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NOimVESTERN MINNESOTA PRESIDENTS (New and Old)— Page 43 ELECTED AT MONTANA CONVENTION— Page 64 THEY HEAD WYOMING ASSOCIATION— Page 62 COLORADO ASSOCIATION OFFICERS— Page 68 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OVER HALF OF ALL IOWA BANKS ARE MERCHANTS NATIONAL CORRESPONDENTS One reason is the specialized service MNB offers, such as helping design and maintain pension and profit-sharing plans. Experienced Merchants National experts study the complexities of each situation, and work with you and your customer, attorneys and insurance specialists to design a plan to fit the specific need. This is just one of the many ways The Merchants National serves over half of all Iowa banks. Let MNB serve you, too. Your call will be welcomed. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T H E M E R C H A N T S N A T IO N A L B A N K O F CED A R R A P ID S 3 How $20,000 in silver traveled all night to save the day T he time: late one Friday afternoon during the season. The start: J /' t ' ’ berry-picking a telephone ca^ fr °m a correspondent bank in a near-by state. T he subject: $20,000 in silver needed to pay off hundreds of itinerant berry pickers the next morning. T he question: meet this coin could The Northern Trust emergency? The answer: “ yes”— and we did. The silver was immediately loaded into a truck . . . and the truck, driven all night, ar rived in the town early Saturday morning. Our correspondent bank’s farm customers received the coins— on schedule. The fast action we took to meet this re quest points up an important fact— that T h e Northern Trust is always willing to be of service, to lend a hand. A s a correspondent of T he Northern Trust, you can count upon ready coopera tion. I t ’s an important “ plus” to our full range of banking, credit, bond, trust and operating services. W e invite your inquiry; if you are not already acquainted with us, call N . Hall Layman, Vice President, or one of his associ ates in the Banking Department. NORTHERN 5 0 South L a S a lle Street C h ic a g o 90, Illinois FI 6 - 5 5 0 0 • M e m b e r F . D . I . C . RUST BANK N o. 893. N orthw estern Banker is published m onthly by the N orthw estern Banker Company, 306 F ifteen th Street, Des M oines 9, Iow a. Subscription, 35c per copy, $3 per year. E ntered as Second Class M atter January 1, 1895, at the Post Office at Des M oines, Iow a, under the A ct o f M arch 3, 1879. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 IN T R O D U C IN G the new R ecordar M IC R Comparator Shows quickly, easily, accurately whether magnetic ink character imprints on checks conform with A . B. A . alignment standards. T h e new low-cost R e c o r d a k M I C R Com parator is specifically designed for inspecting C om m on M a chine Language (E-13B type characters). W ith this precision unit, your staff is able to deter mine faster and m ore accurately whether your im prin ted checks are w ithin A .B .A . alignm ent standards. This greatly reduces the number of checks the sorter rejects. O peration is simplicity itself. New R e c o r d a k Com parator enlarges magnetic ink characters 22.5 times . . . shows them superimposed on a built-in E-13B Printed Character Chart. A nd its built-in hood lets you check imprints in normal room light. Projected images quickly reveal any variations in field boundaries, horizontal and vertical format dimensions, character spacing and alignment, char acter dimensions, skew, line width . . . also make voids and extraneous inking easy to spot. Com pact, lightweight, and low in cost, this new R e c o r d a k M I C R Com parator will prove invalu able in the change-over to automated check-handling. W rite today for free folder describing it in detail. Recordak Corporation, 415 M adison Avenue, New York 17, N. Y. = % £ C O P D M (‘ (S u b sid ia ry of Eastman K o d a k C o m p a n y ) originator of modern microfilming—now in its 34th year I N C A N A D A c onta ct R e c o r d a k o f C a n a d a L td ., Toronto N o r t h w e s t e r n B a n k e r , J u l y , 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 National Bank o f Com m erce, First Trust Plan M erger Glenn Yaussi, president of the Na tional Bank of Commerce, and Elwood N. Thompson, president of the First Trust Company, announce the boards of directors of both institutions have approved a proposed merger of the First Trust Company into the Nation al Bank of Commerce at Lincoln, Neb. The proposed merger will be consid ered by stockholders of the two insti tutions at s pecial meetings to be called in the very near future. The merger is also subject to approval by Oldest Financial Journal W est of the Mississippi for your JULY, 1961, readins 67th Year No. 888 EDITORIALS 10 Across the Desk from the Publisher FEATURE ARTICLES G. Y A U S S I E. N. T H O M P S O N the Comptroller of the Currency, the banking department of the state of Nebraska and other federal agencies. If the merger is approved, it will be the first time in the history of the United States that a state chartered trust company has been merged into a national bank. After the merger, the trust assets of the National Bank of Commerce will exceed $48,000,000. This will give it one of the larger trust departments in the state. Stockholders of the First Trust Company will receive one and one-third shares of National Bank of Commerce stock for each share of First Trust Company stock owned. The proposed new capital structure of the National Bank of Commerce will be $2,600,000 capital, $2,600,000 in surplus and $1,200,000 undivided prof its, for a total of $6,400,000. The ground floor and lower lobby of the building now occupied by the First Trust Company in their new quarters at 10th and O will be sub leased. The second and part of the third floor space will be occupied by accounting departments. Joint planning is now in progress with the objective of making the most effective use of the staff of both insti tutions. Prom oted at G am ble’ s B. C. Gamble, president of GambleSkogmo, Inc., Minneapolis, announced that J. L. McNaught has been appoint ed to the position of retail operations manager for the firm. Mr. McNaught has served the company since 1932 in retail stores and as district manager. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13 15 16 19 Frontispage— “ Old Glory’' Factors Affecting Cattle Prices— R. R. Schroeder Financing Farmers— South Dakota A g Credit Conference Panel Bankers Must Promote Soil Conservation Actively 20 21 22 Larger Cattle Feeding Units Necessary— F. M. Lingo Minnesota Bank’s Patio Is Site o f A rt Exhibit What to Do Before, During and A fter Bank Robberies 23 Banks Can Tell W ar Orphans of College Funds Provided by V A 24 Flood o f New Issues Continues— Raymond Trigger —Maurice M. Nold -—A. Z Mo/irt —A. W. Coon INSURANCE 39 New Farmowner’s Policy Is Here— H. K. Scott 43 46 55 57 62 64 68 71 72 76 78 83 94 86 MBA Elects Kenefick President— Report and Pictures Twin City News South Dakota News ND BA Convention: One Highlight A fter Another A. Edward Kendig Elected President in Wyoming Richard D. Rubie Elected President in Montana Colorado Bankers Elect A. E. Fordham Nebraska News Omaha News Loans Get Thorough Review at NBA Management Conference Lincoln News Iowa News Des Moines News Photos of Northern Iowa Group Meetings STATE BANKING NEWS OTHER FEATURES 99 100 100 Bankers’ Market Place In the Directors’ Room Index o f Advertisers NORTHWESTERN BANKER 306 15th Street, Des Moines 9, Iowa, Telephone CHerry 4-8163 Publisher Clifford De Puy Associate Publisher Malcolm K. Freeland Editor Ben J. Haller, Jr. Associate Editor Doyle Minden Associate Editor Walter T. Proctor A d vertisin g A ssista n t Circulation D epartm ent A u ditor Elizabeth Cole Lena Sutphirt Margaret Redding Field Representative AI Kerbel Field Representative Paul Masters Frank P. Syms, Vice President, 550 Fifth Avenue, New York 36, JUdson 2-7126 Milton P. Bock, Vice President, 654 Baker Building, Minneapolis, FEderai 6-5357 DE PUY PUBLICATIONS: Underwriters Review, Northwestern Banker, Iowa-Nebraska Bank Direotory N o r t h w e s t e r n B a n k e r, July, 1961 6 w e^ provide businessm en with letters o f introduction to our branches an d friends overseas. * FIRST NATIONAL CITY BANK, of course/ Member Federal Deposit Insurance Corporation, naturally N o r t h w e s t e r n B a n k e r , J u l y , 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 C u m m in s P r o v id e s C om plete W in sta llm en t C red it S ystem SERVICE which gives low vol A ume installment credit opera tions all of the advantages of proce dures in use by establishments many times their size, and that requires no initial investment, is now available from Bankers Business Service, a new division of Cummins-Chicago Corpora tion, developers and manufacturers of a u tom a te d payment systems and equipment. user of the new Bankers Business Service division of Cum mins in eastern Michigan is Oscoda State Savings Bank. Success of tests in this area led Cummins to offer the service nationwide. Betty J. Porter is shown working with prescheduled ledger sets furnished as part of the service. AN EN TH U SIASTIC Operating for some months on a test basis in a portion of eastern Michigan, the new service is now available across the country. According to W. H. Klotz, Cummins sales manager, it has proved to be so successful and popular that eastern Michigan banks with as few as 50 installment accounts are using it. Many midwestern banks also have adopted this new system. The only cost involved is a flat charge for each account. According to Frank J. Blaser, man ager of the BBS division, the service provides the following benefits to banks using it: (1) Immediate knowledge of delin quencies the same day they are past due. (2) A complete breakdown of loans • —a by-product of the monthly trial balance—is available at all times for call reports and for the use of auditors and examiners. (3) Mailing costs are reduced by as much as 95 per cent. (4) Loan customers receive much faster service from tellers. (5) Posting time is reduced. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (6) Payments can be made at any window, including drive-in window. (7) The percentage of both irregu lar payments and late payments is re duced. (8) A new loan register is provided automatically. (9) Advertising messages on pay ment coupons encourage use of other bank services. (10) A credit file is created by uti lizing the records of paid-up loans. (11) Off-promise preparation of the coupon books and ledger sheets pro vides the same desirable control as requiring a second employee to com plete each transaction, which is often difficult to arrange when the number of employees is limited. (12) The BBS system can be adapt ed to any amount of growth. At any time that installment credit activity increases sufficiently to justi fy it, the bank can purchase equip ment to fill in the coupon books and ledger sets. If a bank should ever want its installment accounting han dled in an off-premise Data Processing Center, the use of the same coupons furnished by BBS will result in a lower rate. They can even be used as automatic input to on-premise auto matic accounting equipment if any subscriber’s volume should increase to an extent to justify it. Joins First o f St. Louis Martin J. Crowe has been appointed a representative of the municipal bond department of First National Bank in St. Louis, it was announced by Newell S. Knight, vice president in charge of the department. Mr. Crowe, who will represent the bank in St. Louis and in the middle west, was formerly vice president and account executive with Luce, Thomp son and Crowe, Kansas City, Mo. Vote oil Stock Dividend The Comptroller of the Currency has tentatively approved the plans of National Boulevard Bank to declare a 16% per cent stock dividend. O. P. Decker, president, announced last month that the board of directors would take action by calling a share holders’ meeting early in July to vote on the dividend. Each shareholder would receive one additional share for each six now held. The bank’s capi tal would increase from $1,500,000 to $1,750,000 by transfer of $250,000 from undivided profits to capital account. pre-packaged FIRST NATIONAL CITY BANK TRAVELERS CHECKS ‘f New Time S aver- issued in Va of the time. Only 90 seconds instead of 6 minutes the old w ay! New Convenience —detail work cut to a minimum! New Profit-Builder- so quick and easy to sell there's less sales effort, more chances for profit per trans action. e NewMarket Builder-pre-packag ing means every teller window can sell Travelers Checks thus attracting more customers. FN C B Travelers Checks are pre-pack aged in the 8 most popular denominations where 80 % of the sales are made. Sets of 5 (in black) and 10 (in red) 10's, 20's, 50's & 100's come in folding or secretarial wallets in amounts ranging from $50 to $1000. Put this FN C B service—which gives you 90% of the profit—to work making money for your bank now. W rite FN C B for full details today! Remember: the nicest things happen to people who sell pre-packaged First National City BankTravelers Checks. Member Federal Deposit Insurance Corporation N o r t h w e s t e r n B a n k e r , J u l y , 1961 8 M o s le r M o v e s to N ew Q u a rters in N ew Y o rk HE New York headquarters of The Mosler Safe Company has T been moved to new modern space at 320 Park Avenue, the heart of New York’s most modern office district. Product diversification and sales growth made the move to larger quar ters necessary, according to John Mos ler, president, who said that the mod ern office space and showroom are more in keeping with Mosler’s mod ern line of protection and information processing equipment. With a total of 23,250 square feet at 320 Park Avenue, Mosler has a 4,000 square foot showroom on the street level and 4,000 square feet immediate ly below for the New York branch ANNOUNCEMENT W e are pleased to announce the opening o f our new Administration Building, located in the delightful village o f Roseville, Minnesota . . . a suburb o f St. Paul. This new structure, containing 2 4 ,0 0 0 feet all on one floor, will house our treasury department as well as divi sions concerned with research, pro duction planning, engineering, and machine development. In addition, it has adequate conference and lec ture rooms where we will conduct refresher courses for supervisory personnel and those in training for supervisory assignments. W hile no actual check orders will be handled here, we plan to oper ate a pilot plant where experimental work can be done under plant con ditions yet on a laboratory level. W ith up-to-the-minute equipment at our disposal and a well-trained research group to do the work, we hope to develop techniques which will be beneficial and at the same time to accelerate testing so that time lag may be reduced between the development o f an idea and company-wide adoption. t X De Luxe Even though basic research prob lems connected with the M IC R program are now largely behind us, there remain many problems of im plementation and much to be done in the way of communications to our 1,800 employees before we will be reasonably well satisfied that encoding is under control and fully streamlined within the framework o f n o rm al ch eck p rin tin g p ro ced u res. W ith this co m p le te d ivorcem ent from the pressures and interruptions o f day-to-day plant operations, and in an envi ronment that invites group study, we think we will learn faster how to do things better. A s soon as we become accustomed to our new surroundings, we will welcome visits from those interested in check printing, especially bank people who are involved in the re design of checks for corporate ac counts. W e think a day at our lab and a trip through our St. Paul plant would be informative, and, since by air we are only a few hours away from any of our banker friends, we hope they will come to see us. Manufacturing Plants a t: c l if t o n , n o r w a l k , p a o l i, C L E V E L A N D D E T R O I T , IN D IA N A P O L IS , C H IC A G O , K A N S A S C IT Y CHECK PRINTERS cPn£. o r t hFRASER w e s t e r n B a n k e r , July, 1961 DigitizedN for https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ST. PAU L, DALLAS, CH ATSW ORTH , PORTLAND commercial division sales offices. Mos ler has 15,250 square feet, the entire 18th floor, for executive offices, nation al and international divisional and de partmental offices, and the New York branch bank division sales office. The latest of Mosler office equip ment in decorator colors is featured in the showroom. Also featured in the showroom dis play are a Mosler vault door, drive-in teller window, alarm system and Pho toguard survelliance equipment. The Mosler vault door is set into the wall, immediately facing the en trance to the showroom. This door, a replica of Mosler’s latest vault doors, is a traffic stopper on Park Avenue. The safe displays are attractively arranged about three carousels with other sections devoted to other office and banking equipment. Drovers Pays Stock Dividend A 12% per cent stock dividend was approved by shareholders of the Dro vers National Bank of Chicago at a recent special meeting, according to Leo R. Gruber, president. The in crease of $250,000 in capital stock was provided by a transfer from undivided profits. Capital now stands at $2,250,000 and surplus remains unchanged at $2,250,000. A similar stock dividend was ap proved by the shareholders of the Drovers Trust and Savings Bank in creasing its capital stock to $1,125,000 and surplus remaining at $1,125,000. Join Executive Com m ittee Security First National Bank of Los Angeles has announced the appoint ment of Edwin H. Corbin and Fred erick G. Larkin, Jr., to the bank’s ex ecutive committee. Mr. Corbin is vice president and manager of the trust department. Mr. Larkin, a senior vice president, heads the bank investments and bond department. 9 THE e/frâtiorud 310 COMPUTER SYSTEM! m ELECTRONIC "GIANT” in a desk-size package! Exclusively programmed for MICR, the Q/frafccnai 310 Computer: The National 310 Computer . . . pro viding hard-copy records all the way . . . is the ideal electronic “ link” from p roof through programmed transit sort-listing and through fully auto mated account posting. 1 — Utilizes the full capabilities of the Magnetic sorter . . . through block (whole) number recognition; It becomes the flexible “ Master Con trol Center” for your bank automa tion system. 2 — Provides hard-copy transit listing through on-line printing control; 3 — Controls preparation of punched paper tape for electronically controlled one run posting by Na tional Automated POST-TRONIC* machines. Learn why the National 310 System is a practical, economical computer investm ent for your hank. Call your nearby National office, or write the National EDP Sales Division, THE NATIONAL CASH REGISTER COMPANY, D a y t o n 9, O h i o 1039 OFFICES IN 121 COUNTRIES • 77 YEARS OF HELPING BUSINESS SAVE MONEY https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n k e r , J u l y , 1961 10 »S Ijiom CDsucUi, J'hayaA. (B. lOihdsr. Chairman, Commission on Money and Credit, and Chairman, Connecticut General Life Insurance Co. Among the 87 specific proposals made by your Commission on Money and Credit was one on branch banking. Your recommendations included these ideas: 1. National banks should be allowed to estab lish branches within “ trading areas” irrespec tive of state laws and state laws should be revised to provide corresponding privileges to state chartered banks. 2. In granting branches the chartering au thority should give new entrants a chance to compete, even if their business must be partially bid away from existing competitors. At the present time 17 states permit state-wide branch banking; 10 states prohibit branch bank ing ; 21 states permit branch banking within limited areas and 2 states have no laws regarding branch banking. In paragraph one we can see no reason why branch banking privileges should be granted to national banks when the state prohibits the right to state banks. Your report suggests that the laws be changed to allow branch banking privileges to state banks, but assuming the state laws are not changed— then regardless of this fact national banks are to be allowed to establish branches any way. This is certainly an unsound approach and should not be permitted. Then in paragraph two you believe that branches should be granted even if business is “ partially bid away from existing competitors.” This is absurd, because if the banks in a com munity are giving satisfactory service it is as sumed that no new banks are needed, but your report says to establish branches of national banks N o r t h w e s t e r n B a n k e r , J u l y , 196 1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the,D E S K thePobfti^kc'i anyway and take away some of the business al ready existing. If a community is growing so fast that new banking facilities are needed then let new unit banks be chartered. But simply dividing the busi ness already in existence does not serve any good purpose. Cutting an apple in two does not make two apples. Basically, what does branch banking offer that good, well operated unit banks can’t provide? On the other hand should we “ branch bank” the nation and have a few large holding companies control the life blood of the nation through its granting or withholding of credit? We don’t think so. Cdsiafc (tfU lia n t. J?. d iiiy . President, American Dairy Association, Polk City, Iowa. June was “ Dairy Month” and your organization has proven to the nation that it would rather sell its products than be subsidized by the government. Here is what you have done : (1) Your 1,000,000 members agree to have two cents (2(f) of every hundred pounds they sell set aside for the association and two-thirds of the total amount is used for promotion of dairy prod ucts and the balance is used for research, public relations, home economic projects and merchan dising. (2) Your association has no cards, no pins or even a membership list. The government seems to have given up develop ing markets for surplus food products and is only attempting to solve the farm problem by reducing production. If the dairy industry can “ sell its products” as you have done, Mr. Ilitz, surely there are other segments of agriculture which cam and should do the same through research, salesmanship, adver tising, and merchandising. 11 HEADQUARTERS FOR MEMBERS OF /« t i ^ • / ^ ï * « ^ « f e *«►■* «*> «* , * P A Y M E NT number One of the prize winners in Christmas Club a Corporation’s 1960 Competition was Mrs. W. of Illinois. Here, in part, is what she said ( and why she w on): “ One snowy December morning, many years ago, my grandfather, then president of a small-town bank, took me by the hand and introduced me, first, to the other officers of the bank, and then to the Christmas Club plan. “ My contribution was to be fifty cents a week, nearly all my allowance. That momentous event, the final withdrawal before Christmas, meant a big thrill along with earned satisfaction in the goal I finally reached. All year I had MONEY IN THE ILLINOIS WOMAN SAYS THIS EMBLEM TAUGHT HER SAVING WAYS BANK! I was GROWN UP! Oh, Christmas Club, full of happy childhood memories! It gave me security, responsibility and, best of all, it started me on other long-range savings plans kept up all my life. “ Christmas Club has become an American tra dition, embodying all the qualities most important to our youngest citizens.” What better description o f the “ why” o f Christmas Club! ! . It is the “ kindergarten” that starts people on the road to financial responsibility. 2 . These people often become customers for the other serv ices you offer. May we talk to you personally about these and other advantages of Christmas Club? Our staff member for your area can give you complete information. A note to us will put him in touch with you. There is no obligation, of course. Christmas Club a Corporation 230 Park Avenue, New York, N. Y. Founded by Herbert F. Rawll Builds Character • Builds Savings https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • Builds Business for Financial Institutions N o r t h w e s t e r n B a n k e r , J u l y , 196 1 12 And, that’s just the kind of service you g e t . , . when you entrust your Correspondent Items . . . to our “ Around-The-Clock” Transit Department. IOWA’S FAVORITE CORRESPONDENT BANK H w §1 lill if NATIONAL BANK and TRUST COMPANY FIFTH and L O C U S T • D E S Telephone — CHerry M E M B E R N orthw estern Banker, J u ly , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1961 F E D E R A L D E P O S I T M O IN ES , IOWA 3-81 8 1 I N S U R A N C E C O R P O R A T I O N o O I https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n k e r , J u l y, Ï96I 14 A banker makes a decision a financial leader first, your banker is likewise a man o f community affairs a close one on Satur day h elp s m an y a b a n k e r make w iser decisions on Monday. That’s because taking part in things close to the com m unity’s heart is a sure way for a banker to b e tte r k n ow th e p eop le and their financial needs. In that way, a banker can have both the understanding and the insight to evaluate an individual’s financial problem , counsel local MPIRING U N o r th w e s te r n B anker, J u ly , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1961 bu sin essm en , w o rk w is e ly and profitably. In a nutshell, a banker has to be a civic doer as well as a finan cial counsellor. By taking on com munity responsibility and learn ing what makes his neighbors tick, a banker makes his bank more useful every day. When all’s said and done, it’s usefulness that makes com m er cial banking so im portant to the nation’s econom y and the A m eri can way o f life. THE O CHASE MANHATTAN BANK 1 Chase Manhattan Plaza New York 15, N. Y . Member Federal Deposit Insurance Corporation F a ctors A ffect in #/ Cattle P rices RYSTAL BALLS to forecast cat tle prices certainly would come in handy for the banker who is frequently asked about his opinion re garding the cattle market, however, as yet no reliable “crystal ball” seems to have been invented. Sometimes it appears as though the more knowledge and information you seek, in order to give some advice to the livestock feeder, the less you know. To illustrate this point, I heard a splendid talk given in April, 1958, at a bankers meeting, entitled “What should I expect from my banker if I were a farmer.” In somewhat of a minor vein, the speaker felt that the banker could be of some assistance to his farmer customers by keeping abreast of the various market trends. The question and answer period which followed his talk brought out the following interesting information. A few days before this meeting some one had checked the market forecast of one of the statistical services dated January 2, 1958. The bulletin issued the first of the year expressed the opinion that choice cattle would be two to three dollars a hundred lower by the first part of April. It just so happened that choice cattle were about three dollars a hundred higher at that time. To the amusement of those present, one banker wryly said: “ I have a cattle feeding customer who for years has subscribed to a certain service in order to gauge his feeding operations. This customer tells me that he always does the opposite as recommended by this service, and that he always makes money.” C Price Trends The effect on the market price trends due to forecasts by the numer ous advisory services is a moot ques tion. Quite a number of feeders are of the opinion that too much fore casting is detrimental to the market. They feel that a reverse situation Written Especially for The Northwestern Banker By K . R. SC H R O E D E R P resident lotca County Savings Bank Marengo , Iowa often times develops because many farmers follow the advice of the va rious statistical services which in the main are the same. Recently, I heard this remark from an old time feeder: “Years ago, the market was less vulnerable because farmers never fed cattle by the advice given to them on radio, TV, or all of the other present day media dissem inating information.” He further stat ed that we now have too many cattle feeders, and that most of them are like a bunch of sheep, all jumping over the same stick. At the beginning of 1961, nearly ev erybody was of the opinion that cattle prices would be good during the first half of the year, cautioning that the market might drift lower during the latter half of the year. Apparently, the “gazers” viewed a crystal ball that had a flaw or several large cracks in it because cattle prices in May are “no good” for the cattle feeder, or the banker. (For what banker enjoys collecting interest on a cattle loan when the feeder is losing money?) Midwestern bankers, inherently en courage individual enterprise. They wish to encourage the smaller as well as the larger operator. In this connec tion, however, we must realize that the larger operator who markets his cattle three to six times a year has an advantage over the feeder who sells on a yearly market. The “big boy” has more of a chance to hit the highs as well as the lows, thereby equalizing his risk. His operation is not a one shot affair. Good farmers are not always good cattle feeders. A considerable amount of “know how” is required in order for the feeder to produce the most economical gain in his feeding opera tion. Commercial Feed Lots We are all aware of the tremendous increase of cattle that are being fed in commercial feed lots. Corn fed beef is becoming more competitive each year. Many cattle, especially in the western states, are being fed on what might be termed “synthetic rations” consisting of cotton seed hulls (with a little molasses), beet tops, orange and grapefruit peelings, etc., all at a lesser cost to the feeder than Iowa corn. Corn fed red meat producers should wage an educational advertising cam paign, stressing the superior quality and taste of corn fed beef. The corn CATTLE PRICES . . . (Turn to page 30, please) N o r t h w e s t e r n B a n k e r, J u ly , 1967 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 16 By CU RTIS M A T E E R Exec. Vice Pres. Pierre National Bank Pierre , S. D. T IS my opinion that bankers face a real chal lenge in effectively meeting the specialized credit needs of fa rm ers. The major question before banks today is, “How may we bankers establish policies that will improve and expand our serv ice to agriculture?” Here, as I see it, are some of the answers: • 1. We must recognize the fact that agriculture has changed more in the past 10 years than in the pre vious 50. Today’s larger farms require vastly larger loans and more extensive credit services than the farm borrower in the past. • 2. We must realize that farm management is high on the list in evaluating a loan, whether it should be made and to what extent we should extend our credit. • 3. We should recognize the rapid growth in com peting agencies and the characteristics of the cus tomers they are building for the future. • 4. We must emphasize and sell the complete finan cial services we can and do provide. We have the one central place where the farmer can conduct all of his financial transactions. Farmers need to understand that their credit is one of their greatest resources because it can be exchanged for capital. • 5. We must tailor our farm loans to fit the individ ual farmer’s needs and we must gear his repay ment program to his repayment capacity. In some cases this means going into the one, three and five year programs. An active farm loan program makes it desirable for bank officers and employees to come in personal contact outside the bank with farm customers and potential cus tomers. Active interest and participation in local farm organizations with the objective of fraternizing with the farmers and keeping abreast of current conditions will pay large dividends. Keeping farm leaders informed of your bank’s attitude toward agriculture and the facilities available will more than repay the bank for its time and effort. Lastly, I come to what I think is the most important I N o r t h w e s t e r n B a n k e r, J u ly , 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis aspect of the bank’s agricultural lending program. In or der to serve agriculture, a bank should have on its staff a man or men trained in agriculture—a man capable of becoming a bank officer if he is not one already. This man is the direct contact between the farmer and the bank, and his duties are both promotional and tech nical. He must be in charge of farm loans; he must go to the farm instead of waiting for the farmer to come to the bank; he must be able to discuss technical and finan cial problems sympathetically with the farmer; and he should present the advantages of the services your bank has to offer. The nation’s country banks can provide the type of credit progressive and efficient farmers need. It is in the best interests of the bank and the farmer to give this service. INCE W o rld W ar II, S farming and ranching has literally exploded in re gard to expansion and tech n o lo g y . Individuals who took full advantage of this ra p id transition are the ones who have become the larger farm and ranch op erators. These opportuni ties were possible only through the extension of credit by banks. Nearly everyone agrees there is going to be more expansion in agriculture and this will demand even more credit by banks. More than ever before, banks are going to consider the ability and judgment of an operator in extending credit. The operation which shows a profit is the one that is managed by holding expenses to a minimum. This is not only true in agriculture but in all large business oper ations. The squeeze is on profits of agriculture and busi ness, and has been for some time. The only thing farm ers and ranchers can control to a degree is operation ex penditures. If a piece of equipment is purchased, or if any capital expenditure is made, there must be a definite need and a possibility of lowering production costs. One of the most important points to consider in agriculture is that labor has been replaced to a large extent by capital and there are more actual fixed costs than ever before. Our first obligation is to the depositor in keeping a liquid position to meet conditions as they arise. For this reason the bulk of long term real estate financing must By A LLAN L AR SO N Vice President Farmers State Bank Winner , S.D. and should be left to other institutions where this type of lending fits into their own particular portfolios. Banking can be proud of its job of helping expand our agricultural economy while at the same time diversifying our shops to handle situations which contribute to ex pansion in indirect ways. B y M . D . O LSO N Asst. Vice Pres. N .W . Sec. National Sioux Falls, S. D. CATTLE feeder loan properly made is the most desirable of any agri cultural loan from an in vestment standpoint. The cattle feeder loan is usually short term, self-liquidating, and easy to service. It is not a speculative venture. Our past records show very little loss has ever occurred on this type of loan. Following is an example that brings out some of the factors to consider in financing feeder cattle: A farmer by the name of John Doe comes into the bank and requests a loan to purchase 100 yearling feeder steers, at an estimated cost of $14,950. John has been a customer for three years and has been farming on his own for that period of time. He is a ten ant farmer and his net worth is about $12,000. At pres ent he has no debts. His net worth is mostly in machin ery and a few milk cows. He does have enough cash in the bank for living and operating expenses during the coming years, but has not money available to purchase feed. We have had good experience with John in the past. He has had experience in feeding cattle before—both on his father’s farm and the past three years on his own. Last year he fed out 40 yearlings. A review of his planned feeding program shows that John has only enough feed for 60 yearlings. John’s request was declined and he is given the follow ing explanation: • He lacks the feed necessary to get the cattle to market and has no money on hand to purchase feed. • He will be borrowing beyond his own net worth. A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • John lacks sufficient cushion to absorb a financial jolt that may result from falling livestock prices or other adverse conditions. It was explained to John, however, that we would finance 60 yearlings at an estimated cost of $8,970—which would be in line with feed on hand and net worth. This example points out important factors to be consid ered by lending officers: Before discussing a loan request it is essential that a bank officer making feeder loans have a very thorough knowledge of feeder cattle operations and feeder cattle financing. He must understand the problems associated with cattle feeding and the feed required for various types of programs. He must be able to determine how far a feeder can push his credit on a sound basis. Also, the lending officer must have a thorough knowl edge of the borrower, his character, financial position and ability to earn income. Information about the borrower’s farm also is needed. The lending officer should expect the borrower to lay out a plan on the proposed feeder cattle program. With a plan, a more thorough analysis can be made. Most suc cessful operations are based on a well thought out plan. Profits should be estimated before a purchase, and a break-even price should be figured. Important factors to consider concerning the individual are as follows: • 1. The borrower’s moral character must be good, of course. • 2. What experience has the borrower had in feed ing cattle? If experience is lacking the borrower should let a commission firm purchase the cattle for him. As a general rule, calves are less risky. • 3. The borrower should pay attention to seasonal trends. e 4. If the borrower is planning an expansion, both he and the lending officer should give special at tention to general economic conditions and the beef cattle cycle. • 5. Does the borrower have the physical assets to handle the cattle he plans on purchasing? Is the borrower a good caretaker? This is very impor tant. • 6. Is the number, grade, and type of cattle to be purchased geared to the feed supply on hand? If the borrower does not have the feed on hand or the money on hand to purchase the feed, the loan nor mally should not be made. The cattle purchased N o r t h w e s t e r n B a n k e r, J u ly , 1961 18 Financinfi F a r m e r s .. H Comments on these three pages and accompanying articles on soil conservation and on the future lor the South Dakota livestock feeder, by M. M. Nold, Lake County, S. D., soil conservationist, and F. M. Lingo, president, South Dakota Livestock Expansion Foundation, respectively, all were pre sented at the South Dakota Bankers Association’s Agricultural Short Course held at Pierre. should be based on the roughage supply and the availability of enough corn to finish the cattle for market. • 7. What is the financial status of the borrower? If the borrower has all the feed necessary, but bor rows 100 per cent of the purchase price of the stock, the loan must be based on other assets. A loan should not be made beyond the borrower’s net worth. Both the lending officer and feeder should pay close attention to the cushion provided by other assets in case a loss occurs in the cattle feeding operation. Once a feeder cattle loan is made, a lending officer should have confidence in the borrower. If the lending officer gets shaky prior to the maturity of the loan, chances are the loan request was not analyzed properly at the start. By K . E. JOHNSON Exec. Vice Pres. Citizens Bank Colom e , S. D. HERE are undoubtedly T as m an y c o lle c t io n methods used as there are individuals making collec tions. Needless to say, ev eryone uses a different method in his collection policy. I believe that the first and most important step in col lection is to “collect the loan at the time it is made.” In other words, properly secure the loan for ease of collec tion if it becomes necesssary. First of all, we must have the proper tools in making loans to facilitate collections. These tools are properlydrawn notes, fully-completed chattel mortgages, and as signments or agreements with the borrower. We do not attempt to drive a spike with our thumb, nor should a loaning officer attempt to make loans without proper in struments correctly drawn. A memorandum of understanding kept in the credit file is most important in keeping the agreements made by the loaning officer to the borrower and the follow-through on the repayment of the loan. Notices to the borrower ten days prior to the date of maturity of his obligation, and a second reminder ten days after the obligation is due, are very important. If notices fail to produce results, a personal letter by the loaning officer may be used with a degree of success. Loans not paid after dunning notices and personal let ters require personal contact. There is no one approach that will work for every col lection. Therefore, many collectors stop a mile or so down the road from the borrower’s farm to formulate the proper approach to the particular individual. Checking on the security is certainly important in knowing where the proceeds of the mortgaged property N o r t h w e s t e r n B a n k e r , J u l y , 196 1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis have been used. If it is impossible to collect the past-due obligation and it becomes necessary to renew the note, it is advisable to increase if at all possible the amount of security when the renewal is made. Lending institutions and collection personnel are cer tainly within their rights to feel that persistency on re payment is doing the borrower a favor in obtaining re payment and thereby raising the burden from his debt obligation. HIS is an agricultural T area and it is a period of changing times in agri culture and changing needs with resultant higher cred it requirements on the part of o p e ra tors. We must keep in mind that if there is a need which we are not meeting, either willfully or unwillfully, then we are opening the door for those who believe government should step into the picture. As bankers we have certain problems to face if we are to develop the so-called “full service concept.” First we must have deposits. Can we continue to build our deposits on a 3 per cent interest rate in competition with 4 per cent and higher in Savings and Loan dividends? With the exception of a few larger banks, how many of us can finance a successful farmer or stockman on his $30,000 to $75,000 intermediate or operat ing credit requirements? Do we want 30 to 40 year, with 5 per cent down payment, government insured real estate loans at limited interest rates? What can bankers do to meet government sponsored credit competition? First, we should consider greater activity in the individual banks and through the ABA and our own state associations and do more serious study in an attempt to get answers to the questions of meeting our credit requirements. We should look deeper into the problems of legal limit on interest rates, the tax favored competitors, the capital loan ratios, package financing, participation loans, over-lines, the organization of agri cultural credit corporations to discount with the Federal Intermediate Credit Banks. Also we should develop a strong educational program. Secondly, we should take greater leadership in the antisocialistic trend by working with businessmen, farmers and stockmen who, by their interest and action, can change the vote picture which now influences our con gressmen. Finally, we must make sure that our respective banks provide an effective and understanding community serv ice which is prudent in management, active in civic and local government affairs and overly solicitous of the cus tomers and friends who have taken a complacent attitude toward government in business.— End. B y V . D. B A S A R T Vice President Farm. & Merck. Bank Watertown, S. D. 19 to conserve soil and maintain productiveness. Farmers’ Home Administration— M ust Banke Br 4 m ote on C on serra i A e tir e I U » i • • • “ A remark or suggestion to a farmer about conservation on his farm may be what he needed to make a decision” N EDUCATOR once said a per son needs to hear, read or see something at least 25 times be fore the idea becomes established in his mind. The more people we have knowing about conservation, talking conservation, and sincerely believing in conservation, the sooner we will get the conservation job done. A Banker’s Advice Respected Most farmers respect their banker’s judgment. A remark or suggestion to a farmer about applying needed con servation on his farm may be just what is needed for him to make his decision. “After all, if my banker thinks it should be done, I guess I’d better do it.” Then, too, there are times when you bankers are in a position to apply a little pressure in getting conservation established, not only to help the farm er, but to do your obligation as a banker to protect or conserve the land on which you may hold a mortgage. Or, you may need to protect or in crease the productiveness of a bor rower’s land in order for him to pro duce the necessary products to pay off his operating loan. An eroded, worn out, low producing farm isn’t very good collateral for a loan of any kind. I imagine there are times when you are a little confused about who does what in the conservation movement. It is true, there are several Federal agencies that have a job to do in pro https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis moting and applying the conservation program. However, it is a big job and all available help is needed. Soil Conservation District Most of the farmers in the United States live within the boundaries of a Soil Conservation District — a legal subdivision of state government or ganized and managed by the people living within the district. Supervi sors, usually farmers, are local people elected by the people. The super visors request assistance from vari ous branches of the United States De partment of Agriculture. Those asked for and usually providing assistance are the following: Extension Service—Charged with the responsibility of conserva tion education. ASC Office—Administers the Con servation Cost-Share Program. Agricultural Research Service — Makes loans for establishing conservation when other credit is not available. Soil Conservation Service — Pro vides te c h n ica l assistance to farmers in planning and apply ing conservation. It is this branch of the Department of Agriculture that I represent. Why Conservation Payments? Many times up and down Main Street you hear the remark by non farmers, “Why should a farmer get paid for establishing conservation on his farm?” I would like to take a moment to justfy the conservation payments. Ac tually, the payment pays only part of the cost. The public is sharing the cost of conservation with the farmer. Less than 10 per cent of the people are farmers. The food and fiber to provide the basic needs of all of us depends on the continued productive ness of the soil. In my opinion, it is only right and just that all of us share the cost of conservation with the farmer. All of us will suffer if the day comes when our soil is not able to produce enough food and fiber to properly feed and clothe us. It is difficult to get people enthusias tic about conservation at a time when we are burdened with agricultural surpluses. I believe, however, that this is only a temporary situation. As our population increases and our pro ductive soil decreases, the time will soon come when we will need every bit our soil will produce. 80 Per Cent Are Ill-Fed Actually, we are fortunate to be liv ing in the United States at a time when we have surpluses. Eighty per cent of the people of the world go to bed hungry, and many are not proper ly housed, nor do they have the neces sary clothes. I hope the time never comes when the people in the United CONSERVATION . . . Develops new and better ways (Turn to page 34, please) By M AU RIC E M . NO LD Work Unit Conservationist Soil Conservation Service Madison, South Dakota N o r t h w e s t e r n B a n k e r , J u l y , 1961 20 ËAtrger Cattle Feeding Units N ecessarg By F . M . L IN G O President South Dakota Livestock Expansion Foundation PPORTUNITY exists for a vast ly-expanded South Dakota live stock producing and feeding industry. This is the view being ex pressed by the directors and member ship of the recently organized South Dakota Livestock Expansion F o u n dation. The population o f the U n ited States is expected to rise more than 40 per cent by 1980 and the per capita meat con su m p tio n is ex pected to increase by 10 to 15 pounds during the period. The combined meat consumption potential will cre ate a demand for more than 50 per cent increase in livestock numbers and livestock feeding. O Sweeping the Nation Increased interest in expanded live stock production and livestock feeding is sweeping the nation. New manage ment, feedlot design and financing concepts being employed by the strict ly commercial cattle feeder is setting a fast and challenging pace for the smaller and frequently in-again, outagain cattle feeder. It is not uncommon to hear of catH o rthwestern Banker, July, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tie feeding units of 20,000 head or more capacity. In one of South Da kota’s neighboring states less than 20 catttle feeders feed out annually as many cattle as South Dakota has on feed on January 1 each year. Will South Dakota come in for its proportionate 50 per cent increase in livestock numbers and livestock fed or will other areas of the U. S. pick up their increase and that of South Da kota’s too? That is a challenging question and a question of great eco nomic concern to South Dakota being posed by the Livestock Expansion Foundation. Larger Feeding Units It is hoped that the 5,000 to 10,000 capacity feed lot is not a requirement for maximum feeding and manage ment efficiency. Some increase in the size of the average South Dakota cat tle feeding unit plus more stability in numbers of cattle fed does seem desir able if the efficiencies of the large commercial cattle feeder are to be achieved. A recent cost study pertaining to South Dakota feedlot construction re vealed the investment per head to be twice as great when building facili ties for 100 head of cattle as compared to 500 head. This study seems to ver ify the belief that operating volume is important to reducing overhead costs. Huge Expansion Seen The South Dakota Livestock Expan sion Foundation foresees a vastly ex panded livestock industry within the state during the next 20 years. Cattle and sheep breeding herds are expected to increase by 50 per cent. The Expansion Foundation predicts a 150 per cent increase in cattle feed ing, 100 per cent increase in lamb feeding and a 75 per cent increase in hog production by 1980. South Dakota has the feeder livestock, the feeding know-how, the feed grains and addi tional feed grain production potential to see these predictions materialize. Over a half million feeder cattle and a quarter million feeder lambs are shipped from the state annually. Near ly three quarters of a million bushels of South Dakota produced grain leaves the state or goes into storage annu ally. Feeder livestock and feed grains are the essential elements to an expanded livestock feeding industry. These raw materials are available within the boundaries of South Dakota. The Livestock Expansion Foundation is confident that South Dakota will ex perience a long range, orderly and vastly expanded livestock industry.— End. 21 M in n esota H a n V atio Ms Site o í A r t E xhibit ■ THE COMBINATION of an art exhibit and a community dance made head line news at Faribault, Minn., early last month when the State Bank of Fari bault was host to hundreds of spectators for the annual event. The art show was held in cooperation with the Faribault Art Center and was staged on the bank’s patio between the bank and an adjacent department store. A crowd large enough to fill the spacious parking lot at the bank danced to the Buddy Koopman band in 57-degree temperature. Trophies were awarded to the winners in the waltz, oldtime and modern dance contests. The double-barreled event was hailed as a complete success by everybody connected with the party—bankers, artists, dancers and spectators. Actually, the art show was the second to be staged by the State Bank of Fari bault. A year ago when the bank was getting accustomed to a new location and a new building, the bank officials were approached by a delegation from the Faribault Art Center. “Your patio would be an ideal place to hold the display,” the artists pointed out. John Carlander, president of the bank, agreed with the artists. He made ar rangements to have the paintings placed on display in the patio. In addition, he consented to pose for several of the artists who wanted to do portrait paint ings before a “live” audience. “ I took a lot of kidding from farmers and merchants at the time,” he grinned. “Actually, some of the portraits were really good. The artists really flattered me.” Mrs. A. Harold Keller, president of the Faribault Art Center, said the “patio painting party” will be an annual event. “ So much interest was shown in our paintings,” she explained, “that we all want to keep on displaying our art.” The paintings were on exhibition from noon until 9 p.m.— End. PO RTRAIT OF A B A N K E R — John Car lander, president of the bank, discusses a portrait of himself, painted at last year’s event, with Mrs. A . H. Keller, president of the Faribault Art Center. PATIO P A IN T IN G P A R T Y — Three Faribault Art Center members place their paint ings on display in connection with patio painting party. It was the second annual show. TWO AT T R A C T IV E MISSES, Mary Wall (left) and Cecelia Wall, both of Faribault, get a preview of the paintings on display at the State Bank of Faribault patio. Many of the paintings were purchased by people who enjoyed the show. Milk (it was June Dairy Month!) and cookies were served during show and outdoor dance. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n k e r , July, 1 9 6 1 22 W hatt o D Du via #/ a n 21 Bank B obberies B y AL M A R T Security Officer First Continental National Bank and Trust Company Lincoln , Neb. Mart, right, discusses security problems with tellers at his bank’s drive in facility. Mr. T IS of mutual interest to the pub lic, the bank itself and to bank employees that measures are taken to protect the hank from robbery and to be prepared to help in the appre hension of criminals once a robbery has been committed. Bank robberies generally fall into two categories. The most dangerous is the type committed by professional bandits. It is staged by more than one person. Prior to the committing of the crime, for days and possibly weeks, the bandits will obtain infor mation about the bank’s methods of operation and habits of personnel. The strike may be made prior to business hours, or it may occur during banking hours. If it happens during business hours, the bandits will either come in unnoticed and position them selves at strategic points throughout the bank, and then strike simultane ously, or, they may come in in force and announce themselves by word of mouth. This type of bandit will not hesitate to display weapons and even use them if aggravated. They will take com plete charge of bank employees and patrons. They will make their de mands, and after they are fulfilled, they will make their escape, which also will have been planned previous ly. Escape may be made in more than one vehicle, and it is very possible an employee will be taken as hostage. If this type of robbery is committed prior to banking hours, about the only difference in the procedure will be that the bandits will kidnap an officer or bank employee and use this means of gaining entrance. I Single Bandit The second type of robbery is comN o r t h w e s t e r n B a n k e r , J u l y , 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis mitted by one person, as a rule. He should not be called an amateur, for he may not be. He may be an ex perienced criminal, but perhaps not in bank robberies. He may not even have a weapon, and if he does he prob ably will not display it. However, he always will indicate he does have one. This type of bandit will come in dur ing business hours, perhaps at a very busy time, and will very quietly an nounce himself by word of mouth to one teller, or he may make his an nouncement with a note. He will make his demands and may threaten the employee if the demands are not carried out quietly and quickly. This man will know very little or nothing about the bank’s method of operation or the alarm system. His method of escape will be the sneak method, and it is doubtful that he will even have a vehicle near the premises. What to Do Now, the question is asked, “What can the employee do about such rob — MB— BBffll& A B O U T AL M A R T V tuasr: N : : ' ■ beries?” First, it is the duty of man agement of the bank to make the premises as burglar proof and unin viting as possible. All temptation must be eliminated. For example, the building itself must be made as near free from illegal entry as possible. The visibility of outsiders must be ob structed where large sums of money are being handled. Physical barriers must be constructed where unauthor ized personnel should not be admitted. It also is the duty of management to see that the bank has an efficient and adequate alarm system. Alarm switches should be installed at all van tage points, even in areas where em ployees might be taken in event of a robbery and locked in, such as vaults, washrooms, etc. The employee’s duty is to acquaint himself with the loca tion of the switches and also their ap pearance and, above all, their opera tion. An employee’s part in the entire security program has many aspects. I M ^ «§ il WOULD-BE BANK ROBBERS will do well to avoid the First Continental National Bank & Trust Company where Mr. Mart is security officer. In his spare time Mr. Mart has won literally hundreds of trophies and awards for his uncanny marksmanship. A six-page feature article in the July issue of “Guns and Hunting” enumerates Mr. Mart’s many accomplishments in shooting competi tion and his outstanding ability as a hunter. His picture was featured on the cover of the magazine. The article also points out that Mr. Mart is an excellent gunsmith and that he has a complete gun shop in the base ment of his home. 23 First, the employee should not hesi tate to identify himself and his depart ment to the security officer. Early hour employees should be very ob servant and report all suspicious activ ity that might be seen while coming to work. For example, they should report any suspicious people loitering near the premises or parked cars with people in them. All personnel should minimize rou tine activity as much as possible. Tell ers should not leave large amounts of money where it can be seen by out siders. Tellers, also, in the case of one bandit robbery, can work out a code among themselves. For example, they might deliberately drop an object or any such action which might attract the attention of the person next to them. In the event the employee be ing held up cannot reach an alarm button, perhaps someone else can. This, of course, should never be done except in the case of the sneak thief, not during an organized robbery. Get Description An employee’s most important job during any robbery is to be observant of the bandits and to be able to give an accurate description. Perhaps the most effective method is by compari son. For instance, compare the rob ber with some acquaintance or some objects. His height, for example, can be compared to an object on the wall or the counter. Notice all unusual things about the bandit such as speech, hair, hairline, scars, eyes or eyebrows, nervous disorders, manner of walking, etc. Clothing description may be important to the police in case of an immediate apprehension, but clothing may be changed, so it is not nearly as important as physical char acteristics. The way clothing is worn may be of importance, such as cocked hat, belt over stomach, unshined shoes, etc. These are habits or characteris tics that people are most likely to keep. After the robbers have left the scene of the crime, employees should not touch anything that may have been touched by the bandits. Also, employ ees should not talk to anyone other than the police or officials of the bank. Visiting with fellow workers will only confuse the description. Do not talk to reporters unless called upon to do so by an official of the bank. tinnii# Can T e ll W a r O rphans at C ollege Cnn ils P ro v id ed bg VA ■ Bankers of the midwest are being asked by the Veterans Administration for help in locating children of veter ans who were killed in service or died as a result of wounds or disease in curred while on active duty. Because many of these children have trusteed or guardianship accounts carried for them in banks, the N orthwestern B anker requested Alban W. Coon, chief of the Iowa VA’s Vocational Re habilitation and Education Division, to prepare the following summary for our readers, which outlines the rules prescribing those who are eligible and the benefits they are entitled to re ceive. By A. W. COON educational program for war THE orphans, passed by Congress and administered by the Veterans Admin istration, provides financial support for those children of veterans who have died as a result of a disability or disease incurred during war-time serv ice. Generally, the parent must have incurred the fatal disease or injury during World War I, World War II, or the Korean conflict, or during any induction period beginning on or af ter September 16, 1940. This financial support is, as a rule, available only after the child gradu ates from high school and prior to age 23. Exceptions to this are those where the parent dies after the child has be come 18 but before he reaches 23, or the orphan has military service be fore age 23, therefore extending this benefit until after age 23. Four Years of Benefits The law provides that a monthly payment of $110 for 36 months, or four school years, will be made while pursuing education or training in any approved institution. Institutions are colleges, universities, business schools, trade schools and courses for nurses. This financial assistance cannot be paid for attendance at high school. It is expected that an orphan will attend and complete high school and make use of his eligibilty under this law afterwards; however, if an orphan quits high school before graduation he or she is eligible to apply for the edu cational benefit and should do so. Likewise special training is possible for the physically or mentally handi capped orphan after age 14 and with out graduation from high school. Counseling Orphans eligible for assistance un der this law are required to meet with a vocational counselor of the Veterans Administration prior to approval for the monthly benefit payments. It is to the advantage of both the orphan and the Veterans Administration to have this counseling interview as soon after completion of the junior year in high school as possible. Hence, that is the time for the cus todian, guardian, or mother to write the Veterans Administration in Des Moines for an application blank so that arrangements can be made for the required appointment. The Vet erans Administration pays the travel expenses of the orphan for his inter view with the counselor and his re turn home, not to exceed 5 cents per mile each way. There have been 234 young women and men in school in Iowa under the War Orphans Educational Assistance Act this year. More are expected next year and in the years ahead. Bank officials can be of great assistance in encouraging eligible students, their mothers or guardians in applying for this assistance and in planning their future toward using this financial aid provided by Congress. Anyone should feel free to write the Veterans Admin istration regarding any questions he may have. Communications should be addressed to the Manager, Veterans Administration Center, Des Moines, Iowa. E ditor’ s N ote : The program re viewed by Mr. Coon is applicable, of course, in every state. Bankers in oth er states should address the manager of the Veterans Administration for their state for further information, or write the N orthwestern B anker and it will be obtained for you. Cooperate Completely Do not try to be a hero, and do not do anything to aggravate a bandit. Be calm and cooperate completely with the bandit at all times. A true story was recently related to me by a New York banker which proves that cooperation will throw the bandit off guard. In this case, a one https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis man bandit handed a bank teller a sack and ordered her to put $2,000 in the sack. This lady teller very calmly replied, “Yes, sir, and how would you like it sir? Fifties, twenties, tens or fives?” By this time the bandit was so upset he fled without taking any money. Prevention measures are to be ap plied prior to a robbery, not during one. Know the emergency phone numbers, and when making a report to police, stay on the phone until told that is all. Let the police ask the questions. They know what is valu able information.—End. N o r t h w e s t e r n B a n k e r , J u l y , 1961 24 F lood o f N e tv issu es I'ontinues adjustments are taking place in the capital mar kets. A continuing new supply of equity shares is making the stock market selective and giving it pause. As for bonds, the passing of the recent business recession has taken much of the winter and spring buoyancy from fixed-income investments. It would appear that newly-dominant market forces will continue for many weeks. The unflagging flow of new issues of stock to market stems in large meas ure from enlargement of economic ac tivity in the postwar period. The proximate occasion for many stock sales is the rich price-earning ratios the bull market has built the past year. This generous pricing of com mon values is a tempting invitation to business and industry to raise money by the sale of equity. With small, newly-founded “growth companies,” the enlargement of equity capital is indispensable for operating from a broader financial base. For this reason, requisitions for equity money seem likely to continue indefi nitely and in formidable size. F undam ental Standard Names to Prevail As this flood of equity investments continues, equities bearing standard market names will prevail. Such names as Public Service Electric and Gas, Pacific Gas and Electric and Ford Motor will find placement and the less-known names will find placement in back seats. Much of the purchase money for new shares comes from other equity securities. As switches take place in standard stocks, sold-out shares will tend to find buyers at lower prices. In due course, pressure on price earn ings ratios stand to be communicated to the legendary growth stocks related to expanding new technologies and to new issues establishing themselves for the first time in the public market. Already, some of the bloom is leav ing the new-issue market. Investors are learning that a “new” issue is not necessarily a “hot” one. Then there comes a time when even new issues are sold to take profits. Future Looks Bright In the long run, there is nothing to suggest that the stock market is in for any drastic re-ranking on the part of investors. There is no reason to ap prehend a general business depression N o r t h w e s t e r n B a n k e r , J u l y , 196 1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis or that the Federal Reserve will be a party to shrinking the money supply. Rather, the peril of inflation and rocketing equity values seem to be more latent. Capital shortage is still the fundamental problem and mone tary inflation is still one of the major dangers. With sound equity investments of fering investors a shelter against taxa tion and a hedge against inflation, it is hard to see how stock can fall to the levels of early postwar years. Nei- IN V E S T M E N T REPORT B y R A Y M O N D T R IG G E R Investment Analyst New York City ther can stock prices be expected to advance materially as long as the flood of new issues continues un abated. The Bond Picture The bond market is trying to find its bearings in the wake of a sale of a new issue of a $250 million of Ameri can T&T debentures, a debt invest ment privileged with non-callability for ten years. The investment yield designated by the marketing syndicate was 4.68 per cent. The Telephone financing, a refunding intended to sup plant 5% per cent debentures sold in November of 1959, will probably be re membered as marking the end of the confusing four-month period in the bond market, dominated—at least psy chologically—by the Federal Reserve’s “ Operation Nudge.” In late February the Federal Re serve departed from restricting openmarket operations, whenever possible, to Treasury bills to levels so low as to be at a competitive disadvantage with investment returns of like-risk short term securities abroad. Keeping short-term yields from fall ing too low was to discourage out flow of short-term investment money abroad and hold down imbalance in the U. S. international payments. had as a simultaneous objective the lowering of long-range interest rates, an aim repeatedly advocated by the K en n ed y Administration. However, even before the big issue of Telephone debentures reached the market, the Federal Reserve had not committed it self to a market support operation, and buyers of long-term Treasury bonds were still acquiring them at their own risk. The Federal made clear that it in tended to keep the money market easy to have the spring business recovery score a conclusive carry-through. How ever, by late May it was evident that the last thing in the central bank’s mind was to enforce any given level of interest rates. This began to sink in as the vigor of the spring business recovery be came apparent. At once certain price areas of the government bond market — especially the long-term section — took on an excessively-high appear ance. In a single trading in early June, prices of the long-term obliga tions fell more than a point, with the Federal Reserve maintaining an arm’s length attitude. Nearly a score of long-term Treasury bonds sold at yields of 3.8 per cent or more. Aggressive Bidding The market setback did not prevent major bond houses from bidding ag gressively for the new AT&T deben tures. The ten-year protection against a company redemption call was a ma jor factor in prompting the bond houses to bid up the new issue. An immediate recovery set in for highgrade corporate obligations. It is generally conceded in bond cir cles that the secular trend of yields on prime fixed-income investment is probably higher. Two major points tend to underscore this conclusion. One is the business recovery. The other is the prospect of major Treasury cash borrowings in the sec ond half of 1961. Estimates indicate the Treasury to be in the market to raise $10 billion. Besides, Treasury operations the first half of ’62 will be more of a burden to the market than in corresponding periods of 1960 and the present year. The cash deficit for the coming fiscal year might exceed Easy Money Market The Federal Reserve at first lent credence to the view that the move INVESTMENTS . . . (Turn to page 35, please) 25 When your customer is considering a plant correspondents. Whatever your requirements— site in California, he needs complete informa credit information in depth, last minute market tion! Here’ s where Bank of America can help reports from world trade centers, immediate you help your customer. W ith more than 7 0 0 collections in any part of the state — Bank of branches throughout the state, Bank of America America can assist you. For complete corre can quickly collect the latest, on-the-spot site spondent service, write, wire, or call : National information. As a result, your customer receives Division, 3 0 0 Montgomery St., San Francisco a comprehensive and objective appraisal. or 6 5 0 South Spring St., Los Angeles* Investigating plant sites is just one of the many services Bank of America extends to its ONE ACCOUNT COVERS ALL CALIFORNIA BANK OF AMERICA N A T I O N A L T R U S T A N D S AVI NG S A S S OC I A T I ON • ME MB ER F E D E R A L DE PO SI T I N S U R A N C E C O R PO R AT I ON https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n k e r , J u l y , 1961 26 1st o f 1 h ivo ffo S ets Up SfíA F irm om er j. l iv in g s t o n , chair H man of the board of The First National Bank of Chicago, has an nounced the organization of First Cap ital Corporation of Chicago which has been issued a small business invest ment company license by the Small Business Administration. First Capi tal Corporation of Chicago, a whollyowned subsidiary of the bank, has an initial paid-in capital of $3,000,000. The offices will be in The First National Bank Building, 38 South Dearborn Street, Chicago. The president, chief executive offi cer, and a director of First Capital Corporation of Chicago will be Clar ence B. Jennett. Prior to his retire ment from The First National Bank of Chicago at the end of last year, Mr. Jennett had long and extensive finan cial experience in various depart ments of the bank. All of the other officers of the cor poration now hold positions in the bank. The operating officers associ ated with Mr. Jennett will be Joseph J. Kaberna, vice president and direc "How Douglas-Guardian and Your Own Banker Can Unfreeze Your Cash!” tor, now vice president of the bank, and Jackson W. Smart, Jr., assistant vice president, now assistant cashier of the bank. The other directors of First Capital Corporation are the following officers of the bank: Mr. Livingston; Walter M. Heymann, vice chairman of the board; Gaylord A. Freeman, Jr., presi dent; Herbert V. Prochnow, executive vice president; Raymond H. Becker, senior vice president and cashier; Ed ward F. Blettner, senior vice presi dent; C. W. Wilson, vice president and general counsel; Richard B. Keck, comptroller, and James J. Saxon, at torney. Messrs. Keck and Saxon will also be treasurer and secretary re spectively of the new corporation. Bank o f New Y ork Trustee Hans Stauffer, president of Stauffer Chemical Company, was elected a trustee of The Bank of New York by the board of trustees, it was an nounced last month by Albert C. Simmonds, Jr., board chairman. H. S T A U F F E R With this theme, our Wall Street Journal ads are building desirable loans for you . . . helping you to make loans you couldn’t make without this extra security! W e’re telling business how D -G on-premise warehousing control can let you . . . the local banker . . . turn their saleable inventory into cash. With D -G ’s “ Traveling Credit” plan you can make safe, guaranteed loans on any inventory that has a market, from raw material to finished product! T o learn more about this Douglas-Guardian service, send for our booklet that explains it in detail . . . or there’s a D-G man near you who’ll call if you like. YOU CAN RECOMMEND D-G WITH CONFIDENCE! Douglas-G uardian WAREHOUSE CORPORATION P . 0 . Box 397, N e w Or leans, La . BRANCHES IN PRINCIPAL CITIES N ofor r t h FRASER w e s t e r n B a n k e r , J u l y , 1961 Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S. H. W O O L L E Y The appointment of Sam uel H. Woolley as an executive vice president of the bank also has been announced by Mr. Simmonds. Mr. Woolley was appointed chief investment officer of the bank late last year and at the same time was placed in charge of the Investment Division. Gets Honorary Degree Alan H. Temple, vice chairman and director of First National City Bank of New York, has received an honor ary degree of Doctor of Laws from Hamilton College. Among ot her s receiving degrees were U. S. Sena tor Barry Goldwater and Major Gener al Ulysses S. G r a n t III, chairman of the Civil War Centen nial Commission. For many years A . H. T E M P L E Mr. Te mp l e has been in charge of First National City’s “ Monthly Letter on Business and Eco nomic Conditions,” as well as the bank’s public relations program. OUR M O D U LA R D E S IG N C O N C EPT M AKES IT P O S S IB LE . . . custom design your counters for the cost of stock components W itho ut question, the best counter e q u ip m e n t in stallation for you, is one th a t’s tailored expressly to your tra ffic patterns, m ethods and procedures. Such custom -designing can be prohib itively costly but it need not be, fo r you can realize the sam e benefits and advantages by assem bling our counter e q u ip m e n t com ponents exactly to fit your requ irem en ts, ft The D iebold and H e rrin g -H a ll-M a rv in line of counter e q u ip m e n t com ponents is so extensive and com prehensive th a t there's v irtu ally no application problem th a t cannot be solved to your com p lete satisfaction w ith com ponents assem bled to m atch your req u ire m ents. ft In addition, our design d e p a rtm en t is a t a ir tim es ready to consult w ith you and your architects on the m ost e ffic ie n t ways you can use com ponents in your operations. You’re invited to m ake use of these advisory design cap a b ilitie s at any tim e w ith o u t obligation. For com p lete inform ation w ith out obligation, use the coupon below. DIEBOLD DIEBOLD, INCORPORATED Canton 2, Ohio G entlem en: D ept. B -123 Please send me com plete inform ation m o dular bank counter equipm ent. on your I N C O R P O R A T E D N am e________________________________________________________________ F irm -------------------------------------------------------------------------------------------------------------- DIEBOLD OF CANADA LTD., TORONTO In Canada A ddress______________________________________________________________ AHERN SAFE COMPANY MONTREAL C ity_______________________________ Zone_______ S ta te ________________ j j j J J D I-1 3 2 0 SAFE C O M P A N Y A D iv is io n o f D ie b o l d ,I n c o r p o r a t e d https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n ker, J u ly , 1961 28 Gets M eritorious Award Arizona Economist Herb A. Leggett, vice president and research director of Valley National Bank, Phoenix, re turned from the 40th r e uni o n of Princeton’s Class of 1921 wi t h a new honor: Meri t o r i o us Achieve ment Award. Be s t o we d only 14 times in the past 40 y e a r s , the award was attrib uted to Mr. LegH. a . L E G G E T T ett’s work in pub- icizing Arizona and editing VNB’s monthly publication, Arizona Prog ress, described as “the most readable and most widely quoted bank bulletin in America.” E c o n o mi s t Leggett promptly wrote one of his famous “ tongue-in-cheek” humorous pieces on “Old School Ties” for his June issue. Chemical Bank Prom otions Grant Keehn has been elected to the board of directors of Chemical Bank New York Trust Company, it was an nounced by Chairman Harold H. Helm. Mr. Keehn is senior vice presi dent and a director of Equitable Life PIONEER - with Today s Practical Approach! O il-m a n , B a n k e r . . . S o o n e rla n d B oo s te r s in c e c o m in g to th e s ta te in In d ia n T e rrito ry days . . . o ilm a n w ith th e old Gypsy C o m p a n y . fa r m e r-ra n c h e r. P ic tu re d ab o v e is th e " c re s t-a n d -c a re e r” of R. O tis M c C lin to c k , F ir s t’s S e n io r C h a irm a n . H e has a p ra c tic a l, y e t p io n e e rin g , a p p ro a c h to to d a y ’s b a n k in g a n d oil p ro b le m s : a b a c k g ro u n d th a t h e lp s th e F IR S T s e rv e you b e tte r. In fa c t, th e r e ’s a host of m e n -a t-F irs t w a itin g to a s s is t you. J u s t . . . T h in k . . . P T IR S T NATIONAL BANK AND TROST COMPANY Ip fE R FEDERAL D E P O S IT o r t hFRASER w e s t e r n B a n k e r , J u l y , 1961 DigitizedN for https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis IN S U R A N C E C O R PO R A T 1C S IN C E 1895 Assurance Society of the United States. John W. Marx has been elected a vice president of Chemical Bank New York Trust and G. Tyler Baldwin, John E. Bowles, Leslie J. Christensen, Harold - Koch, Robert! C. Kurzweil, George A. Monahan, Grenville H. Paynter, Frank D. Sullivan and R. Bergen Van Doren have been appoint ed assistant vice presidents. All are with the bank’s Metropolitan Division except Mr. Paynter who is in the Na tional Division. Named Assistant Secretaries John F. King and James G. Lindley have been appointed assistant secre taries in The Hanover Bank’s nation al division. Assigned to the western division, Mr. Ki n g repre sents Hanover in Illinois, Indiana, Iowa and Nebras ka. Mr. Lindley is with the south ern division and r e p r e s e nt s the ba nk in Nor t h C a r o l i n a , Vi r ginia, We s t Vir ginia and Mar y J. F. K IN G land. Mr. King is a native of Chicago and a member of a banking family. He joined Hanover in 1958. He is a grad uate of the University of Southern California and earned his Master of Business Administration degree from New York University last year. Mr. Lindley joined Hanover in 1953. He is a native of Greensboro, N. C., and received his B.S. degree from the University of North Carolina in 1953 and his Master of Business Adminis tration degree from New York Univer sity in 1960. Dividends Declared Directors of Iowa Power and Light Company, Des Moines, met recently in Oskaloosa at company offices there. Regular quarterly dividends of 40 cents per share on issued and out standing common stock were declared, payable August 4 to holders of record July 14. The board also declared the follow ing quarterly dividends: 82% cents per share on 50,000 shares of 3.30 per cent cumulative preferred; $1.10 on 50,000 shares of 4.40 per cent cumula tive; $1.0875 on 50,000 shares of 4.35 per cent cumulative preferred, and $1.20 on 50,000 shares of 4.80 per cent cumulative preferred, all payable July 1 to holders of record June 15. 29 Does your portfolio meet the challenge of present conditions? These m en are experienced in portfolio m anagem ent. T h e y analyze your portfolio in depth and tailor their advice to your needs in a developing economy. T h is is one w a y w e help correspondents. H o w can w e help you? HARRIS“ BANK O rganized as N . W . H arris & C o. 1882— In corp ora ted 1907— M em b e r Federal R eserve S y s te m __ F ederal D ep osit Insurance C orp ora tion 111 WEST MONROE STREET—CHICAGO 90 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n k e r , J u ly , 1961 .30 The NATIONAL BOULEVARD BANK of Chicago Jim Mack Resigns James F. Mack, well-known Kansas City banker and former president of the Missouri Bankers Associa tion, has resigned from the staff of C i t y Nat i onal Bank and Tr ust Company whe r e he has been since 1946. Mr. Mack was elected a sen ior vice president in 1959. His future plans were not im mediately announced. C A TTLE PRICES . . . (Continued from page 15) belt beef producer also faces the com petition of other meats, such as broil ers, therefore he must watch very carefully the cost of the gain per pound. In this connection, the size, location and condition of the feed lot are important. While on a cattle feeding tour, we were told that as much corn is required to keep cattle cool in summer as is required to keep up the body heat in winter, so the feed lot should have shade in the summer, and wind protection in cold weather. It is also important for the yard to have some dry spots so that the cat tle will have a desirable resting place. A ll correspondent services V fro m one convenient location Located in the famous Wrigley Building at the head of M ichi gan A v e n u e ’ s " M a g n ific e n t M ile ,” the N ational Boulevard Bank of Chicago offers corre spondent banks a unique serv ice affiliation. Won’t you visit us on your next trip to Chicago? N A TIO N A L BOULEVARD BANK of Chicago Wrigley Bldg. • 400-410 N. Michigan Ave. Superior 7-2323 MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION N o r t h w e s t e r n B a n k e r , J u l y , 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Recently, I inspected cattle on two different farms. The cattle, with the same brand, were purchased last Oc tober. Average weights were nearly identical at the time, but what a differ ence now in their weight, and general condition. Feeder A’s cattle were in a yard with very little drainage. The critters, with every step, would have to pull themselves out of the muck and manure. Dry spots for the cat tle to lie down were non-existent. Feeder B’s cattle occupied a lot with drainage, and dry resting places. You just had to see these two bunches of cattle to appreciate the difference. The conditions of the feed lots did not spell all the differences in their appearance for Feeder B, as well as having a good place for his cattle, also was attentive to the time of feeding, amount and quality of feed, and the many other little items that make a good cattle feeder. Somehow, cattle feeding is an art that many farmers fail to acquire. At this time, the abundance of cheap feed, along with the lure of easy money, has probably augmented the over production of fat cattle. Too many inexperienced cattle feeders have "jumped into” the cattle feeding business. The importance of adequate feed, and good pasture was clearly demon strated to me several years ago when I looked at a large number of cattle that were being grazed on the Flint Hills in Kansas. The last of three bunches of cattle that I viewed seemed to me to be of greatly inferior qual ity. I was quite directly told that all of the cattle had been "gate cut” be fore placing them in the various pas tures. The amount and condition of the pasture had created the difference in their appearance. The owner set out in a jiffy to find a different pas ture for the last string. The extension of credit for the pur chase of cattle produces a multitude of “ifs.” No one seems to always have the correct answers. Simple arithme tic will show that the feeder who pur chases heavy cattle will profit more than the one who buys lighter weight cattle if he is fortunate to sell his cattle at some figure higher than the purchase price, if the per pound gain costs are the same. The reverse is true if the cattle are marketed at a lower figure. The buyer of heavy cat tle will stand to lose more money if the market price falls below the pur chase price than the one who bought light weight cattle. By the same token, the feeder who buys too many light weight cattle, will be in the same "fix” as the one who buys a lesser amount of heavy cattle if the cattle have to be sold at a low and depressed market price — both generally lose money. Many years ago, one of our good extensive cattle feeders always pur chased a certain brand of choice light weight yearlings each fall. These yearlings invariably showed the oper ator a nice profit, but somehow he could not stand prosperity for in the Spring he would also purchase a string of heavy cattle. As I remem ber, he generally would lose about as much on the heavy cattle venture as he made by feeding his yearlings. The cattle feeding industry is un doubtedly benefited in times of a dis tressed market by the feeder who is in a financial position to buy heavy cattle. His purchases help to provide a “balance wheel” for more orderly marketing. In conclusion, cattle feeding may be termed a game of chance, with the odds in favor of the one who has the pr o p e r place, experience, scientific "know how,” and numerous other qualifications, to feed cattle. I am still looking for a “crystal ball” that will correctly show future prices of livestock.— End. 31 “The thing that decided us on a Mosler vault door was its appearance,” says Mr. Stanley T. Smith, Assistant Vice Presi dent of the Huntington National Bank, Columbus, Ohio. Huntington National constructed its newEastmoor office, installing a Century 7" Vault Door and other Mosler equip ment. Says Mr. Smith: “We found the Mosler door fit our specifications perfectly. There’s a psycho logical ‘confidence-building’ factor in the appearance of the Mosler door. “ Our main vault at Eastmoor is equipped with Mosler deposit boxes. We reasoned that when a customer wants access to his property it certainly bet ters his opinion of us if all our equip ment has an air of stability and optimum protection.” M OSLER-EQUIPPED BRANCH ADDS NEW BUSINESS “Many large Columbus corporations,” says Mr. Smith, “have moved to the sub urbs. It would be unrealistic to expect them to travel all the way in to our main office. So, we moved with them. Our Eastmoor office is truly modern... Mosler-equipped. We believe it’s the latest in efficient operation and the ulti mate in protective design. “At the Eastmoor office, in the first two months of 1961, we added many new checking and savings accounts. Unques tionably, one reason for the new business is our three new Mosler Drive-In Win dows. With them, we can offer the kind of service that saves our customers’ time. And, that’s the decisive element in hank ing today.” PROBLEM S O L V IN G -A MOSLER SPECIALTY th ree M osler D rive-In Windoivs. From the largest bank vault to the small est safe deposit box, Mosler design and manufacturing experience is at your service. Mosler is the world’s largest builder of safes, vaults, and banking equipment. Write for information on auto banking and protective equipment. The Mosler Safe Company 320 Park Avenue, New York 22, N. Y. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern Banker, J u ly , 1961 32 Byers Sells Chicago Bank Louis L. Schorsch, with other mem bers of the Schorsch family, has sold majority stock in the West Irving State Bank of Chicago to a group of business and professional men from Champaign, 111., headed by Walter W. Stern. This sale was negotiated by Henry H. Byers, president of Bankers Serv ice Company, Des Moines, Iowa, who is well known to bankers in Iowa and adjoining states. Mr. Byers has de voted his full time to negotiating the sale of banks for more than 25 years. The West Irving State Bank situ ated in the northwest part of Chicago was organized May 18, 1951. Its last published statement, dated March 20, 1961, shows assets in excess of $16,000, 000. First o f D enver Prom otes 9 Eugene H. Adams, president of The First National Bank of Denver, has announced the following changes in officer personnel: John B. Welborn, senior vice presi dent, was elected to the position of executive vice president of the bank. Carrol L. Stubbs, vice president, was promoted to senior vice president TAX EXEMPT mi l l ! r I i K l l l lif ..xj'.i v,;:i A timely report on current market trends and outlook at mid-year 1961 Investment opportunities are still available in the securities issued by states, municipalities, public authorities, commis sions and similar bodies. Relatively high yields and traditional safety, coupled with the big plus o f tax exemption, enhance their appeal for those o f the middle as well as upper federal income tax brackets. Often take-home income is substantially greater than from comparable taxable investments. Our Mid-Year Survey o f the Tax-Exempt Bond Market provides significant background information, discusses supply and demand, volume and yields, and interprets the current trend and outlook. We’ll be happy to send you this help ful survey now, without cost or obli gation. In addition you will receive our tax chart with which to determine the value o f federal incom e tax exemption in your particular in come bracket quickly. We think you m ay be su rp rised to learn the am ount o f taxable in com e re quired to equal the yield on today’s tax-exempt bonds. Just ask f o r folder NB-71. HALSEY, S T U A R T 123 SOUTH LA S A LLE S TR EET, C H IC A G O 90 « &. N o r t h w e s t e r n B a n k e r, J u ly , 1961 Inc. 35 W A LL S T R EE T , N EW Y O R K 5 AN D O T H E R P R IN C IP A L C IT IE S https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CO. U H R IC H CLARK TORSCH ER and becomes head of the correspond ent banking department, to succeed Mr. Welborn. Promoted to vice presidents from as sistant vice presidents were: Albert D. Latham, James R. Morris, Thomas P. O’Rourke, and Robert P. Zahller. Promoted to assistant vice president from assistant cashier is J. Rodney Uhrich. The following new officers were elected assistant cashiers: Royce B. Clark and Richard Torscher. Messrs. Morris, O’Rourke, Uhrich and Clark are assigned to the corre spondent banking department. T o R un W o m e n ’ s Division City National Bank and Trust Com pany, Kansas City, announces the ap pointment of Miss Elizabeth Schlecht as manager of the bank’s newly cre ated Women’s De partment. Miss Schlecht is a graduate of the U n i v e r s i t y of Missouri and the U n i v e r s i t y of K a n s a s City Sc ho o l of Law. She has t aught school, worked as assistant trust ofM I SS S C H L E C H T fic e r fo r a n oth er bank and has served the last 14 years as treasurer, legal counsel and direc tor of Walker Publications, Inc. In her new position with City Na tional she will act as an advisor to women in relation to the various de partments within the bank. 33 you can add Chicago’s most experienced night staff ...without adding to your payroll Use Continental’ s Night Staff as your own. O ur experience and capacity can make a great difference to you and your customers. Conti nental pioneered night staff operation in this city. O ur staff now processes some 480,000 cash items in a single night— an average of 1,000 a minute! M any checks air-mailed to us in the afternoon are available funds by the next morning. Such speed is an invaluable advan tage. W e’ll be happy to send you the details, or have one of our people visit with you. W e’re always at your service. STate 2-9000, Chicago. C O N T IN E N T A L AND TRUST COMPANY N A T I O N A L OF Lock Box H , Chicago 90 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANK CH ICAG O M em ber F.D.I.C. N o r t h w e s t e r n B a n k e r, J u ly , 1961 34 MHebultl E quips F o r t W u rth H ank Winston Churchill made this state ment, “Never has so much depended on so few.” He was referring to the R.A.F. at the time England was be ing seriously bombed by the German bombers. I believe this statement ap plies to conservation. However, I would like to change the wording to read like this. “Never will so much depend on so few.” All Depend on 10 Per Cent MOTOR B A N K — Dale E. Sharp, president, Morgan Guaranty Trust Company, New York, J. Lee Johnson, Jr., board chairman, The First National of Fort Worth, Paul Taylor, Diebold representative, and Murray Kyger, president of The First National, discuss features of latest drive-through Diebold equipment in The First National’s new $10 million bank building. Within the new bank there are 11 HEN the First National Bank of Fort Worth recently moved into separate vault doors. Three are of the 20-ton variety for inside walls, its magnificent $10,000,000, 18-story building, covering two full city blocks, two are three and one-half ton doors detailed preparations had to be made for 24-hour depository vaults, and oth for the physical transfer of millions ers are used on fireproof storage of dollars in cash and securities, as vaults. The Motor Bank, occupying well as the untold dollar value of the block directly across from the bank, has five lanes with five windows thousands of safe deposit boxes. The move was accomplished in 26 available. This facility is on the hours, due to the guidance of experts ground floor of a 585 car parking ga provided by Diebold, Inc., which had rage. furnished vaults, vault doors, safe de posit boxes, drive-in windows, 24-hour C O N SE R V A T IO N . . . depositories and other equipment. (Continued from page 19) Some of the safe deposit sections weighed as much as 7,000 pounds, re States join the ranks of those who are quiring the use of a heavy-duty crane. ill-fed. Diebold officials advised the bank to President Roosevelt once said, “The have on duty enough bank officials to history of every nation is eventually keep the boxes in view at all times, as written in the way it cares for its well as supplying a police detail. The soil.” As we look through the pages move was co m p le te d eight hours of World History, it becomes evident ahead of the 36 hour maximum fig that there is a lot of truth in that ured by Diebold. statement. And about the same time, W ____ TRU ST c o u n E c? l™ ent EXTRA MANPOWER for SHORT-HANDED The future history of the United States will be written in the way we manage and use our natural resources, particularly our soil and water re sources. The care and protection of our soil is in the hands of less than 10 per cent of the people. Our future well-being depends on how well they do that job. The farmer deserves all the help we can give him and all of us are morally obligated to promote and encourage an enthusiastic soil and water conserva tion program. Just what is this conservation we have been talking about? Perhaps a banker’s definition of conservation would read like this: Conservation is the use and treatment of land for con tinued profitable production. Another definition is: Conservation is to use without using up. And then there is the ten-year-old boy’s definition: Con servation is what we eat, and what we wear, and where we live, and if we don’t, we won’t. I believe all of these terms define conservation, but just what is it? What Is Conservation? If this is an average group and I were to ask how many believed in conservation, I imagine most of you would say you know. And then, if I were to ask what you were in favor of, could you tell me? Conservation is a lot of things. Farms are just like snow flakes, no two of them are alike. What is need ed on one farm might not be good conservation on another. The planting of grasses and leg umes is conservation. Planting trees is conservation. Terraces, contour farming, grassed waterways, dams and dugout, drainage, crop rotations, pas ture management, stubble mulching— all of these are good conservation when needed.— End. C o m m u n ity B ank T ru s t O ffic e rs W h o N e e d A s s is ta n c e W ayne "FROM THE TRUST VIEWPOINT” Far in fo rm a tio n on the C o u n c il's s e rvic e s, w rite D e p t, nw - i S T U D LE Y , S H U P E R T Trust Investm en t Council 1617 Pennsylvania Boulevard, Philadelphia 3 155 Berkeley Street, Boston 16 N o r t h w e s t e r n B a n k e r , J u l y , 1 961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N EW YORK STOCK EXCH AN GE H u m m e r & C o. CHICAGO 35 M ercantile Trust Prom otions A. U. (Jim) Hooss was elected a vice president of Mercantile Trust Company, St. Louis, according to an a n n ou n cem en t y made following a recent meeting of the board of di rectors. Since 1958, Mr. H ooss has been an assistant vice president in the banks and bank ers d ep a rtm en t and a representa a . u . H O O SS tive among corre spondent banks in the southwest and in Nebraska. In addition, at the same meeting Kermit J. Buckley was appointed an assistant cashier. Mr. Buckley has been an assistant supervisor of the bond cage in the municipal bond de partment of the bank since February, 1959. He will continue in the depart ment as supervisor. IN V E ST M E N T S . . . (Continued from page 24) $7 billion. Substantial cash financing operations by the Treasury are ex pected to include a borrowing of from $3 billion to $4 billion in July and another large money requisition in September or October. Presidential pronouncements in re spect to the interest structure con tinue to stress the cheap-money line sponsored by the Council of Economic Advisors. Unlike President’s Plan However, the Federal Reserve Sys tem continues to function with an ob jective distinct from that of Presi dent Kennedy’s advisors. The Reserve continues to follow an easy-money pol icy, but the measurement is not any given level of interest rates, as Presi dent Kennedy would like. Rather, the degree of credit ease is best visible in the permitted level of uncommitted excess reserves of the commercial banks, that is the extent to which the bank’s borrowings from the Federal Reserve System are outstripped by excess reserves. For many weeks this level of net free reserves has been slightly below $500 million. With business activity pointing up, there is no indication that the Reserve Banks intend to swell the member banks’ pool of uncommitted lending money. If this turns out to be so, it is difficult to see how bond prices can rise materially from present lev els.— End. W ECA LLIT "LIVE STOCK TERRITORY” T h e picture has changed since w e were the first bank around Chicago’s Stock Yards and feed ers beat a steady path to our door. c o n tin u a lly "o u t in th e T e rr i tory” assisting our banker friends w ith their problem s. W e don’t wait for the custom er to com e in anym ore. W e ’re out d o in g b u sin e ss w ith th e fifth generation o f these fine fam ilies — through their local banks. I f y o u are lo ca ted in "L iv e Stock Territory” , or in neigh boring states, we w ould like to explain our Correspondent Serv ices to you. D rop us a line, w o n ’t you ? O r p hon e Y A rd s 7 -1 2 2 0 . O u r reputation for service has acquainted us w ith several h un dred banks to w hom we provide all the elem ents that m ake up an e x c e lle n t c o r r e s p o n d e n t p r o gram . M em b ers o f our C orre s p o n d e n t B a n k in g T e a m are W e take a great deal o f pride in know ing and doing business w ith so m a n y fin e p e o p le in "L iv e Stock Territory” , and in the resp ect th e y h ave fo r the fam ous old B an k at the C h i cago Stock Yards Gate. S T /te LIVE STOCK B A . IV K l 4150 South Hoisted Street, Chicago, III. M em b er F e d e ra l D e p o s it In s u r a n c e C o r p o r a t io n S E R V I N G A G R IC U LT U R E AND INDUSTRY FOR O V E R N IN ET Y Y E A R S N o r t h w e s t e r n B a n k e r , J u l y , 196 1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 36 M . r. T yn d a ll N a m ed A .l.B . H ea d N E W PRESID EN T of the American Institute of Banking is Marshall C. Tyndall, Sr., vice president, Bank of Delaware, Wilmington, shown at center with outgoing president Milton F, Darr, Jr., vice president, LaSalle National Bank, Chicago, at left, and newly elected Vice President Fred W . Brush, assistant vice president, Central National Bank of Cleveland, Ohio. ARSHALL C. TYNDALL, SR., president, Bank of Delaware, Wilmington, was elected president of the American Institute of Banking at the annual convention held recently at Seattle, Wash. He succeeds Milton F. Darr, Jr., vice president, LaSalle Na tional Bank, Chicago. Fred W. Brush, assistant vice presi dent, Central National Bank of Cleve land, Ohio, was elected vice president. The four men elected to three-year terms on the executive council, gov erning body of the Institute, are Clar ence A. Davis, assistant cashier, Bank of the Commonwealth, Detroit (Dis trict 12); Samuel K. Dyer, assistant vice president, The Philadelphia Na tional Bank (District 3); James W. Jones, vice president, Fidelity Nation- For Banks Wishing To Increase Net Income - SAFELY WHO IS F I R S T IN ARIZONA? CASH VALUE (Y e ar-e n d d e p o s it s of all 9 A r i z o n a banks) Life Insurance Loans are SECURE - LIQUID PROFITABLE 0 M A 4 O v e r 1 25 le a d in g b a n k e rs e n jo y th ese h ig h ly p ro fita b le lo a n s. M ore th a n $ 1 7 5 ,0 0 0 ,0 0 0 .0 0 h a v e been p la ce d w ith b a n k s th ro u g h o u t the co u n try fo r o v e r 2 3 y e a rs . RESOURCES S end fo r co m p lete in fo rm a tio n on o u r tw o lo an p la n s — a s w e ll as refe ren ces fro m b a n k s you k n o w . OVER $680 MILLI ON ■ T W ic q HoMe/iA vvx 68 OFFICES SERVICE BUREAU M e m b e r F e d e ra l D e p o s it In s u ra n c e C o rp o ra tio n ........ •. . . . Vv.. ... ... N o r t h w e s t e r n B a n k e r , J u l y , 196 1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . W 1 9 1 2 G ra n d A v e n u e Des M o in e s 5 , Io w a A t t ’n Ja m e s W . Jo n e s al Bank of Baton Rouge, La. (District 5), and Vern Waldo, assistant vice president, First National Bank of Ne vada, Reno (District 8). Chairmen of seven national commit tees were named the final day of the convention. Appointed by the new president they are John R. Zeitler, Third National Bank, Nashville, Tenn., debate chairman; Oscar W. Sellers, Po tomac Bank & Trust Company, Fair fax, Va., forum and seminar chair man; Wilbur A. Wasson, Northern Trust Company, Chicago, membership and enrollment chairman; Mrs. Mary Harry, Central National Bank and Trust Company, Des Moines, public speaking chairman; Mrs. Marie H. Frederick, Planters National Bank and Trust Company, Rocky Mount, N. C., publicity and publications chairman; Don W. Sheets, Salt Lake City Branch, Federal Reserve of San Francisco, school relations chairman, and Mrs. Ann M. Deitz, Marine Midland Trust Company of Central New York, Syracure, women’s chairman. Winner of the National Public Speaking Contest for the A. P. Giannini Endowment prizes was Robert W. Lessley, Union Planters National Bank, Memphis, Tenn. Donald E. Tillson, Riggs National Bank of Wash ington, D. C., took second place hon ors, and Red Burrow, First National Bank of Oregon, Portland, placed third. Winner of the debating competition was the team from the Spokane Chap ter. Members of the team were A. Eugene Thurston and G. David Rob inson, both of the First National Bank in Spokane. W in n e r of the Harold Stonier Award, presented annually to the stu dent with the highest average grades who earns the A.l.B. graduate certifi cate, was Mrs. Alice M. Telljohn of Bank of America N.T. & S.A., Van Nuys, Calif. The 1962 A.l.B. convention will be held at Atlanta, Ga., May 28 to June 1. Convention headquarters will be the Dinkler-Plaza Hotel. This will be the first time the convention has been held in Atlanta.—End. Bank Building Prom otes 3 According to L. J. Orabka, president, Bank Building and Equipment Corpo ration of America, St. Louis, the firm’s board of directors has elected three new company officers. D. E. Mosby has been named vice p resid en t, advertising, public rela tions. Mr. Mosby, who joined the com pany in 1955, installed and directed the personnel department, served on the sales staff and installed the compa ny’s public relations and advertising division. 37 M O SBY DEUTCH OW ENS Assistant Secretary and Chief Ac countant C. H. Deutch has been pro moted to assistant vice president. A 13-year company veteran, he became assistant secretary in 1953. R. O. Owens, assistant chief account ant, was elected to succeed Mr. Deutch as assistant secretary. He joined Bank Building in 1953 after receiving his de gree in accounting from St. Louis Uni versity. Plan Correspondent Meet The City National Bank and Trust Company of Kansas City has an nounced it will be host at a Corre spondent Bankers’ and C o rp o ra te Treasurers’ Conference on Saturday and Sunday, August 26 and 27, at Ho tel Muehlebach. Registration will begin at 11:00 a.m. on Saturday, followed by a luncheon. Afternoon activities will include an outstanding program of guest speak ers. Saturday evening a social hour and dinner will be followed by the princi pal performance of the Starlight Thea ter season, featuring Fran Warren in Rodgers & Hammerstein’s “Flower Drum Song.” Sunday brunch at the Kansas City Club will be followed by a baseball game between the Kansas City Ath letics and the New York Yankees. Heads New Life Division The appointment of Jerome G. Kraemer to sales director of the new life insurance division was recently an nounced by Central States Health & Life Company of Omaha. Mr. Kraemer at tended St. Thom as C ollege, St. Paul, Minn. He has had n in e years’ experience as agent and as sista n t a g e n cy m a n a ger w i t h E q u ita b le L ife J. G. K R A E M E R Assurance Socie ty of the United States and four years’ experience as branch manager with North American Life & Casualty Com pany. Mr. Kraemer will direct his life sales activities from Omaha where he now resides with his wife and chil dren. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B a n k e r s h a v e m a r v e l l e d a t t h e “ li g h t n i n g lik e ” s p e e d of th e n e w e le c t r o n ic c h e c k sorters. A ctu a lly , c h e c k s m o v e th ro u g h th e s e s o r t e r s at a b o u t 9 m ile s p e r ho ur. S l o w b y s o m e c o m p a r i s o n s , it is still f a s t e n o u g h to r e q u i r e c h e c k p a p e r p h y s i c a l l y s u i t e d to m a c h i n e h a n d l in g . W h e n it c o m e s t o r e a d i n g t h e C o m m o n M a c h i n e L a n g u a g e , 9 c a n n o t s e e m like 9 0 to th e m a c h in e s . H e r e ag ain th e p r o p e r p a p e r c h a r a c t e r i s t i c s a r e n e c e s s a r y to aid t h o s e w h o m a k e c h e c k s m e e t the e x actin g M I C R sp e c ific a tio n s . F o r c h e c k s th at a re s a f e an d so rtab le, s p e c ify L a M o n te S a fe t y P ap er. THE WAVY LIN ES ® ARE A LA MONTE TRADE-MARK safety paper for GEORGE LA M O N TE & SON • NUTLEY 10, N E W J E R S E Y N o r t h w e s t e r n B a n k e r, J u ly , 1961 38 NATI Our Expanded Facilities, Offer You An Increased Money-Making Opportunity -T H R O U G H AFFILIATION WITH OUR POPULAR, TIME-TESTED Bankers Participation Plans Our new Topeka Office Building, which will be occupied this year, increases our servicing facil ities and is another noteworthy mile-post in N a tional Reserve progress. W e invite you to join the steadily increasing numbers of Bankers who are making substantial profits with our time-tested B A N K E R S P A R T IC IP A T IO N PLAN . Another popular feature is you are enabled to enjoy wonderful, fully paid conventions for both man and wife. • W rite Today F or Detailed Inform ation! Our large scale expansion program is creating attractive territory openings currently available. W rite us for com plete information. All cor respondence in confidence. N o r t h w e s t e r n B anker, Ju ly, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1961 39 New Fa r m o w n e r 's P o lic y Is Here IN S U R A N C E “I t ’s Professional Insurance for the Professional F a rm er5 E A T last have a Farmowner’s Policy that is a true package. It is designed for the profes sional farmer who has pride of owner ship, who maintains good management practices, who wants to hold a tight reign on costs, yet does not want to sacrifice future operations because of a serious financial loss from hazards beyond his control. It is to be written for the farmer who will remain in the ag picture next year and the years after. New ideas that are relatively simple to understand and the divisibility of the various parts of the package should speed up the acceptance of this new approach to complete farm protection. Here is what you want to hear: The new Farmowner’s Policy evolved to provide a single package policy in the farm property field. The coverage portion consists of a Basic Policy which contains the major policy conditions, including the stand ard fire policy language, to which may then be attached the following forms to provide desired coverage: . . . says H . K . SC O TT W M andatory Coverages F orm 1 (Standard F o rm )— Covers m ain dwell ing, appurtenant p rivate garages, unscheduled per sonal p rop erty on and aw ay from prem ises and additional livin g expense, against loss b y fire, the usual extended coverage perils, and theft. F orm 2 (B road F orm )— Covers m ain dwelling, appurtenant p rivate garages, unscheduled personal property on and aw ay from prem ises and addi tion al livin g expense, against loss by fire, the usual dw elling Broad Form perils, and theft. Both form s include $100 fire departm ent service charges. The th eft coverage in the basic form s tracks w ith the usual personal th eft coverage available as a specific policy. Provision is m ade to extend this coverage in F orm 2 to equivalent o f broad th eft by use o f endorsem ent at additional rate. F orm 3 (F arm ers’ Com prehensive Personal L ia b ility) — L ia bility coverage follow s standard F .C .P .L . Coverages. Included is incidental custom fa rm in g, and m u tual exchange o f assistance. Em ployers liability m ay be added at regular bureau rates. Superintendent, Farm Department Aetna Insurance Company Western Department Park Ridge, Illinois processing by insured fo r sale to others, such as cream eries and dairies (but not dairy fa rm s), farm s operating freezing or dehydrating plants or poultry factories. _ . . . B. Farm s whose p rincipal business is raising and using horses fo r ra cin g purposes. C. V acan t farm s. The p olicy form a t provides fo r tw o se ctio n s: Sec tion I being the physical dam age portion and Sec tion II the liability portion. Basic Lim its o f L iability Section I C overage A — D w e llin g : $8,000 m inimum am ount. Coverage B— A ppurtenant P rivate Garages : 10 per cent o f dwelling limits. Coverage C — Unscheduled Personal P ro p e rty : 40 per cent o f dw elling lim it w ith 10 per cent o f this am ount but not less than $1,000 on personal property aw ay fro m the premises. Coverage D— A dditional L ivin g E xp ense: 10 per cent o f dw elling limit. Coverage E— Farm Personal P ro p e rty : $10,000 whether w ritten blanket or scheduled. The fo rm provides fo r Blanket P ersonal P rop erty coverage, but if it is desired to schedule items such as grain, implem ents, livestock, etc., a special form is attached which abrogates the conditions o f the Blanket F orm and substitutes the conditions o f F orm N o. 64. C overage F— Farm Barns, Buildings and Struc tures : In order to qualify fo r Farm ow ners’ P ro gram rates, total lim it o f scheduled items must equal $10,000 w ith not less than $5,000 on any The New Farmowner’s Policy additional dw elling, but less than $5,000 on all other fa rm buildings and structures. I f w ritten has been submitted to the insur fo r lesser amounts, regular fa rm rates apply, w ith out discount. ance departments of five states Coverage under E and F is optional but m ay not straight across the midwest — be w ritten without coverage under A , B, C and D o f Section I and Section II. Ohio, Indiana, Illinois, Iowa and Section II Coverage C— F arm er’s P ersonal L ia b ility : $10,Nebraska— and it either has been 000 each occurrence. approved or is expected to be ap Coverage H— P ersonal Medical P a ym en ts: $250 each person. proved very soon in all of these. $25,000 each accident. Coverage I — Physical dam age to property o f o th e rs : $250 each occurrence. owners w ho do not reside on the prem ises but Deductibles where it is desired to include them. This can Form s 1 and 2 contain a $50 Loss Deductible apply where a m ortgage is involved. E. A special provision also applies where co Clause N o. 1, applicable to w indstorm and hail and a $50 Loss Deductible No. 2, applicable to all ow ners live in same dw elling, but m aintain sep other perils except fire and lightning. Loss De arate living quarters. ductible Clause N o. 1 m ay be eliminated fo r an Ineligible Risks additional prem ium in those states which have These have been held to a m inim um in classifi optional w indstorm deductibles. Loss Deductible cation. A. Farm s where principal purpose o f the farm Clause N o. 2 m ay be eliminated in any o f the form s fo r an additional prem ium and it m ay be is to supply com m odities fo r m an ufacturing or Optional Coverages Form 1 (Standard) and F orm 2 (B road) also provide on optional basis coverages on fa rm barns, buildings and structures and additional farm dw ellings and fa rm personal prop erty against the perils o f fire, E.C1. on buildings and in addition V .M .M ., T heft, and Overturn on Blanket P ersonal Property. The p olicy w ill be w ritten fo r a term o f three years. Credit fo r existin g insurance not per mitted. E ligibility A . A Farm ow ner’s P olicy m ay be w ritten only fo r insured w ho owns fa rm property, as defined in territorial pages, and w h o supervises fa rm in g op erations, p rov id e d : (1) Farm owned and occupied by insured ; or (2) Farm owned but not occupied by insured, provided it is tenant operated under ow n er’s direct m anagem ent or is under con tract m anagement. B. E ligibility has been restricted, fo r the pres ent, to one and tw o fa m ily dwellings. N ot m ore than tw o boarders or lodgers p er fa m ily perm itted w ithout additional charge. C. Incidental office, business or professional oc cupancies are perm itted, subject to specific rules. D. P rovision is made to cover interest o f co Status N o r t h w e s t e r n B a n k e r . J u l y . 1 961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 40 Insurance modified fo r Form 2. Loss Deductible Clause N o. 1 can be eliminated only if Loss Deductible Clause N o. 2 is eliminated or modified. A ll Loss Deductible Clause contains a modified franchise feature whereby i f the loss is between $50 and $500 the com pany pays 111 per cent o f the loss in excess o f $50 and no deductible applies when the loss is $500 or m ore. Secondary Locations I f an insured owns m ore than one farm in the same state as the prim ary location, this secondary farm m ay be included by use o f a special endorse ment, the fu ll farm ow ners coverage is available, except that the m inim um lim it o f liability on the dw elling is $5,000 and the m inim um wind deduct ible ch arge applies at each separate location. I f the secondary fa rm is located in another state, a second F arm ow ner’s P olicy is required, except that again the m inim um lim it o f liability on the dw elling is reduced to $5,000. Section II may be eliminated if this location is picked up in the liability p ortion at the prim ary location. A dditional Coverages P rovision is made to include the m ost generally used endorsem ents and additional coverages in the F arm ow ner’s P olicy. In m ost cases these cover ages are to be added at m anual rates. H ere are -~ v * r • Et* o * T! Fr • • A » * * ® MaV£,i4 GP a fe w o f th e m : Increased Am ounts on G a ra g e ; Unscheduled P ersonal P ro p e r t y ; F ire Departm ent S e rv ice ; M oney and Securities ; Earthquake Dam age when perm itted ; Residence G la ss; Broad F orm T h e ft ; Personal A rticles F loater and M arine F loat ers, covering m obile agricultural equipm ent and livestock. U nder the liability p o r tio n : A nim al C ollision ; W a te rc ra ft; Business P u rsu its; A ddi tional P rem ise s; E m ployers L iability (but not W orkm en’s Com pensation) ; Custom F arm ing if m ore than incidental, and m any others. Other insurance is n ot perm itted on property covered under Coverage A — The D w elling. Other insurance m ay be perm itted on barns and outbuildings or fa rm personal property. N o credit m ay be given fo r existin g insurance. This should n ot pose a problem since other insur ance can, with the com pany’ s perm ission, be car ried on outbuildings and personal property. Flexibility In designing this new Farmowner’s Program, we have developed a veryflexible policy. For the farmer who is price con scious, the Form No. 1, covering basi cally Fire and Extended Coverage, and Theft, may be written, but to the farm er who wants the best protection, you will provide Form No. 2, the Broad Form. While we used many features which are a part of the Special Survey and Rating Plan, this Farmowner’s Policy is not tied to requirements of that plan. While final premium is based on net rates that track with the Survey Rating Plan, this package may be written on property not eligible to that plan. For example, it is not necessary that dwelling have a central heating plant to be eligible to Farmowner’s treat ment, neither is it necessary for out buildings to meet any specific require ments, other than to be in good repair and well owned. Pictures will be required on all build ings. Minimum amount that can be writ ten on any building, subject to a dis count in premium, is $500. As farms are being enlarged, many buildings are not needed and become obsolete. The day has come when it is necessarv to leave such buildings out of the insur ance program. Competitive Factors NOW IN O U R rr i l s t YEAR AGENT L * INQUIRIES INVITED iflutual Jfirr aitii Autnmnliilr a c/ y Established 1900 HOME OFFICE CEDAR RAPIDS, IOWA J. E. Wilson, President J. M. Winchell, Secretary N o r t h w e s t e r n B a n k e r , J u l y , 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 A Criticism has been directed against the Farm Underwriter’s Association and Inter-Regional Insurance Confer ence because of delays in completing this program. W e are involved in one of the most serious competitive situations that any of us have ever seen and in addition are faced with rising loss ratios on practically every farm class. I know that you who believe in and are active in your own agents’ associa tions realize how difficult it is to reach an agreement on controversial sub jects. W e have studied purchasing habits of farmers for we realize price is im portant and how much and what they buy is directly related to their income. Farmers have a tendency to roam far and wide in search for information on what they should do and buy. It is not just enough to know that various things influence a farmer’s decision to buy, but we must know what those things are. Sell Ideas W e are merchandising a service, not a commodity in its strictest sense, but a protection against ruin from a cause he may not be able to control. Don’t sell things, sell ideas. You are competing with a variety of companies who apparently ignore all the time-honored standards we know are essential to success in this business of ours. Gadgets and window dressing may have some appeal, but in the final an alysis, if you sell confidence, security, and protection you will be successful. Field Changes The St. Paul Companies have an nounced the following field changes: Thomas L. Flashe has been appoint ed special agent to service the south eastern North Dakota territory, with headquarters in the Fargo office under the supervision of Alvin Aas, North Dakota manager. E. Warren Bessler has been em ployed as an additional fieldman, and will operate in an enlarged territory as special agent, with State Agent A. M. Timm at Sioux Falls. Attention Bankers: WESTERN AND SOUTHERN Will Help You Promote Your CREDIT LIFE PROGRAM For Com plete Information Contact Our C R ED IT IN S U R A N C E D EPARTM EN T P. O. Box 1119 Cincinnati 1, Ohio THE WESTERN AND SOUTHERN LIFE INSURANCE COMPANY A Mutual Company William C. Salford, President 41 Western Mutual Insurance Co. of Des M oines, Iowa offers C A N C E R $1, 000 EXPENSE C O V E R A G E - - $ 2 , 0 0 0 $ 3 , 0 0 0 PLUS $10,000 expense on P O LIO LEU K EM IA SPIN A L M EN IN GITIS TETA N U S EN C EP H A LITIS DIPH THERIA S C A R L E T FEVER S M A LL POX RABIES Pays: Hospital and Medical C are Nursing and Surgical C are Drugs and Medicines Ambulance Service Blood Transfusions X-Ray, Radium, Therapy Rental of Iron Lung, Wheel Chairs and other benefits Note: Leukemia and C an cer Covage reduced 50 percent at age 60. Family protection can be had as low as $14.00 a year . . . Getting well costs more . . . financial worry retards recovery . . . P O LIO and C A N C E R are constant threats . . . If you do not have this coverage to offer your clients, write us. "In our 54th Y ear’ A multiple-line non-assessable Company https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B a n k e r , J u l y , 196 1 Tw o o f Canada’s chartered banks — The Canadian Bank o f Commerce and the Imperial Bank o f Canada— have come together under one roof. The name is new: Canadian Imperial Bank o f Commerce. But the amalgamation it represents is a bringing together o f two long-established banking traditions. W ith more than 1,240 branches across Canada, at certain points in the U.S.A., in the Caribbean area and in London, England, Canadian Imperial Bank o f Commerce has the largest branch network o f any Canadian bank. It is admirably equipped to help you with your business in Canada or overseas. CA NA D IA N IM P E R IAL BANK OF C O M M E R C E Head Office: Toronto 1, Canada N ew Y ork • Chicago • San F rancisco • Los A ngeles • Seattle • P ortland , O r e . • D allas L ondon • Z urich • J amaica • T rinidad • B arbados • Bahamas N o r t h w e s t e r n B a n k e r , J u l y , 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 43 OFFICERS— Charles E. Taylor, pres., First National, Hibbing, 8th district representative on MBA council of admini stration; Wayne Blackmarr, pres., Wayzata State, vice presi dent; David E. Hanson, pres., First State, Fertile, 9th dist. councilman; P. W . Gandrud, pres., (Swift County Bank, Benson, 7th dist. councilman; P. R. Kenefick, pres., National Citizens Bank, Mankato, president; George N. Reppe, pres. First State, Grand Meadow, immediate past pres., and R. M. Gesell, pres., Cherokee State, St. Paul, treasurer. BIGHT— 50-Year Bankers receive plaques— George L. Engh, pres., State Bank of Kerkhoven; L. H. Briggs, pres., Security State, Houston, retiring pres, of 50-Year Club; Norman H. Tallakson, chmn., Bank of Willmar, 1961-62 pres, of Club; Charles W . Spaulding, dir., Farmers National, Waseca; Lester J. Fiegel, dir., Olmsted Co. B&T, Rochester, and Albert G. Reiter, pres., Security State, Howard Lake. NEW M R A E lects K en efick l Bresh len t By BEN H A L L E R , JR. Editor and M.B.A. NEW OFFICERS 1961-62 President—P. R. Kenefick, presi dent, National Citizens Bank, Mankato. Vice President — Wayne Black marr, president, Wayzata State Bank, Wayzata. Treasurer—R. M. Gesell, presi dent, Cherokee State Bank, St. Paul. Secretary (reappointed — Ken neth A. Wales, Minneapolis. Council of Administration 7th District — P. W. Gandrud, president, Swift County Bank, Benson. 8th District—Charles E. Taylor, president, First National Bank, Hibbing. 9th District — David E. Hanson, president, First State Bank, Fertile. A.B.A. Election Executive Council of A.B.A. (3year term)—George N. Reppe, president, First State Bank, Grand Meadow. Nominating Committee of A.B.A. (for 1961)—A. W. Hoodecheck, p re sid e n t, State Bank of Worthington. Alternate—R. B. Hage, cashier, Westbrook State Bank. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W ALTER T. PROCTOR Associate Editor b a n k e r s asso convention-planners have two new goals to shoot at —a record 1,730 registration and a top-flight program, both chalked up at the 1961 convention held in St. Paul last month. Last year’s registration was 1,707. Elected president of the MBA was P. R. Kenefick, president of National Citizens Bank, Mankato. Elected offi cers are listed in the accompanying box. Retiring MBA President George N. Reppe, Grand Meadow, gaveled each meeting to order promptly throughout the convention and presented a tal ented groups of speakers. First out of state guest to address the conven tion was ABA President Carl A. Bimson, president, Valley National of Phoenix, of Phoenix, Ariz. He pulled no punches in stating ABA policy and thoughts regarding the necessity and fairness for remedial legislation to put commercial banks and savings and loans on a more equitable tax basis. He charged that S&L’s cannot jus tify the present statutory 12 per cent “bad debt” reserve they enjoy—either on the basis of their loan loss experi- M in n e s o t a c ia t io n ------------CO VER P H O T O ------------N E W LY-E LE C T E D PRESID EN T of the Minnesota Association, P. R. Kenefick, left, pres., National Citi zens Bank, Mankato, is shown with retiring MBA president, George N. Reppe, pres., First State of Grand Meadow. ence to date or anticipated in the fu ture. Mr. Bimson said S&L represent atives had been wishy-washy in pro viding any records to substantiate their loss claims, and could not do so because there is no basis for their 12 per cent loss reserve. He quoted numerous Congressional leaders who said legislation must be passed to permit the federal govern ment to obtain from S&L’s the just taxes that are due. Mr. Bimson also pointed out that should such favored treatment for S&L’s continue, it “may have an adverse effect on our econ omy” by restricting bank credit. Dr. Nichols Nyaradi, director of the School of International Studies at Bradley University, Peoria, 111., pulled no punches in his talk, “Free Enter prise or Disaster.” Dr. Nyaradi, who received the George Washington Med al from the Freedom Foundation just a few weeks ago, said the tendency in America is to try to interpret values into terms of dollars, An Honest Question He asked those present to contem plate what would happen to our youth if the Russian system were introduced here today. Would our youth accept it, even though grudgingly? Would American youth make as strong a stand against Russian invaders as Hungarian youths did during the Bud apest uprising? These are questions we must ask ourselves, he said, and make sure that the training we give our young Americans will provide the right answer. Minnesota State T re a su re r Val Bjornson appeared briefly on the pro gram as an added speaker to explain the position taken within recent days: by the state executive council. That state body voted to withdraw by Sep tember 1 all of the $8 million on deN o r t h w e s t e r n B an ker, July, Ì9 6 J 44 AT ROOF-TOP HOTEL HEADQUARTERS of the First Na tional of St. Paul were, from left: David A. Shern, a.c., First of St. Paul; “Barney” Gullickson, exec, secy., and C. C. Lind, pres., both of the South Dakota Association, and Elmer M. posit in Minnesota state banks. “Long ing looks have been cast on these ac counts during the past year,” he told the bankers. The action was deemed necessary to meet financial obligations of the state. A Minnesota banker, Clifford C. Sommer, president of Security Bank & Trust, Owatonna, talked on the topic, “Your Chance to Fight Com munism,” relating details of his trip to Europe to visit installations in Port ugal, Germany and France of Radio Free Europe. He is state chairman of that group. He said RFE is privately operated with no government connec tion and is on the air 18 hours and 20 minutes each day, beamed at all sat ellite countries, responding immediate ly to untruths broadcast by Russian stations, thus helping keep these Russion stations “honest,” for the latter know RFE will reply. Receives Ag Award At the Agricultural luncheon, new ly elected MBA President Pete Kenefick was given an award for his leader ship in gaining support from 345 Min chairman of the board, Midland National of Minneapolis. nesota banks for 4-H work in the state. Skuli Rutford, director of ex tension service at the University of Minnesota college of agriculture, made the award. At the luncheon, young men and girls from both 4-H and FFA were introduced. Their composure and speaking ability thrilled the en tire crowd. Among the many other interesting talks delivered was “ Cave Man to Space Man,” by J. Lewis Powell of A le x a n d ria , Va., who traces the growth of speed from early days to the present. His talk is profusely il lustrated with pungent remarks and witty statements based on facts that were highly amusing as well as edu cational. Entertainment Social functions throughout the twoday convention kept everyone well entertained. Winner of the golf tour nament was David Burton, trust offi cer with Richfield State Bank, who came in with a four under par 67. Five of the 16 men inducted into the SHARING AFTER-DINNER COFFEE are, from left: Mrs, Merlin Knauss and Merlin Knauss, cash., Olmsted County Bank & Trust, Rochester; Richard O. Weyrauch, a.v.p., First National of Minneapolis; Mrs. Everett D. Humke, wife of a.v.p., Olmsted County Bank & Trust, Rochester; Harold N. Thomson, v.p., Farmers & Merchants of Presho, S.D., and Kenneth T. Martin, v.p., First National of Minneapolis. SECOND PHOTO— Lead ing bank personalities from both Dakotas and Minnesota visit with the president of the National Association. Seated are, N o r tfor h wFRASER e s t e r n B a n ker, Ju ly , 1961 Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Volkenant, v.p., First of St. Paul. SECOND PHOTO— Jack Hemmerle, left, a.c., First National of Chicago, greets A1 J. Gran, a.v.p., First National of Minneapolis, and Arnulf Ueland, 50-Year Club were present to receive their plaques. They are shown in one of the accompanying photos. The First-Niters’ Party was a rous ing success with nearly 1,000 persons being served dinner in the main ball room and an auxiliary dining room. An excellent floor show was well re ceived in the ballroom following din ner. The annual banquet was again held at The Prom Ballroom on the midway. It provided ample seating for the tre m en d ou s crow d. An unscheduled speaker was popular Minnesota Govnor Elmer L. Anderson, accompanied by his wife. The governor addressed the assembly briefly before returning to the capitol where the legislature was in a crucial night session. Music was provided by Wayne King and his orchestra. The old master entertained young bankers and old alike with renditions of familiar songs for a half hour following dinner. Ta bles were then removed and dancing proceeded until after midnight to end a fine convention.— End. from left: C. C. Lind, pres., South Dakota Association; C. C. Wattam, recently-retired exec, secy., North Dakota Association (now NDBA treasurer) ; George N. Reppe, retiring pres., Minaesota Association, and Carl A. Bimson, pres, of the A.B.A., and of the Valley National of Phoenix, Ariz. Standing, from left: Bill Daner, new exec, secy., North Dakota Association; “Barney” Gullickson, exec, secy., South Dakota Association; Gary L. Lerberg, new pres., North Dakota Association, and Kenny Wales, exec, secy., Minnesota Association. 45 “REGISTRATION IS FTJN” says Bill Neumann, right, Ameri can Express, New York City. The hostess, Mary McMahon, First National of St. Paul, looks pretty as Truman L. Jeffers, MBA publicity ’director, supervises. SECOND PHOTO—Visit ing between sessions are, from left, seated: Henry T. Rutledge, exec, v.p., and John A. Moorhead, pres., Northwestern National of Minneapolis, and Henry D, Rhame, American Express Field Warehousing, Minneapolis. Standing are: Paul B. Damkroger, a.c., Northwestern National, and Sam Gault, pres., Nicolett County Bank, ¡St, Peter. PHOTO AT RIGHT— William H. Neal, left, nati. dir., U.S. Savings Bonds, Washington, D .C., presents award for MBA to George N. Reppe, retiring MBA pres. CLOCKWISE as they are seated at table, from left: Fred Norton, retired, of the old Chase National of New York City; R. L. Smith, pres., The Stock Yards National of South St. Paul; C. I. Erstad, pres., Northwestern State of Sauk Rapids; William D. Klapp, pres., First National of Stillwater, and Cliff Moore, retired, Stock Yards National. Standing are: Hoyt Lathen, a.v.p., at left, and R. E. Orchard, v.p., at right, both of Stock Yards National. FIRST INSET PHOTO— Axel E. Olseen, Jr., v.p., Northwestern State of St. Paul, and Alden K. Small, a.c., Seated, left to right: T. W. Simon, a,v.p., American National of St. Paul; John E. Blomquist, pres., Butterfield State; Mrs. Ed Jasmin; Ed Jasmin, who is director, Elysian State; Joe Cavitzel, former v.p., American National, St. Paul, and Paul L. La France, pres., Elysian State Bank. Standing: Dale Morrill, a.c., left, and Art Haessig, v.p., both o f American National of St. Paul. INSET PHOTO— H. R. Hommedal, left, pres., State Bank of Rush City, and P. E. Sanford, pres., Detroit State Bank, Detroit Lakes. Chase Manhattan of New York City. PHOTO AT RIGHT— TWIN CITY BANKERS WERE AFFABLE hosts and visited and entertained out-of-town bankers when the MBA was not in formal session. In first photo, left to right, are: E. O. Nelson, v.p., American State of Moorhead; William R. Chapman, pres., Midland National of Minneapolis; Edward C. Habberstad, pres., Farmers & Merchants State of Blooming Prairie, and E. W. TREASURER OF THE STATE of Minnesota, Val Bjornson, left, visited with Walter L. Fredrickson, second from left, v.p., First American National of Duluth, and friends, continuing from left: K. P. Doffing, pres., Lanesboro State, and Leo F. Winegar, a.v.p., First American National of Duluth. SECOND https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Engstrom, v.p., Midland National of Minneapolis. SECOND PHOTO-—Part of the group visiting the headquarters of the American National of Chicago, left to right: Mrs. Pat DuBois, wife of the exec, v.p., First State Bank, Sauk Center; Roy West, a.v.p., American National of Chicago, and Mrs G. Reed Macomber, wife of v.p., American National o f St. Paul. PHOTO— From left: Donald T. Lawler, pres., Crookston Na tional; William H Grell, pres., First State of New Germany; Otto H. Preus, v.p., Marquette National of Minneapolis; Lester Lipke, pres., First State of Stewart, and S. L. Jerpbak, pres., Richfield State Bank. 4:6 R Col. William H. Williams, assistant O. BISHOP, president, American • National of St. Paul, and Carl R. cashier in charge of savings depart ment, has retired after 42 years with Pohlad, president, Marquette National of Minneapolis, have been elected to the business advisory committee, Up per Midwest Research and Develop ment Council. * * * Election of Joseph E. Theis as as sist cashier, First Hennepin State, has been announced by President Ralph V. H a g e n. Mr. Thei s has been administrative as sistant the past year. Mr. Theis start ed his banking ca reer wi th First National in 1954 and soon was transferred to the i n s t a l lm e nt de partment of the West Broadway Office where he re mained until joining First Hennepin. He is active in Junior Achievement work and in Community Chest. the First National of Minneapolis. * * * George Povey, assistant cashier, Cherokee State Bank, has been elected president of the St. Paul Chapter, A.I.B., succeeding Royal K. Bruce, cashier, First Security State. Other 1961-62 officers are: Gerald Kaphing, American National, first vice presi dent; Margaret Armstrong, American National, second vice president; Penny Graves, Midway National, third vice president; Hois Heffron, First Nation al, secretary, and John Exley, Stock Yards National, treasurer. * * * Donald W. Judkins, president, First Southdale National, has been elected to the board of the Walker Art Center. He was a board member from 1953 to 1959 and was president three years during that time. * * =t= Julian B. Baird, chairman, First Na tional of St. Paul, has been elected a Savinffs CampiMign S u ccessfu l “FUNDS FOR F U N ” was the slogan of a successful savings promotion concluded recently by Midland National Bank of Minneapolis. As part of the campaign, a drawing for prizes was held with William R. Chapman (above), president, announcing the name of the winner. Pictured with him is Miss Patricia Bock, a secretary at Kalman & Company, Inc., who assisted in the drawing. She is the daughter of Milton B. Bock, representative in the Twin Cities of the N orthwestern B anker. First prize was the 17 foot Kayot pontoon boat with 10 h.p. Johnson motor shown above in the lobby of the bank. Second prize was four $50 savings accounts. N o for r t h FRASER w e s t e r n B a n k e r , J u l y , 196 1 Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis director, Discount Corp. of New York, owned by the clearing house banks of New York. =t= * =K The election of John Olin to assist ant vice president, Federal Reserve Bank of Minneapolis, has been an nounced by Atherton Bean, chairman of the board. Mr. Olin, who joined the bank in 1957, was made assistant counsel in 1959. He willbe in charge of thesafe keeping, protection andpurchasing departments. * * * Marlowe Knutsen, mortgage promo tion representative, Farmers & Me chanics Savings of Minneapolis the past three years, has been promoted to administrative assistant, mortgage department. * * * Bert S. Cross, executive vice presi dent and director, Minnesota Mining & Manufacturing, and A. B. Jackson, president and director, St. Paul Fire & Marine, have been elected to the board of the Northwestern Bell Tele phone Company. Mr. Cross also is a director, First National of St. Paul, and Mr. Jackson a director of the First Bank Stock Corporation. * * * Carl E. Bergquist, assistant cashier, Federal Reserve of Minneapolis, has been elected president of the Ex chequer Club, bankers’ organization. Elmer Lindborg, vice president and manager, St. Anthony Falls office, First National of Minneapolis, is vice president, and Eugene Eoeke, vice president, First Minnehaha National, secretary-treasurer. * * * Stockholders of Richfield State Bank recently voted trust powers for the bank and legalized a new name, Rich field Bank & Trust Company. S. L. Jerpbak, president, also announced the election of David E. Burton as trust officer. * * * Leonard Fernelius, Federal Reserve Minnesota News 47 H ing U rin ffs th e M e t to M in n ea p olis H ank H E R E ’S A V IE W of part of the crowd that heard Metropolitan Opera stars in a noon-hour concert recently in the lobby of the First National Bank of Minneapolis. The opera company was in Minneapolis for an annual concert at the University of Min nesota. Shown at right, on stage is Miss Mignon Dunn, soprano who sang Rigoletto. Also appearing were Jan Peerce, also of of Minneapolis, was named scholar ship winner in the 1960-61 standard certificate class of the Minneapolis Chapter, AIB. * * * Richard W. Harman, former trust officer of the Pittsburgh National Bank, Pittsburgh, Pa., h a s b e e n e l ec t ed assistant v i c e president, American Nation al of Saint Paul. After five years o f g en e ra l law practice following graduation f r o m law school, he joined the official R. W . H A R M A N staff of the Pitts burgh National where he served as trust administrator and estate plan ner. * * * Christian Ries, assistant vice presi dent, Federal Reserve of Minneapolis, died recently at age 54. He had been active in AIB during most of his bank ing career. * * * Jerome J. Choromanski, vice presi dent and cashier, Crystal State, has been elected a director Mars Indus tries, Inc. * * * Directors of First Grand Avenue State of St. Paul have voted to in crease capital stock account by $100,000 to $350,000, announces James G. Goblisch, president. * * * Dale (). Gustafson, instructor, Uni versity of Minnesota School of Busi ness Administration, and an organizer of the new Franklin National of Min neapolis, has announced purchase of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Rigoletto, William Olvis, tenor, and the ballet duo of Tommy Andrew and Suzanne Ames. Guests of honor included Rudolph Bing, general manager, Metropolitan; Elmer L. Anderson, Min nesota governor, and O. Meredith Wilson, president, University of Minnesota. the Bank of Somerset, Somerset, Wis., with Lee Roberts, former national bank examiner. Mr. Roberts will be president and Mr. Gustafson vice pres ident and cashier. * * * R. G. Lexvold, executive vice presi dent, Metropolitan Airport State, has been elected president, Independent Community Bankers of Minneapolis. Other officers are: Elmer W. Bratsch, executive vice president, Golden Val ley State, vice president, and Dan A. Burrill, executive vice president, State Bank of Anthony, secretary-treasurer. =i= * * Floyd Simons, vice president, North western National of Minneapolis, has been elected first vice president, Bet ter Business Bureau of Minneapolis. it takes more than M A C H IN E R Y to make ENVELOPES ittakes ID E A S , 1 K N O W -H O W - and E X P E R IE N C E Heading info our third generation of H E IN R IC H 'S we think the hard, cold facts of good business have been drilled into a family and personnel . . . it takes ideas, know-how and experience to do ^ the job well and be successful, for any business success is dependent upon top performance for SRT! those it serves. *C a ll us about our special bank envelopes! H E I N R I C H C O M P A N Y BOONE, IOWA and 108 Washington Ave. N. MINNEAPOLIS N o r t h w e s t e r n B a n k e r , J u l y , 1 961 48 Minnesota News P r o fit -Sha rinff T ru st Cun Mie U sed Miff C orresp on d en t H unks HE First National Bank of Minne tribution. All contributions would be apolis announced last month es invested in First National’s Collective tablishment of a correspondent bankInvestment Funds for Employee Ben profit-sharing trust e s p e c i a l l y de efit Trusts which were created in 1957. signed to fit the needs of its corre There are two funds: One, the Fixed spondent banks wanting to set up em Income Fund, composed of bonds, ployee retirement benefit plans. First mortgages, preferred stocks and other Nat i ona l is the property on which the income return first bank to offer is fixed; the other, the Equity Fund, such a plan in invested primarily in common stocks. the u p p er mid west. Heads Lake Superior N A BAC Clarke Bassett, Joseph J. Nowak, assistant cashier, senior vice presi Northern City National Bank of Du dent and c hai r luth, has been elected president of the man of the trust Lake Superior Conference of NABAC. committee, w h o Other new officers are: Gunder a n n o u n c e d the Schwanz, cashier, Western National profit - s h a r in g Bank, Duluth, vice president; Arthur C. B A S S E T T trust, said use of Danielson, assistant cashier, First the trust will allow correspondent A m e r i c a n National Bank, Duluth, banks to install a profit-sharing pro treasurer, and John Hennessy, assist gram with a minimum of cost and ant vice president, First National effort. Bank, Superior, Wis., secretary. He cited the plan as an ideal way to provide employee incentive, retire Moves to Hastings Bank ment income and substantial tax sav Bernard L. Engels, assistant cashier, ings for participating banks. Northwestern National Bank, Roches The plan incorporates features de ter, resigned recently to accept a signed to eliminate many of the deci promotion to vice president at the sions necessary if a correspondent Hastings National Bank, Hastings, a bank were to establish its own indi member of the Northwest Bancorpovidual profit-sharing trust, thus reduc ration. ing the individual bank’s initial costs. Mr. Bassett said funds contributed S . W . Minnesota N ABAC by each bank will be invested together Delmar Gibson, cashier, National with funds contributed by other par Citizens Bank, Mankato, has been ticipating banks. This collective meth elected president of the Southwestern od of investment, he added, affords Minnesota Conference of NABAC, suc greater safety for each bank’s funds ceeding Leonard T. Nelson, cashier, and a greater return than could be ob First National of St. James. tained by an individual bank. The trust is designed to allow full Buys Controlling Interest time bank employees, 21 years of age and over, to participate in profit-shar O f North Branch Bank William Holt, Jr., executive vice ing. The banks, however, would be able to set up their own eligibility re president, Calumet State Bank, has purchased controlling interest in the quirements. Each bank’s contribution to the Me r ch a n t s State Bank of North plan would vary according to its own Branch from A. F. Johnson, president, formula used for determining the con who has been with the bank since T 1918. Mr. Johnson started with the bank in 1918 as cashier and assumed management in 1938. Mr. Holt will assume active management Septem ber 1. Elected to Eveleth Board Everett Forsman has been named a director of the Miners National of Eveleth to fill the unexpired term of the late Alfred Hoel. The term ex pires December 31, 1961. 85 th Birthday Celebration H. E. Shafer, president, First State Bank of Finlayson, was honored re cently on his 85th birthday with an open house in the bank. He had just rounded out 59 years of active bank ing with the institution. A large three-layer cake, beautifully decorated and appropriately inscribed, was pre sented by the Northwestern National of Minneapolis and bouquets of flow ers were presented by many friends from out of town as well as in Fin layson. There was a good turnout of people of the area at the open house. Southern N A B A C Officers Merlin J. Knauss, cashier, Olmsted County Bank & Trust Company of R oc he st e r , was elected president, Southern Minnesota Conference of NABAC, at the group’s recent meet ing at St. Olaf College, Northfield, Minn. Other officers: Vice president, Don ald Buss, auditor of First National Bank of Owatonna; secretary, Richard Sankowitz, loan officer at National Bank of Waseca, and treasurer, John Holtey of the Austin State Bank, Aus tin. D tilu th P r o M M M o tio n ACCIDENT, SICKNESS and HOSPITAL INSURANCE AT COST! Bankers are Select Risks and w e have special coverage designed for Bank M en and W om en. Write for Application and Information. Minnesota Commercial Men’s Association 2550 Pillsbury Ave. S. N o r t h w e s t e r n B a n k e r, J u ly , 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Minneapolis 4, Minnesota AM ONG PLA N N ER S for the Duluth CityWide Pride Cleanup campaign this year is Earle J. Andree, a.v.p., First American National Bank, Duluth, at right. Tying in with the campaign, the First American National is conducting an all-out home improvement promotion. A complete ad vertising schedule uses newspapers tele vision, radio, outdoor and statement en closures as well as appropriately-decorated lobbies and windows. 49 Minnesota News T hou san ds a t D em o a stra tio a bank and through the years built a clientele devoted to him and his ad vice on financial matters, a faith that carried over into community service, as they made him city treasurer many years ago. Director at Owatoima Stephens J. Lange, president, Owatonna Canning Company and Midwest Foods, Inc., has been elected a director of the Security Bank & Trust Com pany of Owatonna, announces Clifford Sommer, bank president. ROLLIN O. BISHOP, president, listens to an explanation of the 1412 Reader-Sorter by Jeanne Klein, EDP division. HOUSANDS of persons, including magnetic characters up to 57,000 many Twin City and out-of-town checks per hour or 950 per minute. bankers visiting St. Paul last month Manufactured by the IBM Corpora for the Minnesota Bankers Associa tion, it can also be used as a reader tion’s Annual Convention, viewed a for input through appropriate control public demonstration in the arcade units to the 1401 data-processing sys i lobby of the American National Bank tem. The American National has this of Saint Paul of a magnetic character sensing reader-sorter which reads and character-sensing equipment on order sorts intermixed random-size paper for delivery and installation in Octo and card documents inscribed with ber. T Joins Staff at Gary Gordon L. Nelson, assistant cashier, First National Bank of Crookston, Minn., has accepted the position of cashier and executive officer, Gary State Bank of Gary, it was an nounced by Presi dent Campbell. Mr. Nelson has been employed at the First Nation al Bank of Crooks ton the past two and o n e -h a lf years. He served three years in the G. L. N E L S O N U. to his immediate association with the First National Bank of Crookston and two and one-half years at the First State Bank of Fertile, Minn. Married and the father of two girls, he has been active in the Elks, Toast masters, and Crookston Conservation Clubs, and is presently first vice presi dent of the Crookston Jaycees and a member of the Trinity L u t h e r a n Church. prominent in community affairs, died recently in Oklee. A resident of the city since joining the bank staff in 1947, he was a member of the school board until retiring from it last month. Also he was president, Red Lake County Ag Society and head of the Republican party in the county for several years. Heads R ed R iver ¡NABAC R. K. Bork, cashier, First State Bank, Park River, has been elected president of the Red River Valley Con ference NABAC. The conference was organized three years ago and has a membership of 26 banks in the area. S. Army prior Elected at Pillager Doris Dally has been elected cashier of the Security State Bank of Pillager, succeeding the late Gustaf E. Parsons. She has been assistant cashier since February of 1950. Donald W . Fenske Donald W. Fenske, 54, cashier, Citi zens State Bank, Gaylord, died last month after serving many persons of the area as their personal banker and the city as treasurer for many years. A . W . Nyquist A. W. Nyquist, 62, vice president, After graduation from high school Security State Bank of Oklee and long in 1924, Mr. Fenske started at the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Elected Assistant Cashier Norman J. Sampson, who came from college training to the State Bank of Virginia on a trainee basis and has worked in every department of the bank, moving in to the installment loan department in March of this year, has been e l e c t ed assistant cashier. He received the Wall Street Jour nal Award for stu N . J. S A M P S O N dent achievement in finance at the University of Minne sota, graduating in June of 1960 with a B.B.A. degree. Do your ß iie t t f o hove questions about Custom Duties in Canada? Custom duties are highlighted in “ Your G u id e to B usiness in C a n a d a ’* a lo n g w ith fa c ts on Canadian taxes, how to form a business in Canada and other essential subjects which may in terest your clients. W rite on your letterhead for this new 48-page brochure published by Canada’s First Bank as a service to U. S. executives. B a n k o f M o n t r ea l fatKcufa'a “S an é 850 B r a n c h e s A t r o s s C a n a d a J N iw T ir t: T w o W all SL Sai F rin is c i: 333 California SL n y n i Cblcafi: 141 Wait Jackson BWtL Hast Ottica: Montreal N o r t h w e s t e r n B a n k e r, J u ly , 1961 CHECKS OUT HIS HUNCH ABOUT THE NEXT DECADE... Actually, his is more than just a hunch. Ken firmly believes (and there is good evidence to support him) that in the coming years, indus try will turn more and more to the renewable abundance of our great Upper Midwest for its supply of raw materials. In his years of travel as a Vice President of our Correspondent Bank Division, he has seen at first hand the product-by-product story of how the things we grow in this region can increasingly serve industry. Iowa and southern Minnesota, whose banks and businesses Ken knows well, are noted for their corn and soybean crops—and he sees in dustry coming up with many new uses for these products. Several hundred miles away in northern Minnesota, another area that also sees much of Ken Martin, it is much the same story for aspen—once belittled as the “ weed tree” of the forest. Today it is the basis for a highly promis ing cellulose industry. Shown here on one of his trips, Ken watches the loading of pulp wood logs destined to be made into paper or insulation or hardboard. And someday, say the researchers, pulp may even be transformed into inexpensive throw away clothing. A native Minnesotan (his father was a banker at Little Falls), Ken Martin covers a wide area for First National of Minne apolis. His is a busy schedule indeed. Only occasionally (not as often as they’d like) do he and wife Mary find time to visit their Lake Beltrami summer cottage near Bemidji. CORRES y’:' 'iyK‘v”7j I f i l l sáM S f«l I I https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER FEDERAL DEPOSIT INSURANCE Ken Martin’s confidence in the new products future of the area is shared, with equal enthusiasm, by the others of our Correspondent Bank Division. It shows in the way they dig into your problems and work with you in help ing you serve your customers. Call on them anytime. They offer you the Upper Midwest’s most modern, most complete correspondent service— yours simply by phoning FEderal 4-4141— First National Bank of Minneapolis. Coffee’s on when you come to the bank to see us. We’ll be happy to show you around. When ever any of your employees are in town, we’d like them to stop in, too. Bringing the First of Minneapolis to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Minnesota News 52 Murphy was advanced from cashier to vice president and cashier. At Many Minnesota Banks . . . im p rovem en ts* O pen H o u ses Silver Lake — Citizens State Bank: E V E R A L Minnesota banks have begun or recently completed con Open house is being planned soon in struction of new bank buildings orcelebration of the recent completion of have remodeled and expanded the old. an interior remodeling project. Open house celebrations have been White Bear Lake— First State Bank: held in many of these cases. Among Open house here recently commem these banks making improvements orated the opening of an all-new bank are: building. This third home of the 58Chatfield — Root River State Bank: year-old banking institution features Work is progressing on remodeling of the latest in customer convenience, the interior and the long row of tell including an Auto Bank, parking, ers’ stations and glassed-in bookkeep night depository, and a “new look” of ing room will contribute to making stone, floor-to-ceiling glass, community this a beautiful new banking house. room, and employee lounge, to men Canton— Canton State Bank: More tion a few. Door prizes included 101 than 500 visitors registered for prizes valuable gifts to lucky registrants. at the recent open house and among Winona—Merchants National: G. M. them were many who had visited the Grabow, president, has announced the bank when it first opened in 1945. installation of new electronic equip Among these were two ladies in their ment for checking account processing. 90’s. All new and modern through Two machines replace four manual out, the bank features a community ones. meeting place, now used by the village council. C. W . Noren Named Cashier Karlstad—Karlstad State Bank: Bids Charles W. Noren, assistant cashier have been received and work is about the past nine years of the Security to begin on a new bank building. State Bank, Bemidji, has been elected Mankato — First National: Plans cashier by the bank’s board. G. H. have been announced for a quartermillion-dollar expansion program to begin this year. A drive-up teller fa cility is being planned at Second and Hickory Streets and the bank building will expand into the building to the north of the present structure. H. M. Grant, president, said the expansion is now a necessity because of bank growth in recent years. Minneota — First State Bank: Har ris J. Sorensen, president, invited peo ple of the town and surrounding area to a grand opening July 1 to visit with bank officers and personnel in the new bank building. S Joins Brainerd Staff Ray Kirkhorn of Gary, Minn., has been elected vice president and direc tor of the Citizens State Bank of Brainerd, succeeding the late Ernest Wise. He has been cashier of the Gary State Bank the past four years and had been previously with the Fed eral Reserve Bank in Minneapolis. New at Crookston Bank Marvin R. Campbell, president, First National Bank of Crookston, has an nounced the em ployment of John W h i t e , Jr., of Breckenridge fo r the small loan and insurance departme n t s of the b a n k , effective J u n e 1. Mr. White, 26, mar ried and father of one child, is a vet J. W H I T E , JR. eran of t h r e e years’ army service in the Air Borne Infantry and has been with the Wahpeton National Bank, Wahpeton, N. D. A n o th e r S u eeessfu t P ro m o tio n New London—Farmers State Bank: More than 1,500 persons helped offi cers, directors and employees cele brate completion of newly-remodeled quarters. A highlight of the open house was a “guess the cash” contest. Oakdale— Oakdale State Bank: Open house was held so visitors could in spect the new and completely modern facilities of the bank. Hours were from 1 to 8 p.m. on a Saturday and be sides doughnuts and coffee, there were orchids for the ladies and balloons for the children. Princeton — Princeton State Bank: The bank has been redesigned and en larged, following purchase earlier this year of a building adjoining the bank building. New facilities include a night depository and larger lobby and offices. N o r t h w e s t e r n B a n k e r, J u ly , 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ROLLIN' O. BISHOP, president, listens to an explanation of the 1412 Reader-Sorter by Jeanne Klein, EDP division. VERY week since 1955 when the interest as many fine gifts were given. Marquette National Bank moved Among these were a 1961 Nimrod to its present location, it has lent porTrailer and $50 savings accounts. A tions of its street-level lobby to the similar promotion in 1960 saw the promotion of national, regional or lo presentation of a patio set to a winner cal civic activity. More than 150 dis of the “no obligation” drawing. “During the past several years our plays have appeared as the result of planning under the direction of R. W. bank has used traffic-producing promo “Bill” Crouley, vice president in tions, from plants to patio sets, and charge of advertising promotion and in every instance we have found our planned programs producing a decid new business. A recent promotion, conducted by edly favorable attitude toward our the bank and the C. J. Hoigaard Com bank and its services from all persons pany, St. Louis Park, attracted much participating,” said Mr. Crouley. E Minnesota News " S u s i e " Ms F ir st in th e A r e a GORDON MURRAY, president, First National Bank of Minneapolis, left, and Fred H. Waterhouse, vice president, inspect the National Cash Register-Pitney-Bowes check sorter-reader that has just been installed at the bank. HE First National Bank of Minne standard for all American banks that apolis last month began processing use or will use electronic sorters. customers’ checks i m p r i n t e d with The code for individual accounts can magnetic ink, the first bank in the be easily seen at the bottom of each upper midwest to use an electronic check. The first numerals are the bank’s code and the next ones the check sorter-reader for this work. Public demonstrations of the ma account number. chine are under way in the main bank ing lobby, giving the public a chance MOOth H ir th d a y to see the lightning speed at which the automatic sorter operates. The bank has nicknamed the unit “ Susie the Sorter.” The sorter, 15 feet long, 40 inches high and 30 inches wide, resembles a counter on which there are 12 slotted metal pockets. Checks slide into the pockets as they are electronically sort ed according to magnetized account numbers printed on the checks. Once the checks are placed in the feeder at one end of the machine, the rest of the operation is automatic. The sorter can handle hundreds of inter mixed documents of various sizes per minute. Vice President Fred H. Waterhouse said check processing has been an ex panding problem in recent years. To overcome this, the electronic sorterreader was developed. Last year more than 13 billion checks were written in LIGHTING UP—Frank G. Held, vice pres the United States and this total is ex ident of the Security State Bank of Ken pected to soar to more than 20 billion yon, Minn., still hale and hearty at 100, is shown lighting the candles on a huge by 1963 and 22 billion by 1970. Mr. Waterhouse said the bank start birthday cake which was presented to him at a recent com m u n ity -w id e birthday ed preparation for installation of the party. Mr. Held enjoys extraordinary good sorter-reader months ago. One of the health for a man of his advanced age and first steps was to imprint in magnetic has the appearance of a man of 70. He ink account numbers on customers’ has been connected with the Security Bank since it was organized in 1934, checks. The code, known as Magnetic State having been a director and president as Ink Character Recognition (MICR), is well as vice president. T https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 53 Northern City National Now One o f Largest The Northern City National Bank of Duluth became one of the seven larg est in Minnesota in capital and sur plus accounts last month when direc tors voted transfer of $800,000 of undivided profits to surplus accounts, increasing capital and surplus to $5 million. Joseph G. Sellwood, board chairman, said the lending limit to any one individual or business is now $500,000. Prom oted in New Y ork First National City Bank, New York, last month announced the appoint ment of A. Halsey Cook as executive vice president. For many years, Mr. Cook served in the bank’s Wall Street district and more recently has head ed the operating di vision, an as signment he will continue. At the same time the bank an nounced the pro motion of four as sistant vice presi dents to vice pres A. H. C O O K idents as follows: David S. Baker, Jr., Park Avenue IN CHICAGO enjoy the facilities of HAMILTON HOTEL in the Heart of the Loop ^ 3 6.50 Sensible Rates from $| • Newly redecorated • Free T V . . . Air-conditioned • Credit Card holders assured reservations during heavy convention periods if ad vance reservations are made • W R IT E F O R Y O U R F R E E C R E D IT CARD Relax in the quiet elegance of your individually created living, sleeping room. Heart of the loop. Within walking distance to State Street, the financial district, the atres, night clu bs, res taurants. ON DEARBORN STREET' between MADISON & MONROE Jhone RAndolph 6-6100\ N o r t h w e s t e r n B a n k e r , J u l y , 196 1 54 Minnesota News ment, and John W. Cooper, assistant secretary in the trust department. The promotions were announced by Kenneth V. Zwiener, Harris Bank president. and 57th Street branch; James S. Deely, New England district; Walter Blenk, trust division, and John M. Martin, trust division. The bank also announced the ap pointments of H. Lansing Clute as a vice president in New York City and Douglas A. Firmin as resident vice president in Lima, Peru. Harris Trust Prom otions Promotions announced by Harris Trust and Savings Bank, Chicago, re cently include two assistant vice presi dents, two assistant cashiers, and an assistant secretary. Named assistant vice presidents were H. Charles Becker, banking de H o s ie r B u ild s G ia n t V a u lt H. C. B E C K E R W . O. V I N E R partment, and Wayne O. Yiner, sav ings department. Both had been as sistant cashiers. New officers include William W. Howell and Frederic L. Webber, as sistant cashiers in the hanking depart Switch “ ON” to Continuous Correspondent Cooperation and Service The Live Stock National Bank SIO U X C IT Y , IO W A Located in the Nation's Fastest Growing Central Public Market MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION Northwestern B a n k e r , J u l y , 196 1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The largest single bank vault in the world is now in use at the new head quarters of the Chase Manhattan Bank at 1 Chase Manhattan Plaza in New York City. Ninety feet below street level, the vault weighs 985 tons, is approximate ly one acre (42,000 square feet), wa ter-tight and anchored to bedrock. The vault has reinforced concrete walls 30 inches thick and six vault doors built by The Mosler Safe Com pany. The vault and vault doors are built to withstand nuclear blasts and are completely sealed to withstand a hydrostatic head of 72 feet of water. Four of the Mosler vault doors weigh 45 tons each; the other two One of six Mosler doors in the Chase Manhattan Bank’s new vault is swung open by a bank employee. Note how the floor is lowered to allow the door to swing. When fully open or fully closed, the floor section rises again to a flush position. weigh 35 tons. Each door is 20 inches thick overall. Four doors have a clear opening 90 inches high and 54 inches wide; two are 90 inches high and 36 inches wide. Three of the six vault doors are used for air condition ing purposes. For extra protection, an electronic panel indicates whether all vault door bolts are fixed to assure watertight ness when the doors are closed. All doors have a four-movement time lock which controls their opening and clos ing. An additional Mosler doors protects the night vault. This door is 16 inches thick over-all and is used for after hours collections. OD Coach Joins Staff Emmet Lenihan, bookkeeping in structor and head track coach at Cen tral High in Aberdeen, has joined the staff of the First National of Aberdeen in the audit department, announces C. C. Lind, president. South Dakota NEWS C . C . LIN D A . S . G U L L iC K S O N P resid en t S ecre ta ry A b erd ee n Huron S D B .I C om m ittee C hairm en OMMITTEES of the South Dakota Sitting Bull,” for permanent use in its Bankers Association have been lobby and recently sent out a brochure listed for 1961-62. Chairman of theseshowing the painting, explaining its committees are: Agriculture — R. F. historical background and inviting Petschow, president, Corn Exchange people of the area to visit the bank Bank, Elkton. Bank Management — to see it. B. B. Hodson, cashier, Blackpipe State, Martin. Education—James Kopperud, vice president, Community State, Lake S p ecia l A w a r d Preston. Industrial — Glen H. Waltner, vice president, First National, Freeman. Installment Credit—William H. Mateer, assistant vice president, Citizens Bank of Mobridge. Insurance Morris G. Winter, president, First State of Armour. Legislative — Rex Terry, cashier, Fort Pierre National, Fort Pierre. Public Relations—John V. Krastins, cashier, Northwest Secu rity National, Sioux Falls. Trust—K. C. Hanna, vice president, First Nation al of the Black Hills, Rapid City. C Aberdeen National Increase L. H. Ickler, Jr., president, Aberdeen National Bank, has announced the in crease of $50,000 in the surplus ac count, bringing surplus to $400,000, equal to its capital. Total capital ac counts aggregate $904,000. 60 th Anniversary The Dakota State Bank of Colman, with branch offices at Wentworth and Chester, celebrated its 60th anniver sary with an open house recently at the bank in Colman. More than 1,500 guests registered for a $25 savings account and all vis itors received gifts—corsages for the ladies, pens for the men and balloons for the children. A smorgasbord lunch was served at the I.O.O.F. Hall adjacent to the bank during the open house hours of 4 to 7 p.m. The capital stock was increased this year from $50,000 to $75,000 and sur plus from $70,000 to $75,000. Displays Mural The Peoples State Bank of De Smet has purchased the mural, “Father Pierre Jean De Smet at Parley with https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SPECIAL A W A R D to Bruce Loessin as outstanding speech student at Watertown, S.D., high school this past year highlighted the annual forensic banquet recently held under the sponsorship of the Farmers and Merchants Bank. William C. Talen, bank president, made the presenta tion. Mrs. Mae Loessin is shown at right. This is the fourth year the bank has honored the speech stu dents. New Office in Spearfish A branch office of the Bank of Belle Fourche will be established in Spear fish between the middle of this month and August 1, announces K. R. Lahti, executive vice president of the Belle Fourche Bank. P e r s on n el of the branch will consist of a manager and two others for the present, said Mr. Lahti. This class was organized by Willard Lynch, executive vice president, Farm ers State of Winner; Elmer Montgom ery, assistant cashier, Northwest Secu rity National of Gregory, and Kenneth Johnson, vice president and manager, Citizens Bank of Colome. Lem m on Surplus Increase A. O. Rolien, president, First Nation al of Lemmon, has announced an in crease of $50,000 in the surplus ac count, bringing surplus to $200,000, equal to its capital. Capital totals $465,400. Deposits are $5,071,000. Joins M ellette Staff Verne W. Collins, formerly depart ment store manager at Livingston, Mont., has become associated with the Farmers State Bank of Mellette, an nounces George P. Cady, bank presi dent. Mr. Collins, a graduate of business administration at Montana State Uni versity, has been a member and direc tor of the Cody, Wyo., Rotary Club; the Sheridan, Wyo., Lions Club; the Laurel, Mont., Kiwanis Club; the Liv ingston, Mont., Lions Club, the Ameri can Legion, Shoshone Lodge A.F. & A.M. and the Elks Club of Cody and Livingston. 5 0 and 4 0 - Y ea r B a n k ers EMBERS of the 50-Year Club and O. Ekeland, Bank of Kimball, Kimball; the 40-Year Club inducted at the Martha Fetherhuff, N.W. Se c ur i ty National Bank, Huron; Alma Hemrikrecent SDBA Annual Convention are: 50-Year Club—V. L. Gotthelf and E. C. sen, First Citizens National Bank, Wa Hofmeister, both of Chancellor State tertown; A. N. Johnson, First State Bank, Chancellor; Carroll H. Lockhart, Bank, Roscoe; I. T. Kehn, First State First Citizens National of Watertown; Bank, Bridgewater; O. A. Kvernes, Mi E. A. Lomer, Commercial Trust & Sav ner County Bank, Howard; Edward ings, Mitchell; Conrad Mogen, State of C. Lee, First National Bank, Volga; Waubay; T. C. Pier, Community Bank, Pauline Pavlik, First National Bank, Avon, and Ross Richardson, First Pot Aberdeen; J. F. Peschong, Miner Coun ter County Bank, Gettysburg. 40-Year ty Bank, Howard; F. F. Phillippi, Da Club — Walter H. Burke, Pierre Na kota State Bank, Milbank; C. L. Sea tional Bank, Pierre; E. B. Dwight, man, First State, Warner, and L. SepSpringfield State Bank, Springfield; H. pala, Southern Hills, Edgemont. M N o r th w e s te r n B anker, July, 1961 56 South Dakota News (wood T u rn ou t u t S IM A in sta llm en t C red it C on feren ce Mission, Farmers State Branch at White River and Northwest Security National of Gregory, these bankers numbered 31 managers, cashiers, tell ers and bookkeepers, who had an aver age attendance of 94 per cent. B. M. “ Smokey” Kratzer, vice presi dent and manager, Northwest Secu rity National Branch at Gregory, has been instructor at the session in Win ner. John Krastins, cashier, Northwest Security National at Sioux Falls, and committee member for the AIB, was very instrumental in promoting and organizing the study groups in South Dakota. AST month’s Installment Credit colm, Stock Yards Bank of South St. Conference of the South Dakota Paul, member of the national women’s Bankers Association attracted a good-committee of AIB. sized attendance that was interested in “New H o r i z o n s in Installment Joins Iowa Bank Credit,” theme of the meeting. Robert B. Rew, assistant cashier, William Mateer, chairman, SDBA Mitchell National Bank, has resigned Installment Credit Conference, pre to accept a similar position with the sided over the series of interesting Bettendorf, Iowa, Bank and Trust sessions. C. C. Lind, new SDBA presi Company. He has been at the bank dent, welcomed attendees. six years. Previously, Robert Knapp, Among the many fine talks were: cashier of the Commercial Trust and “ Business Development in Installment Savings, Mitchell, accepted a position Correction Lending” by Robert Stuebing, assist as cashier of the same Iowa bank. Conrad Mögen, vice president, State ant vice president, First National of Bank of Waubay, and recipient of a Minneapolis; “Mathematics of Install Testifies on M erger 50-year pin at the annual convention ment Financing” by Earl G. Miller, O. D. Hansen, president, Bank of of the South Dakota Bankers Associa vice president, National Bank of South Union County, Elk Point, testified re tion, was incorrectly identified as G. C. Dakota, Sioux Falls, and Mr. Mateer, cently at a hearing in Philadelphia, Mögen in last month’s convention re who is assistant vice president, Citi Pa., concerning the merging of two port of the N orthwestern B an k er . zens Bank of Mobridge; “New Hori large banks, the Philadelphia National G. C. Mögen, president of the bank, zons” by Arch R. Maulsby, assistant and the Girard Trust Corn Exchange. received his 50-year pin in 1957. sales manager, United Service Com The U. S. Justice Department, repre SD B A G R O U P M EETINGS pany, Kansas City; “ Installment Loan sented by George D. Raycraft of the Monday, September 25— Busi Department in a Smaller Bank” by anti-trust division, is resisting the ness meeting, social hour, ban John Kenefick, installment loan man merger. quet, at Sheraton-Johnson Hotel, ager, Union State Bank, Montevideo, Mr. Hansen, past president of the Rapid City. Minn.; “ Installment Banking as a Tool Independent Bankers Association, has Tuesday, September 26 — Busi to Business Development” by a panel spoken on many occasions in opposi ness meeting in community room group of Gordon J. Curren, assistant tion to the merging of already large of Mobridge Branch, First Na vice president, Huron Branch, North banks. tional of Aberdeen. Social hour west Security National, moderator; W. and banquet at municipal audi C. Talen, president, Farmers & Mer Estelline Increase torium (tentative), Mobridge. Capital stock at the Farmers State chants Bank, Watertown; G. Oliver Wednesday, September 27 — Nordby, vice president, Northwest Se Bank of Estelline has been increased Business meeting, social hour curity National of Sioux Falls; J. R. from $25,000 to $50,000, announces W. and banquet at Flamingo Club, Troth, assistant vice president, Mitch K. Johnson, vice president and cash Watertown. ell National, and Charles Burke, vice ier. Thursday, September 28—-Busi president, Pierre National. A general ness meeting at Hotel Lawler. “ Principles o f Banking” discussion session at the end of the Several South Dakota bankers re Social hour and b a nq u e t at conference was conducted by Maynard Mitchell Country Club, Mitchell. Kambak, assistant cashier, First Na cently attended an AIB school study ing “Principles of Banking.” Coming Friday, September 29 — Busi tional of Aberdeen. from the Burke State Bank, Citizens ness meeting, social hour and Bank of Colome, Farmers State of banquet at Sheraton-Cataract Ho Largest AIB Class Winner, Farmers State Branch at tel, Sioux Falls. Sioux Falls Chapter, AIB, recently graduated the largest adult education class in its history. The 42-hour courses were completed by 77 men and women, all of Sioux Falls banks, plus some from banks at Canton, Yankton, Freeman and Parker, S. D., and Rock Rapids, Iowa. N OPEN house, honoring Walter Dickey, who will remain as a member Instructors were: M. J. Colton, vice E. Dickey, drew nearly 400 people of the board. president, The National Bank of South to the Spearfish office of the First Na Prior to the open house observance Dakota; Lloyd Taplett, Washington tional Bank of the Black Hills last at the bank, Mr. Dickey was honored High School; W. J. Heimerman, vice month, at which time visitors greeted at a dinner at the Arrowhead Country president, Northwest Security Nation the manager and vice president of the Club in Rapid City. al of Sioux Falls, and Clare Chilson, banking firm on his retirement. Mr. The evening was sponsored by mem Augustana College. Dickey, 65, closed out his active bank bers of the board of directors of the David A. Shern, assistant cashier, ing career, following over 45 years in First National Bank of the Black Hills First National of St. Paul, and past the banking profession in Spearfish. and at the close of the evening Mr. president, St. Paul Chapter, was the James D. Jelbert, a vice president Dickey was presented a gift from banquet speaker, and Betty Ann Mal of the bank since 1958, succeeds Mr. members of the board. L H eiiriu ff S pear fish H a n ker H on ored n t S evera l E ven ts A N o r t h w e s t e r n B a n k e r . J u l y , 196 1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 57 NEWLY-ELECTED OFFICERS, in photo at left, are, left to right: A. M. Eriksmoen, exec, v.p., Dakota National Bank, Fargo, 1st vice president; C. C. Wattam, retiring executive secre tary, Fargo, now treasurer; O. K. Anderson, pres., State Bank of Lakota, 2nd vice president, and Gary L. Lerberg, cash., Peoples State Bank, Parshall, new NDBA president. SECOND PHOTO — Three past presidents receive a past president’s gift, from left: Earl Weydahl, v.p., Bank of Killdeer, retiring president; Bob Harkison, now pres., First National of Moorhead, Minn., 1958-59 NDBA president, and Alf L. Gamaas, v.p. & cash., Farmers & Merchants Bank, Sheyenne, 1959-60 NDBA president. Seated in foreground is Mr. Eriksmoen, new 1st vice president. NDBA Convention: One Highlight After Another Exceptional Speakers Gary Lerberg Elected President Charlie Wattam Retires as Secretary Record Attendance and Perfect Weather By W A L TE R T . PROCTOR Associate Editor of the n d b a 1961 annual convention in Fargo will not fade easily with the passage of time. The meeting of good North Dakota friends in the banking business is al e m o r ie s M ways a convention highlight and this was supplemented this year by perfect weather for travel, golf, or what have you. This contributed to a new at tendance mark of 546, which expanded easily past 550 the night of the annual banquet. These things, together with the fine Fargo hospitality, plus a spe cial tribute to Charlie Wattam, who, in his 30th year as executive secretary of the association, was advanced to WINNERS AND CHAMPIONS bad tough competition this year. In the photo at right was a “ hot” foursome from which the new SDBA champ was expected to emerge. He did and. it was Leo J. Reiersgord, in the middle in photo, a.c., Merchants National o f Fargo. The golfers, left to right: C. N. Davis, pres., First State Bank, Cando; E. F. Spencer, v.p., First Na tional of Bismarck; Mr. Reiersgord; caddy; and Bill Nelson of Burroughs Corp. MIDDLE PHOTO—Winner of the NORTH https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the newly-created position of execu tive secretary emeritus, made the 1961 meeting an exceptional milestone in the association’s history. NDBA Officers For the first time in 30 years every office was filled with a new man. Gary L. Lerberg, cashier, Peoples State Bank, Parshall, was elected president; E. R. Eriksmoen, executive vice presi dent, Dakota National Bank, Fargo, first vice president; O. K. Anderson, president, State Bank of Lakota, sec ond vice president; Charlie Wattam, treasurer and e x e c u t i v e secretary emeritus, and Bill Daner, executive secretary. Amicable Bill Daner, a Bismarck at torney, has been assistant executive secretary the past two years and it is a tribute to him to be selected for this post as it is understood that Charlie Wattam has been observing several capable young men for this job for several years. Charlie also is proud of the new president, Gary Lerberg, whose mes sage was inspiring and who sounded WESTERN BANKER attendance prize—table model radio with a “ slip out” transister pocket radio— was Walter Bauer, right, cash., First National of Yalley City. Retiring President Wey dahl is at left. PHOTO AT RIGHT—Beautiful trophies were won by these two gentlemen in the first bowling tournament of the NDBA. Harry Lundhohn, at left, pres., First National of Yalley City, won the tourney with a 585 series. High game trophy, Richard Grenz, right, pres., Strasburg State Bank, with 236. N o r t h w e s t e r n B a n k e r, J u ly , 1961 58 North Dakota News the call for North Dakota bankers to offer their talents for the continued growth and importance of the North Dakota Bankers Association. A.B.A. Officers Members of the A.B.A. in North Da kota also had an election and they named Gale H. Hernett, president, Mc Intosh County Bank, Ashley, and for mer NDBA president, as delegate, and A. O. McLellan, president, Méchants National Bank & Trust, Fargo, also a former NDBA president, as alternate to the nominating committee for the National (American Bankers Associa tion) Convention. Leo J. Reiersgord, assistant cashier, Merchants National Bank & Trust, Fargo, won the golf championship with a two under par 34. Harry Lund- holm, president, First National of Val ley City, was top bowler with a 585 series to become the association’s first bowling champion. Dick Grenz, cash ier, Strasburg State Bank, had high game in the tourney with a score of -------------1 9 6 2 C o n v e n t i o n ------------- In response to an invitation by C. O. Harding, vice president, American State Bank, Williston, the association has announced that the 1962 NDBA Annual Con vention will be in Williston. 236. Walter Bauer, cashier, First Na tional Bank of Valley City, won the N orthwestern B anker annual attend ance prize, which was a table model transistor radio with a midget “snap- CHARLIE WATTAM WAS HONORED several times throughout the convention. In first photo he is presented with a gift and recognition on behalf of the Minnesota and South Dakota Bankers Associations by Kenny Wales, left, exec, secy., Minnesota, and A. S. “Barney” Gullick son, exec, secy., South Dakota, at the stag luncheon. That ''W o n d erfu l THIS WAS CHARLIE WATT AM’S CONVENTION— and that’s quite a statement as this year’s NDBA con vention was “A-OK” all the way! Charlie was the toast of the convention and was honored at practically every session. In his 30th year as “temporary” director of associa tion activities and one of the most effective lobbyists in the state, Charlie decided to let a younger man take the reins. For years he looked for a man who would be a credit to the association and found him two years ago. He is Bill Daner, Bismarck attorney, who has been assistant executive secretary since. Bill and his attractive and charming wife, Marge, have made many friends among North Dakota bankers, who are pleased with Charlie’s selection. The NDBA’s new address, incidentally, is P. O. Box 907, Bismarck, N. D. At the first Stag Luncheon of the convention, Charlie was presented a gift from his friends in neighboring states, presented by Kenny Wales and “Barney” Gul lickson, executive secretaries of the Minnesota and N o r t h w e s t e r n B an ker, Ju ly, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1961 out” shirt pocket transistor radio. Other awards were past president gifts given to Earl Weydahl, Killdeer; Bob Harkison, now of Moorhead, Minn., and Alf Garnaas, Sheyenne, all past presidents. Also, Charlie Wattam was given a gift by the associa tions from surrounding states and this was presented by “Barney” Gullickson and Kenny Wales, executive secre taries of the South Dakota and Minne sota Associations, respectively. Many Visitors Many former North Dakota bankers returned to this meeting from their new homes in other states to help the association honor Charlie Wattam and other out-of-staters included the presi dents of three other state associations: George N. Reppe, Minnesota; R. M. night at the Annual Banquet he received a standing ova tion, middle photo, by bankers and their ladies alike. In photo at right, with the convention over, he passes some of the work on to his successor, Bill Daner, left, who has been a popular assistant executive secretary the past two years. C on ven tion 39C harlie South Dakota Associations, respectively. That night at the annual banquet, reference again was made to Charlie’s retirement and more than 550 persons arose in standing tribute and ovation. Charlie later told the N orthwestern B anker that the NDBA has become an effective organization due to a change in its generalship. “ In early days,” he said, “the new presidents were usually bankers who were honored for their many years in North Dakota banking. They would always tell me to go ahead and run the association and they would back me up. Today, we are electing young men who are well educated and well trained and who are eager to direct association activi ties. In fact, Gary Lerberg is the fourth consecutive NDBA president who is a graduate of the School of Banking . . . and this is good.” North Dakota bankers have not seen the last of Charlie Wattam, however. They elected him their treasurer . . . and when asked, “Do you plan to attend next year’s convention in Williston,” he replied, “ I wouldn’t miss it for anything!” 59 AID E-DE-CAM P AN D TROUBLE SHOOTER who kept the convention rolling on an even keel is W . C. “Bill” Sweeney, Jr., at left in first photo, customer relations rep., Merchants Na tional of Fargo, visiting with Bob Harkison, pres., First Na tional of Moorhead, Minn., a former president of the NDBA. MIDDLE PHOTO— Lawrence H. Wubben, left, mgr., St. Paul Terminal Warehouse, Minneapolis, discusses the Cuban situa tion with Lyle W . Anderson, v.p. & cash., Red River National of Grand Forks. PHOTO AT RIGHT— Taking a break be tween convention sessions are A l K. Simpson, v.p., Merchants National of Fargo, who engineered the record-breaking con vention, and O. K . Anderson, pres., State Bank of Lakota. L E A V IN G THE H OTEL GARDNER, convention headquarters and site of the “ First Niter” party which featured plenty of good food and drink, is one of the state’s charming ladies, Mrs. Leo M . Stenehjem, second photo, wife of the exec, v.p., First International Bank of Watford City and former NDBA presi dent. THIRD PHOTO— This North Dakota annual meeting at tracts men from the far corners of the nation . . . and both coasts were represented by Donald L. MacGregor, Jr., left, United California Bank, San Francisco, and Doane P. Lydecker, First National City Bank, New York City. AT RIGHT— Wally Boss, v,p., First National Bank of St. Paul, rearranges luggage in the trunk of his car preparatory to leaving for home. THERE W A S P L E N T Y TO E A T and drink. In photo at left, left to right: Sharpe Pruetz, pres., Kulm State Bank; L. C. Kempf, pres., Grant County State Bank, Carson; R. L. Jans, cash., Kulm State Bank, and Gale Hernett, pres., McIntosh County Bank, Ashley. MIDDLE PHOTO— A . E. “ Dutch” Omdahl, left, who is now pres., Valley State Bank, Billings, Mont., formerly with the First of Minneapolis, and who had attended North Dakota Bankers conventions for eight years, couldn’t miss this one. At right is Donald G. Jackson, v.p., Irving Trust Company, New York. PHOTO AT RIGHT— Left to right: John C. Archibald, asst, treas., Chase Manhattan Bank, New York; Harold Hanson, past pres., of the Minnesota Asso ciation, Baudette, and William Stem, pres,, Dakota National Bank, Fargo. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o r t h w e s t e r n B an ker, July, 1961 60 North Dakota News FOR GUESSING THE EXACT WEIGHT of a large chunk of ice which had been chipped and fashioned into a huge “ hail stone” at a Sea Food Party given North Dakota banker friends by the Dawson Insurance Agency of Fargo, Mrs. A. J. Dobmeyer, left, was given an electric “ Fry Pan” by Charles Dawson, founder of the agency. Mr. Dobmeyer, between them, is v.p. & cash., Security State Bank of Wishek. MIDDLE PHOTO—Al ways beautiful and charming at NDBA meetings are the ladies. Waters, Montana, and C. C. Lind, South Dakota. A top-notch program of some of the nation’s Number One speakers con tributed to this outstanding conven tion. Among the highlights were talks by Dr. Arthur R. Upgren, director, Bu reau of Economic Studies, Macalaster College, St. Paul; Charles B. Hickling, manager, business development, Cana dian Bank of Commerce, Winnipeg; Arthur H. Motley, president and pub lisher, Parade Magazine, and past president, U. S. Chamber of Com merce; S. K. Kryzsko, president, Wi nona National Bank, Winona, Minn., and trustee, Foundation for Commer cial Banks, Ninth Federal Reserve District, and Dr. Nicholas Nyaradi, director, School of International Stud ies, Bradley University, Peoria, 111. Warnings on Russia All talks were excellent and most were of exceptional value to North Dakota bankers and their businesses, but perhaps the most thought-provok ing addresses were presented by Mr. Motley and Dr. Nyaradi, who urged their listeners to discard complacency, and to work, through politics and ev eryday actions, toward a stronger America. Dr. Nyaradi was Minister of Finance in Hungary during the Rus sian crush on that country and had to flee with his life to fight Communism through his lectures and writings so Americans can be brought closer to the understanding of what our nation faces in the wake of an ever-growing, constantly succeeding U.S.S.R. Always a highlight of the NDBA convention are the social activities and there were plenty this year, all of which were highly successful. North Dakota bankers must plan N o r t h w e s t e r n B a n k e r, J u ly , 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis At left is Mrs. Gary L. Lerberg, wife of the new president, and at right is Mrs. Bill Daner, wife of the new executive secretary. PHOTO AT RIGHT— A threesome discussing advertising and public relations for small town bankers are, from left: R. D. Fredrickson, v.p. & cash., Security State Bank of Hunter; S. J. Kryzsko, pres., Winona National of Winona, Minn., who spoke before the convention, and A. O. McLellan, pres., Merchants National of Fargo, alternate, A.B.A. nominating committee. now to attend next year’s meeting in the state’s “oil country” at Williston, where they were so royally treated in 1956. Those who attended that meet ing will remember the fine hospitality in Williston and the social meetings just across the Montana state line to the west. This will be Bill Daner’s first convention as executive secre tary and he will be planning a good one!—End. James E. Hausauer Elected Cashier at Langdon Bank James E. Hausauer, an assistant ex aminer of First Service Corporation, Minneapolis, has been named cashier of the First Bank of Langdon, N. D. Mr. Hausaue r started his bank ing career in Sep tember, 1932,(with the First Nation al of East Grand Forks, Minn., an other affiliate of First Service Cor poration and its J. E. H A U S A U E R par en t company, First Bank Stock Corporation. He re mained there until June, 1957, when he became assistant examiner. He is a native of East Grand Forks and studied at the University of North Dakota at Grand Forks. Officers at H unter At a recent board meeting of the Security State Bank of Hunter, C. H. Howells was elected president (inac tive) and a director. Roy F. Bell of Fargo was made a vice president (in active), and R. D. Fredrickson, for merly cashier and a director, was elected executive vice president and cashier and a director. Mrs. G. A. Fredrickson is assistant cashier and supervises the teller and bookkeeping departments. A . L. Garnaas Heads New Insurance Agency A new insurance agency, the North Central Agency of the Dakotas, will operate throughout North and South Dakota. Organized by three promi nent North Dakota businessmen, it will be located at 56 Ninth Avenue S., Carrington, N. D. The agency was organized as a cor poration by A. L. Garnaas, its presi dent; H. R. Tenborg, vice president, and Cliff Flegel, secretary-treasurer. The firm, which will handle all lines of insurance, has been appointed general agent by North Central Life of St. Paul, reports Robert R. Masterton, vice president in charge of sales. Mr. Garnaas has been executive vice president, Farmers & Merchants Bank, Sheyenne, N.D., since 1941, and execu tive manager, Farmers & Merchants Insurance Agency there since 1946. Also, he has been president of the Farmers State Bank, Maddock, N. D., since 1947 and is an officer and a direc tor of North Central Company, a St. Paul holding company which operates North Central Life and other insur ance and mutual fund companies. Mandan Banks’ H ours The First National of Mandan and the Mandan S e c u r i t y Bank have changed their banking hours. They are closed Saturdays now, but have extra hours for banking Fridays — from 6 to 8 p.m. North Dakota News B ili S tern ’s 7 3 th B ir th d a y ORE than 500 letters and tele M grams poured into Fargo recent ly from all four corners of the world . . . and all were written to “Bill” Stern, president of the Dakota Na tional Bank of Fargo. But the en velopes were addressed to six friends of Mr. Stern, who collected them and had them bound into three large vol umes, which were presented to him at an honor banquet the evening of his 75th birthday. Mr. Stern also was honored at a “coffee party” at the bank. The letters and telegrams were from nationally and internationally wellknown persons, including: Richard Nixon, former vice president; Aloisius Cardinal Muench of Rome, Italy; sev eral state governors and Washington congressmen, as well as the presidents of several national firms, associations and clubs. One very complimentary message was from Senator Hubert Humph rey of Minnesota, which stated that “Fargo without Bill Stern would be like the South without Magnolia” and that Mr. Stern “has had a slight af fliction for several years—a slight case of Republicanism.” F P R A School E nrolls 1 0 5 School days begin July 9 for 105 financial executives who have been accepted for admittance to the 14th annual session of the School of Finan cial Public Relations on Northwestern University’s Chicago campus. Of the total, 48 will be returning to complete work begun last summer. The remain ing 57 are freshmen to the school, but not to financial public relations, for many have already made major con tributions to the field, underscoring the “post graduate” atmosphere of the institution. Heading a distinguished faculty of educational, business, and financial leaders are A. Gordon Bradt, chairman of the school’s board of managers and vice president of the Continental Illi nois National Bank & Trust Company, Chicago; Robert Lindquist, director of the school and vice president of the Harris Trust & Savings Bank, Chi cago, and Daniel R. Lang, dean of Northwestern University’s evening di vision, who will serve as educational advisor. The school is sponsored by the Fi nancial Public Relations Association in cooperation with Northwestern University. Elected to Talcott Board James Talcott, chairman, and Her bert R. Silverman, president, of James Talcott, Inc., announced last month the company’s board of directors has been increased to 13 with the addition of two prominent businessmen. They are C. Richard Youngdahl, New York, executive vice president and a direc tor of Aubrey G. Lanston & Company, Inc., dealers in U. S. government and federal agency securities, and Charles C. Arnao, president of the Larx Com pany, Minneapolis investment firm. Introducing “ M IR A ’ '’ First National Bank and Trust Com pany of Tulsa inaugurated its new automatic data processing system in May and June by announcing the “hir ing” of “MIRA, our new bookkeeper.” Jack D. Porter, vice president, introduces “ MIRA” to customer Mrs. R. L. Constant. MIRA is the abbreviation for Mag netic Ink Recognition Accounting, and the coining of the name represented part of the over-all program to keep the human element in banking while at the same time utilizing modern methods to speed up check handling and processing. First National used large space newspaper ads, featuring a sketch of MIRA, along with television commer cials, statement stuffers and in-bank displays and demonstrations to inform the bank customers and the public about the new system. Primary purpose of the advertising campaign was to urge customers to use the encoded checks and deposit slips which are “read” by the IBM equipment. First o f Chicago Adds $ 5 M illion to Surplus Directors of The First National Bank of Chicago authorized the trans 61 fer of $5,000,000 from undivided profits to surplus. As a result of this, action the bank will have surplus of $150,000,000 and capital of $150,000,000, or a total of $300,000,000, thus giving The First National Bank of Chicago a legal loaning limit of $30,000,000 to any one customer. Following the regular meeting of the board of directors, Homer J. Liv ingston, chairman, announced two promotions in the official staff and election of three new officers. Reginald D. Hulse was elected vice president in charge of the bank build ing. Charles H. Scholfield was named as sistant vice president in the trust de partment. Walter A. Grau, assistant vice presi dent, has been made head of the credit department. In addition to these promotions, Mr. Livingston also announced the elec tion of three new officers: John T. Gamon, assistant cashier in the bond department; Peter C. Morton, assistant trust officer in the trust department, and William H. Myers, assistant cash ier in division “E.” Irving Trust to Expand Irving Trust Company announces plans to expand its One Wall Street headquarters building to occupy the entire Broadway block from Wall Street to Exchange Place. In announcing his action, George A. Murphy, chairman of the board, re ferred to Irving’s dynamic growth, and said that “the bank’s deposits have risen twice as fast in the last decade as the New York average. Studies of future growth trends indi cate that the bank will soon outgrow its headquarters building. Therefore, it is planned to construct a major ad dition to One Wall Street.” The first step in this expansion pro gram was taken last month with the purchase of the adjoining Hanover Bank property from Webb & Knapp, Inc. Architectural studies for the new addititon will be undertaken at once. It is contemplated that demo lition of the Hanover buildings will begin in about one year, and the new addition will be completed in early 1964. In the decision to proceed with plans for an expanded One Wall Street building, Mr. Murphy emphasized sev eral factors that were given careful consideration. “We are convinced,” he said, “that the downtown area will continue to be the world’s leading financial center, and our headquarters should remain in Wall Street.” N o r t h w e s t e r n B a n ker, J u ly , 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Harley Patton, a.v.p., Central B&T, Denver; A l Larsen, v.p., Wells Fargo Bank American Trust Co., San Francisco, and G. W . Williams, pres., First National, Greybull. RIG H T: W . Robert Dubois, v.p. & t.o., Stock Growers National, Cheyenne; LE FT : Fred Hesse, pres., Wyoming Loan & Trust Buffalo; Robert Ferril, cash. Wyoming Loan & Trust, Buffalo; W . B. Whitman, a.v.p., and Charles Kuning, v.p., both with American National B&T, Chicago. Edum rd K en dig E lected P resid en t in W gom in g .1 . Association Approves Scholarship Plan By M . K . FR EE LA N D President The Northwestern Banker EDWARD KENDIG, vice pres ident and cashier, State Bank • of Wheatland, was elected president of the Wyoming Bankers Association at the 53rd annual conven tion held at Jackson Lake Lodge last month. He succeeds John W. France. A president of The Rawlins National Bank. Nealy 300 bankers and their wives registered for the meeting. Officers of major banks throughout the nation once again joined the Wyoming group to swell the attendance. N E W OFFICERS — Vice President— Vern Eastman, exec, v.p., First National, Ther mopolis; President— A. Ed Kendig, v.p. & cash., State Bank of Wheatland; Treasurer— R. Stan Allen, pres., Shoshone-First National, Cody, and Secretary (re-elec-teff)— D. D. Giddings, v.p., First National, Casper. N o r t h w e s t e r n B a n k e r , July, 1 961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Officers elected to assist President Kendig were: Vice president, Vern Eastman, executive vice president of the First National Bank at Thermopolis, and treasurer, R. Stan Allen, pres ident of the Shoshone-First National Bank, Cody. Don D. Giddings, vice president, First National Bank of Cas per, was re-elected secretary. Elected to the state executive coun cil were: Mr. France; Don Mahoney, vice president, Stock Growers Nation al, Cheyenne: Jackson F. King, presi dent, First National of Casper, and Leon Harmon, president, First Nation al of Riverton. Mr. France also was elected as the state’s member on the A.B.A. nominating committee at the San Francisco convention this fall. Al ternate is R. J. Hofman, president of the American National of Cheyenne. Robert W. DuBois, vice president and trust officer, The Stock Growers National Bank, Cheyenne, headed the resolution committee, mentioning that the Wyoming Association was giving unqualified approval to the tax equal ity measures introduced in the House of Representatives, numbered H.R. 2899 and H.R. 2900. The association 63 John Hejinian, a. v.p., Chase Manhattan Bank, New York; Elmer Harpstreith, director, First National, Torrington; Burnham Yates, pres., First Continental National B&T, Lincoln, and John W . France, pres., Rawlins National, Rawlins. RIG H T: LEFT: has also suggested that all member banks consider the purchase of the $1 million excess fidelity bond coverage. Installment Loan Report Vincent E. Christie, vice president, the First National Bank of Powell, presented an extensive report as head of the association’s Installment Loan Committee. Mr. Christie gave the re sults of a survey on installment credit conducted among Wyoming banks, ft was found that 39 banks were actively engaged in the installment field and that 19 banks have separate depart ments. The majority reported volume either up or unchanged. The average percentage of total loans in install ment loans was 18 per cent. The aver age gross income derived from install ment loans was 21 per cent. Banks were asked if credit unions were a threat in their respective trade areas. The majority reported that credit un ions were a source of competition— but not a threat. Wyoming has no state-chartered credit unions, only fed eral. Ken Danielson, cashier of the First National Bank, Lander, reported as head of the Agricultural Committee, that Wyoming banks are continuing to take an active role in assisting farm organizations and farm customers. Vote Scholarship Plan John France, making his final re port as president, suggested that the association should consider giving one or more scholarships to deserving young people to the University of Wyoming’s College of Commerce and Industry. The suggestion was ap proved, and the executive council will work out details as to number of scholarships, amounts, and method of selection. Members of the association also ap proved the executive council’s right to plan for annual conventions two years in advance. Tentative plans for Gordon Murphy, v.p., American National, Cheyenne; Ray Die"ball, a.c., First National, Chicago, and Chas. Irwin, v.p., Con- verse County Bank, Douglas, 1962 are to return to Jackson Lake Lodge in mid-June. The convention program this year once again featured nationally-known speakers including: Paul E. Genachte, vice president and director of Atomic Energy, The Chase Manhattan Bank, New York; John B. Potter, treasurer, Columbia-Geneva Division, U. S. Steel, San Francisco, and Gene Flack, sales and advertising counsel, Sunshine Bis cuits, Long Island, N. Y.—End. New Riverton Bank Preliminary approval for the organ ization of a new national bank at Riv erton, Wyo., has been given by Ray N. Gidney, comptroller. The new bank will be called The American National Bank of Riverton. The new bank is being organized by a group of Riverton residents with capital funds of $500,000. Footings will consist of $100,000 capital, $350,000 surplus, and $50,000 undivided profits. Shares of the new bank’s capital stock will be offered at $25 per share. The group organizing the new bank is headed by Donald Spiker, Riverton attorney. Others are James Barquin, Sr., L. D. Guilford, Herbert L. Learn ing, Kenneth P. Lester, Gerhard Medow, Bruce W. Ritchie, Kenneth L. Slagle, Albert F. Stork, Harry F. Hays of Lander and Del Crouse of Worland. Big H orn E lection; Closing on Saturdays New officers elected at a recent meeting of the Big Horn Basin Bank ers Association are M. L. Krogman, cashier, First National Bank of Lovell, president, and Vincent C. Christie, vice president, First National Bank of Pow ell, secretary-treasurer. Five Big Horn Basin banks have an nounced new hours and are remaining closed on Saturdays. The five banks are the First National and Stockgrowers State of Worland, the First Na tional of Thermopolis, the First Na tional of Greybull, and the Security State of Basin. The banks will be open during the noon hour Monday through Friday and until 6 p.m. on Fridays. Joins Basin Bank Ray V. Faure, cashier, Stockgrowers State Bank, Worland, has joined the Security State Bank, Basin, as vice president. Prior to joining the Wor land bank eight years ago, Mr. Faure had 13 years of banking experience in Livingston, Mont. Mrs. Cl arence Murphy, assistant cashier, Security State of Basin, re cently was honored for 20 years’ serv ice. Retiring president of the bank, A. C. Maloney, presented a watch to Mrs. Murphy. Joins W orlan d Bank George E. Cooke, vice president, Ne braska State Bank, Broken Bow, has joined the Stockgrowers State Bank at Worland as vice president in charge of agricultural and livestock loans. Mr. Cooke formerly was with the First National Bank of Riverton, Wyo., and before that was county agri cultural extension agent for Carbon County, Wyo. Heads N A B AC Group Virgil B. Adams, auditor, Stock Growers National Bank, Cheyenne, Wyo., is the new president of the Wyoming NABAC conference. Other new officers are James V. Mason, audi tor, First National Bank, Laramie, vice president; William H. Brown, auditor, First National Bank, Casper, state vice president, and D. C. Brayton, assistant cashier, Bank of Commerce, Sheridan, secretary-treasurer. N o r t h w e s t e r n B a n k e r, J u ly , 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 64 CONVENTION SPEAKER Robt. C. Liebenow, pres., Board of Trade, Chicago, left, is shown with Mrs. Hemmerle and husband, Jack, who is asst. cash, of First Natl., Chicago. RIGHT— Union Bk & Tr. Co., Helena, was host at social hour. Shown from left: Mrs. J. H. Dion (whose husband is v.p. & tr. off.); John Carl son, pres., and Mrs. Carlson. A. C. Schueren, dir., Livingston St. Bk., is at right. R ich a rd R . R a bie E lected P resid en t in 3 t ont ana E conom ic Report Given By Group Chairmen EPORTING a shortage of rain fall—but showing an abundance of friendship and hospitalitymembers of the Montana Bankers As R -------- C O V ER P H O T O --------NEWLY-ELECTED OFFICERS of the Montana Association, left to right: Seated— Robert M. Waters, pres., Security Tr. & Svgs., Billings, retiring pres., and Richard D. Rubie, pres., Citizens Bank of Montana, MBA pres. Standing— E. Lowry Kunkel, Jr., exec, v.p., Daly Bk. & Tr. Co., Anaconda, 1st v.p., and R. C. Wallace, exec, secy-treas. sociation met at Jackson Lake Lodge, Moran, Wyo., last month for their 58th annual convention. Richard D. Rubie, president of the Citizens State Bank of Montana in Havre, was elected president of the MBA, succeeding Robert M. Waters, president, Security Trust and Savings Bank, Billings. Other officers named were: First vice president, E. L. Kunkel, Jr., exec utive vice president, Daly Bank & Trust Company, A nac onda; second vice president, D. J. Dundas, presi dent, Great Falls National Bank, and Robert C. Wallace, secretary-treasur- VIEWING- TETONS were E. H. Mester, v.p., First Natl. Bk., Butte, and Len Gisvold, v.p., Northwestern Natl. Bk., Minne apolis. CENTER— Les Curran, ag rep., First Cont. Natl. Bk. & Tr. Co., Lincoln; A. K. Sample, pres., Conrad Natl. Bk., KaliN o r t h w e s t e r n B a n k e r, J u ly , 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B y M ALC O LM K . F R E E LA N D President Northwestern Banker er. Mr. Wallace has served in this capacity for the past 15 years. Detailed reports on current econom ic conditions in each of the seven Montana banking groups were made by the respective group chairmen (or their representatives) as a special fea ture of the 1961 convention. In most areas of the state, moisture conditions were found to be below normal, reduc ing the winter wheat harvest, as well as the yields on hay and cash crops. spell, and R. C. Timmerman, pres., Comm. Bk. & Tr. Co., Helena. RIGHT— A. Gordon Bradt, v.p., Cont. 111. Natl. Bk. & Tr. Co., Chicago, and O. M. Jorgenson, chum., Sec. Tr. & Sav. Bk., Billings. 65 A T LODGE EN TR AN C E were Nels Turnquist, pres., First Natl. Bk. & Tr. Co., Helena,, and A . V. Appelgren, pres., First St. Bk., Wolf Point. RIGHT — Paul Bowman, dir., First Natl. Bk., Kali- If the water shortage continues, it is felt that livestock breeding herds will have to be reduced and that business activity will be lessened. Don R. Wyard, vice president, Bill ings State Bank, gave the most opti mistic report in reciting conditions in Group 7, covering the south central section of the state. In his area, the winter wheat crop is average or above; irrigated crops are doing well; the livestock picture is good to excel lent, and bank debits in the Billings area are slightly up over a year ago. Executives making less favorable reports as to conditions were: Group 1, Garrett C. Eaton, cashier, Liberty County Bank, Chester; Group 2, Peter C. Alber, vice president, First State Bank, Richey; Group 3, John Collins, vice president, First National Bank, Missoula; Group 4, A1 Appelgren, pres ident, First State Bank, W olf Point; Group 5, F. C. Hedger, executive vice president, Great Falls National Bank, and Group 6, Clarence Waters, cash ier, Daly Bank & Trust Company, An aconda. President Waters also admitted that current crop conditions could be im E. W . Engstrom, v.p., Midland Natl. Bk. Minneapolis; Mrs. Engstrom; Mrs Bowman; R. M. Leslie, v.p., First Natl. Bk., Kalispell, and Mrs. Leslie. proved by adequate moisture. At the same time, he demonstrated the longrange potential in the Treasure State by listing the record annual incomes from the following sources: ranches, $500 million; minerals, $200 million; forests, $88 million; industry, $243 mil lion, and tourists, $96 million. Louis B. Lundborg, executive vice president, Bank of America, N.T. & S.A., San Francisco, was a key con vention speaker, suggesting to dele gates that a lo c a l community is stamped by the character of its banks. He warned that if a man runs a bank as a “private money sock” the com munity will stand still. He suggested that the full service community bank is on the increase and that in the fu ture customers will not put up with a bank offering a partial list of serv ices. Hugh Galusha, C.P.A. and attorney from Helena, appeared on the pro gram, speaking on the subject, “ The Banker as a Taxpayer.” He men tioned that bankers are in the busi ness of planning for others—and fre quently, they do not plan their own affairs. He outlined the various types LEFT— Otto Preus, v.p., Marquette Natl. Bk., Minneapolis, and R. G. Johnson, pres., Continental Natl. Bk., Harlowton. CEN TER— Floyd Hamilton, pres., First Natl. Park Bk., Livingston; Alden Small, asst, v.p., Chase Manhattan Bank, New York, and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis spell; of trust agreements, suggesting that delegates get their personal estates in order. A. Gordon Bradt, vice president, Continental-Illinois National Bank & Trust Company, Chicago, spoke on “What Makes a Winning Bank.” He mentioned that banks can do more things for more people than any other business — but today, banks face the fiercest competition for business that they have ever experienced. He listed seven qualities that bankers should adopt: (1) Put yourself in the other person’s place. (2) Express yourself clearly, using a positive approach phrased in simple terms. (3) Be dif ferent—make your own contribution. (4) Have a positive, enthusiastic ap proach. (5) Stick to it. Be persistent. It’s the little things that make big things possible. (6) Be flexible and adjust quickly to changes. (7) Get hold of ideas and ideals bigger than you are. A total of 463 persons registered for the convention. Special entertainment features included a social hour and dinner-dance both nights during the meeting. Bill Whitman, asst, v.p., Amer. Natl. Bk. & Tr. Co., Chicago. RIGHT— Louis B. Lundborg, exec, v.p., Bank of America, San Francisco, and Hugh Galusha, C.P.A., Helena. Northwestern Banker, July, 1961 66 LEFT— R. E. Orchard, v.p., Stock Yds. Natl. Bk., South St. Paul; Geo. C. Johnson, près., Exchange St. Bk., Glendive; Duane M. Tucker, pres., Sec. St. Bk., Plentywood, and F. Keith McDonald, Ag, consultant, Sec. St. Bk., Plentywood. CENTER — B. Meyer Harris, près., Yellowstone Bank, Laurel; D. L. College Loan Program The Conrad National Bank, Kalispell, Mont., has announced a plan for financial assistance to needy county students who are studying vocational agriculture in college. Alex K. Sample, Jr., president, said this pilot program was established to aid agricultural students who cannot get adequate assistance from other sources. The program will be administered by three senior bank officers, two Flathead County high school vo-ag depart ment representatives and a high school administrator. Loans will be advanced until the boy or girl has completed at least one quarter of col lege work, but it is not restricted to first year students. Under the flexible financing program , repayment is based on earnings after college gradu ation. Mr. Sample indicated that in future years the Conrad National educational loan fund could be extended to college students in fields other than agricul ture. Scothorn, pres., First St. Bk., Stevensville, and V . C. Hollings worth, pres., Cit. St. Bk., Hamilton. RIGHT— J. H. Hanson, pres., Sec. St. Bk., Poison, and Don Jackson, v.p., Irving Tr. Co., New York. ness said a bridle strap broke and caused Mr. Heinecke to fall from the high-spirited horse he was riding. Great Falls Building A complete renovation of the exte rior and first floor of the Central Mon tana Bank building in Great Falls is underway. Davidson & Kuhr is the architectural firm handling the $67,000 project. J. Jones Construction Com pany is the contractor. Billings Construction A $104,935 contract for the construc tion of the Valley State Bank building in West Park Plaza in Billings has been awarded to J. C. Boespflug Con struction Company. H o n o ra ry D eg ree Red Lodge Change Edward Towe, president, First Na tional Bank, Circle, Mont., has pur chased the interest of John Vucurevich of Rapid City, S. D., in the First Security Bank of Red Lodge, Mont. Mr. Towe was elected president and chairman of the board. George H. DeBourg, vice president, and Harry Jones, cashier, retain their interests in the bank and there is to be no change in personnel or manage ment. Heinecke Injured Fred Heinecke, president, First Na tional Bank of Glasgow and chairman of the board, First National Bank in Helena, was injured critically recent ly when thrown from a horse. A wit N orthw estern B an ker, Ju ly , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1961 HONORARY DOCTOR of Laws De gree was awarded to O. M. Jorgen son, chairman of the board, Security Trust & Savings Bank, Billings, Mont., recently by Rocky Mountain College. His citation read in part, “ Your outstanding achievement in your chosen vocation . . . and . . . your distinguished service as a mem ber of the board o f trustees of Rocky Mountain College . . . has helped to sustain the institution through the years.” The building will be located at the northwest corner of 17th Street West and Grand Avenue. It will be an ultra-modern building of buff brick and stone with large areas of glass ac cented by gold anodized aluminum entrances, according to A. E. Omdahl, president. Facilities will include a drive-up window and a 40-car parking lot. The interior will feature an open floor plan with six teller windows, backed by the bookkeeping department. Vaults and safety deposit boxes will be located on the main floor. A full basement with lunchroom, lounge and storage area is included. MICR Center for Chicago Burroughs Corporation has opened the country’s first permanent consul tation center for the financial indus try’s new electronic language—Mag netic Ink Character R e c o g n itio n (MICR). Ken Larrance, Chicago district man ager, announced a $150,000, 12,000 square foot expansion of Burroughs Mid-America Exhibit Center to house equipment, including a full-scale elec tronic data processing system, devel oped especially for the new technol ogy. The center is located at 324 S. Michigan Avenue. Bankers from all part of the coun try will visit the MICR Center to in vestigate applications for MICR equip ment and systems to various financial operations such as checking, savings, mortgage and installment loan ac counting. Burroughs’ Chicago district office serves an 11-state area through a net work of 14 branch offices. The com pany is the only manufacturer pres ently engaged in all phases of the MICR program, from check printing to complete computer systems. Montana News . V i 'i r .Munitimi U n m p 4H‘firt>rs N EXCELLENT attendance was A recorded at the Montana Group Meetings recently completed. Featured speakers were R. M. Wa ters, president, Montana Bankers As sociation, whose topic was “Bankers, Your Back Door Is Open” ; Harold Pitts, president, Miners National Bank, Butte, on public relations; Clement Van Nice, Federal Reserve Bank, Hel ena, on the magnetic ink program, and Ben Ulberg, Helena, on U. S. Sav ings Bonds. Members of the MBA executive council elected are Lyle B. Row, First State Bank, Shelby; Rex Flint, Bank of Baker; C. G. Johnson, First Nation al, Plains; Robert Penner, Citizens First National, Wolf Point; F. M. Ganey, First National, Great Falls; Wilbur Rowe, Metals Bank & Trust Company, Butte; Carl J. Hokanson, Security Bank & Trust, Bozeman, and R. M. Waters, Security Trust & Sav ings, Billings. Group officers elected are as follows: Group I—Garrett H. Eaton, Liberty County Bank, Chester, president; A. M. G re e n sh ie ld s, First National, Browning, vice president, and Norman Mosser, Farmers National, Chinook, secretary-treasurer. Group II — Peter C. Alber, First State, Richey, president; N. A. Lopez, First National, Miles City, vice presi dent, and Eugene Wallenstein, Bank of Baker, secretary-treasurer. Group III — John R. Collins, First National, Missoula, president; Jack King, Bank of Columbia Falls, vice president, and Keith Johnson, Secu rity State, Poison, secretary-treasurer. Group IV—T. J. Coghlan, First Na tional, Glasgow, president; Duane M. Tucker, Security State, Plentywood, vice president, and J. C. White, First State, Wolf Point, secretary-treasurer. Group V—Warren Will, Northwest ern Bank, Lewistown, president; Neis Turnquist, First National, Helena, vice president, and Pat Kirby, Basin State, Stanford, secretary-treasurer. Group VI—Cal J. Crowe, Daly Bank & Trust Company, Anaconda, presi dent; John J. Mitchell, First National, Butte, vice president, and William R. Tait, First National, Dillon, secretarytreasurer. Group VII — Don Wyard, Billings State, p resid en t; Frank Buchanan, Clarks Fork Valley, Fromberg, vice president, and H. Richard Hansen, Farmers State, Worden, secretarytreasurer. Construction Planned The three-year-old Arapahoe County Bank has announced plans for the con struction of a multi-story building at 1175 Littleton Boulevard, near the Woodlawn Shopping Center in Little ton, according to W. G. Johnsen, presi dent. The bank will occupy the first floor and basement, the other two or three floors will be rented as professional offices. NOW The First and only Bank in the area using Electronic Data Processing T oday.. 1* e tH 6 .The First National Bank of Denver, now in its sec ond century of service, is first in this area and one To p A ir o n i of the first banks in the United States to utilize the advantages of Electronic Data Processing in deposit accounting. Once again The First sets the pace in meeting the challenge of the future. In the near future we will be able to serve our area correspondent banks as an automated central data processing headquarters for demand deposit accounting. Edwin H. Mosler, Jr., left, chairman of the board of The Mosler Safe Company, receives the Gold Achieve ment Award, the highest honor of Junior Achievement, Inc., from S. Bayard Colgate, chairman of the board of Junior Achievement. Mr. Mosler is completing his third year as president of Junior Achievement. The presentation was made before some 6,000 people attending the National Junior Achievement Future Unlimited Banquet in Detroit, Mich. System C o n tro l C onsole a n d M a gn etic Tape Units fo r sto rin g inform ation T he F ir s t N a t io n a l B ank of D enver Member Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern B a n ker, Ju ly , 1961 68 OFFICERS of the Colorado Bankers Association are, from left, James C. Scarboro, executive secretary-treasurer; Eugene H. Adams, first vice president, and president, First National Bank, Denver; A . E. Fordham, newly elected president, and president, Gunnison Bank & Trust Company, and L. E. Fitzgerald, past president, and president, Farmers State, Yuma. Colorado H ankers E lect A . E . C or dh ant E. FORDHAM, president of the Gunnison Bank & Trust * C om pany, has been elected president of the Colorado Bankers As sociation. The election took place at the 60th annual convention held in Glenwood Springs last month. Mr. Fordham suc ceeds L. E. Fitzgerald, president of the Farmers State Bank, Yuma. A Other officers elected were: First vice president, Eugene H. Adams, president, First National Bank, Den ver, and second vice president, K. M. Hall, vice president, First National Bank, Colorado Springs. Mr. Adams was 1960-61 second vice president. The convention also re-elected J. C. Scarboro as executive secretary-treas urer of the association for another term. State members of the American Banakers Association elected Norman Dean, executive vice president, Weld County Savings Bank, Greeley, as the Leadville Building Construction of a new addition to the Commercial Bank of Leadville, Colo., was started recently. The addi tion will house the Hugh E. Smith Insurance Company and is being con structed north of the present building. The new construction will match N orthw estern B a n ker, Ju ly , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ì9 6 1 Colorado member to the ABA nomi nating committee. Robin Bailey, president, First Na tional Bank, Pueblo, was named alter nate. In a major convention speech, Carl A. Bimson, president of the American Bankers Association and president of the Valley National Bank, Phoenix, said the banking industry is disturbed over the effect President Kennedy’s recommendation would have for a 20 per cent withholding rate on corporate dividends and interest payments. ----------- COVER P H O T O -----------OFFICERS of the Colorado Association, left to right: J. C. Scarboro, Denver, exec, secy.; L. E. Fitzgerald, pres., Farm ers State Bank, Yuma, retiring pres.; Kenneth M . Hall, v.p., First National of Colorado Springs, 2nd v.p.; A . E. Fordham, pres., Gunnison Bk. & Tr. Co., new pres., and Eu gene H. Adams, pres., First National of Denver, 1st v.p. N E W L Y -E L E C T E D the architectural pattern of the pres ent bank building, except for the front of the new unit which will have pan els of glass. The addition is 24 feet wide along Harrison Avenue and 60 feet long. It consists of two stories with the first floor slightly below the present level of the bank and the sec Banks also would be affected in han dling interest coupons on government and corporate bonds, in the redemp tion of U. S. savings bonds, and the receipt and distribution of income to trust beneficiaries and others for whom they act in a fiduciary or custo dial capacity, he said. “F u rth e rm o re , banks would be blamed along with the Treasury and Congress for any hardships or incon veniences caused the r e c ip ie n t s against whom the tax is withheld.” As a substitute, Mr. Bimson pro poses: A continuatiton of ABA's education program urging taxpayers to report dividends and interest in full. Setting up by the government of a workable account numbering system through computers for more complete check of income. Revision of tax reporting forms to require more complete reporting of savings, dividends and other addition al income. ond floor utilizing a balcony type de sign. New Depository A new Mosler after-hour depository has been installed at the Farmers Na tional Bank of Ault, Colo., according to C. L. Neisler, president. 1 -, ^ > Coloradlo News 3 Banks to Merge Directors of the First National Bank in Boulder, the First State Bank of Louisville and the Bank of Lafayette announced recently a plan to merge the three banks. Stockholders of the Louisville and Lafayette banks have been offered the opportunity to exchange 50 per cent of their stock for stock in the First National in Boulder. Another affiliate, the Arapahoe Na tional, was organized by stockholders of the Boulder bank and opened last November. When consolidation is complete, the four banks will have total assets in excess of $26 million, and invested capital in excess of $2 million. Louis Miller, chairman of the board of the Louisville bank and president of the Lafayette bank, will remain a director of both banks, but ceases ac tive management July 1. He will re main as an advisor for two years. Named President James A. Savage has been elected president of the Southwest State Bank of Denver. He succeeds Frank E. Bieser, state bond and securities offi cer, who has resigned. Mr. Savage continues as chairman of the board and E. F. Kilmer, executive vice presi dent, continues as manager. The bank was moved to Calhan in 1934. sented to him for his work advancing civil aviation. Supports 4-H W ork Buys Denver Firm The First National Bank in Eagle, Colo., has joined other Colorado banks in national and state support of 4-H club work. The First National has made contributions to the National 4-H Club Foundation and to the state 4-H Club Fund, as part of a nation wide fund raising program. Keenesburg Building An addition is being built at the Citizens State Bank, Keenesburg, Colo. The new construction will enlarge the building by 25 feet to the south and as far east as the vault. Space will be provided for new offices for Charlie Starks, president, and Harry Pippin, vice president, and new quarters to ward the front for Phil Bowles of the Citizens Insurance Agency. Craig Open House Grand opening was held recently at the new quarters for the Moffat Coun ty State Bank at Craig, Colo. The bank celebrated its 26th anniversary on the same day by giving away a money bag containing 26 silver dol lars. A special open house was held dur ing the evening for visiting bankers. Honors Carl Bergman Dolores, Cortez Changes Sidney P. Nicks recently resigned as executive vice president and cashier of the Dolores State Bank and has been elected executive vice president of the Citizens State Bank in Cortez. He succeeds W. Y. Dunlap, who is now senior vice president of the First National Bank in Cortez. Gip Hudson has been elected execu tive vice president of the Dolores bank. He has been with the bank for the past two years as part of his 15 years of banking experience. Donald Majors has been elected cashier of the Dolores bank, and Mary Ruth Majors continues as bookkeeper and teller. The position being filled by Mr. Dunlap at the First National in Cortez formerly was held by William J. Lynn who has joined the First National Bank in Alamosa as senior executive vice president. John O. Phillips John O. Phillips, 61, president of the Farmers State Bank of Calhan, Colo., died recently at a Colorado Springs hospital. Death was due to a heart ailment. He had been associated in the bank with A. L. Pieper since 1928, when the bank was located at Peyton. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 69 Carl Bergman, vice president of the A la m o sa National Bank, Alamosa, Colo., was honored recently for his work with civil aviation by Frontier Airlines. A special trophy was pre Hal E. Roof, vice president, Central Bank and Trust Company, Denver, re cently purchased controlling interest in Alsco, Inc., of Denver, one of the la rg e s t distribu tors of aluminum products in the R o c k y Mountain area. He assumed his p o s itio n as chairman of the board and execu tiv e v ic e presi den t w ith that corporation l a s t month. Mr. R o o f has been with the Central Bank & Trust Company since 1945, and at the time of his resignation was vice president of the mortgage and installment loan department. Joins Longmont Bank Oral G. B eck mann, a former a s s i s t a n t vice president at the National Bank of Commerce in Lin coln, Neb., has been a p p o in te d a ss is ta n t v i c e p r e s i d e n t in charge of the pero. g . b e c k m a n sonal loan depart ment at the Long mont National Bank, Longmont, Colo. In sta lls E lectro n ic S ystem IN OPERATION at the First National Bank of Denver is this newly installed GE-210 computer-controlled electronic bookkeeping system. The First National has become one of the first banks in the nation to install the system utilizing the latest electronic computers, sorters, tape units and other components in the processing of daily deposits and withdrawals. Conversion of checking accounts began May 15, when over 8,000 accounts were transferred to the computer system. The balance of nearly 40,000 ac counts will be converted over a period of the next few months. In the near future, The First National will be able to serve its area correspondent banks as an automated central data processing headquarters for demand deposit accounting. N orth w estern B a n ker. Ju ly , 1961 70 Omaha Grain Exchange, M arch 13, 1911 S e n d U .S . y o u r g r a i n d r a f t s W hen this picture was taken fifty years ago, The United States National already had a great deal of experience in handling grain transactions. Today, as then, our experience and desire to be of service can help you process customers’ grain drafts with the same speed and efficiency given other transit and collection items. Y o u ’ ll like d oing b usiness w ith th e U . S . N a t i o n a l Bank, where an experienced, proficient te a m offers c o m plete correspondent service. A ll our h elp fu l services are you rs fo r a p h o n e call — 3 4 1 -8 7 6 5 — in Omaha. Member Federal Deposit Insurance Corporation N orth w estern B a n ker, July, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1961 71 niversary celebration with the public. A coin guessing contest was popular as was a currency display from the Federal Reserve Bank of Kansas City. Nebraska NEWS M. P. BAIRD President HARRIS V. OSTERBER6 Secretary Daisy Huston Superior Omaha A B A A p p rov es . . . O p era tion s C on feren ces in »July EAT, MARWICK, MITCHELL & P Company will hold bank opera tions conferences July 11 at Yancey Hotel, Grand Island, and July 12 at the Sheraton-Fontenelle in Omaha, covering these subjects: Modern Tech niques in Bank Management, Inter nal Control, Bank Taxation, Cost An alysis and Control, Mechanization and Automation. Top personnel from the banking de partment of the New York, Chicago and local offices of the firm will be speakers. The Omaha Conference will have a special session for banks of more than $25 million. Meetings are scheduled to begin at 10 a.m., with luncheon tickets being sold at the door in Grand Island. No special luncheon has been planned for the Omaha meeting. Adjournment is 4 p.m. There is no registration fee. The Nebraska Bankers Association’s insurance and protection committee has announced that it supports the program and urges Nebraska bankers to attend. “The subject of Internal Control will be given high priority,” reports E. G. Schellpeper, chairman of the NBA committee, “and bankers will have an opportunity to participate in the discussion.” First of Beatrice Expands Harold Deitemeyer, president, First National of Beatrice, has announced the purchase of the building just south of the present bank building for expansion of bank service and facili ties. This will add 2,160 square feet to the banking quarters. Bank Building & Equipment Corp., St. Louis, the original bank architects, will combine the two buildings into one attractive banking unit. The work is to be completed this fall after which the public will be in vited to a grand opening. Returns to Wyoming George Cooke, vice president, Ne braska State Bank, Broken Bow, moved to Worland, Wyo., last month https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to become vice president of the Stockgrowers Bank there. He came to Bro ken Bow about three years ago from Newcastle, Wyo. Name Change at Columbus The Central National Bank of Co lumbus is changing its name to The First National Bank & Trust Com pany of Columbus, the new name to be official later this summer, an nounces Howard Burdick, president. Paul H. Naeve Paul H. Naeve, 78, who recently completed 50 years’ service as cashier of the Farmers Bank of Cook, died last month at a Tecumseh hospital. Curtis Grand Opening Several grand opening events were held by the Curtis State Bank, Curtis, Saturday, July 1, to share its 50th an- Daisy Huston, 83, president of the Bank of Salem for more than 20 years, died recently about a week and a half after suffering a hip fracture, for which she had been confined to Com munity Hospital. Besides a son, Harry Huston, cash ier of the bank, she is survived by a brother, two grandchildren and four great grandchildren. Fred Seaton Is Elected Fred A. Seaton of Hastings, who has served as U. S. Senator from Nebras ka, Assistant Secretary of Defense and Secretary of the In te r io r u n der the E isen h ow er Admin ist ration, has been elected a director of the F irst N a tion a l Bank of Hastings, it has been an nounced by C. L. Van Horne, presi dent. “Mr. S e a t o n brings to the First Natitonal a wealth of business experience, having sub stantial interests in radio, television and newspapers in Nebraska, Wyom ing, South Dakota, Colorado and Kan sas,” he said. I f '. H . 3/cO ttn a ld O ies A n t id tOOth B ir th d a y fJonyratutations H. McDONALD, chairman of W • the board of the McDonald State Bank, North Platte, whose com ing birthday in June was featured in an article in the June Northwestern Banker and whose picture appeared on the cover of that issue, died on that 100th anniversary of his birth. Mr. McDonald began his banking ca reer in his father’s bank in 1882 when he was 21. He became cashier in 1885, president in 1919 and chairman in 1926 when he became 65. Mr. McDonald takes with him a knowledge of early western Nebraska. Born the first white child in the terri tory now known as Lincoln County, he helped develop and tame the coun try around him, serving “ Buffalo Bill” as a good friend and banker at one time. He was semiconscious on his last birthday as congratulatory letters, tel egrams, cards and flowers arrived from friends throughout the country. w. h . M cD o n a l d N orthw estern B a n ker, Ju ly, 1961 72 HE board of directors of the N a tio n a l Bank of Omaha an T nounced the following elections and promotions at their meeting in midJune. Elected to vice presidents were William E. Garrison and Frank L. Love. Promoted to assistant vice pres ident was Carl N. Bloom, and Robert W. Tritsch was named assistant cash ier. Both Mr. Garr i s o n and Mr. Love are new to the bank. Mr. G arrison , who will serve as p e r s o n n e l direc tor, comes to the F ir s t N a tion a l f r o m P e o p le s Trust C om pa ny in Bergen Coun W . E. G AR R ISO N ty, New Jersey. An honor graduate with a Bachelor of Arts degree from Princeton Univer sity, he has completed graduate work at Wharton School of Finance at the University of Pennsylvania. A native of Detroit, Mich., Mr. Garrison has had 20 years’ experience in the per sonnel field. He served as a senior instructor in the American Society of P e r s o n n e l Administration and the American Society of Training Direc tors. F. L. L O V E C. N. BLO O M Mr. Love will be in charge of the correspondent bank department. An agricultural specialist, he will serve Municipal and Corporate Bonds Listed Stocks Unlisted and Local Stocks ORDERS EXECUTED ON A L L PRINCIPAL EXCHANGES correspondent bank s in Nebraska, Iowa, Colorado, Wyoming and other surrounding states. A graduate of Ontario Agricultural College, he was appointed director of livestock exten sion for the Ontario College and the Province of Ontario. Recently Mr. Love has been co-own er and manager of the Colorado-Nebraska Cattle Company and general manager of System Investment Corpo ration, a farming, ranching and feed lot operation in Wyoming, Nebraska and Nevada. All his adult life has been spent in the agricultural field. He has been an advisor to several large feed companies. Mr. Bloom, a graduate of St. Am brose College at Davenport, Iowa, is a former banker from DeWitt, Iowa. He has been with the First National Bank in the correspondent bank divi sion since 1944. Mr. Tritsch is a graduate of the Uni versity of Nebraska and has been with the First National since 1953. He presently heads the bank’s credit de partment. He is active in American Institute of Banking work and serves the Omaha Chapter as vice president. * * * D avid F . D a v is has been appointed vice president and investment officer of the estate and trust department of The Omaha National Bank, according to an announcement from W . D ale C lark, chairman of the board. Mr. Davis has been vice president in charge of the bank’s investment port folio, and has been associated with the estate and trust department invest ment committee since 1922. Mr. Clark also announced the fol lowing retirements from the bank, ef fective July 1: G. F . K ro e g e r, vice president, for many years administra tive officer of the estate and trust de partment; M a x W h e e le r, teller; E u gen e O glebay, teller; N in a B ru h n , tell er; M a rga ret O lson, analysis; A n n a K a d le c and B arb ara L eo n e, both of the building staff. In addition, E m m a W e ib e l, who has been with the build ing office for almost 40 years, will leave at the same time. * * * president, North Side Bank, has been elected president of the Omaha-Lincoln Society of Fi nancial Analysts. L . D ale M a tth ew s, C H I L E S -S C H U T Z C O . O m a h a , N ebraska L incoln , N ebraska 412 Farm Credit Building 203 Stuart Building Phone 34 6-6677 Phone HEmlock 2-3325 C hadron , N ebraska L exington , N ebraska 346 Main Street Phone FAirview 4-3766 Phone HEmlock 2-5555 Northwestern Banker, July, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis * * =K H e n r y R o ose, vice president, U. S. National Bank, has been named chair man of the Omaha Chamber of Com merce Presidents’ Club. * * * The annual joint meeting of the boards of directors of the Federal Re serve Bank of Kansas City and its Omaha Branch was held last month. 73 Victor Jording, Addresso graph Department .. He works fo r you . One of this young m an’s responsibilities is providing addressed en velopes for outgoing transit items. Prepared in advance of use, these envelopes can be stuffed, stamped and on their w ay to you in minutes. Another tim e-saving step combined with fa st presentation and the use of direct sending points to give you the best transit service possible. T h e O m a 17th and Farnam Streets https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis h a N a t i o n a l B a n k M em ber Federal Deposit Insurance Corporation Northwestern Banker, July, 7967 74 Nebraska News D r iv e -tn W in s B e a u ty A w a r d “ C ITY B E A U T IF IC A T IO N A W A R D ” for June, presented by the Women’s Division, Omaha Chamber of Commerce, was won by the Drive-In, Walk-In Facility of the United States National Bank of Omaha. The bank was cited for “ beautification, modernization and renovation of an existing structure.” Edward W . Lyman, second from left, pres., accepted the award from James B. Moore, member of awards com mittee of Beautification Unlimited. Also participating were Mrs. Jane Peterson, left, exec, secy., and Miss Elizabeth Hill, right, pres., both of Omaha Chamber Women’s Division. Heading the Kansas City delegation were R a y m o n d W . H a ll, chairman, and G eorge H . C lay, president. The host delegation was headed by James L . P a xton , Jr., ch airm an , Omaha board, and P. E . D ebus, vice president in charge of the Omaha branch. * * * * trust department, Omaha National Bank, has been elect ed president of the Omaha Chapter, A.I.B., for 1961-62. He has been ac tive in A.I.B. for 10 y e a r s a n d h o l d s the prestandard, stand ard and graduate ce rtifica te s. He recently returned fro m the A.I.B. national c o n v e n tion in Seattle. J. H. M IL L E R Elected to serve with Mr. Miller were: R obert T ritsch , First National of Omaha, vice presi dent; Stan V a la , South Omaha Bank, treasurer, and H ele n e E esae, Packer’s National, secretary. Jesse H. M iller, =t= * * C harles C. C arter and R o bert E . Price have been elected assistant cash iers at the Center Bank. * * * Organizers of the proposed South west Bank of Omaha, which would be located at 90th and Center Streets, received a ruling from State Banking Director R alph M isk o recently that they must capitalize the new bank at $500,000. Their application previous ly had listed an initial capital of $275,000. Banks in Ralston, Millard and west Omaha had protested chartering of a new bank in the 90th Street location, N orthw estern B a n ker, Ju ly, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis stating a new bank was not needed at this time. Applicants for the new charter have been given until September 1 to com ply with the capital requirements set forth by Mr. Misko and be in opera tion. 7967 * * vice president, First National of Omaha, reports that the remodeling of the 14-story building is nearly completed. Two new escalaE . N . S olom on , Visual Kit Available On Bank Promotion Russell Loring, chairman, commit tee on education, Nebraska Bankers Association, reports that demand for a visual presentation on banking has been so great that “You and Your Community Bank” has been put on six 14-ply, 22 by 28 inch full color charts, together with script. “We believe that every Nebraska bank should have one of these avail able for use before school groups and business and civic organizations,” said Mr. Loring, “and we can promise de livery in August on order received before July 15. The investment is nominal—$20 for the package.” Tekamah Bank Sold; Changes Are Announced R. K. Hancock, executive vice presi dent, Burt County State Bank, Teka mah, recently announced that the bank is now affiliated with the Wash ington County Bank at Blair by the sale of the Hancock interests to John Lauritzen, president of the Blair bank and new president of the Burt County State. Mr. Lauritzen is also senior vice president of the First National of Omaha. Hoosier Buys Interest Dean T. Dearinger, president, Amer ican National of Kimball, recently annonced that George O. Nichols of Terre Haute, Ind., has purchased a substantial interest in the bank. Mr. Nichols, president of Nichols In vestment Corporation, will be a direc tor and vice president. C. E. Nelson will remain chairman and Mr. Dear inger will remain president. Nebraska City Promotions CERTIFICATE in The Ancient Order of C-H-A-O-S (Construction Hardship and Obstruction Sufferers) is being presented to John W . Williams, sales manager, Ash Grove Lime and Portland Cement Com pany, by Mrs. Lydia Behmer Reem, First National of Omaha, building manager. E. N. Solomon, bank vice president, is shown with them. The award was given to Mr. Williams and to other building tenants for their cooperation during the recent re modeling project. tors to the main banking floor are in operation and two of four new eleva tors are ready for operation. Special certificates, shown in the photo, cite recipients for “Exemplary Patience, Indomitable Stamina, Unpar alleled Perseverance and Supernal Understanding” during the remodel ing. Irving J. Heng and Mark Fullriede have been promoted at the Farmers Bank of Nebraska City. Mr. Heng be comes cash ier, and Mr. Fullriede moves from vice president-cashier to executive vice president. Puinphrey Buys Interest, Leaves “ Inactive” Status Harry H. Pumphrey, president (in active) of the Citizens National Bank, Wisner, has purchased the interest in the bank of M. B. Thorsen of Minne apolis, and plans to assume a more active interest in the bank. Also, J. G. McGarrough was elected a vice president and J. Robert Nicola was named a director to fill the vacan cy on the board left by Mr. Thorsen. Directors also approved the pur chase of additional fidelity bond cover age for a total of $1 million. 75 MAN-TO-MAN BANKING W e h a v e a lw a y s b e lie v e d in th e p e r s o n a l to u ch , w h e th e r it's a c a ll o n th e p h o n e . . . a v is it fr o m y o u . . . or h a v in g on e of our o w n m e n drop into your bank. For us at the First N ational B a n k of O m aha, b a n k in g is personto-person . .. b a n k e r-to -b a n k e r. . . m a n -to -m a n . FIRST NATIONAL BANK IIP OMAHA 16TH & FARNAM ■ OMAHA, NEBRASKA ■ MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern B a n ker, Ju ly , 1961 76 Nebraska News tita n s îivt A 1 N HA in greater detail in the next issue of T horou gh Horionthe N B . During the first afternoon, “Techni M a n a g vm o n l cal Aspects of Loans” were thorough orthwestern OANS—their relation to deposits, L their administration, their techni cal aspects, and the principal types By BEN H A L L E R , JR. Editor made by midwestern banks—received a thorough review during the 15th an he suggested bankers consider invest nual Nebraska Bankers Association ing about 60 per cent of time deposits Bank Management Conference last in long term bonds or first class real month. Started in June, 1947, the estate loans. The three methods of three-day conference has been held investing funds, he said, are: (1) Long during the same month by the NBA term bonds that will bring the return each year at Doane College in Crete. you desire. (2) Buy and sell tech There were 135 bankers registered nique where you try to make your this year. money on the profit gains. (3) The The program held keen interest for invest to maturity program where ma all registrants, not only for the sub turities are distributed to fit your ject matter of loans, but because of bank’s particular needs. The latter, the competent and experienced group he stated, is most widely used and of speakers discussing each part of safest for country banks. the loan picture. Nebraska bankers In connection with this, Mr. Van need not take a back seat for any Horne distributed a sample of an “ In other state in their ability to field a vestment Policy” that could be adopt well-qualified group of speakers from ed by the board of directors, and among their own members. urged that each bank reduce its pol H. W. Hendricksen, chairman of theicy, regardless of what it is, to writing NBA Committee on Bank Manage so all will understand the goals being ment and vice president, First Nation sought. al of Fremont, opened the first day’s Following this he spent the balance session. The group was welcomed by of his time on some excellent business Dr. Donald M. Typer, president of development methods for obtaining Doane College; heard greetings from deposits. He urged every bank to be NBA President Minor Baird, president come a member of the Financial Pub of Farmers State of Superior, and re lic Relations Association in order to ceived a report from Ralph E. Misko, get full benefit from the hundreds of director of banking, on bank legisla business building suggestions put out tion passed this year. by the FPRA each year. D ep o sit A d m in istra tio n N eed L oan Policy C. L. Van Horne, president, First National of Hastings, led off the pro gram with the topic, “Deposit Admin istration.” He reviewed briefly the technicalities of primary and second ary reserves and the basis on which loan funds are established. In his re marks about investment of deposits, “ Loan Administration” was the top ic of H. D. Kosman, president of Scottsbluff National. He recommended that every bank have its loan policy set forth in writing as a guide to all directors and officers in the bank. This was an excellent talk on an im portant subject and will be reviewed LE F T —Opening day speakers— Ralph E. Misko, dir. of bank ing, Lincoln; H. D. Kosman, pres., Scottsbluff National; H. W. Hendriksen, v.p., First National of Fremont and chmn. of NBA comm, on bk. man.; C. L. Van Home, pres., First National, N o rth w e s te rn B a n ker, Ju ly , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1961 anker ly discussed by three men. E. Ross Martin of Peat, Marwick, Mitchell & Company, Lincoln, told about “ The Accountant and the Customer’s Finan cial Statement” and how the account ant’s study of a financial statement presents important information for the banker that might otherwise not be uncovered. Im p o rta n ce o f D etails Carl D. Ganz, retired vice president of National Bank of Commerce, Lin coln, reviewed “The Customer’s Note and Supporting Papers” in his own inimitable style. This was a lively dis cussion with numerous questions and comments from the floor relating to various types of forms used. He em phasized how imperative it is to have each note completed fully and correct ly, and distributed a sample chattel mortgage form he had devised. W. A. Sawtell, Jr., NBA legal opin ion attorney, went over “Legal Ques tions and Answers Pertaining to Loans.” He said that under Nebraska statutes, a note payable at a desig nated bank between two people is the same as authority for that bank to pay the note on demand to payee at maturity from payor’s funds in the bank, and it is looked upon as the same as a post-dated check. This rul ing was left out of Nebraska statutes in 1901 but reinserted by someone in the 1943 revision and passed by the legislature. Mr. Sawtell urged bankers to ac quaint themselves thoroughly with other methods of financing, such as trust receipt and warehouse financing. He also emphasized the importance of filing a lien in the right county, and also getting names of both husband and wife signed on a mortgage where there is joint tenancy. “ Commercial Loans” was the topic Hastings, and Minor Baird, pres., Farmers State, Superior, and NBA pres. RIGHT— A few of the 50 men taking part in the golf tournament look over the form displayed by Dale M. Shoemaker (right center), v.p., First Continental of Lincoln. Nebraska News LE F T —Agricultural Loans panelists N. T. Tiemann, pres., Com mercial State, Wausa, and Roger L. Cunningham, v.p., First Continental National B&T, Lincoln, with moderator H. L. Ger hart, Jr., v.p., First National, Newman Grove. RIGHT—Panel ists on Technical Aspects of Loans— E. Ross Martin of Peat, for the second morning. Edward J. Carlson, vice president, First National of Omaha, had the topic, “Analyzing Financial Statements.” He presented a sample financial statement fairly typical of the kind offered by a small retailer when applying for a loan. The statement had various figures based on five different dates, whereas a true financial statement with all figures based on a common date, showed the true picture. In the first statement, net worth was listed as $35,000, but a little examination of facts, basing all figures on a common date, showed true net worth of only $23,400. He went through each step that should be followed in determining a true financial statement. Dale Ball, executive vice president, First National of Fremont, used the experience of his own bank and his own participation for the topic, “The Impact of Commercial Credit in Build 77 Marwick, Mitchell & C!o., Lincoln; moderator Herman Brockmeier, v.p. & comp., National Bank of Commerce, Lincoln; Carl D. Ganz, retired v.p., National Bank of Commerce, Lincoln; and Wm. A . Sawtell, Jr., N.B.A. legal opinion attorney, Morsman, Maxwell, Fike & Sawtell, Omaha.. ing Your Bank and Promoting Indus trial Growth in Your Community.” The experiences he related in connec tion with Fremont showed how his bank helped industry to organize and prosper in Fremont as well as helping his own bank. A g L o a n s Studied A well-known pair, N. T. Tiemann, president of Commercial State of Wau sa, and Roger L. Cunningham, vice president of First Continental Nation al of Lincoln, took on the man-sized job of “Agricultural L oan s,” and proved themselves up to it. They al ternated with their comments and showing of charts to illustrate various points, with Mr. Tiemann giving the viewpoint of the country banker actu ally making the livestock loans, and Mr. Cunningham giving supporting in formation about money supply and the help afforded by city banks to their correspondents. S u p erior B u n k S ta rts B em o d elin g In sta llm e n t L o an s The final session was devoted to “ In stallment Loans.” Speakers were D. J. Fouquette, president of St. Cloud National Bank, St. Cloud, Minn., and Perry S. Francis, vice president, Stock Yards National Bank of Omaha. The growing importance of this type of loan in every bank, regardless o-f size, was brought out, as well as the impor tance of maintaining proper records. All those in attendance, many of them repeaters at the conference for many years, thought this was the fin est program yet. Besides the excel lent classroom sessions, registrants had a late afternoon golf match and barbecue, and heard John Acres, bet ter known as “ Stutterin’ Sam,” regale them with the subject of “How to Raise Cain, Kids and Cows.”— E n d . Joins First o f Wahoo After 35 consecutive years as village clerk on the town board of Ithaca, Fred W. Wagner, president of the Farmers State Bank, Ithica, has re signed to become active vice president of the First National of Wahoo. Mr. Wagner and his wife were feted on several occasions before leaving Ith aca and were given several nice gifts. REM O D ELIN G of the Security National Bank, Superior, now underway, will provide about twice the present space. The photo shows an architects drawing of the front of the building as it will appear when completed. The front will feature stone on the lower half and ceramic tile on the top. The building next to the bank will be included in the facility. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, July, 1961 78 Nebraska News holders and the stock dividend shares will be issued. B u rn h a m Y a te s, president, and C. W h e a to n B attey , chairman, stated that increases in economic activity in Lin coln and in Nebraska have been ap parent and that continued growth seems assured. * * * chairman of the board of the National Bank of Commerce, was one of two Nebraskans to receive Nebraska Builder Awards recently at the University of N ebrask a’s 90th commencement. Mr. Dunn was honored fo r his outstanding com m u n ity service. He has in a u gu rated safe bank in g te ch n iq u e s which have been adopted national ly. He has served as treasurer of the Lincoln Salvation Army 40 years, has received national recognition from the Boy Scouts'and Multiple Sclerosis and is now chair man of the Nebraska White House Conference on Children and Youth. B yro n D u n n , SUBSTANTIAL increase in capi A tal stock of First Continental Na tional Bank & Trust Company was voted last month by stockholders at a special meeting. The increase will result from sale C. W . B A T T E Y B. Y A T E S of 12,500 shares of stock at $60 per share and the issuance of a stock divi dend of 12,500 shares. Offering of the new stock and the stock dividend were made to stockholders of record June 21. The new capitalization will exceed $10,000,000 and will consist of 212,500 shares of capital stock having a par value of $4,250,000, surplus of $4,250,000 and undivided profits of about $1,600,000. Warrants to purchase the new shares must be exercised by August 15. Shortly there after it is antici pated that final approval of the trans action will be issued by the Comp troller of the Currency. At that time the new shares purchased by stock * * =)= N. T h o m p so n , president, First Trust Company, recently participated E. TH E C O R R ESPO N D EN T B A N K W IT H TH E OPEN DOOR IN V IT E S N A T IO N A L B A N K O F C O M M E R C E 13T H & O ST R E E T S L IN C O L N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orth w estern B a n ker, Ju ly , 1961 J, N E B R A S K A YOUR B U SIN E SS o r g a n iz e r c a m p e r .. . a n d "fo a n k e r -o n -tlie -j o b ” fo r y o n . . . DALE SHOEMAKER O n e-tim e state vic e-presid ent of NABAC, fu ll-tim e tre a s u re r of th e N ebraska S ta te Fair when it’s in session, Dale S h o e m a k e r’s specialty is c re atin g b e tte r system s fo r co rresp o n d en t banks. S p are tim e finds Dale in his w oodw orking shop, m aking thin gs fo r his P la tte R iver ca b in — or perhaps shaping blocks fo r his new grandch ild. D a le ’s 2 5 years at First C on tinen tal have seen him help m any banks in m any d iffe re n t situations. Y o u ’ll like th e w ay he can help you too. F IR S T C O N T IN E N T A L N A T I O N A L I 2 T M * N B A N K S T R E E T & T R U S T L I N C O L N , C O M R A I V Y N E B R A S K A M EM B ER FD/C https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern B a n ker, Ju ly , 7961 80 Nebraska News H ank W o m en M e e t in L in coln announces Henry Reynolds, president of the Norfolk bank. Both banks are affiliates of the Northwest Bancorporation. Joins Pawnee City Staff Joe Heineman, cashier, Home State Bank, Humboldt, has joined the staff of the Citizens State Bank in Pawnee City, succeeding Julius Jensen, who has retired as assistant cashier after serving the bank since 1953. Sylvia Novy to Cashier N E B R A S K A B A N K W O M E N who attended the regional conference of the National Association of Bank Women in Lincoln are pictured. About 20 women attended. Theme of the meeting was “ Trailways of the Pioneers.” States represented were Ne braska, Missouri, Iowa, Kansas, North and South Dakota, Minnesota, Illinois, Wisconsin, Ohio Indiana and Michigan. Mrs. Evelyn W hiting of Lincoln was conference chair man. Mrs. Eva McBride of Blue Hill was co-chairman. Sylvia Novy, long-time employee of The Ravenna Bank, Ravenna, has been promoted from assistant cashier to cashier, announces J. H. Oliver, ex ecutive vice president. She succeeds D. Stuckey, who was vice president and cashier. New Cashier at Wauneta Keith Sexton, formerly of Lewistown, Idaho, has assumed his new duties as cashier of the Wauneta Falls Bank, Wauneta. with 60 business executives and lead ers in education, government, and the professions in the 19th American As sembly sponsored by Columbia Uni versity at Arden House, Harriman, New York. Arms control and disarm ament was the discussion topic of the assembly. Mr. Thompson also recently repre sented the Lincoln Chamber of Com merce, which he heads as president, at the annual meeting of the U. S. Chamber in Washington. N eil W . H a ll, vice president, First Company, was a member of the corre spondents’ panel at the annual meet ing of the western division mortgage loan correspondents of the Metropoli tan Life Insurance Company at Colo rado Springs. Herb F. McCulla, vice president, Na tional Bank of Norfolk, has been pro moted to vice president of the Great Falls National of Great Falls, Mont., Central Neb. NABAC Elects N ew W e s t P o in t Ituihlint/ S ta rted cashier, Overland National of Grand Island, vice president; Marvin Dyer, State Bank of Cairo, secretary, and James McBride, cashier, Commercial Bank of Blue Hill, treasurer. New directors are: Carl Witt, cash ier, City National of Hastings; Julius Meitzner, cashier, State Bank of Hildred; Clayton Sack, assistant cashier, Security National of Superior; Dan Reiter, cashier, and Wayne McKin ney, executive vice president, both of Platte Valley State of Kearney. Norfolk Mail to Montana Bank’ s Controlling Interest From R. Stout to H. Wragge H. J. Wragge, president, First Na tional Bank, Tekamah, has purchased the controlling interest in the bank from R. I. Stout, chairman of the board. Mr. Stout remains chairman and re tains a block of stock in the bank, but intends to spend more time in Colo rado and Arizona. Mr. Wragge has been at the bank since 1910 and has been very active in civic affairs. No change in personnel or titles was made. Members of the Central Nebraska Conference of NABAC elected new of ficers at their recent annual business meeting. They are: Joseph Bauer, cashier, First National of Hastings, president; Dean Erickson, assistant YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS F. E. DAVENPORT & CO. OM AHA Il A k l i f € O A n l V d BOUGHT and SOLD All Negotiations Confidential A NATIONAL CLEARING HOUSE FOR EXPERIENCED BANK EXECUTIVES WITH CAPITAL TO INVEST Ba n k e r s S e r v ic e C o m p a n y ■ox 143S De* Moine* 5, lows Phone AT 2-7S00 Northwestern Banker, July, 1961 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CONSTRUCTION is under way on this new building of the Farmers & Merchants National Bank, West Point, Neb. Constructed with reinforced concrete, haydite block, brick and steel, it will be trimmed with porcelainized aluminum and ceramic tile. The 50 by 57 building will include a partial basement. A drive-up window will be located on the north side and a ten-car parking lot will be located at the rear. Interior will be functionally modern, finished with brick, walnut paneling, formica and ceramic tile. Lobby floor will be terrazzo, offices will be carpeted and other floors tiled. Nebraska News over the duties in 1954 to Adolph J. Hallas, who still holds that office. Associated with Mr. Hallas are a number of bank officers who have grown up with the “yards bank” or who are seasoned veterans in the tech nical business of livestock banking. They are: John McCumber, senior vice president; Charles A. Masilko, Ce cil W. Means and Perry S. Francis, vice presidents; Don A. Prohaska, cashier; James C. Karlik and A. R. Larsen, a ss is ta n t vice presidents; Frank J. Rezek, John P. Carlson and Eugene J. Zaloudek, assistant cash iers, and Alfred F. Drake, auditor.— 7 5 th Y ea r a t Starle Y a rd s HE Stock Yards National Bank of T Omaha marks the 75th anniver sary of its organization this year. Starting with original capital of $100,000 in November, 1886, as the Union Stock Yards Bank, it has followed closely the continued growth that has brought the “Omaha yards” to the top as America’s Number One livestock market. Shortly after the opening of the Union Stock Yards Bank, the South Omaha National Bank was chartered with capital of $50,000. Five years later the Union Stock Yards was con verted to a national bank, merely add ing the word “National” to its title. The two banks were merged when the Stock Yards National Bank of South Omaha was organized July 7, 1910, and officially opened for business January 3, 1911, in the old Exchange Building. At that time it assumed all liabilities of the two predecessor banks, which were voluntarily liqui dated December 31, 1910. The Stock Yards National on open ing day of the new institution in 1911 had total capital accounts of $750,000 and deposits of $5,958,940. Today its capital is $500,000, surplus is $880,000 and undivided profits are approximate ly $1,500,000 for total capital accounts of $2.8 million. Deposits are in excess of $25 million. 81 The names of prominent livestock bankers, known throughout Nebraska and surrounding states, have guided the steady growth of the Stock Yards National. Ford Hovey was elected president in 1920 and served in that position until 1933. It was in 1929, during his term of office, that the bank became affiliated with North west Bancorporation of Minneapolis. He was succeeded in 1933 by J. B. Owen and in 1936, W. A. Sawtell, Sr., was named president. Mr. Sawtell continued as president until turning End. H o n o r O toe C ou n ty B a n k ers B A N K E R S of Otoe County, Nebr., were thanked for their part in the U.S. Savings Bonds program during a recent meeting in Nebraska City. Principal speaker was Rus sell A. Loring, v.p., Omaha Natl. Bk. Shown from left are: H. R. Partridge, area mgr., U.S. Sav. Bonds; Chas. E. Wood, v.p., Bk. of Talmage; Campbell Kropp, v.p., Otoe Co. Natl., Nebr. City; Roy Stubbendick, First Natl., Syracuse; Geo. E. Brandt, pres., First Natl., Unadilla; Maynard .Dun lap, pres., Farm. St., Douglas; Mark Fullried, v.p. and cash., Farm. Bk., Nebr. City'; Frank Heintze, St. Dir., U.S. Sav. Bonds, and Russell Loring, v.p., Omaha Natl. Bk. IMPORTANT MATTERS NEED CHECKING. . ...l i n e tip Central's fu ll transit service. W e ’re lengths ahead in the W e s t ... and we’ d like to do business with y o u . . . phone T A b or 5 -3 1 8 1 . - B A « N Member F. D. I. C. Federal Reserve System https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N D K T R U S T C O . Central P ark... 15th & Arapahoe Street, Denver 17, Colorado Northwestern Banker, July, 1961 82 it Pays to Have an Effective Connection When developing friendships — or the bankers of Iowa have found that customer relations— you make great Bankers Trust Company is a highly er headway when you have effective effective banking connection to have connections. From long experience, in Des Moines. Correspondent Bank Department CYRUS D. KIRK HOMER R. JENSEN Bankers Trust Company The Des Moines Bank for YOU Member: Federal Deposit Insurance Corporation • Federal Reserve System Northwestern B a n ker, Ju ly , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J967 83 Io w a NEWS RALPH EASTBURN FRANK WARNER President Secretary Fairfield Des Moines Group Meeting Attendance A total of 3,970 bankers and their wives registered for the 1961 Iowa Group Meetings, according to a report from the Iowa Bankers Association. Official attendance for the individual groups was as follows: Group 1, Sioux City, 871. Group 2, Okoboji, 215. Group 3, Clear Lake, 653. Group 4, Elkader, 299. Group 5, Council Bluffs, 443. Group 6, Ames, 172. Group 7, Cedar Rapids, 266. Group 8, Monticello, 342. Group 10, Centerville, 160. Group 11, Burlington, 549. Buy Sibley Interest Albert Maser of Holstein and E. W. Maser and John Alesch of Le Mars have acquired a substantial portion of the capital stock of the First National Bank of S ibley, Iowa. All three men have b een e le c te d to the b o a rd o f d ir e c tors, in c r e a s in g its size to eight members. E. has been elected president, but C. L. Ramsey of Sib E. W . M A S E R ley will continue as executive vice president and cash ier and active manager of the bank. Other officers and employees will con tinue in their present capacities. E. W. (Al) Maser, the new presi dent, is presently vice president and cashier of the First National Bank of Le Mars, and also serves as treasurer of Westmar College in Le Mars. Mr. Maser was previously an examiner for the Iowa state banking depart ment for five years. He will continue to make his home at Le Mars and will remain active in the First National Bank of Le Mars in his present position. which will convert the 40 by 120 foot space into a customer parking lot. Completion is expected by mid-sum mer. Mason City Changes J. Robert Umbarger has been elect ed auditor of the First National Bank, Mason City, Iowa, succeeding Russell Spearman, who resigned recently to join the Farmers State Bank, Plainfield, as assistant cashier. Also announced recently was the election of Jack Nielsen as assistant cashier. I.B.A. Candidate Herbert L. Ollenburg, president, Han cock County National Bank, Garner, has announced his candidacy for the presidency of the Iowa Bankers Asso ciation at its next state convention. Mr. O llenburg began his bank ing career nearly 35 y ea rs age at Garner. He s e r v e d first as secretary, later as c h a i r m a n of W. M a s e r Group 3 and for many y e a rs has H. L. O L L E N B U R G been a ctiv e in various committees of the Iowa Bank- ers Association. He also has been ac tive in the ABA, serving a three year term on the ABA executive council. Currently, he is chairman for Iowa on the ABA Savings Bonds Committee. In June, 1944, he received a certifi cate of graduation from the Stonier Graduate School of Banking, New Brunswick, N. J. He is a former presi dent of the Hancock County Bankers Association. He has been active in local admin istration and various civic organiza tions, including the Lions Club and his local Chamber of Commerce, both of which he has served as president. At the present time he is president of his local school board. He has been president of the Hancock County Na tional Bank since March, 1944. In his announcement, Mr. Ollenburg pointed out that an IBA president has been named from Group 3 only once in the past 10 years. Monticello Remodeling Work is underway on a program of improvement and expansion at the Monticello State Bank, Monticello, Iowa. Plans are to remove the present vaults, located in the center of the building, and to construct a new cash and deposit box vault and a bookkeep ing vault at the rear of the building. Also, an employees’ lounge will be added. Remodeling will consist of a new entry, lowering of the ceiling, new floors, new teller counters and units and new lighting. Also planned is the installation of additional air con ditioning, 1,500 new safety deposit boxes and new lobby and office furni ture. Completion is expected by late fall N ew B u ild in g fo r A m e s Bank, Adds Parking Lot Contract for razing of the Princess Theater and the Loos Seed Store buildings in Oskaloosa have been awarded by the Mahaska State Bank, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ARC H ITE CT’S drawing of new building for the Union Trust & Savings Bank, Ames. N orth w estern B an ker, Ju ly , 1967 84 Io w a News R e W itt R em od elin g & E xp a n sion Joins Federal Reserve The Iowa Trust & Savings Bank, Emmetsburg, Iowa, has joined the Federal Reserve System and the FDIC, according to Charles J. Spies, president. New Sign Installed A new time and temperature sign has been installed at the Washington State Bank, Washington, Iowa. Gives Frames ARCH ITECT’ S D R A W IN G of remodeled and expanded DeWitt Bank & Trust Company shows usage of an adjacent building the bank purchased recently. Exterior will be of black marble, glass and brick. Interior will be completely remodeled also. DNTRACTS have been awarded for the complete remodeling and expansion of the DeWitt Bank and Trust Company and work is under way, according to J. Yvo Floerchinger, executive vice president. C The program will involve removal of an empty building just north of the present building. The old build ing is being demolished and the pres ent building will be expanded to meas ure 46 by 88 feet. Floor space will be more than dou bled. Completion has been set for September 15 by Becker & Associates of Alta, Iowa, architects for the proj ect. Try U S For your Banking Needs ^ Complete Line of Bank Supplies. ^ Check Imprinting. ^ Office Equipment & Supplies. ^ Office Furniture. We're happy to serve you v.s UNIIED SIAIES CHECK BOOK CO. o rth w e s te rn B anker, Ju ly , Digitized Nfor FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1961 New Sioux City Bank A new bank, to be known as the Valley State Bank, is under construc tion at the Sunset Plaza shopping cen ter in Sioux City. Fred Davenport, Jr., Sioux City builder and realtor and a member of the city council, is president of the new bank. J. E. Kelley is executive vice president, cashier and managing officer. Mr. Kelley, a former Sioux Citian, recently returned to Sioux City from Janesville, Wis., where he had been a vice president of the Merchants and Savings Bank for the past five years. Other board members are S. W. Mc Kinley, Jr., and Warren G. Dunkle, Sioux City attorneys, and Edgar E. Wahlstrom, president and general manager of Nation Wood Works, Inc., in Sioux City. Construction of a new bank build ing is underway and the bank is ex pected to open for business by early September. Initial footings of the bank will be $300,000. Capital will be $150,000, surplus will be $75,000, and $75,000 will be allocated to undivided profits. Capital will be raised through the sale of 3,000 shares of common stock at $100 per share. Mechanicsville Meeting ^ Stationery. 1311 HOWARD STREET The Jefferson High School recently received 14 color prints of famous paintings of U. S. war scenes. The prints were donated by the Finn Stu dio and were framed for the school through the courtesy of the Jefferson State Bank. OM AHA 2, NEBR. L. J. Paulson, cashier, Mechanics ville Trust & Savings Bank, was also named executive vice president of the bank at the annual meeting held last month. H. J. Maurer was elected president; John H. Nie, vice president; Alberta Reid, assistant cashier, and directors are Harry Jackson, A. M. Kohl, J. A. Kohl, T. D. Kohl, H. J. Maurer, L. J. Paulson, John H. Nie, F. M. Thomson and F. M. Wilson. 85 H a r r is F a m ilies T ou r N ew H ank HAWKEYED! Gil McEwen, assistant cashier in the Harris Trust and Savings Bank’s correspondent bank department, and his family admire the array of food being presented by Chef Conrad W . Matusicky at the recent Harris Bank family open house. Mr. McEwen’s family are, left to right, his wife Betty, Lindley, Katherine and in the front row, Scott and Anne. The open house gave the families a private showing of the Harris Bank’s new building. It was attended by more than 3,000 people on two successive afternoons. The families were given a complete tour of the bank from the lowest vault three floors below street level to the penthouse dining rooms on the 23rd floor. W H A T W IL L Y O U H A V E ? Jobs Retain Interests In Knoxville Bank Controlling interest in the Iowa State Savings Bank at Knoxville was purchased last month by Ned K. Job, who has been elected executive vice president and director of the bank. The controlling stock was in hold ings owned jointly by Eldon K. Job and his two sons, Lewis and Ned, at the time of Mr. Job’s recent death. In settlement of claims against the de ceased’s estate, the stock in the hold ing was ordered sold at auction by district court. A high bid of $107,000 was submitted by Stanley G. Smith, 26, of near Fort Dodge, a FDIC ex aminer. The Job brothers were entitled to exercise an option to meet the high bid within 10 days. Lewis Job waived his purchase rights to his brother, Ned, who subsequently filed the neces sary papers with district court for the repurchase to meet the bid price. Lewis Job also is vice president and director of the Iowa State Savings Bank. Ned Job resigned last month as assistant cashier at Community Na tional Bank & Trust Company of Knoxville, where he had been associ ated with his father, to devote full time to the Iowa State Savings Bank. NABAC Election H. E. Lewis, assistant cashier, Hartford-Carlisle Savings Bank of Carlisle, was elected president of the Central Iowa Conference of NABAC at the an nual meeting in Newton last month. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis He succeeds John F. Gronstal, cashier, Carroll County State Bank. Other officers elected are: Walter K. Stephenson, auditor, Bankers Trust Company of Des Moines, vice presi dent; Marvin L. Hiddleson, head audi tor, Iowa-Des Moines National Bank of Des Moines, secretary, and William Boyken, assistant cashier and auditor, Ames Trust & Savings Bank, treas urer. Mr. Stephenson formerly was sec retary-treasurer of the conference and the job was split into two positions at this meeting. Mr. Gronstal automatically becomes a member of the board of directors. Serving with him as directors are: T. J. Nicholls, cashier, Peoples Trust & Savings Bank of Indianola, and Roy A. Sandin, assistant vice president, Valley Bank & Trust Company of Des Moines. The Central Iowa Conference now has 42 member banks and is accepting applications from other banks in the area for the coming year’s program of activities. MAX ROY, La Salle National Vice President, has a hawk’s eye when it comes to Iowa and Iowa farming. He also is hawkeyed about finding ways and means to help La Salle’s Iowa correspondents. He’ll act fast and right on the spot to serve you. Why not get the facts from Max. He lives right nearby in Iowa City, but he makes his headquarters at La Salle National Bank, 135 S. La Salle Street, Chicago 90, Illinois. STate 2-5200. Member FDIC. Com plete Trust Services. Bankers Elect C. G. Kislingbury, cashier, First Na tional Bank, Paullina, has been elected president of the O’Brien County Bank ers Association. E. E. Popp, cashier, Security State Bank, Hartley, was elected vice president. Jerome Smith, cashier, First National Bank, Primghar, was elected treasurer, and Rob ert E. Lowery, assistant cashier, San born Savings Bank, was elected secre tary. N orth w estern B a n ker, Ju ly , 1961 86 Iowa News T o y N a tion a l P la n s O pening D R IVE-IN , W A L K -U P F A C IL IT Y at the Toy National Bank, Sioux City, will be formally opened with an open house July 7-8. assistant trust officer in 1946, trust offi cer in 1951, and assistant vice presi dent in 1953. Mr. Roy is a graduate of Iowa State College, with a Bachelor’s Degree in Agricultural Economics. He joined La Salle in early 1959 and was ap pointed assistant vice president in De cember of that year. He is a member of the bank’s correspondent bank divi sion covering the state of Iowa, prin cipally, and resides with his wife, Lil lian, and children in Iowa City. Honor W ilson Ervin INAL plans for the formal opening F of the Toy National Bank’s new drive-in and walk-in facilities in Sioux mated windows made by the Mosler Company. Wilson Ervin, president, Centerville National Bank, has been elected presi dent of the board of trustees of Iowa Wesleyan College at Mount Pleasant. City have been announced by Carleton Van Dyke, president. The opening will be held July 7 and 8. Arrangements have been made for exhibiting several coin collections and displays of all denominations of cur rency up to and including a $10,000 bill. In addition to the drive-in and walkup facilities, the public is invited to inspect a recently added real estate department on the second floor of the main building. A special bankers’ showing will be held July 8, featuring a buffet luncheon. The new unit is located between Third and Fourth Streets on Pierce. The facilities include the most mod ern innovations in drive-in accessories. For example, the drive-in windows feature Mosler’s new drive-in auto mated windows, which will adjust up and down, or in and out to accommo date all vehicles from compact car to pick-up. This is the first of the auto La Salle Names Two V .P .’ s Joins Dana Office MHiotos La Salle National Bank directors ap pointed Roger B. Brinkman and Max Roy vice presidents at their meeting in Chicago early last month, according to Harold Meidell, president. Both men were formerly assistant vice pres idents of the bank. Delhi Remodels Extensive remodeling of the Delhi Savings Bank, Delhi, Iowa, was com pleted recently. Work included in stallation of a new vault, 300 safe de posit boxes, cherry wood paneling, and a new front on the building. M. ROY Northwestern Banker, July, 1961 R. B. B R IN K M A N Mr. Brinkman, a graduate of Walton School of Commerce, has been with La Salle since 1945 and is in charge of trust operations. He was appointed Installs Equipment The Columbus Junction State Bank has announced the purchase of a new National Cash Register “Post-Tronic” bookkeeping machine. Customers are being assigned MICR code numbers. o f N orthern Moira Group M LEFT—Group 4 officers who continue in office are, left to right, Chmn. C. W . Grimes, exec, v.p., First Natl., West Union, and Secy. Duane Munter, cash., Union Bk. & Tr. Co., Strawberry Point. RIGHT— Among the 299 registered at Elkader were, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Joe DeBoest has joined the Jeffer son State Bank as manager of the Dana office of the bank. He succeeds Roger Young and also will operate the Dana Insurance Agency. For the past two years Mr. DeBoest has been manager of the accounting depart ment of the G-W Farm Service in Jef ferson. left to right: J. F. Kleeman, cash., Farley St. Bk.; R. L. Jipson, pres., First Natl. Bk., Oelwein; Greg Corken, v.p., Dubuque Bk. &Tr. Co.; S. W . Grotenhuis, v.p. & Cash., Epworth Sav. Bk., and A rt Lindquist* v.p., The Merchants Natl. Bk., Cedar Rapids. Iowa News 87 LEFT— Glenn L. Ingle, State Dir., Savings Bonds (left) visits with IBA v.p. W . A. Kneeland, pres., Postville St. Bk. CEN TER—Registered at Clear Lake were, from left: K . T. Martin, v.p., First Natl., Minneapolis; W. F. Werner, v.p. United Home Bk., Mason City, and Victor C. von Meding, asst, v.p., First Lew Holland, asst, v.p., Live Stock Natl. Bk., Chicago; Tom C. Cannon, v.p., Commerce Tr. Co., Kansas City, and W es John son, res. mgr., St. Paul Term. Warehouse Co., Des Moines. N E W GROUP 3 OFFICERS and their wives are shown at left: C'hm. E. C. Bartik, exec. v.p. & cash., Corwith St. Bk.; Mrs. Bartik; Mrs. Paulson, and Secy. Hermit S. Paulson, pres., Northwood St. Bk. RIGHT— Cliff Fritcher, v.p. Sec. Tr. & Sav. Bk., Storm Lake, and Mark Arneson, pres., Clear Lake Bk. & Tr. Co. Mr. Arneson, who has served as chairman of Group 3, planned the program that drew a record breaking 653 attend ance. GROUP 8 bankers at Monticello included, left to right: Gerald E. Fitzgerald, a.c., First Natl., Chicago; Larry Frowick, 2nd v.p., Continental 111. Natl. Bk. & Tr. Co., Chicago; Ed Jorgen sen, v.p. and Frank Haun, a.c., City Natl. Bk., Clinton. RIGHT — M. J. Pooler, v.p. & cash., Maquoketa St. Bk.; Clyde McElhinney, Morning Sun; Mrs. Pooler; M ax Roy, new v.p., LaSalle Natl., Chicago; Art Hayes, a.e., Maquoketa St. Bk., and Boyd Wickman, U.S. Sav. Bonds Div., Des Moines. N O R TH W EST IO W A B A N K E R S gathered at the New Inn for the Group 2 meeting. Shown from left to right are: John Keeline pres., Central Tr. & Sav. Bk., Cherokee; Gr. Chmn. Wayne Vallie, v.p., First Natl., Spirit Lake; Delbert Hinsch, v.p., Emmet Co. St. Bank, Estherville, and Francis Shadle, pres., Iowa Tr. & Sav. Bk., Estherville. Robert L. Davison, pres., First Natl., Clarion, is secy, of the group. RIGHT—The “ Harmonicats” and Jules Herman’s band, a part of the nationally-famous entertainment which drew record crowds to Clear Lake’s Group 3 meeting. > https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Natl. Bk., Chicago. RIGHT— Discussing Group 3 program were: 88 Iowa News H a n kers S tu d y Mmra A y C, ABOVE: Dr. W. G. Murray, ag econo mist, points out farms to be visited on farm appraisal field trip. BELOW: Dr. Murray compares soil of high and low ground on one of the seven farms visited. w e n t y -f o u r b a n k e rs fulfilled T requirements for certificates of completion at the Iowa Bankers Asso ciation’s Agricultural Credit School at Ames last month. The school is con ducted for two-week sessions each summer. Those eligible for certificates this year are: Kermit J. Anderson, vice president, Nevada National Bank, Nevada, Iowa; Jay F. Bordewick, assistant cashier, U.S. National Bank, Omaha, Neb.; Merlene D. Brue, cashier, Farmers Savings Bank, Irwin, Iowa; Robert L. OF th e N orthw estern B a n ker, Ju ly , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1961 Tr /- Currell, cashier, First National Bank, Spirit Lake, Iowa; C. R. Currell, cash ier, Emmet County State Bank, Estherville, Iowa; James A. Currell, vice p resid en t, E m m et County State; James M. Currie, president, State Bank of Schaller, Iowa; Lewis C. Han son, assistant cashier, LaSalle Nation al Bank, Chicago; Kenneth R. Heisler, assistant vice president and manager of the Granger office, Brenton State Bank, Dallas Center, Iowa; Donald Henkenius, assistant cashier, Farmers Savings Bank, Massena, Iowa; Albert Karns, Jr., cashier, Anita State Bank, Anita, Iowa; Rex H. Markt, State Bank of Arthur, 111.; David C. Neuhaus, cashier, Fairfax State Savings Bank, Fairfax, Iowa; Donald W. Palm er, Federal Reserve Bank, Minneap olis; Glenn B. Paulsen, assistant cash ier, Lyon County State Bank, Rock Rapids, Iowa; Dennis H. Reed, assist ant cashier, Security Savings Bank, Scranton, Iowa; Frank J. Snider, Jr., vice president, Clay County National Bank, Spencer, Iowa; Ronald J. Sundberg, assistant vice president, City State Bank, Madrid, Iowa; Gerald Voigt, manager, Fenton office, First Trust & Savings Bank, Armstrong, Iowa; Wayne R. Wilke, assistant cash ier, Rock Rapids State Bank, Rock Rapids, Iowa; Dwight Willard, cash ier, Commercial State Bank, Marshall town; Eddie A. Wolf, assistant cash ier, Central National Bank & Trust Company, Des Moines, Iowa; Allen G. Wolkey, Federal Reserve Bank, Chicago, and Charles A. Young, assist ant cashier, Home Trust and Savings Bank, Osage, Iowa. 89 Iowa News 40th Anniversary Roy F. Glab, vice president and cashier, American Trust and Savings Bank, Dubuque, Iowa, recently ob served his 40th anniversary with the bank. crease the bank’s area by 70 per cent. A walk-up window, a drive-up window and an after hour depository will be included. Vault space will be doubled and 400 new safe deposit boxes will be added. Eight teller windows and two private offices will be included in side. Completion is expected by Septem ber 1. Artico s e r v i c e . . . New Rolfe Director Deane C. Gunderson has been elect ed to the board of the Rolfe State Bank, Rolfe, Iowa, filling the vacancy left by the death of Senator Guy G. Butler. Mr. Gunderson has been ac tive in Rolfe community work for a number of years and is well known as a farmer and businessman. Joins Ames Bank Leonard I. Paulson has joined the staff of the Ames Trust and Savings Bank, Ames, Iowa. He is a 1958 grad uate of St. Olaf College, Northfield, Minn., and for the past three years has worked as a national bank exam iner out of Minneapolis and Fargo, N. D. RO Y F. GLAB continues his active role in banking after being honored recently on his 40th anniversary. He started with the bank in 1921, moving through every position from furnace tender-messenger boy to first vice president and cashier. He be came a bookkeeper in 1927, a teller in 1938 and assistant cashier in 1938. He was elected to the board of directors in 1942. When Mr. Glab joined the bank it had four employees. Today it has 85. Assets of the bank in 1921 totaled $911,000. On the April 12 statement, assets totaled over $38 million. When Mr. Glab joined the bank it was the smallest of eight; today it is the larg est of three in Dubuque. New Deposit Boxes Peoples Savings Bank of Wellsburg, Iowa, recently installed 164 new, allsteel Diebold safety deposit boxes, re placing several obsolete ones. The bank also plans installation of micro filming equipment, and a night depos itory on the west side of the building. Ames Construction An expansion and remodeling pro gram has been announced at the Col lege Savings Bank, Ames, Iowa. Kirk Gross of Waterloo is the architect and is supervising construction. The bank has acquired two building spaces next door east of the present bank building. Expansion will in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Joins FDIC Sidney Aarestad, son of T. C. Aarestad, president, First National Bank, Denison, Iowa, has accepted an ap pointment from the Federal Deposit Insurance Corporation, Washington, D. C. He has been assigned to the Ninth Federal Reserve District as an assistant bank examiner. Drive-In Planned Plans for a $125,000 drive-in banking facility were announced recently by directors of the Council Bluffs Savings Bank. The new addition will replace two buildings behind the bank, and will run from Main to Pearl Streets along the south end of the bank. Ed Spetman, Jr., executive vice president, said architectural work al ready is underway. No date has been set for construction. The new unit will have three ma sonry and metal motor banking sta tions. Plans call for entrance from the Main Street side with the exit on Pearl. Teller stations will be reached via tunnel from the bank basement. Mr. Spetman also said the walk-up window on Main Street will be re tained. The new addition will be for cars only. Construction will be de signed so it will be possible to add a second story over the drive-in area in the future. Hollis and Miller of Council Bluffs are architects for the addition. P. O. BOX 149 • AMES, IOW A Among other things . . . A N IC O has special facilities for admin istering your credit insurance program. . . • prompt, unsurpassed service • sound, continuing growth Credit Insurance Division Dallas 5, Texas AMERICAN NATIONAL INSURANCE COMPANY of GALVESTON, TEXAS N o rth w estern B a n ker, Ju ly , 1961 90 Iowa News Neve B a n k in g B o a r d T a k es O ffice N E W STATE BANKING- BOARD— M ax von Schrader, pres., Union Bank & Trust, Ottumwa; R. W . McKee, pres., Clarke County State, Osceola; Clay W . Stafford, super intendent of banking; H. P. Knuth, pres., Holstein State, and W . A . Kneeland, pres., Postville State. LAY W. STAFFORD, chairman of C the Ames Trust & Savings Bank, became Iowa superintendent of banks POWER BUILDS AHEAD “POW ER BEFO RE I T ’S N E E D E D ” I S C O M P A N Y ’S P O L I C Y T O K E E P A H E A D of Iowa’s growing demand for electricity, Iowa Power and Light Company is . . . finalizing plans for construc tion of a giant new 150,000k ilo w a tt p la n t. T h is is enough new electricity to l i g h t 3 0 0 ,0 0 0 a v e r a g e homes. And . . . cooperating with 10 other Midwest utilities in the con struction of a 66,000-kilo watt atomic power plant. This is good evidence, we believe, of our policy to be ready to furnish our cus tomers plenty of power— even before they need it. IOWA POWER AND LIGHT COMPANY Des Moines, Iowa https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orth w estern B a n ker, Ju ly , 7967 July 1, the same date when the new four-member state banking board as sumed office. New board members are William A. Kneeland, president, Postville State Bank; Max von Schrader, president, Union Bank & Trust Company, Ot tumwa; Herbert P. Knuth, president, Holstein State Bank, and Robert K. McGee, president, Clarke County State Bank, Osceola. Following is a brief biographical sketch of each new board member: W . A . K n eela n d entered banking at the Farmers State Bank, Clermont, on February 15, 1915. Except for mili tary service in World War I, he re mained at Clermont until May, 1934, advancing from bookkeeper to assist ant cashier. He then joined the Postville State Bank as executive officer with the title of cashier. His bank has total capital of approximately $300,000 and deposits of $2,850,000. Mr. Kneeland has been president of the Fayette and Allamakee Counties’ Bankers Associations, has served on various Iowa B a n k ers Association committees, has served as secretary of Group 4, followed by a two-year term as chairman of Group 4, ending in 1952, and is vice president and treas urer of the Iowa Bankers Association at the present time. He was Allama kee County chairman of the Savings Bonds Committee from 1941 to 1952 and has served as regional chairman of the Savings Bonds Committee since 1942. M a x v on Sch rader went to work in the Ottumwa Savings Bank in the spring of 1919 after two years at Grin- nell, a short time at the Naval Acad emy and two years in the navy dur ing World War I. The Ottumwa Savings Bank, organ ized by Mr. von Schrader’s father in 1887, was consolidated with two other banks to form the Union Bank & Trust Company in 1931. Mr. von Schrader was cashier and director at that time and was elected president in 1946. Union Bank & Trust has capi tal accounts of more than $2,230,000 and deposits of approximately $25 mil lion. He has served ©n the executive council of the ABA and on several state banking association and ABA committees. He has been a director of the Iowa Southern Utilities Com pany for 15 years. H . P. K n u th began his banking ca reer with a Holstein bank in 1925 as a bookkeeper and worked with that bank until it was closed in 1931. For six months he worked with the re ceivership division of the state bank ing department. He started with the Holstein State Bank as an officer when it was organized later in 1931. Mr. Knuth became president of the bank in 1947. At the present time cap ital accounts are in excess of $475,000 and deposits are in excess of $4,500,000. R . K . McGee spent 15 years in pub lic school work before joining the De catur County State Bank at Leon in 1935. Prior to that time he had been a basketball coach at Van Wert, and superintendent of schools at Decatur, Lenox and Leon. In November, 1935, Mr. McGee left the Leon bank and joined the Clarke County State Bank at Osceola as an assistant cashier. He was elected J. B. Hill, President, extends you a cordial invitation to in spect our facilities when in Des Moines. o f not one but m any evaluations and revalu ations in the printing industry, all o f w hich have becom e a part o f the “A m e r i c a n W a y .” T oday the printer does essentially the same job as he did m any years ago. But, as a result o f the advent o f m odern m achines and im proved m ethods, he does it with greater skill . . . greater speed . . . and with greater assurance o f perfection. Through progress, m any perplexing prob lems have been solved, less hand labor is re quired, and m uch m ore production is obtained. T oday’s printing plant is the sum and total Q U A L IT Y / _____ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis E X P E R IE N C E 'S ,. W ith the opening o f'th e new “A m e r i c a n ” plant here in Des M oines . . . we present 22,500 square feet o f production area in a building provided with hum idity and air-con ditioning controls, including “electrostatic” air cleaning m achines . . . a plant designed, constructed and equipped for operational e ffi ciency, staffed with high level personnel, to handle all o f your financial printing with skill, speed and econom y. S E R VIC E î#56 TURN TO THE NEXT P A G E , PLEASE A N e w , M o d e m P rin tin g P la n t W ith N e w M o d e m E q u ip m e n t Every piece of equipment in the new “ A m e r i c a n ” plant has been carefully selected for its efficient operation, and scientifically located for the con venient and speedy flow of all work in the plant: . . . For the production of end stub and customer checks . . . two new 23" x 30" offset presses have been installed. . . . To imprint and encode check routing sym bols, individual account numbers and individual names on fully» personalized pocket checks as well as line checks . . . we have two new “Dual-lith” im printers available. This imprinting can be done in either black or colored magnetic ink. The “Dual-lith” units will also print and collate deposit slips or re-order cards. . . . In addition, we have two-way automatic perforating machines built to meet MICR tolerance specifications . . . optical plus electronic equipment to provide tolerance tests so that each MICR check will pass through bank sorting machines. . . . A complete catalog of standard design “American Litho-type” checks is available on request. A view of a portion of our general office are a . FAST DELIVERY On personalized checks, we guarantee shipment within 48 hours on line checks. We promise that an order received by 2:00 p.m. will be shipped the next day. SAFE CUSTOMER STORAGE Adequate warehouse facilities are available so that customer orders may be stored with full insurance against fire, theft, etc. This storage service makes it possible for a bank to obtain a lower unit price by buying in larger quantities, with deliveries to be made as needed. Inspecting lithographed sheets new Harris offset presses. being produced on one of our A COMPLETE PRINTING SERVICE UNDER ONE ROOF The regular use of “ A m e r i c a n ” services by hundreds o f banks, large and small, has made “ A m e r i c a n ” a source for progressive ideas in bank printing. We aim to become a working partner with every customer in his search for better banking methods through better forms of printing. We do everything in the production of all print ing jobs, including creation . . . preparation . . . typography . . . presswork . . . imprinting . . . bind ing . . . all under one roof and one supervision. In addition to checks and forms, we also produce House Organs, Bulletins' Brochures, Booklets, State ment Stuffers and other types of financial printing. TALK TO THE "AM ERICAN" MAN Please invite us to have one of our trained repre sentatives call for a frank survey of your bank printing requirements . . . there’s no obligation. M agnetically encoded pre-lithographed checks being imprinted on electronically program m ed equipm ent built exclusively for that purpose. Some of our optical and electronic testing equipm ent is in the background. AMERICAN LITHOGRAPHING and PRINTING COM PANY Q U A L IT Y E X P E R IE N C E https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SER VIC E f&5(> OFFICES AND PLANT: 2403 S. W. BELL AVE., DES MOINES, IOWA 93 Iowa News cashier in 1938, executive vice presi dent in 1941 and president in 1956. Capital of his bank is more than $800,000. Deposits exceed $5,300,000. Anniversary Marked Mark I. Roberts, president, First State Bank, Diagonal, Iowa, attended the 60th anniversary observance of his graduation from Iowa State Teach ers College at Cedar Falls recently. creases were by common stock divi dends: Ida County State Bank, Ida Grove, from $100,000 to $200,000; First State Bank, Stuart, $50,000 to $100,000, and First Trust & Savings Bank, Arm strong, from $50,000 to $100,000. Announcement of these changes was made by H. R. Jackson, deputy superintendent of banking in Iowa. New at Indianola Director Named Chester F. Ogren has been appoint ed a director of the Kiron State Bank, Kiron, Iowa, succeeding the late C. R. Lundell, who died recently. Prior to World War II, Mr. Ogren served as assistant cashier of the bank. In re cent years he has been engaged in ex tensive farming and livestock feeding near Kiron. Gene Geadelmann of Clarence, Iowa, has joined the Warren County Bank & Trust Company, Indianola. He graduated from Iowa State University in June, 1960, with a degree in animal husbandry. Frank Epperson Funeral services were held recent ly for Frank Epperson, former Iowa banker and land appraiser for the Federal Land Bank of Omaha. Mr. Epperson was a banker at Eddyville, Iowa, for many years and served a term as president of the Iowa Bank ers Association. He resigned as presi dent of the Eddyville bank in 1929 to become a transfer agent for various insurance organizations, and joined the Federal Land Bank in 1935. Scholarships Awarded For the fourth consecutive year the United Home Bank & Trust Company, Mason City, Iowa, has awarded six scholarships of $300 each to graduates of Mason City High School, St. Joseph High School and Mason City Junior College. Richard Barton and Barbara J. Kulic received scholarships at Mason City Junior College. Linda Holmlund received a scholarship at St. Joseph High School, and Gary Murphy, Linda Broers and James Puhl received schol arships at Mason City High. Vigilante Shoot Members of the Scott County Bank ers Association will hold their annual Vigilante Shoot at the Sportsmen’s Gun Club in Bettendorf, Wednesday, July 19, according to a report from Willard D. King, secretary of the as sociation and vice president of the Davenport Bank & Trust Company. Group 11 G olf Party Members of Group 11 of the Iowa Bankers Association held their annual golf party and field day in Keokuk on June 29. William Logan, assistant to the president, State Central Savings Bank, Keokuk, was in charge of the event. Drovers' proximity to Commission Firms in the Exchange Building permits Fred Cummings (above) to quickly follow-up all requests from Bernard Miller and James Luther and thus facilitate faster returns on livestock proceeds for correspondent bankers. Immediate Credit for your customers’ Livestock Sales in Chicago. . . Shortly after a livestock sale is com pleted, Drovers' “ Y ellow Boy" advice is on its way to you. This means your custom ers can have net proceeds from their livestock sales credited to their accounts from one to three days sooner. "Y ellow Boy" advice is but one of the specialized correspondent services available to you and your custom ers at D rovers. Be sure your livestock custom ers receive this tim e-saving service by having them fill out a D rovers Shippers O rder. Call or write Fred C um m ings, Bernard M iller, or Jam es Luther for your supply today! Manning Change Charles Hughes, formerly with the Latimer State Bank, Latimer, Iowa, has joined the First National Bank of Manning, Iowa, as assistant cashier. He replaces Larry Olson who has pur chased controlling interest in the Home State Bank at Royal. 1 Drovers Banks Capital Changes The following changes in capital stock took place during May. All in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D ro ve rs N atio nal B a n k » D ro v e rs T r u s t & S a v in g s B a n k MEMBERS F.D.I.C. UNION S T O C K Y A R D S , C H I C A G O 9, IL L IN O IS N o rth w estern B a n ker, Ju ly , 1961 94 Iowa News and has been very active in the Na tional Association of Bank Women and local civic affairs. ♦ FFECTIVE in July, the Iowa-Des Moines National Bank will estab E lish its Common Trust Fund A, it was announced by C alvin W . A u ra n d , pres ident. This fund is operated under a writ ten plan in accordance with the regu lations of the board of governors of the Federal Reserve System and the applicable laws of the state of Iowa. The fund will be maintained exclu sively for the collective investment and reinvestment of moneys contrib uted thereto by the bank in its capac ity as trustee, executor, administrator or guardian. It is contemplated that investments in Common Trust Fund A will be made primarily in a diversified list of common stocks. * ** formerly pub lic relations chief for the Des Moines Navy recruiting district, has been ap pointed business development and public relations manager of the Na tional Bank of Des Moines, announces W illia m H . B ren to n , president. Mr. Driver retired from the navy in May after 21 years’ service. He has attended Wesleyan University, Mid dleton, Conn.; University of North Carolina and Drake University Com munity College. R a y m o n d L . D riv er, * ** The NorthwestDes Moines National Bank has cleared the land on the northeast corner of Beaver and Ur bandale Avenues preparatory to pav ing it to provide a parking lot, an nounces L in d le y F in c h , president. The land has been leased on a long term basis and a major building pro gram for the site is under study by the board of directors, said Mr. Finch. The hard-surface parking lot will ac commodate 75 cars and will be open free of charge to persons shopping in the Beaverdale area. * who joined the Cen tral N a t i o n a l Bank & T r u s t Company in 1941, has been elected an assistant cash ier. He was manag er of the bank’s trust department from 1947 to 1959 and since that time has been a representative of the correspondent bank department. * O F M IN N E A P O L IS a t /M aA/futftt https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DEPOSIT * * Recently-elected new officers of the Des Moines Chapter of A.I.B. who plan to attend the 10th District Re gional A.I.B. Conference, July 22, at Hutchinson, Kan., are: C larence D ick son, Central National, president; L o u is Cobb, Jr., Iowa-Des Moines National, first vice president; K e ith E a to n , Val ley Bank & Trust, second vice presi dent; G ene R ile y , B an ke r s Trust, treasurer; M a r y H o l s t a d , Central National, secretary; Sarah W . W a ls h , N o r t h w e s t Des Moines National, chairman of the Women’s Division, and M a ry H a r r y , Central National, national chairman of the public speak ing committee. * * * Six Des Moines bankers who at tended last month’s session of the Stonier Graduate School of Banking at Rutgers, are: Joh n J. B u ckley, Jr., and A . B . D ressier, both assistant cash iers, Central National; A u s tin H elg erson, senior trust examiner, Iowa Bank ing Department; Carl L . K en t, assist ant cashier, Bankers Trust; M . M . M cM ich ael, assistant cashier, Iowa-Des Moines National, and D av id G. W r ig h t, vice president and cashier, Northwest Des Moines National. * * * Joe G ron stal, Iowa superintendent of banking, held a dinner last month at which he introduced all of the ex aminers of the department to mem bers of the new banking board.— End. R o n d M e e t in g * R oberta W illits , vice president, Na tional Bank of Des Moines, has re signed her position at the bank to be married. With the bank 15 years, she has headed the women’s department /^MARQUETTE FEDERAL * E d die A . W o lf, "Strongfriend of the ppj Independent Banker! 1EMBER * * INSURANCE CORPORATIO FEderd 3-54ÏÎ PLA N S for the continued sale of Savings Bonds were discussed by ABA Savings Bonds C o m m ittee m em bers and Treasury officials recently. Above, A . T. Donhowe, center, vice presi dent, Central National Bank & Trust Company, Des Moines, is shown with Under Secretary of the the Treasury Robert V. Roosa and National Direc tor of the Savings Bonds Division, William H. Neal. Mr. Donhowe joined other state chairmen at the meeting. PROM OTIONAL 95 in a Series 1937 Packard Coupe Owners: Dr. and Mrs. Robert P. Robinson Norwalk, Iowa Until 1937, Packard had been a producer of expensive, luxury cars. This little three-window coupe marked Packard’s entry into the popular-priced field. When this Packard coupe first traveled across Iowa, the Valley Bank had been a part of Iowa Banking history for 65 years . . . with progressive, forwardlooking service to banks throughout the state. Æ I Ï L I L I 1 AND '2 ? TRUST W alnut at Fourth I3 Ä K ! C O M P A N Y Des Moines, Iowa F .D .I.C . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern B a n ker, Ju ly , 196Ï 96 Iowa News B a n k er s T ru st 3 io r e s ta ta i t s N ew . 5 -S t o r y B u itd in y Sloan Open House Open house was held recently at the Sloan State Bank, Sloan, Iowa, mark ing completion of a building program. The new one-story red brick building replaces one destroyed by fire in 1947 and is located on the site of the origi nal bank. The bank has occupied the old Sloan Star building since the fire. Dr. J. C. Chamberlin This view shows the distinctively styled lines of the new 5-story addition just occupied by Bankers Trust. The beautiful lobby area presents a sparkling appearance with a. sweeping, 180-foot teller counter. Dr. John C. Chamberlin, 70, died last month at his home in Des Moines. He was president of the Bayard Savings Bank, Bayard, Iowa, from 1916 to 1926. Marcus Open House Grand opening of the new First State Bank Building at Marcus, Iowa, was held late last month. Carleton C. Van Dyke is president of the bank. J. O. Whealon is cashier and Stan O. Nervig is assistant cash ier. Bond Sales Up May sales of U. S. Savings Bonds to taled $10,087,415 in Iowa, boosting the five-month total to $71,617,229, for 48 per cent of the annual goal. National average was 44 per cent. State Direc tor Glenn L. Ingle said Iowa sales for the first five months were almost $2 million higher than for the same pe riod in 1960. ANKERS TRUST COMPANY ob B served its 44th year of business last month by moving into its new five-story building adjoining the pres ent building at Sixth Avenue and Lo cust Street. This completes the first phase of an extensive building project. Open to customers Is the huge ground floor bank lobby with a 180foot teller counter along two sides. The lobby has an imported terrazzo floor, red carpeting and recessed light ing. There is a spacious lounge and the expanded new business depart ment. The entire building is air con ditioned. Elevators are on the east side of the new building. In the lower level are the safe deposit boxes and the statement department. On the second floor are the install ment loan department, the trust de partment and the board of directors’ room. The third, fourth and half of the fifth floors will be available for rental when completed. Half the fith floor houses the heating and air condition ing equipment. The exterior is highlighted by a o r t FRASER h w e s t e r n B a n k e r , J u l y , 1961 DigitizedN for https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tower of glass and aluminum in the front, with a canopy over the recessed entrance. Precast concrete encloses the west side and rear of the building. The old and new structures will be connected by passageways. The next phase of the project will be the re modeling of the main floor of the old building. An open house will be held when this is completed this fall. The commercial loan and mortgage loan departments and the executive offices will be in the area to be remod eled. Meanwhile mortgage loan will be on the 11th floor, commercial loan on the ground floor north of the Bankers Trust Building lobby, and the executive offices will be in the trust department on the second floor of the new building. The b u i l d i n g was designed by Brooks and Borg. The contractors are The Weitz Company and RinglandJohnson, Inc. The building has virtu ally no pillars or obstructions because it is supported from the fifth floor by a 100-ton steel girder made in two sections by the Pittsburgh-Des Moines Steel Company. 60th Anniversary The Somers Savings Bank, Somers, Iowa, recently observed its 60th anni versary with an open house. The bank was opened in May, 1901, by A. F. Daughenbaugh. Present di rectors are Charles L. Brockett, chair man of the board; C. E. Djerf, presi dent; Charles W. Peterson, Dale E. Rosendahl, cashiers, and Chester Sor enson. Q A y I^ C O A IMIV a BOUGHT and S O L D All I\eg<ttiations Confidential * NATIONAL CLEARING HOUSE FOR EXPERIENCED BANK EXECUTIVES WITH CA PITAL TO INVEST Ba n k e r s S e r v ic e C o m p a n y B ox 1 4 3 5 Des M oin e s 5 . Io w a ACORN P ho ne A T 2 -7 8 0 0 Registers "Accepted Sale Registers by Bank Clerks Everywhere" For information write THE ACORN PRINTING CO. Oakland, Iowa Io w a A m eric a n lA th a O pens N ew P la n t H E A m e r ic a n L ith o g r a p h in g an d P r in tin g C o m p a n y h as m o v e d its g e n e r a l offices, p r in tin g p la n t an d w a r e h o u s e to a n e w , m o d e r n b r ic k b u ild in g e r e c te d fo r th e firm at 2403 S. W . B e ll in D es M oin es. T h e c o m p a n y p r e v io u s ly w a s lo c a te d at 607 T h ir d S treet in D es M oin es. The p r e m is e s w e r e v a c a te d as p a rt o f a c it y r e n e w a l p r o je c t. T Hill. J o e H ill, p r e s id e n t o f A m e r ic a n L ith o , r e v e a le d last m o n th th a t d u r in g th e c o n s o lid a tio n o f a ll o p e ra tio n s u n d e r o n e r o o f in th e o n e -s to ry b u ild in g , a ll e q u ip m e n t o f S tew art-S im m o n s C o m p a n y o f W a te r lo o a lso w a s tr a n s fe r r e d to th e n e w D es M oin es lo ca tio n . M r. H ill h ad p r e v io u s ly pu r- 97 H e r e 9» " H a r v e y 99 T h e m e r g e r o f th e tw o co m p a n ie s a n d th e m o v e to s p e c ia lly d e sig n e d q u a rte rs p r o v id e d A m e r ic a n L ith o th e o p p o r tu n ity to in sta ll a co n s id e ra b le a m o u n t o f n e w p r in tin g e q u ip m e n t, b o th fo r lith o g r a p h an d le tte rp re ss p rin tin g . T h e c o m p a n y h as in sta lled a ll n e w a n d m o d e r n e q u ip m e n t fo r a c cu ra te p r in tin g o f h ig h q u a lity c h e c k s w ith a ll n e c e s s a r y M a g n e tic In k C h a r a cte r R e c o g n itio n data. T w o n e w 23 x 30 s in g le c o lo r o ffse t p resses h a v e b e e n in sta lled to p r o d u c e b o th en d stu b a n d c u s to m e r c h e c k s fo r b a n k s in a ll o f Io w a an d w e s te r n Illin o is . In a d d ition , a n e w tw o -c o lo r D a v id son D u a l-lith c h e c k im p r in te r w ill im p rin t an d e n c o d e c h e c k r o u tin g s y m b ols, in d iv id u a l a c c o u n t n u m b e rs an d in d iv id u a l n a m es on b o th fu lly p e r son a lized p o c k e t c h e c k s a n d lin e c h e ck s. T h is m a ch in e p rin ts in m a g n e tic in k a n d u ses E-13B ty p e fon ts. STANDING at main entrance to new plant is American Litho president, Joe New s O th er fe a tu re s o f th e s p a rk lin g n e w p la n t in c lu d e a c o m p le te h u m id ity an d a ir c o n d itio n in g c o n tr o l sy s te m fo r c o n s ta n c y in p r in tin g q u a lity as w e ll as e le c tr o s ta tic m a ch in e s to r e m o v e fo r e ig n ele m e n ts fr o m th e air. D u e to an in cre a se in b u sin e ss sin ce o c c u p y in g th e n e w b u ild in g , M r. H ill states, it has b e e n n e c e s s a r y to b e g in c o n s tr u c tio n o f an a d d itio n a l w a r e h o u s e a n d th is p r o je c t is n o w u n d e r w a y . It w ill o p e n d ir e c t ly o n to ra il SURPRISE and excitement pre vailed at Presbyterian-St. Luke’s Hospital in Chicago recently when O. Paul Decker, president of the National Boulevard Bank of Chi cago received a, special gift. It was “ Harvey,” a six foot, yellow and white stuffed rabbit with huge red ears, sent by Mr. and Mrs. William Quan of Denver, Colo., who sug gested, “ if you need someone to talk to . . . just talk it over with ‘Harvey’.” Mr. Decker has presented “ Harvey” to the pediatric depart ment play room a,t the hospital. sid in g s, p r o v id in g d ir e c t s h ip p in g to an d fr o m th e p la n t b o th b y ra il an d tru ck . A e ir Minonfe, III.. Itn itilin y LITHOGRAPH stones, all hand etched by skilled engravers were mounted in recep tion area to make attractive mural. Such stones are now keepsakes and represent a past era in lithography. ch a s e d th e W a te r lo o firm , w e ll-k n o w n p r in te r s a n d lith o g r a p h e r s in th at p a rt o f th e state. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NEW QUARTERS for the Minonk State Bank, Minonk, 111., were opened last month and^ a special open house was held. The building is 43 by 68 feet, one story, with a half basement. The exterior is of red Norman brick. There is a parking lot in the rear and a drive-up window on the driveway between the bank and the Blan building. Henry H. Byers of Des Moines is president of the bank, and Lewis H. Gregg is executive vice president. Mr. Gregg formerly was from Russell, Minn. Walter Becker of Alta, la., designed and built the new fixtures, counters, desks and director’s table. N o r t h w e s t e r n B a n k e r, J u ly , 1961 98 Io w a News Live Stock Election WANT ADS Rates 20 cents per word per insertion. Minimum: 10 words. NORTHWESTERN BANKER 306 15th St. Des Moines, Iowa BANK W ANTED Want to buy, either for cash or on contract, a two million dollar bank in southern Minnesota or northern Iowa. Write WVM, c/o North western Banker, 306 15th Street, Des Moines, Iowa. BANK W ANTED Want to buy, for cash or on con tract, a two to ten million dollar bank, located anywhere in the mid west— any reply kept in strict con fidence. James E. Coonley, Box 150 or phone GL 6-2135, Hampton, la. POSITION AVAILABLE Opportunity for experienced loan officers, age 25 to 40 in Iowa bank. Starting salary around $8,000 per year. Send complete information and photo with first letter. All replies treated with confidence. W rite C 123, Northwestern Bank er, 306 15th Street, Des Moines, Iowa. YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS F. E. DAVENPORT & C O . OMAHA BANK EXECUTIVES “ Leaders Choose Leaders” TOP MEN — A t every level know th at C a d illa c has the w idest ch oice of the best a va ilab le positions in the banking field — positions throughout the nation with growth organizations offering ch al lenging work and top earning po tential. LEADING BANKS— Be they large or R o b e r t E . H a m ilto n an d L e w is L. H o lla n d h a v e b e e n e le cte d v ic e p r e s i d en ts o f T h e L iv e S to ck N a tion a l B a n k o f C h ica g o, a c c o r d in g to D a v id L. R e im e rs, ch a irm a n o f th e b o a rd and p resid en t. B oth h ad p r e v io u s ly b een assista n t v ic e p resid en ts. R. E. H A M IL T O N L. L. H O L L A N D M r. H o lla n d , w h o is w e ll-k n o w n in Iow a , w ill a ssu m e in cre a s e d d u ties in th e c o r r e s p o n d e n t b a n k in g d iv isio n . H e has b e e n w ith th e b a n k fo r th e p ast five y ea rs. H e is a n a tiv e o f In d e p e n d e n ce , Io w a , a n d a g ra d u a te o f th e State U n iv e r s ity o f Iow a . M r. H a m ilto n ca m e to th e b a n k s e v e n y e a r s a g o fr o m V a le n tin e , N eb., w h e r e h e h a d b e e n s e c r e ta r y o f th e Sand H ills C attle A s s o c ia tio n . H e w ill h ea d loa n d e p a rtm e n t a ctiv ities. w h o at th e tim e o f h is d eath th is y e a r h ad p r a c tic e d la w in W e s t L ib e r ty fo r m o r e th a n 60 yea rs. Merchants National Elects J o h n T. H a m ilto n II, p re sid e n t o f th e M erch a n ts N a tion a l B an k , C edar R a pid s, has a n n o u n c e d th e e le c tio n o f a n e w d ir e c to r a n d th e a d v a n ce m e n t o f eig h t officers. C liffo rd H . J ord a n , p re s id e n t o f th e K ilb o r n P h o to an d H ig h w a y E q u ip m e n t C om p a n ie s in C edar R a pid s, is th e n e w d ire cto r. N e w officers are as fo llo w s : E v e r e tt C. P ratt, fo r m e r ly ca sh ier; N o r b e r t J. D a u tre m o n t, fo r m e r ly a ssista n t ca sh ier; J o h n E. M a n g old , fo r m e r ly a ssist ant ca sh ier, all to th e office o f v ic e p resid en t. C. F. P e r e m s k y , fo r m e r ly assista n t ca sh ier, w a s n a m ed cash ier. N e w a ssista n t ca sh ie rs are: G en e A. West Liberty Director R o b e r t F. B a r c la y has b e e n a p p o in t ed a d ir e c to r o f th e W e s t L ib e r ty State B a n k to fill th e v a c a n c y ca u se d b y th e d ea th o f R o b e r t B ro o k e , w h o h a d b e e n a d ir e c to r o f th e W e s t L ib e r ty State B a n k sin ce it w a s o rg a n iz e d in 1934. M r. B a rcla y , a g ra d u a te o f G rin n ell C olleg e, w h e r e h e r e c e iv e d h is B .A . d eg ree, an d th e U n iv e r s ity o f Iow a , w h e r e h e r e c e iv e d h is J.D . d eg ree, has b e e n a sso cia te d w ith M r. B r o o k e in th e la w firm o f B r o o k e an d B a rcla y s in ce 1949. A ft e r g ra d u a tio n h e b e ca m e a s s o c i ated w ith A tto r n e y R o b e r t B ro o k e , J. E. M A N G O L D C. F. P E R E M S K Y S ch m id t, T h o m a s M. H o c k a d a y and E d w a r d C. D oy le. K e n n e th W . W in ston w a s n a m e d assista n t tru st officer. sm all, know th a t C a d illa c 's 35 y e a r repu tation has been bu ilt on e ffe ctive co n fi d ential service to the em ployer looking Open H ou se u t M a r te llo fo r the rig h t man. BOTH TOP MEN AND LEADING BANKS — know th at th e ir confid ence is well placed with the nation's larg est executive and professional placem en t service. Whatever your requirements contact us in absolute confidence without obligation ARVID D. JOHNSON Personal Consultant to the Banking Field Cadillac Associates, Inc. 29 East Madison Bldg. Chicago 2, 111. Financial 6-9400 *W here M ore Executives Find Their Posi tions Than Anywhere E lse in the World. o r t FRASER h w e s t e r n B a n k e r , J u l y , 1961 DigitizedN for https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OPEN HOUSE was held recently at these new banking quarters for Farmers Savings Bank, Martelle, Iowa. The building has been completely remodeled. Work included wainscoting of sand blasted pine, brick facing for three counters, rewiring, installa tion of new light fixtures, a new hot water system, a new brick front and new floor covering. 99 The Bankers’ Market Place A Page Telling What’s New for Banks and Bankers Each month the Bankers’ Market Place will bring you listings of new products, specialty items, banking equipment, and gift items which will help you and your staff do a better job. This is the selection for this month. N E W p r e m iu m to b u ild in g traffic in b a n k s a m o n g “ y o u n g m arr ie d s ” an d a u n iq u e p r e m iu m fo r o p e n in g o f sa v in g s a c c o u n ts w a s a n n o u n c e d r e c e n tly b y th e sp ecia l p r o j e c ts d iv is io n o f P o c k e t B o o k s , In c. B a n k s ca n n o w ob ta in D r. S p r o c k ’s “ B a b y a n d C h ild C are” b o o k as a g iv e a w a y to y o u n g c o u p le s . C ost to b a n k s fo r th e 628-page g u id e b o o k ra n g es fr o m 25 ce n ts to 30 cen ts, d e p e n d in g o n q u a n tity . A p p e a lin g to th e sam e g ro u p , a n e w p r e m iu m fo r u se in o p e n in g sa v in g s a cco u n ts , is th e G o ld e n R e c o r d L ib r a r y fo r Y o u n g P eop le. A d o z e n v o lu m e s a re a v a ila b le, in u n its o f th ree, six or 12, ra n g in g in p r ic e fr o m $4 to $12. C o m p le te d eta ils are a v a ila b le fr o m T h e B e n ja m in C om p a n y , S p ecia l P r o j e cts D iv isio n , 600 F ifth A v e n u e , N e w Y o rk . A H E R e c o r d a k R e a d e r-P rin te r, a m ic r o film re a d e r w h ic h m a k e s p a p e r p rin ts o f d o c u m e n ts o n m ic r o film w ith “ p u s h -b u tto n ” ease, h as b e e n a n n o u n c e d b y R e c o r d a k C orp o ra tio n , th e E a stm a n K o d a k su b s id ia r y in th e m i c r o film in g an d b u sin e ss sy s te m field. In m a k in g th e a n n o u n ce m e n t, V a n B. P h illip s, v ic e p re sid e n t, sales and a d v e r tis in g , said th is v e rs a tile n e w u n it o p e ra te s w ith 16m m or 35m m film in r o ll fo r m , in a p e rtu re ca rd s, or in ca rd -size film ja ck e ts . T h e u n it is fu lly a u to m a tic in o p e r a tion . T h e o p e r a to r m e r e ly p u sh e s a b u tto n to m a k e a p h o to -p rin t o f th e m ic r o film r e c o r d p r o je c t e d o n th e screen . P a p er an d c h e m ic a l c o s t is a b ou t 9 ce n ts p e r p rin t. A v a r ie t y o f len ses is a v a ila b le to p r o v id e p rin ts u p to 87 p e r cen t o f o r ig in a l size, ir r e s p e c tiv e o f th e re- m a ted A d v e r t is in g S erv ice, D a n b u ry , C onn . One fra m e an d m o to r op era te all th e d isp la y s. S ilk s cre e n e d sig n s are e a s ily ch a n g ed . D isp la y s are in five to se v e n c o lo r s , m o u n te d o n h e a v y ca rd b oa rd . L ig h tin g is b y flu orescen t b u lb s in th e base. C o m p le te fra m e, lig h t an d g u a ra n teed m e c h a n is m co sts $30. T w e lv e d isp la y s sh ip p e d m o n th ly in sep a ra te ca rto n s are so ld at $15 each , p ostp a id . N I D E A L g iv e a w a y w ith tr a v e l ers c h e c k s o r v a c a tio n sa v in g s clu b s is th e M ilb u rn P u b lis h in g C om p a n y ’s 1961 Car S p otter a n d V a c a tio n P la n G u ide. A d d r e s s o f th e c o m p a n y is P. O. B o x 2704, S ta tion “ B ,” T o le d o 6, O hio. A O v er 50 1961 im p o r te d an d d o m e s tic ca rs are illu stra ted w ith b r ie f d e s c r ip tio n s an d “ h o w to sp o t th e m ” in th e ca r sp o tte r b o o k le t. T h e e n tire b a ck c o v e r is a v a ila b le fo r th e b a n k ’ s sales m essa g e. Im p r in t area on th e fr o n t c o v e r is p r o v id e d fo r th e b a n k n am e. T h e v a c a tio n p la n g u id e o ffe rs tip s a b o u t p r e p a r in g fo r a n d e n jo y in g a v a ca tion . T Recordak Reader-Printer d u c tio n ra tio at w h ic h th e d o cu m e n ts are m icro film e d . P rin ts 8 V2 x 11 in ch e s are d e liv e r e d cu t to size, sq u ee-gee d ry , fr o m r o ll p a p e r co n ta in e d w ith in th e rea d er. N o d a r k r o o m is req u ired . T h e u n it ca n b e o p e ra te d a n d loa d ed u n d e r n o rm a l r o o m lig h tin g c o n d i tion s. U B B E R “ m o n e y ” fo r b u sin e ss p r o m o tio n an d fo r g iv e a w a y s at o p e n h ou ses, g ra n d op e n in g s, etc., is a v a il a b le fr o m S a v in g s S p ecia lties C om p a n y, 53 W . J a ck s o n B lvd ., C h ica g o. R MERCHANTS M U T U A L BONDING COMPANY N I M A T E D d is p la y sig n s to p r o m o te sa v in g s w ith a n e w in se rt ea ch m o n th are a v a ila b le fr o m A n i A Incorporated 1933 Home Office 2100 GRAND AVENUE Des Moines, Iowa PRINTING • BOOK BINDING . BOOKS DIRECT MAIL ADVERTISING . INDEX CARDS . CHECKS • OFFICE FORMS This is Iowa’ s oldest surety company. A progressive company with enced, conservative experi management. W e are proud of our three hundred bank ls your present farm bulletin preferred read ing to your farm custom ers? The Farm P ic ture is and you can prove it by asking them . C o n d u c t your own Preference Rating S U R V EY and you will be am azed. Bankers find th at farm ers give The Picture a Preference Rating ranging from the low 70's to the high 80's. There are no "g im m ick s". You conduct the survey and ¡udge the results yourself. I D A R E Y O U to ask your farm custom er Earl F. Crouse, Editor, The Farm Picture D ep t. 42, P .O . Box 221, U rb an a, Illinois https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis agents in Iowa. To be the exclusive representative of this company is an asset to your bank. 4 ’ V; V y . • , E. H. W A R N E R President and Manager W . W . W ARNER Vice President M. J. C O R B IN Secretary-Treasurer ... N o r t h w e s t e r n B a n k e r , J u l y , 196 1 100 In the DIRECTORS9 ROOM Different Outlook Short Changed Progress H e w o k e u p in th e d itch , d irty, b ea ten , re m o r s e fu l, s ic k w ith sham e. H e g o t o u t a stu b o f a p e n c il and sta rted to w r it e h is fa r e w e ll n ote: “ D ea r fa th er, I ’v e r e a ch e d th e stage w h e r e I k n o w I am n o g ood . I a m w e a k , u n re lia b le , u seless. I a m a h o p e le s s fa ilu re . I c a n ’t ch a n g e, a n d so m y o n ly a n sw e r to th is is . . .” J u st th e n h e fe lt u n c o m fo r ta b le fr o m th e lu m p in h is p o ck e t. H e re a ch e d in an d fo u n d h e still h ad a fu ll p in t o f w h is k e y . H e d ra in e d it at a g u lp , p ic k e d u p h is p e n c il an d re s u m e d w r itin g : . . an d fo r g o o d n e s s sake, fa th er, if e v e r I ca n b e o f a n y fu r th e r h e lp to y o u fin a n cia lly o r a n y o th e r w a y , p lea se d o n ’t h esita te to ca ll on m e .” T h e b u m to ld th e sa d d est s to r y th e g r o c e r h a d e v e r h ea rd . . . all a b ou t h is s ic k w ife a n d fo u r p u n y k id s at h o m e w h o n e e d e d fo o d . So th e g r o c e r b r o k e d o w n a n d g a v e th e b u m a b ig b a g fu ll o f fru its, v e g e tables, m eat, m ilk a n d b rea d . H e fe lt p r e tty g o o d a b o u t it. T h e b u m lo o k e d at th e sack , th e n at th e g r o c e r . Y o u c o u ld see th e th a n k fu ln e s s in h is h eart. T h e n h e sp ok e: “ D o n ’t y o u g iv e G re e n S ta m p s?” W h a t is p r o g r e s s ? W e ll, it ’s w h e n it ta k es less tim e y e a r a fte r y e a r to c r o s s th e o c e a n . . . an d m o r e tim e to He’s Lucky “ S h ay, la d y, y o u ’re th e h o m e lie st w o m a n I ’v e e v e r sh e e n .” “ A n d y o u ’re th e m o s t in to x ic a te d m a n I ’v e e v e r seen .” “ I k n o w , lady, b u t t o m o r r o w I ’ll be s h o b e r .” IN D E X OF A D V E R T I S E ItS JULY, 1961 A Acorn Printing Company ....................... 96 American Lithographing & Printing Company ...............................91-92 American National Bank, St. Joseph.. 77 American National Insurance Company, Galveston .............................. 89 American Trust & Savings Bank ......... 88 n Bank of Bank of Bankers Bankers America ......................................... 25 Montreal ........................................ 49 Service Company .................... 80-96 Trust Company, Des Moines. 82 C Cadillac Associates .................................... 98 Canadian Imperial Bank of Commerce. 42 Central Bank & Trust Company, Denver ......................................................... 81 Central National Bank & Trust Company, Des Moines ............................ 12 Central States Health and Life Co. ...1 0 1 Chase Manhattan Bank, The ................... 14 Chiles-Schutz C om p an y.............................. 72 Christmas Club A Corporation ............... 11 Continental Illinois National Bank & Trust Company .................................... 33 D Davenport, F. E ........................................... 80-98 o r t h w e s t e r n B a n k e r , J u l y , 196 1 DigitizedN for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Happens Every Day B ill: W h a t ’s it m e a n to b e sh orth a n d ed ? J oe: It m ea n s y o u r w ife h as ju s t d is c o v e r e d th a t y o u h a v e a b e a u tifu l, y o u n g s e cre ta ry ! And That’s Something! A T e x a s r a n c h e r b e c a m e a m illio n a ire b e ca u s e h e a c c id e n ta lly sp illed b lu e d y e o n a sh eep . It lo o k e d so p r e tty th a t h e s o ld it fo r a pet. So m a n y o th e r p e o p le w a n te d on e th a t h e d y e d a ll h is sh eep blu e. T o d a y h e is k n o w n as th e b ig g e s t lam b d y e r in a ll o f T ex a s. DeLuxe Check Printers, Inc..................... 8 Diebold, Inc....................................................... 27 Douglas-Guardian Warehouse Corporation ............................................... 26 Drovers National Bank ............................. 93 tr» t V io r v P f iP P That Solves It! “ T h e s e a rticle s o n th e d a n g e rs o f s m o k in g r e a lly sca re m e .” “ D id y o u q u it s m o k in g ? ” “ N o, I q u it r e a d in g .” Who Wouldn’t? “ D o y o u k n o w w h y th e b e e b u z z e s ? ” “ N o, w h y ? ” “ Y o u ’d b u z z t o o if s o m e o n e stole y o u r h o n e y a n d n e c ta r .” What a Movie! T h e m o v ie p r o d u c e r w a s p la n n in g a w a r p ictu re . “ T h is w ill b e th e p r o d u c tio n to e n d all p r o d u c tio n s ,” h e c o m m en ted . “ I ’m g o in g to u se fu ll a rm ies — 3,000 m e n o n on e sid e an d 4,000 m e n o n th e o th e r .” “ W e ’re g o in g to h a v e 7,000 m e n in o n e m o v ie ? ” e x c la im e d th e d ire cto r. “ H o w ca n w e a ffo r d to p r o d u c e su ch an e x tr a v a g a n z a ? ” “ I t ’ll b e e a sy ,” a n s w e r e d th e p r o d u cer. “ W e ’ ll ju s t u s e rea l b u lle ts.” Merchants Mutual Bonding Com pany.. Minnesota Commercial Men’s Association .............. Mosler Safe Company ................................ Mutual Fire and Automobile Insurance Company ..................................................... 99 48 31 40 F Farm Business Council .............................. 99 First Continental National Bank & Trust Company, L in c o ln ........................ 79 First National Bank of Denver ........... 67 First National Bank, Minneapolis ..50-51 First National Bank, Omaha ................. 75 First National Bank & Trust Company of Tulsa .................................. 28 First National City Bank, New Y o r k ..6-7 H Hamilton Hotel ............................................. Halsey, Stuart & Corppany, Inc.............. Harris Trust & Savings Bank ............... Heinrich Envelope Company ................... Hummer, W ayne & Company ................. 53 32 29 47 34 1 Iowa-Des Moines National B a n k ...........102 Iowa Power & Light C om p an y ............... 90 K Koch Brothers ............................................. 99 L, LaMonte, Geo. and Son ......................... LaSalle National Bank .............................. Live Stock National Bank, Chicago . . . Live Stock National Bank, Sioux City. 37 85 35 54 M Marquette National Bank ....................... Merchants National Bank, Cedar Rapids ......................................................... 94 2 N National National National National Northern Bank of C om m erce................... 78 Boulevard Bank, Chicago . . . 30 Cash Register Company . . . . 9 Reserve Life Insurance Co. .. 38 Trust Company ........................ 3 O Omaha National Bank .............................. 73 p Policy Holder’s Service Bureau .......... i 36 R Recordak Corporation .............................. 4 Studley, Shupert Trust Investment Council ......................................................... 34 | S ^ U United States Check Book Co................... 84 United States National Bank ................. 70 V Valley Bank and Trust Company, Des Moines ................................................. 95 Valley National Bank, Phoenix ............. 36 W Western & Southern Life Inurance Co. 40 Western Mutual Insurance Company.. 41 J Central States Bank-Health plan is now used by hundreds of enthused banks who deduct premiums for this insurance from customer checking accounts. For complete details, write, wire or phone today. Ce n t r a l St a t e s H ea lth of &L if e C o. Om aha T. L eslie K izer, President U N D E R W R I T E R S A N D L I F E . T H R O U G H https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O F H E A L T H . F I N A N C I A L C O N S U M E R A C C I D E N T A N D I N S T I T U T I O N S . C R E D I T H O S P I T A L I N S U R A N C E I N S U R A N C E WR X mMm IT E W W * V JL J L JLariJ or call CH 3-1191 Municipal Bond Service: always a little faster Yes, the Municipal specialists in our Bond Department are always willing to help any and all of you with your bond problems. These specialists are well qualified to analyze and eval uate your present bond holdings, and will be glad to help you plan for future investments. Our Bond Department, in addition to offering Municipal and Government Bonds for sale, also provides for the safekeeping of these valuable securities. Evaluation, planning and safekeeping . . . these are the three key words in our Bond Department. And remember, too, our team of correspondent bankers is always ready, willing and able to help. Just write, wire or phone us. W e’re here to help you get what you want. We’re here to help you get what you want Io w a D e s Mo in e s ® N a t i o n a l B a n k Sixth and Walnut Des Moines, Iowa • CH 3-1191 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Member Federal Deposit Insurance Corporation
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