of moderate
ease regarding their risk-asset ratios,
as we feel loans will be level to per­
haps moderately declining over much
of the year. For the future, we en­
vision a sharp expansion in loans but
are doubtful as to whether to predict
it for late 1961 or not until sometime
in 1962.

WILLIS D.
W YA R D
President
First American
National Bank
Duludi
Minnesota

■ In general, business in 1961 should
continue at a relatively high level.
The pace during the first half of the
year will likely be stable and any up­
turn will probably not take place until
mid-year or later.
Many factors in our area’s economy
give cause for encouragement and
point to continued progress. Some of
the elements that are especially en­
couraging are: Large expenditures by
mining concerns for the expansion of
the taconite industry—new plants,
production facilities and research

projects; the need for a ready reserve
of domestic iron ore for defense pur­
poses; the increase of tourists and con­
vention promotional activities finan­
cially supported by a broader crosssection of area business; awareness of
the tourist industry of the needs for
capital expenditures to up-grade faciliities and services; the completion of
the highway route around Lake Su­
perior; construction of the Bomarc
Missile Site; the expansion of Duluth
Airbase facilities and the continuing
large expenditures by the Defense
Department for operating purposes; U.
M. D.’s new building program and
significant gains in student population;
growth in food processing and publish­
ing are bright spots and examples of
the area’s much needed diversification;
the announced plans for electrical pow­
er expansion projects; plans for Inter­
national Duluth Seaport Corporation
on harbor front; and the availability
of natural gas for industrial use. These
factors lead the way for optimism and
point the way of progress.
The area’s immediate concern is the
low level of steel production and the
resultant drop-off in demand for iron
ore. Other elements adversely affect­
ing the economy are the competitive
advantage of foreign ores, the lack of
diversification of industry and the de­
pendence upon government spending
for defense, highways, bridges and
other projects.
The impact of the seaway on the
bank has been favorable and is in
direct proportion to increased seaway
activities. Increased general cargo ton­
nage, the construction of the tank
farm for the storage of vegetable oils
for export, and the large volume of
grain shipments, are good indications
of the seaways future.

THOS. J.
M cCu l l o u g h
President
First Stock
Yards Bank
St. Joseph
Missouri

■ The outlook for 1961 is not too un­
favorable and taking the year as a
whole, that it will be as good or a little
Northwestern Banker, January, 1961

20

A Northwestern Banker Survey
better than 1960. I make this predic­
tion, however, with the following res­
ervations: First, that we probably will
continue with a further decline in our
economy during the first quarter of
1961, possibly continuing through the
second quarter. I do feel that by the
third quarter things will be showing
some improvement and that we will
have a substantial rise in our economy
in the fourth quarter. From all indi­
cations the national gross product for
the year 1961 will show an increase
over 1960 from eight to ten billion dol­
lars and further that personal incomes
will likewise show a nice increase.
Following are some specific predic­
tions:
1. The strong points in our economy
I think will be increased spending by
Federal, State and Local Governments;
about a 6% increase in housing starts;
plus increases in consumer buying and
foreign markets.
2. The weak points in our economy
are unfavorable trade balances and
the gold situation at the present; low
level of our industrial production; con­
tinuing decline in inventories; and last
but not least the increase in unem­
ployment.
3. The outlook for bank deposits
and loans: I think deposits should
hold fairly steady and possibly show
some small increase particularly in
the last half of the year and that loans
might show some small decline but
nothing of any appreciable amount. I
think we will have a pretty strong de­
mand for loans particularly after we
reach the leveling off stage and can
see evidences of business improve­
ment.

R. M. WATERS
President
Security Trust
& Savings Bank
Billings
Montana

■ In summarizing the business con­
ditions of the coming year of 1961, I
am of the opinion that it will be very
similar to what we have experienced
in 1960. We can expect continued
Government spending and I do not be­
lieve we will have any legislation to
reduce taxes. I believe if we could
have some reduction in taxes we
would see a definite increase in busi­
ness. The government, however, is
confronted with continued spending
Northwestern Banker, January, 1961


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Federal Reserve Bank of St. Louis

for defense work and other commit­
ments, which, of course, does not give
us much encouragement for taxes to
be reduced.
In our state of Montana alone we
have two very large projects, the
Minutemen Missile site near Great
Falls, estimated cost $55 million for
construction, plus $300 million for
cable and other installations. Near
Hardin, Montana, the Yellowtail Dam
on the Big Horn River is to be con­
structed and the estimated cost is $110
million. Both of these jobs are to get
started in 1961.
While the government will be spend­
ing tremendous amounts of money for
its vast projects, we will be faced with
as much or more unemployment in our
country.
Bank deposits and loans have gradu­
ally been increasing over a period of
several years. I expect this to continue
during 1961.

BYRON DUNN
President
National Bank
of Commerce
Lincoln
Nebraska

Because of our large crops and the
fact that the harvesting has been com­
pleted with a minimum of loss, I think
general business for Nebraska will be
good this next year.
I have received many letters from
our out-state bankers relative to con­
ditions in their respective territories,
and most communities seem to be in
good shape. However, a further drop
in commodity prices will put a lot of
renters out of business. Farm equip­
ment is beginning to wear out, and
many farmers have not built up a
reserve for the replacement of their
machinery. In some communities, the
machinery is in good condition—the
farmer has been conservative in his
spending and is in a good strong finan­
cial position.
In my opinion, it is the duty of the
banker to take the lead in educating
his farm customers on conservative
operations and the importance of
building up a reserve bank account,
which, in turn, provides the funds for
the banker to loan the farmer for the
expansion of his operations and the
replacement of his equipment.
The National business outlook won’t
be good until late in 1961. We should
have a turn-around with a renewed
99

growth of business by late 1961—after
people recover from the New Administration scare and the fear of possible
steps the administration might take.
Job security is in the minds of many
right now. Personally, I don’t think
the New Administration can or will
do anything to hurt the economy. They
may try to step up some national
spending, which, while it won’t help
the general economy, might help in
certain locations. When spending is
stepped up—taxes also step up—
which just about off-sets!
Our new president is surrounding
himself with good men, and with the
career men remaining in the differ­
ent departments, the change from one
administration to another isn’t felt
too much. I feel sure we will soon
get going on a forward movement, and
with everyone’s help, we will con­
tinue to have a prosperous country.
* * *
■ Vice presidents in charge of the
11 lending divisions of the First Na­
tional Bank of Chicago gave their opin­
ions on “The Commercial Outlook” for
1961 at the bank’s recent annual Conference of Bank C orre sp o n d e n ts.
Charles F. Newhall, vice president in
charge of the banks and bankers de­
partment, said: “The trend of money
rates is rife with ‘unknowns’ for 1961.
A policy of easy money and artificially
low interest rates may well prove in­
compatible with the preservation of
our monetary gold stock and the stability of the dollar . . . a major deci­
sion must be made to determine which
really is the more desirable course of
national policy—easy money as a stimulent to the economy or assured sta­
bility of the dollar. This 'unknown’
alone will have a significant impact on
the commercial banking outlook in the
months ahead.”
In their review of other industries,
goods and services, First National of­
ficials think that during 1961 cattle
and hog sales will be up, but feeder
profits will be down while hog prices
are up. They expect increases to some
extent for the food industry, shoe pro­
duction, public construction and prices
on construction materials.
They feel home construction will be
down slightly during 1961, as well as
non-residential construction d u rin g
the next six months. Capital expendi­
tures may dip as much as 10 per cent
and long-term interest rates may drift
lower in the months ahead.
Fairly well unchanged is the out­
look for textiles, steel and related durable goods p ro d u ctio n , installment
credit, rubber production, and the oil
and gas industry.— End.

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21

Winning
Young A
to Your Hunk
...

a F P R A discussion

By TH O M A S O. COOPER
President
Jefferson State Bank
Jefferson , Iowa

T IS increasingly apparent that in
order to obtain bank customers in
their best cash position years we
must attain their confidence and ap­
proval during their formative years.
By the time they are on the up cycle
as far as cash is concerned, formative
habits are being made and it becomes
increasingly difficult to change. There­
fore, it is well to recognize the need
for attaining these younger customers.
The question is how do you get them?
If we get these customers in their
formative years and get them used to
dealing with us, then we have an op­
portunity of keeping them. In addi­
tion to the school programs, there are
other youth organizations that we do
not want to disregard. Such organiza­
tions as Boy Scouts and Girl Scouts
emphasize thrift programs. F.F.A.,
i.e. Future Farmers of America, and
4-H Clubs also emphasize thrift as well
as other farm groups of youngsters.
There are probably five youth or­
ganizations which operate during a
person’s teens to one which operates
during their early twenties and thir­
ties. One of the latter is the Junior
Chamber of Commerce which is very
active in many parts of the country.
Consideration should be given to
working with organizations of this
type to attract people to your bank.

I

Bank Promotions

But I am going to emphasize more
the in-bank programs and promotions
that can be carried on to win young
adults. The first program I will dis­

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Federal Reserve Bank of St. Louis

cuss is the use of our central files to
discover and develop prospects. The
central file is one of the best ways in
the world to know your customers. It
takes assiduous work to maintain it,
but it can be the most valuable tool
in your bank.
The place to begin, of course, is with
the parents. Be sure that your central
file includes the names and birthdates
of all children. At your discretion, a
card should be made for the children,
either immediately or at some time
before they reach high school age.
These youngsters should form an integal part of your mailing lists.
As soon as possible, they should be
given the opportunity to become fa­
miliar with the bank. I will not go
into the mechanics of central file oper­
ation any farther but to suggest that
it be used as a very excellent tool to
discover and develop young adults as
prospects for your banking services.
Read Your Newspaper

Your prospect list is broadened by
watching for wedding announcements
or engagements. At the time of fam­
ily formation, quite often a change is
made in banking connections because
of establishment of homes in newer
areas.
Contacts can be made through birth
announcements. Parents are always
pleased to accept congratulations at a
period like this. Another good source
of contact with young adults is
through life insurance agents. They
recognize that the young adults need
insurance protection and they work
hard in this area themselves.
Do not overlook the opportunities
for contact through your trust depart­

ment. Heirs and beneficiaries are often
children. They grow up to be excel­
lent prospects for your bank.
The sources of prospects are numer­
ous. The Credit Bureau quite often
provides the names of new parents, as
well as marriage license applications.
Newspapers provide another source
with their vital statistics columns.
Chambers of Commerce quite often
provide this information for their
members. Many communities have
hostess activities to welcome newcom­
ers to the area. These sources will
provide a rich field for developing
business among young adults.
Provide Services

There is another area which must be
considered, however, and that is pro­
viding them with a service, or serv­
ices, that will attract them to your
institutions.
Loans will probably intrigue them
as much as anything else. Their cash
position is at a low ebb. Our services
should be carefully examined to see
that they are adequate for the use of
young adult customers. They are
prime prospects for loans and we
should believe in them and in their
ability to repay loans. Constructive
lending policies will help them reach
a good cash position sooner. Their
earnings ability and income is on the
upgrade. Our lending policies with
regard to installment loans such as
automobile, home appliance, personal
loans and modernization loans must
be examined, and where needed, im­
proved upon. Home loans are a vital
WINNING YOUNG ADULTS . . .

(Turn to page 79, please)
No rthwestern Banker, January, 1961

How to prepare now to

N RECENT years bankers have
picked up the term “marketing
concept,” which means determin­
ing customers’ needs, then satisfying
these needs. I suggest that before
long, that term will be as important
to well-informed bankers as core stor­
age, immediate access and other terms
which supposedly separate the men
from the boys in operations these
days. We must concentrate more on
determining our customers’ needs.
It is my opinion that our perform­
ance in the 60’s is not going to be
evaluated solely on the basis of how
well we optimize the computer appli­
cations of deposit processing or install­
ment loans, but also on our ability to
imaginatively and resourcefully turn
the electronics era into a period of
significant progress of broadening our
banks’ product line on both the retail
and wholesale levels.

I

.

Meet
Future

Needs

By R O B E R T B . S IL L E C K
Vice President
The First National City Bank
o f New York

“Changing Environment”

Some bankers feel any new service
outside the realm of professional
banking services as we have known
them in the past has no place in the
banking picture. I cannot think of
any industry that has been successful
by encouraging product provincialism.
We must be constantly alert to our
changing environment.
Let’s examine our industry:
How many times have you or one
of your associates said, “We can’t do
that. It’s not our business” or “That
isn’t a proper banking function” or
“We did it because our competition
down the street forced us into it, but
I can assure you we don’t like it.”
Perhaps we’ve all been guilty of this
negative and defeatist thinking. For­
tunately no one has hit me with the
appropriate rebuttal: “What is a
proper banking function, Mr. Silleck?”
G row th o f ou r non-commercial
b a n k in g competitors suggests t h e
question deserves top priority and
concentrated study by our industry
associations.
Let’s take a look at the progress
some of our non-commercial banking
competitors have made in recent
years:
Competitors’ Progress
Savings and Loans—We have heard

a great deal about their growth. UnNorthw estern Banker, January, 1961


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

Post Office lock box plans or remit­
tance banking. These are still contro­
versial with some bankers, but they
are here to stay. These services are a
product of a changing economic scene,
improved data processing capacity of
banks and should be only the begin­
ning of many new services offered our
customers in the future.
Now, what can we do to cope with
these needs?
First, we should have some means
to make sure we get our share of the
market, and second, once we have this
business we must handle it efficiently
and at a profit.
Our first problem: We must define
our market . . . know what we are
shooting for, what the potentials are
and then figure out how to get it.
This takes a marketing group which
all banks should have. For example,
Are you doing everything you can to
get and keep Personal Checking? Re­
cent studies by our bank and by the
New York State Bankers Association
report that there are many people who
do not have checking accounts as well
as many who do not use them to
their maximum extent. In addition to
this untapped market, it is estimated
that the rate of family formations by
1970 will be 50 per cent greater than
the 1960 rate. All of this means a
tremendous growth in checking ac­
count service alone.
Capitalize on Growth

fortunately I have not heard as much
about the job we have done to counter­
balance this tough competition.
Credit Unions—They have grown by
default. Commercial banks simply
failed to provide a service where
there was a need. Much of their ex­
plosive growth could not have been
achieved without tax exemptions they
enjoy, the employer subsidies they re­
ceive and complacency on the part of
banks and other financial institutions.
With the battle for deposits and com­
petition for consumer loans, it is
alarming to think how little effort has
been put into meeting this competi­
tion, and that—very belatedly.
Another competitor is the short
term bond market. We could be more
effective in convincing treasurers they
should not pour funds into short term
securities if we emphasized that their
dem and d e p o s its with commercial
banks are just as important an invest­
ment to the company and stockhold­
ers as a treasury bill. I’ll bet each of
you could compute a “yield” to your
customers in both present services and
future value.
New Services

Our record is not all black and I
refer to Account Reconcilement and

This growth will not automatically
assure us of a better market, points
out Theodore Levitt in “Marketing
Myopia” which appeared in a recent
issue of Harvard Business Review, but
there are only companies organized
to create and capitalize on growth op­
portunities.
I think the potential is there and
we must be alert to capitalize on it.
To get our share we will have to
develop new selling techniques as well
as new operating techniques so we
can perform our service at a competi­
tive price, but still a profitable return
to our stockholders.
What we seek is the bank account
—checking or savings—of a potential
customer, for if we do this we are
on our way to being his banker and
eventually having him use other
services we offer, including trust. We
can say, then, that obtaining an ac­
count is the key we must use to open
the magic door.
To do this we must figure out mar­
keting ways to tie a customer into the
bank so he must maintain his account
with us.
In-plant banking is one of the meth-

V

FUTURE N E E D S . . .

(Turn to page 34, please)
A

ideas
ideas
ideas
ideas
ideas
ideas
ideas

23

ideas

By W . W . C O O K
President
Beatrice National Bank
Beatrice , Nebr.

HERE is a very fine line between
ideas for selling services to new
customers and ideas for selling
additional services to present custom­
ers. In most appeals for business, we
are after the customer be he new or
old. We try ideas that bring in both.

T

Here are a number of ideas I have
compiled on how ot sell new business
to old customers.
Trading stamps are very popular,
especially with the ladies. Some banks
are giving 500 to 750 trading stamps
to any customer who brings in a new
checking or savings account.
One program gives the choice of one
of four items—a blanket, study lamp,
carry-all bag, or steak knives—to a
customer who brings in a new savings
account or checking account of $25 or
more.
Some of us who have time and tem­
perature clocks have run contests. At
what time will the temperature hit
100 degrees, or at what time will the
temperature reach zero? In many of
these contests, if the winner has a
checking or savings account at the
bank, the cash prize is doubled.
The Santa Claus p ro g ra m has
worked well. Letters and envelopes
are provided for writing letters to
Santa Claus. The letters are mailed
in a special mailbox in the bank. A
bank employee takes the letters out
of the special mailbox, puts them in a
package, and mails the package to
Santa Claus, Ind. The package of let­

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

ideas
ideas
ideas
ideas
ideas
ideas
ideas
ideas
ideas
ideas
ideas
ideas
ideas
ideas
ideas
ideas
ideas
ideas

foNew

Business from
Old Accounts

ters is opened and the letters re­
mailed, with the Santa Claus stamp
cancellation on the envelope. Children
get a big kick out of receiving such
a letter. The program brings a lot of
people into the bank.
Christmas club promotions seem to
be a very good gimmick to obtain new
business from old customers. Some
ideas for promoting Christmas clubs
include:
Each teller and officer to wear a big
button, “Ask us about our Christmas
club.” One bank makes arrangements
with the larger stores and manufac­
turing plants for one of their employ­
ees to collect the weekly Christmas
club payments, bring them to the
bank, receiving a receipt from the
bank for the payments. The bank
posts the payments to the individual
books during slack times.
Banks tell the public its business is
desired, but bank employees often
don’t. Too many of us seem to feel,
“ I’m not selling anything. Maybe he
needs something, but I’m not a mind
reader.” Ask for their business—your
customers like to be asked even if the
answer is “no.” Internal selling is
vitally important. Ask your present
customer to use other services your
bank can handle. Ask non-customers
to use your services.
Any of the following incidents pro­
vide an opportunity for us to sell addi­
tional services to present customers:
When a U. S. Savings Bond is sold

—ask about a safe deposit box.
When a person buys a bank money
order—try to sell a checking ac­
count.
If a vacation trip is mentioned—try
to sell travelers’ checks.
When savings money is withdrawn
—try to sell a bank money order
or cashier’s check.
When mortgage papers are com­
pleted—try to sell a safe deposit
box.
If a person cashes a check — ask
about an account.
If a car transaction is mentioned—
sell an installment loan.
If you notice a new business in the
area—arrange for an officer call.
If a savings withdrawal is made for
a purpose—mention a loan.
If you receive a service charge com­
plaint—sell a “no minimum” ac­
count.
New employees in the bank—try to
get the family business.
Cashing a Christmas check — try to
open a savings account.
Buying travelers’ checks—try to sell
a vacation savings club.
New baby in the family—sell a sav­
ings account to “grandma.”
When a large check is offered for
collection—ask for a deposit.
When a large check is cashed—ask
N E W BUSINESS . . .

(Turn to page 41, please)
No rthwestern Banker, January, 1961

24
NFLUENCES that all year long
have been tinging the bond mar­
ket with the promise of bullish­
ness have finally taken hold.
Apprehensions related to the longdrawn-out Presidential election and
the persistent outflow of gold from
the United States in recent months
tended to offset basic forces working
for higher prices of bonds—namely,
the lasting slowdown in business and
a more aggressive Federal Reserve
System policy fostering easier money.
The offsets now seem less formid­
able due largely to the circumspect
approach to new responsibilities being
sh ow n by President-elect John F.
Kennedy following his narrowly-won
victory, and to moves taken by the
Eisenhower Administration to reduce
United States capital outlays abroad,
chiefly in the field of spending by
military personnel and their families.

I

Bond Prices Turn

The turn in bond prices came as the
new capital market was coping with
one of the year’s largest concentrations
of major debt and equity flotation.
The professional investing institutions
—pension funds, savings banks, insur­
ance companies and bank-managed
trust accounts—evidently had sensed
the buildup of the new capital calen­
dar well in advance. They stayed out
of the market as long as they could
and thereby gave investment banking
syndicates many anxious moments.
The syndicate bond pricers were
finally vindicated by a rush of the
institutions to buy, but not until the
bankers had designated a yield of 5
per cent for a major issue of mortgage
bonds of an AA-rated public utility
company—the Northern States Power
Company. This pricing signalized the
shift of the market from a buyer’s to
a seller’s affair.
The rush of buyers to snap up bar­
gains in new issues and in the second­
ary market exerted a depressing effect
on the yields, with the result that
the investment return on fresh issues
of AA-rated public utility bonds de­
clined overnight from nearly 5 per
cent to less than 4% per cent.
Bullish Influence

Probably the market will continue
to be swayed by bullish influences for
the next several weeks. The new-issue
calendar will be replenished with the
turn of the year, but the seasonal
accumulation of January reinvestment
money will likely outbalance the new
investment supply, or, at the least,
offset it.
Nor should the market’s course in
forthcoming weeks be affected adverse­
ly by T r e a su r y o p e r a tio n s . The
$10,300,000,000 refunding effectuated
by the Treasury in early November
Northw estern Banker, January, 1961


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

Band M arket
Swayed %
Bullish Influence
By R A Y M O N D T R IG G E R
Investment Analyst
New York City

has taken care of the Government’s
money needs until February, except­
ing only a refunding of $1,500,000,000
of one-year Treasury bills on Janu­
ary 15.
The next Treasury refunding of
interest-bearing debt will be the issue
of $6,938,000,000 of 4% per cent certif­
icates of indebtedness due in Febru­
ary. Meantime, the Treasury extended
the maturity of a modest amount of
debt by issuing $144,000,000 of market­
able 4 per cent bonds due in 1969 in
exchange for non-marketable Series F
and G savings bonds due next year.
It was viewed as significant, however,
that of the $750,000,000 of maturing
savings bonds eligible for the ex­
change, holders of only 19 per cent
took up the Treasury’s offer. Pre­
sumably much of the rest of the
redemption money will be put to work
in higher-yielding in v e s tm e n ts of
prime grade, such as mortgages bear­
ing Federal guarantee or insurance.
Vault Cash

A major market yardstick for meas­
uring week-to-week changes of em­
phasis in Federal Reserve Policy has
been rendered useless for the time
being by reason of the entry of vault
cash into the register of commercial
bank statutory reserves. In August
and again in November, the Federal
Reserve prescribed rules permitting
the count of vault cash as statutory
reserves, moves that were accompa­
nied by adjustments—mostly reduc­
tions—in the percentages of reserves
that Chicago, New York and other
member banks were required to carry
against deposits.
These changes in reserve require­
ments have distorted the traditional
“free reserves” yardstick for apprais­
ing the current play of Federal Re­
serve policy. Ever since the changes
authorized by the Federal Reserve,
the member banks’ net free reserves—
that is, the excess of surplus reserves
over borrowings from the Reserve
System—have been bulging with “sta­
tistical ease” because much of the

newly countable reserves are still
viewed by banks in the old fashion
and are not put to work in the mar­
ket. It may be months before the
newly released funds join hands with
the other bank reserves and go to
work in the market maximizing bank
earnings and reflecting sensitively the
market’s day-to-day fluctuations toward
ease or stringency.
Reserve Requirements

Following the latest easing of bank
reserve requirements, the net free re­
serves of member banks rose to be­
yond $1,000,000,000, only to revert the
next week to $565,000,000. This is the
highest level of free bank reserves
since May of 1958, when market in­
vestment yields after a period of brief
but severe business depression, were
at levels far below those of today.
With the free reserves yardstick
momentarily unusable because of sta­
tistical distortion, the money market
is turning its scrutiny more and more
to the going rate of discount on
Treasury 91-day bills and to the rate
charged for lending out free bank
balances on deposit with the Federal
Reserve Bank. In recent weeks, the
91-day bill rate has been running
around 214 per cent, while the Federal
funds rate has been fluctuating be­
tween IV2 and 2 per cent. Such rates,
when viewed alongside the Federal
Reserve discount charge of 3 per cent,
are taken to reflect the resolve of the
central banking institution to keep
the money market in a state of “active
ease” for the foreseeable future.

A

Discount Rate

Should the level of the Treasury
bill and Federal funds rate fall ap­
preciably below current levels and
stay there for any significant length
of time it would be reasonable for the
commercial banks to expect a further
reduction in the Federal Reserve dis­
count rate.
Unless a serious deepening of the
business recession sets in, it does not
seem likely that the Federal Reserve
will move hastily to depress the inter-

>

25

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Federal Reserve Bank of St. Louis

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Northwestern Banker, January, 1961

26

E le c t F irst o f Tulsa P re sid en t

and Mr. O’Donnell is an account offi­
cer at the 39th and Seventh Avenue
office.

A

Promotions in California

M EM BERS o f the executive committee o f the First National Bank and Trust Company,

Tulsa, including four who assumed new titles in top management changes, are left to
right: Russell F. Hunt, executive vice president; F. G-. McClintock, president; R. Elmo
Thompson, chairman o f the board; R. Otis McClintock, senior chairman o f the board;
E. F. Allen, vice chairman of the board; John M. Winters, Jr., attorney and board mem­
ber, and John L. Robertson, senior vice president.
g.

McCl i n t o c k , for the past

ecutive committee, has been elected
• 10 years a director and for the vice chairman of the board.
F
past two years a top executive officer,
The bank’s executive committee, in
has been elected president of Tulsa’s
First National Bank and Trust Com
pany by the bank’s board of directors.
Mr. McClintock succeeds R. Elmo
Thompson, president of the bank since
1955.
Simultaneously with the announce­
ment of Mr. McClintock’s election, the
board also announced that:
R. Otis McClintock, chairman of the
board and former president, has been
made senior chairman of the board.
Mr. Thompson has been elected
chairman of the board.
E. F. Allen, chairman of the ex-

effect its management team, will be
made up of those officers plus Russell
F. Hunt, executive vice president;
John L. Robertson, senior vice presi­
dent, and John M. Winters, Jr., attor­
ney and member of the board.
Other changes in the bank’s per­
sonnel were announced at the No­
vember board meeting.
F. G. McClintock’s accession to the
presidency continues First National’s
strong emphasis on service to the
petroleum industry and the bank’s
utilization as top officers of men in­
timately acquainted with that busi­
ness.

est structure further toward the levels
touched in the 1957-1958 recession.
On the gold front, however, certain
major modifications of historic na­
tional policy may not be out of the
question.

more attention at high levels of busi­
ness and government is to make the
International Monetary Fund the cus­
todian of gold now held as backing for
the money of member nations. Spon­
sors say this move would make for
economy in the use of the world’s
monetary gold and would check the
outbreak and duration of speculative
gold market transactions of question­
able social usefulness.
Ranged against such innovations, of
course, is the memory-enriched in­
stinct of humanity—from the stone
age to Hitler Germany—in cherishing
in gold—that is, in the right to pos­
sess the precious metal or to possess
a call on it—as a hedge and refuge
against the world’s second oldest pro­
fession — governmental debauchment
of the money function.— End.

Gold Reserves

More and more support is being
found for proposals to divorce the
note issue and deposit liabilities of
the Federal Reserve System from a
gold reserve basis, one that now
stands at 25 per cent. The head of one
of the nation’s largest commercial
banks—Henry W. Alexander, chair­
man of the Morgan Guaranty Trust
Company—came out for dropping gold
altogether as a monetary and credit
base in a speech before the Invest­
ment Bankers Association convention
November 28.
Mr. Alexander said he advocated a
United States declaration of policy
that would put the nation’s whole
store of gold—about $18,000,000,000—
into the service of the international
settlement of trade and capital ac­
counts. A s th in g s stan d , a b ou t
$12,000,000,000 of the nation’s gold
holdings are required to be a base for
the present level of money supply.
Another proposal likely to receive
Northw estern Banker, January, 1961


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

Elected in New York
John W. Fiske, Jr., Arthur B. Grif­
fin, Jr., and James F. O’Donnell, all
formerly assistant vice presidents of
Bankers Trust Company, New York,
have been named vice presidents.
Mr. Fiske is in charge of the bank’s
m eth od s and electronics projects
group; Mr. Griffin is assigned to the
Park Avenue and 57th Street office,

The directors of The Bank of Cal­
ifornia, N. A., San Francisco, have
made the following changes in the
official staff, it was announced by
Elliott McAllister, chairman of the
board.
S. Vilas Beckwith, vice president
and trust officer, was appointed to the
newly created post of vice president
and senior trust officer and continues
as the bank’s top ranking trust of­
ficial.
A d v a n ce d to
v ic e p r e s id e n t
and trust officer
w e r e E m i l A.
Andker (head of­
fice), Julian R.
Smith (Portland,
Ore.,
office),
Lawrence L. Alli­
son ( S e a t t l e ,
Wash., office) and
S. V. B E C K W I T H
Edward S. Walker

*

'V
E. A. A N D K E R

R. K. J AQ U ES

(Tacoma, Wash., office).
New vice presidents are Warren G.
Campbell and Horace J. Vanasse (both
at Seattle office) and Howard O. Scott
(Tacoma office).
Moving up to assistant vice presi­
dents are:
Head office: Robert E. Atwell and
Benjamin F. Greenough (international
department), Wadsworth Croft (cred­
it) and Robert K. Jaques (business de­
velopment) .
Portland: Kenneth R. Cochran, Ken­
neth C. Hume, Mason M. Jones, Leon­
ard E. Ranton, Paul Revelle, Jr.,
Franklin B. Stenger, Waldo B. Taylor
and Richard L. Wells.
Seattle: Franklin C. Adams, J. Al­
vin Davis, Arthur L. Ganson and
Glen H. Neuman.
Tacoma: Coleman L. Anderson, T. J.
Muzzy, Otis J. Ostlund and Gordon E.
Satterthwaite.
Elevated to trust officer were: R.
Lawrence Brown (Seattle), Harvey H.
Pasic and Bruce C. Shepard (Tacoma)
and Donald P. Eckman and Clark H.
Fisher (Portland).

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27

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Northwestern Banker, January, 1961

28

itee o rd a h F ile S ystem O fiered
COMPLETELY new system for
A
file control has been announced
by Recordak Corporation, the East­
man Kodak Company subsidiary in
the microfilm and business systems
field.
Featuring a unique application of
electric accounting machine cards and
microfilm, the Recordak FICO (File
COntrol) system has provided the
following results on its initial instal­
lation:
1. Reduced the annual expense of
operating correspondence files by ap­
proximately 30 per cent.
2. Reduced capital expenditures for
sorting and filing equipment by 45
per cent.
3. Improved control of material filed.
4. Saved valuable floor space.
This new system has been made
possible because of recent develop­
ments in microfilming equipment;
automatic indexing which speeds look­
up time, film magazines which are
automatically threaded in readers and
inexpensive printout equipment which
provides for full-size paper prints.
Versatility is achieved through the
combined use of film indexing and
EAM cards which form the index for
documents on the microfilm. In one
installation over 220,000 documents on
film are stored in a single file drawer,
and any one of them can be found
and copies made in minutes.
In announcing the new system, Van
B. Phillips, vice president, sales and
advertising, pointed out. “The FICO
system is another outstanding break­

THE

through in the high speed storage
and retrieval of information via mi­
crofilm.”

Burroughs Sales Growth
Burroughs Corporation, Detroit, will
have installed F604 bank proof and
distribution systems worth approxi­
mately $10 million by the end of 1960.
its first year in volume production,
and currently has orders for an addi­
tional $10 million’s worth backlogged
for delivery in 1961, announced Ken T.
Bement, vice president, marketing.
Some 150 financial institutions are
now utilizing the F604 in their daily
operations, including several of the
country’s largest banks.

Announce Mosler Purchase
Harbor Metal Products Corporation
and Harbor Sales Corporation of Bel­
mont, Cal., have announced that the
Mosler Safe Company has purchased
a stock interest in both companies.
The Harbor companies manufacture
and distribute a broad line of steel
office equipment products including
library b o o k c as e s , filing cabinets,
shelving, and specialized cabinets for
the electronics industry. They recent­
ly introduced, with great success, the
new Case File line.
The Mos l er Safe Company, the
world’s largest manufacturers of safes
and bank vaults, is also a leading
manufacturer of electronic security
products and systems housing equip­
ment.
Martin S. Coleman, vice president

File Control with Microfilm

MICROFILM FILE

• ÎW ÏX 6 D

KEY PUNCH
INTERPRET

CROFIIM

? i« s r 5 u n SRS

ATING DEPT
> ALPHABETICALLY

PRE-PUNCHE0 TA8 CARDS
* ROIL NUMSS8

* SfOUCMCE

FIND IT

CARO
FILE

OSTAifi «CO
MJMStR &
ROU NUM8SR

MICROFILM FILE

No rthwestern Banker, January, 1961


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

MiCROFILM READER

Elect Phoenix Executives
Three Valley National Bank execu­
tives, possessing an exact century of
banking experience among them, last
month were named senior vice presi­
dents of the 68-office statewide VNB
system.

ABBOTT

HAFFORD

^

PATTEN

The promotions, approved by VNB
directors at their final 1960 board
meeting, headed a list of 30 officer
appointments or advancements. It in­
cludes three new women executives.
The new trio of senior vice presi­
dents consists of Jo Abbott, W. R.
Hafford and C. H. Patten. Only other
Valley banker now holding that title
is E. S. Lee, investment department
head.
All three, currently listed as Home
Office senior loan officers, have been
v i c e p r e s i d e nt s f or many years.
Mr. Abbott supervises the system’s
installment loan activities. Mr. Haf­
ford commercial loans, and Mr. Patten
agricultural livestock loans. Respec­
tively, they have been in banking, 38,
32 and 30 years.

West Coast Promotions

fico s y s t e m

CORRESPONDENCE

and treasurer of the Mosler Safe Com­
pany, has been named vice president
of both companies. He will become
active in the affairs of the new MoslerHarbor corporations and will assist in
effecting liaison between the new com­
panies and Mosler.

EXPENDABt
FACSIMILE

Richard D. Jackson has been elected
vice president and cashier of Wells
Fargo Bank American Trust Company,
San Francisco.
He s u c c e e d s
Ralph R. Emery,
who retired re­
cently a f t e r
c o mp l e t i n g 40
years with the
bank.
Mr. Jackson,
assigned to the
cashier’s depart­
ment since 1945,
R. D. JACKSON
advanced to as­
sistant cashier in 1948, assistant vice
president in 1951, and vice president
in 1958.
Jack A. Phillips, manager of the
agricultural department of the bank,
has been promoted to a vice president.
He has headed the department since
1943, the year the department was
established.

*

29

Standing from left: V I C T O R C . V O N M E D I N G , F R E D S. F L O Y D , J O S E P H C . F E N N E R , E R N E S T J . H U L T G R E N , W I L L I A M T . D W Y E R , Assistant Vice-Presidents;
Seated, G E O R G E W . M I L L E R and C H A R L E S F . N E W H A L L , V ice-P resid en ts.

T h e i r f u ll-t im e jo b :
s e r v in g y o u !
Here are the two administrative of­
ficials and the five officers in charge
of the territorial areas of the Banks
and Bankers Division at The First
National Bank of Chicago. They
are part of the team of 25 men who
have but one jo b : to serve our more
than 2,000 correspondent banks.

Assigned to geographical areas, the
men of Division F understand the
problems and the needs of local
bankers.
They work closely with the of­
ficers in our ten commercial divi­
sions to supply our correspondent
banks with first-hand financial and

industrial information and with
complete correspondent services.
No matter what the problem, no
matter what the service, you can
havefull-timecorrespondent bankers
working for you. Visit, telephone or
write Division F at The First
National Bank of Chicago today!

The First National Bank of Chicago
Dearborn, M onroe, Clark & M adison Streets - Building w ith Chicago since 1863
MEMBER FED ER AL


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

D E P O S IT IN SU R AN C E CORPORATION

Northwestern Banker, J anu ary f J96J

30

MHan A B A C red it C on feren ce
HE program for the National In­
stallment Credit Conference of The
T
American Bankers Association, to be
held at the Conrad Hilton Hotel in
Chicago, March 20, 21, and 22, 1961, is
being arranged to inform bank execu­
tives about changes in the credit
environment and developments in
general business conditions which will
influence bank credit policies and
operations during 1961.
Among speakers who will be heard
during the three days are Sam M.
Fleming, vice president of the Ameri­
can Bankers Association and presi-

dent, Third National Bank, Nashville,
Tenn.; M. S. Szymczak, governor,
Federal Reserve System, Washington,
D. C.; Carroll Shanks, former presi­
dent, Prudential Insurance Company
of America, Newark, N. J.; Robert W.
Galvin, president, Motorola, Inc., Chi­
cago; and Reno Odlin, president,
Puget Sound National Bank, Tacoma,
Wash.

They are J. Lewell Lafferty, in
charge of the national accounts de­
partment, and John L. Gibson, head
of the bank’s time credit department.
Both men were formerly vice presi­
dents of the bank.

Elect Senior Officers
Two prominent officers at the Re­
public National Bank in Dallas were
recently named senior vice presidents.
J. L. L A F F E R T Y

J. L. G IB SO N

Mr. Lafferty has been in banking
since 1926. He joined the Republic in
October, 1947, and headed the bank’s
public relations and advertising de­
partment in the post-World War II
era. He also served in the correspond­
ent banking division. He is a former
president of the Financial Public Re­
lations Association.
Mr. Gibson joined the staff of the
Republic National in June, 1948, after
extensive experience in the banking
business in California, Oklahoma and
Texas.

To Travel Iowa

H unt a B etter D eal
'

in OH Banking!

Not even th is business crest can show
all the facets of Executive Vice President
Russell F. Hunt's career. From law
to oil and industry; from Cumberland U.
to the Tulsa Chamber of Commerce;
from busy colonel to banking and currency;
his is a background rich in both public
and private affairs. His experience and
counsel — via our correspondent bank
departm ent — can help YOU! More reason
why — in Tulsa — it pays to . . .

Think

On a recent trip through the cen­
tral states, Charles Griesa, vice presi­
dent of the First
National Bank
of Kansas City,
Mo., h a s been
introducing his
32-year-old asso­
ciate, Gordon E.
Wells, assistant
v i c e president.
Mr. Wells will
take over repre­
sentation for the
G. E. W E L L S
“First” in Iowa,
outstate Illinois and Indiana, calling
on industries as well as banks.
Mr. Wells graduated from the Uni­
versity of Missouri in 1952 and, except
for his military chores in Korea, has
been with the First National Bank
of Kansas City since that time. He
started in the trust department and
transferred to the commercial depart­
ment three and one-half years ago.

4

■J

Chemical Bank Promotions

1 P O R A T IO N

Northwestern Banker, January, 7961


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

SINCE 1895

Chemical Bank New York Trust
Company has appointed Ernest B.
Brandi, Noble Welch and John W.
Woods assistant secretaries, it was an­
nounced recently by Chairman Harold
H. Helm. All three are with the
bank’s national division.

'T

31

what members say about

The Studley, Shupert T rust Investment Council

“ Being a small bank, and not having expert in­

“ I would heartily recomm end the Council service
with no reservations whatever. The Analytical

vestment personnel nor specialists along these
lines, we find the Council service a ‘lifesaver’
for us.”

Reviews, Statistical Information, Guidance Lists,
Relative Value Selections and last, but not least,
the letters o f recommendations for investment of
funds in particular accounts are clear, concise and

“ We have com e to depend upon the Council as
the backbone o f our trust investment function.”

“ Now that we have had almost four years ex-

very well explained for easy trust administration.”

The personnel who head this organization are

perience with the Council, 1 do not know how we

toP ca^ er investment men.

could get along without it.”
“ The more I see o f your work, the more I am
“ We have been more than satisfied, and a number
o f times during the course o f estate planning, we
have informed the customer that we had this serv­
ice. That, in turn, sold the business.”

impressed with its caliber. Your service could cer­
tainly fulfill the needs o f most trust departments.
I am delighted that our bank is a Council mem­
ber.”

a unique service for community banks
in need o f practical trust department assistance
As one member o f the Studley, Shupert Trust In­
vestment Council says above, the service provided
by the Council fills the needs—and he means all o f
the advisory needs—o f most Community Bank
Trust Departments.
How is this accomplished? Well, first o f all, the
Council consists o f a Headquarters Staff o f trained,
competent, trust-minded specialists. These men
and women have had years o f practical investment
experience. Moreover, some have been trust officers
in major banks during their careers. Consequently,
there is a first-hand knowledge among the Staff o f
a trust officer’s problems. There also is a thorough
understanding o f his legal and moral responsibilities.
All o f the Staff are students o f securities o f trustinvestment quality, and all are kept alert to shifting
trends in the economy and their possible effect—
good or bad—on trust investments.
In short, the Council Staff is supported not only
by its own broad experience and knowledge, but
also by its research facilities that are said to be
second to none in the trust-investment field.

STUDLEY,
TRUST

INVESTMENT

SHUPERT

As a Council Member, you would have this staff
and its facilities at your service at all times—by
phone, by mail, by conference in your office or
in the Council’s offices, as circumstances may
require—to assist you with your individual account
problems, to help you attain the specific objectives
o f specific accounts.
In addition, the Council would keep you con ­
tinuously supplied with trust-investment data to
help smooth the day-to-day management o f your
investment affairs . . . and to help keep many an
account problem from ever arising. Importantly,
too, this data is not merely an assortment o f statis­
tics and generalized analyses. It’ s practical and
usable. It’ s in down-to-earth language that any
one can understand and effectively apply to trust
matters.
All o f this aid is yours at a modest annual fee
that is well within the budget limitations o f even
the smallest bank. We will gladly send you further
information without any obligation on your part.
Write today to Dept. NW-MS.

TRUST

1617 Pennsylvania Boulevard, Philadelphia 3, Pa.

IN V E S T M E N T
/

C O U N C IL

155 Berkeley Street, Boston 16, Mass.

COUNCIL


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Federal Reserve Bank of St. Louis

No rthwestern Banker, January, 1961

32

N ew

C ity N a tion a l F a cilities

have been revealed by the
PLANS
City National Bank and Trust Com­

trees, shrubs and water with the ac­
tual structures, which include a main
building and six teller islands. An
underground basement and tunnels
will connect the various units with
only the main structure and two teller
islands planned for immediate con­
struction. Three-way access is pro­
vided in and out of the property which,
when city highway construction is
completed, will adjoin a service road
of the new Crosstown Freeway.

pany in Kansas City, Mo., for con­
struction of additional banking facil­
ities at Truman Road and Grand
Avenue in Kansas City. The L-shaped
facility will serve both motor and
pedestrian traffic from an area of over
31,000 square feet.
An outdoor park atmosphere will
be attained through the blending of

the international department, joined
the bank in 1927 and was promoted to
vice president in 1947.
Mr. Albarracin, in charge of Chase
Manhattan’s activities in Latin Ameri­
ca, was with Equitable Trust Company
when that bank merged with the
Chase National Bank in 1930 and that
same year was named manager of the
Mexico branch. He was promoted to

Name Chase Officials
The Chase Manhattan Bank has ap­
pointed four new senior vice presi­
dents in the international department,
George Champion, president, an­
nounced December 21. They are Wil­
liam S. DuBois, Louis A. Albarracin,
James A. Jacobson and John Watts.
Mr. DuBois, who is in charge of the
United States and Canadian areas of

assistant vice president in 1944 and
vice president in 1953.
Mr. Jacobson entered Chase in 1930
while on vacation from school and be­
came a permanent employee in 1931.
Appointed an assistant cashier in 1941,
he left Chase in 1942 to serve as as­
sistant to the chairman of the War
Production Board in Washington and
later held overseas assignments in
England, Mexico and China. He re­
turned to Chase in 1945 as an assistant
vice president and was promoted to
vice president in 1951. He is in charge
of the bank’s Far East, Middle East
and Asia operations.
Mr. Watts is in charge of the Chase
Manhattan European and African divi­
sion and has been with the bank since
1949.

>

Reappoint Homer Livingston
Homer J. Livingston, chairman of
the board of the First National Bank
of Chicago, has
been reappoint­
ed member of
the Federal Ad­
v i s o r y Council
f r o m the Sev­
enth F e d e r a l
Reserve District
for 1961.
Mr. Livingston
has served as
the Seventh Dis­
trict representa­
tive on the Federal Advisory Council
since 1956 and has been president of
the council in 1959 and 1960.

IF YOU CAN’T SAY “ Y E S ”
SAY TA L C O TT

V5G'

and keep your custom er’s good will
/ V

When a custom er's financing request exceeds his line
of credit with your bank, Talcott can help you retain his
good will. We’ll expedite any loan referral from you and
supply the security facilities to provide the necessary
funds. You will be welcome to participate in the fin an c­
ing should you wish to do so.

l

Talcott Financing Services . . .

U-

A c c o u n t s R e c e i v a b le (N o n -N o t i f ic a t i o n ) • In d u s tria l T i m e S a le s
F a c to rin g (N o tifica tio n & N o n -N o tif ic a t io n ) • L e a s in g
In ve n to rie s and E q u ip m e n t M o rtg a g e s • R e d is c o u n tin g

James Talcott, Inc.

\
fouh

FOUNDED

1854

209 SOUTH LaSALLE STREET, CHICAGO. ILLINOIS • FINANCIAL 6-1444
1870 FIRST NATIONAL BUILDING, DETROIT, MICHIGAN • WOODWARD 2-4563
FIRST ACCEPTANCE DIVISION, MINNEAPOLIS, MINNESOTA
Other Offices: NEW YORK • BOSTON • ATLANTA • LOS ANGELES
Northwestern Banker, January, 1961


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

A

33

Seattle-First Promotions
Four top-level executive manage­
ment promotions, which will become
effective December 30, 1960, have
been announced by directors of the
Seattle-First National Bank following
a meeting December 22.
Charles D. Saunders, executive vice
president, will be­
come chairman of
the e x e c u t i v e
c o m m itte e suc­
ceeding Don H.
W a g e m a n who
will retire at the
year-end.
F r a n k E. Je­
rome, president,
will become vice
chairman
of the
C. D. SA U N D E R S
board, a new po­
sition which the directors established
recently by amendment of the bank’s
by-laws.
Robert S. Beaupre, vice president,
will succeed Mr. Jerome as president.
Philip L. Corned, also a vice presi­
dent, will become an executive vice
president.
The board announcement stated that
Lawrence M. Arnold, chairman since
1941, will continue to serve as the
bank’s senior executive and adminis­
trative officer.
Mr. Saunders has had wide experi­
ence in all phases of commerical
banking for more than 38 years. He
has been a senior lending officer
since he joined the Seattle-First Na­
tional Bank as a vice president in
1948. He was elected executive vice
president in 1953, and earlier this
year became chairman of the senior
loan committee. Mr. Saunders came
to Seattle from Omaha, Neb., where
he had been a vice president and di­
rector of the First National Bank for
15 years. He was born in Council
Bluffs, Iowa, and started his bank­
ing career in 1922.

DEAR EDITOR . . .
(Continued from page 5)
recently completed on the general subject
of correspondent banking.
“ As it happens I am presently working
on a thesis for the Southwestern Graduate
School of Banking on the subject of corre­
spondent banking, and it would be most
helpful if I could obtain a copy o f the
results of your survey as they appeared in
the November issue.”
John C. Johnson, Assistant
Vice President, R e p u b lic
N a t io n a l B a n k , Balias,
Texas.

“ Interesting Article”
“ Thanks very much for sending me the
four copies of the N o rth w e ste r n B a n k e r


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

N o vel C h ristm a s Savings P la n

ANKS planning future promotion Luebke (pictured) and other feminine
on Christmas savings club ac­ employees of Central were kept busy
counts will be interested in the cam­opening accounts and presenting the
paign recently conducted by the Cen­ albums, which were limited to one
tral Bank and Trust Company, Denver, per family.
through which more than 5,000 ac­
The campaign extended from No­
counts were opened.
vember 21 through December 23, and
The key to the successful program was directed by Larry Varnell, assist­
was the offering of a free Christmas ant vice president in charge of adver­
album to each person opening a tising and publicity.
Christmas savings club account. By
A special inducement to visit the
starting a bi-weekly deposit of one
bank
was the offering of a beautiful
dollar or more, customers were given
stereophonic high fidelity instrument.
a choice of six Christmas albums free.
The s e le c tio n included: Tennessee A lucky winner was chosen from the
several thousand who registered in
Ernie Ford’s “The Star Carol” ; The
the
Central lobby.
Kingston Trio’s“ The Last Month of
The bank arranged for Christmas
the Year” ; Fred Waring’s “ Now Is the
Caroling Season” ; The Norman Luboff music to tie in with the savings club
Choir’s “ Songs of Christmas” ; Roger campaign by contacting one of Den­
Williams’ “Christmas Time,” and Per­ ver’s music stores. The manager of
the store agreed that the promotion
cy Faith’s “ Music of Christmas.”
An attractive C h ristm as house was an excellent one, and he supplied
(shown above) was set up in the an organ and musician on a compli­
Central Bank rotunda. Pretty Gail mentary basis.

B

which contained the article ‘How the Banker
Chooses His Correspondent Bank.’
“ This is an interesting article and will be
a great help to our correspondent bank de­
partment.”
Michael Murphy, Vice Pres­
ident, H o u s to n N a t io n a l
Panic, Houston, Texas.

On Phoenix Board
George W. Chambers, business man­
ager for Tucson Newspapers, Inc., was
elected to the board of directors of
the First National Bank of Arizona
recently.

Talcott Executive Retires
Hooker Talcott, vice chairman of
the board of James Talcott, Inc., and
grandson of James Talcott, the com­
pany’s founder, announced his retire­
ment as an officer of the large
industrial finance organization, effec­
tive December 31.
Mr. Talcott has been associated with
the firm since 1919 and, for many
years, was secretary and vice presi­
dent of the corporation. He became a
director in 1922, and will remain in
his present post on the board.
No rthwestern Banker, January, 1961

34

M e e t F u tu re N eed s . . .
(Continued from page 22)
ods recently receiving publicity. It is
a way to reach more customers. It is
nothing new as we have had special
payroll deduction plans for some of
our customers, but only recently have
we begun to sell it aggressively to
others. The results have been nothing
short of phenomenal.
Multiple Check

An old one we’ll probably see re­
vived is the multiple check used for
more than 20 years by Wachovia Bank
& Trust. It is a billing plan where the
bank supplies its customers with a
single check with a long line of mer­
chants, utilities, doctors, clubs, and at
the end of each month the customer
sends the form to the bank with an
indication of the amounts to be paid
next to the proper names. The bank
makes the transfers.
A Texas banker has devised a plan
—“Controlled Credit Communication”
—which goes even further. For a fee,
the bank acts as bookkeeping inter­
mediary between seller and credit
buyer and automatically and regularly
pays all authorized monthly charges.
The invoice is substituted for a check,
so the customer’s checkwriting chore
is eliminated entirely. We do the

ONE OF NEW YORK’S
FINER HOTELS
On the c it y ’ s m ost fa m o u s
thoroughfare, 5th Avenue in
exclusive Washington Square.
Spacious single rooms from $10
daily. With air-conditioning from
$12-$ 14. Lavish 2 & 3 room apart­
m ents w ith s e rv in g p a n trie s.
Television available.
SPECIAL RATES

on a monthly
^
basis. Additional
substantial
**»ssS*s
savings, on
w B t t ***
unfurnished and 1 |||| |
furnished
Wßm
apartments
on lease.

same for trust customers, so why not
for non-trust ones, for a fee?
Just as the bank account is the key
to new business, the bookkeeping of
the account is the area on the oper­
ating side which offers the greatest
potential saving over the next 10
years. I feel that the 60’s will be the
operating man’s day in banking be­
cause direct labor costs is the largest
single expense in any bank, so control
over escalating clerical salary costs
while expanding our services is one
of the most important factors in in­
creasing our earnings in the future.
We should not, however, forget that
there are many other areas on the
operating side where the future holds
promise for savings through new
methods and equipment.
New operating techniques are an­
nounced almost daily and those an­
nouncements, in some way, make
obsolete the announcements of yester­
day.
Study Changing Scene

Although only the bigger banks can
justify a group to constantly study
these new developments, even the
smallest bank should have someone
assigned, as part of his job, to follow
the subject, get together with his
counterpart in other banks to trade
notes, attend meetings, and most of
all, visit his city correspondents.
Perhaps most puzzling of all are the
two terms: Automation and Electron­
ics. We have had automation in vary­
ing degrees for years, for instance,
typewriters, adding machines and
bookkeeping machines, the difference
today being greater speed with which
data is gathered and analyzed and
greater capacity to turn out more
paper.
Today’s computers are generally
classified by most of us in three
broad categories: Small, medium and
large, but they are classified princi­
pally by the dollar tag and that tag
is influenced by configuration, speed
and capacity of the main frame of the
computer. Large banks should be the
ones to experiment with this equip­
ment and keep other banks informed
of their progress.

Write for descriptive brochure
N. Scheinman, Managing Director

24 FIFTH AVENUE a t 9th STREET
Northw estern Banker, January, 1961


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

W a y n e H u m m e r a C o.
CHICAGO

NEW

YORK

STOCK

EXCHANGE

You all know about tronics. We
use them in our bank and still order
them even though we have a com­
puter on order to do our bookkeeping.
Where we are using tronics and are
fully numbered we have gained a
50 per cent reduction in machines, 35
per cent reduction in staff and about
20 per cent reduction in space. The
tronic machines can now be automated
and new h ig h -sp e e d tape-making
eq u ip m e n t has recently been an­
nounced.
Service Bureaus

There are great possibilities for
banks to save by using service bureaus
or by forming joint venture operating
centers. There are already 18 banks
in 14 cities doing their bookkeeping
through service bureaus. This brings
the advantage of high-speed comput­
ers to smaller and medium-size banks.
Punch card accounting is far from
obsolete and can benefit many banks,
both those not large enough for a
full-scale computer and those with
computers. We ourselves have found
it uneconomical to shift some of our
operations from punch cards to a
computer.
The new perfodata equipment, oper­
ating by reading punched paper holes,
is being used by our bank on per­
sonal loan coupons and has great
possibilities in other fields such as
Christmas Clubs, Money Orders, De­
posit Tickets and others.
In conclusion, a sit-back attitude of
waiting to “let George do it” may cost
you money in the years ahead. You
should be studying your own shops
and developing a long-range plan for
operations. Number your accounts in
anticipation of automation and print
both the account number and transit
number in magnetic ink. The whole
solution of the banking industry paper
work problem lies with the coopera­
tion of every banker in the country.

>

-Jj

— End.

Promoted by LeFebure
John L. Talley, one of America’s
best known bank systems men, has
been elevated to
the post of sales
manager at Le­
Febure Corpora­
tion, Cedar Rap­
ids, Iowa.
Mr. Talley has
headed the firm’s
s y s t e m s and
services depart­
ment f o r t h e
last eight years,
and has been in­
volved in many of the developments
for automated banking procedures.

r

4-

35

N

e

w

I

s

s

u

e

s

-

i

Q

6

O

Purchased and Offered by Halsey, Stuart & Co. Inc. alone or with associates*
Amount of
Issue

T a x -E x e m

Amount of
Issue

p t
Jl

A L A B A M A E D U C A T IO N A U T H O R IT Y f
Var. Rates Rev. Bonds (2 issues)
4 .1 3 7 .0 0 0 ALEXAN D R IA , V A .
Var. Rates Bonds
4 0 0 0 0 ,0 0 0 CH ICAG O BD. OF E D U C A T IO N , IL L .!
3 y 8 % & 3i/2% Bonds (2 issues)
9 5 1 5 0 0 0 C IN C IN N A T I O H IO
'
’
Var. Rates Bonds

$

7 0 ,0 0 0 ,0 0 0

Underwriting
Interest

C o r p o r a te
i

$ 2 5 ,0 0 0 ,0 0 0 BALTIMORE GAS A N D ELECTRIC C O M P A N Y
First Ref. Mtge. Bonds, 4 % % Series due 1980 . .
. .
$ 1 1 ,2 0 0 ,0 0 0
1 4 ,0 0 0 ,0 0 0 CENTRAL ILLINOIS LIGHT C O M P A N Y
First Mtge. Bonds, 4 / 8 % Series due 1990
3 ,7 0 0 ,0 0 0
2 5 ,0 0 0 ,0 0 0 CHESAPEAKE A N D PO TO M AC TELEPHONE CO M P A N Y OF W EST VIR G IN IA 40 Year 5 % Debs. Due 2 000
6 ,8 0 0 ,0 0 0
1 2 5 ,0 0 0 ,0 0 0 CO N SO LID ATED EDISON C O M P A N Y OF N EW YORK,
IN C. First & Ref. Mtge. Bonds, 4 % % Series R due 1990 .
6 ,7 5 0 ,0 0 0

1 9 .2 0 0 .0 0 0 D AD E C O U N T Y , FLA.f
, - n n n nfm r n i s r « M F M P n w p p ^ « 0 4 ^
d“ e 1 9 9 0 t ' ‘ '
A 1 0 % Port Auth Rev Bonds
3 5 , 0 0 0 , 0 0 0 CONSUMERS POWER C O M P A N Y
W , 7 , nnn n B T D O fT
* A •
V
First Mtge. Bonds, 4 % % Series due 1 9 9 0 .............................
1 4 .5 2 5 .0 0 0 DETROIT, M IC H .t (4 issues)
2 5 ,0 0 0 ,0 0 0 D A Y T O N POWER A N D LIGHT C O M P A N Y
,
_
^ ar- Rates Bonds & Rev- Bonds
,
x
First Mtge. Bonds, 514% Series Due 1990 ...........................
1 0 .0 0 0 .
0 0 0 DETROIT SCHOOL DISTRICT, M IC H .f
2 5 ,0 0 0 ,0 0 0 FLORIDA POWER CORPORATION
Var. Rates Bonds
First Mtge. Bonds, 4 % % Series due 1990
3 0 .0 0 0 .
0 0 0 EAST B A Y M UNICIPAL U T IL IT Y DIST.,
8 ,8 8 0 ,0 0 0 GREAT NORTHERN R AILW AY
CALIF. Var. Rates Bonds
Equip. Trusts of I9 6 0 , 5 % & 4 % % Ctfs. Due 1960-75
.
2 5 .5 0 0 .0 0 0 EUGENE, OR EGONf
5 0 ,0 0 0 ,0 0 0 ILLINOIS BELL TELEPHONE CO M P A N Y
Var. Rates Rev. Bonds
First Mtge. 4 % % Bonds, Series G Due 1997
. . . .
7 .7 7 0 .0 0 0 FLORIDA STATE BOARD OF E D U C A T IO N
7 ,7 5 5 ,0 0 0 ILLINOIS CENTRAL EQ U IPM EN T TRUSTS
Var. Rates Rev. Bonds
3 Series, Var. Rates Ctfs. Due 1960-75 .................................
8 .0 0 0 .
0 0 0 KANSAS C IT Y , KAN.
1 2 ,0 0 0 ,0 0 0 IN D IANAPO LIS POWER S i LIGHT C O M P A N Y
Var. Rates Rev. Bonds
First Mtge. Bonds, 4 Y s % Series, due 1990 . . . . . .
4 .7 5 0 .0 0 0 LEXIN G TO N , K Y .f
1 0 ,0 0 0 ,0 0 0 LACLEDE GAS C O M P A N Y
Var Rates Rev Bonds
First Mtge. Bonds, 4 % % Series due 1985
. . .
.
3 0 5 0 OOO m a 't n p s t a t f o F f
7 ,7 5 5 ,0 0 0 LOUISVILLE A N D NASHVILLE RAILROAD
,
2 9 0 r Bonds
'
Equip. Trust, Series Z , 414% Ctfs. Due 1962-76 . . .
„ c nn nnn UA11
CTATC
A„ c r n u M tc
3 5 ,0 0 0 ,0 0 0 M IC H IG A N BELL TELEPHONE C O M P A N Y
3 2 .5 0 0 .0 0 0 M A R YL A N D STATE ROADS C 9 M M IS.
36 Year 4 % % Debentures Due 1996
_ _ _ __ _ _ .
® ° nds (2 lssues)
60 , 0 0 0,000 M i d w e s t e r n g a s t r a n s m i s s i o n c o m p a n y !
5 0 .0 0 0 .
0 0 0 M IC H IG A N , STATE OFf
First Mtge. Pipe Line Bonds, 5 }A % Series due 1980
.
.
Var. Rates Rev. Bonds (2 issues)
7 ,9 5 0 ,0 0 0 MISSOURI PACIFIC RAILROAD
2 1 .8 9 6 .0 0 0 M IC H IG A N SCHOOL DISTRICTS
Equip. Trusts, Series N , 5 % & 414% Ctfs. Due 1961-75 .
Var. Rates Bonds (17 issues)
4 0 ,0 0 0 ,0 0 0 M O U N T A IN STATES TELEPHONE A N D TELEGRAPH
1 7 .1 7 7 .0 0 0 M ILW AUKEE C O U N T Y , W lS .f
C O M P A N Y 40 Year 5 % Debentures, Due 2000
. .
.
Var. Rates Bonds (3 issues)
2 5 ,0 0 0 ,0 0 0 N ATU RAL GAS PIPELINE C O M P A N Y O F .A M E R IC A !
7 .0 0 0 .
0 0 0 M INNEAPOLIS-ST. PAUL METRO. AIRFirst Mtge. Pipeline Bonds, 5 % Series due 1980
. .
.
PORT C O M M . M IN N .! Var. Rates Bonds
1 5 ,0 0 0 ,0 0 0 NEW BRUNSWICK, PROVINCE OF (C A N A D A )!
4 0 0 0 OOO NASHVTITF T F N N
5 % % Twenty-Five Year Debentures, Due 1985
. .
.
’
’
Var Rates Re’v Bonds
6 0 ,0 0 0 ,0 0 0 N EW YORK TELEPHONE C O M P A N Y
n n n n n n m c w o d t c a n c rA
Refunding Mtge. 4 5/8% Bonds, Series L, Due 1 9 9 7
.
.
0 , 2 UU,UUU N bW U K L b A N i, LA.
1 5 ,0 0 0 ,0 0 0 NORTHERN IN D IA N A PUBLIC SERVICE C O M PAN Y
Var. Rates Rev. Bonds
First Mtge. Bonds, Series K , 4 % % , Due 1990 .
. .
.
2 2 0 ,0 0 0 ,0 0 0 N EW YORK STATE POWER A U T H -!
3 5 ,0 0 0 ,0 0 0 NORTHERN STATES POWER C O M P A N Y
Var. Rates Rev. Bonds (2 issues)
First Mtge. Bonds, Series due 1990, 5 % .................................
5 2 ,0 9 6 ,4 0 0 NEW YORK SCHOOL DISTRICTS
4 5 ,0 0 0 ,0 0 0 NORTHWESTERN BELL TELEPHONE C O M P A N Y
Var. Rates Bonds (25 issues)
38 Year 4 7/8 % Debentures, Due 1998
4 .5 0 0 .0 0 0 NIAG AR A C O U N T Y , N. Y .
1 0 ,0 0 0 ,0 0 0 N O V A SCO TIA, PROVINCE OF (C A N A D A )!
3 % Bonds
514% Twenty Year Debentures, Due 1980 ...........................
1 1 .2 2 1 .0 0 0 OYSTER B A Y 8c BABYLON S /D N O . 22,
6 0 ,0 0 0 ,0 0 0 PACIFIC GAS A N D ELECTRIC C O M P A N Y !
N . Y . ! 4 2 0 % & 4 V a % Bonds (2 issues)
First & Ref. Mtge. Bonds, Series FF, 454% Due 1992 .
.
6 4 .3 4 5 .0 0 0 PHILADELPHIA, P A .t
7 2 ,0 0 0 ,0 0 0 PACIFIC TELEPHONE A N D TELEGRAPH C O M P A N Y
Var Rates Bonds C2 issues!
33 Year 536% Debentures, Due 1993
non o o o
, 7 . » ,7 a
9 ,7 2 0 ,0 0 0 SEABOARD AIR LINE RAILROAD
4 1 .2 8 2 .0 0 0 PENNSYLVANIA STATE PUBLIC SCHOOL
Equip. Trusts, Series T & U, 4 Y s % & 4 14% Ctfs. Due 1961-75
BLDG. A U T H . Var. Rates Bonds (2 issues)
1 0 0 ,0 0 0 ,0 0 0 SOUTHW ESTERN BELL TELEPHONE C O M P A N Y
4 .9 0 0 .0 0 0 PIM A C O U N T Y SCHOOL DISTS. A R IZ .f
35 Year 454% Debentures, Due 1995
Var. Rates Bonds
2 5 ,0 0 0 ,0 0 0 TA M P A ELECTRIC CO M P A N Y
5 5 .0 0 0 .
0 0 0 PORT OF N EW YORK A U T H O R IT Y !
First Mtge. Bonds, 5 % Series due 1990 . . . . . .
Var. Rates Rev. Bonds (2 issues)
1 2 ,0 0 0 ,0 0 0 TEXAS ELECTRIC SERVICE CO M P A N Y
5 .0 0 0 .
0 0 0 PUERTO RICO, CAPITAL OF
514% Sinking Fund Debentures Due 1985 ...........................
Var. Rates Bonds
6 0 ,0 0 0 ,0 0 0 U N IT ED GAS CORPORATION
6 .0 0 0 .
0 0 0 SACR AM ENTO, CALIF.
First Mtge. & CoiL Trust Bonds 5 % Series due 1980 &
Var. Rates Rev. Bonds
514% Sinking Fund Debentures due 1980

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

3 0 .0 0 0 .

0 0 0 SACRAM ENTO M UNICIPAL UTIL. DIST.
1 8 ,5 0 0 ,0 0 0 A D D IT IO N A L PUBLIC U T IL ITY BONDS (4 issues)
1 0 , 9 5 0 ,0 0 0
C A L IF .! Var. Rates Rev. Bonds
2 1 ,4 3 5 ,0 0 0 A D D IT IO N A L EQ U IPM EN T TRUST CERTIFICATES
5 .0 0 0 .
0 0 0 SAN DIEGO C O U N T Y , CALIF.
(5 i s s u e s ) .........................................................................................
9 ,8 8 5 ,0 0 0
Var. Rates Bonds
7 0 0 0 0 0 0 SAN DIEGO C O U N T Y W ATER A U T H
D e s c r ip tiv e circu la rs o r p r o s p e c t u s e s , w h e r e a v a i l a b l e , a n d cu r r e n t q u o t a t io n s w ill b e s u p p l ie d f o r
’
’
O R ITY CALIF.t Var. Rates Bonds
'
a n y o f t h e s e s e c u r itie s u p o n r e q u e s t .
1 7 4. ^ S OOO QT TOI TTQ 1S/TO +
*To D ec em b e r 14, I960 f Issue h ea d ed join tly by Halsey, Stuart & Co. Inc. a n d others. A l l oth er issues w e r e h e a d e d
5
’
,, ’ „
‘
by Halsey, Stuart & Co. In c. alone. N ot in clu d ed in these com pilations a r e issues in w hich Halsey, Stuart & Co. In c.
V ar. Kates Bonds
p a rticip a ted only as a m em b er o f an account.
5 .2 0 0 .0 0 0 U NIVER SITY OF ILLINOIS, BD. OF

1 3 . 6 6 2 .0 0 0 V e r m o n t , ' s t a t f ^ o
3 4 .0 0 0 .

f i"

B° n<ls

Send

0 0 0 W A SH IN G T O N , STATE OFf
Var. Rates Rev. Bonds

N Y t

1 3 3 ,2 8 5 ,3 4 0 A D D IT IO N A L TA X-E X E M P T BONDS
(108 issues)

i

B c n cl

S u r u e y o n d H e lp fu l T a x

C h a r t

tax exemption in your income bracket. Write without

c
^
RateS BondS
5 .7 0 0 .0 0 0 W EST H A V E N SCHOOL DIST. C O N N -!
3 !4 % Bonds


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

Y ea r' F n d

C ° " dSe
b °"d
ind
1961, and tax chart to help you determine the value or

4 .6 2 5 .0 0 0 W EST ALLIS, W IS .l

8 .5 0 0 .0 0 0 W HITE PLAINS SCHOOL DIST

F o r

obligation for folders N B -6 1 .
B

HALSEY,

STUART

—
&

CO.

I l M C .

S' l A S A “ E S T R” T' C , I C , M
? 0 ' 3 5 W A l 1 STREEI - NE W YOR, t
AND OTHER P R I N C I P A L CI TI ES

5

Northwestern Banker, January, 1961

36

C on tin en ta l Illin o is to M e r g e
W ith
C itg N o tio n a l in C hicago
LANS for a merger of Continental tors of both banks have approved
Illinois National Bank and Trust terms of the proposed merger.
Company and City National Bank and The plan calls for City National
Trust Company in Chicago were an­ shareholders to receive 1.05 shares of
Continental stock for each City Na­
nounced recently.
The combined institution would tional share held. Continental share­
holders will retain shares held current­
have resources of $3,256,000,000.
A joint announcement by Arthur T. lyShareholders of each bank will vote
Leonard, president of City National,
and David M. Kennedy, chairman of on this exchange offer, the Conti­
Continental, said the board of direc- nental’s at their annual meeting on

P

D. M. K E N N E D Y

A. T . L E O N A R D

D. M. G R A H A M

T . C U M M IN G S

ROLLING THE LAWN
i

S o m e o n e o n c e sa id th a t th e re a s o n
th e y h a v e su c h b e a u tifu l la w n s in
E n g la n d is b e c a u s e th e y w e re w e ll
p r e p a r e d in th e b e g in n i n g a n d h a v e
b e e n ca re fu lly ro lle d fo r a b o u t th r e e
h u n d r e d years. T h is says to us th a t
n o m a tte r h o w s o u n d a th e s is m i g h t
b e , it b e c o m e s m e a n in g fu l o n ly i f
it is e m p h a s iz e d re p e a te d ly o v e r a
l o n g p e r i o d o f tim e .
W e ll , w e c a n ’t g o b a c k th r e e h u n ­
d re d years, b u t fo r a t le a s t th e p a st
tw e n ty -fiv e years w e h a v e b e e n say­
in g to b a n k e rs o v e r a n d o v e r a g a in ,
" T h e c h e c k s y o u sell c o s t y o u n o t h ­
i n g .” A s a c h e c k p r in te r , o u r p rim e
o b je c tiv e is to p r o d u c e a lo t o f
c h e c k s. A s a m e r c h a n d is e r, o u r
p r im e o b je c tiv e h a s b e e n , a n d is, to
d o e v e ry th in g p o s s ib le to e n a b le
o u r b a n k c u s to m e rs to re c o v e r
th e ir c h e c k c o sts.
N o w it d o e s n ’t m a k e a n y d iffe re n c e
w h a t a b a n k p ays fo r its c h e c k s o r
h o w c h e a p ly it ca n p r i n t th e m . . .
th e y a re t o o e x p e n s iv e if th e ir c o s t
h a s to b e a b s o rb e d . O v e r a te n -y e a r
p e r io d , th e a m o u n t o f m o n e y e x ­

p e n d e d fo r c h e c k s u n d e r th e M I C R
p r o g r a m w ill e x c e e d th e c o s t o f
m a c h in e s b y a w id e m a rg in . T h e sav­
in g s p r o m is e d by M I C R w ill b e
re a liz e d in fu lle r m e a s u re i f c h e c k
c o sts c a n b e h e ld to a m in im u m .
T h e o n e a n d o n ly w ay to a c c o m ­
p lis h th is is to re c o v e r th e m o n e y .
S tr a n g e ly e n o u g h , b a n k s w h o p r o ­
v id e i m p r i n te d c h e c k s fre e w ill
a c tu a lly sell m o r e a fte r s ta r tin g th is
p ra c tic e th a n th e y d id b e fo re . A s
a m a tte r o f fact, th is rea lly is n ’t
s tra n g e a t all, b e c a u se th e o ffe rin g
o f fre e im p r in te d c h e c k s s tim u la te s
th e c u s to m e r to w a n t s o m e th in g
ju s t a little b it b e tte r. T h is w rite r
is u s in g a tw e n ty - s e v e n c e n t b a ll
p o i n t p e n t o w rite th is m e s s a g e b u t
h e ca rrie s a th r e e d o lla r jo b in h is
p o c k e t. S im ila rly , c h e c k s p r o v id e d
fre e , w h ile p e rfe c tly g o o d a n d c e r­
ta in ly u s a b le , d o n o t h a v e q u ite th e
a p p e a l o f th o s e w h ic h are p a id fo r.
So r e m e m b e r ...t h e c h e c k s y o u b u y
o r p r in t, a n d g iv e aw ay, a re e x p e n ­
siv e re g a rd le s s o f th e i r c o s t,w h e re a s
the checks you sell cost you nothing.

M a n u f a c t u r i n g P la n ts a t :
C L IF T O N , N O R W A L K , P A O L I , C L E V E L A N D , D E T R O IT , I N D IA N A P O L IS ,
C H IC A G O , K A N S A S C I T Y , S T . P A U L , D A L L A S , C H A T S W O R T H

CHECK PRINTERS
J tn c.

Northwestern Banker, January, 1961


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

January 23, City National’s at a special
meeting at approximately the same
time.
The merger also must be approved
by the Comptroller of the Currency
and other Federal agencies.
All officers of the City National Bank
Bank will retain their status in the
merged institution and all other staff
members will continue to be employed
by the combined bank.
Top management of the merged
bank will consist of Mr. Kennedy,
chairman; Mr. Leonard, who will be­
come chairman of the executive com­
mittee when the merger is effected;
Donald M. Graham, vice chairman, and
Tilden Cummings, president.
Peter M. Jarvis, president of Swift
and Company, has been nominated for
election to the board of the new insti­
tution at the annual stockholders’
meeting January 23.
It is also planned that three mem­
bers of the Continental board will re­
tire at the meeting. They are Walter
J. Cummings, chairman of the board
until 1959 and a director for 27 years;
John F. Cuneo, president of The
Cuneo Press, Inc., a director since
1946, and Lawrence P. Fisher, a di­
rector of General Motors Corporation,
who has served on Continental’s board
since 1945.
Four members of City National’s
board will become directors of Con­
tinental when the two banks are
merged. They are Arthur T. Leonard
and William H. Miller, respectively
president and senior vice president of
C ity N a tion a l; Rawleigh Warner,
chairman of the board of The Pure
Oil Company, and Clarence H. Shaver,
chariman of the board of United States
Gypsum Company.
The merged institution will operate
under the Continental charter.
The process of effecting the actual
merger will get underway immediately
after shareholders of the banks ap­
prove the proposal and approval is
received from Federal authorities.
City National will move into the
present bank building of Continental
at 231 South La Salle Street.
On the date of the last national bank
call, October 3, Continental had re­
sources of $2,866,000,000, total deposits
of $2,433,000,000, and loans of $1,375,000,000. City National reported re­
sources of $392,000,000, deposits of
$357,000,000, and loans of $175,000,000.
Based on October 3 capital accounts
after adding the $25,000,000 increase
in Continental’s surplus in November,
capital and surplus of the merged bank
would be $302,000,000. The legal lend­
ing limit to any one borrower on this
basis would be $30,200,000.

1

Á-

37
nation’s banking fraternity.
He was a past-president of the Texas
Bankers Association, and had served
four terms as president of the Dallas
Clearing House Association.

E le c tro n ic S y ste m fo r 7th F ed

N S T A L L A T IO N of a pilot elec­ lifetime filled to overflowing with out­
standing achievements in many fields.
tronic c h e c k processing system
designed for ultra-high speed han­ His banking career began in 1907,
Heads FPKA Membership
dling of checks has been announced when, as a lad of 15, he went to work
Robert W. Turner, president, City
by the Federal Reserve Bank of for the First National Bank of Rusk,
National Bank, Council Bluffs, has
Texas, sweeping floors, sorting checks,
Chicago.
The bank, which serves Illinois, doing odd jobs. The ensuing years b e e n named regional membership
Iowa, Indiana, Michigan and Wiscon­ saw him rise steadily, to become chief chairman of the north central states
sin—states that comprise the Seventh executive of the South’s largest bank­ for the Financial Public R e la tio n s
Federal Reserve District—will use the ing institution, and president of the Association. Details on joining the
e q u ip m e n t, manufactured by Bur­ American Bankers Association in advertising and public relations organ­
roughs Corporation, to speed the 1955-56. He was the second Texan izations can be obtained by writing
processing of the nearly two million ever to be accorded this honor by the direct to Mr. Turner.
checks received daily from banks
throughout the nation. During the
early stages of the test operation the
equipment will be used for checks
drawn on “country” banks in the
Seventh District portion of Illinois.
The electronic system, the second of
its kind in operation in a Federal Re­
serve bank, is capable of processing
checks at speeds up to 1,560 checks
per minute. Four other Federal Re­
serve Districts—Boston, New York,
Philadelphia and San Francisco—are
included in the nationwide pilot oper­
ation, each using equipment manufac­
tured by a different company.
Designated as the Burroughs B-301
system, the Chicago installation con­
sists of three separate major pieces of
equipment. They are: (1) A high
speed 13-pocket check sorter-reader.
(2) A control unit. (3) An electro­
static multi-printer producing four
separate listings and required totals
of the checks being processed at the
same electronic speeds as the sorterreader.
In operation, the Burroughs B-301
system edits, sorts, classifies, lists and
electronically accumulates totals in
in terestin g , indeed, to w eigh th e few m ysteries th a t have been re­
addition to proving out the accuracy
vealed to m a n k in d fro m all th a t are hid d en in tim e yet to be . . . .
of the work.

I

Fred F. Florence
Death came Christmas Day to Fred
Farrell Florence, a financial statesman
whose illustrious career of more than
a half-century in banking helped shape
the economic growth and development
of the Southwest which he loved.
Mr. F lo re n ce ,
chairman of the
e x e c u t iv e c o m ­
mittee and for­
mer president of
the Republic Na­
tional Bank of
Dallas, was hos­
p ita liz e d som e
weeks ago with
an illness which
at first seemed of
F. F. F L O R E N C E
minor import.
His passing marked the end of a

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

In th e p ast sixty years, w e th in k w e have com e a lo n g w ay from
th e chugging, sm oky autom obiles of 1900 to th e incredible satel­
lites of I 9 6 0 th a t race a ro u n d th e e a rth in little m ore th a n an
h o u r o r tw o . . . .
W e ll, it’s a "w o rld on the g o ” — o u r w orld. Y et, so little of the
m ysteries have been p e n e tra te d by science. A n d th ere is still the
g re a t m ystery of th e h e a rt and m in d and the D iv in e Spirit th a t is
so m an ifest in all w e see in e a rth and sky.
In all th e m a g n itu d e o f th in g s u n k n o w n , p erh ap s ou r N e w Y e a r’s
w ish is b u t a q u ie t w hisper. N evertheless, m ay w e say . . . .

"To you, good health and the best of
good fortime . . . may they always be yours."

FIRST NATIONAL BANK

1886
MEMBER

FEDERAL

DEPOSIT

INSURANCE

CORPORATION

Northwestern Banker, January, 1961

38

O ur B ankers Participation Plan
IS M A K I N G S U B S T A N T I A L P ROF I T S FOR
I N C R E A S I N G N U M B E R S OF B A N K E R S
TH R O U G H O U T OUR OPERATING TERRITORY!
IT C A N W O R K FOR

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This thoroughly tested plan is a highly
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for scores of Bankers throughout our
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When you are affiliated with our
B A N K E R S P A R T IC IP A T IO N PLAN ,
you are also privileged to enjoy splendid
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and wife.)
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regarding our
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}

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A T T R A C T IV E
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Particularly desirable territory
openings are currently available.
Write us today for detailed infor­
mation.

Northw estern Banker, January, 1961


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Federal Reserve Bank of St. Louis

H. O. C H A P M A N
P re sid e n t

S. H. WITMER
C h a irm a n o f the B o a rd

39

IN SU R AN C E

How
B y C. F. STILGEBOUER
President
First Potter County Bank
Gettysburg, S. D.

I Write a Milli

In li fe Insurance

Reprinted from Life
Insurance Selling

N 1959, beginning on February 1,
I wrote a total of $1,025,000 of life
insurance. This was not too un­
usual, since there are many million
dollar producers in the life insurance
business who sell that much and more
year after year. But when in the first
six months of 1960, by July 1, I had
written over $1,250,000, it seemed to
attract some attention — especially
when it was made apparent that the
insurance salesman was in reality not
a salesman at all.
“How can that be?” you ask. “Why,
any man who sells like that can’t help
but be a salesman!” But you are
wrong in that respect, for this “super
salesman” is not a life insurance agent
in the usual sense. Your next ques­
tion would then be, “Well, what are
you anyhow?”
I am a banker—president of a $6,000,000 bank with 20 employees. There
are $2,500,000 worth of loans in our
loan portfolio. I have the problems
attendant to a bank that size with 20
eager-beaver employees and the needs
of a community of 2,000 people at
times weigh heavily on my mind.
Their problems are my problems and
to some I find myself a Godfather, a
genius, a conspiring devil, an invest­
ment counselor and, best of all, to
most just a good personal friend. In
addition to running the bank, I am
currently president of the Chamber of
Commerce, county chairman of the
Republican party, second vice presi­
dent of the South Dakota Bankers As­
sociation and chairman of the county
Salvation Army financial administra­
tion. With all of these things to con­
sume my time and attention, it’s obvi­
ous that I couldn’t be a life insurance
salesman, too. There just wouldn’t be
time enough.
How, then, have you written such
a volume?” you want to know. “What

I


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Federal Reserve Bank of St. Louis

reasons prompted you to write life in­
surance? What training have you
had? What was your approach? How
do you close your sales?”
As my Dad used to say, let’s get
first things first. So, paragraph by
paragraph, I shall repeat these ques­
tions and try to the best of my ability
to answer them. If you become bored,
you have my permission to turn to the
next article and delve into the words
of wisdom of someone who is un­
doubtedly far more capable than I.
How I Sell

‘How have you written such a vol­
ume?”
Through hard work, my friend, hard
work. For the indolent, a life insur­
ance career is the wrong one. The
easy touch, the flower-strewn path, the
40-hour week and the fast buck aren’t
in the picture. The easy touch builds
nothing for the future, only lapsed
premium payments. The flower-strewn
path becomes a muddy road when the
prospect who needs insurance so bad­
ly ignores the need and thinks he will,
like Old Man River, just keep rolling
along. The 40-hour week becomes ri­
diculous when you find yourself driv­
ing home some morning at three
o’clock after a lengthy six-hour estate
planning session. As a banker, let me
assure you that I know there never
was and there never will be a fast
buck. Financial success that is not

gained by hard work and planning
leaves the life insurance man with lit­
tle satisfaction. The knowledge that
his accomplishments have benefited
his fellow men is as important as the
increase in his bank account.
Why I Sell

“What reasons prompted you to en­
ter the life insurance business?”
That is simple: the needs of my cus­
tomers and of my community. Sad to
say, not all so-called life insurance
salesmen are true salesmen. They are
insurance butchers. Many of them
should only purchase, not sell life in­
surance policies.
As a banker, I am appalled at the
inadequacy of the average salesman.
He either didn’t know his business or
flagrantly forgot his principles in or­
der to make a sale. Heads of house­
holds were left unprotected so that
new-born babies could have fancy tenyear annuity policies. Bereaved moth­
ers found themselves left out in the
cold because a beneficiary designation
had not been changed 20 years before
when she married her now deceased
husband. Policies had lapsed because
proper attention was not paid to them
by the agents who sold them original­
ly. Lack of coverage for estate pur­
poses was ignored by salesmen, either
through indifference or ignorance.
These and many other discrepancies

■ In addition to being the chief executive officer of the First Potte r County
Bank, M r. Stilgebouer is second vice president of the South Dakota Bankers
Association and active in many civic affairs in Gettysburg and the surround­
ing a re a . His outstanding record of life insurance production is accomplished
by offering services bankers usually consider to be a way of life.

Northwestern Banker, January, 1961

40

In s u ran ce

motivated me to take steps to remedy
the situation.
No Training

“What life insurance training had
you had before February 1, 1959?”
Absolutely none! I didn’t know the
front end of a manual from the back.
To me, cash value was only a term
for credit purposes. I couldn’t figure
a rate on the simplest policy. The
terms ADB, GPO, Disability Waiver,
Monthly Income Replacement, and
many others, were as foreign to me as
the Greek alphabet. I hadn’t studied
a single pitch card. “Closing” to me
referred to what I did to the door

after our cocker dog rushed through
it. And prize awards! My ignorance
about them will show you how dumb
I was!
I was puzzled by the assortment of
items which started coming through
the mail—a gadget here, a suitcase
there, then some table linen for my
wife. Finally, with curiosity forcing
the issue, I called my state supervisor
and asked, “ Say, what gives?” I actu­
ally think I heard him fall off his
chair. He was so inarticulate that I
had difficulty in understanding that
I had won one item for a certain
amount of coverage and another for a
specified amount of premium. It was
“President’s Month,” you know, and
I had exceeded the quota set up and
had won not only the grand prize but
also the sweepstakes prize.
Then, to top it off, he said, “And,
by the way, you not only have won a
trip to our school at Banff, Alberta,
Canada, but you have written a suf­
ficient volume to qualify you for the
extra day there also.”
“ Banff, Canada?” said I. “What do
you mean? If you think I’m paying
my way to Banff to attend some sort
of silly school, you’re badly mistaken.
I have a bank to run, you know.”
At that I thought he would choke to
death. When he finally recovered, he
proceeded to tell me that he thought
it might be advisable for him to come
to see me and get a few things
straight, such as the fact that this trip
was an award.
“Well, this insurance business is all
right,” I concluded. “ Perhaps I’d bet­
ter sell some more. Who knows? A
Cadillac may be on the way with that
extra policy!”
That, my friends, will indicate to
you how much I knew about the life
insurance business.

discussion with him of how much life
insurance he needed and, finally, a
tie-up with the proper coverage placed
in the proper perspective and place.
This may sound like an unduly simple
procedure, but I believe that it was
the very simplicity of my method
which made it as successful as it was.
How I Close

“How did you close your sales?”
I didn't. My prospects closed them
for me. Nine times out of ten they
saw their need. They became con­
vinced that they should do something
about it right then—not next week or
next year. They respected me, not
only because I was a banker or be­
cause I had presented the logical and
factual information, but also because
they knew I was advising them as a
friend. Many times they said, “Cece,
do you really think this is what I need
and what I should do?” To my an­
swer, “Yes, I do,” they replied, “ Let’s
write her up, then. Why wait?” I
will admit, of course, that at times the
more conservative person needed a lit­
tle prodding, but I was amazed to find
that even the most conservative indi­
vidual is not too hard to sell when he
becomes convinced that what you
have to offer is for his own good and
that you have his best interests at
heart.
Let me now summarize what 1 have

MERCHANTS
MUT UA L

BONDING
COMPANY
Incorporated

1933

How I Approach

NOW
IN OUR
61st YEAR
A G EN T
^
IN Q U IR IE S IN V IT E D

itlu ta a l J f ir r
anil A u tm u n ltilr
ii.Ui Uincx! tO <ymjtan/u
Established 1900
HOME OFFICE
CEDAR RAPIDS, IO W A

i

A
M

E. Wilson, President
J. M. Winchell, Secretary
J.

Northwestern Banker, January, 1961


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Federal Reserve Bank of St. Louis

“ How did you approach your cus­
tomers?”
Easy as pie. In the same way you
approach anyone on anything. I had
acquired knowledge through the years
of banking that fitted me for basic
reasoning and analysis. I had worked
with trusts. I knew what had to be
done. About all I needed to know was
what type of policy did what type of
job. After I had carefully studied this
out, I had the knowledge to talk in­
telligently, to plan constructively, and
to come up with the solution which fit
the problem.
With this background, I communi­
cated with my clients. Even when I
failed to make a sale, I never found
a person who refused to listen intelli­
gently and courteously to me. My
sales pitch was not dramatic or sen­
sational. It consisted merely of a sim­
ple analysis of the person’s need, a

O

lit#

Home Office
GRAND AVEN U E

Des Moines, Iowa

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

E. H. WARNER
President and M anager

W. W. WARNER
V ice President

M. J. CORBIN
Sserstary-T rsaaarsr

Insurance

attempted to accomplish in this short
article. Was it to castigate the life
insurance selling fraternity? Certainly
not! I realize that there are hundreds
of well-trained and conscientious in­
surance men who are sincerely inter
ested in their clients’ needs and wel­
fare. Was it to boast of my own ac­
complishments? Hardly! I feel very
humble that I have been able to enjoy
a moderate amount of success in a
line of work which I consider both
interesting and worthwhile. No, my
purpose has been simply to impart the
little information which I at times
paid a high price to learn.—End.

NEW BUSINESS . . .
(Continued from page 23)
for an account.
If you hear a complaint on parking
—sell banking by mail.
When loan payments are made by
cash—try to sell a checking ac­
count.
When rentals of deposit boxes are
paid with cash or money order—
sell a checking account.
Ask regular “check cashers” to open
an account.
When you are making a loan—-ask
for their other business.
When you count the “piggy bank”
money—sell a savings account.
Think about your neighbors — do
they bank with you?
Notice the children of parents—sell
them (the kids, that is) an ac­
count.
When they inquire about the price
of boxes—sell them one.
When they ask about interest rates
—sell them a savings account.
If they ask about loan rates—help
them to “obtain” that loan.
If they ask about service charges—
follow through on selling an ac­
count.
If a customer says, “ I cannot save
money” — sell him an automatic
savings account.
Merchant worried about day’s re­
ceipts—sell him on night deposi­
tory.
After all is said and done in this
banking business of ours, after we
have made a thorough examination of
all of the new and old ideas of how
to sell additional services to present
customers, after we have given these
ideas a trial, I believe that the entire
solution to this problem boils down to
just four words, “Ask for the Busi­
ness.” Not any plan or program will
work, regardless of how much money
we spend in the promotion of that
plan or program, unless you and I
and all of our employees keep those
four little words foremost in our
minds and then do as our minds tell
us—ask for the business.—End.

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Federal Reserve Bank of St. Louis

41

1*1itn T ou r fo r in d ep en d en ts
TTO H. PREUS, vice president of sightseeing and shopping. The group
the Marquette National Bank, will continue to Washington, April 19.
Minneapolis, has announced tentativeThe return trip will be made so that
plans for the pre-convention trip to arrival in Chicago and Minneapolis
the annual convention of the In­ will be April 24. Write Mr. Preus for
dependent B a n k e r s Association in more information regarding detailed
plans and costs.
Washington, D. C., April 20-22.
The group will
leave Minneapo­
New Executive Officer
lis at 8:00 a.m.,
The appointment of Joseph A. Han­
April 12, and go
to Chicago. Addi­ nan, Jr., as executive vice president
tional Independ­ of The Bank of New York is announced
b y A l b e r t C.
ent bankers will
Simmonds, Jr.,
meet the group
chairman.
there, and they
will leave Chi­
Mr. H annan
cago at 5:00 p.m.,
joined the bank
the same day.
in 1922 as a
O . H. PREUS
T h r e e days
messenger a n d
will be spent in Canada, including a
worked with the
stay at the Queen Elizabeth Hotel in
real estate de­
Montreal, a train trip to Quebec, inter­
partment. After
esting tours of both cities, a Tally-Ho
his transfer to
side trip to the top of Mount Royal
the banking di­
J. A. H A N N A N , JR.
Mountain, planned luncheon and din­
vision, he repre­
ner parties, and time for shopping.
sented the bank in the western states
Two days will be spent in New for several years. In 1953 he was ap­
York. Plans call for guided tours, a pointed vice president and subsequent­
Broadway play, dinner at a famous ly took charge of the bank’s branch
restaurant, and time for individual offices division.

O

Western Mutual
Insurance Co.
says

WHy NOT JUST ONE PACKAGE?

1 A d d '!1

O n e Package Policy to c o ve r

Living
Expense s
_i_---------._

th e H om eow ners o r Tenants.
C o m p le te P ro te ctio n in
O n e Policy, O n e Premium
and O n e Renewal D ate.
W e s te rn M u tu a l is a m ultip le -lin e
C o m p a n y w ritin g th ro u g h th e
A m e ric a n A g e n c y system.
A g e n ts inquiries are w elcom ed.
W r ite
616 10th S tre e t

Des Moines 8, Iow a

A Multiple Line, Non-Assessable Company

Northwestern Banker, January, 1961

42

THE RO YAL B A N K
OF C A N A D A
H ea d Office, M ontreal
w.

e.

McLa u g h l in

President
C. B. NEAPOLE

General Manager
A. F. MAYNE

General Manager
(non-domestic business)

Condensed Annual Statement
as on 30th November, 1960

ASSETS
Cash on hand and due from banks (including items in transit) . . . $ 583,133,005
Government of Canada and provincial government securities,
at amortized v a lu e ..............................................................................
836,842,656
Other securities, not exceeding market v a lu e ....................................
524,049,613
Call loans, fully se cu re d ........................................................................
316,818,517
Total quick a sse ts........................................................................ $2,260,843,791
Other loans and d isco u n ts.................................................................... 1,597,496,232
Mortgages and hypothecs insured under N.H.A. (1954)................
288,810,202
Bank premises ........................................................................................
51,133,393
Liabilities of customers under acceptances, guarantees and
letters of c r e d it ................................................................................
92,633,136
Other assets ............................................................................................
5,905,496
_

$4,296,822,250

L IA B IL IT IE S

-

Deposits ......................................................................................................$3,884,134,258
Acceptances, guarantees and letters of credit....................................
92,633,136
Other liabilities ......................................................................................
28,191,979
Total liabilities to the p u b lic .................................................... $4,004,959,373
Capital:
Paid u p .......................................................................... $ 66,433,759
Rest A c c o u n t.................................................................... 223,774,341
Undivided p r o fits ............................................................
1,654,777
291,862,877
___________________________________________________ $4,296,822,250

Over 1,000 Branches
IN CANADA, THE CARIBBEAN AREA AND SOUTH AMERICA. OFFICES IN
NEW YORK,

LONDON

AND

PARIS.

REPRESENTATIVES

IN

CHICAGO,

DALLAS, HONG KONG AND HAVANA. CORRESPONDENTS THE WORLD OVER.

London Branches— 6 Lothbury, E. C. 2
Auxiliary in France— t h e r o y a l b a n k o f
NEW YORK AGENCY

68 William Street

Northwestern Banker, January, 1967


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Federal Reserve Bank of St. Louis

•

2 Cockspur st., S. W. l
( f r a n c e )— Paris

Ca n a d a

JOSEPH W. GANANN, Agent
ROBERT M. CATTELL, Second Agent

<

43

Minnesota

NEWS
G. N. REPPE
K. A. WALES

President

Grand Meadow

Secretary

Minneapolis

ISanli M a n a g em en t C on feren ce
F e a tu r e s P a n el Ifiscu ssion s
HE Minnesota Bankers Associa­ another panel discussion on “ State
tion has scheduled a conference Legislation.”
for January 18 which has been planned William Powers, deputy manager,
for bank management at the senior American Bankers Association, New
York City, will conclude the confer­
level.
Hotel Radisson in Minneapolis will ence with a discussion on “Manage­
be headquarters for all sessions of the ment Succession and Personnel.”

T

conference.
William Drenner, president, City
National Bank, Fort Smith, Ark., will
lead off the morning session with a
discussion on “ Public Relations from
a Bank President’s Point of View.”
Next is a panel on “Bank Opera­
tions,” with four Twin Cities bankers
as panel members.
Following this will be a panel on
bank supervision and the problems as
seen by bank supervisors. The four
panelists will be representatives from
national and state authorities.

R. O. W EYRAUCH

Heads Blue Earth Bank
Roger B. Eleven, cashier of the
First National Bank of Blue Earth,
has been elected president, succeeding
Earl P. Hummel who is retiring after
42 years in banking. Ivan R. Johannsen, who has been assistant cashier,
succeeds Mr. Eleven.
Mr. Eleven started his banking ca­
reer in the First National Bank of
Brainerd in 1934, remaining there un­
til 1946 when he became assistant
cashier of the Freeborn National Bank
at Albert Lea. He became cashier at
Blue Earth in 1951. He is treasurer
of the Blue Earth Industrial Service
Company. A World War II veteran,
he saw service from 1943 to 1946. He
is president of the Faribault County
Bankers Association and president of
the Blue Earth Lions Club.
Mr. Johannsen, a native of Pierre,
S. D., entered banking in 1957 with
the First National Bank in Worthing­
ton, Minn.

the building will be remodeled and
more than 900 square feet of addi­
tional space will supplement the pres­
ent building area.
Featured will be eight teller win­
dows, two conference rooms, enlarged
officer area and additional facilities
in the expanded safe deposit depart­
ment.
Heating, air conditioning and plumb­
ing will be new throughout, and it is
expected that the work will be com­
pleted before Alexandria’s tourist sea­
son this coming summer.

Name Blue Earth Banker
E. O. Sattre, president of the Blue
Earth State Bank, has been appointed
to the council of the National Asso­
ciation of Supervisors of State Banks.
He will represent the Ninth Federal
Reserve District.

County Associations’ Officers
The Brown County Bankers Asso­
ciation elected officers last month and
they are: Milo Wood, assistant cash­
ier, Farmers & Merchants State Bank,
Springfield, president; Don Gollnast,
assistant cashier, Citizens State Bank,
New Ulm, vice president, and Edward
H. Tetrault, cashier, Farmers & Mer­
chants State Bank, New Ulm, secre­
tary-treasurer.
The McLeod County Bankers elected
these officers: Ray Lindeman, cashier,
First State Bank, Brownton, presi­
dent; Lucille Pishney, cashier, Citizens
State Bank, Winsted, vice president;
Ray Drahos, assistant cashier, Citi­
zens Bank of Hutchinson, secretary,
and Robert Ortloff, assistant cashier,
First State Bank of Stewart, treasurer.

Proctor Bank Moves
Officers and directors of the Bank of
Proctor are now doing business in the
bank’s new quarters at 209 Second
Street, Proctor, Minn.

W . E. DRENNER

Luncheon speaker will be Calvin
Griffith, president, Minnesota Twins
Baseball Team, newly-acquired Amer­
ican League Franchise.
Speakers on a “Current Credit Prob­
lems” panel are Clarence Kroning,
assistant vice president, First National
Bank, Minneapolis, on “ Installment
Lending” ; Harold Farley, vice presi­
dent, First American National Bank,
Duluth, on “Home Mortgage Lending” ;
William Chapman, president, Midland
National Bank, Minneapolis, on “ In­
dustrial Lending” ; and E. W. Bremer,
assistant secretary, Farmers & Me­
chanics Savings Bank, Minneapolis,
on “Farm Real Estate.”
Following the credit panel will be

Construction at Alexandria
Construction has been started on a
large scale alteration and expansion
program for the Alexandria State
Bank, announces George E. Buscher,
president.
Both the interior and exterior of

IM PORTANT NOTICE!
We want to publish news of any
officer or director changes, in­
creases in capital structure, or
other important action taken at
your annual meeting. Send this
news at once to N o r t h w e s t e r n
B a n k e r , 306 Fifteenth Street,
Des Moines 9, Iowa.

W . T. Richards Purchases
First National, Hutchinson
W. T. “Bud” Richardson of Hutchin­
son has purchased controlling interest
in the First National Bank of Hutchin­
son, reports J. H. Julig, president. Mr.
Julig said he plans to retire, after
heading the bank 37 years, for reasons
of family health and “to get some
rest.”
Mr. Richards came to Hutchinson a
year ago from Stewart where he oper­
ated a feed and hatchery business. He
sold that business last year to deal in
securities. He plans to become active
in the management of the bank.
Assets of the bank have grown from
$375,000 in 1934 to $2,200,000.
Northwestern Banker, January, 1961


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Federal Reserve Bank of St. Louis

44

M in n e s o ta

News

R an k Open H ou ses t U m ax
R enunleiinfp E xp a n sion
PEN houses, remodeling and ex­ gold . . . and new lighting fixtures
pansion projects were big news have been installed.
in Minnesota last month and news Peoples Bank of Milan—Coffee and
abou t the fo llo w in g banks were donuts were served at last month’s
b ro u g h t to the attention of the open house as officers and employees
N o rth w ester n B a n k e r :
celebrated the bank’s 45th year of
Root River State Bank, Chatfteld—A
service to the community and com­
cornerstone of Winona limestone was pletion of a remodeling program.
laid recently at the site of the bank Souvenirs were given all guests who
building on the 104th anniversary of had chances of winning several sav­
the founding of the bank. A good- ings bonds that were given as door
sized crowd watched as a stainless prizes.
steel box, containing copies of the lo­
Northwestern State Bank, Osseo—
cal newspapers, a brochure of the Open house was held last month in
bank’s 75th anniversary, a memorial the newly-remodeled, expanded quar­
booklet about G. H. Haven (bank pres­ ters. More than 3,000 customers and
ident), the Chatfield 100th anniversary friends toured the “new look” bank as
booklet and a letter from the present drawings for $1,000 in door prizes were
staff, was sealed in the cornerstone.
conducted. Future plans include the
Polk County State Bank, Crookston installation of drive-in facilities. Sur­
—Construction and remodeling were plus has been increased $50,000 this
completed recently at the bank and an
open house was held last month. The
bank was redone inside and out and
N e ir H e s i d e n t
more parking space was added as well
as a new drive-in facility. Many gifts,
including bikes and TV sets, were
given lucky winners of door prizes.
State Bank of Danube—A formal
showing of the bank’s completely re­
modeled quarters was held last month
and officers and personnel offered re­
freshments and conducted tours of
the bank. Remodeling was supple­
mented with changes which included
relocation of some walls and different
THE FIRST financial investment,
departments of the bank.
from an estimated ten-million-dollars-a-year impact on the Twin Cit­
First National Bank, Fairmont—A
ies, occurred last month with the
new drive-in bank was opened last
move here o f ex-“ Senator” outfielder
month by the First National on the
Bob Allison and his fam ily from
Washington, D. C. Carl R. Pohlad
city parking lot off Second and Park
(le ft ), president of the Marquette
Streets. The drive-in also has parking
National Bank o f Minneapolis, joins
for 20 cars in case their owners wish
Sandra Hunter (center) o f the bank
to go inside for banking services.
staff, in welcoming Mr. Allison

O

Sibley County Bank, Henderson—

The ceiling of the bank has been
painted white and walls sprayed with
Coroflex on celotex boards. Also, the
safe, doors and other metal parts at
the bank have been painted a pale

(righ t), who transferred his bank­
ing account from the nation’s capital
to the Marquette. Mr. Allison, his
w ife and children are the first o f 18
Minnesota ‘ Twins’ American League
Club baseball fam ilies scheduled to
relocate here.

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

Minnesota Commercial Men’s Association
No rthwestern Banker, January, 1961


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Federal Reserve Bank of St. Louis

Pine River State Bank, Pine River—

Dark paneling at teller stations has
been replaced with lighter walnut ve­
neer along the entire length of the
counter, and this, along with a recent
painting of the interior, give the bank
a new, modern appearance.
U nion State Bank, Thief River
Falls—A new, large revolving sign and

lighted bulletin board is now in use
on the upper front of the bank.
First National Bank, Two Harbors—

Two large pillars have been removed
from the front of the bank building
as work proceeds on its remodeling.
The front is to be faced with new
brick.
First National Bank, Virginia—Work
on a modernistic drive-in bank was
started recently about a half-block
from the bank building. The drive-in
facility will use part of the present
customer parking area.
State Bank of Virginia—Work has
begun on a completely remodeled
building. The bank recently leased
the building next to it and the two
will be combined into one bank build­
ing, two stories high. It will be new
inside and out and is expected to be
one of the handsomest in the state.

Sam Frederickson
Sam Frederickson, 80, president of
the First State Bank of Okabena from
1956 to 1960, died last month in Oka­
bena. A member of the Minnesota
Bankers Association, he has been a
director of the Independent Bankers
Association for eight years.

R. M. Storlie
R. M. Storlie, president, Santiago
State Bank, Santiago, died last month
in a St. Cloud hospital following a
heart attack. Active in various civic
activities, he had been president of a
six-county bankers association and was
a member of the board of regents,
Graduate School of Banking, Rutgers.

New President, Chairman;
First National, St. Janies

ACCIDENT, SICKNESS and HOSPITAL

2550 Pillsbury Ave. S.

past year to $150,000. Total capital
and surplus is $250,000.

Minneapolis 4, Minnesota

Warren Sporrey, assistant cashier
since 1956, has been elected president
of the First National Bank of St.
James. He has been manager of the
insurance, personnel and consumer
loan departments. Fred J. Engelbrecht, Rosendale farmer, has been
elected chairman of the board. He
continues as vice president.
Their election fills vacancies created
by the deaths last year of C. A. “Tony”
Torkelson and J. E. Hegstrom, chair­
man and president respectively.

45

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Northwestern Banker, January, 1961

46

ROMOTION of seven officers at berg, assistant cashier, was advanced
the First National Bank of St. to assistant vice president. Raymond
Paul and election of two new officers
E. Meyer, assistant cashier, was pro­
was announced recently.
moted to cashier.
* * *
Burton N. Noah and Richard L. Cur­
tis were promoted from assistant vice
The idea of bank-sponsored “finance
president to vice president. J. Thomas forums” for women, which had First
Simonet, cashier, was named vice
National Bank of Minneapolis as one
president and cashier. Charles E. of its pioneers in this country has
Arner and Robert E. Balfanz were ad­ now caught on in Scandinavia.
vanced from assistant cashier to as­
Frances Baker, First National’s
sistant vice president. Lawrence B. women’s representative, has received
Johnson was promoted from assistant word from Frideborg Gronsioe of the
Skandinaviska Banken, Stockholm,
that her bank used the Minneapolisoriginated plan as the basis for its
own series for Swedish women. At
Miss Gromsioe’s bank, however, the
course is called “Mrs. World’s Eco­
nomic Affairs” and includes much on
the role of women in industry and
commerce.
Since inaugurating its series in 1949,
First National of Minneapolis has held
13 women’s forums dealing with per­
B. N. NOAH
R. L. CURTIS
sonal and family financial manage­
cashier to auditor, ment. Over 8,100 women have at­
and Howard A. tended, while a similar series for men
Hansen from as­ has had 6,000 enrollment.
sistant comptrol­
Several hundred other banks, in all
ler to comptroller. parts of the country and as far distant
Elected new of­ as Flawaii, have obtained information
ficers were Robert
and help from First National in set­
T. Wallner, cash­
ting up their own forums.
ier of the affiliated
* * *
F ir s t S e cu rity
The trust and investment depart­
State bank of St.
Paul, who was ment of the Midland National Bank
J. T. SIMONET
has established two Common Trust
made a ssista n t
vice president of the First National, Funds in order to provide better in­
and James K. Moore, assistant man­ vestment services for the bank’s pres­
ager of the savings department, named ent and future trust customers. The
assistant cashier.
two Common Trust Funds will be
* * *
used as an investment medium for
trusts where the bank serves as trus­
Richard A. Klingen has been elected
assistant cashier of Northwestern Na­ tee or co-trustee, including pension
tional Bank of Hopkins, John J. Tar- and profit sharing trusts.
asar, bank president, has announced.
Arnulf Ueland, chairman, stated that
the funds will provide the benefits and
* * *
Promotion of two officers of the protection of broad diversification for
First Grand Avenue State Bank of St. trusts administered by the bank.
One of the Common Trust Funds
Paul has been announced by James
G. Goblisch, president. Conrad I j . Hed- will be invested primarily in a diversi-

P

Northw estern Banker, January, 7961


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Federal Reserve Bank of St. Louis

ffed list of common stocks. The other
fund will be invested in bonds, pre­
ferred stocks, and other fixed income
type of investments.
Francis W. Hayes has been elected
director of personnel of Northwestern
National Bank, John A. Moorhead,
president, announced last month.
* * *
The First Edina National Bank has
increased its surplus account by $60,000, bringing its surplus to $450,000,
equal to its capital, E. AV. Oredson,
president, anounced. The bank’s cap­
ital structure now totals $1,138,000.
Deposits total $16,400,000.
D. William Smith, Jr., has been
elected cashier of the First Edina Na­
tional it was announced by Mr. Ored­
son.
* =t= *
Sixteen Hennepin county banks
have been awarded Treasury Depart­
ment citations for exceeding their sav­
ings bond sales quotas last year. The
banks are:
Central N orthw estern N ational C hicago-L ake
State, Farm ers & Merchants Savings, F irst B loom ­
ington Lake N ational, F irst M innehaha N ational,
Second N orthw estern N ational and Thirteenth
Avenue State all o f M inneapolis ; F irst Edina
N ational and F irst Southdale N ational o f Edina ;
M innetonka State, E x ce lsio r; Golden V alley S ta te;
State Bank o f Maple Plain ; N orthw estern State,
Osseo ; F irst Robbinsdale State, State Bank o f tS.
A nthony, and P ark Plaza State, St. Louis Park.

Awards were presented by William
G. Fisher, director of fraternal activi­
ties for Lutheran Brotherhood, and
former director of the Minnesota sav­
ings bond division.
* * *
William K. Stern, with First Nation­
al Bank of Minneapolis since 1954, the
last three years
an analyst in the
c r e d i t d e p a r t­
ment, has been
assigned to the
c o r r e s p o n d en t
bank division, an­
nounces George S.
Henry, vice presi­
dent.
Mr. Stern suc­
ceeds A. E. Omw K. s t e r n
dahl, w h o re c e n t-

M in n e s o ta

ly resigned to become president of the
Valley State Bank, Billings, Mont.
In addition to having served in the
credit department, Mr. Stern also
spent some time in the installment
banking division.
* * *
Gordon Murray, president of First
National bank of Minneapolis, was re­
elected Ninth Federal Reserve dis­
trict representa­
tive to the federal
advisory council.
Mr. Murray was
first elected to rep­
resent the Ninth
district in the fed­
era l
a d v is o r y
council in 1957.
Directors of the
Minneapolis bank
G. MURRAY
also named Frank­
lin B. Parsons, research director, as a
vice president, changed the title of
Oscar F. Bitterer from business econ­
omist to assistant vice president, and
named Milford E. Bysen, operating re­
search officer, an assistant vice presi­
dent.
* * *
Bernard V. Minea, former assistant
vice president of the First National
Bank of St. Paul, died recently at the
age of 67. He had been a banker in St.
Paul for 43 years, until his retirement
in 1956.
* * *
Designation of Atherton Bean, pres­
ident of International Milling Com­
pany, Minneapolis, as chairman and
Federal Reserve agent of the Federal
Reserve Bank of Minneapolis for the
year 1961 and appointment of Harry
Iv. Newburn, president of Montana
State University, Missoula, as a di­
rector of the Helena Branch for a
two-year term beginning January 1,
1961, was announced late last month
by the board of governors of the Fed­
eral Reserve System.
Mr. Bean has served as a boardappointed director of the Federal Re­
serve Bank of Minneapolis and also
deputy chairman since 1960. As chair­
man and Federal Reserve agent, he
succeeds Dr. O. B. Jesness who has
been a director since April, 1955, and
chairman since January 1, 1960.
* * *
James C. Graham, assistant vice
president, Stock Yards National Bank
of South St. Paul, has been named
president of the South St. Paul Cham­
ber of Commerce.
Mr. Graham has been active in busi­
ness, civic and community affairs for
many years.
* * *
An increase of $70,000 in the surplus
account of the First Robbinsdale State
Bank has been announced by Presi
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Federal Reserve Bank of St. Louis

News

47

■: i3oo«'Oo 12i:5?E.a«'i* w w
O F PR IN TIN G

P R O C E S S IN G

A N D P R O TE C TIO N
T o d a y ’s banking op e ra tio n s im p ose rigid re­
q u irem en ts on c h e c k printing, p r o c e s s in g
and p rotection .
T h e c o r r e c t p ap er is essen tial in m eetin g
ea ch o f th e se requirem ents. It m ust have a
s u rfa ce sp ecifica lly finished fo r m agn etic ink
e n co d in g , strength to w ithstand repeated high
s p e e d m ach in e sortin g, and sa fety fea tu res
to p rev en t frau du len t alteration on both sides.
B e c a u s e La M o n t e S a f e t y P a p ers m eet all

safety paper for checks
GEORGE

LA M O N T E

&

SON

• NUTLEY

1 0,

NEW JERSEY

Northwestern Banker, January, 1961

48

M in n e s o ta

News

dent John G. Brauch. This brings the
surplus to $270,000, equal to its capi­
tal. Mr. Brauch said the total capital
structure now stands at $796,762, with
deposits at $9,801,159.
* * *

Upon completion of this action, the
bank’s total capital accounts will ag­
gregate more than $7,600,000.
* * *
Promotion of one officer and elec­
tion of an assistant cashier of the

Arnulf Ueland, chairman of the Mid­
land National Bank, announced late
last month that directors have voted
to increase capital stock from $2,500,000 to $3,000,000 through issuance of a
$500,000 stock div­
idend. The action
is subject to stock­
holder approval at
the meeting on
January 17.
The p r o p o se d
stock d iv id en d ,
which also re­
quires approval of
the Comptroller of
the Currency, is
A. UELAND
on the basis of
one new share for each five now out­
standing and would increase the
bank’s total capital stock from 25,000
shares, par value $100, to 30,000.
The board also voted to transfer
$500,000 from undivided profits to
surplus, increasing this account to
$3,000,000, effective at the same time
as the stock dividend, when author­
ized by the Comptroller of the Cur­
rency.

American National Bank of St. Paul
was announced last month by Rollin
O. Bishop, president of the bank.
Arthur A. Haessig, assistant vice
president, was advanced to vice pres­
ident in charge of the department of
banks and bankers to succeed Joseph
A. Cavitzel who announced his retire­
ment recently.
Robert E. Sipple, a representative in
the department of banks and bankers,
was elected assistant cashier.
Mr. Haessig joined the staff of the
American National Bank as represent­
ative in the correspondent bank de­
partment in 1952. In 1940 he became

A. A. HAESSIG

R. E. SIPPLE

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h a v e questions about

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Northw estern Banker, January, 1961


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Federal Reserve Bank of St. Louis

•

RESOURCES EXCEED $3,000.000.000

an assistant national bank examiner
for the Ninth District. Upon his dis­
charge from the Navy in 1946 he
joined the Veterans Administration as
loan reviewer and assistant chief of
the examining section in the loan
guaranty division. A native of St.
Paul, Mr. Haessig attended the exten­
sion division of the University of
Minnesota and is a graduate of the
Wisconsin School of Banking at Mad­
ison.
Mr. Sipple began his banking career
in 1952 at the Kraft State Bank,
Menomonie, Wis., serving as assistant
cashier for six years prior to joining
the American National Bank’s depart­
ment of banks and bankers in July,
1959. He is a graduate of the Univer­
sity of Wisconsin, majored in finance
and received his degree in business
administration. He is presently en­
rolled in the University of Wisconsin
School of Banking.
Joseph A. Cavitzel, vice president in
charge of the department of banks
and bankers, American National Bank
of St. Paul, an­
nounced his re­
tirement from the
bank e f f e c t i v e
January 1, 1961.
A graduate of
C r e t in
High
School and the
Kansas State Ag­
ricultural College,
he sta rte d his
b a n k i n g career
j. A. CAVITZEL
with the Ameri­
can National Bank in 1912. After
serving in various departments of the
bank, he was elected assistant cashier
to head the department of banks and
bankers in 1936. He was advanced to
assistant vice president in 1945 and
in 1947 was promoted to vice president.
Traveling the length and breadth of
the Ninth Federal Reserve District
calling on bankers in that territory,
“Joe” became known as the “Dean of
correspondent bankers.”
Always active in banking and civic
affairs, he served as chairman and
member of numerous social and legis­
lative committees of the Minnesota
Bankers Association, and the Inde­
pendent Bankers Association, includ­
ing chairman, registration committee,
Independent Bankers Association 1956
National convention in New Orleans;
general chairman, the Minnesota
Bankers Association convention in
1957. For the past three years he has
been a member of the Council of Ad­
ministration of the Minnesota Bank­
ers Association, the governing body of
that organization.
A lifetime resident of St. Paul, Mr.
Cavitzel resides at the St. Paul Ath­
letic Club. He is also a member of

y

i

i

y

*

M in n e s o ta

News

49

A n n o u n ces E xp a n sion P la n s

CONSTRUCTION has started at Northwestern National Bank of Bloomington-Richfield
that w ill more than double the bank’s present space, C. Addison Dahl, president, an­

nounced last month. He also announced capital and surplus have been increased by
$100,000, making total capital accounts $700,000.
Plans calls for the lobby space to be more than doubled, increasing the number of
teller windows from five to 12. The installment loan department w ill be expanded.
Basement space under the addition will be used for an employees’ room, a directors’
room and a records vault. Two drive-in windows, connected with the bank by tunnels,
w ill be added at the rear o f the building. The building w ill have a new front of con­
temporary design. The project, scheduled for completion early next spring, w ill add
9,000 square feet to the bank facilities, giving a total of 15,000 square feet of space.

the Pool and Yacht Club. St. Paul
Chamber of Commerce, Saintpaulites,
International Trade Association, Chris­
tie De Parcq Post 406 of American
Legion, and Voiture 39 Forty and
Eight.
* * *
“ ‘The Little Piggies that went to
Marquette’ went out almost as fast as
they came in” according to R. W.
(Bill) Crouley, vice-president.
Offered as a free gift with a newly
opened Marquette Savings Account of
$100 or more, or with the deposit of
$100 or more in a currently active ac­
count, the banks were notably re­
ceived.

on the third day of the piggy bank
display in Marquette’s street-level lob­
by it was necessary to reorder and
limit the offer to one to a customer.
The original order from the manu­
facturer was for an equal number of
“boys” and “girls.”
“ I don’t know whether this is an­
other clue to estimating ‘the power of
a woman,” Mr. Crouley said, “but the
demand for The Duchess has been
running considerably heavier than
for The Duke.”

Willm ar Bank Recognized
Participation by First National Bank
of Willmar in a planned program to
upgrade the human skills of the peo­
ple in its organization has resulted in
a distinct honor to the local banking
institution.
The Stevens- Davis Company of Chi­
cago, specializing in human relations
training, presented its bronze plaque
to the employees and management of
the First National for their over-all
effort and cooperation in making the
local bank a pleasant place to do busi­
ness.

uAn
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Promoted at Duluth

Dubbed “The Duke” and “The Duch­
ess” of Marquette, their appealing de­
sign, their foot-tall size, and their
bright attractive colors served to make
them among the most sought after of
banks ever offered by Marquette. This
year’s promotion is a revival of “the
little piggy that went to Marquette”
theme, successfully launched by Mar­
quette five years ago.
Through the combined media of
newspaper, television, and radio ad­
vertising, the response was such that

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

David C. Norgard, installment loan
department, and Joel W. Schmidt, in­
vestment department, have been elect­
ed assistant cashiers at the First
American National Bank, Duluth, an­
nounces Willis D. Wyard, president.

tion of envelopes and
helpful service.

On New London Staff
Jack Bugbee, owner and operator
of the Bug Bee Hive Resort on Lake
Koronis, has been named representa­
tive of the New London State Bank,
traveling a 25-mile radius around New
London, building accounts and han­
dling real estate and insurance.

Minneapolis 1, Minnesota

Northwestern Banker, January, 1961

50

M in n e s o ta

News

Surplus Account Increase

C apital S tru ctu re C hanges

E. W. Oredson, president First Edina
National Bank, has announced an in­
crease of $60,000 in the bank’s surplus
account, bringing its surplus to $450,000, equal to its capital. Capital struc­
ture of the bank now totals $1,138,000.

HANGES in the capital structure C o m p a n y , F a r g o —Transfer of $150,000
of Minnesota banks were noted from the undivided profits account to
recently at the following institutions.the surplus account has been voted
by the board. Surplus now will be $1
F a r m e r s & M e r c h a n t s S ta te B a n k ,
million. Capital of the bank is $500,000.
B lo o m i n g P r a ir ie —Capital stock has
F i r s t N a t io n a l B a n k , F a r m i n g t o n — •
been increased to $100,000. In 1954
Common
capital stock increase re­
the increase was from $25,000 to
$50,000, and the present increase was ported here from $50,000 to $100,000
via stock dividend.
from $50,000.
F i r s t N a t io n a l B a n k , L u v e r n e —Sur­
D u lu t h N a t io n a l B a n k , D u lu t h —The
plus has been increased by $50,000,
surplus account has been increased bringing it to $200,000. Capital is
from $300,000 to $350,000 and the total $150,000. Capital structure is $350,000.
capital structure is now $750,000. De­
F i r s t S ta te B a n k , W h e a t o n —An in­
posits are $10,502,984.
crease in the surplus account of $25,000
M e r c h a n t s N a t io n a l B a n k & T r u s t
brings this total to $75,000. Capital
structure is now $202,950.
F i r s t N a t io n a l B a n k , W i n d o m —A
$25,000 increase in the surplus ac­
count, makes the total $175,000. Total
capital structure is $341,292.

C

Morris Coy
Morris Coy, 69, former president of
the State Bank of Danvers, died re­
cently after several years of failing
health.
He had been a partner in the Coy
Grocery, member of the school board
and a mayor of Danvers during his
many years of service to the commu­
nity.

r

Houston County Officers
Leonard D. Skaalen, vice president,
Onsgard State Bank, Spring Grove,
was elected president of the Houston
County Bankers Association at the
recent annual meeting.
C. P. Wahl, cashier of the Security
State Bank, Houston, was named vice
president, and Victor Jaeb, president
of the Caledonia State Bank, secre­
tary-treasurer.

G o o d

Better

Best

Bank President Promoted

Y o u w ill get n o t o n ly
N o t o n ly

T

h

B e tte r*
e

B

e

Good

but . . .

s

t

in
CORRESPONDENT SERVICE
at

The Live Stock National Bank
SIOUX CITY, IO W A
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northw estern Banker, J anu ary , 1967


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Federal Reserve Bank of St. Louis

Nt

Carl E. Swanson, president and di­
rector, First National Bank of Dunnell, who has been serving as tech­
nical advisor and assistant to the
president of McGill-Warner-Farnham
Company, has been elected executive
vice president of that firm, which op­
erates commercial printing, station­
ary and office furnitture in the Twin
Cities area.

4

$ 1 0 0 ,0 0 0 Increase in Mankato
The First National Bank of Manka­
to has raised its surplus $100,000 by a
transfer from undivided profits, re­
ports H. M. Grant, president. The
bank’s capital structure is now $750,000.

V-

G. T. Galloway Is Cashier
Succeeding T. G. Trygg
Election of George T. Galloway of
Willmar, Minn., as cashier of the First
National Bank of Virginia, Minn., has
been announced by President LeRoy
E. Fiegel. He succeeds Thomas G.
Trygg who has resigned to enter the
boating business in Florida with Don­
ald Kirby, formerly of Virginia.
Mr. Fiegel also announced that con­
struction of a new drive-in bank just
south of the post office has begun.

'T

51

South Dakota

NEWS
ROBERT H. FREI
A . S. GULLICKSON

Rapid City National
Changes Its Name
The Rapid City National Bank’s new
name—American National Bank of
Rapid City—became official December
31, reports Walter Pailing, president.
The bank recently opened a new
branch in Hot Springs, S. D.

P resid en t

Secretary

R e c e n tly A p p r o v e d
ORDEN H. MAXAM, superintend­ City; and Wallace A. Palm, Flandreau.
The Farmers State Bank’s present
ent of banks, reports that the
following items were approved laststaff — F r e d e r i c k Menzel, cashier;
Ambrose H. Heimer, assistant cashier;
month by the Commission:
An amendment to the articles of and Lorna Heimer, assistant cashier—
incorporation of the Wilmot State will be in charge of the bank’s oper­
Bank, Wilmot, providing for an in­ ations.
Farmers State Bank was organized
crease in the common capital from
in 1910 and has served Dupree, Zie­
$25,000 to $50,000, and
An amendment to the articles of bach County and surrounding area
incorporation of the Bank of Belle for 50 years.
Fourche, providing for an increase in
the common capital from $100,000 to New Cashier, Director
$ 200,000.
Howard E. Walsh, formerly assist­
The Commission also approved an ant cashier, Security State Bank of
application from the Farmers State Gayville, S. D., has been elected cash­
Bank, Parkston, to open and operate ier and a director of the bank. He
a Type “B” branch office in Ethan, succeeds, as cashier, T. B. Wetteland,
and an application from the Lyman who died in late September.
County Bank, Kennebec, for permis­
sion to move its charter from Kenne­ Blanche Fillbach Reception
bec to Chamberlain, and establish a
Open house was held recently at the
branch bank in Kennebec to replace Security National Bank of Gregory for
the moving bank.
a formal reception honoring Blanche
Fillbach, assistant cashier, who is re­
Dakota Diversified Buys
tiring after service to the bank and
its community since 1927.
Farmers State of Dupree
Directors of Dakota Diversified In­
vestments, Inc., Sioux Falls, have City’ s First Drive-In
When the Farmers and Merchants
announced that they have purchased
controlling interest of the Farmers Bank of Huron was remodeled re­
State Bank, Dupree, S. D., from cently, provisions were made for
Henry F. Harding, president, and addition of a drive-in facility and it
Edward Towe, vice president. Mr. appears that the new service, first in
Harding has resigned and Bernard Huron, will be provided soon. City
Linn of Pierre has been elected to commissioners voted 5-0 to instruct
succeed him. Mr. Towe, president of the city attorney to write an addition
the First National of Circle, Mont., to the city’s alley ordinance to pro­
will continue as vice president and vide one-way traffic in the alley that
would provide access to the new fa­
director.
Dakota Diversified Investments, Inc. cility.
is a new corporation organized to
serve the people of South Dakota by Elected Vice President
A. E. Schnad, president, Farmers &
furnishing them a better means of
diversifying their investments. The Merchants State Bank, Mineota, Minn.,
company will be engaged in invest­ since 1957, has been elected vice pres­
ing in real estate, a bank, and other ident of the First National of Miller,
investments. Martin E. Williams is S. D., reports L. E. Weaver, president
the president; Harold Grau, M.D., of the South Dakota bank.
Rapid City, vice president; Dr. J. O.
Buck, Sioux Falls, secretary; W. H. Heads State Line Bankers
Hinselman, Winner, treasurer; Bern­
Reinie Knodel, cashier, First State
ard Linn, Pierre, technical advisor; Bank, was elected president last month
and directors: Dr. H. L. Eggers, of the State Line Bankers Association,
Sioux Falls; Robert W. Miller, Mo- which is made up of banks along the
bridge; M. C. “Mike” Beckers, Rapid N.D.-S.D. border.

G


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Federal Reserve Bank of St. Louis

Attorney to Bank Staff
Ronald D. Campbell, Sioux Falls at­
torney, has been named assistant trust
officer of the First National Bank of
the Black Hills, Rapid City, announces
Harold R. Horlocker, president.

Improvements at 3 Locations
New night depositories have been
installed at the Lead and Carlton of­
fices of the First National Bank of
the Black Hills, Rapid City. Also, the
bank’s new Spearfish office is nearing
completion. Free parking, night de­
pository and drive-in banking will be
featured.

Joins Kennebec Staff
Rex Heston, assistant cashier, Vivian
State Bank, Vivian, has joined the
staff of the Lyman County Bank at
Kennebec.

Gayville Change
Howard E. Walsh was elected direc­
tor and cashier of the Security Bank
of Gayville, S. D. He succeeds T. B.
Wetteland as cashier. Mr. Wetteland
died in late September.

F a lls
HE National Bank of South Da­
kota has purchased four proper­
ties consisting of two-thirds of the
block on Main Avenue south of Eighth
Street as a proposed new bank build­
ing site.
Tom S. Harkison, president, said the
bank’s new location will have frontage
of 264 feet on Main Avenue and 150
feet on Eighth Street. The purchase
price of the properties was not dis­
closed. J. J. Roberts & Cook Realty
Company acted as brokers in the
transaction.
The buildings now on the land will
be removed as soon as present leases
terminate. They are the Syndicate
Building, a four-story office building
located on the corner; the Schaetzel
Building which houses the Family
Finance Company, the Remington
Rand Agency and the Boston Cafe;
the Costello Building, which houses
the Costello Company office, the Lewis
Company Surplus Store, and the Shop­
pers News; and the Gregg Building, a
three-story office building.
Mr. Harkison stated that the pur-

T

Northwestern Banker, January, 1961

52

S o uth

D a k o ta

News

See for yourself W HY

FARMING FOR PROFIT
is today’s most w idely-used
^ B a n k Service Report
Doane w ants to send you a F R E E
copy o f the latest “ F arm ing F or
P rofit” Report. Read it— discuss it
w ith your associates— show it to a few
key custom ers, and w e are sure that
you w ill recognize it as a valuable ad­
dition to your bank’s educational and
public relations program . “ F arm ing
F or P rofit” is a concise, accurate
m onthly outlook that covers all sides
o f fa rm in g — crops, livestock, m achin­
ery, buildings, taxes, leases, soils, fe r ­
tilizers, a g chem icals. “ F arm in g For
P rofit” w ill provide your custom ers
a m onthly foreca st o f m arket trends,
plus good sound advice on production
and fa rm m anagem ent problem s.

Y ou r bank name, illustration, and
m essage are printed prom inently at
the top o f each report. Doane can
handle all the details o f addressing
and m ailing the reports to your cus­
tom ers. Doane offers this service re­
port to only one client in a particu lar
trade territory.

GALE
DORN,
agricultural
representative,
N orthw estern Bank o f Lew istow n, Lew istow n,
M on ta n a : “ Our custom ers frequen tly com ­
m ent on the value they receive from this
m onthly letter. It is short, concise and con­
tains a lot o f useful inform ation . W e have
had a lot o f folks come in and ask to be
added to the m ailing list because their neigh­
bor was getting ‘FA R M IN G FO R P R O F IT ’ .”

Write for FREE sample
Clip this ad . . . staple it to your letterhead
and jo t down the number o f fa rm customers
your bank serves. W e w ill send you a sam ple
cop y o f the latest “ Farm ing F or P rofit” Re­
p ort, a long with quantity prices.
DOANE AGRICULTURAL SERVICE, INC.
Dept. F-101, 5142 Delm ar, St. Louis 8, Mo.

Northwestern Banker, January, 196J


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

E ffe c tiv e B a n k P r o je c t
power costs are $1,142.36 the tele­
HEN Roberts County National
phone tab reaches the $359.81
Bank of Sisseton, S. D., displayed
in its lobby an exhibit for local busi­mark. Highlight of the report
was production of 1,250,000 pounds
ness, it received a lot of favorable
publicity, as did the business whose
display was featured.
“ This exhibit was well received,”
states A. W. Powell, president of the
bank, “and we believe projects of
this kind pay off to the bank and
the community.”
In the bank for customer inspection
were three large freezers filled with
processed poultry and eggs, products
of the Landsberger Creamery and
Produce Company of Sisseton, and
large placards showed company sta­
tistics as to production figures, taxes,
locally employed people and the com­
pany’s importance to the community.
Several pictures of the display as
well as the following editorial com­
ment appeared in the Sisseton press:

W

“ Anyone thinking that Landsberger’s does not play an impor­
tant part in the economy of the
northeast corner ( of the state)
should view the display in the
lobby of the Roberts County Na­
tional Bank. The proof is painted
on a board showing the Sisseton
firm employs 185 during the peak
period with salaries reaching the
$280,000 mark. Other interesting
figures were $21,005.30 paid in
ta x e s , w a te r bill amounts to
$398.42 each month, light and

COLD TURKEY, processed by Landberger
Creamery and Produce, is being shown by
John Landberger, owner of the firm, at his
exhibit in the Sisseton bank’s lobby.

chase of the new banking house site
marks another important milestone
for The National Bank of South Da­
kota. Founded in 1926, the bank has
outgrown its present quarters on Phil­
lips Avenue at Ninth Street. In addi­
tion to its Main Office in downtown
Sioux Falls, the bank has its South
Branch at South Minnesota and 33rd
Street, East Branch at East Tenth
Street and Omaha Avenue, and
branches at Huron and Vermillion.
The National Bank of South Dakota
is affiliated with First Bank Stock Cor­
poration.
While no timetable for the project
has been set and no architects retained
as yet, Mr. Harkison indicated that
planning for the new building will
start immediately. An ultra-modern
bank building is contemplated with
more than double the banking space
now available at its Phillips and Ninth
main office location, with the possibil­
ity of rental office space on upper
floors.
The main banking lobby will have

increased teller facilities efficiently ar­
ranged for prompt customer service.
The safe deposit vault and adjoining
private booths will be substantially
lager than at present. The Trust De­
partment offices and facilities will be
greatly expanded, and there will also
be a sizable department to handle the
bank’s growing Timepay business. A
customer parking lot and drive-up tell­
er windows also are contemplated.

of butter, processing of 4,500,000
pounds of poultry and handling
over 41 million eggs in a single
year.
“ Yes, we should use this Thanks­
giving period to express our ap­
preciation for having been the
home of this type industry as it’s
rated the largest in North or
South Dakota.”

* =t= *
chairman of the board,
Northwest Security National Bank,
was installed as treasurer of York
Rite College, South Dakota’s newest
Masonic organization.
* * *
W. C. Duffy, president, Union Sav­
ings Bank, was re-elected treasurer of
the Traffic Bureau of Sioux Falls, an
organization of shippers and receivers
created for the purpose of obtaining
better transportation rates and serv­
ices for its members and the com­
munity.— E n d .
C a r l E . V o ig t ,

53

Bismarck Surplus Up
E. D. Saltzman, president, First Na­
tional Bank, Bismarck, N. D., has an­
nounced an increase of $200,000 in the
bank’s surplus account. This brings
the total surplus account to $800,000,
compared with capital of $400,000.
Tot al capital structure stands at
$1,380,693 and deposits are $23,304,437.

North Dakota

NEWS
EARL WEYDAHL

President

C. C. W A TTAM

Secretary

Kilideer
Fargo

Fargo Surplus Increase
Directors of the Merchants National
Bank & Trust Company, Fargo, N. D.,
voted an increase of $150,000 in the
hank’s surplus account, bringing total
surplus to $1 million, compared with
capital of $500,000. Deposits now total
22 million, according to Adrian McLellan, president.

Joins Mandan Bank
J. E. Noonan, who recently an­
nounced his resignation as Morton
County agent, has joined the First
National Bank of Mandan, N. D., as
agricultural representative, according
to W. E. Tooley, Jr., president. Mr.
Noonan has been Morton County
agent for over five years and at the
time of his appointment was president
of the North Dakota County Agents
Association. Last year he was awarded
the first Dow Scholarship Tour which
allowed him to study agriculture in
southern and eastern states.

Ups Surplus in Minot
Richard Grenz succeeds Mr. Hegeholz as president, and Harry succeeds
Mr. Hernett as vice president. Jerry
Schiermeister remains as cashier.
The Strasburg bank was started in
1958 and now has assets of more than
$1 million.

Grand Forks Increase
Directors of the Red River National
Bank, Grand Forks, have announced
an increase of $100,000 in the bank’s
surplus account, bringing the total
surplus to $500,000, compared with
capital of $400,000. Total capital struc­
ture now stands at $1,098,000. Deposits
are $17 million.

Carrington Changes
Roy Johnson, formerly of Webster,
S. D., and Gerald Pierson of Carring­
ton, N. D., have joined the Foster
County State Bank in Carrington. Mr.
Johnson is the agricultural represent­
ative for the bank and Mr. Pierson is
a teller.

Two February Meetings

Joins Edgeley Bank

Plans are underway for two impor­
tant meetings to be held in North
Dakota next month. The Bank Man­
agement Clinic will be held at the
University at Grand Forks on Febru­
ary 3 and 4. Edward L. Olson, vice
president, First National Bank of
Grand Forks, is chairman.
The Junior Bankers Conference will
be held at the same location February
22, 23 and 24. Ken Koppang, assistant
cashier, Valley Bank, Grand Forks, is
in charge of registration.

W. J. Jans has joined the Security
National Bank, Edgeley, N. D. He
had been assistant manager of the
James Valley Electric Cooperative,
Inc., for over 12 years. In 1941 and
1942 he was employed at the Kulm
State Bank.

Approve Stock Increase
The North Dakota state banking
board has approved an increase in
common stock from $25,000 to $50,000
at the Rolette State Bank. Rolette,
N. D.

Buy Strasburg Bank
Richard Grenz of Bismai’ck, N. D.,
and his brother, Harry, of Hazelton,
have purchased controlling interest in
the Strasburg State Bank from V. P.
Hegelholz of Enderlin and G. H.
Hernett of Ashley, who were two of
the original organizers of the bank.

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

Bankers Head Chamber
R. W. Blaine, president, Red River
National Bank, Grand Forks, has been
elected president of the Grand Forks
Chamber of Commerce. A. A. Holmquist, president, Valley Bank, was
named to Mr. Blaines former post of
second vice president. L. S. Bue, as­
sistant vice president, First National
Bank, was retained as treasurer.

IM PORTANT NOTICE!
We want to publish news of any
officer or director changes, in­
creases in capital structure, or
other important action taken at
your annual meeting. Send this
news at once to N o r t h w e s t e r n
B a n k e r , 306 Fifteenth Street,
Des Moines 9, Iowa.

W. D. Johnson, president, Union
National Bank in Minot, N. D., an­
nounced r e c e n t l y an increase of
$150,000 in the bank’s surplus account,
bringing the total to $450,000. Capital is
$300,000 and deposits total $13,100,000.

Mandan Bank Remodels
A complete remodeling project is
underway at the Mandan Security
Bank, Mandan, N. D. The bank is
remaining open during the work. In­
cluded is the addition of about 60 feet
to the present building and about 1,000
square feet of floor space in the base­
ment.
A grand opening is planned for late
January.
Other phases of the remodeling
work includes a private office in the
front of the bank for the executive
vice president, Vernon Weyhrich; a
new vault, and a night depository.
The basement includes a conference
room, coffee lounge, rest rooms, sup­
ply room and heating equipment. New
equipment, including an electronic
posting machine, a new addressograph
and a new dictating machine, also
has been added.

Leaves Hope Bank
Daniel E. Walsh has resigned as a
member of the board of directors and
as a vice president of the First State
Bank, Hope, N. D. Ida K. Pederson
was elected to fill the vacancy on the
board of directors, according to an
announcement by M. G. Pederson,
president.

A. B. Fitzloff Retires
A. B. Fitzloff, vice president, Mer­
chants National Bank & Trust of
Fargo, retired last month after dec­
ades of service to the banking profes­
sion. After World War I service, he
served: First State Bank, Finlayson,
Minn.; stock brokerage field, St. Paul,
returning to the Finlayson bank in
1921 for four years and is still a vice
president and director of that bank.
Several other positions in different
institutions were served and Mr. Fitz­
loff joined the Merchants National in
1945, where he started a Time Pay
department.
Northwestern Banker, January, 1961

54

Colorado-W yom ing News
■ '

^

Gano-Downs Clothing Company and
director of the Denver U. S. National
Bank, died recently after an illness of
three months.

L. E. FITZGERALD, Yuma
President
Colorado Bankers Assn.

Change Pueblo Hours

JOHN W . FRANCE, Rawlins
President
Wyoming Bankers Assn.

W y o m in g N ew s

the University of Wyoming.
Long is majoring in statistics.

Miss

Four Bankers Honored
Four Wyoming bankers were hon­
ored recently for their outstanding
achievements in the field of consumer
credit. Presentation of the awards
was made at a meeting of the W y­
oming Bankers Association executive
council.
Recipients were D. D. Giddings, vice
president, First National Bank of Cas­
per; Vincent E. Christie, vice presi­
dent, First National Bank of Powell;
G. L. Hackart, assistant vice presi­
dent, First National Bank of Riverton,
and Orval E. Little, assistant vice
president, Wyoming National Bank,
Casper.
A s s o c i a t i o n President John W.
France, president and assistant trust
officer, Rawlins National Bank, made
the presentation on behalf of the Na­
tional Committee for the 50th Anni­
versary of Consumer Credit.

C o lora d o
First National o f Denver
Promotes Eight Officers
A t the r e g ul ar meeting of the
board of directors last month, Eugene
H. Adams, president of the First Na­
tional Bank of Denver announced the
following promotions:
John W. Schweigert to assistant vice
president from assistant cashier and
Milton E. Jensen also to assistant vice
president from assistant cashier.

Displays Antique Carbine
An interesting display at the First
National Bank in Casper last month
was a model 1852 Sharps carbine,
called the “John Brown Sharps,”
along with a .52 caliber linen cart­
ridge and percussion caps used in the
weapon. The carbine is named after
John Brown who used this type of
carbine on his attempt to free the
slaves at Harpers Ferry, Va., 101
years ago last month.

Laramie Scholarship
Ruth Ann Long, University of W y­
oming freshman from Laramie, re­
ceived the First National Bank of
Laramie scholarship recently from
Robert W. Finkbiner, president.
The $250 scholarship is available
annually to a graduate of one of sev­
eral regional high schools enrolling in
Northwestern Banker, January, 1961


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

New Boulder Bank
A national bank charter was issued
recently to the Arapahoe National
Bank of Boulder, Colo.
The new bank has capital of $200,000
and surplus of $200,000. J. H. King­
dom is president and Michael C. Trents
is cashier.

New Bond Chairman
Gerald P. Peters, president of the
Denver investment banking firm of
Peters, Writer & Christensen, has
been named state chairman of the
Co l o r ado Savings Bonds Advisory
Committee. He succeeds P. K. Alex­
ander, retiring senior vice president
of the First National Bank of Denver,
who served as volunteer bond chair­
man for 17 years.

New Alamosa Features

Joins Worland Bank
George T. Muirhead, formerly en­
gaged in industrial banking at Colo­
rado Springs, Colo., has been elected
vice president of the Stockgrowers
State Bank in Worland, Wyo.

The First National Bank and the
Arkansas Valley Bank, both in Pueb­
lo, Colo., recently extended hours for
customers using their drive-in facili­
ties. Hours at the main bank remained
unchanged.
New hours for the drive-in are from
8:30 a.m. to 4:30 p.m. Monday through
Thursday and 8:30 a.m. to 6 p.m. Fri­
day.

J. W . SCHWEIGERT

M. E. JENSEN

Adams also announced that the fol­
lowing new officers were elected:
Howard L. Thompson, Berwyn Da­
vies, and Evelyn Boom elected assist­
ant cashiers; James I. Peterson, Jo­
seph C. Fabian, John Mason, Jr.,
assistant trust officers.
Mr. Schweigert has been with the
bank since 1956 and is a graduate
of the University of Denver, holding
a BSBA degree in finance and bank­
ing. He has been assigned to the
personnel division since 1957 after
spending two years in the planning
division and will continue in person­
nel. Mr. Jensen has been with the
bank 11 years and is a graduate of the
University of Denver with a B.S. de­
gree in business administration. His
background includes four years as a
national bank examiner. His present
assignment is head of programming
for the new electronic data processing
system now being installed.

S. Nelson Hicks, Jr.
S. Nelson Hicks, Jr., president of

The Alamosa National Bank, Ala­
mosa, Colo., recently opened a driveup window as an additional service
being provided in the bank’s current
remodeling program. A walk-up unit
had been added earlier.
At the same time, the bank an­
nounced installation of a new timetemperature sign.

William I. Prince
William I. Prince, senior vice presi­
dent of the Minnequa Bank of Pueblo
died recently at a hospital in Minne­
apolis.
Mr. Prince had been associated with
the bank since 1949. He was 58 years
old.

50th Anniversary
The First National Bank of Engle­
wood, Colo., recently held open house
in observance of its 50th aniversary.
Five cash prizes of $50 each, and five
of $25 each were given as door prizes.
In addition 50 prizes were given to
kids.
The First National is in the midst of
adding three new covered drive-in
windows and enlarging the parking
lot.

C o lo ra d o

B o u ld e r B auli l 'Hans D r iv e -In

News

55

Heads Insurance Department
The Colorado I ndus t r i al Bank,
Thornton, has announced the appoint­
ment of Alden D. Conger, Jr., of
Thornton as manager of the insurance
department.
He was with Gates-Stone and Com­
pany for four years and Appleton and
Cox Marine Underwriters four years
before this new assignment.

New Assistant V ice President

A . M oorm an & Co., A r c h ite c ts , M inn eapolis

D RIVE -IN “ H UTS” are featured in the extensive building and improvement program
at the National State Bank, Boulder, Colo. Three units, with foundations for a fourth;
two enclosed walk-up windows and a large parking lot are included. The project will
cover an area 150 by 140 feet, located adjacent to the present bank building. Tellers’
units will be connected with the main bank building.

Donates $ 5 0 0
The First National Bank of Canon
City, Colo., recently donated $500 to­
ward a heating system in a 4-H build­
ing on the rodeo grounds south of
Canon City. The building was con­
structed several years ago by 4-H
members. The heating system is be­
ing installed to facilitate winter 4-H
projects.

Buys Trinidad Bank
Purchase of controlling interest in
the First National Bank of Trinidad,
Colo., was announced by George A.
Godine, .Jr., president of The Republic
Corporation of Houston, Texas.
At the same time, Mr. Godine an­
nounced that Charles Duran would
serve as president of the local bank.
Mr. Duran comes here from Lockney,
Texas, where he was president of the
First National Bank.
S. W. Schiffman, formerly president
of the bank, will remain as chairman
of the board, while Mrs. Wilma Schiff­
man will remain as vice president and
a director.

Craig Construction
Construction is nearing completion
on the Moffat County State Bank in
Craig, Colo. Fisher & Savis of Den­
ver, architects, are designers of the
low, two-story building which will in­
clude drive-in facilities and completely

modern b a nk i ng machines,
ment, vaults and decor.
• OUR S ECO ND

equip­

Vic Reynolds, a director at the First
National Bank in Cortez, has been
elected assistant vice president in the
loan department. Mr. Reynolds re­
cently sold his interest in the Cortez
Flying Service.

Heads PH Department
Jack Wellenkotter, formerly manag­
ing editor of a Southgate, Calif., news­
paper, has become public relations di-

C E N T U R Y OF S ER VI CE

The man from THE FIRST
with THE M O ST. . . . . . . . . . . .
offers correspondent banks
unexcelled transit service...
the most ultra-modern facil­
ities to expedite your items
with accuracy...the friendly,
personal helpfulness with
which each correspondent's
needs are cared f o r . .. all
available at The First. He
welcomes the opportunity
to serve you.

IM PORTANT NOTICE!
W e want to publish news of any
officer or director changes, in­
creases in capital structure, or
other important action taken at
your annual meeting. Send this
news at once to N o r t h w e s t e r n
B a n k e r , 306 Fifteenth Street,
Des Moines 9, Iowa.


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

T h e F ir s t Na t io n a l B a n k
of

Denver

Member Federal Deposit Insurance Corporation

Northwestern Banker, January, 1961

56

C o lo ra d o

News

rector of the Minnequa Bank of
Pueblo. He also visits the First Na­
tional Banks at Alamosa and Durango
as part of his work.

A d A w a rd

“ Outstanding Man of Year”
Gale Heiman, vice president, Secu­
rity State Bank, Sterling, Colo., was
one of three “Outstanding Men of the
Year” recently, winning that recogni­
tion at a Sterling Chamber of Com­
merce meeting. The honor was given
for service to the community and Mr.
Heiman, treasurer of the Chamber, is
chairman of the budget and finance
committee and a member, advertising
committee, as well as active in a wide
range of community projects.

Honors First of Denver
The First National Bank of Denver
was honored recently at a Colorado
State Chamber of Commerce annual
awards dinner in observance of the
bank’s 100th anniversary.
The prize 100-year award was pre­
sented to Eugene H. Adams, president,
by G. W. Liljestrom, president of the
State Chamber. The award dinner
marked the opening of the Chamber’s
annual meeting. The First National
is the first financial institution in
Colorado to receive the award.

Honors Area Farmers
The Burlington and Flagler Soil
Conservation Districts, in cooperation
with the Kit Carson County banks
and the Colorado Bankers Association,
hosted a banquet recently in honor of
county farmers and ranchers who are
applying needed soil and water con­
servation practices on their land.
A bankers’ conservation award was
presented at the meeting.

Longmont Open House

Canadian Bank Progress
EUGENE H. ADAM S, president,
First National Bank o f Denver, is
shown here holding the 1960 Fame
and Fortune Award presented to the
bank and its advertising agency
last month by the Advertising Club
o f Denver. This top award is made
to the organization recognized as
outstanding in advertising, selling,
merchandising and exceptional serv­
ice to the community. Neil K ing is
vice president in charge of adver­
tising and public relations for the
bank. Mark Schreiber Advertising,
Inc., is its agency.

board of the FDIC, serving out his
term, which ends January 27, 1964.
Mr. Wolcott’s announcement indi­
cates Erie Cocke probably will become
chairman of the three-man board. The
third member, Ray M. Gidney, is an
ex-officio member by virtue of his of­
fice as Comptroller of the Currency,
and cannot serve as chairman.
Mr. Cocke, who is a past president
of the American Bankers Association,
and a former vice chairman of Fulton
National Bank, Atlanta, is serving a
five-year term which will end August
4, 1963. Mr. Gidney’s term of office as
Comptroller, and as a member of the
FDIC board, ends April 16, 1963.

More than 8,000 persons attended
the formal opening of the new First
National Bank of Longmont, Colo.,
building recently.
One unusual feature of the open
house was the distribution of novel
key rings. Each ring distributed was
numbered and the holder’s name reg­
istered. In case the key ring and at­
tached keys are lost, the finder can
locate the owner through the records
maintained by the bank.

Philip E. Boschen has been pro­
moted to vice president at the Minne­
sota Bank of Pueblo. He joined the
bank five years ago as supervisor of
the bookkeeping department. He will
continue in that department as vice
president in charge of bookkeeping.
Mr. Boschen recently supervised the
installation of an electronic bookkeep­
ing system at the Minnequa Bank.

FDIC Head to Resign

Denver Capital Increase

Jesse P. Wolcott, chairman of the
Federal Deposit Insurance Corpora­
tion, announced recently his intention
to resign his chairmanship January 21,
1961, when the Kennedy administra­
tion takes over the reins of Federal
government.
Mr. Wolcott at the same time indi­
cated he intended to remain on the

President Max G. Brooks has an­
nounced that the stockholders at their
annual meeting to be held January 17,
1961, will be requested to increase the
authorized amount of capital stock of
the bank from $4,000,000 to $4,200,000
with such increase in stock to be used
to pay a 5 per cent stock dividend to
stockholders of record at the close

N o rthw estern Banker, January, 1961


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Federal Reserve Bank of St. Louis

of business on January 17, 1961. The
shares representing this dividend will
be issued on February 6, 1961. Presi­
dent Brooks mentioned that this ac­
tion is a result of record earnings for
the bank during 1960, it being antici­
pated that profits for the year will
approach $675,000 after taxes and
transfers to reserves. The bank is also
paying its regular quarterly cash divi­
dend of 20 cents per share on Janu­
ary 3, 1961, to stockholders of record
December 21, 1960.

Named Vice President

A year of marked progress in the
fiscal year ended October 31, 1960, is
reported by The Canadian Bank of
Commerce in its 94th annual state­
ment released in Toronto. Total assets
r e a c he d an all-time high and at
$3,155,273,000 are up $179 million over
a year ago. Total deposits show a corre­
sponding growth and at $2,916,469,000
are also at a new high, up $163 million
over a year ago.
Commercial and other current loans
at $1,233,400,000 are up $33 million.
Personal savings deposits increased
$35 million to reach $1,404,188,000, the
first time the $1.4 billion mark has
been attained. Other deposits are up
sharply over the preceding year-end
and now total $1,248,334,000 for a gain
of $83 million. Deposits by other
banks also increased substantially.

To Change Name to
Western Baiicorporation
Frank L. King, chairman of the
board of Firstamerica Corporation, an­
nounced that the corporation’s board
of directors decided to recommend
to stockholders that the corporation’s
name be changed to Western Bancorporation.
The proposal will be voted on by
the corporation’s stockholders at their
annual meeting in Los Angeles on
March 30, 1961.
Firstamerica is a bank holding com­
pany, owning a majority interest in
24 banks located throughout the 11
western states. It commenced busi­
ness on July 1, 1958, as a result of a
spin-off from Transamerica Corpora­
tion under the requirements of the
Bank Holding Company Act of 1956.
There is no corporate connection be­
tween Firstamerica and Transamerica.

Promoted in St. Louis
Jefferson L. Miller and Kenneth H.
Brune have been elected vice presi­
dents of the First National Bank in
Saint Louis.
Mr. Miller has been with the bank
since 1949. Mr. Brune joined the bank
in 1947 and heads the industrial serv­
ice department.

some 2,000 office workers, the $10 mil­
lion bank building has over 250,000
square feet.
The added facilities were needed to
accommodate the bank’s continued
growth. R. D. Mulholland, general
manager of B of M, presenting the
bank’s 143rd annual statement, said

Montana

NEWS
R. M. WATERS

President

Billings

R. C. WALLACE

Secretary

Helena

M .B.A. Executive Meeting
The mid-winter meeting of the Mon­
tana Bankers Association’s executive
council will be held January 14 at the
Rainbow Hotel in Great Falls, start­
ing with a luncheon at 12:15 p.m. All
members of the association are wel­
come, according to an announcement
by R. C. Wallace, secretary-treasurer.

A. M. Sample, Jr., Succeeds
J. Bianco at Kalispell
Directors of the Conrad National
Bank of Kalispell, Mont., last month
a n n o u n c e d the
election of Alex
M. Sample, Jr., to
s uc c e e d Joseph
Bianco as president,
effective
January 1.
Mr. Bianco, who
has b e e n presi­
dent since Sep­
tember 16, 1957,
is l e a v i n g the
A. K. SAMPLE, JR.
bank to become
president and chief executive officer
of the Bank of Idaho. Both banks are
affiliates of the Firstamerica Corpora­
tion.
Mr. Sample is a native of Fergus
Falls, Minn. He came to Kalispell in
1957 as executive vice president and
director of the Conrad National. Prior
to becoming affiliated with the bank,
Mr. Sample was a national bank ex­
aminer serving from Minneapolis,
Fargo, N. D., Billings, Mont.; Wash­
ington, D. C.; Iron Mountain, Mich.,
and Helena, Mont.

Conrad Open House
Over 4,000 people literally jammed
the spacious new Farmers State Bank
building in Conrad, Mont., last month

IM PORTANT NOTICE!
W e want to publish news of any
officer or director changes, in­
creases in capital structure, or
other important action taken at
your annual meeting. Send this
news at once to N o r t h w e s t e r n
B a n k e r , 306 Fifteenth Street,
Des Moines 9, Iowa.

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Federal Reserve Bank of St. Louis

at the grand opening of the new build­
ing, according to Frederick Conrad,
president.
The new building is located on a
prominent corner on Main Street and
its dimensions are 74 by 70 feet on an
84 by 160 foot lot. Ample parking
space is available.
Concrete and steel were used in
construction of the new building. It
is faced with Montana stone quarried
in the Neihardt Canyon. Another
part of the building is faced with color­
ful Helena brick. The bank’s interior
arrangement makes for efficient serv­
ice and its lighting and delicate colors
emanate warmth and friendliness.
Of special interest to visitors were
two trophies, a huge buffalo head and
a prime specimen of a rocky mountain
ram, both brought down by local
hunters in the mountains west of
Conrad.

Open House in Bozeman
The First National Bank of Boze­
man, which recently underwent ex­
tensive remodeling, held open house
recently, conducted tours through­
out the building and sponsored an
“Auto-Rama” on the parking area
near their drive-in bank. The auto
show featured all of the latest models
and several interesting foreign cars.
The formal and austere atmosphere
of the bank has been changed to one
of more friendly appearance. The
ceiling of the big room has been low­
ered about six feet and the former
gray walls are now bright with pastel
colors in blue, brown and gold.
A women’s department has been
added and Jeanne M. Roby, assistant
trust officer, has been placed in charge.
Air conditioning, drive-in parking
and most of the other latest develop­
ments have been included in the mod­
ern quarters.

B of M Expands
The Bank of Montreal observed the
official opening of its new, 17-story
head office building in Montreal last
month.
The new structure stands on the
site of the bank’s first headquarters
opened in 1819. Capable of housing

that as of October 31, total deposits
were more than $3,200,000,000, an in­
crease of $202,000,000 for the year.
Personal savings rose $44,000,000 to
$1,656,000,000.
The bank has announced several
changes in its board of directors. Mr.
Mulholland joins the board as a vice
president, remaining as general man­
ager; Harold S. Foley, vice chairman
of the board of MacMillan, Bloedel and
Powell River, Ltd. in Vancouver, who

FOLEY

MULHOLLAND

LEACH

has been a director since 1954, becomes
a vice president and a member of the
executive committee, and A. Searle
Leach of the Searle Grain Company in
Winnipeg has been named a director.

Promoted in St. Paul
Two members of the staff of the
North Central Life Insurance Com­
pany of St. Paul, Minn., have recently
been named to new positions.
Leonard T. Heinen, formerly assist­
ant to the president, has been named
controller of the company. Richard L.
Gray, in charge of life underwriting
for North Central Life since 1959, has
been appointed assistant to the presi­
dent, replacing Mr. Heinen.
Northwestern Banker, January, 1961

58

COME IN AND SEE U.S.
Whenever you’re in Omaha, we hope a stop at the U. S. National will be a part of your plans. Next
month, perhaps a holiday visit on Lincoln’s or Washington’s birthday would be convenient.
W e’ll be more than happy to give you a complete tour of all departm ents, with a close look at
anything that especially interests you. W e have some new equipment, such as the autom atic balance
transfer machine shown above, and some new methods
which we think you’d like to see. We would also like to
show you our Drive-in/W alk-in location, the first detached
drive-in facility in this area.
So, come in and see U .S., and bring any or all of your
staff. The welcome mat is out.

;
Member Federal Deposit Insurance Corporation

Northw estern Banker, January, 1961


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

OM AHA

59

choice as a Christmas gift. Gifts are
made in the name of the customer.
In 1957, $2,197 was donated to 114
churches; in 1958, $2,218 was donated
to 113 churches; in 1959, $2,414 was
donated to 133 churches. This year
more than 4,000 letters were sent to
customers.

Nebraska

NEWS
M. P. BAIRD

President

HARRIS V. OSTERBEUG

Secretary

Superior

Aim C. Schreiber

Omaha

M is k o N a m ed B a n k in g D ir e c to r
ALPH E. MISKO, president of the
First National Bank of York, has
been appointed for a two-year term
Nebraska state banking director by
Governor-elect Frank Morrison. The
appointment was
effective January
5.
Mr. Misko suc­
ceeds E. N. Van
Horne, who ear­
lier a n n o u n c e d
his resignation to
return to his pri­
vate business af­
fairs.
Mr. Mi sko, 51,
r . e . m is k o
wm
have seven
departments under his supervision.
They are state banks (approximately
300), state building and loan associa­
tions, trust companies, credit unions,
credit cooperatives, bureau of securi­
ties and small loan companies.
E. A. Levitt, chairman of the board
of the First National Bank of York
said Mr. Misko’s “outstanding ability
in banking prompted the directors of
the bank, as a public service to the
state, to make it possible for him to
accept the position with the under­
standing that he will return to the
bank to resume his full duties here
when his term expires.”
Mr. and Mrs. Misko will continue
to make their home in York. A na­
tive of Ord, he entered banking there
with the First National Bank in 1934
following his graduation from the
University of Nebraska. He later ac­
quired control of the bank and served
as its president until 1944. The fol­

R


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Federal Reserve Bank of St. Louis

lowing year, he became associated
with the Eaton Bank of Eaton, Colo.,
aslater purchasing control and serving
as its president. He sold the Eaton
bank and joined the First National in
York in 1949, serving as executive
vice president until his election to
the presidency on August 1, 1957.
Mr. Misko has been very active in
civic affairs in York and Nebraska.
Mr. and Mrs. Misko have two chil­
dren, Wade, age 18, who is a fresh­
man at Parsons College in Fairfield,
Iowa, and Nancy, 14, a freshman at
York high school.

Buys Kansas Bank Stock
Leo Van Dittie, president of the
Garden National Bank at Garden City,
Kan., has purchased controlling inter­
est in the bank from W. O. Stevens
of Scottsdale, Ariz., and R. H. Fulton
of Lubbock, Tex. Mr. Stevens has
served as a member of the board of
directors.
The Garden National has $300,000
capital, $300,000 surplus and $257,000
undivided profits and reserves. Re­
sources exceed $10,000,000.

Annual Gifts Grow
More than $2,500 was donated to
mo r e than 100 churches by the
Beatrice National Bank, Beatrice, Neb.,
in its annual Church Gift Program for
bank customers.
W. W. Cook, president, reports that
since 1957 the bank has sent out a
Christmas letter to checking and sav­
ings account customers offering to
give $1 to the church of the customer’s

Ann C. Schreiber, 60, vice president,
First National Bank of Wisner, Neb.,
died last month after being ill for sev­
eral months. She served as chairman
of the board and vice president for
several years.

Joins Tilclen Bank
Rolland Johnson has been appointed
assistant vice president of The Tilden
Bank, Tilden, Neb., according to an
announcement made by G. P. Bauman,
executive vice president.
Mr. Johnson formerly was cashier
of the First National Bank of Osceola,
Neb., where he had worked for 19
years.

Black Elected President
E. M. Black has been elected presi­
dent of the First National Bank of
-™»»-™— »—
Fullerton to fill
the vacancy cre\
ated by the re­
cent death of J. T.
Russell. Mr. Black
has served as ex­
ecutive vice pres­
ident of the bank
s i n c e 1948 and
has been in bank­
ing for 42 years
Mr. Russell’s po­
E. M. BLACK
s i t i o n on the
board of directors has been filled by
his son, Jack W. Russell, prominent
Fullerton druggist.
Mr. Black was president of the Ne­
braska Bankers Association in 195960 and at the state convention in
October was elected Nebraska’s mem­
ber of the A.B.A. nominating commit­
tee.

I

Installs New Machine
A. L. Pospisil, president, announced
last month that the Wakefield Na­
tional Bank, Wakefield, Neb., has in­
stalled a Burroughs electronic dual

Northwestern Banker, January, 7961

cashier of the First State
Bank of Lodgepole.

Yanney,

president of Bank, president; W . B . M illa r d , presi­
the United States National Bank dent, Omaha National Bank, first vice
of Omaha, recently announced thepresident; K e n n e t h G. H a r v e y , presi­
promotion of four bank officials.
dent, Douglas County Bank, second
They are W a y n e M. T h o r n d y k e to vice president, and H . V . O s te r b e r g ,
vice president, and J a y F . B o r d e w ic k , secretary, Nebraska Bankers Associa­
J o h n J. C a r d and P a tr ic k F . F i n n to
tion, secretary-treasurer.
* * *
assistant cashiers.
W . B . H a r g le r o a d , J r., president of
the Center Bank of Omaha, has been
named a committee member on the
National Association of Realtors. The
committee will work with the Securi­
ties and Exchange Commission in
Washington, D. C. to draft regulations
for the real estate investment trust
act which goes into effect January,
1961.
* * *
DW ARD

E

D. W . RYAN

E. N. SOLOMON

G. H. CRANE

E. K. YANNEY

W . LYM AN,

W . M. THORNDYKE

J. F. BORDEWICK

J. J. CARD

P. F. FINN

Mr. Thorndyke, 37, former director
of agricultural relations for Wilson
and Company in Chicago, joined the
bank in 1956. He is in the correspond­
ent bank department. A former na­
tional 4-H leadership champion, Wayne
is widely recognized as a speaker and
official judge at farm events.
Mr. Bordewick, 29, is a native of
Primghar, Iowa, and graduated from
Drake University in 1957. He joined
the bank in 1959 and now serves in
the correspondent bank department.
Mr. Card, 39, came to the bank in
1952 after working for Wilson and
Company in Chicago and Omaha.
Mr. Finn, manager of the bank’s
20th and Douglas facility, joined the
bank in 1947. He is a native of Omaha.
* * >i=
Officers of the Omaha Bankers Asso­
ciation for the coming year are: C. B .
N e w m a n , president, South Omaha
Northwestern Banker, January, 1961


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Federal Reserve Bank of St. Louis

Directors of the First National Bank
of Omaha held a retirement party at
the Blackstone Hotel honoring R e u b e n
S w a n s o n , H o l g e r H o l m and M is s A n ­
n e tte B la k e . All the officers of the
bank and the members of the 25 Year
Club were present.
* * =t=
H a r r y B . Coffee announced his re­
tirement as president of the Union
Stock Yards Company last month.
Directors elected F r e d W . G ilm o r e ,
deputy governor of the Farm Credit
Administration and director of the
Federal Land Bank Service in Wash­
ington, as his successor.
The change will become effective
February 2, 1961, at the company’s
annual meeting. Mr. Coffee, president
since 1943, will continue in an advisory
capacity as chairman of the board.
* * *
V i c t o r D . S m it h , vice president of
the Omaha National Bank, was the
guest speaker at the December meet­
ing of the Omaha chapter of the Na­
tional Association of Accountants.
* * *
Four Nebraska bankers were hon­
ored for their work in the installment
lending field. Plaques were given to
D o n W . R y a n and E d w i n N . S o lo m o n ,
vice presidents of the First National
Bank of Omaha; G . H . C r a n e , vice
president of the First Continental Na­
tional Bank of Lincoln, and E . Iv.

The men were honored at the ob­
servance of the fiftieth anniversary of
consumer credit in the commercial
banking field.
* * *
An Omaha resident, Mrs. C h a r le s W .
J o h n s t o n , was honored recently for
being driver number 60,000 through
the new United States National Bank’s
drive-in facility, located at 20th and
Douglas.

Edward W. Lyman, president, The United
States National Bank of Omaha, presents
roses to Mrs. Charles W. Johnston, driver
o f the 60,000th car through the bank’s
drive in-walk in facility.

On hand to greet Mrs. Johnston
were bank President E d w a r d W . L y ­
m a n , Vice President Kermit Hansen,
and Manager P a tr ic k W . F in n . Mrs.
J o h n s t o n received a dozen long
stemmed American Beauty roses in
honor of the occasion.
Y O U R STATE B A N K E R S A S S O C IA T IO N
O F F IC IA L S A F E , V A U L T A N D
T IM E L O C K EXPERTS

F. E. DAVENPORT & CO.
OM AHA

61

Mail’s in— and this crew gives it top priority handling!

Your problems are our problems . . .
Many times a day incoming mail is picked up by bank messengers at the
Omaha Post Office. The minute the mail is opened, sorting crews like
this one start each item or letter to its proper destination. Outgoing mail
gets the same immediate handling. Direct sending of checks saves cus­
tomers hours . . . frequently days . . . in the return of items. You may
never see these people— but they are an important part of Omaha Na­
tional service.

T

h e

O

m

a h a

17th and Farnam Streets

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Federal Reserve Bank of St. Louis

N

a t i o n a l

B

a n k

M em ber Federal Deposit Insurance Corporation
Northwestern Banker, January, 1961

62

N ebraska

News

E sca la to rs to B e In sta lled

noon and evening.
H. V. Hendriksen, vice president,
First National Bank, Fremont, is com­
mittee chairman.

Bank W omen to Meet
Plans are being made for a meeting
of the Nebraska Group of the National
Association of Bank Women to be
held in North Platte, Neb., April 7 and
8. Mrs. Gladys H. Buck, assistant
cashier, McDonald State Bank, North
Platte, and Mrs. Marie Wolden, cash­
ier, Farmers State Bank, Wallace, are
in charge of arrangements.

Drive-In Opens

ESCALATORS are being installed at the First National Bank of Omaha. John R.
Lauritzen, senior vice president, announced the signing o f a contract for the installation

o f escalators as another phase o f the modernization program now underway at the
bank. The installation, estimated at $150,000, means approximately $750,000 in im ­
provements just completed or now underway at the bank.
In addition to the escalators, new completely automatic elevators are being installed
in the 14 story building. The outside o f the building front is being refaced and another
entrance with revolving doors is being added. The upper floor corridors are being
modernized, the lobby enlarged and the private stairways redesigned. The work in the
safe deposit vaults w ill soon be completed. The customers’ booths have been sound­
proofed, air conditioned and refurnished.

Conference Plans Set
Program arrangements for the an­
nual Bank Management Conference of
the Nebraska Bankers Association, to
be held June 14, 15, and 16 at Doane
College, were completed at a recent
meeting of the bank management
committee.
This year the program will deal en-

tirely in bank management, covering
such subjects as deposit administra­
tion, loan administration, commercial
and agricultural loans and negotiable
instruments.
One e v e n i n g program has been
added and it will feature a nationally
prominent speaker. A golf tournament
and cookout are planned for one after-

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

The C o mme r c i a l National Bank,
Grand Island, Neb., opened its new
drive-in facility last month at Cedar
and Front Streets.
The new unit is situated on part of
the site that will eventually be occu­
pied by the main bank. It includes
two Diebold drive-in windows and a
walk-up counter.
In addition, 27 parking stalls have
been marked off on the hard surfaced
driveway.

Geneva Remodeling
Extensive remodeling is underway
at the Geneva State Bank, Geneva,
Neb. Bank o p e r a t i o ns have been
moved to the west and north sides of
the building, formerly headquarters
for the Eller Company. The old, main
part of the building is being remod­
eled.
The project includes lowering the
floor to street level, installation of
new windows and a new entrance. A
Diebold door has been installed on the
main vault.

50th Anniversary
The Farmers State Bank, Sargent,
Neb., celebrated its 50th anniversary
last month with an open house. Gifts
were given to all who attended and
several valuable door prizes were
awarded.
R. A. Wekesser of Lincoln is presi­
dent, E. K. Wekesser is vice president
and E. M. Brass is cashier.

New Lexington Drive-In

C H I L E S - S C H U T Z CO.
Omaha , N ebraska
412 Farm Credit Building
Phone 34 6-6677

Phone HEmlock 2-3325

Lexington, N ebraska
Phone F Air view 4-3766

Chadron, N ebraska
346 Main Street
Phone HEmlock 2-5555

Northw estern Banker, January, 1961


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Federal Reserve Bank of St. Louis

Lincoln, N ebraska
203 Stuart Building

The Lexington State Bank, Lexing­
ton, Neb., opened its new drive-in
facility early last month. The new
Diebold equipped unit includes a night
depository, a walk-up window, one
drive-up window and a 36-car parking
lot.
Gifts were given to patrons using
the facility on opening day and
special cash awards were given the
first five customers and every tenth
thereafter during the day.

L

'A

>

V

63

EV ER Y S E R V IC E
a BANKER NEEDS
T ran sits ■ trusts ■ or the safek eep in g
of secu rities... y ou nam e it ■ W e do it ■
W h e n e v e r you w ant in form ation , ju st
w rite ■ Or phone O m ah a 3 4 1 - 0 5 0 0 ■

FIRST NATIONAL BANK

16TH & FARNAM ■ OMAHA, NEBRASKA ■ MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Y O U N A M E IT


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Federal Reserve Bank of St. Louis

Northwestern Banker, January, 1961

64

N ebraska

News

4 .0 0 0 T ou r M o d er n iz ed

n o r i e r s in S t. »Joseph
A

CIRCULAR CUSTOMER LOUNGE in beautiful bank lobby is
shown at right. High ceilings and chandeliers were retained
in this part o f the bank, although ceilings were lowered and
indirect lighting was installed throughout the rest of the quar­
p p r o x im a t e l y

persons

4,000

from the St. Joseph, Mo., area
A
toured the newly-remodeled Tootle-Enright National Bank last month as
that banking institution held open
house to celebrate the completion of
the remodeling program. Conducting
the tours were 11 very attractive
young ladies from the bank’s staff,
who served as hostess-guides.
The lobby was a high point of the
tour as many of the bank’s guests
commented on the additional space as
well as the beauty they saw. Larger
than the old area by 2,000 square feet,

W . F. E N R IG H T
Chairman

M. TO O TLE
President

ters. Photo at right shows real estate loan department which
is an example of the modern appearance and facilities found
in all of the other departments o f the bank. More than 4,000
persons toured the bank at last month’s open house.

the new lobby features 18 modern tell­
er stations, faced with walnut and
marble, along the west and north
sides and carpeted officers’ quarters
across the east side.
In the center of this enlarged space
is an attractive circular customer
lounge, which is carpeted and which
features comfortable chairs and hand­
some tables and lamps.
Although the ceilings have been
lowered and indirect lighting installed
throughout the bank, the classic high
ceiling and chandeliers remain in the
lobby. Long admired by Missourians

R. E. W A L E S
Exec. V .P .

M. T O O T L E , JR.
V .P. & Cash.

of the area, they express beauty and
the dignity of the banking profession.
The architectural work and decorat­
ing was planned by Bank Building &
Equipment Corporation of St. Louis.
Following the public open house, a
special showing was given friends in
the banking profession . . . and more
than 300 correspondent bankers and
other friends from throughout the
middlewest braved the snow storm
warnings to attend. After touring the
bank they were guests of the TootleEnright National at a social hour and
buffet dinner at the Robidoux Hotel.

W . F. E N R IG H T , JR.
Vice President

G. T O O T L E
Vice President

/

E. L. CR U M E
Vice President

Honors Businessmen
A c o m p le te , tim e te s te d , p e rfo rm a n c e g u a ra n te e d

o u tfit

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

•

• Combats Skip Buyers

No Additional Listing

•

• Speeds Up Settling

No Posting of Accounts

•

• Buyers Like It

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

BLACK SALE SYSTEM
f Formerly Black M ig. Company)

Fullerton, Nebraska
W r ite Us fo r Sample Sheets and Information

Six new Humboldt, Neb., business­
men were honored last month at a
reception sponsored by the Home
State Bank. Refreshments were served
at the bank and the public was urged
to stop at the bank and meet the new
businessmen.

Safety Awards Given

-'A

Farmers in the Wausa, Neb., area
qualified this fall to have $100 pre­
sented to Wausa churches by the

B A N K S ?„°duscoHLDT
A ll N egotiations C onfidential
A NATIONAL CLEANING HOUSE
EON EXPENIENCED BANK EXECUTIVES
WITH CAPITAL TO INVEST

>

B a n k e r s S er v ic e C o m p a n y |

I BOX 1435 » PIS MOINIS », IOWA » PHONE AT 2-7»00 (

Northwestern Banker, January, 1961


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

y

Nebraska N e w s

65

at St. E d w a r d in 1904, a n d la ter m o v e d
to P o tte r w h e r e h e w a s s to c k h o ld e r
an d ca s h ie r o f th e P o tte r State B an k .
In 1930 h e h e lp e d o rg a n iz e th e B a n k
o f M o n r o e a n d b e c a m e p r e s id e n t o f
th a t b a n k in 1936, s e r v in g in th a t c a ­
p a c it y u n til h is death.

W a y n e Open H ou se M a r k s
A n n iv e r s a r y . N ew Hu it din y

G. J. Ka li I
G. J. K a h l, 90, a b a n k e r at B u rr,
N eb., fo r 60 y e a rs, d ie d last m o n th at
A u s tin , T ex ., w h e r e h e h a d b e e n r e ­
sid in g fo r th e p a st y ea r. M r. K a h l’ s
h ea lth fo r c e d h is re tir e m e n t fr o m th e
A m e r ic a n B a n k at B u rr a fe w y e a r s
ago.

O

P E N h o u s e w a s h e ld last m o n th
at th e F ir s t N a tion a l B a n k in
W a y n e , N eb., c e le b r a tin g th e b a n k ’ s
75th a n n iv e r s a r y a n d c o m p le tio n o f
n e w b a n k in g q u a rters.
A p u b lic o p e n h o u s e w a s h e ld on
S atu rd ay, D e c e m b e r 17, a n d o n S u n ­
d a y a s p e cia l o p e n h o u s e w a s h e ld fo r
b a n k e rs in th e W a y n e area. A b o u t 100
g u ests a tte n d e d th e sp ecia l b a n k e r s ’
sh o w in g . T h e b a n k o p e n e d fo r bu si-

n ess at th e n e w lo c a tio n M on d a y , D e­
c e m b e r 19.
F e a tu re s o f th e n e w b u ild in g in ­
clu d e a d riv e -u p w in d o w , a n ig h t d e ­
p o s ito r y , a m p le p a r k in g sp a ce an d
e n la rg e d s a fe ty d e p o s it fa cilities.
O.
M. J e ffr e y is c h a irm a n o f th e
b oa rd ; A d o n J e ffr e y is p r e s id e n t; L. B.
M cC lu re, v ic e p re sid e n t; A lb e r t M.
K ern , ca sh ier, a n d A . H . V o o r h ie s , as­
sista n t ca sh ier.

C o m m e rcia l State B a n k . E a r ly last
fall, th e b a n k p r o m is e d to m a k e a $25
g ift to e a ch o f th e W a u s a ’s fo u r
c h u r c h e s if fa r m e r s in th e a rea c o m ­
p le te d th e c o r n h a r v e s tin g se a son
w ith o u t a c o r n p ic k e r in ju r y o r a c c i­
d en t.

Frederick C. Harris
F r e d e r ic k C. H a rris, Sr., p resid en t,
B a n k o f M o n ro e , N eb., d ie d r e ce n tly .
H e w a s 80 y e a r s o ld a n d h a d b e e n
a sso cia te d w ith b a n k in g fo r m o r e th a n
55 y ea rs.
M r. H a rris b e g a n h is b a n k in g ca re e r

5 Bankers in Legislature
W h e n th e N eb ra sk a u n ic a m e r a l le g ­
isla tu re c o n v e n e s in L in c o ln th e re w ill
b e fiv e N eb ra sk a b a n k e rs ta k in g p a rt
as e le c te d re p re se n ta tiv e s.
W illia m F . B ra n d t, staff m e m b e r a n d
d ire cto r, F ir s t N a tion a l, U n a d illa .
H . L. G erh a rt, p re sid e n t, F ir s t N a ­
tion a l, N e w m a n G rov e.
G e o rg e A . K n ig h t, p re sid e n t, C itizen s
State, L in c o ln .
E d T. M cH u g h , ca sh ier, C orn G r o w ­
ers State B an k , M u rd o ck .
J. O. P e ck , ch a irm a n , C en tra l N a ­
tion a l, C olu m b u s.
M r. M c H u g h an d M r. P e c k w e r e
ree le cte d . T h e o th e r th re e m e n w ill
b e s e r v in g in th e leg isla tu re fo r th e
first tim e.

Poor old Stoney . . .
what can he expect,
Sending dinosaurs to collect?
There’s a much faster way
Of collecting today —

What, the Central Bank system?
Correct!

Do your funds ever get bogged down in transit?
Central revs up their Transit Service to give our correspondent banks
the earliest possible presentation of their items. Drafts, bills-of-lading and
other instruments to be paid are handled
in the most direct method. . . and results are
reported pronto.

T

H

E

C

E

N

T

R

A

1_

B

Central P a r k . . .

A

15th

N

K

A

& A r a p a h o e . . . Denver

N

D

T

R

U

S

17, Colo.

MEMBER: FEDERAL DEPOSIT INSURANCE CORPORATION • FEDERAL RESERVE SYSTEM


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

Northwestern Banker, January, J961

66
sista n t S e c r e ta r y o f State fo r E c o n o m ic
A ffa ir s (1953-55), D e p u ty U n d e r S e cre ­
ta r y o f S tate (1955), a n d U n ited S tates
A lte r n a te G o v e r n o r to th e In te r n a tio n ­
al M o n e ta r y F u n d a n d In te rn a tio n a l
B a n k fo r R e c o n s t r u c t io n an d D e v e lo p ­
m e n t (1953-55).
In 1958, M r. W a u g h , as sp e c ia l a m ­
b a ssa d or, a c c o m p a n ie d V ic e P re sid e n t
N ix o n o n h is v is it to S o u th A m e rica .
H e jo in e d T h e F ir s t T r u s t C o m ­
p a n y o f L in c o ln in 1913 a n d s e r v e d as
p r e s id e n t fr o m 1946 to 1953.

*

F ir st

C. W A U G H , o n lea v e as
d ir e c to r o f T h e F ir s t T r u s t C o m ­
p a n y a n d th e C itizen s State B ank,
b o th o f L in c o ln , h as b e e n n a m e d d i­
r e c to r o f G en era l R e in s u r a n c e C o r p o ­
ra tion , a n n o u n ce s J a m e s A . C a th c a r t,
AM UEL

c h a irm a n a n d c h ie f e x e c u tiv e
officer o f th e G R C .
M r. W a u g h h as b e e n p r e s id e n t o f
th e E x p o r t -Im p o r t B a n k o f W a s h in g ­
to n s in ce h is p re s id e n tia l a p p o in tm e n t
in 1955. H e h a d p r e v io u s ly b e e n A s ­
J r.,

N a t io n a l

B ank

has
d o n a te d $3,000 to th e c h ild r e n ’s z o o
in A n t e lo p e P ark.
T h e g ift w ill be u sed to h elp
fu r n is h th e “ w a lk -in -a n d -p la y ” a n im a l
c o m p o u n d e x p e c te d to b e o n e o f th e
m o s t p o p u la r o f th e z o o ’s m a n y at­
tra ction s.
and

S

* *

C o n t in e n t a l

T ru st

C om pany

of

L in c o ln

OUR OFFICERS A N D EMPLOYEES
¿xJtsruL to

jyoiLba&
Lw i a Pi s a .

And Resolve:
to continue during the coming year
our personalized service as expressed
through the people who serve you as
your capital city representative with
fast, efficient, nation-w ide banking
coverage.

Northwestern Banker, January, 1961


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

f r fv

1 9 6 1

..

6/

...

almost like having

D ale Shoemaker on
your staff!

When First Continental is
your Lincoln correpondent,
you'll find it's almost
like having Dale Shoemaker
on your staff! Dale's years
of experience in all phases
of banking make him a
man you'll call on often.

St
FIR ST CO N TIN EN TA L
IV A T

I O N

I 2 T H

&

A

L

B A N K

N

S T R E E T

&L

T R U S T

L I N C O L N ,

C O M U A I V Y
N

E

B

R

A

S

K

A

ME MB ER F E D E R A L DE PO S IT I N S U R A N C E C O R PO R AT I ON


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

No rthwestern Banker, January, 1961

68

Nebraska N e w s

and H o w a rd A .
v ic e p re sid e n ts, a n d J e r r y
S t ir tz , in v e s tm e n t d ep a rtm en t, T h e
F ir s t T r u s t C o m p a n y o f L in c o ln , w e r e
g u e s t sp e a k e rs last m o n th .
M r. H in d s d e s c r ib e d “ E m p lo y e r -E m ­
p lo y e e R e la tio n s h ip ” at a d in n e r m e e t­
in g o f th e L in c o ln N o rth e a s t R o ta r y
C lub.
M r. C h a p in a n d M r. S tirtz,
s p e a k in g at a fo r u m s p o n s o r e d b y T h e
N a tio n a l B a n k o f N elig h , d is cu s s e d
r e s p e c tiv e ly : “ E sta te P la n n in g , W ills ,
T r u s ts an d T a x e s ” a n d “ I n v e s tm e n ts .”
*
* *
W i n t o n W . B u c k le y h as jo in e d th e
staff o f th e N a tio n a l B a n k o f C o m ­
m e r c e as a tr a v e lin g r e p r e s e n ta tiv e
c a llin g o n c o r r e ­
spondent
ban k s.
H e w a s fo r m e r ly
in fa r m o p e ra tio n
and m anagem ent
in Y o r k , P o lk and
H a m ilto n co u n tie s
in N eb ra sk a .
A g ra d u a te o f
th e U n iv e r s ity o f
N eb ra sk a C olleg e
o f B u sin es s A d ­
W . W. BUCKLEY
m i n i s t r a t i o n in
1949, h e has b e e n a c tiv e in fa r m in g
a sso cia tio n s. H e s e r v e d as p re s id e n t
o f th e N eb ra sk a F a ir T a x A s s o c ia tio n ;
C la r e n c e E . H i n d s

C h a p in ,

v ic e p r e s id e n t a n d d ir e c to r , Y o r k
C o u n ty Ir r ig a to r s A s s o c ia tio n , a n d is
a c tiv e in b r e e d in g a n d fe e d in g a s s o ­
cia tion s.
M r. B u c k le y w ill r e c e iv e
tra in in g in all d e p a rtm e n ts o f th e
ban k .

*

* *

R o b e r t W a g g o n e r , c iv il d e fe n s e r e ­

g io n a l d ire cto r, w a s in L in c o ln last
m o n th to h e lp d e d ica te th e c it y ’s
n e w e s t “ p r o t o t y p e ” c o m m u n it y fa llo u t
sh e lte r at th e N a tio n a l B a n k o f C o m ­
m erce. T h e b a n k ’s b a s e m e n t sh elter
has b ed d in g , first aid su p p lie s and
fo o d fo r 81 p e r s o n s fo r 14 days, p r o ­
te cte d b y 16 in ch e s o f c o n c r e te a b o v e
an d is w e ll b e lo w g r o u n d lev el. T h is
is th e first su ch fa llo u t sh e lte r in
N ebrask a.

*

*

M ore th a n 1,000 p e r s o n s a tten d ed
a r e c e n t o p e n h o u s e at T h e C ornh u s k e r B a n k , w h ic h o p e n e d its d o o r s
at 2834 N o r th 14th S treet in L in c o ln .
T h e C o rn h u s k e r B an k , fo r m e r ly th e
F a r m e r s S tate B a n k o f D a v e y , N eb.,
n o w se rv e s a r a p id ly g r o w in g area o f
h om es, n e w b u sin e sse s, n e w jo b s , n e w
roa d s a n d e x p a n d in g a irp o rts to s e rv e
in d u stry .
R e f r e s h m e n t s a n d fa v o r s w e r e
g iv e n th e b a n k ’s g u ests, an d A l ic e M .

D it t m a n , v ic e p re sid e n t, r e p o r te d th at
m o r e th a n 150 n e w a c c o u n ts w e r e
a d d ed d u r in g th e b a n k ’s first 30 d a y s
at th e n e w lo ca tio n .

*

*

*

N. T h o m p s o n , p re sid e n t, T h e
F ir s t T r u s t C om p a n y , r e c e n t ly at­
te n d e d a c o n fe r e n c e o n th e r o le o f
th e S e c r e ta r y o f State at W in g s p r e a d ,
a fa c ilit y o f th e J o h n s o n F o u n d a tio n ,
at R a cin e, W is . A b o u t 60 p e r s o n s
fr o m M in n esota , W is c o n s in , Illin o is ,
M ich ig a n a n d N eb ra sk a , as w e ll as
r e p r e s e n ta tiv e s o f th e D e p a rtm e n ts o f
State an d D e fe n s e a n d th e F e d e r a l
B u re a u o f th e B u d g et, w e r e in v ite d
to p a rticip a te . T h e m e e tin g w a s th e
M id w e st g r o u p o f th e A m e r ic a n A s ­
s e m b ly fo u n d e d b y P r e s id e n t E i s e n ­
h o w e r w h e n h e w a s h ea d o f C o lu m b ia
U n iv e r s ity . — E n d .
E.

New Bank Opens in Gering
T h e M i n a t a r e State B a n k w a s
m o v e d to G erin g, N eb., o n J a n u a ry
2 a n d is o p e n fo r b u s in e s s in its n e w
b u ild in g th e re u n d e r th e n e w n a m e
o f B a n k o f G erin g . L e o V a n D ittie,
p re sid e n t, sta ted o p e n h o u s e w ill b e
h e ld in m id -J a n u a ry fo llo w in g th e a n ­
n u a l m e e tin g s o f s to c k h o ld e r s an d
d ire cto rs.
J a m es V a n D ittie, a b r o th e r o f L eo,
h as jo in e d th e B a n k o f G e r in g as e x ­
e c u tiv e v ic e p r e s id e n t an d w ill b e
m a n a g in g officer. H e w a s a ssista n t
m a n a g e r o f th e R F C office in D e n v e r
fo r 23 y e a r s a n d a lso has s e r v e d as
p r e s id e n t o f th e F ir s t N a tio n a l B a n k
o f P le a so n to n , K an . A ll o th e r p e r ­
s o n n e l o f th e B a n k o f G e r in g w ill
co n tin u e in th e ir p r e s e n t p o s itio n s .
T h e n e w b u ild in g h as t w o d riv e -in
w in d o w s on a c o r n e r lot, a n d o ffe rs
a c o m m u n it y r o o m fo r p u b lic use.
T h e B a n k o f G e rin g has b e e n a p p r o v e d
fo r m e m b e r s h ip in th e F e d e r a l R e ­
s e rv e S ystem .

6,000 Head of Average Size Beef Cattle
Weigh 5,000,000 Pounds and . . .

T H A T ’S A L O T O F B U L L !
This is no bull — The aggregate weight of all
of the checks, we were privileged to produce
last year for the 4 ,0 0 0 banks we serve in a ten
state area totalled over 5 ,0 0 0 ,0 0 0 pounds.

UNITED STATES CHECK BOOK CO.
Northwestern Banker, January, 1961


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

J. V . J o h n s o n , p re sid e n t, J o h n s o n
C o u n ty B an k , T e cu m s e h , N eb., w a s
n a m e d r e p r e s e n ta tiv e fr o m th e 10th
F e d e r a l R e s e r v e D is tr ic t to th e a d ­
v is o r y c o u n c il o f th e N a tio n a l A s s o ­
c ia tio n o f S u p e r v is o r s o f State B an k s.
J a m es H . P e n ic k , p re sid e n t, W o r t h e n
B a n k & T r u s t C om p a n y , L ittle R o c k ,
A rk ., h ea d s th e a d v is o r y co u n c il. O ne
m e m b e r is s e le cte d fr o m ea ch F e d e r a l
R e s e r v e D istrict.

Ernest Hanson

Thanks, Mr. Banker!
1311 H O W ARD S T R EET

On Advisory Council

O M A H A 2, N EBR.

E r n e s t H a n son , v ic e p re sid e n t, F ir s t
N a tio n a l B a n k , W a h o o , N eb., d ie d last
m on th . H e a lso w a s a d ir e c t o r o f th e
b a n k a n d h a d b e e n a s s o c ia te d w ith it
fo r 51 y ea rs. H e w a s 89 y e a r s old.

69

Nebraska N e w s

N .lt.A . C om m itteem en N a m ed
A

P P O IN T M E N T S to th e e ig h t sta n d in g co m m itte e s o f th e N eb ra sk a B a n k e rs
A s s o c ia tio n h a v e b e e n a n n o u n c e d b y M in o r P. B aird , a s s o c ia tio n p re s id e n t
a n d p re sid e n t, F a r m e r s S tate B a n k , S u p erior.
O th er officers o f th e a s s o c ia tio n e le c te d at th e a n n u a l m e e tin g last fa ll are
V ic e P re sid e n t, B. D. B e r k h e im e r , p re sid e n t, F ir s t N a tio n a l B a n k , G ord on ;
T re a su re r, J o h n M. S h o n se y , e x e c u tiv e v ic e p re sid e n t, T h e O m aha N a tio n a l
B a n k ; S e cre ta ry , H . V . O sterb erg , a n d A ss is ta n t S ecreta ry , M rs. D o ra B ra a sch .
N e w co m m itte e a p p o in tm e n ts are:

A r t i c o
s e r v i c e

.

.

.

G rou p
C o m m it t e e on A g r ic u lt u r e
4
3
2
2
1
1
5
6

W iley Green, Chairman, President, Wauneta Falls Bank, Wauneta
Henry Reynolds, President, The National Bank of N orfolk, Norfolk
Cecil Means, Vice President, Stock Yards National Bank, Omaha
B. R. LeMaster, Assistant Cashier, First National Bank, Tekamah
Lester Curran, Agricultural Representative, First Cont. Natl. Bank & Trust Co., Lincoln
J. V . Johnson, Jr., Vice President, Johnson County Bank, Tecumseh
W . W . Marshall, Jr., Exec. Vice President, Commercial National Bank, Grand Island
E. A . Carlson, Cashier, Deuel County State Bank, Chappell

2
2
1
1
3
4
5
6

H. W . Hendriksen, Chairman, Vice President, First National Bank, Fremont
Ralph Fredericksen, Vice President, First National Bank, Omaha
Keith Roberts, Vice President and Cashier, Beatrice National Bank, Beatrice
Herman Brockmeier, Vice President and Comptroller, National Bank of Commerce, Lincoln
H. L. Gerhart, Jr., Vice President and Cashier, First National Bank, Newman Grove
R. M. Roach, President, Farmers State Bank, M aywood
R. J. Cronk, President, Nebraska State Bank, Ord
L. H. Mehling, Cashier, The American National Bank, Sidney

2
1
1
2
3
4
5
6

Russell A . Loring, Chairman, Asst. Vice Pres., The Omaha National Bank, Omaha
Robert Chancellor, Trust Officer, First Cont. Natl. Bank & Trust Co., Lincoln
P. M. Rogers, Cashier, First National Bank, Friend
Carl Mostrom, President, Farmers & Merchants Bank, Ceresco
John E. Glandt, Exec. Vice President, National Bank o f Neligh, Neligh
E. J. McBride, V ice President, The Commercial Bank, Blue Hill
V . H. W elch, Chm. o f Board & Exec. Vice Pres., Citizens National Bank, St. Paul
G. B. Acker, Vice President and Cashier, Scottsbluff National Bank, Scottsbluff

1
1
2
2
3
4
5
6

Fred H. Bruning, Chairman, President, Bruning State Bank, Bruning
Percy Mays, Vice President, Citizens State Bank, Lincoln
Walter W . Clark, First Vice President, Douglas County Bank, Omaha
H. L. Peters, President, Bank o f Yutan, Yutan
W . G. Munderloh, Exec. Vice President, Citizens National Bank, Wisner
L. J. Titus, President, First National Bank, Holdrege
F. A. Ryan, Cashier, First National Bank, Loup City
Dale V . Sorensen, President, Gering National Bank, Gering

3
2
1
1
2
4
5
6

E. J. Schellpeper, Chairman, Cashier, Cones State Bank, Pierce
A. D. Anderson, Vice President and Cashier, The United States National Bank, Omaha
Victor E. Anderson, President, Havelock National Bank, Lincoln
Paul S. Rhynalds, Cashier, Nebraska State Bank, Western
Robert D. Iske, Vice President and Cashier, Springfield State Bank, Springfield
D on Bailey, President, Campbell State Bank, Campbell
James R. Ganz, Exec. Vice President, Exchange Bank, Gibbon
D. O. Cole, Vice President, Bank o f Keystone, Keystone

1
2
1
1
2
3
4
5
6

Ivan W . Hedge, Chairman, President, Filley Bank, Filley
Ray E. Stanley, Exec. Vice President, The Center Bank, Omaha
A. W . Griffin, Exec. Vice President, First Cont. Natl. Bank & Trust Co., Lincoln
C. J. Schneider, President, Plattsmouth State Bank, Plattsmouth
Arden D. W olf, President, Platte Valley Bank, North Bend
H. L. Brune, Exec. Vice President, Nebraska State Bank, South Sioux City
E. B. Cosgriff, Chm. o f Board, City National Bank, Hastings
L. M. Stuckey, President, Lexington State Bank, Lexington
Chas. T. Karpf, Cashier, The First National Bank, Morrill

2
2
1
1
3
4
5
6

Thomas J. Milliken, Chairman, Vice President, Fremont National Bank, Fremont
John B. Foley, Vice President, Packers National Bank, Omaha
Louis L. Roper, Asst. Vice President, First Cont. Natl. Bank & Trust Co., Lincoln
G. P. Scholz, Exec. Vice President and Cashier, First National Bank, Falls City
Harold E. Hein, Vice President, State National Bank o f Wayne, Wayne
J. H. Mietzner, Cashier, State Bank of Hildreth, Hildreth
T . T . Varney, Jr., President, Broken Bow State Bank, Broken Bow
Bennett F. Johnson, Cashier, Stockmen’s National Bank, Rushville

C o m m it t e e o n B a n k M a n a g e m e n t

C o m m it t e e o n E d u c a t io n

6005 S. Milwaukee W ay • Littleton, Colo.

C o m m it t e e o n G r o u p I n s u r a n c e a n d P e n s io n s

C o m m it t e e o n I n s u r a n c e a n d P r o t e c t io n

C o m m it t e e o n L e g is la t io n

P. O. BOX 149

AMES, IO W A

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

C o m m it t e e o n P u b lic R e la t io n s

C o m m it t e e o n T r u s t s a n d E s t a t e s
2
1
2

John R. Cockle, Chairman, Trust Officer, The Omaha National Bank, Omaha
Vincent T. Goeres, Vice Chm., Assist. Trust Investment Officer, The First Trust Co., Lincoln
H. L. Young, Secretary, Trust Officer, First National Bank, Omaha


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

Credit
Insurance
Division

AMERICAN
NATIONAL
INSURANCE

Dallas 5,
Texas

COMPANY
of GALVESTON, TEXAS

Northwestern Banker, January, 1961

70

a «* » «

iÄ Ä

r
*«*»*■'

SS&
W
KÍ

y

Off to a Flying Start in 1961!
Our New Year’s resolution is to give daily correspon­
dent bank needs the same kind of friends-and-neighbors
service you give your own customers. To have our
prompt service come “winging” your way, call Cy Kirk
or Homer Jensen collect! CHerry 4-0331.
vT -

1

Bankers T rust Co.

01RCr h

The Des Moines Bank for YOU
U fj llj
iiifip /ii

C ïlm î:
P r*

Northwestern Banker, January, 1961


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

Member: Federal Deposit Insurance Corporation • Federal Reserve System

i

71
T a x School

C. V ie r h u s , c h a ir m a n , p r e s i­
d e n t o f A v o c a State B an k , A v o c a ; C.
E a r l S t e w a r t , v ic e
c h a ir m a n , v ic e
p r e s id e n t an d ca s h ie r o f F a r m e r s
State B a n k , Jesu p .
F ran k

Io w a

NEW S

T im e L o c k
A r t h u r J. D u b e n , c h a ir m a n , ca s h ie r

RALPH EASTBURN

President

o f Io w a State S a v in g s B a n k , C reston .

Fairfield

U . S . S a v in g s B o n d s
FRANK WARNER

Secretary

J. N o r m a n L e e , c h a ir m a n , v ic e p r e s ­

Des Moines

id en t o f D e co ra h State B an k , D e c o r a h ;

I I M C o m m ittees A r e A p p o in ted
R

A L P H E A S T B U R N , p r e s id e n t o f
th e Io w a B a n k e rs A s s o c ia tio n , has
a n n o u n c e d th e a p p o in tm e n t o f 435
state a s s o c ia tio n co m m itte e s .
A lso ,
th e re a re 99 m e n s e r v in g as c o u n ty
a g r ic u ltu r a l ch a irm e n . T h e c o m m it­
tees a n d th e ir c h a irm e n , as w e ll as
th e v ic e ch a ir m e n w h e r e on e is a p ­
p o in te d , a re as fo llo w s :

d en t o f Io w a State
C om p a n y , F airfield .
S e r v ic e f o r

W ar

Bank

&

N eal A .

T ru s t

V e te ra n s U n d e r

G .I . B ill

S. F u ll e r , c h a ir m a n , ca sh ie r
o f J a c k s o n State S a v in g s B a n k , Maq u ok eta ; W . B i l l G riffin , J r., v ic e c h a ir ­
m a n , v ic e p re sid e n t, Io w a State B a n k
& T r u s t C om p a n y , F airfield .
Lynn

F e d e r a l L e g is la t iv e

A g r i c u lt u r a l
A l l e n E . M u ir , c h a ir m a n , p re s id e n t

B e n S. S u m m e r w il l, c h a ir m a n , c h a ir ­

o f O n a w a S tate B a n k , O n aw a; M a x C.
v ic e c h a ir m a n , ca sh ier, Io w a
State S a v in g s B a n k , C lin ton .

m an o f b oa rd , Io w a State B a n k &
T ru s t C om p a n y , Io w a C ity; C a lv in W .
A u r a n d , v ic e c h a ir m a n , p resid en t,
Iow a -D es M o in e s N a tion a l B an k , D es
M oin es.

G is e l,

A g r i c u lt u r a l C r e d it S c h o o l
H u g h C . M c C le e r y , c h a ir m a n , p r e s i­

d e n t a n d c a s h ie r o f P e o p le s S a v in g s
B a n k , L a u r e l; C . E d H i t c h m a n , v ic e
c h a ir m a n , c a s h ie r o f B le n c o e State
B an k , B le n c o e ; H e r b e r t M e r t z , v ic e
c h a ir m a n , p re s id e n t o f W a ln u t State
B a n k , W a ln u t.
A n t i-I n f la t io n

and

C r e d it

P o lic y

M a x V o n S c h r a d e r , c h a ir m a n , p r e s i­

d en t o f U n io n B a n k & T r u s t C om p a n y ,
O ttu m w a.

F ed eral R eserve
E.

A.

(W a lly )

dent o f
C reston .

G.

K nock,

Iow a

c h a ir m a n , v ic e
p r e s id e n t an d ca sh ie r o f M a q u ok eta
State B a n k , M a q u ok eta ; K e n n e t h H .
B e a n , v ic e c h a ir m a n , p r e s id e n t o f M a r­
io n C o u n ty State B a n k , P ella.
J.

S a v in g s

p r e s i­
B ank,

B a n k in g A n a ly s is
J . W a l t e r D a v is , c h a ir m a n , p re s id e n t

of

C itizen s

S a v in g s

B an k ,

c h a ir m a n , p r e s i­
d en t o f P a r k e r s b u r g State B a n k , P a rk ­
e rsb u rg ; E a r l B . L e m e n , v ic e c h a ir ­
m a n , p r e s id e n t o f N a tion a l B a n k o f
R o c k w e ll C ity, R o c k w e ll C ity.
O scar

ca s h ie r o f B a n k o f G alt, Galt.
T a x a t io n

H a r o ld M . R o s s , c h a ir m a n , p re s id e n t
o f S e c u r ity State B a n k , M o u n t A y r .
D e s t r u c t io n
N. E.

L is t

(G e n e )

of

B ank

R a lp h

I n s ta llm e n t L o a n

o f B o o n e State B a n k & T r u s t C om ­
p a n y , B o o n e ; C o llin W . F r i t z , v ic e
c h a ir m a n , v ic e p r e s id e n t o f J a sp er
C o u n ty S a v in g s B a n k , N ew ton .
S ta te

F orm s
C h a r le s

c h a ir m a n ,

L e g is la t iv e

S p ie s ,

c h a ir m a n ,

p resi-

IM POKTANT NOTICE!

L l o y d A . T y m e s o n , c h a ir m a n , p r e s i­
d en t o f C o m m e r c ia l T r u s t & S a v in g s
B an k , S to rm L a k e ; L a w r e n c e E . G o o d ­
r ic h , v ic e c h a ir m a n , ca s h ie r o f C legh o r n State B an k , C leg h orn .
S m a ll

B u s in e s s

C r e d it

R o y a l E . B e n n e t t , c h a ir m a n , ca sh ie r

of

F ir s t

E d w in

F.

N a tion a l

Bank,

P e te r s , v ic e

c h a ir m a n , p r e s i­

19 6 1 Group Meetings
R a lp h E a stb u rn , p re sid e n t, Io w a
B a n k e rs A s s o c ia tio n an d p re sid e n t,
Io w a State B a n k & T r u s t Co., F a irfield, h as a n n o u n c e d m e e tin g d a tes an d
sites fo r G ro u p s O ne a n d 11.
G rou p O ne w ill m e e t at th e A u d i­
to r iu m in S io u x C ity, M o n d a y , F e b r u ­
a r y 13, an d G ro u p 11 w ill c o n v e n e at
th e H o te l B u rlin g to n , in B u rlin g to n ,
F e b r u a r y 22.
T h e r e m a in in g g r o u p m e e tin g s w ill
b e h e ld fr o m M a y 9 to 13, in th e s o u th ­
e rn h a lf o f th e state a n d fr o m M a y 23
to 26, in n o r th e r n areas. C ities, m e e t­
in g p la ce s a n d d a tes fo r th e M a y m e e t­
in g s w ill b e a n n o u n c e d later. C o m p le te
p r o g r a m s fo r th e G ro u p O n e a n d 11
m e e tin g s w ill b e fe a tu r e d in th e F e b ­
ru a ry N orth w estern B an k e r .

Waukon Open House
A n o p e n h o u s e m a r k e d th e fo r m a l
o p e n in g o f th e r e c e n tly re m o d e le d
W a u k o n State B an k .
D u r in g th e p a st y e a r, a b u ild in g a d ­
ja c e n t to th e b a n k w a s r e m o d e le d a n d
a d d ed to th e b a n k in g q u a rters. A t th e
sam e tim e a co m p le te m o d e r n iz a tio n
o f th e b a n k ’s in te r io r w a s c a r r ie d ou t.
In a d d itio n to e x p a n d in g th e b a n k ’s
floor sp ace, a w a lk -u p fa c ilit y w a s
added.
C. H . M e g o r d e n is p re sid e n t, G u y W .
E a to n is v ic e p re sid e n t, N a th a n C.
H a le s e c o n d v ic e p re s id e n t; E lm e r E.
F o g t, ca s h ie r an d L e o L. S a m ek an d
W . C. G ra n g a a rd are a ssista n t ca sh iers.

p r e s i­

& S a v in g s B ank,

P u b lic R e l a t io n s a n d E d u c a t io n a l

W e want to publish news of any
officer or director changes, in­
creases in capital structure, or
other important action taken at
your annual meeting. Send this
news at once to N o r t h w e s t e r n
B a n k e r , 306 Fifteenth Street,
Des Moines 9, Iowa.

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

J.

d en t o f Io w a T ru s t
E m m e ts b u rg .

R e t i r e m e n t P la n

E a stb u r n ,

B a il e y ,

U . W e n d e l l L o w e , c h a ir m a n , ca sh ier

T a k e s , J r., c h a ir m a n ,

v ic e p re s id e n t a n d ca s h ie r o f U n io n
State B a n k , R o c k w e ll C ity.
IB A

A.

A voca;

M it c h e ll D . S c h r o e d e r , v ic e c h a ir m a n ,
B ank

P o o le r ,

In su ran ce

c h a ir m a n ,

S tate

c h a ir m a n ,

F o re stry
M a c k lin

A u d it in g
J oseph

H e id e n ,

p r e s id e n t o f O sage F a r m e r s N a tion a l
B an k , O sage.

S a n d s , v ic e

d en t o f V a lle y B a n k & T r u s t C o m ­
p a n y , D es M oin es.

H u m b o ld t;

c h a ir m a n , e x ­

e c u tiv e v ic e p r e s id e n t an d ca sh ie r
o f F ir s t F e d e r a l State B a n k , D es
M oin es.

Decorah Open House
A b o u t 2,500 p e r s o n s a tte n d e d a r e ­
c e n t o p e n h o u s e m a r k in g th e c o m ­
p le tio n o f a r e m o d e lin g p r o g r a m at
th e S e c u r ity B a n k a n d T r u s t C o m ­
p a n y in D e co ra h , Io w a . T h e b a n k ’s
n a m e r e c e n tly w a s c h a n g e d fr o m th e
S e c u r ity T r u s t a n d S a v in g s B ank.
A n a fte r-h o u r d e p o s ito r y , c o m p le te
a ir co n d itio n in g , 40 a d d itio n a l s a fe ty
d e p o s it b o x e s , a n e w p r o o f m a ch in e,
n e w office e q u ip m e n t, a la rg e m u ra l,
b a c k g r o u n d m u sic, a n d m o d e r n w o o d
p a n e lin g are s o m e fe a tu re s o f th e
co m p le te r e m o d e lin g p r o je c t.
No rthwestern Banker, January. 1961

72

Iowa N e w s

i* lu n

B ln irstoum Open H o u se

Y o u n g b lu t C o n s tru ctio n
b u rn , Iow a .

Co.,

W ash ­

H. O. Davison
H . O. D a v iso n , a d ir e c t o r o f th e
W a y la n d State B an k , W a y la n d , Iow a ,
d ied re c e n tly .

Completes Remodeling
A m a jo r r e m o d e lin g p r o g r a m r e ­
c e n tly w a s c o m p le te d at th e E a st
D u b u q u e S a v in g s B an k , E a st D u ­
b u q u e , 111. T h e fo llo w in g w e r e in c lu d e d
in th e p r o je c t : S ta g g e re d b ir c h te lle r
c o u n te rs, a c o u s tic a l c e ilin g w ith re ­
ce s s e d lig h tin g , o n e in te r io r w a ll o f
b e ig e
p e rm a sto n e , ta n v in y l tile
floors, lig h t g r a y c e r a m ic tile o n fr o n t
e x te r io r w ith e n la r g e d g la ss w in d o w
a n d e n tra n ce, n e w b a n k sig n a n d a
n e w n ig h t d e p o s ito r y .

O

P E N h ou se, m a r k in g c o m p le tio n
o f a n e w b u ild in g , w ill b e h eld
J a n u a ry 11 a n d 12 at th e B e n to n C ou n ­
t y State B an k , B la irsto w n , Io w a . T h e
p u b lic o p e n h o u s e w ill b e o n J a n u a ry
12, w h ile a sp e cia l b a n k e r s ’ p r e v ie w
s h o w in g w ill b e h e ld o n J a n u a ry 11.
T h e n e w b u ild in g w a s c o n s tr u c te d
o n th e site o f th e o ld b u ild in g w h ic h
h ad h o u s e d th e b a n k sin ce 1876. W h ile
th e o ld b u ild in g w a s b e in g to r n d o w n
a n d th e n e w c o n s tru cte d , th e b a n k
d id b u sin e ss fr o m c it y h a ll w ith th e

s a fe ty d e p o s it b o x e s and m o n e y k ep t
in th e c it y jail.
L e o W . K e lly is p resid en t, A . C.
S iek, v ic e p re sid e n t, E a rl M. K im m ,
ca sh ie r a n d d ire cto r, H a ro ld J. M artin,
a ssista n t ca sh ier, an d M rs. V e rla B.
H a k a n so n a n d M rs. E le a n o r H e r r o n
are b o o k k e e p e r s . D ir e c to r s in a d d itio n
to M r. K e lly , M r. S iek a n d M r. K im m ,
a re R o y M. R a lston , Chas. E . S ch u ltz,
J a ck V . S w a n so n an d W m . J. T h orm an.
C o n tra cto r fo r th e n e w b u ild in g w a s

Gives 4-H Award
M. I. R o b e rts , p re sid e n t, F ir s t State
B an k , D ia g on a l, r e c e n tly p r e s e n te d an
a w a rd to th e to p g ir ls 4-H c lu b o f
R in g g o ld C o u n ty at th e a n n u a l a c h ie v e ­
m e n t n ig h t p r o g r a m h e ld at th e
M o u n t A y r C o m m u n ity S ch o o l.
E a c h y e a r th e F ir s t State B a n k
B a n k p re s e n ts a $50 a w a rd to a g irls
c lu b in th e c o u n t y w h ic h h as a c h ie v e d
th e g re a te st m e r it d u r in g th e y ea r.
T h e m o n e y is to b e u sed fo r an e d u ­
ca tio n a l trip.

Coon Rapids Changes

A M E R IC A N

TRUST

LEADS

THE

WAY

In Dubuque
• Central in location — always quickly
available — American Trust is your
strong, reliable, interested financial
friend — where progress and trust­
worthiness go hand-in-hand.
A M E R IC A N T R U S T

and savings bank

Mem ber Federal Reserve System
Member Federal Deposit Insurance Corporation

J o h n C h ry sta l, v ic e p re sid e n t, has
b e e n e le cte d p r e s id e n t o f th e Io w a
S a v in g s B a n k , C o o n R a p id s, Io w a ,
s u c c e e d in g R o s w e ll G arst w h o has
b e e n n a m e d c h a irm a n o f th e b oa rd .
S tep h en G arst w a s e le c te d v ic e p r e s ­
id en t a n d I. G. C h ry sta l r e s ig n e d as
v ic e p re sid e n t, b u t is r e m a in in g as a
m e m b e r o f th e b oa rd .

Honor Long-Time Employees
T h r e e e m p lo y e e s o f th e T o y N a tio n ­
al B a n k in S io u x C ity, Io w a , w e r e
p re s e n te d a w a rd s last m o n th in r e c o g ­
n itio n o f 30 y e a r s s e r v ic e w ith th e
ba n k . H o n o r e d w e r e H e n r y K . L a r ­
sen, ca sh ier, J o h n H o r r ig a n an d Sarah
K e r b y . T h e a w a rd s w e r e p r e s e n te d b y
C a rleton C. V a n D y k e, p re sid e n t.
E lm e r K o e h le r w a s h o n o r e d fo r 20
y e a r s o f s e rv ice .

Remodeling at Inwood
R e m o d e lin g w o r k is u n d e r w a y at
th e I n w o o d State B an k . W o r k m e n
in sta lle d g la ss b r ic k w in d o w s , on e
c e ilin g is b e in g lo w e r e d a n d w a lls are
b e in g re d o n e in c h e r r y -w o o d p a n e l­
lin g. A p r o je c t p la n n e d fo r la ter in ­
clu d e s th e in sta lla tio n o f an a ir c o n ­
d itio n in g u n it, a c c o r d in g to C liff P ru itt,
p resid en t.
N o rthw estern Banker, January, 7961


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

No. I in a Series

1925 Model T Ford
Owner: Harry G rant
Member of Des Moines Horseless Carriage Club

1925 w a s on e o f th e g re a te s t y e a rs in th e h is to r y o f a u to ­
m o b ile s.

The

1925 M od el T

F o r d w a s r e s p o n s ib le

p u ttin g m u c h o f A m e r ic a on w h e e ls.

fo r

E c o n o m ic a l, lo n g

lastin g, a n d e a sy to rep a ir, it w a s p a r tic u la r ly p o p u la r
a m o n g Io w a an d m id w e s t fa r m fa m ilies.
B y 1925, w h e n th e M od el T m a d e its first
a p p ea ra n ce, th e V a lle y B a n k h ad b een
a p a rt o f Io w a b a n k in g h is to r y fo r 53
y e a rs . . . w ith p r o g r e s s iv e , fo r w a r d -lo o k ­
in g s e r v ic e to b a n k s th r o u g h o u t th e state.

'^ ¡ L I L S 'S '
AND
T R U S T
Walnut at Fourth

C O M P A N Y
Des Moines, Iowa

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION


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

74
fe s s o r o f
S ch ool.

Des Moines News

b a n k in g

at

th e

G ra d u a te

H o k e S . S im p s o n , d ir e c to r o f th e
s c h o o l’s E x e c u t iv e P ro g ra m s , states
th is p r o g r a m w ill b e h e ld a n n u a lly at
A r d e n H o u s e o n th e H a rrim a n C am pus
o f C o lu m b ia U n iv e r s ity , 50 m ile s n o rth
o f N e w Y o r k C ity.

*

*

*

A to u r o f th e n e w D es M o in e s Y M C A
b u ild in g h as b e e n sc h e d u le d b y th e
W o m e n ’s S e ctio n o f th e D es M o in e s
C h a p ter o f A .I .B . a n d it w ill b e h e ld in
c o n ju n c t io n w ith a d in n e r at th e
“ Y ” M a rch 16.

*

D IR E C T O R S o f Iow a -D es M oin es
N a tion a l B a n k h a v e d e cla re d a
s to c k d iv id e n d g iv in g sh a re h o ld e rs
o n e a d d itio n a l sh a re o f s to c k fo r ea ch
th re e sh a res h eld.

b o a r d o f g o v e r n o r s are E . R .
H a l e y , G en era l M o rtg a g e C o r p o r a tio n ;
J a m e s M . C a m p , U n ited F e d e r a l an d
L oa n ; a n d M r. S m ith.

C a lv in W . A u r -

L . A . R o d e n b a u g h , J r., v ic e p r e s i­
d en t o f th e Io w a State B an k , w a s on e
o f 56 s e n io r le v e l c o m m e r c ia l b a n k
e x e c u tiv e s s e le cte d fr o m a ll b ra n ch e s
o f th e b a n k in g in d u s tr y to a tten d th e
s e c o n d s e ssio n o f th e C o m m e rcia l
B a n k M a n a g em en t P r o g r a m c o n d u c te d
b y C olu m b ia U n iv e rs ity .
T h e p r o g r a m is th e m o s t r e c e n t o f
th e E x e c u t iv e P r o g r a m s h e ld a n n u a l­
ly b y th e G ra d u a te S c h o o l o f B u sin ess
o f C o lu m b ia U n iv e r s ity a n d is u n d e r
th e d ir e c tio n o f B . H . B e c k h a r t , pro-

p r e s id e n t,
s a id th e s t o c k
d iv id e n d w ill b e
p a y a b le to h o ld e rs
o f record D ecem ­
b e r 16 a n d w ill be
a c c o m p lis h e d b y
a t r a n s f e r of
$1,000,000 f r o m
u n d iv id e d profits.
“ A fte r g i v i n g
c. w. A U R A N D
e ffe ct to th e s to c k
d iv id e n d th e ca p ita l s tru ctu re o f Iow a D es M o in e s N a tio n a l B a n k w ill be
$4,000,000 o f ca p ita l s to c k — co m m o n ,
$4,500,000 o f su rp lu s a n d m o r e th a n
$1,000,000 o f u n d iv id e d p ro fits ,” M r.
A u r a n d said.
and,

C h a r le s J . D r e e s o f th e Io w a S e cu ri­
ties C o m p a n y has b e e n e le c te d p r e s i­
d en t o f th e D es M o in e s M o rtg a g e
B a n k e rs A s s o c ia tio n to s u c c e e d J a m e s
B . S m it h o f th e N o r th w e s te r n M u tu a l
L ife .
O th er officers are J . D o n W i s s l e r ,
H o m e F e d e ra l S a v in g s a n d L oa n ,
v ic e p re sid e n t; a n d M ic h a e l J . C o s te llo ,
v ic e p re sid e n t, Iow a -D es M o in e s N a ­
tio n a l B an k , s e cre ta ry -tre a su re r. On

th e

*

L . A . R o d e n b a u g h (right) with B . H . B e c k h a r t.

TAMARQUETTE
OF MINNEAPOLIS

FEDERAL

Northwestern Banker, January, 1961


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

DEPOSIT

*

*

F o llo w in g a b o a r d
o f d ir e c to r s
m e e tin g last m o n th , C a lv in W . A u r a n d ,
p re sid e n t, Iow a -D es M o in e s N a tion a l
B ank, a n n o u n c e d th e a p p o in tm e n t o f
L a ir d

M.

F ryer,

v ic e p re sid e n t, to
h ea d o f th e B a n k ’s
rea l esta te loa n
d e p a rtm e n t.
M r.
F r y e r r e p la c e s
O r v ille

M.

G ar­

r e c e n t ly re ­
tir e d b a n k officer.
M r. F r y e r at­
te n d e d th e State
L. M . F R Y E R
U n iv e r s ity
of
Io w a an d s e rv e d w ith th e U n ited
S tates A r m y d u r in g W o r ld W a r I.
H e jo in e d th e Io w a -D e s M o in e s N a ­
tio n a l in 1924 a n d h as b e e n a n officer
in th e rea l esta te lo a n d e p a rtm e n t
sin ce 1936.
A p a st p r e s id e n t o f th e D es M o in e s
M o rtg a g e B a n k e rs A s s o c ia tio n a n d th e
Io w a M o r tg a g e B a n k e rs A s s o c ia tio n ,
M r. F r y e r is p r e s e n tly s e r v in g as a
d ir e c t o r o n th e D es M o in e s R e a l E sto +o PoQrrl __TT*nrl
r e t t,

V

t

Buys Bettendorf Interests

a» "Strong frie n d o f the
«A pjp Independent B anker!”

MEMBER

*

*

IN SU R AN C E

CORPORATION

FEderal

3-5411

G en e C. E a to n , v ic e p r e s id e n t o f th e
N a tion a l B a n k o f C o m m e r c e in L in ­
c o ln , N eb., has p u r c h a s e d su b sta n tia l
in te re sts in th e B e tte n d o r f B a n k and
T ru s t C o m p a n y a n d th e P la za S h o p ­
p in g C en ter fr o m W . E . B e tte n d o rf.
M r. B e tte n d o r f has b e e n p r e s id e n t o f
th e b a n k a n d w ill c o n tin u e as c h a ir ­
m a n o f th e b oa rd . H e is a lso p r e s i­
d en t o f B e tte n d o r f C om p a n y .
M r.
E a to n h as b e e n e le c te d p re s id e n t o f
th e B e tte n d o r f ban k .
E d w in P. L a n ta u , a d ir e c to r , v ic e
p r e s id e n t a n d ca sh ier, w ill c o n tin u e
in th a t c a p a c ity as w ill o th e r officer
p e r s o n n e l o f th e ban k .
M r. E a to n , 36, h as 15 y e a r s e x p e r i­
e n ce in b a n k in g a n d h as b e e n e x ­
tr e m e ly a c tiv e in c iv ic affa irs, c u r ­
r e n tly s e r v in g as p r e s id e n t o f th e
L in c o ln C o m m u n ity C hest. H e is a
p a st p r e s id e n t o f th e L in c o ln L io n s
C lu b a n d has r e c e iv e d th e L in c o ln
J a y c e e s “ O u tsta n d in g Y o u n g M an o f
th e Y e a r ” aw ard .

-y

r

Iow a N e w s

75

A V 'ir Council M u ffs

HAWKEYED!
A

GRAND

O P E N IN G

w a s h e ld r e c e n t l y a t t h e n e w

d r iv e -in f a c i l i t y b u ilt b y th e S t a t e

S a v i n g s B a n k , C o u n c il B l u f f s .

T

H E State S a v in g s B an k , C ou n cil
B luffs, Io w a , o p e n e d its n e w d riv ein an d p a r k in g fa c ilitie s last m o n th
an d c e le b ra te d th e e v e n t w ith an o p e n
h ou se. T h e n e w u n it adds 77 fe e t o f
fr o n ta g e o n B r o a d w a y , n e x t to th e
p re s e n t b a n k b u ild in g , r e p o r ts J a ck R.
E a k in , p resid en t.
T h r e e D ie b o ld P a n o r a m ic w in d o w s ,
th e la test d e s ig n e d b y th e b a n k e q u ip ­
m en t firm , are fe a tu r e d in th e n e w
d riv e-in u n it. L a y o u t o f th e fa c ilit y is
su ch th a t 12 ca rs ca n b e on b a n k
p r o p e r ty at on e tim e, e lim in a tin g tr a f­
fic p r o b le m s . T h e r e a lso is r o o m fo r 15
ca rs in th e p a r k in g lot.
H o u r s fo r th e n e w fa c ilit y are fr o m
9:30 a.m . to 7:30 p.m . M o n d a y , W e d n e s ­
d a y an d T h u r s d a y a n d fr o m 7:30 to
5:30 on T u e s d a y an d F rid a y .
A fr e e sa m p le, a n e w n ick e l, w a s
g iv e n to th e first 2,000 cu s to m e r s as a
re m in d e r o f th e sa v in g s in p a r k in g
m e te r m o n e y re a liz e d e a ch tim e th e
n e w s e r v ic e is u sed.

New Bank Approved
In Cedar Falls Area
P r e lim in a r y a p p r o v a l h as b e e n r e ­
c e iv e d fr o m th e C o m p tr o lle r o f th e

C u r r e n c y fo r a n e w b a n k to b e lo ­
ca ted at W a te r lo o R o a d a n d C edar
H e ig h ts D riv e in C edar F a lls. N a m e
o f th e n e w b a n k w ill b e M id w a y N a ­
tio n a l B a n k a n d a n e w b u ild in g is
p la n n e d n ear th e W a te rlo o -C e d a r F a lls
a d jo in in g c it y lim its. T h e b u ild in g is
to b e c o m p le te d b y e a r ly sp rin g .
V . W . J o h n s o n , p re sid e n t, F ir s t N a ­
tio n a l B an k , C edar F a lls, w ill b e p r e s ­
id en t o f th e n e w b a n k an d P h ilip S.
B erg , v ic e p r e s id e n t o f th e F ir s t N a ­
tion a l, w ill b e o n e o f th e v ic e p r e s i­
den ts. M r. B e r g is r e s ig n in g fr o m th e
F ir s t N a tion a l to b e c o m e o p e r a tin g
v ic e p r e s id e n t o f th e n e w ban k .
T h e b o a r d o f d ir e c to r s w ill b e c o m ­
p rise d o f m e n fr o m d o w n to w n C edar
F a lls an d fr o m th e area n ea r th e n e w
ba n k , a c c o r d in g to M r. J o h n s o n . T h e
b a n k w ill h a v e a ca p ita l s tru ctu re o f
$200,000.

Clinton, 111., Bank Sold
T h o m a s S. D in s m o r e h as so ld h is
in te re sts in th e D e W itt C o u n ty N a ­
tio n a l B a n k at C lin ton , 111., to a g r o u p
o f fo u r b a n k ers.
H e r b e r t H . C u n n in g h a m o f R ic h
H ill, M o., s u cce e d s M r. D in s m o re as
p resid en t. R o b e r t O. M o ll o f W illia m s ­
b u rg , Io w a , w ill b e a c tiv e as v ic e p r e s ­
iden t. N o o th e r ch a n g e s in p e r s o n n e l
are p la n n ed .
A s s o c ia te d w ith M r. C u n n in g h a m
an d M r. M o ll in th e p u r c h a s e are J a ck
C. W e lls , p re sid e n t, H in c k le y State
B ank, a n d E. D w ig h t M a rtin o f W a lk ­
er, M o. T h e y w ill s e r v e as d ire cto rs.
A ll p a rtie s to th e tr a n s a ctio n w e r e
r e p re s e n te d b y C h a rles E. W a lte r s Co.
o f O m aha.

M A X ROY, La Salle Assistant Vice

President, has a hawk’s eye when it
comes to Iowa and Iowa farming. He
also is hawkeyed about finding ways
and means to help La Salle’s Iowa
correspondents. H e’ll act fast and
right on the spot to serve you. Why
not get the facts from Max. He lives
right nearby in Iowa C ity, but he
makes his headquarters at La S alle
N a tio n al Bank, 135 So. La Salle Street,
Chicago 90, Illinois. STate 2-5200.
M em b er F D I C . C om p lete T ru st
Services.

60th Anniversary

* j2 j g n g g 5
-ESTABLISHED ) ' ' ---- >

800

S TA TIO N E R S V
1889 S
K BINDERS
OFFICE O U T F i m R S \ ~ _
^^auSIN ESS MACHINES

Grano Ave . AT Fourth

Des M o in es , IA


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

T h e C r o m w e ll State S a v in g s B an k ,
C ro m w e ll, Io w a , is o b s e r v in g its 60th
a n n iv e rs a ry . T h e b a n k w a s fo u n d e d
b y th e late T. S. H . D o u g h e r ty in 1901.
A. O m ar C an n on , p resid en t, is th e
c o n tr o llin g s to c k h o ld e r . M r. C a n n on
ca m e to th e b a n k in 1920 fr o m M is­
sou ri.
Northwestern Banker, January, 1961

Iowa News

76

’ ’h u n t Itasinrss T ren d s fo r HUH "
G

E

A

R

M

E

S

H

400 b u sin ess e x ­
e c u tiv e s fr o m D es M oin es a n d c e n ­
tra l Io w a w e r e g u ests o f th e Iow a -D es
M oin es N a tion a l B a n k at H o te l F o r t
D es M oin es last m o n th w h e n se v e n
d is tin g u is h e d b u sin e ss lea d ers d is­
c u sse d “ Io w a B u sin es s T re n d s fo r
1961.” C a lv in W . A u ra n d , p r e s id e n t o f
th e Iow a -D es M o in e s N a tion a l, in tr o ­
d u ce d th e p a n e l o f sp ea k ers, and fo l­
lo w in g th e lu n ch e o n , m a d e a fe w
r e m a rk s g iv in g h is v ie w s o f th e s h o r t­
te r m m o n e y m a rk et.

A

E

M

JACK SMITH, commercial loan
Vice President, is a native Iowan
who knows how to mesh your
commercial loan gears to higher
and more prosperous speeds. If
you want to go places with com­
mercial loans why not call Jack at
L a S a lle National Bank, 135
So. La Salle St., Chicago 90, Illi­
nois. The phone is STate 2-5200.
Member FDIC. Complete Trust
Services.

p p r o x im a t e l y

M r. A u r a n d said: “ D u r in g re ce n t
m o n th s th ere has b e e n a d efin ite ea s­
in g in b o th s h o rt an d lo n g -te rm rates.
D em a n d fo r m o n e y in m a n y c o m ­
m u n itie s has d e clin e d , a lth o u g h in
s o m e o f th e la rg e r c itie s a ro u n d th e
c o u n tr y , th e d em a n d is still stron g .
B a n k s in th e la rg e m o n e y ce n te r s are
c o n tin u in g to h a v e a s tr o n g d em a n d
fr o m th e ir cu s to m e r s fo r b o th sh o rt
an d m e d iu m -te rm loan s. O n ly in rare
in sta n ce s are th e y s e e k in g loan s, as
th e ra tio o f loa n s to d e p o s its is still
h igh .
In Io w a th e situ a tio n is s o m e w h a t
e a sier— lo a n v o lu m e has d e c lin e d fr o m
th e pea k , b u t is still a b o v e th e tota ls a
y e a r ago. It is u n lik e ly th a t th e re w ill
b e th e h e a v y d em a n d fo r ca ttle loan s
th is y ea r, w h ic h s w e lle d th e b a n k s ’
loa n p o u c h e s last y ea r. B a n k d e p o sits
th is fa ll h a v e b e e n s lig h tly ah ea d o f
1959 a n d p r o b a b ly w ill re m a in a b o v e
last y e a r ’s tota ls, as ca sh in c o m e in
Io w a sh ou ld equ al, if n o t e x c e e d , a
y e a r ago.
“ R e d u c e d in v e n to r ie s . . . re d u ce d
co n s u m e r c r e d it . . . sm a ller n u m b e r
o f h o u s in g starts, h a v e r e s u lte d in less
d e m a n d fo r m o n e y , w ith th e p r a c tic a l
e ffe c t th a t m o s t b o r r o w e r s are p a y in g
less fo r m o n e y to d a y th a n th e y w e re
a fe w m o n th s ago.
“ T a k in g a ll . . . fa c to r s in to c o n ­
sid era tion , it lo o k s as th o u g h s h o r t­
te r m
ra tes w ill p r o b a b ly
re m a in
stable. T h e r e h as b e e n a m o d e s t r e ­
d u c tio n r e c e n tly , an d it is p o s s ib le
th a t a fu r th e r n o m in a l d e clin e m a y
ta k e p la ce, b u t at th is tim e it a p p ea rs
th a t th e d e c lin e w ill n o t b e su b sta n tia l
n o r th e d u ra tio n p ro lo n g e d . T h e r e fo r e ,
w e b e lie v e th a t b u sin e ss p la n s ca n be
m a d e on th e a s s u m p tio n th a t s h o r t­
te rm ra tes w ill flu ctu a te s lig h tly d u r ­
in g th e e a r ly p a rt o f n e x t y e a r .”
E x c e r p t s fr o m ta lk s b y th e o th e r
sp e a k e rs g iv e th is p ic tu r e fo r 1961:
G o r d o n M . M e t c a lf, v ic e p resid en t,
Sears, R o e b u c k a n d C om p a n y , C h ica g o:
T o ta l re ta il sales fo r 1960 w ill p r o b ­
a b ly s h o w an in cre a se o f 2 p e r c e n t
o v e r 1959. R e ta il sa les in th e first

Northwestern Banker, January, 1961


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

h a lf o f 1961 m a y rea ch a $227 b illio n
rate, an in cre a s e o f a n o th e r 3 p e r cent.
B r o o k s M c C o r m ic k , e x e c u tiv e v ic e
p re sid e n t,
In te rn a tio n a l
H a rv e ste r
C om p an y, C h ica g o: I th in k m o s t c o m ­
p a n ies sh a re o u r e x p e c ta tio n th a t 1961
w ill b e so m e w h a t b e tte r th a n 1960 . . .
s o m e w h e r e in th e ra n g e o f fiv e to ten
p er ce n t fo r th e in d u s tr y as a w h o le .
T h e lo n g -te rm situ a tion , to m e, is ev en
m o re e n co u r a g in g .

W e h a v e a lw a y s fe lt an d still fe e l
th at th e d e c lin in g n u m b e r o f fa rm s
d o e s n o t g r e a tly a ffect th e size o f th e
m a rk e t in d olla rs. T h e r e are fe w e r
fa rm s, tru e, b u t th e y are la r g e r fa rm s
an d th e y r e q u ir e c o n s ta n tly m o re
m e ch a n iz a tio n an d e q u ip m e n t o f in ­
crea sed ca p a city .
A . F . J a c o b s o n , p re sid e n t, N o r th ­
w e s te r n
B e ll T e le p h o n e C om p a n y ,
O m aha: A r e la tiv e ly m ild n a tio n a l r e ­
c e s s io n p a ra lle le d b y an e v e n m ild e r
d ip in th e a c tiv ity o f o u r N orth -C en tra l
r e g io n a p p ea rs to b e in p r o s p e c t fo r
1961. In Io w a w e lo o k fo r so m e slig h t
d e clin e in m a n u fa c tu r in g e m p lo y m e n t
. . . im p r o v e m e n ts in c o n s tr u c tio n a c­
t iv ity . . . h o u s in g w ill n o t k e e p p a ce
. . . re ta il sales sh o u ld r u n a h ea d o f
1960 . . . b a n k d eb its a re e x p e c te d to
m a in ta in p re s e n t h ig h le v e ls . . . im ­
p r o v e m e n t in fa r m in c o m e s h o u ld c a r ­
r y o v e r in to th e first h a lf o f 1961.
D r . J a m e s H . H i lt o n , p r e s id e n t Io w a
State U n iv e r s ity , A m e s: A c c o r d in g to
th e b e st in fo r m a tio n n o w a v a ila b le
fa r m e r s ’ p r o d u c tio n co s ts a re n o t lik e ­
ly to in ci’ease sig n ific a n tly d u r in g th e
c o m in g y ea r. F a r m in c o m e s in 1961
p r o b a b ly w ill re m a in a b o u t th e sam e
as th e y w e r e in 1960, an d m ig h t be
b etter.
J oe G ib s o n , p re sid e n t, R a th P a c k in g
C om p a n y , W a te r lo o : A n in c r e a s e is
e x p e c te d in c o w an d g ra ss ca ttle
sla u g h ter, r e s u ltin g in g r e a te r b e e f
p r o d u c tio n in 1961— p e rh a p s fiv e to
s e v e n p e r c e n t if w e a th e r is n orm a l.
F e d ca ttle p r ic e s m a y b e d o w n $1 to
$3 o v e r a y e a r ago.

H o g sla u g h te r fo r th e first h a lf
p r o b a b ly w ill b e d o w n d u e to a 3 to
4 p e r c e n t r e d u c tio n in fa ll p ig cro p ,
re s u ltin g in h ig h e r h o g p r ic e s th a n in
1960. S la u g h ter th e last h a lf w ill d e ­
p e n d on th e s p rin g p ig c r o p a n d in ­
d ica te d in te n tio n s are to fa r r o w 4 p er
c e n t m o r e s o w s th a n a y e a r a g o w ith
90 ce n t c o r n an d $16 to $17 h og s.
L . G a r la n d E v e r i s t , p re sid e n t, W e s t ­

e rn

C o n tra ctin g

C o rp o ra tio n ,

S io u x

r

Io w a N e w s

77

P A N E L I S T S — A . F . J a c o b s o n , p r e s i d e n t , N o r t h w e s t e r n B e l l T e le p h o n e C o ., O m a h a ;
J o e G ib s o n , p r e s i d e n t , B a t h P a c k i n g C o ., W a t e r l o o ; L . G a r l a n d E v e r i s t , p r e s i d e n t , W e s t ­
e rn C o n tr a c tin g C o r p o r a tio n , S io u x C i t y ; C a lv in W . A u r a n d , p r e s id e n t, I o w a -D e s M o in e s
N a t i o n a l B a n k , t h e h o s t ; G o r d o n M . M e t c a l f , v i c e p r e s i d e n t , S e a r s , R o e b u c k & C o .,
C h i c a g o ; G a r d n e r C o w l e s , p r e s i d e n t , C o w l e s M a g a z i n e s , I n c ., a n d D e s M o i n e s R e g i s t e r
& T r i b u n e C o .; B r o o k s M c C o r m i c k , e x e c u t i v e v i c e p r e s i d e n t , I n t e r n a t i o n a l H a r v e s t e r
C o m p a n y , C h ic a g o , a n d D r . J a m e s H . H i lt o n , p r e s id e n t, I o w a S t a t e U n i v e r s it y , A m e s .

C ity: E x c lu d in g m o n e y sp e n t fo r fa rm
an d r e s id e n tia l b u ild in g , th e 1961 fo r e ­
ca st s h o w s th a t c o n s tr u c tio n c o n tr a c ts
in Io w a w ill to ta l $450 m illio n . It is
e stim a te d c o n s tr u c tio n co s ts w ill rise
an a v e ra g e o f 4 p e r ce n t in 1961.
G a r d n e r C o w le s , p r e s id e n t an d c h a ir ­
m an , C o w le s M a g a zin es, In c., a n d p r e s ­
id en t, D es M o in e s R e g is te r & T r ib u n e
C om p a n y : I th in k 1961 w ill b e a
m o d e r a te ly g o o d y e a r — b e tte r th an
1960 — an d w ill im p r o v e as th e y e a r
p ro g re s s e s . F a r m an d re ta il p r ic e s
sh o u ld h o ld u p d u r in g 1961. M y g u ess

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

is th a t m o n e y w ill b e e a sier in 1961.
T h is sh o u ld stim u la te sales o f g o o d s
m a d e o n th e in s ta llm e n t sale basis.
I th in k fe d e r a l sp e n d in g w ill rise in
1961 w ith o u t a n y in cre a s e in taxes.
T h is m a y w e ll b e v e r y b a d fo r th e
c o u n t r y in th e lo n g ru n , b u t I th in k
it is b o u n d to be a stim u la n t to m a n y
k in d s o f b u sin e ss in 1961.— E n d

New Waterloo Director
J oe G ib son , p r e s id e n t o f th e R ath
P a c k in g C om p a n y , h as b e e n n a m ed
to th e b o a rd o f d ir e c to r s o f th e P e o p le s
B a n k & T r u s t C om p a n y , W a te r lo o ,
Io w a . H e s u cce e d s th e late A . A.
R o e d e r, fo r m e r p re s id e n t o f the W a ­
te r lo o M etal & M a n u fa ctu rin g C o m ­
pany.

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

J a ck M a cN id er, v ic e p re s id e n t an d
g e n e ra l m a n a g er, N o r th w e s te r n States
P ortla n d C em en t
C om pany,
has
b e e n e le c te d a d i­
r e c to r o f th e F ir s t
N a tio n a l B a n k o f
M a son C ity, Iow a .
M r. M a cN id e r is
a d ir e c t o r o f th e
Io w a M a n u fa ctu r­
ers A s s o c ia tio n , o f
th e M id w e st R e ­
sea rch
In stitu te,
J. M a cN I D E R
o f th e
P io n e e r
F e d e r a l S a v in g s an d L o a n A s s o c ia tio n
an d is s e cre ta ry -tre a su re r o f th e M a­
son C ity H o te l C orp ora tion .

November Bond Sales
D u r in g N o v e m b e r , Io w a n s in v e s te d
$8,888,192 in U n ited S tates S a v in g s

Keen on
Instalment
Credit!
KEITH CONE, La Salle Vice Presi­
dent and head of La Salle’s Instal­
ment Credit Department, can give
you plenty of valuable information
on instalment credit. Car, college, or
aircraft loans, Keith has facts that
are valuable to correspondent banks.
You can call Keith at La Salle
N ational Bank, 135 So. La Salle
Street, Chicago 90, Illinois, STate
2-5200. Member FDIC. Complete
Trust Services.

Northwestern Banker, January, 1961

78

Io w a N e w s

B on d s, b r in g in g th e 11-m onth tota l to
$125,354,168 fo r 81 p e r ce n t o f the
a n n u a l qu ota. N a tion a l a v e ra g e fo r
th e p e r io d w a s 86 p e r ce n t o f qu ota.
M a rv in M. S ch m id t, v o lu n te e r state
ch a irm a n , r e p o r ts th a t h o ld in g s o f S e­
rie s E an d H b o n d s n a tio n a lly h a v e
re a ch e d an a ll-tim e h ig h o f o v e r $43
b illio n .

Buys Algona Bank
C o n tr o llin g in te re s t in th e S e cu rity
State B a n k at A lg o n a , Io w a , h as b e e n
p u rch a s e d b y D ale
A u ld o f L a P o rte
C ity, H . E. L o n g
o f L eon, K. W .
R ic h a r d o f H u m est o n a n d R . L.
S h a rp n e ck o f D es
M oin es.
M r. A u ld , ex ­
e c u tiv e v ic e p r e s ­
id en t o f th e L a ­
P o r te C ity State
B an k , w ill r e lin ­
q u ish th a t p o s t to b e c o m e e x e c u tiv e
o fficer o f th e A lg o n a ban k . C. B. M urta g h , p r e s id e n t o f th e S e c u r ity State
B a n k , w ill re m a in as a d ir e c to r an d
a lso w ill re m a in in an a d v is o r y ca ­
p a c it y fo r a b o u t th ree m o n th s a fte r
th e tr a n s fe r o f o w n e r s h ip J a n u a ry 17.
A r d e n E. M elch er, v ic e p re s id e n t o f
th e L a P o r te C ity B a n k b e c o m e s a c ­
t iv e ly in ch a rg e o f th a t ban k.
M r. L o n g , M r. R ic h a r d an d M r.
S h a rp n e ck a lso are d ir e c to r s o f th e
L a P o r te C ity B a n k an d th e D e ca tu r
C o u n ty S tate B a n k at L e o n . M r. L o n g
a n d M r. R ic h a r d a lso are d ir e c to r s
an d o fficers o f th e C itizen s State B a n k
at H u m e sto n .

Joins Harlan Bank
D o n a ld G. M ath iasen , fo r m e r ly m o r t­
g a g e loa n m a n a g e r fo r B y r o n R e e d
C om p a n y , In c o r p o r a te d o f O m aha, has
jo in e d th e S h e lb y C o u n ty State B an k ,
H arlan , as v ic e p resid en t. H e is a
gra d u a te o f th e State U n iv e r s ity o f
Io w a a n d h as co n s id e r a b le cre d it e x ­
p erien ce.

Heads Greene Board
M rs. W . K . B ra m w e ll, Sr., w a s
e le cte d c h a irm a n o f th e b o a r d o f th e
F ir s t State B a n k o f G reen e to su cce e d
h er late h u sb a n d .

Wellsburg Open House
A c r o w d o f m o r e th a n 1,050 p e r s o n s
fr o m 28 to w n s to u r e d th e n e w P e o p le s
S a v in g s B a n k b u ild in g in W e lls b u r g ,
Iow a .
P la n s fo r th e n e w b u ild in g w e r e
u n d e r co n s id e r a tio n fo r s e v e r a l y e a rs
p r io r to th e ir b e in g p la ce d in to p r a c ­
tice in 1958, w h e n th e o ld W e lls b u r g
h o te l b u ild in g , e r e c te d in 1898, w a s
c h o s e n as th e site fo r th e n e w b u ild ­
ing.
K ir k
G ross C om p a n y , W a te r lo o ,
p la n n ed , d e s ig n e d a n d e q u ip p e d th e
n e w qu a rters.

First o f Chicago Elects
H o m e r J. L iv in g s to n , c h a irm a n o f
th e b o a r d o f T h e F ir s t N a tion a l B a n k
o f C h ica g o, a n n o u n c e d th e p r o m o tio n
o f C. E d g a r J o h n s o n fr o m v ic e p resi-

Humboldt Construction
C o n s tr u c tio n is w e ll u n d e r w a y on
th e n e w F ir s t N a tion a l B a n k b u ild in g
o n T a ft S treet ju s t o ff o f M ain in th e
H u m b o ld t, Io w a , b u sin e ss d istrict.
C o m p le tio n is e x p e c te d a r o u n d F e b ­
r u a r y 1.
T h e n e w b u ild in g , a b o u t a b lo c k
fr o m th e p r e s e n t q u a rters w ill o ffe r
m o r e p a r k in g sp a ce an d p r o v id e d riv ein fa cilitie s.
D e s ig n e d b y C lifford
P ra u l o f D es M oin es, th e s tru ctu re is
b e in g b u ilt b y th e S an de C o m p a n y o f
H u m b o ld t w ith th e sa fe e q u ip m e n t
b e in g s u p p lie d b y th e M o sle r S afe
C om p a n y . B en St. J o h n is th e b a n k
p resid en t.

Director Named
D a v id L. S toch l, ca sh ier, has b e e n
e le cte d a d ir e c to r o f th e F ir s t N a tion a l
B a n k o f Io w a C ity. H e has b e e n c a s h ­
ie r o f th e b a n k sin ce 1952 a n d a sso ­
cia te d w ith it sin ce it w a s fo u n d e d in
1932.
Northw estern Banker, January, Í961


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

C. E. J O H N S O N

J. T H O M S O N

d en t to s e n io r v ic e p re sid e n t; J a m es
T h o m s o n , a ssista n t v ic e p r e s id e n t to
v ic e p re sid e n t, a n d th e e le c tio n o f
th re e n e w officers.
E d g a r J o h n s o n , a 48 y e a r ca re e r
b a n k er o f T h e F ir s t N a tion a l B a n k
o f C h ica g o, is in ch a rg e o f th e b a n k ’s
o p e r a tin g and p e r s o n n e l d ep a rtm en t.
J a m es T h o m s o n sta rted w ith th e
b a n k as a b e llb o y in 1931 an d w a s
e le c te d an a ssista n t ca sh ie r in th e
in te rn a tio n a l b a n k in g d e p a rtm e n t in
1949. In 1952 h e w a s tr a n s fe r r e d to
th e b a n k ’s n e w in sta llm e n t c r e d it d e­
p a rtm e n t an d w a s p r o m o te d to a ssist­
an t v ic e p r e s id e n t in 1957.
T h e th re e n e w officia ls a ll e le cte d
a ssista n t c a sh ie rs are:
C h a rles P.
C o llin s in th e d is c o u n t d ep a rtm en t;

C o rn e liu s B. O ’K e e fe a ssig n e d to th e
b a n k ’s N e w Y o r k office; a n d L o u is
S ieg elm a n o f th e b u sin e ss an d e c o ­
n o m ic r e s e a r c h d ep a rtm en t.

Jim McPherson Retires
Ja m es F. M cP h e r s o n , v ic e p re s id e n t
o f th e C ity N a tion a l B a n k a n d T ru s t
C om pany o f K an­
sas C ity, M o., is
ta k in g e a r ly r e ­
tire m e n t e ffe c tiv e
D e ce m b e r 31,1960,
a fte r s e r v in g 31%
y e a r s w ith th at
bank.
M r. M c P h e r s o n
w a s b o r n an d
re a re d in W ich ita ,
K an . an d g o t h is
j . F. M cP h e r s o n
first b a n k in g e x ­
p e r ie n c e w ith th e old K a n sa s N a tion a l
B ank, w h ic h is n o w th e F ir s t N a­
tio n a l B a n k o f W ic h ita , K an . F o llo w in g
th is tra in in g , h e s e r v e d as assista n t
n a tio n a l b a n k e x a m in e r in th e T e n th
F e d e r a l R e s e r v e D is trict t w o y e a r s
an d state b a n k e x a m in e r in th e state
o f K a n sa s th re e y ea rs, b e c o m in g as­
so cia te d w ith th e C ity N a tion a l B a n k
and T ru s t C o m p a n y o f K a n sa s C ity
in Ju n e, 1929.
M r. an d M rs. M c P h e r s o n p la n to
m o v e to L a g u n a B ea ch , C alif., w h e r e
th e y w ill m a k e th e ir fu tu r e h om e.

Sponsors National Ad
T h e K a n sa s C ity s to r y w ill s o o n be
in th e h a n d s o f th e p e o p le , o v e r 10
m illio n s o f th em , fr o m M a in e to A la sk a
an d H a w a ii! It h a p p e n s o n J a n u a ry
27, w h e n Time m a g a zin e w ill c a r r y an
a d v e rtis e m e n t fo r th e H ea rt o f A m e r ­
ica, s p o n s o r e d b y C ity N a tio n a l B a n k .
It is th e first tim e th a t a n y lo c a l b a n k
has o b ta in e d su ch fa r -r e a c h in g c o v e r ­
age fo r th e K a n sa s C ity area, a n d it is
ca lcu la te d to a ttra ct in te r e s t fr o m in ­
d u stries all o v e r th e co u n tr y .

To Travel Midwest
J o h n F . K in g h as b e e n a ssig n e d to
T h e H a n o v e r B a n k ’s o u t-o f-to w n d ivis i o n a n d w ill
r e p r e s e n t th e
b a n k in Illin o is ,
In d ian a, I o w a
and
N eb ra sk a ,
W illia m H . M il­
ler, s e n io r v ic e
p r e s i d e n t in
ch a r g e
o f th e
d i v i s i o n , an­
n o u n c e d in N e w
Y ork .
J. F. K IN G
A n a tiv e o f
C h ica g o, an d a m e m b e r o f a b a n k in g
fa m ily , M r. K in g jo in e d th e H a n o v e r ’s

Iow a N e w s

W in n iiu/ You tiff

b a n k as to m a i n t a i n i n g a
h e a lth y , a v e ra g e age o f y o u r
cu sto m e rs.
2. C on tin u e to r e v ita liz e an d re ­
b u ild y o u r c u s to m e r s fr o m th e
y o u n g s te r s c o m in g a lon g , and
p a r tic u la r ly —
3. P r o v id e th e s e r v ic e an d d e v e lo p
y o u r y o u n g ad u lts so th a t th e y
m a y b e c o m e th e s e n io r citiz e n s
y o u are p r o u d to n a m e as y o u r
c u sto m e rs.
It is n e c e s s a r y to k e e p a y o u n g e r
m in d e d p e r s o n n e l o n th e jo b to c o v e r
th e jo b fr o m a ll a n g le s an d n o t let
on e a v e n u e esca p e. It is a jo b th at is
a v ita l n e c e s s ity to k eep o u r b a n k s
g r o w in g .— E n d .

. . .

(C o n tin u e d fr o m p a ge 21)
stage o f th e ir liv es. I f it is at all p o s ­
sible, fu n d s sh o u ld b e a lw a y s m a d e
a v a ila b le to y o u n g s t e r s fo r r e a so n a b le
a n d in te llig e n t h o m e o w n e r s h ip .
T h e s e c o n d s e r v ic e o f b e n e fit to
y o u n g a d u lts w o u ld b e b u d g e t p la n ­
n in g . A g a in a g re a t d ea l o f m is s io n ­
a r y w o r k ca n b e d o n e in th is r e s p e c t
d u r in g th e fo r m a tiv e y e a r s o f th e age
le v e l w e are c o n s id e r in g at th is tim e.
T h e y o u n g s t e r s o f to d a y m a y seem
b ra sh a n d self-a ssu red , b u t n e v e r fea r,
th e y are lo o k in g fo r g u id a n ce a n d h elp
w h e r e v e r th e y ca n g e t it. T h e y r e c ­
o g n iz e th e ir s h o r tc o m in g s .
T h e y are in te r e s te d in g e ttin g ahead.
H e lp fu l su g g e s tio n s a lo n g b u d g e t lin es
an d p la n s a re w o r t h w h ile an d are
o fte n w e ll re c e iv e d .
T h ird , th e y a re a lso in te re s te d in
b u ild in g an estate. T r u s t d ep a rtm e n ts
ca n p r o v id e a tr e m e n d o u s s e r v ic e fo r
th ese y o u n g e r p e o p le . In th e a rea o f
life in s u ra n ce tru sts, y o u w ill find u n ­
u su a l o p p o r tu n itie s fo r b e in g o f as-

sis ta n ce to th ese y o u n g s te rs .
F in a lly , w e ca n p r o v id e an a d eq u a te
p r o g r a m b y m ea n s o f th r ift a cco u n ts.
T h is n o t o n ly m e a n s sa v in g s a cco u n ts
b u t a lso m ea n s fo r c e d s a v in g s p r o ­
g ra m s o f w h ic h th e re are m a n y e x a m ­
p le s in b a n k s tod a y . I c o n s id e r on e
o f th e fin est fo r c e d sa v in g s p r o g r a m s
to b e w h e r e a sa v in g s p r o g r a m is
m a d e in c o n n e c tio n w ith an in sta ll­
m e n t loan.
In co n c lu s io n , I w o u ld lik e to re­
em p h a size th e fo llo w in g p oin ts:
1. D e te rm in e

th e

needs

79

of your

Drovers “Yellow Boys ft

S P E E D UP
RETURNS

tra in in g p r o g r a m in F e b u r a r y , 1958.
M r. K in g is a g ra d u a te o f th e U n i­
v e r s it y o f S o u th e rn C a lifo rn ia and
ea rn ed h is M a ster o f B u sin e s s A d m in ­
istra tio n d e g re e fr o m N e w Y o r k U n i­
v e r s it y th is y e a r. H e w a s in th e U. S.
A ir F o r c e fr o m 1952 to 1956.

Your c u s t o m e r s

c a n h a v e th e n e t p r o c e e d s f r o m

t h e i r li v e s t o c k s a l e s c r e d i t e d t o t h e i r a c c o u n t s
in

Dr. Hilton Takes Fed Post
J a m es H. H ilto n , p r e s id e n t o f Io w a
State U n iv e r s ity ,
A m e s , h as b e e n
d e sig n a te d d e p u ty
c h a ir m a n o f th e
b o a r d o f d ir e c to r s
o f th e F e d e r a l R e ­
serve B a n k
of
C h ica g o fo r th e
y e a r 1961, a c c o r d ­
in g to a n n o u n c e ­
m e n t b y th e b o a rd
of govern ors of
th e F e d e r a l R e ­
s e rv e S y stem . Dr.
j.
H .h i l t o n
H ilto n h as b e e n
a d ir e c to r o f th e b a n k sin ce J a n u a ry
1, 1960.
A s d e p u ty c h a irm a n D r. H ilto n su c­
c e e d s R o b e r t P. B rig g s, e x e c u tiv e v ic e
p r e s id e n t o f C o n su m e rs P o w e r C o m ­
p a n y , J a ck s o n , M ich ., w h o has b e e n
a p p o in te d c h a irm a n o f th e b o a rd . M r.
B r ig g s su c c e e d s B e rt R . P ra ll o f C h i­
c a g o w h o is r e tir in g a fte r h a v in g
s e r v e d as c h a ir m a n fo r th e p a st five
y ea rs.
T o s u c c e e d M r. P ra ll as a d ir e c to r
o f th e b a n k , J o h n W . S h eld on , p r e s i­
d en t o f Chas. A . S te v e n s & C o m p a n y
o f C h ica g o h as b e e n a p p oin ted .


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

your

b a n k f r o m o n e to t h r e e d a y s s o o n e r ,

w h e n th e y u se D r o v e r s c o lle c tio n se rv ic e .
D r o v e r s “ Y e llo w

Boy”

a d v ic e is w e l l a n d

fa v o r a b ly k n o w n b y b o th b a n k e r s a n d s h ip p e r s .
I t i s o n it s w a y t o y o u w it h i n m i n u t e s a f t e r
t h e s a l e is c o m p l e t e d . B e s u r e y o u r li v e s t o c k
c u sto m e rs

r e c e iv e

th is

tim e -s a v in g

s e r v ic e .

H a v e t h e m f ill o u t a D r o v e r s S h i p p e r s O r d e r .
W e ’ll g la d ly se n d a s u p p ly u p o n re q u e st.

The Drovers National Bank
is a direct member o f the
C h icago C learin g H ouse
Association and the Federal
Reserve System.

F r i e n d l y s e r v ic e

C o n tin u o u s se r v ic e

to L iv e s t o c k P r o d u c e r s

to c o r r e s p o n d e n t h an ks

f o r m o r e th a n

s in c e F e b r u a r y 1 2 ,

7 5 yea rs

1883

Drovers Uaiihs
Drovers National Bank • Drovers Trust & Savings Bank

UNION STOCK YARDS, CHICAGO 9, ILLINOIS
MEMBERS, FEDERAL DEPOSIT INSURANCE CO RP O R A TIO N

No rthwestern Banker, January, 1961

80

The Bankers’ Market Place
A

P a g e T e l li n g W h a t ’s N e w f o r B a n k s a n d B a n k e r s

Each month the Bankers’ Market Place will bring you listings of new
products, specialty items, banking equipment, and gift items which will
help you and your staff do a better job. This is the selection for this month.

B

U R R O U G H S C o r p o r a tio n has in ­
tr o d u c e d a n e w lo w c o s t a c c o u n t­
in g m a ch in e w h ic h ca n h a n d le a n y
w in d o w p o s tin g jo b in v o lv in g a c u s ­
to m e r p a s s b o o k a n d led ger.

D e s ig n a te d th e B u r r o u g h s F760, th e
m a ch in e w ill sell fo r $3,795. In a d d i­
tio n to u p d a tin g c u s to m e r p a s s b o o k s
an d le d g e r cards, th e F760 s im u lta n e ­
o u s ly p re p a re s a jo u r n a l lis tin g a c­
c o u n t n u m b e rs, b a la n ce s an d n e w e n ­
tries in sep arate, v e r tic a l co lu m n s . It
a lso v a lid a te s c u s to m e r “ tic k e ts ” in
th e sam e p r in tin g o p e r a tio n a n d a c­
cu m u la te s c o n tr o l tota ls o n d a ily a c ­
tiv ities. A p u n c h e d p a p e r ta p e a tta ch ­
m e n t is op tion a l.
A H T , K ip , L e k , K y a t , H w a n ,
G ou rd e— th ese a re a fe w o f th e
fo r e ig n e x ch a n g e s , q u o te d in a F o r ­
eig n E x c h a n g e Q u ota tion s fo ld e r re ­
lea sed b y M a n u fa ctu re rs T r u s t C om ­
p a n y (N e w Y o r k ) w h ic h lists c u rre n t

B

G

Glo-Processed D isplays, Inc........................
Greenspan, Bud ...............................................

81
77

H
H alsey, Stuart and Company, Inc........... 35
Heinrich Envelope Co...................................... 49
Humm er, W ayn e, and Company .............. 34

I
JANUARY, 1961

Iow a-D es M oines N ational Bank ............ 84
K

K och Brothers

A

Acorn Printing- Company ........................... 80
ABC A dvertisin g ............................................. 81
Am erican National Insurance
Company of G a lv e s t o n ............................. 69
Am erican Trust and Savings
Bank, D u b u q u e ............................................. 72

.................................................. 75

L,
LaM onte, George and S o n ........................... 47
LaSalle N ational Bank ................ 75, 76, 77
Live Stock N ational Bank, Sioux C ity. . 50
M

ft

BANKS

Bank of A m erica .............................................
Bank of M ontreal ...........................................
Bankers Service Company .................. 64,
Bankers Trust Company, Des M o in e s..
Black Sale S y s t e m ...........................................
Burroughs Corporation ................................

14
48
80
70
64
45

0
B n °A co H
LDT
C

Central Bank and Trust Co., D enver. . .
Central National Bank and
T ru st Company, Des M o i n e s ..................
Central States H ealth and L ife Co........
Chase M anhattan Bank, T h e ....................
C hiles-Schutz Company ...............................
Christm as Club a Corporation ................
Continental Illinois National Bank
and T rust Company ..................................

65
12
83
4
62
11

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

THE ACORN PRINTING CO.
OAKLAND. IOWA
Northwestern Banker, January, 1961


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

40

N

National Bank of C o m m e r c e ....................
N ational Cash R egister C o m p a n y .........
National Reserve L ife
Insurance C o m p a n y ....................................
Northern T rust Company ...........................

66
27
38
3

O
Omaha National B ank .................................. 61

R
Recordak Corporation ................................ 6-7
R oyal Bank of C a n a d a .................................. 42

80
36
9
52
79

Studley, Shupert Trust
Investment. Council .................................. 31

S

T

T alcott, James, Inc........................................... 32
Telescopic ........................................................... 81
IT

F

F ifth Avenue H o t e l ........................................
F inancial Colorad Company ....................
F irst Continental N ational Bank
and T ru st Company ..................................
F irst N ational Bank of C h ic a g o ..............
F irst National Bank, D e n v e r ....................
F irst National Bank, K an sas C i t y .........
F irst N ational Bank, O m a h a ....................
F irst National Bank and
T ru st Company, T ulsa .............................

74
40
2
44

25

1)
Davenport, F. E., and Company . . . . 60,
DeLuxe Check Printers, Inc........................
Diebold, Inc..........................................................
Doane A gricu ltu ral Service, Inc...............
D rovers National Bank ...............................

M arquette N ational B a n k ...........................
M erchants M utual Bonding Company . .
M erchants N ational B a n k ...........................
M innesota Commercial M en’s A ssn. . . .
M utual Fire and Autom obile
Insurance Company ..................................

34
81

United States Check Book C o m p a n y ... 68
United States N ational Bank, Omaha . . 58

67
29
55
37
63

V alley Bank and Trust
Company, Des M o i n e s ................................ 73
V alley N ational Bank, Phoenix ..............
8

30

V

w
W estern M utual Insurance C o m p a n y ... 41

81
e x c h a n g e ra tes o f 182 fo r e ig n c u r ­
ren cies.
T h e n e w fo ld e r is th e la test in a
se rie s w h ic h th e b a n k has b e e n p u b ­
lis h in g fr o m tim e to tim e sin ce 1939,
u s u a lly sem i-a n n u a lly .
A ls o in c lu d e d in th e fo ld e r is a table
o f s h illin g s and p e n c e e x p re s s e d as
d e cim a l e q u iv a le n ts o f th e p o u n d , and
a ta b le s h o w in g d e cim a l e q u iv a le n ts o f
c o m m o n fra ctio n s .
C op ies o f th e fo ld e r are a v a ila b le at
th e b a n k ’s In te r n a tio n a l B a n k in g D e ­
p a rtm e n t, 55 B ro a d S treet, N e w Y ork .
H E F ir s t N a tio n a l B a n k in St.
L o u is r e c e n t ly in sta lle d a n e w $1
a n d $5 b ill an d c o in e le c t r o n ic c u r ­
r e n c y c h a n g e r fo r lo b b y u se b y c u s ­
to m e rs. C. A r th u r H e m m in g e r, v ic e
p r e s id e n t an d p u b lic re la tio n s d ire cto r,
is s h o w n h e r e e x p la in in g th e c h a n g e r ’s
s im p le o p e ra tio n to M rs. N ita B ro w n ,
an e m p lo y e e in th e b a n k ’s rea l estate
an d m o r tg a g e loa n d ep a rtm en t.

T

H E B a n k M a n a g e m e n t C om m itte e
an d th e State L e g is la tiv e C o m m it­
tee o f th e A B A h a v e p u b lis h e d a n e w
m a n u a l, “ T h e R e te n tio n a n d D e s tr u c ­
tio n o f B a n k R e c o r d s ,” w h ic h has
b e e n sen t to A B A m em b ers.

T

T h e b o o k le t n o te s th a t “ th e m a ss o f
a c cu m u la te d r e c o r d s m a k e s a re a lis tic
r e te n tio n an d d e s tr u c tio n s ch e d u le im ­
p e r a tiv e .” O b je c tiv e o f th e b o o k le t is
to s e rv e as a g u id e to b a n k s e sta b lish ­
in g su ch a p ro g ra m .
T h is b o o k le t c o v e r s fe d e ra l an d state
sta tu tes o f lim ita tio n s an d r e c o r d r e ­
te n tio n statutes, r e te n tio n sch ed u les,
th e u se o f m icro film , an d w a rtim e
r e c o r d p r o te c tio n . A p p e n d ic e s s h o w
w h ic h states h a v e a d o p te d a “ final a d ­
ju s tm e n t o f sta tem en ts o f a c c o u n t
sta tu te,” r e c o r d re te n tio n statu tes an d
reg u la tion s ,
and
record
re te n tio n
sch e d u le s o f state b a n k in g d e p a rt­
m en ts.
E x tr a co p ie s o f th e b o o k le t are
a v a ila b le at $1 each fr o m th e A B A
p r in tin g d ep a rtm en t.

th e lig h te r is a u to m a tic a lly s w itch e d
off. T h e y u se n o fu e l, flin t o r w ic k ,
ju s t h o u s e cu rren t.
H E h ig h c o s t o f p r o d u c in g televiv is io n c o m m e r c ia ls has p r o m p te d
th e F r e d A . N ile s P r o d u c tio n s , In c. o f
C h ica g o to d e v e lo p a se rie s o f s y n d i­
ca te d c o m m e r c ia ls fo r ban k s.

T

T h e s e c o m m e r c ia ls , a lre a d y p r e ­
pared , are w r itte n a n d p r o d u c e d b y
som e o f th e to p te le v is io n c o m m e r c ia l
firm s, a c c o r d in g to J. R o b in s o n , m a n ­
a g er-sy n d ica tion .
P a r tic ip a tin g b a n k s h a v e a c h o ic e o f
s e v e r a l series— th re e 50-secon d c o m ­
m ercia ls; th re e 60-secon d co m m e r c ia ls
o r th re e 20-secon d co m m e rcia ls .

N O V E L e x p a n d in g b a il-p o in t p en
has b e e n im p o r te d fr o m G e rm a n y
fo r d is tr ib u tio n in th e U n ited States
b y J esse an d J esse o f W ic h ita , K an.
T h e p e n is th e size o f a lip s tick
w h e n n o t in u se b u t e x p a n d s to a
len g th o f five in ch e s w h e n op en ed . T h e
w r itin g e m its a fr a g r a n c e o f rose or
la v e n d e r w h ic h sta y s w ith th e p aper.
T h e s e u n u su a l p e n s m a k e an e s p e c ia l­
ly a ttra ctiv e g iv e -a w a y item fo r b a n k s.

A

T h e ch a n g e r is a n e w p r o d u c tio n b y
N a tion a l R e je c to r s , In c., o f St. L ou is,
a su b s id ia r y o f U n iv e rs a l M atch C o r p o ­
ra tion , and is on e o f th e first to b e in ­
stalled.
M r. H e m m in g e r r e p o r ts v e r y fa v o r ­
ab le p u b lic r e a c tio n to th e n e w se rv ice .

NOTHER
im p o r te d
item
th at
m a k es an u n u su a l g ift fo r h o m e s
or offices is th e F u m o fix e le c t r ic c ig a ­
rette lig h te r d e v e lo p e d in H olla n d .
A v a ila b le fr o m th e S u n sh in e S ales Co.
o f M iam i, F lo rid a , th ese lig h te rs are
fu lly a u to m a tic a n d b u r n o n ly at th e
s m o k e r ’ s an gle. In a n y o th e r p o s itio n

A

L'

—
9

SAY THANK YOU

P
r*
u
r*

W ith o GOLDEN RULER

ri
¡S

1
r
ffg
r*
Ü


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

1

4
*"

The name and address of your
bank is imprinted rig h t in the
center. The ideal g ift for any
customer who makes all payments and completes his loan
on time . . . or proves him­
self in other ways. Gold ano­
dized aluminum 12", double
calibration, polished to gold
tone finish. 50 to 99 $1.44
each; 100 to 249 $1.30 each.
ABC Advertising, 3212 Ingersoli, Des Moines 12, Iowa.

N orthw estern Banker, January, 1961

82

In the

■' :

’ .•

DIRECTORS’
ROOM

■SîÎîi'W:- ... ■■
'

•je.'è. y

Lunch Time

A Good Indication

A w e ll k n o w n z o o lo g y p r o fe s s o r w a s
u n w r a p p in g a p a r c e l b e fo r e h is class
w h ic h , h e e x p la in e d to h is p u p ils, w a s
a fine sp e c im e n o f a d isse cte d fro g .
U p o n d is c lo s in g tw o sa n d w ich e s, a
h a rd -b oiled e g g a n d a ban ana, h e w a s
v e r y s u rp ris e d an d ex cla im e d , “ B u t
s u r e ly I ate m y lu n c h !”

A Chemistry Major?

S u itor: P a rd o n m e, d o cto r, b u t last
n ig h t y o u r d a u g h te r a c c e p te d m y p r o ­
p osa l o f m a rria g e. I h a v e ca lled th is
m o r n in g to a sk i f th e re is a n y in sa n ­
ity in y o u r fa m ily .
D o c to r : T h e r e m u st be.

C u stom er: G iv e m e s o m e o f th at
p re p a re d m o n o a c e tic a c id e s te r o f salicy lic a c id .
D ru g g is t: D o y o u m ea n a sp irin ?
C u stom er: Y eah ! I n e v e r ca n th in k
o f th at n am e.

Split Personality
“ S o m e tim e s y o u are so s tr o n g and
m a s cu lin e a n d at o th e r tim e s y o u are
so s o ft an d g en tle. W h y is it ? ”
“ I s u p p o se it ’s h e re d ity . H a lf o f m y
a n ce s to rs w e r e m e n an d h a lf w e r e
w o m e n .”

. . . And M M . Too
K in d ly
M in ister
(p in c h in g
little
b o y ’ s k n e e ): “ A n d w h o has n ic e c h u b ­
b y p in k le g s ? ”
L ittle B o y : “ B rig itte B a rd o t.”

The Party Line
In R u ssia a c o m m is s a r a sk ed a p ea s­
a n t h o w th e n e w p o ta to c r o p p r o d u c ­
tio n w a s co m in g .
“ U n d e r o u r g lo r io u s leader, K h r u s h ­
c h e v ,” a n s w e r e d th e p easan t, “ ou r
p o ta to c r o p has b e e n m ira cu lo u s! I f
w e w e r e to p u t a ll th e p o ta to e s in a
p ile th e y w o u ld m a k e a m o u n ta in
r e a c h in g to th e fe e t o f G od !”
“ B u t y o u k n o w th ere is n ’t a n y
G od !” said th e co m m issa r.
“ T h e r e a r e n ’t a n y p ota toes, e ith e r ,”
re p lie d th e p e a sa n t’s w ife .

Very Practical

Good Figuring

T e a c h e r (b r ig h t ly ): A s w e w a lk outo f-d o o r s o n a c o ld w in t e r ’s m o r n in g
a n d lo o k a b o u t us, w h a t d o w e see on
e v e ry hand?
C lass (as a m a n ): G loves!

S tou t L a d y (to little b o y ) : C an y o u
tell m e if I ca n g e t th r o u g h th is gate
to th e p a rk ?
L ittle B oy : I g u e s s so. A loa d o f
h a y ju s t w e n t th ro u g h .

Your M oney s W orth

Planned Obsolescence

T h e p a tie n t w a s g r u m b lin g a b ou t
th e fee.
“ F iv e d o lla rs fo r p u llin g a
to o th ,” sh e e x cla im e d , “ an d it ’s o n ly
a m in u te ’s w o r k .”
“ W e ll, if y o u
w is h ,” th e d e n tist said, “ I ’ll p u ll it ou t
s lo w ly .”

“ P re p a re y o u r s e lf fo r w id o w h o o d ,”
sa id th e fo r tu n e te lle r to h e r clien t.
“ Y o u r h u s b a n d is a b o u t to d ie a v io ­
len t d ea th .”
T h e w ife sig h e d d e e p ly an d asked,
“ W ill I be a c q u itte d ? ”

C O N VC X T IO N S
J a n u a r y 1 8 , M in n e s o t a B a n k e r s A s s o ­
c ia t io n
M id w in te r
C o n fe r e n c e ,
R a d is s o n H o te l, M in n e a p o lis .
J a n u a r y 2 3 -2 4 , A B A
1 3 th
N a tio n a l
C r e d it C o n f e r e n c e , L a S a l le H o t e l ,
C h ic a g o .
F e b r u a r y 6 -8 , A B A M id w in t e r T r u s t
C o n fe r e n c e , W a ld o r f-A s to r ia , N e w
Y ork.
M a r c h 6 -8 , A B A 5 8 th A n n u a l S a v in g s
C o n fe r e n c e ,
H o te l
R o o s e v e lt ,
N ew Y ork.
M a r c h 2 0 -2 2 , A B A I n s t a llm e n t C r e d it
C o n fe r e n c e , C o n ra d H ilto n H o te l,
C h ic a g o .
A p r il

K eep ’Em Clean
Said th e C aller: M adam , I ’m r e p r e ­
s e n tin g th e G oat M ou n ta in W o o l C om ­
pany.
W o u ld y o u b e in te re ste d in
s o m e y a rn s?
H o u s e w ife : S u re, g o ah ead; le t’s
h ea r a cou p le!

. . . In Small Packages
C a rlos P. R o m u lo , fiv e-foot, fou rin c h a m b a ssa d or o f th e P h ilip p in e s,
r e c e n tly w e n t to F o r t W o r th to speak
at a d in n er.
“ H o w d o e s it fe e l to be in th e m id st
o f all th ese s ix -fo o te r s ? ” d ra w le d on e
o f h is la n k y T e x a s h osts.
“ L ik e a d im e a m o n g n ic k e ls ,” w a s
R o m u lo ’s g r in n in g re p ly .
Northwestern Banker, January, 1961


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

1 0 -1 2 ,

A s s o c ia tio n

of

R eserve

C it y B a n k e r s , 5 0 th A n n u a l , B o c a
R a t o n H o t e l , B o c a R a t o n , F la .

J u n e 1 4 -1 6 , N e b r a s k a B a n k e r s A s s o c i ­
a tio n B a n k M a n a g e m e n t C l in i c ,
D o a n e C o l l e g e , C r e te .
J u n e 1 5 -1 7 , W y o m i n g B a n k e r s A s s o ­
c ia t io n , A n n u a l C o n v e n t i o n , J ack son L ak e L o d g e , W y o m in g .
J u n e 2 2 -2 4 , C o lo r a d o B a n k e r s A s s o c i ­
a t io n , 6 0 th A n n u a l , H o t e l C o l o ­
r a d o , G l e n w o o d S p r in g s .
J u n e 2 2 -2 4 , M o n t a n a B a n k e r s A s s o c i ­
a t io n , A n n u a l C o n v e n t i o n , J ack son L a k e L o d g e , W y o m in g .
J u ly 9 -2 2 , F P R A
P u b li c

S c h o o l o f F in a n c ia l

R e la t i o n s ,

C h ic a g o

p u s, N o r t h w e s t e r n
C h ic a g o .

Cam ­

U n i v e r s it y ,

S e p t e m b e r 1 1 -1 3 , N A B A C 3 7 th a n n u a l
n a t io n a l c o n v e n t io n . C o n r a d H i l ­
t o n H o t e l , C h ic a g o .

M o in e s ,

O c t o b e r 9 -1 2 , N a t i o n a l A s s o c i a t io n o f
Bank
W om en ,
3 9 th
A n n u a l,
S h e ra to n H o te l, R o c h e ste r, N . Y .

A p r il
2 0 -2 2 ,
In d e p e n d e n t
B ankers
A s s o c ia tio n , A n n u a l C o n v e n tio n ,
S h e r a t o n -P a r k
H o te l,
W a sh in g ­
to n , D . C .

O c to b e r
1 1 -1 2 ,
N eb rask a
B a n kers
A s s o c ia t io n ,
A n n u a l,
S h e r a to n F o n t a n e lle H o t e l , O m a h a .

A p r il

10,

FPRA

K ir k w o o d
Io w a .

R e g io n a l

H o te l,

D es

M e e t in g ,

M ay

1 1 -1 3 ,
S o u th
D a k o ta
B a n k ers
A s s o c ia tio n ,
A n n u a l,
S h e ra to n J o h n s o n H o t e l , R a p i d C it y .

M ay

2 6 -2 7 , N o r t h
D a k o ta
B a n kers
A ss o c ia tio n , A n n u a l, G a r d n e r H o ­
t e l, F a r g o .

O c to b e r
1 5 -1 8 ,
A m e r ic a n
B an kers
A s s o c ia tio n , A n n u a l C o n v e n tio n ,
S a n F r a n c is c o .
O c t o b e r 2 9 -N o v e m b e r 1, I o w a B a n k ­
ers A s s o c i a t i o n , A n n u a l , H o t e l
F o r t D e s M o in e s , D e s M o in e s .

M a y 2 9 -J u n e 2 , A m e r i c a n In s t itu te o f
B a n k in g ,
Annual
C o n v e n tio n ,
S t a t le r -H i lt o n , S e a ttle .

N ovem ber

1 3 -1 4 ,

1 0 th

J u n e 6 -7 , M in n e s o t a B a n k e r s A s s o c i ­
a tio n , A n n u a l C o n v e n tio n , H o te l
St. P a u l, S t. P a u l.

N o v e m b e r 2 6 -3 0 , F P R A

N a tio n a l

c u lt u r a l C r e d it C o n f e r e n c e ,
S t a t le r -H i lt o n , D a l la s , T e x a s .

A m e r ic a n a
F la .

H o te l,

4 6 th
Bar

A g r i­
The

A n n u a l,
H arbou r,

*

Richard L. Batt
Hastings, Nebr.

Donald D. Houser
Norfolk, Nebr.

G. Burris Carter
Columbia, M o.

Claude B. Faber
Sioux Falls, S. D.

Ervin T . Kleineider Frank J. Marchellino Harold E. Naylor
Denver, Colo.
Waterloo, Iowa
Omaha, Nebr.

C E N T R A L S T A T E S S A L U T E S M I D W E S T M A N A G E R S ...

... w ho set new h ig h fo r
CENTRAL STATES
B A N K -H E A L T H P L A N
N ew

s a le s re c o r d s e s ta b lis h e d b y

C E N T R A L

ST A T E S

b r a n c h e s le d b y th e

m a n a g e r s p ic t u r e d o n th is p a g e a r e in d ic a t iv e

Robert L. Palmer
Fort Dodge, Iowa

Robert E. Puff
Thomas L. Rabbitt Ray A. Radermacher
Sioux C ity, Iowa Cedar Rapids, Iowa Des M oines, Iowa

o f th e in c r e a s in g
ST A T E S

cu sto m e rs o f

T h is

p o p u la r ity o f C E N T R A L

h e a lt h -c a r e in s u r a n c e w ith
M id w e s te r n

ban k s.

c o n sta n t g ro w th m e a n s

ever increasing

re v e n u e fo r b a n k s p a r tic ip a tin g in th e
C E N T R A L
P la n .

ST A T E S

P r e m iu m

D e d u c tio n

I f y o u w o u ld lik e to le a r n h o w th is

p r o g r a m c a n w o r k in y o u r b a n k , c o n t a c t u s.
W e ’ll h a v e a

r e p r e s e n ta tiv e c a ll —

se n d e x p la n a to r y

George Rains
Springfield, M o.

or w e

Leon C. Robinson Robert O. Sherman Fred M . Winzenried
Dallas, Tex.
Sedalia,M o.
Kansas City, M o.

Ce n t r a l S t a t e s
^ § ¿ 1#

H e a l t h & L if s C o .

of
T. L

Om aha

es lie

K

iz e r

,

UNDERWRI T ERS
AND

L I FE,

T H ROU GH


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

President
OF

HEALTH,

CONSUMER

ACCI DENT

FI NANCI AL

w ill

in fo r m a tio n , a s y o u p re fe r.

CREDI T

AND

I NST I TUTI ONS.

HOSPI T AL

I NSURANCE
I NSURANCE

JE R R Y NELSON
V ic e P r e sid e n t

C H R I S T Y F. A R M S T R O N G
V ic e P r e sid e n t

K E IT H W . C A M P B E L L
A s s is ta n t V ic e P r e sid e n t

G E O R G E E. H A R N A G E L
A s s is t a n t C a sh ie r

BOB B U E N N E K E
A s s is ta n t C a sh ie r

Best wishes...and a standing invitation
A lo n g w ith w h a te v e r else th e N e w Y e a r m a y b r in g , w e
h o p e it b rin g s y o u e v e r y k in d o f g o o d fo r tu n e . E s p e ­
c ia lly , g o o d h e a lth a n d g o o d fe llo w s h ip .
F o r ou rse lv e s, th e b e s t w ish w e c a n h o ld fo r th e c o m ­
in g y e a r is th a t w e m a y g e t t o k n o w y o u e v e n b e tte r ,
a n d fin d e v e r -im p r o v in g w a y s t o h a n d le y o u r bu sin ess.
T o th a t e n d , w e o ffe r th is s ta n d in g in v it a t io n fo r 1961:

Come in and visit us.

P le a se d o n ’ t w a it fo r a fo r m a l in v it a tio n . W e k n o w
th a t all o f y o u are b u s y , so ju s t ta k e an h o u r o r t w o
w h e n e v e r y o u ’ re in D e s M o in e s , a n d d r o p in w ith o u t
a n y p relim in a ries . I f y o u h a v e n ’ t b e e n th r o u g h o u r
b a n k b e fo r e , w e ’ ll g iv e y o u th e to u r.
M a in ly , w e ’ d lik e t o ta lk a b o u t y o u r p la n s . . . an d
fin d o u t w h a t w e c a n d o t o h elp m a k e th is th e g re a te st
y e a r e v e r fo r y o u .

Iowa-Des M oines ( * ) N

a t i o n a l

Sixth and Walnut, Des Moines 1+ • CHerry 3-1191
M e m b e r F e d e r a l D e p o s it In s u r a n c e C o r p o r a tio n


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

B a r iH