The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA N LEY MOHRBACHER, V ice President, Installment Loan D epartm ent Stanley Mohrbacher’s many years of exper ience and knowledge in installment loan matters can be especially helpful to you. He joined the Merchants National Bank 45 ^ years ago and organized MNB’s Installment Loan Department in 1939. He has been in charge of that department since that time. 4 Stan Mohrbacher is a member of both the Cedar Rapids Retail Credit Association and the National Retail Credit Association. Stan Mohrbacher and his staff offer you the benefit of years of experience and our everexpanding facilities. Call on him if you need any kind of installment loan guidance. M eftcW ttaNational TH E FU LL S E R VIC E B A N K FOR T H E B A N K S OF IO W A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 k y ^' MH > . *■ ■ Y x When the time comes for Overseas Business... Among your commercial customers and pros pects are those whose business expansion is taking them into Europe, Latin America, and the Far East. These people need overseas banking connections. And they’ll welcome your help with such things as credit informa tion, advice on trade regulations, foreign drafts and remittances, letters of credit, and collections. As a Northern Trust correspondent you’re ready and able to offer prompt assistance with these matters. International Banking is one of our most important activities, and you can depend on us for immediate personal at tention to your requirements. You are invited to phone or write George S. Read, Vice President, or one of his asso ciates in the International Banking Depart ment. They’re as close as your telephone : Financial 6-5500 in Chicago. M O R T H E ill 5 0 SOUTH LA SALLE STR E E T CHICAGO 90, ILLINOIS FI 6 - 5 5 0 0 • M EMBER F. D. I. C. BANK N o. 918. Northw estern Banker is published m onthly by the Northw estern B anker Company, 306 Fifteenth Street, Des Moines 9, Iowa. Subscription 35c per c°Py. S3 per year. Second class postage paid at Des Moines, Iowa. A ddress all mail (subscriptions, change of address, Form 3579, m anuscripts, mail item s) to above address. ’ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 NCR PROVIDES DEPOSIT CONTROL G u l f - T o - B a y B a n k C L E A R W A T E R , F L O R ID A “ From our opening day we have been in balance with our custom ers’ receipts — a must. DEPOSIT CONTROL through NCR Tellers’ Machines met th is requirem ent.’ ’ — H. E. LO N G , P R E S ID E N T CALADESI NATIONAL BANK T he F i r s t N a t i o n a l B a n k y O F BELLEAIR B L U F F S AT D U N E D I N LA R G O . FLO RID A FLORIDA “ Our new bank and systems were designed to serve our “ Total control over all transactions . . . Deposit Control custom ers in the fin e st fashion . . . Deposit Control by . . . Complete te lle r requirem ents provided by one ma NCR T ellers’ Machines gave us the u ltim ate in Systems chine. These are the reasons we installed NCR Bank Concept.” T ellers’ Machines w ith Change D ispensers.” — EUGENE H. LALLA N C E , PRESIDENT — H ARO LD H. UNDERW OOD, PR ESIDENT N C R PR OV IDE S T O T A L S Y S T E M S - F R O M ORIGINAL ENTRY TO FIN AL REPORT- T H R O U G H A C C O U N T IN G M A CH IN E S, C A SH R E G IST E R S O R A D D IN G M A C H IN E S, A N D D ATA P R O C E SSIN G T he N a tio n a l Cash R e g iste r Co. • 1,133 o ffic e s in 120 c o u n trie s orthw estern B a n k e r, J a n u a ry , 1964 DigitizedNfor FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • 80 ye a rs o f h e lp in g b us in e s s save m o ne y C R « EDITORIAL “Whole World Shocked” Editor’s N o te : The following message has been received by the N orthwestern B anker from our good friends, Mr. and Mrs. M. C. Gurg, of Bombay, India. Mr. Gurg is manager of The Bank of Rajasthan Ltd. there and just returned home with Mrs. Gurg late in 1963 after having spent two years working in Nebraska banks to study American banking methods. Their sincere .. expression of sentiment typifies the feeling prevalent in most of the. world following the assassination of President John F. Kennedy. “ W e are most heavily stunned and grieved to know of the assassination of your loving President Mr. Kennedy. N o t only we both ~Y but the whole civilised fam ily of mankind have been greatly shocked. Countless people in India have no words, they have only grief to offer. W e all in India have had greatest f respect for your illustrious President. There has been nationwide mourning in our coun try. “ Specially me and Mrs. Gurg feel very much moved at this very, very sad hour. A fte r living for two full years in your great 4 country of United States we feel the loss equally ours. “ W e all know that this is an irreparable loss but it may be a little consolation at this , hour of great tragedy to know that millions and millions all over the world outside United States share your grief. i “ He was a man of great courage and conscience like Abraham Lincoln and M a hatma Gandhi. H is name will go down in history as a freedom fighter and great champion of world peace. “ L ife and death are beyond our control and we must accept things as they are u bravely. W e in this part of the world do believe that U .S .A . is definitely a great country and has shown leadership to the world in the past two to three decades and is still fully capable of it for which the world should be proud. The sincere efforts ** and thinking of every American in m ain taining world peace and strengthening m u tual goodwill is greatly respected by us. “ W ords mean little at such a time as this, but still we both want to send you this ex pression of our deepest sympathy.” Mr. and Mrs. M. C. Gurg, Manager, Bank of Rajasthan Ltd., Bombay, India. } https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 23 Across the Desk from the Publisher FEATURE ARTICLES 5 19 29 30 32 Dear Editor Frontispage—Grand Tetons How to Attract Industry to Your City—Malcolm Freeland Keys to Installment Loan PROFIT—E. G. Grant Good Communication Achieves: Understanding, Acceptance, Action—Miss Mary Roberts 33 Open First Underground Microfilm Center 34 A Central File System . . . for banks of all sizes— Merle D. Courson 36 This Banker Has It Made! STATE BANKING NEWS Minnesota Twin City South Dakota North Dakota Montana Colorado News News News News News News 47 48 53 54 55 56 56 59 60 64 71 78 Wyoming News Nebraska News Omaha News Lincoln News Iowa News Des Moines News OTHER FEATURES 81 Bankers’ Market Place 82 In the Directors’ Room 82 Conventions N O RTH W ESTERN BANKER 306 15th S tre e t, Des Moines, Iow a 50309, Telephone (A re a Code 515) 244-8163 Chairman C lifford De Puy Publisher M alcolm K. Freeland Associate Editor ta r r y W . N o thw e h r Advertising Assistant Elizabeth Cole Associate Editor Doyle Minden Circulation Department Lena Sutphin Field Representative AI Kerbel Editor Ben J. H a lle r, Jr. Auditor Bertha Soderquist Field Representative Paul M asters Frank P. Syms, Vice President. 550 F ifth A venue, N ew yo rk 36, JUdson 2-7126 M ilto n F, Bock, Vice P resident, 309 Baker B uilding, M inneapolis, FEderai 6-6357 N o r th w e s te r n B a n k e r, J a n u a ry , 1964 ...e a s ily , conveniently, econom ically— with Mosler counter systems M osler Modular Financial Furniture takes the fuss, muss and dust out of remodeling and new construction. Never before could bank counters be added on, taken away, changed or separated with so little effort. And, at so modest a cost! The key word in this unique flexibility is “ modular.” Every teller station is designed so that it can be added to another without drilling or cutting. Most installations can be completed overnight—eliminating annoying disruptions to banking routines. jf you redecorate your bank, you’ll appreciate this versatile system even more. Counter fronts can be changed https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis subtract '7 % ■YT .W The Mosler Safe Company 320 Park Avenue, New York 22, N. Y. in a couple of hours. There are seven wood grain and five color panels available—all interchangeable. One is sure to blend harmoniously with the new decor. Each provides the elegant look of custom cabinetry. And the permanence! Mosler counter systems, made of tough, top-quality laminates, are built to last! For details on our coun- I t II _ ^ | > ter and undercounter systems, mail in this coupon. I V I ( s D I V # l V https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE MOSLER SAFE COMPANY Please send me your illustrated brochure on M osler’s Modular Financial Furniture. NAM E..................................................................................... B AN K.................................................................. ................... ADDRESS............................................................. ................. CITY....................................... ZO N E......STATE................. 8 ss < o f M T o p M a n a y e r n e u t MAJOR reorganization of Bank of Montreal executive responsibili ties at head office and at five division al headquarters across Canada has been announced by G. Arnold Hart, president and chief executive officer. In all, 14 of the bank’s senior officers are affected. Heading the list of appointments is R. D. Mulholland, general manager since 1959 and a vice president since 1960. He assumes the title of chief general manager and will continue as a vice president. J. Leonard Walker, now deputy gen- C h a u f f e eral manager in charge of the bank’s British Columbia division, Vancouver, moves to the head office in Montreal as general manager. D. W. Casey, now assistant general manager in charge of the Manitoba and Saskatchewan division, Winnipeg, becomes deputy general manager of the bank. At divisional points, the changes are designed to improve regional ad ministration and to place greater re sponsibility in the hands of the bank’s principal field officers. The move began last July with the ARIZONA 1963... ★ our mines produced half the nation’s copper ★ our cotton farmers average 1038 lbs. per acre (U. S. Average: 500 lbs.) R . D . M U L H O L L A .N D J. L . W A L K E R appointment of Edward A. Royce as general manager for Ontario, with headquarters in Toronto. Now similar titles are being introduced in Van couver, Calgary, Winnipeg, Quebec City and Halifax. Thus, A. John Ellis, now senior as sistant general manager at the head office, becomes general manager for British Columbia, with headquarters at Vancouver; J. R. McLean, now as sistant general manager in charge of the Alberta division, becomes general manager for Alberta, with headquar ters at Calgary; H. L. McKay, now manager of the bank’s main Winnipeg branch, becomes general manager for Manitoba and Saskatchewan, with headquarters at Winnipeg; Laurent Geliy, now assistant general manager in charge of the Quebec division, resi dent in Quebec City, becomes general manager for Quebec, with responsi bility for all branches in the province other than those in the Montreal dis trict; and T. R. Francis, now superin tendent of the Atlantic provinces dis trict, becomes general manager for the Atlantic provinces, with headquarters at Halifax. j V > y * Head Office Changes ★ a tourist potential of 10 million travellers crossed the state ★ manufacturing output continued to pace the state’s economic expansion and ONE bank served ALL Arizona through 81 offices At the bank’s head office, five assistant general managers become deputy general managers. They are: W. T. G. Hackett, deputy general manager, investments; E. R. Ernst, deputy general manager, inter national division; A. J. N. Foss, deputy general manager, O n tario division, head office; F. S. Harrison, deputy gen eral manager, western division, head office; and D. B. Peters, deputy general manager, eastern division, head office. Also at head office, Stewart T. Strathy becomes assistant general manager, international division. f 4* -f Advanced in St. Louis ä&wtgest ^auli in tfie Qocfey jUouiitaiii States RESOURCES $900 MILLION M E M B E R F E D E R A L ■II- # ' •# II # :i D E P O S I T w m N orthwestern B a n k e r, J a n u a r y , 1964 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis m i I N S U R A N C E C O R P O R A T I O N Four promotions were announced recently by James P. Hickok. chair man of board of First National Bank in St. Louis. William E. Feld and T. Barton French have been elected assistant v ic e p re s id e n ts , and Vernon P. Schmidt and Arthur W. Spellmeyer have been elected assistant cashiers. * U "Your consultant showed us how to provide in advance for future expansion — says George Hart, President, Bank of Murray, Murray, Kentucky J . s llllB i V■■ illfc ■ Pillili u ■1 “ When the time comes for us to expand again, we'll be able to do it at very reasonable cost. Your con sultant, Henry Arnold, together with your other specialists, analyzed our present and future space and operating needs, and ; ' made suggestions which your designers handled creatively and with fore sight. The result is a flex ible plan that can meet our needs for years to ■ ■■; .... :• come. The banker who calls in one of your MidContinent consultants can expect a lot of practical planning help." - I V&sJ IIS « Unless your quarters are planned in advance for future expansion, tomorrow’s banking growth may penalize you with extra costs and headaches. Bank Building provides for growth right in your basic plans — at the start, when it can be done with minimum cost and trouble. Drawing on 50 years’ experience, we painstakingly analyze your current operations, and then project them into the future. Every detail from sub-floors to service cores is planned from a growth standpoint to save thousands of future remodeling dollars. For plans that help you grow economically, call, write for consultation at no obligation. F r e e plan n in g g u id e ! S e n d fo r " 9 9 p ro b le m s you fa c e w h e n yo u plan n e w q u a r te r s ." M ID -C O N T IN EN T 1130 H a m p to n A v e n u e • S t . L o u is , M i s s o u r i 6 3 1 3 9 OFFICES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DIVISION • H. N. A rn o ld , C o n s u lta n t P h o n e : M l 7 -3 8 0 0 A re a c o d e : 314 IN: A T L A N T A • C H I C A G O • D A L L A S • N E W Y O R K . S T. L O U I S . S A N F R A N C I S C O ALL-NEW MOTORIZED ..........- i N o r t h w e s te r n B a n k e r, J a n u a ry , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 11 READER Br recordak iff ! # ■ Imm , ' i7 MmL. ■ fc j The Reader-Printer that accepts 16 or 35mm microfilm in a]] fo rm s ... and gives you a print in seconds. isll ■■ ■ L Here is one o f the w orld’s most versatile Reader-Printers. It accepts 16mm or 35mm roll film. W ith accessory kits, it also accommodates Recordak film magazines, aperture cards, film jackets, and M icro-File filmcards (m icrofiche). The new M a g n a p r i n t Reader has easily interchangeable lenses which, together with an adjustable optical condenser system, give you the image size you want, with even illumination across the screen. Precision optical glass pressure plates lock the microfilm flat to give better readability, sharper prints. M otorized film advance and rewind, at both high and low speeds, are controlled by the touch o f a single lever. The desired slow speed can be instantly selected by the operator. W ant a paper print? Just push a button. A clean, sharp print is delivered to you, automatically, in just a few seconds. A nd because the Recordak M a g n a p r i n t Reader has no prisms or mirrors in the light path during printing, prints are o f unusually high quality. Print paper in rolls is available in widths o f 4", 5R:", and 8Yz" to meet varying requirements. T h e new R ecordak M a g n a p r i n t Reader is the ideal m otorized film reader for anyone who has a wide variety o f microfilm forms to handle, and needs precision printing capabilities. For further inform ation write Recordak Corporation, 770 Broadway, New York, N .Y. 10003. ■ ¡¡■ I S’ I I § — '‘ ~ ubJB / ;v.-" - - w >;l n : we.' EHHSHHn m im https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r th w e s te r n B a n ke r, J a n u a ry , 1964 12 N e v e F i x t u r e s i n R e c o r d , T i m e M O D U L A R C O U N T E R S installed b y M osler Safe Company are shown as they appear at a branch of the Bank of Old Y ork Road. recent installation of new T HE Mosler modular bank counters at the Cheltenham Branch of the Bank of Old York Road, in Willow Grove, Pennsylvania, provided a dramatic demonstration of the speed and ease of installation made possible by the unique design of these new counters. Unloading of trucks was started at 8:00 A.M. By 11:00 A.M. all compo nents were unloaded and the frame work was in place. During the after noon, the counters were assembled and facings and risers added. By 4:30 TH IN K IN G A U TO M A TIO N If your bank has not yet changed over to an MICR Program re quiring all checks for all accounts to bear bank and account code numbers— and you’re consider ing it — we would like to talk with you about our 100% Imprint Program. Changing over to MICR is a big job. It requires a lot o f thought and planning, and serious con sideration o f the cost factors in volved. It’s hard to do if you’ve never done it before, but you will have some satisfaction in the knowledge that, once ac complished, it will never have to be done again. Here is where we can help. We have a planned program, based DELUXE N ORW ALK CLIFTON 9 on bank check merchandising, that will cut your out-of-pocket expense to a minimum. In addi tion, we provide file and survey cards, address correction cards, letters and envelopes acquaint ing the customers with the new program, advertising and sales aids . : . all at no cost to you. Our representatives will help you develop flow charts outlining an orderly and economical method o f conversion, and provide the know-how for complete imple mentation o f the program. Hun dreds o f banks have followed our plan with excellent results. W on’t you give us an oppor tunity to prove how effective it can be for your bank before you start your conversion program? CHECK PAOLI RICHMOND PRINTERS CLEVELAND D ETRO IT INC. J INDIANAPOLIS CHICAGO KANSAS C IT Y ST. LOUIS ST. PAUL DALLAS CHATSWORTH PORTLAND N ofor r t hFRASER w e s te r n B a n k e r, J a n u a r y , 1964 Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis P.M. the counters were completed with all undercounter equipment installed for a six teller counter. Modular bank counters, designed for quick and easy installation, are a new product of The Mosler Safe Company. All parts are numbered at the factory so that they may be assembled in the bank “by the numbers” with no ques tion about what piece comes next. Mosler modular counters have at tractive wood grain finishes in high pressure laminates which match the warm-toned character of natural wood. Flexibility is provided by compo nents which enable the counters to conform to any floor layout and pro vide maximum utilization of space. Additional teller stations may be add ed at a later date with no major structural changes. .¡g Y Joins Florida Bank James H. Clarke, nationally recog nized banking and investment author ity, will join the executive staff of the F ir s t N ation a l B ank in F o rt Lauderdale, Jan uary 15. Mr. Clarke, who F recently retired as v ic e p re s id e n t, American Nation al Bank & Trust Co. of Chicago, Y will become vice president of First J. H. CLARKE National specializ- y ing in investments, He will serve as investment counsel for the Trust De partment and will also perform bond portfolio analysis for correspondent X Mr. Clarke began his career at American National Bank & Trust of Chicago in 1935 after six years expe rience in bank investment counseling with Moody’s Investors Service. As the author of one of the most widely read weekly bank letters in the nation, Mr. Clarke has achieved the rare distinction of a banker who, F while retaining banking dignity, is able to mix fun with finance. His fact-filled “ Business News Ab breviated” started in 1946 and only y intended for distribution to about 75 officials of American National, caught fire like a “best seller” and now thousands of copies are sought after eagerly. 1 Mr. Clarke has been a member of Faculty Administrative Committee and lecturer for the past eighteen years at the Graduate School of Banking at the University of Wisconsin and a former lecturer, Graduate School of Banking at Rutgers University. / 13 ter ent The Diebold approach to Metal Counter Equipment is based on the proposition that counter equipment can (and should) contribute directly to your organization’s operational efficiency. Diebold Metal Counter Equipment does so it is designed and engineered to help your tellers work more productively, more comfortably. Its modular construction enables you to custom-design your counter installation for the price of stock components. Rich color choices complement any color scheme. Diebold’s long experience with banking offers you valuable, time-saving guidance. For complete information, send coupon below. ....ANOTHER DIMENSION OF DIEBOLD DIEBOLD BANK EQUIPMENT LEADERSHIP DIEBOLD, Incorporated CANTON 2, OHIO Please send me detailed in form ation on M etal Counter Equipm ent. Name_ METAL COUNTER EQUIPMENT Firm A d d re s s . Zone^ L https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Dept. B-123 Gentlem en: State j N o r th w e s te r n B a n k e r, J a n u a r y , 1964 14 W e s t t o a st 3 ia a a fie ia e a t t Uuutjv office in 1936, assistant cashier in San Francisco in 1944, and vice president and manager of the Seattle office in 1945. Mr. Adams was transferred to San Francisco in 1950 as executive vice president. He became president in 1956. Charles de Bretteville, in continuing as president of the bank, which post he assumed in June, 1962, becomes chairman of the bank’s executive com mittee and chief executive officer. A director of The Bank of California since 1952, Mr. de Bretteville is the former president of Spreckles Sugar Company and now serves as a director of Safeway Stores, Inc. Foreign Exchange Folder E X E C U T I V E S T A F F of Bank of California is shown left to righ t: Charles de Bretteville, pres.; E llio tt M cA llister, dir. and member of exec, comm., and Edw in E . Adam s, chmn. of board. that capacity. Mr. McAllister will continue to be closely associated with the bank as a director and member of the executive committee. Edwin E. Adams, the new chairman of the board, has had many years of association with the bank. He first joined the bank in Seattle in 1919, be came an assistant manager of that management changes at The T OP Bank of California, N. A. became effective with the retirement on De cember 1, 1963, of Elliott McAllister, chairman of the board and chief exec utive officer, on reaching his 65th birthday. Advancing to the chairman ship will be Vice Chairman Edwin E. Adams, while Charles de Bretteville, president, will continue to serve in < ^ / A Manufacturers Hanover Trust Com pany, New York, is distributing a new edition of its “Foreign Exchange Quo tations” folder. The folder lists 178 Y foreign exchange rates and contains two tables showing the decimal equiv alents of (a) shillings and pence and (b) common fractions. It covers such exotic-sounding currencies as the Bur mese kyat, Cambodian riel, Laotian kip, and the Honduran lempira. Manufacturers Hanover has been publishing the folder since 1939. Copies are available at the bank’s international division, 44 Wall Street, New York 15, New York. New York Promotion Theodore C. Serocke has been ap pointed a vice president of First Na tional City Bank, New York. Mr. Serocke is supervising officer of the bank’s check processing depart ment. He joined First National City as an assistant manager in 1928 having previously been associated with the Bank of America in New York. Since 1907 W e s te rn M u tu a l is a M u ltip le Line, N on- Assessable co m p a n y w ritin g only th ro u g h local agents. W r itin g a full line o f Fire and C a su a lty in surance, W e s te rn carries Best's ra tin g of " A + E xcellent." Q n jc p w o f Q rw iisA Western Mutual Insurance Co. 616 10th Street DES MOINES, IOWA N o r t h w e s te r n B a n k e r. J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 M New International Bank Bank of America, the country’s larg- ± est bank, and Robert Anderson, sec retary of the Treasury in the Eisen hower Administration, are forming an international bank to have headquart ers in Nassau in the tax-sheltered Ba- 4 hamas. World Banking Corp., as the new bank is to be called, is expected to open around the end of the year in q. leased quarters in Nassau. Its au thorized capital is equal to $2.8 million. At this stage of its formation the bank has only two investors, Bank of America and Mr. Anderson. But in- 1 vitations are being extended to bank ers in Europe and the Far East to participate as stockholders in World Banking. It is contemplated that with in a year the bank will have 8 to 10 banks as stockholders, each with about the same interest in the bank. 15 From Penn V a lley Park, overlooking Kansas C ity ¡peers "T h e Scout," sculptured in bronze b y Cyrus E. D allin in 1915„ problem in Missouri (to get productive bank portfolio assistance) solution in New York (through Chase Manhattan) For bankers everyw h ere, the Chase Manhattan Correspondent Bank Portfolio R eview departm ent is a separate and special team, it exists for one purpose only— to bring all the advantages o f full-tim e portfolio assistance to the holdings o f our correspond ent banks throughout the country. In the heart o f the nation’s m oney market, Chase Manhattan specialists em ploy facilities fully as extensive as those used in the care and feeding o f its ow n portfolio. T h eir constant aim is profitable results for y o u r bank. W h erever y o u are, w hatever y o u r correspondent banking need, call on Chase M anhattan, N ew York. R em em ber— M ost U . S. banks that have named a N ew York correspondent rely on the people at Chase Manhattan Ralph IV. Berrey, Assistant Vice President, is always ready to discuss portfolio review fo r your bank, too. Call him at 212-LL 2-3846. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE C H A SE M A N H A T T A N B A N K 1 C hase M anhattan Piaza, New Y ork, N. Y. 10015 Q M em ber Federal Deposit Insurance Corporation N o r th w e s te r n B a n k e r, J a n u a ry , 19&4 16 P r e d i c t H ARNINGS of the nation’s major banks, with few exceptions, will E set new records in 1963. Aggregate dividends paid this year will also reach a new high. Year-end statements of condition will show both deposits and combined loans and investments also above pre vious peaks. The higher interest cost of time and savings deposits is being cushioned by the growth of trust de partment and other service fees and the benefits of automated accounting e r e r d H a n li and other cost control measures. These are the findings of the bank underwriting and analyst firm of M. A. Schapiro & Co., Inc. in its “Bank Stock Quarterly” year-end issue. Spe cifically, the Schapiro firm estimates aggregate net operating earnings of 25 major banks in twelve cities at $726 million for this year, 4.8 per cent greater than the $692 million reported by the same banks for 1962, and slightly above the previous peak of $722 million in 1960. New O’Hare Facility A m erica's La rg e st Underw riters o f In s titu tio n a l Loans Continental Illinois National Bank and Trust Company has received per mission from the Chicago City Council to locate a foreign exchange facility in the new international terminal build ing at O’Hare airport. H O SPITAL and F. H.A. Insured BONDS HELP MAINTAIN BANK EARNINGS C urrent yie ld s ra n g e from 4 to 5 V 2 % . . . o ffe rin g F O R M A L O P E N IN G — D avid M . Kennedy, chmn., Continental Illinois N a tl. B k. & Tr. Co., opens new foreign exchange service at Chicago O ’Hare International Terminal by selling M exican pesos to John J. Murphy, official of U . S. Gypsum Co., just before his departure for M exico City. The agency, operating seven days a week during hours when most inter national flights arrive and depart, will sell foreign currency to outbound pas sengers and buy foreign currency from inbound passengers, including cashing of foreign travelers checks. David M. Kennedy, chairman of the board, said the facility opened in temporary quarters at the interna tional terminal, pending design and construction of a permanent location. --V The permanent installation will in clude a customer service counter, lounge area, and writing desks on the terminal’s upper level, together with an auxiliary station on the lower level < to accommodate incoming passengers while they are going through customs. During 1962 a total of 4,007 incom ing international flights carried 192,500 passengers to Chicago from foreign points, while 4,015 outgoing interna tional flights carried 188,000 passen gers. Commerce Towers Progress A 15-foot steel beam bearing the sig natures of over 15,000 Kansas Citians, including that of former President Harry S. Truman, was hoisted into place atop the new Commerce Tower in a brief ceremony on the plaza level of the new building last month. The hoisting of the beam symbolized the topping-out of the new 421-foot sky scraper being built by Commerce Trust Company at 9th and Main. James Kemper, Jr., president of Commerce Trust Company, said that the new 32-story building would be the focal point of the new Commerce Trust Center which extends from 6th Y to 10th Streets on either side of Main. When completed in September, 1964, Commerce Tower will be the largest commercial office building in the state of Missouri. Commerce Trust Com pany will occupy approximately six floors. The remainder is being leased as commercial office space. Escalators will link the lobby with the new build ing to the existing bank lobby at 10th and Walnut. banks a ttra c tiv e income, re a d y m a rk e ta b ility , and serial m aturities specific p o rtfo lio to fit needs. B. C. ZIEGLER A ND C O M P A N Y West Bend, Wisconsin A complete, time tested, performance guaranteed outfit For Auction Sale Clerks COMBINES ALL THE FEATURES YOU DEMAND Receipts for Each Buyer * • Combats Skip Buyers N o Additional Listing * • Speeds U p Settling No Posting of Accounts • • Buyers Like It Absolutely the only outfit on the market combining all these featuressold on a money back guarantee. Branch Offices: SAN FRANCISCO—111 Sutter Street M ILWAUKEE—735 North Water Street C H IC A G O — 135 S. La Salle Street, Suite 2048 ST. LO U IS-41! N. 7th Street TOLEDO—6620 Lincoln Pkwy. NEW YORK—Chrysler Building, Suite 609 MINNEAPOLIS—607 Marquette Avenue MEMPHIS—420 Dermon Bldg. DUBUQUE— 1003 American Trust Bldg. N o r t h w e s te r n B a n k e r, J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 BLACK SALE SYSTEM ♦Telephone Nos. 536-2651 or 536-2522 Fullerton, Nebraska W r i t e U$ f o r Sam ple S h e e t s and In fo r m a tio n 17 Your bank need remodeling, building, expanding? Layout and work-flow planning are vital ingredients. The wide experience of these men can give you a big boost in this area. This is one way we help our correspondents. W e ’ d like to help y o u ! HARRIS BANK Organized as N. W . Harris & Co. 1882— Incorporated 1907— M em ber Federal Reserve System ...Federal D eposit Insurance C orporation 111 W E S T M O N R O E S T R E E T — C H IC A G O 60690 ) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r th w e s te r n B a n k e r, J a n u a ry , 1964 18 ie U d im “are in order.. • and here are ours a“ » « “ " ” ” sh it were the only one we had. „ , r we w ill make every human effort RESOLVED that we w ^ „ Round.The-Clock further augment and C orresp on d en t RESOLVED P Service. , , , verv word, deed and actton we wt that by every ^ dependabiUty, good continue in our efforts to jus V Will and friendship reposed tn us by ever.growing list of Correspondent Accounts. Central National Bank ,, a "L C om pany « » e O o w BKWk OEPOSfT INSURANCE CORPORA I i| J § iS N o r t h w e s te r n B a n k e r, J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 a ' N o r th w e s te r n B a n k e r, J a n u a ry , 1964 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 20 7 3 i i U i i m 3 Ë u r h i n « s f u r \ 4 I t HE National Cash Register Com pany of Dayton, Ohio, passed two T milestones last month by delivering the 7,000,000th business machine and the 1,000th NCR Class 450 bank proof system. NCR machines have been serially numbered since the earliest cash regis ter was manufactured more than 80 years ago. In the first year of opera tion only 649 cash registers were pro duced, NCR said. The company delivIN S P E C T IO N is made on the 7,000,000th business machine at N ational Cash R egis ter Company, D ayton, as it moves through production. N C R PR O O F machine is checked by Pres ident Robert S. Oelman as the 1,000th class 450 machine goes through the pro duction line. • Is direct mail a good way to advertise banking in this area? • How can a banker be sure that the material he sends will be read— For just $25— you can get the answers— direct from 25 leading farmers that you know. For just $25— you do not have to depend on the experience of other bankers. For just $25— you get a turn key program and no obligations. An You Are Always THE GUEST OF HONOR at New York's HENRY HUDSON HOTEL Accommodations for 3,000 guests at the Exciting Center of Convenience. Across the street from The Coliseum and Lincoln Center . . . At the 3 5 7 D oV Gateway to Central , f , * Park and Times c o m p le t e p a c k a g e Square in tro d u c to ry le tte r explains the Each panelist is asked to contact you personally. Samples and com plete in fo rm a tio n about o th er in tro d u c to ry plans are a va il able. Preference Ratings help evaluate your present service, Trade Area Surveys help you develop a m ailin g list. Trial Period plan. • • • • • • Choice Room with Private Bath Ticket to Radio— TV Studios Olympic Swimming P o o l. Guided Tour of Rockefeller Center Performance at Radio City Music Hall Lecture Tour of United Nations or Empire State Building Observation Tower • Yacht Cruise around Manhattan Island or Motor Coach Tour of mid town New York THE F A RM PICTURE® e Motor Tour of Chinatown, Downtown New York or Hudson River Day Line Cruise • Steamer Trip to visit the Statue of Liberty A tta c h coupon to yo u r b a n k’s letterhead j | H ere is o u r lis t o f 2 5 fa rm e rs . □ O u r $ 2 5 c h e c k is enclosed □ Send b ill to th e ba n k W e w ould lik e to have more in fo rm a tio n and samples o f the form s used fo r □ □ □ | | A sk T h e T P 2 5 m a ilin g s T h e T ra d e A re a Surveys T h e P re fe re n c e R ating s y o u r re p re s e n ta tiv e to 3 Days $18*45 5 Days $32.95 7 Days $46.45 Double Occupancy F o r in fo rm a tio n and c o lo r fu l m ap-broch u re ___ w rite o r call HENRY HUDSON HOTEL 353 West 57th St., New York City CO Ium bus 5-6100 L O DOTY. General Manager c a ll f Signed___ __________ .___ __________________ T itle ______________________________________ Bank Nam e_____________________________ Address__________________________________ N o rth w e s te rn Banker, J a n u a ry , 1964 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis i S e n ~ n ~ 7 h c” HENRY~7 UJ DSON Courtesy Card ¡* il l Name ________________________________ j I Address | * j City__ _____________________________ _____ Zone___ State______ i j ered its 1,000,000th cash register in ^ 1912. In recent years NCR has greatly broadened its product line. Today, in addition to being the world’s largest >supplier of cash register systems for retail stores, the company is a leading manufacturer of electronic data proc essing systems, accounting machines and adding machines. Total sales last year were $564 million. The 450 proof system is the first of its kind to use a replaceable program ming board to automatically control L distribution totals, magnetic ink im printing and endorsement of checks, combining the functions of several ma chines into a single system. Y C. F. Codere C. F. Codere, former President and Board Chairman of the St. Paul Fire and Marine Insurance Company, died last month in St, Paul after a short illness. Mr. Codere, 77, with 55 years’ service to his company, retired as hoard chair man November 5 of this year, but con tinued as a director and consultant to the company. Born February 10, 1886, in Montreal, Canada, he was educated in the Montreal School System. His insurance career began in 1901 with the Montreal agency of Evans & Johnson. In 1908 he joined the St. Paul Fire and Marine Insurance Com pany as special agent for western Canada. He subsequently became chief agent for the entire Canadian operation in 1916; assistant to the pres ident in the home office, 1920; member of the hoard of directors, 1923; vice president, 1925; president 1938, and chairman of the hoard 1948. Leo D. Kelly Leo D. Kelly, who retired as vice president and head of the correspond ent bank department of the Mercantile Trust Company, St. Louis, after 45 years service in 1952, died last month. * 21 AN ENTIRELY NEW APPROACH TO RECEIVABLE FINANCING IS NOW AVAILABLE FROM LAWRENCE! IBM Ageing Report on all certified receivables. WHY SHOULD YOU USE CARS? Certified Accounts Receivable Serv ice gives you the same protection in financing the movement of goods CERTIFIED ACCOUNTS RECEIVABLE SERVICE THE LAWRENCE COM PAN Y that Lawrence's warehouse receipts give you in financing inventory. CARS spares you the time and ex pense of adm inistering extensive record controls w hich otherw ise erode your profit. Above all CARS WHO SHOULD USE CARS? permits a more aggressive entry into Any bank loan officer who is inter this high revenue lending field by ested in accounts receivable lending removing the unusual hazards found on a sound, protected basis should in receivable financing. investigate this service. WHERE CAN YOU FIND OUT WHAT IS CARS? ABOUT CARS? Under this plan Lawrence: Any one of the fo rty nationw ide 1. Certifies to you, the bank, the offices of The Lawrence Company validity of your borrower's receiv w ill be pleased to give you infor ables at the time they are assigned mation concerning th is se rvice . to you as loan collateral; Consult the w hite pages of your 2. Guarantees that all payments telephone directory, or to receive a on such certified accounts w ill be com plimentary brochure detailing held for your account and deposited the CARS story, write: The Lawrence as you have instructed; and, Company, 37 Drumm Street, Dept. 3. Provides you with a monthly https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I, San Francisco, California 94111 N o r th w e s te r n B a n ke r, J a n u a ry , 1964 22 He wears out 4 pairs of shoes a year solving financial problems on the spot By not being afraid to get mud on his feet—he’s helped correspondent banks and their customers beyond measure. He surprises some. Apparently they expect the traveling representative o f a 5-billion-dollar bank to be less pains taking. But that wasn’ t how he earned the title “ the New York banker with the hometown touch.” N o r tfor h w FRASER e s te r n B a n k e r, J a n u a ry . 1964 Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis With an intimate knowledge of busi ness and industry, and with the aid of correspondent banks everywhere, your man at Chemical New York can often supplement your own staff in accom modating customers. He offers you the services o f a large corps o f specialists, with headquarters in the financial capital. That’ s a lot of service. A lot o f shoe leather. It saves steps for you. Chemical Bank New York Trust Company, New York 10015. j. Chemical NewYork < 23 J o GIL x O wl fi&adsiAAu: The start of the New Year offers us an oppor tunity to express our sincere appreciation of the business confidence of our many banker friends. It is our continuing desire and goal to promote sound bank management practices, and during 1964 if we can be of special service to your bank, regardless of deposit size, we will be happy to cooperate with you. There is wide agreement among the nation’s in dustrial leaders that business activity will remain at a high level this year. A majority of bankers foresee a strong demand for funds with some slight upward pressure on interest rates. Earnings pros pects for banks with proper management appear to be excellent. May the coming year be a rewarding one for you and your associates; abundant with prosperity, aglow with good health, and rich in happiness. (D&jW l 'fy su fiq sL VYL. (psm dsdL: Executive Secretary, Chamber of Commerce, Mattoon, Illinois. Speaking at the bank management conference sponsored by the Illinois Bankers Association, you stated that bankers, because they have the means to know their community better than anyone else, should be their town’s new business spokesman. This coincides with the statement made by Ernest A. Hayes, banker from Mount Pleasant, Iowa, in the special feature article on page 29 of this issue of the N o r t h w e st e r n B a n k e r . Mr. Hayes feels that the banker can either be the big gest asset— or the biggest liability to his commu nity’s efforts to obtain new industry. Corporations are interested, according to your reasoning, Mr. Pendel], in community opinions and group relations within the town. What are the work attitudes? What is the potential cooperation among business and civic leaders and office holders ? “ These questions should not have to be asked by the survey team, or plant executive. The group designated to sell its community, whether it is the chamber of commerce or an industrial development corporation, should have covered these questions and presented them through the one medium avail able in every town— the local banker.” You state further that “ bank officers have their fingers on the pulse of the town. From first-hand https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis experience they know the community’s potentials and limitations. Banks, along with their pursuit of profits through loans, must be prepared to answer questions on available sites for new plants and expansion programs of present employers.” Stating that you would like to see every bank establish a community relations department, you conclude by saying, “ If a bank’s officers and direc tors lack faith in their community— then you can not expect an outsider to make an investment.” (Dm A, GbAakcurL Q. TYLuLbJt,: Democratic Representative from New York State As a member of the House Banking and Cur rency Committee, you recently introduced a bill in Congress that would prohibit banks from pro viding bookkeeping or accounting services to their business clients beyond that which is necessarily connected to normal banking services. The legislation would apply to all national banks, all member banks of the Federal Reserve System, all banks insured by the Federal Deposit Insurance Corporation and all banks operating under the laws of the District of Columbia. You explained that “ additional services” were being made possible by extensive investments by banks in data processing and other automated record-keeping equipment. This trend, according to your thinking, is a serious encroachment into the sphere of professional and trained accountants. We agree with your statement that “ there is no substitute in the accounting field for the compe tence and judgment of trained individuals” — but we do not feel that banks are seriously encroaching on the accounting field. Actually, it seems to us that bank automation will be a valuable aid to most accountants— unless you are planning to turn back the clock to the era of the quill pen and the hand ledger. If you are going to legislate against “ encroach ment,” you will want to add several thousand riders to your bill. For example, you will want to stop a leading oil company from selling insurance to its credit card holders; prevent the grocery chains from selling drugs and clothing, and even ask the American Bankers Association to get out of the publishing business. Competition built this nation, and we believe that if a worthwhile service is being provided by a company or a profession, legislation such as you propose will not be needed. N o r t h w e s t e r n B a n ke r, J a n u a r y , 1964 24 M .f í .A . W i t h I H W s e n s s e s F a r i n a s h i n g t o n WAY to expedite action alleviat A ing the economic problems of rural America was pointed out by In dependent Bankers Association offi cers and agriculture committeemen at m e e tin g s w ith le a d e rs of Con g re ss and the Johnson Adminis tration in Wash ington, D. C., last month. T h e delegation proposed a bi-partisan federal com mission to study and re co m m e n d P. D u B O IS remedies for the depressed conditions in farming areas across the nation. Headed by IBA President S. E. Babington of the Brookhaven Bank & Trust Company, Brookhaven, Miss., and Agriculture Chairman Pat DuBois of the First State Bank of Sauk Centre, Minn., the delegation told top level government leaders that farmers in increasing numbers are borrowing to meet capital needs because they are earning no profit. The group declared that persistent low farm income was a drag on the total economy and suggested early ac tion upon Senate Bill 2299 that would establish a commission on national ag ricultural policy. The bill was intro duced by Senator James C. Boggs (R., Del.). The IBA delegates conferred with P r o b l e m I .e n t i e r s Senator Allen Ellender (D., La.) and Representative Harold D. Cooley (D., N. C.), chairman of the Senate and House committees on agriculture, and with Agriculture Secretary Orville Freeman and Senators Hubert Humph rey (D., Minn.), George McGovern (D., S. D.), and Wallace Bennett (R., Utah). During their two-day visit to Wash ington, the IBA delegates found time to confer with the staff of the House Banking Committee where returns from the committee’s questionnaire on bank management and stock owner ship were being analyzed, and to call on officials of the Farmers Home Ad ministration. The IBA delegation also included First Vice President Lee M. Stenehjem, First National Bank, Watford City, N. D.; Second Vice President Ralph L. Zaun, Grafton (Wis.) State Bank; Stephen Garst, Iowa Savings Bank, Coon Rapids, Iowa; E. E. Man uel, George (Iowa) State Bank; D. Wayne Meyer, People’s State Bank, DeSmet, S. D.; Harry E. Rash, First Na tional Bank, Thayer, Kan.; Frank A. Spring, Friona (Tex.) State Bank; Howard F. Bell, IBA executive direc tor, Sauk Centre, Minn., and C. Herschel Schooley, IBA Washington, D. C., manager. Continental-Illinois Proposes Two Directors Stockholders of Continental Illinois National Bank and Trust Company GET NEW CHECKING ACCOUNTS WITH FREE SECURITY HALLMARK PROMOTION □ Please Send Me S e c u r ity H a llm a r k P r o m o tio n a l K i t Y o u rs fo r the a skin g —a co m p le te packaged p ro m o tio n th a t gives p ro sp e ctive cu sto m e rs new reasons fo r o p ening an a cco u n t at your bank. It p ro je cts a S e cu rity Im age to present cu sto m e rs at the same tim e —one th a t a u to m atically repeats its e lf every tim e a c u s to m e r receives his cancelled checks. T he C u m m in s S e cu rity H allm ark p ro m o tio n in clu d e s a handsom e plaque to disp la y in your lo b b y th a t e xplains yo u r use o f per forated ca n ce lla tio n s fo r d e p o sito r p ro te c tio n ; a variety of a d ve rtisin g m ats fo r use in local papers th a t te ll these new reasons fo r banking w ith you; radio and te le visio n c o m m e rcia ls; p u b lic ity releases; envelope s tu tt ers and o th er useful m aterial. It’s all yours fo r the asking. J u s t check the box and return th is ad to : SINCE 188? N o r t h w e s te r n B a n k e r, J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 / C U M M IN S-C M IC A G O C O R PO R A T IO N 1/40 N R A V E N S W O O D A V E . • C H I C A G O 40 ILL S A L E S A N D S E R V I C E I N ALL P R I N C I P A L C I T I E S R. M . B U Z A R D C. B A K E R later this month will vote on two new directors, and a proposal to increase/ the board to 23 members from 22. Candidates for election to the board are Crowdus Baker, president and di rector. Sears Roebuck and Company, and Ralph M. Buzard, executive vice.* president and director, International Harvester Company. Charles H. Kellstadt, who was board chairman of Sears until he retired inf May, 1962, and who has been a director of Continental since May, 1958, will not stand for re-election to the bank’s board. Capital Increase; Elections Announced in Detroit Election of two vice presidents antj. six assistant vice presidents were among the eighteen promotions an nounced at National Bank of Detroit. Richard F. Parks and John S. Wells, Jr., both assistant vice presidents and loaning officers in the bank’s city di vision, were named vice presidents. William D. Bunten and Stanley Mar tinez, also of the city division, Frankv J. Kropschot of the national division, and James A. Schaaf of the Operations Division, were promoted from assist ant cashiers to assistant vice presi dents. Also elected assistant vice pres*; idents were John C. Brooks, manager of the bank’s Van Dyke-12 Mile office, who has been assigned to the city divi sion, and Frank A. Zeitz, manager of 7 Mile-Winthrop office, who will be a branch supervisor in the Operations Division. The bank’s board has proposed an increase in the bank’s capital stock ot*400,000 shares, or $5 million par value, subject to stockholder approval on January 21. A transfer of $5,000,000 will be made^ from undivided profits account to capital stock in conjunction with the •stock dividend, and an additional transfer of $5,000,000 from undivided profits is to be made to surplus. d Upon completion of these moves the bank’s capital stock will be $50,000,000, represented by 4,000,000 shares of $12.50 par, surplus will be $110,000,-* 000, and undivided profits will exceed $29,000,000. Total capital funds will thus be more than $189,000,000. < 25 New Issues-1963 Purchased and Offered by Halsey, Stuart & Co, Inc. alone or with associates Amount of !ssue T d X ~ E x 6 f7 tp t C 0V p0V dt6 Underwriting Interest 6 (Originated in 34 states) $ 25,000,000 ALABAM A H IG H W A Y A U T H O R IT Y* $ 1 5 ,0 0 0 ,0 0 0 ATLAN TIC C IT Y ELECTRIC CO M PAN Y Var. Rates Rev. Bonds First Mtge. Bonds, 4 3 / s % , Due 1993 $ 1 2 ,0 0 0 ,0 0 0 9 4 .2 0 0 .0 0 0 ALLEGHENY C O U N T Y SANITARY AU T H . 2 0 ,0 0 0 ,0 0 0 ATLAN TIC CO AST LINE RAILROAD CO M PAN Y PA.* Var. Rates Rev. Bonds First Mtge. 4 % % Bonds Due 1988 4 ,6 0 0 ,0 0 0 1 4 .0 0 0 . 0 0 0 AU ST IN , T EX.* 7 ,3 8 0 ,0 0 0 4 & 4V8% Equip. Tr. Ctfs. Due 1 9 6 4 -6 8 . . . . . . 3 ,2 5 5 ,0 0 0 Var. Rates Rev. Bonds 5 ,0 0 0 ,0 0 0 BROCKTON EDISON CO M PAN Y 4 7 .5 0 0 .0 0 0 BALTIMORE, M D .* First Mtge. & Coll. Tr. 4Vi% Bonds Due 1993 . . . . 4 ,8 0 0 ,0 0 0 Var. Rates Bonds 6 ,5 2 5 ,0 0 0 CHESAPEAKE AN D O H IO RAILW AY 1 0 0 .0 0 0 . 0 0 0 CALIFORNIA, STATE OF* 4V4% Equip. Tr. Ctfs. Due 1 9 6 4 -78 1 ,7 2 5 ,0 0 0 Var. Rates Bonds 6 ,6 1 5 ,0 0 0 CH ICAG O , ROCK ISLAND AN D PACIFIC RAILROAD 1 7 .4 9 5 .0 0 0 CH ICAGO METRO. SANITAR Y DIST., ILL. 4 % & 4 i4 % Equip. Tr. Ctfs. Due 1 9 6 4 -78 5 ,4 1 5 ,0 0 0 1 .9 0 % Warrants 2 0 ,0 0 0 ,0 0 0 CH ICAG O U N IO N ST ATIO N CO M PAN Y 1 2 .0 0 0 . 000 DE KALB C O U N T Y SCHOOL DIST., GA. 3% & 4Y8% Serial Debentures Due 1 9 6 4 -73 .......................... 3 ,3 0 0 ,0 0 0 Var. Rates Bonds 7 5 ,0 0 0 ,0 0 0 CONSOLIDATED EDISON CO M PAN Y OF NEW YORK 1 0 .5 0 0 .0 0 0 DETROIT, M ICH .* First and Ref. Mtge. Bonds, 4Ye% , Due 1993 . . . . 1 3 ,0 0 0 ,0 0 0 Var. Rates Rev. Bonds 6 ,4 8 0 ,0 0 0 GULF, MOBILE AN D O H IO RAILROAD 3 ,1 8 0 ,0 0 0 3 0 .0 0 0 . 000 EAST BAY M UNICIPAL UTIL. DIST., 4 & 4*/8% Equip. Tr. Ctfs. Due 1 9 6 3 -7 8 ................................ CALIF. Var. Rates Bonds 2 0 ,0 0 0 ,0 0 0 IN D IA N A BELL TELEPHONE CO M PAN Y 9 .7 5 0 .0 0 0 HARTFORD, C O N N . 40 Year 4 % % Debentures Due 2003 ....................................... 1 3 ,1 0 0 ,0 0 0 Var. Rates Bonds 1 2 ,0 0 0 ,0 0 0 IO W A PUBLIC SERVICE C O M PAN Y 1 6 .0 0 0 . 0 0 0 HONOLULU, H A W A II, C IT Y & C O U N T Y * First Mtge. 4 % % Bonds Due 1993 6 ,3 5 0 ,0 0 0 Var. Rates Rev. Bonds 1 0 ,0 0 0 ,0 0 0 LACLEDE GAS CO M PAN Y 3 ,4 0 0 ,0 0 0 1 0 .0 0 0 . 0 0 0 H O U ST O N SCHOOL DISTRICT, TEX.* 41/ 2% Debentures Due 1983 ......................................................... Var. Rates Bonds 1 2 ,0 9 0 ,0 0 0 LOUISVILLE A N D NASHVILLE RAILROAD 1 5 0 .0 0 0 . 0 0 0 ILLINOIS, STATE OF* 3% & 4V8% Equip. Tr. Ctfs. Due 1 9 6 4 -7 9 3 ,5 4 0 ,0 0 0 Var. Rates Bonds 3 0 ,0 0 0 ,0 0 0 M IC H IG AN W ISCO N SIN PIPE LINE CO M PAN Y 1 2 .0 0 0 . 0 0 0 KANSAS C ITY , M O .* First Mtge. Bonds, 4 % % , Due 1983 6 ,2 5 0 ,0 0 0 Var. Rates Rev. Bonds 6 ,5 4 0 ,0 0 0 NEW YORK, CH ICAG O AN D ST. LOUIS RAILROAD 6 .9 7 5 .0 0 0 LANSING, M ICH . 4Vs% Equip. Tr. Ctfs. Due 1 9 6 4 -7 8 2 ,0 4 0 ,0 0 0 Var. Rates Bonds 7 0 ,0 0 0 ,0 0 0 N EW YORK TELEPHONE CO M PAN Y 4 5 .0 0 0 . 0 0 0 LO U ISIAN A, STATE OF* Ref. Mtge. 4Va % Bonds Due 2000 ............................................. 5 ,6 5 0 ,0 0 0 Var. Rates Bonds (2 issues) 1 1 ,1 6 0 ,0 0 0 NORFOLK A N D WESTERN R AILW AY 1 7 .5 0 0 .0 0 0 M AR YLAN D STATE ROADS COM M IS4 % Equip. Tr. Ctfs. Due 1 9 6 4 -7 8 (2 issu es).......................... 3 ,5 1 0 ,0 0 0 SION* Var. Rates Rev. Bonds 1 5 ,0 0 0 ,0 0 0 NORTHERN STATES POWER CO M PAN Y (M IN N .) 4 1 .6 0 0 .0 0 0 MASSACHUSETTS, C O M M . OF* First Mtge. Bonds, 4V8% , Due 1993 8 ,1 0 0 ,0 0 0 Var. Rates Bonds 7 ,0 0 0 ,0 0 0 OTTER TAIL POWER CO M PAN Y 1 2 .9 0 0 .0 0 0 M ONTEREY CO. FLOOD CONTROL 8c First Mtge. Bonds, 4Vg%, Due 1993 5 ,1 0 0 ,0 0 0 W ATER CONSER VATION DIST., CALIF.* 7 0 ,0 0 0 ,0 0 0 PACIFIC GAS 8c ELECTRIC CO M PAN Y Var. Rates Bonds 1st & Ref. Mtge. Bonds, 4V i% , Due 1 9 9 6 ................................. 1 6 ,8 5 0 ,0 0 0 2 3 .4 3 5 .0 0 0 NEW HAMPSHIRE, STATE OF 1 0 ,0 0 0 ,0 0 0 PUBLIC SERVICE CO M PAN Y OF OK LAH O M A Var. Rates Bonds First Mtge. Bonds, 4Vs%, Due 1993 3 ,0 5 0 ,0 0 0 2 2 .5 0 0 .0 0 0 NEW YORK STATE DOR M ITOR Y 4 0 ,0 0 0 ,0 0 0 PUBLIC SERVICE ELECTRIC AN D GAS CO M PAN Y AUTHORITY*Var.RatesRev.Bonds(2issues) 45 / 8% Debenture Bond? Due 1983 ............................................. 6 ,5 5 0 ,0 0 0 2 5 .0 0 0 . 0 0 0 O M A H A SCHOOL DISTRICT, NEBR.* 6 ,3 6 0 ,0 0 0 SEABOARD AIR LINE RAILROAD CO M PAN Y Var. Rates Bonds 37s% Equip. Tr. Ctfs. Due 1 9 6 4 -7 8 1 ,8 6 0 ,0 0 0 9 .6 0 0 .0 0 0 OREGON, STATE OF* 4 0 ,0 0 0 ,0 0 0 SOUTHERN CALIFORNIA GAS C O M PAN Y Var. Rates Bonds First Mtge. Bonds, 4 3 / 8% , Due 1988 9 ,8 5 0 ,0 0 0 1 4 .0 0 0 . 0 0 0 ORLANDO UTIL. COM M ISSIO N , FLA. 4 ,0 2 0 ,0 0 0 SOUTHERN RAILW AY Var. Rates Rev. Bonds 4 % Equip. Tr. Ctfs. Due 1 9 6 3 -7 8 ............................................ 3 ,4 2 0 ,0 0 0 7 5 .0 0 0 . 0 0 0 PENNSYLVANIA GENERAL STATE AU T H . 4 8 ,0 0 0 ,0 0 0 TA M P A ELECTRIC CO M PAN Y Var. Rates Rev. Bonds (2 issues) First Mtge. 4 l/ 2% Bonds Due 1993 4 ,9 0 0 ,0 0 0 5 6 .2 1 0 .0 0 0 PENNSYLVANIA STATE PUBLIC SCHOOL 8 5 ,0 0 0 ,0 0 0 TENNESSEE GAS TRANSMISSION C O M PAN Y * BLDG. A U T H . Var. Rates Rev. Bds. (2 issues) First Mtge. Bonds, 4 7 / 8% , Due 1983 (2 issues) . . . . 5 ,2 7 5 ,0 0 0 3 1 .8 0 0 .0 0 0 PHILADELPHIA, PA.* 4 5 ,0 0 0 ,0 0 0 5 % Debentures Due 1983 ........................................................ 2 ,7 6 0 ,0 0 0 Var. Rates Bonds 1 0 ,0 0 0 ,0 0 0 TEXAS POWER 8i LIGHT CO M PAN Y 1 5 .0 0 0 . 0 0 0 PHILADELPHIA SCHOOL DIST., PA.* First Mtge. 4 3 / 8% Bonds Due 1993 4 ,0 0 0 ,0 0 0 Var. Rates Bonds 3 0 ,0 0 0 ,0 0 0 VIR G IN IA ELECTRIC A N D POWER CO M PAN Y 2 5 .0 0 0 . 0 0 0 PORT OF NEW YORK A U T H O R IT Y* First & Ref. Mtge. Bonds, 4Y8% , Due 1993 .......................... 1 1 ,3 5 0 ,0 0 0 3 % % Rev. Bonds 1 5 ,0 0 0 ,0 0 0 W ISCO N SIN PUBLIC SERVICE CORPORATION 7 .1 0 0 .0 0 0 PROVIDENCE, R. I. First Mortgage Bonds, 4V8% , Due 1993 ................................ 6 ,9 0 0 , 0 0 0 3Vs% Bonds 5 0 .0 0 0 . 0 0 0 SAN FRANCISCO BAY AREA RAPID 8 ,5 6 5 ,0 0 0 A D D IT IO N A L RAILROAD EQUIPM ENT TRUST TRANSIT DISTRICT, CALIF.* CERTIFICATES (3 is s u e s ) ......................................................... 4 ,2 1 5 ,0 0 0 Var. Rates Bonds 8 .0 0 0 . 0 0 0 SAN TA CLARA CO U N T Y , CALIF.* Purchased and offered to December 11, 1963 Var. Rates Bonds Descriptive circulars or prospectuses, where available, and current quotations will be supplied for any of these 1 5 ,0 0 0 ,0 0 0 SEATTLE METRO. M UNICIPALITY, securities upon request. W ASH.* Var. Rates Rev. Bonds *Issue headed jointly by Halsey, Stuart & Co. Inc. and others. A ll other issues w ere headed by Halsey, Stuart & Co. Inc. 7 .3 0 0 .0 0 0 ST. C LA IR C O U N T Y H /S /D N O . 201, ILL.* alone. Not included in these compilations are issues in which Halsey, Stuart & Co. Inc. participated only as a member Var. Rates Bonds o f an account. 8 .2 2 0 .0 0 0 SO. ILLINOIS UNIVERSITY BD. OF TRUSTEES Var. Rates Rev. Bonds Send For Year-End Bond Survey 7 .0 0 0 . 0 0 0 TROY, N. Y .* Concise survey o f 1963 bond market and outlook 31/2% Bonds for 1964. Write without obligation for folder NB-41. 9 .7 5 0 .0 0 0 W ASH IN G T O N C O U N T Y , M D. Var. Rates Bonds 1 9 ,9 4 3 ,0 0 0 YONKERS, N. Y .* Var. Rates Bonds (2 issues) H A L S E Y , S T U A R T &. C O . I NC. 2 3 9 ,9 0 1 ,5 0 0 A D D IT IO N A L T A X-EXEM PT BONDS (114 issues) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 123 S. LA SALLE STREET, CHICAGO AND OTHER 60690 • 30 B R OA D PRINCIPAL STREET, N E W YORK 1 0 0 0 4 CITIES N o r th w e s te r n B a n k e r, J a n u a ry , 1964 26 16 Harris Promotions Heading a list of 16 promotions an nounced today by Harris Trust and Savings Bank, Chicago, were three new vice presidents. The bank’s di rectors also named 13 new assistant vice presidents. Seven major depart ments were represented on the list. New vice presidents are Philip A. Delaney, banking department; Theo dore H. Roberts, financial and eco nomic research; and Wayne O. Viner, in charge of the savings department. All three had been assistant vice presi dents. New assistant vice presidents in the Harris banking department are Ed- V IN E R DELANEY ROBERTS ward K. Aldworth, Hugh K. Brower, Edward J. Dillon, Sam S. Fawley, Martin A. Rudolph, Frank M. Sims and Charles R. Smith. They had been assistant cashiers. Promoted to assistant vice president from assistant manager in the inter national banking department were John C. Eby and Roy L. Hileman. I James J. Carlton was named assist ant vice president in the St. Louis office of the Harris investment depart ment. He had been sales manager -f there. Earl C. O. Lorenz moved up from assistant cashier to assistant vice pres ident in the general services depart ment. \ New personnel department assistant vice presidents are Alice Harwood and John L. Stephens. f Plan Fed Hearings Chairman W rig h t Patm an an nounced last month that he will ask his House Banking and Currency Com mittee to hold hearings on the struc J ture of the Federal Reserve System. The Texas Democrat, a frequent critic of FR monetary policy, said the present arrangement whereby a large, A unused surplus has built up from banks purchasing stock in the System to become a member should be exam ined. He said the stock is not really “stock,” that it can’t be voted nor sold and that the practice has led to the widespread misunderstanding that the Federal Reserve is owned by the L' banks. Royal Bank Sets Records A NUTSHELL ENDORSEMENT OF THE NECESSITY OF MEMBERSHIP IN THE STUDLEY, SHUPERT TRUST INVESTMENT COUNCIL Why should you try to battle trust investment problems singlehandedly? Why should you try to puzzle out the significance of economic trends single-handedly? Why should you try to evaluate the trust qualities of various securities singlehandedly? Why try to meet these and other problems by yourself, when —for a modest annual jee—you can have the assistance of the Studley, Shupert Trust Investment Council Staff: a versatile, experienced group of trust-minded specialists who are prac tically standing at your elbow at all times! As the Council Member quoted above says in a nutshell: Council Membership is a necessity in his department. I t is i n y o u r s , t o o . Write for details. You’ll be under no obligation. Marked progress in all phases of the bank’s business is reflected in the annual statement of The Royal Bank of Canada for the year ending November 30, 1963. Figures just released show that new record highs have been es tablished in a number of important areas. Total assets now stand at $5,713,935,708, a gain of $585,185,580 over the previous year and the highest level both in the history of the Royal Bank and in Canadian banking. Deposits, too, show substantial gains, now standing at $5,191,490,398, an increase of $517,781,999 over the figure of a year ago. Personal savings have increased by some $113 million over 1962. Total loans, excluding N.H.A. mortgage loans, have reached the record figure of $2,612,628,840 which is $262,581,726 over the 1962 figure. Net profits for the year, after provision for taxes, total $22,580,046, an in crease of $1,087,779 over the previous year’s figure. Per share earnings in 1963 were $3.39 as against $3.23 in 1962. ' j. , . I To Head L. A. Chamber STUDLEY, SHUPERT TRUST INVESTMENT COUNCIL 1617 PENNSYLVANIA BLVD., PHILADELPHIA 3, PA. N o r t h w e s te r n B anker, J a n u a r y , 1964 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Oscar T. Lawler, senior vice presi dent and executive committee vice chairman of Security First National * Bank, Los Angeles, has been nominat ed 1964 president of the Los Angeles Chamber of Commerce. 27 Looking for some outside advice on inside problems? Talk to Continental’s "Methods Men" Whether it’s a bottleneck at the tellers’ windows that has you baffled . . . a problem with your account numbering system . . . or a decision on what kinds of equipment will best suit your needs . . . Continental’s Methods Research Division can help you find the answer. Our Methods people are not only knowl edgeable analysts, they’re bankers with a unique understanding of your problems. And they’re backed by years of experience in all phases of bank operations. As Continental’s correspondent, we in vite you to put our Methods Research staff to work for you. It’s here to study your needs and to help you meet them— in op erations, facilities, traffic planning, equip ment, personnel. A letter or phone call will bring one of our "M eth od s M en” to your assistance. Moving ahead .. .to stay ahead of your needs C O N T IN E N T A L BANK 231 South LaSalle Street, Chicago, Illinois 60690 C O N T IN E N T A L IL L IN O IS N A T IO N A L B A N K A N D T R U S T C O M P A N Y O F C H IC A G O Subsidiaries: Continental Bank International, New York; Continental International Finance Corporation, Chicago; Branches: London — City, West End (1964); Tokyo and Osaka (1964); Representative Offices: New York, Tokyo, Zurich (1964.) M E M BE R F ED ER AL DEPOSIT I NS U R A N C E CORPORATI ON .' mm https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r th w e s te r n B a n k e r , J a n u a r y , 1964 28 P a s s in g th ro u g h K o b e 's S a n n o m iy a J i n j a — j u s t fiv e m in u te s fro m a B a n k o f A m e ric a b ra n ch . M an-on-the-spot. . . in Kobe. His job: to give your banking needs his * personal attention. Contacts? Credit information? Market advice? Whatever you need, wherever you need it — in Hollywood or Hong Kong, the Common v Market or the Commonwealth- BANK OF AM ER ICA can put a man to work for you today. Mext time your business interests call for this kind of first-hand assistance, get in touch with Bank of A m e ric a -first in banking. BANK OF A M E R IC A N ATI O N A L T R U S T & S A V I N G S Beirut - B u e n o s A ir es • Lagos • London Yokohama • • Zurich; Madrid C ar ac as • BANCA • Manila C hi c ag o • • Mexico City D ’ A M E R IC A A S S O C I AT I 0 N S a n C op e n h a g e n • Milan • Dakar • • F ra n c i s c o , Los A ng el e s / B A N K D ue s s e l d o r f N e w D el h i • • F r a n k fo r t/ Main New York City E D ' I T A L I A : o ver 7 0 o f fi c es t h r o u g h o u t I t a l y ; CARRY BANK OF AMERICA TRAVELERS C H E QU ES - N o r t h w e s te r n B a n k e r, J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 • Okinawa • OF A M E R I C A Guam • • Osaka CORRESPONDENTS Guatem ala • Pa ri s • ( I N T E R N ATI 0 N A Ü - N ew Y o r k : City • Hong Ri o de J a n e i r o W O R L D -W ID E Kong • • Karachi • Singapore • A m s te r d a m '. Bangkok Kobe Tokyo • • K u al a Lumpur Wash ington , D .C . ( » M e m b e r Feder al D e p o s i t I n s u r a n c e C o r p o r a t i o n ) KNOWN AND ACCEPTED THROUGHOUT THE WORLD 29 ^ FTAH E success of a community in | the competitive business of attracting new industry can fre quently depend upon the cooperation i of the local banker. In most instances, the banker can be either the biggest asset—or the biggest liability. This is the opinion of Ernest A. Hayes, well-known Iowa banker from I'Mount Pleasant and a director of the Iowa Industrial Development Commis sion. Described by local residents as “the ^ best salesman we have ever seen,” Mr. Hayes has long been a booster for his community. During the past two years, he has played a major role in attracting four substantial industries v to locate in Mount Pleasant. The most recent addition to the city is Vega Industries, Inc., of Syracuse, N. Y., a metal fabricating company. '/After checking more than 200 loca tions, the firm announced that it would build a $600,000 manufacturing plant, to be financed by the city of Mount Pleasant under Iowa’s new rev enue bond law. Residents approved a bond issue last month by a vote of 1,005 yes to 29 no. This is the first use of the law, which became effective May 2, 1963. It will require a court test of its legality. The bonds will not be an obligation to local taxpayers. They are to be re tired through a 15-year lease agreey ment with the Vega firm. The com pany will also pay an additional amount equal to the property taxes that would accrue on the property ‘■each jmar. The plant will be more than 100,000 square feet, and the firm will employ about 75 people during its first three months. ^ Blue Bird Midwest, Inc., a nation' ally-known builder of school bus bodies with headquarters in Fort Val ley, Ga., came to Mount Pleasant two y e a rs ago a fte r its officials had checked 20 Iowa towns, narrowed the field to four, and finally chose the The Mount Pleasant Story I f o ír to .1 ti r a ft i a riusi rtf tu Y o u r By MALCOLM FRLELAND Publisher Henry County seat. Headed by George E. Luce, the firm has over 100 em ployees. Production has grown stead ily so that the original 48,000 square foot plant has required a 20,000 square foot addition. A second addition of 30,000 square feet is contemplated. Present area equals 761 basketball courts, according to Mr. Hayes. O. E. McIntyre, Inc., a direct mail company, had a professional firm check 200 towns before it chose Mount Pleasant. The Emerson Electric Company, St. Louis, made an inspection of 16 cities, and finally picked Mount Pleasant for the location of an electronic plant. Even prior to obtaining the four major industries, Mount Pleasant was a growing and prosperous city. Popu lation has doubled in the past 30 years to a current total of 7,500. The city has Garretson Equipment Company, Cargill, Inc., Henry County Bulk Fer tilizer, Tweedy’s Hybrids and Staats Pennant and Ribbon plant. If you are interested in establishing a success pattern for your own city or town, you will profit by visiting Mount Pleasant. Here, you will find a high degree of enthusiasm extend ing from Mr. Hayes and the other members of the Henry County Indus trial Development Corporation down through the rank and file of the towns people. This enthusiasm is not a mat ter of happenstance. Civic leaders feel that it is essential to educate everyone in the community, and regular adver tisements are published in the local paper to “sell” residents on the advan tages offered to industry by Mount Pleasant. Mr. Hayes says that frequently a final decision on locating industry can be based on the treatment given to a company official by a store clerk, serv ice station operator, or waitress. This coincides with the comment made by David H. Jaquith, president of Vega Industries. He said, “We have been impressed by the community, and by the spirit of friendliness and coopera tion which exists in Mount Pleasant.” The city offers an industrial park of more than 100 acres and over 2,000 full time workers, of which 1,000 are clas sified as skilled. All of this informa tion must be presented to prospects in an effective manner. Skills must be defined and local wage scales must be compared with other cities. Prospects want definite answers—not a series of hazy promises. After the facts have been gathered and the presentation has been pre pared, leaders of the community must go to work. They cannot rely entirely on the Chamber of Commerce secre tary. As Mr. Hayes says, “ It takes the big brass to do the job.” If you feel that you are too busy to roll up your sleeves and help your community you might be interested in reviewing some of Mr. Hayes’ activiATTRACT INDUSTRY . . . (Turn to page 45, please) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o rth w e s te r n B a n ke r, J a n u a ry , 1964 30 CHARGES for consumer credit have been the subject in many state legislatures and also on a national level during the past years with serious considera tion given to various controls of one sort or another upon our industry. Usually the public is led to believe we are making excessive profits. However, without accurate in formation, we have no effective means to defend our rates and the contribution you the individuals of the industry have made to help a free society achieve the highest standard of living known to man. I am not going into^ detail on accounting procedure of analyzing costs. If you are from a large bank, you have a CPA and experienced people. If you are from a small bank, the ABA has a short 23 page booklet on step by step details of cost accounting procedure and you also have your city corre spondent for detailed help. Let us take a look at costs and expenses as they affect profits. ( From, a recent address by E. G. GRANT V ice F resident Pittsburgh National Hank P ittsburgh, Pa. Cost F a c to rs Several cost factors are common to every type of in stallment loan. They are: 1. 2. 3. 4. The The The The basic acquisition cost per loan. liquidation cost per installment. basic liquidation cost per loan. per dollar cost. f- 1. Acquisition costs represent expenses incurred from the time a loan application is originally received until it is put on our books. Customers must be interviewed or applications taken over the telephone, we spend time on investigation ofU various types of loans, the approval or rejection, and dis counting of the loan. Customer notes must be com pleted, checks issued, loan register sheets completed, pay ment coupons prepared. A teller may cash the check is sued to the customer. All these functions take the tim ey of one or more of your employees, time for which you are paying. 2. The second factor is the liquidation cost per install ment. After you have put a loan on your books, thevs money advanced must be returned to the bank in monthly installments and this costs you something to perform the operation. We should determine the time spent by a teller in receiving payments. The cost of our operations area in recording payments, the cost of sending delink quent notices, collection letters, telephone calls, and per sonal visits to bring delinquent accounts current. It would seem to be good management to make sure all ex penses are allocated to their respective areas. ^ 3. When a loan is paid off, the note must be cancelled and returned to the borrower generally with a credit card or a thank you letter. Ledger cards, loan papers are either destroyed or refiled with paid loan records. These^, and many more operations cost money and affect our net profit per loan. 4. Dollar costs represent a proper charge to the install ment loan function for the funds you use and allowance for losses on bad debts. Premiums paid on loan insur ance and advertising costs are also included. These ex- K eys to Installment L N o r t h w e s te r n B a n k e r, J a n u a r y , 1964 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis oum < 31 k y ^ v penses are such that they can be apportioned on a size basis more equitably than on an item basis. Many of us firmly believe that consumer credit loans by nature are profitable. We argue that a 12 per cent per annum interest rate is high enough so that when loans are repaid on an installment basis, it is virtually impossible for us not to make a handsome profit. We say why incur the expense of cost analysis yet we insist on financial statements with complete background knowl edge from a dealer before we grant a wholesale line or other credit. A cost analysis of any installment loan department is very similar to one of your customer’s financial state ments, a picture of your operation, gross income, a breakdown in detail of various expenses and resulting net prof it. After you have the picture, net earning can be in creased only by increasing your gross return or reducing expenses. E xpen ses i. Due to local competitive situations and also possibly a legal cap on rates, it may be difficult to adjust rates up ward by any appreciable amount to increase your net return. Therefore, let us look at our expenses, particu larly people expenses. People Expense i A * Last year, in our bank, 53 per cent of our total over-all bank expense excluding interest expense was what we call people expense. That is: salaries and fringe benefits. During the same period, 58 per cent of our total install ment loan department expense was people expense. I emphasize this area because we are confronted with in creasing salaries and fringe benefits every year without an increase in the price of our product. Through intelligent analysis of the workload from time to time, we can as installment loan men do considerable to reduce our one major expense item and increase net profits. We have in our bank examined individual jobs within the department. For example, we have outlined the various functions in our loan department such as investigation, discounting, collection, etc. We did not approach an analysis of our various areas as an elaborate time study program that would harm morale and defeat our whole procedure. However, we discussed the objectives with our people determining our realistic guide lines or work measure ments for individual jobs. As an example, we asked the girls investigating auto mobile loans to tell us the maximum number of contracts they could investigate per day. We then asked their supervisors to give us the same information and as a re sult we determined an exceptional girl could investigate 25-30 contracts per day. However, not all our people are exceptional so we then set an acceptable standard of 2025 contracts per day. Through this procedure, we established exceptional and acceptable standards for our various loan procedures. We then went back over the past three months and tabu- PROFIT lated the number of automobile loans investigated and determined the average per day, comparing these statis tics with our standards for the job. We naturally took into consideration peak load days and any additional re sponsibilities our investigators were required to perform. The results of this study were amazing. Many times you have three girls in one area investigating automobile loans. However, by analyzing their performance, pos sibly two can perform the same work. The same is true of discounters, collection people, and so on. Reliable measure of an employee’s workload can be ascertained if the approach is truthful and we obtain the cooperation of our employees. We must not take the approach that we are making a time study or are an effi ciency expert. That will put people out of work. I am not suggesting we become hard-hearted without regard for our fellow workers; however, we all have fat in our organizations and only by a realistic analysis of the work performed in various jobs can we keep our major expense item under control and compete in the competitive mar ket place going ahead. Our salary levels are not too high; however, the number of people on our payroll may be excessive. Other Expenses A second approach to cost control we have used is to examine expenses, quarterly, item by item to determine which ones can be reduced. I am amazed at the rapid change in our thinking over several months. A monthly expense to rent space to store repossessions in January was a necessary expense item; however, six months later was not necessary. An expensive publication purchased last year may not be used by any in the department to day. We are amazed at the many so-called necessary expenses that can be eliminated by review system on a quarterly basis. We developed a control on number of forms and con trol of inventory. We no longer order forms on a panic basis and discover we have a three or four year supply of a certain contract that will be changed within six months. We now review all forms 90 days prior to need with two thoughts in mind: 1) is it possible to combine two forms, and 2) what was our actual use over the past 12 months to intelligently replenish our supply. Our number of forms was cut from 339 to 278, a reduction of 61 forms, upon review. tin d ffp iin ff Today, it is virtually impossible to do an effective man agement job without planning future personnel needs, expenses, projected volume and profit. This can only be accomplished by a yearly budget projecting your future goals. We have discussed controlling costs and analyzing the workload of your people; however, this should not be a one-shot analysis and then put aside but a continuing responsibility of your department. We have followed a procedure of budgeting volume, income, expenses, includ ing the number of people and their salary increases for a 12 month period with review by cost center quarterly to determine how accurate our projections were and make adjustments for the future where necessary. Our budget procedure plus cost studies supply us with the necessary background to intelligently budget and antici pate future requirements. INSTALLMENT LOANS . . . (Turn to page 81, please) N o r th w e s te r n https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B a n k e r, J a n u a ry , 1964 32 Good Com m unient ion A ch ieves: ERE in my bank we have been aware for a long time that our in te rn a l communications are not as good as they should be, and we are working hard to improve them. The ability to communicate effectively is one of the most essential aspects of our work as bankers. Day after day, we have to write reports and letters; give directions and orders; pass infor mation on to others; plan and coordi nate work with others; train and in doctrinate employees; keep up morale and enthusiasm; discuss performance and correct and explain; AND, sell our bank’s services. There’s no point in going on. We couldn’t do our work without communicating—to the people in our bank’s staff and to customers and prospects, and without receiving communications from them. H Must Re Learned Communicating effectively, however, doesn’t necessarily come naturally to all of us. It’s a skill that can, and must, be learned, particularly by those in management. Poor communications habits, once they are recognized, have to be dropped and better ones adopted. This isn’t easy. Getting rid of poor communications habits is a little like the Australian aborigine who received a new boomerang for a present and he spent nearly a whole day trying to throw the old one away. When we communicate we’re trying to accomplish four things: First: Being understood. Getting something across to somebody so he knows exactly what we mean. It can be facts—or it can be our intentions, our feelings, our frame of mind. Second: Being accepted. Getting people to agree with us willingly, or N o r t h w e s te r n B a n k e r, J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 at least to give us a sympathetic hear ing. Third: Getting something done. Get ting people to act because they under stand what we want done and why they should do it. Or helping them change their attitude by showing it in a new light. Fourth: U n d e rsta n d in g others: Learning how they feel about us, about a particular situation, about con ditions in general. All communica tions are two-way—not just something that goes from us to others but some thing that takes place between us and others. The writer writes and the reader reads and interprets for him self what is written. The speaker speaks and the listener hears but only what he wants to hear. Communications is not a one-way street. Communicate With Words The normal vehicle for communica tions, is of course, words—those odd combinations of noises we make or the marks we put on paper to repre sent those noises. In Lewis Carroll’s Alice Through the Looking Glass, Humpty Dumpty says, “When I use a word it means just what I want it to mean—neither more nor less.” Un like Humpty Dumpty, when we use a word or series of words, we must con sider what it means to the reader or fir MISS MARY ROBERTS Assistant Manager Education and Training Continental Illinois National Hank and Trust C om pany Chicago, Illinois the listener. Otherwise, the bridge of communications we had hoped to erect will become a barrier instead. Of the four means of communicating with words—writing, reading, speak ing and listening—perhaps the most important one to those of us in man agement is listening, listening with understanding. Whether a manager is conducting a performance appraisal with someone, discussing a grievance, holding an interview, or leading a con ference, he won’t find out how the other people feel unless he lets them talk, unless he listens to what they are trying to say. This feedback is the key to the de velopment of our employees, particu larly those in supervisory positions. Even when we give others a chance to express themselves, if we don’t lis ten with understanding, then two fac tors are going to inhibit our getting honest feedback, our actions and our attitudes. Y >4 4- Actions Let’s start with actions. How much communication is there between peo ple if the listener’s mind is obviously far away while his body, complete with glassy stare and fixed smile, re mains in the room? Or if he is busy looking at papers or signing letters? Or, if he sits restlessly drumming on the desk top or glancing at his watch. How much feedback is he going to get? ABSOLUTELY NONE. Sometimes ac t io n s communicate louder than words! Attitudes And now to attitudes. Whether we COMMUNICATION . . . (Turn to page 36, please) V O p en I fi Fir d c n jr o n M ic r o f ilm F COMPLETE underground processing laboratory for 16mm microfilm has just been opened by Recordak Corporation, Subsidiary of Eastman Kodak Company, in a former limestone mine in western Penn sylvania, now converted to a major records storage and business survival center. A The new Recordak subterranean processing facility is the first commercial installation of its kind in the United States. It is located some 220 feet below the surface of the earth within the 80-acre section of the mine operated by the National Storage Company at Boyers, Pa., about 55 miles north of Pittsburgh. With the completion of the new laboratory installation, more immediate maximum security is provided for micro filmed records by eliminating hold-overs of films for proc essing at a metropolitan Recordak Branch Laboratory. Companies using the underground vaults for safe-keeping of vital records can now forward the exposed 16mm film records to the new Recordak facility for processing imme diately upon completion of each day’s microfilming opera tions. Delays of as much as 24 hours in the transfer of important records out of potential disaster areas are thereby eliminated. The new maximum security laboratory is fully equipped and staffed for processing 16mm microfilms to archival quality standards using the most up-to-date pro fessional equipment and techniques. It is located within its own vault room adjacent to National Storage Company https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis e n i c i ' facilities for recreating records in paper forms from the microfilm images in case of emergency need. Thirty-five mm positive film copies from negatives now stored at Boyers can also be printed at the new Recordak Laboratory so that 35mm negatives need not be removed from maximum security when prints are desired. The exposed 35mm print films will be processed for the pres ent at the Recordak Pittsburgh Laboratory. The Pennsylvania mine is one of a growing number of underground repositories developed throughout the coun try to provide industry, finance, and government with facilities for records storage, emergency operational head quarters and business survival programs with immunity to atomic attack, radiation, fire, and flood. The new Recordak Laboratory will serve hundreds of companies now using the Boyers underground storage facilities in cluding many of the nation’s big city banks, insurance companies, industrial firms, saving and loan associations, and engineering firms. Federal, state, and city govern ment agencies are among the institutional clients with vault storage arrangements at the Boyers center. The current boom in microfilming and underground storage for vital records security started in 1950 following the outbreak of the Korean War. The subsequent devel opment of intercontinental ballistics missiles, and the emergence of Soviet Russia as a nuclear power have made vital records security and business survival programs a primary concern of business management and of respon sible government administrators. N o r th w e s te r n B a n k e r, J a n u a ry , 1964 . . . fo r banks o f all sizes HE field of central information and means of information retriev al in banking, while not new, has, perhaps, been more widely discussed than it has been actually implemented. Before we get into the details on various methods of central informa tion files and means of retrieval, let us categorize the various purposes and results that we wish to obtain from a central file system. I think this can best be done by dividing the subject into three basic sections: request, re trieve and reply. T Use of Central File Let us examine some of the basic requests that might be made of a cen tral file system. One might be: “What is the relationship between John Jones who carries a deposit account with us and John Jones who signs as treasurer of the Ajax Manufacturing Company? Are they one and the same person? Are there banking relationships for this individual or company in more than one of our banking offices? What about Henry Smith whom we believe also to be connected with Ajax Com pany? Does Mr. Smith have any bank ing relations with us? What has been the average balance that Jones or Smith or Ajax Company has been car rying for the past month, year, two years? What about Jackson? He is seeking an automobile loan in our eastside branch. Does he have any loans outstanding elsewhere in our banking system?” Now, of course, the type of “re N o r t h w e s te r n B a n k e r, J a n u a r y , 1964 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis quests” which the central information file is capable of producing can certain ly be expanded or contracted accord ing to the needs and desires of the offi cers of that particular bank. Method of Retrieval But, before we can seriously con sider the breadth of information avail able, we must consider the means of retrieval for requested information. Certainly the means must be fast for retrieval to be of maximum benefit to the requestor. Generally speaking, in formation must be retrievable both practically and economically. Unit cost of each bit of data recorded and disbursed must be held to a minimum —at the same time filling all basic needs. Means of retrieval, ranging from the simplest “non-automated” three by five card system housed in a shoe box all the way to information stored on disc files with remote in quiry stations, can be considered with, of course, many, many systems in be tween these two extremes. Now in the reply consideration, we are thinking primarily in terms of satisfactorily communicating to the re questor that which he desires to know regarding a particular client, borrow er, depositor, trust or any other cate gory of b u sin e ss description that might be considered necessary. The means and mechanics of reply can range all the way from a simple per son-to-person v e r b a l communication across the room to remote print-out from computer control onto an officer’s desk—or, to flashback on closed circuit television mounted on an officer’s desk. Building a Central File Now let us come down to earth and speak of a central information system that I am familiar with—the one pres ently installed in my own bank and the evolution of the present system into one of greater use which is now taking place. J * In 1952 we saw a need to fill the requests, as I earlier mentioned. The > bank was just beginning a period of rapid expansion—additional branching and additional growth. It was only natural that management, contemplat -Jl ing such growth, considered a central information system before conversion costs became too excessive. Installa tion at an early date could allow growth naturally and economically as * a by-product of expanding deposits, loans, etc., as they were opened or granted. In this instance, a file was created of all existing relationships, K being typewritten from existing rec ords to Chaindex-type strips for inser tion into visible record filing equip ment. Information captured through means of manual typing consisted of: name; address; account or loan num ber; office or branch manager; date ac count opened; and signer(s) on ac count. Note that quantity of information on any given strip was fairly limited, for the intent in this case was only to 35 serve as a means of putting the re questor “in the ballpark.” Techniques Used The central information system has been receiving its Chaindex strips from various sources. During early years, strips were typewritten from a copy of the new relationship reports submitted to the business development department. As time progressed, and as semi-automatic machinery became available, we saw means whereby these strips could be, and were, ob tained as a by-product. The by-prod uct was continuous from Chaindex produced on tabulating equipment as a part of the master file setup for cen tralized accounting functions. At First National we are now in our “next generation phase” which in volves the use of records that are 85 per cent computer produced. So you see, during the past half decade we have progressed from 100 per cent manual preparation of central infor mation to that of almost 85 per cent automatic preparation (or only 15 per cent manual). We do not see how we could effec tively operate without the central in formation system. The number of calls and units transmitted to request ors within our bank averages 300 per day in our 16 branch banking offices. Looking off into the future, we foresee the day when all information will be carried in a manner available for ran dom remote inquiry without the use of operators or clerical personnel. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Let’s look at banks by size and the different systems of central files that might be employed. Small Bank System The small unit bank, for example, could effectively utilize snap-out forms that have a three by five or a tabulat ing size card record as part of a new accounts report which is submitted daily to management. This card might be individually attached to the new ac counts report, or it might be a series so perforated that in one typing opera tion it can then be removed and sub mitted to the central information sys tem. This accomplishes the means of placing information in the central area which, at the same time, does not cre ate additional clerical effort other than the actual filing of the document. At such point, as the customer might en ter into additional banking relation ships, a card can again be created as a by-product from typing the new re lationship report showing the added new business relationship. Now, when it comes to adding additional accounts, two approaches can be considered. One is to type on the original card Excerpts from talk at National Automation Conference By M ERLE D. COURSON f ice President The First National Bank o f San Jose, California the additional relationships w h ich have now taken place. This, of course, reduces the need for filing area and allows one card to serve multiple pur poses. Another approach is one of having a card for every type of appli cation which that particular customer has with us. There are pros and cons in either method. In favor of having a single card serve several purposes, we have space consideration and forms cost. On the other side of the ledger, if a card is created for each type of application, clerical effort is reduced or eliminated, provided the card is cre ated as a by-product of some other operation. Now, of course, information on the card can be extended to include many other points such as payoff rating, low and average balances, favorable or un favorable comments, etc. It may be advisable, though, in any system — whether in small bank operations or a large one—not to require informa tion to be carried that must be manu ally entered into the central informa tion system. These, of course, are simply mechanics of the system. It is even conceivable that for a very small bank, a copy of the new relationship report might be kept in a binder to form the central information system. This would probably only be practical for a small unit bank that has limited growth potential and does not expect to have more than 1,500 or 2,000 items of business. And, of course, as I men tioned earlier, the visible file approach can be effective providing the bank is not too large. Here, though, I would caution you to be careful, for forms cost can be high and such systems are difficult to a u tom a te economically whether through use of typewriter or other possible means where visible strip records are created as a by-prod uct of original printing or typing. Larger Banks For the medium-sized to la rge banks, we can consider the snap-out form again, thus creating a card record at the time of original typing; or, we can take another approach. To create absolute uniformity of printed infor mation, we can produce from com puter output continuous form cards which can later be burst and inserted into a centra] information file. By the use of such computer produced forms, we have the ability to capture a siz able quantity of information. For the large bank, another ap proach that is gaining rapid attention these days is that of the remote in quiry station with master central file C E N T R A L F IL E . . . (Turn to page 76, please) N o r th w e s te r n B a n k e r, J a n u a ry , 1964 36 This fla n k er H as it M ario! S WINTER winds blow chill through the frosty recesses of the nation’s financial districts, consider the career of Jack Morris, San Fran cisco banker. He’ll be sailing through the Golden Gate soon, after the usual stops in Papeete, Noumea, Suva, Pago Pago, Bora Bora and the like. All in the line of duty with his job at Wells Fargo Bank! His office is aboard the MONTEREY, a Matson liner cruising the South Pacific on a regular 14,468-mile, 42-day schedule: 27 days at sea, 15 days in port. At this time of year especially, it’s W H Y shouldn’t San Francisco banker Jack enough to make a man already blue M orris smile as he sets out for work? He’s on his way to paradise! with cold turn green with envy. Mr. Morris has found the perfect solution for the banker who wants to run away to sea without leaving has those of the average manager of a job. And after 11 trips during the small branch but there are some past 17 months, he intends to sign on things he’s not equipped to handle. again when his current two-year hitch If a young lady whispers, “Whom can I trust?” as they waltz to the ship’s is up. Mr. Morris was happily employed at orchestra, he must refer her to the one of Wells Fargo’s branches in San trust department of one of the bank’s Francisco when Neptune tapped him many landlocked offices in northern on the shoulder. The banker origi California. He can’t accept deposits or nally assigned the berth as one-man open accounts, either. manager of Wells Fargo’s sea-going What he can and does do includes: facility fell ill. Mr. Morris was given exchanging foreign currency; giving a weekend to decide whether he lectures on the value of money as varied as the ports they visit and the wanted to fill in. What does it take to be a success as services of the sea-going bank; selling a high financier on the high seas? Sea stamps; cashing and selling travelers’ legs help, of course, says Mr. Morris, checks; presiding over the banker’s ta although he himself had never been ble in the dining room; making a on a ship in his life before he set sail fourth for bridge; keeping all records; and giving occasional cocktail parties on the MONTEREY. Luckily he’s never been seasick, for passengers. He works every day the ship is at even when they put out of Sydney one time in a storm so sticky that the sea but the 15 days it is in port are bank didn’t open at all. It wasn’t that his own. “This assignment’s the most inter the banker couldn’t keep a thing on his stomach—he couldn’t keep a thing esting, pleasant thing that I have ever on the counter of the bank. After a done,” says Jack Morris, with the slightly smug air of a man who has few flying leaps at the flying currency, it made. “Join Wells Fargo and see inkstands, etc., Mr. Morris gave up. Mr. Morris’ duties are similar to the world!”—End. A COMMUNICATION . . . (Continued from page 32) have ten employees or 1,000, their de velopment depends to a great extent on how good they feel the communica tions are between them and their man agement. Their instructions on the job must be clear; they must have the feeling of being well-informed not only about their particular jobs but about the bank in general, about what N o r t h w e s te r n B a n k e r, J a n u a r y , 1964 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis goes on, about changes being made, etc., etc. We all acknowledge the effective ness of visual aids in any kind of train ing, and a few months ago we read about a film title d “ More Than Words,” which has to do with com munications. A preview of the film convinced us that here we had some thing we could use to advantage and we purchased a print. A series of showings were planned—first for top management, and I might mention that a large percentage of our officer group saw the film; and second, for managers and supervisors and other selected key people. The response was gratifying to say the least. The consensus has been that good twoway communications are an essential management tool. Our attitude builds the climate in which we and our peopie work—a climate of fairness and mutual respect so that they know where they stand with us and we know where we stand with them. If you have an opportunity to view this film, don’t miss it. It isn’t very long and I know you will enjoy it. ^ ^ — End. Opens Madrid Office Manufacturers Hanover Trust Com pany, New York, has opened a repre sentative office for Spain and Portugal d" in Madrid, Spain. Alberto Rodriguez is representative in charge of the office located at Al cala, 32, in the heart of Madrid’s busi ness and financial center. The Madrid office is the bank’s eighth representative office. Others are located in Beirut, Frankfurt, Ma nila, Paris, Rome, Sao Paulo and Tokyo. Manufacturers Hanover also maintains two branches in London which provide a full range of banking facilities. y * 1 O N T H E S I X T H G A L L O N — An offi cer of Manufacturers Hanover Trust Company, New York, has proved that banking and generosity — can and do — mix. L loyd Speed Stone, assistant vice president in the bank’s 149 Broad way office, is Manufacturers Han over’s most generous and constant blood donor. In a recent Red Cross bloodmobile drive sponsored by the bank, Mr. Stone, who has donated his 42nd pint, began working in earnest on giving his sixth gallon. Here he is shown with nurse Jennie Vodcpivec of New York City. Led by Mr. Stone and the more than 25 members of “ The Gallon Club,” Manufacturers Hanover em ployees donated nearly 300 pints during the two-day drive. The Red Cross Blood Donor Program is de signed to provide community and defense needs. * A N 37 Here’s what our “Global, on-the-spot” Refund System means to your customers... no matter where they travel: When your customers carry First National City Trav elers Checks, here’s what you can confidently guaran tee them if their checks are ever lost or stolen: 1. REFUNDS ARE “ ON-THE-SPOT” ! There are literally thousands of refund points at home and throughout the free world. No matter where your customers may be, there will surely be one close at hand. These are the actual points where refunds are made. No referrals. 2. REFUNDS ARE IMMEDIATE! Each of these points is authorized to issue new FNCB Travelers Checks (or cash if preferred) instantly on amounts up to $250 . . . or up to $500 if the customer is known. And refunds for larger amounts are author ized and made promptly. FIRST ANYWHERE IN THE U. S. (except Alaska and Ha waii) . . . customers simply have to call Western Union Operator 25 to learn the name of their closest refund point. ANYWHERE OVERSEAS (plus Alaska and Hawaii) . . . customers can easily locate their nearest refund point by inquiring at leading hotels. Indeed, First National City Travelers Checks are "better than money” for travelers. They provide out standing availability, acceptability and refundability. And they are backed by the best-known name in world-wide banking . . . First National City. Every day, more and more banks recognize these advantages, know that it’s in their best interest to recommend that their customers always carry National City Travelers Checks. N A T I O N A L CITY T R A V E L E R S C H E C K S OFFICIAL TRAVELERS CHECK NEW YORK WORLD’S FAIR 1964-65 M e m b e r F e d e ra l D e p o s it Insurance C o r p o r a tio n https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o rth w e s te r n B a n ke r, J a n u a ry , 1964 38 ¡b a rr en e e N ow C ertifies A e eim n /s R eceiv a b les to R anks lender faces, plus the fact that it spares the lender the time and ex pense that would otherwise cut into his profit.—End. the extent that key personnel from New Program Diretor the borrower’s payroll are transferred G. D. Andrews, president of Nation to the Lawrence payroll and are sub warehouse organization which for the al Business Message Corporation, has ject to Lawrence’s fidelity coverage. past 50 years has provided inven The Lawrence accounts receivable named Larry Davis as program direc tory financing service for banks, has announced the inauguration of a new manager will normally be the person tor at the firm’s West Des Moines program—certified accounts receiv in charge of the borrower’s accounting headquarters. National Business Message provides able service—CARS, for short, that procedures. In addition to the ac will enable bankers to enter the re counts receivable manager, Lawrence an “in-store” background music and ceivables financing field with security. will employ a person or persons in sales message service for banks, super According to Louis A. Benoist, pres charge of the borrower’s shipping de markets, variety stores and other re ident of the 50-year old Lawrence partment. The latter are in a position tail organizations in a five-state area, Warehouse Company, the new serv to ascertain whether or not given or including Iowa. Mr. Davis assumed ice, which is exclusive with Lawrence, ders have been filled and can so cer his new position January 1. will permit banks and financial in tify to the accounts receivable man Mr. Davis has been engaged in an stitutions to expand a lucrative area ager. This latter manager is then nouncing and production for KRNT of discount credit. Lawrence certifies responsible to see that an invoice is Radio and Television since 1946 ex the validity of the borrower’s receiv prepared and sent to the borrower’s cept for 18 months spent with radio ables at the time of their assignment customers. This man also has access and television stations in Phoenix, and guarantees the handling of all to all order files, contracts, etc., so Ariz., in 1955-56. payments on certified accounts as per that he can be sure that invoices are In his post, Mr. Andrews said, Mr. the lender’s instructions, at the same properly prepared as far as prices are Davis will supervise and prepare pro time relieving the bank of cumber concerned. CARS can be tailored to virtually gramming and assist in the coordina some control procedures and saving any situation, including department tion of production details involved in expensive supervision costs. store operations, Mr. Benoist said. NBM service to retail outlets in the “ It has been only recently that com This eliminates the customary risks a five-state area. mercial banks have entered this field,” Mr. Benoist said. “Relatively few go after this business aggressively but with the increased interest paid on savings and time deposits, plus the increased cost of operations, a great OPICS ranging from management- Mazzera, who will refer to the asso many banks have been prompted to labor relations and world trade to ciation’s semi-annual survey of banker take a second look at receivable fi governmental and monetary policiesopinion. Other speakers on Monday nancing since it is a lucrative type of and the economic outlook will be dis (January 27) will include: Edgar F. loan if it can be handled safely. cussed at the 16th National Credit Con Kaiser, president, Kaiser Industries “For many years, Lawrence has had ference, sponsored by The American Corporation, Oakland, Calif.; George requests from bank loan officers to Bankers Association, to be held at the C. Scott, senior vice president, First B e lle v u e S trat National City Bank, New York City; develop a technique so that banks ford Hotel, Phila Karl R. Bopp, president, Federal Re could safely loan against receivables. delphia, Pa., Janu serve Bank of Philadelphia, Pa., and One of the major obstacles to develop D. P. Boothe, Jr., president, Boothe ary 27-28, 1964. ing such a service has always been Leasing Corporation, San Francisco, An advance pro the fact that it was impossible to buy gram for the two- Calif. insurance to cover the liability we Speakers on the Tuesday morning day meeting was would incur in offering such a serv announced recent program are: Dudley E. Browne, group ice.” ly by Lloyd Maz vice president, finance and adminis However, because of its extensive zera, chairman of tration, Lockheed Aircraft Corpora purchases of insurance and liability t h e association’s tion, Burbank, Calif.; Morris A. Schacoverage for its field operations, piro, president, M. A. Schapiro and C red it P o l i c y Lawrence recently negotiated insur C om m ittee and Company, Inc., New York City; E. ance protection against any liability the company may incur as a result of executive vice president, Bank of Everett Smith, member of executive offering the certified accounts receiv America N.T. & S.A., San Francisco, committee and director, McKinsey & Company, Inc., New York City, and Calif. able service, Mr. Benoist explained. During the two days, speakers na Martin R. Gainsbrugh, chief econo This insurance, he said, covers all mist, National Industrial Conference of the hazards in receivables financ tionally known in their various fields Board, New York City. ing except the credit hazard, which is will address the conference. They will The Tuesday afternoon session will one the banks are normally willing to be headed by A.B.A. President Wil be devoted entirely to a panel on con liam F. Kelly, who is president of The assume since they have the facilities to assemble quick and reliable credit First Pennsylvania Banking and Trust tractor loans. The subject will be Company, Philadelphia. Mr. Kelly is introduced by William W. Mitchell, information. The Lawrence Company’s technique a veteran leader in the bank credit president, Robert Morris Associates, Philadelphia, Pa., and executive vice in operating the certified accounts re field. The credit outlook and current prob president, The First National Bank of ceivable service parallels the Lawr ence system of field warehousing to lems will be discussed by Chairman Memphis, Tenn. a w r e n c e w a r e h o u s e com p a n y , the country’s leading field L Rian N a tion a l C redit M e e tin g T N o r t h w e s te r n B a n k e r, J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 G e rry Keidel is an interested o bse rve r a t N a v y Pier, C hicago as the Italian C apo line's C ap o M e le unloads olives, w ines. loads b ourbon whiskey fo r continental ports. This is G erry K eid e l— your international hanking a d v ise r in Chicago G e rry Keidel is our Vice President— business, it will pay you to maintain a I n t e r n a t io n a l Banking D e p a rtm e n t. close working relationship with Am er W o rld -tra v e le d , w ell-oriented in the ican N ational's International Banking ch a n g in g c o m p le x o f in t e r n a t i o n a l Department. banking affairs, G e rry and his officers in the departm ent are at your service. W ith the midwest accounting fo r You'll get quick service, sound a d vice. They're yours for the asking more than 50% of the total U.S. v o l through American N ational's C o r r e spondent Bank Division. C ontact your ume of international commerce— and American N ational Bank officer fo r with more and more companies in s m a lle r tow ns e n te r in g the e x p o r t any one o f American N a tio n a l’s d o z ens of specialized banking services. W e serve thousands o f p e o p le . . . but w e serve them one a t a time Am erican National Bank and Trust C om pany o f C h ic a g o /L a S a lle at W ash in g to n 60690 M em ber Federal D eposit Insurance C o rp o ra tio n FRanklin 2-9200 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r th w e s te r n B a n k e r, J a n u a r y , 1964 40 M o s le r to L ist S HE common stock of The Mosler and Currency Committee on the final Safe Company has been approved day of hearings on a series of pro for listing on the New York Stockposals to liberalize the lending and Exchange by the investing powers of financial institu Board of Gover tions. nors. Trading is The Federal Reserve chairman told scheduled to start the committee that it was intolerable January 6, 1964, to allow the current “confusion” on according to Ed the role of commercial banks in mu win H. M osler, nicipal bond financing to continue be chairman. cause of the conflicting interpretations The 117 year-old by the Board and the Comptroller on com pan y is the existing bank underwriting law. w o r ld ’ s la rg e s t The conflict hinges on differing in manufacturer of terpretations by the Federal agencies E. MOSLER sa fes and bank on the term “general obligation” bonds, vaults. The company also manufac which are issues backed by full taxing tures and sells automated filing equip powers. ment, insulated and security files. The Comptroller takes a broader Mosler also sells a broad line of bank view. ing equipment including drive-in win dows, alarms, safe deposit boxes and has pioneered the closed circuit tele Honor Thorp Official vision drive-in banking system. Jack W. Freiberg, advertising super Subsidiaries of The Mosler Safe Com visor for Thorp Finance Corporation pany include Mosler Dropository Corp., and editor of the Thorp, Wisconsin, Mosler-Harbor Metal Products Corp., firm’s company publication, the NewsMosler Internacional, S.A., Mosler ette, has been elected as president of Lock Company and Mosler Research the Northern Industrial Publications Council. Products, Inc. The election took place at a recent Mosler reported consolidated net sales for the 9 months ended Septem meeting of the Council in Appleton, ber 30, 1963, amounted to $28,145,956 Wisconsin. Mr. Freiberg succeeds T. compared with $23,431,678 for the E. Brannegan, manager of the Wiscon same period a year ago. Consolidated sin Paper Industry Information Serv net income for the 9 months ended ice, Neenah. September 30, 1963, amounted to $1,751,537 compared with $1,531,361 for the same period a year ago. i T f o r use w it h T U B U L A R W R A P P E R S Saves tim e and sp e e d s up c o u n tin g o f pennies, nickels, dimes, quarters and halves. Just push t u b u la r wrapper up inside o f Bakelite stem, holding bottom closed w ith finge r. Count coins in to hopper. Pull wrapper from bottom and crim p ends. In five sizes. SEAL PRESS and LEAD SEALS Twice the leverage, half the w eight (weighs only 17 ozs.), w ith th is Seal Press! Makes p e r f e c t d ie im p r e s s io n w h e n d e fo r m in g seal. Lead S e a ls a r e d ie c a s t from virgin lead. Seals s u p p l i e d w ith p in s in varying lengths. C O IN PACKAGING TRAY Convenient fo r h a n d - fillin g Tu b u l a r Wrappers. The stock has been traded over the counter. Executive offices of The Mosler Safe Company are in New York. Its prin cipal sales and manufacturing head quarters are located in Hamilton, Ohio. Possesses three g ro o v e s to accom m odate all diam eter coins. A handy item you w ill use daily. TELLER’S MOISTENER Speeds up T e lle r’s counting a n d banding of currency. M o is tu r e f o r fin g e r tips, capillary pad fo r B ill Straps, in ju s t the rig h t am ount of m oisture. Made o f plastic, in rich m ahogany f in i s h . S P O N G E F O R F IN G E R S PA D F O R B ILL S T R A P S S H I P P I N G TAGS Made of linen fo r extra strength. 3 sizes: 2%" x 6% " w ith stub; same size P IT __ ___ w ith blank stub; 2Jg"x4%" \-= ..r— : w ith o u t stub. Reinforced eyelet to edge of Tag. Printed red, black. SEE Y O U R DEALER O R S E N D FOR FREE SAMPLES [SSS] «S3 a® r/.,C.L. DOWNEY G o -m p a tu f, HANNIBAL, MISSOURI Dept. W W orld's Largest M anufacturers o f C oin H a n d lin g S u p p lie s N o r t h w e s te r n B a n k e r, J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 A 4 Jr Y t’ E x p o s it i o n F e n t u r o K A Fed Chairman Requests Action From Congress William McChesney Martin, chair man of the Federal Reserve Board, asked Congress last month to pass legislation that would end his dispute with Comptroller of the Currency James J. Saxon over whether banks can underwrite state, municipal and local revenue bonds. Mr. Martin said there was a “press ing need” for such action not only to halt “an inequitable competitive ad vantage now enjoyed by national banks,” brft to move “toward greater consistency in the administration of our banking laws.” Mr. Martin made his plea in an ap pearance before the House Banking K W I N N E R — At conclusion of the International Livestock Exposition in Chicago, lovely M arilyn Draeger, Wisconsin’s “ Alice In Dairyland,” lent a hand with the drawing for a $25 IT. S. Savings Bond offered at The Live Stock National Bank of Chicago’s booth. According to John W . Broers, consumer credit manager of the bank, shown with Marilyn, 3,453 people from 36 states and Can ada registered for the bond and received a complimentary pen from the bank. The 3,452-to-l odds win ner of the bond was Robert Beaver, R. 1, Hopkins, Michigan. > 'Y f 41 . . and have him like you for it! r SEND HIM D O A N E 'S FARMING FOR PROFIT” * ,0» ^ A u th o rita tiv e source fo r p ra c tic a l advice on farm m a n a g e m e n t, m a rk e tin g, a n d p ro d uctio n. T he b e tte r y o u r c u s to m e r ru n s his fa rm , th e b e tte r the se cu rity back o f his loan. So i t ’ s a good b a n k m ove to see he has pro fe ssio n a l g u id a n ce and d e p e n d a b le fo re ca sts to help. For only a few c e n ts a m o n th , y o u r b ank can m ake sure he gets th e in fo rm a tio n he tru s ts and will use to get th e m o st fro m his acreage and fro m m a rk e tin g tre n d s . I t ’s an ideal way to m ake y o u r c u s to m e rs b e tte r fa rm e rs w ith o u t havin g to be a fa rm s p e c ia lis t yo u rs e lf. D oane’s “ F a rm in g fo r P ro fit” gives concise “ h o w to ” and “ w hen to ” in fo rm a tio n on w h ich fa rm e rs can b uild p ro fita b ly m o n th by m o n th . It is w ritte n and e d ite d by Doane A g ric u ltu ra l Service, Inc., th e o ld e s t and la rg e st o rg a n iza tio n in th e U n ite d S tates engaged in fa rm m a n a g e m e n t, rural a p p ra is in g , and a g ric u ltu ra l research. D oane’s s ta ff o f 150 a g ric u ltu ra l s p e c ia lis ts feed back m a rk e t-b y -m a rk e t e v a lu a tio n s to give fa rm e rs a q u ic k grasp o f vita l s itu a tio n s th e y need to know a b o u t now. Farm ers like th e spe cifics. Seven e d itio n s o f “ F arm in g fo r P ro fit” are p rin te d , so each fa rm e r g e ts th e e d i tio n s p e c ific a lly e d ite d fo r his area. A nd y o u r bank receives exclusive d is trib u tio n rig h ts in y o u r tra d e area. C o m p le te im p rin tin g and m a ilin g service is a va il able. Y our b ank need n o t do a n y th in g m ore th a n to s u p p ly us y o u r list. Or, you m ay w a n t to h a n d le th e m a il ing d ire c t fro m y o u r bank. “ Farm ing fo r P ro fit” also lin k s y o u r b a n k w ith Doane people . . . people w ho know how d e p e n d e n t th e fa rm c o m m u n ity is on y o u r in s titu tio n . You sense th is aw are ness and fin d it p le a s a n t and h e lp fu l to c o m m u n ic a te w ith Doane o fte n a b o u t ways to use “ F arm ing fo r P ro fit” in a d v a n c in g y o u r fa rm program still fu rth e r. For fu ll in fo rm a tio n , w rite DOANE AGRICULTURAL SERVICE, INC. 5144 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DELM AR BLVD. ST. N o r th w e s te r n LO U IS 8, MO. B a n k e r, J a n u a ry , 1964 AMERICAN EXPRES» rchitect’s drawing of le American Express Pavilion, rela ted : Kelly and Gruzen. General Contractor: leorge A . Fuller, C o. 11901, 1962, 1963 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis YORKWORLD'S ■1965 CORPORATION ÉW »pN rt<j£>»r Going to the WorltTs Fair? A The American Express Pavilion offers a unique service to bankers and their customers at the World’s Fair A full-service office and private lounge f o r y o u —right at the main entrance! Your fair headquarters. You can't miss the American Express Pavilion. It’s just inside the main entrance on Gotham Plaza! And it offers you just about everything you need. Upstairs there’s a luxurious lounge just for you, your family and your valued customers. Rest, relax and make yourself at home. 2 Sale and encashment of American Express Travelers Cheques. 3 Spot refunds for lost or stolen Travelers Cheques. 4 Free exchange of large denomination Trav G e t your bearings. See the fair in miniature elers Cheques for smaller denominations. before you see it fullsize! A rem ark able scale model of the en tire fair will be on view in the American Ex press Pavilion. This $500,0 00 electronic exhibit depicts all the fair’s landmarks, shows you how to reach them by the shortest and most convenient routes. 5 Exchange and remittance of foreign cur A f u ll-s e rv ic e A m e ric a n E x p re ss office. This is the 84th domestic office and 403rd in the American Express network of offices around the world. It offers you and your customers these 7 important services: .x 1 Complete travel service, covering every travel need. rency. 6 Encashment of personal checks against American Express Credit Cards and Cour tesy Cards. 7 Encashment of your customers’ personal checks against telegraphic authority from your bank. (There’s a Western Union of fice right in our pavilion!) American Express has been designated offi cial Credit Card, offi cial Ticket and Infor mation Center and of ficial Travelers Cheque f o r the N ew Y o r k World’s Fair 1964-65. > American Express Travelers Cheques Official Travelers Cheque for the New York World’s Fair 1964-65 V ^ This pavilion will contain an American Express office and private lounge for you —just inside the main entrance on Gotham Plaza! https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 44 First of Chicago Lists New Promotions Rudolph E. Palluck, who has been vice president in the term loan divi sion, headed a list of promotions made recently by the First National Bank of Chicago. He was elected vice presi dent and comptroller of the bank, succeeding Richard B. Keck, who re tired at year-end as comptroller. Joseph C. Fenner, head of the north east area of the Banks and Bankers Division, has been promoted from as sistant vice president to vice presi dent. He had formerly traveled the N orthwestern B a nk er area. IF IT’S IMPORTANT TO YOU... R. E. PALLU C K J. C. F E N N E R Others promoted from assistant vice president to vice president were: John M. Ducar, Division “ H” , and Philip Sparling, Division “J” , commercial YOU’LL FIND IT’S VITAL TO US! Unless it is good for our customers and our corre spondents, it's not worth having. That is part of our p h ilo s o p h y at The First National Bank. Only when the functions of our modern, electronic equip ment are translated into helping you does it take on real meaning. For a bank with all facilities and e q u ip m e n t p r o grammed to help you, make your first choice The First. MODERN BANKING FACtllTIES MODERN BANKING FACILITIES immediately bring to mind high-speed com puters, data process ing e q u ip m e n t and electronic sorting and accounting equipment. These are the tools of modern banking. HRST NATIONAL BANK N o r t h w e s te r n B a n k e r, J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 loan divisions; H. James Douglass, head of commercial business develop ment; Joseph A. Smole, government bond department; Clarke C. Stayman, real estate loan department; and Rich ard L. Thomas, who has been trans ferred from Division “C” to the term loan division. Additional promotions in the bank’s staff are as follows: From assistant cashier to assistant vice president— George C. Bergland, Division “G” ; Bernard A. Henry. Jr., Division “B”; Leo T. Hogan, Division “K” ; Norman W. Raedle, Division “J” ; Chauncey E. Schmidt, Division “K” ; and Arthur F. Stake, Division “F” , Commercial Loan Divisions; John K. Tull and Weston K. Whiteman, commercial business development; A. Thomas Davis and Olof D. Lindstedt, international bank ing department; J. Henning Anderson, operations department; and William E. Vojta, savings department. From assistant attorney to attorney—Ken neth G. Arnesen and Herbert V. Prochnow, Jr., law department. From trust officer to assistant vice president — Clyde H. Crooks, Benjamin C. Homola, Terence Lilly and D. J. Stavropoulos. THOMAS DUCAR SPARLING DOUGLAS SMOLE STAYMAN The newly-elected officers are as follows: assistant cashiers—John M. Brennan, Division “G” ; Clarence E. Cross, Jr., Division “F” ; and Thomas J. Sheehy, Division “ I” , commercial loan divisions; William E. Lussenhop, operations department; and Edward M. Sullivan, savings department. As sistant attorney—Elmer A. Holmgren, law department. Assistant manager— Richard V. Huml, real estate loan de partment. Trust officers—Jefferson Alison, III, Ralph C. Brennan, Nick C. Gravenites, Thomas K. Holmquest, Brian P. Shanahan, and Edwyn J. Stender. William H. E. Voss, assistant audi tor, was elected assistant cashier. f 45 IMPORTANT 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 st e r n B a n k e r , 306 Fifteenth Street, Des Moines, Iowa 50309. ATTRACT INDUSTRY . . . (Continued from page 29) ties: chairman of New London State Bank; president, Hillsboro Savings Bank; director, Henry County Savings Bank, Mount Pleasant; a director of Iowa Industrial Development Commis sion; vice president of Henry County Development Commission; director of Blue Cross of Iowa; chairman of In surance Plan Savings and Loan, Mount Pleasant; member of Henry County Hospital Board; vice chairman of Iowa Wesleyan College, Mount Pleasant; vice president of A. D. Hayes Eleva tors: president of S oybean s, Inc.; chairman of finance committee of Iowa Republican party; member of executive committee, Boy Scouts of America, southeast Iowa, and member of executive committee for the Girl Scouts in southeast Iowa. While this article is being published he has prob ably taken on several other activities. It is highly important that the first new industry meet with success. The progress made by Blue Bird Midwest, Inc., in Mount Pleasant has been a major factor in attracting other firms. Their ability to hire qualified people from the area influenced the decision made by Vega Industries. The fact that Mount Pleasant has doubled its school capacity in the past 10 years and cut taxes by one-third is an additional reason why you should get started toward building industry in your community. Special incen tives can perhaps be offered—but in the case of Mount Pleasant, each in dustry has been asked to pay its own way. No free land deals or tax free situations are offered, despite the fact they have been offered by competitive cities. Mr. Hayes and the other civic leaders feel that this is the only sound approach if you are to improve your local financial problems. Now that we are beginning a new year, you may wish to revise the pat tern for success for your city, publish your goals in your local newspaper so that all will be familiar with them and then—go to work! https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Quality in safety paper is a combination of many things: expe rience, research, technical know-how and production skill. Lithographers know that La Monte, the inventor of safety paper, has always maintained the highest standard of quality, however you measure it. GEORGE LAM ONTE & SON • NUTLEY 10, N o r th w e s te r n NEW JER SEY B a n ke r, J a n u a ry , 1964 H. G. PETERSON Ass’t Vice Pres. ÌVA\ P. B. DAMKROGER Ass’t Cashier R. G. ZIEMER Ass’t Vice Pres. E. N. AXNESS Ass’t Cashier C. P. LINDHOLM Ass’t Vice Pres. ,LLLLw~** 1 L l«9 » % ,wa it J S ] I v.'-j [ J D. E. CROULEY Senior Vice President l l A p. E. KOCH Representative J. M. JOHNSON Representative Serving Bankers Since 1872 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis L. P. GISVOLD Vice President M inneapolis, M innesota P hone 3 3 0 -8 1 2 3 DEPOSITINSURANCECO«PO«ATÌOH 47 debits climbed 11 per cent for No vember and 10 per cent for the first 11 months. In Montana the volume dropped 2 per cent for November and climbed 3 per cent during the 11month period. In North Dakota, No vember totals were unchanged and the cumulative total was up 9 per cent. In South Dakota bank debits were un changed for November and climbed 4 per cent for the first 11 months. M in n esota NEW S T. E. K. A. O LSO N W A LES P r e s id e n t S e cre ta ry S ta rb u c k M in n e a p o lis Winona Promotion Minnesota Bankers E n d o rse It rifa h f1*1)11 Itoaril HE Minnesota Bankers Associa the 103rd office for Thorp in four midtion council of administration has western states (Minnesota, Wisconsin, unanimously adopted a resolution enIowa and Missouri) and the Thief dorsing Minnesota Commissioner of River Falls branch is the fourth to be Banks Gerald L. Bryan for director established in Minnesota during the of the Federal Deposit Insurance Cor past year. Alan G. Berg has been named as poration, accord ing to MBA Pres manager of the office. ident Thomas E. Olson, executive FDIC Approval vice president of Banks at Minnetonka and Spring the First Nation Lake Park have received approval al Bank, Star- from the Federal Deposit Insurance buck. Corporation for FDIC insurance. They The resolution, are the Glen Lake State Bank at Min pa ssed b y t h e netonka, headed by Frank J. McCar governing body of thy, and the First State Bank of the a s s o c ia tio n Spring Lake Park, headed by Donald G. L. B R Y A N representing Min H. Gregerson. Capital accounts of the nesota’s banking industry, has been Minnetonka bank total $300,000 and at sent to President Lyndon B. Johnson, the Spring Lake Park bank they total who will soon make an appointment $200,000. to the FDIC board. The appointment will be effective January 24, 1964, upon Edina Promotions expiration of the term of Jesse P. W ol Thomas F. Allen has been promoted cott. from assistant cashier to cashier, and The resolution cites Mr. Bryan’s Paul A. Glass, installment loan man strong leadership as banking commis ager, has been sioner, and states that his loss would nam ed assistant be keenly felt in Minnesota. The Min cash ier, at the nesota Bankers Association council of F i r st Nat i onal administration urges the President to Bank, Edina, appoint Mr. Bryan, and says Mr. Bry Minn. an “could make a significant contribu Mr.Allen is a na tion and be of great service to his tive of Hastings, country and the banking industry as a Nebraska, and has member of the Federal Deposit Insur been with the Ed ance Corporation Board of Directors.” ina bank since The Federal Deposit Insurance Cor 1955. Mr. Glass T. F. A L L E N poration is the agency responsible for was with the First deposit insurance for banks through National Bank of Minneapolis prior to out the country and supervises exam joining the Edina bank in 1961. ination of FDIC member banks which are not members of the Federal Re serve System. There are three direc Bank Debits Increase The volume of bank debits reported tors of the Federal Deposit Insurance by a sample of Ninth District cities Corporation, and appointment to the for November increased 7 per cent board is for a six-year term. over November, 1962, according to the Federal Reserve Bank. The cumula Opens Loan Office tive total f-or the first 11 months of The 14th Minnesota office of Thorp 1963 indicated a 9 per cent increase Loan & Thrift Company has been from the comparable 1962 period. In Minnesota the volume of bank opened at Thief River Falls. This is T Kenneth P. Nelson has been named an assistant cashier at the First Na tional Bank of Winona, Minnesota. He joined the bank’s installment loan department in 1962 and now is an installment loan interviewer. N. H. Peterson N. H. Peterson, 66, executive vice president of the State Bank of Butter field, Minnesota, died recently of a heart attack. He had been with the bank for the past 12 years. To Install Computer First American National Bank of Duluth has completed negotiations for a Burroughs electronic computer sys tem. The computer will be installed in a specially equipped room on the third floor of the bank building. The system first will be used to sort and route personal and business checks. Eventually, the entire bookkeeping operations will be transferred to the system. Joins Tyler Staff David Citizens sota, as ly was Corps. F. Seibert has joined the State Bank of Tyler, Minne assistant cashier. He recent discharged from the Marine Hold S.B.A. Meeting More than 100 bankers from south eastern Minnesota recently attended a meeting in Rochester conducted by the Small Business Administration to outline the bank’s role in the agency’s loan programs. The Rochester Clear ing House sponsored the meeting. IMPORTANT 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 NORTHWESTERN B a n k e r , 306 Fifteenth Street, Des Moines, Iowa 50309. N o r fh w e s te r n https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B a n k e r, J a n u a ry , 1964 48 X T t LECTION of three vice presidents Four new directors have been named and four assistant cashiers at the at the First Minnehaha National Bank. Northwestern National Bank has beenThey are Harold M. Hitchcock, execu announced. tive vice president and treasurer, R. C. Peter R. Spokes, Ansel B. Anderson Hitchcock & Sons, Inc., metal casting and Philip I). W hitm an, formerly as- Company; F. M. Thim m esh, ‘presi dent, Rosco Manufacturing Company, road equipment manufacturer; Frithof T. Christensen, president, American Rug Laundry, and D. W ray Schorr, president, Hiawatha Metalcraft, Inc., aluminum processors and manufactur ers of builders hardware. * * * Directors of First Bloomington Lake SPOKES A N D E R SO N W H IT M A N National Bank announced the election sistant vice presidents, were elected of Gordon Olson as president to suc vice presidents. Gerald R. DeEand, ceed J j . R. Oberg, who moves up to chairman of the board. H arry D. Downing, LeRoy F. W erges Carl 1). Strom, cashier, was named and Olie E. Harris were named assist vice president and cashier. ant cashiers. The board announced also that the * * * At the First National Bank of St. bank’s lending limit had been in Paul, Robert E . Balfanz, assistant vice creased, the new limit to any one bor president, has been promoted to vice rower now being $100,000 representing 10 per cent of its capital and perma nent surplus account. This was ac complished by transfer of $100,000 to surplus from undivided profits. The bank’s capital funds now total $1,400,000. E C h ristm as R. E. B A L F A N Z f has been promoted f r o m v ic e presi dent and trust of ficer to executive vice president at the Fidelity Bank and Trust Compa ny. Mr. Undem is a native of Glen dive, Mont., and joined the Fidelity B a n k and T r ust C o m p a ny o . M. U N D EM in 1958. He was named vice president and trust officer in 1962. * First Hennepin State Bank has com pleted a “face-lifting” program for the exterior of its present quarters and the expansion of its facilities, includ ing installation of a new drive-up tell er window, new free customer parking and construction of a new lobby enObert M. Undem iP o lls MHsplai/rtl E . Roger Cunningham, James T. Gowan, Charles E. Nesbitt, Ronald E. Or chard, John D. Turner and W arren S. Tyler. Mr. Balfanz has been with the bank since .1938 and was named assistant vice president in 1960. Mr. Olson re places John Van Bodegom, Jr., who resigned to accept a building manage ment position on the West Coast. Mr. Olson has a background in engineering and has held several building mana gerial positions. B a n k e r, J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 4 r~ Á \ C. G. O L SO N president. Clifford G. Olson was named manager of bank building properties. Newly elected assistant cashiers are N o r th w e s te r n Mr. Oberg’s elevation to chairman of the board comes as he rounds out a half century of banking, 47 years of which have been spent at First Bloomington Lake National Bank. He has been president since 1951. * W ALL OF DO LLS was a feature of the Northwestern Bank’s Christmas decor this year. Displayed in the “ S k y w a y ,” an overhead w a lk w a y connecting the bank with t h r e e other s q u a r e b lo c k s in downtown Minneapo lis, the dolls were the work of Sertoma Club members. X V F 49 THE ROYAL BAN K OF CANADA W. Earle M c L aughlin Chairman and President A. F. M ayne Executive Vice-President C. B. N eapole General Manager R. W. Shannon Associate General Manager (INTERNATIONAL DIVISION) C on d en sed A n n u al Statem en t 30th N ovem ber, 1963 ASSETS Cash on hand and due from banks (including items in transit) 1963 $ 916,375,817 Government of Canada and provincial government securities, at amortized value....................................................................... 1962 $ 748,451,354 1,103,926,298 873,224,265 Other securities, not exceeding market value................................ 580,076,960 701,519,919 Call loans, fully secured ................. ............................................. 470,728,736 342,913,111 Total quick assets............................................... $3,071,107,811 $2,666,108,649 Other loans and discounts.............................................................. 2,141,900,104 2,007,134,003 252,504,138 265,238,040 Bank premises.................................................................................. 60,012,041 56,926,663 Liabilities of customers under acceptances, guarantees and letters of credit........................................................................... Other assets................................................................................... 181,267,413 7,144,201 126,442,080 6,900,693 $5,713,935,708 $5,128,750,128 Other liabilities................................................................................ $5,191,490,398 181,267,413 23,318,016 $4,673,708,399 126,442,080 17,355,174 Total liabilities to the public............................ $5,396,075,827 $4,817,505,653 Mortgages and hypothecs insured under N .H .A.................. .. LIABILITIES Deposits .......................................................................................... Acceptances, guarantees and letters of credit ........................... Capital paid up ........................................... .................................. 66,528,000 66,528,000 Rest Account.................................................................................... 250,000,000 1,331,881 243,071,200 1,645,275 $5,713,935,708 $5,128,750,128 Undivided profits ........................................................................... H E A D O F F IC E , M O N T R E A L OVER 1100 BRANCHES IN CAN AD A, THE CARIBBEAN AREA AND SOUTH AMERICA. OFFICES IN NEW YORK, LONDON AND PARIS. SPECIAL REPRESENTATIVES IN CHICAGO, DALLAS, LOS ANGELES; EUROPE, PARIS; FAR EAST, HONG KONG. CORRESPONDENTS THE WORLD OVER. N E W Y O R K AG EN CY 68 William Street i / R. M. CATTELL, Chief Agent J. SCHOLES, R. A. UTTING, Agents N o r th w e s te r n https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B a n k e r, J a n u a ry , 1964 50 Minnesota News trance off the parking area. Open house was held recently to mark the formal opening of the new facilities. James E . Dorsey, Jr., president, said the expanded facilities will serve the bank until its move into the proposed Scandinavian Center. * * * Joseph R. Kingm an I l f , of Wayzata, Minn., has rejoined the First National Bank of Minneapolis as assistant vice president in the trust department. Mr. Kingman has been in banking since 1950 and from March, 1962, until his new appointment he was with the Im perial Financial Services of Minneap olis. Prior to that he was with the First National as assistant vice presi dent. * * * in C h i c a g o . . , a landm ark known to Chicago visitors . . . equally renowned ip the heart o f the loop is the 44 story high CAROUSEL-IN-TH E-SKY (50 mile view of the city) • No c o v e r • No m in im u m • No e n t e r t a i n m e n t t a x luncheons from $2 dinners from $3.50 . . . 1800 newly decorated rooms and suites S in g le s fro m $ 7 . 5 0 D o u b le s fro m $10 .50 Tw in s fro m $ 1 3 . 5 0 o r r id o k H O TEL Clark and Madison Streets Chicago, III. • Tel. 372-9 6 0 0 National Bank who worked their way up from office boys to bank executives were honored on their 50th anniver sary in banking recently. They are Anthony O. Dokken, comptroller, and Wilhelm Jason and Leonard L. Berg1iind, vice presidents. * * * Capital stock of the Fifth Northwest ern National Bank has been increased $50,000 by a transfer from undivided profits to surplus, bringing total capi tal accounts to $1 million. * * A famous bronze, by internationally known sculptor Jacques Lipchitz, is being displayed on the Plaza of First National Bank of Minneapolis, and proving an attraction to art lovers. The 13-foot, ton and a half sculpture, “ Song of the Vowels,” is one of 115 sculptures brought to Minneapolis for exhibition. The other pieces are on display at the Walker Art Institute. The Minneapolis exhibition will con tinue to mid-January. * * * Virgil M . Dissm eyer has been named controller of Northwestern National Bank of Minneap olis. He replaced A nthony O. Dok ken, who has re tired after more than 50 y ears with the bank. Mr. Dissmeyer has been with the N orthwestern si nc e 1957. He was elected assist V. M. D IS S M E Y E R ant controller in 1958 and assistant vice president in 1961. * * * Robert A . Hoodacheck and Thomas J. Skinner have been elected assistant cashiers at theAmerican National Bank of St. Paul in the loan division and marketing division respectively. H < * * Norman R. Black, Jr., publisher of The Fargo Forum, and Arthur J. Jordan, Jr., president of Jordan Millwork Company, Sioux Falls, have been elected directors of the First Bank Stock Corporation. ACCIDENT, SICKNESS and HDSPITAL INSURANCE AT COST! Bankers are Select Risks and we have special coverage designed for Bank Men and Women. Write for Application and Information. M innesota Com m ercial M en’s Association 2550 Pillsbury Ave. S. N o r t h w e s te r n B a n k e r, J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 Minneapolis 4, Minnesota Merle J. Tomm eraasen has been elected a vice president of the Second N o r t h w e s t e r n National Bank. He has been with the bank since 1955 when he joined the bank’s credit depar tment . Be fore that he was with the North western National of M in n e a p o l i s from 1948 to 1954. He was el ec te d assistant cashier M. J. T O M M E R A A S E N in 1955 and assist ant vice president in 1961. A r r' 60th Anniversary The First National Bank of Nashwauk, Minnesota, recently marked its 60th anniversary. The bank was opened shortly after the first mining activity started in Itasca County. Seek Oslo Charter A group of five incorporators have filed application for a state banking charter for a new bank in Oslo, Minne sota. Proposed name of the bank is Valley State Bank of Oslo. The bank would be capitalized at $200,000. In corporators are Peter P. Gerszewski, Oscar M. Quern, Ernest W. Czapiewski and Max Campbell of Oslo and Leon Pribula of Alvarado. Named “ Man of the Year” Thomas E. Olson, president of the Minnesota Bankers Association and executive vice president of the First National Bank of Starbuck, Minnesota, was named “ Starbuck Man of the Year” recently by the Starbuck Cham ber of Commerce. A special testimo nial dinner was held in his honor. F X' V Á ON THE COVER A dramatic sight during the current Holiday Season for Minneapolis resi dents is the new silhouette lighting installation which outlines the First National Bank of Minneapolis build ing. In a pre-Christmas “lights on” ceremony, Penny Pilney, “ Miss Down town Minneapolis,” radioed from the bank plaza to an electrician on the rooftop, 28 stories up, and the lights blazed on to present the dramatic scene shown on the front cover. Shown with Miss Pilney are Rufus W . Hanson (right), executive vice presi dent of First National, and Roscoe Furber, president of the Minneapolis Downtown Council and vice president of Northern States Power Company. The installation includes 1,700 feet of bright yellow lights, strung verti cally on the tower’s four corners and around the roof. It is visible from all parts of the city. 4 > y Minnesota News 4 0 0 a !A if 51 the board of directors of the Security Bank and Trust Company of Owaton na, Minnesota, to replace Daniel C. Gainey. Daniel C. Gain ey served as a director for more than 22 years. Daniel J. Gainey is president of Jostens, Inc. Dan iel C. Gainey is chairman of the board of the same company. I HE rescheduled third annual Min tired recently after 45 years in the nesota Bankers Association Agri banking business. Among those at cultural Credit Conference proved totending the special retirement dinner be a success in spite of a last minute was G oodrich L o w r e y , president, change in dates. Originally scheduled Northwest Bancorporation. Reid Cleland, executive vice presi for November 25, the conference was postponed until December 12 following dent, succeeds Mr. Wuertz as presi the assassination of President John F. dent. Kennedy. New Duluth Director More than 400 representatives from Paul C. LaLiberte has been elected Minnesota banks attended the one-day a director of the First American Na meeting at Hotel Saint Paul. tional Bank of Du The conference was divided into luth. He is a pres three sessions: morning, afternoon and ident of Cutlerluncheon. Donald “Red” Blanchard, Magner Company Withdraw Application nationally-known broadcasting person and is a life-long ality, was the luncheon speaker. An application for a proposed First resident of Du Larpenteur State Bank, to be located Morning speakers included Robert luth. He also is a in Roseville, has been withdrawn. Carlson, director of the Livestock Mar d i r e c t o r of the ket Institute, South St. Paul; Allan Buckeye Steam Sauk Rapids Change Goff, head of hog procurement, Ar ship Company of mour & Company, South St. Paul; Har Kenneth A. Leyk has rejoined the Cleveland, Ohio; old Kvale, supervisor for the Farmers staff of the Northwestern State Bank director of the Na of Sauk Rapids, Minnesota, as assist Home A dm i n i s t r at i o n , Glenwood; P. C. LALIBERTE tional Lime Asso ant cashier in charge of the insurance Ralph Palan, adult vocational agricul ture instructor, Faribault, and George ciation and past president of the Du department. He first joined the bank C. Roadfeldt, president, Minnesota luth Engineers Club. in 1957 and in 1961 was granted a County Agents Association, Minneapo leave of absence to fulfill his military lis, and Robert Underwood, secretary, Owatonna Board Changes obligation. He recently was discharged Minnesota Vocational Agricultural In Daniel J. Gainey has been elected to from the Army. structors Association, St. Cloud. A. H. Stellner, president of the State Bank of Cyrus, and chairman of the Minnesota Bankers Agricultural Com mittee, presided in the morning. For Y o u r The afternoon program was directed by Conference Chairman A. H. Haakenson, president of the Austin State Bank. Delegates first met for discus sion sessions, then reconvened in the Continental Room of the Hotel Saint Paul. A panel of bank agricultural repre P a te n t, C o p y rig h t sentatives offering s u g g e s t i o n s for and T r a d e m a r k ... country banking included Maynard Lawrence, cashier of the State Bank reg u la tio n s are o u tlin ed in “ Your Guide to of New Ulm; O. H. Hagen, assistant Business in Canada,” published as a service to cashier, First National Bank, Austin; American executives by Canada’s First Bank. A. M. Severson, vice president and M an y other essential subjects, including Cana dian taxes and company formation, are discussed. cashier, First National Bank, Moor head, and Paul Lindholm, vice presi Th is booklet is one of a number of B of M publi dent, Blue Earth State Bank. cations which may help you render broader ser T CANADIAN vice to your Canadian-minded customers. For a free copy, write on your bank letterhead to our nearest U. S. office or to the Business Develop ment Division, Head Office, Montreal. Retires at Fergus Falls Arthur J. Miller, vice president and trust officer, Fergus Falls National Bank, retired recently after 42 and one-half years with the bank. He was honored at a special dinner attended by officers, their wives and older em ployees. Duane Larson, assistant vice presi dent, assumes Mr. Miller’s duties. Honor Henry C. Wuertz Henry C. Wuertz, president, Rock County Bank, Luverne, Minnesota, re https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TO3M ILLIO NCAN AD IAN S lip B a n k o f M o n t r e a l (panada 'a 'pt'iAt “SrutTi (?oa<}t BRANCHES IN ALL TEN PROVINCES District H e a d q u a r t e r s : H alifax , Toronto, W innipeg, C alg ary, Vancouver NEW YORK: Two W all St. CHICAGO: Board of Trade Bldg. • HOUSTON: Suite 716, 1021 Main St. SAN FRANCISCO: 333 C alifornia St. • LOS ANGELES: 508 S. Spring St. i "r^ead O ^ icc: THoatncaC 900 BRANCHES IN CANADA, UNITED STATES, GREAT BRITAIN, EUROPE AND JAPAN • RESOURCES $4,000,000,008 N o r th w e s te r n Banker , J a n u a r y , 1964 52 Minnesota News N am e F t*R A C om m ittees AROLD W. LEWIS, vice presi Those appointed by Mr. Lewis are: Commercial Development: Chair dent of The First National Bank man, Guy W. Steagal, assistant vice of Chicago, and President of Financial Public Relations Association, has ap president, Harris Trust & Savings pointed 10 financial executives to lead Bank, Chicago. Program chairman, ership positions in FPRA for the com John Callahan, vice president, Citizens ing year. They will act as chairmen & Southern National Bank, Atlanta, and convention program chairmen of Ga. Savings & Mortgages: Chairman, the departmental, the framework on which many of FPRA’s functions Mrs. Marian G. Haefeli, assistant vice and services are based. Chairmen will president, The Prudential Savings supervise activities within their spe Bank, Brooklyn, N. Y. Program chair cific areas of interest, and the program man, E. R. Gegenschatz, vice presi chairmen will figure in the planning dent, First Federal Savings & Loan of the association’s 1963 convention to Association, Miami, Fla. Trust Development: Chairman, Wilbe held in St. Louis, Sept. 27-Oct. 1. H liam F. Delafield, vice president, The First Pennsylvania Banking & Trust Company, Philadelphia, Pa. Program chairman, J. Brooks Corwine, vice president, Harris Trust & Savings Bank, Chicago. Installm ent Credit: Chairman, J. Ralph Wagner, president, Bank of Dearborn, Mich. Program chairman, Edward M. Penick, president, Worthen Bank & Trust Company, Little Rock, Ark. Staff Relations: Chairman, R. G. Virta, vice president, Security Bank, Lincoln Park, Mich. Program chair man, Frank S. Farrington, vice presi dent, Park Na tional Bank, New ark, Ohio. Financial P u blic Relations As sociation has an nounced the addi tion of a new ad ministrative man a g e r w h o will serve in the asso ciation’s cent r al R. J. L I N D L E Y office in Chicago. He is Robert J. Lindley, Bloomington, 111., formerly manager of public rela tions for Funk Brothers Seed Compa ny, and executive vice president of the Bloomington Association of Commerce. Independents Elect Three Minnesota bankers were elect ed to the executive council of Inde pendent Bankers of Minnesota. They are Russell M. Gesell, president of Cherokee State Bank, St. Paul; Pat DuBois, executive vice president, First State Bank, Sauk Centre, and Ray Mikolajczyk, executive vice president, Northeast State Bank, Minneapolis. Organize Willniar Bank Following approval by the Comp troller of the Currency in August, the Citizens National Bank has made a tentative decision on a site for its new building on West 2nd Street. Con struction is planned to start this spring, according to George E. Hulstrand of Willmar. The bank is capi talized at $250,000. Open Savage Bank The newly-chartered Valley Nation al Bank has opened its doors on High way 13 east of Cedar Avenue in Eagan Township, according to Richard Cole, vice president and cashier. W. G. Andrews, chairman, is a former exec utive vice president of Archer Dan iels Midlan Company, and A. J. Roszak, president, is a former vice presi dent of the Drovers State Bank, South St. Paul. N o r t h w e s te r n B a n k e r, J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 53 the bookkeeping department and the basement features a community room. A grand opening is planned for February. South D akota NEW S % SCO TT A. S. LO V A LD G U L L IC K S O N P r e s id e n t S e cre ta ry Groton Open House P h ilip H u ro n IS. J. Thomson Retires Announcement was made last month of the retirement of N. J. Thomson of the Farmers and Merchants Platte Branch of the Na tional Bank of South Dakota ef fective December 31. An open house was held in his honor. Mr. Thomson, a banker at Presho, came to Platte in F e br uar y, 1931, to e st abli sh the N. J. THOMSON Farmers and Mer chants Bank after the first three banks in Platte had failed. He later opened an office of the Platte bank in Corsica, and in 1938 started a bank at Wessington Springs. In December, 1962, the Thomson banks were acquired by the National Bank of South Dakota. S.D.B.A. Committees Three important committee meet ings were held last month by the South Dakota Bankers Association. The first was in Rapid City to plan the 1964 state convention; the next was a meeting of the insurance com mittee in Huron, and just prior to Christmas a joint meeting of the legis lative committee and the executive council was held in Pierre. The 1964 session of the South Da kota State Legislature opens January 7 and the state association headquar ters again is located in the Terrace Motel in Pierre. plished almost single-handedly by Curtis Mateer, executive vice presi dent of the Pierre National Bank, Pierre.” “Most significant,” says Mr. Kryzs ko, “is the fact that the total of 75 per cent of banks enrolled is almost twice the national figure of 39 per cent. This is something for bankers in other states to shoot at.” Nearly 500 persons toured the re modeled Groton Branch of the First National Bank of Aberdeen during an open house recently. The Branch un derwent extensive remodeling and “face-lifting.” Anisberry Honored D. P. Amsberry, president, Farmers State Bank, Carthage, South Dakota, was honored on his 45th anniversary with the bank at a recent open house. He began his duties with the bank in November, 1918, coming from Badger. Rapid City Open House Name Changed The name of the Union Savings Bank in Sioux Falls has been changed to the Union Bank & Trust. Razing of buildings at 10th Street and Main Avenue has gotten under way to make room for a new bank building. Construction on the twostory building is to begin next spring. In New Quarters An open house recently at the Villa Ranchaero office of the First National Bank of the Black Hills signaled com pletion of a remodeling project which added 1,000 square feet to the banking area. An additional customer checking counter, a new service desk and win dow and considerable lounge space for customers are included in the enlarg ing project. The Farmers State Bank, Winner, South Dakota, moved to its new build ing at Fifth and Main Streets last month. Features of the new building in clude drive-in facilities, a night de pository, and a 23-car parking area. On the ground floor are six teller windows, the vault, officers’ desks, private conference offices and a large lobby area. The second floor houses Y e IMPORTANT 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 th w e s t e r n B a n k e r , 306 Fifteenth Street, Des Moines, Iowa 50309. s th a t’s m y b a n k f" N S&L Approved The South Dakota Banking Commis sion has approved an application to establish a savings and loan associa tion in Pierre. It will be known as the First Dakota Home Savings and Loan Association. TO Join Foundation Membership of South Dakota banks in the Foundation of C omme r ci al Banks increased by 40 banks during a two-month period last fall. This brings membership to 129 of the 172 commercial banks in the state. S. J. Kryzsko, Foundation vice chair man, said, “This gain was accom- May we help you with your T R A N S IT m and Í ] lU C O L L E C T IO N IT EM S? BANK m ■ fc lO R T H W E S T E R N N A T IO N o r th w e s te r n https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis rs B X I_ B A N K Sioux Falls, South Dakota B a n k e r, J a n u a ry , 1964 54 N o rth D a k o ta NEW S $1,000,000. Undivided profits amount to over $200,000. Construction work on the new build ing for the bank is progressing on schedule, and should be ready for oc cupancy in the spring of 1964. A f Minot Appointment O. K. W , J. A N D ERSO N DAN ES P r e s id e n t S ecreta ry La k o ta B is m a r c k S econ d A n n u a l Sin dh D a k o ta Aa C on feren ce It iff S u ccess LL banks in North Dakota are ex Agricultural Loan” was the title of a tending credit to farmers and talk given by Roger West, assistant ranchers,” stated Ed Savidge, deputysupervising examiner, Federal Deposit manager of the American Bankers Insurance Corporation, to open the Association, in a talk at the second Saturday morning session. He was annual agricultural credit conference followed by Gerald Nilles, Fargo attor ney, “Legal Aspects of Agricultural at Fargo, December 5-7. Lending,” and Ralph Trom, Kindred “This is as it should be in a state State Bank, “Financing Seed and Fer that is primarily agricultural, but the tilizer Through Elevators.” important point is that all banks, re gardless of size and location, are in the picture,” said Mr. Savidge. “With Williston Appointmenl the increasing capital needs in agri Morris Stromme has recently been culture, more must enter the farm elected to the board of directors of the credit market if banking is to main American State Bank of Williston. He tain its leadership position in this is 40 years old and a farmer in the area.” Williston area. The talk given by Mr. Savidge em phasized the general feeling at the conference that agricultural credit is Turtle Lake Remodeling The interior of the building that a top concern of North Dakota bank ers. The conference was another out houses the Turtle Lake station of the standing success, with total registra Farmers Security Bank of Washburn has been extensively remodeled. tion of 114 men and 43 women. A A new ceiling and new furnishings O. K. Anderson of Lakota, associa have been installed and a night deposi tion president, led off the session which included three other top speak tory has been added in the entrance ers: Arlon Hazen, dean of agriculture lobby of the building. Another new at North Dakota State University, feature is an air conditioning system. “What Is Ahead for Agriculture?” ; Dick Crockett, chairman of the Great Leaving Fargo Bank er North Dakota Association’s agricul C. F. Potter, vice president of the ture committee, “A Farmers Looks at Merchants National Bank and Trust the Future,” and Mr. Savidge, “Bank Company of Fargo, has resigned to ers’ Position in Financing Agricul accept a position as vice president of ture.” the First National Bank of East Chi Luncheon sp e ak er was Dr. John cago, Ind. He assumed his new post Neumaier, president, Moorhead State on January 1. College, Moorhead, Minn., and opening the afternoon session was a panel on “Why I Do Business With a Bank,” Hazen Open House An estimated 1,000 persons visited which included a group of farmers and the Union State Bank in Hazen recent ranchers of the area. ly on the occasion of the bank’s open Bill Daner, NDBA secretary, con house in their newly remodeled and cluded the Friday session with a talk enlarged quarters. on “ The C o m p e t i t i v e Position of Banks.” A. S. Gullickson, executive secretary, South Dakota Bankers Asso Capital Increase ciation, was the banquet speaker Fri The Merchants National Bank & day night. Trust Company of Fargo recently in “How a Bank Examiner Analyzes an creased its surplus from $900,000 to N o r t h w e s te r n B a n k e r, J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 Robert A. Carr has been appointed as a staff member of the auditing de partment at the First National Bank ' of Minot. His primary responsibility will be the handling of the payroll to gether with other auditing duties. Tulsa Promot ions Promotions for three new vice pres idents, and the appointment of three new directors have been announced by the First National Bank and Trust Company of Tulsa. New board members are F. Ran dolph Yost, president of Pan American Petroleum Corp., G. H. Westby, presi- ^ dent of Seismograph Service Corp., and W. K. Warren, Jr., president of Warren American Oil Co. at the First of Tulsa in cluded those shown here. From left they are M . J. Budd, vice president; Kenneth Barton, auditor, and C. E. P otts, vice y president. Robert Kirkland, also named vice president, was out of the city when the photograph was taken. P R O M O T IO N S New vice presidents of First Na tional announced by F. G. McClintock, president, were M. J. Budd, real estate loans; Robert Kirkland, national ac counts, and C. E. Potts, operations. IMPORTANT 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, Iowa 50309. 55 The bank took initial steps to pay a stock dividend. Directors voted to ask stockholders approval of an in crease from $6 million to $12 million in authorized shares of capital stock, setting the base for a projected 75 per cent stock dividend. New annual dividend rate is proposed at a $1 per share, which is equivalent to $1.75 per share on the present stock, which now pays $1.60. M o n ta n a N E W 0. J. DUNDAS R. C. W A LLA CE P r e s id e n t S ecreta ry S G r e a t F a l ls H e le n a Named Ag Representative been named agri c u l tu ra l representative by the S e c u r i t y Tr ust and S a v i n g s Bank, Billings, Mont. F o r the past year he has been manager of a B il l i n g s com mercial fertilizer soil service center and prior to that he was a voca tional agriculture teacher in Absorokee. Seek Great Falls Charter Application has been filed for a new state bank to be located on 10th Ave nue South in Great Falls, Mont. Making the application were Charles W. Rubie, president, and Jay McLeod, vice president, Central Bank of Mon tana, Great Falls; R i c h a r d Rubie, president, and Phil A. Yates, vice president, Citizens Bank of Montana, Havre; Harold Pitts, president, Miners National Bank, Butte; Frank Servoss, executive vice president, First State Bank, Chinook; A. C. Kammerzell, Chester, director, Bancorporation of Montana and Central Bank of Mon tana. Installs Computer The Central Bank of Montana, Great Falls, is headquarters for the largest non-military data processing system in Montana. The system is being in stalled to serve Central Bank and its affiliated Bancorporation of Montana banks and other companies. Charles W. Rubie, president of Bancorporation of Montana, said the sys tem is being installed and placed in operation by a team of engineers from the National Cash Register Company. As soon as the computer is placed in operation it will begin processing check transactions for the Bancorpora tion of Montana banks, which include Central Banks of Montana, Great Falls; Cititzens Bank of Montana, Havre; Miners National Bank, Butte; Farmers-Merchants Bank, Rudyard; Farmers & Stockmen’s Bank, Valier; First State Bank, Chinook; Liberty County Bank, Chester, and Northern Montana State Bank, Big Sandy. Clifford Holtz has been promoted to cashier at the Central Bank. He has been with the bank since 1961 and is manager of the Central Computer Cen ter. Prior to joining Central Bank he was a Montana State Bank Examiner. Kalispell Construction January 15 is the target date for completion of a remodeling project for new quarters of the new Valley Bank of Kalispell. Quarters formerly occu pied by a grocery store are being re modeled for the bank. Included in the project are the installation of a drivein window, remodeling of the interior for offices and banking facilities and installation of a vault. Ample parking facilities will be provided. Dedicate Bronze Sculpture Dedication of a bronze sculpture, towering 30 feet above street level, took place in Kansas City last month. Known as the “ Muse of the Mis souri,” the sculpture and fountain that accompanies it were commissioned to be done by James M. Kemper, chair man of the Commerce Trust Company, Kansas City, on behalf of the David Woods Kemper Memorial Foundation. The project is located at the heart of Commerce Trust Center in downtown Columbia Falls Change Howard Austin has been named vice president of the Bank of Columbia Falls, Mont., succeeding Jack King, ex ecutive vice president, who has joined the new Valley Bank of Kalispell. Also, John Gilbert, vice president and cashier, retired December 31. He had been with the bank for eight years. Wells Fargo Election Peter T. Sinclair, president of Crown Zellerbach Corporation, and H. Steph en Chase, executive vice president of Wells Fargo Bank have been elected to the board of directors of Wells Fargo Bank, San Francisco. It was also announced that B. R. Funsten, president of B. R. Funsten & Company, and a director of the bank for over 25 years, was elected an advisory director. O V E R H E A D P H O T O of dedication cere monies at fountain site in the heart of Commerce Tower Center. Kansas City. Mr. Kemper then pre sented the fountain as a gift to the city. As the statue was presented, it was unveiled. Mayor IIus Davis ac cepted the fountain on behalf of the city of Kansas City. The statue depicts a goddess who presides over song, poetry and many fields of the arts and sciences. “ The Muse” holds a net in a broad sweep behind her with fish tumbling from it. Water spouts into the upper basin of the pedestal on which the statue stands. The water then cascades over six overflow spouts to the fountain below. IMPORTANT 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 th w e s t e r n B a n k e r , 306 Fifteenth Street, Des Moines, Iowa 50309. R. S. CH ASE P. T. S IN C L A IR N a r fh w e s te r n https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B a n k e r, J a n u a ry , 1964 56 C o lo r a d o -W y o m iiig » « s K . M . H A L L , C o lo r a d o S p r in g s P r e s id e n t C o lo r a d o B a n k e r s  s s n . an affiliate of Colorado National in that stock of Northeast is largely held by Central National Bank stockholders. A Clearings Climb r Bank clearings in Denver in the first 11 months of 1963 rose nearly $400 mil lion above comparable 1962 figures. To tals were up to $12,262,932,627 this year from $11,869,602,057 in 1962. W . F. M ESSEN G ER , Cody P r e s id e n t W y o m in g B a n k e r s A s s n . Heads Denver Fed John W. Snider, cashier of the Fed eral Reserve Bank of Kansas City, has been appointed to succeed Cecil Puck ett as vice president in charge of the bank’s Denver branch. Mr. Puckett retired at year-end. Mr. Snider started with the Kansas City Reserve Bank in 1953 as a meth ods analyst and became manager of the planning department in 1955. He was made an assistant cashier in 1957 and promoted to cashier in 1962. Mr. Puckett has been in charge of the Denver branch since July, 1955, and prior to that was dean of the col lege of business administration at the University of Denver. First of Denver Dividends, Promotions Directors of the First National Bank of Denver have approved a special dividend of $1.50 a share in addition to the regular quarterly dividend of $1.25 a share. Donald L. Richard and John L. Ty ler have been promoted to vice presi Joins Littleton Bank dents from assistant vice presidents. Richard C. Dice, Robert J. Sullivan and Robert I. St. Clair were promoted to vice presidents and trust officers from trust officers. Francis W. Collopy, Caleb F. Gates, William S. Hershberger and Lawrence A. Nowell were promoted to trust offi cers from assist ant trust officers. Ralph R. Adams, Royce B. Clark, Ber wyn Davies, Richard B. Duffy, Thomas W. Hanlon and William E. Wegner were promoted to assistant vice presi dents from assistant cashiers. Keith R. Osborne has been named a vice president of the Arapahoe County Bank, Littleton, Colo., and Arthur L. Webber has been elected cashier of the same bank. Mr. Osborne formerly was assistant vice president in the installment lend ing department and now is in charge of lending policies and procedures. Mr. Webber formerly was assistant vice president in charge of customer serv ices. Dave Auston, former vice president of Central Bank & Trust Company, Denver, has been elected a vice presi dent of University Hills Bank in Den ver. He will be in charge of the in stallment loan department of the bank. Director Named Melvin J. Roberts, president, Colo rado National Bank, Denver, has been elected chairman of the board and di rector of the Northeast Colorado Na tional Bank in Denver. The latter is Tl eres talk» >ng bankers action The bank that serves the entire Pacific Coast, from Los Angeles to Seattle. The 82-year-old Stock Growers Na tional Bank, the oldest such institution in Wyoming, has announced that it is changing its name, effective January 2, to First National Bank and Trust Company of Wyoming. The safe deposit operations will op erate under the name of the Stock Growers Safe Deposit Company. Seek 5tli Casper Bank Application for a fifth bank for Cas per has been filed with John Thomas, chief bank examiner, Denver. Pro posed location is in the Hilltop Shop ping Center. Name of the bank would be the Hilltop National Bank of Cas per. Organizers are Hardy V. Rat cliff, manager of Western Equipment Company; W. M. Barnard, real estate man; R. E. Dove, owner of Modern E l e c t r i c Company, and John D. Hoover, Casper insurance man. Cas per Attorney Donald Chapin is corre spondent for the organizers. The application is the second in less than three months for a national bank, both proposed for suburban areas. Fast, accurate source of information on credit, markets, opportunities any IMPORTANT NOTICE! W e want to publish news of any SAN FRANCISCO LOS ANGELES SEATTLE PORTLAND TACOMA • AND 25 CALIFORNIA CITIES THE BANK OF CALIFORNIA, NATIONAL ASSOCIATION • THE ONLY COASTWIDE BANK • MEMBER F. D. I. C. N o r t h w e s te r n B a n k e r, J a n u a r y , 1964 r I l f/omffi#/ N e w s where in California, Oregon, Washington. The bank on the move in the West. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis /■ Cheyenne Name Change Denver Change THE BANK OF CALIFORNIA K j 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 st e r n B a n k e r , 306 Fifteenth Street, Des Moines, Iowa 50309. yr > A K A X *r- V Wyoming News The first application was for the Western National Bank of Casper with the proposed bank to be located near the Westridge Shopping area. Details of this application were reported in the N orthwestern B a nk er last month. Organizers hope to have a decision on this bank this month. Casper Promotion The board of directors of the W y oming National Bank, Casper, has an nounced the election of Jack T. Dalton as auditor. Mr. Dalton started with the W y oming National Bank in January, 1960, and has been a member of the auditing committee since May, 1961. He is a graduate of the University of Wyoming, and worked with the Den ver U. S. National Bank in Denver at one time. Heads DuBois Staff George Blevins, formerly a bank ex aminer working in Montana, has been named vice president and cashier of the recently opened Dubois National Bank, Dubois, Wyo. Mr. Blevin will be the chief operating officer under the direction of Harry F. Hays, Del Crouse and John F. Benesch, all asso ciated with the American National Bank of Riverton, Wyo. Powell Open House The new American National Bank of Powell, Wyo., opened for business last month at Second and Bent Streets on the site that was the location of the First State Bank many years ago. Opening of the new bank was cele brated with a public open house. a total capital and surplus of $1,850^ 000. Capital accounts, including undi vided profits and reserves, are now more than $3 million. t in it t i in if t Bro tfre s s President of the new bank is George Cooke. Joins Cheyenne Bank Roger Weidner, 33, has joined the staff of the Cheyenne National Bank, according to A. H. Trautwein, presi dent. Mr. Weidner was formerly associ ated with the Farmers and Citizens Bank of Lancaster, Ohio. He will serve as assistant cashier in the mort gage loan department in Cheyenne. Capital Passes $3 Million R. J. Hoffman, president of the American National Bank, Cheyenne, has announced that the bank has transferred an additional $50,000 from undivided profits to surplus, making T O P P IN G O U T ceremony at The Northern Trust Company’s new 14story addition was conducted last month by Edward Byron Smith, bank chum.; Solomon Byron Smith, chmn. of bank’s exec, comm., and Chicago Mayor Richard J. Daley, shown from left to right. The new structure, which will cost an estimated $20,000,000, -will pro vide The Northern Trust with 450,000 square feet of additional floor space, which will be devoted to bank use for customer service, operating departments and dining facilities. Over half of the bank’s 1,500 people are now located in leased space in buildings adjacent to the bank prem ises in Chicago. Occupation of the new addition is scheduled for spring of 1965. From Year to Year we look forward with pleasure to knowing and serving you better. 1 he Central is a fully automated bank where such equipment provides better service to our customers, but there are some things which we w ill never automate — the warm personal attention which we bring to all your banking needs... In this N ew Year, Check with Central ^ for the finest, most complete ^ A FULL-SERVICEj k . r correspondent service. MEMBER: FEDERAI DEPOSIT IN SU R AN C E C OR POR ATION FEDERAL RESERVE SYSTEM https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A N D T R U S T G O . C E N T R A L P A R K . . . 1 5 T H A N D A R A P A H O E S T . , D E N V E R , C O L O R A D O 8 0 2 17 N o r th w e s te r n B a n k e r, J a n u a ry , 1964 58 You can read all these - or give U.S. a call Y o u ’d be wise to refer to all these sources regularly to keep com pletely up to date with market trends and the current fin an cial situ a tion in relation to your bank portfolio. And that’s only the beginning! Keeping up to date could turn into a full-time job. It is a full-time job for U.S. National portfolio analysts. T h ey’ll be happy any time to review your portfolio and make recommendations for your consideration. Mention it to your man from U.S. N A T IO N A L . Whether i t ’ s a co m p le te portfolio analysis or recommendations on a particular transaction, he’ll see that you get an accurate and prompt report. Call U.S.— 341-8765, Omaha. MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION N orthw estern B a n k e r, J a n u a ry , 1964 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 59 J. Dale Milliken, president, said the bank expects to start in the spring on a building which will house two teller windows. N eb rask a NEW S LYM A N H A R R IS M. STU CKEY V. O STERRERG P r e s id e n t S e cre ta ry Trenton Open House Completion of new quarters was the occasion for an open house celebration at the State Bank of Trenton recent ly, with nearly 1,000 persons in attend ance. L e x in g t o n O m aha H e n r y Leif X etr Hunliinif D irec to r ENRY E. LEY has been appointed merce and member of the Nebraska director of banking for Nebraska Hall of Fame Commission. by Governor Morrison. The appoint Mr. Ley is a talented musician and ment will be effective February 1. Mr. maintains an active interest in the Ley is president and trust officer of dramatic arts. He is married and has the State National Bank of Wayne, two sons and one daughter. Neb. H He will take over the office vacated October 19 by Ralph Misko when the latter resigned after a new state law was passed prohibiting t h e banking director from having an interest in any financial institu tion chartered by the s t a t e . Mr. Misko has an op tion to purchase the First Security Bank of Holdrege in December, 1964. The 60-year old new director of banking is a long-time Nebraska banker. He started work full time for the State National Bank of Wayne in 1925 after attending Wayne State Teachers College, the University of Nebraska and the University of Ari zona. He held several officer positions before being elected president in 1957. Mr. Ley has been active in both banking and civic work. He was president of Group 3 of the Nebraska Bankers Association and also served one term as a member of the NBA executive council. He is currently president of the Wayne Industries Board, vice president of the Wayne State Foundation, and is a past presi dent of the Wayne Chamber of Com Cambridge Open House The First National Bank of Cam bridge recently held an open house to show off their new facilities. The building has been remodeled and en larged, with the street-level entrance toward the west. Honor Carthage Banker The building, containing 2,400 square feet, is of brick and concrete slab con struction. Terrazzo flooring is fea tured in the lobby and operations sec tion and carpeting in the conference room and officers’ section. The occasion coincided with the ful fillment of 55 years of banking in Ne braska for Adolph Thuman, president of the bank. Forty-five of these years were served in Trenton. Name Insurance Agent Jack Hill has been named Nebraska manager for the St. Paul Insurance Companies, and will office at 4727 Cen ter Street in Omaha, Mr. Hill started in the company’s engineering depart ment in 1949. Donald P. Ansberry, president of the Farmers State Bank of Carthage, was honored recently with an open house at the bank, commemorating his 45 years of service with the bank. He came to the bank in 1918 as an as sistant cashier. L. N. Larson, vice president, Com mercial State Bank of Wausa, Neb., retired at year end. He will continue in the insurance business as partner of the Larson-Tiemann Agency. Fremont Construction C. T. Young The Fremont National Bank of Fre mont has purchased the Greyhound bus depot and plans to construct a drive-in banking facility on the prop erty. C. T. Young, 73, president, Cozad State Bank, died recently at his home. He had been president of the bank since 1933 and was active in cattle feeding and irrigation projects. H eat rice Retires at Wausa t o u s t ru ction U n der IMPORTANT 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 st e r n B a n k e r , 306 Fifteenth Street, Des Moines, Iowa 50309. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N E W L O O K for an entire block will be provided in Beatrice, Nebraska, by a $293,000 construction and remodeling project now underway at the Beatrice National Bank and Trust Company. The project got underway in October and is to be completed around June 1. Included is the new half-block long, three-story structure shown at left. This building will feature two drive-in windows, 179 parking stalls on three levels and four offices. Exterior of the present building, shown at right, will be remodeled to match the modern design of the new building. N o r th w e s te r n B a n k e r, J a n u a ry , 1964 60 O m ah a N ew « T THE conclusion of the Decem man of the board. Mr. Brady’s duties ber monthly meeting of the board have included operations in the audit of directors of The Omaha Nationaling and bookkeeping departments as Bank, W . B. .Mil well as personal and commercial loans. la r d , Jr., chairHe came to Douglas County Bank m a n, announced from Hanford, Calif., where he held a the e l e c t i o n of position with Armstrong Rubber Com Edward C u d a h y pany. * * * as a member of the board. The Center Bank has increased its Mr. Cudahy is surplus by $100,000, bringing total cap chairman of the ital structure to $1,179,000. board and presi W . B. Hargleroad, Jr., president of dent of the Cuda the bank, said the bank’s surplus is hy Packing Com- now $500,000, the capital is $500,000 E. C U D A H Y p a n y H e h a s and undivided profits amount to $179,been a director of the packing com 000. pany since 1950. He was elected pres Construction is currently underway ident January 1, 1963, and chairman, to more than double the space occu November 20, 1963. pied by the bank. Work is expected * >i= * to be completed by the first of Febru Carl A . Brady was elected vice pres ary, Mr. Hargleroad said. iJC »(€ ident of the Douglas County Bank, it was announced last month by K en The First National Bank of Omaha neth G. Harvey, president and chairgave away 15,300 bank games in three A days, and hundreds more on subse quent days. The offer of the game free to anyone who comes in the bank (December N o r t h w e s t e r n B a n k e r ) was made through a two-page, double-truck, fullcolor advertisement in the Omaha World-Herald in early December, and through announcements on Omaha’s three television stations, beginning the same day. “ The rush began Wednesday,” said Don Anderson, First National’s assist ant vice president for advertising and public relations. “Wednesday noon the crowds on our first floor lobby were like those in a department store on bargain day. By closing time Friday, we had given away 15,300 games.” ^ * The election of Richard E. Hannon as assistant vice president and Jo seph A . Mandolfo as assistant cashier R. L. H A N N O N A T K / J. A. M A N D O L F O was announced last month by Joseph F . Ringland, Jr., president of the South Omaha Bank. Mr. Hannon is the manager of the y ~r~ H on ored Á Municipal and Corporate Bonds Listed Stocks K Unlisted and Local Stocks ORDERS EXECUTED ON A L L PRINCIPAL EXCHANGES A K CHILES & COMPANY Member, Midwest Stock Exchange O M AH A, N EBRASKA L IN C O L N , N E B R A S K A 412 Farm Credit Building 1321 P Street Phone 346-6677 Phone 432-3324 L E X IN G T O N , N E B R A S K A CH AD RO N , NEBRASKA 999 East 6th Street Ernst & Bieck Building N o r t h w e s te r n B a n k e r. J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 M A N OF T H E Y E A R award was presented to H enry R. Roose, vice president, United States National Bank, Omaha, by Benson Post 112 of the American Legion in Omaha. He was cited for his service to the community, particularly in the area of youth. Mr. Roose is shown here holding the citation as Herman Luenenberg, Benson Post 112 service officer, and M rs. Roose look on. Ar r 61 R a d iO C O P Y p r o b a b ly ta lk th in gs o v e r n eed fin a n c ia l a d v ic e , y ta lk W hen y ou ne a d v ic e , he m a y , W hen he neeua -r h o m e to w n han e . T h rou gh w ith y ou a l a r g e r c it y . „ - r e s p o n d e n t bann th in gs o v e r w ith h is «= ^ ^ ^ ^ t b a n k s w o r k to g e t out the M id w e s t a va m o d e r n b a n k in g s e r v i c e . _r s iz e s enj y e r to h e lp c o m m u n it ie s h o m e to w n ban k, to , „ s e r v i c e s b y ban k in g a M ak e u s e of th o s e a d d itio n to c h e c k in g and s a v in g N o roa tter f im p o r ta n t fin a n c ia l s e r h ow s p e c ia lis e d y o u r n e e d s m a j p x o e r ie n c e ha h e lp y ou . H is k n o w le d g e an b g e n put to u s e th o u . . and he w ill b e san d s of t im e s to h e lp o th e r s m i on v e r y gla d to h e lp y o • ^ s e r v ic e , N ext tim e y o m e s s a g e h as b e e n i oral ban k er. the m an to s e e is y ou r ^ ^ m any c o r - . T h e O m aha N a tion a l Ban b r o u g h t to y o u y ra w est. „ th rou g h ou t the g r e a t M m r e s p o n d e n t ban ks th ron g '■? One of a series of radio commercials broadcast by The 0 Jii all a National Bank M em b er Federal D eposit Insurance Corporation N o r th w e s te r n https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B a n k e r, J a n u a ry , 1964 62 N eb ra ska News York Open House IH r w to r s Wí' í-í'/ i í ' Over 2,000 persons attended an open house in the First National Bank of York recently, which was celebrating the opening of its new motor bank. The new facility consists of two driveup windows, a drive-up night deposi tory and a walk-in lobby. Harry M. Krogli Harry M. Krogh, 65, died recently in McCook. He was executive vice presi dent of the First National Bank of McCook. Plainview Bank Converts The Plainview State Bank of Plainview has recently received approval to convert to a national bank and now is called the Plainview National Bank. The bank has begun an extensive re modeling project which will include the installation of a night depository. F IV E D IR E C T O R S of the United States National Bank of Omaha, including Edward W. Lyman, president, were among 11 members of the Strategic Air Command Consulta tion Committee presented Air Force Exceptional Service Awards last month. Above, General Thomas S. Power, SAC commander in chief, presents the awards to, from left: Fred P. Curtis, president, Lyman-Ricliey Sand & Gravel Corporation; Leo A . D aly, president and treasurer, Leo A. Daly Company; A lm a F. Jacobson, president, North western Bell Telephone Company; Edw ard W . L ym an, president of the bank, and John F. M erriam , chairman of the board, Northern Natural Gas Company. installment loan department and has been in the financial field since 1955. He joined the staff of the South Oma ha Bank in 1960. Mr. Mandolfo joined the staff of the South Omaha Bank in 1961 after eight years’ experience in the financial field. He will continue in the installment lending department. * * John M. Shonsey has been elected president of the advisory board of Archbishop Bergan Mercy Hospital. ARE you Mr. Shonsey, executive vice presi dent of The Omaha National Bank, took office on January 1. ^ jji * W ayne Tlioi iulyke, vice president of the United States National Bank in Omaha, was the featured speaker of the 10th annual Southeast Nebraska Feeder Tour and Banquet last month. Mr. Thorndyke spoke at the evening dinner at the Gage County 4-H Build ing at the fairgrounds. The tour was held during the day near Wymore. PLANNING FOR Gus Houfek Funeral services were held for Gus Houfek, president, Home Bank of Malmo, Neb. 68 and a life-long resident of recently Security He was Malmo. Plan Capital Increase Stockholders of the First National Bank and Trust Company, Beatrice, Neb., at the annual meeting will vote on a proposed increase in capital from $200,000 to $400,000 via a stock divi dend resulting from a transfer of $100,000 from surplus and $100,000 from un divided profits. Remodeling Underway The Plainview State Bank, Plainview, Nebr., has started an extensive remodeling program. A night deposi tory is included in the plans. AUTOMATION? W e have a new concept of the type of check to be given to those accounts who refuse to purchase fully personalized checks. LET US EXPLAIN OUR PLAN TO YOU 1201 S OUT H SI XTE ENTH STREET OMAHA 8, N E B R A S K A Uni « ¿S tates : H a r t hfor w eFRASER s te rn B a n k e r, J a n u a r y , 1964 Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ' ■ : 63 A NEW YEAR’S RESOLUTION FOR 1964 We resolve to provide the best correspondent service available to bankers anywhere. FIRST NATIONAL BANK OF OMAHA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r th w e s te r n B a n k e r, J a n u a r y , 1964 64 Li n e o lu N e w § ROMOTIONS of four officers, elec tion of two new officers and the P retirement of a veteran officer were announced last month following a meeting of the board of directors of the First National Bank and Trust Company. Advanced to vice president were: Gerald C. Schmid, Jr., W illiam C. Smith and Robert Chancellor. New assistant vice president is A rthur R. Portsche. Elected assistant cashiers were Edwin T. Hansen and Kenneth N. Langford. Robert A . Gessner is retiring as vice president after serving with the First National Bank 46 years. He advanced G. C. SCHMID W. C. SMITH through various positions in most de partments of the bank and has been managing officer of First National’s Lincoln Air Base bank facility since 1956. Mr. Schmid joined the bank in September, 1963, to direct the devel opment of the bank’s newly organized data processing department. A Uni versity of Nebraska graduate, he had 14 years of experience with Burroughs Corporation before joining the First National. Mr. Smith was elected assistant cashier in January, 1960, and ad vanced to assistant vice president in January, 1961, working in the trust ROBT. CHANCELLOR A. L. PORTSCHE Public Utility Companies The growth in plant, earnings and dividends of Utility companies during the past twenty years prompts us to suggest the purchase of these stocks. The investor wishing regular dividends, and a stable mar ket — along with a good growth potential — can meet this requirement with Utility company stocks. Ask for the list of stocks we believe are the best values at this time. SM ITH , PO LIAN & C O . 424 Omaha National Bank Bldg. Established 1925 Telephone 3 4 2 -5 0 65 N o r t h w e s te r n B a n k e r, J a n u a ry , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 and investment department. He is well-known to many Nebraska bank ers through his participation in the investment panel section of First Na tional’s correspondent bank forums. Mr. Chancellor joined Continental National (which later merged with First National) in 1950. He was made assistant trust officer in 1957, then was elected trust officer in 1959. Mr. Portsche joined Continental National 32 years ago and has wide experience in many departments of the bank. As assistant vice president, he will also become managing officer of the Lincoln Air Base facility, suc ceeding Mr. Gessner. Mr. Hansen has been with First National 13 years as building engineer. He has considerable experience in building maintenance and opera tions and will now have responsibili ties in themanagement of rental properties for the trust department. Mr. Langford joined First National in 1958 after several years in the jour nalism field. He is currently working in new accounts and depositors serv ices. * * * The National Bank of Commerce Trust and Savings Association last month announced an increase in the surplus account of the bank from $2,600,000 to $3,000,000. The increase was approved at a meeting of the board of directors, raising the capital and surplus from $5,200,000 to $5,600,000. President Glenn Yanssi noted that this action would increase the hank’s loan limit from $520,000 to $560,000. As of September 30, 1963, the bank’s undivided profits account was $1,244,924.28. Prior to this latest action the latest increase in the capital account was made in 1961 at the time of the mer ger of the National Bank of Commerce and the First Trust Company. Capital stock and surplus was increased from $3,600,000 to $5,200,000. This compares with 1950, when the capital was $600,000 and surplus $700,000. In 1959 each had reached $1,500,000. The directors at the December meet ing also declared the regular quarterly dividend of forty cents per share on 130,000 shares of stock outstanding. * * Application for a new national bank charter in Lincoln has been filed with the Comptroller of the Currency by 11 Lincoln businessmen, including Ralph E. Misko, former director of banking for Nebraska. The bank, which would be located in downtown Lincoln, would be known as the City National Bank. Proposed capitaliza tion is $750,000. The other 10 men are Ira 1). Bey- n T Y * f > ^ r' ^ A v ‘y 65 f ír s t c l a s s M A IL SPECIAL «TRANSIT IPHVICE FIRST NATIONAL BANK I TRUST COMPANY UNCÔIN NtWUSKA Bankers with plans use the TRANSIT SERVICE that is fast, accurate, and dependable. N A T IO N A L B A C L i n o m LINCOLN, p a n y o f N K c o l n NEBRASKA MEMBER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r th w e s te r n F. D.I.C. B a n k e r, J a n u a r y , 1964 66 Nebraska News m on , H e r b e r t H. H eu m a n n , A lfr e d H . A d a m s, R u s s e ll E . E ic h e lb e r g e r , F ra n k E . C ard, W . F . H o p p e , Jr., C ly d e F . C ard, K en n e th W itt, R ic h a r d E . K o s m a n , and W il la r d E . T o w n send. M r. M i s k o is n o w a s s o c ia te d w ith State S e cu ri ties C o m p a n y o f L in c o ln , a l o n g w ith s e v e ra l o th ers o f th e a p p li R. E. M I S K O can ts. T h e n e w a p p lica tio n c o m e s on th e h eels o f s e v e ra l o th e r a p p lica tio n s fo r n e w b a n k s in L in c o ln . T w o a p p lica tio n s fo r state ch a rte rs are p e n d in g OUR M EN KNOW b e fo r e th e state b a n k in g d ep a rtm en t at p resen t, on e fo r th e L in c o ln B an k S ou th at 3727 S ou th 27th, an d on e fo r th e L in c o ln B a n k on S ou th S treet n ea r 17th. E a r lie r in 1963, w h e n h e w a s d i r e c to r o f b a n k in g , M r. M isk o d en ied th e a p p lic a tio n fo r L in c o ln B ank S ou th a n d a n a tio n a l b a n k ch a rte r a p p lic a tio n a lso w a s d e n ie d in L in c o ln b y th e C o m p tro lle r. T h e L in c o ln B a n k S ou th a p p lica tio n w a s re s u b m itte d a fte r M r. M isk o le ft office O cto b e r 19. H e a d in g th e a p p lica n ts fo r th is ch a rte r are G len n Y a u ssi, p re 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 rce in L in c o ln . S ev era l o th e r officers o f th e sam e b a n k h a v e jo in e d w ith M r. Y a u ss i an d lo c a l b u s in e s s m e n in s e e k in g th e ch a rter. T h e se c o n d sta te ch a rte r u n d e r c o n sid e ra tio n has b e e n filed b y H o w a r d E . H a ll a n d a ssocia tes. M r. H all e a rly in 1963 lo s t h is re q u e s t to o rg a n iz e a b a n k h o ld in g c o m p a n y fo r th ree b a n k s h e o w n s in N eb ra sk a . T h e n e w n a tio n a l b a n k a p p lica tio n h as b e e n filed th r o u g h ch a n n e ls w ith th e c h ie f n a tion a l b a n k e x a m in e r ’s office in K a n sa s C ity. * * * T w o p r o m in e n t N eb ra sk a b a n k ers te rm in a te d th e ir a ctiv e b a n k in g ca re e rs on J a n u a ry 1 w h e n th e y re tire d fr o m th e N a tion a l B a n k o f C o m m e rce T ru s t an d S avin gs. T h e y are B y r o n D u n n , ch a irm a n o f th e b oa rd , an d A l b e rt A . H eld , v ic e c h a irm a n o f the b oa rd . M r. D u n n has c o m p le te d a l m o s t 59 y e a rs o f s e r v ic e w ith N a tio n al B a n k o f C o m m e rce , an d M r. H eld 51 yea rs. M r. D u n n , w h o w ill b e 76 on F e b r u a r y 12, w a s b o r n in R ich a rd s o n C ou n ty , N eb ra sk a , la ter m o v in g to L in c o ln to a tten d C otn er C olleg e fr o m t « ih / í ( í >#í ’ ^ Marketing ^ Financing ^ and Correspondent Banking Services F IR S T STOCK YA R D S BANK H E T o o tle -E n r ig h t N a tion a l B a n k an d A m e r ic a n N a tion a l B a n k o f St. J o s e p h w e r e o fficia lly co n s o lid a te d last m on th , fo llo w in g r e c e ip t o f th e final a p p r o v a l fr o m th e C o m p tr o lle r o f the C u rren cy . T h e n a m e o f th e c o n s o lid a te d in s ti tu tio n w ill b e A m e r ic a n N a tion a l B ank. It w ill op e ra te fr o m th e fo r m e r T o o tle -E n r ig h t b u ild in g , u s in g th e old A m e r ic a n N a tion a l b u ild in g as a fa cility . T ota l re s o u r c e s w ill e x ce e d $83 m illion . A s re p o r te d in a p r e v io u s issu e o f th e N orthw estern B a n k e r , M ilton South Saint Joseph, Mo. YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS Only bank in the Y a rd s||| F. E. DAVENPORT & CO. OM AHA N o r t h w e s te r n B a n k e r, J a n u a r y , 1964 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A. A. H E L D w h ic h h e w a s g ra d u a ted in 1905. H e jo in e d N a tion a l B a n k o f C o m m e rce in M a rch o f th a t y ea r, h o ld in g m a n y r e s p o n sib le officer p o s itio n s , in c lu d in g th at o f p re sid e n t fr o m 1945 to 1961 and ch a irm a n sin ce th e la tter date. M r. D u n n is k n o w n th r o u g h o u t N e b ra sk a sin ce h e tra v e le d th e state e x te n s iv e ly fo r N a tion a l B a n k o f C om m e r c e fo r m a n y y ea rs. H is a cq u a in t a n ce sh ip in th e b a n k in g field ex ten d s all o v e r th e n a tion sin ce h e w a s a ctiv e fo r m a n y y e a r s on n a tion a l b oa rd s an d co m m itte e s . M r. D u n n w ill c o n tin u e to s e rv e th e b a n k o n th e a d v is o r y b o a r d an d as sp ecia l con su lta n t. H e w ill h a v e an office in th e N a tion a l B a n k o f C om m e r c e b u ild in g . M r. H e ld is a n a tiv e o f G en ev a , N eb., w h e r e he w a s b o r n N o v e m b e r 6, 1891. A fte r c o m p le tin g h ig h s c h o o l th e re he b e g a n h is b a n k in g ca re e r w ith th e G en ev a State B a n k in 1912. L a te r h e w o r k e d fo r th e F a r m e r s State B a n k at A y r an d B r u n in g State B an k . H e w o r k e d fo r th e N eb ra sk a B a n k in g D e p a rtm e n t b e fo r e jo in in g th e N ation al B a n k o f C o m m e rce in M a rch , 1927. H e w ill re m a in on th e b o a r d o f d ir e c to rs an d w ill s e rv e th e b a n k as a c o n su ltan t. L ik e M r. D u n n , he w ill h a v e an office in th e b a n k b u ild in g. St. •losopli C on solidation T LIVESTOCK B. D U N N T o o tle , Jr. w ill be p r e s id e n t an d c h ie f e x e c u tiv e officer; B e v e r ly P itts, c h a ir m an o f th e b oa rd ; W . F . E n r ig h t and G eo rg e U. R ic h m o n d , c o -ch a irm e n o f th e e x e c u tiv e co m m itte e . F o u r s e n io r v ic e p re sid e n ts are: B en ton C alkin s, W . F. E n rig h t, Jr., C h a rles K . R ic h m on d , an d G ilb e rt T ootle. O th er officers an d d ir e c to r s rem a in th e sam e, e x c e p t fo r th e fo llo w in g p r o m o tio n s : D on a ld F o lk s , fr o m as sista n t v ic e p re s id e n t to v ic e p re s i d en t; A . E . L a B o u ff, fr o m v ic e p r e s id en t to v ic e p re s id e n t and c o m p tro lle r; R o b e r t C anter, fr o m a ssista n t ca sh ie r to assista n t v ic e p re sid e n t; D o n a ld T ritte n , fr o m a u d ito r to as sista n t ca sh ier; K e n n e th H og a n , e le ct ed assista n t ca sh ier, an d R o n a ld R . L o u d e n , ele cte d assista n t ca sh ier, a g ricu ltu re. 67 '*■"*! A ' U ü^üi84; YOUR CAPITAL CITY CORRESPONDENT Anywhere . . . anytime . . . your Capital City Correspondent is there to help you. His one job is to offer you assistance on any and all banking services. W hat’s more, his thorough training and experience are backed up by a complete Correspondent Bank Department staff in Lincoln, ready to serve you when you telephone or come in. Call on them, won’t you? NATIONAL BANKoeCOMMERCE MEMBER TRU ST & SAVINGS F D L IN C O L N . N E B R A S K A Al Jorgensen Rex Miller https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Tom Waldo Gen Goble Dale Fagot Winton Buckley Charles Thompson N o r th w e s te r n B a n k e r, J a n u a r y , 1964 68 Nebraska News N eb ra sk a n s Plan W a sh in g ton Trip A G R O U P o f 40 N eb ra sk a b a n k ers w ill d ep a rt fr o m O m aha F e b r u a r y 14 o n th e N eb ra sk a B a n k ers A s s o c ia tio n ’ s b i e n n i a l W a s h in g to n trip. T h e y w ill re tu rn to O m aha F e b r u a r y T h e d e le g a tio n w ill b e h ea d ed b y L y m a n S tu ck ey , p re sid e n t o f th e L e x in g to n State B ank, L e x in g to n , and p re sid e n t o f th e N eb ra sk a B a n k ers A s s o cia tio n ; N. T. T iem a n n , p re sid e n t o f C o m m e rcia l State B ank, W a u sa , an d v ic e p re s id e n t o f th e N B A ; H. V. O sterb erg , e x e c u tiv e v ic e p resid en t, an d W . H. O sterb erg , s e c r e ta r y o f th e N B A , b o th o f O m aha. P u rp o s e o f th e trip is to e x ch a n g e v ie w s w ith officials o f th e th re e F e d eral r e g u la to r y a g en cies, w ith W a s h in g to n re p re s e n ta tiv e s o f th e A m e r i ca n B a n k ers A s s o c ia tio n an d w ith N e b ra sk a S en a tors an d R ep re s e n ta tiv e s. T h e y w ill lea v e O m aha an d L in c o ln F r id a y ev en in g , F e b r u a r y 14, v ia B u r lin g to n R a ilroa d , a r r iv in g in W a s h in g to n S u n d a y m o rn in g , F e b r u a r y 16. S ch ed u led v is its w ill th en tak e p la ce d u rin g th e n e x t tw o an d on e -h a lf days w ith officia ls o f th e F e d e ra l D e p o sit In s u ra n ce C o rp o ra tio n , office o f the C o m p tro lle r o f th e C u r r e n c y and th e ... art i n v i t a t i o n to Leonard L. Lawrence President u se S c h w e se r A p p r a is a l S erv ic e You are invited to make full use of our experience and facilities for appraising your bond portfolio. Feel free to send us your bond portfolio for analysis — a list of your holdings designating amount, issuer, type ot hond, maturity, option and interest rate — or call on us for any type of bond coun seling. Frank E. Williams Executive V ice-President William March Secretary and Treasurer E. SCHW ESER CO *— IN V E S T M E N T BA N K E RS * U ND E R W R ITE R S 208 S. 19th Street • TA X E X E M P T B O N D S O M A H A , NEBRASKA EXCLUSIVELY Telephone 344-46M Correspondents: Prudential Building, 3212 Loma Vista Road, Ventura, California, Te l. Miller 3-5436 201 Wellesley Drive S .E., Albuquerque, New Mexico, Te l. 268-9043 N o r t h w e s te r n B a n k e r, J a n u a ry , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 A b o a r d re c o m m e n d a tio n to in cre a se ca p ita l o f th e F ir s t N a tion a l B a n k & T ru s t C o m p a n y o f B ea trice, N eb., fr o m $200,000 to $400,000 v ia a 100 p e r ce n t s to c k d iv id e n d w ill be s u b m itte d to s h a re h o ld e rs at th e b a n k ’s a n n u al m e e tin g J a n u a ry 14. H a r o l d R. D e ite m e y e r, p resid en t, said th e d iv id e n d w ill b e a cc o m p lis h e d th r o u g h a tra n s fe r o f $100,000 fr o m su rp lu s an d $100,000 fr o m u n d iv id e d p rofits. Buffalo County Elects H and A w a r d Patrick H . Rensch Vice-President, and Counsel Naturally, there is no cost or obligation to you. RO BERT Ask Capital Increase W a y n e M c K in n e y o f th e P la tte V a l le y State B ank, K e a rn e y , has been ele cte d p re s id e n t o f th e B u ffa lo C ou n t y B a n k e rs A s s o c ia tio n . H e su cce e d s W a lla c e R o se o f G ibson . B ill N elson , a lso o f the P la tte V a lle y B ank, w a s n a m ed secreta ry . ! i You may like to have us study your municipal bond holdings and make rec ommendations that might improve your position in view of present market con ditions. F e d e ra l R e s e r v e B oa rd. F ir s t o r d e r o f b u sin ess on th is trip is u s u a lly a b rie fin g o n fe d e ra l le g is la tio n u n d e r c u rre n t co n sid e ra tio n , and th is is c o n d u cte d b y th e A .B .A . in its W a s h in g to n offices. T h e g ro u p w ill tra v e l in s p e cia l P u ll m a n ca rs fr o m O m aha to W a s h in g to n , w ith a p riv a te lo u n g e ca r a tta ch ed in C h ica go. T h e sam e fa cilitie s w ill be p r o v id e d fo r th e re tu rn trip, le a v in g W a s h in g to n W e d n e s d a y a fte rn o o n , F e b r u a r y 19, an d a r r iv in g in O m aha on T h u rsd a y , F e b r u a r y 20. MINUTE MAN AWARD is present ed to Nebraska in recognition for its unique Farm and Ranch Bond Drive by the United States Savings Treas ury Department. This is not the first time the Nebraska program, under the leadership of W. B. Millard, Jr., chairman of the board, Omaha Na tional Bank, has been honored. In 1962, Mr. Millard received a flag that had flown over the Capitol in recognition of seven years of service to the Savings Bond program. He also has received the Secretary of the Treasury’s Medallion. Above, J. Dewey Daane, deputy under seccretary for Treasury affairs, holds the Minute Man Award. At center is John H. Dow of the Savage-Dow Advertising Agency, and at right is Mr. Millard. Nebraska News 4 .0 0 0 ut St.Joseph 69 Openo VISITORS during open bouse at First National Bank in St. Joseph, Mo., saw the beautiful new quarters for the trust department (left) as well as other improvements. RIGHT— J. M. Ford II, pres., First National, and Mrs. Ford (center) welcome two of many banker guests—Mrs. H. C. Houghton (left), and H. C. Houghton (right), pres., 1st Natl., Creston, la. M O R E th a n 4,000 p e rs o n s a tten d ed o p e n h ou s e last m o n th to v ie w a n e w a d d itio n to th e F ir s t N a tion a l B ank, St. J osep h , M o. T h e n e w a d d ition has th e sam e o u t side d im e n s io n s as th e o rig in a l b a n k w h ic h op e n e d in 1902 and it is c o n n e cte d to th e o rig in a l b u ild in g at each floor. T h e n e w q u a rters co n ta in 21,600 sq u a re fe e t o f sp a ce and fea tu res an in d e p e n d e n t h e a tin g an d air c o n d itio n in g sy s te m fo r each section o f th e b u ild in g . T h e tru st d e p a rtm e n t in th e n e w a d d ition is fin ish ed in w a ln u t an d fe a tu res g re e n w o o l c a r p e t i n g w ith m a tc h in g drap es. A n e w d ir e c t o r s ’ r o o m is fin ish ed in the sam e m a n n er. A n e w te lle r co u n te r w ith fo u r sta tion s h a n d les in sta llm e n t loa n an d real estate p a y m en ts. A lo u n g e area is p r o v id e d fo r in sta llm en t loa n cu s to m e r s a d ja ce n t to th e n e w in sta llm e n t loan in te r v ie w area w h ic h fe a tu re s n e w fu r n itu r e th r o u g h o u t. T h r e e so u n d p r o o f c o n fe r e n c e ro o m s fo r m on e side o f th is loan area. In th e p r o o f, tra n sit an d b o o k k e e p in g area th e w a lls are c o v e r e d w ith fo u r in ch e s o f sty ra fo a m to re d u ce m a ch in e n o is e an d in cre a se o p e ra to r e fficien cy . K e y p u n ch an d p r in tin g e q u ip m e n t is h o u s e d in a sep a ra te office to fu r th e r re d u ce n o ise lev els. A n e w g r o u n d le v e l e n tra n ce at th e s o u th w e s t c o r n e r o f th e a d d itio n g iv e s e a sy a cce ss to a w a ln u t p a n eled teller co u n te r n e x t to th e n e w sou th ea st p a rk in g lot. T h is sam e e n tra n ce p e r m its a cce ss to th e sa fe d e p o sit va u lts. A n e le v a to r c o n n e c ts th e lo w e r le v e l w ith th e m a in b a n k in g floor and th e se c o n d flo o r o f each b u ild in g . On th e lo w e r le v e l is a n e w lu n c h r o o m co m p le te w ith k itch e n . A ls o in th is area is a m e e tin g r o o m fo r staff an d c o m m u n it y fu n ctio n s. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r th w e s te r n B a n k e r, J a n u a ry , 1964 70 M o re T h a n . . . “ S in c e r e G o o d W is h e s fo r Y o u r N ew Y e a r ” ... CYRUS D. KIRK HOMER R. JENSEN . . . from the Directors and Officers of Bankers Trust Company . . . those of us in the Corre spondent Bank Department hope that we may have the opportunity to make a more direct and active contribution to the success you enjoy in the coming year. For, in addition to the complete facilities you’d expect, we tender genuine empathy for y o u r way of doing things so that our services may realistic ally become a part of your own operation and progressively profitable to you . . . for m a n y prosperous new years. BANKERS TRU ST COM PANY “ Des Moines’ Largest Locally Owned Bank" 6tli Avenue and Locust Street Member, F.R.S. N o r t h w e s te r n B a n k e r, J a n u a ry , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 Member, F.D.I.C. 71 I o w u n d e r th e m a n a g e m e n t o f W . H o w a r d S tew art. a Honor Wellsburg Banker NEWS CH ARLES H . W A L S H FRANK W AR N ER President Secretary R a lp h W . A ik e s, p re s id e n t o f th e P e o p le ’s S a v in g s B ank, W e lls b u r g , and office m a n a g e r o f th e C lev es office, o b s e r v e d h is 45th y e a r o f b a n k in g at C lev es r e ce n tly . A n o p e n h ou se w a s h eld in h is h on or. O ver 200 frie n d s w e r e in atten d a n ce. T h e C leves office w a s re m o d e le d re ce n tly . Burlington Des Moines A n non net» fo r th e 1964 io w a B a n k ers A s s o c ia tio n g r o u p m e e t in g s h a v e b e e n a n n o u n ce d b y C h arles H. W a lsh , p resid en t. F o llo w in g are th e dates an d m e e tin g pla ces: G rou p 1— W e d n e s d a y , F e b r u a r y 12, S io u x City. G rou p 11— S atu rd ay, F e b r u a r y 22, B u rlin g to n . G rou p 5— T u e s d a y , M a y 5, C ou n cil B lu ffs. G rou p 6— W e d n e s d a y , M a y 6, G rin n ed . G rou p 7— T h u rs d a y , M a y 7, Io w a C ity. G ro u p 10— F r id a y , M a y 8, B lo o m field. G ro u p 8— T u e s d a y , M a y 19, C lin ton . G rou p 4— W e d n e s d a y , M a y 20, W au kon . G ro u p 3— T h u rsd a y , M a y 21, C lear L a k e. G ro u p 2— F rid a y , M a y 22, F o r t D od g e. H e a d q u a rte rs fo r th e G ro u p One m e e tin g in S io u x C ity w ill b e th e S h era ton W a r r io r , an d b a n k e rs o f G r o u p E le v e n w ill h e a d q u a rte r at th e H o te l B u rlin g to n . M e e tin g p la ce s fo r th e g r o u p m e e tin g s in M a y w ill be a n n o u n c e d in a la ter issue. S c h e d u l e s Eldon Construction C o n s tru ctio n o f a n e w p r iv a te c o n su lta tio n r o o m an d d ir e c to r s ch a m b e rs is c u r r e n tly u n d e r w a y at th e F ir s t N a tion a l B a n k in E ld o n . T h e a d d itio n is b e in g b u ilt at th e re a r o f th e b a n k and c o m p le tio n is e x p e c te d th is m on th . Goldfield Remodeling T h e G old field State B a n k h e ld op en h o u s e last m o n th fo llo w in g th e c o m p le tio n o f an e x te n s iv e re m o d e lin g p r o je c t. Retires At Winfield G len A rth a u d , ca sh ie r o f P e o p le s State B an k , W in fie ld , re tire d fr o m a c tiv e d u ty in th e b a n k at yea r-en d . Steamboat Rock Remodels O pen h o u s e w a s h e ld at th e F a r m ers S a v in g s B an k , S tea m b oa t R o c k , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 9 6 4 A levtin i/s last m o n th fo llo w in g th e r e m o d e lin g o f th e b a n k a n d th e a d d ition o f a n e w fron t. Retires At Rowley D. H. D in g sle y , p re s id e n t o f th e R o w le y S a v i n g s B an k , re tir e d at ¡y e a r -e n d a f t e r s e r v in g w ith th e b a n k fo r 45 yea rs. Don S h ie ld s, c a s h ie r fo r the p ast 12 y ea rs, has p u r c h a s e d Mr. D in g s le y ’s stock . M r. D i n g s l e y sta rted as a b o o k D. H. D I N G S L E Y k e e p e r in 1918 an d p u rch a se d c o n tr o l in 1936. H e w ill c o n tin u e as a d irector. 1961 Convention Dates D ates h a v e b een a n n o u n ce d fo r th e Io w a B a n k ers C o n v e n tio n in 1964. T h e c o n v e n tio n w ill b e h eld at the F o r t D es M oin es H o te l in D es M oin es, O ctob er 18-21, a c c o r d in g to IB A P re si d en t C h arles H . W a lsh . Joins American National A r th u r L in d q u is t has re s ig n e d as v ic e p re s id e n t an d h ea d o f th e c o r re s p o n d e n t b a n k d e p a rtm e n t o f th e M erch a n ts N a tion a l B an k , C edar R a p ids, to jo in th e c o m m e r c ia l loa n d i v is io n o f th e A m e r ic a n N a tion a l B a n k an d T ru s t C o m p a n y in C h ica g o, as a v ic e p resid en t. Eddyville Open House J. E. K in g , p resid en t, P e o p le s N a tio n a l B ank, A lb ia , a n n o u n c e d th e c o m p le tio n o f c o n s tr u c tio n o f th e b a n k office b u ild in g in E d d y v ille last m on th . A n op en h ou s e w a s h eld fo r th e p u b lic. Honor A. V. Dieken A . V . D iek en , p resid en t, F a rm e rs S a v in g s B an k , G ru n d y C enter, has b e e n ele cte d p r e s id e n t o f th e Io w a A s s o c ia tio n o f S ch o o l B oa rds. H e is a m e m b e r o f th e G ru n d y C en ter S ch ool B oard. T h e office c o v e r s a on e-y ea r te rm sta rtin g th is m on th . Open Clear Lake Bank T h e n e w ly -c h a r te r e d C o m m u n ity N a tion a l B a n k in C lear L a k e w a s s c h e d u led to o p e n J a n u a ry 3 in te m p o r a r y q u a rters in th e m a in b u sin e ss d istrict IMPORTANT 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, Iowa 50309. A. E. L I N D Q U I S T , JR. J. E. M A N G O L D M r. L in d q u is t has b e e n w ith th e M erch a n ts N a tion a l B a n k sin ce 1950. H e w a s n a m ed a ssista n t ca sh ie r in 1951 an d in 1953 h e w a s n a m ed v ic e p re sid e n t in ch a rg e o f th e c o r r e s p o n d en t d ep a rtm en t. H e sta rted his b a n k in g ca re e r in G o w rie , Io w a , w h e r e h is fa m ily had op e ra te d th e F irs t N a tion a l B a n k sin ce 1883. P r io r to W o r ld W a r II, he w a s e m p lo y e d w ith th e F o r t D od g e N a tion a l B a n k an d th e fa rm loa n d iv is io n o f the M e tro p o lita n L ife. J o h n M a n g old , v ic e p resid en t, w ill su c c e e d M r. L in d q u is t as h ead o f the c o r r e s p o n d e n t b a n k d ep a rtm en t. M r. M a n g o ld jo in e d the M erch a n ts N a tio n a l B a n k in 1953, im m e d ia te ly a fter ea rn in g c o m m e r c e an d la w d e g re e s fr o m th e State U n iv e r s ity o f Io w a . H e r e c e n tly c o m p le te d th e th ree-y ea r c o u rs e o f th e G ra d u a te S c h o o l o f B a n k in g at M ad ison . A m em ber of th e Io w a B a r A s s o c ia tio n , h e is a ctiv e in n u m e r o u s b a n k in g a ctiv itie s, in c lu d in g th e A m e r ic a n In stitu te o f B a n k in g . N o r th w e s te r n B a n k e r, J a n u a ry , 1964 72 Iowa News 4iu m cil M u ffs H ank has b e e n w ith th e b a n k fo r 16 yea rs. M r. S oren sen , 32, jo in e d th e b a n k as a u d ito r in 1962. M A J O R IT Y s to c k in th e C ity N a tio n a l B ank, C o u n cil B lu ffs, has b een so ld b y R o b e r t W . T u rn er, ch a ir m an o f the h oard, an d a ssocia tes to D ale B all, p r e s i d en t o f th e F irst N ational Bank, F re m o n t, N e b ra s ka, an d a ssociates. T h e b a n k o p e n e d its n e w W e s t Side fa c ilit y at 2901 W e s t B r o a d w a y last m on th , an d M r. H a stin g s w ill b e m a n a g er. Adel Promotions T w o officer p r o m o tio n s h a v e been a n n o u n c e d b y th e D allas C o u n ty State B ank, A del. T h e $ 1 7 . 6 m il lio n b a n k has ca p ital o f $ 5 0 0 , 0 0 0 ; su rp lu s o f $500,000 and u n d iv id e d p rofits a n d r e se rv e s o f m o re th a n $700,000. It w a s esta b lish ed in 1909, an d r e c e n tly a m a jo r r e m o d e lin g an d b u ild in g p r o g ra m w a s co m p le te d . G e o rg e M erria m , ca sh ier, h as b een ele cte d v ic e p re sid e n t, ca sh ie r an d as sistan t tru st officer. H e jo in e d the b a n k in M a rch , 1963, a fte r h a v in g se rv e d as m a n a g er o f th e A y r s h ir e office o f th e P a lo A lto C o u n ty State B ank, E m m e tsb u rg . R o la n d W . T o r n b lo m w ill co n tin u e as p re s id e n t o f C ity N ation al, an d n o ch a n g e s in p e r s o n n e l are c o n te m p lated. M r. B a ll w ill c o n tin u e as p r e s i d en t o f th e F ir s t N a tion a l B a n k in F r e m o n t. D illo n M erica l, w h o has h e ld the office o f a ssista n t v ic e p re sid e n t and m a n a g e r o f th e V a n M eter office, has b e e n p ro m o te d to v ic e presid en t. T h e b a n k has a n n o u n c e d th e p r o m o tio n o f D ale E. H a stin g s fr o m ca sh ier to s e c o n d v ic e p resid en t, an d th e p r o m o tio n o f D u an e W . S oren sen to th e office o f ca sh ier. M r. H a stin g s, 42, O v er 500 p e o p le a tten d ed th e op en h ou s e h eld b y th e H o m e State B ank, R o y a l, last m o n th fo llo w in g th e c o m p le tio n o f its r e m o d e lin g an d b u ild in g p ro g ra m , a c c o r d in g to L a r r y O lson, O u r O n Royal Open House e G o a l .. . TO SERVE YO U AN YO N E ELSE R k G BANK DESIGN / r o s s C C O N S T R U C T IO N S E R V IC E . o f 110 EAST SEVENTH STREET . Telephone ADams 4-6641 WATERLOO, IOWA N o r t h w e s te r n B o n k e r, J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 Guaranty Bank Increase T h e G u a ra n ty B a n k a n d T r u s t C om p a n y in C edar R a p id s, in cre a se d its su rp lu s fr o m $400,000 to $600,000 and ele cte d H a r o ld M. B e c k e r as a n e w d ire cto r. M r. B e c k e r is in th e real estate in v e s tm e n t b u sin ess. Retires At LeMars C ly d e E a stm a n , ch a irm a n o f the F ir s t N a tion a l B ank, L eM a rs, has an n o u n c e d h is r e tir e m e n t a fte r 50 y e a rs in th e b a n k in g b u sin ess. M r. E a stm a n h ad so ld a la rg e b lo c k o f h is sh ares to E . W . M aser, e x e c u tiv e officer o f th e ban k . H e p la n s to m o v e to S iou x C ity w ith in th e n e x t yea r. Heads Lester Bank W a y n e W ilk e , w h o has b e e n ca sh ie r o f th e R o c k R a p id s State B ank, has re s ig n e d to b e c o m e o p e r a tin g h ea d o f th e L e s te r State B ank. H e re p la ce s G. S. S ten slan d, w h o p la n s to retire. S to ck in th e L e s te r b a n k w a s re c e n tly so ld to S ta n ley G. S m ith, e x e c u tiv e v ic e p re s id e n t o f th e R o c k R a pid s State B ank. Albert H. Meyer K e n to n R . C raven s, b o a r d ch a irm a n o f M e rca n tile T r u s t C om p a n y , St. L o u is, has a n n o u n c e d th e e le ctio n o f R ic h a r d J. M e rsin g e r as a v ic e p r e s i d en t o f th e ba n k . In a d d ition , H u d son W . A u te n an d R o b e r t W . W o lte r s w e r e p r o m o te d to th e p o s itio n o f as sista n t tru st officers. why not get the details "firsthand" write or call / T h e n e w ly r e m o d e le d b a n k in clu d e s an en la rg e d cir c u la r lo b b y , m o d e rn co u n te rs, b o o k k e e p in g d e p a rtm e n t, and d ir e c to r s ro o m . A sp e cia l fe a tu re is a la rg e d eta iled m a p o f th e w o r ld on on e w a ll o f th e m a in b a n k in g room . Mercantile Trust Promotions IN OUR FIELD k D ir e c to r s v o t e d to in cre a se su rp lu s to $100,000 fr o m $75,000 last m on th , m a k in g a tota l ca p ita l and su rp lu s o f $150,000. A lb e r t H. M ey er, 76, p re s id e n t o f th e F ir s t N a tion a l B a n k , P au llin a , d ied r e c e n tly a fte r an illn e ss o f sev era l m on th s. H e h ad b e e n w ith th e b a n k sin ce 1905. BETTER THAN / v ic e p re s id e n t an d ca sh ier. T h e b a n k has h a d a 50 p e r ce n t in cre a s e in total assets in th e p a st th ree y ea rs. M r. M e rsin g e r has b e e n w ith th e b o n d d e p a rtm e n t o f M e rca n tile sin ce 1946, an d h is p r im a r y r e s p o n s ib ilit y is in th e in v e s tm e n t p o r t fo lio an d m o n e y p o s itio n o f th e ban k . M r. A u te n and M r. W o lt e r s w ill b o th c o n tin u e th eir p re s e n t a ssig n m e n ts as b a n k r e p r e sen ta tiv es in p e n s io n b u sin e ss s o lic i tation . SOME DROVERS MEN LEO R. G R U B E R President RO BERT LOUGH FR ED D . C U M M IN G S Senior Vice President Vice President In ve stm en ts Corresp on d en t Banks J O H N F. K E E L E Y STEPHEN O. B R A TTLE A F Vice President Vice President Insta lm en t Loans C o m m e rcia l Loans Ready to Serve You in 1964 These are some of the men of Drovers. They are experienced, knowledgeable. They are courteous, efficient, and fully ready to handle your correspondent bank ing needs in 1964. H A R O L D F. E D W A R D S C H A R L E S F. O ’ N EIL L Vice President and Cashier Vice President <S Comptroller B E R N A R D D . M ILLER J A M E S G. L U T H E R Assistant Vice President Assistant Cashier Io w a Representative W is c o n s in R epresentative Drovers National Bank is strategically located to offer you the best in transit service, safekeeping, investment advice. Drovers resources provide ample capac ity for participation in overline loans. The Drovers National Bank has been open for business every legal banking day since its founding in 1883. W e will be pleased to have the opportunity to share the skills of our competent Drovers men, and the experience of more than 80 years of continuous banking service, with you in 1964. Drovers National Bank UNION STOCK YARDS, CHICAGO 9, ILLINOIS MEMBER, FEDERAL DEPOSIT INSURANCE CORPORATION https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r th w e s te r n B a n k e r, J a n u a ry , 1964 Iowa News 74 H ahi 1'edar ra ils Open H aase B ank, M a rsh a lltow n , has a n n o u n ce d th e b a n k ’ s p u rch a se o f th e a ssets and a ssu m p tio n o f th e lia b ilities o f the P e o p le s S a v in g s B an k , L a u rel. N o e x ch a n g e o f s to c k o r a d d ition a l issu e o f ca p ita l s to c k w a s req u ired . T h e L a u re l b a n k is n o w an office o f th e S e cu rity S a v in g s B a n k , an d tota l assets o f th e c o m b in e d in s titu tion s e x c e e d $20 m illion . T o ta l loa n s are o v e r $11 m illio n . H u g h M cC le e ry has b e e n n a m ed v ic e p re s id e n t o f th e S e cu rity S a v in g s B ank, h a v in g b e e n p r e s id e n t o f th e L a u re l ban k . R ic h a r d T h o r s o n , L a u re l ca sh ier, has b een n a m e d a s s i s t a n t ca sh ie r in th e L a u re l office. Approve Dubuque Facility NEW LOOK at First National Bank, Cedar Falls. T H E F irs t N a tion a l B ank, C edar F a lls, ce le b ra te d its n e w ly r e m o d ele d q u a rters w ith an o p e n h o u s e last m o n th . B a n k officers an d e m p lo y e e s jo in e d th e d ir e c to r s to a ct as h osts. T h e b a n k has b een c o m p le te ly re m o d e le d w ith an a d d itio n to th e sou th o f a 22 b y 50 s e ctio n w h e r e officers a n d se creta ria l staff are loca ted . T h e re is a n e w d riv e-in se ctio n to th e sou th o f th e n e w a d d itio n w h ic h leads to tw o d riv e-in w in d o w s at th e rear. T h e s e re p la ce th e fo r m e r d riv e-in w in d o w w h ic h w a s at th e n o r th side o f th e ban k. T h a t fo r m e r d riv e-in area has b e e n la n d sca p e d n o w w ith e v e r g re e n s p la n ted w h e r e th e old c e m e n t d r iv e fo r m e r ly w a s loca ted . T h e e n tire b u ild in g in sid e has been ca rp eted , w a lls are p a n eled an d n e w d ra p e rie s h a v e b e e n h u n g. T h e e x te r io r is c o m p le te ly ch a n g ed , w ith th e re m o v a l o f th e s e co n d s to r y a n d a n e w fa c in g an d fr o n t c o n s tr u c t ed. A n e w c lo c k has b e e n p la ce d at th e n o r th w e s t c o r n e r o f th e bank. T h e re is a lo u n g e area in the fr o n t o f th e b a n k w h ic h has b e e n fu rn is h e d w ith ch a irs, ta b les an d re a d in g m a te rial. Peoples Bank Elects N e w officers w e r e n a m ed b y the b o a rd o f th e P e o p le s B a n k an d T ru st C o m p a n y o f C edar R a p id s last m on th . H. F . R ic e w a s n a m ed assista n t v ic e p re s id e n t and J o h n H in rich s w a s ad v a n c e d to assistan t ca sh ier. M r. R ic e is in c h a rg e o f th e m o r tg a g e loa n s e r v ic in g d ep a rtm en t, an d M r. H in r ic h s is in ch a r g e o f th e M a y ’s C ity d riv e-in fa cility . Laurel Bank Sold W ill A . L a n e, Jr., v ic e p re sid e n t and tru st officer o f th e S e c u r ity S a v in g s MUTUAL FIRE and AUTOMOBILE ZZnAllranee • • • • • • tan z e c r n / t X ESTABLISHED 1900 FIRE EXTENDED C O V E R A G E IN L A N D M A R IN E HOMEOW NERS A U T O M O B ILE N O N A S SES SAB LE POLICIES CLAIM SERVICE PROVEN AND RELIABLE FOR OVER 63 YEARS A G E N T IN Q U IR IE S IN V IT E D Home O ffice-C ED A R RAPIDS, IOWA E. W ILSO N, P re s id e n t - PAUL N o r t h w e s te r n B a n k e r, J a n u a r y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A. 1964 ANDERSEN, Approve Bettendorf Office T h e B e t t e n d o r f B a n k a n d T ru s t C o m p a n y w a s g ra n te d an office in su b u rb a n R iv e r d a le b y th e Io w a State B a n k in g D e p a rtm e n t at its m o n th ly m e e tin g in D ecem b er. Retire at Harris S ix officers w ith a tota l o f 220 y e a rs o f s e r v ic e r e tire d at y ea r-en d fr o m H a rris T ru s t an d S a v in g s B ank, C h i ca g o. T h e y are: B u rto n A . B ra n n en , e x e c u tiv e v ic e p resid en t; D o n a ld P. W e lle s , e x e c u tiv e v ic e p resid en t; V ic to r E. F a y , v ic e p re s id e n t; R o y A . J o h n s o n , v ic e p r e s i d en t; J o s e p h W . W e s c o tt, assistan t v ic e p resid en t, a n d H o w a r d B. K o ch , assista n t ca sh ier. Independence To Build T h e F a r m e r s State S a v in g s B ank, In d e p e n d e n ce , h as p u r c h a s e d th e ad jo in in g tw o -s to r y b u ild in g w ith plan s to la u n ch an e x p a n s io n p r o g r a m w h en p o s s e s s io n is o b ta in e d in 1966, a c c o r d in g to R u d o lp h L e y tz e , p re sid e n t. S pe cific b u ild in g p la n s w ill b e a n n o u n c e d at a later date. Manning Bank Sold P ro m p t J. T h e Io w a State D e p a rtm e n t o f B a n k in g has a p p r o v e d a d e ta ch e d te lle r fa c ility fo r th e A m e r ic a n T ru s t an d S a v in g s B ank, D u b u q u e. It is to b e lo ca te d at 911 L o c u s t Street, th e street in b a c k o f th e ban k. S e c r e ta ry M a jo r ity in te re st in th e M a n n in g T r u s t an d S a v in g s B a n k has b e e n p u r ch a sed b y J a m es R. L o d w ic k a n d B y ro n W . L o d w ic k , Jr., o f D es M oin es. T h e L o d w ic k s o w n th e K ir o n State B an k , a n d it is r e p o r te d th at th e y w e r e in te re s te d in es ta b lis h in g a n e w b a n k in D e n iso n w h ic h w a s d isa p p r o v e d b y th e C o m p tro lle r. G e o rg e S ie v e rt w ill c o n tin u e as p r e s id en t. J a m es L o d w ic k w ill b e c o m e as s o cia te d w ith th e b a n k in an e x e c u tiv e ca p a city . L y le G. H a n sen w ill c o n tin u e as ca sh ier. 75 N e a r ly a c e n t u r y o f s e r v ic e to th e b a n k s a n d p u b lic o f Io w a https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r th w e s te r n B a n k e r, J a n u a ry , 1964 76 Iowa News M o u n t Vernon 1 om p tetes Huiiding m an, 15 y ea rs; L o is S u d telg te, 5 y e a rs, an d M rs. J oa n C ra w fo rd , 5 y e a rs. A 25-year s e r v ic e a w a rd w a s p re s e n te d to C a rleton C. V a n D y k e , p resid en t. W illia m C h icoin e, a ssista n t ca sh ier, F ir s t T ru s t an d S a v in g s B an k , A n th on , w a s h o n o r e d fo r 40 y e a rs s e r v ic e , and M iss L a u retta F o x e n , F ir s t T r u s t and S a v in g s B an k , R em sen , w a s h o n o r e d fo r 20 y ea rs. Carl W. Nelson NEW BUILDING completed recently by Mount Yernon Bank and Trust Company. C arl W . N elson , 71, fo r m e r v ic e p re s id en t an d d ir e c t o r o f th e F a rm e rs and M erch a n ts S a v in g s B a n k in W a u k o n . d ie d last m on th . B e fo r e th e b a n k w a s m o v e d fr o m W a te r v ille to W a u k o n , h e h a d se rv e d as its ca sh ie r fo r 20 y ea rs. Mosler Safe Company provided protection equipment. Promoted At Indianola Honor Alta Vista Banker J oe M en g es, p re s id e n t o f th e A lta V ista State B an k , w a s h o n o r e d r e c e n t ly o n h is 50th y e a r as a m e m b e r o f th e M a son ic L o d g e . T h e b a n k a lso a n n o u n ce s th at W il liam A . F a h e y jo in e d its staff as m a n a g er o f th e in sta llm e n t loa n d e p a rt m en t. H e w a s fo r m e r ly w ith In te r state F in a n ce. Toy Honors Employees Credit Files Forum “ C redit F ile s fo r th e C o u n try B a n k e r ” w ill b e th e th em e o f th e ea stern Io w a N A B A C m e e tin g on J a n u a ry 15 at th e S h era ton -M on trose in C edar R apid s. Dubuque Interest Raise W illia m R. Jan sen , ca sh ie r o f the D u b u q u e B a n k an d T ru s t C om p a n y , re p o r ts th a t th e rate on S a v in g s C e r tifica tes h as b e e n in cre a s e d b y h is b a n k fr o m 3% p e r ce n t to 4 p e r cen t, a n d in te re st on re g u la r sa v in g s a c c o u n ts has b e e n ra ised fr o m 2% p er c e n t to 3 p e r cen t. C. A . J o h n s o n , v ic e p re s id e n t o f th e T o y N a tion a l B ank, S io u x C ity, w a s h o n o r e d last m o n th at a C h ristm a s p a r ty h eld b y th e b a n k an d its a f filiates, follow in gc o m p le tio n o f 50 y e a rs s e r v ic e w ith th e T o y . H e re tire d at year-en d. O th er T o y offi cers and e m p lo y e e s h o n o r e d in cluded: Bill H im es, 15 y ea rs; M iss R u b y D ikeC. A. J O H N SO N Serving Iowa Banks with CREDIT LIFE and DISABILITY INSURANCE HOWARD SHEARY 3924 74th Street Des Moines, Iowa A w h olly owned subsidiary o f the 10,000 stockholders o f L ife Investors o f Iow a INVESTO RS LIFE IN S U R A N C E CO. Provide your customers vith Credit Life Insurance through the company they own Northwestern Banker, January, 1964 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R ic h a r d G. K e r r has b e e n p r o m o te d to assista n t ca sh ie r b y th e W a rre n C o u n ty B a n k an d T ru s t C om p a n y , In d ia n ola . H e h as b e e n w ith th e b a n k s in c e F e b r u a r y , 1963. H e is a g ra d uate o f Io w a State U n iv e r s ity , A m es. Somers Increase T h e S om ers S a v in g s B a n k has in cre a se d its ca p ita l fr o m $50,000 to $100,000, a c c o r d in g to C h arles B rock ett, ch a irm a n . S u rp lu s is $100,000 an d u n d iv id e d p rofits an d r e s e r v e s are $100.000. CENTRAL FILE . . . (C o n tin u e d fr o m p a g e 35) in fo r m a tio n h o u s e d o n m a g n e tic tape o r o n a d isc file. T h e d is c file ap p ro a ch , p a r tic u la r ly , is r e c e iv in g at te n tio n e s p e c ia lly in co m p u te r s w h e re w e d e sire m o re o u tp u t in fo r m a tio n and, at th e sa m e tim e, a llo w th e c o m p u te r to p r o c e s s d a ily w o r k an d p e r fo r m g e n e ra l file u p d a tin g rou tin es. T h is d icta tes th a t an o p e n ch a n n el m u st b e a v a ila b le fo r d ir e c t in q u iry . M a n y fa c to r s sh o u ld b e co n s id e r e d b e fo r e h o u s in g ce n tra l files on c o m p u te r d isc files. S u m m a ry T o su m up, th ere are m a n y w a y s o f c re a tin g an d m a in ta in in g a ce n tra l file sy stem . M ore n e w w a y s are b e in g d e v e lo p e d a lm ost d a ily . T h e p r im e c o n sid e ra tio n b e fo r e e m b a r k in g o n a n y on e o f th e m is th e d e te rm in a tio n for: (1) th e im p o r ta n c e o f th e re q u e st, and (2 ) th e e ffo rt w h ic h y o u c o n s id e r m u st b e p u t fo r t h to p r o v id e th e m ea n s o f r e tr ie v a l fo r a p r o m p t re p ly . T h e tail ca n n e v e r w a g th e d og . A ll in fo r m a tio n c o m in g fr o m a n y ce n tra l file s y s tem m u st s e rv e th e m a n a g e m e n t o f th a t ba n k , a llo w in g th e m t o m a k e m o r e u s e fu l a n d p r o m p t d e c is io n s re g a rd in g all o f th e ir b a n k c u s to m e r re la tion sh ip s.— End. Iowa News I0hin U hi i T H E 19th a n n u a l A g r ic u ltu r a l c r e d it S c h o o l w ill b e h e ld at Io w a State U n iv e rs ity , A m e s, fr o m J u n e 15 th r o u g h J u n e 26, a c c o r d in g to Stan R. B a rber, ch a irm a n o f th e s c h o o l and p re s id e n t o f th e W e llm a n S a v in g s B ank. Dr. K a r l F o x , h ea d o f th e A g E c o n o m ic s D ep a rtm en t, an d P r o fe s s o r H. B. H o w e ll a n d E x te n s io n E c o n o m is t E v e r e tt G. S to n e b e r g w ill h a v e d ir e c t ch a rg e o f th e s c h o o l o n b e h a lf o f th e U n iv e rs ity . L a st y ea r, 67 p e r s o n s e n rolled . I f y o u p la n to e n r o ll in the 1964 session , w a tc h fo r a r e g is tra tio n b la n k th a t w ill b e m a iled to all Io w a b a n k s soon . A g Sell not c e iv e d p r o m o tio n s . T h e y are: R o la n d C. R o o s , to s e c o n d v ic e p r e s id e n t in th e b o n d d ep a rtm en t, an d T o m M. R o c h fo r d , to s e co n d v ic e p re s id e n t in th e b a n k in g d ep a rtm en t. M r. R o c h fo r d is an a u th o r ity on a g ricu ltu ra l len d in g . O th er p r o m o tio n s w e r e as fo llo w s : T o v ic e p resid en t: D a v id W . D a n g ler a n d J o h n R. H a rd er. T o se c o n d v ic e p resid en t: W . Ja m es A r m s tr o n g , D a v id W . F o x , N o r m a n I. P ick les, R ic h a r d W . R e sse g u ie , b a n k in g d e p a rtm e n t; E d w a r d B. C ohen , tru st d ep a rtm en t. 77 T o m a n a g er: D on a ld W . C h oate a n d F r a n k F is c h e r , Jr., a d m in istra tiv e d ep a rtm en t; E r n e s t H . K ra e m e r, o p e r a tin g d ep a rtm en t. T o a ssista n t ca sh ier: H. G ran t C lark, Jr., L a u r y R. L e V a lly , A n d r e w J. M cM illa n , a n d M ich a el A . T ig h e, Jr., b a n k in g d ep a rtm en t. T o assista n t se cre ta ry : M. S cott B ro m w e ll, Jr., B ru ce R. C olb y , J osep h R. E m e r ic h , an d T h o m a s W . K im en , Jr., tru st d ep a rtm en t. T o a ssista n t m a n a g er: J a m es H. M a cL ea n , b o n d d ep a rtm en t, an d Laura n ce H. B en d er, o p e r a tin g d e p a rt m en t. On Estherville Staff H a rold J. P etersen , o w n e r a n d o p e r a tor o f a liv e s to c k fa r m n ea r A ld en , M in n ., h as jo in e d th e Io w a T r u s t & S a v in g s B an k , E s th e r v ille , Io w a , as a g ricu ltu ra l re p re se n ta tiv e . In a d d itio n to h is fa r m in g o p e r a tion s, M r. P e te rse n a cte d as a c r o p h a il in su ra n ce a d ju s te r in su m m e r m o n th s an d h as b e e n a te a c h e r o f h ig h s c h o o l a g ricu ltu re , m a th e m a tics and scien ce. Actual Size: 9 % " X 11%' Frederika Open House O pen h o u s e w a s h e ld la st m o n th at th e r e c e n tly r e m o d e le d F a rm e rs S a v in g s B a n k at F re d e rik a , Iow a . "First Clear Dollar of Profit'' Northern Trust Promotions R o b e r t E. H u n t has b e e n a d v a n ce d fr o m v ic e p r e s id e n t to s e n io r v ic e p re sid e n t in th e b a n k in g d ep a rtm en t, le a d in g a list o f staff p r o m o tio n s an d a p p o in tm e n ts announced by The N orthern T ru st C om pany in C h ica g o, fo l lo w in g a m e e tin g o f th e b o a r d o f d ire cto rs. T w o o th e r m en , w h o a r e w ell. nuuT k n o w n N orthw estern B an ker area, r . e in the a lso r e A sincere, thoughtful gesture on your part to the new businessman on his opening day. It may well bring you his account and you will be identified with his growth and success. He will proudly display this tangible evidence of your friendship in a prominent place so all his customers will know you thought of him in this initial stage of his business venture. Some of the banks successfully using this simple, effective way to wel come the new business are: State Savings Bank, Council Bluffs; Poweshiek County National Bank, Grinned; Forest C ity Bank & Trust Com pany, Forest C ity, and Tri-County State Bank, Zearing. Introductory Offer: 12 complete sets for only $33.00. Includes cer tificate with your bank's name and city imprinted, frame and glass. Send us this coupon for immediate action. PLEASE SEND T H E F O L L O W IN G : □ 12 sets . . . FIRST C L E A R D O L L A R O F P R O FIT. □ Further information on this promotion. N a m e __________________________ ._________________C ity ___________________. State IOWA STAMP AND MARKING COMPANY R. c. ROOS 537 Fifth Avenue Des Moines, Iowa 50309 T. M. RO CH FO R D https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r th w e s te r n Banker, Ja n u ary, 1964 78 Iles M oin es N ew s a g ra d u a te o f th e State U n iv e r s ity o f Io w a L a w S ch ool, jo in e d th e b a n k in 1960 as an estate a n a ly st in th e tru st d ep a rtm en t. x jjc ,f >(c The Central National Bank and Trust Company in cre a se d its ra te o f in terest on sa v in g s d e p o sits to 4 p e r cen t, e ffe ctiv e J a n u a ry 1, 1964. T h is w ill b e p a id on all fu n d s o n d e p o s it d u r in g all o f 1964 an d ea ch s u c c e e d in g ca len d a r y ea r, w ith a $25,000 lim it p e r a ccou n t. T ru s t C o m p a n y w a s p u rch a s e d b y J. G O O D W IN , SR., h o n o r a r y • c h a i r m a n , C en tral N a tion a l B e ll In te rco n tin e n ta l. * * * B a n k an d T ru s t C om p a n y , d ied last Robert J. W issler has b e e n p r o m on th . H e is su r m o te d to v ic e p re sid e n t an d James v iv e d b y R o b e r t W . Frost w a s p ro m o te d to assistan t K . G o o d w i n , tru st officer at th e Iow a -D es M oin es ch airm a n , a n d N a tion a l B ank. W illia m J. G oodw i n, J r., c h a i r M r. W is s le r jo in e d th e b a n k in 1939 m an o f th e e x e c as a m e s s e n g e r an d w o r k e d in v a r io u s u tiv e co m m itte e . d e p a rtm e n ts o f the b a n k b e fo r e jo in in g th e b o n d d e p a rtm e n t in 1957. H e W . J. G o o d w in , b e ca m e an officer in 1958. M r. F ro st, Sr., w a s ch a irm a n u n t i l 1961 w h e n W w. j. a P °G io n o f the G oodw in in ter ests in th e C en tra l N a tion a l B a n k an d g o o d w in M U T U A L R. J. W I S S L E R J. W . F ROS T Hom e & G a rd e n — Real Pleasures If you "Know How" Home Office 2100 GRAND AVEN U E Des M oines, Iowa This is Iowa’ s oldest surety company. A progressive company with experi enced, conservative management. W e are proud of our three hundred bank agents in Iowa. W . W . W ARNER President M . J. C O R B IN Vice President N o r t h w e s te r n B a n k e r, J a n u a ry , 1964 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis * * Principles of Bank Operations— Clar ence “ Clancy” Dicksen, in s tru cto r , as sista n t ca sh ier, C en tral N a tion a l B a n k & T ru s t C om p a n y . B e g in s J a n u a ry 7 an d w ill m eet in th e o ffice rs’ lu n c h r o o m at th e C en tra l N a tion a l fr o m 4 to 7 p.m . ea ch T u es d a y . I f y ou ’ve conquered drippy fa u cets; graciou sly accepted gu ests’ com pli ments on you r roses; saluted a $50 drop in you r fu el bills, you know that good “ know -how ” feelin g — the same feelin g readers o f D oane’s “ Hom e and Garden C are” have. Installm ent Credit— Robert Popple, in stru cto r , v ic e p re sid e n t, B a n k ers T ru st C om p a n y . B e g in s J a n u a ry 9 an d w ill m eet in th e B a n k e rs T r u s t lu n c h r o o m fr o m 4 to 7 p.m . each T h u rsd a y . Winning Friends Is Profitable Negotiable Instrum ents — Lew is C. “ Bing” Cobb, in s tru cto r , tru s t officer, Iow a -D es M o in e s N a tion a l B an k . B eg in s J a n u a ry 9 a n d w ill m e e t in th e e m p lo y e e s ’ lu n c h r o o m at th e C en tral N a tion a l fr o m 4 to 7 p.m . ea ch T h u r s day. It is pleasant to send advertising m essages that prospects appreciate. Banks everyw here build good will am ong depositors and borrow ers with m onthly “ Home and Garden C are.” Tim ely, practical advice on how to beau tify the home, save m oney on upkeep, get the m ost from tax and insurance dollars. E xclusive in your area. W r ite F o r A n In t r o d u c t o r y C o p y DOANE A G R IC U LT U R A L SER VICE, I N C . 5144 Delmar Blvd. St. Louis 8, Mo. ^ ' f * T h e sch e d u le o f w in te r cla sses fo r th e D es M oin es c h a p te r o f th e A m e r i can In stitu te o f B u sin ess has b een a n n o u n c e d b y Donald H . Jordahl, ed u ca tion a l in s tr u c to r fo r th e c h a p te r and assista n t v ic e p resid en t, N o r th w e s t D es M oin es N a tion a l B ank. T h e s ch e d u le is as fo llo w s : Effective Speaking— Ralph Joy, in stru cto r, e x e c u t i v e se cre ta ry , D es M oin es E d u c a tio n A s s o c ia tio n . B e g in s J a n u a ry 6 an d w ill m e e t in th e offi c e r s ’ l u n c h r o o m , C en tral N a tion a l B a n k an d T ru s t C o m p a n y fr o m 4 to 7 p.m . each M on d a y . MERCHANTS BONDING COMPANY In te re s t o f 3% p e r ce n t w ill b e p a id se m i-a n n u a lly o n all o th e r sa vin gs. T h e 4 p e r ce n t ra te w ill b e fig u red as o f D e c e m b e r 31 ea ch y e a r b y p a y in g a b o n u s o f o n e-h a lf p e r c e n t in te re s t on all sa v in g s fu n d s le ft w ith th e b a n k d u r in g th e ca len d a r y ea r. T h e b a sis fo r fig u rin g th e 4 p e r ce n t ra te w ill b e th e lo w b a la n ce. S a v in g s r e c e iv e d b y J a n u a ry 10, 1964, q u a lify fo r th e la tter rate if le ft fo r th e e n tire ca len d a r y ea r. v U >- ^ v ^ * S|5 * 4 Arthur T. Donhowe, d ir e c to r o f th e C en tral N a tion a l B a n k and T r u s t C om p a n y , w a s m a rrie d D e c e m b e r 12 to M rs. E. M. D o n h o w e in M a son C ity. M rs. D o n h o w e is th e w id o w o f E. M. “ J im ” D o n h o w e , a b r o th e r o f A r t D o n how e. V Iowa News U t A C om m ittees A v e A p p o in ted to 20 c o m m itte e s o f th e Io w 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 C h arles H. W a ls h , I B A p re s id e n t a n d p re s id e n t o f F a r m e r s & M e rch a n ts S a v in g s B ank, B u rlin g to n . T h e c h a irm e n an d v ic e ch a ir m e n o f th e se co m m itte e s are as fo llo w s , w ith th e ch a ir m a n listed first fo r each c o m m ittee: A p p o in t m e n t s A G R IC U L T U R E W . L . B aggs, V .P . & Cash., Hancock County N a tl., Garner ; Loren W . Cartwright, V .P ., Cen tral N a tl. B. & T ., Des Moines. A G C R E D IT SC H O O L Stan R. Barber, Pres., W ellm an Savings ; Lynn D. Murfield, Cash., Citizens Savings, Anam osa. A N T I-I N F L A T I O N A N D C R E D IT P O L IC Y Christy F. A rm strong, V .P ., Am erican T & S , D ubuque; H . Clark H oughton, Pres., 1st N atl., Iowa City. AUDITING W ard R. H atter, V .P ., Iowa County Savings, M arengo ; Ernest B artik, Pres., Corwith State ; Frank L. Kos, V .P ., W ashington State. B A N K IN G A N A L Y S I S C. Clifford Fritcher, V .P ., Security T & S , Storm L a k e ; Cleo C. Orris, Exec. V .P ., Ainsw orth State. B A N K T A X A T IO N Charles S. Johnson, Pres., South Des Moines N atl. ; W . S. N orton, Pres., Ham pton State. D E S T R U C T IO N OF O B S O L E T E B A N K FORM S Joe M enges, Pres., A lta V ista S ta te ; David L. Stochl, Cash., 1st N a tl., Iowa City. F E D E R A L L E G IS L A T IO N (Composed o f a General Chairm an, assisted by 14 vice chairmen appointed in the seven Con gressional Districts in Iowa, as well as a number of other committee members.) General Chairman— Raymond G. M iller, Pres., Capital City State, Des Moines. V ice Chairmen by Congressional Districts a re : 1— V . O. Figge, Pres., Davenport B & T ; A . T. W ollenhaupt, Exec. V .P ., State Bank o f W apello. 2— S. E . Coquillette, Chm., Merchants N a tl., Cedar Rapids ; W aldo Adam s, Pres., 1st N atl., Dubuque. 3— George E. Allbee, Peoples B & T , W aterloo ; K erm it S. Paulsen, Pres., NorthWood State. 4— Roy M. Shields, Exec. V .P ., Exchange Bank, Bloom field; W illis K . Bram w ell, Jr., Pres., Com mercial State, M arshalltown. 5— Raymond G. M iller, Pres., Capital City State Bank, Des Moines ; H arry T. H uff, Pres., State Bank, Fort Dodge. 6— Loren E . Anderson, Pres., Cherokee State ; H arry W . Schaller, Pres., Citizens 1st N atl., Storm Lake. 7— Raymond M. Andersen, Pres., Exchange State, E x ira ; Floyd F. W hitm ore, Pres., OkeyVernon N a tl., Corning ; Claus L oof, Pres., Peo ples T& S, Grand Junction. Member A B A Advisory committee on state legis lation— Bruce Townsend, Pres., City N a tl., Clin ton. Member A B A advisory committee on federal legislation— Calvin W . Aurand, Pres., Iowa-Des Moines N a tl., Des Moines. IB A R E T IR E M E N T P L A N FOR M E M B E R B A N K S C. H . W alsh , I B A Pres., and Pres., Farm ers & M erchants Savings, Burlington. S E R V IC E F O R W A R V E T E R A N S U N D E R G. I. B IL L Cole H. Houghton, V .P ., Houghton State, Red O a k ; John A . M aning, V .P . & Cash., Farmers State, Keosauqua. FE D ERAL RESERVE Arthur C. H erm an, V .P . & Cash., Citizens N atl., B oone; Clifford Moss, Cash., Osage Farmers N atl., Osage. FO R ESTR Y George T. Taylor, Cash., Goldfield S t a t e ; Thomas M. Stoker, Cash., Farmers Savings, Shelby. IN S T A L L M E N T LO A N Arthur W . Lucht, Pres., Union Story T& S, A m e s ; George J. Buser, Jr., Exec. V .P ., Plaza State, Des M o in es; Blaine S. Fox, A .C ., State Bank, Fort Dodge. IN S U R A N C E W . A . Kneeland, Pres., Postville State ; Faye B. Shultz, Pres., U nion State, R ich lan d ; J. W . Lipton, Jr., Exec. V .P . & Cash., Ida County State, Ida Grove. ST A T E L E G IS L A T IV E Chairman is Ted J. W elch, Pres., Peoples B & T , Cedar Rapids, with these 24 vice chairmen, plus other committee members. Merten J. K laus, Pres., First Security B & T, Charles City. Rudy R. Schroeder, Pres., Iowa County Savings M arengo. Robert L. Davison, Pres., 1st N a tl., Clarion. Julius A. Rohwer, Pres., Farmers State, Schleswig. Jack W . Edge, Pres., Farm ers T & S , Spencer. J. Francis Kennedy, Pres., 1st N a tl., New Hampton. Clyde Rochholz, Pres., Exchange State, Adair. R. Duane Munter, Pres., U nion B & T , Straw berry Point. H . Lee Huston, Pres., Columbus Junction State. Edmund W . Braack, Sr. V .P ., Davenport B & T. F. Jack Lewis, Pres., H arlan N atl. F. Addison Jones, Exec. V .P . & Cash., Grinnell State. Charles B. Barron, Cash., State Bank of Vin ton. Bruce Townsend, Pres., City N atl., Clinton. John Corcoran, Jr., Pres., Security State, Inde pendence. Oliver A . Hansen, Exec. V .P ., Libery T & S, Durant. John H . Young, Pres., 1st N atl., Centerville Lee A . Holland, Exec. V .P ., W ashington State. Joseph G. Knock, Pres., Iowa State Savings, Creston. Kenneth J. Benda, Exec. V .P ., H artw ick State. Robert R. Rigler, Exec. V .P ., Security State, New Ham pton. Charles R. A tw ell, Pres., M t. Pleasant B&T. E. Leland Ballou, Pres., Security T & S, Storm Lake. M ark A . Arneson, Pres., Clear Lake B&T. P U B L IC R E L A T IO N S A N D E D U C A T IO N Hai’ry S. Lekw a, Pres., Ackley State. S M A L L B U S IN E S S C R E D IT Robert W . Barlow, Pres., Iowa Falls S t a t e ; Fred E . Breckner, V .P ., City N a tl., Cedar Rapids. T A X SCH OO L M ax Kiernan, Cash., Alton S a v in g s ; Leonard Siedhoff, Exec. V .P . & Cash., Farm ers State, Bay ard ; Edward T. W o lf, Cash., Griswold State. TIM E LOCK Dale Bee, Cash., Grundy N a tl., Grundy Center. U . S. S A V IN G S B ONDS Raymond C. Keister, V .P . & T .O ., 1st N atl., M ason C it y ; W ayn e F. M iller, Exec. V .P . & Cash., 1st N a tl., Tipton. Dixon Change W e n d e ll R e n s in k o f B o y d e n has jo in e d th e F ir s t T ru s t an d S a v in g s B a n k o f W h e a tla n d ’s D i x o n office, "S trong fr ie n d o f the ft® In d ep en d en t Banker!' FEdera! 3-5411 IEMBER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PEDCAAl OEP«SIT I^V R A N C E s u c c e e d in g D on W illa rd , v ic e p r e s i d en t an d office m a n a g er, w h o is m o v in g to P ersia, Iow a . Scott Pidgeon Retires S cott C. P id g eon , w h o has b e e n w ith th e B a n k ers T ru s t C o m p a n y sin ce it w a s fo u n d e d in 1917, r e tire d at yearen d as ch a irm a n o f th e b oa rd . He jo in e d th e b a n k as a b o o k k e e p e r a f t e r g ra d u a tio n fr o m the State U n i V ersity o f I o w a and has sin ce h eld sev e ra l offices. He w as presi d en t o f th e b a n k fr o m J a n u a ry 1, 1949, to S e p te m b er, 1962, w h e n h e b e ca m e v ic e ch a irm a n o f th e b oard . A y e a r a g o h e w a s e le cte d ch a irm a n o f th e boa rd . H e in ten d s to b e a c tiv e in th e m a n a g e m e n t o f th e U n io n State B a n k o f W in te r s e t an d th e C itizen s B a n k o f Sac C ity, in w h ic h h e h as an in terest. Rupert Kautz R u p e rt K au tz, 80, p re s id e n t o f the B u ffa lo S a v in g s B ank, B u ffa lo, Io w a , d ied last m on th . H e h ad b e e n ill a b o u t on e w eek . T E N S IO N ENVELOPES FOR EVERY BANK SERVICE BANK ENVELOPE SPECIALISTS BANK ENVELOPE SPECIALISTS BANK ENVELOPE SPECIALISTS BANK ENVELOPE SPECIALISTS • B a n k -b y-M a il • Checkbooks • Transit M ail • Correspondence • D rive-in Banking • M ICR Systems • Note Notices • Payrolls • Savings Books BANK ENVELOPE SPECIALISTS BANK ENVELOPE SPECIALISTS • Statements Call your experienced . Tension envelope specialist ENVELOPES 7^ MARQUETTE O F «M INNEAPOLIS 79 Des Moines Factory and Sales Office; ifff € • » P » « AT I* H T E N S IO N E N V E L O P E C O R P Sales Offices: Cedar Rapids + Davenport Factories: Des Moines, Kansas City, Memphis, Fort Worth, Minneapolis. So. Hackensack, N. J. N o r th w e s te r n B a n k e r, J a n u a ry , 1964 80 WANT ADS Rates 20 cents per word per insertion. Minimum: 10 words. NORTHWESTERN BANKER 306 15th St., Des Moines, Iowa B A N K E X E C U T IV E Completely modern three and onehalf million dollar bank in a small but live town in Northeast N e braska needs a second executive officer thoroughly qualified to make and service agricultural and live stock loans. Vice-Presidency, di rectorship; opportunity to buy shares all open to the right man. Prefer married man under 40. Send details and full particulars your record of loaning experience to DPS, c /o NORTHWESTERN B A N K E R , 306 15th Street, Des Moines, Iowa 50309. FOR S A L E (2 ) P O ST IN G M A C H IN E S National Cash Register Model 3200. 1 6 " Carriage— 5 totals— excellent condition. Ideal fo r posting ac counts receivable, inventory rec ords, general ledger, etc. N ew in 1956 and 1958. Under continuous service contracts since new. Cost new, approx. $3,600 each. Price (at our office) 1956 model $600; 1958 model $900. (1 ) C U M M IN S P E R F O R A T O R M O D E L 351 Electric— two punching positions— 16 numerical characters and month punch. Perfect condition. Cost new approx. $800. Price $300. G U A R A N T E E F IN A N C E Shops Building— Des Moines, Iowa Mr. Owen — CH 4-8121 A H f in k S to c k tfn o ta t i o n s IN D E X O F U O T A T IO N S o n th e fo llo w in g se le cte d b a n k sto ck s are fu r n is h e d b y S m ith P o lia n & C om p a n y , O m aha d ea lers in in v e s tm e n t secu rities, and are b a sed o n fig u res a v a ila b le as o f D e ce m b e r 20: Q BID Bank of America ___________ 64% .136% Bank of New York ............... Bankers Trust of ew York ....... 56% Boatmen St. Louis .............................. 40'/2 Chase Manhattan Bank— New York 925/8 Chemical Bank— New York ............... 79% Continental Illinois—Chicago . 42% First National Bank—Chicago 75% First National Bank— Dallas ........... 77 First National Bank—Tulsa ................. 53 First N ational C ity Bank— New York 108% First Bank Stock— M inneapolis ... 73% First National Bank—St. Louis ....... ........ 44 Harris Trust & Savings—Chicago 106 Irving Trust— New York 46% Manufacturers Hanover— New York 53 Mercantile National Bank—St. Louis 56 Morgan Guaranty— New York 108% National Bank— D etroit ....... 77% National Shaw— Boston ................. ........... 62% Northern Trust Co.—Chicago 137 Philadelphia National Bank 52% Seattle First National Bank .......... 68% Security First National— Los Angeles 81% United C alifornia Bank ............ .......... 69 Valley National Bank— Phoenix 67% Wells Fargo Bank 86% ASKED 67% ¡41A 59% 45 95,/2 82% 44% 78% 8072 57% 111% 77 46% 110 49% 55% 60% 112 80% 66 140 54% 72 84% 72% 71 90 LEGAL FORMS Any form you need we stock, or will print. Special forms then stocked for prompt shipment on reorders. IO W A LEGAL BLANK & PRINTING CO. Box 238, Webster City, Iowa National coverage assures exposure to excellent opportunities on basis employer assumes all expenses. C O M M . LOAN OFFICER ..... to $20,000 IOWA BANK SALES Brokers in Bank Securities L IC E N S E D A N D B O N D E D TRUST (CORPORATE) ..........to $20,000 INVESTMENT OFFICER ..........to $20,000 SENIOR CREDIT OFFICER ...to $15,000 616 McCoy Drive SAVINGS AN D LOAN ..........to $15,000 CARROLL, IOW A MORTGAGE LOAN EXEC. . ..to $16,000 N A T IO N A L ACCOUNTS ..... to $20,000 FOR S A L E Two National single posting m a chines. Good condition. Farmers Trust and Savings Bank Spencer, Iowa CORRESPONDENT to $16,000 AUDITORS .................................to $12,000 C O M M . FIN. EXEC. OPER. OFFICER (CPA) to $16,000 ....... to $18,000 ASST. TRUST ............................ to $12,000 YOUR STATE BANKERS ASSOCIATION O FFICIAL SAFE, VAULT AND TIMELOCK EXPERTS F. E. DAVENPORT & CO. INSTAL. LOANS ...................... to $12,000 S&L CONTROLLER (CPA) to $14,000 INVESTMENT ANALYST to $14,000 BRANCH MANAGERS ..........to $13,000 OM AHA A D V E R T IS E IIS JA N U A R Y, 1964 Acorn Printing- Company .............................80 American Express Company ................42-43 American National Bank and Trust Company— Chicago ..................................... 39 Bank of America ..............................................28 Bank Building and Equipment Corporation ................................................... 9 Bank of California ......................................... 56 Bank of Montreal ........................................... 51 Bankers Trust Company— Des Moines ..70 Black Sale System ......................................... 16 Cadillac Associates, Incorporated ............80 Central Bank and Trust Company— Denver ...............................................................57 Central National Bank and Trust Company— Des Moines ...............................18 Central States Health and Life Co.......... 83 Chase Manhattan Bank, The ...................... 15 Chemical Bank New York Trust Co. . . .22 Chiles & Company ......................................... 60 Continental Illinois National Bank and Trust C om p an y..............................................27 Cummins-Chicago Corporation .................. 24 Davenport, F. E., and Company .. . . 6 6 , 80 DeLuxe Check Printers, Inc..........................12 Diebold, Incorporated..................................... 13 Doane Agricultural Service, Inc..........41, 78 Downey, C. L„ Company .............................40 Drovers National Bank ................................. 73 Farm Business Council, Incorporated . .20 First National Bank— D e n v e r .................... 69 First National Bank— Kansas City ..........44 First National Bank— Omaha .................... 63 First National Bank and Trust Company— L in c o ln ....................................... 65 First National City Bank— New York ..37 First Stock Yards Bank— South St. Joseph .............. 66 Kirk Gross Company ..................................... 72 Halsey, Stuart and Company, Inc............. 25 Harris Trust and Savings B a n k ................17 Hotel Henry Hudson ..................................... 20 Investors Life Insurance Company of Iowa ..................... 76 Iowa-Des Moines National Bank ..............84 Iowa Stamp Marking Company ................ 77 LaMonte, George & S o n ................................ 45 Lawrence Company, T h e ...............................21 Live Stock National Bank— Sioux C i t y ..52 Marquette National Bank .............................79 Merchants Mutual Bonding Company . . .78 Merchants National Bank ............................ 2 Minnesota Commercial Men’s A sso cia tio n ...................................................... 50 Morrison Hotel .................................................. 50 Hosier Safe Company ................................... 6-7 Mutual Fire and Automobile Insurance Company .......................................................... 74 National Bank of Commerce Trust and Savings .......................................... 67 National CashRegister Company ............... 4 Northern TrustCompany .............................. 3 Northwestern National Bank— Minneapolis ................................•_................ 4 6 Northwestern National Bank— Sioux Falls ...................................................................53 Omaha National Bank ................................... 61 Recordak Corporation .............................10-11 Royal Bank of Canada ................................. 49 Schweser, Robert B., Company ................ 68 Smith, Polian & Company ...........................64 Studley, Shupert Trust Investment C ou n cil...............................................................26 Tension Envelope Company ........................ 79 United States Check Book Company . . . 62 United States National Bank—-Omaha . . 58 Valley Bank and Trust Company— Des Moines ............................. 75 Valley National Bank of Arizona ........... 8 Western Mutual Insurance Company . . . 14 Ziegler, B. C., and Company ...................... 16 Submit complete resume in confidence, ARVID D. JO H N S O N ACORN Registers 'Accepted Sale Registers by Bank Clerks Everywhere” For information write THE AC O R N PRINTING CO. Oakland, Iowa N o r tfor h wFRASER e s te r n B a n k e r, J a n u a ry , 1964 Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CADILLAC ASSOCIATES INC. 29 E. Madison Bldg., Chicago 2, Illinois Financial 6-9400 f Young banker will pay premium for 51 to 10 0% of stock in coun try bank. Prefer bank with good insurance agency and deposits of $2 million or more. A ll replies strictly confidential. W rite A Q N , c /o N O R T H W E S T E R N B A N K E R , 306 15th Street, Des Moines, Iowa 50309 V * f- 81 The Bankers’ Market Place th e n e e d fo r m o re efficien t m e th o d s o f h a n d lin g in p u t a n d ou tp u t. A Page Telling W h a t’s New for Banks and Bankers Each month the Bankers’ Market Place will bring you listings of new products, specialty items, banking equipment, and gift items which will help you and your staff do a better job. This is the selection for this month. N E W b o o k le t a v a ila b le fr o m N a tio n a l C ash R e g is te r C o m p a n y is, “ E q u ip m e n t fo r th e T o ta l S y ste m ,” a 48-page b r o c h u r e d e s c r ib in g ty p e s o f N C R d a ta -re co rd in g e q u ip m e n t w h ic h esta b lish c o n tr o l o f b u sin e ss tra n sa c tio n s at w h a te v e r p o in t data en ters th e sy stem . d o c u m e n t s ta c k in g e le v a to r fa cilita te h ig h est-sp eed p a p e r h a n d lin g w ith a m in im u m o f in te r r u p tio n a n d o p e r a tor-a tten tion . P r o v is io n s is a lso m ad e fo r i n d e x i n g th e film b y m ed ia b a tch es. A E L L I N G to b a n k s as o n e o f the c h ie f u se rs o f “ S T E E L -S T R O N G ” W r a p p e r s a n d B ill S traps, T h e C. L. D o w n e y C o m p a n y o f H a n n ib a l, M o., has b u ilt a cce p ta n ce fo r its p ro d u cts th at set a h ig h sta n d a rd fo r s e r v ic e in th ese i n s t i t u t i o n s . The “ STEELS T R O N G ” G u n sh ell W r a p p e r , d e s ig n e d fo r ra p id m a ch in e fillin g a n d a fa v o r ite w ith b a n k s, is m e c h a n ic a lly fo r m e d so th a t th e p a p er u sed is e q u iv a le n t to th re e tim es th e in n er c ir c u m fe r e n c e , g iv in g ex tra stren g th , n ea tn ess an d p r o te c tio n to p a ck a g ed coin s. T h e in te r io r o f th ese w r a p p e r s is c o n s tr u c te d in su ch a w a y as to elim in a te c lo g g in g an d to stren g th en th e c e n te r o f th e w ra p p e r. T h is e x a m p l e o f h o w “ S T E E L S T R O N G ” e x tra q u a lity is b u ilt in to ea ch p r o d u c t is fu r th e r e v id e n c e d b y m a n y o f th e m a c h i n e s on w h ich “ S T E E L -S T R O N G ” p r o d u c ts are m ade. M a n y o f th ese w e r e d e s ig n e d b y th e late C. L. D o w n e y , fo u n d e r o f th is n a tio n a lly r e c o g n iz e d firm . I n fo r m a tio n on th e e n tire lin e o f C. L. D o w n e y p r o d u c ts a v a ila b le to b a n k s m a y be o b ta in e d b y w r itin g th e c o m p a n y at H a n n ib a l, M o. S T h e p u b lic a tio n c o v e r s su ch fo r m s o f in p u t “ la n g u a g e ” as op tica l, m a g n e tic in k , p u n c h e d p a p e r tape, and p u n c h e d ca rd s fo r a u to m a tio n o f data p r o c e s s in g fr o m o r ig in a l e n tr y to final r e p o r t in a fu lly in te g ra te d sy stem . T h e b r o c h u r e , SP-1514, is a v a ila b le on re q u e s t fr o m th e N a tion a l C ash R e g is te r C om p a n y , P r o d u c t In fo r m a tio n , D a y to n 9, O hio. E C O R D A K C O R P O R A T IO N has a n n o u n c e d th e R e c o r d a k R otom a tic M icro film e r, M od el R R -1 , w h ic h is e s p e c ia lly d e sig n e d fo r h ig h -sp eed m ic r o film in g o f c o n tin u o u s fo r m s p r o d u ce d b y tab-card an d c o m p u te r p r in t o u t co m p o n e n ts . In tr o d u c e d as th e fa ste st a u to m a tic m ic r o film e r e v e r d e v e lo p e d , it o p e ra te s at a sp eed o f 183 lin e a r fe e t (u p to 17,500 lin es o f data) p e r m in u te. T h is re p re s e n ts a m ic r o film in g c a p a c ity o f m o r e th an tw o m ile s o f c o n tin u o u s r e c o r d fo r m s p er h ou r. R T h e n e w R o to m a tic M icro film e r o f fe r s a m ea n s o f h ig h -sp eed c o n v e r s io n o f c o n tin u o u s fo r m r e c o r d s to 16m m m icro film , w ith its in h e re n t a d v a n ta g es o f g r e a te r c o m p a ctn e s s , ease o f h a n d lin g , an d sp eed o f in fo r m a tio n r e triev a l. C o n tin u o u s fo r m s fr o m s ix to 15 in c h e s w id e are m ic r o film e d at a fixed re d u c tio n ra tio o f 24 to on e. A u t o m a tic fe e d c o n tr o ls , a n d a m o to r iz e d A G N E T IC In k C h a ra cter R e c o g n itio n (M IC R ) c h e c k so rte rs h a v e so in c r e a s e d th e sp eed o f c h e c k p r o c e s s in g as to m a k e som e h a n d lin g e q u ip m e n t all b u t ob so le te . E le c tr o n ic s o r tin g d e v ic e s n o w p r o c e s s c h e c k s at sp eed s o f 1,000 a m in u te, h ig h lig h tin g M INSTALLMENT LOANS . . . (C o n tin u e d fr o m p a g e 31) 4 h e fu n d a m e n ta l p u r p o s e o f b u d g e tin g v o lu m e , in co m e , e x p e n se s, a n d n u m b e r o f p e o p le re q u ir e d is to ch a rt th e m o s t p ro fita b le c o u r s e w h ic h th e e ffo rts o f y o u r d e p a rt m e n t m a y b e d ire cte d in an d to aid y o u in h o ld in g to th at co u rse . O u r d e p a rtm e n t is d iv id e d in to v a r io u s c o s t c e n ters an d I n o tic e a r iv a lr y b e tw e e n th e s u p e r v is o r s to c a r e fu lly p re p a re th e ir b u d g e t a n d as a re su lt c o n s id e r ab le th o u g h t a n d s tu d y is g iv e n b e fo r e m a jo r p u rch a se s are m a d e o r an a d d itio n a l e m p lo y e e is a d d ed to th e p a y roll. Y o u as m a n a g e rs a n d y o u r m a n a g em en t, m u st rea lize a b u d g e t s h o u ld n o t b e static. It s h o u ld be a ch a n g in g , m o v in g m a n a g e m e n t to o l th at re s p o n d s to in cre a se d or d e cre a se d v o lu m e as w e ll as ch a n g e s in m a n a g e m e n t o p https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T h e m a in co m p o n e n ts o f th e n e w D ie b o ld lin e are c h e c k tra y s; so rte r ra ck s; tra y tra n sp o rts; c h e c k tra y files an d c h e c k tra y tru ck s. C o m p le m e n t in g th e n e w lin e, fo r u se w ith e le c t r o n ic p ro ce s s in g , are th e stan dard D ie b o ld D ata P r o c e s s in g T ru ck s, T ap e H o u s in g M od u la r E q u ip m e n t and C a rdm a ster S u sp e n sio n F iles. T h e c e n te r o f c h e c k h a n d lin g a c t iv ity in th e D ie b o ld sy ste m a re th e D e lu x e C h eck T ra y s fe a tu r in g d o u b le w a ll c o n s tr u c tio n fr o n t and b a ck , fu ll g rip h a n d les, p o s itiv e lo c k fo llo w e r a n d r e c e s s e d tra ck , lo c k in g c o v e r fo r sa fe tr a n s p o r tin g w ith a p o s itiv e a c tio n lo c k a d a p ta b le to b a n k seal or p a d lock . F o r fu r th e r in fo r m a tio n o f th e D ie b o ld M IC R C h eck H a n d lin g e q u ip m en t, p lea se w r ite to D o n P erk in s, D ieb old , In c o r p o r a te d , C a n ton 2, Ohio. A Y IN G S fo r a r a in y d a y can be th e th em e o f a sa v in g s d e p a rtm e n t p r o m o tio n u s in g p la stic ra in ca p s n o w a v a ila b le fr o m K & R A d v e r t is in g S pe cia lties, B o x 294, C lark sd ale, M iss. T h e ca p s are d e sig n e d e s p e c ia lly fo r fin an cia l in stitu tio n s a n d a re d e co ra te d w ith p ic tu r e s o f co in s fr o m th r o u g h o u t th e w o r ld . S era tion . It sh o u ld p r o v id e a fle x ib le m e a su re m e n t o f o p e ra tin g resu lts an d d ir e c t a tten tion fr o m p a st p e r fo r m a n ce to a n ticip a te d fu tu r e resu lts. It is on e to o l o f m a n a g e m e n t th at w ill s u p p ly in fo r m a tio n to h e lp y o u ch art d esired o b je c t iv e s fo r a fu tu r e p eriod . Conclusion T h e ra p id p a ce an d c o m p e titio n w ill n o t a llo w us m a n y e rrors, th e re fo re , o n ly th o se w h o are m a n a g e rs and c o n sta n tly c o n tr o l ex p en ses, k n o w th e ir co s ts and a n ticip a te o r b u d g e t fu tu re n eed s w ill s u rv iv e . W e h a v e m a d e th e cla im fo r m a n y y e a rs th a t o u r d e p a rtm en ts are th e m o s t p ro fita b le in th e ba n k . N o w in th e c o m p e titiv e s tru g g le ahead, w e m u st a rise to th e o c c a s io n an d s u p p o r t o u r sta tem en ts w ith fa ct. T h is is o n ly o n e to o l o f g o o d m a n a g e m e n t th at w ill h e lp u s d o w h a t is e x p e c te d o f in sta llm e n t b a n k e rs g o in g ah ead. — E n d . N o r th w e s te r n B a n k e r, J a n u a ry , 1964 82 W aive the Hearing Jet A ir Travel A N e g r o w a s a rrested an d b r o u g h t b e fo r e a c o m m is s io n e r fo r h a v in g a still on h is p rem ises. H e w a s ask ed b y th e c o m m is s io n e r , “ H o w d o y o u p le a d ? ” T h e N e g ro said: “ I p lea d s g u ilty an d w a iv e s th e h e a r in g .” “ W h a t do y o u m ean , W a i v e the h e a r in g ? ’ ” a sk ed the co m m is s io n e r. “ I m ea n s I d o n ’t w a n ta h ear n o m o r e a b ou t it.” T h e S to ry o f Jet A ir T ra v e l: B re a k fa st in San F r a n c is c o ; lu n ch in N e w Y o rk ; d in n e r in C h ica g o— B a g g a g e in T okyo! Needless Item T h e la d ies o f th e H e lp in g H a n d S o c ie ty e n jo y e d a sw a p socia l on e F r i day e v e n i n g . E v e ry b o d y brou gh t so m e th in g th e y d id n ’t need. M a n y o f th e la d ies w e r e a c c o m p a n ie d b y th eir h u sb a n d s. and “ N o w , y o u d o n ’t n eed a n y m ed icin e. I h ad a to o th a c h e y e s te r d a y and I w e n t h o m e and m y lo v in g w ife k issed m e an d so co n s o le d m e th at th e p ain soon p a ssed a w a y . W h y d o n ’t y o u tr y th e s a m e ? ” “ I th in k I w ill. h om e n o w ?” Is y o u r w ife at Snore Stopper “ I u sed to sn o re so lo u d I ’d w a k e up, b u t I c u re d m y se lf. I sleep in th e n e x t r o o m n o w .” Quick Retreat “ B ill, y o u w e r e th e re w h e n th is m an w a s s h o t ? ” th e la w y e r asked. “ Y es, I w a s th ere w h e n th e y started sh ootin g , b u t I d id n ’t ta r r y .” T h e la w y e r sm iled. sh ots w e r e fir e d ? ” “ H ow m any “ J u st on e. I h ea rd it tw ice , an d I o u g h t to k n o w .” “ H ea rd it tw ic e ? W h y , h o w in th e w o r ld w a s th at p o s s ib le ? ” T h e N e g ro sm ile d s h re w d ly . “I h ea d th e b u lle t first w h e n it p assed m e; a n d th en a ga in w h e n 1 p a ssed it.” Tall Tale A N e w Y o r k e r w a s h a n d in g it ou t to a c o u n t r y m an. “ L o o k at th at s k y -scra p er g o in g up! T h e w o r k m e n w h o are p u ttin g th e fin is h in g to u ch e s on th e u p p e r 20 stories h a v e g o n e d o w n to th e 50th floor fo r lu n ch w h ile th e ten n a n ts o n th e first 40 floors are m o v in g ou t b e ca u se the b u ild in g is o ld -fa sh io n e d !” N o r th w e s te r n B a n k e r, J a n u a ry , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 b a ttered, an d se m i T h e h o te l k e e p e r ru sh e d ou t and, ra isin g th e v ic t im ’s re e lin g head, h eld a g la ss o f s h e r r y to h is lips. “ S ir!” h e gasp ed , “ h o w fa r h a v e I g o t to fa ll to g e t a w h is k e y ? ’1 Fall G u y T h e p o o r fe llo w h ad fa lle n 40 fe e t o n to c o n c r e te o u tsid e a sea side h otel. “ N o ,” re p lie d th e d riv e r, “ b u t I b e t y o u m a d e a g o o d tr y !” C € > N V E N T IO N S January 22-25 — American Institute of Banking, M id w in te r Meeting, Diplomat Hotel, Hollywood, Fla. January 22 — Minnesota Bankers, An nual Midwinter Conference, Radisson Hotel, Minneapolis. January 27-28—ABA National Credit C o n fe re n ce , Bellevue-Stratford, Philadelphia. February 3-4—ABA Mid-Winter Trust Conference, Waldorf-Astoria Ho tel, New York City. February 12—Iowa Bankers, Group 1 Meeting, Sheraton-Warrior, Sioux City. February 16-19—Colorado Bankers In stallment Workshop, Broadmoor Hotel, Colorado Springs. February 22—Iowa Bankers, Group 11 Meeting, Burlington Hotel, Bur lington. March 9-11-—ABA National Install ment Credit Conference, Conrad Hilton, Chicago. March 23—Iowa Bankers Association, Spring Banking Conference, Savery Hotel, Des Moines. April 6-8—ABA National Savings Con ference, Sherman House, Chicago. April 9-11—Independent Bankers As sociation, A n n u a l Convention, Leamington Hotel, Minneapolis. April 14-15—South Dakota Bankers Agricultural Conference, Pierre. April 22—Minnesota Bankers Associ ation Installment Credit Confer ence, Hotel Duluth, Duluth. May 5-8—Iowa Bankers, First week of Group Meetings. May 7-8—-Nebraska Bankers Associa tion, Annual Convention, Cornhusker Hotel, Lincoln. May 7-9—North Dakota Bankers As sociation, A n n u a l Convention, Grand Pacific Hotel, Bismarck. ^ Free Rider A n old la d y w h o co u ld n o t see e y e to e y e w ith th e ta x i d r iv e r o n th e q u e s tio n o f a fare, fin a lly rem a rk ed : “ D o n ’t y o u tr y to tell m e a n y th in g , m y g o o d m an. I h a v e n ’t b e e n r id in g in ta x is fo r five y e a rs fo r n o th in g .” Toothache Cure “ I h a v e a te r r ib le to o th a c h e w a n t s o m e th in g to cu re it.” H e la y b ru ised , c o n s cio u s . May 14-16—South Dakota Bankers As sociation, A n n u a l Convention, Sheraton Johnson Hotel, Rapid City. May 19-22 — Iowa Bankers, Second week of Group Meetings. June 1-5—American Institute of Bank ing, Annual Convention, SheratonPark and Shoreham Hotels, Wash ington, D. C. June 4-6—Colorado Bankers Associa tion, Annual Convention, Broad moor Hotel, Colorado Springs. June 11-13—Wyoming Bankers Associ ation, Annual Convention, Jackson Lake Lodge, Moran, Wyoming. June 15-17—Minnesota Bankers Asso ciation, Annual Convention, Hotel Leamington, Minneapolis. June 18-20—Montana Bankers Associ ation, Annual Convention, Many Glacier Hotel, Glacier National Park. September 27-30 Robert Morris As sociates, A nn u al Co nv e n t i o n, Queen Elizabeth Hotel, Montreal. September 27 - October 1 — Financial Public Relations Association, An nual Convention, Chase-Park Plaza Hotels, St. Louis. September 28-30 — NAB AC, National Association for Bank Audit, Con trol and Operations, Annual Con vention, Americana Hotel, New York. October 18-21—Iowa Bankers Associa tion, Annual Convention, Hotel Fort Des Moines, Des Moines. October 25-28—American Bankers As sociation, Annual Convention, Mi ami Beach, Fla. November 8-10—ABA National Agri cultural Credit Conference, Hotel Peabody, Memphis, Tenn. f Bank adds new service ((Loss of Incom e ” — Central States insurance protection Our customers are our first concern' 99 Reports Mr. Theodore R. Mayberry, President The Union Bank Company, Columbus Grove, Ohio This new plan offers bank customers liberal income benefits when the “ breadwinner” is unable to work because of sickness . . . disabled by accident . . . suffers dismemberment . . . or in case of accidental death and in other instances. Monthly premiums are deducted from checking accounts, the bank retaining a liberal fee. When the details of Central States’ new program were explained, Mr. Mayberry recognized its advantages, but was concerned about the manner in which his customers would be approached. .. / \Y--' ' ' . ::: : “ The absence of pressure tactics in the presentation of this program assures a pleasant and friendly inter view in which the bank's interests are of first con cern,” said Mr. Mayberry. “ Central States’ specially trained representatives have been well received by our customers.” May we provide you with the details of this new Central States program as well as our popular Bank Health Plan . . . at your convenience? j Ce n t r a l S ta te s H e a l t h &L if e C o . of Om ah a T. LESLIE KIZER, President CENTRAL STATES INSURANCE BUILDING HOWARD AT 18TH STREET • OMAHA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis UNDERWRITING EXCLUSIVELY THROUGH FINANCIAL INSTITUTIONS Ju st a hop, skip and jump to our Mid-America location!!! S tick a pin in your U.S. map at Des Moines, and you’ll find you can alm ost spin the map like a top. Yes—we are located, happily, at the very heart of M id-A m erica. W hich can mean, fo r you, correspondent bank services always a little faster. A ctually, the lowa-D es Moines National Bank is less than a day away from any major city, coast to coast. So no matter where your drafts are drawn, they can get to us in a hurry. A n d we keep our correspondent services operating at top speed, to move your business with all possible dispatch. W hy not stop in here, next tim e you’re traveling—on vaca- tion or on business—and let us show you around the Bank.. Y ou'll see some operations we think you w ill admire; and m ost likely you w ill get some ideas as to how we can serve you even better! D E P A R T M E N T OF B A N K S A N D BANKERS Jerry Nelson—Wee President George E. Harnagel—Assistant Vice President Bob Buenneke—Assistant Vice President Ben Eilders—Assistant Vice President John Hunt —Assistant Cashier We’re here to help you get what you want Io w a De s M o in e s •N a tio n a l Barth, Sixth and Walnut, Des Moines 4 • CHerry 3-1191 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Member Federal Deposit Insurance Corporation
@FedFRASER