Full text of The Northwestern Banker : July 1955, 61st Year, No. 816

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Federal Reserve Bank of St. Louis

AT THE MINNESOTA CONVENTION— Newly-elected president, Minnesota Bank
ers Association, Donovan E. Crouley, vice president, Northwestern National Bank,
Minneapolis, receives the gavel from retiring president, William G. King, executive
vice president. First National Bank, Grand Rapids. (Page 45.)

W e show our respect
for Your Correspondent Business

in a Dozen Ways
W hy

Merchants

National

Called

“ Good

Connection”

Throughout Great M iddle W est

-| SPEEDY, accurate transit service
A is assured through your Merchants
National connection.

S\ DEVELOPING full utilization of
U your various Bank facilities in your
own community through sugges
tions on our radio and television
programs.

Q TRUST SERVICE, in which mem0 hers of our trained trust and estate
staff function as a part of your
organization.

J SOUND advice offered on investX ments and securities.

P COMPREHENSIVE, full scale per(F sonal services are yours through
Merchants National.

O FRIENDLY interest in your wel\F fare. Every MNB promotion effort
sells you and your service to pros
pective customers.

COOPERATIVE handling of excess
loans— and assistance in evaluation
of method is yours.

O GLOBAL collections are handled
0 easily through our regular foreign
service connections.

Q BUSINESS-BUILDING— gains our
tF cooperation, helping locate new
industries and businesses in your
area.

1 A COMPLETE care of your currency
A \F service is easily arranged to your
liking.

1 1 UP-TO-THE-MINUTE credit inforA A mation, analysis and interpretations
always available.

't rt PERSONAL interest in your probA w lems, with a Merchants National
representative calling on you regu
larly.

A IONEERING in additional extra services that make correspondent
business with the Merchants National Bank valuable to you, has been
our policy through the years. On every service—in every department
—you’ll find your business connection with The Merchants National
Bank a friendly, congenial, happy arrangement.
We appreciate this business— and will continue to make our service
more helpful—more efficient—more comprehensive
for you and your bank. May we serve you?
. . . Strong in Friendship, too!

Member
Federal Deposit
Insurance
Corporation

c
THE

Merchants Nation
Bank
CEDAR RAPIDS, IOWA

No. 816. Northwestern Banker, published monthly by the Northwestern Banker Company, at 306 Fifteenth St., Des Moines, Iowa. Subscription,
35c per copy, $3.00 per year. Entered as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, under Act of March 8, 1879.

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Federal Reserve Bank of St. Louis

W rite o r call fo r
L ast year credit life insurance paid 61,224 loans totaling

$ 30,000,000 .

W a s one o f these loans yours? I f so, you

com plete inform ation on
N orth C e n tra l’s

know the advantages o f insuring the life o f your borrower.

P R O T EC T ED LO A N

Advantages to you, and, o f course, an outright miracle to

PLA N

the family left with debts to be paid.

Protect your loans. Extend this security to your customer.

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Federal Reserve Bank of St. Louis

LIFE I N S U R A N C E

No other service
could do more.

COMPANY

Endicott-on-Fourth, St. Paul 1, Minnesota • Phone CApitol 4-5388
Northwestern Banker. July, 1955

No. 7

in a series of discussions important to every

the more profitable your
new quarters will be

the more
ur designer
nows about
banking
operations

You wouldn’t consider hiring a bookkeeper whose fore
most qualifications were that he wrote a beautiful hand
and posted figures neatly. Your bank requires qualified
bookkeepers, well-grounded in specialized knowledge
and experience. Otherwise even petty errors could cost
you time, money — and many customers.
The same logic applies in selecting an organization to
design new banking quarters — but here your bank’s
entire future is at stake. Functional efficiency, work out
put, customer attitudes, ability of new quarters to
attract new business — all can benefit vitally from your
designer’s creative talent, if he has a thorough knowl
edge of hanking methods and operations.
This is why bankers prefer our specialized services. We
have both the banking know-how and the architectural
talent to design beauty around function . . . and thus
create profitable new quarters. W e have completed
nearly 3,000 bank projects across the nation, and aver
age a completed project every 3 working days.
Years of analyzing bank operations have given us an
inside knowledge of banking business. Our designers
pioneered scientific space planning, engineered back
counters, and many other new trends in bank layout
.. . have brought to banks a bold new concept of design
as a magnet to attract new business, new customers.
Demand for our services enabled us to assemble an
organization of bank designing specialists—the world’s
largest. This we have built into a teamwork operation
that plans and designs banks of all types — from small
neighborhood banks with modernization budgets of
less than five thousand dollars to new multi-story bank
office buildings costing millions of dollars.
Write us for a list of completed projects in your area.
Call us in early in your planning, without obligation.

Headquarters: ST. LOUIS, 9 t h & S i d n e y S t r e e t s
Offices in: ATLANTA, W e s t e r n U n i o n B l d g .
CHICAGO, 3 3 3 N o r t h M i c h i g a n
MIAMI, 5 2 0 4 W e s t F l a g l e r
N E W YORK, 1 0 3 P a r k A v e n u e
SAN FRANCISCO, 2 7 5 P o s t S t r e e t
Operating Outside the Continental U. S. as:
B a n k B u il d in g C o r p o r a t io n In t e r n a t io n a l

Operating in Mexico as: E d i f i c i o s P a r a B a n c o s

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Federal Reserve Bank of St. Louis

also creators of Am erica’s outstanding office buildings

banker considering new quarters. . .

FIRESTONE BANK, AKRON, OHIO
Designed and under construction by
BANK BUILDING CORPORATION

W e invite you to visit us in St. Louis. Take a trip through

Mr. J. B. Gander, President

our plan t. .. see how the world’s largest organization of

9th and Sidney Streets, St. Louis, Mo.

bank building specialists carries a project through from
preliminary sketch to final details of completion.

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Federal Reserve Bank of St. Louis

B a n k B u il d in g

E q u ip m e n t C o r p o r a t io n

Send mxj free copy of: “
a bank

to business

e r ic a

w h a t h a p p e n s t o b u s in e s s a f t e r

On or about_

______we contemplate:

□

NEW
B U IL D IN G

M O D E R N IZ E D
QUARTERS

NEW
F IX T U R E S

M O D E R N IZ E D
F IX T U R E S

after a bank
N

ame

modernizes?
T it l

Bank

C it y

m o d e r n i z e s .”

what happens

If you're contem plating new
banking quarters, send for
your com plim entary copy of
the n e w s u r v e y re p o rt,
"W hat happens to business
after a bank m o dernizes."

and

Sta te

thousand
years
and 6,000 miles
from Byzantium
The Dovales are a traveled people. A
thousand years ago a D ovale headed East
from his home in Catalonia to defend B y
zantium against the invading Turk. T o
day, another D O V A L E

(Everett C.)

heads west, south and north from Chi
cago for the American National Bank.
Chicago bom , on his own since the age
o f 13, M r. D ovale grew up in the banking
business. He got his education the hard
w ay—night school at the Y M C A college
and at Northwestern University. A hot
trumpet helped pay the bills. (H e’ s a
card-carrying union musician.)
Mr. D ovale has a wife M arjorie, a
daughter Judith Ann, 15, a son John, 10,
and an above average golf game. H e’s
active in scouting, P .T .A ., and other im
portant com m unity activities.
Mr. D ovale has been a member o f our
staff for 25 years. He is typical o f the men
who travel for us to acquaint bankers
with the many special services we per
form for correspondent banks.

Am erican A alional Bank
a n d T ru st C o m p a n y o f C h ica g o
LA SALLE AT WASHINGTON • CHICAGO 90, ILLINOIS
a

..am §§gu
Northwestern Banker, July, J 955

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Federal Reserve Bank of St. Louis

g»

M ember Federal Deposit Insurance Corporation

D ear Editor

Oldest Financial Journal W est o f the Mississippi

IN THIS JULY, 1955, ISSUE
The following letters are from
Northwestern Banker readers. Your
views and opinions on any subject are
welcome in this column.

61st Year

EDITORIALS

“ Read It Conscientiously”
“ Thank you very much for your nice
write-up in your last issue of our convention
in Fargo. I think you have done a very ex
cellent job of covering the convention.
“ I read your magazine very conscientious
ly as I always find a good deal o f valuable
banking material in it.”
Lee M. Stenehjem, Presi
dent, North Dakota Bankers
Association.

“ Fine Advertising M edium ”
“ The N orthw estern B anker , will make
a very fine advertising medium. I looked
over your magazine carefully. It is fine.
I was surprised at the very fine quality of
the layout and printing. You are doing a
fine job . . . but I should have known that
only the best comes out of Des Moines.”
Frank D. Jackson, JackBilt Corporation, 906 Cen
tral Street, Kansas City 6,
Missouri.

“ My 5 0 Years”

A cross the Desk from the Publisher

7
13
15
16
17
18

Dear Editor
Frontispage
Field W arehousing— A Process fo r Progress . . . N eil A . B'ryning
Take B anking’s S tory D irect to the People . . . W illiam P. S cott
H andling S afe D eposit Box Business . . . Harlan A . Pose
A g Credit School Makes Better F arm Bankers . . . W a lter T.
P roctor
News and View s o f the Banking W orld . . . Ben H aller, Jr.
H ere’s H ow to Keep That K ey Man . . . E rn est W . Fair
Tootle N ational Sponsors a Unique T V Show
W h at’s N ew fo r Banks and Bankers

FEATURE ARTICLES

20
21
22
24

BONDS AND INVESTMENTS
33

“ We want you to have one of the first
copies o f ‘Up to Date in Kansas City/ a
new publication of ours which we plan to
put out on a. monthly basis.
“ As you know, we at Commerce Trust are
continually striving to bring desirable new
business and industry into Kansas City,
having long felt that the future growth of

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Federal Reserve Bank of St. Louis

It Takes a Loss to W ake Up Some People . . . G eorge B. W oodard,
Jr.

STATE BANKING NEWS
M innesota Convention
Coverage
Twin City News
South D akota N ew s
Sioux Falls News
N orth Dakota News
M ontana Convention News

“ A Profitable O ne”

“ Another Endeavor”

Free M arket Is Stabilizing F orce on Investm ent Securities . . .
R aym ond T rig ger

INSURANCE

“ Thank you for your nice letter of con
gratulations on my 50 years in the banking
business. I hope that our paths may cross
in the near future as I would enjoy chat
ting with you.”
J. Cameron Thomson, Pres
ident, Northwest Bancorporation, Minneapolis, Minne
sota.
“ The efficient and friendly manner in
which you handled our account in the
N orthw estern B anker , during the past six
months has made our association a cordial,
as well as a profitable one and would seem
to justify the further use o f your services.”
Don Johnson, Art Director,
Central States Health and
Accident Association, Oma
ha, Nebraska.

No. 816

45
48
53
53
55
56

59
60
62
64
67
70

Nebraska News
Omaha News
St. Joseph News
Lincoln News
Iow a New s
Des Moines News

OTHER FEATURES
73
73
74

In the D irectors Room
Conventions
Can Banks Sue and R ecover Dam ages from a M unicipality?
— Legal Questions and A nsw ers
N O RTH W ESTERN BANKER
306 Fifteenth St., Des Moines 9, Iowa, Telephone 4-8163

Publisher

Clifford De Puy
A ssocia te P ublisher

Malcolm K. Freeland
E ditor

Ben J. Haller, Jr.

A ssocia te E ditor

Circulation D ep artm ent

Walter T- Proctor

Mary Lou Murphy

A ssocia te E ditor

S ecretary

Daryl F, Visser

Zorah Pender

A d vertising A ssistan t

Field R ep resen ta tive

Elizabeth Cole

A, M. Lemieux

A u ditor

Field R ep resen ta tive

Pat Bergstrom

Al Kerb*!

NEW yORK OFFICE
Frank P. Syms. Vice President, 505 Fifth Ave., Suite 1806

MUrray Hill 2-0326

DE PUY PUBLICATIONS: Northwestern Banker, Underwriters Review,
Iowa-Nebraska Bank Directory
Northwestern Banker. July, J9SS

our bank is tied directly to the growth and
prosperity of our metropolitan area. This
publication therefore is but another endea.vor on our part to interest corporation
executives in the Kansas City area.
“ Our mailing list, which numbers in the
thousands, has been carefully selected to
reach those companies all over the nation
which we feel might be contemplating an
expansion or decentralization o f activities.”
E. J. Flinn, Vice President,
Commerce Trust Company,
Kansas City, Missouri.

REACH:

m o re lo a n b u s in e s s
through inventory control
our
P referred W areh o u se Receipts
o ff e r th e b e st c o lla t e r a l
fo r in v e n t o r y lo a n s
Through our service, your customers'
inventories become preferred collateral backed
by sound financial resources . . . Legal
Liability and Fidelity Bond Coverage . . .
and thirty-nine years of experience.
Call today for full details on this
complete, economical and safe
Field Warehouse Service.

Des Moines Office
616 Empire Bldg.

George V. Mickelsen, Dist. Mgr.
Call 2-1208

Omaha Office
312 Electric Bldg.

Russell V. Peterson, Dist. Mgr.
Call ATIantic 7190

ST. PAUL TERMINAL WAREHOUSE CO.
4 2 5 E AST 8th STREET

Northwestern Banker, July, 1955

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Federal Reserve Bank of St. Louis

\ST. PAUL, M I N N E S O T A

New Vice President
The election of Arthur V. Royds as
vice president of the American Nation
al Bank and Trust Company of Chi
cago was announced by Lawrence F.
Stern, chairman,
following a meet
ing last month of
the bank’s board
of directors.
Mr. Royds, who
will serve as a
commercial loan
ing officer, h a s
spent h is entire
business l i f e in
the Chicago area,
a n d c o m e s to
American National with a background
of over 25 years of active banking ex
perience.
In Trust Departm ent
Edmund D. Januchowski was elect
ed an assistant trust officer at La Salle
National Bank, Chicago, last month.
The announcement was made by John
C. Wright, president and chairman of
the board. Mr. Januchowski has been
with La Salle since 1946 in the per
sonal trust administration division of
the trust department.
Todd Purchase Official
The Todd Company, Inc., of Roches
ter formally became a wholly owned
subsidiary of Burroughs Corporation
of Detroit last month when officials
of both companies consummated the
acquisition agreement at Detroit.
Under the terms of the agreement,
stockholders of the Todd Company
will receive one and one-third shares
of Burroughs stock for each share of
Todd stock held. There are 350,000
shares of Todd stock outstanding.
Announcement of the acquisition
was made by John S. Coleman, presi
dent of Burroughs Corporation, and
George L. Todd, president of The
Todd Company.
The Rochester company will main
tain its own identity and continue its
own research, manufacturing and
marketing organization. Officers, man
agement and personnel will continue
in the same capacities.

Now! New!
W hat’ll you have ?
The NEW Model 205
Microfilm Recorder
For situations in which you
want a separate recorder, we
recom m en d thi s com p a ct
e qui pment . I t ’ s ac t ual l y a
Micro-Twin with the Reader
removed, thus giving you ex
tra working space.

The Micro-Twin
Recorder-Reader

The NEW Model 206
Microfilm Reader

Here is the revolutionary new
microfilming machine that has
put the penny back into busi
ness ! Imagine—a recorder and
reader in one unit for less
than you’d expect to pay for a
recorder alone!

For times and places where
separate, portable Readers are
n e e d e d . W e i g h s o n l y 16
pounds, projects 8-, 16-, or 35mm. film with same lens and
film guide. Image can be com
pletely rotated on screen.

W e ’ve got the low-cost answers
to your microfilming problems!
I f you keep records, here’s the greatest m icro
filming news in y e a r s !
W hatever your needs, Burroughs and Bell &
Howell bring you a new, m odern low -cost line
o f m icrofilm ing equipment to do the jo b quickly,
efficiently and econom ically. The bellwether, o f
course, is the m arvelous M icro-T w in R ecorderReader in one unit. A nd now, to accom modate
businesses o f every size and nature, we proudly

B e lli» H o w e ll /

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Federal Reserve Bank of St. Louis

present the new Model 205 R ecorder and the
new Model 206 Reader.
These units increase your record-keeping effi
ciency with : autom atic endorsing, automatic
feed in g, exclusive indexing m eter, choice o f
reduction lenses, notable film econom y and
clear view ing. Ask our branch office, listed
in your phone book, fo r a demonstration.
Burroughs Corporation, D etroit 32, M ichigan.

W H E R E V E R T H E R E ’ S BU SIN E SS T H E R E ’ S

B u rrou d h <
“Burroughs” and “ Micro-Twin” are trade-marks

see no advantage in constantly increasing our
national debt even though, as Mr. Blyth men
tions, “ it encourages habits of thrift,” but by
what method we do not know.
The interest which is paid on the government
bonds held by private individuals must first be
taken from other individuals from their earnings
in order to pay this interest.
America faces a great future and it will be
helped and assisted by the careful use of bank
credit, and at the same time national expenses
should be reduced and along with it the national
debt.

(bsah, William, 9Tic,. Wxvdin,:
Chairman, F ed era l R eserv e Board, W ashington, D. C.

ACROSS ik DESK
W o rn

(D s m a ,

tk e

P u b t ia k ^ i

C b iik u A . d L . lA p q h M L :

Dean, A m os Tuck School o f Business,
D artm outh College

You recently expressed the belief that an ex
panding economy requires expanding debt. We
prefer this expansion in private debt in order to
minimize the role of government and to assure
the utilization of resources which the private en
terprise system gives us.
Banks are in business to loan money, and if
they do it intelligently and carefully, it will help
our increased productivity in this country.
What we do worry about, Dr. Upgren, is the
fact that our national debt is expanding and is
not being reduced.
Robert B. Blyth, assistant to the Secretary of
the Treasury, believes the huge national debt can
serve constructive purposes and mentioned that
the public debt interest, which is paid, “ helps to
provide jobs, encourage habits of thrift and help
people plan for the future.”
In the opinion of the N o r t h w e s t e r n B a n k e r ,
Dr. Upgren, there is a vast difference between
private debts and public debts, because private
debts must be reduced and must be paid off if the
individual or firm is to stay in business. W e can

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Federal Reserve Bank of St. Louis

You recently recommended that federal agen
cies be given authority over bank mergers in
volving state banks.
Why, Mr. Martin, should national bank author
ities have any jurisdiction over state bank mer
gers, any more than state superintendents of
banking would have authority over national bank
mergers ?
Let us keep our national and state bank au
thorities separated, as they are now, thus giving
us our dual banking system under which the
country has grown and prospered.
Grant L. Robison, president of the National
Association of Supervisors of State Banks of
Carson City, Nevada, opposes your program and
expresses it this w a y :
“ In this country we have a dual hanking system.
The authority of the state supervisors is parallel,
not subordinate to, that of their opposite numbers
in the federal system. In all mergers or consolida
tions where the continuing institution is to operate
under state charter, the appropriate state hanking
official should have sole control. He will be just as
mindful as any federal official of the dangers im
plicit in over-concentration of bank assets in a few
institutions or in the stifling of healthy competi
tion. 1 have followed closely the testimony before
the Celler subcommittee and have yet to find that
any laxity in approving mergers can be laid at the
door of a state supervisor. Such concentration as
has been shown to exist appears to be greater in
the national than in the state bank field.”
Bank mergers for the past two years, and for
the first four months of this year are as follow s:
1953— 116 Bank Mergers
1954— 207 Bank Mergers
1955 (4 months)— 81 Bank Mergers
ft is estimated that for all of 1955 the total
mergers will be about 240.
Of the 14,461 banks in the United States, 4,800
of them are national banks and 9,508 of them are
state banks and trust companies.
Out of the total state hanks of 9,508, there are
Northwest ern Banker, July, 1955

7,800 of them, which are tiot members of the Fed
eral Reserve System,. In case any of these non
member banks should wish to merge, it certainly
seems logical that such a merger should come under
the supervision of the state banking authorities
and the Federal Deposit Insurance Corporation
rather than either the Federal Reserve Board or
any other authority.
The state bank supervisors of the United States
over a period of years have done their work in a
most admirable manner, and should not have
their prerogatives infringed upon by the Federal
Reserve Board in any of the cases of the 7,800
non-members of the Federal Reserve System.

(D&wl. (xJalt&L fi&idJwL:
P resident, C.I.O., D etroit

You secured from Ford and General Motors not
a “ guaranteed annual wage,” but a “ layoff bene
fit.” But, how far can any wage plan be guaran
teed by industry or any type of business?
Can you guarantee customers?
Can you guarantee sales?
Can you guarantee profits?
Can you guarantee no future business declines?
Can you control our economy?
No, Mr. Reuther, neither you, nor anyone else,
can guarantee any of these propositions. Every
business involves risk, and the C.I.O. like every
other segment of our economy must so adjust its
wage agreements that it will benefit when busi
ness is good and be ready to take less when busi
ness is bad.
I f labor unions are planning to “ strangle busi
ness” they will also be hung by the same rope, for
every union man is a consumer as well a*s a pro
ducer and as prices rise, and rise, because of in
creased wages, the laboring man will be forced to
pay more for what he buys.
The C. I. 0. Oil Chemical and Atomic AVorkers
International merged several months ago, and
now feels so strong that before long as a result of
such tremendous power, it says, it will “hold the
economic welfare of the United States and Can
ada in its hands.”
And then what?
Will the power of the C.I.O. Auto AVorkers and
the Oil and Chemical workers plus all the allied
unions force manufacturers to their knees, with
demands for an annual wage plus a dozen other
monetary requirements which the entrepreneurs
may not be able to meet?
For exam ple:
American Motors (Nash-Hudson) lost $654,000
during the first quarter of 1955 when the auto
mobile industry was booming. Nevertheless, Vice
President Leonard of the United Auto AVorkers
said: “ AVe must seek an annual wage from Amer
Northwestern Banker, July. 1955

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Federal Reserve Bank of St. Louis

ican Motors. Their employees need it even more
than the bigger firms.”
The American Motors and Studebaker-Packard
stocks are selling at new lows in anticipation of
being forced to sign guaranteed annual wage
contracts. The more intelligent workers of these
two companies are disturbed by the prospect;
they realize that they will get insecurity out of
the security gained for Ford and General Motors
members.
Nothing can be iron clad in an economy as dy
namic as ours, if it is to continue to keep the
wheels of industry spinning and employment at
a high level.
AVhat you started at Detroit, Air. Reuther, and
was referred to by General Alotors as “A bitter
pill to swallow” will have repercussions through
all other industries.
As Henry G. Riter, president of the National
Manufacturers’ Association, said:
“ Who guarantees the sales and income of any
manufacturing company or any retail store or any
professional man f
“ Our only hope for security— national and indi
vidual— lies in a sound and expanding economy.
You can’t keep the economy expanding inside a
straight jacket like the guaranteed annual wage.
“ Sales, profits, income, all rest in the hands of
one person . . . King Customer.”
You didn’t get a complete guaranteed annual
wage agreement in your new 3-year contract, Air.
Reuther, but a “ layoff benefit.” However, in the
statement you made a few months ago, you said,
“ we are going in year after year and ask for more
and more and more because we are entitled to more
and more and more.” In the meantime, we suggest
you give some thought to the people who really
employ you— Mr. and Airs. Customer.

(DswlCf yiilutcL JChJuifiJich&v:
F ir s t S ecreta ry, Soviet Union, M oscow

AVhen you were wooing Alarshal Josip Broz
(Tito) of Yugoslavia during your recent trip to
Belgrade, you said, “ we considered it desirable to
have mutual confidence established between our
parties which base their activities on teachings of
Marxism-Leninism, and that we make common
cause to throw off the capitalistic yoke.”
The greatest capitalistic country in the world,
Mr. Khrushchev, has already loaned or given to
Yugoslavia $231 million.
The trouble with you, Comrade Khrushchev, is
that you are mad at, and jealous of, Tito because
he has done so well without yon.

"Burning the Midnight Oil”
"Burning the Midnight Oil" is normally applied to an insatiable search
for knowledge. In our particular case, our Transit Department "burns
the midnight oil" in order to receive, process and dispatch all transit
items with the maximum speed and efficiency—at the minimum of
elapsed time.
We invite you to experience the many benefits offered by our "Roundthe-Clock" Correspondent Service,

fou/fisFavorite,
Correspondent Bank

CENTRAL

NATIONAL BANK

a n d

T r u s t

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

ern Banker, July, J9SS
DigitizedNorthwest
for FRASER
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Federal Reserve Bank of St. Louis

C o m p a n y
D e S

M O Ilie S ,

lO W Q

Northwestern Banker, July, 1955

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Federal Reserve Bank of St. Louis

Here is an example which proves the error in the cliche
"Beauty is only skin deep". W hile eye appeal is quite apparent there's
even more beauty in the efficient up-to-date methods built into this
small bank interior design.
W ith this modernization comes the profitable new business attracted
by these new facilities.
W e'd like to show you how modernization can improve your operating
efficiency and attract new business fo r you. W hether yours is a small
project or a large one, your request w ill receive immediate attention.
N o obligation, of course.

CHARJLES G. 1\ 1It \1 \\ ». lSO\X, IIVC.
It A It A E S O F F I C E

« IJ I I, I» 1 A U

Designers
hwest ern Banker, July, 1955
DigitizedNort
for FRASER
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and

PHONE

Builders

3 4 9 4

LOGANSPORT,

Modern

Banks

INDIANA

Field II
P rocess for

7o r e —

W ritten E specially fo r
The N orth w estern B an ker

By NEIL A. BR YN IN G
Vice President and General Manager
Douglas-Guardian Warehousing Corporation
New Orleans, Louisiana

T IS certainly no secret that a
large percentage of the so-called
“small” businesses are under-cap
italized. The fact that such a condi
tion exists does not impugn the hon
esty and integrity of the owners and/
or management, nor is it an indication
that the product being manufactured
or merchandised has limited salabil
ity and the business concerned with it,
therefore, lacking growth prospects.
The condition of under-capitaliza
tion is almost a tribute to the Ameri
can theory and practice of economy—
it is a statement of fact that anyone
with a good idea and a good product
and a willingness to work hard can
carve a place for himself in our busi
ness community—a place that can be
ever expanding according to inherent
value of the product and the degree
of excellence of management.
The fact remains that a capital
structure that is too severely re
stricted may greatly retard the growth
rate and may even materially afflict
the competitive position of a very
sound business. This struggle may
affect management in such a way that
its dynamism is neutralized and the
philosophy c h a n g e s from one of
growth expectancy to acceptance of
status quo. There is no such thing
in the business world as status quo—
forward or backward, a business is
going to go somewhere.

Normal Risks

So the problem distills to — What
shall be done about it? The compo
nents of “normal business risk” are
so numerous as to defy more than a
very meager listing here, but they in
clude first the inherent quality of the
product and management, then mar
ketability, domestic competition and
possibly foreign, possible natural haz

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ards affecting supply of basic ingre
dients, etc. Further, the various com
ponents have varying effects on vari
ous businesses and even within the
same business at different stages of
its development.
The bank, or banks, of the locality
in which the growing business is lo
cated is the logical source of supply
of the needed capital. However, the
banker is well aware of the compo
nents of business risk and he is, there
fore, more than justified in limiting
his commitment on an open line basis
and perhaps denying making any at
all.
It has occasionally happened that
money obtained on open line for a
stated purpose is used for speculative
purposes, or even for setting the presi
dent’s wife’s brother up in a small
venture that will necessitate the broth
er’s moving out of the president’s
house and restoring the house to tran
quillity. It is debatable whether the
latter will so improve the president’s
disposition as to benefit the business
materially but it is certain that the
capital position of the business will be
just as sorely stretched as it was be
fore the loan.

Although field warehousing is a rel
atively new industry, the use of termi
nal warehouse receipts in the financ
ing process has been widespread and
over a period of many, many years. In
effect the bona fide field warehouse
man brings to the business the prac
tices of terminal warehousing and the
availability of the warehouse receipt
as a medium of finance, rather than
necessitating the transport of the
goods, often impossible, to the termi
nal warehouse in order to take advan
tage of receipt financing.
The warehouse receipt as the instru
ment in a secured transaction per
mits under banking law the lending of
WAREHOUSING . . ,

(Turn to page 40, please)

Proper Use

The banker is entitled to the assur
ance that money loaned will be used
properly. The problem of making a
larger amount of money available to
the business than is justified on an
open line basis can be solved by both
banker and business with confidence
by using the Douglas-Guardian Plan.
The plan is not rigid; the legal basis
is the well-known Uniform Warehouse
Receipts Act and within that frame
work can be established an operation
to fit almost every business and in
dustry.

W A R E H O U S E IN S P E C T O R S deter
mine by physical inspection merchandise
under receipt.
Northwestern Banker, July, 1955

B a n k O ffic e r s, T h r o u g h a N ev c lg -O rg a n ized
P u b lic S p e a k e r s * B u rea u . . .

Take B anking's Storg
B ireet to the P eop le
By W IL L IA M P. S C O T !
Assistant Vice President
La Salle JSational Bank
Chicago, Illinois

HERE are a great number of people who take
banking for granted . . . without realizing the
vital role banks play in the economy. Very
probably, this is largely the fault of the banks them
selves. It is our job to give the public a down-toearth picture of what banks are, what they do, and
why they do it.
At La Salle National Bank, concerted study has
been given this problem. How best could we pre
sent the story of banking and a picture of various
operations and services in easily-digested form? Our
answer is the La Salle Speakers Bureau. Several
officers and staff members are now ready to present
the message of banking to church, school, civic,
industrial and social groups.

“Widely Diversified Subjects”

Months of study and training have been devoted
to perfecting texts and delivery, and the subjects
are widely diversified as to context and group ap
peal. Most of the talks employ visual aids in one
form or another. Some texts are designed for bank
ing groups and banking schools, an additional aim
being to serve our own industry as well as the gen
eral public.
Invitations to request the services of these speak-

M R . S C O T T S A Y S , “ Tins
program gives bank officers
and staff men an opportunity
to give the public a down-toearth picture o f the vital role
banks play in the economy.
Most o f the talks employ
visual aids in one form or
another.”

JHL

Northwest
ern Banker, Ju ly, 1955
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Federal Reserve Bank of St. Louis

ers are now being mailed. It is our hope that many
will avail themselves of this new service—a service
designed to benefit both the public and the banking
fraternity. The messages we have to bring are not
lectures, and we plan to talk with our audiences
rather than at them. We hope to bring out the very
human qualities and elements of our business, and
to help dissolve the myth of austerity which has
been our heritage for too many years.
“Topics Listed”

Talks offered through the La Salle National Bank
Speakers Bureau include:
“Why You Need a Checking Account”—a 15-min
ute presentation, with flannel-board illustrations, di
rected to high school student age groups. Talk de
scribes the advantages, mechanics, and costs of a
personal checking account.
“Your Community Bank”—a half-hour illustrated
talk for laymen. Basic banking principles and “be
hind the scene operations” presented in simple
style. Discussing the importance of banks in the
economy, how they are established, how they func
tion, and how they earn money.
“ So You Want to Borrow Money” — a half-hour
presentation with flannel-board illustrations for the
laymen. A straightforward presentation of the
lending function of banks, describing types of loans,
procedures, etc. The importance of analyzing the
prospective borrower’s situation, his requirements
and the best way for him to borrow is stressed.
Illustrates the consideration and efforts banks make
to counsel and advise to the best interest of the
customer.
“ The Banking Function”—a 20-minute illustrated
talk designed for laymen. An interesting discussion
of the vast range of services a bank performs for
the public, the community, the government and in
dustry.
“ How Banks Serve Women”—An illustrated talk
running approximately 30 minutes designed prima
rily for ladies’ groups. This talk presents banking
from the distaff viewpoint. Do banks recognize the
vital role of the woman customer? Do they plan
BANKING’S STORY . . .

(Turn to page 26, please)

17
HEN a bank leases safe deposit boxes, it under
takes responsibilities which, if not properly han
dled, could result in serious trouble. In offering
this service, the bank implies that it has special facilities
for keeping valuable property safe. It is only natural
that the courts will hold the banks to a high degree of
responsibility. Since the bank has no knowledge or con
trol of the contents of the boxes, it is
especially vulnerable to erroneous and
fraudulent claims.
When a renter alleges that property is
missing from his box and the claim is
brought to court, they carefully investi
gate the bank’s operation of its safe de
posit box department. It is important
that the bank use the safest and most
careful methods. This includes the han
dling and custody of keys, caution in
misrepresenting its equipment, and the
procedure of actual entry to the box.

to take something out of the bank for a few minutes,
lock it while he is gone. Never open the box itself or
handle the contents.
4. If the customer leaves anything out of his box, it should
be checked by more than one person in the bank and,
if necessary, an affidavit made describing same. When
the customer calls for it, a receipt should be taken.

This procedure
sho ul d be fol
lowed by every
one granting acc e s s to boxes,
from the presi
dent to the most
humble c l e r k ,
and be done in
every entry re
gardless of how
frequently t h e
customer comes
in or how well
the customer is
known. No ex
it C o u n t r y B a n k
ception s h o u l d
be tolerated.
A d o p t i o n of
such a p ro ce
dure in granting
B y H A R L A N A. POSE
access to boxesAssistant Cashier
will h e l p pre
vent claims and'
First National Bank
will a f f o r d a:
]\ew Hampton , Iowa
strong def ens e
when a c l a i m
arises. Further
more, it will give to the staff a confidence that they are
doing the job right, and to the customer the knowledge
that every precaution is being used for his protection.—$$

Handling
Safe Deposit Box
Business

Safe Handling of Keys

The customer’s key and the bank’s
guard key are danger points of the safe
. . .
deposit department. The manner in
which they are handled is vital to safe
operation. Therefore, it is essential that
the care given the keys at all times is
such that the bank could never be found
negligent. Only those persons author
ized to grant entry to boxes should have
access to the guard key. Allowing a cus
tomer to leave his key at the bank for
his convenience should be positively pro
hibited.
A few years ago, I attended the Agri
cultural Credit School at Iowa State College. On the
annual farm field trip, we stopped at a bank in central
Iowa. While visiting with one of the tellers, a customer
came in to enter his safety deposit box. The teller
handed him the guard key and he entered the vault
alone. If this was the regular practice in this bank, they
were definitely leaving themselves wide open for trouble
if they ever got into court.

Don’t Over-sell

All employees should be cautioned against over-selling
the bank’s responsibility or over-emphasizing the safety
of the vault. Care should be taken in making statements
as to the vault being fireproof or burglarproof. Other
wise the bank may have to prove that its equipment
meets its representations and may assume needless liabil
ity in the event of losses through fire or burglary.
In articles on safe deposit procedure the term positive
identification is given special emphasis. To make an ex
ample that applies to our own every day procedure, just
what does positive identification mean?
Bill Smith runs a store down the street from the bank.
He comes in and wants to enter his box. W e’ve known
him for years and know he has a box so we let him in.
But suppose his wife or young son comes in and wants
access to the box. What do we do? We check the card
to see if they are authorized to enter. That’s the only
safe way to do it.
Suggested Procedure

To carry on, the following rules or procedures should
be watched closely:
t. No authorization to enter a box should he taken over
the phone.
2. Have the customer sign the admission card.
3. After the lock has been opened, the customer should
have the box in his possession at all times. If he wants

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Have the customer sign the admission card.
Northwestern Banker, July, 1955

LEFT— Good, rieh Iowa subsoil is being brought to the surface
by an auger operated by Professor H. B. Howell of Iowa State
College. Banker-students in the background are comparing soil
samples and appraisal data. RIGHT— Doctor W. G. Murray is

congratulating bank officers for their guesses on how much the
college had paid for a farm west of Ames. Four or five more
farms were visited during the two field trips, part of each
year’s curriculum.

iff Í'red it School M a k es
H eiter Farm B ankers
By W A L T E R T . P R O C TO R
Associate Editor
The Northwestern Banker

IFTY-EIGHT bankers from Iowa,
Nebraska, Illinois, Minnesota and
the Philippine Islands were in at
tendance at the 10th Annual Agricul
tural Credit School held recently at
Iowa State College, Ames, Iowa. This
is the largest enrollment in the his
tory of the school which offers a twoweek course each summer by Iowa
State College, in cooperation with the
Iowa Bankers Association.
This unique school had its inception
in June, 1946, when the first classes
were held after many months of plan
ning by bankers and school officials.
Although agricultural credit was dis
cussed at v a r i o u s other banking
schools, there were none that were
devoted exclusively to a thorough
study of this subject so important to
midwest bankers. Consequently, the
Iowa Bankers Association worked out
its present program with Iowa State
College for an annual Agricultural
Credit School.
The careful planning and thought
that went into the first school is evi
denced by the fact that relatively few
changes have been made necessary in
the 10 year history of the school.
Those subjects which are of practical
importance to agricultural bankers
are stressed.
For instance, the 1955 curriculum
covered agricultural policy, farm ap
praisal, administration of agricultural

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ern Banker. July. 1955
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Federal Reserve Bank of St. Louis

credit and general agriculture. The
curriculum is arranged so alternate
courses of study are given every other
year. In this manner, bankers attend
ing the school in an even-numbered
year and an odd-numbered year cover
a complete curriculum and receive a
certificate of completion of the school.
Besides classroom work, lectures,
and study material provided by the
school, students are given practical
problems. Many of these are solved
in the classroom, but one day during
each of the two weeks, Doctor W. G.
Murray, head of the department of
economics and sociology, and H. B.
Howell, associate professor of agricul
tural economics, takes the banker-stu
dents to farms in the area for field
study and land appraisal.
On a p p r a i s a l trips the group,
equipped with clipboards, pencils and
augers, tramps over different sections
of a farm, tests the soil in sections
where the value of the land appears
to be different, observes the topog
raphy, notes the condition of build
ings, then makes appraisals on the
worth of the farm. This is of impor
tance in considering how much a bank
should, and safely could, lend the
farmer-owner.
Another valuable part of the pro
gram takes place at the end of the
two-weeks’ school period. Students
are divided into small groups of four

or five and given a complete financial
picture of a farmer who is making an
application for a loan. With all the
necessary facts before them, each
group must act as a board of direc
tors or loan committee for their
“bank” and make recommendations on
the loan, giving their reasons forgranting or denying the application.
The Agricultural Credit School is
not billed as one which says its stu
dents will “know all” in connection
with farm financing problems. On the
contrary, it is specifically designed to
teach and review those fundamentals
of farm banking which are of practical
value to bankers in agricultural com
munities. Many older bankers, realiz
ing the years of experience necessary
to learn much of this knowledge, are
grasping the opportunity to have their
f a r m representatives and younger
staff members attend this school and
learn this information in a shorter
length of time from professional in
structors.
During the duration of the school,
the bankers live in a modern dormi
tory on the campus at Iowa State
College. Graduation is held the sec
ond Friday of the two-week course,
and men who have completed the four
weeks’ work over the two-year period
receive a certificate of completion,
signed by officials of the college and
of the Iowa Bankers Association.
Men who attended the ag credit
school years ago testify to the value
of practical farm knowledge they ac
quired while in Iowa State’s class
rooms or on the school’s farms near
Ames.
Here’s what some of these men
have to say:
Howard M. Logan, vice president,
First Trust and Savings Bank,
Moville, Iowa: It was a great privi
lege for me to attend the first session
of the Agricultural Credit School at

19
Iowa State College. The courses were
presented in an interesting manner
and on a practical basis. All of the
material given has been used by me in
the past ten years, particularly the
soils course in which we were urged
to apply liberal amounts of phosphate
fertilizer on soils of the type in this
area. I brought this information to
the attention of the other officers of
this bank and we have urged the ap
plication of proper commercial fer
tilizers to our customers. This year a
new fertilizer distributing plant was
built in Moville.
I had just been released from the
United States Navy in 1946 and my
renewed contact with the college
through the school prompted me to
re-enroll at Iowa State College in the
fall and I graduated in Agricultural
Economics in 1948. In view of my ex
perience I would certainly recom
mend that other bankers attend this
school, especially those who are deal
ing with customers in the agricultural
field.
Darrell J. Lindbom, assistant cash
ier, The Live Stock National Bank,
Chicago, Illinois: Our president, David
H. Reimers, recognized the value of
this educational program, and in 1949
provided the opportunity for me to
enroll with all expenses being ab
sorbed by the bank. The purpose of
the school is to offer younger bankers
a working knowledge of agricultural
credits. Of course, experienced loan
officers not only can broaden their
knowledge but also receive informa
tion to implement their methods of
servicing loans. The program may be
favorably compared to a seminar in
agricultural credits and represents an
accelerated program of instruction.
Subjects and discussions on farm
appraisal, agricultural outlook, agri
cultural credit, administration of agri
cultural credit, agricultural research,
banking law—to mention some—are
all very important. For me, however,
farm appraisal deserves special recog

nition, for this subject gave considera
tion to soil types and fertility, crop
and livestock production, farm man
agement, farm product prices, prox
imity of location to markets, legal de
scription, topography, depreciation
and taxes. It is not difficult to visu
alizé the benefits to be derived from
the course.
The four weeks of school at Ames
definitely contributed to my ability in
submitting better reports and created
a feeling of confidence when con
ducting interviews with farmers. Rec
reational activities also resulted in
making and developing valued friend
ships. To me, the school is essential
for those engaged in the farm credit
field.
On this, the 10th Anniversary of
the Agricultural Credit School, I want
to commend the officials of the Iowa
Bankers Association and Iowa State
College for initiating and supporting
this excellent educational program.
Jon A. Nelson, vice president, the
Home Trust and Savings Bank, Osage,
Iowa: This provides me with an op
portunity to say that I received a bet
ter understanding of farm problems,
and a greater appreciation of the nec
essity, as a banker, to be very close to
the farmer and his problems in order
to do a proper job for all of the com
munity, as a result of my attendance
at the Agricultural Credit School. As
proof that I would recommend other
bankers attend the school, the man
who took my place in the Farmers
State Bank at Lu Verne, Iowa, Edward
Lindebak, attended the recent session
of the school.
Attendance at this school would be,
at least, a broadening influence on
any banker and beneficial, directly, to
any banker who works face to face
with the farmer and his credit needs.
Congratulations are in order for the
Agricultural Credit School, of course,
and the N o r t h w e st e r n B an k e r is to be
congratulated, as usual, for recogni-

LEFT— Checking their answers to a practical problem in soil
worth are, left to right: E. R. Manuel, cashier, George State
Bank, George, Iow a; John Reid, assistant cashier, Security
State Bank, Hubbard, Iow a; Keith Strothers, cashier, Hardin
County Savings Bank, Eldora, Iow a; Bernard D. Miller, repre
sentative, Drovers National Bank, Chicago, Illinois; Mark
Schakel, assistant vice president, Jasper County Savings Bank,
Newton, Iow a; and Robert D. Reibsamen, assistant cashier,

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Federal Reserve Bank of St. Louis

FEANK WAENER, right, secretary, Iowa
Bankers Association, Des Moines, inspects
the leaves o f some corn for signs o f corn
borers with Robert Helgerson, left, assist
ant cashier, Iowa State Savings Bank,
Creston, and E. V. Hoffman, assistant vice
president, First National Bank, Sioux
City.

STARTING- BACK to their cars for a trip
to another farm, these young men have an
opportunity to visit and make new friends
from the various banks throughout the
state.

tion that it gives to all worthwhile
banking endeavors.
Floyd L. Anderson, cashier, The
Harlan National Bank, Harlan, Iowa:
Inasmuch as the school runs only two
weeks per year it is impossible to
delve into any subject very com
pletely, however, a lot of good ideas
are brought out which gives a person
AG CREDIT SCHOOL . . .

(Turn to page 42, please)

Corwith State Bank, Corwith, Iowa. RIGHT— Computing the
value of one farm on the trip are, left to right: W. H. Tausz,
assistant cashier, First National Bank, Hawarden, Iow a; Paul
W. Mockovak, assistant cashier, Farmers State Bank, Yale,
Iow a; R. E. Colton, assistant cashier, New London State Bank,
New London, Iow a; Orville W. Allender, assistant cashier,
Henry County Savings Bank, Mt. Pleasant, Iow a; and Domingo
R. Paulino, inspector of branches, Philippine National Bank,
Manila, Philippines.
Northwest ern Banker, Ju ly, 1955

A ew s

and Views
OF THE BANKING WORLD
By BEH H A LLER . JR., Editor

WO nationally prominent life in
surance company presidents have
been elected to the board of direc
tors of The Chase Manhattan Bank,
it is announced by John J. McCIoy,
chairman.

1956. It will be of one-story, contem
porary design. Plans include 5,000
square feet of parking space, four
drive-in windows, air conditioning and
modern fixtures and interior design.
* * *

They are Ray D. Murphy, president
of the Equitable Life Assurance Soci
ety of the United States, New York,
and J. Doyle DeWitt, president of The
Travelers Insurance Companies, Hart-

“ It’s a dream come true.”
That’s what a Jefferson City, Mis
souri, grandmother said last month
when informed that she had won first
prize in the national secretary’s con
test sponsored by Mosler Safe Com
pany of Hamilton, Ohio.
The winner is Mrs. Marie Agniel, 58,
who has eight grandchildren, four of
whom live in Jefferson City. Her
prize is a two-week all expense paid
TWA tour of Europe for two, plus
$1,000 in cash.
She hopes to visit her youngest son,
S/Sgt. David Agniel, 21, who has been
stationed in Germany for three years.
Six months ago he married a girl there
whom his mother is looking forward
to meeting.
Mrs. Agniel’s oldest son, Lucien, 36,
is press attache at the U. S. Embassy
in Vienna, where he lives with his
wife and four children.
The contest was designed to ac
quaint secretaries and their bosses
with the danger of storing valuable
records in obsolete record safes. Ac
cording to Mosler, the prize includes
stops at London, Paris and Brussels,
but the itinerary can be changed to al
low Mrs. Agniel to visit her sons.

R. D. M U R P H Y

J. D. D E W IT T

ford. Mr. DeWitt succeeds Francis
W. Cole, former chairman of Travel
ers, who is retiring from the bank
board.
Mr. Murphy has been with the Equi
table Society 42 years, serving as pres
ident since 1953. He is also president
of the Life Insurance Association of
America.
Mr. DeWitt, a native Iowan, who
attended Drake University in Des
Moines, began his insurance career
with The Travelers office here in 1925,
and advanced through a number of
executive posts, climaxed by his elec
tion as president of the company in
December, 1952.
These two men bring a total of 72
years of business experience to the
Chase Manhattan board, and their
companies have a total of $40 billion
of life insurance in force. The Equi
table Society has approximately $24
billion in force and the Travelers has
approximately $16 billion in force.
* * *
The first new bank building to be
erected in the Milwaukee area for 25
years was started last month when the
First Wisconsin National Bank broke
ground for its new Citizens office. It
was designed by Edwin J. Kraus, man
ager of the bank’s real estate de
partment.
The new building, designed to pro
vide approximately 200 per cent more
space than the present Citizens office,
is planned for completion early in
Northwestern
Banker, July, 1955

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Federal Reserve Bank of St. Louis

* *

T e s t Y o u r I . Qm
Here is a chance to Test Your
I.Q. and Win a Prize. Five dollars
first right answer, $3 second cor
rect answer and $2 for third an
swer. Send your answers to Ben
Haller, Editor, the N o r t h w e st e r n
B a n k e r , 306 Fifteenth Street, Des
Moines, Iowa. The post office re
ceiving stamp date on your en
velope will be used as basis for
judging the time your letter was
mailed.
Here is the problem:
Connect the nine (9) dots by
drawing four (4) only straight
lines without removing pencil or
retracing.

The Junior Achievement Bank of
Dallas, one of 17 Dallas firms operated
by and for high school youngsters,
has just ended a very profitable busi
ness year, according to the bank’s “An
nual Report,” an eight-page brochure
recently distributed to JA stockhold
ers.
The bank’s statement of condition
showed total resources of $3,784.02.
Income, including service charges,
checks sold and interest on invest
ments totaled $226.03. Disbursements,
including salaries, rent and other op
erational items amounted to $168.27,
leaving gross profits of $57.76.
Part of a nation-wide J u n i o r
Achievement program for youngsters
15 to 21 years of age, the sponsor of
the Junior Achievement Bank was the
Republic National Bank of Dallas.
Head of the advisors for the Junior
Achievement Bank was Vice President
William Z. Hayes.

* *

In connection with a coming elec
tion at the Federal Reserve Bank at
Chicago, R. O. Byerrum, president of
the University National Bank in Chi
cago, has written the N o r t h w e st e r n
B a n k e r as follows:
“A new Class ‘A’ director of Group
2 of the Federal Reserve Bank of Chi
cago will be elected this fall and it
gives me g r e a t
pleasure to com
mend to the fa
vorable consider
ation of everyone,
John H. Crocker,

p r e s i d e n t and
chairman of the
board of The Citi
zens N a t i o n a l
Bank of Decatur,
Illinois.
j. h . c r o c k e r
“ Mr. Crocker re
ceived his education at Millikin Uni
versity and Northwestern University.
He served his country well and hon
orably during both World Wars.
“ His entry into the banking business
was with Crocker & Company, bank
ers at Maroa, Illinois, in 1920. He
joined the Citizens National Bank of
Decatur in 1936 and in 1950 was
elected president and chairman of the
board.
“ Mr. Crocker is eminently qualified
to represent all the bankers of this
class with courage, wisdom, fairness
and ability that is so necessary in one
elected to that high office.”—$$

HERE’S HOW t o . . .

K e e p That K e y M a n
W ritten E specially fo r
The N orth w estern B anker

By E R N E ST W . FAIR
Boulder, Colorado

VERAGE employee turnover in business is nothing
more than a routine headache, but when a key
man leaves the bank, a major problem always
arises. Finding his replacement is seldom easy, and the
dollars and cents loss in training someone else to take
his place can be high.
The smoothness of any business operation depends on
retaining such key personnel on the staff. Each time one
leaves, employers must not only go through the costly
process of finding and training a replacement, but also
assume added duties themselves in the interim.
One method of preventing such a situation is to recog
nize the reasons why
such men leave the staff,
j
and do something about
them in advance.
In order to find the an
swers to this question,
several such men who
have changed jobs dur
ing recent months were
surveyed. The results,
in order of most freq u e n t occurrence, and
their explanations, are
tabulated below:

Better Pay

Situations may exist in the organization that are dis
tasteful to employees, yet are never apparent to the man
agement. Then, when a job opportunity offering even
at the same salary appears, they leap to take advantage of
the proposition.
Here is where the old suggestion box comes in. No
matter how cordial your relations may be with the staff,
rare is the individual who will voice unpleasantries to
his employer face to face. In many instances, however, he
will express them anonymously through a suggestion box.
Another method is to make consistent inquiries among
other employees with a view of finding how their fel
low workers feel. Some
times the people with
w h o m the firm does
business can help, and
friends a n d acquaint
ances often will know of
s u c h situations before
an employer can learn
of them.
Your best method of
combatting such situa
tions is to be aware of
the possibility of their
existence and be ever
watchful for them. Oft
entimes the executive
who feels most secure
that nothing of this na
ture exists on his staff is
............
the very one who is fos
tering several such irri
tations which may result
A PROMOTION WAS COMING up for this man, but his employer
in the loss of the key
had failed to tell him about it, or that his work was far above
personnel of his staff.
average. One day, this man moved on to a position where the

More key men leave
their positions for this
reason than any other.
They cannot be blamed
for such a step to im
prove their economic po
sition. In some instances
this represents a move
out of their present field
future was more apparent. This costs the employer several thou
No Future
into another, but in most
sand dollars in many cases.
cases merely from one
Third in the list is this
firm to another within
factor of which younger
the same field. The obvious solution is to make certain
men are particularly aware. Older employees often give
that such key men on the staff are paid close to, or on
little thought to their future with the business other than
a level with, the salaries offered by competition. Another
reasonable security. Younger men feel otherwise. When
solution is to have a profit sharing plan with such indi
there are key individuals on the staff in the below 40 age
viduals. A third method is to keep selling them on the
group it is wise never to let up showing them how good
future earning prospects they have by remaining with
a future they have with the firm.
the firm.
One must make certain that his firm offers such em
Safest procedure is to keep ahead of the prevailing sal
ployees just as good a future as they can find with any
ary scale of the area with such individuals if at all pos
competitor anywhere in the area; not just locally.
sible. When you consider how much it costs to train
“ He’s the best man we’ve ever had, and in a few years
such an individual’s replacement this little extra pay
I plan to offer him a junior partnership,” a business
boost may not cost as much as it appears at first glance.
friend once said in discussing his assistant. But he never
bothered to hint of this opportunity to the individual
Unpleasant Conditions
himself, and one morning found the man had resigned to
This second factor covers many small details.
In some instances the reasons given may appear fool
KEEP THAT KEY MAN . . .
ish to the employer, but they are serious to the employee.
(Turn to page 35, please)

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Federal Reserve Bank of St. Louis

N o rth w e s te rn

B a n ker, J u ly , 1955

22
tive vice president and chairman of
the general finance committee.
In his new post Mr. Sutherland will
supervise the bank’s consumer lend
ing activities in its more than 550
branches throughout California.
Dual Unit

COMPARING SCORES at The Tootle National Bank’s annual golf tournament for
correspondent bank personnel are, left to right, Victor Szczygiel, assistant vice president
of the Leavenworth National Bank, Leavenworth, Kansas— tournament winner; Milton
Tootle, president of the host bank; Bruce Gibbs, Rock Port, Missouri; and George
Boettner, president of the Bank of Atchison County, Rock Port.

Introduction of a new separate
microfilm recorder and reader that
will allow any business—large or
small—to have a completely flexible
inexpensive microfilming system has
been announced by Noel L. Mudd,
general sales manager, Burroughs
Corporation.
The new reader has been desig
nated as Model B. H. 206 and the
recorder as Model B. H. 205, Mudd
said. Both are competitively priced.
They offer a full range of operating
features to fulfill any business re
quirement.

T o o tle N a tio n a l S p o n so rs . . .

A Tniipte T V Show
HE Tootle National Bank of St.
T
J o s e p h , Missouri, currently is
sponsoring one of the more unusual
golf tournaments in the middle west
for personnel of its correspondent
banks.
The bank has scheduled a 16-week
series of television programs over sta
tion KFEQ-TV. Each of these pro
grams is tied in with a golf tourna
ment in one of the smaller cities in
the bank’s trade territory.
The winner of each local tourna
ment is brought to St. Joseph, where
he appears as guest of honor on the
television program, which is in the
form of a golf clinic.
The commercial of each program is
a salute to The Tootle National Bank’s
correspondent bank located in the
same town as the golf tournament
winner of the week.
After the series is completed a final
program is planned to honor the win
ners, who will play for the grand
championship in St. Joseph. The se
ries so far has proved most successful,
and it looks like The Tootle National
Bank’s public relations department,
like many of the golf scores, is well
above par.
In addition to the golf tournaments
which are tied in with the television
programs, The Tootle National each
Northwestern Banker, July, 1955

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

spring holds a tournament of its own
at the St. Joseph County Club for its
correspondent banks. More than 125
persons attended this tourney held
last month.
The day included a noon luncheon
at the club, followed by 18 holes of
golf, a social hour and a buffet supper
at which time prizes were awarded.
Winner of the 1955 tournament for
correspondent banks with a score of
79 was Victor Szczygiel, assistant
vice president, Leavenworth National
Bank, Leavenworth, Kansas. Ending
in a tie with Ogden C. Risley, presi
dent of the Excelsior Trust Company,
Excelsior Springs, Missouri, who also
shot a 79, Mr. Szczygiel was named
winner following a toss of the coin.
—$$
Installment Credit Manager
Appointment of D. C. Sutherland,
Bank of America vice president, to
head the state-wide banking system’s
installment credit loan department at
its San Erancisco headquarters has
been announced by President S. Clark
Beise.
Mr. Sutherland was vice presidentmanager of the bank’s main branch in
Pasadena. He succeeds Lloyd Mazzera, who has been appointed execu

BURROUGHS new Model 205 microfilm
reader — flexible, compact and so light
weight it can be easily moved anywhere.

Both units are designed to allow the
flexibility of microfilm recording in
one location and reading at another.
Dividing the units in this manner per
mits the customer to tailor the equip
ment for his particular job.
The reader, having an exclusive in
dexing meter, is so lightweight (only
1614 pounds) and compact anyone can
carry it, can be easily accommodated
on a desk or table top. It is available
with either or both 24 and 37 mag
nification. It features a scanning
mechanism with adjustment to read
documents on 8 mm, 16mm or 35mm
film in any position for normal view
ing.
A rotating film turret brings images
of the documents to a natural reading
position. The exclusive indexing me
ter permits straight-to-the-image loca
tion in seconds without lost time.

Y"oui:r American bank; a,t>i?oacL..
Wherever you g o — wherever you or your customers do
business— you’ll find Bank o f America’s global credit, col
lection, and payment facilities there to assist you. W ith
overseas branches, traveling representatives, and correspon
dent connections in every part o f the world, there’s no job
too small, too large, or too involved for us to tackle. For
information, wire or write Bank o f America, 300 M on t
gomery Street, San Francisco, or 660 South Spring Street,
Los Angeles. Attention: International Banking Department.

% nnk of Atnertr»
N A T IO N A L J a v Si n ag s A SSO C IA TIO N
MEMBER FEDERAL D EPOSI T IN SU RAN CE CORPORATI ON

BANK OF A M ER IC A (IN TERN ATIO N AL), New York
a wholly owned subsidiary
OVERSEAS BRANCHES: London • Manila • Tokyo • Yokohama • Kobe • Osaka • Bangkok » Guam • Duesseldorf • Singapore

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Federal Reserve Bank of St. Louis

REPRESENTATIVES: New York • Mexico City * Milan • Paris • Zurich • New Delhi • Havana
9

Northwest ern IB anker„ July, 195$

W h a t's N ew
. . . for Banks and Bankers
For more information about the items in this column and where
they can be purchased, write Walter T. Proctor, Associate Editor,
NORTHWESTERN BANKER, 306 15th Street, Des Moines, Iowa,

F OUR - P A GE two-color booklet
A
describing a newly developed pre
fabricated Airtube system is being of
fered by the manufacturer.
The booklet describes the system,
suggests a variety of arrangements for
installing the equipment in any type
of building, and lists all components
furnished in the “ kit.” Also provided
are instructions for laying out and in
stalling the double-tube system, in
cluding plan and side-view drawings.
The bulletin illustrates how the Airtube package, priced at $525 f.o.b. Syra
cuse, New York, will connect any two
points up to 130 feet apart at either
the same or different floor levels, and
can be extended into a larger system
if desired.
* * *
“The Executive” will make a hit in

your office.

It is a Hummel-Brush

moistener and has many uses which
save time, money and labor.
The moistener is handy for wetting
envelope flaps quickly and efficiently,
moistening stamps and labels, and is
used in many banks for dampening

fingertips so the counting out of
money throughout the day can be
completed without errors due to dry
fingers.
You will appreciate the improved
“Water-Flo B a c k b o n e ” moistening
unit, which maintains uniform mois-

CATALOG CH ECKS
It has often been said that the bank
check is the principal connecting
link between the individual and his
bank. If that is true, then it naturally
follows that the individual will be
happier if he can use exactly the style
o f check he prefers. The quickest
and easiest way to insure this is to
allow him to make his selection from
the DeLuxe catalog when he opens
his account.
M o st o f the so-called "special’ ’checks
that used to be so costly— and still
are if treated as specials— are standard
forms in our catalog. There your
customer will see payroll checks o f
all kinds, voucher checks o f every
style, interleaved carbon checks
to meet most situations . . .
in
fa c t, ju st a b o u t any fo rm a t or
binding he might require. All o f
these checks are priced moderately
and as a rule the customer pays the
full price.
Large banks operating a number o f

branches find our catalog o f special
valuebecauseitpermits easy handling
o f orders in each branch by the people
with whom the customer is in direct
contact and to whom he looks for all
his banking service. It relieves the
p r e s s u r e o n th e p u r c h asi ng
department by spreading the ordering
d e ra il. 11 creates a fa v o r a b le
impression on the customer because
it emphasizes the scope o f service he
may expect to get in the particular
branch where he has just opened
his account.
S o d o n ’ t o v e r lo o k the sa v in g s
and convenience o f the D eLuxe
Standardized Check Catalog. It does
a real job o f supplementing the forms
u su ally carried by the ban k . It
simplifies check ordering. It makes it
easy for you to supply your customers
with the checks they need. At the
same time it saves you money, and
o ver tw e lv e th o u sa n d b an k s
throughout the country find this
saving worthwhile.

Manufacturing Plants a t:

Northwestern
Banker, July, 1955

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

c l if t o n , p a o l i,

Cl e v e l a n d ,

INDIANAPOLIS, CHICAGO, KANSAS CITY, ST. PAUL

jj
||

’j
■|

tening resistance and will not let your
moistening become a victim of “ in
sufficient water feed or brush sag.”
Consider the full three-inch moisten
ing width, which enables it to moisten
wide-gummed envelope flaps, as well
as number six and three-fourths, num
ber tens, and wide address labels with
ease.
And you can “slap” or “ grab” this
tip, in finger tip moistening, without
getting the moistening unit out of
line.
* * *
HREE efficient network systems
Tare
offered by a Chicago firm

which explains the devices as follows:
Super-Network Dictation—For offices
with frequent group dictations. Dicta
tion flows from hand set to centrally
located magnetic belt recorder for in
stant recording. Microphone Network
—Low-cost remote control dictation
for offices with occasional dictation
from a group. Requires no special
wiring, no special installation. Only
visible evidence is handsome, unobtru
sive microphone. Peirce Network Dic
tation—For larger offices with inter
office dial systems. Any extension
dial phone becomes a dictating instru
ment tied into a centrally located mag
netic belt unit.
Any of these three systems reduces
original equipment cost by making
dictation available to more dictators
at lowest cost per dictator; speeds flow
of work—no wasted motion, no lost
time; increases efficiency by helping
organize and channelize work.
* =t= *
The 1955 edition of the Cappel, Mac
Donald & Company catalog of mer
chandise prizes has been announced.
The new 64-page catalog displays
1,500 nationally advertised items to be
offered by business firms as awards
in sales contests and other incentive
programs.
This 33rd annual edition features
color and photographic techniques
W ill a t tr a c t new
accounts and retain
present accounts,

SAVINGS

BANK
Size

4 1/ 4 , , x 4 7/ b " x 3 , ‘

Made of brilliant Styrene Plas
tic, in contrasting colors. Fine
details of a real home. Movable garage door,
open windows, flagstone path, stone wall,
green lawn, shingle roof, clapboard siding and
other features. Permanent colors — not just
paint. Holds approximately $50 — priced as
low as 28c each.
LARGE SPACE FOR IMPRINT— IN GOLD
Send for list of representatives

THE
173-175

LEE
Lee

PLASTIC
A ve.,

MFG. CO.

Bridgeport,

Conn.

MR. h a r o l d J. b a c o n . Executive Vice

President, who evaluates below the
performance of this bank’s National
System.

s h o w n h e r e a r e t h r e e of the bank’s 7 National Teller Machines which handle
the ever-increasing number of customers accurately, efficiently and quickly.

THE HOME STATE BANK of Crystal

Lake, Illinois, where a National Sys
tem provides maximum efficiency at
minimum cost during a period of
phenomenal growth.

“G/ffitUmal Machines in all Departments

return 351 in yearly savings
pay for themselves every 3 years!”
—Home State Bank of Crystal Lake, Crystal Lake, Illinois.
“ In the last 8 years,” explains Mr.
Bacon, “ our Bank has enjoyed phe
nomenal growth. The purchase of Na
tional Accounting Machines permit
ted us to cope with ever-increasing
operational problems. Our National
System now includes 7 Class 41 Bank
Teller Machines, 2 Proof Machines,
3 Bookkeeping Machines, 1 Unit Plan
Savings Machine and the very effi
cient Multiple-Duty Typ ewriterBookkeeping Machine, handling in
ternal records and special applica
tions.
“ Our Nationals provide many ben
efits such as simplicity of operation,

ease in training bank personnel and
maximum in audit control. In addi
tion, we realize many savings in lower
stationary costs, elimination of over
time, reduced maintenance and de
preciation costs, and above all, better
utilization of bank personnel.
“ We use National machines in all
major operating departments of our
bank and they return 35% in yearly
savings. Thus they pay for them
selves every 3 years! Continuing use
pays us gratifying dividends on our
equipment investment.”
How would you like to have divi
dends like these for your bank? A

National System soon pays for itself
out of the time and money it saves,
then goes on year after year returning
this saving as handsome profit. Your
nearby National representative, a
trained systems analyst, will gladly
show you how Nationals can save
time and money for your bank. Call
him today. His number is in the yel
low pages of your phone book.

e /fra tfo n a l
ACCOUNTING MACHINES

THE NATIONAL CASH REG ISTER COMPANY,

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

977

OFFICES

COUNTRIES

D A Y T O N 9, OHIO

ADDING MACHINES . CASH REGISTERS

........................................... J

N o rth w e s te rn B an k e r, J u ly , 1955

26
never before used in a prize catalog.
Items illustrated were all selected
for quality and national popularity,
and include hobby and sports equip
ment, home furnishings, appliances,
clothing, housewares, silver, jewelry,
tools, toys, and TV.
Heads Canadian Council
Two top appointments involving
Bank of Montreal were announced last
month. Gordon R. Ball, president of
the Bank of Montreal, was elected
chairman of the newly formed Ca
nadian Council of the National In
dustrial Conference Board, it was an
nounced by Monteath Douglas, direc
tor of the board’s Canadian office.
The other appointment was that of
Henry S. Wingate, New York, presi

dent of International Nickel Company
of Canada, Limited, as a director of
the Bank of Montreal. Mr. Win
gate also is a director of White-

G. R. B A L L

H. S. W IN G A T E

head Métal Products Company, Inc.,
New York; Alloy Métal Sales, Limited,
Toronto, and Centre d’information du
Nickel, S.A. (C.T.N.), Brussels.

The Live Stock Industry is a wheel of many spokes

Staff Changes
Two changes in the official staff of
the Federal Reserve Bank of Kansas
City were announced by H. G. Leedy,
president. Howard W. Pritz, assistant
cashier at the bank’s Denver branch,
has been appointed cashier of the
Omaha branch, succeeding Urwin S.
Berry, who retired. Mr. Pritz will be
replaced at Denver by Jerry R.
Zahourek of the Oklahoma City
branch, who has been appointed an
assistant cashier.
Far W est Manager
The Chase Manhattan Bank in New
York has announced the new assign
ment of Roger M. Keefe, assistant vice
president, to the
official staff, man
aging the bank’s
business in the
far west.
For the past five
years Mr. Keefe
has been a com
mercial l e ndi ng
officer associated
with the manage
ment group han
R. M. K EEF E
dling the bank’s
business relationships in the south.
His new assignment embraces an area
which includes Arizona, California,
Idaho, Montana, Nevada, New Mexico,
Oregon, Utah, Washington, Wyoming,
Alaska and Hawaii.
Mr. Keefe joined the bank in 1945
after serving as an army major in the
European Theater during World War
II. He was appointed to the official
staff in 1950 as an assistant cashier
and was advanced to assistant vice
president in 1953.

and this bank has been at its hub since 18 68. W e
serve all branches o f the industry — producers,
feeders, ra ilro a d s, truckers, com m ission men,
packers and bankers. W e invite YOUR business.
&/te

LIVE STOCK
BANK

cA ii/ im ia /

E S T A B L IS H E D

1868

U N IO N S T O C K YARDS
M em ber Federal Deposit Insurance Corporation
D A V ID H . REIMERS
Chairman of the Board & President
H arold P. Johnston • Alden S. Bagnall • Ivan E. Bennett • Paul T . Betz
Vice-Presidents
G ordon P. Fairman • Frank J. Itzel * James L. Johnson • Joseph E. Lisek
Assistant Vice-Presidents

ern Banker, July, 1955
DigitizedNorthwest
for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

B A N K IN G ’ S S T O R Y . . .
(Continued from page 16)
services for her benefit? What can be
done to attract the ladies? An inter
esting current topic which is gaining
in importance daily.
Other talks include such interesting
topics as: “ Time Payments — Types
and Trends,” “ Investing for the Indi
vidual,” “ Trusts—What They Are and
How They Can Serve You,” “ Planning
Your Estate,” “ Installment Financ
ing,” “ Bank Operations,” “ Bank Port
folio Management,” “ The What and
How of Public Relations,” “ Serve by
Selling,” “ Overcome Sales Objections,”
“ Building a Business Development
Program,” and “ Building a Personnel
Program.”
This program, we believe, will be a
service to the people, benefiting both
the public and banking in general.
—$$

Some concrete facts about cement
B anks play an im portant part
in A m e r ic a ’ s cem ent indus
try. H e r e ’ s how
• •

•

Even though it’s been through ap
proximately 80 manufacturing proc
esses and met some of the toughest
specifications in U. S. industry, the
cement being smoothed over above
costs less than a penny a pound at
the mill!

supply the money necessary to build
America’s new Stone Age. To this day
the bankers help finance the quarry
ing of lime and procuring of many
other raw materials required for
cement manufacture. They supply
funds for plant expansion and prod
uct development. On the retail side,
bank loans frequently help hardware
and building supply men . . . making
it easy for you to buy cement by the
sackful or carload.

C oncrete M o n e y

W h o Profits ?

American cement making became an
established industry in the late 18oos.
As the industry grew, banks helped

All of these loans add up to more
than multimillion-dollar help to a
vital industry. They illustrate clearly

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

that a competitive banking system,
free to put money to work wherever
and whenever opportunity for profit
exists, is the most potent ally private
enterprise can have.
This is so because men and women
work wherever money works, and the
fruits of their labor are a wider choice
of fine products for all to enjoy.
The Chase Manhattan Bank, a
leader in loans to American industry,
is proud of banking’s contribution to
the progress of our country.
T h e C h ase M anhattan Bank
HEAD OFFICE: 18 Pine Street, New York 15
(M em ber Federal Deposit Insurance Corporation)

Northwestern Banker, July, 1955

28
The program included a tour of
Spencer’s Jay hawk Works at Pitts
burg, Kansas, the group flying to the
works in a chartered plane in early
morning. They returned in time to
attend a New York Yankee-Kansas
City Athletics game in Kansas City
that night.
The next day was devoted to a de
tailed discussion of farm department
projects and problems. Each farm
representative elaborated on the ques
tions, “ How can an FR help increase
the profits of his bank?” “What prior
training and experience is best to fit
a man for the FR profession?” and
“What can an FR do to establish him
self as a factor in his agricultural com
munity?”
Fertilizer loans “made on the farm”
and similar topics were discussed at
banks establish or broaden a farm de length. There was a general consen
partment.
sus of opinion that in most cases farm
The “FR’s” were: John Hardimon,
representatives are needed to main
State Bank of Bement, Bement, Illi tain good customer relationships, offi
nois; John P. Perrier, First National cers being too busy to watch farm ac
Bank, Dodge City, Kansas; R. M. Bird,
counts closely; that a qualified FR can
Goodhue County National Bank, Red
increase the gross income of the farm
Wing, Minnesota; Tony Westra, North customer; that loans are kept in better
west Security National Bank, Sioux shape (through FR’s) as a result of
Falls, South Dakota; Warren Langfitt, closer contact with the loan and the
Centerville National Bank, Center customer, and in general that a bank
ville, Iowa; Ryan Mason, First City
“will notice new names on the ledgers,
Bank & Trust Company, Hopkinsville,
bigger balances and a new look in the
Kentucky, and Carl Cramton, Security community” as a result of the efforts
Bank, Ponca City, Oklahoma.
of a qualified farm representative.—$$
----------- -— -- ------------------- -----------------------------------------------------1

Farin
Mte/iresen ta ti res
Hat h er ta F xehanife View s

farm representatives from
BANK
seven states exchanged views on

the growing responsibilities of bank
farm departments last month in a
three-day program in Kansas City con
ducted by Spencer Chemical Com
pany.
The farm representatives (“Bank
FR’s” ) were chosen by bank publica
tions, with the advice of state banker
associations and agricultural colleges,
to participate in the first of a series
of programs. Purpose of the event,
called an “FR Seminar,” was to de
velop information which could help

i
i

i
!

i
1
O u r wide experience in the handling of

requirements for correspondent banks has

given us the knowledge and reputation for

C&mJlA

prompt, complete and efficient service.

DigitizedNorthwestern
for FRASER Banker, July, 1955
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Federal Reserve Bank of St. Louis

C ity N a t io n a l B an k
ANI» TRUST CO M PAN Y
2 0 8

S O U T H

S A L L E

C h ica go
S T R E E T

{M em b er Federal Deposit Insurance Corporation)

nrrrn

Mn S E R V I C -

7n collecting

checks and drafts
Y o u Benefit B y:
v Quick Conversion of Item s to Cash

W e Offer:
V Specialized Clearing and Transit Service

v Early Return of Unpaid Items

R o u n d -th e -clo ck Check Collect,on Process, g
yj Reduced Credit Risks

Special Saturday Operation
S im plified Cash Letter Preparation
Accelerated Availability Schedule
V Direct Routing Service to Branch Offices
y1 Domestic and Foreign Non-Cash Collection Service
v M axim um Use of Air Transportatmn

A M E R IC A N
T R U S T
C O M P A N Y

94 BANKING OFFICES SERVING NORTHERN CALIFORNIA

B A N K IN G

H EAD O FFICE: SAN FRANCISCO

S in c e 1854

Statement of Condition
March 31, 1955
LIABILITIES

RESOURCES
Cash on Hand and in Banks
$ 258,206,381.94
U. S. Government Obligations
417,885,164.05
State, County, and Municipal Bonds
64,277,217.46
Other Bonds and Securities
24,771,889.89
Stock in Federal Reserve Bank
1,789,500.00
Loans and Discounts
637,911,048.67
Bank Premises and Equipment
12,192,934.71
Other Real Estate
1.00
Customers’ Liability under Acceptances
1,001,438.59
Accrued Interest Receivable and
Other Assets
11,711,780.09
Total Resources

$1,429,747,356.40

I$1,322,020,712.84

Deposits
Acceptances Outstanding

1,138,863.59

Reserve for Unearned Discount

9,399,799.05

Reserve for Interest, Taxes, etc.

12,403,926.15
6,935,020.57

Other Liabilities
Capital Funds:
Capital Stock

22.250.000.

Surplus

37.400.000.

Undivided Profits

18,199,034.20

Total Liabilities

i$1,429,747,356.40

United States Government and other securities carried at $174,173,781.46 are pledged to secure U. S. Government

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

Deposits, other public junds, trust deposits, and for other purposes as required or permitted by law.
Member Federal Deposit Insurance Corporation

Northwestern Banker, July, 1955

30
Officers Appointed
At the regular meeting of the board
of directors of The First National City
Bank of New York held last month,
two vice president and four assistant
vice presidents were appointed.
The new vice presidents are: Peyton
F. McLamb, southern district of the
d o m e s t i c divi
sion, and Joseph
E. Wheel er , Ca
ribbean district of
the overseas divi
sion, both of head
office.
N e w assistant
v i c e presidents
are: Stephen C.
E y r e , mid-west
ern district of the
s. c. e y r e
domestic division;
Lawrence S. Heath II, New England
district of the domestic division; Ho
mer C. Lathrop, Jr., Park Avenue
branch, and Neil J. Stevenson, 34th
Street branch.

A native of Minnesota, Mr. Kunkel
has 14 years of banking experience at
Rapidan, Minnesota; Perry, Oklahoma

Joins W alters Company
The staff of Charles E. Walters
Company, Omaha, which this year
marks its 50th anniversary of buying
and selling banks, has been augmented
by the addition of Robert Kunkel as
vice president.

and at Sleepy Eye, Minnesota. He will
be active in making contacts with
bankers regarding the buying and sell
ing of bank stocks and furnishing
qualified employees for bank posi
tions.

where “he will devote the major por
tion of his time to long-range planning
and other pressing management as
signments,” Carl A. Bimson, Valley
Bank president, announced.
Promotion of James E. Patrick, cur
rently a vice president in charge of
operations and personnel, to executive
vice president, succeeding Mr. Dun
ham.

H. L. D U N H A M

ROBERT KUNKEL
Joins Omaha firm

Phoenix Changes
Directors of the Valley National
Bank, meeting in Phoenix, Arizona,
approved a number of major changes
in the bank’s top management echelon.
Among the actions taken by the board
were:
Election of H. L. Dunham to the
post of vice chairman of the board,

J. E. PATR ICK

Supervision of the bank’s home of
fice operations added to the duties of
James Dismuke, vice president and
cashier.
Appointment of R. M. Long, assist
ant vice president, to succeed Mr. Pat
rick as head of operations and per
sonnel.
Chemical Prom otes Three
Charles B. Love and Charles F. Rich
ardson, former assistant managers,
have been elected assistant vice presi
dents, it is announced by N. Baxter
Jackson, chairman. Messrs. Love and
Richardson are both with the bank’s
international division.
Also, Muriel F. Steele has been ap
pointed assistant personnel director.
Mrs. Steele has been in the bank’s per
sonnel department since 1945.

Spencer Chemical Co. Announces
DO SPLIT FED
DISTRICTS
GIVE YOU
HEADACHES?
There’s an easy solution in
ARIZONA . . . open an account
with us and send us ALL your
Arizona items.

Direct sendings to every Arizona

The Bank FR Seminar
Kansas City, M o.— Seven bank FR's (*Farm Representatives)
met here June 1-3 to attend a "Bank FR Seminar," the first in a
new program sponsored by Spencer Chemical Company. Rep
resenting the states of Kansas, Iowa, Illinois, Oklahoma, South
Dakota, Kentucky and Minnesota, the FR's discussed such
questions as "H ow can an FR help increase the profits of his
ban k?" Their answers m ay help you in your farm business.
Read the details in this and in future issues of this publication,

Spencer Chemical Company

bank e v e r y d a y !

5 f t

OFFICES

Home Office: PHOENIX

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M E M B E R F E D E R A L D E P O S IT I N S U R A N C E C O R P O R A T I O N

Northwestern Banker, July, 1955

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Federal Reserve Bank of St. Louis

Dwight Building

Kansas C ity , M issoari

W h a t h a p p e n e d to th e w a itin g lin e ?
Every year, fewer people wait in line to pay bills with cash . . .
it’s so much more convenient, quick, and safe to pay by check.
But you give these new custom ers even m ore than con
venience and safety when the checks you supply are litho
graphed on La Monte Safety Papers. You give them the feeling

u:::

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Federal Reserve Bank of St. Louis

of prestige that comes with using a product of the highest
quality. Investigate La Monte Safety Papers now. Your lithog
rapher will show you samples . . .
them direct.

or we will gladly send

A Check Paper All Your O w n
Thousands of banks and many of the larger corporations use La M onte
Safety Papers with their own trade-mark or design made in the paper
itself. Such

in d iv id u a l iz e d

check paper provides maximum protection

against both alteration and counterfeiting—makes identification positive.

Northwest ern Banker, July

195$

32
a

Is the net income

from your investments
_

______ o
i-

Perhaps a few simple changes in your
holdings would make a gainful showing in the net
earnings o f your portfolio. Your phone call (STate 2 -9 0 0 0 ) or letter to
our Bond Department will put us to work for you.

Continental Illinois National Bank
and Trust Company of Chicago
La Salle, Jackson, Clark and Quincy Streets
LOCK BOX H, CHICAGO 90, ILLINOIS
M em ber F ederal D eposit Insurance Corporation

Northwest ern Banker, July, 1955

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Federal Reserve Bank of St. Louis

INVESTMENTS

F ree M a rk et Ms Stabilizing
F orce on
in cestm e M it
Past Month Has Been Noteworthy for Developments
That Were Countered Quickly by Reverse Swings
By R A Y M O N D TR IG G ER
Investment Analyst
\eu York City

OWERFUL forces are influencing
the relative standing of invest
ment securities, but the stabiliz
ing responses of a marketplace newly
restored to freedom and flexibility are
making it difficult to see immediately
ahead much of significance other than
further stabilizing fluctuations.
The bidding up of stock prices is
switching discriminating investors out
of the equity market into that for taxexempt-bonds of local government.
And when yields on investment grade
corporate bonds rise high enough be
cause of the greater lure of higheryielding mortgages to investing insti
tutions there are sure to be attracted
some alert buyers back to the bond
market.

Past Month Noteworthy

The past month in the bond and
money markets has been noteworthy
for the play of developments count
ered quickly by stabilizing swings of
reverse kind. Heaviness in the Gov
ernment bond market was at last dis
pelled by persisting demand from pen
sion and trust funds for the Treas
ury’s new 3 per cent bond due in 1955.
This newest long-term debt issue of
the Government was bid up early this
month to near 10114, a new high, and
a yield of about 2.93 per cent.
The rise in the new Treasury issue
was effective in reversing a downward
price movement at work for weeks in
high grade corporate obligations. The
difference of institutional investors
to prime new issues of corporate debt
had gradually forced a rise of yields
to a point where second-rate public
utility bonds—that is, those with an
A rating—had to be priced out to a
3.4 per cent yield basis to find ready
buyers. Likewise, AA-rated utility
mortgage debt had to be baited with
yields up to 3.25 per cent.

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

The lasting strength in the Treas
ury 3s finally forced a reversal. New
Detroit Edison 314 s marketed at 100
were bid up quickly to yield 3.2 per
cent and a new issue of Virginia Elec
tric and Power bonds were brought
out successfully by underwriters at a
3.2 per cent basis. Less prime utility
debt was likewise bid up to yields of
3.3 per cent after having sold shortly
after marketing at 10 basis points
higher.
Treasury Influence

For weeks, the Government market
was influenced heavily by transactions
related to the Treasury’s cash and re
funding offer of 2 per cent fifteenmonth notes. Many holders of the
maturing debt were corporations who
preferred selling their holdings or
cashing them in to exchanging them
for a new investment with a term of
more than one year.
In all, $3,200,000,000 of the matur

ing certificates were turned in for the
new notes and the balance of $709,000,000 were redeemed for cash. The
redemptions accounted for 32 per cent
of that part of the maturing debt that
was held outside of the Federal Re
serve System. The companion cash
offering of the 2 per cent notes amount
ed to $2,500,000,000 and was oversub
scribed comfortably.
The whole transaction could hardly
be said to have been a happy one,
however. One reason lay in the fact
that the announcement of the terms
came at the same time that personal
income tax collections were taking
money out of the market and bringing
pressure on the reserve positions of
the banks. The Federal Reserve helped
out in the pinch by making market
purchases that built up the excess of
member bank reserves over borrow
ings to more than $400,000,000. Cen
tral bank purchases of securities were
reversed later in the month, by sales,
however.
Bill Yields Uneven

The course of Treasury bill yield
trends has been uneven lately and
difficult to interpret with any assur
ance. The average rate of discount at
the weekly auctions moved up at one
time to 1.47 per cent, only to drop
back to under 1.4 per cent with the
advent of June. On the whole, levels
of short yields were a few basis points
higher as this is written than in early
May.
On the other hand, the commercial
paper market was nudged to an easier
position by the announcement early in
June by C.I.T. Financial Corporation
of a reduction of Vs of 1 per cent in
its borrowing rate on new paper. The
reduction was the first of its kind this
year and offset a one-eighth of 1 per
cent rise in late April. The new rates
Northwestern Banker, July, 1955

Investm ents

range from 1% per cent a year for
30-to-89-day notes to 2Vs per cent for
270-day notes.
With no letdown in bank lending
to business visible as the calendar
heads toward summer, there is in
creasing talk of the likelihood of a rise
in the prime commercial lending rate
of the major banks, a charge that has
been held at 3 per cent since March
of last year. Should this occur, and
should there be a rise in business
like those common to the late summer
and fall, it would seem that an in
crease in the Federal Reserve redis
count rate of 1% per cent would be
in order.
Loans Change Picture

The bank lending picture is compli
cated by loans collateraled by other
than Government securities. These
credits have declined somewhat lately
but they are still hovering near rec
ord highs. About half of this credit is
held to reflect loans extended to mar
gin buyers of stock shares. On the
other hand, the business loans of the
banks, with all of their bounce, are
still trailing totals of last spring by
about $750,000,000.
The investment markets are begin
ning to look to Washington for the
next move of the Treasury on the
Government financing and debt man
agement front. Substantial deficit fi
nancing is apprehended. From $5,-

000,000,000 up will have to be raised
by the Treasury in the latter part of
the year apart from refunding opera
tions. A persisting question is the
means and extent that the Federal
Reserve may select for making reserve
funds available to the banks for financ
ing any Treasury deficit.
Should business remain buoyant, the
central bank will find itself again in
an awkward position. It is just too
bad that when the economy is extend
ed and the money supply has to be
stretched to accommodate the needs of
private business, the Treasury, too, is
obliged to come to market, hand out
stretched, for a share of the money.
It should be the other way around.

reserve needs of the commercial
banks.
Finally, it is suggested that a big
money draft by the Treasury while
the market is heavily extended may
make it expedient for the Federal Re
serve to decrease the reserve require
ments of the banks again and offset
any sloppy consequences by counter
sales of Government securities.
But all such conjecture relates to
the second-string section of the na
tion’s credit orchestra. The main per
former is the private business segment
of the economy. How things go there
will have the most influence on the
official money managers in their selec
tion of market tools.

Long Term Issue?

Turnpike Financing

This anomalous role imposed on the
Treasury by the Government’s budg
etary deficits in boomtime is engender
ing market discussions freighted with
correspondingly strained conjecture.
It is suggested that the point-and-onehalf premium bid for the new Treas
ury 3s is an invitation for the Govern
ment to open the tap on another mar
ketable long-term bond issue. At the
other extreme, complaint is heard fre
quently that the current market sup
ply of $19,500,000,000 of Treasury dis
count bills is not enough to accom
modate the tax-reserve needs of cor
porations as well as the liquidity-

Of more than passing interest to
investors is the resumption of major
borrowing by local government agen
cies to finance toll turnpike projects.
The Florida Turnpike Authority got
the procession going after nearly six
months of inactivity in this field by
selling a $74,000,000 bond issue to fi
nance construction of an expressway
from Hollywood to Fort Pierce. These
bonds were marketed successfully at
a 3.25 per cent tax-exempt-yield basis.
The next turnpike authorities to
line up for money were the Texas
Turnpike Authority and the New York
Thruway Authority. The Texas bor
rowing, the first from this state in the
turnpike field, is for $58,500,000, to
finance construction of a road con
necting Dallas and Fort Worth. The
New York Thruway Authority bor
rowing, appointed for July, will be a
$125,000,000 issue of State-guaranteed
bonds. This will bring the permanent
financing of the $1,000,000,000 New
York expressway system up to $725,000,000—$375,000,000 on State-guaran
teed bonds and $350,000,000 on revenue
bonds.—$$

“ We got
the facts we needed
from the R oyal”
American bankers have found
that the Royal Bank can help
them with their Canadian
affairs— can help them serve
customers with information
on problems ranging from
sales representation to
choice of a factory site.
For additional information,
write to the Business
Development Dept., at
Head Office in Montreal.

Mosler Honors 2 1 7
More than 6,300 years of safe and
bank vault manufacturing experience
was honored recently at a series of
dinners for 217 employees of the Mos
ler Safe Company marking the 1955
meetings of the Mosler Seniors, em
ployees who have been with the firm
15 years or longer.
Of the 217 employees, 131 have been

Over 800 branches in Canada, the West Indies, Central
and South America, New York, London and Paris.

Wayne Hummer a Co.
C H IC A G O

THE R O Y A L B A N K
OF C A N A D A
New York Agency— 68 William Street, New York 5, N. Y.
M EM BERS

HEAD OFFICE: MONTREAL

Northwestern Banker, July, 1*955

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

• CANADA' S LARGEST BANK

N E W Y ORK S T O C K E X C H A N G E

investments
with the company 25 years or longer.
First in point of service is Mathew
J. Braegger with 65 years. He is fol
lowed by Boyd M. Hamilton, 57 years;
and Arthur Roden, 55 years.
Watches for 25 years service were
presented in Hamilton to Laymon
Burns, Thomas Smith and Richard G.
St. John, by John Hosier, executive
vice president.

KEEP TH AT K E Y MAN . . .
(Continued from page 21)
join a competitor’s staff. Then it was
too late.
Lack of prestige of the individual
firm accounts for many job changes
within this group. Even the lowest
paid employee must have a sense of
pride in the firm for which he works.
This is of even more importance with
the ambitious type of employee whom
you particularly wish to keep on the
staff.
Building prestige is, of course, vital
ly important from a business stand
point. It is equally important that
the employee need never apologize for
being on the staff.
In firms where such prestige is
high, some key men will remain on
the staff at less pay than they could
obtain elsewhere. That prestige is the
kind which not only comes from out
side, but is tendered within his own
organization.
If a valued assistant must perform
menial chores as part of his job, is
given no recognition from the top, and
never receives praise for extra effort
he puts forth on the job, he has one
of the best reasons in the world for
leaving the staff for that of a com
petitor.
The prestige of the firm within the
area also is of great importance in
holding the loyalty of key men. It is
vital also that the individual’s posi
tion within the organization occupy
equal prestige.

pearance, this will grow in impor
tance.
The firm with a high record for em
ployee retention is one in which a
key man can feel secure in his job.
The older the employee, the more im
portant security becomes.
The best assurance of avoiding loss
of key men because of this factor is
making certain that every man knows
his job is secure as long as he fills it
properly. When he hears rumors of
how former employees have been dis
missed for trivial reasons, insecurity
enters the picture, and no matter how
well he may have been treated as an

individual, doubt will arise in his own
mind.
Whenever any employee is dis
missed, one should make certain that
every other member of the staff
knows just why. Never leave it to
that individual to give others a false
picture.
The foregoing five reasons why key
men leave their positions are those
mentioned most often. There are oth
ers, of course, but the executive who
carefully guards against these five will
have provided insurance against at
least 95 per cent of the possibilities
of losing a key staff man.—$$

y h e ja f c ^
^ IB o n d 'M
‘M

e m

b t

a r k e t 'a t ~

i d y e a r 1Q

„ H. A T O P P O R T U N IT IE S

m a y in v e s t o r s e x p e c t in t o d a y ’s m a r k e t f o r s ta te ,
m u n ic ip a l a n d o t h e r t a x - e x e m p t b o n d s ? W h a t d e
v e lo p m e n t s are a ffe c t in g i t ? W h a t a b o u t s u p p ly
a n d d e m a n d , p r ic e s, t r e n d s , o u t l o o k ?
T h e s e a n d o t h e r fa c t o r s b e a r in g o n th e m a r k e t
are d is c u s s e d a n d t im e ly i n f o r m a t io n is p r e s e n te d
in o u r n e w 1 9 5 5
Exem pt

M id - Y ear S u rv e y o f th e 1 a x -

B o n d M a r k e t , w h ic h is a v a ila b le to y o u

w i t h o u t c o s t o r o b lig a t io n . Y o u w ill fin d it h e lp fu l

Insecurity

Future security of the worker today
is in everyday’s headlines. At no oth
er time have key men been so con
scious of the topic, and from all ap

in a p p r a i s i n g t h e t a x - e x e m p t y i e l d , s a f e t y a n d
o t h e r q u a litie s o f th e se b o n d s in r e la tio n t o y o u r
o w n in v e s t m e n t r e q u ir e m e n t s .

■....... Oldest in Des M oines— —
Send for M id-Year Survey and accompanying tax chart

Des Moines Savings
and Loan Association
Current
High
3%
Dividend
2 1 0 6th A ve.

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

which shows the income required from taxable securities
to equal the yield from tax-exempt bonds.

HALSEY, S T U A R T

Investments
Insured
To
$ 1 0 ,0 0 0

123 SOUTH LA SA LLE STREET, C H IC A G O 90

CO.

In c .

35 WALL STREET, NEW Y O R K 3

AN D OTHER P R IN C IPA L CITIES

Dial 2 -8 3 0 3

&
Northwest ern Banker, July, 19S5

36
il

L A N D
S E A

A IR

world wide

T ra ve l P ro te c tio n
Up to—
$50,000 Accidental Death and
Dismemberment
$ 5,000 Accident Medical Expense
• VACATIONS
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• AUTO

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TRIPS
24 hour
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Protection

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to
6 Months
Agency Inquiries
Welcomed

Available in: Arizona, Colorado, Iowa, Kansas, Kentucky, Minnesota,
Montana, Nebraska, North and South Dakota and Wyoming

Western Mutual Insurance Co.
616 10th Street, Des Moines, Iowa
"In Our 48th Year”

A Non-Assessable Multiple Line Company

Northwestern Banker, July, 1955

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

IN S U R A N C E
agents today have an educational job on
I NSURANCE
their hands—namely that of informing their custom
ers and potential customers of the coverages they
need. Continual effort is needed on the part of all agents
to keep before the public the need for various insurance
lines. And it sometimes takes a loss in the agent’s terri
tory to really sell his customers on a certain insurance
coverage.
Such was the case in West Union, Iowa.
Founded Early

CARING FOR THE OFFICE in the absence of George B. Wood
ard, Sr., is his son, George B. Woodard, Jr., and his assistant,
Genevra Lane.

I t Takes a t.ass
Ta W a k e
Stane i*eapte
A N orth w estern B an k er
In terview w ith

GEORGE B. W O O D AR D , JR.
Woodard Insurance Agency
West Union , Iowa

The Woodard Insurance Agency was founded in that
city in 1881 by R. O. Woodard and today is operated by
George B. Woodard and his son, George B. Woodard, Jr.
The agency, having been founded at an early date and
being backed with good insurance companies, enjoyed a
profitable existence through the year, relying for most
of its business on the city population rather than upon
farm customers.
Most of the agency’s business has been and today still
is in the fire insurance and allied lines. Business through
the years has been quite steady, but efforts on the part
of Mr. Woodard to sell West Union merchants on busi
ness interruption insurance had met with almost com
plete failure.
Situation Changes

But that all changed in 1946. A cafe, which had been
in business in West Union since 109, caught fire one cold
November night. The fire started in the basement and
burned out the stored products and timbers supporting
the main floor. When the timbers became charred and
weakened, the floor and all equipment fell into the base
ment inferno.
The collapse of the floor had a smothering effect and
soon the fire died out, but not until all of the equipment
was destroyed, the stored products in the basement com
pletely burned and the entire building smoke damaged.
Mr. and Mrs. Loftus, owners of the cafe, carried little
insurance at the time and no business interruption insur
ance.
However they eyed the gutted ruins and decided that
they would rebuild and remodel the cafe on their own—
and today a new modern restaurant stands where the old
cafe had been.
But a lesson was learned by all concerned. The cafe
was necessarily closed for many months while in the re
modeling stage; the fire insurance had been inadequate
to meet the full cost of remodeling and there was no in
surance to cover the cost resulting from the loss of in
come during the months the cafe was closed.
Writes Merchants

Mr. Woodard took advantage of the situation and im
mediately set out to write business interruption insurance
policies while the fire was still prominent in the minds of
the merchants. He wrote business interruption coverages
for nearly every merchant in town and increased the fire
coverages for several others.
It took a loss to educate these people—to point out the
value of being fully covered with proper insurance. Such
is so often the case—the barn door is locked after the
HAPPY COUPLES result when business losses are covered by
business interruption insurance. The checks cover period while
business is inoperative.

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

IT TAKES A LOSS . . .

(Turn to page 40, please)
Northwestern Banker. J u l y , 19SS

ANNOUNCING
new low price. . . only *2200

fo r Recordak Superm atic M icrofilm er
Just check the features of this popular, large-volume microfilmer!

Fronts and backs of documents are re
corded simultaneously at 40-1 reduction,

which is the highest ratio available today. This
enables you to put over 29,000 check-size images on
a 100-ft. roll o f 16mm. Recordak M icrofilm. All
documents up to 11 inches wide can be ph oto
graphed with maximum film economy.

Choice of 5 reduction ratios — ranging from
40-1 (for maximum film econom y) to 18-1
(for largest pictures). This increases your scope still
further. . . and you can change from one reduction
to another b y simply interchanging the lens kits in (
the built-in film unit.

Uses 35mm. film as w ell as 16mm. film

N e w , h ig h -p recisio n au to m atic feeder
handles over 500 checks per minute

. . . over 200 letter-size documents. A s accurate as
it is fa s t, this b u ilt-in
feeder has a separating
device that all but ends
p o s s ib ilit y o f d o c u
m ents overlapping. An
electric counter shows
you the exact number
o f pictures taken.

Gives you 3 methods of recording to
match varying requirements
( 1) D uplex— the fronts and backs o f documents are
recorded simultaneously side b y side on the film.
(2) D u o — the fronts o f documents are recorded
down one side o f the film, then up the other.

(3) Standard— the fronts o f documents are recorded
across the full film width.

Exposes 2 rolls of 16mm.
film simultaneously — you'll

find this a wonderful convenience and
saving when extra film copies are de
sired for vault storage, branch offices,
other departments, etc.

Northwest ern Banker, July, 1955

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

. . . an advantage that will he especially ap
preciated when large side-by-side pictures are de
sired o f the fronts and backs o f accounting forms,
statistical records, and other material containing
numerous closely spaced entries.

Greater con
v e n i e n c e f or
your operator. She can
c o n c e n tr a te on large
v olu m e p ro d u ctio n —
all controls are at her
finger tips . . . easily
reached from a sitting
position. Docum ents are returned in correct se
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Name.
BankStreet-

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

-City.

-State Prices quoted are subject to change without notice.

N o r t h w e s t e r n B an ke r, J u l y , 1955

Insurance
in action. And now he once more is
A L a ss . . . preparing
to begin his daily chats with

Mt T a k es
(Continued from page 37)
horse has been stolen. It is up to the
agents to inform, educate and con
vince their customers of their insur
ance needs—and to sell them—before
they have a loss.
Today, Mr. Woodard spends the
greatest portion of his time outside of
the office, as his son and his office as
sistant, Genevra Lane, do much of
the actual office work. As his son puts
it, “Dad is doing well to spend a full
hour a day in the office, but don’t feel
that he is loafing, for he’s not! Every
second he is out of the office he’s
working; he’s meeting with people,
chatting with people, building up good

will for the agency. Sometimes he
does it over a cup of coffee, sometimes
on a street corner, or in the mer
chant’s home or store. But all of the
time he’s working.”
Very little actual soliciting is done,
at least not on a cold call basis. The
Woodards direct their efforts toward
spending as much of their time with
present assureds and prospective cus
tomers in establishing good will as is
possible.
The agency recently purchased a
Polaroid Land Camera to use in tak
ing pictures of actual losses — fires,
wrecks, disasters—to use in window
displays in furthering their education
al campaign to convince their custom
ers to buy adequate coverages in all
lines.
Personal Gifts

The Woodards have found personal
gifts one of their best forms of adver
tising, especially when supplemented
with institutional newspaper advertis
ing. Annually they present more than
300 yearbooks for recording appoint
ments and other data, and other gifts
such as pencils and key cases.
The only direct mail campaigns
sponsored by the agency are during
the hunting and fishing seasons when
the agency pushes trip accident insur
ance.
Mr. Woodard, himself, has just re
turned from a trip to Florida’s spring
baseball training camps where he an
nually follows the major league teams

his many friends in West Union, chats
which lead to increased sales through
good will.—$$

WAREHOUSING . . .
(Continued from page 15)
larger sums, related to the capital and
surplus of the bank involved, than
would be allowed under open condi
tions; such allowance benefits the
smaller bank without sacrificing se
curity.
A Third Party

It is of paramount importance, how
ever, that the field warehouseman
truly is a third party, so that his ware
house receipts and the bank’s position
as holder cannot be attached and jeop
ardized in court. The leaders in the
field warehousing industry take pride
in their position of holders of collat
eral and their financial responsibility.
The field warehouseman has the
unique privilege of being in a position
to serve the banking profession as
well as business.
The inventory, either raw or fin
ished, possessed by the business may
be its sole possession having any mate
rial collateral value. Field warehous
ing acts in such a way that through
its custodianship the inventory retains
its functional availability as a work
ing part of the business and yet, to
the bank, the collateral value remains
intact or properly released on the
bank’s instructions.
The bank is thus secured in its
function of rendering a valuable finan-

M l
A

AUTO M O B ILE
IN LA N D M A R IN E

"BANKERS SECURITY'S
CREDIT LIFE PLAN H a s
C e r t a in ly In c r e a s e d O u r

EXTEN D ED COVERAGE
AGENTS: You will be pleased
with our Service and the Genuine
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L o a n a n d T im e S a l e s V o lu m e "
Yes, our Protected Loan Plan will help you build more GOOD
WILL, LOAN and TIME SALES VOLUME. Write today for
complete information about the oldest and finest credit life plan.
We will also send you a copy of the BUSINESS BUILDER,
which is a real loan and time-sales building help.

BANKERS SECURITY LIFE INSURANCE SOCIETY
1017 Walnut Street
Des Moines 9, Iowa

ME OFFICE
DAR RAPIDS, IOWA
Northwestern Banker, July, 1955

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

103 Park Avenue
New York 17. N. Y.

ARTHUR J. MORRIS
GEORGE OLMSTED.
Chairman of the Board
President
F R A N K J. SCOTT,
H AR R Y O’BRIEN,
Vice Chairman of the Board
Vice President and Treasurer
W. L. COBB,
Executive Vice President

Insurance
cial asset to one or many segments
of the business community. The busi
nesses themselves are permitted the
growth and progress that additional
working capital alone can provide.
Electronic Equipment

The major field warehousing compa
nies have, in various degrees, utilized
the wonders of electronic business
machine equipment. This is particu
larly true in their internal accounting
procedures, but has also been utilized
in other aspects of the operation.
It is wise, however, to remember
that field warehousing is to both bank
and business—a service. It is a serv
ice that must be used wisely by busi
ness in order to be economical and
efficient. Like 99 per cent of all serv
ices, the value received depends to a
large extent upon individual manage
ment and control.
It is impossible to state too strongly
the importance of the close personal
association between the bank, field
warehouseman, and the principals of
the particular business. The great
value of field warehousing is in its
flexibility and adaptability to varying
conditions in the business climate.
From the standpoint of utilizing this
great potential of flexibility and adapt
ability, the personalized and continual
contact between the three working
members is essential.

there is no substitute for this physical
verification of the collateral and, if
the banker desires, copies, with or
without the value extensions of the
inventory records furnished the field
warehouseman’s representative by the
district office, will be willingly fur
nished. Field warehousing — The
Douglas-Guardian Plan — is truly a
process for progress.-—$$

Stanley A. Longmoor
Stanley Allan Longmoor, 68-yearold vice president of the Republic Na
tional Bank, died May 24 in a Dallas
hospital following a brief illness.
A native of Rockdale, Texas, Mr.
Longmoor had lived in Dallas since
1917. He became a vice president of
Republic in 1929.

C b w th iU l, OF THE M A N Y BANKERS
PLEASED WITH THE ^ o h n irc

OFFEREDBY Colohadi) QhsudiL «jf/ffig.

Mr. lam es N. Hasburgh (left). M anager of the
Loan Department of the UNION NATIONAL
BANK in DENVER. COLORADO, is shown re
ceiving a claim check from Mr. C. Bosworth, Jr.,
Vice President of Colorado Credit Life. On this
claim, the existing indebtedness paid off by
Colorado Credit Life was $935.00. The insured
died after a very sudden heart attack, while on a
business trip. The fact that his loan had been
insured removed the distressing situation of debt
for the deceased's widow.

Personal Contact

Obviously, it is easy for the busi
nessman and the banker, being located
either in the same city or at close
proximity to one another, to maintain
this continual contact. The ware
houseman should not delude himself
nor should either the banker or busi
nessman be deluded into thinking that
electronic wonders may take the place
of the very frequent visits to both by
representatives of the field warehouse
companies. And, further, both the
banker and businessman should al
ways have the assurance that the ex
pert knowledge and willingness on
the part of the field warehouseman
is instantly available for whatever
changes in procedure are necessary or
desirable.
While the frequent visits with bank
er and businessman are paramount to
maximum efficiency, those visits also
provide the banker with a physical
inspection and verification of the mer
chandise under receipt.
It can be stated unequivocably that

fo L o A cu cto fo s id iL

pays

WHEN YOUR BORROWERS CAN’T . . .
pays

Q m m s id io is ih ^ l1

CREDIT LIFE INSURANCE

COLORADO CREDIT LIFE

DEBT CANCELLATION

COLORADO
INSURANCE COMPANY

FIRE INSURANCE
AUTOMOBILE INSURANCE

S carborou gh ’s Loss Prevention program will save your
bank many headaches and many dollars. It is yours
along with the broadest protection at the lowest cost.

COLORADO CREDIT
LIFE UNDERWRITERS
We invite your questions and requests for information.
Wire or call collect to the Colorado Insurance Group
Home Office in Boulder, Colorado.

rp Scarborough &
Company
c°

ounselors to Banks

FIR S T N A T IO N A L BAN K B U IL D IN G . C H IC A G O 3, IL L IN O IS . STote 2 -4 3 2 3

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Federal Reserve Bank of St. Louis

Northwest ern Banker, July, Ì955

Insurance

New Assignments
The Northern Trust Company of
Chicago has announced the promotion
of N. Hall Layman from second vice
president to vice president in the
banking department.
Mr. Layman has been with The
Northern Trust since 1937 and is a
resident of Hinsdale, Illinois.

N. H. L A Y M A N

E. N. STAU B

Two changes of assignment of bank
ing department officers were also an
nounced by The Northern Trust. E.
N. Staub, second vice president, will
assume duties with Division B, which
covers a seven-state area to the north
and west of Chicago which includes
Iowa, Minnesota, Missouri, Kansas,
Nebraska, North Dakota and South
Dakota. He will also have specific
industrial assignments within the Chi
cago metropolitan area.

William H. Rentschler, second vice
president, joins Division C, which han
dles business in the eastern and New
England states in addition to specific
assignments in the Chicago area.

cer and in December, 1954, became
assistant general sales manager.
Mr. Bingham joined Spencer in July,
1946, as traffic manager, after having

Top Promotions
Spencer Chemical Company of Kan
sas City has announced two promo
tions in top sales management and
the reorganization of its sales divi
sion into seven departments. These
changes were made necessary by the
rapid growth of the sales group and
expansion into new fields.
H. R. D IN G E S
H. E. BIN G H AM
H.
R. Dinges, formerly assistant gen
eral sales manager, has been named
general sales manager, and H. E. Bing served the Pratt-Whitney Aircraft Cor
ham, who was acting director of prod poration of Missouri in the same capac
uct sales, has been named general ity. In June, 1947, Spencer named
manager of sales services. Mr. Bing him director of traffic, which position
ham will head the activities of four he held until he was named acting
departments—sales development, agri director of product sales last Decem
cultural chemicals; sales development, ber.
industrial chemicals; traffic and adver
tising. Both men will report directly
AG CREDIT SCHOOL . . .
to J. E. Culpepper, vice president in
(Continued from page 19)
charge of sales.
food for thought when the school is
Mr. Dinges joined Spencer in 1947 over. A person is in close association
as industrial sales manager, after serv with bankers from all over the state
ing for some time as southern district and a lot of different practices and
sales manager with the Mathieson problems are worked over for the
Chemical Corporation. He later be benefit of everyone. It is safe to say
came director of product sales at Spen it would be impossible to attend such
a school and not gain some valued in
formation and ideas.
I would heartily recommend this
school to anyone who is able to get
N
— D — E — o
away for a couple weeks during the
summer.

|"-X -T --E —

COVERAGE
THE SAINT PAUL
BANKERS BLANKET BOND
with EXTENDED COVERAGE
*

Th e m o st c o m p r e h e n s iv e c o v e r a g e y o u c a n h a v e

•

U n e x c e lle d c la im s e r v ic e

CALL

SAINT P A U L M ERCURY IN D EM NITY COM PANY

YOUR
SA IN T

PAUL

A G E N T .. .

TODAY

111 West Fifth Street, Saint Paul 2, Minnesota
INSURANCE COUNSELLORS TO BANKS

SPECIALIZING IN

AUTOMOBILE
F I RE
W INDSTORM

INSURANCE
CENTRAL STATES MUTUAL
INSURANCE ASSOCIATION
ML Pleasant, Iowa
E. A. HAYES
President

O. T. WILSON
Secretary

Established in 1929

N orthw estern Banker, July, 1955

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

Insurance
G. K . Edge, cashier, Farmers Trust
and Savings Bank, Spencer, Iowa: As
cashier of the Farmers Trust and
Savings. Bank of Spencer, Iowa, and
as a graduate of the Agricultural
Credit School of Iowa State College,
I can recommend the course very
highly. There was pleasure in the fel
lowship and comradeship of the Iowa
Bankers who attended the school. The
course offered exceptionally fine work
in the fields of rural appraisals, crop
rotation, farmer-banker relationships,
and many others.
Agricultural banking can be greatly
assisted by attempts made in schools
like this one to face realistically the
problems of the farmers in “on the
spot training.”
To any aspirant for training at
Iowa State College, I commend most
heartily this course in agricultural
credit and especially do I commend
the quality of instruction which may
be received there.
Gerald Clause, cashier, Home State
Bank, Jefferson, Iowa: Because of the
changing nature of our agriculture, it
has become increasingly important in
recent years for banks to give more
attention to agricultural financing.
The problem of personnel to staff our
banks and servicing agricultural
areas is becoming more apparent each
year.
We have sent seven men from our
bank to the Agricultural Credit School
held at Iowa State College in Ames,
not to learn how to become farmers,
but to study problems and operations
dealing with farm financing.
I would certainly recommend the
school to any banker dealing with
farmers not only for the class room
work, but also for the opportunity to
discuss problems and operations with
fellow bankers.
William G. Murray, head of the ag
school says: Our Agricultural Credit
School was started with the active co
operation and support of the Iowa
Bankers Association because there
was no school in the country that con
centrated on the problems of the rural
banker. There were short courses;
many states have them, but no honestto-goodness school where the bankers
have to study as they do in other
schools. Rutgers and Wisconsin have
schools but they do not place the em
phasis on farming that we do. We
feel we have a mission and a chal
lenge: To offer an agricultural credit
course that will enable rural bank
staffs to train themselves to meet the
problems they are likely to face in
their business.

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

Four results of our course have
cheered us: (1) Each year a new vig
orous, enthusiastic group of bankers
enroll. (2) a large proportion of men
who have had one year enroll to take
the second and final year, at the end
of which they get a certificate, (3)
the alumni of the course tell us they
have found their work useful, and (4)
we have had continuous splendid sup
port from Frank Warner and other
members of the Iowa Bankers Asso
ciation.

For the future we hope it will be
possible to expand to a regular two
year program with both a first and
second year group, each with a differ
ent course of study.
This excellent school has been at
tended by 256 men during its 10-year
history. All of them are striving for
a common objective — to learn more
about agricultural financing so they
can better serve America’s biggest
businessman—the American farmer.—
$$-

Prompt Claim Service
Back of Every Policy
• Fire and Extended Coverages
• Full Coverage Automobile
• Public Liability
• Workmen's Compensation

ALLI ED M U T U A L
CASUALTY COMPANY
Harold S. Evans, President
Fourth and Park Sts.

Oes Moines

Iowa

Bankers . . •
For the most comprehensive, up-to-theminute insurance programs available,
you’ll want to investigate our services.
Credit Insurance. Group Creditor.
Life. Hospitalization, Mortgage
Plans, and Disability Plans.
We specialize in serving financial insti
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* -""ff
CENTRAL STATES HEALTH AND ACCIDENT ASSOCIATION
WOW BUILDING, OMAHA 1. NEBRASKA, T. LESLIE KIZER, PRES.

Northwestern

B a n ker,

July,

1955

44
À

Banks and Other
Customer Services Division

G eorge F. K asten
Vice President

M E N

M ake

Robert A. Z entner
Vice President

th e D i f f e r e n c e

i.-

between m ere routine efficiency a n d
personal attention to y o u r special needs
D. W esley Correll
Vice President

Machines can calculate. Electronic brains can even
remember! And the modern facilities of this bank

D onald A. Harper
Vice President

are vital to the efficiency o f First Wisconsin service.
But men make the difference between mere routine
efficiency and the kind o f personal attention you
expect— and get— as a First Wisconsin customer.
The men pictured on this page head our special

John G. T opp
Assistant Vice President

division supervising First Wisconsin service to cor
respondent banks and many business corporations.
They welcome every opportunity to meet your
L. J.

unusuM as well as your usual banking needs.

First W isco n sin
N o tio n al B a n k
OF M ILW AUKEE

Wisconsin $ Bank fo r Banks
MEMBER OF THE FEDERAL DEPOSIT INSURANCE CORPORATION

Northwestern Banker, July, 1955

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

Smotherman

Assistant Vice President

M ark A. R usch
Assistant Vice President

Hon E»
1 'm
*o»
tie
»§ N
am ed P resid en t
Biinnesota H ankers A ssocia tion
Record Breaking Crowd of 1 ,6 0 0
Attends 65th Annual Convention

I N N E S OT A ' S bankers c o m
pleted their three-day record
b r e a k i n g convention l a s t
month in Minneapolis with the elec
tion of a new president, vice president,
treasurer and three councilmen.
Elected to head the Minnesota Bank
ers Association for a year’s term was
Don E. Crouley, vice president, North
western National Bank, Minneapolis.
Elected vice president for a one year
term was Andy Sirek, executive vice
president, State Bank of New Prague,
and treasurer of the association will
be George E. Buscher, president, Alex
andria State Bank.
Three bankers were nominated and
elected to the council of administra
tion for three year terms. They are:
Robert C. Nelson, vice president,
Northwestern State Bank of Hallock;
Harold L. Hanson, executive vice pres
ident, First National Bank of Inter
national Falls, and Tom E. Olson, vice
president, First National Bank of Starbuck.
Retiring from the presidency of the
association is William G. King, execu
tive vice president, First National
Bank, Grand Rapids, who will serve
on the ten-member council of admin
istration for one year.

More than 1,600 bankers and bank
employees j a m m e d the convention
headquarters building in Minneapolis
during the three-day affair to hear
talks from outstanding leaders in the

D. E. C R O U L E Y
A. SIREK
New President and Vice President
of Minnesota Bankers Association

field of government, finance, business
and public relations. The opening
Monday of the convention featured a
golf tournament, with P^erris Jones,
cashier, First State Bank of Medford,
winning the tourney at Interlachen
Country Club with a 69 score on the
par 73 course.
The business sessions on Tuesday
and Wednesday mornings featured
speeches by William Burger, Assistant
United States Attorney General; Lewis

LEFT— Seated, left to right, are: N. H. Peterson, executive
vice president, State Bank of Butterfield; R. A. Christianson,
vice president, National Bank o f Mankato, and William Ken
nedy, cashier, Elysian State Bank, Elysian. Standing are R. W.
Crouley, cashier, Marquette National Bank, Minneapolis; B. G.
Berg, vice president and cashier, Security State Bank, K enyon;

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

Castle, administrator, St. Lawrence
Seaway; Mrs. Ivy Baker Priest, Treas
urer of the United States; W. J.
Klein, vice president, Allis Chalmers
Company; Dexter M. Keezer, vice pres
ident, McGraw-Hill Publishing Com
pany; Wendell T. Burns, senior vice
p r e s i d e n t , Northwestern National
Bank, Minneapolis, and Dr. Charles W.
Mayo, Rochester, Minnesota.
At the Agricultural Breakfast, bank
ers heard Dr. G. Burton Wood, head,
agricultural economics, Oregon State
College, speak on “Faith, Hope and
Parity.” The 4-H Club of Minnesota
was presented an award. The Future
Farmers of America and agricultural
scholarship winners representatives
spoke briefly.
The convention banquet featured an
hour long entertainment program and
dance on Tuesday evening.
Eight veteran b a n k e r s received
plaques for 50 or more years’ member
ship in the organization. They are
Oscar A. Olson, Sr., Braham; S. P.
Steen, Clinton; S. B. Erickson, Jackson; A. M. Anderson, Grand Marias;
Ora G. Jones, Sr., Red Wing; John
W. Barton, Princeton; W. J. Browne,
Wadena, and J. Cameron Thomson,
Minneapolis.—$$

R. L. LaFrance, executive vice president, Elysian State Bank,
Elysian, and John Cleary, assistant cashier, Marquette National
Bank, Minneapolis.
RIGHT— J. H. Grinnell, executive vice president and cashier,
State Bank o f Loretto; Otto Preus, vice president, Marquette
National Bank, Minneapolis; Mrs. Grinnell, and A. E. Arntzen,
president, Farmers and Merchants State Bank, Appleton.
Northwest ern Banker, July, 1955

Minnesota News

E lk R iv e r R a n k 70 Y ea rs O ld
EVENTY years of progress were
S
celebrated this past month at The
Bank of Elk River, Minnesota, when
bank officers invited the bank’s cus
tomers and friends to an open house
for a “neighborly” cup of coffee.
There were drawings, prizes and
gifts and favors for each bank visitor.
M. J. Babcock is president; Dr. A. B.
Roehlke, vice president, and M. J.
Dwyer, executive vice president.

Took Graduate Study
Three Duluth bankers attended the
Rutgers University Graduate School
of Banking recently. They are Iver
A. Anderson and George G. Barnum,
Jr., First and American National
Bank, and John Marshall Harris,
Northern Minnesota National Bank,
both banks being in Duluth.

New Parking Lot
First National Bank of Austin, Min
nesota, has announced the purchase of
a customer parking lot across from
the bank, on Bridge Street.
At present the lot is leased by the
city for public parking and this use
will continue until the bank completes
its plans later in the summer.
Robert F. Lichty, president, said the
purchase of the parking lot was the
first step in a program of expanding
the bank’s facilities. Further details
will be made public soon, he added.

Joins Stephen Bank
Laverne Norman, n e w assistant
cashier, began his duties recently as a
member of the staff of the Farmers
State Bank, Stephen, Minnesota. For
merly of Roseau, he has had six years
of banking experience in Roseau
banks. Mr. Norman succeeds Clifford
Mork.

Returns to Adrian
James Wagner, recently discharged
from the Army, has resumed the posi
tion in the Adrian State Bank, Adrian,
Minnesota, which he held before enter
ing the service.

Minnesota Changes
Appointment of Roy M. Schuette as
manager of the Timepay consumer fi
nance department of First National
Bank of Rochester, Minnesota, has
been announced by Robert A. Bezoier,
president.
Mr. Schuette goes to the First Na
tional of Rochester from Springfield,
Missouri, where he owned an automo
bile sales business since 1947.
In his new position Mr. Schuette
succeeds Raymond L. Roberts, assistN arthw estern

B a n ker,

Ju ly ,

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Federal Reserve Bank of St. Louis

1 955

ant vice president, who has assumed
new responsibilities in the commercial
banking department.
Also, Richard F. Glasoe, who has
been associated since 1953 with the
Aberdeen National Bank at Aberdeen,
South Dakota, has left to accept a
position as assistant manager of the
Timepay department at the First Na
tional Bank of Windom, Minnesota.
He will be succeeded by George J.
Blando, who returns to Aberdeen from
the First National at Windom, where
for the past two and one-half years he
has been assistant cashier and Timepay manager.

New Drive-In Bank
The Union National Bank of Roches
ter has announced plans to build a
new drive-in bank on the site current
ly occupied by the Brackenridge
Building on Second Street S.W.

Officers Elected
Officers of the southeastern division
of the Minnesota Bankers Association
were elected at a meeting in Rochester
last month when I. C. Rasmussen,
state commissioner of banks, and
Floyd Larson, executive secretary of
the state association, were on the pro
gram.
Twenty banks in Mower, Dodge and
Olmsted counties were represented at
a dinner. Approximately 125 bank
ers and their wives and visitors at
tended.
Charles E. Palmer of Kasson was
elected president; Joseph S. Cotter,
Rochester, vice president, and C. J.
Gislason of Lyle, secretary-treasurer.

“ Man o f the Year”
Leonard E. Griffith, 32, has been
named Duluth, Minnesota, man of the
year by the Duluth Junior Chamber
of Commerce.
He is advertising manager for the
First & American National Bank in
Duluth.

New Minnesota Bank
J. Cameron Thomson, president,
Northwest Bancorporation, Minneap
olis, has announced the opening last
month of the Silver Bay State Bank
at Silver Bay, Minnesota. The new
affiliate will serve an entirely new
community created by Reserve Min
ing Company’s taconite operation on
the north shore of Lake Superior.
Directors are: Arthur O. Lorntson,
Beaver Bay; George W. Peterson, Two
Harbors; Ben Fenstad, Little Marais;
A1 Malmo, Silver Bay, and Edward
Nauha of Two Harbors. The officers

are: Arthur O. Lorntson, president;
George W. Peterson, vice president
and cashier, and Roger O. DeBoer, as
sistant cashier.
Capitalization for the new bank is
$100,000, consisting of capital of $50,000, surplus of $30,000 and undivided
profits of $20,000. The bank is a
member of the Federal Deposit Insur
ance Corporation.

50th Anniversary
The First National Bank of Hawley,
Minnesota, held open house recently
when it celebrated 50 continuous years
of service to the community.
Free door prizes, lunch and a draw
ing for prizes were included in the
day’s activities. Officers, directors and
employees of the bank were on hand
to show the public through the bank
and explain some banking operations.
The bank interior was completely
redecorated for the event.

Crookston Open House
More than 400 persons visited an
open house at the First National Bank
in Crookston, Minnesota, recently, ac
cording to Marvin Campbell, presi
dent.
The occasion was the bank’s open
house observance of Know Your
Bank Week. Coffee and doughnuts
were served and a free microfilming
service was offered.
A $25 bond was given as an attend
ance prize. Employees of the bank
showed many of the visitors through
the bank and explained various bank
ing operations.
On hand for the open house were
three of the bank’s retired employees,
each boasting more than 50 years of
service. They are Harry Marsh, for
mer president, and Miss Sue Monroe
and Miss M. E. Walker.

New Building Opening
“Open house” was held last month
in the beautiful new building of the
State Bank of Shelly, Minnesota. Ed
Engelstad is president.
Free coffee and lunch was served
to visitors who were urged to exam
ine the quarters in the brick building.
A special eight page section in the
Valley Journal conveyed congratula
tory messages from the Shelly area
and banking and business firms asso
ciated with the institution.
H. G. Boyer of Climax is vice presi
dent and Alvin Aanenson of Shelly is
cashier.

Remodeling at Ulen
A remodeling and redecorating proj
ect costing nearly $5,000 is being com
pleted at the Northwestern State Bank
in Ulen, Minnesota. The ceiling has

Minnesota News

A RECORD CROWD of more than 1,600 attended the Minnesota
Bankers Convention last month. Pictured from left to right
are some of those who were present for the 65th annual meeting:
1. Elmer Erickson, president, Cambridge State Bank, Cam
bridge, and Irving Rasmussen, commissioner o f banks for M in
nesota, St. Paul.
2. R. C. Nelson, vice president, Northwestern State Bank,
Hallock, and Robert G. Ziemer, assistant cashier, Northwestern
National Bank, Minneapolis.
3. H. G. Hamre, president, State Bank o f W ood Lake, and
W. A. Grossman, cashier, Hancock State Bank, Hancock.

4. W. H. Ebert, cashier, First State Bank, Le Center; Henry
Snyder, representative, First National Bank o f Saint Paul, and
J. B. McRobert, director, Hardwick State Bank, Hardwick.
5. F. W. Striemer, president, Farmers and Merchants State
Bank, Alpha, and his granddaughter, Miss Mary Joyce Bracken.
Miss Bracken was the youngest registrant.
6. Edwin Brickson, president, Adrian State Bank, Adrian;
G. M. Seaberg, president, First National Bank, Winnebago, and
S. B. Erickson, vice president, First National Bank, Jackson.
S. B. Erickson was one o f the eight new members o f the
50 Year Club.

been lowered and modern bank fix
tures installed, according to President
A. J. Anderson, Sr.

In addition to this, the institution
gave away coin purses and pencils to
all those who registered.

and J. Leraas of Citizens State Bank
of St. Louis Park was elected vice
president.

To Austin Bank

Central Tri-County Officers

Central Division Officers

At the annual meeting recently of
the Central Tri-County Division of the
Minnesota Bankers Association, A. H.
Stellner of Lake Lillian was elected
secretary-treasurer. Donald Nor lie of
the First State Bank of Litchfield was
elected president. The Central TriCounty Division includes Kandiyohi,
Meeker and Renville counties.

E. B. Richter of the American Na
tional Bank, Little Falls, Minnesota,
was elected a director of the Central
Division of the Minnesota Bankers
Association at the annual meeting in
St. Cloud.
Pat DuBois of the First State Bank
of Sauk Centre heads the new slate
of officers as president.
Groups from both Little Falls banks
were present. Attending were C. E.
Tillander, Mrs. H. A. Siewart, Mar
jorie Siewert, A1 Swintek, Mrs. Ed
ward Kerich and Urban Kapsner of
the First National, and F. L. Hart
mann, E. B. Richter, Mrs. L. P. Gendron, John Gargaro, Frank Harris,
Joseph Korll, A1 Tillman, Joan Holowicz, Frieda Petrich, Mrs. Leo Miller
and Eleanor Knopik of the American
National.

William Strifert has joined the in
surance department of the Austin
State Bank, Austin, Minnesota.
A native of Rochester, Mr. Strifert
joins the bank with several years’ ex
perience in the general insurance field.
After attending the Travelers In
surance School at Hartford, Connecti
cut, he entered military service.

Silver Anniversary
Northwestern State Bank of Ortonville, Minnesota, recently brought to
a conclusion a week of silver anniver
sary observance which, in the words
of President Otto B. Schneck, was a
“tremendous success.”
More than 1,225 people registered
for the $200 in savings bonds which
were given away as the result of a
drawing.

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Federal Reserve Bank of St. Louis

Community Bankers Elect
Reed Macomber, vice president of
Richfield State Bank, Richfield, Min
nesota, was elected president of the
Independent Community Bankers As
sociation of Minneapolis at their re
cent meeting.
John Cadwell, vice president of Com
munity State Bank of Bloomington,
was elected secretary and treasurer,

N orthw estern

B a n ker,

Ju ly ,

1955

WO new officers were elected to
T
the official staff of the American
National Bank of St. Paul at a recent
meeting of the board of directors.
Jean R. Johnson, former assistant
trust officer of the First National Bank
and Trust Company, Tulsa, Oklahoma,

J. R. JO H N SO N

R. D. PO W ER S

was named trust officer and Richard
1). Powers of the American National
Bank was advanced to assistant trust
officer. Their election was announced
by Rollin O. Bishop, president of the
bank.
^
Organizational meeting of the new
First Southdale National Bank was
held last month, at which time Donald
W. Judkins was elected president and
other officers and directors were
named.
The new bank expects to open its
doors in the fall of 1956.
Directors are: Wallace C. Dayton,
vice president and general superin
tendent of The Dayton Company;
Marcus W. K. Heftelfinger, assistant to
the executive vice president, Russell
Miller Milling Company; John W.
Windhorst, partner in the law firm of
Dorsey, Colman, Barker, Scott and
Barber; Charles E. Corchran and Ly
man E. Wakefield, Jr., vice presidents,
First National Bank of Minneapolis,
and Mr. Judkins.
Officers, in addition to Mr. Judkins,
include Mr. Dayton, vice president,
and Keith P. Maxwell, cashier. Mr.
Maxwell has been associated with
First Minnehaha National Bank since
1941 and has served as an officer since
1952.
N orth w estern

B a n ker,

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Federal Reserve Bank of St. Louis

Benjamin S. Woodworth, assistant
cashier and veteran advertising exec
utive at First National Bank of Min
neapolis, died last month at the age
of 54.

July, Î955

BEN S. W O O D W O R T H

Mr. Woodworth began his career in
1921 with the former Minneapolis
Trust Company, of which he ultimate
ly became assistant secretary. When
this firm was consolidated with First
National, Mr. Woodworth continued
with the latter as advertising man
ager. He was elected assistant cash
ier in 1946.
In addition, he was advertising man
ager of First Service Corporation,
operations affiliate of First Bank Stock
Corporation.
* * *
An open house for the general pub
lic was held last month in the new
quarters of the Marquette National
Bank of Minneapolis, according to
Russell L. Stotesbery, president.
The bank occupies the entire main
floor, second floor and lower level

banking floor of the LaSalle Building,
which has been renamed the Mar
quette Bank Building.
Employees and officers guided vis
itors to all parts of the bank. Free
gifts were provided and a special prize
of an all-expense vacation for two to
Bermuda was given away in a free
drawing.
* * *
Takao Akiyama, editor-in-chief and
member, board of directors, Sogen-sha
Publishing Company, Tokyo, Japan,
got some pointers recently on the re
lationship between publishing houses
and banks in America when he visited
Raymond Clausen, v i c e president,
Northwestern National Bank of Min
neapolis.
Mr. Akiyama is participating in the
foreign leader program of the Inter
national Educational Exchange Serv
ice of the United States State Depart
ment.
* * *
The Minneapolis Junior Chamber of
Commerce paid tribute to Richfield
State Bank as an outstanding institu
tion in the state recently on a TV
program called “ Minnesota U. S. A.”
Reed Macomber, vice president of
the bank, was interviewed on the pro
gram by Ellsworth Johnson, ehairm a n, Minnesota Development TV
Show Committee, and answered ques
tions concerning the bank’s progress.
John Gallos, narrator, made these
comments in closing: “ The Richfield
State Bank is an independent bank,
a neighborhood bank, a safe bank.”
A rescue squad of Northwestern Na
tional Bank of Minneapolis has just
completed eight weeks of instruction
under Minneapolis civil defense au
thorities. Northwestern’s squad is
qualified to use defense equipment to
tunnel through debris to get to vic
tims or rescue them from rooftops.
Squad chief is Harry L. Tyson, as
sistant cashier of the bank, and train
ing instructor is Merle Tommeraasen,
credit analyst at Second Northwest
ern.

FOR M O R E THAN HALF A CENTURY
B A N K S IN ALL PARTS O F THE C O UN TRY
HAVE

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IS K N O W N BY T HE C O R R E S P O N D E N T S IT KE E PS

The H anover Bank
M em ber Federal Deposit Insurance Corporation

Northwest ern Banker, July, 1955

Minnesota News

Construction of an eight-story addi
tion to the Federal Reserve Bank of
Minneapolis is under way and sched
uled for completion next year.
Cost of the addition and moderniza
tion will be about $5,000,000. The
bank, at Fifth Street and Marquette
Avenue in the heart of the Minneap
olis financial district, will derive 100,000 square feet of additional floor
space, according to A. W. Mills, first
vice president.
* * *
Employees at the Farmers & Me
chanics Savings Bank of Minneapolis
had themselves a man-sized counting
job recently.
A 63-year-old man had been ordered
by police to move from his skid row
hotel room so the room could be
cleaned. He asked if he could bring
his “sack” with him to police head
quarters.
There he astounded officers when he
dumped the sack’s contents on a desk.
Out came $5,754 in currency which the
man said he had been saving in his
room since he lost $400 in a depression
era bank failure.
Informed that bank deposits now
are insured, he asked to be led to the
nearest bank. It took eight men two
hours to count the money, most of it
in dollar bills.
* * *
G. R. Macomber, vice president of
the Richfield State Bank, has been

elected president of the Independent
Community Bankers Association of
Minneapolis. Other officers are: An
drew L. Leraas, Citizens State Bank
of St. Louis Park, vice president, and
John S. Cadwell, Community State
Bank of Bloomington, secretary.
* * *
Gordon Murray, president of the
First National Bank of Minneapolis,
has been named to the board of direc
tors of the Association of Reserve City
Bankers. He will fill out the term
of Frederic A. Potts of Philadelphia,
who was elected president.
* * *
Clarence A. Maley, prominent St.
Paul banker and civic leader, died re
cently at the age of 61.
Mr. Maley was vice president and
trust officer of the American National
Bank of St. Paul, with which he had
been associated since 1909. He was a
past president of the St. Paul chapter
of the American Institute of Banking.
* * *
Donald W. Judkins, cashier of the
First Hennepin State Bank of Minne
apolis, has been elected president of
the board of directors of the Walker
Art Center in Minneapolis.
* * *
Henry S. Kingman, president of the
Farmers & Mechanics Savings Bank
of Minneapolis, has been re-elected
president of the Minneapolis Founda-

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M innesota Commercial Men’s Association
2550 Pillsbury Ave. S.

Minneapolis 4, Minnesota

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o n tr ea l

Chicago: Special Representative’s Office. 141 West Jackson Blvd.

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• 'v

'¿M t

RESOURCES EXCEED $ 2 ,5 6 0 ,0 0 0 ,0 0 0

tion, which administers bequests and
gifts for local charitable purposes.
* * *
J. D. Holtzermann, Minneapolis busi
nessman and a member of the board
of directors of the Fourth Northwest
ern National Bank of Minneapolis,
has been elected to the board of direc
tors of the University of Minnesota
Alumni Association.
* * *
The Maple Plain State Bank of Ma
ple Plain, Minnesota, near Minneap
olis, marked 50 years in business re
cently at an open house.
In its half-century of existence the
bank has built its assets to $1,167,125,
with deposits of $1,076,907. Paul F.
Lindholm is president. H. V. Miller
and R. T. Styner are vice presidents,
and Frank James is cashier.
* * *
Floyd Simons, a vice president of
the Northwestern National Bank of
Minneapolis, has been elected com
mander of the Downtown American
Legion Post in Minneapolis. Selmer
L. Jerpbak, president of the Richfield
State Bank, is post historian.
* * *
Cyril L. Lamm has retired from the
First National Bank of Minneapolis
where he had been assistant vice pres
ident since 1949. He started with the
bank in 1911 and also has been active
in civic and Masonic affairs.
* * *
H. C. Luick, assistant vice president
of the Northwestern National Bank
of Minneapolis, has been elected vice
president of the Minneapolis Associa
tion of Credit Men and its service affili
ate, Associated Creditors.
* * *
Mrs, Antoinette E. Hlavacek, assist
ant cashier of the Chicago-Lake State
Bank of Minneapolis, has been elected
to membership in the National Asso
ciation of Bank Women, an organiza
tion of more than 2,000 women hold
ing executive positions in banks and
trust companies.
* * *
At the age of 83, most people are
well into retirement. Not so with Wil
liam F. Kunze, vice president in
charge of the trust department, Mar
quette National Bank, Minneapolis.
Mr. Kunze gets to the bank daily
between 6:30 and 7 a. m. and walks up
four flights of steps. A widower, he
lives alone and does some of his own
cooking and housework.
He was feted by bank employees at
a birthday breakfast recently. Mr.
Kunze is a former mayor of Minneap
olis and a former member of the Min
nesota legislature.
The secret of his vigor at 83? He
replies: “Drinking coffee and voting
Republican.”

Minnesota News
Seven Minneapolis bankers attend
ed the graduate-school of banking at
Rutgers University, New Brunswick,
New Jersey, in June.
In the group were Edward C.
Brown, Jr., and Roland T. Thuleen of
the First National Bank of Minneap
olis; Leslie H. Bundlie of the office of
the Comptroller of the Currency; Ray
mond Clausen of the Northwestern
National Bank of Minneapolis; Carl
G. Forsberg of the Farmers & Mechan
ics Savings Bank of Minneapolis; John
Peter Knutson of the Midland Nation
al Bank of Minneapolis, and John A.
Sweeney of the national bank exam
iner’s office.
*
*
Women in the banking industry
were saluted by Powers Department
Store of Minneapolis, in conjunction
with the Minnesota Bankers Associa
tion in the form of a large newspaper
advertisement in the Minneapolis Star
and Tribune during the association’s
annual convention.
Berma Cooper, commercial teller at
the Marquette National Bank of Min
neapolis, was chosen by the store as a
typical career woman in banking.
Miss Cooper has been with Mar
quette since 1945.
* * *
Louis S. Headley, St. Paul banker
and attorney, has been elected chair
man of the board of trustees at Carleton College, Northfield, Minnesota. A
1907 graduate of Carleton, Mr. Headley retired in 1950 as president of
the First Trust Company of St. Paul.
* * *
Grand opening of the new First
Edina National Bank was celebrated
at an open house recently. The bank
serves southwest Minneapolis and sub
urban Edina, Morningside, St. Louis
Park and Richfield.
The new building features an air
conditioned lobby, a drive-up teller’s
window and “drop-in tellers” for use
after banking hours, new tellers’ units,
two entrances and a new lower level.
The parking lot stores 125 cars.
* * *
Arnulf Ueland, president of the Mid
land National Bank of Minneapolis,

announced recently that the bank will
construct a drive-in banking facility
adjacent to its building at Fourth
Street and Second Avenue S.
Mr. Ueland said the bank has pur
chased a two-story building in mid
block. The ground floor will be uti
lized for mid-block banking. There
will be limited parking space for cars
within the structure.
Plans also call for a new bank en
trance on Fourth Street immediately
adjacent to the drive-in. The project
is expected to be completed by Sep
tember 1.
The second floor of the building will
be available for future expansion of
the bank’s facilities, Mr. Ueland said.
*

Holten Svendsen, president of the

Franklin Co-operative Creamery Asso
ciation, has been named to the advis
ory committee of the North Side office
of the First National Bank of Minne
apolis.
* * *
L. A. Doherty of the First National

Bank of Minneapolis has been elected
to the board of the Northwest World
Trade Club.
* * *
James C. Hoskins has been elected
assistant manager of the St. Anthony
Falls office of the First National Bank
of Minneapolis. He has been with
First National since 1941.

ARNULF UELAND. president, Midland
National Bank o f Minneapolis, takes
“ things” in hand as he proceeds to milk
the champion Guernsey o f Minnesota,
Sanfadair L. Claudia, in the lobby of the
bank during the opening of June Dairy
Month in the state. The Minnesota Bank
ers Association is cooperating with the
Minnesota Dairy Industry Committee in
promoting the month long observance.
Helping President Ueland with the “ milk
ing” chores is pretty Eleanor Maley, M in
nesota’s reigning queen of the dairy in
dustry.

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Miami Beach
Northwestern Banker, July, Ì9SS

Minnesota News

Arrowhead Bankers Elect
Eldred Sundberg was elected presi
dent of the Arrowhead Bankers Asso
ciation at a recent meeting at the
Pokegama Country Club near Grand
Rapids, Minnesota. About 150 bank
ers from northeastern Minnesota at
tended the meeting.
Ray Butts, Carleton, is the retiring
president. James Claypool, Duluth,
was named vice president and Ray
Kaatiala, Grand Rapids, secretarytreasurer.
George Fisher, Hibbing, president
of the Minnesota Arrowhead Associa
tion, told of prospects for the tourist
and travel business in the Arrowhead
this year.

Addition in Mountain Lake
A 27-foot addition is being planned
by the Farmers State Bank, Mountain
Lake, Minnesota, to house its book
keeping department. The addition will
be built in back of the present struc
ture and will be 25 feet wide.
The interior of the bank will be
completely remodeled so customers
can be served more efficiently. The
front of the present building will un
dergo a face-lifting and its modernized
facade is expected to fill a prominent

place in Mountain Lake’s attractive
business district.

50th Anniversary
The First State Bank of New Mar
ket, New Market, Minnesota, cele
brated the 50th anniversary of its in
corporation last month with an open
house at the bank.
The present directors are J. J. Zweber, R. R. Kaufenberg and Arnold
Vogel. The officers at the present
time are J. J. Zweber, president; R. R.
Kaufenberg, vice president; Arnold
Vogel, cashier, and Wilfred Vogel, as
sistant cashier.
Arnold Vogel started his banking
career at the First National Bank of
Shakopee in 1910. He was appointed
cashier of the New Market bank Jan
uary 30, 1913.

Increase in Surplus
Directors of the Northwestern State
Bank of Ortonville, Minnesota, have
approved an increase in surplus to
$100,000. Capital and surplus now to
tal $150,000, having tripled in the last
10 years, according to Otto Schneck,
bank president.
The capital structure now totals
more than a quarter of a million dol

CARL L. FREDRICKSEN
President
CLIFFORD L. ADAMS
Vice President
WILLIAM C. SCHENK
Vice President
STANLEY W. EVANS
Vice President
JOHN S. HAVER
Cashier
JAMES L. SMITH
Asst. Cashier and Auditor
KINLEY W. SMITH
Asst. Cashier
BEN E. HOLTDORF
Asst. Cashier
RAWS A. JENSEN
Asst. Cashier
R. K. DRAPER
Representative
MAX TOWNE
Representative

DigitizedNorthwestern
for FRASER Banker, July, 1955
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Federal Reserve Bank of St. Louis

MEMBER

lars, consisting of the following: Cap
ital stock, $50,000; surplus, $100,000;
undivided profits and reserves, $116,754.69, for a total of $266,754.69.

Remodeling in Tracy
Plans for remodeling the Farmers
and Merchants State Bank, Tracy,
Minnesota, have been completed and
work began July 1.

West Central Election
Paul Bergien of the Alexandria
State Bank, Alexandria, Minnesota,
was elected vice president of the West
Central Division of the Minnesota
Bankers Association at the annual
election of the group held recently at
Morris.
Mayo Johnson of the First Farmers
National Bank of Alexandria and Neu
man Olson, First National Bank of
Osakis, were elected to the board of
directors.
The group adopted a resolution re
affirming its previous action of endors
ing George E. Buscher, Alexandria
State Bank, as a candidate for treas
urer of the Minnesota Bankers Asso
ciation, at the election held at the
annual meeting of the group in Minne
sota last month.

You Have to Reach Home to Score!
A n y baseball fan knows that! And we of the Live Stock
National like to consider ourselves your home base in
Sioux City. Located in the heart of the richest agricultural
area in the United States, we stand ready alw ays to go to
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You'll be safe at home, too, if you consult us on your
livestock and grain marketing problems. In the heart of
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South Dakota
N E W S
CURTIS B.
MATEER
President
Pierre

Superintendent Resigns
State Bank Superintendent Roy H.
Fenner has resigned to accept a posi
tion as vice president of the Rushmore
State Bank in Rapid City, South Da
kota.
Governor Joe Foss announced he
has accepted the resignation, effective
July 15.
Mr. Fenner was named superintend
ent in 1953 by former Governor Sigurd
Anderson. Prior to that he had been
affiliated with banks in Milbank and
Minot, North Dakota, and Wilmot
and Sioux Falls. He was chief ex
aminer for the state banking depart
ment for three years.
He has been in the banking business
since 1917.

Junior Employee School
The Sixth Annual Junior Employee
Conference, South Dakota Bankers
Association, will be held on the cam
pus of the University of South Dakota,
Vermillion, from July 12 through 15.
The classes will begin Tuesday morn
ing at 9 and will conclude Friday
noon. This will enable most of the
registrants to work in their respective
institutions Monday and Saturday of
that week. An attractive panel of
instructors has been secured for the
conference, and Chairman Plowman
and the education committee hope
each bank in the state will be repre
sented by at least one junior em
ployee.

Bank Award to 4-H Club
A traveling plaque for outstanding
performance, awarded each year by
the Live Stock Bank of Artesian,
South Dakota, at the annual 4-H Club
Talent Show for the clubs in Sanborn
county, was awarded this year to
the Union Farm Hands of Artesian.

Reallocation of Taxes
The Rapid City, South Dakota, com
mission, meeting recently as a board
of equalization, approved a resolution
offered by the Huron city commission
which asks for the reallocation of the
taxes on the net earnings of South
Dakota banks.
Under the present tax structure,
banks are taxed 3 per cent on their

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

CARL E. BAHMEIER, JR.
Secretary
Huron

net earnings in lieu of a personal prop
erty tax. None of the tax is allocated
back to the county, city or school dis
trict in which a bank operates.
The resolution would change the
tax law so that counties, cities and
school districts would receive a share
of the tax.

Heads Big Stone Bank
Ray Nelson, who has had eight
years of banking experience, six of
which were with the Pierre National
Bank and two with the bank at Onida,
South Dakota, has accepted the posi
tion as cashier and manager of the
Big Stone City State Bank.

S io u x F a ils N e w s
president, Na
tional Bank of South Dakota, was
T
elected president of the Sioux Falls
OM S. HARKISON,

Industrial and Development Founda
tion. The foundation was formed as
a result of an 18-month effort by the
industrial committee of the Chamber
of Commerce.
* * *
New officers of the Sioux Falls Chap
ter of the American Institute of Bank
ing are: Gordon Curren, Northwest
Security National Bank, president;
Dale Nelson, Sioux Valley Bank, vice
president; Richard Munce, Northwest
Security National Bank, secretary, and
Earl Bendt, Union Savings Bank,
treasurer.
Robert Miller, National Bank of
South Dakota, was elected, with Mr.
Munce and Mr. Bendt, to the board
of governors.
The election took place at a banquet
addressed by Carl Voigt, senior vice
president of the Northwest Security
National Bank, and Curtis Kuehn, re
tiring president of the Sioux Falls
Chapter, A.I.B.
* * *
Tony Westra, vice president, North
west Security National Bank, toured
the Spencer Chemical Company’s Jayhawk Works in Pittsburg, Kansas,
as part of a bank farm representatives’
program held in Kansas City.
=1=
*
J. V. Lowe, president, Northwest Se
curity National Bank, Sioux Falls,
South Dakota, has announced the elec

tion of four new assistant cashiers.
They are Eugene T. Hobbs, Eugene
A. Garry, Riehard G. Munce and Gor
don J. Curren.

Mr. Hobbs has been in the banking
business for a number of years and
presently is a loaning officer in the
bank’s installment loan department.
Mr. Garry has been agricultural rep
resentative at the bank since 1952;
Mr. Munce was assistant in the real
estate loan department, starting with
the bank in 1946, and Mr. Curren,
starting with the Northwest Security
National in 1947, has served in vari
ous capacities.—$$

6 0 at Tax Institute
Sixty Kansas City attorneys, spe
cializing in tax and estate work, at
tended a tax institute last month
sponsored by the trust department of
City National Bank & Trust Company,
Kansas City, Missouri.
Following a luncheon at the bank,
the afternoon session opened with a
talk by Joseph Trachtman, New York
City attorney and professor in the
graduate division of New York Uni
versity law school. Mr. Trachtman,
who is also tax editor for Trusts and
Estates magazine, discussed changes
and advantages in the new tax law as
it pertains to trusts.
The second institute speaker was
Robert Lawthers of Boston, director
of benefits and pension business for
the New England Mutual Life Insur
ance Company. He reviewed the new
tax rules relating to insurance and
analyzed insurance contracts and the
use of options in estate planning.
Charles G. Young, Jr., vice presi
dent and trust officer of City National,
concluded the meeting with a discus
sion of common trust funds and the
regulations governing the operation of
trust departments of national banks.
In the evening, City National enter
tained the institute group at a supper
in the penthouse and roof garden of
the bank. Speaker was Tom Collins,
City National’s publicity director.

Famous Office Moved
The bank which for nearly half a
century has served the foremost stage
and screen personalities moved into
sparkling new quarters last month at
Broadway and 40th Street, Manhattan.
First National City Bank’s Times
Square branch moved a short block
down Broadway to the site of the fa
mous Empire Theatre. Many of the
prominent theatrical stars w h o s e
voices echoed across the footlights of
the Empire are customers of the bank
who drop in frequently to transact
business or to chat with Walter Brotherton, vice president in charge.
Northwestern Banker, July, 1955

South Dakota News

Continental Director
William A. Hewitt, president of
Deere & Company, last month was
elected a director of the Continental
Illinois National Bank and Trust Com
pany of Chicago, to succeed the late
Charles D. Wiman.
Mr. Wiman, former president of
Deere & Company, had served as a
director of the bank since 1940.
Mr. Hewitt, after serving as lieu
tenant commander in the U. S. Navy,
joined the Deere organization in 1948.
He was elected a vice president and
appointed general manager of the San
Francisco branch of the John Deere
Plow Company in 1950, and was
elected a director of Deere & Com
pany in April, 1951.
In 1954, Mr. Hewitt was named exexcutive vice president of the parent
company and this year succeeded Mr.
Wiman as president.

Elect New Director
Guaranty Trust Company of New
York announces the election to its
board of directors of John T. Dorrance, Jr., assistant to the president
of Campbell Soup Company. He has
been associated with the Campbell
Company since 1946 and is also a di
rector of that company and a number
of its affiliates.

Banker, July, 1955
Digitized Northwestern
for FRASER
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Federal Reserve Bank of St. Louis

Guaranty Trust Company also an
nounces the appointment of Bernard
F. Curry as a trust officer and of Rob
ert C. Mervine as an assistant treas
urer. Mr. Curry has been associated
since 1947 with the law firm of Davis
Polk Wardwell Sunderland & Kiendl.
Mr. Mervine joins Guaranty after
eight years service with Chemical
Corn Exchange Bank, where he has
been an assistant manager. Earlier he
was with Yokohama Specie Bank,
Ltd., in New York, and with Sperry
Corporation.

Retail Sales Manager
Appointment of George G. Cronin as
manager of the Mosler Safe Com
pany’s retail sales
division was an
nounced in New
York by J o h n
Mosler, executive
vice president.
Mr. Cronin will
be responsible for
all phases of Mos
lems n a t i o n a l
b r a n c h op era
tions. The posi
G. G. CRO N IN
tion is new, cre
ated to add sales and administrative
support to the firm’s growing branch
operation, Mr. Mosler said.

All-Time Sales Record
All monthly sales records in the 61year history of Investors Diversified
Services, Inc., Mi nneapol i s , were
broken during May, 1955, reported
Grady Clark, vice president of sales.
The grand total was $83,705,646.

Holds Sales Meeting
Many new and constructive ideas
for the operation of the Douglas-Guardian Warehouse Corporation, a nation
al field warehouse corporation, were
advanced at the annual sales meeting
held in New Orleans in May. The
meeting was directed by John J. Voelkel, Jr., president, and Neil A. Bryning, vice president and general man
ager.
Attending were officers in charge of
various offices around the country,
corporation attorneys and auditors.
Among the points discussed were the
protection afforded lending agencies
by Douglas-Guardian warehouse re
ceipts, the frequent audits of opera
tions and the bond coverage of the
corporation. Also discussed were sales
plans and advertising procedures for
the coming year.
The company is the only national
field warehouse company with execu
tive offices in the deep south.

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Deep into the night our Nite Transit force sorts and processes remit
tance letters, quickly and efficiently. This means reduced clearance
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THE

EN TR AI BANK
& T R U S T CO.
15th and Arapahoe Streets,

Denver, Colo.

North Dakota
N

LEE M. STENEHJEM
President
Watford City

Convention Dates Set
The 1956 convention of the North
Dakota Bankers Association has been
set for May 18 and 19 and will be at
Williston, as reported in the June is
sue of the N o r t h w e s t e r n B a n k e r .

Elected Chapter President
Christie Bantz, Bank of North Da
kota, Bismarck, was named president
of the Missouri Valley Chapter, Amer
ican Institute of Banking, recently at
an evening banquet attended by 65
chapter members.
Mr. Bantz succeeds Emil Kautzman
of the Dakota National Bank, Bis
marck.
Other new officers are: Bill Krueger,
First National Bank of Mandan, first
vice president; Miss Phyllis Gross, Da
kota National Bank, second vice presi
dent; Mrs. Charlotte Chase, Bank of
North Dakota, secretary, and Pete
Welk, Dakota National Bank, treas
urer.
Professor I. E. Solberg of the Bis
marck Junior College faculty pre
sented certificates to 35 who recently
completed a course in “Fundamentals
of Banking.”

To Attend School
More than 100 young North Dakota
bankers have signed up for the School
of Banking this fall at the University
of Wisconsin.

Co-Hosts to Conference
The Central States Conference, an
organization composed of the officers
of 16 central states bankers’ associa
tions, will meet at Rapid City, South
Dakota, July 16 to 19 for an associa
tion work shop. North Dakota Bank
ers Association will join with South
Dakota as hosts to this organization.

Lunt Heads A.I.B.
Bernard J. Lunt of Fort Worth,
Texas, was elected president of the
American Institute of Banking for
1955-56. Leroy S. Clark of New York
City was elected vice president. The
results of the election were announced
at the closing business session of the

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Federal Reserve Bank of St. Louis

S
C. C. WATTAM
Secretary
Fargo

Institute’s 53rd annual convention in
Miami.
Mr. Lunt is assistant vice president
of The Fort Worth National Bank and
Mr. Clark is vice president of The
Marine Midland Trust Company of
New York City.
Four men were elected for threeyear terms on the Institute’s execu
tive council. They are: Clarence Edner, First Western Bank & Trust
Company, San Francisco, California;
David Lloyd, Jr., Wyoming National
Bank of Wilkes-Barre, Wilkes-Barre,
Pennsylvania; Clifford A. Plumb, Mer
chants & Mechanics Bank, Flint, Mich
igan, and T. Crawford Clark, Jackson
ville branch, Federal Reserve Bank of
Atlanta, Jacksonville, Florida. Mr.
Clark defeated Morgan W. Price, Jr.,
of the Florida National Bank, Orlando,
Florida, for the only contested seat
on the council.

Tulsa Promotions
A new officer has been named to
the correspondent bank department of
the First National Bank and Trust
Company of Tulsa, according to R.
O t i s McClintock,
president.
The new corre
spondent banker
is M a s o n E.
Mitchell, an ass i s t a n t cashier.
The move follows
the promotion of
Richard A. Wag
ner, 20-year veter
an of the bank, to
M. E. M IT C H E L L
vi c e pr es i dent
and head of the department which
works with banks in 21 states of the
mid-continent and northwestern areas.
James K. Meredith, former wellknown Tulsa attorney, also has been
promoted to assistant trust officer of
the First National Bank and Trust,
according to Mr. McClintock.

the newly formed Greater New York
Association, Inc., the non-profit racing
association authorized by recent leg
islation.
Three promotions and six new ap
pointments to the official staff of Bank
ers Trust also were announced by S.
Sloan Colt, president.
Elevated to the post of assistant vice
president were Arthur B. Griffin, Jr.,
and E. G. Grimm, formerly assistant
treasurers.
Promoted to the post of assistant
manager of the London branch was
David Summers, formerly auditor of
the overseas office of Bankers Trust
Company.
In addition to the recent promo
tions, four new assistant treasurers in
the company’s banking department
were elected. They are Robert F. Ahlborn, C. Barse Haff, Frank Mauro and
William L. Rockholz.

McDonnell Reappointed
Reappointment of William A. Mc
Donnell of St. Louis as chairman of
the finance department committee of
the Chamber of Commerce of the
United States has been announced by
Chamber President A. Boyd Campbell.
Mr. McDonnell is president of the
First National Bank in St. Louis and
a vice president of the Chamber.
The finance department committee
studies problems affecting domestic
banking, monetary policy and busi
ness finance. It also deals with inter
national fiscal and financial affairs.

Home Office School

Personnel from all branches of Em
ployers Mutual Casualty Company in
the United States and Canada at
tended the company’s Annual Confer
ence and School at the home office in
Des Moines early last month.
Principal purposes of the meeting
were to discuss new policy contracts
and changes in contracts recently in
troduced and to improve service ren
dered nation-wide by the company
through its branch offices.
M. J. Wilkinson, vice president and
superintendent of agencies, presided
over the meeting. Luncheon speakers
introduced by Mr. Wilkinson included
W. A. Owens, dean of the department
of psychology at Iowa State College,
Ames, and Verne R. Martin, former
salesmanager of Maytag Company,
Newton, who is a nationally promi
Bankers Trust Changes
nent sales executive.
B.
A. Tompkins, for 37 years an J. W. Gunn, chairman of the board,
officer of Bankers Trust Company and and John F. Hines, president, ad
a director since 1925, has resigned as dressed the meeting, in addition to
executive vice president to take up several other home office and branch
new duties as first vice president of office officials.
Northwest ern Banker, Ju ly, 1955

Montana News

•John •!. B u r k e , B u tto , N a m ed
J*resident B y M o n ta n a B a n k ers
EMBERS of the Montana Bankers
Association last month elected
M
John J. Burke, president of the Metals
Bank and Trust Company, Butte, as
their new president for 1955-1956.
Other officers serving with Mr.
Burke are First Vice President E. F.
Galt, chairman of the board of the
First National Bank, Great Falls; Sec
ond Vice President V. C. Hollings
worth, president of the Citizens State
Bank, Hamilton, and Robert Wallace,
who was re-elected secretary-treas
urer.
The 1955 convention was the largest
convention in Montana’s history, with
more than 400 persons registering at
Canyon Lodge in Yellowstone Park, a
spot which annually has brought
many out of state bankers back year
after year.
At the meeting, Retiring President
L. A. Christensen, president of the
Bank of Glacier County, Cut Bank,
was presented with a traveling bag
after presenting Mr. Burke with the
gavel of office.
Brooke Hartman, president of the
Gallatin Trust and Savings Bank,
Bozeman, was named president of the
Twenty-five Year Club, replacing A. T.
Hibbard, chairman of the board, Union
Bank and Trust, Helena. First vice
president of the club is Frank Sauer,
president, First National Bank, Bill
ings, while second vice presidency was
voted to I. H. Bolitho, president of the
First National Bank of Butte.

New Group President
Ernest W. Iverson, Kalispell, Mon
tana, was elected president of Group
3, Montana Bankers Association, at
the group’s recent annual meeting.
Mr. Iverson succeeds A. P. Minde,
Libby.
P. B. Bannister, Thompson Falls,
was elected vice president, and H. S.
Hanson, Poison, secretary-treasurer.
Group 3 is made up of bankers in west
ern Montana.
L. A. Christensen, Cut Bank, presi
dent of M.B.A., and R. C. Wallace,
Helena, secretary, spoke to the con
vention.

Roy J. Covert
Roy J. Covert, 80, who had been
prominently identified with the city’s
financial history and its civic and
business progress for more than 45
years, died at his home in Billings,
Montana.
Mr. Covert was founder and presi
dent of the Covert Finance Company.
Northwestern Banker, July, 1955

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Federal Reserve Bank of St. Louis

He was one of the incorporators of
the Merchants National Bank and first
joined the bank’s staff as cashier. He
later advanced to vice president and
president.
The institution participated in or
ganizing banks in Molt, Rapelje,
Wheat Basin, Laurel, Bridger, W or
den, Pompeys Pillar, and Hardin, Mon
tana, and Lovell and Greybull, W y
oming.
When the Merchants National was
merged in 1921 with the Yellowstone
National Bank, Mr. Covert headed the
new institution, the Yellowstone Mer
chants National Bank, as president.
The banking house was taken over in
1923 by the Midland National Bank.
He left banking in 1923 to manage
the Yellowstone Merchants Loan Com
pany and within a year organized his
own investment business, the Covert
Finance Company, which he had since
headed as president.

New Officers
L. A. Christensen, president of the
Bank of Glacier County, Cut Bank,
Montana, has announced the resigna
tion of Jack Mears as cashier and vice
president.
Bank directors have elected R. R.
(Bart) Bartschi of Boise, Idaho, as sec
ond vice president, and George Wag
goner was advanced from assistant
cashier to cashier.
Mr. Bartschi has been deputy to the
commissioner of finance for the state
of Idaho.

New Credit Officers
Arthur J. Cade, executive vice
president of the Old Republic Credit
Life Insurance Company of Chicago,
was elected chairman of the board of
Consumer Credit Insurance Associa
tion at its fourth annual meeting, held
at the Nippersink Manor, Genoa City,
Wisconsin, last month.
Allen J. Lefferdink, president of
Colorado Credit Life of Boulder, was
elected association president.
The following were elected vice
presidents: Dwight W. Hollenbeck,
president of The Credit Life Insur
ance Company of Springfield, Ohio;
and Theodore S. Sanborn, president
of North Central Life Insurance Com
pany of Saint Paul, Minnesota.
John D. Mace, vice president of Cen
tral States Health and Accident Asso
ciation of Omaha, was elected secre
tary-treasurer.
William J. Walsh was re-elected
general counsel of the association.

Machine “ Reads” Checks
The prototype of a new electronic
device which “reads” travelers checks
at the rate of 7,200 an hour and auto
matically punches the information
into punch cards was demonstrated
for the first time at The First National
City Bank of New York by Burroughs
Corporation.
The new Burroughs machine is de
signed to automatize final processing
of the many million National City
Bank travelers checks which are re
turned for payment annually from all
over the world. It is described as
the first workable bank equipment to
“read” directly from a source docu
ment without the need of human inter
vention or an intermediate coding
operation.
George A. Guerdan, vice president
and cashier of The First National City
Bank, said that the equipment has
been undergoing successful field tests
at the bank’s Wall Street offices.

Six New Officers
The appointment of six officers at
Manufacturers Trust Company of
New York, was announced last month
by Horace C. Flanigan, president.
The new appointees are: George C.
Wolf as vice president and officer-in
charge of the bank’s Canal Street of
fice; Daniel I. Sargent as an assistant
treasurer; and Arthur C. Langsdorf,
Frank R. Abell, W. Gordon Innés and
Henry S. Mohr as assistant secre
taries.
It was also revealed last month
that two Manufacturers Trust officers
have been appointed to high positions
outside the bank. E. Vincent Curtayne, a trust officer, has been named
to New York City’s new Transit Au
thority by Governor Averell Harriman. John I. Mclnerney, secretary,
has been elected treasurer of the
American Society of Corporate Secre
taries.

New Officers Elected
Arch F. LeQuesne and E. L. Stone
were elected vice presidents of Cali
fornia Bank, Los Angeles, at a meet
ing of the board last month. Frank
L. King, president, announced.
C.
D. Sherman, Paul E. Uhl, R. A.
Walter, and W. H. Wieland, Jr., were
elected assistant vice presidents.
Elected assistant cashiers were C. D.
Baillie, H. O. Benton, F. W. Peterson,
C. W. Roberts, R. W. Starr, and E. S.
Vojacek.
Sherman McFedries, former ac
count executive with a Los Angeles
advertising company, has joined the
public relations staff of California
Bank.

Here's the information you need !
the fields they serve. As a result, their knowledge
is up-to-date and it’s specific.
This knowledge is available to you through our
Division F —the Division that specializes in serving
our correspondent banks.
If you’d like to benefit from this or any of our
correspondent services, contact us today ! A man
from The First will call on you at your convenience.

When you make decisions in commercial lending,
you want the most current and accurate information
available. Often it must go beyond what you can
find in print and from your local sources.
That’s where the officers of our Commercial De
partment can help you. You see, instead of serving
a geographical area, they serve a certain group of
industries. They have close, firsthand contact with

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E dw ard E. B row n,
Jam es B . F o rg an ,
H o m e r J. L iv in g s t o n ,
W
H

ugo

G uy

A. A

alter

eym ann,

Vice-President
Vice-President

n d erso n ,

id d o o ,

Chairman of the Board
Vice-Chairman
President
Executive Vice-President

G a y l o r d A . F r e e m a n , J r .,
H

erbert

Sn y d e r ,

Vice-President
Vice-President

The First National Bank of Chicago
MEMBER

FEDERAL

D EPO SIT

IN SU R A N C E

CO R P O R A TIO N

Northwestern Banker, July, 19SS

58
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C O M P LE TE C O R R E S P O N D E N T F A C IL IT IE S

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C O M P LE TE

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•
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CO M P LE TE C O R R E S P O N D E N T

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C O R R E SP O N D E N T

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for FRASER
ern Banker, July. 1955
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Federal Reserve Bank of St. Louis

•

C O M P LE TE C O R R E S P O N D E N T F A C IL IT IE S

C O M P LE T E C O R R E S P O N D E N T F A C IL IT IE S

•

59
i

C. H. Waldo
C. H. Waldo, president of the Com
mercial State Bank at Republican
City, Nebraska, died last month after
a heart attack.

Open House Celebration

The Beatrice National Bank, Be
atrice, Nebraska, has taken steps to
extend its services by installing drivein service and parking space for cus
tomers.
W. W. Cook, executive vice presi
dent of the bank, said space for this
improvement will be a parcel of land,
100x140 feet, just south of the present
bank building.

lations to the officers and directors of
the Richardson County Bank, Falls
City, Nebraska, on the institution’s
75th anniversary.
The bank received many gifts, flow
ers, congratulatory letters, cards and
telegrams from individuals and banks,
including those from New York and
Chicago.
Representatives of The Tootle Na
tional Bank, First National Bank, and
the St. Joseph Stock Yards Bank, St.
Joseph; the First National Bank of
Lincoln; Commerce Trust Company,
First National Bank, and the Federal
Reserve Bank of Kansas City; and the
Omaha National Bank and the Fed
eral Reserve Bank of Omaha attended
the open house in addition to many
banker friends from within the
county.

Farm Meeting

Saddle Awarded

The general farm meeting, held at
the Wausa, Nebraska, auditorium
recently, was attended by 200 farmers
and interested spectators. This meet
ing was the first of a series of educa
tional meetings sponsored by the
Commercial State Bank, Wausa.
The program, covered farm social
security, with H. F. Benjamin con
ducting the discussion. This was fol
lowed by a lecture on summer feeding
on pasture, and stilbestrol feeding by
Dr. Paul Guyer, extension animal
husbandry department, University of
Nebraska College of Agriculture.

Top honors as the best all-around
cowboy in the rodeo at Harrison, Ne
braska, went to two boys, Gary Trego,
Sutherland, and Bruce Quintard, Har
rison. The Sioux National Bank of
Harrison offered a $400 saddle to the
best all-around cowboy, and it went to
Mr. Quintard on the flip of a coin.

Bank’ s Farm Mail
W. H. McDonald, chairman of the
hoard of McDonald State Bank, North
Platte, Nebraska, has announced the
appointment of J. H. Toillion as agri
cultural representative for the bank.
J. Y. Castle, president of the bank,
said Mr. Toillion will work in the
country.

Services Added

Nearly 400 persons attended the
Security State Bank’s 50th anniver
sary open house celebration in Broken
Bow, Nebraska, last month. Repre
sentatives of Omaha and Lincoln
banks were on hand.

Martha Finlay Ralston
Martha Finlay Ralston, assistant
cashier of the McDonald State Bank,
North Platte, Nebraska, died last
month at her home following a brief
illness. A native of Ireland, Miss
Ralston had been with the bank since
1926.

Construction Begins
Construction began last month on
the new Citizens State Bank, Thedford, Nebraska. The building will be
26 feet by 50 feet and will be of brick
exterior with light weight pumice
interior. No completion date has been
set.

Receives Diploma
Fred H. Yost, chairman of the board
of Farmers & Merchants Bank, Mil
ford, Nebraska, received his diploma
last month from the Harvard High
School. Mr. Yost left school 50 years
ago without graduating. He enrolled
in a University of Nebraska extension
course some time ago and has com
pleted units in history, government
and English.

l'or#»' H ank C om p letes R em od elin t/

Harry L. Miller
Harry L. Miller, one of the founders
of the State Bank of Scotia, Nebraska,
and the bank’s president, died last
month of a heart attack. He had been
president of the bank since 1934.

Add Farm Man
Carl C. Dale, county agent of Valley
County, Nebraska, has been employed
by the Gering National Bank, Gering,
Nebraska, as a good will ambassador
in the field of livestock and agricul
ture.

75th Anniversary
Approximately 500 persons dropped
in last month to offer their congratu
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Federal Reserve Bank of St. Louis

REMODELING HAS BEEN COMPLETED at the First National Bank o f York,
Nebraska. The newly remodeled quarters present a more pleasant banking atmosphere
for the customers and a more efficient and comfortable working area for employees,
according to R. E. Misko, executive vice president of the bank.
Northwestern Banker, July, 1955

chairman of
of the South Omaha
Mrs. Witt have incorpo
rated C. F. Witt, Inc., a real estate and
insurance sales firm. The company
also will make mortgage loans, Mr.
Witt said.
The firm expects to go into business
about August 1.
Articles filed with the secretary of
state list authorized capitalization of
$10,000.
* * *
“Common Stocks as Long-Term In
vestments” was the topic of George
H. Norton, Jr., vice president of the
Omaha National Bank and president
of the Nebraska Security Analysis So
ciety, speaking before the Rotary Club
at Hotel Fontenelle recently.
* * *
Ellsworth Moser, president, United
States National Bank, Omaha, has
been named a vice president of the
Omaha Chamber of Commerce.
* * *
Henry C. Karpf and Ralph E. Kiplinger were elected last month by the
Omaha school
board tofour-year
terms on the University of Omaha
Board of Regents. Their terms began
July 1.
Mr. Karpf is vice chairman of the
board of the Omaha National Bank.
Mr. Kiplinger is president of Guar
antee Mutual Life Insurance Com
pany.
The newmembers
will replace
laren ce f . w it t ,

C the board
Bank, and

George C. Pardee, general counsel of

Metropolitan

Utilities

District,

United States
Omaha.

National

Bank

IOW A AND NEBRASKA MUNICIPAL BONDS
Public Utility. Industrial, Railroad <& Corporate Securities

CENTRAL REPUBLIC COMPANY
INVESTMENT BANKERS

CHICAGO 90, ILLINOIS
H A R O L D R. C L E M E N T S
Vice Pres. & Res. Mgr.
INS. E X C H A N G E BLDG.

BAN KS
50

OMAHA
H A R R Y R. G R E E N W A Y
Vice Pres. & Res. Mgr.
FAR N A M BLD G .

M E M B E R S OF M I D W E S T STO CK E X C H A N G E

Northwestern
Banker, July, J955
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Federal Reserve Bank of St. Louis

* * *
In order to keep pace with the in
dustrial growth of Omaha, directors
of The United States National Bank
have announced an increase of $1,000,000 in the bank’s surplus. Common
capital now is $2,000,000, surplus
$3,000,000 and undivided profits and
unallocated reserves $1,500,999, for to
tal capital funds of $6,500,999.
Ellsworth Moser, president, said the
added surplus will permit an increase
in the legal loan limit to $500,000 for
individual accounts.
* * *
Howard W. Pritz has been ap
pointed cashier of the Omaha branch
of the Federal Reserve Bank. He suc
ceeds Urwin S. Berry, who retired last
month after more than 36 years at
the branch.
Mr. Pritz assumed his duties July
1. He has been an assistant cashier
of the Denver, Colorado, branch. He
started with the Federal Reserve in
1928 as an office boy.
Mr. Berry’s career began in 1919 as
a bookkeeper in the Omaha branch.
He became assistant cashier in 1942
and cashier in 1954.
His retirement came after a long
illness.

lA n jd & Â w h iijü ib L .

DES MOINES

and

Dean Aogel, vice president of the

William E. Rhoades, 88, retired vice
president of the United States Na
tional Bank, died recently in Los An
geles.
He was the oldest thirty-third de
gree Mason belonging to Omaha Ma
sonic bodies.
Mr. Rhoades went to work for the
bank in 1884, was elected an officer in
1906 and retired in 1925.
* * *
Frank Hejl, 67, Omaha National
Bank, Omaha, retired the first of this
month after 43 years in banking.
Forty-two years of his banking ca
reer were with the Live Stock Na
tional Bank which was merged last
year with Omaha National.
Mr. Hejl became one of the best “
known workers in the bank in South
Omaha through his ability to speak
several Slavic languages.
* * *
William B. Hughes, 79, former man
ager of the Omaha Clearing House
Association and secretary of the Ne
braska Bankers Association, died last
month in Omaha. He had held both V
positions 40 years, retiring nine years
ago.
When the Omaha branch of the
Federal Reserve Bank was opened in
1917, Mr. Hughes declined an appoint
ment as a director and its manager.
* * *
Win F. Guild, 67, Omaha stock bro
ker since 1922, died unexpectedly at
O’Neill, Nebraska, recently. Friends
said Mr. Guild had been visiting at
O’Neill and apparently died of a heart
attack.
Mr. Guild was manager of the Oma
ha office of H. O. Peet & Company.
* * *
Jacob Quin Mortenson, 52, died re
cently at his home in Corpus Christi,
Texas.
He was born and reared in Council
Bluffs. Mr. Mortenson was employed
by the United States National Bank
30 years before retiring in 1953.
* * *
Ellsworth Moser, president of the
United States National Bank, Omaha,
is among five members appointed by
Governor Victor Anderson to the new
ly-created Omaha Parking Authority.
Mr. Moser’s term is for four years.
The newly-created authority was
formed for the purpose of studying
possibilities of parking facilities be
neath the Douglas county courthouse
lawn.
B O U G H T *nd S O L D

Y E A R S O F C O N F ID E N T IA L D IG N IF IE D

S E R V IC E

She (§10 Settable
CHARLES E. WALIERS CO.
1313 FIR ST N A T IO N A L B A N K B U ILD IN G

O M A H A, N E6R .

Our loan men don’t do all of

Our Men
Talk Your

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Federal Reserve Bank of St. Louis

their business across a desk.
They often go right to
your store . . . or plant . . .
or shop . . . so you can
show them what you need,
on the spot.
They have a working knowledge
of a lot of businesses,
which helps them understand
your problems and your needs.
No matter what kind of business
you're in, you’ll find a
loan officer at The Omaha
National Bank who knows the
kind of financing you want.
A man you can do business
with, because he talks
your language.

The Omaha
National Bank
“ Helping Omaha Grow Since 1 8 6 6 "

m em ber

federal

DEPOSIT

INSURANCE

CORPORATION

Northwestern Banker, July,

$‘9S5

St. J o se p h X e tr s
h o m a s j.

McCu l l o u g h , presi

T dent of First St. Joseph Stock
Yards Bank, was elected president of
the St. Joseph Clearing House Asso
ciation last month. Milton Tootle,
president of Tootle National Bank,
was elected vice president and Charles
F. Burri, assistant vice president of
Tootle National Bank, was re-elected
secretary-treasurer.
* * *
J. M. Ford II, president of First Na
tional Bank, St. Joseph, has been
elected first vice president of the Citi

zens Improvement Association of St.
Joseph.
* * *
Benton Calkins, Jr., vice president
and cashier of American National
Bank, St. Joseph, left the middle of
June on a trip to Mexico and will
return early this month.
* *
Tom J. Butler, assistant cashier of
American National Bank, vacationed
in June in the Ozarks.
* * *
V. P. Meyer, assistant vice president
of the First National Bank, St. Joseph,
is spending his vacation at home.

M. D. Adams, secretary of the First
Trust Company, St. Joseph, took a
vacation trip to Canada the latter part
of last month.
* ^ +
Walter Canter, vice president and
cashier of the First National Bank, St.
Joseph, returned last month from a
fishing trip in Minnesota.—$$

SBohts O pen H o u se

{

SHOWN AT their bank’s recent open
house in Omaha are Clarence Witt, seated,
chairman o f the board of the South Omaha
Bank, and standing, left to right, C. B.
Newman, president; Wanda Vosik, assist
ant cashier, and Ray F. Slizewski, vice
president and cashier.

94th Birthday

SPEED

is essential at harvest time, both in the cutting o f the grain and in the

handling o f grain items. A night transit force working in the Union Station . . . the con
venient location o f the Bank to the Board o f Trade Building . . . hundreds o f direct
clearing points are factors that enter into making the collection service o f "The First”
outstanding. We sincerely believe that if you will use this service you will be convinced.

"S ince MUG 99

FIRST NATIONAL B A N K

Scarborough’s planning and service are by-words in

the banking fraternity. They are available to you, along

with the broadest protection at the lowest cost.

Twenty-four members of the Mutual
Building and Loan Association, North
Platte, Nebraska, last month honored
William H. McDonald at a dinner at
the country club. The occasion was to
celebrate Mr. McDonald’s 94th birth
day.
Mr. McDonald, the first white child
born in Lincoln County, was born in
1861. His father was founder of the
McDonald State Bank. Among his
firsts are (1) first white child born in
Lincoln County, (2) son of the first
couple to be married in Lincoln Coun
ty, (3) a student in the first school in
Lincoln County, a dugout at Fort Mc
Pherson in 1866, (4) a student in the
first log school in North Platte, and
(5) he was known as the youngest
bull whacker in the country, herding
cattle at the age of six.
A former janitor in the bank his
father founded, he worked up to be
come president of that bank and the
Maxwell State Bank, Bank of Gandy
and the Bank of Stapleton.

¡I Scarborough &
Company "
suran

Cou n selors

Banks

F IR S T N A T IO N A L BAN K B U IL D IN G . C H IC A G O 3, IL L IN O IS • STote 2 -4 3 2 3

Northwestern Banker. July, 1955

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

IV E S T O C K growers and feeders received $ 1 ,5 0 0 ,0 0 0 every day for
m ore than O ne-H alf Billion Dollars worth o f livestock sold in the

Om aha Market last year.

MOST OF THIS BUSINESS WAS HANDLED
BY CUSTOMERS OF THIS BANK

Proceeds fro m the sale o f livestock reach you faster when you route
them through Stock Yards National Bank.

Serving the Livestock Industry 69 Years

STOCK YARDS
NATIONAL BANK
LIVESTOCK EXCHANGE BLDG.

OMAHA, NEBRASKA

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

THE ONLY BANK IN OM AHA’ S

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Federal Reserve Bank of St. Louis

GREAT

UNION

STOCK

YARDS

N orthw estern

Ban ke r, J u l y ,

1955

64
L

i n

c o l n

e w

MAX P E T E R S O N , assistant
last month was elected treasurer of
R
• cashier of the Continental Na the Lancaster County Division of the
tional Bank, Lincoln, was a member American Cancer Society, and secre

of a panel discussing “ Developing the
Educational Program” at the national
convention of the American Institute
of Banking at Miami, last month.
* * *
Myron Weil, vice president of the
National Bank of Commerce, Lincoln,

tary of the Lincoln chapter of the
National Conference of Christians and
Jews.
* * *
Lincoln bank clearings for the first
five months of 1955 showed an in
crease of $3,630,545.67 over the same
period last year. They are:

serving NEBRASKA

for Generations

Since 1871, the First
National Bank of Lin
coln has been providing
made-to-order banking
services.
Whether it’s an excess
loan or any other prob
lem, think first of First
National of Lincoln— as
close to you as your
telephone.

Speedy transit service

First five months, 1955, $200,088,475.59; of 1954, $196,457,929.92. May,
1955, clearings gained $242,733.78 over
May, 1954— 1955, $40,042,975.35; 1954,
$39,800.241.57.
* * *
Approximately 60 persons attended
a picnic of the Lincoln chapter of the
American Institute of Banking last
month.
* * *
Byron Dunn, president of the Na
tional Bank of Commerce, Lincoln, re
cently attended a committee meeting
of Global War Strategy at the Naval
War College at Newport, Rhode Island.
* * *
Moderator of a panel discussion at L
the central state conference meeting
of the National Association of Bank
Auditors and Comptrollers at Kearney,
Nebraska, recently was Herman Brockmeier, vice president of the National
Bank of Commerce, Lincoln. Subject
of the discussion was “ Protection of
Cash and Prevention of Pilfering.”
Other panel members were Wayne
Decker, cashier of the City National
Bank, Hastings; George Keller, vice
president of the Lexington State Bank,
Lexington; W. Perry Rankin, assistant
cashier of the First Security Bank,
Holdrege, and Elmer Olson, vice presi
dent and cashier of the Platte Valley
State Bank, Kearney.
* * *
Paul Bogott, vice president and cash
ier of the National Bank of Commerce,
Lincoln, has been re-elected president
of the Nebraska Tuberculosis Associa
tion.
* * *
Now on a European vacation with
his wife, William Strateman, vice pres
ident of the National Bank of Com
merce, Lincoln, will attend the School
of Banking in Wisconsin when he re
turns in August.
* * *
Don Kroger, assistant cashier and
trust officer of the National Bank of
Commerce, Lincoln, last month spoke
on estate planning and insurance
trusts at a meeting of the Northeast
Nebraska Association of Life Under
writers in Norfolk.—$$

MUNICIPALS FOR BANKS
CHILES-SCHUTZ COMPANY
Member Midwest Stock Exchange

The First

! 0 th & O

S tre e ts

P h o n e 2-8561

of Lincoln
Northwestern Banker, July, 1955

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Federal Reserve Bank of St. Louis

Lincoln, Nebraska

Farm Credit Building
Omaha

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.
OM AHA

Nebraska N e w s

2 0 0 A tten d Crete

Leading
Speakers Help
Bring G-ood Attend
ance for Three-Day Meeting.

Bank
Management
Conference Draws a
Full House in Crete, Nebraska.
pproximately

200

bankers

A from the state of Nebraska were
in Crete, Nebraska, last month to at
tend the three day Bank Management
Conference sponsored by the Ne
braska Bankers Association in coop
eration with Doane College, Crete.
Among the prominent speakers at
the sessions were J. F. McLain, di
rector of State Banking, and W. H.
Williams, special agent in charge of
the Omaha office of the Federal Bu
reau of Investigation. Mr. Williams
talked on “External Protection.” Other
speakers included L. S. Hardin, acting
head of the department of agricultural
economics at Purdue University; H.
E. Mertz, in charge of audits and con
trols for smaller banks; and several
leading attorneys.
Bankers delivering key addresses at
the conference included Cyril J. Jedlicka, vice president, City National
Bank and Trust Company, Kansas
City; H. E. Roof, vice president, Cen
tral Bank and Trust Company, Den
ver; Milton J. Hayes, vice president,
American National Bank and Trust
Company, Chicago; H. E. Swedberg,
vice president, National Bank of Com-

merce, Lincoln; A. Gordon Bradt,
second vice president, Continental Il
linois National Bank and Trust Com
pany, Chicago; A. F. Stepp, assistant

vice president, City National Bank
and Trust Company, Kansas City; and
W. M. Willy, president, Security Bank,
Madison, South Dakota.—$$

In Lincoln — NEW BANK BUILDING

The Continental National Bank’ s future
Banking Home will offer you and Lincoln—
• Modern Banking Quarters
• Drive-In Banking Service
• Adequate Parking Facilities
• Convenience for all your banking needs

“ Designed Today For Tomorrow’ s Banking"
with construction to commence in 1956
THE

CONTINENTAL
National Bank
of Lincoln, Nebraska

11th and "O'* Streets

member f .d . i .c .

irst National
Bank of

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Federal Reserve Bank of St. Louis

Omaha

Member Federal Deposit Insurance Corp.
N orth w estern

B anker,

Ju ly,

I95S

Your most 4*011 von ioni source
of 4*0111 |>Ioti* trust services

... Bankers Trust Company
A trust relationship with Bankers Trust Company
may be beneficial in adding to your own
organization’s resources and facilities. Our experienced
trust officers will be pleased to assist you in providing
your customers with complete trust services.

Des Moines, Iowa

M e m b e r : Federal D eposit Insurance Corporation
Federal R eserve System

Northwestern

Banker.

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Federal Reserve Bank of St. Louis

July,

1 955

67
National Cash Register Company,
where he served as accounting ma
chine territory manager.

“ New Look” in Essex

New Assistant Cashier
Mrs. Marian Jennings was elected
assistant cashier, Citizens Savings
Bank, Hanlontown, Iowa, to fill the va
cancy caused by the recent death of
Carl Lewis.

Completely Remodeled
Farmers Savings Bank, Traer, Iowa,
has been completely remodeled, and
an open house was held last month so
townspeople and bank friends from
out of town could visit the bank, its
officers and employees and see the
beautiful new interior.

other friends in banking throughout
the middle west.

lowa-lllinois Change
New Farm Manager
Gilbert G. Garton, son of George R.
Garton, president, First State Bank,
Chariton, Iowa, has been elected farm
manager of that bank. The young
Mr. Garton, who just returned from
two years’ service with the United
States Air Force, most of the service
in Japan, has majored in farm opera
tions at Iowa State College, Ames,
Iowa.

Bettendorf Promotion
Iowa Bank Changes
The Marion County State Bank,
Pella, Iowa, has announced a capital
stock increase by stock dividend from
$50,000 to $100,000. The State Bank of
Portsmouth’s capital stock increase
was from $25,000 to $50,000.

Honorary Membership
The Winneshiek County Bankers
Association voted Dale C. Smith, vice
president, Central National Bank, Des
Moines, an honorary membership in
their organization at their meeting
last month because of “ Mr. Smith’s
contribution to the success of the
meeting.”

The First National Bank, Essex,
Iowa, celebrated its complete insideand-out remodeling recently with an
open house. The edifice of glass, brick
and concrete represents the latest in
modern banking’s “new look” and em
bodies the most modern in banking
methods and efficiency.

F. A. Lettow, executive vice presi
dent, Bettendorf Bank and Trust Com
pany, Bettendorf, Iowa, has announced
the promotion of John Hiett from
head teller to assistant cashier.
Mr. Hiett was formerly associated
with the First National Bank of Madi
son, Wisconsin, where he served in
various capacities for more than 12
years.
He came to the Bettendorf Bank
and Trust Company in 1954, from the

F ree

John J. Gordon of Alta has been
named cashier of the Pocahontas State
Bank, Pocahontas, Iowa, to replace J.
J. DeLay, who left the first of this
month for Downers Grove, Illinois.
Mr. DeLay, cashier since 1947, is ex
ecutive vice president and cashier of
the new Downers Grove National
Bank there. He will also serve on
the bank’s board of directors.
Mr. Gordon, who is expected to take
over his new post there August 1, is
presently cashier of the First Trust
and Savings Bank at Alta. He has
been associated with the Toy banking
interests for the past 25 years.
The Downers Grove National Bank
will be capitalized at $250,000, with
$150,000 in capital, $50,000 in surplus
and $50,000 in undivided profits.

Major Remodeling Soon
Directors of the Fidelity Savings
Bank, Ottumwa, Iowa, have author
ized a major remodeling of the bank’s

3 Ciikin

C ity

To Wyoming Bank
Harlan Jacobsen, Wyoming, Iowa,
has accepted a position at the Citizens
State Bank, Wyoming. He is a gradu
ate of Wyoming High School, and com
pleted two years at Iowa State College,
Ames, Iowa.

5 0 Years in Banking
Will A. Lane, Sr., president, Secu
rity Savings B a n k , Marshalltown,
Iowa, was honored for 50 years in
banking at a recent surprise dinner,
at which more than 75 persons were
in attendance. He received a gold
watch and the good wishes of N. D.
Black, Iowa superintendent of bank
ing; J. O. Bissett, LaMoille, director at
the bank for almost 40 years; Erwin
W. Jones, president, First Federal
State Bank, Des Moines, and many

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Federal Reserve Bank of St. Louis

CARL L. FREDRICKSEN, second from riglit, president, The Livestock National Bank,
Sioux City, Iowa, and Marilyn Zenor, left center, “ tap” the mechanical cow for cool,

refreshing milk that was offered free to the public to promote June— National Dairy
Month. At the left are Raws Jensen, assistant cashier, and Malcolm Erickson. Cashier
John Haver, right, tries a glass of the ice cold beverage.
N orth w estern

B a n ker,

Ju ly,

Ì9 S S

Iowa News

interior and, according to Stanley A.
Haw, chairman of the board, work will
begin soon.
The project will include a new Main
Street lobby of two stories, a new en
trance on Market Street, lowering of
the ceiling in the main banking room
and construction of a second floor over
that room for offices.
The present lobby will be entirely
changed. The directors’ room, now lo
cated directly above the lobby, will be
removed, stairway to basement offices
and safety deposit department will be
changed and a new ornamental stair
way will be constructed to give access
to the new second floor. A new twostory front of glass will be installed.
New fixtures will be installed in the
banking room.

At Oskaloosa Opening
The Mahaska State Bank, Oskaloosa,
Iowa, moved into its new home recent
ly, and an open house for the public
was held shortly after the change.
Another open house for the bank’s
business friends was held later, and
the following persons, introduced at
the dinner by Russell S. Howard, pres
ident, were on hand to view the beau
tiful new building and offer congratu
lations:
Cashier and Mrs. F. G. Dusenbery,
Vice President and Mrs. Ralph D.
Hoar, Vice President Billie H. Mc
Kee, and other employees of the bank
and their wives; the bank’s directors
and their wives; G. S. Krouth, presi
dent, Iowa Trust and Savings Bank,
Oskaloosa, who introduced the officers
and employees of his bank; the execu
tive vice president of the Oskaloosa

Home Loan and Savings Association,
who introduced his employees; bank
officers from banks in nearby towns;
Arthur J. Frey, vice president, Conti
nental Illinois National Bank and
Trust Company, Chicago; James W.
Karraker, vice president, and John B.
Rigler, assistant cashier, both with

Lone Tree Savings Bank, vice presi
dent; O. D. Bartholow, Iowa State
Bank and Trust Company, secretary,
and Thomas J. O’Brien, First National
Bank, treasurer.
H.
C. Houghton, First National
Bank, is retiring president.

Elected Cashier

AT THE H EAD TAB LE are, left to right:
Superintendent of Banking and Mrs. N. P.
Black and Mahaska State Bank President
and Mrs. Russell S. Howard.

Northern Trust Company, Chicago;
Calvin W. Aurand, president, Gerald
0. Nelson, and Everett M. Griffith, vice
presidents, all three with Iowa-Des
Moines National Bank, Des Moines;
James W. Hubbell, chairman of the
board, Scott C. Pidgeon, president, S.
G. Barnard, secretary and trust officer,
and Cy Kirk, Bankers Trust Company,
Des Moines; Mr. and Mrs. N. P. Black
and Mr. and Mrs. H. R. Jackson—Mr.
Black is Iowa’s superintendent of
banking and Mr. Jackson, deputy su
perintendent—and the American Le
gion committee whose work contrib
uted to the success of the open house.

Johnson County Officers
The Johnson County Bankers Asso
ciation elected officers at its annual
meeting recently at Iowa City, Iowa,
with Elmer Ulch, Swisher Trust and
Savings Bank, elected president.
Other officers are: Ralph Hudachek,

E. T. Peterson, executive officer of
the Primghar Savings Bank, has an
nounced that T. W. Fitzgerald, Jr., has
been elected cashier of that bank.
For the past three years he has been
employed by the Industrial National
Bank, in Providence, Rhode Island,
where he acquired general banking
experience in all fields of present day
banking.

Poweshiek County Meeting
Poweshiek county bankers and their
employees recently attended a special
meeting to hear a talk by R. W. Nebergall, chief of the Bureau of Criminal
Investigation.
Arranged by Sheriff Bill Welsh in
conjunction with the county bankers
association, the meeting attracted 56
interested persons. The meeting was
unique in that it was the first time
that bank clerical workers had met
with the bankers’ association.

Albia Stock Increase
Capital stock of the Peoples Nation
al Bank of Albia, Albia, Iowa, has
been increased from $50,000 to $100,000,
according to announcement made by
J. E. King, president. The increase
was in the form of a stock dividend.
The action increasing the capitali
zation was taken at a special meeting
of the bank’s stockholders.
Necessary approval of the Comptrol
ler of the Currency was obtained and
made effective last month.

SEASONAL INVENTORY
FINANCING
Safely, Speedily and Economically
accomplished when collateralized hy

OFFICE FORMS

WAREHOUSE RECEIPTS

BOUND BOOKS

issued by

CATALOGS
RULED FORMS

WILLIAM H. BANKS W AREHOUSES, INC.

COLOR PRINTING

Ability through experience of over 60 years of Service to banks.
PROTECTION:

LOOSE LEAF '
WIRE BINDING

$ 1 ,0 0 0 ,0 0 0 .0 0 Legal Liability Insurance.
$ 2 0 0 ,0 0 0 .0 0 Fidelity Bond coverage on each
Custodian.

Write or ’phone us today for details.
MAIN OFFICES

DIVISION OFFICES

209 S. LaSalle Street,
Chicago, Illinois
Phones:
STate 2-0204,
0205,
0206.
N o rthw estern

B a n ker.

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Federal Reserve Bank of St. Louis

Ju ly.

Des Moines, Iowa, Phone 3-4465
Kansas City, Kansas,— Phone DRexel 6518
St. Louis, Missouri,— Phone Main 1-5227
Washington C. H., Ohio,— Phone 4-7591
Angola, Indiana,—Phone 193-L.
San Antonio, Texas,— Phone Capital 7317
Î9 5 5

'--------f c b l A D L I S H c U

S T A T IO N E R S V
OPE ICE OUTFITTERS
G rand

Av e .

1889
____ " I

Fo u r t h

BOOK B IN D ER S
ISINESS MACHINES

De s M o in e s , Ia

Iowa News
100% ) Stock Dividend
Stockholders of the Merchants Na
tional Bank, Cedar Rapids, Iowa, have
authorized the bank to issue a 100 per
cent stock dividend from undivided
profits, subject to the approval of the
Comptroller of the Currency, accord
ing to John T. Hamilton II, president.

air conditioning has been installed and
light fixtures and new floor tiling com
plete the “modern touch.”

Named Assistant Cashier
Appointment of Miss Cornelia Hirtzler of Mt. Vernon as assistant cashier
of the Farmers State Bank of Marion,
Marion, Iowa, has been announced by
W. N. Shellenbarger, president.
Miss Hirtzler, who has had 14 years’
banking experience, is a former assist
ant cashier of the Mt. Vernon Bank
and Trust Company.

Charles City Promotion
J. H. Nelson has been promoted
from cashier to vice president of the
Citizens National Bank, Charles City.

New Auditor
Melvin L. Filkins has been ap
pointed new auditor at the First Na
tional Bank, Sioux
City, I o w a , ac
cording to J. T.
Grant, president.
Mr. Filkins was
I an assistant ex| a m i n e r for the
| FDIC for about
I four years, work
ing mostly in the
Kansas-Oklahoma
area. He was born
m . l . f il k in s
Omaha and is
a graduate of Creighton University
there.

DROVERS LOCATION
MAKES IMMEDIATE CREDIT
POSSIBLE ON LIVESTOCK PROCEEDS

JOHN

T. H A M I L T O N

On April 11, 1955, capital stock was
$500,000; surplus, $5,000,000; undivided
profits, $1,929,011. and deposits $93,554,316.

The D rovers N ational Bank* is located at
Chicago’s Union Stock Yards. We give our corre
spondents immediate credit for proceeds of live
stock sold on the Chicago market by their farm
customers. Let us help speed up the availability
of your funds.

Capita] Increase
A common capital stock increase has
been announced by the Citizens First
National Bank of Storm Lake, Storm
Lake, Iowa. An increase of $75,000
brings the common capital stock to
$150,000.

We invite your inquiry.
*The Drovers National Bank is a direct member o f the Chicago Clearing
House Association and the Federal Reserve System. It has provided
continuous service to correspondent banks since February 12, 1883.

50th Anniversary
The Cumberland Savings B a n k ,
Cumberland, Iowa, is celebrating its
50th anniversary this year. A recent
article in the Cumberland Enterprise
gave a complete history of the bank’s
beginning.

Extensive Remodeling
An extensive exterior and interior
alteration project at the Sheldon Na
tional Bank, Sheldon, Iowa, has just
been completed and the net result is
a modern, up-to-date bank in every
respect.
A new inscription of porcelainenameled steel has been installed, tell
ers’ counters and check desks are of
modern design, new light prima vera
wood replaces the 50-year-old interior,
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.
OM AHA

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

¿^DroversBanks
Drovers National Bank and Drovers Trust & Savings Bank

UNION STOCK YARDS, CHICAGO 9, ILLINOIS

Members, Federal Deposit Insurance Corporation

COMBINED RESOURCES OVER ONE HUNDRED MILLION DOLLARS
N orth w estern

B a n ker,

Ju ly,

1955

John T. McCormick, assistant vice

president of the Iowa-Des Moines Na
tional Bank, is a member of the class
of bank officers at The Graduate
School of Banking, Rutgers Univer
sity, New Brunswick, New Jersey, at
its annual summer session.
Mr. McCormick, majoring in com
mercial banking, is one of more than
1,050 bankers attending the two-week
session of the school, sponsored by
the American Bankers Association.
To qualify for graduation, he must
attend similar summer sessions again
in 1956 and 1957. In addition, he must
complete two years of extension work
at home and will be required to write
a thesis based on original research in
some phase of finance.
=t= * *
Marshall A. Souers, Jr., has been
named product group supervisor and

assistant to the advertising manager
of the mix division of General Mills,
Inc., Minneapolis, Minnesota.
Since 1953 he has been with the N.
A. Winter Advertising Agency, Des
Moines, where he was account execu
tive for the Bankers Trust Company.
* *

John deJong, vice president of the
Iowa-Des Moines National Bank, cele

Since
1905

view the “special” birthday cake he
had received.
The “cake” was a round loaf of pum
pernickel bread on which was one
large birthday candle.
Mr. deJong was born in Amsterdam,
Holland, and spent his early years in
the import and export business in
Genoa, Bucharest, and Amsterdam.
He came to the United States in 1916
and was graduated from North Dakota
State Agricultural College, after which
he worked as assistant dairy commis
sioner for the state of North Dakota.
During World War I he served as an
inspector for the United States Navy.
He joined the Minnesota Loan and
Trust Company, now a part of the
Northwestern National Bank, in 1922,
and came to the Iowa-Des Moines Na
tional Bank in 1932 as vice president.
During and following World War II he
was active in Netherlands war relief
work, for which he was awarded the
Netherlands Government Medal of
Gratitude in June, 1947.

-A

New Loan Businesses
The American Acceptance Corpora
tion filed separate articles of incorpo
ration recently for firms in eight Iowa
cities.
Each of the firms is capitalized at
$10,000. The cities involved are Atlan
tic, Boone, Centerville, Creston, Clar
ion, Cherokee, Fort Dodge and Oelwein.
The articles state the companies
plan to carry on a general investment,
finance and loan business.
Listed as officers are Jay Chernick,
president; I. Chapman, vice president,
and Harold Chernick, secretary-treas
urer, all of Omaha, Nebraska.

John A. Schmidt
• The latest
equipment and
methods, plus a
friendly attitude,
are geared to be
of service to
you at any time.

MEMBER
FDIC
FRS

The Friendly

AMERICAN TRUST & SAVINGS BANK
D u b u q u e , Io w a

C AKE OF PU M PE R N IC K E L and a bou
quet of roses adorn the desk of John
deJong as tokens of esteem from custom

ers, bank officers and employees, and other
friends.

Fort Dodge Open House
brated his 65th birthday last month,
and a number of customers and em
ployees of the bank stopped by his
desk to extend their best wishes, and

SCARBOROUGH Associates Group Insurance Plan
has been selected by banks because it provides the most
complete benefits at lowest cost. It is a loyalty builder.

th w e s te rn B a n ker, Ju ly ,
Digitized N
foro rFRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

John A. Schmidt, retired farmer and
president of the Watkins Savings
Bank, in Watkins, Iowa, for 21 years
after being a director for 37 years,
died last month two days after he
and his wife had celebrated their
50th wedding anniversary. His chil
dren and attendants had visited him
at the anniversary observance.

Employees, officers, directors and
their wives were hosts during a recent
open house at the State Bank of Fort
Dodge, Fort Dodge, Iowa, as visitors

P R O V ID IN G G R O U P L IF E , A C C ID E N
T A L D E A T H A N D D IS M E M B E R M E N T ,
A C C ID EN T A N D S IC K N E S S , H O SP IT A L
A N D S U R G IC A L B E N EF IT S

FIRST NATIONAL BANK BUILDING, CHICAGO 3, ILLIN O IS
V
1955

Iowa News

D ed ica te F irst Mourn T ree F a rm

president of the Central Iowa Bank
Auditors and Comptrollers at a recent
meeting at the Newton Country Club,
Newton, Iowa.
Other officers are: C. T. Williams,
Jr., Bankers Trust Company, Des
Moines, vice president; Don Lamb,
City State Bank, Madrid, secretarytreasurer, and Kenneth Sandall, Boone
State Bank & Trust Company, Boone,
director.
More than 100 persons attended the
meeting. Max E. Fuller, director of
field education for the Maytag Com
pany, was the speaker.

Plan New Building

IO W A ’S FIRST TREE FAR M dedication ceremonies were held in Garnavillo, Iowa,

last month, as Iowa became the thirty-eighth state to enter the American Tree Farm
System. (1) Clyde Frudden, right, president of the Commercial Trust and Savings
Bank, Charles City, and chairman of the Iowa Tree Farm Committee, introduces Gover
nor Leo A. Hoegh, Iowa, left. (2) Governor Hoegh is shown discussing the Tree Farm
Project with Kenneth J. Benda, executive vice president, Hartwick State Bank, Hartwick. (3) Iowa’s first six tree farmers receive their certificates from the governor.

saw the newly remodeled quarters of
the bank.
Remodeling of the bank had been
under way for the past six months
and during all of the extensive re
vamping, business was conducted as
usual.
Included in the project was expan
sion of the lobby to provide greater
space for more convenience to the
bank’s customers, installation of a 20-

ton air conditioning system for the
comfort of the customers and staff,
complete redesigning of the tellers’
cages for more efficiency and faster
service, and lowering of the entire
ceiling in the lobby and acoustic
treatment of the ceiling.

L. L. Bless, cashier of the Ventura
State Bank, Ventura, Iowa, has an
nounced that construction of a new
one-story 40 by 44 foot Roman brick
bank building will begin soon.
The site is at the east end of the lot
where the present building is located.
The new structure will face south.
October 1 is the tentative date set
for completion of the building and
occupancy. The bank recently sold a
warehouse which occupied a part of
the lot to Willard Brager for $525.
Other officers of the bank are H. A.
O’Leary, Mason City, president, and
Theodore Wolfram, Jr., Ventura, vice
president.

MERCHANTS
MUTUAL

BONDING
COMPANY
Incorporated 1933

Iowa NABAC Officers
Paul Klingseis, Ames Trust and Sav
ings Bank, Ames, Iowa, was elected

Home Office
2100 GRAND AVENUE

Des Moines, Iowa
'S T R O N G F R IE N D O F THE
IN D E P E N D E N T B A N K E R "

M em ber Federal D eposit
Insurance Corporation

•

MARQUETTE

t v #

SEVEN TH STREET
AT MARQUETTE

OUR NEW HOME

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

E. H. WARNER
President and Manager

U nited States Check B ook Company
1311 HOWARD ST.

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

OMAHA

W. W. WARNER
Secretary-Treasurer

Northwestern

Banker,

July,

1955

Iowa News

WANT ADS
Rates 20 cents per word per

Sitfiis N e ir itu iU H iu f C o n t r a c t

insertion. Minimum: 10 words.
NORTHWESTERN BANKER

306 15th St.

Des Moines, Iowa

FOR SALE
CUMMINS—
Electric Endorser
Electric Canceller
Hand Canceller
For photograph see inside back cover
of IOW A-N EBRASKA BANK DIREC
TORY. All equipment guaranteed.
Cummins Business Machines
4775 Decatur Street
Omaha, Nebraska

CONTRACT SIGNING took place recently at the Union Bank and Trust Company,

Ottumwa, for the new building soon to be constructed as shown above.

University graduate, age 28, over 4
years’ examination
experience with
FDIC, seeks responsible position in small
bank. Write TDA, c/o N orthwestern
Banker , 306 Fifteenth St., Des Moines,
Iowa.

CONTRACT has been signed for
A
construction of a new building for
the Union Bank & Trust Company, Ot

INVESTIGATIONS
31 Year’s Experience; Licensed— Bonded.
Phones: 3-6344; Nights: 9-0140. Oper
ators Available— Day or Night. National
A g e n c y Connections. SHOAFSTALL
DETECTIVE SERVICE Member, Allied
Finance Adjusters 529 Flynn Bldg. Des
Moines, Iowa

Max von Schrader, Union Bank pres
ident, said all work will be sublet,

BANKS a
Bn°AG
oH
LD
T
A CONFIDENTIAL, PERSONAL SERVICE
Founded on More Than 30 Years Experience

tumwa, Iowa, on Third Street, with
the Bank Building & Equipment Cor
poration of St. Louis.

II\I»FX OF
AIIYEIITISFItS

A ll N eg otia tion s C on fiden tial
The Satisfactory Sale of a Bank Involves Many
Matters of Importance.
In Addition to Finding a
Qualified and Acceptable Purchaser, the Skill and
Know-How That Comes Only from Long Experience
Is Also Important.
O ur E xperience Can H elp Y ou
Write Us In Confidence About Your Problem —
or Invite Us to Call for a Personal Conference —at
No Cost to You.

Bankers Service Company
BO X 1435

•

DES M OINES S. IO W A

•

TELEPHONE 2 -7 8 0 0

IOWA •LITHOGRAPHING •COMPANY
rOUNDED «V GEORGS H. RAGSDALE • •

• EDWIN O. RAGSDALE - U C M »***

513 TWENTY EIGHTH STREET

DES •M OINES

QUALITY - EX PER IE N C E

ACORN

•SERVICE

Sale
Registers

"Accepted Sale Registers by Bank
Clerks Everywhere"

OAKLAND. IOWA '
Northwestern

Banker,

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

July,

1 955

F ir s t
F ir s t
F ir s t
F ir s t

N a tio n a l B a n k — K a n s a s C i t y .............62
N a tio n a l B a n k — L in c o ln .......................64
N a tio n a l B a n k — O m a h a ........................ 65
W is c o n s in N a tio n a l B a n k .....................44

H
H a ls e y , S tu a rt and C o m p a n y ..........................35
H a n o v e r B a n k , T h e ................................................49
H u m m e r, W a y n e , and C o m p a n y ...................34

JULY, 1955
A
A c o rn P r in tin g C o m p a n y ................................... 72
A llie d M u tu a l C a s u a lty C o m p a n y ................ 43
A m e r ic a n N a tio n a l B a n k an d T ru s t
C o m p a n y — C h ic a g o ......................................... 6
A m e r ic a n T r u s t C o m p a n y —
San F ra n c is c o .......................................................29
A m e r ic a n T r u s t and S a v in g s B a n k — •
D u b u q u e ................................................................... 70

I o w a -D e s M o in e s N a tio n a l B a n k ................ 76
Io w a L ith o g r a p h in g C o m p a n y ....................... 72

K
K och

B r o th e r s

......................................................... 68

L a M o n te , G e o rg e an d S o n .................................31
L e e P la s tic M a n u fa c tu r in g C o m p a n y ... 24
L e F e b u r e C o rp o r a tio n ........................................ 75
L iv e S to c k N a tio n a l B a n k — C h ic a g o . . . . 26
L iv e S to c k N a tio n a l B a n k — S io u x C i t y . .52

B a n k o f A m e r ic a .................................................... 23
B a n k o f M o n t r e a l .................................................. 50
B a n k B u ild in g and E q u ip m e n t Corp. . . . 4 - 5
B a n k e r s S e c u rity L ife In su ra n c e
S o c ie ty
..................................................................... 40
B a n k e r s S e rv ice C o m p a n y , In c .....................72
B a n k e r s T r u s t C o m p a n y — D e s M o i n e s ..06
B a n k s, W illia m H ., W a r e h o u s e , In c ............ 68
B r o a d r ip p le H o te l
.........................................51
B u r r o u g h s C o rp o r a tio n , T h e ......................... 9

M a rq u e tte N a tio n a l B a n k ................................. 71
M e rc h a n ts M u tu a l B o n d in g C o m p a n y ... 71
M e rc h a n ts N a tio n a l B a n k ................................ 2
M id la n d N a tio n a l B a n k ......................................51
M in n e s o ta C o m m e rc ia l M e n ’s A s s n ............50
M u tu a l F ir e and A u to m o b ile In su ra n c e
Com pany
.................................................................40

N a tio n a l C ash R e g is t e r C o m p a n y ................ 25
N o rth C e n tr a l L ife In s u ra n c e C o m p a n y . 3

C e n tra l B a n k and T r u s t C o m p a n y —
D enver
..................................................................... 54
C e n tra l N a tio n a l B a n k and T r u s t
C o m p a n y — D es M o in e s ................................. 12
C e n tra l R e p u b lic C o m p a n y ...............................60
C e n tra l S ta te s H e a lth and A c c id e n t
A s s o c ia tio n
............................................................43
C e n tra l S ta te s M u tu a l In su ra n c e
A s s o c ia tio n
............................................................42
C h ase M a n h a tta n B a n k , T h e ............................ 27
C h ile s -S c h u tz C o m p a n y
................................... 64
C ity N a tio n a l B a n k and T r u s t C o m p a n y
— C h ic a g o .................................................................28
C o lora d o In s u ra n c e G r o u p .............................. 41
C o n tin e n ta l Illin o is N a tio n a l B a n k and
T r u s t C o m p a n y .................................................. 32
C o n tin e n ta l N a tio n a l B a n k — L in c o ln . . . . 65

D
D a v e n p o rt, F . K., and C o m p a n y ........... 64-69
D e L u x e C h eck P rin te rs . In c .............................. 24
D e s M oin e s S a v in g s and L o a n A s s o c i
a tio n , T h e .................................................................35
D ro v e rs N a tio n a l B a n k .......................................69

For information write

THE A C O R N PRINTING CO .

with local contractors and builders do
ing the work. The St. Louis firm, one
of the largest builders of financial in
stitutions in the nation, also did the
architectural work.
Construction is to start almost im
mediately and under terms of the con
tract, occupancy of the bank’s new
home is promised for May 9, 1956.

o
O m ah a N a tio n a l B a n k ........................................... 61

R
R e c o rd a k C o rp o r a tio n ................................. 38-39
R o y a l B a n k o f C a n a d a ........................................ 34

S
St. P a u l-M e r c u r y In d e m n ity C o m p a n y ..42
St. P a u l T e r m in a l W a r e h o u s e C o m p a n y . 8
S c a rb o r o u g h and C o m p a n y ................4 1 -6 2 -7 0
Sp en cer C h e m ic a l C o m p a n y ............................ 30
S to c k Y a r d s N a tio n a l B a n k — O m a h a . . . . 63

TJ
U n ite d S ta te s C h eck B o o k C o m p a n y . . . . 71
U n ite d S ta te s N a tio n a l B a n k — O m a h a .. 58

V
V a lle y

N a tio n a l B a n k — P h o e n ix .................. 30

F a ir m a n , C h a rle s G., & Sons, In c .................14
F ir s t N a tio n a l B a n k — C h i c a g o ................... 57

W a lt e r s , C h a rle s E ., C o m p a n y ....................... 60
W e s t e r n M u tu a l In s u ra n c e C o m p a n y . . . 36

Lesson Learned?
Then there’s the story of a little boy
who returned from his first Sunday
School class. When his mother asked
him what he had learned he replied:
“Oh, all about the ten commandos.”
Cheek This
Pat had opened his first bank ac
count and had taken to paying most
of his debts by check. One day the
bank sent him a statement, together
with a packet of canceled checks. Of
the statement Pat made neither head
nor tail, but the returned checks great
ly pleased him.
“Mike,” he said to a friend, “sure
an’ it’s a smart bank I’m doin’ busi
ness wid now.”
“How’s that?”
“Why, Oi paid all me bills wid
checks, and be jabbers if the bank
wasn’t slick enough to get ivery check
back for me again.”
No Solution
Husband: Maybe we can figure out
what the problem is.
Wife: I already know what the
problem is. It’s having too much
month left over at the end of the
money.
Come In!
“ I don’t need any clothes,” explained
the nattily dressed man passing a sec
ond-hand store. “ I have eight suits at
home.”
“Well,” said the aggressive mer
chant, “bring them in. I’ll make you
a partner.”
Familiar Ring
Guide: This castle has stood for 600
years. Not a stone has been touched,
nothing altered, nothing replaced.
Visitor: They must have the same
landlord as we have.
Same as Always
Girl: I maintain that love-making
is just the same as it always was.
Fellow: How do you know?
Girl: I just read about a Greek
maiden who sat and listened to a lyre
all evening.

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Federal Reserve Bank of St. Louis

Two Burdens
Grandma was giving the new bride
a heart-to-heart talk. “Child, I hope
your lot’s going to be easier than
mine,” she said. “All my wedded days,
I’ve carried two burdens—pa an’ the
fire. Every time I turn to look at one,
the other goes out.”
Futile Chase
The fire department had just sent a
fire engine roaring past fraternity row
when an under-the-weather student
stumbled out the door and began to
dash wildly after the red wagon. He
chased the screaming siren three
blocks before dropping to the side
walk.
Takes on Education
Producer: I want a college gradu
ate as chief of my scenario staff. Show
me your diploma.
Applicant: Why no one carries his
diploma around with him.
Producer: Well, say me a big word,
then.
Guilty Plea
Magistrate (to police officer who has
arrested two Scotsmen for being in
toxicated) : How did you know they
were under the influence of drink?
Officer: Well, McTavish was offer
ing money to McPherson, who was re
fusing it.
20-20 Vision
Lawyer: You say you were about
35 feet away from the scene. Just
how far can you see clearly?
Old Farmer: Wal, when I wake up
I see the sun and they tell me that’s
about 93 million miles away.

What, No Piano?
She had insisted on taking along
every garment she owned and they
arrived at the station loaded with bag
gage. “ I wish,” said the husband
thoughtfully, “that we’d brought your
piano.”
“Oh, quit trying to be so funny,”
came her frigid reply.
“ I’m not trying to be funny,” said
he wistfully, “ I left the tickets on it.”

Bum Movie
The bandit walked up to the movie
theater cashier, stuck a gun in her
face and growled: “ That’s the worst
movie I ever saw. Give me every
body’s money back.”
Tough as Nails
The soldier was from Brooklyn and
was on maneuvers in Oregon. Find
ing that he had a few minutes to him
self he strolled out into the nearby
woods and returned with several rat
tlesnake rattles.
“Where in the world did you get
them?” asked one of his alarmed pals.
“ Easy” replied the lad from Brook
lyn, “ I got them off a big woim.”

C O N V E N T IO N S
July 16-19, Central States Conference,
Hotel Alex Johnson, Rapid City,
South Dakota.
July 24-August 6, School of Financial
Public Relations, FPRA, North
western University, Chicago.
July 24-August 6, NAB AC School for
Bank Auditors and Comptrollers,
University of Wisconsin, Madison.
August 22 - September 3, Wisconsin
School of Banking, University of
Wisconsin, Madison.
September 25-28, American Bankers
Association, 81st Annual Conven
tion, Chicago, Illinois.
October 10-13, National Association of
Bank Auditors and Comptrollers,
Denver, Colorado.
October 11-12, Nebraska Bankers
Association, Annual Convention,
Cornhusker Hotel, Lincoln.
October 13-14, Western Regional Trust
Conference, St. Francis Hotel, San
Francisco.
October 13-16, National Association of
Bank Women,
Westward Ho
Hotel, Phoenix.
October 23-26, Iowa Bankers Associ
ation, 69th Annual Convention,
Hotel Fort Des Moines, Des
Moines.
November 3-4, Midcontinent Trust
Conference, Rice Hotel, Houston.
November 13-16, Robert Morris Asso
ciates, Annual Fall Conference,
Dallas, Texas.
November 14-18, Financial Public
Relations Association, Hollywood
Beach Hotel, Hollywood, Florida.
December 1-3, A.B.A. National Agri
cultural Credit Conference, Mor
rison Hotel, Chicago.
Northwestern

Banker,

July,

J955

LEGAL

Can Hanks Sue and R ecover
S0amafjes from a 3Municipaiitfi?
This and Other Questions
Are Answered by the Legal Department
i
causing him to haAre that concept of
his purchase. He simply did not ex
amine the title records. It developed
that there Avas an outstanding inter
est. Jordan sued the party conduct
ing the sale for damages. Could he
recover?

Suppose that a bank owns a valu
able piece of real estate and that a
municipal sewage disposal plant is lo
cated near by. Suppose further that
the plant comes to be operated so that
it is a nuisance. Can the bank sue for
and recover damages from the munici
pality even though it is a government
al unit?

Yes, as a general rule. In these
cases the courts have been nearly
unanimous in rejecting the contention
that a municipality is immune from
suit, either for damages or for abate
ment of the nuisance, merely because
the offending sewage disposal plant
has been constructed and operated un
der legislative history. Iowa, Nebras
ka, North Dakota, South Dakota and
other states have so held.

A depositor maintained a check
ing account in a South Dakota bank.
The amounts on certain checks signed
by him were raised by someone and
duly cashed by the bank over a period
of several months. Under South Da
kota law a bank is not liable to a de
positor for forged or raised checks un
less he notifies the bank of what has
happened Avithin three months after
the checks are returned to him. The
depositor notified the hank about the
raised checks, but the notification
came after the three months’ period
had expired on some of the checks.
Did he forfeit any right to recover
them even though he might be able
to prove the bank negligent?

Yes. In a recent decision involving
analogous facts the Supreme Court of
South Dakota held that under the
three months’ notice statute of that
state, a bank is not liable for forged
or altered checks unless it is notified
by law and that such is true whether
or not the bank was negligent. In so
ruling, the court cited Kansas and oth
er decisions as precedents.
Digitized for
N oFRASER
r t h w e s t e r n B a n k e r , July, 1955
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Federal Reserve Bank of St. Louis

No. The Supreme Court of Iowa has
so held recently in a decision involv
ing related facts. It said that, since
no one conducting the sale practiced
any fraud on the purchaser, he could
not recover and that in these situa
tions “ The rule of caveat emptor pre
vails. The purchaser must examine,
judge, and test for himself.”

Suppose that in the preceding
case the bank, within three months,
had been notified by someone other
than the depositor that there Avas a
contention being made that the checks
had been raised. To illustrate, sup
pose it had received a letter from the
state’s attorney outlining that conten
tion. Could the depositor, because of
this, recover on the checks in question
which had been returned to him more
than three months before he notified
the bank concerning their alterations?

No. In the same decision the South
Dakota Supreme Court held that, to
recover, a depositor must himself no
tify the bank involved and that the
bank will not be liable unless notifica
tion comes to it in conformity to the
provisions of the statute. The fact
that the bank might have been told,
or that it might have information, that
a contention was being made that
check alterations had been made did
not stop the running of the three
months’ period.

Jordan bought certain real estate
in IoAva at a foreclosure sale. The
notice of the sale did not mention
any outstanding interest and Jordan
thought he VA^as receiving a clear title.
No one practiced any fraud on him in

A trust company became in
volved in a decedent’s estate situation
Avhere tAvo Avills existed. The first ap
pointed an individual the executor.
The second will Avas made after and
reAoked the first. Such second will
did not appoint that individual execu
tor and he kneAV it existed. On the
death of the testator the individual
sought to probate the first will. A con
test developed. He resisted the con
test and, at the same time, remained
silent regarding the second will. It
subsequently came to light and Avas
duly probated. Could the individual
executor under the first will recover
from the estate for his attorney’s fees
incurred during the contest?

No. Where an executor is otherwise
entitled to recover from an estate for
attorney’s fees incurred in defending
a will from attack, most courts have
recognized that such an allowance
should be made only where, in pro
pounding the will and resisting con
test, the executor acted in good faith.
Here the individual executor was not
acting in good faith in resisting the
contest of the first will and was there
fore not entitled to attorney’s fees.
Specific decisions exist in Nebraska,
Iowa, Kansas and elsewhere which
support this basic legal principle.—
$$

‘

COMPLETE
POSTING
UNIT
includes:
posting trays,
Hi - Lo stand,
desk, sorter,
and indexing.

•
•
•
•

LA RG ER SELECTION
EXTRA FEATURES
INSTANT CA PACITY CONTROL
"SHEET IRO N IN G" COM PRESSION

O n ly LeFebure offers ten complete lines in over two
hundred stock sizes— built to fit your sheets at no
extra cost . . . and using steel, aluminum, and m ag
nesium to fit every tray to a specific use. The results
o f this proper use o f features and materials has
made LeFebure Corporation the w o r l d ’ s l a r g e s t
M ANUFACTURER

ADJUSTO
LEDGER
TRAY-BINDER

O F P O S T IN G T R A Y S , T R A Y B IN D E R S

AN D STAN D S.

Magnesium

Savings Ledger
Trays— six types.

Post-to-CHeck
Trays

Check Insert
Trays for file or
desk reference.

Note Trays
of Aluminum,
Magnesium
or Steel.

Aluminum, or Steel
Post-to-Check
Trays

ACCOUNTING
FORMS

POSTING
STANDS

REPRESENTATIVES
IN MOST
PRINCIPAL
CITIES...

FORM FITTING
FILES

TRAY HOUSING
EQUIPMENT

SORTERS

Installment Loan
Trays— four types.

MACHINE POSTING
DESK

CASH HANDLING
EQUIPMENT

WRITE FOR LITERATURE:

D E S IG N E R S & M A N U F A C T U R E R S
------------------------------------------------------------------- •
ACCOUNTING SYSTEM FORMS AND EQUIPMENT • INDEXES
POSTING TRAYS & STANDS • SORTERS • SPECIAL PURPOSE FILES
POSTING DESKS • TELLER UNITS • NOTE & MONEY BUSES

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

E H AV E

direct transit connections with Banks in major

cities all over the United States.

These connections assure

Iowa Banks of fast collection service on drafts and other transit items.
W e invite you to take advantage of this fast service. And call on us,
CORRESPONDENT
BANKING DEPARTMENT
Gerald O . Nelson

V ic e President
Everett M . Griffith

V ic e President

too, for any other correspondent Banking service.

D e s M o in e s
N a t io n a l B a n k

M ichael J. Costello

Assistant Cashier

Des Moines

•

Founded 1868

Christy F. Armstrong

Assistant Cashier

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

M e m b e r F e d e r a l D e p o s it In s u r a n c e C o r p o r a tio n