Full text of The Northwestern Banker : May 1960, 66th Year, No. 874

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NOMWESTERN
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Federal Reserve Bank of St. Louis

NT RUSHMORE WILL ATTRACT RECORD CROWDS THIS YEAR— Page 12

OVER HUF Of M I0«M BANKS ARE MBICH/UITS NATIONAL CORRESPONDENT
Handling transactions from the Merchants National’s correspondents takes hun
dreds o f feet o f p roof machine tape each day. Even though Merchants National
serves over half o f all Iowa banks, each bank receives individual, expert attention
whenever it needs it. Correspondent specialists together with the entire staff are
ready to serve you at the Merchants National. Your call will be welcomed.

THE MERCHANTS NATIONAL BANK OF CEDAR RAPIDS •

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Federal Reserve Bank of St. Louis

MEMBER F.D.I.C.

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NAME...................................................................................
NAME OF BANK..........................................................
ADDRESS.................................................. .........................
CITY...................................................................... STATE.

N o. 874. Northwestern Banker is published m onthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines 9, Iowa. Subscription.
Entered as Second Class M atter January 1, 1895, at the Post Office at Des Moines, Iow a, under the A c t of March 3, 1879.

35c FRASER
per copy, $3 per year.
Digitized for
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Federal Reserve Bank of St. Louis

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■ How many graduates
in your kindergarten?
Christmas Club is the kindergarten o f banking. It has been for
fifty years and, in that half century, millions of members have graduated
to a better understanding of banking and have learned to use the many
services their financial institutions provide.
%

When properly taught in the Christmas Club kindergarten, millions
o f Americans develop self-reliance and self-discipline. They have
acquired the basic principles o f economic life and thereby have become
better citizens in their community and profitable customers for financial
institutions.
Christmas Club can bring people to your door. But only you can
make that the door o f opportunity: the opportunity to accept the chal
lenge to offer them dynamic activities that will illuminate whole com
munities with better understanding of the functions o f banking.
The basic principle o f saving, thrift and money management must
be taught at the present level of people’ s thinking. The easier the
lessons the more readily they learn. Christmas Club members are recep
tive to every suggestion you make, if those suggestions inspire them to
larger goals that will increase their standard o f living.
To put it simply, your present Christmas Club members are the
finest group you can use to develop your other services. You have their
friendship and trust, but they need your help in developing the prin
ciples o f thrift and money management that will make them better
customers for you and better friends o f our banking system.
For 1960 we can convey to our customers and friends no better
wish than that from their Christmas Club membership they will graduate
many pupils to greater security, better living and a profitable relation
ship with their institution. And properly promoted, Christmas Club can
always bring to your doors new pupils who need this basic education.

Cfjnstmas Club
a (Corporation
Founded by Herbert F. Rawll

230 Park Ave., New York 17, N. Y.
Builds Character

•

Builds Savings

Builds Business for Financial Institutions

1910 • CHRISTMAS CLUB'S GOLDEN YEAR • 1960

Northwestern Banker, May, I960

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Federal Reserve Bank of St. Louis

O ldest F inancial J ou rn a l W est o f the M ississippi

for your MAY, I 960, reading
Capital D o u b le d
Following stockholders’ approval,
the directors of Commerce Trust Com
pany, Kansas City, increased the
bank’s authorized capital from $9 mil
lion to $18 million and declared a
100 per cent stock dividend to stock
holders of record at the close of busi
ness April 8. This action followed a
transfer of $4% million from accumu
lated free reserves into the undivided
profits account. To effect the capital
increase, $9 million was then trans
ferred from the undivided profits ac
count.
The 100 per cent stock dividend
will raise the outstanding number of
shares from 450,000 shares to 900,000
shares. Par value remains at $20 per
share. The distribution of the new
shares was made on April 21. The
amount of the dividend on the new
capitalization will be set by the board
of directors on June 7 for payment
July 1.

6 6 th Year

No. 874

EDITORIALS
20

Across the Desk from the Publisher

12
13
17
25
27
28

On the Cover
Dear Editor
Conventions
Frontispage— “ Riding Fence”
/
In-Plant Banking Gains Momentum— Ben Haller, Jr.
W h at Bankers Think About Fringe Benefits—
A N o r t h w e s t e r n B a n k e r Survey
Banks W ill Handle Farm Loan Demand—
A N o r t h w e s t e r n B a n k e r Survey
Don’t Overlook the L adies!— Robert A. Bachle
Independent Bankers to Meet in Denver M ay 22-26
Simple Aids for Establishing Farm Fam ily Budgets
Fed Policy M ay Emphasize Less Restrictions on Money—

FEATURE ARTICLES

30
33
34
35
36

Raymond Trigger
38
50

Student A r t Beautifies Bank o f Laramie
Iowa Bank Simplifies Farm Sale Accounting with Number
System— James O. Willmore

INSURANCE
59

JVetv im p r in fv r

Ideas on How to Increase Your Agency Income

STATE BANKING NEWS
Minnesota News
Twin City News
South Dakota
Convention Program
South Dakota News
Sioux Falls News
North Dakota
Convention Program
N orth Dakota News

65
66
71
72
75
77
78

81 Colorado News
81 W yom ing News
83 Montana News
85 Nebraska News
86 Omaha News
94 Lincoln News
97 Iowa News
102 Des Moines News

OTHER FEATURES
117
118
118

W h a t’s N ew for Banks and Bankers
Index o f Advertisers
In the Directors’ Room
NORTHWESTERN BANKER
306 15th Street, Des Moines 9, Iowa, Telephone CHerry 4-8163

IMPRINTER-ENCODER introduced by the
Burroughs Corporation for “ on-premise”
imprinting at banks.
Designated the
M odel T-128, it enables depositors to re
ceive magnetically encoded checks minutes
after opening an account.

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Federal Reserve Bank of St. Louis

Publisher
Associate Publisher
\
Editor
Clifford De Puy
Malcolm K. Freeland
Ben J. Haller, Jr.
Associate Editor
Associate Editor
Walter T. Proctor
Doyle Minden
Advertising Assistant
Circulation Department
Auditor
Elizabeth Cole
Lena Sutphin
Margaret Huffman
AI Kerbel
Firld Representative
Field Representative
Paul Masters
Frank P. Syms, Vice President, 505 Fifth Ave., Suite 1806, New York, MUrray Hill 2-0326
Milton P. Bock, Vice President, 704 Baker Building, Minneapolis, FEderal 6-9191
DE PUY PUBLICATIONS: Underwriters Review, Northwestern Banker,
Iowa-Nebraska Bank Directory

Nort hwest ern Banker, May, i960

F /»/M R eg io n a l S tresses Selling

R. S A S S

J. J.

CROUCH

HE word “selling” used to be an
ugly expression in banking circles,
T
Reed Sass, president of the Financial

J. P. A N D E R S O N

Public Relations Association, remind
ed delegates to the association’s mid
west regional in Minneapolis.

Hunt' a B e tte r Deal
in OH Banking!

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

Think
MEMBER

FEDERAL

D EPO SIT

INSURANCE

Northwestern Banker, May, 7960

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Federal Reserve Bank of St. Louis

E. G. G E A R H A R T , JR.

CO R PO R ATIO N

SINCE 1895

R. A . B A C H L E

He attributed such factors as popu
lation growth, an expanding economy,
and competition from non-banking in
stitutions as having led banks into the
field of mass merchandising to sell
themselves and their services.
Mr. Sass, who is also a vice presi
dent of the Fort Worth National Bank,
recalled that less than 50 years ago,
banks were customized institutions
serving the favored few who had
enough money to meet minimum de
posit requirements.
The 200 delegates heard equally in
formative reports from other top offi
cers of the FPRA, based on the theme
“How To Get More Business for Your
Bank.”
Speaking on the subject of officer
calls, First Vice President Jordan
Crouch, vice president, First National
Bank, Reno, Nev., suggested that
banks must place greater emphasis on
preserving present business and ac
quiring new business. He outlined
three steps toward installation of an
officer call program: (1) Enlist the
support of top management. (2) De
velop sales know-how among those
scheduled to do the job. (3) Deter
mine prospects through establishing
quotas and outlining number of calls.
Mr. Crouch stated that officer calls
should not be regarded as an extra
curricular activity. Getting officers
away from desks can be done through
performance charts, assigned calls,
and requiring reports on calls.
The management of a bank must
be sales conscious according to Second
Vice President John P. Anderson, vice
president, First National Bank, Pas
saic County, Paterson, N. J., whose
subject was “ Staff Selling.”
Mr. Anderson suggested that bank
ers should get into the habit of talk
ing about their services. He stated
that the more services a customer
uses, the less likely he is to go to a
competitor. He recommended staff
meetings on selling and cooperation
between various departments of a
bank in establishing prospects.
“Advertising—What Part It Plays in
Getting Business” was the title of a
report given by Second Vice President

9
Ernest Gearhart, vice president, First
National Bank, Miami. Outlining the
three essentials to good advertising,
he listed: (1) Proper planning and de
termining the objectives of manage
ment, (2) establishing a budget ade
quate to fulfill the plan, and (3) ad
ministering the plan, preferably by
one man. Mr. Gearhart stated that
“you get more business for your bank
by advertising for it — and you can
reach more people per dollar invested
through advertising than in any other
manner.
Robert Bachle, FPRA treasurer,
vice president, National Boulevard
Bank, Chicago, spoke on “ The Femi
nine Market.” A report on his pres
entation is featured on page 29 in this
issue of N o r t h w e s t e r n B a n k e r .
A special showing of the FPRA
film, “ Creative Persuasion,” was mod
erated by Gordon Malen, assistant
vice president, First National Bank
of Minneapolis. Departmental clinics
were featured in the afternoon ses
sions.
Highlight of the evening session
was a speech made by Charles A.
Agemian, controller general, Chase
Manhattan Bank, New York.

New Ag R ep resen tative
American National Bank and Trust
Company of Chicago recently appoint
ed George H. Spence of Omaha, Neb.,
as its agricultural representative in
the m id w e ste rn
r e g i o n . Mr .
Spence will han
dle livestock ap
p ra isa ls for the
correspondent div i s i o n of the
bank, a profes
sion in which he
has a lifetime of
experience.
Born in Stan
G. H. S P E N C E
t o n , N e b., Mr.
Spence worked for the Ralston Live
stock Commission Company as a sales
man from 1934 through 1941. Follow
ing this, he started his own livestock
dealership, Spence and Brunken, and
in the same year organized his pres
ent company, Spence Feedlots, which
continues in operation.

E xecu tives N am ed T rustees
Charles M. Bliss and Roderick Mc
Rae, executive vice presidents of The
Bank of New York, were elected trus
tees of the bank last month, according
to an announcement by Albert C.
Simmonds, Jr., chairman. Mr. Bliss is
head of the bank’s trust division, and
Mr. McRae is in charge of the invest
ment division.
Mr. Bliss joined The Bank of New
York in 1931, and Mr. McRae in 1930.

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Federal Reserve Bank of St. Louis

show
signs of success
at your
bank
Get the modern, progressive look on
the outside of your bank with an atten
tion-getting, interest-compelling “ spell
er” sign by Iowa Ad Signs.
The speller sign (illustrated) lights
each panel in sequence at half-second
intervals— flashing FARMERS STATE
panel, then spelling B-A-N-K; then all
panels go off, entire display comes on
full, goes all off again, and sequence
repeats.
With a 2 '.a-ft. by 4-ft. top section and
2-ft. square modular lower units, this
unusual display can modernize your bank
for approximately $700, including com
plete installation, wiring and time clock;
all guaranteed against defective work
manship and materials!
(Other twosided speller signs from $300 to $900.)
Plastic sign faces are of formed East
man Kodak Tenite, with embossed let
ters available in red, black, blue or green
on w h i t e background, or reversed.
For a dramatic speller demonstration
in your office . . .

MAIL COUPON, WRITE OR CALL COLLECT
Arthur H. Dunham
Iowa Ad Signs
1915 Avalon Road
Des Moines 14, Iowa

W e’d like to know more about Signs of Success
for
BANK NAME ........................
PLEASE SEE

........

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

........ .... PHONE......................

^ ^ ^ ....................................................

STATE ................... ......
( Sorry, available only in Iowa, Nebraska, South Dakota
and Minnesota at this time.)

For a Sign of
Success: Phone
AT 2-5555, Des
Moines, ask for
Art Dunham.
Representing nationN manufacturers of
Identification for all
types of business.

Northwestern Banker, May, 1960

U se N ew E s c a la to r s

FIRST PERSONS to use the Harris Trust
and Savings Bank’s newly installed esca
lators were members of the International
Banking Department of the Chicago bank.
Robert Maynard, manager of the depart
ment, is shown leading some of his staff,
Bernice Gibson, Evelyn Wilson and Roy
Hileman, to their new quarters on the first
morning of the escalator’s operation.

Im p rin ter A n n ou n ced
A bank check imprinter-encoder en
gineered specifically to handle the
precise tolerances of the E-13B type
font for magnetic ink character recog
nition has been added to its line of
bank automation machines and equip
ment by Burroughs Corporation.
Designated the Model T-128, the
imprinter-encoder was designed and
is manufactured by Burroughs’ Todd
Company Division. Production mod
els of the T-128 were shown for the
first time before 700 bankers attend
ing the Eastern NABAC Convention
in Philadelphia, April 4. It will also
be shown at four other regional
NABAC conventions this year in ad
dition to other banking meetings and
exhibits.
The new encoder uses easily com
posed type for depositor’s name and
account number. It embodies features
more precise than those of a printing
press to insure accuracy in encoding
without continuous adjustment. It
enables depositors to get magnetically
encoded checks minutes after open
ing an account.

C hanged ?
Yes, t h e s a fe ty
been

changed

lith o g ra p h y
These
th o s e

p a p e r w e a re m a k i n g
to give

w ith

th e

c h a n g e s have
who

p r in t

has

b e t t e r p r in ti n g

new
been

checks

m a g n e tic
made
m eet

and
in k s .

h e lp

th e

rigid

t o l e r a n c e s o f m a g n e t i c e n c o d in g .

Unchanged

a re

th e

q u a li t ie s

th a t

hav e

m a d e L a M o n te p a p e r s s o w id e ly a c c e p t e d .
W ith t o d a y ’s e n c o d i n g y o u c a n be a s s u r e d
t h a t y o u r c h e c k s will h a v e th e p r o p e r s u r
fa c e f o r m a g n e t i c in k s a n d y o u r c u s t o m e r s
w ill still e n jo y th e

p le a s in g w r it in g s u r f a c e

L a M o n te h a s p ro v id e d o v e r th e ye ars.

GEORGE

LA MONTE

& SON

Nort hwest ern Banker, May, I960

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

• NUTLEY

10,

NEW

A m erican E xpress E xhibit

JERSEY

Money originated when man needed
a measure of value in paying for a
wife in prehistoric times, according
to some historians.
Developments since then are traced
in a series of 46 paintings, “The Story
of Money—From the Stone Age to the
Space Age,” that went on exhibition
last month in the gallery windows of
the East River Savings Bank, Rocke
feller Plaza at 50th Street.
The paintings are loaned by Amer
ican Express Company and show how
coins, currency, letters of credit, trav
elers cheques, and other forms of

money have been created to meet spe
cific needs from primitive times un
til today.

N ASSB to M eet in D en ver
J. A. O’Leary, Kansas bank com
missioner and District Four chairman
for the National Association of Super
visors of State Banks, has announced
plans for the NASSB district meeting
in Denver, Colo., on May 27 and 28.
Attending will be officials from Colo
rado, K ansas, Montana, Nebraska,
New Mexico, Oklahoma, Texas and
Wyoming, who are charged with char
tering, examining, and supervising the
state-chartered banks in their respec
tive states.

H eads R eserv e City B ankers
Homer J. Livingston, chairman of
the board, First National Bank of Chi
cago, was elected president of the
Association of Reserve City Bankers
at the annual meeting in Phoenix last
month. He suc
ceeds Kenton R.
C ravens, p r e s i
dent, Mercantile
T ru st Company,
St. Louis.
O t h e r officers
elected are: Vice
p re sid e n t, John
F. W a t lin g ton ,
Jr., p r e s i d e n t ,
Wachovia Bank &
H . J. L I V I N G S T O N
Trust, W in ston Salem, N. C.; secretary, Corwith Hamill, Chicago, and treasurer, Gaylord A.
Freeman, Jr., (re-elected), president,
First National of Chicago. Mr. Hamill,
assistant secretary since 1958, succeeds
Joseph J. Schroeder, who retired as
executive secretary after 35 years’
service in that position.
Directors are: Morris R. Brownell,
Jr., vice president, Philadelphia Na
tional; Ransom M. Cook, president,
Wells Fargo Bank American Trust,
San Francisco; James P. Hickok, pres
ident, First National of St. Louis, and
Edward D. Smith, president, First Na
tional of Atlanta.

C h em ica l B ank P r o m o tio n
C. Anderson McLeod has been
elected vice president of Chemical
Bank New York Trust Company, it
was announced by Chairman Harold
H. Helm.
Mr. McLeod is with
the bank’s Wall Street Division at 30
Broad Street, where he has served as
an assistant vice president since 1955.
He is a graduate of Princeton Uni
versity, class of 1938, and received his
master’s degree from Harvard School
of Business Administration in 1940.

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Federal Reserve Bank of St. Louis

VIA BANK OF AMERICA
TRAVELERS CHEQUES
World’s most popular bank cheque
Bankers know Bank of America Travelers Cheques for their
world-wide acceptance, dependability and quick claim service
. . . the very things that have made these familiar blue and
gold certificates the fastest-selling bank cheque anywhere.
Recommend them to your customers—and enjoy profit from
more repeat business !
B A N K O F AM ER IC A , N .T.8 iS .A .
Northwest ern Banker, May, I960

ON THE COVER

South R n k o ta R e p o r ts R e c o r d T ota l o f
SlO ti M illio n Spent R y T ou rists in S ta te
the past two decades the
tourist industry in South Dakota
DURING
grown from a visitor count of

has
400,000 to over 2xk million, and ex

penditures by these tourists are esti
mated to have risen from $19 million
to $106 million.
In 1946, Mount Rushmore National
Memorial registered 324,596 visitors;
in 1959, 1,045,000 persons viewed the
famed faces. In 1946, 225,050 persons
visited Badlands National Monument;
in 1959 the figure was 825,200.
The Black Hills and Badlands are
the long-time prime goals of visitors
to South Dakota. However, because
of the fact that the greatest percent
age of the tourists in South Dakota
come from an easterly direction, the
eastern part of the state, particularly
hotels and motels, oil stations, souve
nir stands, drug and grocery stores
and the like have benefited by this
traffic.

Now the central and eastern part of
the state are beginning to lure many

tourists in their own right. The de
velopment of the Missouri River un
der the Pick-Sloan plan has caused
the construction of three large dams
on the Big Muddy—Fort Randall, Gav
ins Point and Oahe—with huge lakes
being formed behind them. In addi
tion to these, work is now getting un
der way on the fourth and final dam,
Big Bend. These impoundments are
turning central South Dakota into a
great water playground, with phenom
enal fishing and a furious growth in
the sale of boats and similar equip
ment. According to the U. S. Army
Corps of Engineers, Gavins Point Dam
and Lewis and Clark Lake in south
eastern South Dakota showed an in
crease in visitations from 1,255,287 in
1958 to 1,630,172 in 1959.
By July 1, it is expected that a new
resort area will be ready for business
in the vicinity of Fort Randall reser
voir. This will include a 24-unit motel.
The eastern part of the state with
its region of beautiful natural lakes
in the northeastern sector, its phenom

enal pheasant hunting, the Corn Pal
ace at Mitchell, the Dells at Dell Rap
ids and similar other attractions, is
becoming increasingly aware of the
value of the tourist business and is
upping its promotional activity.
Persons from all over the United
States and foreign countries visit
South Dakota as tourists but the big
majority of them hail from Minnesota,
Illinois, Iowa, Wisconsin, Michigan,
California, Nebraska, North Dakota,
New York, Kansas and Ohio.
Tourism has become South Dako
ta’s second largest industry next to
agriculture and the processing of agri
cultural products.
John Whalen, Publicity Director of
the Department of Highways, has
voiced the prediction that tourism will
continue its growth in the state in the
years ahead, spurred by the building
of the Interstate Highway system, the
growth in national population, an in
crease in automobiles and shorter
work weeks and longer annual vaca
tions.

W ith private wires uniting our own offices in all
3 Pacific Coast States, direct airport pickups, and
transit crews working through the night, we speed
c o lle c t io n o f y o u r item s th rou gh ou t the West.
SAN FRANCISCO and other California cities... PORTLAND, Oregon. . . SEATTLE and
TACOMA, Washington • HEAD OFFICE: 400 CALIFORNIA STREET, SAN FRANCISCO 20

Northwestern Banker, May, I960

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

THE BANK OF
CALIFORNIA

D e a r E d ita r

Founded in 1880 and now
in its 80th Year

M U T U A L
OF

A S S O C I A T I O N
DES

MOINES

Offers Safe, Sound, Sensible A cci
dent Protection at Very Low Cost
to M en W ho Can Qualify
Liberal indemnity is provided for disabling accidental
injuries and large benefits are paid for dismemberment
or accidental death. If you do not now have adequate
accident insurance Iowa State Travelers protection is
tops, but if you already have a basic policy or life
policies without double indemnity for accidental death
you just can’t beat this low cost contract to add to or
augment your present insurance program.

“ Report from Alaska Reader”
Editor’s Note: This extremely interesting letter was received
just at press time from a former Iowa banker who left the Hawkeye state after 35 years of banking here to move to our 49th state
— Alaska.
The author of this letter is well-known to many Iowans, and
we thought his friends would enjoy this report from his new post.
“ I am taking the privilege of enclosing herewith a page taken
from the Anchorage Daily Times as of April 1, 1960, containing
news relative to- the merger of six Alaska banks into the National
Bank of Alaska, which is now the largest bank in the state.
“ I came to the Bank of Kodiak in April, 1958, as a special
loan officer, and am now on the board of directors of the new
bank, have official title o f vice president and manager of the
Kodiak branch which has total resources of over $5,000,000.
“ I have been a reader of the N o r t h w e s t e r n B a n k e r since 1923
when I started my banking career in Hawkeye, Iowa, since hav
ing been associated with other Iowa banks in Cresco, Audubon
and Tama, and managed a bank at Frankfort, 111., for seven years
prior to coming to Alaska.
“ I would like to be remembered to my many banker friends in
Iowa and invite their correspondence in the event they may have
questions about banking in Alaska, and will try to answer any
other questions they may have regarding the new state.
“ I will venture to say that undoubtedly I am your only sub
scriber in Alaska. In your March issue, ‘Low Cost B eef’ was
valuable to me in that we have five beef cattle ranches on Kodiak
Island. I can say most sincerely that your publication is read with
more fervent interest than any other financial publications re
ceived in this area.”
Cordially yours,
Al Hochherger, Vice President,
Bank o f Kodiak, Kodiak, Alas
ka, U.S.A.

A B A S u p p o rts B o u tflu s B ill
HE American Bankers Association supports the ob
T
jective of the “Douglas Disclosure Bill” which would
require lenders to inform prospective borrowers of the
finance charges on installment credit, President John W.
Remington announced recently.
“We heartily endorse the objective of S. 2755 to assist
in the promotion of economic stabilization by requiring
the disclosure of finance charges in connection with ex
tension of credit,” stated Mr. Remington, who is president
of the Lincoln Rochester Trust Company, Rochester,
N. Y.
“We further believe that legislation of this type, in
volving a great variety of financial and other business
institutions, could be administered and enforced more
effectively by each state, rather than by the federal, gov
ernment.”

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

This is not a mere automobile policy, but covers prac
tically all injuries sustained through accidental means
with but few exceptions and also contains a hospital
reimbursement plan in accident cases as well as pro
viding for a physician’s fee, X -ray costs and dressings
in a limited amount where no time is lost on the job.

This coverage is issued to men only, ages 18 to
60, who are physically fit and work at nonhazardous jobs. That’s why the cost is so low.
If you are interested and can qualify, write for full in
formation and details regarding the special introduc
tory trial offer to new applicants which will provide
this wonderful coverage until late Fall for only a
nominal initial fee.

Fill in the cou
pon below and
mail it today
and as an in
c e n t iv e
fo r
your inquiry we
will send you
absolutely F R E E and postpaid
a neat little Junior Pocket Secretary, as here pictured,
made to simulate leather, fitted with note pad, calendar
and retractable ball pen. N o obligation to buy. N o
strings attached and N O S O L IC IT O R W IL L C A L L
O N Y O U , as this coverage is sold exclusively direct to
you by mail. M ay we have the pleasure of serving you?

Dutton Stahl, President-Secretary
P.O. Box 1474, Des Moines 6, Iowa
I am interested in the low cost accident protection offered by
Iowa State Travelers Mutual Association and request that you
send me detailed information about this coverage. Also please
send me postpaid the Junior Pocket Secretary Free. T o qualify
for this free gift I represent that I am of the male sex, between
the ages of 18 and 60, that my work is non-hazardous and to
the best of my knowledge I have no physical deformity or
impairment.
N ame___________________________________________________________________
Street Address_____________________________________________
City______________________________________ Zone_______ State.

Northwestern Banker, May, 1960

in tro d u c es N ew T eller's M a ch in e
NEW machine designed to speed
up service and insure accuracy
at the teller’s window in banks has
been developed by The National Cash
Register Company. The machine com
bines in two compact units the func
tions presently performed by a con
ventional teller’s machine, an adding
machine, and a hand-operated coin
dispenser.
The teller’s machine figures auto
matically the amount of change due a
customer. At the same time it acti
vates a change dispenser which in
stantly delivers the proper coins to
the customer. The device is the first
entirely automatic money-handling

mechanism developed for bank tell
ers’ use.
The new machine will cut in half
the time required for the computation
and dispensing of change.
With present equipment, typical
transactions involve adding machine
or paper and pencil calculations, each
offering opportunity for error.
A “controlled subtraction” feature
has been included in the keyboard,
but the subtraction feature does not
interfere with the audit control of to
tals. All necessary totals such as “De
posit,” “Cash In,” “Cashed Checks,”
and so on, are under lock control to
provide an automatic audit of trans-

actions, and the subtraction feature
has no effect on such locked-in totals.
Thus miscellaneous addition and sub
traction, listing, and facility to obtain
debit and credit totals makes the
teller’s machine capable of handling
routine adding machine jobs.
The change dispenser has a coin
capacity of $108. When a coin chan-

BANK

HAS

choice of several positions

for coin cup.

No if's, and’s or b u t's . . . no estimates or educated
guesses. The NADA USED CAR GUIDE gets down
to business, with facts and figures—-current and
accurate— based on actual transactions reported
from your own trading area.
LOCAL
CURRENT
COMPLETE

EXTRA

Published in 8 regional editions to
reflect conditions in your market.
New edition is sent you every 30 days
Average wholesale, average retail and
(in most areas) average loan values. . .
Includes easily identified scale draw
ings of both domestic and imported
passenger ca rs. . . Easy to use
A simplified and expanded truck
section

still only $8.00 per year
quantity prices on request

National Automobile Dealers
USED CAR GUIDE COMPANY
2000 K S T R E E T N .W ., W A S H IN G T O N G, D .C .
Nort hwest ern Banker, May, I960

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

nel reaches a designated low limit, a
buzzer sounds as a warning to the
teller that a coin channel is in low
supply. If any denomination of coins
becomes exhausted, the change dis
penser will not function. Either the
change is exact, or there is no change
at all.
The teller’s machine has facility to
accumulate as many as nine separate
classification totals. It will also vali
date media of all types, providing an
accurate tie-in with the audit tape of
the machine.
Further information available from
Product Information, The National
Cash Register Company, Dayton 9,
Ohio.

Farm P rog ra m P ro je c t
Seventy-three high schools and al
most 4,000 Future Farmers of America
took part in the just-concluded Farm
Program Competition sponsored in
northern California, for the eighth
consecutive year, by American Trust
Company — now Wells Fargo Bank
American Trust Company.
The competition was climaxed by a
series of eight awards banquets at
which Future Farmers and their
school superintendents, principals, and
agricultural instructors were guests.
The bank-sponsored program, by
providing Future Farmers with incen
tive and recognition, is given credit
for strengthening vocational agricul
ture in the participating schools.
With the approval of the State Bu
reau of Agricultural Education, and
working through the California Bank
ers Association, American Trust took
the lead in encouraging other banks
throughout the state to sponsor the
same type of program.

In the tim e it took you to sin k a putt last n ig h t . . . our n igh t
s ta ff processed 2 5 0 0 cash item s
M aybe you figured the nap wrong,
and it took you roughly five minutes to stroke
a ball firmly into the "cu p ” . During those
five minutes, our night staff processed some
2500 cash items. 500 a minute is par for us.
This means that many o f the checks
air-mailed to us in the afternoon are available

funds by the following morning.
Our correspondents from coast to coast
find this speed a very important advantage.
You and your customers will, too.
We’ll be happy to send you full details,
or have one o f our people drop in at your
office in person. Call us at STate 2-9000.

C O N T IN E N T A L IL L IN O IS N A T IO N A L B A N K
and T ru st C om pany of C hicago
Member F. d. i. c.

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

Lock B ox H , Chicago 90

Northwestern Banker, May, 7960

we study new procedures... investigate new devices;
and are glad to talk with correspondent banks about
operational problems.

THE FIRST NATIONAL CITY BANK OF NEW YORK, o f co u rse !
M em b er F e d e ra l D epo sit Insurance Corporation, naturally

Northwestern Banker, May, I960

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

Hugh Hiller Retires
Hugh M. Hiller has retired as vice
president, general counsel and secre
tary of Commerce Trust Company,
Kansas City, after more than 36 years
of service.
Mr. Hiller was born in Kahoka, Mo.
He graduated from Beloit College in
1916 and from Harvard Law School in
1921. During World War I he served
19 months with the famed Rainbow
Division and was awarded the Purple
Heart and the Silver Star. He was ad
mitted to the Missouri Bar in 1921 and
joined the legal department of Com
merce Trust in 1923.
Mr. Hiller plans to travel extensive
ly and to devote time to various per
sonal business interests.

Academic Gift
Through a gift to Phillips Academy,
Andover, Mass., for construction of an
auditorium and audio-visual center, R.
Crosby Kemper, Jr., president of City
National Bank & Trust Company, Kan
sas City, Mo., hopes to benefit second
ary schools throughout the nation.
Recordings, films and t e le v is io n
tapes prepared in the audio-visual cen
ter by Academy faculty members will
be made available to educators and
will help relieve the critical shortage
of teachers, he said.
Mr. Kemper, a Phillips Academy
alumnus, is giving the building in
memory of his grandfather, William

C O N V E N T tO N S
May 6-7, North Dakota Bankers As
sociation, Annual Convention, Dacotah Hotel, Grand Forks.
May 19-21, South Dakota Bankers As
sociation,
Annual
Convention,
Cataract Hotel, Sioux Falls.
May 22-26, Independent Bankers Con
vention, Hilton Hotel, Denver,
Colorado.
May 23-24, Illinois Bankers Associa
tion, 69th Annual Convention,
Palmer House, Chicago.
May 30-June 3, American Institute of
Banking, Statler Hilton Hotel,
Boston.
June 7-8, Minnesota Bankers Asso
ciation, A n n u a l
Convention,
Leamington Hotel, Minneapolis.
June 8, 9, 10, Nebraska Bankers As
sociation Bank Management Con
ference, Doane College, Crete,
Nebr.
June 13-24, Stonier Graduate School
of Banking, Rutgers University.
June 16-18, Montana Bankers Asso
ciation, Annual Convention, Can
yon Village Hotel, Yellowstone
National Park.
June 17-19, Wyoming Bankers Asso
ciation, Annual Convention, Jackson Lake Lodge, Moran.
June 19 - July 2, School of FPRA,
Northwestern University, Chicago.

Thornton Kemper, prominent Kansas
City banker and business leader, who
died in 1938.

/IS YOU READ THIS.

NABAC Meets in St. Louis
NABAC will hold its 11th Southern
Regional Convention in St. Louis, May
16-18. Local committees have made ex
tensive arrangements to provide a pro
gram fully staffed with top speakers
in various fields of banking of interest
to NABAC members.
In addition, convention registrants
will find an extensive entertainment
program planned for them by their
hosts.

Expect Record Travel
A $36 billion annual market for
travel in the decade of the ’60’s is
forecast by American Express Com
pany in a manual issued this week to
leading banks of the nation.
The manual, “Banking Enters a
Decade of Change and Growth,” notes
this magnitude of travel spending is
likely to have a significant effect on
the growth of banking, since “bank
services related to travel will be
needed by more people spending more
money for more trips than ever be
fore.”
The forecast takes account of trends
in both foreign and domestic travel
by Americans, and indicates an ap
proximately 65 per cent rise will be
reached by or before 1969.

June 23-25, Colorado Bankers Asso
ciation, Annual Convention, Hil
ton Hotel, Denver.
July 3 1 -Aug. 13, NABAC 8th An
nual School, University of Wis
consin, Madison.
August 14-17, Colorado School of
Banking, U. of Colo., Boulder.
August 14-27, School of Banking,
University of Wisconsin, Madison.
September 18-21, A.B.A. Annual Con
vention, New York City.
October 3-6, Mortgage Bankers’ 47th
Annual, Conrad Hilton Hotel,
Chicago.
October 9-16, NABAC Annual Con
vention, Statler-Hilton Hotel, Los
Angeles.
October 10-13, National Association
of Bank Women, 38th Annual,
Huntington Hotel, P a s a d e n a ,
Calif.
October 11-12, Nebraska Bankers
Association, Annual Convention,
Cornhusker Hotel, Lincoln.
October 23-26, Iowa Bankers Associa
tion, Annual Convention, Fort
Des Moines Hotel, Des Moines.
October 3 0 -November 3, 45th FPRA
Annual Convention, Statler Ho
tel, Boston.
November 14-15, 9th National Agri
cultural Credit Conference, Den
ver Hilton Hotel, Denver.

MILLION
READERS OF
TIM E

•

U.S.

NEWSWEEK
NEWS&WORLD REPORT

HOLIDAY • NEW YORKER
NATIONAL GEOGRAPHIC
SPORTS ILLUSTRATED

WITH MONEY TO SPEND
ARE BEING REACHED WITH
THIS MESSAGE

...

D O E S YO U R BANK O F F E R

T H E S E P R E S O L D C H E C K S W ITH

• 90% Selling Commission
• Choice of Wallet Colors
• Free Sales Aids

7Tie FIRST

N A T IO N A L ^ C I T Y B A N K
o f N e w York

Member Federal Deposit Insurance Corporation

Northwestern Banker, May, 1960

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

D ieb o ld
E le c ts

A n n ou n ces
D irect ws.Officers

T THE annual shareholders’ meet
ing of Diebold, Inc., the follow
ing directors were elected. John R.
Barry, New York, president, Corroon
& Reynolds; George H. Bockius, Can
ton, chairman of executive committee,
Diebold; Robert Critchfield, AVooster,
director, Akron Brass Manufacturing
Company, Inc., Rubbermaid Inc.; Ray
mond Koontz, Canton, president, Die
bold; Gustave L. Levy, New York,
Goldman, Sachs and Company; Daniel
Maggin, New York, chairman of the

board, Diebold; J. Brenner Root, Can
ton, chairman of the board, The Har
ter Bank & Trust Company, and
Ralph J. AVann, Canon City, Colo., di
rector, Denver & Rio Grande AVestern
Railroad.
Mr. Maggin, who presided at this
meeting, told the group that Diebold’s
first quarter earnings were expected
to exceed those of last year’s com
parable period and that the outlook
appeared reasonably favorable for the
balance of 1960.

At a board of directors’ meeting im
mediately following, a second quarter
dividend of 15 cents per share was de
clared by the directors. This 15 cents
a share dividend will be payable June
10, 1960, to shareholders of record as
of May 18, 1960.
In further action by the directors,
the following executive officers were
elected: Mr. Maggin, chairman of the
board; Mr. Koontz, president; Mr.
Bockius, chairman of the executive
committee; A. AY. Jackson, vice presi
dent; AY. K. AVilson, vice president; E.
AY. Nelson, vice president; F. D. Rob
inson, vice president and treasurer;
C. C. Heilman, vice president; AY. F.
Mosman, vice president; D. A. Craw
ford, secretary and assistant treasurer;
E. C. AVilson, assistant secretary, and
J. B. Frost, assistant treasurer. Also
elected as officers of Diebold’s Herring-Hall-Marvin division were: Basil
Lawrence, vice president; Edward A. ~r
Yopp, assistant secretary, and AY. G.
Sprankle, assistant treasurer.
Diebold, Inc., now entering its 102nd
year, has been engaged in the manu
facture of a complete line of bank
equipment and office equipment.

Stock Sale Completed
Nearly 100 per cent of the 139,988
shares involved in Valley National
Banks latest offering was sold via ex
ercise of stockholders’ rights when
the subscription period expired last
month.
E. S. Lee, vice president in charge
of the Phoenix, Ariz., bank’s invest
ment department, reported that 97.84 A
per cent was subscribed to, leaving
only 3,022 shares to be purchased by
an underwriters syndicate headed by
AY. R. Staats & Company and Blyth &
Company, Inc.
On March 3, VNB shareowners ap
proved the offering, based on one
share for $43 for every 15 held on a
March 11 record date.
The issue, which amounted to more
than $6 million, finds Valley National
with a capital funds account totaling
$46.2 million, an all-time high for the
61-office Arizona network.

Two Promoted
. . . is half the fun! AVhether it’s a trip abroad or a few days at a con
vention, getting ready is a lot of fun. Right now, many of us_ at City
National are abandoning our desks to attend the spring banking con
ventions across the country. Keeping current on ways to best serve
our correspondent banks, and . . . through our correspondents . . . many
thousands of businesses throughout the world, is a wonderful way to mix
good business with good fellowship.
Your Kansas City Account is Cordially invited. . .

CITY N A T IO N A L B A N K
and T ru st C om pany o f K a n sa s City, M issouri
10TH & GRAND • K A N S A S C IT Y 4-1, M ISSOURI
Established 1913 • Member Federal Deposit Insurance Corporation

Nort hwest ern Banker, May, 1960

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

J. A. Gallas and John A. Kapel have
been named trust officers of La Salle A
National Bank, Chicago, it was an
nounced by John C. AVright, chairman
of the board. They formerly were
assistant trust officers.
Mr. Kapel, a Northwestern alumnus,
joined the bank in 1952 and served as
assistant auditor before joining the
trust department in 1959. Mr. Gallas
joined the bank in 1959 and is engaged
in estate planning work in the trust
department.

Are Your Deposit Balances Buying You

Services in the Big World?
Do you offer your customers a full, competitive range of foreign
banking services? You can, when you use Chemical Bank
New York Trust Company’s complete world-wide facilities.
As is the case with our correspondents in the United States,
our overseas correspondents (who maintain more than 50,000
offices abroad) know the local situation as no one else can.
These banks are carefully selected by us to provide you and
your customers with the best possible service on Letters of
Credit, Collections, Remittances, Credit Information and
Trade Development.
Get that extra measure of world-wide banking service— Gold
Medal Service— by making Chemical Bank New York Trust
Company your active New York correspondent.

165 Broadway, New York 15
P. S. A note from you will bring re
cent issues o f our informative
International Economic Survey.
Northwestern Banker, May, i960

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

A C R O S S if* D E S K
[j'iotn tke PubiiâhM

>.dsWL. Vykudbi. tL. 'Sain&hhuqh^:
Chief Economist, National Industrial Conference Board.
After the “ rosy predictions” for 1960 were fol
lowed by a decline of the stock market from 689
to under 600 on the industrial averages a good
deal of the “ bloom” was blown away.
Many economists interpreted this change to a
lessening fear of inflation on the part of the public.
In your opinion, “ The 1960’s offer the nation the
t>est opportunity of prolonged prosperity without
the fever of inflation.”
Some factors which bear out your predictions are
these:
1. Capital outlays of 38 billion this year.
2. Personal income 393 billion.
3. Personal savings 25 billion.
Thus 1960 may not be as “ rosy” as first pre
dicted, but still will make an “ excellent showing”
when the final figures are tabulated.

(D sjc Oe

¿A ru L& Jto

“(p U L ” ’5 ju &vjcV ic l :

President, National Bank of Cuba, Havana.
As a former communist from Argentina you are
pursuing the usual revolutionary program as head
of Cuba’s national bank.
If you expect to increase the prosperity of
7,000,000 Cubans by your methods you are greatly
mistaken.
“ Private: foreign capital comes here only for
profit mid does nothing for the people of Cuba.
“ The Cuban revolution will never take a step
backward from its programs, nor will there be any
return of confiscated or expropriated property to
original owners,” you said.
United States corporations have $861 million
dollars invested in factories and industries in Cuba,
and give employment to thousands of your local
citizens.
Isn’t this “ doing something” for your people ?
Northwestern Banker, May, I960

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

Yet you are confiscating these factories as well
as cattle ranches owned by Americans and giving
them nothing— not even a “ receipt.”
Here is the statement of J. F. Everhart, 42, who
came to Cuba 20 years ago after attending Har
vard and who developed a 19,847 acre cattle ranch:
“ Two years ago I was offered close to 2 million
dollars for my cattle ranches in the, province of
Pinar del Bio, Cuba.
“ Today those ranches are in the hands of a
man who once worked for me as a day laborer.
They have been swept up in the land grabs being
made by the\ dictatorship of Fidel Castro under
the guise of ‘land reform’ . I have not received
one cent in payment. I do not even have a receipt
for their seizure.”
Tourists from the United States before the Cas
tro revolution had been spending $50 million an
nually in Cuba and this resulted in employing
15,000 people.
“ You can’t “ confiscate” this business because it
has “ evaporated” and will not return, under the
present regime.
As a bank president you are doing all the wrong
things to increase the welfare of your adopted
island.
Also Mr. Guevara, the United States has been
“ sweetening” our purchases of sugar from you by
paying more a pound than the world market price.
For the fiscal year ending July, 1959, we bought
6 billion 714 million pounds of sugar from Cuba
for which we paid $364,850,000.
You better change your revolutionary tactics if
you expect to get more business from Uncle Sam.

here is
safety’s
new est
look!

Diebold-McClintock vault
ventilators have long been
accepted as the surest, safest
protection against the possible
TALK THRUj
LTOR HOLE/

panic of accidental or forced
vault lock-ins. Now, the new
Diebold-McClintock Mark II vault
ventilator combines safety with
styling that’s handsomely in
harmony with modern vault
design. Dramatically illuminated
for instant and reassuring
visibility within the vault, the
Diebold-McClintock Mark II
features continuous forced
intake of fresh air . . . provides
a port for conversation between
those inside and outside
the vault.

NEW DIEBOLD VAULT VENTILATOR
The Diebold-McClintock Mark II
vault ventilator can be installed
in your vault without in any
way impairing vault integrity or
insurance classification.
Because there’s no more secure
— or attractive— way to
forestall the risks of lock-in,
shouldn't you get details on the
Diebold-McClintock Mark II
now? The coupon will
bring them!

Diebold, Incorporated, Dept. B-123
Canton 2, Ohio

Gentlemen: Please send complete information on the
new Diebold-M cClintock M ark II vault
ventilator.
Nam e.
Bank.
Address.

Northwestern Banker, May, I960

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

For many businesses, inventories of raw materials
or finished products are extremely important. And,
for these businesses . . . as well as their banks . . .
there are major benefits when loans are secured by
working inventories. That’s the principle behind field
warehousing that has helped many industries achieve
great savings and profits . . . that has helped banks
to new and increased loans.

American Express Field Warehousing puts those
loans on a sound basis . . . to provide: monthly
IBM* commodity reports; extensive legal liability
and fidelity bond protection; lender-controlled
releases; frequent inspections, and many more
advantages. For information, contact your nearest
American Express office, or write for a free copy of
"Inventory in Action."
*Registered T radem ark o f I B M Corporation

AMERICAN EXPRESS FIELD WAREHOUSING CORPORATION
65 Broadway, New York 6, N. Y.
Northwestern Banker, May, I960

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

Offices Nationwide

A member of the 110-year-old American Express family

WHY

YOU

SHOULD

SECU RITIES

WITH

KEEP

YOUR

HANOVER

As a H anover correspondent, you enjoy these safekeeping benefits:
• Proximity to m ajor securities markets.
• Savings in postage and insurance charges.
• Portfolio review .
• Elim ination of auditing details.
• C oupons clip p ed and maturities follow ed for you b y Hanover.
• Protection for your securities b y the same measures and
controls that safeguard our own.
Isn’t this the practical kind o f correspondent service y ou ’ve been
looking for?

A
THE
HANOVER
BANK
\

N E W

Y O R K

Member Federal Deposit Insurance Corporation

Foreign Transactions • Portfolio Review • Snap-Out Carbon Checks • Air Mail-Pouch Loose • Letters of Credit • RANCORE Plan • Credit information
Northwestern Banker, May, I960

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

We aren’t, o f course, yet using inter
planetary missiles to deliver transit items.
But, we are utilizing every available pres
ent-day mode of transportation to provide
the speediest possible C o r r e s p o n d e n t
Service . . . on an “ around-the-clock” basis.
W e’re anxiously awaiting the privilege of
serving you.

IOWA’S FAVORITE
CORRESPONDENT BANK

NATIONAL BANK & TRUST COMPANY

DES MOINES, IO W A

ME MB E R
Nort hwest ern Banker, May, I960

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Federal Reserve Bank of St. Louis

T e le p h o n e — C H e r r y 3 - 8 1 8 1

FEDERAL

DEPOSIT

INSURANCE

CORPORATION

Northwestern Banker, May, 1960

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Federal Reserve Bank of St. Louis

Group Life Insurance for Correspondents

More Than 750 Banks in MANUFACTURERS
Have Coverage Exceeding $ 1 0 0 , 0 0 0 , 0 0 0
The more than 750 participants in our Group Life Insurance
Plan for Correspondents have a total of over 12,500 officers and
employees covered by insurance exceeding $100,000,000.
The number of participating institutions and the amount of
coverage have been steadily increasing, year after year, since
the Plan was started in 1947. Total insurance in force has more
than doubled since 1956.
Maximum coverage for any individual is now $20,000. A cci
dental death and dismemberment benefits equal to 50% of the
amount of life insurance are provided at no additional premium.
This service is one of the many reasons why more and more
banks are turning to Manufacturers Trust Company as their New
York correspondent.
To get the facts on our Group Life Insurance Plan, write or phone Mr. Joseph C. McNally.

Nort hwest ern Banker, May, 1960

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Federal Reserve Bank of St. Louis

TRUST COMPANY

Plan

Latest Five-Year Average Cost:
ONLY 524 A MONTH PER $1000

This low average net cost reflects
the application of dividends from
the insurance carriers against the
gross premiums paid by partici
pants.

Head Office: 44 Wall Street, New York 15, N. Y.
HAnover 2-7200
Member Federal Deposit Insurance Corporation

27
treatment accorded any bank customer who normally
transacts business on the bank premises.
Preferred Over Credit Unions

In-Plant Banking
Gains Momentum
By BEN HALLER, JR.
Editor

MONG the newest bank services made available in
recent years one of the most popular is proving to
be “ In-Plant Banking.” Basically, it takes the
credit facilities of commercial banks into industrial firms
and businesses to assist the workers who find it difficult
to come to the bank, particularly with the almost univer
sal observance of a five-day week in most cities.
This plan has such flexibility that it can be used in
towns or cities of any size where there are industrial
firms or fairly large businesses.
“ In-Plant Banking” makes it possible for the employee
of a participating firm to complete an application for a
loan or set up a deposit account with the bank without
leaving the work premises. Employers who have made
“ In-Plant Banking” available to their employees report
it has met with considerable success because a ll of the
employees’ financial transactions receive the confidential

Employees in these firms have shown a preference for
this plan over the company credit union because it takes
their personal business outside the realm of the employ
er’s and fellow workers’ knowledge.
“ In-Plant Banking” was used several years ago in a few
scattered places, but only within the past 18 months has
it received its greatest impetus from commercial banks
who have found it a successful method of competition
for company credit unions. The most widespread and
prominent of these plans is the one formulated by Bank
of America. Called “Employee Loan and Deposit Serv
ice,” the B of A plan at last count was in successful opera
tion in more than 3,000 California businesses and indus
tries. In many instances, no such facilities had pre
viously been available to the employees. In others, the
overwhelming acceptance by employees of this plan in
preference to the limited credit union they had led em
ployees to close out their credit union operation and use
the bank plan completely.
Other banks have followed suit in cities throughout the
nation, most of them following basically the same pattern
as the service supplied by B of A. Under this program,
the employer designates an employee representative(s)
who is given a complete file of necessary loan application
blanks, signature cards and other material by the bank.
Loan Application Procedure

An employee wishing to make application for any type
of loan gets the application blank from the employee rep
resentative in his area of the plant. He completes the
application (help is given by the representative if it is
requested), the application is mailed in a postage-free
return envelope along with an employee verification card
from the representative (which shows the bank that the
applicant is employed by the firm), and applications are
generally processed in one day.
If there is an emergency, the bank may be called di
rectly to expedite the loan. Otherwise, the employee may
choose to have the bank mail a check to his home, have
it deposited in his account, authorize it to be picked up
at the bank, or he may call in person at the bank.
Throughout the entire transaction, the employee and
the bank are the only ones who know how much is being
borrowed and for what purpose. The bank makes its
own loan decisions and the company need not even know
the employee has made application, which is the case if
the employee had come directly into the bank.
Brings Bank to Employee

What is it?
A new plan that enables you to obtain
bank loans and arrange checking and
savings deposits — without leaving the
building.

®
^,v

i
j

í X

How does it work?
Simple, Just pick up the forms yen need
from the company representative, and
ñll them ont. Everything is handled by
mall

How do I make a deposit?

Did you say loans?

T he forms needed to ope« a savings or
cheeking account— and to make d eposit,
are available here. Arrangement« may be
roade for a systematic savings plan.

%S. la m s may be arranged for personal
and emergency needs as well as home im
provements, or for the purchase o f a new
o r used car. In most eases it is not. nec
essary to go to the bank.

Thus, “ In-Plant Banking” takes banking service di
rectly to the employee with the cooperation of the em
ployer, but the entire service is conducted on a confiden
tial basis. In many instances, this type of borrowing
will save the employee considerable interest as opposed
to non-bank borrowing.
The employee may repay the loan by sending in his
check whenever payments are due, he may authorize the
bank to deduct the periodic payments from his checking
account, or he may authorize his employer to deduct the
loan repayments from his salary.
Authorization for salary deduction requested by the
employee may be used for several purposes. He may ask
his employer to deduct loan repayments as noted above
and forward to the bank. He may wish to have a desig
nated amount deducted each payroll period and forwarded
to the bank for credit to his checking account or savings
account.
I N -P L A N T

B A N K IN G

. . .

(Turn to page 46, please)

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Federal Reserve Bank of St. Louis

Northwestern Banker. May, 1960

What Bankers Think About
f

A NORTHWESTERN BANKER Survey

RACTICALLY all of the banks throughout the middlewest subscribe to the theory that “fringe bene
fits” are a necessity if they are to compete with
other business and industry for today’s new talent and
also to keep their present officers and employees. This is
inferred from results of a recent N o r t h w e s t e r n B a n k e r
survey which shows that: (A) 99 per cent of the banks
surveyed (150 banks were contacted) give paid vacations,
(B) 68 per cent give life insurance coverage, C) 62 per
cent have a group accident and sickness plan and (D) 86
per cent have a bonus plan, profit sharing plan or pen
sion plan.
Also listed by respondents were other “fringes” such as
paid dues to civic clubs, golf clubs and training programs
as well as employee rooms and free coffee and lunches at
half price.

Minnesota bank with $2,800,000 deposits in town of 750:

“ Cashier and above get four weeks; other officers, three
weeks, and employees two weeks.”
Montana bank with $31,600,000 deposits in town of 40,000: “Two weeks after one year; three weeks after 15
Free Life Insurance

As for paid vacations, 92 per cent of the banks offer two
weeks’ paid vacation, 3 per cent give three weeks with
pay, 3 per cent give 10 days, 1 per cent give a week and
1 per cent give none. Most who offer two weeks stipu
late that it is available to employees only after they have
worked a full year. Until that time, one week is usually
given.
Variations of this rule were explained as follows:
Minnesota bank with $5,600,000 deposits in a town of
10,000 population: “Two weeks for employees with the

“ From $2,500 to $15,000, depending on salary.”

bank more than a year; three weeks for officers or em
ployees with more than 15 years’ service, and four weeks
for president and vice presidents.”

“The amount varies from $4,000 for tellers to $10,000 for
officers.”

Colorado bank with $7,500,000 deposits in town of 10,000: “Two weeks for all, with additional time with lon

000: “ Depends on salary bracket . . . first $10,000 free.”

South Dakota bank with $60,500,000 deposits in town of
65,000: “Two weeks after the first year and then three

weeks during employee’s 5th, 10th and 15th year.
weeks’ paid vacation every year from then on.”

Three

South Dakota bank with $4 million deposits in town of
3,500: “ Two weeks during summer or three weeks during

winter.”
Iowa bank with $2,200,000 deposits in town of 3,800:

“Two weeks with pay plus the usual sick leave and time
off for weddings, funerals and special events . . . also 10
paid holidays per year.”
Montana bank in town of 25,000: “Two weeks, three
weeks after 10 years; four weeks after 20 years.”
Nort hwest ern Banker, May,

Colorado bank with $7,500,000 deposits in town of 10,000:

4j
J

Nebraska bank with $2,500,000 deposits in town of 1,200:

Minnesota bank with $5,600,000 deposits in town of 10,-

Minnesota bank with $7,800,000 deposits in town of 365:

gevity.”

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Federal Reserve Bank of St. Louis

years; president and vice presidents get four weeks.”
Answers to a question about group life insurance plans
were so varied that an average would be meaningless. It
was noted that only one bank of the 69 per cent offering
free life insurance stated that it gives a flat $1,000 policy
as a “fringe benefit.” Another gives from $1,000 to $3,000
of life protection, while the majority of the banks offer
coverages in varying amounts from $2,000 to $10,000,
based on longevity, whether the employee is male or fe
male, and whether or not the employee is an officer. The
amount of life insurance offered people at the bank, then,
varies and employees generally are covered by amounts
from $2,000 to $6,000, while officers generally receive a
flat $10,000 policy, with premiums paid by the bank.
Presidents and vice presidents were listed generally at
from $10,000 to $20,000, with one president listed at $50,000 coverage.
Here are selected replies to the question on life insur
ance:

Paid Vacations

}

i9 60

•Ten thousand dollars for executives, $6,000 for employ
ees.”
H
Minnesota bank with $1,500,000 deposits in town of 600:

•Twenty thousand dollars on president, $10,000 on other
employees.”
Iowa bank with $18,000,000 deposits in town of 35,000:

“Our maximum is $2,500 and the bank pays half of the
premium.”
Nebraska bank with $1,700,000 deposits in town of 1,000:

“From $4,000 to $10,000.”
Nebraska bank with $3,200,000 deposits in town of 3,600:

“Eligible employees have life insurance equal to 30
months’ salary.”

Fringe Benefits
»S

South Dakota bank with $3,200,000 deposits in town of
1,200: “From $60,00 to $18,000, dependent on salary scales.

All is paid by bank.”
South Dakota bank with $60,500,000 deposits in town of
65,000: “Here’s our life insurance scale:

“ Salary up to $2,399—$ 3,000 policy
Salary up to 2,999— 5,000 policy
Salary up to 3,999— 8,000 policy
Salary up to 4,999— 10,000 policy
Salary up to 5,999— 12,000 policy
“Above progression continues to a maximum of $50,000. The bank pays full cost of the first $3,000 and then
the employee pays 50 cents per $1,000 per month, with
the bank paying the rest.”

eral Hospitalization” with 12 per cent, while 9 per cent
said “ Insurance through our state association,” 9 per cent
said “Blue Cross and Blue Shield” and 6 per cent replied
“ Insurance through Independent Bankers Association.
Three percent of the banks offer an “ Income Protection
Plan.”
Here’s what some of the bankers had to say:
South Dakota bank with $60,500,000 deposits in town of

65,000: “Yes, our coverage pays first $500 of any hospital
expenses in full and 80 per cent of hospital expenses over
$500, during any one confinement; 80 per cent of all eligi
ble medical expenses after $50 deductible. Deductible
applies only once during calendar year. Office calls and
prescriptions are eligible expenses.”

Iowa bank with $7,000,000 deposits in town of 7,500:

Montana bank with $11,000,000 deposits in town of 0,000:

“ Two thousand for employees and $10,000 for officers, of
which $5,000 is regular and $5,000 is term.”

"Ours pays 80 per cent of all fees and medicine with maxi
mum of $10,000 for any one illness per individual cov
ered.”

Iowa bank with $2,200,000 deposits in town of 3,800:

“ Six thousand dollars minimum and $20,000 maximum,
based on salary schedules.”
Accident and Sickness Insurance

More than 62 per cent of the bankers replied that they
offer accident and sickness insurance protection to offi
cers and employees of the bank.
Of this number, 61 per cent replied that they have
“ Major Medical.” Next, by percentage rank, was “Gen

Wyoming bank with $7,800,000 deposits in town of 3,000:

“Yes, 70 days in hospital at $16 per day for each employee
and his family, $568 for each and his family to cover doc
tor bills and the same amount for drugs. All types of
surgery are covered.”
Colorado bank with $3,600,000 deposits in town of 3,500:

“General coverage and $10 per day hospitalization.”
Iowa bank with $3,100,000 deposits in town of 5,400:

“Accident and hospitalization for the women and the
same coverage for men except that it also covers their
family.”
Nebraska bank with $2,000,000 deposits in town of 1,300:

“No. However, we will pay one-half the cost of any health
and accident insurance policy our employees desire.”
Minnesota bank with $1,500,000 deposits in town of 600:

“Yes, we have $10,000 of life, $6,000 dismemberment, $12
per day hospital room (which varies if semi-private room
is chosen, 80 per cent surgical fee coverage and $10,000
Major Medical.”
It was noted that three replying bankers added that the
bank pays two-thirds of the Major Medical plan and em
ployees pay one-third. Perhaps this would indicate that
FRINGE BENEFITS SURVEY . . .

(Turn to page 68, please)

Northwestern Banker, May, I960

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Federal Reserve Bank of St. Louis

Hanks

WillHandle Farm
A NORTHWESTERN BANKER Survey

ILL loan demand on midwest
banks reach the high level re
corded in 1959? Will farmers
be seeking as great a loan volume dur
ing 1960 as they did last year? Where
will banks get the extra money needed
to meet a continuing high loan de
mand? Will farmers have the neces
sary net income to liquidate their bor
rowings?
These questions and many others
have been asked repeatedly in recent
months throughout the midwest.
Most country bankers surveyed sev
eral weeks go by the N o r t h w e s t e r n
B a n k e r were anticipating a loan de
mand equal to or greater than that ex
perienced last year, with 90 per cent
of the respondents answering in the
affirmative, while only 10 per cent
were expecting a lower loan demand.
Of this number, just under 50 per cent
were expecting a higher demand,
while slightly more than 40 per cent
reported loan demand should remain
at the 1959 level.
Such a demand would place another
heavy burden on commercial banks,
following on the heels of the heavy
loan year of 1959, but more than 78
per cent of those replying said they
felt they could expand their loan-de

posit ratio. Bankers state they will
take care of the farmers’ loan needs,
then, as they have done so capably in
past years.
However, there was some evidence
displayed in April that the trend to
increased loans may have been slowed.
In the face of continuing high costs,
farmers in significant numbers have
heeded the advice of their bankers to
pare everything possible from their
loan requests this spring, and in a few
cases it has been reported that some
farm customers are determined to get
by this spring without additional bor
rowing.
Enough such cases were not record
ed as this issue was being printed to
determine that such a trend would be
come general, but several bankers
stated they are at least encouraged. If
farm customers can limit their bor
rowing to actual necessities and live
within a workable budget, many bank
ing and agricultural leaders feel they
will do as well or even better in 1960
than last year.
(Editor’s Note: The use of a defi
nite budget by many farm families has
been strongly recommended at numer
ous bank meetings in past months.
For the benefit of bankers who wish

CHART 1
"W hat do you a n ticip a te fo r loan demand in 1960 com pared to 1959?"

IOWA
Win. P. Ronan, president, Decorah
State Bank, Decorah: I look for higher

A LL LO A N S
Higher
............ 49.41%
Low er ........................... ............ 10.11%
Same .............................. ............ 40.48%
100.00%
FARM LO AN S
Higher ............................................64.29%
Low er ............................................ 7.14%
........................................... 28.57%
Same

C O M M E R C IA L LO AN S
Higher ....................................... .38 .10 %
Low er ....................................... . 9.52%
Same ......................................... .5 2 .3 8 %

REAL ESTA TE LO AN S
Higher ............................................50.00%
Low er ........................................... 16.66%
Same
............................................3 3.34%

O TH ER LO AN S
H igher .......................................
Low er .......................................
Same . .......................................

Nort hwest ern Banker, May, 1960

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Federal Reserve Bank of St. Louis

to provide such family budget assist
ance to their customers, a special arti
cle on this important subject appears
in this issue.)
With a high level of loans still out
standing, banks generally will be anx
ious to see demand reduced so that
new borrowing can be more easily
liquidated. The usual heavy seasonal
borrowing by cattle feeders is antici
pated for late summer.
Hog prices have taken a sharp up
turn in the past two months, climbing
from the $9-$ll range to a level con
sistently above $15, with $18 expected
by late May in many quarters. Cattle
prices have held fairly steady for sev
eral months in the mid to high $20
range, and are expected to remain
close to this level the balance of the
year.
In the survey of several weeks ago
among a representative number of
c o u n tr y banks, the N o r t h w e s t e r n
B a n k e r determined the results shown
in several accompanying charts. In
addition, research directors of the
Federal Reserve Banks in Chicago,
Minneapolis and Kansas City provided
the statistics noted in the charts show
ing deposit-loan ratios in eight states.
Bankers participating in the survey
were asked to comment on what they
anticipate this year for farm and com
mercial business in their areas. Here
is a sampling of their views:

.4 5 .2 4 %
. 7.14%
.4 7 .6 2 %

hog prices and really believe that ag
ricultural prices this year will average
out higher than last year. This is a
great hog producing area and our
farmers will get a satisfactory price
for their corn by marketing it through
feeding.
D.
G. Feller, cashier, First National
Bank, Clarion: The tight credit situa

tion and price drop in 1959 will force
the marginal farm operators to use

31
crop propects are encouraging. Our
merchants were crying the blues for
the first two months of 1960.
more to come—
NEBRASKA
Ralph Misko, president, First Na
tional Bank, York: I can’t get at all

v m a tu i

optimistic over the future. Of course,
we’ve had a hard winter which has
slowed business down considerably,
but even with an open winter the
farmer would still be in the squeeze.
We expect to see a great number of
farm sales this fall.
Roger S. Thorley, president, Com
mercial National Bank, Ainsworth: I

more judgment in production and pur
chasing this year and consequently
should keep their net income on a
level with last year in spite of lower
price predictions.
Machinery and automobile dealers
will probably suffer more than other
businesses due to tightened credit.
Most businesses in this area prosper
as the farmers do. So if the farm in
come remains steady, the same will be
reflected in retail business.
Leonard J. Wegman, president, Citi
zens Savings Bank, Anamosa: I ex

pect approximately the same demand
on loans (except farmers). We are
“cracking down” on substandards —
taking on no new farm loans, unless of
exceptional quality. We have no prob

CHART 2
" If loan demand w ill be higher,
can your bank expand its loan to
deposit
ratio
experienced
last
y e ar?"
Yes ................. ................... 78.57%
No ................... ................... 16.67%
No an sw er . . .................... 4.76%

and directly associated with the value
of hogs. It is also widely agreed that
farm prosperity promulgates a surge
of activity in all business economy.
I predict that the price of hogs can
be expected to show advances through
out the coming months. However, the
purchasing power of the farmer will
no doubt be curtailed due to the over
load of operating debt incurred dur
ing the “farm recession” of the past
year. Consequently, retail of durable
goods may be expected to lag and com
mercial business activity be somewhat
temporarily retarded.
Furthermore, it is my contention
that any prolonged curtailment of
farm income is certain to eventually
effect an unbalanced economy to the
detriment of most all lines of business.
Therefore, the answer to business
prosperity is primarily farm prosper
ity.

expect business generally to be a little
slower than last year, however, bor
rowings to be higher as we did not
have the liquidation last year we ex
pected, due to drought conditions.
J. R. Kenner, president, Thayer
County Bank, Hebron: Volume will be

down materially. The amount will de
pend somewhat on the weather condi

CHART 3
" If an sw e r (to C h a rt 2) is 'Yes,'
from w hat sources do you plan to
g et the increased amount for lend
in g ?"
(Sin ce more than one source could
be checked, these p ercen tages indi
c a te the number of tim es each w as
mentioned.)
New deposits ....................... 53.12%
Sale of U. S. Secu rities ..8 4 .3 7 %
Borrowing from Federal
Reserve and correspo nd
ent banks ............................ 12.50%
Liquidation of C C C loans 37.50%
Use of present funds in
other banks ....................... 37.50%
Additions to ca p ita l funds 9.37%
O ther sou rces ...................... 3.1 2 %

B.
L. Johnson, president, City Na tions. The net will be considerably
less on our agricultural production, es
tional Bank, Shenandoah: Some recent

improvement in livestock prices has pecially on our irrigated farms due to
given encouragement for a favorable the high cost of fertilizer as well as
first half year operation. With an heavy equipment.
We are also expecting a lesser re
abundance of grain feed, much of it
100.00%
with high moisture content, we expect turn on our livestock since cattle
lem, as yet. We are about 42 per cent about as much livestock feeding in prices will be down, especially cattle
loaned up, with $1,512,000 cash, $5,575,- this area as a year ago. Orders for in the latter part of the year. Hog
550 deposits, and we want to keep it and shipment of nursery and seed prices will be better but our hog popu
merchandise, on which our local econ lation is down due to the low prices
that way.
H.
S. Lekwa, president, Ackley State omy is also dependent, is delayed be that have prevailed the last year.
Volume of machinery purchases can
cause of weather conditions.
Bank, Ackley: We expect our business
R.
K. McGee, president, Clarke Counbe expected to decrease materially due
in this area to be a little slower than
last year because of the depressed ty State Bank, Osceola: We look for a to lack of funds and the general level
price of corn and livestock. The farm reduced volume of farm machinery of retail activity will be curtailed.
Virgil E. Warren, executive vice
er seems to be creating a resistance and automobile business in our county
against higher prices that he is pay due to lower farm income because of president and cashier, Auburn State
Bank, Auburn: Spring prospects are
ing for machinery and the things he low value of corn and low hog prices.
has to buy, in view of the fact that his
Most of the farmers are tightening good if we get a few dry days. If so,
income is down.
up somewhat and show some resent business will normal up.
SOUTH DAKOTA
J. Yvo Floerchinger, executive vice
ment because of the spread between
L.
L. Branch, president, First Na
president, DeWitt Bank and Trust
prices received for farm products and
Company, DeWitt: For years the the prices paid for commodities used on tional Bank, Pierre: The present out
ory has been advanced and repeatedly the farm. This may change somewhat look is wonderful.
substantiated that the degree of pros through the year as hog prices look
A.
W. Powell, president, Roberts
perity enjoyed in Iowa is reflected by better for the next six months and if County National Bank, Sisseton: It is

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Federal Reserve Bank of St. Louis

Northwestern Banker, May, 1960

32
areas by several established lumber
businesses. We feel that the result of
this will be a general increase in de
posits, and some increased demand for
loans.

M o r e (o u in ien t s On
F orm Loan O rm a m i

unfortunate that so many financial pa
pers, bankers, economists and politic
ians published so much optimistic
Soaring Sixties propaganda in Decem
ber and January. High interest, lack
of foreign trade, no gold reserve, labor
and management domination and con
nivance are building up a pattern like
1929. This week Babson mentions it
is like 1907. Certainly 60 cents when
we do get a crop can’t buy $6,000 trac
tors, combines and trucks. Every bar
ber school, teacher and nurse around
here has bought a “ share in the fu
ture of America” in the stock market
the last year.

Eeroy O. Wallin, executive vice pres
ident, Big Horn County State Bank,
Hardin: There is no question but what

Farm business—we expect increased
loan demand from our farmers. Farm
production will depend (as always) on
rainfall and weather during the grow
ing season. We may expect as good
production as last year, at least, since
1959 gave only average crop yields.
However, net farm income may be
lower, depending on prices received
and costs.
E. D. Grobel, vice president, First
National Bank, Glasgow: Our economy

is predominantly agriculture; how
ever, the area is benefited by a rapid
and sizable growth incident to con
struction of an SAC air base near
M.
G. Winter, president, First State town.
Ben Heidel, cashier, Powder River
Bank, Armour: The first six months
of this year we are anticipating busi County Bank, Broadus: It has all the
ness to be down considerably in our appearances of a normal year. Busi
area. Due to last year’s drought and ness should be excellent.
Theodore Jacobs, president, First
hog price situation the farmers were
severely hit. However, the moisture National Bank of Missoula: In gener
situation last fall and this winter has al, we expect farm business to be at
aided crop prospects for this year. If approximately 1959 levels, with prob
we should have good spring moisture ably some lessening of net income.
and a favorable hog situation this sum Agricultural activities comprise ap
mer we would anticipate the last six proximately 5 per cent of our deposits
months of this year to be greatly im and loans.
On the industrial side we are antici
proved.
pating considerable expansion. At the
MINNESOTA
Lyle O. Feeing, cashier, Crookston present time, approximately 500 new
National Bank, Crookston: Beet farm jobs are opening up in the field of
ing is stable. Perhaps more advances timber utilization. Expansion in this
to small grain farmers will be needed area includes a new plywood plant, a
as cost of operations seems to increase vastly increased pulp and paper indus
imperceptibly. Our crop was good last try, and the expansion into some new

season with some local areas hit by
hail. Buying of feeder cattle seems to
be about the same. Narrowing of prof
it margin does not seem to affect this
for farmers who have their own feed.
Some increase in commercial bor
rowing is noted based on higher ac
counts receivables. Implement deal
ers seem to be affected.

we will find things to be a bit difficult
this year in the area. Sufficient money
for loans simply is not available, and
this will affect business in general.
The farmer is in the squeeze. What
with constantly increasing costs of op
eration and a lowering level of in
come, it is easy to see that the belt
will have to be tightened.
George H. Norr, vice president, The
Richland National Bank, Sidney: The

present outlook for 1960 is the best in
years. We received more than a nor
mal amount of moisture last fall and
the sub-soil moisture is the best it has
been in years. It is anticipated that
we will experience a heavy demand
for credit in rural areas. This will be
greater than ever as a result of the
poor crop conditions experienced last
year, together with the depressed live
stock market last fall.
We will experience a considerable
amount of building in our city this
year. A new school and a community
sponsored home for the aged will be
started this spring as well as other
buildings being contemplated. We ex
pect residential housing to be at a
high level. An active, busy year is
anticipated.
NORTH DAKOTA
H. F. Eeutz, president, Security
Bank, Hebron: Being in a strictly

farming area it is impossible to preFARM LOANS . . .

(Turn to page 80, please)

CHART 4
Ratios of Total Loans to Total Deposits
(Fe d e ra l Reserve member banks only)
(D o llar figures in thousands)
Loans as a
Percentag e
of Deposits

Pat DuBois, vice president, First
State Bank, Sauk Centre: Slow—with

an increase toward last quarter if crop
is good.

State

E.
H. Gaugert, executive vice presi Iow a ............... .$ 687,000
.
510,973
N ebraska
dent, First National Bank, Spring Val
.
732,450
C o lo rad o
ley: Good business year. Farm real

estate has about reached its peak.
MONTANA
Lyle B. Rowe, president, The First
State Bank, Shelby: Commercial busi

ness—about the same as 1959.
Northwestern Banker, May, 1960

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Federal Reserve Bank of St. Louis

Dec. 31, 1959
Deposits
Loans

Dec. 31, 1958
Deposits
Loans

130,417
Wyoming . . .
Minnesota . . . 1,288,935
138,668
North Dakota .
196,469
South Dakota .
279,682
Montana . . .

$1,652,000
1,205,901
1,570,281
347,316
2,863,885
355,712
480,489
697,225

749,553
543,041
827,643
144,937
1,467,125
153,106
216,762
313,414

$1,604,326
1,141,786
1,581,319
349,350
2,835,878
360,330
474,792
690,182

Dec. 31
1958

Dec. 31
1959

41.6
42.4
46.6
37.5
45.0
38.9
40.9
40.1

46.7
47.6
52.3
41.5
51.7
42.5
45.6
45.4

lloir t Overlook the
(

Terrific response to a money management course for
women points out the fact that the (weaker’ sex has a
good grip on the nation’s purse strings.

the correct ti
I NtleALLfor probability,
this article should have
been “You CAN’T Overlook the
Ladies” rather than “DON’ T Overlook
the Ladies!”
After all, we hear and read daily of
the growing power and influence ex
erted in all phases of our economy by
the distaff side. In banking, we are
constantly reminded visually, of the
ever-increasing number of women who
visit our banking premises.
As an example of the latter state
ment, a survey made recently in our
shop indicated that slightly over onehalf the traffic at our teller windows
consisted of members of the “weaker
sex,” a term incidentally that is now
subject to dispute! Admittedly a good
number of these ladies were taking
care of banking transactions for either
their bosses or for their companies,
but they are, nevertheless, individual
ly good potential customers for many,
many of our banking services.
There are statistics galore as to the
total number of women in our coun
try’s labor force. The late war, of
necessity, exposed many women to
jobs that formerly had been closed to
them and, although the number of
women at work declined sharply as
expected, after the war, it was only for
a period of about one year and a half.
The sweet, fleeting taste of independ
ence gained by the girls was not to be
denied, and the pleasant recollection
of additional money in the “family
kitty” brought them back to compete
with the men.
Outnumbered Two to One

Our own banking industry shows

that women outnumber men by more
than two to one—and is no exception
when compared to many other fields.
Now, just what potential exists in
this supposedly abundant field? A re
cent article in our Chicago Tribune
(and written by a woman, of course)
carried this h eadlin e, “ARE WE
B y R OBERT A. BACHLE
Vice President
National Boulevard Bank
Chicago, Illinois
FPRA Treasurer

GIRLS FINANCIAL WIZARDS OR
MERELY RICH?”
Here are some of her observations:
1. Fifty-two per cent of the na
tion’s securities are in feminine
clutches.
2. Most women get into the mar
ket through their husbands’ ac
tivity and advice.
3. In 1959, among new sharehold
ers women outnumbered men
by a margin of 56.3 per cent to
43.7 per cent.
4. Of some 6,347,000 stockholders,
more than 65 per cent are
housewives or women not gain
fully employed.
Securities men say there basically
isn’t much difference between men
and women stockholders, but one com
mented (we rather su s p e ct with
tongue in cheek), “When a woman is
difficult, she’s terrible!”
There seems to be no doubt that

women are most sincere in their ap
proach to, and study of, financial
matters. This was forcibly brought
home to use two years ago when one
of our directors offered to conduct a
survey among the more than 700 em
ployees in his company to learn what
they thought of National Boulevard
Bank in general—and its services in
particular. Happily, the results were
most gratifying and one comment—
from a gal, of course—was “Why don’t
you offer a money management course
for business women?”
This we decided to do and the next
question was how do we go about it?
The idea was not entirely new to Chi
cago banks, other than that it would
be directed toward “business women”
rather than solely to lady customers
and prospects. The woman who made
the original suggestion, and an asso
ciate of hers, helped immeasurably
with their ideas and advice in setting
up the following program:
Lecture Series

A series of lectures was held in our
new board room on each of seven con
secutive Monday evenings, from 6:30
p.m. sharp to 7:30 p.m. sharp. Each
lecture was scheduled for 45 minutes,
followed by a 15 minute question and
answer period. The subject matter
for each lecture was as follows:
First Session—BUDGETING (How
to Plan Financial Independence).
Second Session— TECHNIQUES OF
DON’T OVERLOOK . . .

(Turn to page 81, please)
Northwestern Banker, May, 1960

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Federal Reserve Bank of St. Louis

R. G A R S T

A. T . R O T H

C. T A Y L O R

D R . P. D. W H I T E

in d epen d en t
in

¡ t e n v o i* M a y

HE 26th annual convention of
The Independent Bankers Asso
ciation, to be held May 22-26 at
the Denver Hilton in Denver, Colo.,
promises to be one of the largest ever
staged by the association.
Advance registrations are already
running at better than a third ahead
of last year, and
to ta l attendance
is expected to be
o v e r the 1,000
m a r k . The incre a se is p r o b
ably due, in part,
to increased IBA

m e m b e r s h ip ,
w h i c h is now
over 5,700.
Two other fac
O. D. H A N S E N
tors contribute to
the healthy number of advance regis
trations. One is the Colorado setting
and the opportunity for participants
to take local tours during the conven
tion; the other is a panel of speakers
which is an outstanding assemblage.
O. D. Hanson, president, Bank of
Union County, Elk Point, S. D., and
now vice president of the LB.A., is ex
pected to move up to the presidency.
Features Speakers

Speakers included are:
Roswell Garst, the Coon Rapids
Iowa, farmer who appeared on the
front page of virtually every newspa
per in the nation last September when
he was host to Soviet Premier Nikita
Khrushchev. Mr. Garst, a seed corn
producer, has been spectacularly suc
cessful with unorthodox agricultural
methods.
Dr. Walter W. Heller, professor and
chairman of the economics department
of the University of Minnesota’s
Northwestern Banker, May, 1960

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Federal Reserve Bank of St. Louis

¡ta n kers M
2

School of Business Administration.
The author of many books and articles
(including articles for the Encyclopae
dia Britannica), Dr. Heller has served
as a tax consultant for numerous gov
ernment agencies, and for the U. S.
Military Governor of Germany and the
Governor of Minnesota.
G. Harold King, Jr., governor of the
Federal Reserve Board. President of
the King Lumber Industries at Can
ton, Miss., Mr. King also has a herd
of purebred Hereford cattle in Missis
sippi and has done much to improve
cattle breeding in the south.
Thomas G. Lanphier, Jr., former
vice president of the Convair Division
of General Dynamics Corporation, who
recently resigned in order to speak
out more freely about what he feels
are serious deficiencies in America’s
missile program. Veteran of more
than 100 combat missions with the Air
Corps in World War II, Mr. Lanphier
has been managing editor of a news
paper, president of the Air Force As
sociation, special assistant to the Sec
retary of the Air Force for Research
and Development, special assistant to
the chairman of the National Security
Resources Board, and is now presi
dent and chairman of the board of the
National Aeronautic Association which
represents the United States in the
Federation Aeronautique Internation
ale.
Arthur T. Roth, president of The
Franklin Square National Bank of
Franklin Square, Long Island. Mr.
Roth, an astute spokesman for the
banking fraternity, organized the Roth
Committee which has been among the
leaders in the fight for tax equality for
commercial banks.
Dr. Paul Dudley White, Boston heart
specialist who treated President Eisen

- 2 ti

hower for both of his heart attacks,
and one of the world’s leading cardiol
ogy authorities, Dr. White is clinical
professor emeritus of the Harvard
Medical School, and has been presi
dent of the American Heart Associa
tion, executive director of the Nation
al Advisory Heart Council, president
of the International Society of Cardiol
ogy, and president of the International
Society of Cardiology Foundation.
Carl Taylor, president of the Wauke
sha State Bank of Waukesha, Wis.,
past president of the Wisconsin Inde
pendent Bankers Association, and a
widely-known lecturer in the middle
west. Mr. Taylor operates the Taylor
Farms near Waukesha, is active in
working to improve breeds of dairy
cattle, and is engaged in many chari
table, civic and business organizations
in Wisconsin.
The first day of the convention will
be devoted to committee meetings and
to registration.
O. K. Johnson, IBA president and
president of the Whitefish Bay (Wis.)
State Bank, will speak at the conven
tion’s first session on Monday, May
23.
Governor King will follow Mr. John
son as speaker, and Mr. Garst and Mr.
Roth will address the convention on
Monday afternoon.
Monday noon will be separate men’s
and women’s luncheons. Mrs. Louise
Mullins, who has earned critical ac
claim for her sensitive dramatic per
formances, will be featured at the
women’s program.
Tuesday will be devoted to tours of
Central City and Estes Park. That
evening, a social hour and buffet dinIBA MEETING . . .

(Turn to page 56, please)

Sim ple A ids
F or E sta blish in g

F a r m F a m ily B u d g e ts

Forms, available from state colleges or univer
sities, are valuable aids to preparing practical
Farm Family Budgets.

or declining farm prices
S TATIC
and increasing costs of living are
making it more difficult each
year for farmers to live within their
means. In a n u m b er of meetings
throughout the midwest in recent
months, bankers have stressed the im
portance of farm family budgeting to
keep farmers’ credit on a firm foundatiton and to help keep farming profit
able.
Bankers are in a key position to as
sist their farm customers in the prepa
ration of these helpful budgets, which
can be prepared simply and economi
cally with information available from
many sources. State universities or
colleges have done considerable work
in this field.
In Iowa, for example, a number of
forms have been prepared by Iowa
State University which are of great
assistance in helping farm families es
tablish a practical budget. Under the
supervision of H. B. Howell, extension
economist at the university, these
brief forms aid in preparing a budget
based on a survey of farming opera
tions, in preparing a budget of family
living expenditures, and in preparing
a net worth statement for use in seek
ing farm loans at the bank.
“A Budgeting Procedure for Use in
Farm and Home Management” (FM1185) helps analyze (1) systems of
land use, (2) the livestock system, (3)
the labor and capital requirements, in
come and costs, and (4) living ex
penses, investments and savings. The
completion of this form will give the
bank and the farmer an excellent pic
ture of the farming operation, pos
sibly pointing the way to changes that

will make for a more efficient and
profitable operation.
A summary of “ 1958 Farm Family
Living Expenditures” (FM-1316) gives
a breakdown of expenditures in that
year for 120 Iowa farm families. A
similar study was made by Mr. How
ell’s staff in 1959 and will be available
early this summer. Information in
this form can serve as a basis for com
parison with other farm families after
the farmer sets up his own budget.
The principal point of this form is

that it gives all the items necessary to
a farm family budget so a similar one
can be prepared for distribution to
farm families.
This same report, FM-1316, is ex
tremely interesting for in addition to
the tabulation of how these 120 farm
families spent their money there are
tables which give (1) a comparison of
farm family expenditures starting
FARM BUDGETS . . .

(Turn to page 93, please)

Comparison of Family Living Expenditures Between Owners and Renters

Food Purchased .............................. ..........
Clothing and personals ______________
Household operations ....... ................ .
Repairs ____ ____ _______________________
Health ............................... ...........................
Recreation ....................................................
Education _______ ____ ______ ________ ___
Giving .................. ...... ....................... ..... ......
Auto— operative .........................................
T O T A L Cash Living Expenses
Investment for Living
Home improvement _____ _____
Home furnishing _____________
Auto ....................................................

Life Insurance

Owners
$ 780
419
329
144
232
102
112
253
195

Renters
$ 757
385
328
115
262
109
63
216
199

$2,566

$2,434

98
231
144

116
172
107

473

395

289

260

$3,328

$3,089

Produce Used ___ _______ _______

433

363

T O T A L Income Used for Living

$3,761

$3,452

$7,616
240A
5.1

$5,479
254A
4.7

Farm

Acres per farm
Size o f fam ily .

ONE OF THE M ANY charts and tables prepared by Iowa State University as an aid to setting up a
sound farm family budget. The facts in this table were compiled from 120 Iowa farm families and is
an indication of the difference between owning and renting farmers’ living expenses.

Northwestern Banker, May, 7960

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Federal Reserve Bank of St. Louis

36
drastic phase of the adjust
T HE
ment in securities values of recent
months seems to be approaching an
end. The stock market is putting up
more emphatic resistance to the waves
of declining prices of the winter and
early spring. Similarly, the bond mar
ket is giving evidences of stabilization
after one of the sharpest price rises
of the postwar period.
The news of business is mixed. Tab
ulations of corporate earnings for the
year 1959 show an increase of nearly
20 per cent over 1958, but the profit
margin rose only from about 5% per
cent to 6 per cent as against a post
war average of nearly QV2 per cent.
The Federal Reserve Board’s index of
industrial production — with 1957 as
the base year of 100—declined from
111 to 110 in February. Much encour
agement was found in the fact that
automobile sales for the first quarter
ran 10 per cent ahead of the same pe
riod in 1959, indicating that the year’s
output may reach the 6,000,000 mark.
One of the most remarkable aspects
of the economic story of recent months
is the absence of any action by the
Federal Reserve System in the direc
tion of a change of policy away from
the restrictiveness that has prevailed
for nearly 18 months. Right after the
turn of the year, financial circles were
appraising with seriousness the possi
bility of a further upward change in
the central bank discount rate from
the 4 per cent level that has prevailed
since last September. Within a few
weeks there developed a full turn
about in such conjectures.
Until the stock market only recent
ly began to resist price declines vig
orously, there was much talk about
the possibility of a decrease in the dis
count rate. Also feeding such conjec
ture was a decline in market yields on
the Treasury’s series of 91-day dis
count bills from nearly 5 per cent to
about 2% per cent.
Yet, at this writing, the financial
community is not as sure about a de
cline in the discount rate as a few
weeks ago. Some interests expect a
change in the Reserve rate, but not
until payment commitments related to
the Treasury’s $2,500,000,000 April cash
borrowings are discharged through the
commercial banking system in mid
month. Others feel that the Reserve’s
first emphatic move away from re
strictiveness will be a relaxation of
stock market margin requirements
from 90 per cent to 70 per cent or an
even lower figure.
Such a move would confirm the tip
voiced a few weeks ago by Federal
Reserve Board Chairman William McChesney Martin that the winter’s deNorthwestern Banker, May, I960

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Federal Reserve Bank of St. Louis

F ed P o lic y 3 la y
Em phasize Less
H estrietion s On 3 1 oa e y

cline in equity security values repre
sented “ liquidation of inflation psy
chology.” Inasmuch as the 90 per
cent margins had been invoked by the
Reserve Board to resist the play of
inflation psychology, does it not fol
low that a waning of such psychology
should warrant a reduction in the
margins?
In appraising present Federal Re
serve policy and the prospects for any
By RAYM OND TRIGGER
Investment Analyst
New York City

early change of material kind, it is
well to distinguish between changes in
“policy” and changes in “policy em
phasis.” Historically, changes in pol
icy, such as those signalized by a
change in the discount rate or the re
serve requirements of the commercial
banks, tend to follow upon less visible
changes in policy emphasis. The
changing emphasis in Reserve credit
controls is best deduced from a shift
of trend in the availability of free re
serves in the banking system. Often it
takes months to detect a change of
trend.
A scrutiny of banking statistics cov
ering the last 10 months would indi
cate that a change in policy emphasis
away from restrictiveness has been in
effect since last July. At that time,
the negative free reserves of the banks
—the extent to which their excess re
serves were outbalanced by borrow
ings from the central bank—stood at
more than $500,000,000. Since that
time the deficit has declined progres

sively, month by month, to an indi
cated current target of between $200,000,000 and $300,000,000.
Should business conditions continue
in rough balance or short of it, with
the stock market inclined to find a
lower level, it is likely that the cur
rent direction of policy emphasis
away from restrictiveness will con
tinue until the banking system’s reli
ance on borrowings to maintain free
reserves comes to an end. The last
time bank reserves and borrowings
were in such balance was in Novem
ber, 1958, a few months after the Re
serve had reversed its credit policy
from one of ease to restraint.
An important distinction between a
change in policy emphasis—such as
that which presumably has been in ef
fect since last summer—and a change
in policy itself, is that a main policy
change, once put into effect with a
public signal—such as a change in the
discount rate—is likely to continue for
months; while a change in policy em
phasis can be reversed at any time
without public evidence of it being
visible until months later.
The economy may now be approach
ing a point where there may be no
change in policy in pursuance of a
publicly-signalized movement for fur
ther ease in credit. Certainly there
will be no official tightening of money
at this time. But if the business year
soon begins to take on the look of an
active and profitable one and if unem
ployment continues to shrink from re
cent moderate levels there may be a
reversal of Federal Reserve policy
FED POLICY . . .

(Turn to page 54, please)

The interests of the Live Stock National Bank of
Chicago and the many banks in the mid-western
live stock belt are deeply intertwined. Both have big
stakes in agriculture. Our bank was founded ninety
years ago to serve the live stock industry at the
Chicago stock yards . . . and to serve banks in the

¿y / w

L IV E S T O C K
<LA /a fa m tU

B A N

^ A ic a ifo

4 1 5 0 S o u t h H a ls t e d S t r e e t , C h i c a g o , Illin o is
M e m b e r F e d e ra l D e p o sit In s u ra n c e C o rp ,

farming communities that look to this great central
market for the profitable sale of their live stock.
Our people, many of whom have come from rural
areas, are thoroughly trained in the work you’d nor
mally expect from a city correspondent. . . and their
daily contact with the live stock market enables
them to render a highly important plus service . . . to
give up-to-the-minute information on every aspect of
business carried on at Chicago’s Union Stock Yards.
We’re eager to serve you in all correspondent
capacities. May we help you soon?

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Federal Reserve Bank of St. Louis

Si mit»ni A r t tiranti firs
ita ni; o f iAtra m ir
A University of Wyoming
nrt class used the Bank of
Laramie to show how art can
become an integral part of
bank architecture.

HEN Ted Egri, instructor in
sculpture at the University of
Wyoming, looked around Lar
amie for a certain business building,
he stopped when he came to the Bank
of Laramie and decided, “This is it.”
He was looking for a building of con
temporary design and one which like
ly would be enhanced by sculptural
decoration.
His aim was to give the students of
his Advanced Sculpture class an op
portunity to learn how to integrate
art with architecture.

Mr. Egri proposed to his students
that they make believe that the Bank
of Laramie was a client requesting to
see designs for enhancement of the
building. The group, with their in
structor, visited the bank to look over
the possible locations, inside and out,
where appropriate sculpture could be
placed. When they returned to class
and discussed the meaning of a bank
to a community, some students felt
they were not well enough informed
about a bank’s purposes.
It was then suggested that an offi
cial of the Bank of Laramie be invited
to discuss bank and banking with the
students.
Jack Guthrie, vice president of the
Bank of Laramie, graciously accepted
the invitation and met with the group
in the art building at the University.
He commented on the changing role
of banks from the days when heavy
Gothic arches and heavy brass teller
windows sought to give a sense of
strength, to the lighter, more open
architecture of modern banks seeking
to give a sense of warmth, friendli
ness and helpfulness. He said that
the contemporary design of the Bank
Northwestern Banker, May, i960

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Federal Reserve Bank of St. Louis

of Laramie had proved to be very
functional.
Mr. Guthrie discussed appropriate
subject matter, placement and mate
rials. He said that previously artists
had been invited to display their work
for a month at a time on the walls of
the bank, and extended an invitation
to the class to display the proposed
models when completed.
After this informal discussion, which
proved very helpful in orienting the
students, they prepared preliminary
“mock-ups” for their final scale mod
els. They worked all during the fall
semester, shaping and reshaping ideas
until at last they and their instructor
agreed on their final concepts.
Early in February all the completed
scale models went on exhibit in the
bank. Above them, from the ceiling,
hung an eight-foot mobile made by
James Graves, a junior, of Wheatland,
Wyo., the only piece that was made
full size rather than to scale. The
colors of the mobile had been care

fully related to the dominant color as
pects of the bank. The bank’s open
interior offered Mr. Graves the oppor
tunity to fill part of the space with
constant movement and color.
Illustrating Mr. Guthrie’s idea of
the friendliness of a modern bank,
Michael P a rson ea u lt, a sophomore
from Cheyenne, designed two bronze
hands about to clasp, intended for the
space directly above the outside door.
Two eagle designs were made for the
exterior of the bank, both in welded
metal, representing the concept of se
curity offered by a bank. These are
by Jerald Frude of Laramie, a junior,
and Albert Fisher, a freshman from
Seattle, Wash. James Burton, a fresh
man of Laramie, made an abstract de
sign of welded sheet metal covered
with bronze for an interior decoration.
An iron railing runs along the mezza
nine. For this feature of the bank
William Cordiner, a graduate student
from Cheyenne, made a copper-andbronze repousse design.
Mr. Guthrie and others in the bank
of Laramie have expressed themselves
as being highly pleased with the crea
tive efforts of the students as applied
to the purposes of their building.
Mr. Egri points out that numerous
banks throughout the country have
used sculpture and other forms of art
to add beauty and prestige. The new
building of the American National
Bank in Cheyenne, for example, will
contain a large metal sculptural wall
fountain designed by Edgar Britton,
Colorado Springs architectural sculp
tor, who earlier made the design on
the facade and the bronze doors for
the U. S. National Bank in Denver.
Mr. Egri hopes that more bankers
may think of art as an integral part
of the architecture of their banks and
make more use of it.— End.

Photos by U W Photo-Pownall

FINAL EXHIBIT of the models as installed in the Bank of Laramie are examined by
Ted Egri, instructor of the class, at left and Jack Guthrie, vice president.

"W e're definitely sold on W alk-Up facilities. H osier showed us volume can be increased.” —J.M. Scare, Cashier, Zions First National Bank

“ Mosler Walk-Up allowed us to
offer low-cost after-hours service”
( a n d b r o u g h t u s n e w c u s to m e r s , to o )
...sa y s Mr. John M. Seare, Cashier o f Zions First
National Bank, Salt Lake City, Utah. “ When we
installed a Mosler Walk-Up Window at our main
office, we were able to offer longer service hours
without the cost o f operating the entire institution
with light bills and full staff. One person operates
the window. One bank officer is on duty fo r loan
information. That's all.
“ The window’s success,”
he continued, “ was o v e r
whelm ing. Our t r a ffic in
creased, and more persons
opened checking and sav
ings accounts at our bank
when they noted our 3 to 6
P.M. service.”
Zions First National Bank
M osler Vault Door
selected a Mosler Walk-Up
at Main Office
T h e

M o s le r

Window because o f previous success with Mosler
equipm ent, w hich includes A fte r -H o u r D ep os
itories, D riv e-In W indow s and V ault D oors. A
35-year old Mosler Vault Door is still giving su
perb service..Another factor was the service Mosler
offered in design o f vaults and facilities. Mosler
equipment is presently operating in Zions’ main
office and two branches.

Why don’t you call on Mosler?
Problem solving is our spe
cialty. Let us put our experi
ence at you r s e r v ic e ...o n
Drive-In and Walk-Up W in
d ow s, V a u lts and V a u lt
Doors, plus a complete range
o f p rotectiv e equipm ent.
W rite fo r “ Auto-B anking
Plans Manual.”

S a fe

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at Zions First National

C o m p a n y

Dept. B-360, 320 F ifth Avenue, N ew Y ork 1, N . Y.
F actories, Ham ilton, Ohio
W orld ’s L argest Builder o f Safes and Vaults

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

Northwestern Banker, May, i960

S la te N A K W K eyU m a l fo r St. K an l
H A I R M E N of the regional
CO-C
spring conference of the National

BANK-BY-MAIL
ENVELOPES
They’re designed to fit the individual
needs of your bank. They reflect its
"personality” and prestige. And they
work with greatest efficiency in your
bank-by-mail system.
But they do another important job,
too. These custom-made Tension en
velopes carry your advertising, publi
cize your institutional image and sell
your services to the customer when
his mind is on banking. All this at
little or no extra cost.
Tension Bank-by-Mail Envelopes are
fashioned with eye-appeal, and engi
neered for smooth efficiency in han
dling. Perforations tear quickly, easily.
Artlining is available for prestige and
privacy, with FDIC design or custom
design. Ask to see samples.

| DRIVE-IN BANKING Envelopes, Too
Your choice of three styles to fit your
own system, including the dual purpose
unit which provides the deposit slip and
coin-currency envelope, and is reusable
to return cashed checks. Plenty of space
to advertise your banking services.

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Association of Bank Women to be
held in St. Paul, Minn., May 20-21, are
Elizabeth Hagerty o f the American
National Bank and Jennie R. Wil
liams of the Northwestern National
Bank of St. Paul.
About 200 delegates are expected
from the organization’s North Central,
Lake, and Midwest divisions, which
encompass the states of Minnesota,
North and South Dakota, Wisconsin,
Illinois, Indiana, Michigan, Ohio, Iowa,
Kansas, Missouri, and Nebraska.
At the two-day session the women
bankers will exchange ideas on var
ious phases of banking through panel
discussions led by fellow-members,
and will enjoy two guest speakers,
Mrs. Sally Gibson, supervisor, Campbell-Mithun, Inc., Minneapolis, and
Monsignor James P. Shannon, presi
dent of St. Thomas College, St. Paul.
Also included in the program are
luncheons, a sight-seeing tour fol
lowed by a mystery trip with dinner
at the Lowell Inn, Stillwater, a re
ception, and a banquet at the Hotel
Saint Paul.
NABW President Helen L. Rhinehart, secretary of Brenton Companies,
Des Moines, also will be a speaker on
the program.

Eight Promotions Given;
New Director Named
Eight new officers were elected last
month by Continental Illinois Na
tional Bank and Trust Company of
Chicago.
Elected assistant cashiers were W.
Andrew Boss, George O. Podd, Jr.,
and Emmett L. Thompson, all in the
commercial banking department; Ed
ward J. Murphy, bond department;
Erancis C. Medina, international bank
ing department, and Lester J. Norvell
and George H. Timson, operating de
partment.
In the trust department, Gardner
W. Howe was elected assistant secre
tary.
Also, Robert L. Milligan, president
of the Pure Oil Company, was elected
a director of the bank.

Tension Envelope Corporation
3 7 2
127 North 2nd St.
1914 Grand Ave.
Minneapolis 1, Minn.
Des Moines 14, Iowa
Please send free samples of “Tension-Tailored'*
Bank-by-Mail and Drive-In Banking envelopes.

a y n e

Name__________________________ T itle ________
Firm Name______________________________ ___
Address_____________________________________
N E W Y O R K ST OC K

C it y .

.Zone__ .State.

Northwestern Banker, May, 1960

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

u m m er

C H IC A G O

EXC H ANG E

& Co.

He fills a vacancy created by the
retirement from the board of Edward
A. Cudahy, chairman of the board of
Cudahy Packing Company, who has
been an active director of Continental
for 26 years.

Profit-Sharing Plan
Details Announced
Details of a burgeoning $14 million
jackpot known as the Valley National
Bank Employees Profit-Sharing Plan
were outlined this week by E. S. Lee,
chairman of the fund’s trustees and
vice president in charge of the bank’s
investment department.
Some 634 Valley bankers are par
ticipants. Only qualification is five
years’ continuous employment. Par
ticipants do not contribute to the fund
but annually the bank deposits a sum
equal to 15 per cent of their combined
salaries.
Highlights of Lee’s annual report
include:
1. The fund climbed from $11.4 million at the end of 1958 to $14.1 mil
lion as of December 31, 1959;
2. For 1959, Valley Bank’s contribu
tion was $539,557. Dividend income
accounted for another $293,347, and
the investment portfolio “showed a
remarkable increase”—resulting in a
market appreciation of $3 million.
3. During the year, $1.1 million was
distributed to participants Withdraw
ing from the plan due to retirement,
resignation or death.
Conceived by Walter R. Bimson,
VNB board chairman, in 1944, the
plan—now recognized as one of the
fastest-growing and most liberal in
the nation—was established then with
a block of VNB stock worth $54,000.
Today, about 75 per cent of the
fund’s assets are represented by V -1
ley Bank stock—t o t a 1i n g 175,651
shares valued at $11 million at the
year end. The fund is the largest
single owner of VNB stock, with hold
ings amounting to 10.6 per cent of all
outstanding shares.

Eastern Regional Manager
Appointment of A. F. Anderson as
eastern regional sales manager for the
Mosler Safe Company was announced
in New York last month by Edwin
H. Mosler, Jr., president. Mr. Ander
son will be responsible for all phases
of branch and dealer operations and
will provide sales and administrative
support for the company’s growing
network of branches. Mr. Anderson
joined Mosler in 1935 as a salesman in
its Boston office. He has been New
England regional manager and New
York branch manager.

Our man in charge was telling us about
it. He leaned forward, relishing the
group’s inquisitive expressions. “There
are,” he said, “the usual well-known
routes. Then there is our route—some of
us call it ‘The Phantom Route.’ ”
We were waiting for him to explain
when one of the listeners spoke up:
“You mean we have established con
tact with a ghost train?”
Our man laughed and went on. “Not
quite, but we have developed some un
usual transit methods—ways of sending
checks that you won’t find on any of
the published timetables.
“Here’s an example of how it works.
For one correspondent friend we found
that we could save time in clearing his
cash letter by actually flying it in the
direction opp osite its destination.” He

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

paused and smiled, “By doing this,
we could make connections with a
faster incoming plane. It meant a sav
ings of some two or three hours to him.
We always look for quicker ways of
getting transit items to us and we are
helped considerably by the people at
the Postal Service in doing this.
‘ Pouch mail? Sure, it’s a regular part of
the system. Making use of every clock
beating advantage, charting individual
plans and the like—these add up to what
we call ‘The Phantom Route.’ ”

Of course, matching the ingenuity of
these transportation methods is the fast
work of our own people—in three shifts
—around the clock.
Bankers Trust check clearing opera
tions are planned to give you the earli
est availability of funds—regardless of
volume. If you have a problem involv
ing delays in your own check clearing
operation, why not let our route makers
study the problem? The kind of imagi
nation they use has a way of produc
ing practical results.

B A N K E R S TR U ST COM PANY
16 Wall Street, New York 15, N. Y.

M em ber Federal Deposit Insurance Corporation

A.M .B. W ill M e e t in B o sto n
advance program for the 58th
THE
Annual Convention of the Ameri
can Institute of Banking, educational
section of the American Bankers As
sociation, was announced recently by
Ralph H. Mittendorff, president of the
Institute and vice president of Ameri
can Security and Trust Company,
Washington, D. C. The convention
will be held in Boston May 30-June 3,
with headquarters at the Statler Hil
ton.
Key speakers will address the two
general business sessions—one of
which opens the meeting, the other
coming on the closing day.
Featured speaker at the opening
session on Monday, May 30, is Dr.
Ralph W. Sockman, minister of Christ
Church (Methodist) in New York for
over 40 years.
The speaker on the final day is J. L.
Robertson, member of the board of
governors of the Federal Reserve Sys
tem, Washington, D. C., since 1952.
Among other outstanding events on
the convention program will be the
National Public Speaking Contest for
the A. P. Giannini Educational En
dowment prizes on Monday evening,
May 30; the National Debate Contest
for the Jesse H. Jones National Con

vention Debate Fund prizes on
Tuesday evening; and the National
Publicity Exhibit, to be judged on
Monday.
M o n d a y afternoon, Wednesday
morning, and all day Tuesday and
Thursday will be devoted primarily to
a series of conferences on various as
pects of banking and A.I.B. work.
On Wednesday afternoon, a tour to
Plymouth is planned. Historical sites
will be visited and a buffet dinner
will follow the outing.

New Recordak Items
A new, inexpensive, easy-to-operate
Presstape splicer, especially designed
for use with 16mm microfilm, has just
been announced by Recordak Corpo
ration, a subsidiary of Eastman Ko
dak Co.
Featuring a unique application of
clear tape, the new unit is expected to
provide customers with a virtually
fool-proof method of revising, repair
ing or consolidating their microfilm
records. The tape used to join the
splice is packaged so that the operator
does not touch the face of the film to
complete the operation.
At the same time, to provide an
easy step-by-step method for finger

tip accessibility of records on micro
film, Recordak has announced a new
indexing kit and instruction booklet.
It provides for easy organization of
the files to be filmed, together with
the reference targets to properly or
ganize the material on film. It can be
used with nearly any type of microfilmer. Neatly packaged for quick ref
erence, the kit and instruction book
let will sell for $7.50 through Re
cordak Branches.

Stock Issue Approved
Shareholders of The Bank of Cal
ifornia, N. A., San Francisco, at a
special meeting recently approved the
issuance of 256,930 additional shares
of $10 par capital stock.
The new shares were offered to
shareholders of record at the close of
business March 29, 1960, at $40 a
share on the basis of one share for

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Northwestern Banker, May, I960

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

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each five shares held on that date.
Rights issued to shareholders expired
on April 19, 1960, and any unsub
scribed shares were purchased by an
underwriting group headed by Blyth
& Company, Inc.
Elliott McAllister, chairman of the
board, pointed out that the sale of the
additional shares will bring the total
capital funds of the bank to a sum in
excess of $53 million. This will be
made up of $40 million in capital and
surplus and the remainder represent
ing undivided profits.
Edwin E. Adams, president of The
Bank of California, which operates 18
offices in northern California, Oregon
and Washington, stated that these ad
ditional funds will be used in part to
continue the bank’s expansion pro
gram. Thirteen offices have been
added since 1954 and approval for
four more offices has been received.
Deposits as of December 31, 1959,
totaled $577,614,973.

Frank M. Sowle
Frank M. Sowle, senior vice presi
dent and a member of the board of
directors of National Bank of Tulsa,
died of a heart attack at his home in
Tulsa last month, on his 76th birthday.

W e m o w d o w n a 36-to n m o u n ta in o f
c a s h ite m s lik e th is e v e r y m o n th !
T h ir t y -s ix t o n s ! E ven on a
monthly basis that’s a lot of cash
items to process. But, it’s pos
sible here at The First National
Bank of Chicago because we have
an experienced staff who work

around the clock to get this im
portant job done.
Fast check collection is just
one of many services we offer—
another part of our full-time job
of serving more than 2,000 corres

pondent banks from coast to coast.
If you would like to find out
more about our correspondent
bank services, just call or write:
Banks and Bankers Division, The
First National Bank of Chicago.

The First National Bank of Chicago
Dearborn, Monroe & Clark Streets • Building with Chicago since 1863
M EMBER

FEDERAL

DEPOSIT

INSURANCE

CORPORATION

Northwestern Banker, May, i960

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

N A B A C S ch ool E n eo Uni en l i s Up
R E C O R D - B R E A K I N G enroll
A
ment, including the largest fresh
man class in its history, was approved
for admission to the eighth summer
session of the NABAC School for Bank
Auditors and Comptrollers, School Di
rector Edward F. Lyle, senior vice
president and comptroller. City Na
tional Bank and Trust Company of
Kansas City, Mo., announced last
month.
Total enrollment for the two-week
school on the University of Wisconsin
campus July 31-August 13, hit 359,
with freshman class members num
bering 135. Subjects tackled by these
banker-students include bank account
ing the first year, bank auditing the
second session, and bank controls in
their senior year. In addition, stu
dents must submit extension problems
between sessions. To graduate, stu
dents must complete three two-weeksper-summer terms.
In addition, students participate in
evening seminars following the regu
lar day-time classroom sessions, where
they get an opportunity to hear dis
cussions on supplementary subjects,
including electronics and automation,
public relations, economics, personnel

administration, management develop
ment, bank operations and internal
controls, and to ask questions on these
subjects.
A list of students by class-ranking
and state in the Northwestern Banker
area follows:
C O LORADO
S E N IO R — A lejandro M. Gillespie, F irst N a
tional Rank, Greeley.
J U N IO R — A lexander J. Berta, First N ational
Bank, Pueblo; R obert C. Dickerson, F irst N a
tional Bank, Colorado Springs.
F R E S H M A N — Charles A . Dinwiddie, First N a
tional Bank in Boulder; F rank C. Perschbacher,
Colorado' N ational Bank, Denver; John R. Starkey, Denver United States N ational Bank.
IO W A
S E N IO R — R. M ilton H ennick, Iowa-Des Moines
N ational Bank; E dw ard F. Moeller, Jr., N orth
west Bank & Trust Com pany, Davenport.
JU N IO R — W ayne N . H ettinger, T oy N ational
Bank, Sioux City; Russell W . Spearm an, First
N ational Bank, Mason City.
F R E S H M A N — Donald L. Caves, U nion Bank &
Trust Company, Ottum wa; R obert C. M cKinistry,
The N ational Bank o f W aterloo.
MTNNESOTA
S E N IO R — H ugh D. M cNam ee, Midland N a
tional Bank, M inneapolis.
JU N IO R — R obert D. Ledbetter, Fergus Falls
N ational Bank, Fergus Falls.
F R E S H M A N — Edward A . Gott, A m erican N a
tional Bank, St. Paul; John S. Monroe, First
N ational Bank o f M inneapolis; R obert H. Schu
m acher, N orthw estern N ational Bank o f H o p
kins; R obert M. Sederberg, Jr., F irst A m erican
N ational Bank, Duluth.
MONTANA
JU N IO R — Donald C. Taylor, Great Falls N a
tional Bank, Great Falls.
F R E S H M A N — L eonard M. Roche, F irst N a
tional Bank, Missoula.
N EBRASKA
S E N IO R — Joseph W . R yan, U nited States N a
tional Bank, Omaha.

á ccn A a A ¿A e / le a d
“ 3 A e <ylÍ€i{¡pn ¿ fíi

You are
c o r d ia lly in v ite d
to v is it u s
on y o u r n e x t trip
to C h i c a g o .

; W, . *

In the Wrigley Building • 400-410 North Michigan Avenue
Superior 7-2323
Northwestern Banker, May, I960

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

J U N IO R — Chester A . Nielsen, N ational Bank
o f Comm erce, L incoln; T. Yarm el E. Troupe,
Omaha N ational Bank.
SOUTH D A K O T A
F R E S H M A N — H arold M. Pillen, F irst N ational
Bank o f the Black Hills, R apid City.

C orp ora te D ire cto r
Kenneth V. Zwiener, president, Har
ris Trust and Savings Bank, Chicago,
has been elected a director of Union
Tank Car Company.

New N CR M achine
separate totals are
TWENTY-ONE
available in The National Cash

Register Company’s new Class 33 ac
counting machine. Automatic credit
balances are obtained from all 21
totals; the machine may be pro
grammed to affect as many as four
totals in one operation; and the de
pression of a single key automatically
totals or sub-totals all 21 totals in

sequence, making possible a complete
daily statement of posting.
The machine protects the amounts
on checks by automatically printing
the dollar sign ($) immediately to
the left of the highest dollar amount.
It will also automatically determine
if the operator has made an incorrect
pickup of an old balance, and will
eliminate the incorrect pickup. A
single-key reverse entry control pro
vides instant correction of erroneous
postings and reversal of accounting
entries without need for changing
program or determining which totals
must be affected.
A built-in electric typewriter with
72 characters facilitates accurate de
scription of all entries and simplifies
auditing. The Class 33 is also avail
able without a typewriter.
A new booklet on integrated and
electronic data processing has been
published by the National Cash Reg
ister Company, Dayton, Ohio, business
machines manufacturer. The booklet
describes N at i ona l equipment de
signed to simlify office automation and
is available without charge from Prod
uct Information, The National Cash
Register Company, Dayton 9, Ohio,
or from any NCR branch office.

M A K E

SIMPLE
M A K E

CLEAR
K E E P

A U T O M A T IC
PERF-o-reader processes all coupons automatically
— streamlines the time-robbing exceptions such as
late charges and partial payments— fits in immedi
ately with any automatic accounting equipment,
existing or future, whether card, tape, computer,
or automated posting.

YOU

AL L

DO to prepare

payment coupons
1

Perforate Payment Information
in Coupon Book.

2 Check it.
3 Mail it.
YOU

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***

Take all the mystery and needless work out of preparing
machine-readable payment coupons. With Cummins
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postage and operating expenses of punched-card coupons and
still have automatic processing.

With PERF-O-DATA
HERE' S

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ing equipment, conversion to the customer-preferred
Perf-O-Data payment books is simplicity itself —without any
costly change-over of accounting equipment, parallel operations
or transferring of records. For full information, write for our
bulletin 13C-204.

“ by-product” (!) steps— the only non
automatic operations in an otherwise
automatic system.

1 Reproduce.

7 Collate covers, etc.

2 Collate.

8 Select.

3 Calculate.

9 Assemble.

4 Tabulate.

10 Staple.

5 Check.

11 Bind.

B Interpret.

12 Inspect.
13 Mail.

4740 North Ravenswood Avenue C h ica g o 4 0 , Illinois
Sa les and S ervice in all Principal C ities

BRANCH O FFICES
310 Perry St.
Davenport, Iowa
DAvenport 3-0047
3820 First Street
Des Moines, Iowa
CHerry 4-3836

1719 Nicollet Ave.
Minneapolis 3, Minn.
FEderal 8-0833

4607 Wakely St.
Omaha, Nebr.
CApital 1676

4007 Riverside Road
Billings, Montana
8-8333
Northwestern Banker, May, I960

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

H a n k ers T ru st P ro m o tio n s

G. T. D A V I E S

M. E. G E V E R S

SHEPARD, vice president
FRANK
in charge of Bankers Trust Com
pany’s international banking depart
ment, retired recently after more than
25 years of service with the bank.
Simultaneously, William H. Moore,
chairman of the bank’s board, an
nounced the appointment of George
T. Davies, vice president, as head of
the department. At the same time,
said Mr. Moore, Max E. Gevers, vice
president, will become head of the
foreign division and will be respon
sible for “developing and servicing
the business of the bank in countries
outside the United States and Can
ada.”
In other departments, Frederic A.

T a k e A n o th er Look

at
A rizo n a B anking

As Arizona's oldest bank,
with offices throughout
the state, First National
ju s t n a t u r a l l y k n o w s
more about A rizona bus
iness, industry, markets
and people.

F. A . R I T C H I E

H. F. J. S C H R O E D E R

Ritchie and Harry F. J. Schroeder,
assistant controllers of Bankers Trust
Company, have been named vice pres
idents, it was announced by Mr.
Moore.

IN -PLA N T B A N K IN G
GAINS M OM EN TU M
(Continued from page 27)
In this way, the employee saves the
time formerly needed to go by the
bank to deposit his savings. He keeps
out of his paycheck only the actual
cash he needs and the balance is auto
matically saved for him in his bank
account.
Plan Has Noted Success

B of A is not exclusive among banks
in providing this service, but the plan
it has worked out has been success
ful. Its compact folder containing all
necessary forms and information for
the employee representative has been
worked out in great detail so that the
employee wishing to use the plan can
do so with a minimum of trouble.
The success of “ In-Plant Banking”
has been remarkable in all parts of
the country. Reports, Inc., of Kent,
Conn., a monthly newsletter giving a
report on credit unions and In-Plant
bank services, stated recently that a
bank in the east now has 16 “ In-Plant”
operations covering 2,100 employees.
It has made 2,000 loans in two years

for $1,500,000 with losses of $1,300.
Rates are 5% per cent discount on un
secured loans, 5 per cent on secured
loans, and 4 per cent on new cars.
Two banks in Michigan also have sim
ilar plans going. In the first six
months, 28 employee groups with 6,000
employees signed up, 700 savings ac
counts have been opened and 1,400
loans for $1,800,000 have been made.
Similar reports have been noted from
other areas.
A point of importance to banks in
many states is that this plan is not
considered branch or office banking,
according to the office of the Comptrol
ler of the Currency, thus it is practical
for all states.— End.

Savings B on ds Increase
In March, Series E and H savings
bonds outstanding increased $49 mil
lion in the U. S. This reflects (1) new
sales of $393 million and (2) interest
earned and added to the value of
Series E bonds of $93 million, less (3)
redemptions of $437 million.
The March sales of $393 million
were 5 per cent below March a year
ago. However, March redemptions of
$437 million were also 5 per cent less
than a year earlier.
Cash sales of E bonds alone were
$325 million, while H bond purchases
totaled $68 million (including $2 mil
lion in exchanges of Series F and J
bonds for H bonds). Accumulated in
terest on outstanding E bonds of $93
million during the month brought
sales plus interest earned to $486 mil
lion for the period. The cash value of
E and H bonds outstanding at the end
of March was $42,662 million. This is
an increase of $103 million for the first
quarter of 1960.
In addition to sales and redemp
tions, the Treasury also reported that
E bonds worth $32 million were ex
changed for Series H bonds under the
new regulations with the tax defer
ment feature.

Fo r fu ll in fo rm a tio n w r it e :
B u sin e ss D e v e lo p m e n t D e p t.
F irst N a t io n a l B a n k
P h o e n ix , A r iz o n a

C O M P L E T E -

P R O T E C T IO N

H o m e O ffic e
P h o e n ix , A r iz o n a
A L p in e 8 -7 2 1 2

F IR S T ^
N A T IO N A L
O F A R IZ O N A
BAN
p e r s o n to p e r s o n b a n k in g . . . s t a t e w id e
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northwestern Banker, May, 7960

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

. . . th rou g h p rogra m s o f L if e a n d D is a b ility in su ra n ce d e s ig n e d
to fit th e n eed s o f all ty p es o f F in a n cia l institutions.
For information, call or write:

A M E R IC A N
C.

P. W .

ANDERSON*
CULWELL

POST

• 60 05

A M E R IC A N

N A T IO N A L
O FFICE

BOX

M ILW A U K E E

149

IN S U R A N C E

• TELEPHONE:

W AY

N A T IO N A L

• PHONE:

COM PANY

CEDAR

2-1 92 5

• AMES,

P Y RA M ID

4 -2 0 3 8

• LITTLETON , C O LO .

IN S U R A N C E

IOW A

COM PANY

o f G A L V E S T O N , T EX A S

Hold G ove rnm ent secu rities
and se ttle m e n ts on
c o rre s p o n d e n t’s behalf.

Group Life Insurance
Operating Methods

NIGHT TRANSIT

Survey c o rre s p o n d e n t's
m e thod s.

Speeds your collections by as much as one full day!
Time: 9:56 p.m. A little more than three hours ago an item drawn on a
New York bank was received by First National in a transit letter from
a correspondent institution. Now— included in a cash letter— it’s sped
by our messenger to one of the last New York flights o f the night. Instead
of tomorrow afternoon, or even the following day, this item will be in
Manhattan in time for the morning clearings.
Last year the First’s “ all hours” collection system saved our customers
$448 million in reduced float. Very likely it could profit you, too. If
you’d like, we’ll make up a special survey of what our system can do in
areas of special concern to you. For such a survey— or information on
any of our correspondent services— just address: Correspondent Bank
Department, First National Bank in St. Louis, St. Louis 1, Missouri.
MEMBER

FED ER A L

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

DEPOSIT

INSURANCE

Personnel Practices
C onsu lt in all areas o f
pe rsonn el a d m in is tra tio n .

Safekeeping Securities
Solicitation of Local Accounts
of National Concerns
Tax Assistance

THE FIRST

NATIONALBANK

IN ST. LOUIS

CORPORATION

Northwestern Banker, May, I960

S.E c o n o m y U a sica lly

weakness of the equity market
T HE
since the beginning of the year
will probably prolong the current pe
riod of satisfactory business condi
tions, according to Dr. Marcus Nadler,
consulting economist to The Hanover
Bank, New York.
In a report on “The Securities Mar
kets,” published last month by Han
over, the economist explains that the
downward movement of the equity
market “has put a damper on the
great optimism which prevailed at the
end of last year.”

“ It has prevented further excesses
in consumption expenditures — par
ticularly on borrowed money . . . ,”
he adds.
Thus, the danger of an “unsustain
able boom” has been temporarily re
moved, Dr. Nadler states.
The moderate shift in investor em
phasis from stocks to bonds reflects
in part the realization that the wide
spread fear of inflation was not war
ranted, the economist reports.
“The constant deterioration in the
purchasing power of the dollar since

the war had led to the belief that
creeping inflation in the U. S. was
bound to continue,” Dr. Nadler says.
Individuals and institutional investtors tried to hedge against inflation by
buying equities and other tangible
goods, he points out.
But, the economist continues, at the
beginning of 1960 the fear of inflation
began to subside, and this was bound
to have an impact on both the equity
and bond markets.
“ Since yields on bonds were sub
stantially higher than those on equi
ties, a shift from the latter to the
former had to take place,” the econo
mist states, and “ such a development
is . . . economically sound and desir
able.”
As for the business outlook, Dr.
Nadler sees the possibility that busi
ness activity may level out during
the summer months, with the fall re
covery not a “vigorous” one.
“ The determining factors in this
development will be the movement of
inventories and the output and sale
of durable consumer goods, notably > !
automobiles.”
The economist emphasizes that the
country’s underlying economic forces
are “basically sound.”
“Disposable income is rising and the
people view the future with confi
dence,” he reports.

Wha t ms N ew
college loan and sav
A LTHOUGH
ings plans are featured on the
new changeable copy sign of The Aus
tin National Bank, Austin, Texas, they
are but two of many services featured
on this effective advertising device.
The copy can be easily changed in a
matter of minutes. The changeable
copy area measures 20 feet wide by
43 inches high.

I T ’S CONVENTION TIME AGAIN
and WE WILL B E SEEIN G YOU THERE
Here are Some of the Conventions we will be Attending
The Oklahoma Convention in Oklahoma C i t y .. . - . ....................... ............... M ay 5-6
The Missouri Convention in St. L ou is................................................................M ay 8-10
The Kansas Convention in T op eka.................................................................... M ay

12-14

The Texas Convention in Fort W o r t h . , .......................................................M ay 15-17
The New M exico Convention in Albuquerque........................................... M ay

19-21

The Arkansas Convention in H ot Springs.....................................................M ay 23-25
The Panhandle Bankers Association in A m arillo............................................June 2-3
The W y om in g Convention in M oran ............................................................. June 16-18
The Colorado Convention in Denver................................................................June 23-24

M EM B E R O F T H E F E D E R A L DE PO SI T I N S U R A N C E C O R P O R A T I O N

Northwestern Banker, May, I960

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

Interior illumination makes the dis
play effective by night as well as by
day. A brochure describing this type
of display for banks can be procured
at no cost from Wagner Sign Service,
Inc., 514 S. Hoyne Avenue, Chicago
12, 111. The frames, glass background
and letters which are used to form the
copy were supplied by Wagner. The
spectacular display was fabricated and
erected by Duplex Advertising Com
pany, Austin.

V-

Mr. Wright (left) and Mr. McDowell look over the blueprints for Wright Farm Service's new home, which
will have twice the space of the present building. Inset shows ground broken for the foundation.

“W E ’VE SEEN OUR PURINA DEALER
GROW . . . WE BELIEVE IN HIS FUTURE”
says Everett B. M cDowell, Cashier,
The First National Bank, Georgetown, Kentucky
—

“ W ith four bare walls and not a
sin gle cu sto m e r, Orem W rig h t
opened his Purina Dealership here
fou r years a g o ,” says M r. M c
D ow ell. “ W e’ ve watched W right
Farm Service grow until it needs
more space for expanded services.
“ We b e lie v e in the dealership’ s
future and we’re ready to back Mr.
Wright in the installation o f CheckR-M ixing and equipment for bulk
handling o f feed. His business pro
vides services that our local farm
ing community needs.
“ Our bank finances Wright Farm
Service customers, both direct and

PURI N A. . .

through the dealership. W e have
had no losses on such business.
“ We consider our Purina Dealer one
o f our best customers.”
*

The First National Bank, which has
served the Georgetown area for 76
years, derives more than half its busi
ness from agriculture. In recent years,
the raising of cattle, hogs and sheep
has grown in importance to replace
income from tobacco, which is sub
ject to acreage limitations. The Purina
Dealer’s service has contributed to this
expansion.

QUALITY
SERVICE

Y O U R P A R T N E R IN S E R V I N G A N I M A L A G R I C U L T U R E

Northwestern Banker, May, 1960

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

Iow a H ank S im plifies F a rm Sale
A ccounting/ W ith N u m b er S ystem

is the elimination of confusing dupli
cate names. In many areas there
often are a few brothers attending
the same sale.

Heads Planning Committee
Written Especially for
The Northwestern Banker

By JAMES O. W ILLMORE
Assistant Cashier
Jefferson State Bank
Jefferson, Iowa

HAD our first farm sale last
W Emonth
using a number system to
identify bidders and found the accep
tance by the public very good with
most comments
JEFFERSON STATE BANK
112 East State Street
received in favor
of continuing the
method.

NOV 18 1959

TWO BY FOUR-incli
number cards include
the bank’s name, the
number and date o f
the sale.

The procedure
we used is very
simple. We have
had n u m b e r s
from 1 to 200
printed on cards.
At present we
are stamping the
bank name on
them, but in the
future we will
have it printed.
The c a r d s are
printed so that

they can be placed in a hatband.
When we issue the number to the
bidder, before the sale, we simply
put the date on the ticket with a date
stamp. This eliminates any confusion
should the bidder use the ticket at
a later date by mistake.
We are using a converted small
house trailer, shown above, as a
settling office. Before the sale starts,
the bidder comes to the trailer, we
issue him a number and get his name
and address. As he buys items dur
ing the sale, he simply calls out his
number. When he comes back to the
trailer to settle we take his card
number, pull the sale tickets with
that number and total them.
The system takes a little more time
before the sale, but during and after
the sale, it saves considerable time.
We feel that one great advantage

it t a k es m o r e t h a n

M A C H IN E R Y
to m a k e

ENVELOPES
it f a k e s

ID E A S ,
' K N O W -H O W
-

and

E X P E R IE N C E
Heading into our third generation of HEINRICH'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
those it serves.
*Call us about our special bank envelopes!

H E I N R I C H

C O M P A N Y
BOONE, IO W A and
108 Washington Ave. N.
MINNEAPOLIS

Northwestern Banker, May, I960

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

David Rockefeller, vice chairman of
the board of directors of The Chase
Manhattan Bank, New York, will head
the advisory board for the 13th Inter
national Management Congress to be
held in New York
in the fall of 1963.
His selection was
announced by An- ■*'
drew Holmstrom,
president of the
Council for Inter
national Progress
in Ma na g em e nt
( C I P M ), t h e
American organi
zation that will
D. R O C K E F E L L E R
plan and run the
world-wide gathering of business lead
ers.
Under Mr. Rockefeller’s chairman
ship, the advisory board of top busi
nessmen and educators from all parts
of the United States will help plan the
program of the triennial Congress,
which some 3,000 executives from all
parts of the world are expected to at
tend. The Comité International de
l’Organisation Scientifique (CIOS), an
international association with member
committees in 30 countries of the
Western Hemisphere, Europe, and
Asia, is sponsor for the Congress.
CIPM, the U. S. member of CIOS and
host for the Congress, is a New York
organization supported by American
corporations, management ass oc ia
tions, and colleges of business admin
istration.
The 1963 Congress will be the first
ever to be held in New York. Aus
tralia was host to the 12th Congress,
just ended, which drew some 2,000
delegates from 29 nations.

Bankers Trust Study
Pension plans of American indus
trial corporations have liberalized pen
sion benefits and qualifications for a
retirement pension during the past
four years. In addition, more and
more companies are allowing employ
ees who leave their service prior to
normal retirement age to retain their
right to a pension at age 65.
These and other trends are high
lighted in the “I960 Study of Indus
trial Retirement Plans” published by
the pension trust division of Bankers
Trust Company, New York.
The 229-page volume is now being
sent to employer-customers of Bank
ers Trust and also to actuaries, pen
sion consultants, employer-advisors on
pension plans and to other interested
industrial executives.

Only O/fyatlonal Bank Teller’s Machine has

Controlled Subtraction!
It adds, subtracts, and automatically computes and
dispenses the correct change . . . all as a by-product
of the teller operation!

NOW! This new subtraction feature provides
National Teller Machines with a complete adding
subtracting facility . . . eliminating need for many
mental calculations.
To learn the many ways this most practical in
novation can improve your CUSTOM ER SERV
ICE, and benefit your teller and your bank, call
your nearby National representative without delay.
♦ TR A D E M ARK R EG . U . S. P A T. O F F .

ASK FOR A DEMONSTRATION OF THIS NATIONAL
TELLER’ S MACHINE WITH CHANGE DISPENSER.

THE NATIONAL CASH REGISTER COMPANY,
1039 OFFICES IN 121 COUNTRIES

•

Q /fca tu m a l
ACCOUNTING MACHINE

D a y to n 9 , O hio

76 YEARS OF HELPING BUSINESS SAVE MONEY

ADDING MACHINIS • CASH REGISTERS
ELECTRONIC DATA PROCESSING
ncr paper

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

(No Carbon R equired)

Northwestern Banker, May, I96 0

L e F e b u r e O pens
eFEBURE

CORPORATION, one of

America’s leading business equip
L
ment manufacturers, opened its first
company operated branch at 152 West
42nd Street, New York, last month.
In making the announcement, Le
Febure President K. W. Watts said,
“Our New York area staff require
ments were growing with such speed
that we could no longer properly
serve our established clientele without
the facilities we just opened. The
New York district will be managed by
Conon D. Whiteside, who previously
headed our home office sales training

Burroughs Promotions
L. C. Whitney, 38-year-old sales ex
ecutive, has been appointed assistant
to Ken T. Bernent, vice president of
marketing of Burroughs Corporation.
Mr. Whitney also will serve as ex
ecutive assistant to the marketing ex
ecutive group of the company’s newly
formed Equipment and Systems Mar
keting D i v i s i o n , Mr. Bernent an
nounced.
In the Todd Company Division,
the appointment of Robert W. Geoghegan as director of marketing has been

department and before that held a
New York post with one of the lead
ing business machine companies.
“We plan to have about ten men
with New York sales experience in
this new operation. This will enable
us to provide excellent service to our
many New York customers, and allow
some expansion of our business as
well. The eastern regional manager
of our retail division will also be quar
tered in this new office.”
LeFebure, a subsidiary of Craig Sys
tems, Inc., has about 175 sales repre
sentatives in the 50 states.

announced by Carl E. Schneider, gen
eral manager.
Mr. Geoghegan will continue as
general sales manager and will report
to the general manager in both ca
pacities.

Named V. P. at Chase
The Chase Manhattan Bank has pro
moted Dr. Paul F. Genachte to vice
president, George Champion, presi
dent, announced recently.
On April 30 Dr. Genachte became
chief marketing officer for the inter

|pil!l!lll!!llll!l!llillllillllillllillllll!ll!llllill!llllllllllllllll!ll!lllllll!llllllllllllllll!lllllllllll!l!lllllll!ll!l!ll!!liy

I I NDUST RI E S FIND
1 FAMOUS NAMES
I FOR N E I G H B O R S IN

Ipalco-Land
Among Iowa Power and Light Company’s largest gas and electric
customers in Central and Southwest Iowa one finds many nationally
famous names: Armstrong Rubber; Firestone Tire; Ford Imple
ment; Great Lakes Pipeline; Inland Mills; John Deere; Marquette
Cement; Meredith Publishing; National Carbon and Carbide; and
Penn-Dixie Cement— to name a few.
There’s plenty of power and natural gas, good transportation,
plenty of manpower, sympathetic government— in fact everything
industrialists look for— plus gracious living within minutes of the
plant—wherever you look in Ipalco-Land. Iowa Power
welcomes inquiries from your clients for new in
dustrial locations.
A copy of
Asking.

out

1959 Report of Progress is Yours for the

IO W A POW ER
and Light Company
823 Walnut St.

iiiiiiiiiiiiiiiiiiiiiiiiiliiiiiiiiiiiiiliiiiiiiiiiiiiiiiiiiiliiiiiiiiiiiiiiiliiiiliiiiliiiiiiiiiliiiiiiiiiiiiiiliiiil
Northwestern Banker, May, I960

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

Des Moines 3, Iowa

national department and will super
vise the bank’s activities in connection
with the European Common Market
and Free Trade Association. He will
continue as director of atomic energy.
He joined the bank in 1954 and be
came head of the atomic energy divi
sion the following year. He had pre
viously spent 20 years in public utili
ties work in Belgium and Mexico and
had served as power consultant in
Ceylon for the World Bank.

First of Arizona Changes
Keith H. Evans of the First Nation
al Bank of Arizona, Phoenix, since
1920, has been elected vice president
by the board of directors. He has
been manager of
the b a n k ’ s 7th
Avenue and Camelback office since
1955.
With the prom o t i o n of Mr.
Evans, Ralph W.
Emerson now be
c o m e s manager
and Ge or ge W.
Pickrell, assistant
manager of that
office. Mr. Evans also will remain at
that office.
Theodore L. Moeller, who until re
cently was on the staff of the bank’s
Flagstaff office as assistant cashier and
lending officer has been named man
ager of the Yuma main office. He re
places J. F. Oliver who has been trans
ferred to Phoenix as vice president at
the First Phoenix office.
It also has been announced that the
First National plans to open two new
offices in Tempe.
A location at 8th and Mill Avenues
has been selected and that office will
be primarily a drive-in bank.
On the Mesa-Tempe Highway, an of
fice will be constructed at McClintock
Drive, adjacent to the A. J. Bayless
Shopping Center.

Long Term Issues
The following states, their agencies,
cities and towns, floated the amounts
shown below of long-term bond issues
in the first quarter of 1960 to finance
various public projects, it was report
ed last month by The Bond Buyer,
weekly news authority serving insti
tutional investors:
Colorado ....................... $ 9,130,000
I o w a .............................. 7,801,599
Minnesota .................... 47,499,000
Montana ....................... 3,875,600 .
Nebraska ..................... 8,985,000
North Dakota .............. 3,973,450
South Dakota ..............
766.000

“ W h e n w e in crea se d our
participation, our
c o m p a n y b en efits ju m p ed !’’

“I ’m convinced that any company benefits by
the Payroll Savings Plan. When employees in
vest regularly in U. S. Savings Bonds they feel
more secure; they know they’re helping them
selves to safeguard their futures. Savers are
sa fer workers, too. And they’re proud to help
build a stronger America.
“Logically, then, the more employees we
have enrolled, the greater our own benefits will
be. So I began wondering how m any of our
people were subscribers. When I checked, I got
the surprise of the week —less than 30% !
“Of course, we have a certain amount of turn
over: new people coming in constantly.. .some
leaving for other jobs. Then, too, many of our
employees just never got around to signing that
handy little card.
“Right away I talked with our State Savings
Bonds Director. With his help we carried the
Payroll Savings Plan story to ev e r y person in
our firm. You know, Bill, people like to be in
vited, person ally, to join a group like this.
“Our response to this friendly canvass was
amazing. Now we have better than 45% of our
staff enrolled —and the percentage is gaining
every payday.”
If y o u r company has less than 50% employee
participation in the Payroll Savings Plan, you
are missing substantial benefits. Contact your
State Savings Bonds D irector for expert,
friendly help in making a person-to-person can
vass in your company.

Northwestern Banker, May, 1960

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

F e d M0 oliei/ . . .
(Continued from page 36)
emphasis. If so, the negative reserves
of the banking system will gradually
begin to climb back toward the half
billion mark that prevailed last sum
mer.
Outside of the further decline in
stock prices, the most striking devel
opment of recent weeks in financial
markets was a sharp reduction in
yields on short-term Treasury invest
ments following upon a first-quarter
reduction of $3 billion in the govern
ment’s marketable debt. This was the
largest Treasury debt reduction in a
January-March period since 1956.
Not only was the Treasury a net
supplier of funds to the market, but
new borrowings by corporations and
local governments were lower. New
issues of state and city securities were
about $1,800,000,000, a reduction of
nearly $350,000,000 from 1959. Corpo
rate market borrowings were about
$300 million less than in 1939 and were
the lowest for any quarter since 1954.
Most responsive to the heavy reduc
tion in Treasury debt over the first
quarter were the Treasury’s discount
bills. Early this month the 91-day pa
per got down to a discount of about

2 % per cent, compared with 4% per
cent in early January. For a brief
period early this month none of the
Treasury’s 32 issues of bills were sell
ing at discounts over 3 per cent.
Apart from reflecting a shrinkage of
investment supply, the lower market
rates testify to a continuing high li
quidity by non-financial corporations.
Probably behind this liquidity is not
just a chance surplus of idle corporate
cash, but an enhancement of skill and
circumspection on the part of private
enterprise financial managers in capi
tal outlay planning, in timing expendi
tures, and in holding to a minimum
the non-earning cash resources of the
business. This coming-of-age of pri
vate business financial management
has probably done more than anything
else to furnish the unexpectedly large
short-term market for United States
government securities. The liquidity,
moreover, has shown a lasting stabil
ity over periods of sharply divergent
economic trends.
For the moment, the absorptive non
bank market for short-term Treasury
securities is a great help to the Treas
ury. With Democratic forces in Con-

IS Y 0 Ü R
BANKERS
B L A N K E T BOND
ADEQUATE
TODAY?
B A N K E R S B L A N K E T B O N D S T. P A U L F O R M N o . 2 4
ALL

CO VERAG ES

ST A N D A R D

FO R M — A N D

M ORE

The extended coverages provided in St. Paul
Form 24 Bankers Blanket Bond provide
modern security for your bank. All the neces
sary insurance against losses, which present
banking security requires to protect bank
shareholders, is provided in this all-in-one
Bankers Blanket Bond.
f l R E On,

CALL YO U R

H O M E OFFICE
3 8 5 Washington St.
St. Paul 2 , Minnesota

S T . PAUL A G EN T
TODAY
c Gry

Northwestern Banker, May, I960

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

gress still opposed to the idea of end
ing or liberalizing the 4t4 per cent
long-term borrowing cost enacted dur
ing World War I, the Treasury has
been virtually barred from the long
term market for months.
Early in January, most of the Treas
ury’s long-term bonds were selling at
yields well above the statutory ceiling.
The subsequent market improvement
changed the picture drastically, but
not enough to give the Treasury
enough leeway to exploit matters.
Even though long-term yields of above
4 per cent were available in late
March on only 14 Treasury interestbearing issues, and even though the
highest market yield at one time was
only 4.15 per cent, the Treasury still
found it impracticable to raise any siz
able amount of long-term money at a
rate of 414 per cent.
For the April cash borrowing, the
Treasury offered $2,000,000,000 of 4 per
cent notes due in two years and one
month, and from $500,000,000 to $1,500,000,000 of 414 per cent bonds due in 25
years and callable in 15. To shut off
the padding of subscriptions on the
bonds, the terms of offering said that
all subscriptions up to $1,500,000,000
would be accepted.
The outcome of this experiment was
a total of $371,000,000 of subscriptions
from the public. The notes were over
subscribed. Probably the Treasury
could have raised more on 414 per
cent bonds had the maturity been
shortened in half or more and the call
privilege eliminated. Evidently the
Treasury wanted to get on the record
for the benefit of Congressional crit
ics that it had made an effort to bor
row long-term at the legal ceiling, and,
further, that it had also tried to em
ploy an expedient recommended by
Congressional critics — the call provi
sion.
The next Treasury financing will be
a refunding of $6,400,000,000 of certificates and notes due in May. The gov
ernment officials have been keeping
the investment world guessing as to
whether or not the Treasury will con
tinue to use the expedient of exchange
conversions, with holders of the ma
turing debt having a “right” to sub
scribe to the new issues. A recent
Treasury announcement indicated that
a new policy might be put into effect,
one calling for cash redemption of all
maturing debts to be followed by offer
ings of new issues for cash subscrip
tion only.
This might require the Treasury to
meet more closely the test of the go
ing market, obviate any fancied need
for the Federal Reserve to support the
market should the financing show ad
vance signs of being a flop.—End.

N ew b u sin e ss o v e r se a s —
than ks to b is hom etow n banker

During a business call, an officer of
one of our correspondent banks found
his customer perplexed about a
foreign problem. The customer, a
manufacturer, was having difficulty
establishing agents and distributors
for his products in certain countries
overseas. The banker promised to
help and knew where to turn.
He called our International Bank
ing Department and explained the
situation. Through our network of
overseas correspondents, an immedi
ate territorial survey was made in
the areas involved. The survey pro

duced excellent contacts, which were
passed on to the manufacturer.
The result? The manufacturer
completed selling and distribution
arrangements that materially in
creased the efficiency and profit of
his overseas operation. And our cor
respondent received a substantial
increase in the accounts carried by
the manufacturer.
The Northern Trust offers your
bank experienced assistance in all
phases of banking, and our staff will
always give prompt, personal atten
tion to your needs.

N O R TH ER N
NORTHWEST

U Ò a J lU '

CORNER

L A S A L L E AND MONROE

In t he Heart of the Fin anc ial

RUST
BANK

District • C h ic a g o , Illinois • Fin a n c ial

6 - 5 5 0 0 • Member F . D . I . C .

Northwestern Banker, May, 196®

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

Mtanhinq In d u str y to Mie H on ored
At «
iu n io r
A chievem ent
HE b a n k i n g business of the
T
United States and Canada will be
honored by Junior Achievement at its

third annual National Future Un
limited Banquet to be held May 25
in New York.
John W. Remington, p r e s i d e n t ,
American Bankers Association, and
president of Lincoln Rochester Trust
Company, will accept the “Achieve
ment Award” on behalf of the indus
try.

Junior Achievement is a non-profit
educational organization in which
teen-agers learn the fundamentals of
the American business system by ac
tually organizing and operating smallscale enterprises.
Of the 3,985 J.A. companies, nearly
300 were counseled by staff members
of 190 banks. (Some institutions coun
seled more than one junior firm.)
One hundred one of these bank-coun
seled companies were Junior Achieve-

T h ese T w o T ex a s B a n k ers D is c o v e r e d

How to
Win Friends
C. B. Jam e s, Pres.
Th e H a m ilto n
N a tio n a l Bank
H a m ilto n , Texas

A r v le E llio tt, Pres.
First N a tio n a l Bank
o f Edna
E d na , Texas

and Influence
Farm
Customers

ment banks which render commercial
banking services—on a proportion
ately small scale—to other J.A. com
panies.

IBA MEETING . . .
(Continued from page 34)
ner will be given at the Cherry Hills
Country Club in Denver. Cherry Hills
is the site of the 1960 National Open
Golf Tournament, and is the course
favored by President Eisenhower dur
ing his golfing vacations in Denver.
Speakers Wednesday morning will
be Mr. Lanphier and Dr. White, with
Dr. Heller and Mr. Taylor appearing
in the afternoon.
A breakfast for past graduates and
the 1960 participants in the Seminar
for Senior Bank Officers will be given
Wednesday morning. The seminar,
held at Harvard University, is spon
sored by the IBA.
Past presidents and founders of The
Independent Bankers Association will
be honored at the annual banquet
Wednesday evening.
Further tours to Estes Park and
Central City for alternate groups will
be conducted Thursday to close out
the convention.
Pre- and post-convention trips are
being handled by the American Ex
press Company. The pre-convention
tour leaves from Chicago, May 15. The
post-convention tour starts from Den
ver, May 27.
Covered during the seven-day tours
will be San Francisco, Los Angeles,
Las Vegas and the Hoover Dam.
American Express will also arrange
trips to Hawaii by sea or air for those
who wish to see the newest state.—
End.

Top O fficia ls

A few months after his bank
began
supplying F A R M IN G
FO R P R O F IT Reports to cus
tomers, Mr. James o f Hamilton,
Texas had this to say:

“ We think a lot of the Doane
FARMING F O R P R O F I T ;
quite a number of our farmers
and stockmen come in to make
comments about the service. ”

You Too Can Win Friends . . . Secure New Customers with
DOANE "Farming For Profit" Reports
H ere’s a tried and proven way to build good will— better public rela
tions. For pennies a copy, you can provide this monthly farm m anage
ment and agricultural price outlook report to all your customers and
prospects. F A R M IN G FO R P R O F IT Reports contain reliable, practical,
tim ely information about marketing, production, management. They
are carefully prepared by Doane’s experienced staff o f agricultural
specialists. Seven regional editions— one especially suited to your area.
The name and message o f your bank can be printed at the top o f each
report and Doane will handle all the details o f addressing and m ailing
the reports for you if you wish. W rite for further information and
prices.

HELLM AN

Pictured a r e t h e
three top officers of
Wells Fargo Bank
A m e r i c a n Trust
Company, San Fran
cisco. M e r g e r of
these two banks was
reported in the Apr
r e p o r t e d in the

Clip and mail this ad for a free sample of latest report!

DOANE

A p r i l N ORTH WEST
ERN B a n k e r . T h e

AGRICULTURAL SERVICE, IN C .
5142 D E L M A R

JNorthwestern Banker, May, I960

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

R. M . C O O K

B L V D ., D E P T. F -5 1 , S T . L O U IS

8, M O .

D. W . C H A P M A N

new bank occupies
q u a r t e r s of the
A m e r i c a n Trust
Company.

►

AT THE FIRST NATIONAL BANK OF MIAMI, FLORIDA, SENIOR VICE-PRESIDENT RAY F. BASTEN REPORTS:

“OUR BURROUGHS ELECTRONIC BANK BOOKKEEPING MACHINES
STEPPED UP OUTPUT AND IMPROVED CONTROL.”
The scene: the large-scale bank accounting operation at Miami's forward-looking First National Bank.
The equipment: Burroughs F-f200 Electronic Bank Bookkeeping Machines. The results, according to
Senior Vice-President Ray F . Basten: “ This equipment, with its electronic efficiency, maintains our standard
of quality while keeping pace with our rapid growth. In addition, the high level of performance has improved
our control of costs and has enabled us to improve customer service.” Tomorrow, the Visible Record Computer
System. As the next logical step in our program of employing advanced techniques, we have ordered
Burroughs Visible Record Computer System.”
Why the VRC: “ Through this advanced data
processing system, we will realize further prog
ress in our efforts toward improvement of
operations and management control.”
First National Bank of Miami is one of many
banks helped to ever increasing levels of account
ing efficiency by Burroughs advanced equip
ment. For details, action—and results—call our
nearby branch now. Or write Burroughs Cor
poration, Detroit 32, Michigan.

"NEXT STEP,” ACCORDING TO RAY F. BASTEN, "ALL-OUT
ADVANCED DATA PROCESSING VIA OUR FORTHCOMING
BURROUGHS B 251 VISIBLE RECORD COMPUTER”

Burroughs and V R C — T M ’s

r r o

r p

r a

t i o

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Federal Reserve Bank of St. Louis

Northwestern Banker, May, 1960

An Additional Feature of Our

BANKERS PARTICIPATION PLAN
*

C O N V E N T IO N S
F o r M a n a n d W ife
Constantly increasing numbers of
Bankers are not only enjoying National
Reserve Life’s Conventions but also
are achieving worthwhile profits,
through affiliation with our BANKERS
PARTICIPATION PLAN.

National Reserve Life Convention
meetings are always held in attractive
scenic areas and are highlighted by
featured talks by recognized specialists
in their fields. In addition, helpful,
informal seminar sessions are conducted.
Social activities are not neglected
and form a prominent part of each
Convention, with many events arranged
of equal interest to both men and
women— but best of all, National
Reserve Life Conventions are fully
paid for both man and wife.
You, too, can enjoy this
profitable affiliation!
V

E n d u r in g

R u s h m o re

Write Today For Complete Information
Let us give you complete details regarding our tested BANKERS
P A R T IC IP A T IO N P L A N , w hich can easily and quickly make substantial
profits for you.
W e assure you all correspondence is held in strict confidence.

H. O. CHAPMAN
President

S. H. WITMER
C h a irm a n of the Board

Topeka

Northwestern Banker, May, I960

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

•

S io u x F a lls

INSURANCE
.

i d

^ Religious Prospects
Churches are perhaps the easiest ta r
get for hold-up men. Each Sunday
and on various religious holidays, hun
dreds and even thousands of dollars
may be taken in church collections and
are handled with little regard for se
curity.
Many companies offer crime policies
which are suitable for churches and
these institutions should be insured, es
pecially for such occasions as Easter,
Christmas, during fund-raising bazaars
and other periods when a great deal
of money is available for unscrupulous
gunmen.
If a loss occurs and you handle the
settlements of the claim, let the mem
bers of the congregation know about it.

i n

r v

4. Keep your collections on a current
basis. 5. Do more than your share in
civic activities. It is some of your best
advertising.

^ Ideas on File
Most agents come in contact with a
host of good selling ideas each day, but
often they are forgotten by the next

i n

ing points. 5. Make every call the
most important. If you make a rou
tine call you are wasting your time and
that of your prospect. 6. Look for the
emotional appeal, every product has
some. 7. Study your customer’s prob
lem and offer a solution. 8. Strive to
improve your selling methods. 9. Ask
for the order, not once, but several
times during the interview. 10. Don’t
forget to say “Thank you,” even if you
did not make a sale.

^ Toward Better Letters
Take time to make a list of some of
the outdated phrases that creep into
the letters you write and receive and
translate them into simple English for
better results from your letters. H ere
are a few exam ples:

^ Competition Beating Ideas
It’s not too difficult to keep ahead of
the competition if you keep these six
points in mind. 1. Beat them to the
selling punch. 2. Understand what
your competition is and its possible
effect on your clients. 3. Keep your
customer thinking of you through per
sonal a tte n tio n . 4. Apply personal
service when the opportunity presents
itself. 5. Use advertising to do part
of the job you can’t handle yourself.
6. The only time to meet competition
is when you walk out of a customer’s
door . . . with the order in your
pocket.

Replace This

morning. N ext time you hear an idea
you like or read an idea that appeals
to you, jot it down or clip it out and
drop it into an Idea File. One of these
days you will hit a slump and one of
those ideas will be just the thing to
get you back on the track.

10 Sales Sense Ideas

5 Good Will Builders
Selling insurance is one of the more
Every agent should follow this five- competitive businesses today. Here
are 10 “sales sense” ideas that have
point p ro g ram :
1.
T reat all accounts as if each was made salesmen successful:
1. Don’t just visit, sell. 2. Make the
the best on your books. 2. Propose a
complete insurance program to every first minute count, it sets the stage for
client and keep it up to date. 3. Keep your entire presentation. 3. Talk from
yourself posted on changes and see that your customer’s viewpoint. 4. P rop
your policyholders find out about them. erly answered objections become sell

W ith This

According to our information. . . .
.......................................... W e find
A s to when........................... When
I therefore advised.............. I told
Please accept our humble apolo
gies ...................... W e are sorry
A t the present time............... Now
In order that............................... So
Be in a position to ................... Can
Due to the fact that.........Because
Under date o f........................... On

^ Stop Bad Accounts
H ere are three general areas that
need watching to keep bad accounts off
your books: 1. Education of policy
holders at renewal time and when new
business is acquired. 2. Premium fi
nancing. 3. Efficient agency records.

^ Keep Contact
W hen one of your commercial ac
counts changes hands, you can’t be
sure the new owners will continue carNorthwestern Banker, May, i960

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

In s u r a n c e

rying the insurance with you. The
wise agents get to the new owners as
soon as possible and re-establish them
selves with the firm.

★

get this job done, develop an individual
style to make it stand out from the
other ads in the paper. A catchy head
line, unusual art work or an out-of-theordinary position will do the trick.

Reach All Goals

Every type of advertising must have
an objective. In newspaper advertis
ing the only possible purpose is to
make your agency the best known in
town. You have no $12.98 bargains to
offer and space limitations usually pro
hibit explaining one policy in detail.
Your newspaper advertising should
make people think of your agency
whenever they think of insurance. To

^ Available Prospects
Looking for prospects? Select one
of your good policyholders. Locate
him in the classified section of the city
directory, select five names above his
and five below, take this list to your
policyholder and ask him to give you
information on each man on the list.
Lollow this system and you w ill:
(1) Lollow up on your policyhold
ers; (2) get so many prospects that
quality selection will be simple; (3)
find your field working hours increas
ing; (4) increase your number of in
terviews; (5) have a good reference.

^ Licensed Sales

1900 to I960
The experience of 60 years in the
Fire and Automobile insurance field
has given M utual Fire and Automo
bile a real insight into the needs of
the insuring public.
As we celebrate this im portant m ile
stone in our m aturity, we at M utual
Fire and Automobile take pride in
our record of grow th; in our a b ility
to meet the ever changing needs of
the insuring public.
We look forw ard w ith confidence to
the years ahead, secure in the
knowledge th a t M utual Fire and
Automobile's past has built a firm
foundation of public tru st.

MUTUAL FIRE
AUTOMOBILE
INSURANCE

Expiring drivers’ licenses are a con
stant thorn in the side to many of your
clients. One of the most successful
good will builders is to send a card
warning of the expiration a month or
so before the license becomes invalid.
The information is readily available
from drivers licenses when writing the
policy.

Those Behind Count
Have you heard about the agent who
wrote his company and said, “Can’t
sell. There are a thousand salesmen
ahead of me.” The next day the com
pany telegraphed back:
“Keep moving. There are a million
right behind you.”
I t’s those fellows who are “right
behind you” who motivate your being
on the ball and up-to-date with full
knowledge of the product.

5 Good W ill Rules
H ere are five rules for building good
w ill:
1. Deliver unselfish service to your
clients and prospects. 2. Help rein
state someone else’s policy if you be
lieve it is the right thing for the client
to do. The client will remember you.
3. Think of the future and the future
will be good for you. No one is in

business for a day or even just a year.
4. Have a definite prospecting plan,
using your present clients as a key list.
Don’t do this just one week out of the
year, but instead make it a habit. 5.
Keep in mind that your business should
build good will and good will will build
your business.

Keep Guesses High
W hen giving estimate prices of in
surance, it’s always a good idea to get
the customer thinking in terms slightly
higher than the actual cost. W hen he
gets the exact figure it will look like
a real bargain.

^ Sell Two-in-One
Recently there has been considerable
emphasis placed on getting commercial
accounts. W hen you do land one of
these, don’t forget the host of personal
insurance prospects available from each
commercial account. Don’t be satisfied
with half a job, sell the commercial
and then go after the personal business.
This works the other way around, too.
If you have a personal account, inves
tigate the possibility of developing it
into commercial business.

^ Ignored Prospects
How long has it been since you
talked insurance to those persons with
whom you do business ? Probably
when you first started in this business
th e s e persons
were at the top
of your pros
p e c t lis t, but
since that time
they have been
ignored.
K e e p in
mind t h a t the
insurance needs
of these persons are always changing.
If you don’t call on them to take care
of these changes, someone else will be.

Selling’ s Golden Rule
The best guide to follow when giv
ing service is the ageless Golden Rule.
If you “ Do unto others as you want
them to do unto you,” conscientious
service is rendered automatically.

COMPANY

Home Office — Cedar Rapids, Iowa

• FIRE
• INLAND MARINE
• AUTOMOBILE* EXTENDED COVERAGE

PROMPT and FAIR

CLAIM PRACTICES
We Invite Agent Inquiries

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

Minnesota Commercial Men's Association
2550 Pillsbury Ave. S.

Northwestern Banker, May, 7960

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

Minneapolis 4, Minnesota

Insurance
^ Inexpensive Farm Coverage
A must on modern farms for a com
plete insurance program is an inland
marine mobile agricultural equipment

damage this year. T hat’s what insur
ance companies have been paying out
in recent years for growing crops, not
to mention the large amount of unin
sured damage.

various “carting” groups. One such
group can net you a nice piece of busi
ness and lead to many other types of
coverage for group members.

^ Birthdays for Sales
^ Midget Cars— Big Sales

L IV E S T O C K F L O A T E R — Low cost but
necessary.

and livestock floater. The cost of this
coverage is so small that failure to in
clude it is just an oversight.

Recent changes in the comprehen
sive personal liability coverages have
excluded go-carts when off the prem
ises. The number of families with
these midget autos has increased rap
idly during the past year, so see a few
go-cart enthusiasts and explain the cov
erages needed to give them necessary
protection.
Many areas have go-cart clubs and

A client’s birthday is perhaps the
most im portant day of the year, at
least as far as his insurance is con
cerned. Most clients will remember
you when it comes time to increase
coverages or add new insurance, if you
take the time to send a birthday greet
ing. In some instances a change in
age means savings on insurance. Re
mind your client of this and you prob
ably have a friend for life.

^ Perfect CPL Prospects
Traffic on farms has increased a ter
rific amount during recent years. Not
only has the farmer of today more time
for the visits of neighbors and others,
but the many technical and mechanical
installations on a farm require servic
ing by plumbers, electricians, repairment or installers.
The farm er’s liability for injuries
has increased in a similar amount and
this makes any farmer a perfect pros
pect for comprehensive personal liabil
ity policies.

^ Work for Fees
In some states agents are allowed to
charge a fee for conducting surveys.
Some prospects have no need for addi
tional insurance, but have no definite
knowledge of the coverages they have.
Many will be willing to pay a fee for
this service. Before making an ap
proach that will require the charge of
a fee, you should do these two th in g s:
1. Arrive at a basis in your own
mind that will enable you to make an
equitable charge for the time spent.
2. Check with the insurance depart
ment of your state to make sure this
“fee basis” is covered by the insurance
law.

^ Guaranteed Good Crops
Crop-hail insurance is about the only
sure way of guaranteeing a successful
farming year. If your farm er-pros
pects don’t think they need that in
s u ra n c e , remember
these facts:
1. It will hail al
most everywhere this
year — not in every
field, but in e v e ry
state. If your area
e s c a p e d last year,
the law of averages
will probably catch up this year.
2. It will hail at the wrong tim e !
The hail season always coincides with
the growing season.
3. Hail will cause over $50 million

Since 1907...............
Western Mutual Insurance Company of Des
Moines, Iowa, has been writing insurance
coverages.
A Multiple-line, Non-Assessable Company, we
write only through Local Agents.
Our agen cy plan has been accepted by
many bankers in the mid-west and we value
our bank agencies.
W e write a full line of Fire, Extended Cover
age, Homeowners Package, Automobile,
Truck, Inland Marine, CPL, FCPL, Plate Glass
. . . and many other lines.
A gency Inguiries W elcom ed

Western Mutual
Insurance Co.
616 10th Street

Des Moines 8, Iowa

W e are licensed in:
Arizona, Colorado, Iowa, Illinois, Indiana, Kansas,
Kentucky, Minnesota, Missouri, Montana, Nebraska,
North Dakota, Oklahoma, South Dakota, Texas,
Wisconsin and Wyoming.

Northwestern Banker, May, I960

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

Two oldest banks
Am erican Trust Company and Wells Fargo Bank have joined forces to better
serve rapidly growing Northern California. As two banks, we have shared a
heritage of history, an ideal of service that have made us natural partners since
the feverish 1850’s. Now, to this common philosophy, we add the combined skill
o f our well-trained staffs, the pooling o f specialized experience, a substantial
expansion of deposits and capital. On this sound foundation, our bank is in a
strong position to meet the needs of all customers. As Wells Fargo Bank
American Trust Company we welcome the challenge o f change in the years ahead.
H E A D O F F IC E : SAN FRANCISCO

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

Resources in excess of $2,1+00,000,000

• Capital Funds $165,000,000

DIRECTORS
* F R A Z E R A . B A IL E Y

San Francisco
W A K E F IE L D B A K E R

President, Baker & Hamilton
K E N N E T H K. B E C H T E L

Chairman of the Board
Industrial Indemnity Company
P A U L A . B ISSIN G E R

Vice President, Bissinger & Co.
C O L B ER T C O L D W E L L

Coldwell, Banker & Company
P E T E R COOK, JR.

Rio Vista
R A N S O M M. COOK

President
P A U L L. D A V IE S

Chairman of the Board
Food Machinery and
Chemical Corporation
* S ID N E Y M. E H R M A N

A ttorney-at-Law
CHARLES ELSEY

San Francisco
♦H ECTOR E SCOBOSA

President, I. Magnin & Co.
JA M E S FLOO D

Trustee, Flood Estate
J. A . FO LG ER

President, J. A. Folger & Co.
W . P. F U L L E R III

Vice President, W. P. Fuller & Co.
B. R. F U N S T E N

President, B. R. Funsten & Co.
F. J. H E L L M A N

Executive Vice President
I. W. H E L L M A N

Chairman of the Board
W IL L IA M L. K E A D Y

President
Fibrehoard Paper
Products Corporation
♦J. R. K N O W L A N D

Publisher
Oakland Tribune
D A N IE L E. K O SH L A N D

Chairman of the
Executive Committee
Levi Strauss & Company
JA M E S K. LO C H E AD

Piedmont
♦GEORGE I. LONG, JR.

President, Ampex Corporation
DONALD M ACLEAN

President
California and Hawaiian
Sugar Refining Corporation
♦J. W . M A IL L IA R D , III

Vice President
Mailliard & Schmiedell

in the West

I now
[ one
bank

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

♦DON ALD H. M cL A U G H L IN

President
Homestake Mining Company
W IL S O N M E Y E R

Chairman of the Board
Wilson & Geo. Meyer & Co.

WELLS FARGO
BANK

R O B E R T W . M IL L E R

Chairman of the Board
Pacific Lighting Corporation
GEORGE G. M O N T G O M E R Y

Chairman of the Board
Kern County Land Company
♦H E N R Y D. N ICH O LS

Chairman of the Board
Tubbs Cordage Co.
HERM AN PHLEGER

AMERICAN
TRUST
COMPANY

Brobeck, Phleger & Harrison
Attorneys
A L L A N SP R O U L

Kentfield
M A R K R. S U L L IV A N

Chairman of the Board
The Pacific Telephone
and Telegraph Company
J. D. ZE L L E R B A C H

Chairman of the Board
Crown Zellerbach Corporation
♦a d v i s o r y d i r e c t o r s

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Federal Reserve Bank of St. Louis

65
In New Building

Minnesota

NEWS
H. L. HANSON
K. A. WALES

President
Secretary

Baudette
Minneapolis

Anoka Capital Increase
Capital stock of the State Bank of
Anoka, Minn., is being increased from
$100,000 to $150,000. Total assets of
the bank now total more than $6 mil
lion.
The State Bank is now in the proc
ess of completely modernizing and ex
panding its quarters. The project will
more than double the size of the old
street level banking area.

New Bank Planned
Public h e a r in g s were held last
month on an application for a fourth
bank in Austin, Minn.
The Minnesota Trust Company in
Austin has applied for authority to
assume additional duties of a state
banking corporation. If the request is
approved the firm will be known as
the Minnesota Bank & Trust Company
of Austin.

Acquires Brinks Service
The Arlington (Minn.) State Bank
has acquired the services of Brinks,
Inc., for the transfer of cash.

the bank and no date has been set for
occupancy.

Gary Charter Transferred
Transfer of the Gary (Minn.) Cen
tral State Bank’s charter to Duluth
has been approved by the state bank
ing commission. At its new location,
48th Avenue East and Superior Street,
the bank will be known as The North
Shore State Bank. It is the first to
locate east of downtown Duluth and
opened for business last month at the
new location.
The bank is headquartered in a new
two-story building. Banking facilities
are located on the second floor, with
the lower floor used as the bookkeep
ing room, directors’ room and employ
ees’ dining room.
Fred C. Lewis, also head of the
Northwestern Bank of C om m erce,
heads the new Duluth bank. John L.
Banks, Jr., is executive vice president
and Walter W. Olson is vice president
and cashier.

W ins Contest

The First National Bank in Fairfax,
Minn., has moved into its new build
ing on East Main Street.
The new building, measuring 38 by
61 feet, offers some of the most mod
ern facilities available. It features
drive-up teller windows, a modernistic
design, facilities for four teller win
dows inside, an officers’ conference
area, complete air conditioning and
convenient customer parking at the
rear of the building.

New Gibbon Location
The Citizens State Bank at Gibbon,
Minn., has opened for business at its
new building. The new structure, a
one-story brick building, features a
night-time depository, drive-in teller
service, a lounge and greatly expanded
working space.

Capital Increased
Capital stock of the First National
Bank in Ivanhoe, Minn., has been in
creased from $50,000 to $100,000 by a
stock dividend.

Le Center Changes
Gerald L. Voigt, formerly assistant
cashier of the State Bank of Drum
mond, Wis., has been appointed an as
sistant cashier at the First National
Bank at Le Center, Minn.
Charles L. Traxler, formerly assist
ant cashier, has been promoted to
cashier, succeeding J. A. Stotko, who
resigned to take a position as cashier
of the First National Bank at Stewartville, Minn.

Heads Credit Group
S.
J. Maly, assistant cashier, First
American National Bank in Duluth,
has been named president of the Asso
ciated Retail Credit Men of Duluth.

Buys Medford Bank

Duluth Changes
The following staff changes have
been announced at the Park State
Bank in Duluth:
Oliver Renstrom, president, has been
elected chairman of the board. Lester
Johnson has been named president.
Fred L. Lewis remains as vice presi
dent and H. E. Halvorson continues as
vice president and cashier.

Plan New Location
Duluth’s N o r th w e s te r n Bank of
Commerce has announced plans to
move from present bank quarters on
Superior Street near Fourth Avenue
West to the Wilman building at Sec
ond Avenue West and Superior Street.
Fred C. Lewis, president, said the
bank has purchased the Wilman build
ing. It has not been decided if both
floors of the building will be used by

N A T I O N A L W I N N E R in th e N a tio n a l
T h r i f t E s s a y C o n te st, in c a t e g o r y 11, w a s
1 2 -y e a r -o ld Susan Dubbelde, a n e ig h th
g r a d e s tu d e n t at P ip e s to n e , M in n ., ju n io r
h ig h . S h e is sh ow n a b o v e w ith Clarence
W iersm a, v ic e p r e sid e n t, F ir s t N a tio n a l
B a n k in P ip e s to n e , Robert Palmer, v ic e
p r e s id e n t, P ip e s to n e F e d e r a l S a v in g s a n d
L o a n , a n d W . R. Lange, p r e sid e n t, P ip e
sto n e N a tio n a l B a n k . M o r e th a n 100,000
s e v e n th a n d e ig h th g r a d e stu d e n ts c o m
p e t e d in th e c o n te s t s p o n s o re d a n n u a lly
b y th e N a t io n a l T h r if t C o m m itte e , c o m
p o s e d o f lo c a l t h r if t in s t itu tio n s w h o f e e l
i t im p o r t a n t to e n c o u r a g e th e p r a c t ic e o f
t h r i f t a m o n g y o u th a n d a d u lts. S u san w a s
flo w n to N e w Y o r k C it y f o r f o u r d a y s o f
s ig h ts e e in g , p e r so n a l a p p e a ra n ce s a n d th e
a w a rd s b a n q u e t as a re su lt o f h er w in n in g
e n try .

Richard Kwiatkoski, owner of the
Medford Insurance Agency, has pur
chased the First State Bank in Med
ford, Minn., from W. P. Jones.
Mr. Jones, who plans to move his
First State Bank of Meriden into Owatonna, will remain as cashier of the
Medford bank until July 1, relinquish
ing only the office of president to Mr.
Kwiatkoski.
Mrs. Kwiatkoski has been named
vice president of the Medford bank
and Elvira Michael remains as assist
ant cashier.

60th Anniversary
The 60th anniversary of the First
National Bank at Wilmont was ob
served with open house in mid-April.
Doughnuts and coffee were served to
the many guests during banking
hours and in the evening, according
to O. C. Kuhl, cashier. Gifts were
awarded for door prizes and a guess
ing contest was held on a jar filled
with currency and coin.
Northwestern

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Federal Reserve Bank of St. Louis

Banker,

May,

I960

Installed and functioning on the
HE First National Bank of Minne
apolis announced that the official bank’s Plaza, Fifth Street and Second
Grand Opening of its new skyscraperAvenue S., for a week prior to the
home, May 6, 7, and 8, will be trig Grand Opening, the stellar clock will
gered by a specially developed space- set off a fireworks display from the
age device called a gyroscopic stellar roof of the 28-story building, heralding
its official opening. At that moment,
clock.
The stellar clock, evolved from the too, powerful searchlights will illumi
same kind of equipment used to guide nate the entire structure for the fes
space vehicles, is being built by the tivities.
* >i= *
aeronautical division of MinneapolisHoneywell to keep celestial time for
Farmers & Mechanics Savings Bank
the dedication.
of Minneapolis announced recently
Oriented gyroscopically to the posi that it is offering an anticipated 4 per
tion of the stars in space, the stellar cent interest rate on an investment
deposit account.
The new rate will be paid annually
on deposits in multiples of $1,000 held
in the bank for at least a year. Maxi
mum amount will be $10,000. The
bank said the plan is the first of its
kind in the country.
Farmers & Mechanics will continue
to pay 3% per cent on ordinary de
posits.
* ^ *
Banks affiliated with the First Bank
Stock Corporation paid $774,493 into
profit-sharing trust plan accounts for
employees last year. This averages
G Y R O S C O P IC S T E L L E R C L O C K , sh o w n
6 V2 per cent of their annual salaries
a b o v e , tr ig g e r e d th e o fficia l g r a n d o p e n
for the 1,845 participants.
in g o f th e F ir s t N a tio n a l B a n k o f M in
Joseph H. Colman, First Bank Stock
n e a p o lis ’ n e w s k y s c r a p e r h om e, M a y 6, 7
president, said contributions to the
a n d 8. T h e c lo c k e v o lv e d fr o m th e sam e
plan, plus income from investments
k in d o f e q u ip m e n t u sed to g u id e sp a ce
v e h ic le s a n d w a s b u ilt b y a e r o n a u tic a l d i
and increased value of stocks held,
v is io n o f M in e a p o lis -H o n e y w e ll to k e e p
have given the fund a valuation of
c e le s t ia l tim e f o r th e d e d ic a tio n .
$2,728,495.
* * *
clock will send out a signal to start
Lillian Przybylski, Marquette Na
the Grand Opening at the moment
when the star Alpha Ursa Major— tional Bank of Minneapolis, won the
over 600 trillion miles out in space— recent public speaking contest of the
crosses the meridian of longitude on Minneapolis chapter, American Insti
tute of Banking. She represented the
which Minneapolis is located.
This will occur, say the Honeywell chapter in district competition at Den
scientists, at exactly 8:14.31 on Friday ver.
John Peterson, Third Northwestern
evening, May 6, and will be accom
plished by precisely measuring the National Bank, won second place. Ted
fast changing position of the earth in Vander Noot, Federal Reserve Bank
of Minneapolis, won in a special com
space and in relation to the galaxies.
The star’s light that will be seen by petition.
* * *
spectators the evening of May 6,
Frederick L. Deming, president, Fed
weather permitting, actually began its
long journey through space in 1857, eral Reserve Bank of Minneapolis, has
been elected president of the United
the year First National was founded.

Northwestern

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May,

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Federal Reserve Bank of St. Louis

i960

Fund of Minneapolis, which plans to
enlist health, welfare and other chari
table organizations into one combined
fund drive.
Mr. Deming also was the speaker at
the University of Minnesota Business
Day banquet recently at the Curtis
Hotel in Minneapolis.
* * *
The annual outing for the Twin City
Bond Club will take place on June 15
and 16 at the White Bear Yacht Club,
according to Richard D. McFarland of
Kalman and Company, secretary-treas
urer for the group.
* * *
Northwestern National Bank of Min
neapolis has expanded the size and
scope of its industrial development de
partment, John A. Moorhead, presi
dent, announced recently.
L. E. Gilbert, vice president and

N E W M E M B E R S o f th e N o r th w e s te r n
N a t io n a l B a n k ’ s in d u s t r ia l d e v e lo p m e n t
d e p a rtm e n t, Ralph B. Scott, le f t , an d
James W . Paradise, ce n te r , g e t a p le a s a n t
p ic tu r e o f M in n e a p o lis in d u s t r ia l d e v e lo p
m en t p r o s p e c ts fr o m L . E. Gilbert, v ic e
p r e s id e n t a n d h ea d o f th e in d u s t r ia l d e
v e lo p m e n t d e p a rtm e n t.

head of the department, said the
bank’s objective is to supply a “pack
age” industrial development service
for firms wanting to expand, locate or
relocate in the Minneapolis area.
Mr. Gilbert announced addition of
Ralph B. Scott and James W. Paradise
to his staff. Mr. Scott previously was
a member of the industrial develop
ment department of Northern States
Power Company. Mr. Paradise has
served with the bank’s mortgage loan
department since 1953.

Greeting new arrival are Bert Gray and Charlie Krogness, Trust and Investment Dept., and correspondent bankers Doug Johnson and John Ordos.

Just delivered.. . your

security. A n d we're just as
proud, as if it were our own. From the moment your security is deliv
ered... through adolescence... to sale or maturity.. .we give it tender,
loving care. W e clip its coupons, brush its jacket, tuck it in and
let you know when it matures. Detailed personal attention in safe
keeping is another way

Midland proves friendship
\\ 111 I SJX C ltd 1 SC 1 \ 1C C »

id , a n d N a tfo n a | B a n k
FEderal 2-0511/Second Ave So. and Fourth St./IYlinneapolis 40, Minn./Member FDIC
Northwestern

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Federal Reserve Bank of St. Louis

Banker,

May,

I960

Minnesota News

Irving C. Rasmussen, Minnesota
state banking commissioner, said nine
more Minnesota banks have become
associate members of the National As
sociation of Supervisors of State
Banks, of which he is president.

Donald R. DuSchane, president of
the DuSchane Funeral Chapel of Robbinsdale, has been elected a member
of the board of directors of First Robbinsdale State Bank.—End.

They are Northwestern State Bank,
Appleton; First State Bank, Ashby;
Badger State Bank; State Bank of
Barnum; Northwestern State Bank,
Hallock; Security State Bank, Kenyon;
First State Bank, Okabena; People’s
State Bank, Wells, and State Bank of
Wendell.
* * *
First Minnehaha National Bank of
Minneapolis was to hold open house
May 3 and 4 to celebrate its 50th anni
versary. Founded as the Minnehaha
State Bank, it consolidated in 1927
with the Lake Street State Bank, do
ing business as Minnehaha National
Bank of Minneapolis. Later it affili
ated with First Bank Stock Corpora
tion.
As of last December 31, deposits to
taled in excess of $20 million.
* * *
A. J. Cron, manager of the National
Cash Register Company office in Min
neapolis, has announced construction
of a new building and electronic cen
ter at Wayzata Boulevard and Thomas
Avenue. It will be ready for occu
pancy by late 1960.
The new building consists of three
levels: First and second floors will
house the cash register, accounting
machine, adding machine, and serv
ice divisions. The third floor will be
used for expansion of the Electronic
Sales Department.
The modern auditorium will seat
100 people for Seminars and meetings
of various groups and will be available
to business organizations for group
meetings.
Training schools will also facilitate
training of operators on various ac
counting machines, Data Processing
equipment, Post-Tronic, Compu-Tronic, and checkers for super markets.
Electronic programming schools will
soon be available.
* * *
Appointment of Louis C. Fahlberg,
Minneapolis branch manager for Na
tional Food Stores, Inc., to the advi
sory board of the Lake Street office of
Northwestern National Bank, was an
nounced by John A. Moorhead, presi
dent.
* * *
Albert Larson has retired as a vice
president of the Stock Yards National
Bank of South St. Paul after 23 years
with the bank. He began his banking
career in 1914 with the Capital Na
tional Bank of St. Paul.

Visit t-BE Center

N o r t h western B a n k e r ,

May,

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Federal Reserve Bank of St. Louis

1960

Joins Virginia Bank
A. C. Schneiderhan, formerly em
ployed in the Timepay department at
the First National Bank in Rochester,
has joined the staff of the First Na
tional Bank of Virginia, Minn.

John William Boock
John William Boock, 79, resident of
Faribault for more than 40 years and
prominent Minnesota banker, died last
month after a long illness.
Mr. Boock was the founder and first
president of the Faribault State Bank
and had numerous banking and mer
cantile interests in Montana and the
Dakotas. He was a past president of
the Minnesota Bankers Association.

Increase Capital Stock

M IN N E S O T A B A N K E R S v is it in g th e N a
tio n a l 4 -H C en ter in W a s h in g t o n , D . C.,
r e c e n t ly in c lu d e d Harold L . Hanson, s e a t
ed, p r e s id e n t o f th e F ir s t N a tio n a l B a n k ,
B a u d e tt e , a n d p r e s id e n t o f th e M in n e s o t a
B a n k e r s A s s o c ia t io n ; George H enry, v ic e
p r e s id e n t o f th e F ir s t N a tio n a l B a n k o f
M in n e a p o lis a t l e f t a n d K enneth W ales,
e x e c u t iv e s e c r e t a r y o f th e M in n e s o t a A s s o
c ia t io n . M o r e th a n 2,100 b a n k e r s in 35
sta te s a n d P u e r t o R ic o p a r t ic ip a t e d d u r in g
1959 in th e fu n d -r a is in g p r o g r a m in b e
h a lf o f th e 4 -H p r o g r a m th r o u g h th e N a
t io n a l 4 -H F o u n d a tio n .
M in n e s o t a h ad
m o r e c o o p e r a t in g b a n k s th a n a n y oth e r
sta te .

Capital stock of the First National
Bank of Detroit Lakes, Minn., has
been increased from $100,000 to $150,000 by a stock dividend.

W H A T BANKERS TH INK
ABOUT FRINGE BENEFITS
(Continued from page 29)
most banks offering Major Medical do
so on a bank-employee cooperative ba
sis . . . but this was not ascertained
in this survey.
86 Per Cent Give Cash Bonus

An impressive 86 per cent of the
banks surveyed reported bon u ses,
A. G. Larson Honored
profit-sharing plans and/or pension
A.
G. Larson, president of the First
plans for their officers and employees.
National Bank at Naswauk, Minn., was
honored recently at a dinner in Hib- Of this group, 67 per cent of the banks
bing for his 50 years of service with have bonuses only; 10 per cent offer
bonuses and pension plans; 9 per cent
that bank.
have pension plans only; 4 per cent
offer all three: bonuses, profit-sharing
New Rochester Director
plans and pensions; 3 per cent have
Arthur L. Becker, general manager pension and profit sharing; 3 per cent
of the Rochester International Busi have bonus and profit-sharing, and 3
ness Machines plant, was elected a per cent have profit-sharing only.
member of the board of the Olmsted
Of the banks offering bonuses, all
County Bank & Trust Company in
Rochester, Minn., at a recent board but three shared the plan with all eli
gible employees of the bank. Only
meeting.
John D. Chisholm, president, said the officers were favored in those
Mr. Becker was elected to succeed three banks.
Answers to the “bonus” part of the
Clarence E. Frizzell, who resigned and
is now employed at Poughkeepsie, N. questionnaire were varied and many
Y., as special assistant to the presi bankers re p lie d merely that the
dent of the data systems division for amounts were determined at the end
of the year according to profits, em
IBM.
ployee’s position and longevity. Most
bonuses were based on salary as they
Rosemount Opening
Open house was held last month at were a certain percentage of the an
the First State Bank at Rosemount, nual wage.
Of those who gave percentage fig
marking the opening of the bank’s
new building. The new building, ures or amounts in describing the
measuring 35 by 70 feet, is constructed bank’s bonus plan, 24 per cent said
of brick, concrete block and steel, and they give “one month’s pay (8.33 per
features the latest in building design cent of the annual wage).”
and banking equipment.
Here’s how the percentages of an-

MiAV
BANK OF SAINT PAUL

THE FIRST NATIONAL

M EM BER FED ERAL DEPO SIT IN SURANCE CORPORATION
Department of Banks and Bankers
JO H N F. M U L L E N

W A L L A C E L. BOSS

DONALD W. BUCKM AN

D A V ID A. S H E R N

Vice President

Assistant Cashier

Bond Advisory Specialist

ELM ER M. VOLKENANT

H E N R Y N. SN YD ER

ROLAND W. H OHM AN

JO H N M . W O O L D R ID G E

Vice President

Trust Advisory Specialist

Assistant Cashier

Bond Advisory Associate

E D W A R D C. BRO W N , Executive Vice President

PHILIP H. NASON, President

........NORTH D A K O T A
BA N KER S A S S O C IA T IO N
7 5 th A N N U A L; C O N V E N T IO N
D A C O T A H H O TEL, G R A N D FO R K S j

192021
SOUTH DAKOTA

BA N KER S A S S O C IA T IO N

69th ¡A N N U A L C O N V E N T IO N
S H E R A T O N -C A T A R A C T | H O TEL
S IO U X FALLS

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Federal Reserve Bank of St. Louis

Minnesota News

nual wage break down for easy com
parison:
Five to 10 per cent of annual salary
—29 per cent of the banks; 10-15 per
cent—18 per cent of the banks; 15-20
per cent—18 per cent of the banks;
20-25 per cent — 11 per cent of the
bnaks; and 25-30 per cent of salary—6
per cent of the banks. Another 18
per cent used mixed bonus programs
by which officers received one per
centage while employees receive an
other. Descriptions of a few of the
latter plans appear among the selected
replies that follow:
Colorado bank with $5,000,000 depos
its in town of 7,500: “ Bonuses the past

three years have averaged 5 per cent
of base salary.”
Nebraska bank with $4,300,000 de
posits in town of 3,600: “Bonus cus

tomary at discretion of directors and
has been 25 to 40 per cent of annual
salary, according to position.”
Minnesota bank with $1,100,000 de
posits in town of 650: “Bonuses from

$200 to $3,000.”
Iowa bank with $2,000,000 deposits
in town of 1,200: “Our 1959 year-end

bonus was $13,600 emong four officers
and $1,050 among two bookkeepers.
This is flexible . . . no set percentage.”
Wyoming bank with $3,700,000 de
posits in town of 1,250: “We pay 33%

per cent bonus to executive officers
and 15 per cent to employees.”

Colorado bank with $7,500,000 depos
its in town of 10,000: “Our pension

Nebraska bank with $1,200,000 de
posits in town of 900: “Bonus of 25

per cent of wages.”

plan calls for retirement at age 65 or
with 30 years’ service at 1 per cent
each year employed.”

Iowa bank with $2,200,000 deposits
in town of 3,800: “Bonus based on sal

Nebraska bank with $7,000,000 de
posits in town of 7,000: “Pension plan

ary and earnings of bank and the past
few years it has been 10 per cent for
employees and 25 per cent for offi
cers.”

for all employees and officers who are
eligible after five years with the bank.
The bank contributes all of the funds,
the employees none.”

South Dakota bank with $4,100,000
deposits in town of 3,000: “Our bonus

South Dakota bank with $3,200,000
deposits in town of 1,200: “Pension for

is based on profits each six months.”

male employees after two years, fe
male employees after five years . . .
paid 100 per cent by the bank.”

Iowa bank with $7,000,000 deposits
in town of 7,500: “Have a regular

promised bonus of 4 per cent of an
nual wage, plus one-half per cent for
each year with the bank until it
reaches 10 per cent. Also, a special
bonus based on bank’s earnings —about 5 per cent.”
Pension Plans Offered

Twenty-two per cent of the banks
offering bonuses, pension plans and/or
profit-sharing plans have a pension
plan for employees of the bank. Ten
per cent of these have a pension plan
and bonus; 9 per cent have pension
plans only, and 3 per cent have pen
sion plans and profit-sharing plans.
Pension plans were said to be de
pendent on longevity and salary and
here are a few of the respondents’ re
marks:

Nebraska bank with $4,300,000 de
posits in town of 3,600: “Pension plan

—life insurance to age 65 auxiliary
trust fund — employee contributes 5
per cent of salary after five years’
employment.”
South Dakota bank with $4,000,000
deposits in town of 3,500: “People are

eligible for our pension plan after 10
years. We contribute $3,000 a year.”
Iowa bank with $33,000,000 deposits
in town of 60,000: “We have a pension

plan based on 45 per cent of final com
pensation for 30 years’ service, graded
downward for less than 30 years, non
contributory.”
FRINGE BENEFITS . . .

(Turn to page 112, please)

Did You Know That

The Live Stock National Bank oi Sioux City
M EM BER F E D E R A L D E P O S IT IN SU R A N C E C O R P O R A T IO N

Northwestern

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May,

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Federal Reserve Bank of St. Louis

I960

C. B A H M E I E R

B. K N O X

D R . N. N Y A R D I

B. GO V E

S o u th JPnkotn iin n h e r s C o n v e n e
M f i j / ltt-2 1 in S io u x IV i Ils
JET Air Demonstration by the
world-famous Blue Angels Team
of the U. S. Navy is a highlight
of this month’s Annual Convention of
the South Dakota Bankers Association
that will be remembered and talked
about for years to come. The team
was featured recently on a special TV
program and it was pointed out how
exacting the requirements are for be

ing a member of the team. South
Dakotans are fortunate to have the
Angels in Sioux Falls to demonstrate
their skills and it is hoped the weath
erman will cooperate.
Tom S. Harkison, president, Na
tional Bank of South Dakota, Sioux
Falls, is general chairman of the con
vention and has planned an interest

ing and informative group of sessions.
Working with him are these com
mittee chairmen: A. B. Cahalan, regis
trations; Mrs. William C. Duffy, ladies’
entertainment; W. W. Baker, reception
committee; C. A. Lovre, banquet; Jack
McMillan, housing; A1 Junge, Thurs
day buffet; F. J. Cinkle, golf; Orville
Bonacker, transportation, and Carl E.
Voigt, air show.

OFFICIAL CONVENTION PROGRAM
Wednesday, May 18
P.M.

4:00-7:00 Registration—Sheraton-Cataract Hotel Lobby.
Thursday, May 19
A.M.

9:00-7:00 Registration—Sheraton-Cataract Hotel Lobby.
8:00-1:00 Annual Golf Tournament—Sioux Falls Coun
try Club.

10:35 Resolutions Committee Report — Chairman Hugh
Danforth, vice president and cashier, First Dakota
National of Yankton.
10:45 Presentation of new members of 40 and 50 Year
Clubs.
11:00 Drawing for door prize.
11:05

P.M.

2:15
2:20

2:40
3:30
3:45
6:15
7:30

Call to Order—Boyd Knox, SDBA president, and
president, McCook County National of Salem.
Invocation by Dr. Roger L. Fredrikson, First Bap
tist Church of Sioux Falls. Welcome by Mayor
Fay L. Wheeldon, Sioux Falls. Response by Rob
ert H. Frei, SDBA vice president, and vice presi
dent, Commercial State of Wagner.
“Economic Growth Without Inflation”-—Dr. Harold
Cheadle, A.B.A., New York.
Meeting of State ABA.
“ There’ll Never Be Another You”—Bill Gove, Coral
Gables, Fla.
Social Hour—Arcota Ballroom.
Buffet Supper—Arcota Ballroom.
Friday, May 20

A.M.

9:00-1:00 Registration—Sheraton-Cataract Hotel Lobby.
10:30 Call to Order—Boyd Knox.

“A Layman Looks at Banking”—Dr. Arthur Secord, director of Community Service, and profes
sor of speech, Brooklyn College, Brooklyn, N. Y.

12 Noon Luncheon—“Free Enterprise or Disaster” by
Dr. Nicholas Nyardi, director, Institute of Interna
tional Studies, Bradley University, Peoria, 111.
P.M.

12:50 Report of Nominating Committee—Chairman Ho
gan Iverson, president, Farmers State of Canton.
12:55 Election of officers.
1:00 Ladies’ Luncheon — Sioux Falls Country Club.
(Buses leave Sheraton-Cataract at 12:45 p.m.)
“Defense Symposium”—Top-notch speakers to be
announced.
7:00 Annual Banquet—Sioux Falls Coliseum.
8:45

Stage Review—Sioux Falls Coliseum.
Saturday, May 21

ARMED FORCES DAY CELEBRATION—Jet Air
Demonstration by the famous Blue Angels Team
of the U. S. Navy.— End.
Northwestern

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Federal Reserve Bank of St. Louis

Banker,

May,

1960

South Dakota News

Hold Ag Short Course
The South Dakota Bankers Associa
tion held its annual Agricultural Short
Course last month in Pierre. The ag
ricultural committee, headed by Stan
ley Morrill, assistant cashier, National
Bank of South Dakota, lined up an
outstanding group of speakers for the
event.
South Dakota Governor Ralph Herseth opened the Short Course with an
address the first morning. He was fol
lowed by Dr. H. M. Briggs, president
of South Dakota State College, and
Professor Lloyd Glover, also of South
Dakota State.
Dr. Max Myers, administrator of the
U. S. Department of Agriculture’s for
eign agricultural service, opened the
afternoon session. He was followed
by Jerry Sotola of Armour and Com
pany. Next on the program was Eli

H. Ferguson, who until last year was
vice president in charge of the farm
mortgage department of the Equitable
Life Assurance Company of New York.
Mr. Ferguson relinquished that posi
tion this year to organize and direct
a cost analysis and planning unit on
the President’s staff. R. Louis Towne
of Boston concluded the first after
noon of events with a talk entitled
“On the Firing Line.”
The second morning’s program head
lined Dr. Henry Peterson of the Farm
School of the University of Minnesota.
The luncheon speaker was Whitt
fechultz, Chicago public relations exec
utive.

75th Anniversary
Two special events were held re
cently in celebration of the Aberdeen

(S. D.) National Bank’s 75th anniver
sary.
On Wednesday, March 30, the bank
held a special Farmer Appreciation
Day and on Friday, April 1, a “coffee
break” for businessmen and associates
was held at the bank.
It also has been announced that
common capital stock has been in
creased from $200,000 to $400,000 by a
stock dividend.

Bank W om en Meet
A meeting of the South Dakota
group of the National Association of
Bank Women was held last month in
Aberdeen. Chester C. Lind, president
of the First National Bank of Aber
deen, was the speaker.
Mrs. Evelyn Wilkinson, assistant
cashier, Merchants Bank, Menomonee
Falls, Wis., also spoke. She is re
gional vice president of the NABW.

Change Aberdeen Honrs

CONVENTION
GREETINGS

New operating hours for Aberdeen,
S. D., banks have been announced.
Main lobbies of the banks will open at
9:30 a.m. and close at 2:30 p.m. Mon
days they will reopen at 5 p.m. and
close at 8 p.m. Holidays to be ob
served will be the same as those now
observed by Aberdeen stores.

W e’ re looking forward to meeting our many friends
again at the 1960 Convention of the South Dakota
Bankers Association.

W e ’ il see you in Sioux Falls.

The

RAPID CITY NATIONAL BANK
R A P ID C I T Y , S O U T H D A K O T A
Member Federal Deposit Insurance Corporation

Joins Groton Branch
Paul J. Maloney, Jr., has joined the
Groton Branch of the First National
Bank of Aberdeen, S. D. He succeeds
Darrel Krause who resigned recently.

Banking Hours Changed
Hours of the Brookings banks have
been changed to coincide with those
of Brookings stores. Since stores re
main open until 9 on Friday evenings,
the bank will close at 3 p.m. as usual
on Friday, but reopen from 6:30 to
8:30 p.m.

Capital Increased
It has always been a pleasure for us to at
tend the annual convention of the South
Dakota Bankers Association . . . and this
year will he no exception.
The committee is planning on a large turnout this year. Let’ s
make this year’ s attendance the largest ever. W e ’ ll he looking
for you May 19-20 in Sioux Falls.

THE PIEHHE M TIUM L BAM
"The Chim e C lock Bank"

PIERRE, SOUTH DAKOTA
Member Federal Deposit Insurance Corporation

Northwestern

Banker,

May,

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

I960

The Deuel County National Bank of
Clear Lake, S. D., has increased its
capital stock from $50,000 to $100,000
by a stock dividend.

Salem NAB AC Meeting
A panel discussed bank audits at a
meeting of the Southeast Conference
of NABAC in Salem, S. D., recently.
About 50 persons attended.
Members of the panel included Har
rison O. Brosz, assistant cashier, Da
kota State Bank, Tripp; C. H. Hight,
comptroller, Northwest Security Na
tional Bank, Sioux Falls, and Bernard
Horstman, assistant cashier and audi
tor, Mitchell National Bank, Mitchell.
Robert Knapp, cashier, Commercial
Trust & Savings Bank, Mitchell, was
moderator.

ANOTHER DECADE

1951
Com plete remodeling
o f Bank interior.

1957
N ew
Savings Center.

1957
N e w Installment
Banking Department.

1959
N e w Trust and Real
Estate Mortgage
Department.

1957
Opening of Sioux Falls'
ñnest Drive-in
Banking
facilities.

1950
I960

Deposits
$41,954,874.44
$60,426,657.00

L oans

$12,865,953.04
$34,046,158.17

W e ’re

here

help

you

get

what

BANK N o r t h w e s t s

you

want

Bank
of Sioux Falls

BRANCHES

CONVENIENTLY

MEMBER

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

LOCATED

BROOKINGS.

GREGORY.

HURON

AND

D E PO SIT

INSURANCE

FEDERAL

CHAM BERLAIN.

DELL

RAPIDS,

MADISON
CORPO RATIO N .

Northwestern

Banker,

May,

1960

South Dakota News

New M itchell Hank Ituilflinf/

chants Bank at Watertown, S. D.
Mr. Paine is resigning as president
and member of the board, having dis
posed of his interests to other stock
holders. He purchased controlling in
terest in the Monona State Bank at
Madison, Wis., about two years ago
and plans to become active in that
bank’s management. He had been
president of the Watertown bank
since 1953.

Leaves Newell Branch
C.
O. Fogelberg, vice president and
manager of the Newell Branch of the
First National Bank of the Black Hills
of Rapid City, has announced his re
tirement as of May 1. He has been a
resident of South Dakota since 1925
and has spent the past 33 years in
Newell. He has been active in bank
ing for 40 years.
A. Moorman & Co.— Architects, Minneapolis
C O M P L E T E D P L A N S f o r th e n e w C o m m e r c ia l T r u st a n d S a v in g s B a n k in M it c h e ll,
S. D ., h a v e b e e n r e v e a le d . T h e n e w str u c tu r e is lo c a t e d on a 142- b y 2 0 0 -fo o t lo t p u r
c h a se d la s t f a l l b y th e b a n k at L a w lo r S t r e e t a n d T h ir d A v e n u e . T h e m a in p o r tio n s o f
th e e x t e r io r w ill b e f a c e d w ith lig h t c o lo r e d fa c e b r i c k ; “ c u r ta in w a ll” c o n s t r u c tio n o f
a lu m in u m , p o r c e la in , e n a m e le d ste e l, s tr u c tu r a l g la ss a n d d o u b le g la z e d w in d o w s .

HE impressive new Commercial day. It will house an after-hour en
Trust and Savings Bank building velope depository and will be equipped
with a check desk. Another entrance
in Mitchell will take advantage of ex
isting buildings when construction will be from the parking lot.
The main lobby will face a large
gets under way this spring.
Buildings on the east and west side officers’ space and tellers’ cages. Pri
of the main structure that is to be vate rooms, a book vault and rest
modernized are being razed to provide rooms also will be housed on the first
abundant parking and drive-up facili floor.
The basement of the building will
ties.
The remaining structure, 50 feet be set aside for a large general lounge,
wide and 130 feet long, will be devel equipped with lunch facilities. The
oped into one of the most modern second floor will allow for future ex
banking structures in South Dakota. pansion.
It will be located on a 142 by 200 foot
lot at Lawler Street and Third Ave Watertown Change
William C. Talen, formerly execu
nue. A. Moorman and Company of
tive vice president of the First Na
Minneapolis are the architects.
One of the two entrances to the tional Bank of Menomonie, Wis., has
building will be through a vestibule been named to succeed E. H. Paine as
which will be open nearly 24 hours a president of the Farmers and Mer

Hearty Greetings to
Members o f the SDBA
Carroll Lockhart, R. H. “ Bob’ ’ Walrath and John
Holen will he meeting with you in Sioux Falls, May
19 -2 0 .
“ JLe’ re Here To Help You Get What You Want”

The First Citizens National Bank of Watertown
WATERTOWN, SOUTH DAKOTA

Northwestern

Banker,

May, I960

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

Deposits Decrease;
Loans Increase
The comparative abstract of the con
dition of South Dakota state banks
and trust companies as of the close of
business on March 15, 1960, as com
plied by Gorden H. Maxam, superin
tendent of banks, shows that deposits
in state banks have decreased $9,533,333 since the report as of the close of
business on March 12, 1959, and are
$10,137,693 lower than as of December
31, 1959.
Regular loans have increased $17,367,868 over the March 12, 1959, report
and have increased $1,562,151 over De
cember 31, 1959. CCC loans show an
increase over December 31, 1959, of
$823,857 but are $13,695,426 below the
March 12, 1959, report.
There has been a considerable reduc
tion in the holdings of United States
government obligations which is, no
doubt, accounted for by the fact that
it was necessary for the banks to dis
pose of bonds to provide funds for
loans and fill demands developed due
to the tight money market.
The majority of the loss in deposits
was in connection with demand depos
its as there has been an increase of
$7,491,217 in time deposits over March
12, 1959, but time deposits are lower
than they were as of December 31,
1959, by $217,093. A reduction in de
mand deposits is a normal condition
for this time of the year and is par
tially accounted for by the payment of
taxes and farmers preparing for
spring work and other industries pre
paring for their year’s programs.

50th Anniversary
The First State Bank of McLaugh
lin, S. D., recently marked its 50th an
niversary. No formal celebration was
held.

South Dakota News

Huilding Features SO -Foot M ural

elected president of the Black Hills
Chapter of the American Institute of
Banking at a recent meeting in Rapid
City.
Dick McKnight was named first vice
president; Wm. Ortman, second vice
president; Helen Braier, secretary;
Larry Mee, treasurer, and LaVern
Mitchell, member of the board of trus
tees.

Sioux Myalls

C. D U F F Y , president of the
• Union Savings Bank, accom
panied by M r s . D u ffy , spent a winter
vacation in Coral Gables, Winter Park
and Clearwater Beach, Fla. Mr. and
Mrs. Duffy also visited their daughter
in Indianapolis, Ind.
* * *
Earl G. Miller, vice president of the
National Bank of South Dakota, pre
sided as wise master when the Chap
ter of Rose Croix presented Scottish
Rite historical and religious degrees at
the spring reunion of the Sioux Falls
Consistory.
* *
A Thor missile exhibited in Sioux
Falls for five days by the U. S. Air
Force was erected next to the Nation
al Bank of South Dakota. The nine
floors of the building proved to be pop-

W
C E N T E R OF A T T R A C T I O N at th e o p e n h ou se la s t m o n th o f th e n e w ly r e m o d e le d
a n d e x p a n d e d R a p id C it y ( 8 . D .) N a t io n a l w a s th is 80 b y 7 f o o t m u ra l w h ic h h an g s
b e h in d th e t e lle r s ’ ca g e s. T h e a r tist, Bernard Thomas, is sh o w n w it h his p a in tin g . T h e
m u ra l d e p ic ts th e p a s t a n d p r e se n t B la c k H ills a n d R a p id C ity . I n th e f o r e g r o u n d are
t w o o f 16 in d iv id u a l c h e e k d esk s.
A . E . Dahl, c h a irm a n o f th e b o a r d , r e p o r ts th a t
he k n o w s o f o n ly on e o th e r b a n k in th e n a t io n w ith th is ty p e o f in s t a lla tio n . E a c h
d e sk is id e n tifie d b y p r e s id e n t ia l m e d a ls. P r e s id e n t s sh ow n are W a s h in g t o n , J e ffe r s o n ,
L in c o ln a n d th e la s t 13 p r e sid e n ts .

Joins Black Hills Bank
Richard W. Heldridge, a vice presi
dent of Northwest Bancorporation of
Minneapolis, has been elected execu
tive vice president and director of the
First National Bank of the Black
Hills, Rapid City, S.D.
Mr. Heldridge, a native of South Da

kota, had been with the Northwest
Bancorporation since 1957 and prior
to that time was with Northwestern
National Bank of Minneapolis.

Heads ÁIB Chapter
Ed Keating, cashier, Western Na
tional Bank of Rapid City, S. D., was

Welcome to the . . .

South Dakota Bankers Convention
May 19-21 in Sioux Falls

“ We'll be looking for you

—

T. S. H A R K IS O N
President

Don't miss this meeting"

TH E N A T IO N A L B A N K OF SO U TH D A K O T A
Huron

Sioux Falls
9th at Phillips ♦ Minnesota at 33rd

Member of Federal Deposit Insurance Corporation

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

Vermillion

Affiliated with F IR ST B A N K STOCK CORPORATION
Northwestern

Banker,

May,

I960

South Dakota News

New

Duiidiutj

C O N S T R U C T IO N has s ta r t e d on th e n e w h a n k b u ild in g f o r th e
F a rm e rs S ta te B a n k , P a r k s t o n , S o u th D a k o ta , a c c o r d in g to Vern

ular points from which to view the 65foot missile.
* * *
A. F. Junge, vice president of the
National Bank of South Dakota, was
elected second vice president of the
Sioux Falls United Fund for the com
ing year.
* * *
G. Oliver Nordby and H. Ivan Steen,

tl'Z

t iiM

for South Dakota

Bormann, p r e sid e n t. O r g a n iz e d in 1919, th e b a n k has d e p o s its
o f $3 m illio n ; c a p it a l o f $75,000 an d su rp lu s o f $100,000.

vice presidents of the Northwest Se
curity National Bank, attended an
American Bankers Association install
ment credit conference in Chicago.
Martha Voss of the bank’s staff at
tended a Federal Reserve Bank short
course in Minneapolis.
Smoke in the building caused fire
men to make a dash early one morn
ing to the Northwest Security Nation

f i t A

t w

al Bank. An incinerator in the alley
was found to be the cause of the
smoke.
* Sfc *
Erling Haugo, president of the Sioux
Valley Bank, was an honorary pall
bearer at the funeral of George T.
Jameson, former warden of the South
Dakota Penitentiary and Republican
party leader.

l . ,

ART BRIDGEWATER

i. ..

May 12-14

KANSAS MEETING
Topeka, Kansas
May 19-21

SOUTH DAKOTA MEETING
DON
DELANO

Sioux Falls, South Dakota

LEO
VAN DITTIE

May 19-21

NEW MEXICO MEETING
Albuquerque, New Mexico
May 22-26

INDEPENDENT
BANKERS ASSOCIATION
NATIONAL CONVENTION
Denver, Colorado
HARLEY PATTON

ART WILLIAMS

YOUR CORRESPONDENT BANKER
X H E
E

*I f Si
vu
IM

■_

B A N K

AN D

T R

U S T

Central Park ., . 15th & Arapahoe . . . Denver 17, Colo.

MEMBER: FEDERAL DEPOSIT INSURANCE CORPORATION • FEDERAL RESERVE SYSTEM
Northwestern

Banker,

May,

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

1960

c o .

M a y 5 -7

I t a
GRAND FORKS— “ T h e

c i t y w ith a h e a r t in th e h e a rt
o f N o rth A m e r ic a ” — is lo c a t e d w h e r e th e R e d L a k e
R iv e r m e e ts th e R e d R iv e r o f th e N o r th . T h e first
in h a b ita n ts w e re F r e n c h fu r tr a d e r s a n d th e ir I n d ia n
e m p lo y e e s a n d th e y n a m e d it “ L a G ra n d e s F o u r c h e s ”
. . . w h ic h m ea n s “ G ra n d F o r k s .”

Da k o t a bankers will
gather in Grand Forks, queen
city of the Red River Valley,
for their annual state convention, May
5, 6 and 7.
First regularly-scheduled event will
be the important opening night gettogether, 6 to 8 p.m., Thursday, May
5, at the Grand Forks Country Club
for all registrants and ladies.
Fred R. Orth, president, First Na
tional of Grand Forks, and chairman
of the convention general committee,
and Mrs. Ed Olson, wife of Vice Presi
dent Olson at the First National, who
is general chairman of the ladies’ pro
orth

r t h

I n

r s

( w

t o

r a

gram committee, have directed the
planning and promise a convention
that members will remember as one

C. C. W A T T A M

W . DANER

t a

r k

of the best in NDBA history.
Other committee chairmen with im
portant responsibilities are: Program
—R. W. Blaine, president, Red River
National. Hotel Reservations — Jack
Drannen, vice president, Red River
National. Registrations — H. R. Rog
ers, cashier, Valley Bank of Grand
Forks. Entertainment — Lyle Ander
son, vice president, Red River Nation
al. Golf—W. P. Fischer, vice presi
dent, Valley Bank of Grand Forks.
Transportation—A. L. Braaten, assist
ant cashier, Red River National.
All events, business and social, are
scheduled in this order:

OFFICIAL CONVENTION PROGRAM
Thursday, May 5
P.M.

4:00-8:00 Registration—Dacotah Hotel Lobby.
6:00-8:00 Social Hour—Grand Forks Country Club.
Friday, May 6

10:20

A.M.

8:00- 9:30 Registration—Dacotah Hotel Lobby.
9:30-12:00 Registration—Lobby and City Auditorium.
8:00 Breakfast for Past Presidents and 40-Year Bankers
—Ryan Hotel.
8:00 Breakfast for Wisconsin School of Banking Grads
and Registrants.
9:30 Call to Order (City Auditorium)—Alf L. Garnaas,
NDBA president, and vice president, Farmers &
Merchants Bank, Sheyenne.
Invocation by Rev. John S. Shaw, First Presby
terian Church. Welcome by Dr. Nelson A. Young.
Response by Earl Weydahl, NDBA vice president,

A . L. G A R N A A S

E. W E Y D A H L

10:00
10:15

J. W . R E M IN G T O N

11:00
11:40
12:00
12:15

and vice president, Bank of Killdeer. Necrology
Service by L. W. Anderson, chairman.
Address of President—Alf L. Garnaas.
Report of Treasurer—S. A. Stapher, vice president,
Dakota National of Fargo.
“Economic Growth Without Inflation” — John W.
Remington, ABA president, Rochester, N. Y.
“The Changing Frame of the Banking Laws”—
James Saxon, attorney, First National of Chicago.
Presentation of Revision of Constitution and ByLaws—A. O. McLellan, chairman.
Noon Ladies’ Luncheon and Style Show—Grand
Forks Country Club (transportation furnished at
11:30 from Dacotah Hotel).
Stag Luncheon—City Auditorium.

P.M.

2:00 Golf Tournament—Grand Forks Country Club.
5:30 Social Hour—City Auditorium.

A . O. M c L E L L A N

J. S A X O N
Northwestern

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

M. W . STO N E
Banker,

May, I960

North Dakota News

6:30 Dinner—Entertainment by Varsity Male Chorus of
University of North Dakota and an address by Dr.
Carl S. Winters, Oak Park, 111.
9:00 Dance.

10:00 “ Marketing Research for Banks”—John McLaugh
lin, FPRA director, Wood Research Corp., Phila
delphia.
10:40 “Audit Procedures and Continuous Controls” —
Merle V. Stone, vice president and comptroller,
American National of St. Paul.
11:15 “Recent Observations on Both Sides of the Iron
Curtain”—Howard E. Kershner, president, Chris
tian Freedom Foundation, Inc., New York City.
11:55 Resolutions committee report, unfinished business,
installation of new officers and adjournment.

Saturday, May 7
A.M.

9:00-9:30 Registration—City Auditorium.
9:30 Call to Order—Alf L. Garnaas.
Drawing of Door Prize—Barbecue Grill with Rôtis
serie.
9:35 ABA Meeting—O. K. Anderson, president of ABA
for North Dakota.
Election of new officers of NDBA.
10:00 Ladies’ Brunch—Ryan Hotel.

Grafton Open House
The Walsh County Bank, Grafton,
was the scene last month of an open
house at which hundreds of people
were trying special keys in a lock on
the bank’s “Treasure Chest.” Keys
had been sent to patrons of the bank
and they were invited to come to the
bank to see if they had the key to
open the chest, which was filled with
wonderful prizes.
Those who opened a savings ac
count or ordered savings certificates
or added to their accounts in the
amount of $50 were given a special
prize.
A portable TV set and a transistor
radio were door prizes.
Reason for the celebration was the
recent completion of a remodeling
project which placed a new front on
the building, moved the bookkeeping
department to the second floor and
renovated the entire interior.

Goodrich Lowry Talk
Goodrich Lowry, president of North
west Bancorporation, Minneapolis, was

P.M.

12:30 Stag Luncheon—City Auditorium.
1:15 Meeting of members of executive council.— End.

featured speaker last month at the Kiwanis Club in Grafton. Several top
officials of the Bancorporation accom
panied Mr. Lowry to Grafton.

Award on 20th Year
While quietly observing its 20th an
niversary last month, the Security
Bank of Hebron received a special
U. S. Treasury Award from Secretary
Anderson in recognition of having ex
ceeded, together with its Taylor Sta
tion, the savings bond goal in 1959.

Bank of Killdeer Project
Remodeling of the interior of the
Bank of Killdeer is near completion
even though the work was begun only
a couple of months ago.
The entire lobby is being moved
around, new lighting is taking its
place on lowered, acoustical tile ceil
ings and the resulting bank lobby will
be one of the most modern in the
area.

Joins Linton Staff
Keith B. Miller, Midland, S. D., bank
er, since January, 1955, has accepted a
position as vice president of the First
National Bank of Linton, N. D., effec
tive May 1.

H. H. Hepper to Cashier
Succeeding E. C. Wahl
Harold H. Hepper has been ad
vanced from assistant cashier to cash
ier of the First National Bank of
McClusky, succeeding Emil C. Wahl,
who died recently in the basement of
the bank of a self-inflicted gunshot
wound.
Mr. Hepper became employed at the
bank soon after graduation from high
school in 1942 and has served there
since, with the exception of World
War II service.
Mr. Wahl had been with the bank
32 years and had served as assistant
cashier until he was advanced to cash
ier in 1937.

Scandia American Progress

GREETINGS TO THE N. D. B. A .

from

The Bank of North Dakota

Construction at the new building for
the Scandia American Bank, Stanley,
has reached the stage where workmen
are laying bricks at the second story
level.
Work has been underway all winter
on the full basement and exterior and
the partitioning of walls at the ground
floor level.

Bismarck, N. D.
This bank is owned, operated and controlled by the
State of North Dakota under the supervision of the
INDUSTRIAL COMMISSION
John E. Davis, C h a ir m a n

Math Dahl

G overn or

C o m m is s io n e r o f A g r ic . and L a b o r

Leslie R. Burgum

Alice Zoller

A tto r n e y G en era l

S e c r e ta r y

Theo. W . Sette
M an ager

Buy “ D AK O TA M AID ” Flour

Northwestern

Banker,

May,

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

i960

Walhalla Remodeling
Remodeling work at the Walhalla
State Bank, Walhalla, has been com
pleted and the bank is now one of the
most modern banking institutions in
the state.
Among the improvements are: Mod
ern glass entrance, new vinyl floors,
lowered acoustical ceilings, four tell
ers’ booths in bleached mahogany with
black formica trim and a matching
wood paneled dado on the lobby wall,
new coupon booth and recessed light
ing, to mention only a few.

North Dakota News

View Iti‘iim l Vttrlis P rog ress
RAND FORKS, queen city of the rail, and highway arteries will connect
Red River Valley, came into be the city with the head of the lakes and
ing almost 100 years ago because ofthe routes to the Seven Seas. Power
commercial and industrial necessity. from the Garrison Dam is already sup
Its first industries were a sawmill and plying electrical energy for Grand
a boat yard, when rivers were the only Forks industries.
The future holds the promise that
means of travel to the nation’s last
water from behind the huge Garrison
frontier.
With the coming of the industrial Dam will be fed into the Red River for
age after World War I, the Grand a series of tributaries and to provide
Forks citizens formed a packing com a most stable water supply and also
pany and erected a sugar beet plant in water to irrigate thousands of acres
East Grand Forks. The American of Valley farm land.
Crystal Sugar Company is now operat
ing the plant that formed the nucleus
around which the present flourishing
sugar industry of the Red River Val
ley grew. Another industrial boost to
the city occurred in 1922 when the
North Dakota Mill & Elevator was
opened. It has since been enlarged
and its huge cylindrical grain tanks
stand majestically on the city sky line.

Close by is another group of tanks
—the terminal of the Great Lakes
Pipeline, which provides a flow of gas
oline and fuel oil from the mid-conti
nent oil fields. This era also brought
on expansion of our agricultural prod
ucts to include the growing of pota
toes and the subsequent development
of the potato processing industry. Fol
lowing World War II, Grand Forks
became the center of the fertilizer in
dustry in the Valley.
The annual payroll for manufactur
ing at Grand Forks is estimated at
$2,960,000.
An Industrial Foundation is incorpo
rated and has been organized through
the efforts of the Chamber of Com
merce and is actively engaged in as
sisting existing and potential new
industries. The purpose of this organ
ization is to attract and facilitate the
formation and development of indus
trial activities in the community.
Perhaps everyday population figures
give an index to the healthy growth
starting with a population of 33 in
1871, growing to 1,800 in 1880, and to
4,979 in 1890. In 1910, Grand Forks
had reached a mark of 12,478 and each
subsequent decade shows a record of
consistent growth with the present
population in excess of 35,000.
Grand Forks citizens are poised for
another great advance of their city
brought about by the development of
the St. Lawrence Seaway, the con
struction of the vast Garrison Dam
across the Missouri River to the west,
and the establishment of a giant
United States Air Force Base near
Grand Forks.
The Great Lakes Seaway opens a
new frontier to the city. Soon air,

e l c o m

The construction of the Air Force
Base has already had a very healthy
impact on the city’s economy. New
business and residential street light
ing, many miles of street paving and
expansion of all utilities have added
greatly to the convenience of citizens
of Grand Forks. Traffic flows smooth
ly over a system of one-way streets in
the downtown facade of neon fronted
shops and the handsome residential
districts still bask in the warm atmos
phere of the sunny skies that the pio
neer citizens of almost 100 years ago
enjoyed.

t o

GRAND FORKS
64W e a r e p le a s e d to h a v e y o u in G r a n d F o r k s f o r
th e

Annual

N o rth

D a k o ta

B an k ers

A s s o c ia tio n

C o n v e n tio n .
“ W e h o p e y o u h a v e a w o n d e r f u l t im e . . . a n d
i f w e c a n h e lp

m ake

y o u r s ta y

m ore

p le a s a n t ,

p le a s e c a ll o n u s . ”

S o . . . w e ’ ll l o o k f o r y o u . . .

M ay 5 , 6 , 7
in G r a n d F o r k s , N o r t h D a k o t a

GREATER GRAND FORKS
CLEARING HOUSE ASSOCIATION
First National Bank of Grank Forks, N. D.
First National Bank, East Grand Forks, Minn.
Red River National Bank, Grand Forks, N. D.
Valley Bank, Grand Forks, N. D.

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North Dakota News

I tanks

W ill Handle
I'arm Loan Demands
(Continued from page 32)

diet what the outcome will be. We
have enough moisture to start a crop
but not enough to carry it through.
Therefore, whatever rains we get will
determine what our economy will be.

of the trade area has a shortage of sub
soil moisture and unless we receive
spring rains to improve the outlook
for small grain production, farmer
spending will be held to a minimum.

O. W. Smith, vice president, Ameri
can State Bank, Minot: Crop condi

WYOMING
R. W. Finkbiner, president, First
National Bank, Laramie: Agricultural

tions look favorable with lots of mois
ture. We expect an increase in com
mercial business due to activating the
air base including a Sage unit. Also,
crop prospects are improving.
R. M. Christensen, president, First
State Bank of Cooperstown: It is ex

pected that demand for farm loans for
operational expenses will be greater
than a year ago. However, indications
are that farmers will be reluctant to
make purchases of additional or re
placement equipment. It is expected
that commercial loans will be approxi
mately the same as a year ago. Much

and commercial activity to be brisk
but not a boom.
Jack Devereaux, president, First
State Bank, Newcastle: Our ranch

business depends on moisture and
prices. Moisture we cannot predict,
although we do need more water in
our dams. We look for livestock prices
to be lower than they were last fall.
Business is up slightly from a year
ago and will continue its upward
trend due mainly to an increase in oil
activity in our area. We are also look
ing for a slight increase in tourists.

DECENTRALIZATION
From time to time we have called
attention to our decentralized
organization, pointing out that
with our multiple plant set-up the
buyer had some extra insurance on
deliveries. During the big war we
frequently switched orders from
one plant to another, and in 1951,
when our Kansas City plant was
under water, we maintained good
service by handling the business
in our St. Paul and Chicago plants.
What we have not emphasized is
the fact that our decentralization
is only geographic. In all other
respects we operate just as we
would if we were under one roof.
Our procedures and prices are
uniformly the same. Our equip
ment is identical. Our quality is so
close that packages could be
commingled and it is doubtful if
anybody could identify the pro
ducing plant.
Now why is this of interest to
you as a buyer of bank checks?
Well, suppose you were converting

to a new style of check—as so
many banks now are, due to
changes in their check handling
systems—and suppose you wanted
to supply all of your customers with
new checks on a tight delivery
schedule. Such a volume might
overtax the facilities of any print
ing plant, but in our case we
would simply parcel it out.

Stockmens Bank Gillette: We look
for our farm and ranch income to be
greater than last year. Also, commer
cial business is due to have greater
than normal oil activity in our area at
this time.

W h a t9s Xetv
HE completely new, second edi
tion of “ Sixty Best Business Let
ters,” a free booklet offered by Ameri
can Automatic Typewriter Company,
explains in detail how people in dif
ferent fields have solved their corre
spondence problems. This booklet will
be a valuable reference source for
both the secretary and the business
man because it displays 60 of 1959’s
best sales letters, collection requests,
answers to inquiries, “thank you”
notes, adjustments, and many other
kinds of successful business letters.
All of the actual sample letters are
from manufacturers, retailers, finan
cial institutions, hotels, and schools.
Also included is the complete line
of 1960 Auto-typist models. Auto-typist
is the office machine for personalized,
automatic letter typing. Copies of the
new second edition of “ Sixty Best
Business Letters” are available on re
quest from Dept. A, American Auto
matic T y p e w r ite r Company, 2323
North Pulaski Road, Chicago 39, Illi
nois.

As a supplier of bank checks in
some degree to more than thirteen
thousand banks, including several
giant institutions, we feel it is in
cumbent upon us to make known
to our customers that our capacity
is fluid and that we know how to
employ it. Bankers who visit one
of our plants are impressed with
what they see, but we would like
them to know that what they see
is, to the extent necessary, dupli
cated in every other plant. Our
ability to produce gives added
weight to our claims that we can
render dependable service at all
times.

Manufacturing Plants at:
C L IF T O N . P A O L I , C L E V E L A N D , D E T R O I T , I N D IA N A P O L IS ,
C H IC A G O , K A N S A S C I T Y . S T . P A U L . D A L L A S , C H A T S W O R T H

MEMBER

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Federal Reserve Bank of St. Louis

I960

FEDERAL

DEPOSIT

INSU RANC E

C OR PO RATI ON

C o lo r a d o -W y o m in g N e w s
T. D. BROWN. Sterling
President
Colorado Bankers Assn.

at the meeting and program. Mrs.
Betty Vortman, regional vice presi
dent of the NABW, appeared on the
program, along with a number of offi
cers from the Colorado group.

Lander W ork Starts

JACK DEVEREAUX, Newcastle
President
Wyoming Bankers Assn.

Instructors Named
Five prominent Colorado bankers
will conduct one of two intensive
courses on loans and discounts this
summer at the 10th annual Colorado
School of Banking.
The school, co-sponsored by the Uni
versity of Colorado and the Colorado
Bankers Association, will be held on
the University campus August 7-9.
The loans and discount course will
consist of 10 two-hour sessions of
study in business loans, real estate
loans, farm and livestock, portfolio
summary and trust services. It will
be open to second-year students.
Instructors will be Armin B. Barney,
president, Colorado Springs National
Bank; Carl G. Breeze, chairman of the
board and president, Bank of Kremmling; Leonard N. Burch, president,
First National Bank of Greeley; Rich
ard J. Cross, assistant vice president,
First National Bank of Boulder, and
Merritt H. Perkins, retired trust offi
cer, Colorado National Bank of Den
ver.

50th Anniversary
The 50th anniversary of continuous,
uninterrupted service of the First Na
tional Bank of Center, Colo., was ob
served recently.

Fruita Remodeling
Work got underway last month on
expansion and remodeling at the
Fruita (Colo.) State Bank, according
to D. Earle Brumbaugh, executive vice
president.
Floor space is to be increased by
nearly one-third by adding rooms for
merly occupied by the Fruita Clothing
Store. Lobby space also will be in
creased, and the bookkeeping area will
be doubled. An after-hour depository
and a walk-up window for after-hour
customers are also being considered
for the near future.

The new bank will be housed in a
new building at the Arapahoe Village
Shopping Center that will be com
pleted in late summer or early fall.

SNieblo Promotion
John Bertholf, Jr., assistant cashier,
has been promoted to assistant vice
president at the Arkansas Valley Bank
in Pueblo. He will be in charge of the
installment loan department, previous
ly headed by Henry D. Williams.
Mr. Williams has been named to
handle the bank’s business develop
ment and public relations programs.

Special
The Denver chapter of the Ameri
can Institute of Banking held a series
of four meetings with special speakers
during April. Featured speakers were
Denverites engaged in credit, lending,
and investment businesses.

Drive-In Expanded
The Minnequa Bank in Pueblo,
Colo., has doubled the number of teller
windows in its drive-in service facil
ity. The facility now handles twoway traffic. Customers may enter
from either Evans or Routt Streets,
driving through the bank parking lot.

Itf/O fff fff f/
J. F. “ Jack’ "’ Brooder
John F. “Jack” Brooder, president
of the Bank of Commerce in Sheridan
since January 9, 1956, died recently at
a Sheridan hospital after a brief ill
ness.
Mr. Brooder has been associated
with the bank since his discharge
from World War I service. He was
named vice president and trust officer
in 1946.

Wyoming W om en Meet
Boulder Bank Approved
Preliminary approval and authority
to complete the organization of the
new Arapahoe National Bank of Boul
der, Colo., has been received from the
Comptroller of the Currency.

The Wyoming group of the National
Association of Bank Women met in
Casper last month at the Wyoming
National Bank.
Mrs. Sally L. Fernau, assistant cash
ier of the Lusk State Bank, presided

Tenants in the building at Third
and Main in Lander, Wyo., have
moved out in preparation for razing
of the building to make room for the
new First National Bank building.
George Tresler, Cody architect, is
preparing the plans for the new twostory building.

DON’ T OVERLOOK
THE LADIES!
(Conttinued from page 33)
SAVING (What Savings Plan Is Best
for Me?)
Third Session — THE PLACE OF
REAL ESTATE (Should I Buy Real
Estate? As an Investment? For My
Comfort. How?)
Fourth Session — USE OF INSUR
ANCE (How Does Insurance Fit Into
My Estate Plan?)
Fifth Session — INVESTMENTS —
THOSE PAYING A FIXED RATE OF
RETURN (Should I Buy Bonds? Pre
ferred Stocks?)
Sixth Session — INVESTMENTS —
THOSE DEPENDENT UPON THE
SUCCESS OF A BUSINESS (Should I
Buy Common Stocks?)
Seventh Session — INVESTMENT
PLANS (Ways to Analyze and Select
the Best Plan For Me!)
Our president addressed the seventh
session and was the only speaker from
our bank. All other speakers were
well-known specialists or authorities
on their particular subject. The an
nouncement concerning the course
produced inquiries that oversubscribed
the initial maximum attendance seven
times!
The real innovation, and one which
proved itself, was we charged for the
course! The fee was nominal, $10 for
the seven evenings, and the fee was
refunded to each student who attend
ed six of the seven lectures. Forfeited
fees were to be donated to the Com
munity Fund in the name of the stu
dent. Only one of 29 in the class
failed to meet the requirement and
she was out of town on business for
two weeks.
All our speakers were most enthusi
astic as a result of their experience in
addressing the classes, every one of
which continued, incidentally, from 15
to 45 minutes over the scheduled hour
because of the barrage of pertinent,
intelligent questions emanating from
the audience. At 7:30 sharp, the class
was informed by the moderator that
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1960

Wyoming News

those who wished to leave could do so
—most stayed.
Course Repeated

We have since repeated the course
and plan our third series this month,
condensed to four lectures instead of
seven.
We believe that we have strength
ened many customer contacts as a re
sult of this trial effort, and fortunately
have obtained some good business as
well as favorable publicity from it.
One of our Chicago dailies sent one
of their lady reporters to each session
and a feature article was run on four
of the seven subjects. Interestingly
enough, the new business obtained
has been primarily for our trust de
partment.

There is no doubt it, in our opinion
women are hungry for knowledge on
financial matters! One of our fine Chi
cago banks, the Harris Trust and Sav
ings Bank, has proved the worth of
regularly contacting their lady custom
ers on a well planned basis and the
calls are made by women from the
bank! Incidentally, they are now issu
ing a monthly publication called Wom
en’s Business. Their efforts must have
borne fruit.
A great controversy exists as to
whether ladies prefer to do business
with men or women. Personally, I be
lieve that both situations prevail, that
it depends on the background, train
ing, and personality of the lady cus
tomer as well as of the banker. Some

banks have been eminently successful
with their women’s departments, usu
ally for practical reasons in the larger
banks, where a woman can transact
all her banking business—other than
safe deposit—in one attractive section
of the building.
I personally believe that this is not
necessary, that we should encourage
husband and wife to visit the bank to
gether, for both to get to know the
officer or officers personally.
I am sure all of us are as concerned
about “closed” accounts as we are
about “new” accounts. Believe you
me, if you can sell the wife, or the
lady bookkeeper, or the lady secretary
as the case may be, on your bank, and
your good services, and your interest
in their welfare, you’ll lose far less
accounts.
Eight Suggestions

The First National
Bank

o f Denvers
IB! 1

resources in Money

and

Manpower']f kgive assurance
there is no banking^problem
TO O LA R G E ¿^8=
s m a l l

'or too

to handle

correspondents.
M E M B E R

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F E D E R A L

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Federal Reserve Bank of St. Louis

i960

D E P O S I T

I N S U R A N C E

C O R P O R A T I O N

The way in which various banks
can go about tapping this field of fem
ininity will obviously vary consider
ably due to bank size, the type of
community, whether metropolitan or
suburban, the competition bankwise,
and so forth, but to me the following
approaches might be considered:
1. Direct a goodly portion of your
advertising to the women.
2. Explain in simple terms what a
bank can do for them and for
the community in which most
of them take such an active in
terest.
3. Make absolutely certain that all
women who enter your front
door are cordially received.
4. Do not talk down to them.
5. Realize that women enjoy do
ing business in an attractive,
cheerful atmosphere, whether
it be super market, department
store, or bank. Make certain
your decorations create warmth
and that your housekeeping is
in order.
6. Keep close tab on their civic
and social activities. Offer your
board room, lunch room, or con
ference rooms for meeting pur
poses.
7. Offer a speaker or speakers to
address their civic, charitable,
church, or social club meetings.
8. Make absolutely certain that all
publications emanating from
your bank are written in terms
and language that they can un
derstand.
Now that I have reached the con
clusion of my comments, I must con
fess . . . my wife keeps the books in
our household and, to her, the greatest
innovation in banking has been the
simple form on the back of our month
ly statements entitled “How to Recon
cile Your Bank Balance.” — End.

M o n ta n a

NEWS
C. M. JONES
R. C. WALLACE

President
Secretary

Miles City
Helena

Joins Helena Bank

Jordan Bank Opens

James A. Johnson has been elected
assistant cashier of the First National
Bank & Trust Company in Helena,
Mont., it was announced last month by
Nels Turnquist, president.
Mr. Johnson joined the staff of the
First National in February as person
nel and operations manager.

The new Garfield County Bank at
Jordan, Mont., opened for business re
cently. It has been 28 years since
that county has had a bank. The new
bank has been capitalized at $125,000.

New at Hamilton
Earle C. Wright has joined the staff
of the Citizens State Bank in Hamil
ton, Mont., as an assistant cashier in
charge of the installment loan depart
ment.
For the past four years Mr. Wright
has been unit manager in the install
ment loan department of the Metals
Bank & Trust Company of Butte.

Superior Bank Chartered
A charter has been granted for the
new Mineral State Bank at Superior,
Mont. Recipients of the charter are
Glayde Yoder of Sidney, Leif Erick
son of Helena and Lee Metcalf of
Hamilton.
Mr. Erickson is the majority stock
holder. Other stockholders and direc
tors of the new bank are Ray Jasper,
Tom Castles, Ed Freer and Sherman
Miller.
As yet, no manager has been named
for the new bank.

Victor Remodeling
Work on the remodeling of the
Farmers State Bank at Victor, Mont.,
began recently, according to W. A.
Groff, president.
Work will include an extension to
the rear of the building to provide
more work space and a general mod
ernization of the front portion of the
building.

Give Drive-In Approval
The Kalispell city council has given
approval to a request by Joseph Bi
anco, president of the Conrad National
Bank, for curb cuts and the changing
of the one-way direction of an alley
behind the bank to south instead of
north.
The request was made to make way
for the construction of a drive-in fa
cility for the new Conrad National
building. Entrance to the drive-in will
be through the alley in back of the
bank building, with traffic entering the
alley from Railroad Street and to
emerge onto Main Street.
Architect drawings indicate that
three drive-in windows are planned.

Opens New Office
Chester Open House
Senator David James of Joplin,
Mont., was a featured speaker at an
open house for the newly completed
Liberty County Bank building in Ches
ter.
Coffee and doughnuts were served,
free balloons were distributed and
drawing were held throughout the af
ternoon to award five $100 savings ac
counts to visitors.

Shelhy Open House
An open house was held recently at
the First State Bank in Shelby in ob
servance of the bank’s 50th anniver
sary. Indian artifacts and other collec
tions and art objects were on display
for the event.

William E. Irvin, president of The
Idaho First National Bank, Boise, re
ports the new Mountain Home office
of the bank is expected to be open for
business Monday, May 9, in temporary

quarters at the northwest corner of
Second East and Third North Streets.
The bank recently purchased 175 feet
of frontage on Second East Street at
that location.
Mr. Irvin said that the temporary
operation will be in the Lee House
which has been moved from the cor
ner to the northerly end of the prop
erty and now faces on Second East
Street. The structure is currently
being altered to permit its use as a
temporary banking room, and a vault
is being constructed for use by the
bank and its safe deposit customers.
Plans for a permanent and attrac
tive structure to be located on the
corner of the bank’s property are be
ing prepared and will be released
when available. Banking hours of
the new office will be from 9:30 a.m.
to 3:00 p.m. each day except Friday
when the hours will be 9:30 a.m. to
6:00 p.m.
The manager of the new banking
office will be Frank M. Ireton. Mr.
I reton had been manager of the Idaho
First National Bank’s office at Marsing
since 1957. Mr. Irvin also reports that
the board of directors appointed Bruce
Gordon as assistant cashier to serve
with Mr. Ireton at Mountain Home
when the bank opens for business.

Joins Lewiston Bank
Harry C. Fields, president of North
western Bank of Lewiston, Mont., has
announced the appointment of Melvin
D. Hagen to the staff of the install
ment loan department.
Mr. Hagen, 37, is a former officer of
the First National Bank of Minot.

Chester Open House
The Liberty County Bank, Chester,
Mont., held the grand opening of its
new bank building last month. Over
500 people from Chester and surround
ing area attended the event.

New Loan Officer
O. L. Anderson, president of the Sid
ney National Bank, Sidney, Mont., has
announced the appointment of Wil
liam McIntosh as a loan officer.

J lo ii t u n a G r o u p 3 Ie r tin i§ s
G roup

6
3
1
4
2
5
7

Tow n

Twin Bridges
Missoula
Shelby
Culbertson
Miles City
Roundup
Billings

Date

Friday
Saturday
Monday
Wednesday
Thursday
Friday
Saturday
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Federal Reserve Bank of St. Louis

May
May
May
May
May
May
May

6
7
9
11
12
13
14

Banker,

May,

1960

Launching a new bank service
Not long ago a correspondent banker inquired about our new U.S. Redi-Credit.
He had read about the many banks which were starting revolving check-credit
plans, and was interested in hearing about our experience in launching the first
such plan in Omaha.
O ur man was pleased to answer the questions on the s p o t. . . and he followed
up by sending additional information and copies of the forms and folders we use.
We are always happy to share our information on U.S. Redi-Credit or any other
service we offer. You’ll like doing business with The U.S. National Bank, where
an efficient team offers complete correspondent service. All our helpful facilities
are yours for a phone call — ATlantic 8765, Omaha.
Member Federal Deposit Insurance Corporation
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May,

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Federal Reserve Bank of St. Louis

I960

85
each meeting will be published in the
next issue of N o r t w e s t e r n B a n k e r .—

N e b ra s k a

NEWS
E. M. BLACK

President

HARRIS V. OSTERBERG

Secretary

Fullerton
Omaha

End.

New Director at Albion
Warren Hutchinson has been elect
ed a director of Albion National Bank,
succeeding H. Keith Newton, who re
signed as vice president and director
to move to Gothenburg. Mr. Hutchin
son is regional sales manager for a
feed company.

it ism .ss Statewide A d P rogram
New Time and Temp Sign
Fairbury residents can find out the
A t N ebraska
i m r o u M eetin
gstemperature readily now if
time and

EBRASKA bankers were conclud tive vice president of First National they are in the vicinity of the First Na
ing their 1960 group meetings as Bank, Fullerton, addressed each of the tional Bank there. The bank has in
this issue went to press late last
meetings, except Group 3, giving a stalled a time and temperature sign,
month. Advance indications pointed report on association activities. Vice suspended at a 45 degree angle to the
to heavy registrations for the six President Minor P. Baird, president, upper part of the building corner, so
meetings, which were divided into two Farmers State Bank, Superior, ad it is visible from any direction for a
weeks following the new group meet dressed the Group 3 meeting in Nor good distance. The lower portion of
folk. H. V. Osterberg, NBA secre the sign also will advertise bank serv
ing pattern established last year.
In each of the groups, the vice presi tary, Omaha, appeared on the program ices.
dent is traditionally moved up to the at all six of the meetings with addi
presidency so the following were tional reports on NBA progress, in Elected at Lexington
Marvin Dyer has been named assist
slated to be elected group presidents: cluding the discussion on the state
ant cashier at the Lexington State
wide advertising program.
Group 1—Henry Gramann, Jr., vice
The featured speaker at five of the Bank, according to L. M. Stuckey,
president, Adams State Bank, Adams.
meetings was Mark W. Pickell, editor president. Mr. Dyer has been with
Group 2—Arden D. Wolf, president,
of Market Bulletins, Chicago. At Group the bank since December, 1958, and
Platte Valley Bank, North Bend.
3 a panel of prominent bankers, cattle prior to that he was an assistant bank
Group 3— N. T. Tiemann, president,
men and feeders discussed the 1960 examiner.
Commercial State Bank, Wausa.
livestock outlook.
Group 4—W. H. Curry, cashier, Se
Group 3 bankers and their wives Visit West Coast
curity State Bank, Holbrook.
heard Edward McFaul, talented afterMr. and Mrs. P. G. Richardson of
Group 5—Charles E. Moyer, presi dinner speaker, speak at the Norfolk
Broken Bow recently returned from
dent, Bank of Wood River, Wood meeting. Mr. McFaul was the dinner an extended trip to Pasadena, Cal.,
River.
speaker at the other five group meet where they visited a number of rela
Group 6—M. H. Adams, president,
ings last year.
tives and friends. Mr. Richardson is
Bank of Brule, Brule.
Edmund H. Harding, billed as The executive vice president of the Secu
The first three meetings were held Tarheel Humorist from Washington, rity State Bank at Broken Bow.
Thursday and Friday, April 21 and 22. N. C., was the dinner speaker at ’•¿•H I m \ W : d
i
Group 1 met at Lincoln the first day, Groups 1, 2, 5 and 6. The Group 4 Drive-In Opened at McCook
Group 2 at Fremont and Group 3 at banquet speaker was Sioux City’s Den
The First National Bank of McCook
Norfolk the second day. The follow tal Philosopher, Dr. Cecil Bliss.
recently opened its drive-in facility.
ing week the meetings started on
At all six meetings, the NBA Cor The detached facility provides driveTuesday, April 26, with Group 6 at respondent Bank Club, made up of up service, plus parking for a number
Sidney. Group 5 met the next day at Omaha and Lincoln correspondent of cars, which alleviates the usual
North Platte, and the final meeting bankers, was host at the social hour.
parking problem encountered in most
was Group 4 at Holdrege on Thursday.
A further report with pictures from cities.
One of the main topics brought up
for discussion by members was the
state-wide advertising program pre
pared by the NBA public relations
committee. This program is scheduled
to start within a short time through
out the state and is designed to tell
the public about the services avail
able at commercial banks.
Another matter of interest brought
to the attention of bankers at the
group meetings was the excellent
folder on “Agricultural Bank Credit”
prepared by the NBA committee on
agriculture. Details of this important
folder appear in a special story in the
P O I N T S O F I N T E R E S T to b a n k e r s to u r in g O m a h a s to c k y a rd s are p o in te d ou t b y
Nebraska News section.
C e c il W . M e a n s (e x tr e m e r ig h t ) , v .p ., S t o c k Y a r d s N a tio n a l B a n k , w h o w a s h ost. J im
NBA President E. M. Black, execu K a r lik , a .v .p ., S t o c k Y a r d s N a tio n a l, is s ix th fr o m l e f t in g r o u p a b o v e .

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Federal Reserve Bank of St. Louis

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May,

I960

WELVE midwest bankers from Lyman succeeds Kenneth G. Harvey,
Nebraska, Iowa and Missouri were president of the Douglas County
recent guests of the Stock Yards NaBank, who had served the bond pro
tional Bank of Omaha at the Omaha gram for more than 10 years.
* * *
stockyards. Hosting the tour was
Cecil Means, vice president of the
The three downtown Omaha banks
Stock Yards National.
have new hours for their drive-up
The bankers were shown every services. The banks—The Omaha Na
thing from the unloading chutes to tional Bank, the First National Bank
the operations of buyers and sales and the United States National Bank
men. The bankers also toured The —say drive-up windows are open from
Swift Packing plant in South Omaha 7:15 a.m. to 6 p.m. Monday through
and later returned to the bank’s head Friday.
quarters for an explanation of how
* * +
livestock credits are handled, and a
A temporary banking job came to
question and answer period.
an end Friday, April 15. Oscar H. Hol
The group was composed of F. J. quist retired from his “temporary” job
Lewis, president, and his son, Bill
a fte r 54 y ea rs
Lewis, Harlan National Bank, Har
with the First Na
lan, Iowa; M. J. Welbourne, vice pres
tio n a l Bank of
ident, and Jack J. Baldwin, assistant
Omaha.
cashier, Farmers & Merchants State
Mr. H o lq u is t
Bank, Neola, Iowa.
started with the
From Nebraska were: B. R. LeFirst National in
Master, assistant cashier, First Na
the s u m m e r of
tional Bank, Tekamah; Bill Farris, as
1906 as a messen
sistant cashier, and his guest, Jack
ger boy. Accord
Flood, Bank of Valley, Valley; C. J.
ing to Mr. Hol
Schneider, p re sid e n t, Plattsmouth
quist, he ignored
O. H. H O L Q U I S T
h is fa t h e r ’S a d v ic e
State Bank, Plattsmouth; Chase Neu
mann, president, Farmers & Mer to quit work and return to school in
chants National Bank, Oakland; Mar the fall.
vin L. Killion, cashier, Gretna State
Having worked in various opera
Bank, Gretna; Harold Qualsett, execu tions of the bank, he was made assist
tive vice president, Clarkson Bank, ant cashier in 1942, cashier in 1950,
Clarkson, Neb.
and vice president in 1953.
These tours are sponsored by the
Mr. and Mrs. Holquist have no defi
Stock Yards National Bank to acquaint nite plans for retirement and will con
their country correspondents with the tinue to make Omaha their home.
scope and services of the Omaha live
* % *
stock market and the manner in
M. J. (Zack) Warren has been
which the market and the bank serve elected president of Storz-Wachobindustry.
Bender Company, investment banking
* * *
firm, headquartered in Omaha, it was
Edward W. Lyman, president of the
announced last month by Robert H.
United States National Bank of Omaha,
Storz, chairman of the board.
was appointed volunteer chairman of
Mr. Warren formerly was executive
the United States Savings Bond com vice president. He has been with the
mittee for Douglas county.
company since 1934.
Mr. Storz also announced the elec
The announcement was made by
tion of several other new officers:
W. B. Millard, Jr., chairman of the
C. William Daly, formerly assistant
United States Treasury’s Savings
Bonds committee for Nebraska. Mr. vice president, to vice president in

Northwestern

Banker,

May,

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

1960

charge of the Nebraska municipal de
partment.
Charles F. Heider, formerly secre
tary, to vice president in charge of
the corporate department.
F. A7. Lawson, Jr., formerly assist
ant secretary, to secretary.
Frank Marks was elected assistant
secretary.
All of the new officers have been
with the company for several years.
Charles W. Watts was elected as
sistant vice president. He is in the
company’s Lincoln office.
Mr. Storz also announced that Rob
ert F. Bender will represent StorzWachob-Bender in LaJolla, Cal., be
ginning July 1 as a California repre
sentative. Mr. Storz said representa
tion of the company in California is
an expansion of the 46-year-old firm’s
operations.— End.

Capital Is Doubled
Henry Reynolds, president of the
National Bank of Norfolk, recently an
nounced an increase in capital stock
from $100,000 to $200,000 by stock divi
dend. Capital, surplus and undivided
profits and reserves now exceed $700,000.

New Machine Line
A complete new line of automatic
accounting machines that will obso
lete thousands of conventional book
keeping machines in use today has
been developed by Burroughs Corpo
ration, reports Ray R. Eppert, presi
dent.
Designed for all types of businesses,
from dress shops to public ultilities,
the general purpose machine is the
first fully automatic mechanical ac
counting device equipped with a “dual
printer,” a special feature that in
creases operating speeds by as much
as 50 per cent.
The new device, a numeric data
processing accounting machine, Se
ries F5000, fills the middleground be
tween the company’s small portable
bookkeeping machines and high speed
electronic data processing equipment.
The machine is designed to improve
all bookkeeping operations that re
quire two original records, such as a
statement and ledger. The machine
prints both records simultaneously
and not only will reduce the time
needed to process mounting volumes
of paper work, but also will permit
other economies through simplifica
tion of accounting forms.
Credit unions, department stores,
banks, insurance brokers, manufactur
ers, wholesalers, retailers, federal,
state and local government agencies—
virtually every business that keeps
books—will be able to realize substan
tial savings, reports Mr. Eppert.

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executive vice presidents get together: John M. Shonsey of
The Omaha National visits with Curtis B. Mateer of the Pierre
National Bank, Pierre, South Dakota.

Your problems are our problems . . .
The men from The Omaha National do a lot of traveling. They have to, if
they want to visit all our correspondent banks in Nebraska and neighbor
ing states. But there is nothing they like quite as much as having our corre
spondents visit us. It gives us a chance to return their hospitality, as well
as talk over the banking business. Jack Shonsey and Curt Mateer are old
friends, as you can see, but old friend or new friend, come in to see us any
time. W e’re always glad to see you.

1 7 th a n d FARNAM S t r e e t s

i o

Northwestern

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

M em b er F ed eral D ep osit Insurance C orporation
Banker,

May,

1960

Nebraska News
T. T. Varney, Sr.

Bank
N o te

To
Bine
N o te

. . . all in a day’s work for Nebraska banker
ES, it’s from bank notes to blue
notes, bank roll to rock ’n roll,
defaults to the waltz, bouncing
checks to bouncy chicks and crazy
loans to “Lazy Bones” — all in a
day’s work (although some of the
banking terms above are exagger
ated) for J. Wiley Green, president
of the Wauneta Falls Bank, Wauneta, Neb.

Mr. Green directs an 11-piece
dance band for parties and dances
in Wauneta and nearby communi
ties. He also renders his own in
terpretations of today’s music at his
Hammond organ.
Interested in music since 1926
when he began to learn the intrica
cies of the trombone, Mr. Green
played in two dance bands on the
west coast while in the service dur
ing World War II. One of the units
was featured over a Mutual Net
work radio station every Friday
night at Albany, Ore.
After returning from the service,
he was approached by members of
the Wauneta P.T.A., who asked as
sistance in forming a group to fur
nish music for W a u n eta High
School dances. Mr. Green was
happy for the opportunity and the
first effort was a “combo” of him
self, the Ford dealer and the post
Northwestern

Banker,

May,

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Federal Reserve Bank of St. Louis

I960

master. The very next year, the
trio played at functions throughout
Chase County and began adding
pieces to the band. The result is
the present-day 11-piece organiza
tion.
The school is pleased with the
musical group as it not only solves
the problem of available “live”
dance music, but also provides ad
ditional experience for high school
students interested in music. The
school’s music teacher is a perma
nent member of the band and be
lieves the experience for his stu
dents is invaluable. The young peo
ple drift in, then out of the band as
they go away to college or another
community for work, but the “reg
ulars” •
— business people around
town — keep it a constantly-available dance combination.
“ Teenagers stop in at our bank
many times,” says Mr. Green, “to
find out when the next dance is
sch ed u led . This dance-band ar
rangement with the school is fine
for our business as we have the
closest of relationships with the
young people who are tomorrow’s
depositors. Also, their parents tell
us on many occasions how pleased
they are . . . and they do a little
banking while they are in the
bank.”—End.

T. T. Varney, Sr., 87, prominent
Custer County banker and business
man, died at a Broken Bow hospital
last month.
Mr. Varney served as chairman of
the Broken Bow State Bank at the
time of his death. The bank is the
oldest banking institution in the coun
ty. He was active in business and civ
ic affairs in Ansley and Broken Bow
throughout his lifetime.
He was born at Corinth, N. Y., and
came to the Ansley and Westerville
communities at an early age. He re
ceived his public school education at
Ansley and operated a general store
in Ansley in 1892 and 1893, becoming
postmaster there for 10 years.
He then became cashier for the Ans
ley Banking Company, rising to the
position of president of the First Na
tional Bank at Ansley, the successor
to the Ansley Banking Company.
In 1916 he and his family went to
California but returned to Broken
Bow in 1920. In 1929 he became asso
ciated with the Broken Bow State
Bank.
He was a past president of the Pub
lic Service Club, Rotary Club and Cus
ter County Agricultural Society. He
was a past master of the Masonic
Lodge. He was also a Shriner.
Survivors include his wife, Mary; a
son, T. T. Varney, Jr., Broken Bow; a
daughter, Mrs. Jack Whitten, Lincoln,
and a sister, Mrs. E. P. Gaines, Broken
Bow.
Contributions to the Community
Hospital in Broken Bow will be ac
cepted as a memorial to Mr. Varney.

New Chadron Building
Work was started last month on pre
paring the site for the construction of
the new building for the Bank of
Chadron in Chadron, Neb. The site
had been occupied by a used car lot.
A house, which was on an adjoining
lot, is also part of the new site. Lo
cation is at Third and Chadron Ave
nue.

Gothenburg Open House
Open house was held last month by
the Gothenburg State Bank, Gothen
burg, Neb., for the purpose of present
ing the new banking facilities to the
public.

St. Joseph Bank Plans
First Stock Yards Bank of St. Jo
seph is remodeling and enlarging its
space in the Exchange Building. The
banking area is being increased ap
proximately one-fourth. Included in
the project are new teller windows,
two new safe deposit department
booths and a new night deposit box.

Reviewing your investment portfolio and wondering
what other banks are doing? Ask our representative.
His many banking contacts can supply you with the
information you want. Or phone him in Omaha —
ATlantic 0500.

FIRST NATIONALREAM
OF O M AH A

■eUMPUMMEB
M E M B E R F E D E R A L . D E P O S I T IN S U R A N C E C O R P O R A T IO N

Northwestern

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

Banker,

May,

i960

Nebraska News

NBA A
e b r a ska

b a n k e rs re
cently received a
new folder outlin
ing “Agricultural
Bank Credit” for
f a r m customers
far mers and Bankers Are Partners
and w i t h i n a
in Nebraska Agriculture
short time their
OBTAINING and USING
orders for more
than 40,000 copies
A gricultural
o f th e f o l d e r
B ank C redit
p r o v e d the tre
mendous endorsement given this effort
by the NBA Committee on Agricul
ture. The association office reports
the response far exceeded the commit
tee’s expectations.

10 Aids to Help You
Build and Maintain
A Good Credit Standing

CreditFolder

In one instance, the First National
Bank and the Cozad State Bank re
printed the entire folder in their local
newspaper in a full page advertise
ment over the signature of the two
Cozad banks. Other banks have sent
the folder to their entire farm cus
tomer and farm prospect mailing list.
The attractive front cover (shown at
left) is well designed to attract imme
diate attention. The promotion piece
folds over twice into an envelope size
folder so it may be enclosed with any
type of mailing from the bank.
The main part of the copy is ex
pertly done and is reprinted in full
below for the benefit of N o r t h w e s t e r n
B a n k e r readers.
Quantity orders and

(4) Plan to Repay Loans
Out of
Operating Income

(7) Work Out A
Repayment Plan
For Every Loan
INCOMEl

Keep a record of your farm receipts and ex

★

penses, and file an annual summary of them

prices may be obtained from Nebraska
B an k ers Association, 420 Farnam
Building, Omaha 2, Neb.
Members of the NBA Committee on
Agriculture are: Adon Jeffrey, chair
man; president, First National Bank,
Wayne; C. W. Means, vice president,
Stock Yards National Bank, Omaha;
Roger L. Cunningham, vice president,
The First Continental National Bank
and Trust Company, Lincoln; G. H.
Looschen, president, First National
Bank, Hooper; M. R. Morgan, presi
dent, First National Bank, Elwood;
Cooper H. Butt, Elm Creek State
Bank, Elm Creek; Jacob L. Katz, vice
president and cashier, First National
Bank, Lewellen.— End.

(commonly called an operating statement) with

Know how and when you are going to repay
what you borrow. Don’t commit yourself for
more than you can pay. Better to promise to
pay a little less than you know you can — and
then pay more.

your bank to show your ability to repay loans
from operating income.

(1) Get Your Credit
From Specialists
Commercial Banks are specialists in the business
of loaning money and can give farmers a flexible
credit service without “red tape” or interference.

(5) Plan Ahead on
Your Credit Needs

PLAN AHEAf

Arrange to get your credit before you need to
use it.

Don’t wait until you are ready to use

seed and fertilizer before you arrange for the
credit to buy them.

Cash talks! You can usually

in value when buying machinery or other farm
supplies if the dealer knows you have the money.
BANK

Banks can and will give you good credit service;
try to do all your credit business there. A sure
way to help your credit standing is to discuss all
your financial problems with your bank.

(6) Use the Right Kind
of Credit

pansions

livestock and machinery should

ordinarily be financed with a long-term amor
tized real estate mortgage.

File a summary of what you own and what you
owe (commonly called a financial statement)
with the bank where you borrow money. Your
bank will help you make out your financial
statement.

Benkleman Opening
Open house was held last month by
the State Bank, Benkleman, Neb., fol
lowing the completion of the bank’s
remodeled quarters.
The bank has been in use through
out the construction period. The rear
of the building was first modernized
and then housed the institution while
Banker,

May,

(9) Be Frank with
Your Banker
Tell him about your business and personal
finances and plans. Be sure he understands what
you are going to use the money for, and use it
for that purpose. Advise your bank of any major
change in your plans.

Expenditures for land, buildings, or m a j o r ex

(3) Take an Annual
Inventory

Northwestern

If you find you will not be able to meet a pay
ment that is coming due, see your banker at
once and lay the facts before him. The time to
talk about an extension is before the loan be
comes due.

get a substantial cash discount or a better trade-

(2) Keep Your Credit
In One Place

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

(8) Meet Your
Payments When
Due

1960

Then your short

(10) Borrow to Make
or Save Money

term credit will be available for operating pur
poses.

Financing long-term debts with short

term notes can be expensive and dangerous if it
overtaxes ability to repay and results in a series
of renewals.

the main banking room was complete
ly stripped and rebuilt in every detail.
Several weeks ago, D. E. Gallatin,
president, moved his office into the
front of the building and recently the
tellers were also moved forward to
make it possible for the contractor to
complete his work in the remainder
of the building.

A sound loan should increase the net income of
your farm business by increasing its output or
improving its efficiency, and should enable you
to save money by paying cash.

Harvard Remodeling
The big Harvard State Bank remod
eling program in Harvard, Neb., is
progressing on schedule.
Personnel are now operating in the
rear of the building while remodeling
operations are being completed in
front.

extraservice...
You expect service from your correspondent bank—
fast transit service, excess loans, help with bankingproblems. But extra service is what you get from First
Continental— a larger staff of qualified bankers,
increased lending capacity, advanced
mechanical methods.
And most important— service with an extra measure
of personal attention to your needs.

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 H

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 P A N Y
N

MEMBER FEDERAL DEPOSIT I NSURANCE CORPORATION

Northwestern

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

Banker,

May,

i960

Nebraska News

omM 1 •!
1&
■ U .;
» ***■»*** wJ
ïü iü iff

O M A H A N S g e t th is b e a u t ifu l v ie w o f th e D r iv e -I n , W a lk -I n f a c i l i t y o f th e U n ite d S ta te s N a t io n a l B a n k a t n ig h t.

F IR S T D R I V E -I N C U S T O M E R o f th e n e w in s t a lla tio n w a s
5 -y e a r -o ld Greg A sh ley, son o f R e v . a n d M rs. M a r t in A s h le y o f
O m ah a, w h o p e d a le d u p to on e o f th e te lle r w in d o w s . U n a b le to
re a ch th e s lid in g d r a w e r lo c a t e d c o n v e n ie n t ly f o r “ g r o w n u p ”
ca rs, G r e g fo u n d w illin g h elp f r o m B o a r d C h airm a n Ellsw orth
M oser ( l e f t ) a n d P r e s id e n t Edw ard W . Lym an, w h o l i f t e d him ,
ca r an d a ll, so he c o u ld d e p o s it his $10 b ill. T h e y o u n g s t e r sh ow s

his d e p o s it r e c e ip t f o r th e b e n e fit o f p h o to g r a p h e r s. A t r ig h t
are th e fo u r s ta ff m em b ers r e s p o n s ib le f o r la u n c h in g th e d r iv e -in
b a n k . L e f t to r ig h t a r e : K erm it Hansen an d James Zimmerman,
a. v . p .’ s, w h o w ill a ssist at th is lo c a t io n f o r a m o n th b e fo r e
r e t u r n in g to d u ties at th e m a in b a n k , a n d Patrick F. Finn and
Richard E . Kuhns, w h o h a v e b e e n a s sig n e d as m a n a g e r a n d as
s ista n t m a n a g e r o f th e d r iv e -in b a n k .

MAHA’s first detached drive-in principal downtown stores and office
banking facility was opened to buildings.
the public in mid-April by The United Many services required by bank
States National Bank of Omaha. Lo customers will be offered at the Drivecated at 20th and Douglas Streets, it In, Walk-In facility, including check
has three auto-teller windows as well ing and savings accounts, loan pay
as two walk-up windows inside the ments, cashing payroll checks and a
night depository and envelope drop.
building for pedestrian customers.
An open house all day Saturday at The main bank will continue to offer
all of its present banking services, in
tracted several thousand Omahans.
Ellsworth Moser, chairman of the cluding CurbSide Banking.
Guests at the open house were
board, said, “The U. S. National is
bringing this completely new bank served refreshments and given souve
nirs. The latter were coins repeating
ing accommodation to d o w n t o w n
Omaha, so situated that it can serve the slogan for the new facility, “Bank
the entire metropolitan area conven on Your Way . . . With US,” plus free
suckers for youngsters.
iently and rapidly.”
Patrick F. Finn was named as man
Bank officials estimate the “ how
rapidly?” question should be answered ager of the new facility, and Richard
by handling auto customers at the E. Kuhns was named assistant man
rate of about 30 seconds per car for ager. Mr. Finn has been with U. S.
average transactions, which means a National since 1947 as a commercial
potential of 300 cars per hour for the teller in the new accounts depart
three auto windows. The new loca ment and, for the past two years, in
tion is at the intersection of two main the customer relations department.
traffic arteries and within easy walk Mr. Kuhns joined the bank in 1954
ing distance of most of the city’s and has served as a commercial teller

Northwestern

Banker,

May,

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

I960

and in the commercial loan depart
ment.
Architect for the new facility was
the Leo A. Daly Company of Omaha.

B ashetbatl Banquet

H O N O R ED G U ESTS at a ban qu et spon
s o r e d r e c e n t ly b y th e S t o c k Y a r d s N a
tio n a l B a n k o f O m a h a w a s th e N e b r a s k a
s ta te ch a m p io n s h ip b a s k e t b a ll tea m , O m a
h a ’s S o u th H ig h . S h o w n h ere w ith Adolph
J. H allas, p r e s id e n t, at r ig h t, are Jerry
Bush, a t le f t , U n iv e r s it y o f N e b r a s k a b a s
k e t b a ll c o a c h w h o w a s th e fe a t u r e d s p e a k
er, a n d B ill V incent, an a ll-sta te r o n th e
S ou th H ig h tea m .

Nebraska News

Simple A id for Establishing
Farm Familg Hadgets
(Continued from page 35)
with 1955, (2) a comparison of living
expenditures by ages of children (and
this table shows graphically the big
jump needed in a budget with teen
agers in the family, (3) an analysis of
expenses by levels of total cash living
expenses, and (4) a comparison of
family living expenditures between
farm owners and renters.
Valuable facts telling why a farmer
should keep records, what records to
keep, factors indicating volume of
business, and the use of records are
outlined in “The Role of Farm and
Home Records in Management” (FM1270). Such information as this is
helpful to bankers who want to show
farm customers why it will be helpful
for the latter to plan budgets ahead.
The procedure for preparing a farm
net worth statement is outlined in
FM-1271 and an actual work sheet ac
companying this is FM-1247. All banks
have such forms available
farm cus
tomers, but numerous speakers in re
cent months have emphasized the im
portance of having these net worth
statements prepared p r o p e r ly and
completely.
The particular forms outlined brief
ly here are all geared to helping the
farm family plan in advance how to
prepare a budget that will be within
the bounds of predictable net income.
Many farm bankers have expressed

genuine interest in aiding farm cus
tomers in preparing such budgets.
These particular forms were prepared
by Iowa State University at Ames, and
inquiries concerning the forms, their
cost and availability, should be di
rected to H. B. Howell, extension econ
omist, Agricultural Annex. Mr. Howell
is well known as director of the an
nual Agricultural Credit School spon
sored by the University in conjunction
with the Iowa Bankers Association
each June.
In other states, bankers will un
doubtedly find similar information and
assistance available from the agricul
tural colleges in their states.—End.

Ord Farm Rep
The First National Bank of Ord has
obtained the services of Don Clement
as agricultural representative. Mr.
Clement, who farms 480 acres south
of Ord, graduated from the State Ag
College in 1950. For eight years he
was veteran Ag instructor in Ord, spe
cializing in economics and financing
of farmers.
Mr. Clement is a member of the
State Board of Agriculture which of
late has become primarily the State
Fair Board.
He was a transitionary student of
the Ford Foundation where he spent
three years in the study of rainfall,

management, big farms and other
problems. Part of the study was in
cooperation with farmers and busi
ness men.

Honor May Darnell
Mary Darnell, who retired recently
after 40 years’ employment at the
First National Bank, McCook, was
honored last month by the officers and
employees of the bank with a dinner
at the Elks Lodge.
Harry Krogh, executive vice presi
dent, and A. B. Wood, president, State
Bank of Bartley, were the speakers.
The 60 guests spent the evening danc
ing. Mrs. Darnell received a stereo
phonograph as a gift from the group.

in S t Joseph..
think

FIRST
o f

th e

m e n ...

v '•■
"

J. M. FORD II

JACK KILLACKEY

Municipal and Corporate Bonds
a n d

Listed Stocks

th e ir

B a n k ...

Unlisted and Local Stocks
ORDERS EXECUTED ON ALL PRINCIPAL EXCHANGES

C H I L E S -S C H U T Z C O .
Omaha , N ebraska

L incoln, N ebraska

412 Farm Credit Building

203 Stuart Building

P h o n e W E b s te r 6677

P h o n e H E m lo c k 2 -3 3 2 5

T H E F IR S T
N A T IO N A L
BANK

Chadron, N ebraska
Lexington, N ebraska

346 Main Street

P h o n e F A ir v ie w 4-3766

P h o n e H E m lo c k 2-5555

TELEPHONE ADams 4 -2726
ST. JOSEPH, MISSOURI

Northwestern

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

Banker,

May,

1960

Lincoln News

ROMOTIONS of four officers by
P
the board of directors of the Na
tional Bank of Commerce of Lincoln
were announced by President Byron
Dunn recently.

Oral Beckmann,
James Nissen.

Don

Wright,

and

Messrs. W e lle n sie k , Wright and
Beckmann are installment loan de
partment officials, while Mr. Nissen is
in the commercial loan section of the
bank.

Promotion of Karl Wellensiek to as
sistant cashier from loan officer adds
a new name to the N.B.C. officer list.
Promotion to assistant vice presidents
from assistant cashiers was made for
O. B E C K M A N N

D. W R IG H T

J. N I S & 3 N

K. W E L L E N S IE K

Long Known A s . . .
“J J u l

(B a n k , f o i , ^ o V iiL à ^ r n id o n iA ,

ALBERT A. HELD. EXEC. VICE PRESIDENT

We are pleased to have the reputation of being a bankers
bank and are indeed grateful to our many loyal corre
spondent banks who use our service. We welcome inquiries
from any bank as to their transit items, credit information,
or other correspondent problems.

* * *
Three officers of the First Continen
tal National Bank & Trust Company
told the story of the recent merger
that resulted in the present bank, at a
meeting of the National Office Manage
ment Association. Taking part were
Roger Li. Cunningham and William E.
Edgecomb, vice presidents, and Ellis
C. Dann, assistant vice president.
Mr. Cunningham related mechanics
of the move, which covered such in
teresting points as these:
Safe deposit boxes, their weight,
value, secrecy involved and security
precautions. This move required 48
hours when only 24 were expected.
Handling of furniture, records and
machines, all of which were tagged for
exact placement in the new building
(First National moved into the Conti
nental National building when the two
banks merged), with different color
tags for each floor, a number for the
room, and a second number for the
station to be occupied. This move also
required 48 hours instead of the 24
anticipated.
Two moving companies, with power
lift trucks, accomplished the entire
move. The majority of equipment and
machines had to be taken out upper
windows at First National and taken

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.
OMAHA

Northwestern

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Federal Reserve Bank of St. Louis

1960

Nebraska News
into the Continental building through
a third floor door on top of the bank’s
adjacent parking garage.
Mr. Dann told details of the mesh
ing into a single department of the
previous two operations, particularly
the bookkeeping department. Tied in
with this was the complicated neces
sity for machine conversion, coordi
nating of sorting and statement sys
tems, listing of account numbers, and
changing addressograph and mailing
records.
Mr. Edgecomb gave an account of
the activities undertaken by personnel
at Continental National (Mr. Cunning
ham and Mr. Dann previously were
with First National) when the merger
was announced. Additional provisions
had to be made in the safe deposit de
partment, the vault had to be remod
eled, and more booths added. Other
steps taken included a complete inven
tory of equipment and supplies in
both banks, a carefully planned ar
rangement of departments with new
outlets for phones, power and sound.
NOMA members found the narra
tive presented by the panel of three
bankers extremely interesting.

ment for transportation to and from
the meeting in Lincoln.
P lan M ov e to G erin g

The First National Bank at Minatare was recently converted to a state
chartered institution under the name
of Minatare State Bank. Leo Van
Dittie, president, said it is planned to
move the bank to Gering (10 miles
west) at a future date, under permis
sion granted by the state department
of banking at Lincoln.
After the move, the name will be
changed to Gering State Bank, Mr.
Van Dittie said. Minatare has approxi
mately 700 population, while Gering
has approximately 5,200 population.

Our R epresentatives
Look Forward to Seeing You

A. W. Griffin, executive vice presi
dent of First Continental National
B & T, was elected to a three-year
term on the board of directors of Lin
coln University Club. Al C. Glandt,
vice president and cashier of the bank,
continues on the board as retiring
president of the club.

im m illili!

. . . and Just a Reminder . . .
may we offer our friendly and experienced
service to your contacts with the livestock
interests at Missouri’s first and the nation's
sixth livestock market

* * *
Miss Lois Tefl't was elected presi

Third Science Conference
Nebraska high school juniors and
seniors who ranked in the top onefourth of their classes were invited to
attend the Third Annual Conference
on Science in Agriculture at the Uni
versity of Nebraska College of Agri
culture last month. It is sponsored
by the college each year and is par
tially supported by the Nebraska
Bankers Association. Many bankers
helped local students make arrange-

BANKS

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There is no other bank in Minatare.
Gering, the county seat, is served by
one other bank, the Gering National.
Incorporators and directors are C.
E. Clough, Dale Redding, Virgil Red
ding, Lois Stewart and Mr. Van Dittie.
All are long-time residents of Mina
tare, except Mr. Van Dittie, whose
home is in Denver. Virgil Redding
and Mr. Clough were among the
founders of the First National Bank
of Minatare in 1929.
Officers will continue the same as
previously. They are: Virgil Redding,
chairman; Mr. Van Dittie, president;
Dale Redding, vice president; Lorenzo
C. Regester, cashier, and Lena Golden,
assistant cashier.

Greetings to All O
ur Friends
At Convention Time!

^ ^ ^

dent of the Cornhusker Chapter of the
National Secretaries Association. She
is a member of the staff at First Con
tinental National B & T. Mrs. Evelyn
Whiting, retiring president of the
Chapter, was elected to the board of
directors.-—End.

fii : I
OFFICERS
ED. H. GINZKEY
Assistant Vice President

GEO. U. RICHMOND
Chairman
BEVERLY PITTS
President

TOM J. BUTLER
Cashier

WALTER W . LIMBACK
Vice President

WILLIS JUDAH
Assistant Cashier

BENTON M. CALKINS, JR.
Vice President

ROBERT E. KILLEN
Assistant Cashier

W . FRANKLIN EVANS
Vice President
CHARLES J. CONANT, JR.
Vice President

DONALD D. FOLKS
Assistant Cashier

THE
Member
Federal
Deposit
Insurance
Corporation

AMERICAN
NATIONAL
BANK
St. Joseph, Mo.

Since 1887

Member
Federal
Reserve
System

PROOF* of Outstanding Service!

W o r k i n g as a te a m in p r o m o tin g th e g r o w t h o f T o m c o , I n c ., B e lm o n d , I o w a , a re, l e f t to
r ig h t, B ic h a r d B . T h o m p so n , p r e sid e n t, T o m c o , I n c .; L . B . C ox , v ic e p r e sid e n t, F ir s t S ta te
B a n k , B e lm o n d , an d C y K ir k , a ssista n t v ic e p r e s id e n t, B a n k e r s T r u st C o m p a n y , D es M o in e s .

Helping Iowa industry grow and prosper
is a prime goal of Bankers Trust Company.
An outstanding example is Tomco, Inc. of
Belmond, Iowa. Organized in 1933, this
leading hybrid corn company has used the
facilities of Bankers Trust Company and
the First State Bank, Belmond, to promote

its sales and service to Corn Belt Farmers.
This is PROOF* that Bankers Trust Com
pany offers complete cooperation to country
banks in assisting Iowa industry. For im
mediate attention to your bank’s needs, call
Cy Kirk or Homer Jensen collect! CHerry
4-0331.
*PROOF of achievement
is the trademark of
B a n k e r s T r u s t ’ s US
years of experience.

Correspondent Bank Department

Member: Federal Deposit Insurance Corporation • Federal Reserve System
Northwestern

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Federal Reserve Bank of St. Louis

1960

CYRUS D. KIRK

HOM ER R. JENSEN

at the University of Wisconsin, Mr.
Walcott’s name is a familiar one in
asmuch as he serves as a member of
the Committee on Admissions of that
school and in that capacity represents
the Iowa Bankers Association. His
longtime services extended to the as
sociation work and on behalf of the
Iowa banking industry does, in the
opinion of his friends, splendidly qual
ify him to serve as president of the
State Association.

Io w a

NEWS
R. R, SCHROEDER
FRANK WARNER

President
Secretary

Marengo
Des Moines

H e d ric k B ank S old

Alvin G. Meyer, president of the
Hedrick Savings Bank, Hedrick, has
sold controlling stock in the bank to
Ralph N. Baker of Ottumwa and Mr.
Baker’s son-in-law, Robert A. Helgerson of Creston, Iowa.
At a meeting of the board of direc
tors, Mr. Baker was elected presi
dent, r e p la c in g
Mr. Meyer. Mr.
H e lg e r s o n was
elected executive
vice president and
will be the active
manager of the
bank. There were
no other changes
in the officers or
employees.
T he sale was
R. A. H E L G E R S O N
negotiated by the
B a n k ers S e r v ic e Company, Des
Moines, an organization which devotes
its full time to negotiating the sale of
banks.
Mr. Baker, former sheriff of Wap
ello county, has been engaged in the
real estate and insurance business in
Ottumwa for many years.
Mr. Helgerson was reared at Red
Oak where his father was executive
vice president of the Houghton State
Bank. He was employed as a book
keeper in that bank for many years
before entering Iowa State University
where he graduated in 1943 with a
B.S. degree, then spent three years in
the U. S. Navy as a member of the
U. S. Strategic Bombing Survey Team
in the Japan area. For eight years,
beginning in 1946, Mr. Helgerson was
associated with Mr. Baker in the real
estate and insurance business in Ot
tumwa. For the past six years Mr.
Helgerson has been engaged in the
banking business at Creston as a loan
officer in the Iowa State Savings
Bank.
In v e stm e n t F ie ld D ay

Members of the Iowa Investment
Bankers Association will hold their
annual field day and get-together on
June 8 and 9. T. C. Henderson, president of T. C. Henderson & Company,
Des Moines, is chairman.
The group will meet at the Des
Moines Club for dinner on Wednesday

night, June 8, and hold the field day
at the Wakonda Club on the following
day. It will be the silver anniversary
meeting.
C andidate f o r P resid en t

Acceding to the wishes of many
friends, not only from northwestern
Iowa but from various sections of the
state that Charles H. Walcott be a can
didate in 1960 for
the presidency of
the Iowa Bankers
A s s o cia tio n , he
has now decided
to do so. Mr. Wal
cott is president
of t h e Security
National Bank at
Sioux City.
A s an I o w a
banker he is well
C. H. W A L C O T T
known th r o u g h
out the middlewest. He has served on
various committees of the Iowa Bank
ers Association and in 1957 served as
vice president and treasurer of the
State Association.
To the many Iowa bankers who
have attended the School of Banking

New

D u b u q u e C ou n ty O fficers

A. L. Vogl, vice president, American
Trust and Savings Bank, Dubuque,
has been elected president of the Du
buque County Bankers Association.
Assisting Mr. Vogl will be Vice
President Carl Firzlaff, vice president
and cashier, First National, Dubuque,
and Secretary-Treasurer Stanley Grotenhuis, vice president and cashier,
Epworth Savings Bank, Epworth.
Luan a O p e n H o u se

A new bank building at the Luana
Savings Bank, Luana, was dedicated
last month. Over 2,000 persons vis
ited the new quarters during an open
house.
The structure is 38 by 52 feet and
is faced with red and yellow glazed
brick. The interior wood is walnut
and cherry.
The bank features an attractive
lobby, large conference room, chil
dren’s savings counter, night deposi
tory and drive-in facilities. A full
basement is open to the public for
community meetings.

A u t o - H a n h Clinton

FO RM AL OPENING was held recently at the City National Bank of Clinton’s new
Auto-Bank office.

RIVE-IN banking started at the the other Mosler. Parking for six cars
City National Bank in Clinton is provided, in addition to the present
last month with the opening of the24-car parking lot. The property,
bank’s new auto-bank office.
The new service, which comes on which was purchased last summer,
the bank’s 90th anniversary, has two measures 50 by 140 feet. Actual con
teller windows, one being Diebold and struction began in January.

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Iowa News

.Xftr Ottawa Hatth Kittlditttf

A . M OORMAN Sk CO M PA N Y-A RCH ITECTS-M IN N EA PO LIS

W O R K is now underway on the new building for Onawa State Bank.

FFICERS of the Onawa State cessible to the p u b lic practically
Bank, Onawa, have announced “around-the-clock” so that the enve
final plans on construction of a new
lope and night depository can be uti
building, according to President A. E. lized seven days a week.
Muir.
The floor plan takes into considera
This building project will incorpo tion the growing importance of park
rate the latest features in bank con ing areas in the conduct of a banking
struction: a drive-up teller’s window business, for the entrance to the bank
will be installed, a large parking area from the parking lot is about as con
provided, and front vestibule made ac- spicuous and convenient to the public

lobby as the front entrance. It per
haps will be used as much as the front
entrance.
First floor of the new structure will
contain a spacious public lobby, eight
tellers’ windows, large officers’ space
with private rooms adjoining. Large
vaults will be constructed to the right
of the front entrance, which indicates
a change in trend for vault construc
tion. In previous years vaults were
generally constructed at the rear,
which often stood in the way of future
expansion.
In the basement will be located the
bookkeeping (or posting) room, a book
vault, lounge rooms, toilets, and a
community or meeting room.
Architects for the new project are
A. Moorman & Company, Minneapolis,
who previously completed a project
for the bank 14 years ago.

Florida Location
Carl Mayle, former representative in
Iowa for The Todd Company, is now
office manager for the company in Mi
ami, Fla. Two years ago he was trans
ferred from Iowa to Rochester, N. Y.
Mr. Mayle’s address is The Todd
Company Division, Burroughs Corpo
ration, 5040 Biscayne Boulevard, Mi
ami 37.

S p a c e H a a U it u j

Design Engineering
of Distinctive
Bank Buildings and
Fixtures

MERCHANTS
MUT UAL

BONDING
COMPANY
Incorporated

1933

Planning

Hom e Office
2100 G R A N D A V E N U E

To Build or Remodel?

Des Moines, Iowa

Consult with us first for ex
clusive design in modern
banking, fixtures and furni
ture.

•

New enlarged plant now in
operation to serve you better.

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

B ecker

and

A ssociates

Alta
Iowa

Phone
3211

•
E. H. WARNER
President and M anager

W . W. WARNER
V ice President

M. J. CORBIN
Secretary-Treasurer

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Federal Reserve Bank of St. Louis

I9 6 0

NO, ASTRON AU TS ARE NOT doing their
drive-in banking from missiles yet, but
framed on the right by the lowa-Des
Moines National Motor Bank canopy and
on the left by part of the Des Moines sky
line is a Thor missile, recently displayed
on the bank’s parking lot. The exhibit
was sponsored last month by the Polk
County Society for Crippled Children and
Adults and an Air Force recruiting team.
The Thor— 65 feet tall and weighing 100,000 pounds— has a 165,000-pound thrust
and is the vehicle the IT. S. has been using
recently to put several satellites into
space, among them being last month’s
weather camera satellite and a naviga
tional satellite.

to ta lk with you on the phone

to see you in person.

T H A T 'S W H Y W E A R E

L O O K IN G FO R W A R D TO YO U R S TA T E C O N V E N T IO N .

(pmmerce'Jrust (ompany9
Kansas City's oldest and largest bank

MEMBER
FEDERAL
DEPOSIT
INSURANCE
CORPORATION

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100

Iow a N ew s

cation in the Western World.” He has
visited many foreign countries, includ
ing Russia, in recent years.

A t M ercan tile T r u st’ s C o rresp o n d en t Party

B a n k er s
W a tc h

in a
St.Louis C ards W in

ORE than 1,100 correspondent mediately and guests were then in
banker friends—a record attend vited to sample Hawaiian drinks and
ance—of the Mercantile Trust Com
exotic foods, as well as Continental
pany, St. Louis, were part of the cheer American drinks and hors d’oeuvres.
ing 25,888 Cardinal baseball fans who The entire ballroom was filled with in
watched the St. Louis team whip the dividual stands and tables at which
Chicago Cubs, 5-2, in their opening the various taste delights were served
home game of the 1960 season.
and guests spent the next two hours
The bankers and wives were guests sampling shrimp from the “ Shrimp
of the Mercantile Trust at the bank’s Boat,” Sukiyaki chicken and every
annual correspondent bank party and thing else from Almonds to Zakuskas.
the baseball game was the climax of
A Hawaiian musical group played
the party which featured a Hawaiian appropriate music during the festive
theme in honor of our newest state.
evening and later provided the accomFestivities began at 5 p.m. when animent for a stage show. The show
guests were met at the entrance of the started when a beautiful and well-pro
Sheraton-Jefferson Hotel’s Gold Room portioned young lady in Hawaiian
by charming Hawaiian girls in native grass-skirt attire burst from a gailygarb, who adorned each guest with a wrapped package that had been placed
colorful lei. The mood was set im- on the stage and immediately went
into a gay dance of The Islands.
Mack A. Aldrich, vice president of
the bank, was in fine voice and sang
“Oklahoma” for his guests.
Helping Mr. Aldrich as host to the
record attendance were: John F. Wil
kinson and James E. Brown, vice pres
idents, and John Pisarkiewicz, Edward
H. Schoor, Maurice J. Singer, A. U.
“Jim” Hooss and James A. Smith, as
sistant vice presidents, members of
the banks and bankers department.
Photos will be available for next
month’s Northwestern B anker.

DR. A. U P G R E N

R. C. S. Y O U N G

Dr. Upgren will speak at Decorah,
Clear Lake, Tama and Storm Lake.
Well-known to bankers, he is profes
sor of economics and director of the
bureau of economic studies at Macalester College in St. Paul.
B an k ers H ea r K u tis h

Future prospects for farm produc
tion and prices were presented by
Francis A. Kutish of the department
of agricultural economics, Iowa State
University, Ames, to nearly 150 bank
ers attending the spring meeting of
the Linn County Bankers Association
in Cedar Rapids last month.
Mr. Kutish told the group that hogs
may reach $20 per hundredweight by
early summer. The cattle market, in
his opinion, will remain relatively sta
ble, with summer prices being about
the same as a year ago and higher in
the fall. He suggested that bankers
could make a real contribution by ad
vising cattle feeders not to buy feed
ers too fast or too soon this fall.

G ro u p M ee tin g S peakers

TOO BUSY
to give up a few hours a year
for a health checkup?
Your best cancer insurance is
a thorough checkup every year,
and alertness to Cancer’s 7
Danger Signals.
Learn how to guard yourself
against cancer. Write to |
“Cancer” in care of your
local post office, or call your
nearest office of..,

American Cancer Society
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.
OMAHA

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Federal Reserve Bank of St. Louis

1960

Two of the principal speakers at the
1960 Iowa Group Meetings will be Dr.
R. C. “ Scottie” Young of Birmingham,
Mich., and Dr. Arthur R. Upgren of
St. Paul, Minn.
Dr. Young will speak at Council
Bluffs, Ottumwa, Tipton and Newton.
He is listed as “one of the ten most
sought after speakers in America” by
U. S. Chamber of Commerce Surveys.
He devotes his time to lecturing, writ
ing, and independent research in “Edu

M a rtelle In terests S o ld

C.
L. Murfield, president of the
Farmers Savings Bank, Martelle, re
cently sold his interest in the bank to
Lester F. Buresh and A1 Morrissey,
both from Mount Vernon.
Mr. Buresh was elected to the board
of directors to fill the vacancy caused
by Mr. Murfield’s resignation. Guy C.
Martin was elected president and cash
ier and Mr. Russell was elected vice
president and board chairman.

SfSiiO S tu ra G r o u p M e e t in g s
G rou p

5
10
8
6
4
3
7
2

Date

Tuesday
Wednesday
Thursday
Friday
T uesday
Wednesday
Thursday
Friday

May
May
May
May
May
May
May
May

3
4
5
6
17
18
19
20

Tow n

Council Bluffs
Ottumwa
Tipton
Newton
Decorali
Clear Lake
Tama
Storm Lake

101

jß m

ROY knows iowa . Iowa is agriculture. And Max has grown up with
the problems that affect Iowa banks and their farm customers. Max earned a
B. S. in Agriculture from Iowa State University and taught agriculture at
Carroll. Now, as assistant vice president in La Salle National Bank’s Corre
spondent Banking Department, Max would like to have the opportunity to
assist you with agriculture loans. Max Roy is another reason why La Salle
(assets $164,999,313) is so well qualified to handle correspondent banking
services. Watch for Max — or call him at the bank soon — the number is
STate 2-5200, La Salle National Bank, 135 South La Salle Street, Chicago
90, Illinois. Complete Trust Service, member F. D. I. C.

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1960

102

Des Moines News

Allon E. McGlothlen, assistant cash
ier, Valley Bank & Trust Company,
was a guest speaker at Roosevelt High
School in Des Moines last month. He
spoke before two classes on American
Problems. He discussed the Ameri
can banking system of clearing and
collecting checks and told of the serv
ices offered by banks.
M ason City D ire c to r

'RANK R. WARDEN, vice presi

dent, Central National Bank &
Trust Company, was honored last
m on th fo r his
outstanding work
for the Shriners
a n d particularly
for his efforts on
b e h a l f of the
S h rin e rs Hospi
tals for Crippled
Children. The ZaGa-Zig T e m p l e
p r e s e n te d h im
with the follow
F. R. W A R D E N
ing resolution:
W H E R E A S Noble Frank R.
Warden has served as Treasurer
of Za-Ga-Zig Temple for many
years promoting the welfare of
Za-Ga-Zig Temple throughout the
United States and more specifical
ly Des Moines and Iowa; and
WHEREAS his work as Chair
man of the Wills and Bequests
Committee was exceptionally good
and outstanding for and on behalf
of the Shriners Hospitals for Crip
pled Children;
T H E R E F O R E , BE IT RE
SOLVED the Nobility of Za-GaZig Temple express their appre
ciation and regard for his labor,
and that he be given the title of
Treasurer Emeritus and with it a
Life M em b ersh ip in Za-Ga-Zig
Temple beginning with the year
1961.

pletion is scheduled for July 1, accord
ing to Warren Ferguson, vice presi
dent of the new bank, and also vice
president of the Capital City State
Bank in Des Moines.
Crawford C. H u b b e 11 was an
nounced recently as the state chair
man of the Ken Stringer for United
S t a t e s Senate
Campaign C o mm i t t e e. M r.
S t r i n g e r a nnounced the ap
p o in tm e n t at a
meeting with Mr.
Hubbell and sev
eral o th er sup
porters at the Ho
tel Savery in Des
M oines. Another
C. C. H U B B E L L
bank er, R o b e rt
W. Turner, president, The City Na
tional Bank in Council Bluffs, also
was named to the campaign commit
tee.
The meeting was held to organize
the campaign for Mr. Stringer’s bid in
seeking the Republican nomination
for U. S. Senator.
Mr. Hubbell is vice president of the
Bankers Trust Company, Des Moines.

John L. Mackin has been named on
the board of the United Home Bank
& Trust Company, Mason City, to fill
the vacancy caused by the death of
O. A. Satter.
Mr. Mackin is president of the Ma
son City Builders Supply Company,
vice president of the Farm and Town
Lumber Company in Mason City, and
a number of other building material
companies.
R. H. Isensee, president, also an
nounced that Claude E. Sinnett, vice
president of United Home, was recent
ly honored for 20 years’ service and
was presented an engraved watch.
This is the sixth watch presented to
officers and employees in the 23 years
since the bank was organized in Au
gust, 1936.
R esign s P osition

Richard E. Crane, Jr., vice president
of the Guaranty Bank and Trust Com
pany, Cedar Rapids, has resigned from
the bank’s staff. Future plans have
not been announced.
S io u x City D ela y

Completion of the new addition and
drive-in facilities at the First National
Bank, Sioux City, is now being held
up by a building trades strike. The
completion date had originally been
set for mid-May. It is anticipated that
there is about three weeks’ work re
maining, after the agreement is set
tled.

Construct MPubuque A u to Hunk

Hollo H. Bergeson, president, West
Des Moines State Bank, and former
Iowa secretary of state, has announced
his candidacy for the Republican nom
ination as U. S. Senator.
Mr. Bergeson served as state secre
tary of state from 1947-1959. Six other
candiates are in the field for the GOP
nomination.
>{c * *

Construction is well underway on
the new Altoona State Bank and com
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1960

OPENING of new motor bank for Dubuque Bank & Trust Company, Dubuque, will
be held in July in connection with 25th anniversary of the bank.

103

No. 15 in a serie s of

As Bank presidents go, Rollo H. Bergeson is a
comparative newcomer in the business, having suc
ceeded in other careers prior to his association
with the West Des Moines State Bank.
At 49, he has Been a practicing attorney, a radio
station executive and a principal in a widely
known livestock firm in Sioux City.

The Valley Bank is proud to have
the West Des Moines State Bank
on is growing list of corre
spondent banks.

Now he is president of a 67-year-old bank that has
recently changed locations and is now considered
one of the most modern in the country.
Not content to rest on his laurels, he is striking
off for another field as a candidate for United
States Senator.
Mr. Bergeson is married and the father of two
children, Eric, 13, and Kristina, 12, both students.
He once considered politics his hobby; but with
his announcement as a senatorial candidate, a
change in classification will have to be made.

ALLEY BANK & TRUST CO.
Walnut at Fourth Street

Des Moines, Iowa
Member, Federal Deposit Insurance Corporation

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Iowa News

104

C rou p F ive a t C ouncil M u ffs
ITH the three Council Bluffs P.M.
banks as hosts, another fine pro 12:15
gram has been arranged for the
12:20
Group 5 meeting at the Hotel Chief
1:15
tain, Tuesday, May 3.
Highlights will include a talk on
atomic energy by Dr. Wilber Schaef
fer from Los Alamos, N. M., an ad
1:20
dress entitled “Key of Democracy”
by Dr. R. C. S. Young of Birmingham,
1:25
Mich., and comments by officers of the
Iowa Bankers Association.
1:35
Following is the program:
Group 5, Council Bluffs, May 3
2:05
A.M.
10:00 Registration and Visiting—Ho
tel Chieftain lobby.

2:20

B ukU kttom
2:35
3:05
4:00
5:00

Luncheon—Hotel Chieftain.
Invocation.
Call to Order—J. H. Pullman,
Jr., vice president, Fremont
County Savings Bank, Sidney,
and Group 5 chairman.
Welcome—Noran Davis, Coun
cil Bluffs Mayor.
Observations and Introduction
of Guests, J. H. Pullman.
“Atomic Energy”—Dr. Wilbert
Schaeffer, Los Alamos, N. M.
“Observations”—R. R. Schroeder, president, Iowa Bankers
Association, and p r e s i d e n t ,
Iowa County Savings Bank,
Marengo, Iowa.
“Remarks”—Joseph H. Gronstal, state superintendent of
banking, and vice president,
Carroll State Bank, Carroll.
“ Segregation”—Rev. H. E. War
ner, Baptist minister in Coun
cil Bluffs.
“Key of Democracy”—Dr. R. C.
S. Young, Birmingham, Mich.
Report of Nominating Com
mittee and C o n f e r e n c e of
County Officers.
Social Hour — Terrace Room

and Lounge, Hotel Chieftain.
6:30 Banquet—Hotel Chieftain.
Entertainment — Hotel Chief
tain.
A special luncheon and ladies meet
ing will be held during the afternoon.
—End.
H ead s F u n d D riv e

Frank A. Johnson, retired senior
vice president of the First Trust &
Savings Bank, Davenport, has been
appointed chief auditor of the $2 mil
lion Y.M.C.A.-Y.W.C.A. building fund
campaign in Davenport.
Assisting Mr. Johnson are George
Lothringer, Davenport Bank & Trust
Company; Fred Ye bon, Northwest
Bank and Trust Company, and Leon
Robinson, First Trust & Savings
Bank.
Joins A lg o n a B an k

C. B. Murtagh, president, Security
State Bank, Algona, has announced
the appointment of C. H. Lewellyn as
a new vice president and director.
Mr. Lewellyn was formerly vice
president and cashier of the Ida Coun
ty State Bank, Ida Grove. Replacing
Mr. Lewellyn in Ida Grove is Ward
Kilgore, who was advanced from as
sistant cashier to cashier.

E lectro n ics at V a lley H ank

Only bank in th e na tion 's
fa ste st grow ing stockyards.

* 62 years of livestock banking.

e>tock IjatAs

THREE N E W POSTTRONIC posting ma
chines at the Valley
Bank and Trust in
Des Moines are now
doing the work done
previously by seven
standard type book
keeping machines. At
one of the new ma
chines, in the photo
above left to right,
are: Miss Selma Edinger, head of book
keeping dept.; Mrs.
Martha Heldenbrand,
operator; Eugene S.
M e t t l e r , a.c., and
Neal A. Sands, pres.,
V a l l e y B a n k and
Trust. Mr. Sands said
the new system is
another advancement
in customer service and pointed out that customers of the bank have the double pro
tection of their personal signature and an electronic identification to assure positive
identification of their accounts. These new machines and the accompanying system of
operations are products of the National Cash Register Company, Dayton, Ohio.

B ank
Telephone ADams 8-1738
South St. Joseph, M issouri

"Sma (¡on Bat
cut the St. floe % cM '

U nited States Check B ook Company
1311 HOWARD ST.

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OMAHA

105

Unlock the door to

Attend the Group 5 Meeting May 3
In Council Bluffs
The banks of Council Bluffs cordially invite the bankers of Group
Five and their many friends to our annual meeting in Council
Bluffs Tuesday, May 3.
This is a real opportunity to profit from your neighboring bank
er’s experiences, and to listen to up-to-date information on cur
rent banking problems.
We are looking forward to seeing you and visiting with you.

Your Council Bluffs Hosts

City National Bank

State Savings Bank

Council Bluffs Savings Bank

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News

O ttu m w a H o s ts G roup 1 0
excutive vice president, First
State Bank, Chariton.
Address—R. R. Schroeder, pres
ident of the Iowa Bankers As
sociation and president, Iowa
County Savings Bank, Marengo.
Address—Joe H. Gronstal, state
superintendent of banking and
vice president, Carroll County
State Bank, Carroll.
Address—“Getting Lost in the
Shuffle”—Dr. R. C. S. Young,
Birmingham, Mich.
Remarks—Frank Warner, sec
tary, Iowa Bankers Associa
tion.
Committee reports.
New or unfinished business.—

ROUP 10 of the Iowa Bankers
Association will hold its annual
meeting May 4 at the Ottumwa Coun
try Club. One of the featured speak
ers will be Dr. R. C. S. Young of
Birmingham, Mich., who will discuss
“Getting Lost in the Shuffle.”
The program is as follows:

Group 10, Ottumwa, May 4

12:00 Noon — Buffet Luncheon, Ot
tumwa Country Club.
P.M.
1:00 Invocation, Rev. J. J. Collins,
pastor, St. Patrick’s Catholic
Church, Ottumwa.
Address of Welcome, Ray Barcus, purchasing director, John
Deere Co., and city councilman.
Address—Gilbert L. Garton, ex-

End.

B u rlin g to n B a n k P la n s to B u ild

N E W P L A N S for Burlington Bank & Trust Company construction were announced
recently by W . H. Swiler, president.

COMPLETE revamping of the Burlington Bank & Trust Company
facilities in Burlington was announced
recently by W. H. Swiler, president.
Major phases will include removal
of the second floor of the main struc
ture, remodeling work inside and out,

(

erection of a building east of the bank
for installment loan and trust depart
ments, and at a later date develop
ment of drive-in and customer park
ing facilities at the northeast corner
of Main and Valley.
“Work is already underway,” Mr.

When Building or Remodeling use the

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of the KIRK GROSS COMPANY and
its "TIME-ENGINEERED" Equipment
Kirk Gross trained Bank experts
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flow o f traffic, add teller windows
without increasing space, suggest
ways to save money, time and
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Swiler said, “and we expect it to be
completed, except for the drive-in,
within about a year.
The Carl A. Nelson Company is the
general contractor. Architectural work
was by Dane D. Morgan & Associates'
and T h om as Tudor, Minneapolis,
Minn., a specialist in bank architec
ture. Officials studied other new bank
ing facilities during the planning pe
riod.
The bank’s main entrance will be at
Main and Jefferson, and will include
an enclosed vestibule housing a 24hour depository. The face of the new,
structure and existing building will be
of granite and limestone.
Safe deposit customer booths will be
located in the area now occupied by
the trust department and two confer
ence rooms will be located in the pres
ent safe deposit section.
Private Trust Quarters

The lobby will serve as a display
area and a section along the north
wall, enclosed with glass panels, will
allow exhibits as large as an automo
bile.
Privacy will be provided in the loan
department. The lobby floor will be
tiled and the remaining floor in the
new addition will be carpeted. The
directors’ room will be located in the
new area.
Previously Remodeled

Work will begin on the drive-in and
customer parking area after comple
tion of remodeling and expansion at
Main and Jefferson.
The bank’s interior was remodeled
eight years ago.
C arp en ter C hange

Donald Severson, cashier of the Car
penter Savings Bank, Carpenter, has
resigned to move to Lake Worth, Fla.
Meryl Brewer of Jesup has been
elected cashier, replacing Mr. Sever- •
son.
State O ffice C andidate

Joseph G. Knock, president of the
Iowa State Savings Bank, Creston, has
filed papers for the Republican nomi
nation for state representative from
Union County. Mr. Knock is active in
the Iowa Bankers Association and a
former chairman of Group 5.

Iowa News

C om p lete H loom field lim ili

107

S h ell H ock In crease

The Security State Bank, Shell
Rock, has increased its capital from
$25,000 to $50,000 by a common stock
dividend, according to a report from
the Iowa Department of Banking.
Join s M a n n in g B ank

Larry Olson, assistant cashier of the
Mechanicsville Trust and S a v in gs
Bank, Mechanicsville, has resigned to
accept a position on May 1 as assist
ant cashier of the First National Bank,
Manning. Mr. Olson is a graduate of
Iowa State University, Ames.

HE Davis County Savings Bank,
Bloomfield, moved into its new
building last month, according to a
report from Virgil K. Hering, cashier.
The modern structure features a
drive-in banking window, a commu
nity room in the basement, and a
lounge for employees. No date has
been set for an official opening.
The bank has also announced the
formation of a farm department. Joe
Miller has been named farm manager.

New B u ch an an O fficers

Richard E. Cone, assistant cashier,
Farmers State Savings Bank, Inde
pendence, has been elected president
of the Buchanan County Bankers
Association.
Other officers are: Vice president,
Richard F ie ste r, assistant cashier,
Farmers State Savings Bank, Inde
pendence; secretary, Daniel Hoefer,
assistant cashier, Peoples State Bank,
Winthrop, and treasurer, Alvin Lynes,
vice president, Security State Bank,
Independence.
Guest speaker was Richard E. Tool,
president of the Farmers and Mer
chants Savings Bank, Manchester.
The group voted to purchase a tree
planter for the county conservation
commission.

Remember
This Date
It's the day

C rTO lip 1 0

Wednesday
May
4

meets in Ottumwa

A s y o u r hosts, we are looking forward to

seeing you and your many friends at this
outstanding meeting.

H u g o A . P lo e n

Hugo A. Ploen, vice president, Farm
ers Savings Bank, Shelby, passed
away recently in a Council Bluffs hos
pital at the age of 69.
Mr. Ploen had been with the bank
for 44 years, having joined the bank
in 1916 as a teller. The bank was
then known as the Shelby County Sav
ings Bank.

-—-The Ottumwa Banks—

F id elity Savings B ank
S o u th O ttu m w a Savings Bank

B A N K S :„7

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A ll N egotiations Confidential

U n io n

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108

Iowa News

H ig h S ch ool D u g in D e s M o in e s B u n k s

1. A T IO W A -D E S M O IN ES N A T IO N A L — Carol Parks, Lincoln
High; Dave Murray, East High; John Diehl, Roosevelt High;
Les Sherrard, chief clerk at Iowa-Des Moines National; Dick
Julander, Dowling; Helen Radosevich, St. Joseph Academy, and
Sharon Van Orsdall, Des Moines Tech. 2. AT V A L L E Y B A N K
A N D TRUST— John Wright, Lincoln; Mary Ann Meffert,
Roosevelt; Allon McGlothlen, a.c., Valley Bank and Trust, and
pres., Des Moines Chapter of A .I.B .; Dolores Bishop, St. Joseph
Academy, and Lewis Wharff, North. 3. A T B A N K E R S TRUST

— Bill Curry, Dowling; Marcia Fay, Roosevelt; Mary Skinner,
East; Don Hammer, a.c., Banker Trust; Harold Barcus, paying
teller, Bankers Trust; Darlene Simmons, Lincoln; K ay Menough, St. Joseph Academy, and Roger Griffith, North. 4. AT
CEN TRAL N A T IO N A L — Àlen White, Roosevelt; Bob Jolley,
East; Patricia Murphy, St. Joseph Academy; Georgia Smith,
guide and teller, Central National; Esther Myers, Des Moines
Tech; Diane Tuers, North, and Harold Haines, Lincoln.

HE Sixth Annual High School Moines National, Iowa State Savings
Day, sponsored by the Des Moines and Valley Bank & Trust.
Chapter of A.I.B., was held last month Mary Harry, Central National, was
and 28 students from the five public in charge of this year’s successful all
high schools and two parochial schools day project.
in Des Moines toured six Des Moines
The students were divided into
banks: Bankers Trust, Capital City groups and each group was the guest
State, Central National, Iowa-Des of one of the six banks. The program

m
AMERICAN T R U S T LEADS ^

THE W A Y . . .

In Dubuque
• The most modern equipment and
methods, plus a friendly attitude
are geared to be of service to you
and your customers at any time.

AMERICAN TRUST
and Savings Bank
N IN TH and M A IN Streets

Member Federal Reserve System
Member Federal Deposit Insurance Corporation

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generally was a tour of the bank, with
questions and answers along the way,
lunch, and a discussion of interest to
the young people who will soon be
bank customers and possibly employ
ees and officers in a bank.
At an evening banquet, one student
from each group presented a brief talk
on “My Day at the Bank.” Miss Alice
Akes, assistant vice president, Deca
tur County State Bank of Leon, and
corresponding secretary of the Na
tional Association of Bank Women,
was the main speaker. Invited as
guests of the Des Moines A.I.B. Chap
ter at the banquet were, in addition to
the high school students, member of
the faculties of the schools and the
president and his wife of each of the
banks.
B o lto n s A n n o u n c e P u rch ase

Controlling stock in the East Du
buque Savings Bank at East Dubuque,
111., has been purchased by Roger Bol
ton and his son, John Bolton.
John Bolton, executive vice presi
dent of the State Bank of Bussey,
Iowa, has moved from Bussey to East
Dubuque, where he will be active in
the bank there. Roger Bolton will re
main as president of the bank in Bus
sey and continue to reside in Tipton.
Norman Kotz, cashier of the Bussey
bank, will move from the bank’s Lovilia office to work in the main bank
in Bussey. Phillip Baltzley will re
place Mr. Kotz in Lovilia.
R. M. Oppegard, vice president and
managing officer of the East Dubuque
bank, has resigned, moving to the
Twin Valley State Bank, Twin Valley,
Minn., where he has purchased con
trol.

Iowa News

Cedar County Bankers Associa
tion.
6:00-7:30 Dancing for those who wish
to stay.— End.

tit'oup it to M e e t a t T ipton
ANKERS attending the Group 8
meeting in Tipton on Thursday,
May 5, will be interested in visiting
with Tipton bankers on the Tipton
Industrial Development Corporation.
Incorporated in 1956, the organiza
tion has an authorized capital stock
of $100,000 and shares are being pur
chased by local residents and business
firms. An attractive brochure has
been prepared by the organization,
listing the advantages of locating in
dustries in Tipton.
The Group 8 program will be pre
ceded by a Dutch treat luncheon at
noon. The business session will fol
low, and the day will be completed
with a buffet dinner and dancing at
Tipton’s lovely Golf and Country Club.

Group 8, Tipton, May 5

A.M.
10:00 Registration— Municipal Build
ing, 407 Lynn Street.
Noon Dutch Treat Luncheon— Moose
Hall, 511% Cedar Street. Please
send advance reservations to
Tipton State Bank by May 3.
$1.50 per person.
P. M.
2:00 Call to Order — Moose Hall,
Glenn Downing, Chairman of

Group 8, and executive vice
president, Central State Bank,
Muscatine.
Invocation.
Musical Entertainment—Tipton
Community School.
Welcome—G. L. Daedlow, presi
dent, Cedar County Bankers
Association, and executive vice
president and cashier, First Na
tional Bank, Tipton.
Response — Kenneth H. Dietz,
cashier, Walcott Trust and Sav
ings Bank.
Observations—R. R. Schroeder,
president, Iowa Bankers Asso
ciation, and president, Iowa
County Savings Bank, Marengo.
Remarks — Joe H. Gronstal,
Iowa superintendent of bank
ing, and vice president, Carroll
County State Bank, Carroll.
“ The Challenge to Leadership”
-—Dr. R. C. S. Young, Birming
ham, Mich.
Remarks — Frank Warner, sec
retary, Iowa Bankers Associa
tion, Des Moines.
Adjournment to Tipton Golf
and Country Club.
5:00-6:00 Social Hour — Tipton Golf
and Country Club. Guests of

109

C larion E lects T w o

At the regular meeting of the board
of directors of The First National
Bank of Clarion recently, Ben C. Birdsail, Clarion attorney, was elected to
fill the vacancy left in the membership
of the board by the sudden death of
its chairman, M. F. Birdsall. At the
same meeting Stanley J. Shupe, board
member, was elected chairman of the
board to succeed Mr. Birdsall.
In business, Mr. Birdsall is present
ly secretary-treasurer of the Midwest
Limestone Company, Inc., of Gilmore
City, Iowa.
He is the son of Charles J. Birdsall,
long associated with the bank and
president at the time of his death in
1949. He is a nephew of the late M.
F. Birdsall, thus being the third mem
ber of the family to serve on the
bank’s board. M. F. Birdsall had
served continuously on the board since
1922.
Mr. Shupe has resided in Clarion
since 1913 and was graduated from the
Clarion public schools. He has been
actively engaged in the Shupe and
Son Hardware.

Group 8 Meets May 5
in Tipton
Your hosts, the members of the Cedar County Bankers
Association, are looking forward to seeing you all at
this informative and enjoyable meeting.
Meet old friends and collect new ideas in Tipton.
Remember— the date is Thursday, May 5.

— Your H osts are The C edar County Bankers A sso ciatio n —
Bennett State Bank, Bennett

Union Trust & Savings Bank, Stanwood

Clarence Savings Bank, Claren ce

First N ational Bank, Tipton

Liberty Trust & Savings Bank, Durant

Tipton State Bank, Tipton

American Trust & Savings Bank, Lowden

First State Bank, W est Branch

M echanicsville Trust & Savings Bank, M echanicsville

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io w a

N ew s

in d u str y H iy h liy h ts iim u p fi
OBERT E. VANCE, vice president
and secretary, Maytag Company,
A.M.
and director of the Jasper County9:00
Savings Bank in Newton, wili be the
10:00
featured speaker at the Group 6 meet
ing at the Newton Country Club Fri
day, May 6. Dr. R. C. S. Young, of
Birmingham, Mich., will be the lunch
eon speaker.
10:15
Another interesting feature of the
Group 6 meeting will be an afternoon
tour of Maytag Plant No. 2.

Following is the program:

Group 6, Newton, May 6

Registration
Call to Order—G. M. Barnett,
Jr., chairman of Group 6 and
vice president, Guthrie County
State Bank, Guthrie Center.
“ Welcome Group 6 Bankers”—
C. C. Harp, Mayor of Newton.
“ S o m e Observations”—R. R.
Schroeder, p r e s i d e n t , Iowa
Bankers Association and pres
ident, Iowa County Savings
Bank, Marengo.

W e’ll see you at the

IOWA G R O U P
M E E T IN G S
Once again, we of Drovers look forward to the
opportunity of visiting old friends and making new
friends at the Iowa Group Meetings.

10:25 “ Remarks”—Joe H. Gronstal,
state superintendent of bank
ing and vice president, Carroll
County State Bank, Carroll.
10:30 “Remarks” — Glenn L. Ingle,
state director, U. S. Savings
Bond Division.
10:45 “ Industry Takes a Look at Its
Iowa Location”—R. E. Vance,
vice president and secretary,
Maytag Company, and director,
Jasper County Savings Bank,
Newton.
11:15 Business Meeting — Election of
officers.
11:25 “ R e m a r k s ”—Frank Warner,
secretary, Iowa Bankers Asso
ciation.
11:35 Adjournment for Luncheon.
P.M.
12:10 Luncheon.
Invocation—Rev. P. C. Biblehimer, pastor, First Lutheran
Church, and president, Newton
Ministers Association.
“The Challenge to Leadership”
—Dr. R. C. S. Young, Birming
ham, Mich.
1:40 Assemble for tour of Maytag
Plant No. 2. Time—90 minutes.
5:00 Social Hour.
6:00 Buffet Dinner.
There will be a room for ladies
wishing to play bridge during the
afternoon. The golf course will be
open during the afternoon. Ladies are
invited to attend the sessions as well
as the luncheon and buffet and tour.

Fred Cummings and Bernard Miller w ill be on

-—End.

hand to greet you.

E . R . H aines

E. R. Haines, 86, retired Decorah
banker, died recently. He began bank
ing in 1908 in the Winneshiek County
State Bank. At one time he worked
in a North Dakota bank. He was with
the Decorah State Bank from 1914 to
his retirement in 1957, serving as pres
ident from 1940 to January, 1958.
O n R e p u b lic a n C o m m ittee

FRED CUMMINGS

BERNARD MILLER

^DroversBants
47th Street & Ashland Avenue
SINCE

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18 83

• Chicago

K.
J. Benda, executive vice presi
dent, Hartwick Savings Bank in Hartwick, Iowa, has been named finance
director for the Iowa State Republi
can Central Committee. He took over
his duties May 1.
M rs. D . W . B ates

Mrs. D. W. Bates, 83, Albia, died
last month. She was a director of the
First Iowa State Bank.
Her husband was appointed state
superintendent of banking in 1930.
He remained in that office until 1940.
From 1940 until 1943 Mrs. Bates
lived with her husband in Washing
ton, D. C., while he was affiliated with
the Federal Deposit Insurance Corpo
ration.

ïowa News

¡tankvrs

111

Magnetic Ink Character Recognition
See Anioniation ¡Pispini/
(MICR) program set up by the A.B.A.
for bank automation record keeping.
Estate M ee tin g

STEPS in complete bank automation are outlined by Fred K . Olin, NCR bank spe
cialist, for visiting Iowa bankers.

OWA bankers had an opportunity
recently to view the latest bank
automation equipment being marketed
by National Cash Register Company.
In an animated display at Hotel Savery in Des Moines, NCR representa
tives showed color sound movies illus
trating complete automation steps,
then took the bankers through the
same steps on the actual equipment
which had been set up for the display.
The Des Moines NCR host was
Frank Rogan, accounting machine
manager for the Des Moines office.
Robert H. Dethlefs, northern division
al representative, Chicago, and Fred
K. Olin, bank specialist from NCR
headquarters in Dayton, also assisted
in the machine demonstrations.
NCR automation is geared to a
three-phase program giving a wide
choice of automation equipment to
small, medium and large banks. New
equipment was demonstrated which
permits small banks to go from adding
machine to tape with check digit veri
fier, an electronic step which provides
the punched tape that completely auto
mates following steps for the small
bank. The tape operates the auto
mated Post-Tronic (which requires
only a slight modification for present
Post-Tronics since they were built
with this step in mind), resulting in
completely automatic accounting and
posting.
Machines displayed were Alpha-Dig
it Post-Tronic, Automated Post-Tronic,
Adding Machine to Tape with Check
Digit Verifier, Adding Machine with
Magnetic Amount Printer, and Mag
netic Qualification Printer. The com
plete automation system embraces the

The Brenton State Bank of Waukee
held a public meeting at the Waukee
School last month.
The purpose of the affair was to
explain, discuss and advise people on
the care and handling of estate prob
lems.
Free coffee and doughnuts were
available to all those who attended the
meeting.
Joe Young, Des Moines lawyer, who
is a trust officer of the Central Nation
al Bank, was the principal speaker.

ACORN

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Registers

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Do
D
In On
Group 6

Bankers of Group 6 and their friends are cordially
invited to attend the annual meeting.
A fine program has been arranged and there will be
plenty of outstanding entertainment. Meet your
friends in Newton and share your experiences.
Remember the date■

FRIDAY, MAY 6 IN NEWTON
at the

NEWTON COUNTRY CLUB
Vour Group 6 Host is the Ja sp e r County
Bankers Association
State Savings Bank, Baxter
First National Bank, Colfax
Kellogg Savings Bank
First State Bank, Lynnville
Mingo Trust & Savings Bank

Monroe State Bank
Newton National Bank
Jasper Co. Savings Bank
St. Bk. of Prairie City
Prairie City First National

THE A C O R N PRINTING C O .
OAKLAN D. IO W A '
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Iowa News

112

tirou p 4 F ea tu res E co n o m ist
R. ARTHUR UPGREN, professor
of economics and director of the
Macalester Bureau of Economics Stud
ies at Macalester College, St. Paul,
Minn., will be the featured speaker at
the meeting of Group 4 in Decorah,
May 17. Afternoon activities are
scheduled to take place at the Elks
Club in Decorah and the evening so
2:30
cial hour and banquet will be held at
the Legion Club five miles north of
Decorah on Highway 52.
The program is as follows:

Group 4, Decorali, May 17

A.M.
10:00 Visiting and Registration—Lob
by, Decorah State Bank.
10:30 County Officers Meeting—Se
curity Trust & Savings Bank,
Decorah.
P.M.
1:30 Call to Order—Alvin Renaas,
Group 4 chairman and vice
president and cashier, Decorah
State Bank.
Invocation—Father R. W. Cockshoot, Jr., pastor, Grace Epis
copal Church, Decorah.
Welcome—Adrian Smith, presi
dent, Winneshiek County Bank
ers Association and cashier,
Iowa State Bank, Calmar.

QomsL

2:45

2:55
3:00

3:45
4:15

Response—R. L. Jipson, presi
dent, First National Bank, Oelwein.
Greetings—C. H. Rosenthal,
Mayor of Decorah.
Committee Appointments—Al
vin Renaas, Group chairman.
M u s i c a l Selections — Janice
Engle, “Miss Decorah.”
“ S o m e Observations”—R. R.
Schroeder, p r e s i d e n t , Iowa
Bankers Association and presi
dent, Iowa County Savings
Bank, Marengo.
Remarks—Joseph H. Gronstal,
state superintendent of bank
ing and vice president, Carroll
County State Bank, Carroll.
Report—Glenn L. Ingle, state
director, U. S. Savings Bond
Division.
“ Inflation—H i g h, Wide and
Handsome or Not So Fast”'—
Dr. Arthur Upgren, professor
of economics and director of
the Macalester Bureau of Eco
nomic Studies, Macalester Col
lege, St. Paul, Minn.
Address—Frank Warner, sec
retary, Iowa Bankers Associ
ation.
Committee Reports.

i(D&jcifuaJv

TTícu^ 17
ß&L JtfuL mssdtmq^

4:30 Adjournment.
5:30 Social Hour—Legion Club. Five
miles north on Highway 52.
Albert Grant at the Organ.
6:30 Dinner—Legion Club.
8:30 “Public Relations,” Fred R.
Newman, Iowa Falls.—End.
F R IN G E B E N E F IT S . . .

(Continued from page 70)
Iowa bank with $3,150,000 deposits
in town of 3,000: “Our pension plan

pays $100 per month at age 65.”
Profit-Sharing Plan

Nine per cent of the banks have a
profit-sharing plan and it is interest
ing to note that one-third of these
offer it with a pension plan; one-third
with a bonus and one-third as a plan
without either bonus or pension.
Here’s how the plans were described
by a few of the responding bankers:
Montana hank with $31,000,000 de
posits in town of 40,000: “ Profit-shar

ing plan based on percentage of earn
ings, which varies.”
Montana hank with $11,000,000 de
posits in town of 9,000: “ Profit-shar

ing plan is deferred to age 65, both em
ployer and employee contribute, de
pending on salary bracket.”
South Dakota bank with $60,500,000
deposits in town of 65,000: “To be eli

gible, employee must haxe five years’
service and be over age 30. Employ
ee’s share has been averaging from 7
to 8 per cent of annual salary.”
Iowa bank with $18,000,000 deposits
in town of 35,000: “ Profit-sharing plan

is 14 years old. Bank pays annually
into a trust one-fourth of all net prof
its in excess of 6 per cent on capital
account.”
Nebraska bank with $2,500,000 deuosits in town of 1,200: “Our plan—

profit-sharing trust fund — is paid in
by the bank and payable to the em
ployer at retirement. Full interest in
the fund is vested after 14 years’ em
ployment.”
Other “Fringe Benefits”

Winneshiek County Bankers
extend a warm invitation
to their friends in Group 4
and throughout the state of Iowa
to join them in their annual meeting.
NEW IDEAS AND MUTUAL PROBLEMS WILL BE FEATURED
— Your Hosts Will Be the Winneshiek County Bankers Association—
Iowa State Bank, Calmar
Decorah State Bank, Decorah
Security Trust & Savings Bank, Decorah
Ossian State Bank, Ossian
Farmers State Bank, Ridgeway
Citizens Savings Bank, Spillville
N o rth w estern

B a n ker,

M ay,

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

1960

Among “other fringe benefits” were
listed: Reduced employee loan rate,
bank services free of charge, coffee
shop with low-cost meals, financial
help for home or car, membership
dues at golf or civic clubs, generous
paid sick leave, liberal expense ac
counts for officers, half-day holidays
two or three times a month, training
programs, social security paid in full,
employees’ club partially subsidized
and the usual Christmas parties and
summer picnics. Also, roughly 6 per
cent of the banks said officers get a
share of the insurance earnings of the
bank, about half stating that only one
officer—president, cashier or assistant
cashier — gets such a percentage.—
End.

Iowa

Tamm H osts Group 7. M a y 19

N ew s

113

three drive-up teller windows, which
were installed by Diebold, Inc. Draw
ings for cash prizes were held the fol
lowing day from tickets given each
visitor.

r a n c i s k u t i s h , agricultural
D riv e-U p O p e n e d
economist from Iowa State Univer
After Davenport’s Mayor Don Petrucsity, and James S. Russell, farm editorcelli cut the ribbon formally opening
The entire construction project took
of the Des Moines Register and Trib the new $100,000 drive-up addition to
une, will be featured speakers at the the Northwest Bank & Trust Com nine months. In addition to the three
meeting of Group 7 in Tama, May 19.
pany, more than 5,700 persons inspect windows for motorists there is one
Following is the complete Group 7 ed the new facility at an “open house” walk-up window and a full basement
connecting the three teller sections.
affair.
program:
President W. F. Meiburg and his Every safety precaution has been in
Group 7, Tama, May 19
staff were on hand to greet all the vis stalled and each teller unit is air con
A.M.
itors and escort them through the at ditioned.
11:00 Registration—New St. Patrick’s tractive new auto bank. All the offi
The addition is adjacent to the main
Church in northeast Tama.
cials were pleasantly surprised by the bank bui l di ng, providing parking
Noon No luncheon planned. Regis tremendous turnout. In the four-hour space for 75 cars besides the drive-up
trants will find several excel period, 1,765 cars passed through the traffic.
lent restaurants on Highway 30
through Tama.
P.M.
1:00 Meeting Called to Order—R. L.
Kilgore, chairman, Group 7;
cashier, National Bank of Wa
terloo.
Invocation — Rev. J. R. Good
man.
Address of Welcome—E. C. Car
nal, Mayor of Tama.
Response—A. V. Dieken, presi
dent, Farmers Savings Bank,
Grundy Center.
Appointment of Committees —
By the chairman.
ARCH ITECT’S DRAWING- of the new Farmers Savings Bank building at Kalona,
1:30 Observations—R. R. Schroeder, Iowa,,
which is now under construction. Ferd E. Skola is president.
president, Iowa Bankers Asso
ciation, and presi dent, Iowa
County Savings Bank, Marengo.
1:45 Remarks — Joe H. Gronstal,
Iowa superintendent of bank
ing, and vice president, Carroll
County State Bank, Carroll.
2:00 Address—Francis Kutish, agri
cultural economist, Iowa State
University, Ames.
2:45 Address — James S. Russell,
farm editor, Des Moines Regis
ter and Tribune, Des Moines.
3:30 Remarks—Glenn L. Ingle, Iowa
Bankers attending the Group 7 Meeting to be held in
state director, United States
Tama on Thursday, May 19, will take home many
Savings Bonds Division, Des
worthwhile
ideas which they can put to use throughout
Moines.
the year.
3:35 Remarks—Frank Warner, sec
retary, Iowa Bankers Associa
An outstanding program has been planned and the
tion, Des Moines.
members of the TAM A COUNTY BANKERS ASSOCI
3:50 Committee reports^ and new
ATION will count it a privilege and an honor to have
business.
4:10 Adjournment.
you as a guest.
4:30-5:45 Social hour.
6:00 Dinner.
TAMA COUNTY BANKERS ASSOCIATION
Entertainment — V i g o r t o n e s
Chelsea Savings Bank, Chelsea
Quartet, Cedar Rapids.
Clutier State Bank, Clutier
7:30 Address—“How We Build Sta
Dysart State Bank, Dysart
bility Into the Economy” — Dr.
Farmers Savings Bank, Garwin
Arthur R. Upgren, Director of
State Bank, Gladbrook
Bureau of Economic Studies,
Tama State Bank, Tama
Macalester College, St. Paul.
National Bank of Toledo
Adjournment.
Farmers Savings Bank, Traer
First National Bank, Traer
Entertainment will be provided for
the ladies in the afternoon.

N e a)

Ituildiay at K a lo a a

Keep Your Eyes On
Tama May 19

for the Group 7 Meeting

N o rth w estern

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Federal Reserve Bank of St. Louis

B a n ker,

M ay,

1960

114

Iowa News

dìrnnp 3 1*1uns M vviin tf in Vinar L a h e M a y US
VARIETY show featuring head
line acts from Chicago and Las
Vegas will highlight the entertainment
at the annual meeting of Group 3 at
the Surf Ballroom in Clear Lake, May
18.

Dr. Arthur R. Upgren, Director of
Bureau of Economic Studies at Macalester College in St. Paul, will be the
featured speaker at the afternoon ses
sion.
Following is the complete Group 3
program:
Group 3, Clear Lake, May 18

A.M.
10:00 Registration—Surf Ballroom.
12:00 Lunch—Available at many fine
restaurants in Clear Lake.
P.M.
12:30 Noon luncheon has been ar
ranged for the ladies at Grethen
House, followed by entertain
ment.
1:30 Meeting Called to Order—Mark
Arneson, Chairman of Group 3;
president, Clear Lake Bank &
Trust Company, Clear Lake.
Invocation—Rev. Arthur Krebs,
Pastor, Fi r s t Congregational
Church, Clear Lake.
Address of Welcome—Hon. E.
L. Secory, Mayor of Clear Lake.
Response — H. L. Ollenburg,
president, Hancock County Na
tional Bank, Garner.
Greetings — R. R. Schroeder,
president, Iowa Bankers Asso
ciation, and president, Iowa
County Savings Bank, Marengo.
Remarks — Joe H. Gronstal,
Iowa superintendent of bank
ing, and vice president, Carroll
County State Bank, Carroll.

— YOUR

HOSTS—

CERRO GO RDO COUNTY BANKERS ASSO C IATIO N
Clear Lake Bank & Trust Co., Clear Lake, Iowa
First National Bank, M ason City, Iowa
United Home Bank & Trust Co., M ason City, Iowa
American State Bank, M ason City
Community State Bank, Rockwell
First State Bank, Thornton, Iowa
Ventura State Bank, Ventura, Iowa
M anly State Bank, Plymouth Oifice
Sheffield Savings Bank, Dougherty Office

N o rth w estern

B a n ker,

May,

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Federal Reserve Bank of St. Louis

1960

Address — Dr. Arthur R. Up
gren, Director of Bureau of
Economic Studies, Macalester
College, St. Paul.
Remarks — Frank Warner, sec
retary, Iowa Bankers Associa
tion, Des Moines.
Adjournment.
Boat rides on Clear Lake.
5:00-6:30 Social Hour — Surf Ball
room.
6:30 Banquet.
Variety show featuring head
line acts from Chicago and Las
Vegas.
Dance to nationally famous
Jules Herman Orchestra, St.
Paul.

Iowa News

lìrm ip 2 u l Sliirni />«/•*'

E lect N ew P resid en t

Address — Dr. Arthur Upgren,
professor of economics, director
of Macalester Bureau of Eco
nomic Studies, Macalester Col
lege, St. Paul.
Remarks — Cliff Matthews, rep
resentative of the Iowa Junior
Bankers Association.
Report of Nominating Commit
tee.
New business.
Remarks— Frank Warner, sec
retary, Iowa Bankers Associa
tion.
4:00 Adjournment.
6:30 Banquet at Cobblestone Inn.
A special program for the ladies will
include a luncheon at the Steak House
at 1:00 p.m., followed by bridge or golf.

ROUP 2 of the Iowa Bankers Assor ciation will hold its annual meet
ing at Storm Lake on Friday, May 20.
Hosts for the meeting will be the
Buena Vista County Bankers Associa
tion. Following is a tentative pro
gram:

Group 2, Storm Lake, May 20

A.M.
10:00 Registration.
P.M.
A 1:30 Call to Order—Group 2 Chair
man John Gordon, executive
vice president, Pocahontas State
Bank, Pocahontas.
Invocation — John A. Fisher,
president, Buena Vista College,
Storm Lake.
Welcome—Lloyd Bridge, mayor
of Storm Lake.
Response to Welcome — H. T.
Huff, executive vice president,
The State Bank, Fort Dodge.
A p p o i n t m e n t of Nominating
Committee.
Greetings — R. R. Schroeder,
president, Iowa Bankers Asso
ciation, and presi dent, Iowa
County Savings Bank, Marengo.
Remarks — Joe H. Gronstal,
state superintendent of bank
ing and vice president, Carroll
County State Bank, Carroll.

115

Jack R. Eakin, 43, has been named
president of the State Savings Bank
of Council Bluffs. Formerly vice pres
ident, he succeeds Ron Jensen, who
remains as a member of the board of
directors.
Formal announcement was made by
Don L. Harding, chairman of the
board, following its regular monthly
meeting.
Mr. Eakin started with the State
Savings Bank as a 19-year-old mail
boy, and has moved up through the
organization. He served as teller, was
manager of the bank’s MacedoniaHenderson office for four years, was
named assistant cashier in 1947, as
sistant vice president in 1953, and a
vice president in 1954.

—End.
U n io n B an k R e m o d e ls

Area bankers had an opportunity to
inspect the newly remodeled facilities
of the Union-Whitten State Savings
Bank in Union, Iowa, last month. A
social hour and dinner were held in
Eldora following the tour.
The bank has been completely re
modeled. Work included new coun
ters, attractive wood paneling, tile
floors, modern lighting, ceiling tile,
customer lounge and new front.

T a m a C ou n ty E lectio n

Charles A. Grover of the Clutier
State Bank was elected president of
the Tama County Bankers Association
at its meeting at Legion Hall in Traer
recently. He succeeds T. R. McWhirter, Traer.
Don Gates of the Farmers Savings
Bank of Traer is the new vice presi
dent, and D. D. Potter, Tama State
Bank, was re-elected secretary-treas
urer.

Mark Your Calendar
Group 2 Meets May
In Storm Lake
Your host, the Buena Vista County Bankers Association, cordially invites
you to attend this outstanding meeting. An interesting and worthwhile
program has been planned and we will count it an honor to have you
as our guest.
— T H E BUEN A V IS TA C O U N T Y
A lo ert C ity Savings Bank

BAN KERS A S S O C IA T IO N —
First N ational Bank, Rem brandt

First Trust & Savings Bank, A lta

First State Bank, Sioux Rapids

Citizens State Bank, Marathon

Citizens First N ational, Storm Lake

First N ational Bank, N ew ell

Se cu rity Trust & Savings, Storm Lake

Com m ercial Trust & Savings Bank, Storm Lake
N o rth w estern

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Federal Reserve Bank of St. Louis

B anker,

M ay,

i9 6 0

116

Iowa News

C a rroll C ou n ty S ta te
O pens N ew H u ildin y

OMPLETELY new quarters were
Wide panes of glass are used with
occupied last month by Carroll alternating sections of wood paneling
County State Bank in Carroll, Iowa.to separate the bookkeeping area from
The new one-story building more than the rest of the bank, as noted in the
doubles the space in the previous picture at right above. Soundproofing
building, provides two drive-up win eliminates machine noise from the
dows and parking space for at least lobby area.
40 cars.
The two Mosler drive-up windows
As shown above, the exterior pre can be seen in this picture. The tell
sents a modern tone using large panes ers’ stations and all counter work were
of glass extensively, complemented designed and produced by Becker and
with rock-faced red Roman brick. The Associates of Alta, Iowa. The new
same brick motif is carried into the vault door and safe equipment were
interior, providing a pleasing decora installed by Diebold, Inc.
tive pattern with the beautiful drapes
Bankers from the Carroll area were
behind the officers’ section and the invited to a preview opening on
special lighting recessed in the acous Thursday, April 21, and a public open
tical tile ceiling.
ing was held the following Saturday.
Architect for the project, which took
about a year for completion, was I. T.
PRINTING . BOOK BINDING . BOOKS
Carrithers of Council Bluffs. General
contractor was Boje Construction,
DIRECT MAIL ADVERTISING . INDEX
heating and air conditioning by Car. OFFICE FORMS
roll Refrigeration, plumbing by Joe
P. Frank, and electrical work by J. W.
Daniel, all of Carroll.
The Carroll County State Bank was
established in 1870. Current assets are
$7,408,213 compared to $6,979,386 at
year-end. Deposits last month were
$6,748,822, a gain of more than $400,000
over the year-end deposits of $6,306,240.
Officers of the bank are Carl J. Hess,
president; Carl Selzer and Joe H.
Gronstal, vice president; J. P. Meinhardt, vice president and trust officer;
John F. Gronstal, cashier, and Leo
C. Schweers and L. A. Perschau, as
sistant cashiers.
Vice President Joe Gronstal is well

Northwestern Banker, May, I9 6 0

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

known to Iowa bankers as Iowa su
perintendent of banking.
T a m a C ou n ty O fficers

Charles A. Grover, cashier, Clutier
State Bank, Clutier, has been elected
president of the Tama County Bank
ers Association.
Other new officers are: Vice presi
dent, Don Gates, cashier, Farmers
Savings Bank, Traer, and secretarytreasurer, D. D. Potter, assistant cash
ier, Tama State Bank, Tama (re
elected).
H o n o r S io u x City L ady

Mrs. Carl L. Fredricksen, wife of the
chairman of the board of the Live
Stock National Bank, Sioux City, was
recently named recipient of the Com
munity Health Service award for out
standing service in the field of health
and health education. Mrs. Fredrick
sen is vice president of the Iowa divi
sion of the American Cancer Society.
O b serv es 5 0 Y ea rs

Fifty years ago, Joe Menges, presi
dent of the Alta Vista State Bank, Alta
Vista, entered the banking field. His
first assignment was with the First
State Bank, Arlington.
With the exception of a period of
one and one-half years in the late
1920’s and 16 months service in the
army in World War I, Mr. Menges has
been active in banking over the past
half-century. He came to Alta Vista
in September, 1929.

117

T h e B ankers’ M a rk e t 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.

O M P L E T E advertising program
high-speed automated off
A NEW,
set check imprinter which re C for First National Banks. A com
plete local advertising program pack

duces manual operation from seven to
tw o and el i mi
nates guesswork
in i nk- moi sture
control, has been
announced by A.
B. Dick Company.
T he n ew ma
chine, designated
the Mo de l 366,
completes a full
line of A. B. Dick
offset duplicators consisting of seven
different models, according to the an
nouncement.
It is capable of producing at the
rate of 9,000 copies per hour, depend
ing on the job.
UPPLEMENTARY equipment de
signed to increase the efficiency
of banking services is described in a
four-page brochure just published by
the Mosler Safe Company, New York.
The folder illustrates and describes
bank equipment from record safes
and tellers’ buses to the latest in rust
resisters for steel.
Copies of the booklet are available
without charge from the Mosler Safe
Company, 320 Fifth Ave., New York
1, N. Y.

age is now available to First National
Banks at a fraction of its original
cost.
This program was originated for
the First National Bank of St. Joseph,
Mo., by the Fletcher, Wessel & En
right Advertising Agency of that city.
According to J. M. Ford II, presi
dent of the First National Bank, who
has used and highly recommends the
program, “the advertising campaign
is a fresh new approach that should
do the job for other First National
Banks, too.”
The advertising package consists of
a full year’s campaign of newspaper,
radio, television, and billboard adver
tising. It can be purchased as a com
plete program, or each of the adver
tising units is available at a separate
price.
Descriptive l i t er at ur e illustrating
all of the newspaper ads and bill
boards is available without charge
from Fletcher, Wessel & Enright Ad
vertising Agency, 113 South 7th, St.
Joseph, Mo.

WE NEED BANKERS
of all skills and experience for
positions now available. Write to
us for details in absolute confi
dence.
BANK PERSONNEL
CLEARING HOUSE
and Employment Agency
503 N. Washington
Naperville, 111.

Quality Equipment
At Sensible Prices!
TRY An A.B.E.
Electric
Check
Perforator
Desk Model
Trouble FREE
— Fast —
No Operator
Fatigue

FREE TRIAL! WRITE TODAY!

American Bank Equipment
Perfnratnrs
By

BUD GBEENSPAN
4775 Decatur, Omaha 4, Nebraska
C o u p o n Loan System s
C h e c k E n d o rse rs, Sig ners
C e rtifie rs and N um bering M a ch in es
Paper

C u tters

and

Shredders

★
★
★
★
★
★
★
★
★
Prompt Service On All Makes Check
Cancelling Perforators

BEADY NOW

IOWA-NEBRASKA
BANK DIRECTORY
^Published by
No r t h w e s t e r n B a n k e r
OES

M OINES

COMPLETE INFORMATION
O N A L L B A N K S IN

IOWA and NEBRASKA

SPUR TO SAVINGS— This 36-page booklet
can be your bank's most successful promo
tion for systematic savings among your de
positors . . . and prospects. It gives them
worksheets for saving and spending, for
figuring net worth and setting goals, for
recording investments, insurance, tax deduc
tions, household inventories. It gives your
bank ample space for promoting savings
accounts and other services. For samples
of "The Modern Approach to Family Money
Management," and rates, write to Business
News Associates, Inc., 149 Broadway, New
York 6, New York.

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

ACCURATEDEPENDABLEPOCKET SIZENo. 2114 cancelled check file is truly a
welcome specialty that serves a definite
and useful purpose. Ideal to promote new
accounts. Appreciated by business execu
tives and individuals. Receipts for tax pur
poses. Holds over 450 checks plus 12 state
ments and envelopes. Size: 4" high, 10"
wide, 2" expansion, self-adjusting index.
Economically priced; 100— 31c each, 250
— 28c, 500— 27c, 1000— 26c. Your ad mes
sage on front cover. Sample on request
Bankers Advertising Co., Iowa City, Iowa.

The completely re-edited I960 lowa-Nebraska Bank Directory is now ready. Up
to date listings of officers, statement
figures, and other vital facts about all
Iowa and Nebraska Banks. Plus informa
tion about leading banks in the Nation's
most important cities. Still only $4.00
per copy. Write the NORTHWESTERN
BANKER today for your copy. The ad
dress is 306 Fifteenth Street, Des Moines,
Iowa.
N orth w estern

B a n ker,

M ay,

I960

118

No Difference

Arizona Pun

Money does not mean happiness.
Just remember that. We read the
results of a recent survey which
proved conclusively that people with
six million dollars are no happier
than those with five million.

We read recently about the vaca
tionists who were astounded at see
ing a brave, his squaw and 16 young
Indian children playing, having fun
and laughing day after day.
“With all this family,” one vaca
tionist asked, “aren’t there a lot of
fights and quarrels?”
“No,” replied the Arizona Indian,
“we’re just one big Hopi family.”

The Expert!?
An economist is the little fella who
knows more about money than the
people who have it. And if he thinks
marriage is a 50-50 proposition, he
doesn’t know anything about frac
tions . . . or women!

Pretty, Important

’ Way Behind

Mac: Does your girl know how to
cook?
Jack: No. but she knows what’s
cooking.

“You sure look worried.”
“ Man, I’ve got so many troubles that
if anything happens to me today, it’ll
be at least two weeks before I can
worry about it.”

When you see a man with skinned
shins, you can bet he’s a good Rugby
player or a poor bridge player.

English or American?

INDEX OF
ADVEItTISF 11$

D a v e n p o r t , F. E., a n d C o m p a n y ... . 9 4 - 1 0 0
D e L u x e C h e c k P r in te r s , I n c ........................ 80
D ie b o ld , I n c ......................................................... 21
D o a n e A g r ic u lt u r a l S e r v ic e , I n c .................56
D r o v e r s N a t io n a l B a n k ................................ 110
E

E lk irt. C o r p o r a t io n

MAY. 1960
A

A c o r n P rin tin g - C o m p a n y ............................ I l l
A m e r ic a n E x p r e s s F ie ld W a r e h o u s in g
C o m p a n y ............................................................. 22
A m e r ic a n N a tio n a l B a n k — St. J o s e p h .. 95
A m e r ic a n N a t io n a l I n s u r a n c e C o m p a n y
o f G a lv e s t o n ................................................. 46
A m e r ic a n T r u s t a n d S a v in g s B a n k —
D u b u q u e ........................................................... 108

B
B a n k o f A m e r ic a ............................................. 11
B a n k o f C a lifo r n ia ........................................ 12
B a n k o f M o n tr e a l ........................................... 42
B a n k o f N o r th D a k o t a ............................... 78
B a n k e r s A d v e r t is in g C o m p a n y ................. 117
B a n k e r s S e r v ic e C o m p a n y , I n c ...........95-107
B a n k e r s ’ T r u s t C o m p a n y — D e s M o in e s . 96
B a n k e r s T r u s t C o m p a n y — N e w Y o r k . . 41
B e c k e r a n d A s s o c i a t e s .................................. 98
B u e n a V is t a C o u n ty B a n k e r s A ssn . ...1 1 5
B u r r o u g h s C o r p o r a t io n , T h e .................... 57
B u s in e s s N e w s A s s o c ia t e s ..........................117
C
C e d a r C o u n ty B a n k e r s A s s o c ia t io n . . . .109
C e n tr a l B a n k a n d T r u s t C o.— D e n v e r . . 76
C e n tr a l N a t io n a l B a n k a n d T ru s t
C o m p a n y — D e s M o in e s ............................. 24
C e n tr a l S ta te s H e a lth a n d L ife C o ............119
C e r ro G o r d o C o u n ty B a n k e r s A s s n ........... 114
C h e m ic a l B a n k N e w Y o r k T r u s t C o ......... 19
C h ile s -S c h u t z C o m p a n y ............................... 93
C h r is tm a s C lu b a C o r p o r a t io n ...........
6
C ity N a t io n a l B a n k a n d T ru s t
C o m p a n y — K a n s a s C ity ........................... 18
C o m m e r ce T r u s t C o m p a n y ......................... 99
C o n t in e n ta l I llin o is N a t io n a l B a n k
a n d T r u s t C o m p a n y .................................. 15
C o u n c il B lu ffs B a n k s ..................................... 105
C u m m in s -C h ic a g o C o r p o r a t io n ................ 45
N o rth w estern

B a n ker,

May,

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

......................................... 42

I960

F ir s t C itiz e n s N a t io n a l B a n k —
W a t e r t o w n , S. D ........................................... 74
F ir s t C o n t in e n ta l N a t io n a l B a n k and
T r u s t C om p a n y -—L i n c o l n ......................... 91
F ir s t N a t io n a l B a n k o f A r iz o n a ........... 46
F ir s t N a t io n a l B a n k — C h ic a g o ................ 43
F ir s t N a t io n a l B a n k — D e n v e r ................ 82
F ir s t N a tio n a l B a n k — K a n s a s C ity . . . . 48
F ir s t N a tio n a l B a n k — M in n e a p o lis . . . . 64
F ir s t N a t io n a l B a n k — O m ah a .................. 89
F ir s t N a tio n a l B a n k — St. J o s e p h ......... 93
F ir s t N a tio n a l B a n k in St. L o u is ......... 47
F ir s t N a tio n a l B a n k — St. P a u l ................ 69
F ir s t N a t io n a l B a n k an d T r. C o.— T u ls a 8
F ir s t N a t io n a l C ity B a n k o f N. Y. 16-17
F ir s t S to c k Y a r d s B a n k — S ou th St.
J o s e p h ................................................................104

Registered
The American couple had decided
to see something of the world. One
of the stops in their journey was a
small inn in rural France. To facili
tate their movements, the husband
sent their bags ahead. When they ar
rived, the manager—proud of the few
English words he knew—showed them
that he had already registered them,
taking their names from the luggage.
Sure enough, in a fine Spencerian *
hand, there they were: “Mr. and Mrs.
Genuine Cowhide.”
M

M a n u fa c t u r e r s T r u s t C o m p a n y ................
M a s te r ta p e s M u sic, I n c ................................
M e rc h a n ts M u tu a l B o n d in g C o m p a n y ..
M e rc h a n ts N a t io n a l B a n k .........................
M id la n d N a t io n a l B a n k ...............................
M in n e s o ta C o m m e r c ia l M en ’s A s s n ..........
M o s le r S a fe C o m p a n y ....................................
M u tu a l F ir e a n d A u t o m o b ile In s. Co. . .

26
3
98
2
67
60
39
60

N a tio n a l A u t o m o b ile D e a le r s A ssn .
U sed C a r G u id e C o m p a n y ....................... 14
N a t io n a l B a n k o f C o m m e r ce .................. 94
N a t io n a l B a n k o f S o u th D a k o t a ............. 75
N a t io n a l B o u le v a r d B a n k o f C h ic a g o . . 44
N a t io n a l C ash R e g is t e r C o m p a n y ......... 51
N a tio n a l R e s e r v e L ife In s. C o ................... 58
N o r th e r n T r u s t C o m p a n y ........................... 55
N o r th w e s t S e c u r ity N a t io n a l B a n k . . . 73

O m ah a N a t io n a l B a n k .................................. 87
O ttu m w a B a n k s .............................................107

P ie r r e N a t io n a l B a n k , T h e

G r e a te r G ra n d F o r k s C le a r in g H o u s e
A s s o c i a t i o n ...................................................... 79
G re e n sp a n , B u d ................................................ 117
G ro ss, K ir k , C o m p a n y ...................................106

lì

R a ls t o n P u r in a C o m p a n y ........................... 49
R a p id C ity N a t io n a l B a n k ......................... 72
R e c o r d a k C o r p o r a t io n ..................................4-5

H a n o v e r B a n k .......................................................23
H e in r ic h E n v e lo p e C o m p a n y .................... 50
H u m m e r, W a y n e , a n d C o m p a n y ........... 40
I

I o w a A d S igns' .................................................
9
I o w a - D e s M o in e s N a t io n a l B a n k . . . . . 1 2 0
I o w a P o w e r a n d L ig h t C o m p a n y ........... 52
I o w a S ta te T r a v e le r s M u tu a l A s s n ......... 13
J

St. P a u l W e s t e r n C o m p a n ie s
T

T a m a C o u n ty B a n k e r s A s s o c ia t io n ...1 1 3
T e n s io n E n v e lo p e C o r p o r a t io n ................ 40
U

U n ite d S ta te s C h e c k B o o k C o m p a n y . . .104
U n ite d S ta te s N a t io n a l B a n k — O m a h a . . 84

J a s p e r C o u n ty B a n k e r s A s s o c ia t io n . . . .111
K

K o c h B r o t h e r s .....................................................116

V a lle y B a n k an d T r u s t C o m p a n y . . . . 1 0 3
V a lle y N a t io n a l B a n k o f A r i z o n a ......... 80

L a M o n te , G e o r g e a n d S on ......................... 10
L a S a lle N a t io n a l B a n k .................................101
L iv e S to c k N a tio n a l B a n k — C h ic a g o . . 37
L iv e S to c k N a tio n a l B a n k — S io u x C ity 70

W e lls F a r g o B a n k A m e r ic a n T r. C o .. .62-63
W e s t e r n M u tu a l I n s u r a n c e C o m p a n y . . 61
W in n e s h ie k C o u n ty B a n k e r s A ssn . ...1 1 2

IO W A B A N K E R S A Y S :

"W orking with
Central States
is a pleasure”

F . A. Rummel, Jr., E x e c u t i v e V i c e P r e s i d e n t
First State Bank, Britt, Iowa

“ I’v e w a tc h e d C en tra l States B a n k -H e a lth p lan in op eration in our
bank.

O n e asp ect w e esp ec ia lly like is the c o m p le te co o p eration o f

C en tra l States agen ts w h o w rite th e insu rance an d also co op eration
o f the C o m p a n y .”
C en tra l

States w o r k s

e x c lu s iv e ly

th ro u g h

f i n a n c i a l in s t i t u t i o n s .

C o o p era tio n w ith our b an k er cu stom ers is as im p o rta n t to our c o n
tin u ed g ro w th as are our p ro g ra m s:
the n e w

Bank-Health

Thrifty Plan Credit Insurance

and

p ro gra m .

Y o u , too , w o u ld e n joy w o rk in g w ith C en tra l States . . . and w ill fin d
our insurance can b u ild b a n k reven u e an d g o o d w ill o f you r cu stom ers.
F o r fu ll details, p l e a s e w r i t e , w i r e , or telep h o n e W E b s t e r 7 5 0 0 , in
O m aha.

,c*>

N o o b lig a tio n , o f course.

Ce n t r a l S t a t e s
&

Omaha

T . L e s l ie K iz e r ,
U N D E R W R I T E R S
AND

LIFE,

THROUGH

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

HEALTH,

President
O F

C O N S U M E R

A C C ID E N T

FINANCIAL

AND

INSTITUTIONS.

C R E D I T
H O S P IT A L

IN S U R A N C E
INSURANCE

JE R R Y NELSON
Vice President
C H R IS T Y F. A R M STR O N G
Vice President
K E IT H W . C A M PB ELL
Assistant Vice President
G EO RG E E. H A R N A G E L
Assistant Cashier
BOB BU E N N EK E
Assistant Cashier

Have Briefcases, W ill Travel: always a little faster
W h e n we say we want your business, we m ean it. A n d
we fully expect to earn it with our service. T h a t's the
“ w h y ” o f our slogan: always a little fasterl

here to help you with faster collections (day and night
tran sit), faster fund transfers, faster currency ship
m ents, faster investm ent analysis— you nam e it!

I f it m eans traveling, th a t’s the w ay w e’ll travel.

N eed help w ith a special problem and w ant us to
com e to y o u ? W e repeat: H a v e briefcases, will travel.
Call us!

Our traveling operations, o f course, are bu t a portion
o f our com plete correspondent banking services. W e ’re

w a

-D

e s

o i n e s (?)N a tio n a l B anh

Sixth and W alnut, D es M oin es 4 • C H erry 3-1191

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

Member Federal Deposit Insurance Corporation