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A r e I L in k s
M a k in g M o n e y • .
On
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
t/>
S a v in g s ?
EXCLUSIVE NEW SURVEY ON 4% SAVINGS STARTS ON PAGE 28
Leonard Broulik, Vice President,
Operations
Correspondent Banking is a<f'tU0tud Service
at The Merchants National
Electronic data processing, autom ation of banking o p e ratio n s-th e se
are all new tools we use proudly at M N B . But while this autom ation
m eans an even wider range of services and increased efficiency for
our correspondents, we know that to serve you best we m ust keep
your individual requirements uppermost. Whether you talk with
Leonard Broulik, Forbes Olberg, Everett Pratt or any of our officers,
you'll find that your needs and your w ishes are alw ays their first
interest. This personalized service is enjoyed by over half of all Iowa
banks. If you aren’t one of them w e’d like to tell you more about us.
Just give us a call.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ME MB E R F.D.I.C.
3
N ew b u sin ess o v e r s e a s —
t h a n k s to h is h o m e t o w n b a n k e r
*
vA
D uring a business call, an officer of
one of our correspondent banks found
h is c u sto m e r p e rp le x ed a b o u t a
foreign problem . T he custom er, a
m anufacturer, was having difficulty
establishing agents and distributors
for his products in certain countries
overseas. T he banker promised to
help and knew where to tu rn .
H e called our In tern atio n al B an k
ing D ep artm en t and explained the
situation. T hrough our netw ork of
overseas correspondents, an im m edi
ate territo rial survey was m ade in
the areas involved. T he survey pro
duced excellent contacts, which were
passed on to the m anufacturer.
T h e re su lt? T h e m a n u fa c tu re r
com pleted selling and distribution
arra n g em en ts th a t m ate ria lly in
creased the efficiency and profit of
his overseas operation. And our cor
resp o n d en t received a su b sta n tia l
increase in th e accounts carried by
th e m anufacturer.
T h e N o rth ern T ru st offers your
b ank experienced assistance in all
phases of banking, and our staff will
always give prom pt, personal a tte n
tion to your needs.
N O R TH E R N/TRUST
( y f v n / j lv u i a
NORTHWEST
LASALLE
CORNER
AND M O N R O E
BANK
“
V
In t h e
>-
H e a r t of th e
F in a n cia l
D istrict
• C h ic a g o ,
Illin ois • F in a n c ia l
6-5500
• M em ber
F .D .I.C .
N o . 898. N o r th w e s te r n B a n k e r is p u b lis h e d m o n th ly b y th e N o r th w e s te r n B a n k e r C o m p a n y , 306 F i f te e n th S tr e e t, D es M o in es 9, Io w a . S u b s c rip tio n ^ 35c
p e r co p y , $3 p e r y e a r. S e c o n d c la ss p o s ta g e p a id a t D es M o in es, Io w a . A d d re s s a ll m a il ( s u b s c r ip tio n s , c h a n g e o f a d d re s s , F o r m 3579, m a n u s c r ip ts ,
m a il ite m s ) to a b o v e a d d re s s .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4
1 9 6 1 —O u r
Best Y e a r
$ 2 6 9 ,1 6 8 ,4 0 3
LIFE INSURANCE IN FORCE
Up 14.88%
HIGHLIGHTS
Total P re m iu m s................. $8,043,827
Up 11.14%
Total In c o m e ....................... $9,436,805
Up 11.79%
A s s e ts .................................. $28,498,872
Up 7.55%
Capital & S u rp lu s.............. $4,451,587
Up 8.48%
"National fidelity \ j f e
IN S U R A N C E C O M P A N Y
C. G ustaveson
K A N SA S C IT Y 6, M O .
N early 2,000 M id-W estern b an k ers are now using the
Io w a
b ro ad
NFL.
C R E D IT
L IF E
IN SU R A N C E
P O R T F O L IO
of
If you or yo u r b an k have any questions, a note
to o u r hom e office will b rin g fu ll in fo rm a tio n to you.
S p ecialists in Rank Credit L ife P ro g ra m m in g
R o b e rt S tro u d
M is so u ri
Jo e G órecki
K ansas
M erlin M enk
C o lo ra d o
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J e r r y Steffen
XTN e ’------•
b rask a
R. K irchoff
C a rl B olte
I n d ia n a
M is s o u ri
W. B irm in g h a m N. J . S c h in d ler
—
M is so u ri
Illin o is
P a u l S tro u d
Illin o is
5
¡P e a r E d i t o r
O ld est F in a n cia l J o u rn a l W est o f th e M ississip p i
for your M A Y, 1962, reading
6 8 t h Year
“ On th e M ap”
"W e have c e rta in ly received a trem endous
w ritte n response fro m your A p ril cover
sto ry of our C uban ban k er. I t has really
p u t our tow n of N evada on the m ap. T hank
you.”
EDITORIALS
13
A cro ss th e D esk fro m th e P u b lish e r
Sam McHose, President
Nevada National Bank,
Nevada, Iowa.
“ In terestin g F ea tu re”
"O ne of the m ost in te re s tin g fe a tu re s of
your N orthwestern B anker is th e page
‘A cross the D esk’ Y our le tte rs are tim ely
indeed a n d b e a u tifu lly expressed. The place
m ent is w o n d e rfu l.”
Beverly Pitts, President,
American National Bank,
St. Joseph, Missouri.
FEATURE ARTICLES
23
27
28
32
34
36
37
38
H ead s M idw est Area
Cornelius D. H ow land is scheduled
to succeed Jackson D. B reaks as head
of D istrict 7 of th e U nited S tates de
p a rtm e n t of th e
Chase M an h attan
Bank. The d istrict
h as responsibility
f o r t h e h a n k ’s
business in Colo
ra d o , s o u th e rn
. K ansas, M issouri,
Jj N e b ra sk a a n d
W yom ing.
Mr _ B reaks is to
C. D. H O W L A N D
,
. ,
becom e p resid
en t.
of Chase M an h attan ’s sm all business
inv estm en t com pany, for w hich ap
provals are being sought. He and
Mr. H ow land are b oth vice p resid en ts
of th e bank.
Mr. H ow land joined th e Chase N a
tional B ank in 1936. He w as appointed
an a ssista n t tre a s u re r in 1950. W e w as
prom oted to a ssista n t vice p resid en t
in 1956, th e y ear a fte r Chase N ational
and the B ank of th e M an h attan Com
pany m erged to form th e Chase M an
h a tta n Bank. He w as advanced to vice
p resid en t in 1960. Since 1947 he has
been associated w ith D istrict 6, w hich
handles th e b a n k ’s b u siness in th e
n o rth c e n tra l states.
No. 8 9 8
C olored I n s e r t P a g e — “ D ouble D e lig h t”
20 S u ccessfu l C om m u n ity P ro je c ts
A re B a n k s M ak in g M oney On 4% S av in g s?
— A N o r th w estern B a n k e r S u r v e y
A B a n k e r Looks A t F a rm F e e d in g — N eil F. R oberts
H e re ’s P ro o f T h a t S ales C o n tra c ts Do P a y Off!
B ond P ric e s U p a n d S tock P ric e s A re D own— R aym o n d T rig g er
C om m erce T r u s t U n v eils P la n s f o r 3 0 -S to ry S k y sc ra p e r
C re d it M en O ppose D ou g las B ill; V iew B a n k P ro fit Squeeze
— Malcolm Freeland
INSURANCE
57
S pace A ge S ales Id e a s
STATE BANKING NEWS
M in n eso ta
T w in C ity
S o u th D a k o ta
N o rth D a k o ta
M o n ta n a
C olorado
N ew s
N ew s
N ew s
N ew s
N ew s
N ew s
110
83 W yom ing N ew s
61
87 N e b ra sk a N ew s
64
88 O m ah a N ew s
71
96 L incoln N ew s
79
101 Iow a N ew s
81
108 Iow a G ro u p M eetings
83
D es M oines N ew s
OTHER FEATURES
120
121
122
In d e x of A d v e rtise rs
T he B a n k e rs ’ M a rk e t P lace
In th e D ire c to rs’ Room
NORTHWESTERN BANKER
306 15th Street, Des Moines 9, Iowa, Telephone CHerry 4-8163
P ublisher
Clifford De Puy
A ssociate P ublisher
Malcolm K. Freeland
A ssociate E d ito r
Walter T. Proctor
A d v e rtisin g A s s ista n t
Elizabeth Cole
C irculation D e p a rtm e n t
Lena Sutphin
Field R e p rese n ta tiv e
AI Kerbel
E d ito r
Ben J. Haller, Jr.
A ssociate E dito r
Doyle Minden
A u d ito r
Bertha Soderquist
Field R e p rese n ta tiv e
Paul Masters
Frank P. Syms, Vice President, 550 Fifth Avenue, New York 36, JUdson 2-7126
Milton P. Bock, Vice President, 654 Baker Building, Minneapolis, FEderal 6-5357
DE PUY PUBLICATIONS: Underwriters Review, Northwestern Banker,
Iowa-Nebraska Bank Directory
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6
Hank A dvises dob
T hey are listening to th e recordedV
voice of Miss Am y V anderbilt, eti
quette auth o rity , discussing “The Do’s
and D on’ts w hen you apply for a job.”
On the record . . .
.. your first visit to a prospective
employer may well be your most
inifmrtant one. It may mean the
. . . or your first visit
may be your last — depending
on what kind of an impression
you make. Begin with your
appearance. . . be appropriate
with a Capital 'A.' Then be
yourself, be patient, don't
fidget. Be ready to take
tests, be prompt with re
plies. Thank your inter
viewer.”
OME 5,000 G reater New Y ork area
high school seniors about to en te r
th e business w orld are g ettin g ex p ert
S
advice on applying for a job—ju st for
th e listening, th an k s to M anufacturers
H an o v er T ru st Company.
SIN G LE PACKAGE
OF PROTECTION
COMBINE ST. PAUL’S
BANKER'S BLANKET BOND
WITH OTHER PERSONAL
AND BUSINESS COVERAGES
LIFE
PERSONAL
BUSINESS
LIABILITY
GROUP
PERSONAL
a
PREMISES
MARINE
AUTOMOBILE
i
Simplify your insurance.
Choose from over 40 kinds
of protection. Pack those
you need into a single St.
Paul Multicover Plan. Deal
with one agent . . . pay one
premium. Include modern
Banker’s Blanket Bond . . .
all the standard coverages
and more. Let us tailor a
plan to your specific needs both personal and business.
FOR M O R E INFO RM ATIO N, CALL
YOUR ST. PAUL A G E N T T O D A Y
(N o t available in N e w Y o r k sta te .)
T H E ST . PAUL
N S U R A N C E
C O M P A N
I ES
r
Serving you around the w o rld .. . around the d o c k
St. Paul Fire & Marine Insurance Company
St. Paul Mercury Insurance Company
W estern Life In su ran ce Company
Northwestern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The seven-inch, 33 r.p.m. records *
offered prospective g rad u ates are be
ing supplied to high school guidance
counselors for distrib u tio n to in te r
ested stu d en ts or placem ent in guid
ance office inform ation racks.
“M anufacturers H anover asked Miss
V anderbilt to m ake th is record since
we felt th a t high school seniors and
th e ir p a re n ts—and high school guid- *
ance counselors—w ould find h er ad
vice helpful and inform ative,” Jo h n
B. H ennem an, vice president-person
nel, said.
"\
Miss V anderbilt, a u th o r of the
“Complete Book of E tiq u ette,” gives
the stu d en ts h er tips on m any facets
of job seeking—p rio r preparation, the
interview , testing, personal app ear
ance and attitu d e.
H er advice is in down-to-earth, u n
derstandable language as she urges
th e graduate-to-be to rem em ber th a t T
“your first v isit to a prospective em
ployer m ay w ell be your m ost im por
ta n t one.”
H er recording stresses the importance to seniors of know ing w h at th ey
are looking for and w arn s th em not
to be sw ayed by th e “o utw ard glam
o u r” of some jobs.
N ew Feel P o sitio n
H ugh J. H efm er has been elected
first vice presid en t of the F ederal
R eserve B ank of
Chicago.
Mr. H elm er, a
g rad u ate of the
U n iversity of W is
consin, has been
em ployed by the
b ank since 1933.
He has served as
vice president of
th e b an k exam
i
n a tio n d e p a r t
H. J. H E L M E R
m ent since 1959,
p rior to w hich tim e he w as in charge
of th e b an k ’s check departm ent.
N ew M osler D ir e c to r
*■
N. B axter Jackson has been elected
a m em ber of th e board of directors
of The M osler Safe Company, accord
ing to E dw in H. Mosler, Jr., ch airm an A
of th e board.
Mr. Jackson is form er p resid en t and
ch airm an of th e board of th e Chem
ical B ank New Y ork T ru st Company
and is p resen tly ch airm an of th e exec- ^
utive com m ittee of th is b ank and di
recto r of m any leading corporations.
A
'...the
SEVENTH successful project
you've completed for u s .. ."
Howard P. Parshall,
president, Bank of the
Commonwealth, Detroit
Says H o w a r d P. P a r s h a l l , president, Bank of the Commonwealth,
Detroit: “Our new Garden City branch is the seventh successful project
you’ve completed for us . . . starting with the remodeling of our Uni
versity branch back in 1954, and including six branches and our Main
Office. The Garden City project confirms what we already knew . . .
that Bank Building Corporation can be depended on for imaginative
design, practical and efficient layout, and the kind of on-the-job team
work that takes a load off bankers’ shoulders. We are very pleased
with this newest branch.”
Clients who invite you back again are satisfied clients. The $356-million
Bank of the Commonwealth is one of hundreds for whom we have
done many jobs. If you’re considering building or remodeling, it might
pay you to talk to some of these Bank Building clients in your area.
Write us or phone us; we’ll be happy to supply you with their names.
Left: Garden CityBranch features circu
lar design almost com
pletely enclosed with
plate glass panels.
Below: Interior ac
cents circular motif.
OF AMERICA
ST. LOUIS, 1130 HAMPTON AVENUE
Send for free copy of
a photo-guide
to some of our many
multi-project clients.
“E nc o r e ,”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
ATLANTA
•
CHICAGO
•
DALLAS
•
NEtV YORK
•
SAN FRANCISCO
8
WESSLING
SERVICES
COUNSEL ON BANK AND TRUST PUBLIC RELATIONS
OES M O IN ES
Nort hwest ern Banker, May, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9, I O W A
A
A u t o m a t io n f o r S m a l l e r f la n k s
. . . for the
banker who wants a
“ custom-styiedn look
PR O C ESSED checks are rem oved from th e Cummins ODP S o rter a t F irs t N ational,
H olland, Mich., by M iss H elen P lasm an (le ft), supervisor-autom ation, w hile M iss
Corinne Pool, cashier, observes procedure. The so rter operates a t speeds up to 550
checks a m inute.
REA b an k ers saw how m edium
and sm all size in stitu tio n s can
econom ically au to m ate th e ir proce
du res to o perate as efficiently as th e
largest b an k s in th e co u n try a t a b an k
system review held in th e F irs t N a
tional B ank, H olland, M ichigan, re
cently.
V isitors w itnessed a dem o n stratio n
of autom ated dem and deposit account
ing in th e b a n k ’s q u arters. F e a tu re d
in th e d em o n stratio n w as th e first
Cum m ins ODP — O riginal D ocum ent
Processing-S orter — in stalled for use
w ith checks. It sorted a b atch of
checks in a few m in u tes th a t w ould
have req u ired over an h o u r by the
hand so rtin g m ethod.
Miss C orinne Pool, cashier, ex
plained th a t th e p re se n t system w as
planned, installed and in operation
w ith in ten m o n th s from th e tim e of
its inception. “Step one,” said Miss
Pool, “w as th e in stallatio n of N ational
Cash R egister Post-T ronic B ookkeep
ing m achines.” L ater, C um m ins e n
coding eq uipm ent w as placed in use
in conjunction w ith A ddressographM ultigraph im p rin tin g m a c h i n e r y .
W hen th e first C um m ins S orter used
on general checks w as installed, over
85 p er cent of th e checks received car
ried ODP encoding p erfo ratio n s and
could be sorted m echanically. The
sorting tim e is reduced to a m a tte r of
m inutes and th e accuracy is v irtu a lly
100 p er cent.
A ccording to Jo h n E. Jones, vice
p resid en t and g eneral m an ag er of
C um m ins - Chicago C orporation, th is
first so rte r a t F irs t N ational, H olland,
m ark s a m ajo r b re a k th ro u g h in th e
high cost of autom ation. He claim s
A
th a t th is device and related equipm ent
w ill m ake it possible for a m edium
size b an k to enjoy fully autom ated
check processing for a total in v est
m ent of less th a n one-fourth of the
m inim um cost of an y th in g previously
available. “E ven larger banks,” said
Mr. Jones, “w ith g reater volum es to
handle, can autom ate w ith the Cum
m ins system at one-half the cost of
o th er in stallatio n s.”
M osler T e lle r C ontest
An all-expense cruise to B erm uda
is th e g rand prize in the fifth annual
contest to pick Miss Drive-in Teller,
The M osler Safe Com pany announced
th is m onth.
In addition to the grand prize, th ree
finalists selected by a panel of dis
ting u ish ed judges w ill w in an all-ex
pense trip to A tlantic City, plus a
w ardrobe for th e trip, to a tten d the
A m erican B ankers A ssociation Con
vention, Septem ber 23-26.
B ankers atten d in g th e convention
w ill vote for the w in n er w ho will
reign for a y ear as Miss Drive-in
Teller.
The contest is open to any w om an,
m arried or single, w ho w orks full
or p a rt tim e as a teller at a drive-in
or w alk-up b ank window. C ontestants
m u st com plete an official e n try blank,
enclose a photograph (5" x 7" or 8" x
10") and m ail to Miss Drive-in Teller,
The M osler Safe Company, 320 P ark
A venue, New Y ork 22, N.Y. E n try
blanks will be distrib u ted to banks
by Mosler. A dditional e n try blanks
w ill be available at any Mosler B ranch
Office or by w ritin g to the above ad
dress.
to his advertising
Here is an unusually effective series of bank
ads that covers a complete range of bank
ing services.
The ACHIEVEMENT SER IES is designed to
fill the promotion needs of the forward-look
ing banker who wants a “ custom-styled**
message at a less than custom cost.
Superb illustrations by Joseph Watson Little
are combined with simple but motivating
copy. The basic measurement of each ad
is 3 columns x 8", but may easily be adapted
to a larger space.
Wessling Services offers this series on an
EXCLUSIVE BASIS—to only one bank in a
circulation area.
S e n d fo r y o u r F R E E copy of
this exciting new ad se rie s
WESSLING
SERVICES
707 LOCUST STREET . DES MOINES 9, IOWA
Gentlemen:
Please send me more information about the
ACHIEVEMENT SER IES and a copy of the
booklet, illustrating all the ads, so I may
review it.
NAME........................................................................
TITLE........................................................................
BANK........................................................................
ADDRESS.................................................................
Nort hwest ern Banker, May, J9é2
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10
A A B A C M it e r s H e a d q u a r t e r s
THESE
V
COIN
HANDLING
SUPPLIES
by
HOM E FOR N A B A C is now a q u a rte r of th e second floor f r o n t o f th is new b u ild in g
E x e c u tiv e P la z a Office B u ild in g , in P a r k E id g e , 111.
for n a b a c , the
A ssociation for B ank A udit, Con
tro l and O peration, m oved to P a rk
Ridge, Illinois, last m onth.
The new offices w ill occupy a p o r
tion of a new, contem porary - style
building in th e E xecutive Plaza. The
Plaza is a tria n g u la r area of land in
w hich such nationally-know n firm s as
Moore B usiness Form s, Square D, All
A m erican Life & C asualty Com pany
and o thers have office buildings. It
is in th e cen ter of th e city ’s business
district.
The P a rk Ridge Inn, a new m otor
hotel is only 2% blocks from NABAC’s
new office, and an o th er new motelhotel, O’H are Inn, is available for the
accom m odation of h e a d q u a rte rs’ v isi
tors. N um erous o th er hotels and re s
ta u ra n ts are also nearby.
eadquarters
H
F E D E R A L
BILL
S T R A P S
Made of the best quality
Kraft paper, so strong it
will not break in a straight
pull. Breaking strength 70
lbs. persq. in.With inverted
and r e v e r s e d f i g u r e s
instantly disclosing value
of package on top edge or
bottom.
“ STEEL- STRONG ” is the only Bill Strap which
regularly delivers currency to Federal Reserve
Banks in unbroken packages. In IT Colors.
ABA M ortgage C o n feren ce
COIN WRAPPERS
II
tAx*
nU-«s-V
1
B£‘S
They save 25% of time
in m a c h in e f i l l i n g .
Packed f la t but they
“ pop open” with slight
pressure between thumb
and finger. In 6standard
c o l o r s fo r v a r i o u s
denominations of coins.
GUNSHELL
C OI N
WRAPPERS
Due to unique construction,
this Wrapper gives superior
strength, neatness, and a
definite greater protection
to wrapped coins. Too, there
is no c lo g g in g of coins.
E n d s c r im p e d t ig h t ly .
Symmetrically packed 1,000
to a carton with the crimped
e n d s t u r n e d o n e way.
THEY'RE GREAT TIME SAVERS
IN ALL MACHINE FILLING.
SEE YOUR
DEALER OR
SEND FOR
FREE SAMPLES
Dept. W
TheZ.lDOWNEY
G a n tfia tu f
HANNIBAL, MISSOURI
World's L a r g e s t M a n u f a c t u r e r s
o f Coin H a n d l i n g S u p p l i e s
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The expanding role of com m ercial
b anks in hom e m ortgage lending w ill
be th e cen tral them e of The A m erican
B ankers A ssociation’s second ann u al
N a t i o n a l M o r tg a g e Conference in
W ashington, D. C., May 13-16.
An advance program of 28 speakers
and forum discussion leaders, includ
ing housing ex perts from both govern
m en t and priv ate industry, w as a n
nounced today by Cowles A ndrus,
ch airm an of th e A.B.A. M ortgage F i
nance Com m ittee, and vice chairm an,
New Je rse y B ank and T ru st Company,
Passaic. More th a n 600 re g istra n ts are
expected for th e three-day m eeting at
th e M ayflower Hotel, Mr. A ndrus said.
C ongressm an A lbert R ains of A la
bam a, chairm an of the U. S. H ouse
of R ep resentatives Subcom m ittee on
H ousing, w ill speak on “The G row ing
P o ten tial of Com m ercial B anks in
Hom e F in ancing.” Senator Jo h n J.
S parkm an of Alabam a, ch airm an of
th e S enate’s H ousing Subcom m ittee,
w ill discuss “A Secondary M ortgage
F acility for Conventional Loans.”
B ank D ep o sits lip 8 .1 %
B anking figures at th e end of 1961
m arked th e tw elfth consecutive year
for w hich deposits, capital accounts
and total assets established new record
highs. These and o ther significant
facts are revealed by th e Sum m ary of
U nited States B anks in th e M arch
1962 E dition of P olk’s B ank D irectory.
B ank deposits on D ecem ber 30, 1961,
w ere $292,166,400,981, up 8.1% The
corresponding figure for th e end of
1961 w as $270,305,865,675.
Capital accounts as of D ecem ber 30,
1961, w ere $27,525,168,835, an increase
of 6.7%, as com pared w ith $25,801,627,065 for D ecem ber 31, 1960.
The n um ber of banks in th e n a
tio n ’s ban k in g system declined from
14,002 in 1960 to 13,996 in 1961. B ut
branches continued th e ir long-term
grow th trend, increasing from 10,796
to 116,77. T his gives th e nation 25,673
banking offices.
Texas leads all states in num ber of
banks w ith 1,027 and is followed by
Illinois w ith 983, M innesota w ith 691,
P ennsylvania w ith 681 and Iow a w ith
673.
The M arch 1962 issue of P olk’s B ank
D irectory is th e 135th edition of this
sem i-annual publication. I t contains
m ore th a n 3,000 pages, and in addition
to U nited States banks, lists inform a
tion on all banks and th e ir branches
know n to be in existence th ro u g h o u t
the free w orld.
^
^
^
T
*
*
U
P atm an M ay H ead
H o u se B a n k in g U n it
Rep. W rig h t P atm an (D., Texas) ap- *
pears to be headed for a m ajor posi
tion of pow er in Congress, in view of
th e fact th a t C hairm an Spence (D.,
K entucky) of th e H ouse B anking Comm ittee plans to retire at th e end of his
c u rre n t term .
As second ran k in g Dem ocrat, Mr.
P atm an autom atically w ill become
ch airm an in Ja n u a ry , 1963, if, as an- >
ticipated, he w ins re-election in No
vem ber and if th e D em ocrats retain
control of th e House.
Mr. P atm an has continuously ques- .
tioned th e F ed eral R eserve for w h at
it calls its dom ination by big banks.
He has been an opponent of bank
m ergers as an undue concentration
of bank power. He has contended th a t 4*
Fed policies have encouraged high in
te re st rates and th a t th e F ed enjoys
too m uch independence.
11
;- '
T h eir autom ation pioneering can w ork
for you. H a rris B a n k ’s know -how is based on y e a rs of
actu al w orking experience and pioneering in th e field. W e ll
gladly share it w ith you. T his is one w ay w e help our cor
respondents. W e'd like to help y o u .
HARRIS “ BANK
O r g a n iz e d a s N . W . H a r r is & C o . 1 8 8 2 — I n c o r p o r a t e d 1907-— M e m b e r F e d e r a l R e s e r v e S y s te m . . . F e d e r a l D e p o s it I n s u r a n c e C o r p o r a tio n
111 W EST M ONROE S T R E E T —CHICAGO 90
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12
These tiny magnetic cores in our new data processing system provide access to data in millionths of a second!
Pushbutton memory:
the latest equipment for a modern bank
As you know, commercial banks ev
erywhere m ust plow through a m oun
tain of paperw ork daily. I t ’s costly
and tim e-consum ing to say th e least.
H ere a t The F irst N ational B ank of
Chicago, we th in k we have more th an
adequately solved the problem with
a lightning-fast electronic d a ta proc
essing system .
The m achines in our D ata Center
are geared to handle th e problem s of
a modern commercial b a n k —quickly,
accurately and efficiently. Our sys
tem will work around th e clock to
prepare dem and deposit statem ents
. . . m aintain Personal T rust accounts
. . . calculate Savings in te re s t. . . proc
ess Instalm ent Credit transactions and
prepare our current internal account
ing inform ation.
The coming of electronic data proc
essing is a great help to u s—and it
should be to our correspondents, too !
Our records are kept more efficiently
and our peak loads have been re
duced. Our officers have more to work
w ith: more tim e, more d ata for de
cisions, fewer risks and unanswered
questions. C orrespondents m ay well
place even more confidence in The
F irst N ational B ank of Chicago.
Our installation is one of the m ost
modern of its kind anywhere. T h a t’s
not surprising because we never stop
searching for new ways to give you
the m ost up to date banking service
possible.
Any banker considering an associ
ation with us is welcome to stop in
and discuss th e benefits of such a
modern installation. We’ll show you
ours. We’re proud of it !
The First N ational Bank of Chicago
Dearborn, Monroe, Clark and Madison Streets • Building with Chicago since 1863
M EM BER F .D .I.C .
Nort hwest ern Banker, May,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
13
» S the D E S K
L io n t the Pabftiihei
(DsjcUl OavjlUjl c£cdtlvwpL J'tesunavL:
U . S. S e c r e ta r y of A g ricu ltu re, Washington, D. C.
*
\
Y o u r d e p a rtm e n t is considering a p la n in con
ju n c tio n w ith the C red it U nion N ational A ssocia
tio n to p rom ote a nation-w ide netw o rk of ru ra l
cre d it unions.
B u t w hy an d fo r w hat p u rp o se?
Do fa rm e rs need m ore financing?
A re an y fa rm e rs who re q u ire leg itim ate and
sound financial assistance being d enied help by
c o u n try banks?
T h ro u g h the y ears the c o u n try ban k ers of
A m erica have loaned m oney an d given th e ir a d
vise, help an d counsel to fa rm e rs who knew w hat
th e y w ere doing an d d id n ’t expect th e “ w elfare
s ta te ” to tell them w hat to p la n t, w hen to plow,
w hat g rain to store, or how to vote.
C e rta in ly th e re is no need to d ay fo r an o th er
b u re a u c ra tic controlled financial o rg an izatio n based
on nation-w ide cred it unions, from coast to coast,
to fu rn ish cred it to farm s who a lre a d y have the
follow ing sources of lo an in g o rg an izatio n s av ail
able to them :
1. Over 13,000 hanks.
2. 500 P roduction Credit Associations.
3. 800 Federal L a n d B ank Associations.
4. 1,500 F arm ers H om e A d m in istra tio n offices.
5. 1,500 R u ra l Electrification A d m in istra tio n
Co-ops.
6. M a n y insurance com pany offices.
7. F arm equipm ent dealers.
F u rth e rm o re , w hy should a n o th e r non-tax p a y
ing g overnm ent agency be established to com pete
w ith tax p a y in g banks an d in su ran ce com panies,
an d especially so w hen J .F .K . is supposed to be
tr y in g to balan ce th e b u d g et— or has he given
th a t u p ?
A s A rchie K. D avis, C h airm an of the C om m ittee
on C red it U nions of th e A m erican B an k ers Asso
ciation s a i d :
“ S teps being considered by th e U n ited S tates
D e p a rtm e n t of A g ric u ltu re an d th e C red it U nion
N atio n al A ssociation w ould have an adverse effect
on the f u tu r e stre n g th an d ab ility of co u n try
banks to serve ru ra l areas.”
Since farm ers are now com pletely financed
th ro u g h c o u n try banks a n d th e ir correspondent
connections, as well as other agencies, w hy should
an o th e r com peting governm ent org an izatio n be
established to d u p licate th is service an d w ithout
p ay in g an y income taxes.
T here are “no offsetting benefits” an d the plan
should be voted down, before an o th er p arasitical
financial m on stro sity becomes a barnacle on tbe
a g ric u ltu ra l ship of state.
# =& =»
QsjcUl (BIoJvl J.
TlmvJtorL,
P residen t, In s titu te of L ife Insurance,
N e w York.
The cap ital needs fo r a g ric u ltu re exceed those of
in d u s try as in d icated by y o u r stu d y of th is subject.
T his is v ery in terestin g , because m ost people
have alw ays felt th a t the figures w ere reversed.
F a rm in g
1. In I960, the average capital req u irem en t fo r
each fa rm w orker was $22,100, a ju m p of 550
p e r cent from the average of $3,400 re q u ire d in
1939.
In d u s try
2. The average cap ital req u irem en t fo r each w ork
er in m a n u fa c tu rin g in d u strie s rose 275 p er
cent, to $19,900 in 1960 vs. $5,300 in 1939.
The to tal cap ital re q u ire d by a g ric u ltu re rose
less th a n to tal req u irem en ts in in d u stry , however.
The to ta l fo r a g ric u ltu re was up 307 p e r cent, at
$157.6 billion com pared w ith $38.7 billion in 1939,
a n d th e to ta l fo r m a n u fa c tu rin g in d u stries was up
341 p e r cent a t $228 billion vs. $51.7 billion in
1939.
As a resu lt of th e increased cap ita l investm ent in
a g ric u ltu re , re p re se n tin g im proved p ro d u ctio n
m ethods, the o u tp u t p e r m an-hour gained an av er
age of 6 p e r cent a y e a r in the 1950-60 period. The
a n n u a l average gain p e r m an-hour fo r m a n u fac
tu re rs w as only 3 p er cent.
Y our stu d y , M r. N ew ton, em phasizes the need
fo r m ore savings to prom ote fa ste r economic
grow th since the o u tlets fo r cap ital use have m u lti
plied m ore ra p id ly th a n savings.
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Nort hwest ern Banker, May, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
in the Diebold Tradition
The same quest for product perfection that pro
duced the Diebold-Basic vault door and has resulted
in the finest bank equipment for more than a
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Unique in its engineering and design, Diebold Bank
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. . . anticipates those of tomorrow through utiliza
tion of the modular concept. To this end, Diebold
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“ engineered teller efficiency” . . . does so within
a framework of good looks completely worthy of
your organization’s name and position.
New Diebold Bank Counter Equipment literature
that conveys the scope, function and styling of this
equipment is now ready for you. Simply use the
coupon to secure your copy without obligation.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
DIEBOLD
I N C O R P O R A T E D
DIEBOLD, INCORPORATED
Canton 2, Ohio
Dept. B-123
Gentlemen:
Please send me your new literature on
Bank Counter Equipment.
Name ________________________________
CANTON
Title
________________________________
Company ____________________________
BANK EQUIPMENT
OFFICE EQUIPMENT
Address ______________________________
I
Z o n e ____ I
State
DIB-1896
In Canada: Diebold of Canada, Ltd., Toronto • Ahern Safe Co., Montreal
Nort hwest ern Banker, May, 1962
16
Of f er 3 tosier Stock to t Bnblie
H E M osler Safe Com pany has a n
nounced th a t it has filed w ith
th e S ecurities and E xchange Com
m ission a re g istra tio n statem en t cover
ing 295,000 sh ares of th e com pany’s
com m on stock, of w hich 260,000 now
ou tstan d in g sh ares are to be offered
to the public and 35,000 new sh ares
are to be offered by th e com pany to
its em ployees. The firm m ain tain s
executive offices in New Y ork and
th e m ain p lan t is in H am ilton, Ohio.
Of th e 260,000 sh ares being reg is
tered for th e proposed public offering,
215,627 sh ares are to be sold by Mosler
Foundation, Inc., a charitab le founda
tion, and th e balance by tru ste e s of
th ree M osler fam ily tru sts. A fter the
offering, m em bers of the M osler fam
ily and vario u s tru s ts for th e ir benefit
w ill continue to own approxim ately
80 per cent of th e com pany’s o u t
standin g stock.
B lyth & Co., Inc. w ill head th e
u n d erw ritin g group.
The M osler Safe C om pany is one
of the w o rld ’s larg est m a n u fa c tu rers
T
of safes, b an k v au lt equipm ent and
m echanical and electronic security
p roducts and system s to p rotect prop
e rty against theft, d estruction and
intru sio n, and also m an u factu res v a r
ious lines of office equipm ent, includ
ing record storage and data retriev al
equipm ent.
“ U n sh a k a b le M an” T o
Be F eatu red O n TV
A d ram atic page from th e annals
of w estern banking comes to life th is
m onth (May) on one of television’s
v e te ra n program s dedicated to b rin g
ing v iew ers historical stories of the
Old W est.
The program , D eath V alley Days,
tak es a 500-mile side ja u n t from its
nam esake location and peers into the
not-so-old-West em bodied in the city
of San F rancisco sh o rtly after the tu rn
of th e century.
The story, entitled “The U nshakable
M an,” unfolds in San F ran cisco ’s old
w a te rfro n t produce d istrict bordering
on the c ity ’s well heeled financial dis-
PURPOSE
r
T he old Chinese philosophers
used to say, "Longest journey
starts with single step.” T hat’s a
subtle way of saying, "If you want
to go somewhere, start m oving.”
Someone, reporting a battle long
ago, said, "The general mounted
his horse and rode furiously in all
directions.” The distinction be
tween these quotes seems to be
one of purpose.
N ow we are simply a so-called
"m edium -sized” corporation, but
we have one thing going for us in
that our movement is purposeful.
We do not subscribe to the cur
rent thinking that diversification
is a hedge against disaster, so we
are not faced with the problem of
spreading ourselves thin enough
to encompass the making o f a lot
o f unrelated products. As a matter
o f fact, we still are not satisfied
that we know how to make one
product as well as it can be made.
Nevertheless, staying on the beam
and focusing on the problems re
lating to the production of this
one product does enable us to
weigh the pros and cons of each
minor improvement which cannot
always be seen but which could
be significant. O f course, when
values that don’t show are put into
a product, the realist is inclined
to question the need for them,
and yet even he can find reason to
believe that the sum total is bene
ficial to the buyer as well as to
the seller.
In any event, our research focuses
on little improvements that make
our particular product just a little
better. It is purposeful because it
is not in conflict with other in
terests. It is rewarding because it
is applied to twelve plants and a
whale of a lot of little orders. The
end result is product uniformity
on a high quality level.
DELUXE CHECK PRINTERS
C LIFTO N
CHICAGO
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N O RW ALK
KANSAS CITY
PAOLI
C LEV ELA N D
ST. PA U L
DALLAS
D E T R O IT
INC.
IN D IA N A P O L IS
C H A T SW O R T H
PO RTLA N D
trict, and tells of th e early y ears of
the B ank of Italy —now th e B ank of
A m erica—as conceived and b rought
into being by its founder, A. P. G ian
nini.
In the half-hour dram atization, Giann in i’s steadfastness in opening and
m ain tain in g his fledgling bank to serve
th e im m igrants and little people of
th e city ru n s into opposition from
“tra d itio n a l” ban k ers of M ontgom ery
Street. The conflict reaches a fateful
clim ax u n d er th e great stress caused
by th e San Francisco earth q u ak e and
fire of 1906. W ith funds he rescued
from th e fire, G iannini boldly ad
vances u n secured loans over a plank
and b arrelh ead counter to people w ill
ing to begin im m ediate reco n stru ctio n
of th e city, and later he receives the
cooperation of his fellow bankers.
\
y-
^
L
F acu lty A p p o in tm e n t
W alter T. P roctor, associate editor
of the N orthw estern B anker , has been
nam ed to the faculty of th e 11th A n
nual A d v a n c e d
A g e n c y M anage
m ent School, Ju n e
17-22, at Lake E rie
C o lle g e , Painesville, Ohio.
Mr. P roctor is
also m anaging ed
ito r of the Under
w riters R e v i e w ,
c o m p a n io n p u b
l i c a t i o n of th e
w . T. P R O C T O R
N orthwestern
B anker , and his lectures w ill be fo
cused on practical, m oney-m aking pub
lic relations as it is broken dow n into
p e r s o n a l , personnel, prospect-client,
com m unity, press and hu m an rela
tions.
V
The one-w eek’s schooling is spon
sored by the N ational A ssociation of
Insu ran ce A gents and th e Ohio Asso
ciation of In su ran ce A gents. It is de- ^
signed to show to day’s insurance agent
how to m ake and keep com m ission
dollars.
W est Coast D ir e cto r
H. E v e re tt Olson has been nam ed
d i r e c t o r of the
U nited California
B ank in Los An- f
geles. He is vice
presid en t of the
C a r n a t i o n Com
pany.
¡
Mr. Olson is a
m e m b e r of the
executive com m it
tee of his com
pany. He is a na- -A
H. E. O L S O N
tive of C h ic a g o
and a g raduate of N orth w estern Uni
versity.
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T h e N a t i o n a l C a s h R e g i s t e r C o . * 1 ,0 3 9 o f f i c e s in 121 c o u n t r i e s » 7 8 y e a r s o f h e l p i n g b u s i n e s s s a v e m o n e y
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Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1
18
Concentration —on
the continuing
developm ent of services and facilities designed to help our corre
sp o n d en t banks in their areas of interest—is the prim e function of
our N ational Division. M anufacturers H anover works creatively
w ith its correspondents.
MANUFACTURERS HANOVER TRUST
NEW
YORK
M em ber Federal D eposit In su ra n ce C orporation
ß
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
19
J oh il K rastin s . . .
.1
H
a u l i e r
On the
▼ Concentration
is th e w o rd for M an u factu rers
H an o v er in th e field of co rre
sp o n d en t banking.
Serving th e need s of n early
4,000 c o rresp o n d en t banks th e
c o u n tr y o v e r is o n e of o u r
N a t i o n a l D i v i s i o n ’s m o s t
im p o rta n t activities.
T h e r e g u la r v isits o u r N a
tional D ivision officers m ake
in s e r v i c i n g s u c h a w i d e
co rresp o n d en t relatio n sh ip is
a plus facto r for each of our
corresp o n d en ts :
Every bank doing business with
us has the advantage of referrals
and credit checkings on a personal
basis in every major city.
W h a t’s m ore, our officers e f
fect an exchange of in fo rm a
tion w ith co rporations across
th e co u n try w hich find it a d
vantageous to do business w ith
a b an k h aving th e resources
an d services of M an u factu rers
H a n o v e r.
W orking creatively w ith cor
resp o n d en ts is a m ajor activity
of M an u factu rers H anover.
MANUFACTURERS
HANOVER TRUST
NEW YORK
N AMAZING m an — w ise beyond
his years, a polished linguist in
six languages, and y et th e pep and
drive of an 18-year-old. T h a t’s Jo h n
V. K rastins, cashier, N orthw est Se
c u rity N ational B ank of Sioux Falls.
John, w hose favorite nicknam e for
his frien d s is “grosser ra d ” (G erm an
for “big w h eel” ), w as born in Jelgava,
L atvia. Jelgava, located n ear the Gulf
of Riga on th e B altic Sea, is a city of
some 30,000 people. Jo h n attended
g ram m ar school and hig h school in
L atv ia and holds a M aster’s D egree in
B usiness A d m inistration from the
U n iv ersity of L atvia.
W hen th e R ussians occupied L atvia
in 1940, K rastin s w as an executive of
a sm all factory, producing leather
goods. In 1941 w hen th e G erm an arm y
en tered L atvia, th e R ussians tried to
force Jo h n to go back w ith th em to
Russia, b u t he escaped and rem ained
in th e co u n try u n d er th e G erm an oc
cupation.
The R ussians again en tered L atvia
in 1944 w ith the G erm ans in retreat.
T his tim e Jo h n knew he w ould be
deported if he w ere caught, so he fled
th e co u n try by boat, landing at
K önigsberg in .Prussia, and trav elin g
south to B avaria, w here he m et th e
A m erican troops.
A
Comes to S ioux F a lls
A fter th e w ar, Jo h n w orked in Ger
m an y as an in te rp re te r and later as
a D. P. Camp M anager. In 1949 he
cam e to th e U nited States and settled
in Sioux Falls. A fter five y ears as a
driver-salesm an for a local bulk-oil
com pany, Jo h n joined th e N o rthw est
B ank in 1954, serving first as a loan
and discount teller, and later as su p er
v isor of th e B ookkeeping and Proof
D epartm ents. H e w as elected an as
sista n t cashier J a n u a ry 1, 1957 and
nam ed cashier A ugust 11, 1959.
A vivid, vehem ent, anti-com m unist,
Jo h n has lived u n d er Com m unism ,
and know s only too w ell its perils.
He believes firm ly th a t th e A m erican
people should be co n stan tly and re-
lentlessly inform ed of th e m ethods
and p ast h isto ry of Com m unism .
M uch in dem and as a speaker, Jo h n
is alw ays ready to speak before any
group a t any tim e about th e evils of
Com m unism and does so fifty or sixty
tim es a year.
A firm believer in th e benefits of
fu rth e r education for b ank personnel,
Jo h n has served as A ssociate Coun
cilm an of th e A m erican In stitu te of
B anking for South D akota since 1960.
W ith his cheery smile, rich brogue
and engaging personality, Jo h n m akes
a terrific salesm an for A.I.B. and on
occasion has used his vacation tim e
to organize new A.I.B. study groups.
P h ilo so p h y of L ife
J o h n ’s philosophy of life is sim ple,
b u t effective: D on’t w alk w hen you
can ru n ; don’t frow n if you can smile;
w ork hard, an d play hard. E asy
enough to say, b u t Jo h n really lives
it. Jo h n and his wife, Izolde, really
love to have th e ir friends (and w ho
isn ’t th e ir friend!) in, and serve ju st
about th e b est “F re n c h y ” and speckkuchen y o u ’ve ever tasted.
M a n y civic organizations enjoy
Jo h n ’s fiery enthusiasm , w ith th e
L ion’s Club and th e YMCA probably
am ong th e forem ost. He w as recently
recognized by th e “Y” for o u tstanding
service in th e ir m em bership drive.
M usic has alw ays been a love of
J o h n ’s, as a good m any of you w ho
have h eard him “tickle th e ivories”
at b a n k e r’s conventions w ell know.
If Jo h n ever leaves th e b anking p ro
fession, m ove over Mitch Miller!
A good exam ple of J o h n ’s linguistic
abilities occurred recen tly w hen th e
Sioux Falls T elephone Office received
a long distance call from Moscow,
Russia. A call to Jo h n secured his
services as an in te rp re te r, and th e
call w as placed w ith o u t trouble.
Along w ith every th in g else, w e
can ’t forget the fact th a t he does a
w hale of a job as th e cashier of th e
N orthw est Bank, keeping th e in tern al
operations ru n n in g sm oothly and 130
em ployees happy. — End.
Nort hwest ern Banker, May, J962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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How it works: K o d a m a tic Indexing puts code
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f tarthwestern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S e lf - c o n t a in e d in t e r
changeable film unit lets
operator load or unload
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IN C A N A D A co n ta ct R e c o rd a k o f C a n a d a L td ., To ro n to
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
23
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
24
know what’s going on in N ew York. Our network
of offices (including our new mid-town headquarters)
gathers significant facts for you.
^ F IR S T NATIONAL CITY BANK, o f course?
Member Federal Deposit Insurance Corporation, naturally
Nort hwest ern Banker, M a y , 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
,1 .1 .1 /. Convenes in A tla n ta
FOR A p p raisal” w ill be th e u n d e r w ith $317,000,000 in th e first q u a rte r
lying th em e of th e 60th A nnual of last year.
C onvention of th e A m erican In stitu te
of B ank in g in A tlan ta M ay 28 th ro u g h
T ravels M issou ri
C harles M ehrer has been prom oted
Ju n e 1. Some 1,500 you n g er b a n k m en
to assistan t cashier by the City N a
and w om en from all sections of th e
co u n try are expected to a tte n d th e tional B ank and T ru st Company, K an
sessions a t th e D inkier Plaza Hotel. sas City.
He has been w ith the b an k since
The advance p ro g ram for th e con
vention, an nounced today by M arshall 1958, and he w ill trav el th e state of
C. T yndall, Sr., p resid en t of th e I n M issouri as a m em ber of th e corre
stitu te an d vice p resid en t, B ank of spondent division.
D elaw are, W ilm ington, lists m any
p ro m in en t speakers. A rth u r H. M ot T ravels In W isco n sin
ley, p resid en t of P arad e Publications,
Don W. H um m el, a ssistan t cashier,
Inc., New York, and A rchie K. Davis, recen tly w as assigned to call on W is
ch airm an of th e board, W achovia
consin banks for
B ank and T ru s t Com pany, W instonThe
Northern
Salem, N. C., w ill address general con
T ru st C o m p a n y ,
v en tio n sessions.
Chicago.
T he delegates w ill be w elcom ed to
A grad u ate of
A tlan ta by th e c ity ’s M ayor Iv an
D a r t m o u t h Col
Allen. Mr. Motley w ill ad dress th is
lege and the U ni
opening session; and th e y e a r’s o u t
v e rsity of M ichi
stan d in g A.I.B. stu d e n t in g rad u ate
gan S c h o o l of
w ork, w hose id e n tity w ill n o t be re
B usiness, H u m
vealed in advance, w ill be p resen ted
m el has had sev
w ith th e H arold Stonier A w ard for
eral y e a rs’ exper
scholarship.
ience in th e bank.
O ther h ig h lig h ts of th e 5-day m eet
C ontinuing to call in W isconsin are
ing include th e N ational Public Speak th e follow ing N o rth ern T ru st officers:
ing C ontest for th e A. P. G iannini R obert E. H unt, E. N orm an Staub,
E d ucatio n al E n d o w m en t prizes and and R obert P. Kline, vice presidents,
th e N ational D ebate C ontest for th e and W endell W. Snider, Jr., and K en
Jesse H. Jo n es N ational C onvention n e th H. M orrill, second vice p resi
D ebate F u n d prizes. E lim in atio n con dents.
te sts for th e convention finals have
been going on for some m o n th s
N ew Illin o is B an k
th ro u g h o u t th e country.
O rganization has been com pleted for
W orkshop sessions, new at last th e R a n d h u rst Bank, M ount Prospect,
y e a r’s convention, are expanded th is
Illinois, w hich w ill be located in the
y e a r to cover b oth W ednesday and R a n d h u rst Shopping C enter at M ount
T h u rsd a y m ornings. Seated at tables Prospect, Illinois.
for 10, re p re se n ta tiv es from ch ap ters
The shopping center is the w o rld ’s
of com parable size w ill exchange ideas larg est enclosed, heated and airconon four assigned topics. G roup discus ditioned cen ter and th e only one w ith
sion on all topics w ill follow th e th re e m ajor d ep artm en t stores.
ro u n d tables, and su m m aries w ill be
R aym ond S. Jo h n sto n has been
p resen ted a t th e C hapter A d m in istra elected p resid en t and a m em ber of
tion C onference on T h u rsd ay a fte r th e board of directors. O ther directors
noon.
are N o rb ert F. A rm our, P aul W. BranIn sta lla tio n of officers w ill take
del, George P. E dw ards, C. V irgil M ar
place on th e final day of th e conven tin, Jo h n M. Scott, and H arold R. S p u r
tion. F re d W. B rush, A.I.B. vice way. The b an k w ill open in A ugust,
p resid en t and a ssista n t vice p resid en t
1962, and th e tem p o rary address is
of C entral N ational B ank of Cleveland, c/o C ontinental-Illinois N ational Bank,
Ohio, w ill be installed as p resident.
Chicago.
/IS YOU READ T H I S ...
A
T a lco tt E arn in gs U p
N ew T ru st O fficer
Jam es T alcott, Inc., today estim ated
n e t earn in g s for th e first q u a rte r of
1962 at $1,400,000, an increase of 19
p er cen t over th e $1,172,818 earn ed in
th e first q u a rte r of 1961.
Receivables financed and factored by
T alcott d u rin g th e first q u a rte r of
1962 to taled $385,000,000 as com pared
Gordon K. Craig has been advanced
to tr u s t officer of th e B ank of Cali
fornia, San Francisco.
A g rad u ate of th e U n iv ersity of
M ichigan, Mr. Craig has been an as
sista n t tru s t officer at th e head office
since 1959. He w ill be tru s t re p re
sen tativ e for Santa Clara County.
MILLION
READERS OF
TIME
•
NEWSWEEK
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FIRST
NATIONAL CITY
BANK
Member Federal Deposit Insurance Corporation
Northwestern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
26
\
“Chase Manhattan’s Fed Funds Service? Excellent!”
On a recent visit to Chase Manhattan’s
new head office, John A. Stewart,
President, Second National Bank
o f Saginaw, Michigan, particularly
wanted to see the Government Trad
ing Desk. He and Chase Manhattan’s
J. Michael Carter, in charge of Fed
eral Funds trading, were watching the
activity as we came along. Asked if he
used this correspondent service, Mr.
Stewart replied :
“Frequently . . . and I can tell you in
this business you people are unique . . .
putting emphasis where it belongs—on
excellent service. . . whatever the effect
on Chase Manhattan’s own cash posi
tion . . . Say, look at those orders move!”
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
For John Stewart, and for hundreds
of correspondent bankers who have
seen our new head office facilities, the
Government Trading Desk is indeed
a fascinating sight. Yet, busy and ex
citing as Federal Funds trading is
during every minute of the short trad
ing day, there is much that doesn’t
meet the eye. For example, the differ
ence in Chase Manhattan’s basic
attitude—of “service first” to every
correspondent bank. It is a difference
that can only be experienced . . . one
that goes far to explain why Chase
Manhattan serves half of all U. S.
banks with a Ne wYork correspondent.
If your bank has any Federal
Funds or Reserve Position problems,
Chase Manhattan’s Mike Carter will
help you.
THE
Q
CHASE
MANHATTAN
BANK
C H A R TER ED IN 1799
1 Chase Manhattan Plaza
New York 15, New York
Member Federal Deposit Insurance Corporation
27
20
Successful
r
»
m
u
i
U
m
I y
Projects
V ER th e p ast decade financial in livestock au th o rities and e n tertain s
stitu tio n s th ro u g h o u t th e nation farm ers and feeders a t a luncheon or
have placed g re a te r em phasis dinner. F req u en tly , th e panel m em
on effective com m unity relatio n s p ro j b ers are contacted th ro u g h city corres
ects in an effort to m eet increasing p ondent banks.
Fall F low er Show : In m ost com m u
com petition and to assum e th e “good
nities th e local garden club w ill be
neig h b o r” role.
B anks located in both u rb a n and m ore th a n happy to cooperate w ith the
ru ra l areas have found com m unity re b ank by displaying flower arran g e
lations p ro g ram s equally valuable in m ents in the b an k for a period of sev
eral days. The bank advertises the
producing an im pression of frien d sh ip
and stability. T here are, of course, show and sponsors the prizes.
B a n k Q uartet m ade up of personnel
a nu m b er of p ro jects th a t receive a
b e tte r acceptance in ru ra l areas w hile w ith in th e b an k is m ade available for
oth ers are m ore po p u lar in u rb a n m a r v arious perform ances at com m unity
functions.
kets.
B ow ling award is p resented by the
F o r exam ple, th e estab lish m en t of a
com m unity room w ith in th e b an k has b an k to th e bow ler of the m onth. Nom
been p a rtic u la rly valuable in th e so- inatio n s are m ade by league secre
called “sm all tow ns,” in view of th e taries, and an anonym ous com m ittee
fact th a t it m ig h t be one of th e few selects w inner.
Fashion R eview for w om en in the
places organizations, such as church
groups, 4-H Clubs and farm custom ers, trad e area is p resen ted by a n um ber of
banks. In one area, m annequins from
can m eet.
In th e larg er b an k in g centers, com local stores, w earing th e new est styles
m u n ity p rojects, such as w om en’s and colors, are on display in the m ain
finance forum s and in v estm en t coun b an k in g lobby. A free sp rin g or fall
seling forum s, m ig h t be of g reater outfit can be p resen ted by the b ank for
all re g istran ts.
value to the sponsoring bank.
F allout Shelter: Because of th e w ide
K now ing th a t m ore and m ore b an k s
w ill be p lan n in g com m unity relatio n s spread in te re st in co nstruction of fam
p ro jects d u rin g the m o n th s ahead, th e ily shelters, a num ber of banks are
editors of th e N orthw estern B anker displaying a full-sized mock-up of a
have com piled th e follow ing list of 20 shelter.
H allow een Treat: F o r several days
projects now being conducted by some
of th e m ore p rogressive b an k s th ro u g h ju st before H allow een, several banks
out its te rrito ry . Special a tte n tio n has serve cider and doughnuts to custom
been given to ideas th a t have been ers. M em bers of th e staffs act as hos
good for th e b a n k and its com m unity, tesses at a serving table, decorated in
and th a t have n o t been th e re su lt of a a h a rv e st motif.
N ew com ers B ooklet is distrib u ted by
lot of circus exploitation and gadgets.
A n n u a l F eeders B anquet: The spon b anks th ro u g h real estate agencies and
soring b an k a rra n g e s for a panel of tra n sp o rta tio n firms. Booklets contain
O
inform ation on auto licenses, schools,
churches, city and county governm ent,
recreation, shopping areas, etc. A m ap
of the city is included.
H om e T ow n M ovie: Several banks
have increased th e ir sta tu re in th e
com m unity by producing a sh o rt docu
m en tary movie or set of slides on th e
tow n. The film can be show n to th e
C ham ber of Commerce or other civic
groups, and it can be used to prom ote
industry. If sound is used, com m ents
can be obtained from a cross-section of
business leaders.
Y o u th Econom ic Conference: A fter
m any years of sponsoring finance for
um s for m en and wom en, a ban k in
M inneapolis sponsored a conference
for youth, co n cen tratin g on high
school seniors.
W ea th er N ew s is sponsored on a 24h o u r basis by a n um ber of th e larg er
banks th ro u g h o u t the nation. In ad
dition, some ban k s offer sports resu lts
and other inform ation of in te re st to
people in th e com m unity.
L ivesto ck Receipts: B anks in feeder
areas have benefited farm custom ers
by posting c u rre n t livestock prices and
receipts in th e ir lobbies. In fo rm atio n
is obtained from city correspondents
or yard s officials daily.
B ogus M oney Clinics have been spon
sored in some areas by banks en listing
the services of a special agent from
the U. S. T reasu ry D epartm ent. M er
chants are invited to attend.
E a ster Egg H u n t is conducted each
y ear by a leading Texas bank. A large
v acant tra c t w as obtained, and promoCOMMUNITY PROJECTS . . .
(T u rn to page 48, please)
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
28
f t
N E of th e m ost im p o rta n t m a tte rs receiving th e a t
ten tio n of b an k ers a t th is tim e is th e effect of h igher
savings in te re st ra te s on costs and profits. M any questions have been asked: H ave tim e deposits actu ally in
creased? H ave re g u la r savings and CD’s gone up or
down? Does an y increase in tim e deposits actu ally re p
resen t new m oney to th e bank, or ju s t a tra n s fe r of funds
w ith in th e bank?
These and o th er questions w ere sub m itted by th e
N orthw estern B anker to a few of th e larg er b anks in
eight n o rth ce n tra l and m o u n tain states last m onth. E v
ery resp o n d en t except tw o show ed an increase in tim e
deposits betw een last year-end and th e b a n k call of
M arch 26.
r
^
32 B an ks Studied
Of th e 32 b anks se
lected for th is study, oneth ird re p o rt an increase
in tim e deposits of m ore
th a n 10 per cent. T his
includes four of th e five
banks in th e over $50
m illion d e p o s i t group,
th ree of th e 14 b anks in
th e $20-$50 m illion deposit group, and four of th e 13 banks
in th e u n d er $20 m illion deposit group.
It is in te re stin g to note th a t of th e 11 b an k s show ing a
tim e deposit gain of m ore th a n 10 p er cent, th e four h ig h
est percentage gains w ere 22.5 p er cent, 21 p er cent and
20 p er cent (tw o b an k s), th e la tte r th re e being in the
u n d er $20 m illion deposit group.
All of th e 32 b anks to g eth er averaged a gain in tim e
deposits of a fractio n over 8 p er cent.
A r e B a n k s M a k in g
Chart No. 1
C hart No. 1 show s th a t th e five bands studied in the
over $50 m illion deposit class averaged 14.25 p er cent gain
in tim e deposits b etw een th e year-end and M arch 26.
The m edian average gain of th e 14 b an k s in th e $20-$50
m illion deposit class is 4.79 per cent.
F o r th e 13 b an k s u n d e r $20 m illion deposits, th e m edian
average gain in tim e deposits is 5.18 p e r cent.
Chart No. 2
C hart No. 2 show s w h ere th ese 32 b an k s experienced
an increase or decrease in tim e m oney—w as it in CD’s
or passbook savings, or both?
T he prepo n d eran ce of b an k s show an in crease in CD’s
issued, only th re e sta tin g th e y have had a decrease in
CD’s.
On passbook savings, only 11 state th e y have m ade
Chart N o. 1
“ H ow m u ch have y o u r tim e d ep o sits in crea sed
d u rin g the p erio d betw een th e year-end and
M arch 2 6 ? ”
(32 b an k s resp o n d in g )
A ll 32 B anks— average g a i n ______________8.3 %
O ver $50 m illio n to ta l d e p o s i t s __________ 14.25%
(5 b an k s— average gain)
$20-$50 m illio n to ta l d e p o s i t s ____________4.79%
(14 b an k s— average m e d ia n gain)
U n d e r $20 m illio n to ta l d e p o s i t s _________ 5.17%
(13 b an k s— average m e d ia n gain)
Nort hwest ern Banker, May,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
if962
A
A
gains here, w hile 15 show a decrease, and six show “no
gain.” A m ong th e 11 w ho do show passbook savings
gains, five said m ore th a n 50 p er cent of th e ir en tire tim e
m oney gain w as in such savings and th e re st of th e gain
w as in CD’s; how ever, th e o th er six re p o rt v ery sm all
gains, m ost of th em in th e tw o or th re e p er cent range.
'¥
y
Chart No. 3
P erh ap s one of th e m ost im p o rtan t points read ers w ill
be in terested in is illu strated in C hart No. 3 w hich lists
responses to th e question: “How m uch of th is increase
in tim e deposits and CD’s do you consider to be n ew
m oney to y o u r b an k ?”
Of th e 32 respondents, one said no record w as m ade of
this, one did n ot an sw er th is question, and tw o showed
a decrease in tim e deposits. T hree said th ey have not
received any new m oney. Of th e rem ain in g 25 banks, 19
rep o rt new m oney gains ran g in g from 20 p er cent to 93
p er cent.
Chart No. 4
O btaining new doposit funds alone is not th e en tire
an sw er to offsetting th e increased cost of a hig h er savings
in te re st rate. T he en tire b an k operation m u st be coordi
nated to a g reater degree th a n ever before so th a t profits
from th e en tire business of th e b an k w ill offset added
costs and preferab ly even im prove th e profit position.
T his is being done in m any banks by positive, aggres
sive action in v arious w ays — receiving and u p g rading
service charges; doing th e sam e w ith loan ra tes w here
feasible; seeking m ore installm ent, m ortgage and general
com m ercial loans; review ing th e go v ern m en t portfolio;
and lengthening m a tu ritie s as w ell as adding to th e m u
nicipal bond portfolio, ju s t to nam e some of th e steps
generally m entioned.
A n in te rn a l step th a t can have g reat effect in some
cases is closer control of costs in every departm ent.
L oan dem and is highly im p o rtan t because it is a p rin
cipal b an k function. A bout half of th e 32 b an k ers p a r
ticip atin g in th is stu d y feel th a t loan dem and w ill con
tin u e th ro u g h th e n ear-term and th e balance of 1962
p re tty m uch on th e sam e level as in recen t m onths. This
is noted in C hart No. 4. A bout h alf th in k loan dem and
w ill clim b m oderately. Two indicate th e y look for a
m uch h ig h er loan dem and in m onths ahead.
%
X
V
k
~X
V
A
*
29
M o n e y On
>
C om m ent
)
<
>
The resp o n d en ts w ere asked for th e ir com m ents about
loan dem and and w h a t th e y are doing to offset increased
costs connected w ith th e new savings in te re st rate. T heir
com m ents follow:
Joh n J. B u ck ley, a ssista n t cashier, C entral N ational
B ank and T ru s t Company, Des M oines (deposits $114 m il
lion): “A t th e p re se n t tim e th e only m ethod we are using
to offset th e increase in in te re st p ay m en ts on tim e m oney
is to p u rch ase m unicipal secu rities at a m inim um of a 2
p er cent n e t yield. A t th e p re se n t tim e th e m atu rities
of these secu rities are w ith in tw o years. W e anticipate
len g h ten in g th ese m a tu ritie s out to as m uch as 10 y ears.”
B urnham Y ates, presid en t, F irs t N ational B ank and
T ru st Com pany, L incoln (deposits $114 m illion): “I be
lieve a g rad u ally increasin g dem and for b an k loans w ill
p erm it effective use of tim e m oney in m o n th s and y ears
ahead.”
C. W. A urand, president, Iowa-Des Moines N ational
Bank, Des M oines (deposits $148.8 m illion): “The new in
crease in ra te n a tu ra lly places b an k s in a far b e tte r com
petitiv e position in th e savings m ark et. F o r y ears m any
banks cited th e F ed eral ceiling as alm ost an excuse for
paying lesser in te re st th a n th e dividend ra te of savings
and loans and as a resu lt, th e public seem ed to be
schooled to w ard expecting an increase w h en th e reg u
latin g ceiling w as raised to 4 p er cent.
“T his is being offset by in creasin g com m ercial and installm en t loans, th e m unicipal bond portfolio and real
estate loans.”
A. W. B row n, executive vice presid en t, A m erican N a
tio n al B ank, D enver (deposits $66 m illion): “W e have in
creased m ortgage loans, increased autom obile and con
su m er loans, in creased our p u rch ase of m unicipals w ith
a len g th en in g of m a tu ritie s from 10 y e a r m axim um to 12
y ears.”
M orris F . M iller, presid en t, The Om aha N ational Bank,
O m aha (deposits $243 m illion): “As alw ays, our loan de
m and w ill be su b stan tially influenced b y livestock prices
and m o istu re conditions. W e see no precip ito u s change
in livestock p rices over th e balance of th e year. Most of
our te rrito ry comes into the spring w ith excellent m ois
tu re condititons. C onsequently, we are anticip atin g con
tin u ed stro n g loan dem and.”
Max von Schrader, president, U nion B ank and T ru st
Company, O ttum w a (deposits $25 m illion): “We an tici
pate loan dem and in th is area w ill rem ain about th e sam e
as in 1961. Our loans are ru n n in g a little over 50 per cen t
of our deposits and w e w ould like to keep th is percentage
from going m uch higher. H ow ever, we are try in g to
build up additional volum e in our personal loan d e p a rt
m ent.
“I th in k m ost banks, including th is one, th o u g h t it
w ould be a sim ple m a tte r to offset th e increased rate by
buying m edium term m unicipals, b u t th e big dem and for
these securities for th is purpose has p u t th e price up to
a p o int w here th e p u rchase loses m ost of its attraction.
W e have about 10 per cent of our assets invested in m u
nicipal bonds a t th e p resen t tim e and are n ot plan n in g to
m aterially increase th is percentage. W e do hope th a t
increased volum e in our personal loan d ep artm en t w ill
help pay th e h ig h er rate. H ow ever, we expect our 1962
n et to show a m oderate decline from 1961.”
C. R. G ossett, chairm an, S ecurity N ational Bank, Sioux
City (deposits $52.7 m illion): “W e anticipate about th e
Chart N o. 2
“ H ave you had an in crease or a d ecrease in
CD’s issu e d ? ”
Increase
Decrease
29 B anks
3 Banks
“ H ave you had an in crease o r a decrease in
P assb ook S a v in g s? ”
Increase
Decrease
N o G ain
11 B anks
15 B anks
6 B anks
Northw estern Banker, May, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
30
sam e dem and for credit as we have had the previous year.
Our loans have been ru n n in g app ro x im ately 50 per cent
of our total deposits. W e do not an ticip ate th a t we can
offset th e en tire increase from additional incom e and ex
pect to m ake a little less actual profit. H ow ever, we do
feel th a t we w ill be able to re ta in and get m ore new busi
ness by paying th e additional ra te w hich has a collateral
benefit th a t is im m easurable.”
Ted J. W elch, president, Peoples B ank and T ru st Com
pany, Cedar R apids (deposits $32.8 m illion): “I th in k the
loan dem and w ill be up slightly, b u t not in a boom fashChart N o. 3
‘‘How m uch o f th is in crease in tim e d ep osits
and CD’s do yo u co n sid er to be n e w m on ey to
you r b a n k ? ”
Average
Gain
28 Banks (o th e r 4 had no re c o rd )
_____33.1 %
O ver $50 m illio n to tal deposits
_____31.67%
5 B an k s: 8.9% 25% 2.47% 60% 62%
$20-$50 m illio n to tal deposits
_____40.75%
14 B an k s: 8% 75% 20% 25% 61%
0% (d ecrease) 0% (no i e c o rd ) 90 %
40% 25% 50% 45%
0% (no re p o rt ) 50%
U nder $20 m illio n to ta l deposits
__25.4 %
13 B an k s: 93% 0% (no re p o rt) 44.3% 5%
20% 30% 50% 33.3%
0% (no gain ) 2% 0% I decrease)
2% 0% (no re p o rt)
ion. This will be slig h tly hig h er th a n the sam e period a
y ear ago. I feel th a t the au th o rities should have rem oved
th e (savings ra te ) ceiling com pletely ra th e r th a n increas
ing it from 3 to 4 p er cent. Too often, re stric tiv e reg u
lations such as th is ten d to become the m axim um and
m inim um both, ra th e r th a n to have th e lending in s titu
tion base its own ra te or term s on th e m e rit of its own
earn in g asset and expense p ictu re.”
Fred W. Yeadon, Jr., executive vice president, N o rth
w est B ank and T ru st Com pany, D avenport (deposits $20.5
m illion): “W e did n o t w ish to increase the savings in te r
est ra te at our bank; how ever, since o th er b an k com peti
to rs did, we felt we had to. W ith loan dem and as it is
p resently , we do n o t feel th a t our earn in g s w ill increase
enough to offset th e additional in te re st costs. In order
to offset th is we feel we w ould have to extend th e m a tu ri
ties of our g o v ern m en t bonds and m unicipal bond p o rt
folio. W e also feel we w ould have to increase th e real
estate m ortgage te rm s and low er our req u ired am o u n t of
dow n pay m en t in th e case of house m ortgages. We do
not w ish to do th is a t th is tim e.”
I j. W. R o s s , president, Council Bluffs Savings Bank,
Council Bluffs (deposits $25.6 m illion): “The in terest
rates w hich we charge on loans seem to be a little higher
th an th e y are charg in g in th e eastern m oney m arkets
b u t we seem to be com petitive locally. It is possible th a t
we m ay have to low er our ra te s some, b u t so long as the
dem and continues we see no reason for doing so. I have
come to th e conclusion th a t we are probably in th e m ost
com petitive business in th e w orld and consequently m u st
govern ourselves accordingly.
“It has becom e necessary, I am sure, to analyze our
operations v e ry carefully, to have some definite plans and
goals for th e fu tu re. T his w ill m ean discarding m any of
Nort hwest ern Banker, May, J962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
our old and archaic w ays of doing business. I t w ill be
necessary for all of the officers and em ployees of the
b ank to w ork m ore efficiently. It w ill be necessary for us
to keep our funds invested as closely as possible. It will
be necessary to increase our charges in some dep artm en ts
w here it is evident we have been losing money.
“I believe th e F ederal R eserve figures it costs about 3
per cent to handle and service com m ercial deposits. Also,
recen tly th ey have come up, I think, w ith a figure of
approxim ately 7 per cent for tim e deposits. If th is is
tru e, the to tal cost of our tim e m oney as of today w ould
be approxim ately 3% p er cent plus .7 of 1 per cent, or a
total of 4 p er cent. Consequently, th ere is some satisfac
tion in know ing this tim e m oney is only costing us 1 per
cent m ore th a n com m ercial deposits, and the fact th a t it
is m ore stable and p erm an en t gives us an op p o rtu n ity to
invest it in long term and rem u n erativ e loans.
“Our real estate loans are 20 per cent of our deposits
and 32 per cent of our to tal loans.”
E. H. Lundquist, president, N o rth w estern N ational
Bank, R ochester (deposits $23.4): “Loan dem and w ill in
crease sh arp ly in th e near future, especially in co nstruc
tion loaning and consum er financing. As a re su lt of the
anticipated business expansion by IBM in R ochester, the
balance of 1962 w ill see loan dem and rise considerably
over 1961 levels.
“It is our opinion th a t the response to 4 per cent sav
ings in te re st has not lived up to expectations. A fter the
initial im pact, savings activity has not increased above
norm al. We plan to offset th e increase by slan tin g our
in v estm en t portfolio m ore tow ards m unicipal bonds and
by increased efforts in the o ther incom e area; such as
servicing real estate m ortgage loans and credit life sales
on consum er loans.”
M innesota —D eposits $32 m illion: “Our opinion is th a t
th e loan dem and w ill be som ew hat com parable to 1961.
It w ill be difficult to offset th e in te re st p aym ent increase
on tim e m oney except th ro u g h m ore efficient operations
and the reduction of operating costs. If deposits increase,
th ere could be a corresponding increase in loans w ith o u t
d istu rb in g th e risk-asset ratio. H ow ever, our deposit in
crease has not been substantial, and we do not expect a
large increase in loans. B orrow ers continue to be m ore
rate conscious and th ey shop for rate. It is difficult to
raise in te re st rates on com m ercial loans at present. The
increase in in te re st on savings w ill be an added cost w ith
out a com plete offset th ro u g h increased earn in g s.”
W illiam H . M anning, vice p resid en t and cashier, F irst
N ational B ank of A berdeen (deposits $46 m illion): “This
sp rin g we anticipate our loan dem and w ill be som ew hat
hig h er th a n a year ago due to favorable m oisture condi
tions in our area.
“Many of th e banks in our area are paying 4 p er cent
on CD’s. W e are v ery pleased th a t we have been able to
hold our tim e deposits at a 3% p er cent rate. In our b ank
we do not believe it w ould be possible to m ake up the
increased cost of in terest at th e 4 p er cent rate.
“W e are striv in g to cover higher in te re st paym ents by:
(1) Increasin g m unicipal bonds from approxim ately 20
p er cent to 25 per cent of our bond portfolio; (2) extend
ing m axim um m atu rities on m unicipal bonds from 10 to
15 years, (3) increasing b an k service charges all along
th e line about 25 p er cent, (4) searching for increased
in v estm en t in conventional real estate loans at som ew hat
h igher rates, and (5) a ttem p tin g to g reatly increase our
holdings of T itle I loans.”
A. K. Sim pson, vice president, The M erchants N ational
B ank and T ru st Company, F argo (deposits $21.9 m illion):
“We feel our loan portfolio volum e w ill be v ery com para
ble to 1961.
A
y
r
A
y
>
V
A
Y
y
A
*
31
“We are try in g to stim u late our real estate loans and
in stallm en t p ap er as p rim a ry offsets to increased costs of
tim e m oney. T he o th e r m eans is a cu rb in g of operating
expense w h ich ap p ears exceedingly difficult in our p re s
e n t econom y.”
T. I j. Stew art, a ssista n t vice president, The W yom ing
N ational B ank of C asper (deposits $49 m illion): “We ex
pect loan dem and to increase v e ry little d u rin g 1962. We
are considering step p in g out tim ew ise in m unicipals to
offset th e fu tu re expense—n o th in g as far as c u rre n t e a rn
ings.”
H. M. K im bro, cashier, A m erican N ational Bank, Chey
enne (deposits $34 m illion): “W e have increased our hold
ings of ta x free m unicipal bonds to offset th e increase in
in te re st paid.”
S. N. W olbach, presid en t, F irs t N ational B ank, G rand
Islan d (deposits $19 m illion): “W e an ticip ate th e loan de
m and for th e balance of 1962 to be equal to or m ore th a n
th e dem and in 1961 due to th e tre n d of th e farm s and
ran ches to in crease in size, th u s re q u irin g m ore credit.
“The average in te re st ra te in th e T en th D istrict is 6.59
p er cent. Our b an k averages 6.20 p e r cent. W e plan to
raise our in te re s t ra te s to b rin g us up to th e D istrict
average. U n til we a re able to reach th e D istrict average,
th e difference w ill be absorbed by th e b an k .”
Iow a— D eposits $18 million: “The b an k s h ere w ere th e
last in our area to announce an increase in th e ra te of
in te re st to 4 p er cent on 12 m o n th s’ savings certificates.
W e felt th e au th o rizatio n for m axim um 4 p e r cent w as
Chart N o. 4
“ W hat do you an ticip a te th e situ a tio n o n loan
dem an d w ill b e in y o u r area d u rin g th e nearterm , as w ell as fo r th e b alan ce o f 1 9 6 2 , c o m
pared to 1 9 6 1 ? ”
(A ll 32 b anks co m b in ed )
S tea d y
Up M o d era tely
Up S h a rp ly
14 B anks
16 B anks
2 B anks
n o t good for th e econom y of o u r country, and we w ere
v ery re lu c ta n t to follow th e tren d , b u t felt it w as neces
sary to re ta in o u r deposits and did n o t expect an increase
in deposits.
“We believe it w ill be quite difficult to m ake an y profit
on th is 4 p er cent m oney. W e have increased our loan
rates on sm aller loans from one-half to one p er cent, and
also to som e ex te n t on som e of th e new larg er loans, de
pending upon th e m erits of th e individual case. Also, we
are considering an increase on th e p er item activ ity on
checking accounts.”
R. B. Jude, p resdent, F irs t N ational B ank of M ankato
(deposits $16.9 m illion): “Loan dem and is v ery sluggish
a t th e p re se n t tim e w ith an ticip ated dem and for th e bal
ance of 1962.
“We favor an increase in all fees, closer supervision
and budg etin g of expenses, and a sm all increase in in te r
est rates across th e board.”
H. D. K osm an, president, Scottsbluff N ational Bank,
Scottsbluff (deposits $14 m illion): “W e expect an in
creased loan dem and both in farm lines and com m ercial
lines. L oans are av erag in g 15 p er cen t over 1961 at the
p re se n t tim e.
“The new ra te of 4 p er cent on CD’s is quite expensive
an d m u st be offset by earn in g s if possible. W e plan to
len g th en out in m unicipal bond m atu rities, review our
loan rate s for possible increases, and establish higher
charges on m an y of our services. In some instances, it
m ay be necessary to charge a nom inal fee for services
now ren d ered w ith o u t charge.”
H. L. B urdick, president, F irs t N ational B ank and T ru st
Company, Colum bus (deposits $16.3 m illion): “Loan de
m and keeps increasing an d w ill continue to do so.
“I believe th e increase in in te re st rate w as a m istake
and w as not justified in th is region. I t w ill re su lt in
som ew hat h igher in te re st rates on loans, w hich w ill not
encourage our n ational economy. It w ill draw in v est
m ent funds out of o th er media, such as U. S. Savings
Bonds and the stock m arket.
“The only w ay to offset th is increased cost, practically
speaking, is to increase loan rates. I do not believe banks
should reduce th e ir liquidity by lengthening m atu rities of
the bond portfolio.”
L. J. T itu s, president, F irs t N ational Bank, H oldrege
(deposits $10.7 m illion): “Our loan dem and is h igher th a n
a y ear ago and we feel it w ill continue due to cost of
feeder cattle and th e am o u n t of cattle on feed.
“W e increased service charges th e first of th e y ear from
4 cents to 5 cents per item , w hich w ill take care of th e
increased cost of savings this year. W hen we have to
s ta rt paying th e 4 p er cent CD’s we m ay have to increase
in te re st rates.”
A rthur L. Coad, president, P ackers N ational Bank, Oma
ha (deposits $15.6 m illion): “W e look for a good dem and
and increase in loans. W e are not at all in favor of th is
increase to 4 p er cent. W e are tak in g care of our reg u lar
custom ers up to $10,000, w ith a m inim um of $500 on tim e
certificates of deposit, e ith er for six m onths or one year.
We are not tak in g an y m oney from non-custom ers. W e
are paying 3 p er cent on reg u lar savings accounts.”
R obert O. Sm ith, cashier, S ecurity B ank and T ru st Com
pany, Bozem an (deposits $11 m illion): “Our loan dem and
has been co n stan tly heavy, and we feel th a t it w ill con
tin u e to be so.
“W hen w e increased th e savings in te re st rate, we also
increased our loan rate. U ntil now th ere had not been
any appreciable change in our loan rates for some period
of tim e.”
Theodore Jacobs, president, F irs t N ational B ank of
M issoula (deposits $17.1 m illion): “F ro m p resen t indica
tions, we expect th e dem and for loans to rem ain m oder
ately strong in th e n ex t tw o m onths. If th e lum ber bu si
ness receives any price encouragem ent, th e re could be a
stren g th en in g of th e dem and for loans in m id-sum m er
and fall.
“Obviously, w e have not gone the lim it in increasing
our tim e m oney rates. We expect to review th e situ atio n
co n stan tly and to determ ine before m id-year w h eth er or
not we w ill m ake additional increases or m eet th e top
figure. W e feel th a t we can offset at least p artially th e
additional cost by increasing loan ra te s in certain care
fully selected areas.”
T heodore D. B row n, president, S ecurity State Bank,
Sterling, Colo (deposits $12 m illion): “Our loans are
h igher th a n th ey w ere at th is tim e last y ear and we th in k
loan dem and for th e balance of 1962 w ill continue to
be higher th an last year.
“We w ould have p referred a 3% p er cent ceiling b u t
we feel th a t we m u st be com petitive in our area and offer
the m axim um . We hope to m ain tain a loan level w hich
w ill ten d to offset th e increased expense w ith em phasis
on an increase in our in stallm en t loan activ ity .”
D. C. M eyer, president, F irs t N ational Bank, Sheridan
(deposits $7.6 m illion): “The loan level here w ill be about
the sam e as in 1961. No action is contem plated at p re se n t
to offset in te re st increases. W e are w aitin g to see if an
increase in tim e deposits is of such volum e to m ake th is
necessary.”— End.
Nort hwest ern Banker, May, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
32
GREAT m any b a n k ers are of
th e opinion th a t lending for cat
tle feeding is dangerous, th a t it
has a high degree of risk, and th a t it is
a type of cred it th a t sm all banks, or
p erh ap s b anks generally, should avoid.
U n fo rtu n a te ly th is opinion is shared
on occasion by some of our b an k ex
am iners. E xperience has proved to
m e th a t th is is not tru e, and I believe
ev ery b an k in an area w here cattle
feeding is an ap p ro p riate activ ity can
an d should su p p o rt th is v ital in d u stry .
To back th is up I w ould like to quote
som e statistics from m y ow n bank:
w e have on our books a t th e p resen t
tim e som e $16 m illion in livestock pa
per. T his re p re se n ts about 10 p er cent
of our to tal loans. A large po rtio n of
th is to tal is secured by cattle on feed.
In addition, m uch of th e un secu red p a
per we hold for th e livestock in d u stry
is for feeding purposes also.
It is practical for a b an k of our size
to m ake a n u m b er of d irect livestock
loans, b u t our policy is stro n g ly o ri
en ted to w ard service to our co rre
spond en t b an k accounts, and a g reat
m any of our livestock loans are on
p articip atio n from them .
A
L ending H istory
Our b an k w en t v e ry stro n g ly into
th e livestock business in th e early
1940’s, and although I have not m ade
an exact count, I am certain th a t in
th e 20 years since th a t date we have
loaned over $500 m illion to the live
stock in d u stry . As you w ell know,
th e re have been some v ery tough
y e a rs d u rin g th is period—y ears of se
rious d ro u th and of severe price de
cline. It is quite tru e th a t we have
h ad some problem loans d u rin g th is
tim e; b u t in looking back over th e re
sults, it w ould ap p ear th a t th e p rob
lem loans have been caused by poor
m anag em en t on th e p a rt of an occa
sional borrow er, or by carelessness on
th e p a rt of th e bank, ra th e r th a n by
a n y fu nctional w eaknesses in th e in
d u s try or in th e collateral used. I
am pleased to tell you th a t our ac
tu a l losses th ro u g h charge-off have
am oun ted to m uch less th a n one-tw en
tie th of one p er cent d u rin g th is en tire
history .
I sp en t th re e y ears as a livestock
inspecto r in th e early 40’s, and th is is
a portion of m y tra in in g th a t I th o r
oughly enjoyed and have alw ays
valued highly.
G rowth A spects
Now, to go back to th e g ro w th as
pects of th e livestock in d u stry , th ere
are four factors th a t establish th is
grow th p a tte rn firmly. In th e first
place, the population of our co u n try
is expan d in g rapidly. W e have heard
it stated on freq u en t occasions th a t
Nor t hwest er n Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
t
y
.1 H a n k e r L o o k s a t
B y NEIL F. R O B E R T S
P r e s id e n t
D e n v e r U n ite d S ta te s N a tio n a l B a n k
D e n v e r , C o lo ra d o
fam ily form ations du rin g the m iddle
and late 60’s—and on into th e 70’s—
w ill be at an u nprecedented rate. We
can look forw ard w ith confidence to
th e need for larger and larg er am ounts
of food w ith each passing year. In
th e second place, beef is v ery n o u rish
ing food, and it is a v ery popular food.
You and I know th a t a good ro ast of
beef, or a steak, ran k s at the top of
th e p reference list for a high p ercen t
age of our population. So per capita
consum ption of beef is increasing, too,
and th is should continue, especially if
tim es rem ain prosperous.
T hirdly, our econom y is becom ing
in creasingly urban. It is tru e th a t the
n u m b er of people on farm s has been
sh rin k in g rapidly, and w ill continue
to sh rin k for the indefinite fu tu re as
m echanization m akes possible a still
h ig h er degree of pro d u ctiv ity per m an
hour. We no longer produce for o u r
selves m ost of w h at we eat; th e su p er
m a rk e t is an absolute essential for the
n o u rish m en t of our population in
sm all tow ns as w ell as in cities. This
tren d , too, w ill continue. The su p er
m a rk e t has m eant a m ore uniform de
m and for beef, and like ev ery th in g
else in our culture, the product m u st
becom e m ore and m ore standardized
in ord er to sell. C utting and packag
ing techniques have been perfected so
th a t beef is sold alm ost e n tirely by
in dividual cuts. T his trend, too, re
quires q uality standardization. The
scientific developm ent of im proved
beef anim als, dressing a h igher p e r
centage and yielding a large proportion
of b e tte r cuts, is only in its infancy,
and I feel sure th a t stan d ardization as
to size, conform ation and q u ality w ill
becom e increasingly apparent.
The fo u rth factor is th e change in
th e m eat packing industry. All of us
rem em ber w hen the m ajo rity of live
A
stock from the feed lot w as slaugh
tered at th e riv er m arkets, w here big
steers w ere the order of the day. Those
old packing houses have become obso
lete; th e y have become poorly located A
to m eet the dem ands for beef w hich
are increasing in accordance w ith pop
ulation and p ro sp erity factors. At the
m om ent no m ajor packer m ain tain s a
killing estab lish m en t in Chicago.
T here has alw ays been some slaugh
te r of livestock outside of th e m ajor
m ark et cities, b u t th e volum e has in
V.
creased substantially.
I feel confident th a t this diversifica
tion of th e packing in d u stry w ill con
tinue, and th a t it w ill be possible,
therefore, to feed cattle profitably in V
m ore places.
E ssen tia l credit
Lending to livestock producers w ill
help a su b stan tial grow th in d u stry in
our economy. W e know th a t some
form of credit is essential to th is in
d u stry if it is to grow, because of th e
large am ounts of m oney involved. Ag
ric u ltu ra l u n its are grow ing in size. ^
The to tal business of th e n atio n is be
ing done by few er and few er u n its in
all in dustries. C attle feeding, th e re
fore, is becom ing a larg er business in
each individual unit, and we all recog
nize th a t bigness dem ands increasing
am ounts of credit.
T here are m an y factors to be con
sidered in determ in in g th e ty p e of f
feeding pro g ram th a t should be fol
lowed on any given farm or in any
given area. F arm s are not alike in the
crops th e y produce m ost abundantly, ^
and th erefo re th e kinds and am ounts
and relativ e feed value of th e crops
actually produced to be m ark eted
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,
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A
th ro u g h cattle w ill have an im p o rtan t
bearin g on th e program . C attle can
be fed for a sh o rt tim e and m ark eted
as w arm ed-up feeders, or th e y can be
carried th ro u g h and fattened. The
logic of follow ing e ith e r of these
courses w ould depend upon price fac
tors, on th e av ailab ility and price of
g rain and o th er co ncentrates, and on
th e necessity for estab lish in g a m ark et
for farm grow n feed crops.
F a rm feeders v a ry g reatly in th e ir
experience and ab ility w ith respect to
th e buying, feeding and selling of livestock, and th e experience and ab ility
of th e in dividual w ould be a m ost im
p o rta n t factor in th e decision on th e
p rogram to be followed.
The am o u n t of risk th a t th e farm
feeder can afford to take, or is w illing
to take, is of v e ry m aterial concern in
deciding on th e program .
L astly, different areas w ill not be
u n iform ly located as to th e availability
and price of v ario u s kinds and grades
of feeder cattle. The ty p e available at
th e m ost favorable price, again can
have a su b sta n tia l b earin g on the p ro
gram .
th in k prices are going to be favorable
and feeding conditions good. T his is
a t best an o u trig h t guess, and at w orst
a foolish gam ble. Feeding is a busi
ness tran sactio n w hich req u ires the
b est efforts, know ledge and skill of
th e farm er feeder. The successful
feeder is the reg u lar feeder; he cer
ta in ly should not look upon his job as
an off season chore.
L arge com m ercial feeders carry reg
u la rity to its logical conclusion by p u r
chasing and selling cattle alm ost ev
ery w eek of th e year, so th a t th ey sell
and replace at the sam e relativ e price
level. T hey ru n th e ir feed lots on a
continuous factory type operation
w h ere th e m ark et fluctuation risk is
m aintained, if not com pletely elim i
nated. T hey take a m a n u fa c tu rer’s
profit, in effect, for th is procedure.
In a farm operation, purchases and
sales each w eek are not practical, b ut
a program can be devised w here cattle
w ill be sold tw o to four tim es a year,
and w here purchases can be spread
out in such a w ay as to utilize the
m ost favorable buying term s.
R isk A n alysis
W h at class and how long should cat
tle be fed? T his depends upon the
supply of feed and cost of th e gain.
The m ost successful farm er feeder is
th e one w ho uses his own crop pro
duction to the m axim um ex ten t and
p u rch ases as little feed as possible.
W ith a little experience one should be
able to gauge th e length of tim e quite
accurately, and go to m ark et w ith the
feed w ell used.
It is possible to build a balanced ra
tio n in a n um ber of ways, and the
ra tio n to be used should be th e one
m ost read ily available, th e safest and
th e easiest to handle u n d er th e cir
One of th e reasons th a t cattle feed
ing has had a poor re p u ta tio n from th e
p o int of view of risk is th a t m an y
farm feeders have gone a t th e job as
a part-tim e chore, to be handled in th e
off season. T his has led to th e purchase of cattle a t th e sam e tim e in th e
fall and th e ir sale a t th e sam e tim e in
th e sp rin g by all th e farm ers in a
given area. I t is im m ediately obvious
th a t th e price is in v ariab ly h igh in th e
fall and low in th e spring.
A n o th er th in g th a t farm feeders
have done too often is to be in-and-outers, and to feed in y e a rs w h en th e y
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Federal Reserve Bank of St. Louis
S u ccessfu l F eeders
cum stances. N orm ally it w ill be nec
essary to purchase some feed, and
some real plan n in g should go into th e
feeding program before th is is done.
G reat advances have been m ade in
recent y ears in scientific know ledge
about the feeding of livestock. It is
not necessary for one to be a chem ist
to plan a proper ration, b u t a person
w ould certain ly be foolish to ignore
th e scientific facts th a t are know n.
The type of concentrate purchased
should be determ ined by w h at is avail
able to produce the g reatest economy;
it should also be chosen to fit into th e
total ration. A successful feeder
should know his county agent and his
ag ricu ltu ral college extension service;
th e inform ation th ey have can be m ost
helpful. The days of h aph azard feed
ing are past, and the feeder w ho
m akes a profit is th e one w ho keeps
up w ith c u rre n t developm ents.
We, as bankers, have an obligation
to encourage our custom ers to accept
and to foster th is type of philosophy.
If we w an t our tow n and our b ank to
grow it is up to us to see th a t our cus
tom ers m ake th e m axim um possible
utilization of th e ir potential.
Loan O bligation
We have an obligation to finance
livestock operations as an essential
p a rt of our basic a g ricu ltu ral econom y
in the w est. Our experience has es
tablished th a t livestock lending can
be done profitably and safely by a
bank.
Now, back to our basic story. T he
im portance of the job of buying cattle
cannot be over-em phasized. Most of
th e m oney th a t is lost in a cattle feed
ing operation is lost th e day the cattle
are purchased. A good buying job on
th e p a rt of the feeder can p ractically
Northwest ern Banker, May, 1962
34
assu re a profitable operation; a poor
one w ill g u aran tee a loss except u n d er
th e m ost favorable of circum stances.
I w ould not p resum e to tell you, or
anyone, how th is is best accom plished,
b u t in ev ery com m unity or area th e re
is a procedure th a t is logical and p ro p
e r for buying cattle on favorable term s.
P ro p e r p u rch asin g w ill go a long w ay
to w ard m inim izing risk. B uying is
c ertain ly a m a tte r w h ere th e advice of
th e b an k er is legitim ate and proper,
an d w h ere some skill on his p a rt is
useful.
One m ig h t w ell ask, since th e com
m ercial feeder has becom e so highly
organized, w h e th e r th e farm er feeder
still has a place in th e feeding b u si
ness. A ctually th e y are not really
com petitors. I t is tru e th a t th e com
m ercial feeder does have some ad v an
tages in beef production. W e have
alread y spoken of his ab ility to m in i
m ize th e m a rk e t fluctuation risk. O th
e r advan tag es are th a t he can be a p ro
fessional and full-tim e m anager, w ith
n o th in g else on his m ind. He has th e
ad v antag e of a w ide acquaintance w ith
th e supply of feeders and can often be
a b e tte r buyer. He also p u rchases
feed on a b u lk basis, and m akes th e
m ost of his eq uipm ent and labor. The
farm er feeder, how ever, has some ad
van tag es on his side. He can m ake
use of hom e grow n roughages and
crop residues—and th is w ill re su lt in
a low er cost gain for a t least p a rt of
th e feeding period. He can m ake use
of fam ily labor in a w ay th a t m in i
m izes his labor costs.
L igh ter Cattle
H e can also m ake use of lig h ter
w eig h t cattle to excellent advantage.
Calves, or v e ry light yearlings, m ake
a 30 to 35 p er cent b e tte r feed conver
sion th a n do grow n cattle. The feed
is utilized to w ard grow th ra th e r th a n
to w ard fat.
U sing light cattle lends itself to a
full y e a r’s program , and provides a
m a rk e tin g option th a t is extrem ely
valuable. If calves are p u rch ased in
th e fall, and if conditions w a rra n t,
th e y can be sold as w arm ed-up feed
ers. R eplacem ent can th e n be m ade
w ith lig h tw eig h t yearlin g s from other
sources, and th e y e a r aro u n d p rogram
m aintained. If fattened, th e y are ideal
for th e heavy dem and by th e chain
sto res for lig h tw eig h t cattle grading
choice. W ith light cattle th e feeder
has had a m inim um n u m b er of dollars
invested th ro u g h o u t th e en tire p ro
gram .
One w ord of caution: L ig h t cattle
m u st be k ep t gaining, because feed
FA RM F E E D IN G . . .
(T u rn to page 54, please)
N orth w estern Banker, May, 7962
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Federal Reserve Bank of St. Louis
H e r e 's
M
Jl t JL A N Y ban k ers have asked the
question: “Do staff sales contests real
ly pay off in new business?”
The best w ay to get an answ er to
th is is “ask the b ank th a t has one!”
In recen t y ears th is m eans an increas
ing nu m ber of banks, for it has been
proven th a t em ployee cam paigns to
obtain new business, conducted as con
tests, are alm ost a sure-fire route to
increased business for banks.
F avorable resu lts of m any such con
tests have been rep o rted freq u en tly in
th e N orthw estern B anker . This m eth
od for securing business has gained
increased im portance in recent m onths
as b an k s are faced w ith the need for
increased volum e and profit to m eet
or exceed th e added cost of h igher in
te re st rates being paid on tim e money,
and o th er increased costs.
Some contests are fairly short, w ith
concen trated activ ity needed to reach
certain goals in new accounts or dol
lar volum e; some last for a m ore ex
tended period of tim e, req u irin g con
siderable organization and m otivation
to keep in te re st going; w hile others
m ay be a co ntinuing p a rt of the busi
ness developm ent d e p a rtm e n t’s activ
ity.
E xam ples of the tw o la tte r types are
cam paigns conducted by H arris T ru st
and Savings B ank of Chicago, and Val
ley N ational Bank, Phoenix.
As th e H arris Bank, for instance,
P ro o Ty h
em ployees b rought in th ro u g h personal solicitation du rin g a 10-month pe
riod a to tal of 2,389 new accounts
to taling m ore th a n $3 m illion in new
business. T his includes initial depos
its for new savings and checking ac- ►
counts, personal loans disbursed, safe
deposit box rentals, and trav elers
check sales. These sales w ere due
largely to the b a n k ’s “Sell Our Services” new business program , evidence
th a t an SOS really w orks. Em ployees
answ ered th is call for com plete staff
help, and th ereb y helped them selves
also to some fine rew ards for th e ir >
ex tra effort.
Cash com m issions of m ore th a n
$5,400 w ere aw arded to 829 em ployees
who b ro u g h t in new business. In ad- ^
dition, the 10 h ig h est salesm en in
n u m ber of accounts sold had th e ir
pick of prizes w hich included an ex
tra w eek’s vacation w ith pay, movie
cam era w ith carry in g case (see accom- ^
panying photo), portable TV set, twotra n sisto r radios and four $50 gift cer
tificates at a leading Chicago d e p a rt
m ent store.
W hat started as an announced eightm onth program w as such a success,
both from th e stan dpoint of m anage
m en t’s m easu rem en t of new business
and th e em ployees’ appreciation of *
contest aw ards, th a t “Sell Our Serv
ices” w as continued into 1962. E xecu
tive Vice P resid en t Donald P. W ells
T H IS K A C H IN A D O L L --------------------------is a s ta tu s sym bol fo r c o n te st w in n e rs a t V a lle y N a tio n a l B a n k , P h o e n ix . B elow ,
P re s id e n t Jam es E. P a trick (se a te d , l e f t ) , p re s e n ts K a c h in a s to A n g e lita Sanchez,
S h irley A nne Snedeker, Toni Preciado, Jim K elly , a n d ( s ta n d in g ) Gary Fraser, John
Stuhlm an, B utch Johnson, Clarence Bunch, B ill H otsko a n d Jerry M anning.
35
S a le s C o n te s ts
said it has created a “sales a w aren ess”
am ong th e e n tire staff leading th em to
learn m ore about th e b an k and its
m any services.
P robably one of th e o u tstan d in g ex
am ples of a sales incentive p rogram
th a t is a co n tin u in g p a rt of business
developm ent activ ity is th e “F ive Buy
Five Club” a t V alley N ational of P hoe
nix. S tarted th re e y ears ago, th is club
w ith th e un iq u e nam e now n u m b ers
669 m em bers.
A lthough em ployees h ere also re
ceive some cash rew ard for b rin g in g
in new business, th e g re a te st incen
tive by far is w in n in g a genuine I n
dian K achina doll so it can be dis
played on th e w in n e r’s desk as a tru e
sta tu s symbol. Made exp ressly for
VNB in ancien t villages on th e w in d
sw ept m esas of n o rth e rn A rizona, the
handsom e carved “dolls” are physical
sym bols of th e m ystical forces of n a
tu re figuring p ro m in en tly in Hopi In
dian philosophy and religion.
V alley N ational selected th e “h u n t
e r ” K achina (accom pany photo) be
cause, according to th e Hopis, “it
b rin g s good fo rtu n e to those w ho seek
out gam e and sn are it for th e trib e .”
Consequently, the K achina is a tru e
sym bol am ong th e staff for it is proof
positive th a t the ow ner is a producer.
How w ell has th e p ro g ram w orked
in th re e years? V alley N atio n al’s
Jo h n B aldw in, business developm ent
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Federal Reserve Bank of St. Louis
H a y O ff!
vice president, rep o rts th a t in th a t pe
riod em ployees in th e b a n k ’s 75 offices
th ro u g h o u t the state have produced
$14.5 m illion in new checking and sav
ings accounts, along w ith an o th er $3
volves n early th e e n tire staff and
close to 90 per cent of new accounts
rem ain on the books, m ost of them
w ith increasingly larg er balances.
Incidentally, th e first person to h it
SELECTING- th e d e s tin a tio n f o r h is e x tr a w e e k ’s v a c a tio n is John C allahan ( r ig h t) ,
w hile Jim R oth fo c u ses h is n e w c a m e ra on him . B o th a re sta ff m em bers of H a rris B a n k
in C hicago a n d to p w in n e rs in th e b a n k e r ’s n ew b u sin e ss d riv e .
m illion in tru s t d ep artm en t and other
business for a total of $17.3 m illion
new business. (This does not include
increased balances on an overw helm
ing m ajo rity of th e accounts since
th e ir opening.)
The to tal cost to VNB for th is con
tin u in g program for th e th ree years
has been $30,000, a 583 to one ratio!
In th is program , em ployees qualify
for th e “F ive B uy Five Club” by
b rin g in g in at least 10 new accounts
—of w hich five m u st re p re se n t new
custom ers. The em ployee receives his
K achina, a $25 check, m em bership
card, and a piece of silver jew elry—
w hich can be a pin, tie tack or bracelet
charm . A second m esa—or plateau —
is achieved by selling a n o th er 15 ac
counts, a t least seven of w hich re p re
sen t new custom ers. F o r th is th e em
ployee receives a share of VNB stock
(p resen t value around $70) and a pol
ished wood p latform for th e K achina.
A dditional p lateaus have sim ilar re
w ard s u n til reaching p lateau No. 6.
A nyone reaching th is lofty altitu d e is
know n as a “Ma-a-kya” (M ighty H u n t
er) and, in addition to an o th er share
of stock gets a solid silver identifica
tio n card. So far, tw o have reached
No. 6 plateau.
VNB P resid en t Jam es E. P atrick
says th e low -pressure cam paign in
plateau No. 6 w as an E diphone tra n
scriber in th e in stallm en t loan d ep art
m ent. She achieved th is w orking eve
nings and w eekends soliciting neigh
bors and friends.
These are ju st tw o exam ples of th e
m any banks th a t have found success
in new business sales contests. Many
sm aller banks have p u rsu ed sim ilar
program s ju st as successfully. Re
gardless of the size of th e bank, the
tw o key req u irem en ts are com plete or
ganization and w holehearted su p p o rt
by top m anagem ent.
W ith risin g costs creating a g reater
need th a n ever before for increased
profit, contests to sell b an k services
can provide a t least p a rt of th e answ er
for m any banks.— The End.
( E ditor ’s N o t e : I f yo u r bank has
conducted a n ew business cam paign
and yo u w ould be w illing to provide
som e of the details to in terested bank
ers w ho m ay ivish to w rite you, please
drop a note to the E d ito r of the
N orthw estern B anker briefly telling
w h a t kin d of contest you held and its
duration. I f you w ould like to contact
a bank th a t has had experience w ith
one or m ore staff contests, yo u m a y
also w rite the E d ito r for assistance in
contacting a bank of y o u r ow n size or
perhaps one th a t has conducted a par
ticular typ e of co n test.)
H o rthwestern Banker, M ay, 1962
36
m odernization. The im portance of business in v estm en t
as a stim u lan t to the econom y is being upgraded and
th ere is less talk about depending upon consum ption ex
penditures.
In tern ational Causes
N or can the in v estm en t m arkets here sh ru g off the seri
ous questions raised on the in tern atio n al fro n t by such
things as th e p ersisting im balance in th e U nited States
in tern atio n al paym ents and the challenge of E u ro p e’s
m atu rin g Common M arket to the com petitiveness of
A m erican exports. T hen th ere are those perplexing prob
lem s of capital m ovem ent raised by political u n re st and
u n stab ility in L atin A m erica and in th e new states of an
em erging, nationalistic Africa.
Viewed from the technical yard stick s of seasoned yield
relationships, the shakeout in the stock m ark et w as over
due. Lulled, perhaps, by th e w ishful predictions of
W ashington econom ists and by a continuing F ed eral Re
serve System policy of credit ease, buyers in the equity
m ark et un til a little w hile ago w ere disposed to be u n
d iscrim inating in th eir purchases and naive in the belief
th a t the grow th potentials of equity in vestm ents could
be discounted w ith im punity.
y
y
Y~
k.
N
A
Bloom Is Off N ew Issu es
B y RAYM OND TRIGGER
I n v e s t m e n t A n a ly s t
ISeiv Y o r k City
T1
H E R E can be no belittling th e m assive ad ju stm en t
in values th a t has been going on in th e securities m ark ets
since th e late w in ter. The stock m a rk e t has declined ex
tensively from th e peak prices of last year. Bonds and
o th er fixed-income in te re st in v estm en ts have w on back in
recent m o n th s m uch of th e favor th ey yielded to equity
in v estm en ts last year. Long-term U nited States govern
m en t securities are no longer re tu rn in g in v estm en t yields
of as high as 4 p er cent.
The factors causing th e re a d ju stm e n t are m any. W hich
are m ore influential th a n o th ers is h ard to say. Some can
be expected to p e te r out and o th er to persist. The o ut
look certain ly is mixed; b u t for th e sh o rt ru n it seem s to
suggest a continuance of th e m ajor tre n d s now p revailing
—higher prices for bonds and low er prices for stocks.
E xp ansion at L ow er Rate
The economy, of course, is a m ajor factor and usually
pre-em ptive. B ut th e state of th e n a tio n ’s business is
spotted w ith stre n g th on one hand and w ith ten tativ en ess
and infirm ity on th e other. The F ed eral R eserve index
of in d u stria l production m oved up to 115 in F e b ru a ry
afte r a one-point decline in Ja n u a ry . Viewed historically,
th is is high, y et the expansion of econom ic activ ity over
th e p ast seven m o n th s has been at a low er ra te th an in
o ther p o stw ar b u siness u p tu rn s.
Consum er ex p en d itu res for n ondurable goods are lag
ging behind th e pace of o th er business recoveries of the
fifties. Steel p roduction and autom obile o u tp u t have
been cut back from th e levels p revailing before the gen
eral wage co n tract u n d erstan d in g reached in the steel in
d u stry rem oved th e th re a t of a strike. The railro ad and
airplan e tra n sp o rta tio n in d u stries are unable to shake off
financial h arassm en t, m uch of it due to over-taxation and
over-regulation by governm ent. M uch of high-level busi
ness activ ity is a tread m ill because of th e p ersistence of
th e squeeze of costs orr profits.
On th e re a ssu rin g side is th e fact th a t W ashington is
not indifferent to the spottin ess of th e business picture.
More em phasis is being given on Capitol H ill to legisla
tive m easures—in th e tax field, for in stan ce—intended to
expand in d u s try ’s in v estm en ts in p lan t expansion and
Nort hwest ern Banker, May, 1962
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Federal Reserve Bank of St. Louis
W ith equity com m anding a high m ark et price w h eth er
view ed by price-earning ratios or dividend yields, it w as
inevitable th a t com panies of all kinds—w ith or w ith o u t
m ark et ra tin g or even historical earnings experience—
w ould join in the ru sh to get a sh are of the equity in v est
m ent money. T his phase of the m ost recen t bull m ark et
is now spent. The bloom definitely is off the new issues
and the seasoned v eteran s of the equity m ark et are com
ing into th e ir own again.
N evertheless, the reg istratio n files of the Securities and
E xchange A d m inistration are still choked w ith proposed
public offerings of shares to raise new capital or to estab
lish a m ark et value for shares of closely-owned e n te r
prises m eeting th e public for the first tim e. W ith all of
th e decline in stock prices, equity values are still high
historically. D ividend yields ru n to about only 3 per
cent. W ith a big backlog of public distrib u tio n s in the
offing, it is difficult to see how the stock m ark et can be
expected to reverse its sp rin g slide.
A.
V
A
Bond V alues R ise
In contrast, the rise in bond values has been spectacu
lar. F o r m easurem ent, the m ark et experience of the last
financing by th e F ed eral N ational M ortgage A ssociation
(F an n y May) is telltale. B rought out not m any w eeks
ago a t 100, the 4% p er cent d eb entures of th e secondary
m ark et agency of the F ed eral G overnm ent, have risen to
105. The in terest coupon appointed for the last big financ
ing of th e A m erican T elephone and T elegraph Com pany
in m id-F ebruary w as 4% per cent. The going m ark et
yield rate of AA-rated new issues as this is w ritte n has
gone below 4% per cent.
In th e field of tax-exem pt local governm ent bonds, th e
m ark et yield in th e long-term field has declined to about
3% per cent, as com pared w ith 3% p er cent at th e end
of the year and 3% per cent late last sum m er.
The forces feeding the dem and for long-term bonds are
vigorous and seem far from spent. Chief of them is th e
ab u n d an t pool of m oney seeking in v estm en t—a pool fed
not only by the enlarged savings of individuals, b u t by
th e re-availability of p ast savings as debts contracted in
th e first p o stw ar business upsurge are paid off.
T his liquidity in th e long-term sector has been fu rth e r
stim ulated by th e earnings dilem m a of th e com m ercial
banks th a t had p repared for a business boom th a t did not
Y
1
i-
A
B O M ) PR IC ES . . .
(T u rn to page 50, please)
A
H O STS fo r bankers from Iow a and N eb rask a w ere, le ft to
rig h t: Tom C. Cannon, v.p., and R uss W oolley, asst, v.p., Commerce Tr. Jam es M. K em per, Jr., pres, of Commerce Tr., is
shown in rig h t photo w ith B. M. Lam berson, v.p. in charge of
b a n k ’s correspondent division as th ey prep ared to introduce
speakers on the conference program .
C o m m e rc e T r u s t
P la n s
F o r 3 0 -S to ry S k y s c ra p e r
O ver 1 ,0 0 0 B a n k ers L earn D e ta ils At C o n fe r e n c e
AM ES M. K E M PE R , JR , p resid en t of th e Commerce
T ru s t Com pany, K ansas City, has announced th a t an
im m ediate s ta rt w ould be m ade on th e new 30-story Com
m erce T ow ers at N in th and Main. The anno u n cem ent
w as m ade a t th e 1962 Conference for B ank C orrespond
en ts held for m ore th a n 1,000 b an k ers in K ansas City
last m onth.
The 500,000 square foot office b uilding w ill be one of the
larg est ever erected in th e m iddlew est. The b an k w ill
keep its p rin cip al o perations in th e p re se n t building and
w ill use four floors in th e new stru c tu re . A “fam ily b an k
ing ce n te r” w ill be on th e Com m erce T ow ers lobby floor.
Sub-basem ent space w ill be utilized for a large security
v au lt area of 3,000 squ are feet, n u clear blast-proof.
The b u ild in g ’s second floor w ill accom m odate dining
facilities for b an k personnel, and an o th e r floor w ill house
electronic d ata processing equipm ent.
Also p lanned is a 100-seat au d ito riu m for use by te n
ants. A large and com prehensive law library, described
as th e first of its k ind sponsored by an office building
landlord in th e m iddlew est, is to be m ade available to
law yers.
A public re s ta u ra n t is to overlook th e sunken patio, and
a n o th er d ining facility on th e 30th floor w ill afford d in
ers a pano ram ic view of th e city in all directions.
T here are th re e fe a tu re s w hich, Mr. K em per noted,
“w ill affect th e b u ild in g ’s d esirability. T hese are the
elevato rin g system , th e air conditioning and flexibilty of
space and utlities.
Tw elve high speed p assenger elev ato rs are to be in
stalled serv in g an estim ated building “p o p u lation” of
3,500 persons.
B. M. L am berson, vice p resid en t in charge of th e cor
resp o n d en t b an k d e p a rtm e n t of th e bank, presided a t th e
Conference. D ep artm en t heads m ade detailed re p o rts on
J
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
the business outlook as it p ertain s to agriculture, real
estate, installm en t lending, oil financing and investm ents.
Outside au th o rities appearing on th e Conference pro
gram included: Neal J. Dean, vice president, Booz, A llen
and H am ilton, Chicago; K riss W. B arnes, executive vice
president, Poudre V alley N ational Bank, F o rt Collins,
Colo.; Dr. Gordon M cKinley, vice president, F. W. Dodge
C orporation, New York; W alter M. W illy, president, Secu
rity Bank, M adison, S. D., and Dr. C harles N. Kim ball,
president, M idwest R esearch In stitu te, K ansas City.
V isiting ban k ers and th e ir w ives w ere treated to a so
cial hour, d in n er and show, sta rrin g the Van D orn Sisters,
to round out the one-day m eeting. — End.
(A dditional Photos on Page 42.)
iis flis s is
liiSsfsi
¡Eiíiisss
iiis s s
Hi
niMMiniaiMHinii
üiSiifïï
Siisi-''
is is s lS S S
N E W SK Y SC R A PE R p lanned by Commerce T ru st is inspected
by H arold W inder, v.p. & cash., C en tral N atl. B&T, Des M oines,
and A. E . P eters, exec, v.p., Ja sp e r Co. Sav. Bk., N ew ton.
Northwest ern Banker. M av. 1962
38
C r e d it
M e n O ppose
H o u q lu s H i l l : V ie w
H a n k P r o f it S queeze
B y MALCOLM FREELAND, P r e s id e n t
N O R T H W ESTER N BANKER
EA RLY 2,000 b an k executives a t
ten d in g the N ational In sta ll
m en t C redit C onference in Chi
cago last m o n th expressed them selves
in unanim ous opposition to p ro v i
sions of th e D ouglas “T ru th in L end
ing bill.”
A p a rtic u la r objection of b an k ers to
th e Douglas bill is cen tered on th e p ro
visions for re p o rtitn g in te re st charges
on an an n u al “sim ple in te re s t” basis.
Objection w as made, too, to th e b ill’s
failure to disclose fully all aspects of
a consum er cred it tran sactio n , and to
th e “u n n ecessarily sev ere” p enalties
th a t w ould be imposed.
A noth er item w hich ap peared to
be of general in te re st at th e C onfer
ence is th e increasin g p ressu re on
bank m anagem ent to increase e a rn
ings to pay th e hig h er ra te of in te re st
req u ired for savings accounts and to
m eet co n stan tly risin g costs and oper
ations.
Delegates discussed th e need to
broaden the field of b an k in stallm en t
lending to include, besides auto and
equipm ent loans, lending for m edical
and den tal care, financing of d octors’
and d e n tists’ eq u ip m en t and office im
provem ents, loans to teachers, loans
to m em bers of large offices, business
establish m en ts in in d u tries as a reg
u la r p a rt of in-plant ban k in g and in
tensified in te re st in th e hom e im prove
m ent field and com m unity business
enterprises.
N
Jo h n 0. E lm er, ch airm an of th e In
stallm en t C r e d i t
C om m ittee of th e
ABA and senior
vice p resid en t of
th e W ells Fargo
B ank, San F r a n
cisco, told dele
g a te s th a t th e
c u rre n t business
outlook is m uch
b rig h te r t h a n it
w as a y e a r ago,
b u t at the sam e
tim e expressed some concern over th e
Northwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
increasing n u m b e r of nonbusiness
b ankruptcies. Some of the o u tstan d
ing speakers appearing w ith C hair
m an E lm er on th e program com
m ented as follows:
M. Monroe K im brel, A BA vice p resi
dent and chairm an, F ir st N ational,
Thom son, Ga.: “B anks seeking to build
up in s ta llm e n t
loan volum e as a
s o u r c e of a d d itional earnings to
offset h ig h er int e r e s t c o s ts
should avoid the
p i t f a l l s of r e
d u c e d le n d in g
standards. E x p o
s u r e to g reater
risk s undoubtedly
M . M . K IM B R E L
would
bring
g re a te r losses and it could w ell cost us
th e good w ill of valued custom ers w ho
m ight be tem pted to stretch m onthly
p ay m en ts beyond budget reach .”
Edw ard J. F rey, form er chairm an of
in stallm en t loan com m ittee and p resi
dent, U n ion B ank and T rust, Grand
R apids, Mich: “The constant grasping
of pow er by our
F e d e r a l govern
m en t over th e fi
nancial m e c h a n
ism s of our econ
om y is one of the
great questions of
our g e n e r a t i o n .
W i t h i n the p ast
m onths th e p re s
e n t a d m in is tra
tion has sought
E . J. F R E Y
executive a u th o r
ity over a nu m b er of economic areas.
The Ju stice D ep artm ent is tak in g is
sue w ith the m ost m inute w orkings of
our co rporate and financial system ,
and ju s t recen tly our p resid en t has
recom m ended a new area of presid en
tial or executive a u th o rity for th e pro
tection of th e A m erican consum er.
T his g reat concern for th e A m erican
consum er and th e obsession to regu-
late every sm all detail of our financial
econom y is beyond com prehension
w hen com pared w ith th e real issues
facing our nation today.”
Y
W allace F. B enn ett, U nited States
Senator from Utah: “I w o rry about
V
p u ttin g consum er
credit in a s tra it
jacket of federal
regulations, y
th ro u g h e n a c t
m en t of S. 1740, a
bill sponsored by
k.
Senator Paul
D o u g la s of Illi
nois. I am p artic
u la rly concerned
w. f. b en n ett
about the atte m p t
v
to do th is u n d er
the guise of economic stabilization and
by p u ttin g on the bill a phony title,
‘T ru th in L ending.’ T here is no need
>
for th e Douglas Bill.”
J. M. R oche, vice president, General
M otors Corporation, Detroit: “B arring
unforeseen
developm ents, total car
an d tru c k u n it
sales for th e first
half of the sixties
should average in
th e neighborhood
of 8 m illion plus
a year, rising to a
9.3 m illion level
betw een 1965 and
1970. W e feel th a t
an estim ate of a
7-million p a s s e n
ger car m a r k e t
continues to be a real possibility for
1962. T his includes some 350,000 to
400,000 im ports. T here w ill also be
about one m illion tru ck s sold du rin g
1962.”
H erbert R. Silverm an, president,
Jam es Talcott, Inc., N ew York: “T here
is c u rre n tly an encouraging p a rtn e r
ship betw een banks and com m ercial
finance c o m p a
nies in providing
funds req uired to
su p p o rt sound ex
p a n s i o n of our
econom y. J o in t
p a r t i c i p a t i o n of
secured loans has
led in th e p ast
few y ears to in
creasingly m o r e
freq u en t collabo
H . R. S IL V E R M A N
ratio n in th e field
of in d u strial tim e sales financing, w ith
beneficial resu lts to all p arties con
cerned. The type of situ atio n th a t
leads to jo in t p articip atio n is likely to
stem from one or m ore of six condi
tions: (1) A b an k m ay have an ex-
A
Y
Y,
A
V
A
y
V
Y
CREDIT M EN . . .
(T u rn to page 52, please)
î
39
Some of the ways
we help our
correspondents:
Advertising and Public Relations
A ssistance with advertising
cam paigns and special events.
Bank Wire Facilities
Collections and Transit
Nation-wide processing of
Items
Commercial Paper
Buy for the correspondent on
a 7- or 10-day optional basis.
Provide statem ents and other
information from broker, as
well as our own Credit
Department.
Accept delivery of notes and
hold them in safekeeping.
Commercial Loans
Consumer Credit
Help establish modern
methods of processing
instalment loans made on
a direct or dealer b asis.
Annual
Correspondent Conference
Credit Information
Up-to-date information, and
several reports, on com m ercial
paper nam es.
Currency and Coin
Daily shipm ents of currency
and coin (wrapped) in all
denominations.
Accept for credit excess coin
and currency.
Redeem mutilated currency.
Draft Collections
Foreign Banking
Foreign rem ittances; letters of
credit and introduction; export
collections; foreign exchange;
credit and other foreign trade
information.
Government Securities
Supply price quotations and
other information on
Government securities. Daily
listings on request.
Accept open orders to buy or
sell Government securities.
Hold Government securities
and settlem ents on
correspondent’s behalf.
Group Life Insurance
NIGHT TRANSIT
Operating Methods
Survey correspondent's
methods.
Speeds your collections by as much as one full day!
Personnel Practices
Consult in all areas of
personnel adm inistration.
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 of the night. Instead
of tomorrow afternoon, or even the following day, this item will be in
M anhattan 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.
Safekeeping Securities
MEMBER
FEDERAL
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
DEPOSIT
INSURANCE
Solicitation of Local Accounts
of National Concerns
Tax Assistance
THE FIRST
NATIONAL BANK
IN ST. LOUIS
CORPORATION
Northwestern Banker, May, 1962
40
Over 000,000
is th e changing habits of the A m eri
to Travel
A b ro
aincreasingly
d
can traveler,
w ho is
selec
ORE th a n 900,000 A m erican tra v
elers are expected to converge
on E uro p e th is year, rep o rts the A m er
ican E x p ress A pril T ravel Survey
afte r a poll of com pany offices in E u
rope and th is country, leading c a r
riers, hotels, car-hire o perators and
m otor coach com panies. T his figure
rep resen ts an estim ated 6 to 8 p er cent
increase over 1961’s total, one w hich
fell sh o rt of m ost of last y e a r’s early
season forecasts.
A c c o u n t i n g for 1962 anticipated
gains are several factors. G roup tra v
el prom ises to rise w ith th e new now
in-effect T rans-A tlantic group air fare
M
TRUST"
rates and the recen t decision of the
T rans-A tlantic Passenger Conference
to cu t ship fares 25 p er cent d uring
th e th rift season for groups of 25 or
m ore. Such places as Greece, the
Aegean Islands, Spain, P ortugal, A us
tria and Scandinavia are proving in
creasingly popular w ith U. S. visitors.
A nd doubts about the in tern atio n al
political situ atio n and u n certain do
m estic conditions seem to have les
sened.
Such developm ents have given the
tra v e l in d u stry an a ttitu d e of cautious
optim ism about th is y e a r’s prospects.
A m ajor reason cited for th is caution
INVESTM ENT
COUNCIL
Serving COMMUNITY
banks from c o a st to c o a st
WITH TRUST INVESTMENT ASSISTANCE
FROM THE TRUST VIEW POINT
The experience of Council Members
in all parts of the country—dating back
for as long as 15 years—shows that
distance doesn’t hamper the usefulness
to a trust officer of Studley, Shupert
Trust Investment Council Membership.
Day in and day out, Council advice
and suggestions on sticky problems are
furnished Members from coast to coast
via phone or mail. Distance means
nothing!
And remember: “Sticky Problem
Advice” is only part of the service you
receive as a Council Member. In addi
tion, there is a continuous flow of easy-
to-understand securities information
. . . down-to-earth appraisals of cur
rent economic trends . . . practical re
views of Members’ individual account
matters that are applicable to your
accounts. All this and more—and all
from the trust viewpoint—for a modest
annual fee that is well within the budget
limitations of any community bank.
Members testify that Council Mem
bership can help make your department
a better trust department . . . can help
make you a better trust man. Further
information upon request. No obliga
tion. Write now.
STUDLEY, SHUPERT TRUST INVESTMENT COUNCIL
1617 P E N N S Y L V A N IA B L V D ., P H IL A D E L P H IA 3 , P A .
155 B E R K E L E Y
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S T R E E T , B O S T O N 16, M A S S .
tive and price conscious. Industryex perts rep o rt th a t trav el consum ers
w an t shorter, m ore flexible escorted
tours, dem and m oderately priced pack
age to u rs and are m aking th eir trav el
arran g em en ts on m uch sh o rter notice.
Over 250,000 A m ericans w ill m otor
th ro u g h E urope.
T his sh o rter booking tre n d has re
sulted in an uneven p a tte rn as far as
advanced hotel reserv atio n s for A m er
ican trav elers are concerned. H otels
in some E u ro p ean cities rep o rt 5 to
10 p er cent gains in advanced spring
and sum m er bookings, w hile in o th er
cities these types of reserv atio n s are
below last y e a r’s level for th is tim e
of year. T here seem s less w orry over
th is situ atio n because experienced ho
tel keepers on th e o th er side of the
A tlantic are ap p aren tly becom ing
m ore accustom ed to the grow ing im
pulse buying h ab its of the U. S. tra v
eler.
To arriv e at the num ber of A m eri
can v isito rs expected in individual E u
ropean cities, A m erican E x p ress q u er
ied hotels, local to u rist offices, carhire o p erators and m otorcoach com
panies. T w enty of the 37 cities polled
forecast m ore A m erican v isito rs in
1962 th a n last year; estim ated in
creases range from tw o to 10 per cent.
Seven cities anticipate the sam e n u m
ber; 10 cities estim ate few er v isitors
th is year. A thens, Copenhagen and
Stockholm are p artic u la rly optim istic
about picking up volum e. In term s of
q u a n tity th e 14 cities expecting to
draw the g reatest n u m ber of A m eri
cans th is y ear are: Paris, 500,000;
London, 424,000; Rome, 360,000; Ma
drid, 270,000; Copenhagen, 175,000;
F lorence 170,000; B russels, 167,000;
Venice and N aples each 150,000; Mu
nich, 130,000; Zurich, 107,000; A thens,
L ucerne each 100,000.
T his barg ain m indedness of tra v e l
ers is reflected in th e types of trip s
th a t are c u rre n tly proving popular
w ith them . E scorted and package
to u rs w ith varied d estinations and
varied land arran g em en ts of 21- to 30day du ratio n s are stirrin g in te re st be
cause th ey offer m ore freedom of
m ovem ent. As a re su lt of th is desire
for g reater flexibility in to u r pro
gram s, A m erican E x p ress recently in
troduced “In terlo ck T ours,” a revolu
tio n ary trav el concept th a t com bines
th e m ost a ttractiv e featu res of es
corted to u rs w ith th e com pactness of
th e w idely accepted “city package”
tours. Clients m ay select from 16
different escorted to u r packages (sev
en to 13 days) of E urope and the
Middle E a st and m ake up a personal
itin erary .
41
FUKJL RANGE OF BOND DEPARTMENT SERVICES
. . . something else Continental provides as uyour bank's bank”
Phone us to sell, and chances are the sale will be made before you hang up. Phone us to buy,
and we’ll probably have what you want right a t hand. Continental’s Bond Department is
one of the largest and most active primary bank markets for U.S. Government, Federal
Agency, State, and Municipal securities in the country. Our experience can prove a valuable
advantage. Concerning Government Bonds, call us a t 828-2542. For Municipals, call 828-2523.
C O N T IN E N T A L
ILLINOIS
NATIONAL
BANK
A N D TR U ST COM PANY OF CHICAGO
Lock Box H, Chicago 90
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 i o n
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
''ícíTe”
Northwestern tan ker, May. 1962
42
(PHOTOS T A K E N AT COMMERCE TRUST COM PANY C O N FEREN CE)
Jensen, asst, v.p., an d Cy K irk, v.p., B ankers Tr. Co., Des Moines.
R IG H T — E arl W ilk in s, pres., G eneva (N ebr.) St. B k.; H . W.
W ragge, pres., F irs t N atl., Tekam ah, N ebr., an d Fred B runing,
pres., B runing St., B runing, N ebr.
L E F T — Bob W underlich, v.p., N ehaw ka B ank, N ehaw ka, N ebr.;
Joe Johnson, Jr., v.p., Johnson County B ank, Tecumseh, N ebr.;
and D ick D unlap, v.p., Commerce Tr. Co. C EN TER — B ill Werner, v.p., U n ited Home Bk. & Tr. C., Mason City, Iow a; H om er
C h em ical B an k M oves
H ead O ffice F a c ilitie s
occupied th e ir desks at the new loca
tion.
A fter 138 y ears on Broadw ay, Chem
ical B ank New Y ork T ru st Com pany
m oved its head office into attractiv e,
m odern and efficient q u a rte rs at 20
Pine S treet last m onth.
The big move, w hich w as begun in
m id-January, w as com pleted w hen
C hairm an H arold H. Helm , p resid en t
W illiam S. R enchard, vice chairm an
H u lb ert S. A ldrich and H ow ard W.
McCall, Jr. and o th er senior officers
The 20 Pine S treet site, w hich is
being su bstan tially enlarged w ith a
21-story addition a t 22-24 Pine Street,
now houses ab out 3,000 of th e b ank's
to tal staff of 8,000 m en and wom en.
It includes th e adm in istrativ e offices
for all divisions and d ep artm en ts ex
cept p ersonal tru st, th e W all S treet
division and in stalm en t loan. The
perso n al tru s t d ep artm en t w ill con
tin u e a t 100 B roadw ay u n til th e com
pletion of a new building at 277 P a rk
A venue in 1964. T he W all S treet di
vision continues at 100 B roadw ay u n til
December, 1962, w hen th e 20 Pine
S treet expansion w ill be completed.
The in stalm en t loan h e ad q u arters con
tin u e a t 770 Broadw ay. Also, th e
b a n k ’s large electro-m echanical cen
te r for check handling and custom er
accounting is being continued at 2
Broadw ay.
H eretofore, Chem ical New Y ork has
moved its head office only twice.
A
^
v
-<
A
A
Y
•y
Through our own offices in all 3 states, you can
reach immediately into California, Oregon and
W ashington, covering all your W estern tra n s
actions w ith one account in this one bank.
i
THE BANK OF
C A L IF O R N IA
N A T I O N A L .
A S S O
A
C I A T I O N
SAN FRANCISCO and other California c it ie s .. . PORTLAND, Oregon. . . SEATTLE and
TACOMA, Washington • HEAD OFFICE: 400 CALIFORNIA STREET, SAN FRANCISCO 20
Northwesf ern Banker, May, J962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A
43
21 billion dollars. Vacation Club plans a v a ila b le through
local financial institutions make many of these trips possible.
A p pro xim ately 9 5 ,0 0 0 ,0 0 0 Am ericans will take vacation trips
of at least three days during 1962, at a cost that will exceed
Getting to know you
the third step
When this family learned the value of regular
weekly savings through Christmas Club mem
bership, they took their first step toward the
achievement of their financial goals. The second
step was inevitable . . . the proper use of all the
services of their local financial institution.
Now they are enjoying the third step . . . a
happy one for them and a profitable one for you.
They have learned, along with millions of others,
that their “vacation pay” somehow never gets
set aside for vacations. Rent, food, taxes, utili
ties, insurance take care of that. So they joined
Vacation Club, still another service they learned
about after getting to know you.
Won’t you get to know us and the services we
offer? For over fifty years our services have been
helping financial institu tio n s to know th eir
customers better. Just drop a note and we will
arrange for a staff member in your area to con
tact you. No obligation, of course.
SEND FOR OUR FREE BOOKLET ON VACATIONS AND
THE VACATION CLUB PLAN
the
Photograph courtesy o f
York Savings Bank
N ew
Cfjristtmag Club
a (Corporation
230 Park Avenue, New York, N. Y.
Founded by Herbert F. Rawll
Builds Character • Builds Savings • Builds Business for Financial Institutions
Northwestern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
44
1 .0 0 0
ut
M e rc a n tile T ru s t T a r t y
L E F T — M r. a n d M rs. G erald O. N elson a re show n w ith J a y
B lackford, v.p., U n io n B k. & T r. Co., O ttu m w a, a n d Charles
W alsh, p res., F a rm e rs & M e rc h a n ts S av. B k., B u rlin g to n . M r.
L IT T L E th in g like a dow npour
could not dam pen th e sp irits of
th e alm ost 1,000 guests from 14 states
w ho atten d ed the an n u al Baseball
P a rty staged by M ercantile T ru st
Company, St. Louis, last m o n th a t the
H otel Chase.
G uests w ere treated to a “20’s P a rty ”
in rem em brance of th a t w onderful
y e a r of 1926 w hen the St. Louis C ar
dinals cap tu red th e ir v e ry first W orld
Series victory. To re-create th a t th rill
ing gam e for our guests, M ercantile
A
N elson is v.p. of Io w a D es M oines N a tl. B k., Des M oines.
B IG H T — M ack A ldrich, v.p., a n d Jam es Brown, a sst. v.p. of
host b a n k g re e t o u t-o f-to w n g u e sts.
T ru st had giant blow ups m ade of 1926
C ardinal greats.
The atm osphere of the 20’s w as fu r
th e r enhanced by Jack Fields and his
Strolling M usicians costum ed in blaz
ers and straw hats. In an o th er room,
M ickey E lse and his old-time player
piano m ade a big hit as it ground out
the h it tu nes of th e 20’s.
A t th e en trance to the party, Miss
D oris Y ork and Miss N ancy Swanson,
a ttire d in typical 1920 styles, greeted
guests and handed out corsages and
folders recalling im p o rtan t new s
events of 1926.
P lans had been m ade to tra n sp o rt
the guests to the opening hom e game
of the St. Louis Cardinals, b u t for
th e first tim e in 17 y ears th e gam e
w as called because of rain. M ercan
tile ’s guests stayed at th e Chase to be
e n tertain ed by a popular St. Louis
e n tertain er, com edian Bob H ohlt—and
to dance to th e m usic of Jack Fields
and also th a t of Guy Lom bardo.
HOW DOUGLAS-GUARDIAN’S
Field Warehousing Can
MAKE YOUR LOANS SAFER
T h is b o o k le t tells “ H O W ” D O U G L A S -G U A R D IA N
W areh o u se R e c e ip ts a ssist y o u in m a k in g in v e n to ry lo an s
t h a t m ig h t n o t be possible w ith o u t th e e x tra s u p p o rt of
F ield W areh o u sin g .
-*•
^
y
Á
r
W e h a v e o th e r b ro c h u re s t h a t ex p lain th e m e th o d of
fin an cin g a d d itio n a l b u sin ess th ro u g h D O U G L A S G U A R D IA N ’S F ie ld W are h o u se R e c e ip ts.
t
W e ’ll g lad ly sen d you o u r b ro c h u re s t h a t m ay p ro v e
h elp fu l in solving y o u r len d in g p ro b lem s.
A d d ress y o u r in q u irie s to . . .
4
D ouglas-G uardian
WAREHOUSE CORPORATION
P. 0 . Box 52978, New Orleans 50, La.
O U R
I N T E G R I T Y
N ort hwestern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BRANCHES IN P RIN C IP A L C IT IE S
IS
Y O U R
Phone Area Code 504 523-5353
S E C U R I T Y
\
45
1
HERE...
YOU
NEVER
FEEL
LOST
We serve thousands of people, but we serve them one at a time.
We’d like to serve you and your bank, too.
A
m
e r ic a n
N
a tio n a l
B a n k
AND TRUST COMPANY OF CH ICA G O /LA SA LLE AT WASHINGTON
M EM BER F ED ER A L D EP O S IT IN SU R A N CE CORPORATION
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FRA N KLIN 2-9200
Northwestern Banker, May, 1962
H ea d s R e se rv e
ordon
Mu r r a y , presid en t of
G th e F irs t N ational B ank of
M inneapolis, has been nam ed p re si
d en t of th e A ssociation of R eserve
City B ankers, succeeding R ansom M.
Cook, p resid en t of th e W ells F argo
B ank in San Francisco.
The new vice presid en t is R obert
B. Hobbs, chairm an, F irs t N ational
B ank of B altim ore, succeeding Nor-
G. M U R R A Y
Our newest
advertising package
will lift your community
image automatically . . .
and mean new business
D. M . K E N N E D Y
fleet T u rn er, chairm an, F irs t N ational
B ank, M emphis. ARCB does not fol
low th e practice of m ost banking
organizations of elevating th e vice
p resid en t to th e presidency.
D avid M. K ennedy, chairm an, Con
tin e n ta l Illinois N ational B ank and
T ru st Co., Chicago, w as re-elected as
tre a su re r.
F o u r m en w ere elected directors for
three-y ear term s. T hey are F ra n k E.
Agnew, Jr., president, P ittsb u rg h N a
tional Bank; Milo B. H opkins, execu
tive vice president, M anufacturers
H anover T ru st Co., New York; Roger
D. K night, Jr., chairm an, D enver
U nited S tates N ational Bank, Denver,
and Addison H. Reese, president,
N o rth C arolina N ational Bank, C har
lotte.
In addition R obert C. B aker, p resi
dent, A m erican S ecurity and T ru st
Co., W ashington, D. C., w as elected
for a one-year term on th e board. He
w ill fill th e un ex p ired term of R an
som Cook, w ho becom es an ex-officio
m em ber of the board by v irtu e of his
position as im m ediate p ast president.
for your bank.
Ask your FIRST GROUP man
to tell you about our
“CCC" program.
F IR S T
f i m i r i e t a l «j t f d v e k U b i/n y
GROUP
Brookline
46, Massachusetts
https://fraser.stlouisfed.org
henewcorooratenameof
Atlas
Ad vertisina
Federal Reserve Bank of St.
Louis
C o n tin en ta l A ssists AMA
O n M edical L oan P lan
A few w eeks ago th ree young m en
received checks, draw n on C ontinental
Illinois N ational B ank and T ru st Com
pany, Chicago, to help them pay for
th e cost of th e ir m edical education
and train ing.
P re se n tatio n of th e checks by Dr.
F. J. Blasingam e, executive vice p resi
d ent of th e A m erican Medical Associ
ation, and Tilden Cum m ings, p resid en t
of C ontinental Bank, m ark ed th e open
ing of a new loan program for m edical
R a n k ers
students, w hich is sponsored by the
AMA.
C ontinental B ank has w orked close
ly w ith th e AMA in developing the
plan, and initially, w ill provide th e
financing. C ontinental also w ill handle
th e processing and ad m in istratio n of
all stu d en t loans.
The basic purpose of the AMA p ro
gram is to help elim inate th e financial
b a rrie r to m edicine for all w ho are
qualified and accepted by an approved
tra in in g in stitution.
U nder th e term s of th e AMA loan
program , stu d en ts m ay borrow up to
$1,500 plus in te re st in any 12-month
period and up to $10,000 of th e total
cost of th e ir education. No paym ent
of principal or in te re st w ill be re
quired d u rin g th e educational or tra in
ing period and no charge w ill be m ade
by th e b an k for carry in g the in terest
th a t accum ulates.
N otes w ill fall due five m onths afte r
com pletion of th e tra in in g period.
Thus, the m axim um d u ratio n w ill be
seven y ears and five m onths—from
th e first y ear in m edical school
th ro u g h residency. The five-month
grace period is intended to provide
th e physician tim e to locate afte r com
pleting residency.
S tudents m ay tra n sfe r loans to the
banks in th e com m unities in w hich
th ey establish th e ir practices. Loans
w ill be guaran teed ag ain st default by
th e AMA E ducation and R esearch
F oundation.
W o rld ’s F air B ranch
F irs t N ational City Bank, New York,
has announced plans to establish a
full b ran ch on the A venue of A frican
N ations at th e 1964-65 N ew Y ork
W orld’s F air. The C om ptroller of the
C urrency has approved.
The b a n k ’s W orld’s F a ir B ranch w ill
open lim ited facilities in 1963 offering
exhibitors, concessionaires, builders
and w o rkers com plete services th ro u g h
F irst N ational C ity’s n etw o rk of 90
dom estic and 85 overseas branches.
A fter the F a ir’s opening, th e full
b ranch w ill serve v isito rs and w orkers
alike.
A rchitect W illiam Lescaze is design
ing the branch. Diesel C onstruction
Com pany is th e general contractor.
The b ran ch w ill be located close to
th e south en tran ce to th e fair, near
th e m ain p ark in g lots located around
Meadow Lake. It w ill be n ear the bus
term inals, th e am u sem en t center and
entran ces from all of th e p resen t and
planned express roads to F lu sh in g
Meadows.
V-
V'
K
'f-
A
r
À
4
X
I
47
LU C K Y!
Lucky his bank suggested Uniosabie Money!
U N LO SA BLE B EC A U S E: With offices in over 50 U.S. and
Canadian cities, and nearly 400 offices throughout the
world, American Express is always ready to aid your cus
tomers with an on-the-spot refund (should their cheques
be misplaced or stolen) a customer service unique with
American Express Travelers Cheques!
MONEY B EC A U SE: American Express Cheques are as
easy to spend as a dollar, franc or pound. They’re known
and honored the world over.
Uniosabie . . . easily spen dab Ie-Am erican Express
Travelers Cheques represent the very best service you can
offer your customers for any trip in the U .S. or abroad.
AMERICAN EXPRESS TRAVELERS CHEQUES
Northwestern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
48
COM M UNITY PR O JEC TS . .
(C ontinued from page 27)
tion w as sta rte d one m o n th before the
event. More th a n 5,000 people attended
the function. Special E a ste r Egg
H u n tin g licenses w ere p rep ared for
each child by th e bank, and d istrib u
tion w as m ade by local m erchants.
T he h u n t w as divided by age groups,
and over 100 prizes w ere presented.
Dollars fo r C hurches: A Colorado
b an k recen tly used an idea to prom ote
a crow d to its open house. E ach v is
ito r w ho w as a m em ber of any church
w as presen ted a certificate w o rth one
dollar to his church. C hurch officials
verified each certificate and presented
th em to th e b an k for paym ent.
L ife Saver K it: P erso n n el of an
Illinois b an k have been in stru m e n ta l
in saving lives, largely th ro u g h th e
use of a portable oxygen k it m ain
tained by th e bank.
W ill Day is sponsored by a n u m b er
of banks in sm aller com m unities th a t
are w ith o u t th e services of an a tto rn e y
in tow n. The b a n k advertises th e fact
th a t th ey are d esignating one day as
“W ill D ay” th ro u g h a personal letter.
F o r obvious reasons, all custom ers are
n ot contacted. The b an k pays th e a t
to rn ey fee.
H igh School Seniors are honored by
a sub stan tial n u m b e r o f b a n k s
A tte n tio n
\
■ M any ban k s sponsor a th le tic team s or events as p a rt of th e ir civic work. A t
N orth w est S ecurity N atio n al B ank in G regory, S. D., officials consider “ youth is
our most im p o rtan t crop,” so sponsorship of th e G regory Ju nior-T eener baseball
team is un d ertak en . L ast y ear the team (shown in photo) cap tu red th e runner-up
trophy in the sta te Teener T ournam ent in H ow ard, S. D. M anager of the team
was E lto n B udahl (top row, le f t), ag re p resen tativ e fo r the bank. Coach was
F ra n k S tukel (top row, rig h t).
th ro u g h o u t the N orthw estern B anker
area. N ew spaper ads c a rry th e nam es
of all graduates, and a personal letter
is w ritte n to each student. Some banks
provide gift item s.
Vacation Guide: M any banks in the
B a n kers:
WESTERN AND SOUTHERN
W ill Help
You
Promote Your
CREDIT LIFE
PROGRAM
For Complete Information
Contact Our
C R ED IT IN S U R A N C E
DEPARTM EN T
P. O. Box 1119
Cincinnati 1, Ohio
LA LINDA
Motor Hotel
Many luxuries are enjoyed
here by famous personali
ties. You, too, will enjoy
spacious rooms, air-condi
tioning, TV. Unique fresh
w a t e r s w i mm i n g pool,
wonderful fishing, escorted
tours from the door. C re d
THE
WESTERN AND SOUTHERN
LIFE INSURANCE
COMPANY
A Mutual Company
William C. Safford, President
Northwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
it cards honored.
West Beach Blvd.
(U.S. 90)
BILOXI, MISS.
FREE!
Write for new TRAVEL GU ID E listing fine motels
from coast to coast, inspected and approved by
Congress of Motor Hotels.
area are locted in unique vacation
spots. B anks in M ontana and W yom
ing, for instance, m ight assist th e ir
respective com m unities by publishing
an eight-page vacation guide w ith p er
m an en t as well as seasonal events.
C hildren’s N ig h t at th e local baseball
p a rk is a popular event w ith a num ber
of banks. Gate prizes, such as b ats and
autographed balls, can be presented.
In some instances, banks confine the
annual outing to p articip an ts in L ittle
League, Pony League or Babe R uth.
M any m ore projects m ight be listed,
p a rticu larly as th ey apply to serving
specific in d u stries or farm groups. The
com m unity projects described in th e
tex t will, how ever, give some basis for
plans for 1962.
T o R aise A .B .A . D u es
The A m erican B ankers A ssociation
has revised its m em bership dues
schedules to provide for a 25 p er cent
increase in to tal dues incom e to sup
p o rt expanded services to m em bers.
The revision w as approved u n an i
m ously by th e association’s executive
council at its Spring m eeting, last
m onth, at W hite S ulphur Springs,
W est V irginia. The action took the
form of a vote on am endm ents to the
Bylaws.
The new schedules w ill tak e effect
in th e fiscal y ear beginning Septem
b er 1, 1962.
The Council, A.B.A. governing body
betw een conventions, also authorized
a change in th e w ay m em ber b an k s’
dues assessm ents are com puted. U n
der th e new procedures, dues w ill be
based on each b a n k ’s total resources.
Y
4í>
.
JAM ES
.-'
£
SM ITH
. . . a n d Paul © ulon, head o f M e rca n tile ’s C ollection
D epartm ent, arrange fo r q u ick handling o f a special
co lle ctio n item fro m a co rre sp o n d e n t bank.
C O L L E C T I O N
A S S I S T A N C E
...one off 56 types of correspondent service requested during
the past three weeks off YOUR MAN FROM MERCANTILE
This wide variety o f services included . . . guidance in selection
o f com m ercial paper . . . issuance o f a daily bond quotation
s h e e t. . . wire transfer o f funds . . . help in setting up a profitsharing plan . . . and advertising c o u n s e l. . . ju st a few o f the
m ore than 100 individual services we provide our correspondents.
How many has your bank used?
M E R C A N T IL E
TRUST
M EM BER
F .D .I .C .
C OM PANY
S A IN T
L O U IS
66, MISSOURI
Northwestern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
50
BO N D PR IC ES . . .
(C ontinued from page 36)
com e off. N ot w ish in g to be cau g h t illiquid as in busi
ness u p tu rn s in th e fifties and not w an tin g to be forced
to sell in v estm en t assets a t a loss to raise m oney for b u si
ness lending, th e b an k s in 1961 w ere ab u n d a n tly supplied
w ith liquid reserves. T hese idle resources becam e an
em b arrassm en t w hen th e F ed eral R eserve System raised
th e b an k s’ in terest-p ay m en t ceiling to 4 p er cent.
More th a n any o th er one factor, th e b an k quest for
hig h er earn in g s in in v estm en ts has been th e u n d e rw rite r
of th e big w in te r price rise in th e m unicipal bond m arket.
In p ast periods of business slack, large-scale in v estm en t
of com m ercial b an k funds has cen tered on prim e debt
securities of relativ ely short-term and forced short-term
rates dow n drastically. T his tim e, th e b an k buy in g has
been depressing yields in th e longer-term p a rt of th e yield
curve.
T reasury A w aren ess
The con tin u in g in te re st of th e U nited S tates G overn
m en t in m ain tain in g short-term in v estm en t yields in this
m a rk e t a t levels high enough to be com petitive w ith rates
abroad suggests th a t th e in term ed iate and long-term area
of th e bond m a rk e t w ill continue to be th e first benefici
a ry of b an k dem and instead of th e sho rt-term area, as in
th e past.
T he T re a su ry ’s last cash financing show ed th a t th e gov
e rn m e n t’s financial leadership w as n e ith e r u n aw are of
th is point nor unw illing to exploit it. By choosing to
raise $1,000,000,000 in cash on a six-and-one-half-year bond
bearin g 3% p er cent in terest, th e T reasu ry succeeded in
tap p in g a sizable b it of th is b an k m oney w ith o u t exerting
com petition against p riv ate borrow ers in th e long-term
m arket.
T im e of N ew Shift?
The big question is how long th e yields on prim e equity
and debt w ill continue to converge before a new sh ift in
investor preference and capital availability changes the
direction of th e yield lines. A t th e m om ent all th e lines
seem pointing tow ard th e 3 p er cent area—th a t occupied
by yields on both rep resen tativ e stocks and prim e taxexem pt bonds. P robably T re a su ry bills discounts now in
th e 2%-2% p er cent area, w ill stay not far below 3 per
cent. Long-term T reasu ry bonds, now out of the 4 per
cent area, are m oving tow ard a 3% or 3% p er cent basis.
A nd long-term corporates are gettin g dow n n ear 414
p er cent.
Yet it is only a question of tim e before reactivated
forces b rin g new change. Inflation is m o m entarily inac
tive as a w orld force. B ut th e economic destinies of n a
tions w ill continue to be ad m inistered by political in te r
ests biased tow ard inflationary practices. U nless gov
ern m en t becom es chaotic from fru stratio n s, it is incon
ceivable th a t large-scale deflation w ill happen soon again.
This m eans th a t for th e long run, equity w ill likely stay
in favor as m easured by low in v estm en t yields, and th a t
fixed-income in v estm en t w ill stay in th e back seat.— End.
E l e c t r o n i c C o m p u t e r in U se
T HE
N o rth e rn T ru s t Company,
Chicago, has announced th a t it
ONE BANK
has com pleted th e conversion of all
checking accounts to its recently-in
stalled electronic com puting and book
keeping equipm ent.
The change-over enables the bank
to becom e the first financial in s titu
tion in th e m idw est to fully utilize an
IBM 7070 com puter system in the
h andling of dem and deposits.
Checking account statem en ts for the
m onth of A pril—w hich w ill be m ailed
to individual and com m ercial custom
ers and correspondent banks on T ues
day, May 1—w ill be th e first sta te
m en ts ren dered to N o rth ern T ru st
cu stom ers produced on th e new elec
tro n ic accounting equipm ent.
The N o rth ern T ru s t’s new equip
m ent, w hich consists of a tra n sisto r
ized 7070 com puter, tw o 1401 com pu
ters w ith high-speed card converters
and p rin ters, and a reader-sorter, has
been delivered by th e m an u factu rer
and installed in specially-constructed
q u a rte rs in th e B ank over a period of
tim e d atin g back to last Novem ber.
Since th a t tim e, also, a great deal of
p erm an en t “p ro gram m ing” for the
equipm ent has been prepared.
Along w ith checking account records
and transactions, the com puter system
w ill be utilized at th e end of this
m onth to calculate in te re st to be paid
A pril 1 on m ore th a n 77,000 savings
accounts.
P lans call for conversion of all p e r
sonal tru s t accounting and in vestm ent
custody records w ith in th e nex t six
m onths, and a change-over of th e rec
ords associated w ith all corporate tru s t
services provided by th e B ank w ith in
th e nex t year.
NEWEST ALL-YEAR RESORT UNDER THE SUN
SERVES
ALL ARIZONA
A R I Z O N I A N
SCOTTSDALE, ARIZONA
X
♦
%
7 5
O F F I C E S
1
Resources Over $750 Million
#
1
-^•Member Federal Deposit Insurance Corporation^
♦ ♦ fr# #"# #
i
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Meeting and
Banquet Facilities
DON DAVIS, General Manager
51
Ano
uW
pop
Our
t h eT,
ed By
C'P^
p ,f O '
V>N
VA1\0^S
c o ^ w
\ M \ f t '-
Increasing num bers of B ankers, in addition to m aking w orth
w hile p rofits through affiliation w ith our tim e-tested B A N K E R S
P A R T IC IP A T IO N P L A N , also enjoy N ational Reserve Life’s well
p lanned and pop u lar conventions. P roviding an evenly balanced p ro
gram of social and business activities, the conventions are fully paid
for both m an and wife.
A lw ays a highlight are the splendidly conducted business sem i
n a r sessions, featuring inform ative talks by n atio n ally recognized
speakers.
En d u rin g A s R u sh mo re
e
EXC E LLE N T
TERRITORIES
A V A I LA B L E !
O u r d y n a m ic a n d e x te n siv e
e x p a n sio n p ro g ra m m a k e s m o s t
d e sira b le te rrito rie s c u rre n tly
a v a ila b le .
W rite fo r d e ta ile d in fo rm a
tio n . A ll c o rre sp o n d e n c e in c o n
fid en ce.
Topeka • S/ou x F a lls
H. O . C H A P M A N
P r e s id e n t
S . H. W I T M E R
C h a ir m a n
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
of
th e
B o ard
Northwestern Banker, May, Ì962
St. Louis P ro m o tio n
W illiam W. Spivy has been elected
vice presid en t of
th e F irs t N ational
B ank in St. Louis.
He w ill be as
s ig n e d to t h e
b a n k ’s operating
division.
Mr. Spivy joined
th e b an k in 1953
following g rad u a
tion from W ash
ington U niversity.
He is also a grad
uate of th e Stonier G raduate School
of B anking at R utgers.
H eads M icro-Data PR
T hom as M. B ehan has been nam ed
m anager of advertisin g and sales pro
m otion for th e new ly form ed MicroData division of Bell & Howell, Chi
cago 45, Illinois.
CREDIT MEN . . .
(C ontinued from page 38)
THE CHECK LOOK IS A TW O-SIDED LOOK
Checks on safety paper have the distinctive two-tone check
look on both front and back, providing the same proven
protection to each side.
Let your checks combine the quality look with complete
protection — specify La Monte Safety Paper. So many banks
do!
TH E
W AVY
THE
L IN E S , ®
NAM E
S A F E T Y
B A SKETW EA VE ®
AND
P A P E R
THE
D IS T IN C T IV E
B A SKETW EA VE
F O R
L IN E S
C H E C K S
ARE
LA
M ON TE
T R A D E -M A R K S .
GEORGE
LA M O N T E
& SON
Northwestern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
NUTLEY
1 0 , NEW J E R S E Y
cess of m an u factu rin g installm en t pa
per from a single source; (2) a bank
m ay w ish to lim it in stallm en t paper
to its own region at a tim e w hen a
m an u factu rer w an ts to sell on a n a
t io n a l scale; (3) a ban k m ay already
have too m uch installm en t paper from
a given in dustry; (4) a b ank m ay de
cide th a t it does not have enough di
versification; (5) bank m ay w ish to
reduce its in stallm en t paper in rela
tion to tal loans, and (6) a b an k m ay
sim ply be loaned up.”
A rchie K. D avis, chairm an, W acho
via B ank and Trust, W inston-Salem ,
N. C.: “As ch airm an of the ABA com
m ittee on credit unions, I w ish to
point out th e fact
th a t steps are be
ing tak en by the
U nited States De
p a rtm e n t of A gri
c u l t u r e and the
C redit U nion N a
tional A ssociation
th a t w ill have an
adverse effect on
th e
f u t u r e
stre n g th and abil
i t y of c o u n t r y
banks to serve ru ra l areas. Orville
Freem an, S ecretary of A griculture,
has req uested th e Office of R ural
A reas D evelopm ent to take steps to
m ake full use of credit unions in the
RAD program . It is proposed to set
up a nation-w ide n etw o rk of credit
unions th ro u g h o u t ru ra l Am erica, us
ing a sizable am ount of F ed eral funds.
53
It is u n realistic to expect th a t such a
n etw o rk superim posed on th e large
nu m b er and v a rie ty of existing in sti
tu tio n s w ould be of an y significant
assistance to farm ers or to ru ra l
areas.”
A llen Sproul, director, AVells Fargo
Bank, San F rancisco: “F o r th e n ear
term th e re is lit
tle we need w o rry
a b o u t. F o r th e
l o n g e r ru n , we
have our w orries
n e a t l y packaged
for us by th e government.
At
h o m e i t is to o
m uch gap and too
little grow th. Ina . sp r o u l
tern atio n ally , we
are k ep t acutely
aw are of our problem s by th e te e te ry
position of our balance of pay m en ts
and th e em erging need to ad ju st our
trad e policies to th e realities of com
p etitiv e forces.”
H en ry C. Colem an, chairm an, Com
m ercial Bank, D aytona, Fla.: “W e w ill
continue to have expanding consum er
credit because it
is a built-in fea
tu re of o u r economy. Bankers
should tak e care
of th e needs of
t h e i r o w n com
m unity; m aintain
a balanced l o a n
p o r t f o l i o ; do a
com plete job; es
tablish proper
p articip atio n re la
tions w ith co rresp o n d en t banks; resist
an y ten d en sy to panic because of u n
usual situations; m ain tain a sound
loan policy and a sound ra te stru c tu re
reg ard less of com petition, and ex er
cise caution in em b ark in g upon p ro
gram s w hich do not really belong in
banks.
Cyril J. Jedlicka, senior vice p resi
dent, City N ational Bank & Trust
Com pany, K ansas
City: “The rapid
i n c r e a s e in th e
n u m b er of b an k
ru p tc y cases filed
under Chapter
X I I I , or w a g e
e a rn e r provisions
of th e b a n k ru p tc y
law, is posing a
grow ing problem
for b anks active
c. j. J E D L I C K A
in consum er cred
it. In a five y e a r period ending Ju n e
30, 1961, th e n u m b er of b a n k ru p tc y
cases filed in th e cou rts increased from
62,086 in 1956 to 146,643 in 1961.”
A : Say... “TALCOTT”
T here are tim es when custom ers come to you w ith
financing needs exceeding th e ir line of bank credit.
T h a t’s the tim e to talk w ith T alcott! We can w ork
out com m ercial financing or fa cto rin g plans which
provide the capital your custom ers need and help
you re ta in th e ir good will . . . and you can p a rtic
ipate in th e financing if you wish. Y our custom ers
continue to bank w ith you . . . and re tu rn to you
fo r full borrow ing req uirem ents when th e ir credit
is again acceptable.
For “Basic D ata File” write to Clarence A.
Adam s, General Manager, Jam es Talcott, Inc.,
First Acceptance Division, N orthw estern Bank
Building, M inneapolis, Minnesota.
Jam es Talcott, Inc.
MIDWEST REGION
CHICAGO 209 South LaSalle Street Financial 6-1444
DETROIT First National Building WOodward 2-4563
MINNEAPOLIS First Acceptance Division
Northwestern Bank Building FEderal 9-7711
Other offices
and subsidiaries
NEW YORK
BOSTON
ATLANTA
M IAM I
LOS ANGELES
SAN FRANCISCO
HOUSTON
PUERTO RICO
MONTREAL
PHILADELPHIA
Northwestern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
54
NABAC N o m in e es
D avid Cooke, vice p resid en t and con
troller, Zions F irs t N ational B ank,
Salt Lake City, has been n om inated
for th e presidency of NABAC, The
A ssociation for B ank A udit, C ontrol
and Operation.
O thers n om inated for election to
national office w ere Ju liu s E. Burges,
vice presid en t and com ptroller, The
Citizens and S o u th ern N ational B ank
of South Carolina, C harleston, for first
vice president, and R aym ond J. Coakley, vice p resident, H arris T ru st and
Savings B ank, Chicago, for treasu rer.
Officers elected by NABAC’s m ore
th a n 6,000 m em ber banks tak e office
Ju ly 1, 1962 and serve u n til Ju n e 30,
1963.
N om inated for election as directorsat-large for NABAC w ere George W.
C ram er, vice p resid en t and cashier,
Texas B ank and T ru st Com pany of
Dallas; and W arren P. Gray, vice p re s
id en t and com ptroller, T h ird N ational
B ank in N ashville, Tenn.
W. E. Hess, vice president, F irst
N ational of Dodge City, Kan., w as
n om inated for director of D istrict 7.
E m p lo y e rs M utual R e tir e m en t
COOKE
BURGES
HESS
vice president; H en ry J. Rohlf, vice
president, M organ G u aran ty T ru st
Com pany of New York, for second
R etirem en t of Jo h n F. H ynes, ch air
m an of th e board of th e E m ployers
M utual C asualty Company, Des Moines,
w as announced last m onth a t th e
com pany’s an n u al m eeting.
A v e te ra n of 44 years w ith E m ploy
AND LIGHT COMPANY
an investor-owned
for more than a century
• DES MOINES 3, IOWA
V
(C ontinued from page 34)
and labor costs are alw ays high, and
if th e ir w eight is p erm itted to rem ain
co n stan t th e profit disappears v ery
rapidly.
So far as th e banking aspects are
concerned, I w ould certain ly not p re
sum e to tell any of you how to m ake
loans, and loans to livestock feeders
are based on th e sam e principles as
are loans to anyone else. C haracter,
capacity and th e credit stan d in g of th e
borrow er are all im p o rtan t factors.
His skill and know ledge, and his abil
ity and w illingness to w ork, are also
essential ingredients. In order to
m ake a good cattle feeding loan you
proceed in th e sam e w ay th a t you do
w ith any o th er loan. You consider the
financial statem ent, discuss th o ro u g h
ly the program to be followed, and
research th e m a n ’s ability and re p u
tation. You agree upon a tim e and
m ethod of repaym ent.
Your loan officer, of course, has to
know enough about the essential ele
m ents involved in cattle feeding to be
a com petent judge of th e soundness of
the program to be followed. T his can
be learned th e w ay any o th er skill can
be learned, by a little application and
study.
The am ount of m argin to be taken
w ill d e p e n d u p o n the financial
stren g th of th e borrow er. In a great
m any feeding areas of our state it is
quite u sual to lend 100 per cent of
the cost of the cattle, plus in-freight,
plus am ounts necessary to purchase
supplem ental g rain and o ther concen
trates. T his would, perhaps, seem to
be a high basis for lending, b u t if the
borrow er has a clear farm or a large
equity therein, and p a rticu larly if he
serving the heart of Iowa
><
FARM FE E D IN G . . .
A m ount of M argin
electric and gas company
WRITE FOR ANNUAL REPORT
ers, Mr. H ynes retired w ith the longest
service record of any em ployee in th e
51-year-old com pany. Mr. H ynes w as
re-elected a director and nam ed hon
orary ch airm an of the board.
y
K
Y
X
A
-r
X'
ASHWELL & COMPANY
COMMERCIAL
PAPER
A
COLLATERAL
LOANS
>
176 W est A dam s Street
CHICAGO 3. ILLINOIS
A
Telephone RA 6-5432
•
Northwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
55
is feeding light cattle w h ere cheap
gain w ill offset th e m a rk e t factor on a
su b sta n tia l percen tag e basis, th is is
not a p a rtic u la rly risk y operation.
W hen one is dealing w ith a farm er
w ith o u t o th er su b stan tial w o rth it
m ay w ell be th a t a cash m arg in should
be required, plus all of th e necessary
o p eratin g expenses. I t is difficult to
describe an ideal situ atio n for a loan.
A w ide v a ria tio n of p rocedures is effec
tive in th e h an d s of a com petent lend
ing officer, w h ere he is dealing w ith
an h o n est and reliable feeder w ho
know s his job.
The lending officer should n o t do all
of his w o rk at his desk. In lending
to cattle feeders it is hig h ly desirable
th a t he go out and look a t th e feed
lot and inspect th e cattle. T his not
only gives in fo rm atio n th a t cannot be
gained in an y o th er w ay, b u t it im
presses th e feeder w ith th e fact th a t
you are in te re ste d in w h a t he is doing.
I w ould hig h ly recom m end reg u lar
inspection even w h ere th e b an k offi
cer cannot really be considered an ex
pert. It is su rp risin g w h a t even in ex
perienced eyes can learn to see in a
sh o rt tim e.
The o rd in a ry feeding p ro g ram w ould
cover not less th a n four m onths, and
not m ore th a n a full calendar year.
The te rm s to be used will, of course,
depend upon th e p ro g ram followed.
As in an y loan situ atio n th e re is no
m agic about th e m a tu rity date as
such, and it should be geared to th e
logical com pletion date of th e p ro
gram ; b u t th e re is n o th in g w ro n g w ith
a full y e a r’s program .
Sum m ary
To sum m arize we have established
th ese facts:
1. T h a t cattle feeding can be fi
nanced by com m ercial b an k s on a
sound and safe basis.
2. T h a t th e cattle feeding in d u stry
offers r e a l o p p o rtu n ities for
g ro w th and developm ent, p a rtic
u la rly w h ere th e re are read y and
stable m a rk e ts available.
3. W e have described and agreed
ce rta in fu n d am en tal c h a ra c teris
tics th a t m u st be p re se n t in a
feeding operation, including:
a. E lim in atio n of financial risk to
th e g re a te st possible extent;
b. F eed in g th e class of cattle th a t
w ill m a rk e t feed pro d u cts of
th e farm profitably;
c. F eeding th e class of cattle
w hich w ill have th e g re a te st
m a rk e t dem and.
I sincerely hope all b anks w ill con
tin u e to do a co n stru ctiv e lending job
so th a t a g ric u ltu ra l com m unities m ay
receive th e su b sta n tia l benefits to be
derived from a w ell balanced cattle
feeding operation.—End.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
make more loans...
yet take less risk
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Offices nationwide • A member of the 112-year-old American Express family
Northwest ern Banker, May, 1962
56
*
A Real Service . . .
ForYOUR Depositors
A Sound Plan . . .
You Can HONESTLY Recommend
A Business B uilder. . .
Backed By a REPUTABLE Company
'i
M an y fa r m c o m m u n ity b a n k s n o w c o o p e r a te in b r in g in g to th e ir
VI
d e p o sito r s th r o u g h a q u a r te r ly p r e m iu m a c c o u n t d e d u c tio n p la n th e
b e n e fits o f H o s p ita l an d
S u r g ic a l an d L ife In su r a n c e w r itte n b y
B a n k e rs L ife C o m p a n y o f D e s M o in e s, Io w a — s in c e 1 8 7 9
a h ig h ly
r esp ected n a m e in th e In su r a n c e In d u str y .
U s in g m o d e r n m a r k e tin g m e th o d s , th e c o m p a n y b r in g s to th e
p la n str e a m lin e d in su r a n c e w ith lo w c o st a n d b e tte r b e n e fits to y o u r
d e p o sito r s— b e tte r co v e ra g e at b e tte r rates.
T h e p la n p ays its f u ll
s c h e d u le o f b e n e fits d e sp ite a n y o th e r co v e ra g e th e d e p o sito r m a y
h a v e an d a lso e x te n d s p r o te c tio n b e y o n d age 6 5 .
O p e ra tio n is s im p le .
In su r a n c e is s o ld o n ly th r o u g h an e s ta b
lis h e d lo c a l a g e n t r e c o m m e n d e d by th e b a n k .
w r ite :
F o r c o m p le te d e ta ils,
O ld N o r th w e s t A g e n c y o f Io w a , I n c ., A ttn . J. F . L a m o u r e a u x ,
P . O . B o x 4 0 4 , D es M o in e s 2 , Iow a.
B A N K E R S
DES
Northwestern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
COM PA NV
MOINES,
IOWA
*
57
S p a ce . 11/<< S ales Id ea s
INSURANCE
^ M ach in ery B reak d ow n s
T he air conditioning season is soon
to be w ith us and central air condition
ing is expected to be a big item of
business in m any com m unities this
sum m er. A ir conditioning can mean
m achinery breakdow n and dam age to
property breakdow n, including w ater
dam age w here there is a chilled w ater
system. Boiler and m achinery in su r
ance will be applicable to m ore firms
than ever before.
U se T hat Cam era
If you are a farm -w riting agent and
use your cam era frequently to take pic
tures of farm buildings and dwellings,
m ake it a point to keep your cam era
handy at all tim es so you can take a
picture of a m an’s garden, his rose
bushes, his home, his car a n d /o r m em
bers of his family. T his is good public
relations and if it doesn’t help you close
a sale, it will at least keep your client
interested in continuing to do business
w ith you.
T his is particularly valuable if you
haven’t yet convinced him he should
have a hom eow ners policy.
^ Y o u r Own K it
People m ust be
c o n v in c e d t h a t
t h e y n e e d your
p ro d u c t. M a k e
y o u r o w n s a le s
b o o k le t of L O
C A L new spaper
clippings, testim o
nial letters and other item s which will
help you convince them.
'f a
J u d ic ia l B on d Sales
W rite your hom e office today for
m aterials on judicial bonds and mail
them out periodically to the attorneys
in your area.
L earn as m uch as you can about the
line and then contact these prospects
to let them know who sent the bro
chures and folders and th at you are in
the judicial bond business. If you are
a speaker, prepare a talk on the cover
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ages and notify the secretary of their
group that you are available as a
speaker.
^ W ork -tim e Savers
A copying machine in your office is
a real tim e-saver and this means sav
ings in cash. T alk w ith your local
copying machine salespeople and they
will show you the m any ways you can
use this device to free hands in your
agency for other work.
^ B u sin e ss E x p a n sio n
W henever you read of a business
expansion in the local press that is
your clue to visit the ow ner or local
m anager to express congratulations
and learn how you can serve their best
interests.
★
T h eir N eed s In c r ea sin g
Competition is becoming m ore fierce
each changing season am ong the vari
ous industries of the nation and they
are having to in
s t a l l new, more
expensive e q u ip
m ent designed to
make o p e r a t i o n
m ore efficient.
So, w atch your
new sp ap er and
check w ith v ari
o u s e q u ip m e n t
companies to see
w h a t b a n k s a re
installing new autom atic bookkeeping
machines, check sorters and other tim e
saving equipm ent . . . or which dentists
are getting delivery on new, faster,
painless drills . . . or which old bowl
ing alleys are converting to autom atic
pin-setting equipment.
T h eir operation, as a result of the
addition of expensive equipm ent, re
quires a new appraisal for coverages.
^ P u b lish C laim F ig u res
T here w ere m any claim dollars paid
out this past w inter because of fires,
auto m ishaps and heavy snow causing
d a m a g e to roofs and lightly-con
structed buildings. If you believe your
companies paid out a goodly am ount,
have your helper get you the total
am ount paid out to your clients and hit
Northwestern Banker, May, 1962
58
this hard in your advertising. T he in
dividual item s can be used to help sell
prospects for sim ilar coverages.
or $20 per tank. Y ou can ad ju st this
story to fit his particular branch.
H air and D ress S h op s
^ C h eap er T an k s?
W hen your prospect for auto in su r
ance says he can save $10, $20 or
w hatever the figure is on car in
surance, ask him w hat branch of the
service he was in (if he’s about the
right age for W o rld W a r II or the
K orean conflict). If he says he was a
tank driver, ask him how he would
have felt if he knew the tank was made
of lighter arm or in order to save $10
Satisfied Insureds and
Agents Agree--
Jackie K ennedy has helped stim ulate
a boom at dress shops
a n d b e a u ty p a r l o r s
around the nation and
people operating these
“g la m o u r shops” are
m a k in g m o r e money
than ever before. See
them t o d a y as they
should be m ore recep
tive to higher limits on
liability and should be
m ore easily persuaded
to buy the plans you
discussed w ith them the
last tim e you visited
their shops.
^ T ry to W in
T ry to win that contest next time
one of your companies sponsors one.
E ven if you don’t win one of the prizes
or trips offered, you will win extra
take-hom e cash from the additional
sales you drum up.
^ A cco u n ts R eceiv a b le
Y o u r business clients insure their
plants, their m erchandise and their
equipm ent, but how m any become sold
r
S OME
E X CEL L E NT
AGENT
OPENINGS
IN
I O WA.
J
N O W
IN O U R
1
62 n d YEAR
} FIRE
EXTENDED
COVERAGE
INLAND
MARINE
HOMEOWNERS
AUTOMOBILE
on the idea of insuring their accounts
receivable? Y ou can explain to them
the im portance of covering these “life
blood” items against fire and other
hazards.
C over P u b lic E m p lo y ees
A county, city or tow n as a unit or
any departm ent or division thereof, or
a school district or board of education
is a prospect for a public employees
blanket bond . . . and you don’t have
to w ait until ju st before school starts
in the fall, or any other time, to see
about this im portant prospective busi
ness.
^ E arly V acation s
T his has been one of the hardest
w inters in history for people through
out m ost of
th e n a tio n
and they are
going to be
taking early
v a c a ti o n s
this year. A t
le a s t, m any
are going to
take p art of
th e i r v a c a
t i o n s e a r ly
and there is going to be a big drive of
hum anity to the rivers and lakes w ithin
the next few weeks. See them today
about travel accident insurance. L earn
w here they are going later this sum
m er on that “big” vacation trip.
^ L ife C o m p letes “ P a ck a g e”
M any agents have life insurance
available in their agencies m erely as a
convenience “ju st in case somebody
asks for it.” O thers use it to good
advantage in covering a m an’s com
plete insurance needs. A n agent who
has all of a client’s insurance business
(all lines) can m ore easily see that
there are no gaps, no overlapping and
also can be m ore assured th at compe
tition is less of a threat.
W hen A gent B and A gent C and
A gent D share a client’s business w ith
A gent A, each would be pleased to
have a bigger cut of the cake and
w orks to that end. Serve as a m an’s
insurance consultant and provide him
N O N A SSESSA B LE
P O L IC IE S
W a y n e
ilutual iFire
»
ubile
Ò À ltt
\
ifia n tj
E s t a b lis h e d
1900
HOME OFFICE CEDAR RAPIDS, IOWA
J . E . W ils o n , P re s id e n t
J. M . W in c h e ll, S e c r e t a r y
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
H u m m er & C o .
C H IC A G O
M EM BERS
NEW YORK STOCK EXCHANGE
59
w ith all coverages he and his family
need and there are no A gents B, C and
D try in g to enlarge their portion,
which, possibly, m ay m ean a decrease
in yours. Also, this greatly eliminates
the th re a t of the direct w riter.
^ F id e lity B o n d Q u e stio n
A sk your fidelity bond prospect how
long it w o u ld
t a k e him and
how much
b u s i n e s s it
would take to
m ake back a
l o s s a t h is
profit percenta g e o f, s a y ,
$ 5 ,0 0 0 . A f t e r
you have sold
t h i s particular
point, w rite in burglary and forgery
coverages.
M ore B oats in '6 2
B oating as a dynam ic business and
pleasure is not going to fall off this
year. M ore people, who felt they
couldn’t afford boats the past two sea
sons, are going to enter the m arket
this year.
See boat sales businesses and see
th at they are am ply protected, then
sta rt after the new owners.
^ P r o fita b le In la n d M arine
Simple to prepare and requiring
very little servicing are accurate receiv
able policies, which, incidentally, are
am ong the m ost profitable inland m a
rine classes for agents and their com
panies. Sell them to retailers, w hole
salers, m anufacturers, p r o f e s s i o n a l
men and other servicing organizations.
T he coverage is all risks and protects
the very heart of a business.
^ C on tractor’s E q u ip m e n t
N ow th at w inter snows are w ith
draw ing for six to nine m onths, thou
sands of new construction jobs are go
ing to get underw ay throughout the
nation. T he firms doing the w ork will
have expensive equipm ent that should
be covered w ith a contractor’s equip
m ent floater. All of the big machines
for roads, bridges and other heavy con
struction can be insured under the
floater except vehicles licensed for and
used on highways.
^ H o m e O ffice L iteratu re
K eep plenty of hom e office m aterial
handy and use it.
Send a hospital m ailing to your dis
ability clients and a disability m ailing
to your hospital clients . . . then fol
low up on both . . . w ith personal in
terview s.
Western Mutual's Modern Home Office in Des Moines
^ P ay M ore and Save
W hen it’s tim e
to r e p l a c e t h e
“ Gal F rid a y ” who
is l e a v i n g , p a y
th at ex tra $5 a
week to get the
better, m ore experien ced girl.
T h a t’s only $260 a
year more than
you had planned
p a y i n g and she
should save you m uch m ore than that.
^ D isa b ility P o s s ib ilitie s
O f the accident and health type lines,
hospitalization is generally the easiest
to sell, accident insurance is n ext and
disability is toughest. People agree
th at hospitalization today is costly and
they m ay be willing to defray some of
the costs via insurance. T hey find it
m ore difficult to believe th at they will
have an accident and alm ost impossible
to believe th at they m ay become dis
abled and unable to earn a living.
Build yourself a com pletely-convinc
ing portfolio of m aterial designed to
sell the possibility of the latter happen
ing to them . P a in t a w ord picture of
w hat the fam ily will go through if it
does occur. Show them w hat you can
do to helo them.
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Federal Reserve Bank of St. Louis
Today s Clients —Today's Insurance
S tre a m lin in g e n te rs th e In s u ra n c e F ie ld . . .
P a c k a g e Policies, re p la c in g fo u r of y e s te rd a y , A d e
q u a te In su ra n ce -to -V alu e a s v a lu e s c h a n g e . . .
th e s e c o u p le d w ith S e rv ic e to o u r a g e n ts p lu s
p ro m p t a tte n tio n to losses.
W e s te rn M u tu a l o p e ra te s u n d e r th e A m e ric a n
A g e n c y P la n , w ritin g a m u ltip le lin e of in s u ra n c e
a n d is a n o n -a s s e s s a b le C o m p a n y .
S in ce 1907, W e s te rn M u tu a l h a s b e e n striv in g
th ro u g h o u r in s u ra n c e p ro g ra m to b u ild for o u r
a g e n ts a so lid in s u ra n c e b a c k g r o u n d to a id th e
a g e n ts in e s ta b lis h in g se rv ic e for th e ir clien ts.
Agency inquiries welcomed
W estern M utual
Insurance Co.
616 10th Street
Des Moines 8, Iowa
Northwestern Banker, May, 1962
:
DIRECTORS
S .I ïïL
D eW alt H . A n k e n y
V ice P resident,
T h e o . H a m m B r e w in g C o m p a n y
C h a r l e s H . B ell
C hairm an o f the Board,
G e n e ra l M ills, I n c .
B e n t o n J . Case
D irector,
S. T . M c K n ig h t Co.
G eorge B . C liffo r d , J r .
J
ohn
H . D a n ie l s
P resident,
A rc h e r - D a n ie ls - M id la n d Co.
T h o m a s L . D a n ie l s
C hairm an o f th e Board,
A r c h e r - D a n ie ls - M id la n d Co.
D o n a ld C. D a y to n
P resident,
T h e D a y to n C o m p a n y
S t e p h e n P . D u ffy
P resident,
O u r O w n H a rd w a re C om pany
A lbert G. E germ a yer
Sen io r Vice P resident,
C a r g ill, I n c o r p o r a t e d
R obert F aegre
P resident,
M in n e s o ta & O n ta r io P a p e r Co.
P a u l S. G erot
P resident,
T h e P ills b u r y C o m p a n y
F . P ea v ey H e f f e l f in g e r
C hairm an o f the Board,
F . H . P eavey & C om pany
A l l e n S. K in g
P resident,
N o r th e r n S ta t e s P o w e r Co.
F r a n k P . L e s l ie
P resident,
T h e J o h n L e s lie P a p e r C o m p a n y
G oodrich L ow ry
P resident,
N o r th w e s t B a n c o r p o r a tio n
J
ohn
A . M o o rhead
P resident
J o h n S . P il l s b u r y , J r .
P resident,
N o r th w e s te r n N a ti o n a l L if e
In s u ra n c e C om pany
S a m u e l H . R ogers
Senior V ice P resid en t
and E x e c u tiv e T r u st Officer
H e n r y T . R utled ge _
E x e c u tiv e V ice P resid en t
L u c ia n S . S trong
P re sid e n t and Treasurer,
T h e S tr o n g S c o tt M fg . Co.
H arold W . S w e a t t
C hairm an o f F inance C om m ittee,
M in n e a p o lis -H o n e y w e ll
R e g u la to r Co.
H arold H . T e a r se
P resident,
S e a r le G r a in C o m p a n y
A lfred M . W il s o n
E x e c u tiv e V ice P resident,
M in n e a p o lis -H o n e y w e ll
R e g u la to r Co.
J o h n S . P il ls b u r y
D irector E m e ritu s
STATEMENT
OF
CONDI TI ON
MARCH 26, 1962
RESO U RCES
C ash an d D ue fro m B a n k s .........$135,904,249.33
U . S. G o v ern m en t O b lig atio n s .. 96,588,239.17
O th e r B onds an d S e c u ritie s ___ 28,584,021.66
L oans an d D isco u n ts ............
291,172,239.78
S tock in F e d e ra l R eserv e B ank..
1,200,000.00
C u sto m e rs’ L ia b ility on
A ccep tan ces ..............
4,139,293.27
Incom e E a rn e d b u t n o t
C ollected ................
2,027,522.98
B a n k P rem ises, F u r n itu r e
a n d F ix tu re s ..........................
8,093,437.34
O th e r R esources
.....
444,705.11
T o ta l R eso u rces _____ ...$568,153,708.64
L IA B I L I T I E S
C a p ita l Stock ....... .....................-...$ 15,000,000.00
S u rp lu s ............................................ 25,000,000.00
U n d iv id ed P ro fits ...........................
8,091,865.42
R eserv e f o r P ossible F u tu r e
L oan L osses ...............................
4,865,857.38
R eserv e fo r In te re s t,
T ax es, e tc ....................................
4,103,359.56
Incom e Collected b u t n o t
E a rn e d ..........................................
5,602,961.40
L e tte rs of C re d it a n d
A ccep tan ces ................................4,139,293.27
D ep o sits ........................................... 501,350,371.61
T o ta l
L ia b ilitie s
.............$568,153,708.64
U n ited S ta te s G o v ern m en t a n d o th e r se c u ritie s c a rrie d a t $93,881,092.82 a re p ledged to secu re public
fu n d s an d t r u s t d ep o sits a n d f o r o th e r p u rp o se s a s re q u ire d o r p e rm itte d by law .
NORTHWESTERN NATI ONAL BANK OF
Marquette Avenue, Sixth to Seventh Streets
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Federal Reserve Bank of St. Louis
MI NNEAPOLI S
61
com pleted a six-w eeks’ holiday to u r of
E urope. He is presid en t of th e M orris
State Bank. T hey left on th e Italian
L ine’s “C hristoforo Colombo.”
Minnesota
NEWS
P. R. KENEFICK
K. A. WALES
President
Secretary
L eaves fo r B eiru t
Mankato
Minneapolis
A d d itio n a l M ankato Building;
The kickoff of th e second phase of
th e F irs t N ational B ank of M ankato’s
building p ro g ram w as announced last
m o n th by R. B. Jude, president, w ith
th e aw ard in g of co n tracts covering
ren o v atio n of th e p re se n t building
w hich w ill featu re a 22 by 90 foot ad
dition. The first phase of an a n
nounced $250,000 en larg em en t p ro
gram w as com pleted w ith th e opening
of th e new auto te lle r in F eb ru ary .
The c o m p r e h e n s i v e project, de
signed to re ta in and blend w ith th e
b a n k ’s classic a rc h ite c tu ra l lines, will
featu re th e new addition housing the
officer’s section and open stairw ays,
th u s p roviding an expanded lobby
area w ith new teller u n its realigned
along th e south and w est b an k walls,
public m eeting room , new d irecto rs’
room and an enlarged m ain entrance,
and furnish in g s.
C om pletion date for th e project,
w hich w ill get u n d erw ay im m ediately,
is N ovem ber 1, 1962.
J o in s C loq u et Staif
O rville A. B otner, fo rm erly of A lex
andria, Minn., has joined th e staff of
the F irs t N ational B ank, Cloquet, in
th e T im epay D epartm ent. He began
his b an k in g career in 1957 a t th e F irs t
F a rm e rs N ational in A lexandria.
C apital In crea se
C apital a t th e E m p ire State Bank,
Cottonwood, Minn., w as increased re
cen tly from $50,000 to $75,000 via a
50 p er cent stock dividend tra n sfe r
from reserves.
D o d g e C enter D ir e cto r
W a rn e r C. Nelson, p ro p rie to r of N el
son Red Owl in Dodge C enter, has
been elected a d irecto r of th e N o rth
w e ste rn S tate B ank th ere. He suc
ceeds Loyel Hoseck, w ho m oved re
cently to W inona.
State B ank A d visors
G erald L. B ryan, M innesota ban k in g
com m issioner, recen tly appointed th e
follow ing m en to a sta te b an k ad
viso ry com m ittee:
F re d C. Lew is, D uluth; K en n eth A.
W ales, St. Paul, executive secretary
of th e M innesota B an k ers A ssociation;
A rth u r W. Sands and W a rre n Hinze,
St. Paul; C. H erb ert Cornell, L aw rence
P eterson and Jo h n de L aittre, all of
M inneapolis; K. O. Satre, Blue E arth ;
Irv in g C. R asm ussen, Mound; Jo h n D.
Chisholm, R ochester; A. W. Hoese,
Glencoe, and G. E. K ronholm , Crookston.
C o n stru ction N ears E nd
F a st n earin g com pletion is th e new
N o r t h w e s t e r n B ank of Commerce
B uilding at 2nd A venue W est and
Superior Street. W orkm en are com
pleting the in terio r of the beautiful
new stru ctu re.
H u tc h in so n P r o m o tio n
R obert Orloff, a ssistan t cashier at
th e F irs t State B ank of S tew art for
m ore th a n th ree years, has been elect
ed a ssistan t cashier a t th e Citizens
B ank of H utchinson.
S tew art A. T u rin g resigned recently
as a ssistan t vice presid en t of the F irst
N ational in M oorhead to become finan
cial a d m in istrato r for th e recentlyform ed A m erican Jo rd an ian Develop
m ent Corp., in B eirut, Lebanon.
He and his w ife and tw o children
are already in B eirut and his duties
already have begun for th e firm w hich
is planning extensive c o n s t r u c t i o n
w o rk in Jordan, Iran, Iraq, Lebanon,
Syria and o th er Middle E ast countries
for both governm ent and p riv ate
sources.
P ip e s to n e C ounty O fficers
M em bers of the P ipestone County
B ankers A ssociation m et recen tly to
elect new officers. T hey are: G. P.
Scroggie, cashier, F irs t N ational of
Pipestone, president; H. Clyde P e te r
sen, president, F a rm e rs & M erchants
State of R uthton, vice president, and
George Sm ith, a ssistan t cashier, Jasp er
State Bank, Jasp er, secretary -treas
urer.
T op -L evel C hange
At P a y n e sv ille State
H en ry J. Sauer, presid en t of th e
P aynesville State Bank, has resigned
A.
R. W einhandl, p resid en t of the after 30 y ears w ith th e bank.
F irs t N ational in Minot, has an
He has been succeeded as p resid en t
nounced th e prom otion of M. T. by Oren R. Quill, a directo r of th e
Coffey, a ssistan t cashier, to m anager bank.
of the in stallm en t loan d ep artm en t at
Mr. S auer’s career dates back to
th e F irs t N ational in Moorhead. Both
1916, w hen he becam e a bookkeeper at
b an ks are affiliates of th e N orthw est th e State B ank of W estport, Minn. He
B ancorporation.
has served also in banks at W ibaux,
Mont.; Sauk Centre, Minn., and IvanN ew A g R e p r e se n ta tiv e
hoe, Minn. He rem ains a director of
E a rl Z im m erm an, of th e Production th e bank.
C redit A ssociation, Monroe, Wis., th e
p ast tw o years, has been nam ed ag ri R ed L ake R en o v a tes
E xtensive in terio r redecoration of
c u ltu ral rep resen tativ e at th e Citizens
th e Red Lake County B ank is u n d e r
B ank, M orris, Minn.
He w as w ith th e P roduction Credit way. The teller “cages” are com ing
down to m ake w ay for m odern teller
A ssociation in Janesville, Wis., from
J u ly of 1959 u n til Ja n u a ry 1, 1961, “statio n s” and m any fixtures in th e
w h en he w as tra n sfe rre d to Monroe, ban k w ill be replaced by m odern ones.
w h ere he has been b ran ch m anager.
P r o m o te d to M oorhead
“ O u tstan d in g Y o u n g M an”
C apital In crea sed
D irectors of th e F irs t N ational in
M ontevideo have announced th a t cap
ital has been increased from $50,000
to $250,000. Capital and su rp lu s is
now $850,000. A dditional reserves and
undivided profits of $90,000 m ake the
p re sen t total capital account $940,000,
as show n by th e last published sta te
m ent.
E u rop ean H o lid a y T ou r
Mr. and Mrs. C. H. F reem an recently
Cecil A. Pogatchnik, vice president,
N o rth w estern B ank & T ru st of St.
Cloud, w as recen tly honored as St.
Cloud’s “O utstanding Young Man of
th e Y ear.” He is p resident of C entral
M innesota NABAC and S tearns County
M ental H ealth Association; co-chair
m an, M arch of Dimes; m em ber, M inne
sota E ducational Com m ittee, and ch air
m an, St. Cloud C hapter of A.I.B. Also
he holds chairm an sh ip s and com m ittee
assignm ents in th e Cham ber of Com
merce.
Northwestern Banker, May, 1962
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Federal Reserve Bank of St. Louis
tiW A " IM m E H S C
423 456 784
SAN FRANC I SC O.CALI KORNIA.r.AA.
•K » [fN A:
m Sm
u a u s tm ia u ii*
Here
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Federal Reserve Bank of St. Louis
and there
and! everywhere. Bank of America Travelers Cheques are known and accepted the world over.
And they’re the world’s first ABA coded electronic Travelers Cheques! All sales can now be
made from just one inventory. Simplified new applications require no cumbersome carbons or
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Bank of America, One South Van Ness, San Francisco 20, Calif. And write soon.
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Federal Reserve Bank of St. Louis
64
Twin City News
w om en’s
rep re se n ta tiv e of F irs t N ational
M
B ank of M inneapolis, has been nam ed
ISS FR A N C E S B A K E R ,
eral Mills in 1959 afte r re tire m e n t as
a four-star general, w as elected to the
board and m ade financial vice presi
M inneapolis “A dvertising W om an of dent. In ’60 he becam e executive vice
th e Y ear.” The aw ard is given a n n u p resid en t in ’61, president.
* * *
ally to an o u tstan d in g m em ber of th e
M inneapolis Club for achievem ent in
A pproxim ately 100 m em bers of the
h e r field. H er nam e is to be subm itted N o rth w est C hapter, N ational Machine
to a national com m ittee for considera A ccoun tan ts A ssociation, attended a
tion in the selection of th e “N ational
1401-1402 com puter sem inar recently
A dvertising W om an of th e Y ear.”
at th e A m erican N ational B ank in St.
Paul.
A fter view ing the film, “X-15, Man
in Space,” those in atten d an ce studied
punch card operations on accounting
m achines and c u rre n t operations on
electronic com puters.
* * *
A dram atic “w ord p ain tin g ” of Min
nesota, M ontana and the D akotas w as
com posed recently for th e F irs t Stock
B ank C orporation by a distinguished
co n tem p o rary w riter, A. B. Guthrie,
Jr., of G reat Falls, Mont., P ulitzer
P rize w in n in g author. The essay w as
for th e b a n k ’s annual re p o rt and w as
accom panied by reproduction of a
p ain tin g depicting th e area in the
form of a map. The p ain ter w as Rob
ert K nutson, M inneapolis artist.
* * *
D ale I j. M orrill, form erly assistan t
vice p resid en t of th e A m erican N a
Miss T rances B aker (le ft) receives silver
tional B ank of St. Paul, has joined the
tra y aw ard from Mrs. E. E arl Bell, ch a ir
staff of th e D ro
m an of aw ard com m ittee.
vers Exchange
A t th e bank, Miss B aker is resp o n
Bank, South St.
sible for in te rp re tin g th e bank, its
Paul, as vice p re s
policies and services to th e com m unity
ident and m em
and in te rp re tin g w om en’s needs and
ber of th e board.
Mr. M orrill is
desires to the bank. Also she is re
sponsible for m an y projects aim ed at
w e l l - k n o w n to
b an k ers th ro u g h
w om en and young people and is rec
ognized as an a u th o rity on personal
o u t th e n o r t h
and fam ily budgeting.
w estern p a r t of
* * *
th e U nited States
D. L. M O R R IL L
Gen. E d w in W. R aw lin gs, USAF
as he rep resen ted
(ret.), p resid en t of G eneral Mills, has th e correspondent division of his for
been elected a d irecto r of N orth w est m er bank, atten d in g various state con
v en tio n s and o ther b an k er m eetings
B ancorporation, M inneapolis.
A fter a spectacu lar m ilita ry career, in th e area.
* * *
d u rin g w hich he w as p resen ted sev
L. E. Gilbert, vice president, N o rth
eral of th e n a tio n ’s top aw ards in
aviation, Gen. R aw lings joined Gen- w estern N ational B ank of M inneapo
N orthw estern Banker, May. 1962
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Federal Reserve Bank of St. Louis
lis, w as recently appointed vice ch air
m an of the M innesota State Com m it
tee on the E lectronics In d u stry by
G overnor E lm er L. A ndersen. H ead
of the b an k ’s in d u strial developm ent
division, Mr. G ilbert has been a m em
ber of the com m ittee since early 1961.
* * *
Surplus of T h ird N orth w estern N a
tional Bank, M inneapolis, has been
increased $100,000 by a tra n sfe r from
undivided profits, E arl A. P atch, p resi
dent, announced recently. This brings
total capital and su rp lu s to $1,100,000,
raising th e lending lim it to any one
borrow er to $110,000.
* * *
The N orthw estern B an ks of M inne
V
-f
apolis, St. Paul, South St. P aul and
Osseo have been designated “K not
Hole Gang R egistration H e ad q u arters”
for an expanded 1962 program to p ro
vide children w ith free adm ission to
certain M i n n e s o t a T w i n baseball
gam es at M etropolitan Stadium .
* Hí *
P aul G. L arson and E arl F. Geiger,
L ittle Falls, recently joined th ree M in
neapolis m en in applying for a c h a rte r
for a new ban k in M inneapolis.
Proposed location is in th e G atew ay
central renew al area and th e proposed
capital stru c tu re is $600,000—$200,000
common, $200,000 su rp lu s and $200,000
undivided profits.
F irs t choice of a nam e is M inneap
olis N ational B ank and second choice,
G atew ay N ational. The M inneapolis
applicants are W illiam G. O’Connor,
Karl F. D iessn er and C. C. Jackson,
M
Jr-
Y
Jr.
Mr. L arson is founder of th e L arson
Boat W orks and Mr. Geiger w as p resi
dent of th e firm ’s successor, B ru n s
w ick Boats, u n til F e b ru a ry of th is
year.
* * *
4
T
The M arquette N ational B ank of
M inneapolis has established an E m
ployee D eferred C om pensation pro
gram for correspondent banks desir
ing to set up an em ployee retirem en t
benefit plan.
Carl R. Poblad, president, indicated
A
65
F I R S T N A TIO N A L
B A N K OF M IN N E A P O L IS
S T A T E M E N T OF CONDITION
M ARCH 2 6 ,1 9 6 2
R ESO URC ES
C a sh a n d D u e fro m B a n k s ............................................................................
U n ite d S ta te s G o v e rn m e n t S e c u ritie s a n d S e c u ritie s G u a ra n te e d
b y th e G o v e r n m e n t......................................................................................
O th e r S e c u ritie s ..................................................................................................
L o a n s a n d D is c o u n ts ........................................................................................
I n te r e s t E a rn e d b u t N o t C o lle c te d ...........................................................
C u s to m e rs ’ A c c e p ta n c e L ia b ility ................................................................
B a n k P re m ise s a n d F u r n itu r e a n d F ix tu r e s ..........................................
O th e r A s s e ts .........................................................................................................
T o ta l R e s o u rc e s ..................................................................................................
$129,722,839.80
91,725,040.62
30,104,750.75
268,938,187.12
1,830,645.40
10,831,625.27
10,119,346.96
1,012,904.25
544,285,340.17
L IA B IL IT IE S
C a p ita l S to c k .................................................................
$15,000,000.00
S u r p lu s ..............................................................................
25,000,000.00
U n d iv id e d P r o f its .........................................................
5,593,101.18
R e se rv e fo r I n te r e s t E x p e n se s, T a x e s, e tc ..............................................
A c c e p ta n c e s a n d L e tte rs o f C r e d i t ............................................................
F e d e ra l F u n d s P u r c h a s e d ..............................................................................
O th e r L ia b ilitie s .................................................................................................
D e m a n d D e p o s its ........................................................
$359,355,097.01
T im e D e p o s its ...............................................................
108,189,960.93
T o ta l L ia b ilitie s ..................................................................................................
$ 45,593,101.18
8,238,976.56
10,831,625.27
9,000,000.00
3,076,579.22
467,545,057.94
$544,285,340.17
U n ite d S ta te s G o v e rn m e n t o b lig a tio n s a n d o th e r se c u ritie s c a rrie d a t
$97,475,995.48 in th e a b o v e s ta te m e n t a re p led g ed to secu re
p u b lic fu n d s, U n ite d S ta te s G o v e rn m e n t d e p o sits a n d t r u s t d e p o sits to ta lin g
$50,044,369.85, a n d fo r o th e r p u rp o s e s as re q u ire d o r p e rm itte d b y law .
D IR E C T O R S
Senior Vice President and
Chairman of Trust Committee
T heodore W . B e n n e tt Mining Engineer
C onley B rooks Executive Vice President,
Brooks-Scanlon, Inc.
Jo sep h H . C olm an President, First Bank
Stock Corporation
J o h n Cowles President, Minneapolis
Star and Tribune Co.
G eorge C. C rosby Chairman of the Board,
S. T. McKnight Co.
B ruce B. D a y to n Executive Vice President,
The Dayton Company
R u fu s W . H a n so n Executive Vice President
J o h n H . H auschild Director, Chas. W.
Sexton Co.
T o tto n P . H effelfinger President,
F. H. Peavey & Co.
D a v id M . L illy President, Toro
Manufacturing Corporation
C larke B a sse tt
Chairman of the
Board, Soo Line Railroad Company
H . T e rry M orrison Chairman of the Board,
Cargill, Inc.
G ordon M u rra y President
P h ilip W . P illsb u ry Chairman of the Board,
The Pillsbury Co.
G. Slade S chuster Section on Administration
Mayo Clinic, Rochester, Minn.
D o n A. S tevens Vice President and
Director, General Mills, Inc.
C harles J . W inton, J r. President, The
Winton Co.
P a u l B. W ish art Chairman of the Board,
Minneapolis-Honeywell Regulator Co.
R o b e rt C. W ood President, Minneapolis
Electric Steel Castings Co.
Ja m es T . W y m an Executive Vice President,
Super Valu Stores, Inc.
G. Alla n M a c N a m a ra
Northwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A ro u n d th e U p p e r M i d w e s t . . .
w ith th e b a n k th a t k n o w s it b e s t
Sioux Falls
" C it y w ith an A to m ic Fu tu re "
The awesome black dome nearing completion in our main photograph is
the giant containm ent shell for the 66,000 kilow att Pathfinder power
plant outside Sioux Falls. I t is the world’s first all-nuclear electric power
station, and is expected to be in operation the la tter
p a rt of this year.
This bold venture is the result of the joint research
and investm ent of N orthern States Power (which sup
plies electric power to Sioux Falls), nine other midwest
utility companies and the Atomic Energy Commission.
The p la n t’s to tal cost will approxim ate $34,000,000.
The Pathfinder plant is typical of the progressive
spirit th a t can be found throughout Sioux Falls. Al
though m eat packing is its basic industry, and John
M orrell & Com pany (fourth largest m eat packer in
America) is its largest employer, Sioux Falls is rapidly
diversifying its industrial capacity to include every
thing from agricultural and m achinery products to
high altitude balloons.
T he N ational B ank of South D akota is playing a
vital role in this growing m arket. If you wish a first
hand story or if you will be in Sioux Falls for the con
vention, get in touch w ith M. J. (Bud) Colton, Presi
dent, a t the m ain office, L. A. (D utch) Johnson, Vice
President and m anager of the South Branch, Leonard
M artinek, Vice President and m anager of the E ast
B ranch or any of their associates. T h ey ’ll welcome
your visit.
A h ig h a ltitu d e b allo o n , p ro d u c e d a n d la u n c h e d b y o n e o f S io u x
F a lls ’ n e w e st a n d m o s t e n te rp risin g firm s, R a v e n In d u s trie s .
F I R S T in service to St. Paul and the Upper Midwest . . .
F IR S T N A T IO N A L B A N K V S T . P A U L
Member Federal Deposit Insurance Corporation
D E P A R T M E N T O F B A N K S AN D B A N K E R S W a lla c e L. B o s s ,
E lm e r M. V o lk e n a n t, D onald W. B u ck m a n , V ic e P re s id e n ts .
David A. S h e rn , A s s is t a n t V ic e P re s id e n t
*
H e n ry N.
S n y d e r, A s s is t a n t C a s h ie r
» R o lan d W. H o h m an , T r u s t
A d v iso ry S p e c ia lis t
•
Jo h n F. M u lle n . B ond A d v iso ry
S p e c ia lis t • Jo h n M. W oold ridge, B ond A d v iso ry A s s o c ia te
We’re looking forward to seeing all our Dakota friends at both the
South Dakota Bankers Convention (Sioux Falls, May 17-19) and the
North Dakota Convention (Williston, May 25-26)!
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
68
M in n e so ta
N ew s
t h a t e a c h b a n k ’s c o n tr ib u t io n w o u ld
b e in v e s te d in M a r q u e tte N a tio n a l’s
c o lle c tiv e in v e s tm e n t f u n d f o r e m
p lo y e e b e n e fit t r u s t s , to p e r m it b a l
a n c e d , d iv e r s if ie d in v e s tm e n t o f s u c h
f u n d s , r e g a r d le s s o f th e siz e o f c o n tr i
b u tio n s .
H e s a id s u c h a p r o g r a m c a n a id a
b a n k in s e c u r in g a n d k e e p in g v a lu a b le
e m p lo y e e s a n d t h a t th e p r o g r a m c a n
b e ta ilo r e d to fit e a c h c o r r e s p o n d e n t
b a n k ’s in d iv id u a l n e e d s .
* * *
M o re t h a n 250 h ig h sc h o o l s e n io r s
f r o m s e v e n u p p e r m id w e s t s t a te s r e g
is te r e d fo r th e S e c o n d A n n u a l E c o
n o m ic C o n fe re n c e fo r Y o u n g A d u lts
la s t m o n th a t th e L e a m in g to n H o te l,
th e c o n fe r e n c e s p o n s o re d b y th e F i r s t
N a tio n a l B a n k of M in n e a p o lis .
S tu d e n t d e le g a te s , m a n y o f w h o m
a r e p la n n i n g b a n k in g c a r e e r s , w e r e
s p o n s o r e d b y c o r r e s p o n d e n t b a n k s of
th e F i r s t N a tio n a l. T h e y c a m e fr o m
U p p e r M ic h ig a n , W is c o n s in , M in n e
s o ta , N o r th a n d S o u th D a k o ta , M o n
t a n a a n d Io w a .
F e a t u r e d w e r e D r. N ic h o la s N y ar a d i, f o r m e r m i n is te r of fin a n c e of
H u n g a r y , n o w d ir e c to r , S c h o o l of I n
t e r n a t i o n a l S tu d ie s , B r a d le y U n iv e r
s ity ; C u r tis s C. C o le m a n , v ic e p r e s i
d e n t o f th e b a n k , a n d G e o rg e S. H e n r y
o f th e c o r r e s p o n d e n t b a n k d e p a r tm e n t.
C o n fe re n c e c o n s u l ta n t s w e r e P a u l S.
A m id o n & A s s o c ia te s , In c ., M in n e a p
o lis.
* * *
T h e F i r s t N a tio n a l B a n k o f M in n e
a p o lis h a s in t r o d u c e d a n e w c u s to m
e r s ’ s t a te m e n t o f a c c o u n ts , w h ic h it
c a lls “ c o m p a c t”— th e n e w e s t, m o s t a c
c u r a t e a n d m o d e r n k in d of a c c o u n t
s ta te m e n t.
O n ly 3 V2 x 8V2 in c h e s , it c o n ta in s
th e s a m e e s s e n tia l in f o r m a t io n i n
c lu d e d o n p r e v io u s s ta te m e n ts .
F r e d H . W a te r h o u s e , v ic e p r e s id e n t,
s a id th e n e w s t a te m e n t is p a r t o f F i r s t
N a tio n a l’s n e w e le c tr o n ic d a ta p r o c e s
s in g s y s te m .— E n d .
M oves to R o c h e ster
B ry c e T ra c y , f o r m e r ly a s s is t a n t v ic e
p r e s id e n t, N a tio n a l C itiz e n s B a n k ,
M a n k a to , h a s jo in e d th e s ta ff of th e
R o c h e s te r S ta te B a n k , R o c h e s te r , in
th e in s ta l lm e n t lo a n d e p a r t m e n t , a n
n o u n c e s R o b e r t L. S e ib e r t, v ic e p r e s i
d e n t.
Oil St. P eter Staff
D w ig h t E . L a r s o n , f o r m e r ly of th e
F i r s t N a tio n a l in A u s tin , h a s b e e n
e le c te d a s s i s t a n t c a s h ie r in th e T im e p a y a n d s a v in g s d e p a r t m e n t o f th e
F i r s t N a tio n a l o f St. P e te r .
e u
t4
have questions about
Custom Duties in
Canada?
Custom duties are highlighted in
“ Your Guide to Business in
Canada” along with facts on
Canadian taxes, how to form a
business in Canada and other
essential subjects which may in
terest your clients. Write on your
letterhead for this new 48-page
brochure published by Canada’s
First Bank as a service to U. S.
executives.
B
M
a n k
:
o f
o n t r e a x
( g a n a d a 'd "pcrdC "Saná
850 B ra n c h e s A c ro s s C a n a d a
rifui
New York: T w o W all St.
San Francisco: 333 California St.
Chicago: 141 West Jackson Blvd,
Head Office: Montreal
R ESO U R C ES EX C EED $3,300,000,000
Northwestern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S tew a rtv ille P ro m o tio n
J . A. S to k o , f o r m e r l y c a s h ie r a t th e
F i r s t N a tio n a l a t L e C e n te r, h a s b e e n
n a m e d v ic e p r e s id e n t a n d a d ir e c to r
o f th e F i r s t N a tio n a l o f S te w a r tv ille .
H e h a s b e e n a s s is t a n t v ic e p r e s id e n t
a t th e S te w a r tv ille b a n k th e p a s t tw o
y e a rs.
“ O u tsta n d in g Y o u n g M an”
G e n e B e ito , f o r m e r l y o f G o n v ic k ,
n o w v ic e p r e s id e n t o f th e N o r th e r n
S ta te B a n k a t T h ie f R iv e r F a lls , w a s
h o n o re d
r e c e n t ly
a s “ O u ts ta n d in g
Y o u n g M an o f th e Y e a r ” b y th e J u n i o r
C h a m b e r o f C o m m e rc e a t a “B ossE m p lo y e e ” d in n e r .
(d ian ges at V irgin ia
“ E m p lo y er o f the Y ear”
Do your ( ? U
b la c k s m i th ’s t r a d e a n d s e r v in g in t h a t
c a p a c ity a s w e ll a s in lu m b e r c a m p s ,
h e w e n t o n to p u r c h a s e a b la c k s m ith
sh o p , w h ic h h e o p e r a te d u n t i l r e t i r e
m e n t a fe w y e a r s ag o .
M r. N ie m a n n h a d m a n y a d d itio n a l
b u s in e s s i n t e r e s t s a n d w a s a d ir e c to r
o f th e F a r m e r s & M e r c h a n ts S ta te
B a n k fr o m 1922 u n t i l h is d e a th , s e r v
in g a s p r e s i d e n t o f th e b a n k fr o m
1929 to 1960, t h e n m o v in g to b o a r d
c h a ir m a n , a p o s itio n h e h a d a t th e
tim e of h is d e a th .
H a l C ole, p r e s id e n t o f th e M u r r a y
C o u n ty S ta te B a n k , S la y to n , h a s b e e n
n a m e d “E m p lo y e r o f th e Y e a r ” a n d
so h o n o r e d a t th e r e c e n t S la y to n C iv ic
a n d C o m m e rc e g r o u p m e e tin g .
S p r in g fie ld B ank B u ild s
T h e F a r m e r s & M e r c h a n ts S ta te
B a n k , S p rin g fie ld , M in n ., is b e in g e n
la r g e d fo r a d d itio n a l b o o k k e e p in g a n d
p o s tin g sp a c e .
T h e r e s u l t a n t “L ”s h a p e d ro o m w ill b e 19 x 23 f e e t w ith
a 9 x 16 fo o t w in g .
A u gu st N iem a n n
A u g u s t N ie m a n n , 80, p r o m in e n t in
b u s in e s s a n d c iv ic a c tiv itie s in S p rin g field fo r m o r e t h a n 50 y e a r s , d ie d r e
c e n tl y a f t e r b e in g in f a ilin g h e a lt h fo r
th e p a s t 18 m o n th s . A f te r le a r n in g th e
T. L. R a s k , p r e s id e n t, S ta te B a n k of
V irg in ia , h a s a n n o u n c e d th e r e s ig n a
tio n o f S a le R . H ill, a s s i s t a n t c a s h ie r
a n d a u d ito r , a n d th e a p p o in t m e n t o f
D o n a ld E . W e s tfie ld a s h is s u c c e s s o r.
M r. W e s tfie ld h a s b e e n w ith th e b a n k
s in c e M a rc h 1, s e r v in g p r e v io u s ly w ith
th e S e c u r ity B a n k & T r u s t o f O w ato n n a a n d th e o p e r a tio n s d e p a r t m e n t
o f th e N o r th w e s t B a n c o r p o r a tio n in
M in n e a p o lis .
B. W. R ad em ach er
B. W . R a d e m a c h e r , 72, r e t i r e d b a n k
e r, d ie d a t h is h o m e r e c e n t ly a f t e r s u f
f e r in g p o o r h e a lt h th e p a s t f o u r to
fiv e y e a rs .
D e s p ite h is illn e s s , h e s e r v e d a s
c a s h ie r o f th e S e c u r ity S ta te B a n k ,
W a te r v ille , u n t i l A p r il o f la s t y e a r ,
w h e n t h a t b a n k w a s c o n s o lid a te d w ith
A CCID EN T, S I C M C S S
a n d H O S P IT A L
IN SU R A N CE A T CDST!
Bankers are Select Risks and w e h a v e sp ecia l coverage
d esign ed for Bank Men and W om en. Write for A pplication
and Information.
Minnesota Commercial Men's Association
2550 Pillsbury A ve. S.
M inneapolis 4, M innesota
69
m
L.
:m
:
0-'rvh
W ally E n g stro m , Jo h n O rdos an d Doug Jo h n so n se w up th e a n sw e r to a n o th e r m o n stro u s o p e ra tio n s qu estio n.
“Creative” operations specialists—if th e y c a n ’t fin d
a w a y t h e y ’ll try a n d m a k e a w a y . T h a t ’s th e k in d o f o p e r a tio n s d e p a r tm e n t
w e ’v e g o t b a c k in g u s u p at M id la n d . A sk th e m a n y q u e s tio n o n th e te c h n ic a l
sid e o f b a n k in g , a n d b e fo r e lo n g t h e y ’ll h a v e an a n sw er . E q u ip m e n t, sy stem s,
p r o c e d u r e s , y o u n a m e it. 1 a k e a d v a n ta g e o f th e ir e x p e r ie n c e . T h e y 11 p io v e
fr ie n d s h ip w ith sp e c ia l se r v ic e .
T H E B A N K W ITH T H E B IG W E L C O M E
Midland National Bank
FEderai 2-0511 • Second Ave. So. and Fourth St. • Minneapolis 40, Minn. • Member FDIC
Northwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
70
M in n e so ta N e w s
th e C itiz e n s S ta te B a n k o f W a te r v ille .
H e h a d b e e n c a s h ie r o f th e b a n k s in c e
1936.
S tu d y G rou p H o n o r ed
A g r a d u a t io n e x e r c is e a n d b a n q u e t
fo r m e m b e r s o f th e W illm a r S tu d y
G ro u p in p r in c ip le s o f b a n k in g w a s
h e ld r e c e n t ly a t th e G o lf C lu b in W illm a r a n d 47 s t u d e n ts r e c e iv e d c e rtif i
c a te s f r o m th e M in n e s o ta B a n k e r s
A s s o c ia tio n .
M oves to W in on a Staff
W . D. K n ig h t, p r e s id e n t, F i r s t N a
tio n a l B a n k o f O w a to n n a , h a s a n
n o u n c e d t h a t G o rd o n R . E s p y h a s r e
s ig n e d a s v ic e p r e s id e n t a n d c a s h ie r
of th e F i r s t N a tio n a l to b e c o m e v ic e
p r e s id e n t a n d a d ir e c to r o f th e M e r
c h a n ts N a tio n a l o f W in o n a .
M r. E s p y c a m e to O w a to n n a in A p r il
o f 1955 to s e t u p t h e i n s ta l lm e n t lo a n
d e p a r t m e n t , t h e n b e c a m e a ffilia te d
w ith th e c o m m e rc ia l sid e o f th e b a n k .
Farm F o ru m
A “ F a r m In c o m e a n d th e R u r a l
E c o n o m y ” s p e c ia l m e e tin g w a s h e ld
r e c e n t ly a t A p p le to n , W is., a n d lis te d
a m o n g s p o n s o r s w e r e a ll S w ift C o u n ty
b a n k s a n d th e P e o p le s S ta te B a n k o f
M ila n .
V. E . R o s s ite r , S r., c h a ir m a n o f th e
f a r m in c o m e s t u d y c o m m itte e o f th e
I n d e p e n d e n t B a n k e r s A s s o c ia tio n a n d
p r e s id e n t o f th e B a n k o f H a r ti n g to n ,
N eb ., w a s t h e f e a t u r e d s p e a k e r .
H en ry C. H e n lin e
H e n r y C. H e n lin e , 66, a d ir e c to r of
th e A m e r ic a n S ta te B a n k , M a n k a to ,
s in c e 1938, d ie d r e c e n t ly a t S t. J o
s e p h ’s H o s p ita l. H e h a d b e e n ill five
w eek s.
i
y
E n ters B a n k in g F ie ld
O lm o O o th o u d t, m a n a g e r o f th e
W in n e b a g o S u p e r V a lu fo o d s to r e
s in c e la s t N o v e m b e r, h a s b e e n n a m e d
to th e s ta ff o f th e F i r s t N a tio n a l B a n k
in W i n n e b a g o , a n n o u n c e d D u d le y
K r a u s e , e x e c u tiv e v ic e p r e s id e n t.
i
V
P lan s R e m o d e lin g
In M in n ea p o lis
WE
Will Be Seeing
YOU
In Sioux Falls—May 17-19
J o h n A. M o o rh e a d , p r e s id e n t o f
N o r th w e s t e r n N a tio n a l B a n k , M in n e
a p o lis , h a s a n n o u n c e d p la n s f o r a
$1 m illio n i n t e r i o r re m o d e lin g p r o je c t
in t h e b a n k b u ild in g .
A n n o u n c e m e n t w a s m a d e in c o n
ju n c t io n w ith th e b a n k ’s o b s e r v a n c e
o f t h e 9 0 th a n n i v e r s a r y o f its f o u n d
in g A p r il 23, 1872.
R e m o d e lin g in th e b a n k ’s b a s e m e n t
a re a , c o m p le tio n o f a d d itio n a l q u a r
t e r s in th e C a rg ill b u ild in g a n d e r e c
ti o n o f t h e S k y w a y w ill b e c o m p le te d
th i s y e a r . M a jo r r e m o d e lin g of th e
b a n k ’s f ir s t a n d se c o n d flo o rs is
s c h e d u le d to b e g in e a r l y in 1963.
S t r u c t u r a l c h a n g e s in th e b a n k ’s
b a s e m e n t, f ir s t a n d s e c o n d flo o rs w ill
m a k e a n in t e g r a t e d b a n k in g u n i t of
th e t h r e e flo o rs a n d p r o v id e m a x im u m
c o n v e n ie n c e f o r c u s to m e rs .
A r c h it e c t fo r th e p r o j e c t is E lle r b e
& Co.; a s s o c ia te a r c h i te c t is D a v id J .
G ris w o ld & A s s o c ia te s .
T e l l e r s to M o v e
im
C LIFF ADAMS
President
STANLEY EVANS
1st Vice President
ED NEWELL
Asst. Vice President
The Live Stock National Bank
SIO U X CITY
M EM BER F E D E R A L D EP O S IT IN SU R A N C E CO R PO R A TIO N
Northwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
K e y to e x t e n s i v e
r e m o d e lin g
p la n n e d f o r th e g r o u n d flo o r w ill b e
th e b a n k ’s m o v e o f its c o m m e rc ia l
te l le r s a r e a f r o m th e se c o n d flo o r to
g r o u n d le v e l.
C o m m e rc ia l te n a n t s
n o w lo c a te d a lo n g th e M a r q u e tte sid e
o f th e f ir s t flo o r w ill v a c a t e o r b e
r e lo c a te d to a llo w a b u ild in g - lo n g
lo b b y o p e n to h e a v y p u b lic c o n ta c t
s e r v ic e s .
J o in in g t h e te l le r s d e p a r t m e n t in
n e w q u a r t e r s o n t h e fir s t flo o r w ill b e
s u c h r e l a te d o p e r a tio n s a s th e s a v
in g s d e p a r t m e n t , n e w a c c o u n ts d e
p a r t m e n t a n d a s e c tio n f o r th e b a n k ’s
c o n ta c t o fficers.
T o th e w e s t of th e n e w f ir s t flo o r
lo b b y w ill b e a r e v a m p e d v e r s io n o f
th e p r e s e n t b a n k b u ild in g a rc a d e , o p e n
to g e n e r a l p e d e s t r ia n tra ffic.
T h e n e w f ir s t flo o r lo b b y w ill b e o f
c o n te m p o r a r y d e s ig n , w ith th e m a s
s iv e c o lu m n s o f m a s o n r y s t r e a m l in e d
to a llo w m o r e ro o m a n d g iv e th e a r e a
a c le a n , m o d e r n a p p e a r a n c e .
I*-
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71
A. S. G U L L I C K S O N
C. C. L I N D
C. F.
ST IL G E B O U E R
S. J . K R Y Z S K O
In S io u x F a lls M ay 1 7 -1 9
S . t t .iL A C o n v e n tio n P r o g r a m
U R T IS A. L O V R E , g e n e r a l c h a ir m a n of th e S o u th
D a k o ta B a n k e r s A s s o c ia tio n ’s a n n u a l c o n v e n tio n ,
a n d h is v a r i o u s c o m m itte e s , a lo n g w ith E x e c u tiv e
S e c r e t a r y A. S. G u llic k s o n , h a v e s c h e d u le d a n o u ts ta n d
in g p r o g r a m fo r th e 7 0 th a n n u a l c o n v e n tio n o f th e a s s o
c ia tio n M a y 17-19 in S io u x F a lls .
C.
C. L in d , S.D .B .A . p r e s id e n t fr o m A b e rd e e n , w ill p r e
s id e u n t i l a n e w p r e s id e n t a n d s ta ff a r e n a m e d d u r i n g th e
m e e tin g . C. F . S tilg e b o u e r , a s s o c ia tio n f ir s t v ic e p r e s i
d e n t a n d p r e s id e n t of th e F i r s t P o t t e r C o u n ty B a n k , G e t
ty s b u r g , is s la te d to m o v e u p to th e p r e s id e n c y .
M a n y to p - n o tc h s p e a k e r s a n d i n t e r e s t i n g s id e e v e n ts
a n d so c ia l a c tiv itie s w ill h ig h l ig h t th e m e e tin g . A d ig e s t
o f th e p r o g r a m is a s fo llo w s:
C
C O N V EN TIO N PROG RAM H IG H LIG H TS
W e d n e sd a y , M ay 16
N oon
R e g is t r a t io n O p e n s— S o u th R o o m o n th e
n in e o f th e S h e r a to n - C a ta r a c t, S io u x F a lls .
m ezza
T h u r sd a y , M ay 17
A .M .
9:00-6:00 R e g is t r a t io n — S h e r a to n - C a ta r a c t.
8:00 G o lf to u r n a m e n t . T ee-off tim e is 8 a m . A ll p a r
ti c ip a n t s m u s t b e off th e f ir s t te e b y 1 p .m . T h e
t o u r n a m e n t w ill b e h e ld a t t h e M in n e h a h a C o u n tr y
C lub.
P.M .
6:30 R e c e p tio n a n d B u ffe t S u p p e r — A k o ta B a llro o m .
F r id a y , M ay 18
9:30
P.M .
12:30
1:30
C all to O r d e r — F i r s t G e n e r a l S e ssio n .
W e lc o m e — R e p r e s e n t a ti v e of th e S io u x F a ll s C h a m
b e r of C o m m e rc e .
R esponse.
C o m m itte e R e p o r ts — A g r ic u ltu r e , E d u c a tio n a n d
P u b lic R e la tio n s .
A d d r e s s — G e ra ld J. V a n D o rn , p r o te c tio n office,
C h a se M a n h a t ta n B a n k , N e w Y o rk .
R e m a r k s — S. J. K ry z s k o , p r e s id e n t, W in o n a N a
ti o n a l & S a v in g s B a n k , W in o n a , M in n ., a n d c h a i r
m a n of th e F o u n d a ti o n fo r C o m m e rc ia l B a n k s .
L a d ie s ’ L u n c h e o n — W e s t w a r d H o C o u n tr y C lu b .
E n t e r t a i n m e n t fo llo w in g .
C all to O rd e r— S e c o n d G e n e r a l S e ssio n .
C o m m itte e R e p o r ts — I n s u r a n c e , B a n k M a n a g e m e n t
a n d L e g is la tio n .
R e p o r t o f N o m in a tin g C o m m itte e .
I n s t a l l a t i o n of n e w officers.
4:30
7:00
8:45
A w a r d in g o f 40 a n d 50 y e a r p in s .
N e c ro lo g y .
A d d r e s s — D r. S a m u e l J. R a s m u s s e n , e c o n o m is t,
T u ls a , O k la.
A d d r e s s — J. R. P r a t t , d ir e c to r o f c o m m u n ity r e l a
tio n s , U p p e r M id w e s t R e s e a r c h a n d D e v e lo p m e n t
C o u n c il, M in n e a p o lis .
A d d re s s — W illia m J o h n s o n , a s s o c ia te d ir e c to r ,
U n ite d S tu d e n t A id F u n d , In c ., B u r lin g a m e , C alif.
S ta te A .B .A . M e e tin g a n d E le c tio n .
B a n q u e t— S io u x F a lls C o lis e u m A n n e x .
S ta g e R e v ie w — S io u x F a ll s C o lise u m .
S a tu rd a y , M ay 10
A .M .
9:30
C all to O rd e r— T h ir d G e n e ra l S e ssio n .
“C o m m e rc ia l B a n k s F a c e a N e w C o m p e titiv e
P l a n e t ”— R a lp h L. Z a u n , e x e c u tiv e v ic e p r e s id e n t,
G r a f to n S ta te B a n k , G ra fto n , W is.
“ L e a d e r s h ip o f th e F r e e ”— J u d g e H a r o ld C. K ess in g e r, R id g e w o o d , N . J.
A d d re s s — A d m ir a l J o h n L . M c C re a (U . S. N a v y r e
ti r e d ) , v ic e p r e s id e n t, J o h n H a n c o c k M u tu a l L ife
In su ra n c e C om pany.
D r a w in g fo r d o o r p riz e .
A d jo u r n m e n t.
I n a d d itio n to th e s e g e n e r a l s e s s io n s o f th e c o n v e n tio n ,
th e fo llo w in g c o m m itte e a n d e x e c u tiv e c o u n c il m e e tin g s
h a v e b e e n s c h e d u le d :
S .D .B .A . N o m in a tin g C om m ittee: J. S. H o ld h u s e n ,
c h a ir m a n ; T h u r s d a y , M a y 17, 4 p .m ., L a m p R o o m , S h e r a
to n - C a ta ra c t.
S .D .B .A . R e so lu tio n s C o m m ittee: E a r l F. N ix o n , c h a i r
m a n ; T h u r s d a y , M a y 17, 4 p .m ., R o o m 208, S h e ra to n -C a ta c t.
A .B .A . N o m in a tin g C o m m ittee: J. N . S h e lb y , c h a ir m a n ;
T h u r s d a y , M ay 17, 4:30 p .m ., S o u th R o o m , S h e ra to n -C a t
a r a c t.
S ta te B a n k e r s E x e c u tiv e C o u n cil B rea k fa st: W a lt e r K.
J o h n s o n , c h a ir m a n ; M a y 19, 8:30 a.m ., M u r a l R o o m , S h e r a
to n - C a ta ra c t.
W is c o n sin G rad u ate S c h o o l o f B a n k in g B r e a k fa st
( g r a d u a te s o n ly ) : R . H . F r e i, c h a ir m a n ; F r i d a y , M ay
18, 8:30 a.m ., M u ra l R o o m , S h e r a to n - C a ta r a c t.
P a s t P r e s id e n ts ’ L u n ch eo n : C. C. L in d p r e s id in g ; F r i
d a y , M a y 18, 12:15 p .m ., M u r a l R o o m , S h e ra to n -C a ta r a c t.
S .D .B .A . E x e c u tiv e C o u n cil in E x e c u tiv e S essio n : S a t
u r d a y , M a y 19, 1 p .m ., M u ra l R o o m , S h e r a to n - C a ta r a c t.
S .D .B .A . E x e c u tiv e C o u n cil in E x e c u tiv e S essio n : S a t
u r d a y , M a y 19, 1 p .m ., L u n c h e o n , M u r a l R o o m , S h e ra to n C a ta r a c t.— E n d .
Northwest ern Banker, M ay, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
72
South D a kota N e w s
T
V IS IT IN G B E T W E E N S E S S IO N S a t l e f t a re , fro m le f t, Oscar
Brosz, S o u th D a k o ta s u p e rin te n d e n t of b a n k s ; C. C. Lind,
S.D .B .A . p re s id e n t a n d pres., F i r s t N a tio n a l B a n k , A b e rd e e n ;
a n d C. F. Stilgebouer, S.D .B .A . first vice p re s id e n t a n d p res.,
F i r s t P o t t e r C o u n ty B a n k , G e tty s b u rg . C E N T E R : A1 Aho,
c o u n ty e x te n sio n a g e n t, B ro o k in g s C o u n ty ; Dr. Tyrus R. Timm,
h e ad o f d e p a rtm e n t, a g ric u ltu re econom ics a n d sociology, T ex as
A & M ; a n d R. F. P etsch ow , c h a irm a n , S.D .B.A . a g ric u ltu ra l com
m itte e a n d pres., C orn E x c h a n g e B a n k , E lk to n . R IG H T : N e il
F. R oberts, pres., D e n v e r U n ite d S ta te s N a tio n a l B a n k , d e liv e rs
th e lu n ch eo n a d d ress. S how n a t le f t is S c o tt Lovald, S.D.B.A .
second vice p re s id e n t a n d exec, v.p., F i r s t N a tio n a l, P h ilip .
N early 3 0 0 at P ierre
T
R e c o r d A t t e n d a n c e a t A y C o n fe r e n c e
B y R. DOYLE MINDEN
A ssociate E d ito r
E A R L Y 300 S o u th D a k o ta b a n k
e r s a n d c o u n ty e x te n s io n a g e n ts
a tt e n d e d th e a n n u a l A g r ic u l
t u r a l C o n fe re n c e o f th e S o u th D a k o ta
B a n k e r s A s s o c ia tio n in P ie r r e la s t
m o n th . T h is is th e la r g e s t a g r i c u l t u r
a l c o n fe r e n c e e v e r c o n d u c te d in th i s
s t a te a n d th o s e a tt e n d in g w e r e w e ll
re w a r d e d .
T h e o u tlo o k fo r th e f e e d e r c a ttle
m a r k e t, t r e n d s in a g r i c u lt u r e , a n d
c ro p f e r til iz a t io n w e r e f e a t u r e d to p ic s
o f d is c u s s io n .
P a rtic ip a n ts ra n g e d
f r o m C h ic a g o a n d D e n v e r b a n k e r s to
S o u th D a k o ta f a r m e r s .
D r. T y r u s R. T im m , h e a d o f th e d e
p a r t m e n t o f a g r i c u lt u r a l e c o n o m ic s
a n d so c io lo g y a t T e x a s A & M , C o lleg e
S ta tio n , T ex ., s t a r t e d th i n g s off w ith
N
so m e p r e d ic tio n s c o n c e r n in g a g r i c u l
t u r e in th e 1960’s.
“ T h e d ir e c tio n in w h ic h A m e r ic a n
a g r i c u lt u r e w ill m o v e in th e 1960’s,”
h e s a id , “w ill b e th e ‘s a m e v e rs e , s e c
o n d s t a n z a ’ a s t h e 1950’s.”
O n th e s u p p ly sid e , D r. T im m s a id
f e w e r f a r m e r s w ill o p e r a te la r g e r
fa r m s , a n d th e y w ill b e c u lt iv a t in g
s l ig h t ly le s s to t a l la n d b u t p ro d u c e
m o r e c ro p s a n d liv e s to c k .
H e a ls o
a n ti c ip a t e s r e g io n a l p r o d u c tio n s p e
c ia liz a tio n .
O n th e d e m a n d sid e , D r. T im m s e e s
a slo w , s te a d y g r o w th in th e u s e of
A m e r ic a n fo o d a n d fib e r w ith th e p o p
u la t io n g r o w th a s th e d o m in a n t in flu ance on dem and.
O n th e b u s in e s s sid e , D r. T im m ex-
Y O U N G FA R M E R S A N D R A N C H E R S on th e p ro g ra m are
show n a t l e f t w ith m o d e ra to r of th e p a n el, M aurice D. Olson,
a sst, v.p., N o rth w e s t S e c u rity N a tio n a l B a n k , H u ro n , a t le ft.
M em b ers o f th e p a n e l a re , c o n tin u in g from le ft, Joh n n y Gross,
O n id a f a rm e r; Ruben C. Scherle, A rta s c a ttle fe e d e r, a n d G lenn
Northwest ern Banker, May, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
p e c ts to t a l f a r m e x p e n d it u r e s to inc r e a s e s u b s ta n ti a ll y a n d a t a f a s te r
r a t e t h a n th e g e n e r a l r is e in p r ic e s
o f f a r m p ro d u c ts .
D r. T im m a ls o e x p e c ts g o v e r n m e n t
p a r t ic i p a ti o n in th e f ir s t h a lf o f t h e
1960’s to b e in c r e a s in g ly f e d e r a lly o r i
e n te d a n d w ith g r e a t e r c o n c e n tr a tio n
o f e c o n o m ic p o w e r in th e h a n d s of
p u b lic b o d ie s . H e e x p e c ts th i s to b e
t r u e r e g a r d le s s o f w h e t h e r th e R e
p u b lic a n s o r D e m o c ra ts a r e in p o w e r.
N e x t o n th e p r o g r a m w a s a r e p r e
s e n t a ti v e o f th e c o u n ty e x te n s io n
a g e n ts a tt e n d in g th e m e e tin g . A1 A h o ,
c o u n ty e x te n s io n a g e n t in B ro o k in g s
C o u n ty , g a v e “A C o u n ty A g e n t’s V ie w
o f H o w B a n k e r s S h o u ld W o r k W ith
A g r ic u l tu r e .”
Garret, P ie rre ra n c h e r. A t c e n te r is S o u th D a k o ta ’s O u ts ta n d in g
Y o u n g F a rm e r, L ogan Thoene, w ho also a p p e a re d on th e p ro
g ra m . A t r ig h t, Tom Stachan, r e tir e d L y m a n n C o u n ty e x te n
sion a g e n t, show s his d isp la y o f p ra irie g ra ss, c o n stru c te d over
a n u m b e r of y e a rs, to R ichard N elson, a sst, v.p., F a rm e rs S ta te
B a n k , W in n e r.
y
A
y
,
73
On your next visit to Sioux Falls— whether it
be for the convention, other business or just
pleasure— be sure to stop at the Northwest Bank
and utilize our services. Our officers and personnel
will be most anxious to help you in any way
possible.
South Dakota Bankers
Association Convention
IN SIOUX FALLS, SOUTH DAKOTA
May 17-18-19
1.
2.
3.
4.
5.
N
C . A. LOVRE, President
ART C A H A LA N , Commercial Dept.
LEE REMPEL, Trust Dept.
ELTON BUDAHL, Agricultural Dept.
BILL HEIMERMAN, Commercial
Dept.
orth w est m
6.
7.
8.
9.
10.
11.
JO H N KRASTINS, Cashier
BRUCE CALLANT, Credit Dept.
IVAN STEEN, Branch Operations
OLIVER NORDBY, Installment Loans
HARLAN HIG H T, Comptroller
BEN BORGERS, Real Estate Loans
B
ank
OF SIOUX FALLS
BANK
Northwest ern Banker, M ay, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
74
South D akota N e w s
F e e d e r P r o b le m s
G e o rg e H . S p e n c e , a g r i c u lt u r a l r e p
r e s e n t a t i v e fo r th e A m e r ic a n N a tio n a l
B a n k & T r u s t C o m p a n y o f C h icag o ,
w a s n e x t o n th e p r o g r a m a n d th e to p
ic o f h is d is c u s s io n w a s “T h e C a ttle
I n d u s t r y F a c e s H a r d T im e s .”
M r. S p e n c e e x p la in e d th e ro le th e
c h a in s t o r e s h a v e in c o n tr o llin g th e
ty p e s o f m e a t d e s ir e d a n d o u tlin e d
p r a c tic e s t h a t a r e m a k in g it d iffic u lt
f o r r a n c h e r s a n d fe e d e r s to s h o w a
p ro fit.
D ISC U SSIN G th e c o n fere n ce b e tw e e n sessions a re , fro m le ft, A rthur A. H aessig, v.p.,
a n d John D. Cleary, b o th o f th e A m e ric a n N a tio n a l, S t. P a u l; Edw ard M. W ard, pres.,
B ry a n t S ta te B a n k ; Bud Omlie, a sst, v.p., F i r s t N a tio n a l, M in n e ap o lis, a n d D. W ayne
M eyer, v.p., P e o p le s S ta te B a n k , D e S m e t.
M r. A h o c a lle d fo r b a n k e r s to p r o
v id e i n t e r m e d ia t e c r e d i t fo r f a r m e r s
a n d r a n c h e r s . H e s u g g e s te d t h e r e is
a r e a l n e e d fo r c r e d i t o n t h r e e to five
te r m s w ith d e fin ite r e p a y m e n t p la n s .
H e a ls o s t a te d t h a t f a r m e r s a n d r a n c h
e r s n e e d m o r e in f o r m a tio n o n h o w to
o b ta in a n d u s e c re d it.
M r. A h o a ls o d is c u s s e d so m e o f th e
tr e n d s in S o u th D a k o ta a g r i c u lt u r e ,
p o in tin g o u t t h a t t h e r e is in c r e a s in g
u s e o f s ila g e to “w a r m u p ” c a ttle b e
fo r e m o v in g t h e m e a s t fo r fin is h in g .
H e a ls o n o te d t h a t c a tt le fe e d in g is
m o v in g w e s t a n d t h a t th e r e is a m p le
o p p o r t u n it y fo r th e d e v e lo p m e n t of
th e p o u ltr y , s h e e p a n d d a ir y in d u s
t r i e s in S o u th D a k o ta .
B a n k e r s a ls o w e r e e n c o u r a g e d b y
M r. A h o to e x te n d c r e d i t o n m o r e of
a p a c k a g e b a s is r a t h e r t h a n fo r s in g le
c o m m o d itie s .
T h e o p e n in g p o r tio n o f th e a f t e r
n o o n s e s s io n w a s d e v o te d to c o m m e n ts
b y t h r e e y o u n g S o u th D a k o ta f a r m e r s
a n d r a n c h e r s . O n th i s p a n e l p r o g r a m
w e r e J o h n n y G ro ss, O n id a d iv e r s if ie d
f a r m e r ; G le n n G a r r e t t, P i e r r e r a n c h e r ,
a n d R u b e n C. S c h e rle , A r ta s c a ttle
fe e d e r.
M r. G ro s s a n d M r. G a r r e t t w e r e
c o m p le m e n ta r y o f th e w a y b a n k e r s
a r e p r o v id in g c r e d i t f o r a g r i c u lt u r e ,
b u t, M r. S c h e rle , w h ile h e s a id h e h a d
n o p e r s o n a l c o m p la in ts , d id c ritic iz e
th e m e th o d s so m e o f th e b a n k e r s a r e
u s in g . H e a s k e d f o r c lo s e r c o o p e ra tio n
b e tw e e n b a n k e r s a n d c o u n ty a g e n ts ,
c lo s e r s t u d y o f c r e d i t n e e d s o f in d i
v id u a l f a r m e r s a n d r a n c h e r s , a n d m o r e
p e r s o n a l v is it s b y b a n k e r s o n th e f a r m
a n d r a n c h . M r. S c h e r le ’s c o m m e n ts
w ill b e p r e s e n te d in th e J u n e is s u e o f
th e N orthw estern B a nker.
S o m e o f th e th i n g s M r. S p e n c e
p o in te d o u t a s n e e d in g c h a n g e a r e th e
“p e n c il s h r i n k , ” b o n d in g o f c o u n tr y
c a ttle b u y e r s , w ith h o l d in g o f p a y m e n t
b y p a c k e r s u n t i l g r a d i n g is c o m p le te d ,
a n d c u r r e n t im p o r t in g p r a c tic e s o f th e
g o v e r n m e n t.
A d e ta ile d d is c u s s io n o f m a n y o f th e
to p ic s to u c h e d u p o n b y M r. S p e n c e
w a s f e a t u r e d in a n a r tic le b y h im in
th e A p r il N o r t h w e s t e r n B a n k e r .
T h e a f t e r n o o n s e s s io n c lo s e d w ith
th e p e r s o n s a tt e n d in g b e in g d iv id e d
in to t h r e e d is c u s s io n g r o u p s f o r “B u ll
S e s s io n s .” M o d e r a to rs a t th e s e s e s
s io n s w e r e S ta n le y D. M o rrill, N a tio n
a l B a n k o f S o u th D a k o ta , S io u x F a lls ;
D o u g la s P r in g le , F i r s t P o t t e r C o u n ty
B a n k , G e tty s b u r g , a n d B. C. S o lu m ,
F i r s t C itiz e n s N a tio n a l B a n k , W a te rto w n .
H o s ts a t a s o c ia l h o u r r o u n d in g o u t
th e fir s t d a y ’s a c ti v it ie s w e r e th e F o r t
P ie r r e N a tio n a l B a n k , th e F i r s t N a
ti o n a l B a n k in P ie r r e , th e P ie r r e N a
ti o n a l B a n k a n d th e W . M. V a n C a m p
In s u ra n c e A gency.
C. B. U p h a m , c h ie f n a ti o n a l b a n k
e x a m in e r , N in th F e d e r a l R e s e r v e D is
tr ic t , M in n e a p o lis , o p e n e d d is c u s s io n
t h e n e x t m o r n in g w ith a t a l k o n “ S u
p e r v i s in g a n A g r ic u l tu r a l L o a n .”
DICK TA Y LO R
F e r tiliz a tio n
T h e r e m a in d e r o f th e m o r n in g w a s
d e v o te d to a n il l u s t r a t e d p a n e l d is c u s
s io n o f th e e ffe c ts o f c ro p f e r tiliz a tio n
in S o u th D a k o ta . T h is p r o g r a m w a s
p r e s e n te d b y m e m b e r s o f t h e s ta ff a t
S o u th D a k o ta S ta te C o llege.
E . J.
W illia m s o n , e x te n s io n so ils s p e c ia lis t,
e x p la in e d th e e ffe c t o f f e r til iz e r o n
s m a ll g r a in s . P a u l C a rso n , a s s o c ia te
a g r o n o m is t, d is c u s s e d th e q u e s tio n , “ Is
P o ta s h F e r t i l i z e r N e e d e d in S o u th
D a k o ta ? ” L . O. F in e , h e a d o f th e
a g r o n o m y d e p a r t m e n t a t th e co lleg e,
d e s c r ib e d h o w f a r m e r s a n d r a n c h e r s
c a n “R e a liz e P r o d u c t io n P o te n t ia l s
T h r o u g h M a n a g e m e n t,” a n d F r e d
S c h u b e c k , a s s o c ia te p ro f e s s o r, d is
c u s s e d “C o rn F e r t i l i z e r a n d Y ie ld s .”
E . V. H O F F M A N
W E ’LL BE LOOKING FO R Y O U
W e ’r e a ll lo o k in g f o r w a r d to v i s i ti n g w ith y o u a t th e S o u th D a k o ta
C o n v e n tio n .
T h e F i r s t N a tio n a l B a n k officers p ic tu r e d a b o v e w ill be t h e r e to g r e e t
y o u a n d d is c u s s w ith y o u th e v e r s a t i l e lin e o f s e rv ic e s so m a n y o f o u r
c o r re s p o n d e n ts h a v e fo u n d b o th p l e a s a n t a n d p ro fita b le t h r o u g h th e
y e ars.
F ir s t N a tio n a l B a n k
M em b er
F e d e ra l
D e p o sit
In su ra n c e
C o rp o ra tio n
Member Federal Reserve System
Northwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
î t l
S Î O 'U S C
(
V
/
tf
T h e c o n fe r e n c e c lo s e d w ith a lu n c h
e o n a n d a d d r e s s b y N e il F . R o b e rts ,
p r e s id e n t, D e n v e r U n ite d S ta te s N a
ti o n a l B a n k . M r. R o b e r ts ’ t a l k o n th e
to p ic “A B a n k e r L o o k s a t F a r m F e e d -
S outh D akota N e w s
in g ” is p r e s e n te d in th e f e a t u r e s e c
tio n o f t h i s is s u e .
A n o th e r h ig h l ig h t o f th e c o n fe r e n c e
w a s th e in t r o d u c t io n o f S o u th D a k o
t a ’s O u ts t a n d in g Y o u n g F a r m e r , L o
g a n T h o e n e o f B o n e s te e l. T h e O u t
s t a n d in g Y o u n g F a r m e r p r o g r a m in
S o u th D a k o ta is c o -s p o n s o re d b y th e
S o u th D a k o ta B a n k e r s A s s o c ia tio n
a n d th e S o u th D a k o ta J u n i o r C h a m
b e r o f C o m m e rc e .
M r. T h o e n e , a g e 34, h a s b e e n o p e r a t
in g h is o w n f a r m f o r 17 y e a r s . H e
i n h e r i t e d t h r e e q u a r t e r s o f la n d a t
th e a g e o f 16 w h e n h is f a t h e r w a s
k ille d b y lig h te n in g .
T o d a y , M r.
T h o e n e o w n s 1,000 a c r e s o f la n d a n d
is a p a r t n e r o n 3,200 a d d itio n a l a c r e s
w ith h is g r a n d f a th e r .
Of th e to ta l,
2,000 a c r e s a r e in c r o p la n d a n d 2,900
a r e g r a z in g a re a . H is n e t w o r t h h a s
g r o w n f r o m $2,957 to $183,255.— E n d .
A p p ro v es W in n er B an k
T h e C o m p tr o lle r o f th e C u r r e n c y
h a s a p p r o v e d a c h a r t e r fo r a n e w b a n k
a t W in n e r , S. D. I t w ill b e c a lle d th e
R a n c h e r s N a tio n a l B a n k o f W in n e r .
C a p ita l of th e n e w b a n k is $250,000,
s u r p lu s $250,000 a n d u n d iv id e d p ro f its
$100,000, f o r a to t a l s t r u c t u r e of $600,000.
D ir e c to r s a r e J o h n O. E n g e lm a n ,
L e e D e J o n g , V a n C o llin s, H o w a r d
R ic h te r , W m . H . H in s e lm a n , R o b e r t
W . B re z in a , G. J . D a n f o r th , J r ., a n d
R u s s e ll H . G a rry . M r. G a r r y w ill b e
e x e c u tiv e v ic e p r e s id e n t.
M ateer A n n o u n c e s
F or F ed . D irecto r
C u r tis B. M a te e r, e x e c u tiv e v ic e
p r e s i d e n t , P i e r r e N a tio n a l B a n k ,
P ie r r e , S. D., h a s a n n o u n c e d h is c a n d i
d a c y fo r C la ss A d ir e c to r o f th e N in th
F e d e r a l R e s e r v e D is t r ic t fo r a th r e e y e a r t e r m to s u c
c e e d H a r o l d N.
T h o m s e n , v ic e
p r e s id e n t, F a rm e r s and
M erc h ,a n ts Bank,
P r e s h o , w h o is n o t
r u n n i n g to s u c
c e e d h im s e lf.
E le c tio n fo r th e
p o s t w ill b e c o n
d u c te d in N o v e m
C. B. M A T E E R
b e r.
M r. M a te e r h a s b e e n in th e b a n k in g
field f o r 36 y e a r s , s t a r t i n g a s a c le r k
in th e P ie r r e N a tio n a l. H e h a s s e r v e d
a s p r e s id e n t o f th e S o u th D a k o ta
B a n k e r s A s s o c ia tio n , a m e m b e r o f th e
e x e c u tiv e c o m m itte e a s w e ll a s th e
a g r i c u l t u r a l a n d le g is la tiv e c o m m it
te e s . H e h a s b e e n v ic e p r e s id e n t of
th e A .B .A . f o r S o u th D a k o ta , a n d h a s
75
b e e n a c tiv e in m a n y c iv ic o r g a n iz a
tio n s in c lu d in g th e P ie r r e S h r in e C lub.
M r. M a te e r c u r r e n t l y is a m e m b e r
o f th e le g is la tiv e c o m m itte e of th e
A .B .A . a g r i c u l t u r a l c o m m itte e , is a
m e m b e r o f th e a d v is o r y c o m m itte e of
th e A .B .A . s a v in g s d iv is io n , v ic e p r e s i
d e n t o f N A B A C f o r S o u th D a k o ta a n d
h e a d s a n u m b e r o f c iv ic a n d i n d u s tr i a l
d e v e lo p m e n t g ro u p s .
F red S. M cD an iel
F u n e r a l s e r v ic e s w e r e h e ld r e c e n t ly
fo r F r e d S. M c D a n ie l, p r e s id e n t of th e
D a k o ta S ta te B a n k , B lu n t, w h o d ie d
in P ie r r e . H e w a s b o r n in C e d a r R a
p id s , Io w a , in 1881 a n d w a s a c tiv e in
b a n k in g fo r 65 y e a r s . H e s t a r t e d h is
b a n k in g c a r e e r w ith th e B e v e r B r o th
e r s B a n k in C e d a r R a p id s a n d le f t
t h a t b a n k in 1909 to c o m e to B lu n t.
B e lle F o u c h e C hange
A . W . “ A r t ” J o n e s , a s s i s t a n t v ic e
p r e s id e n t a n d a s s i s t a n t m a n a g e r of
th e N e w e ll office of th e F i r s t N a tio n a l
B a n k of th e B la c k H ills , h a s b e e n
n a m e d v ic e p r e s id e n t a n d a s s is t a n t
m a n a g e r of th e B e lle F o u r c h e office,
it w a s a n n o u n c e d b y D e W itt M a lv in ,
v ic e p r e s id e n t a n d m a n a g e r.
D o y le D. R e a m w ill c o n tin u e to
s e r v e th e B e lle F o u r c h e b r a n c h a s
v ic e p r e s id e n t a n d a s s is t a n t m a n a g e r.
W e lc o m e B a n k e rs
A R E Y O U T H I N K I N G O F B U I L D I N G O R R E M O D E L IN G ?
H A V E Y O U SEEN OUR N E W EA ST B R A N C H ?
A N ID E A L S H O P F O R A C O M M U N IT Y B A N K !
V isit it d u rin g the
SO UTH
DAKOTA
BANKERS
The N ational B ank
OF SOUTH DAKOTA
Member of Federal Deposit Insurance Corporation
C O N V E N T IO N
M AY
1 7 -1 9
SIOUX FALLS, 100 North Phillips Avenue
SOUTH BRANCH, 2501 South Minnesota Avenue
i f EAST BRANCH, 2301 East 10th Street
★ VERMILLION
★ HURON
if
if
Affiliated with FIRST BANK STOCK CORPORATION
Northwest ern Banker, M ay, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
76
S outh D akota N e w s
U V # s h in ff to u
T r i p f o r S o u th D a k o t a H a a k r r s
L E F T — The Hon. E. Y. Berry, R e p re s e n ta tiv e
fro m S o u th D a k o ta ; C. C. Lind, pres, of SD BA
a n d pres., 1st N a tio n a l, A b e rd e e n ; C. F. Stilgebouer, 1st v.p. of SD B A a n d exec. v.p., 1st
P o t t e r C o u n ty B a n k , G e tty s b u rg , a n d A. S.
“B arn ey” G ullickson, exec. se c y -tre as., SD BA ,
H u ro n .
A B O V E — Mr. G ullickson; W illard
Lynch, exec. v.p., F a rm e rs S ta te , W in n e r; The
Hon. K arl E. Mündt-, S e n a to r fro m S o u th D a
k o ta ; S co tt Lovald, 2nd v.p. of SD BA and
exec. v.p., 1st N a tio n a l, P h ilip , a n d Curtis A.
Lovre, pres., N o rth w e s t S e c u rity N a tio n a l,
S ioux F a lls.
I N E T E E N S o u th D a k o ta b a n k e r s
a n d A . S. G u llic k s o n , e x e c u tiv e
s e c r e ta r y of th e S o u th D a k o ta B a n k e r s
A s s o c ia tio n , r e c e n t ly s p e n t th r e e d a y s
in W a s h in g to n , D. C., o n th e a s s o c ia
t i o n ’s a n n u a l le g is la tiv e tr ip .
N
H e a d in g th e d e le g a tio n w a s C. C.
L in d , p r e s id e n t, F i r s t N a tio n a l of
A b e r d e e n a n d S.D .B .A . p r e s id e n t.
O th e r S o u th D a k o ta b a n k e r s m a k
in g th e t r i p w e r e G. E . A n d e r s o n a n d
L e R o y E r ic k s o n , L a n g f o r d S ta te ; R.
J . B e r r y , F i r s t N a tio n a l o f th e B la c k
H ills , R a p id C ity ; M a r tin J. C o lto n
a n d T h o m a s S. H a r k is o n , N a tio n a l
B a n k o f S o u th D a k o ta , S io u x F a lls ;
A. E . D a h l, A m e r ic a n N a tio n a l, R a p id
C ity ; R . H . F r e i , C o m m e rc ia l S ta te ,
W a g n e r;
G e o rg e G o o d e ll, N a tio n a l
B a n k o f S o u th D a k o ta , H u ro n ; S c o tt
L o v a ld , F i r s t N a tio n a l of P h ilip ;
C u r tis A. L o v re , N o r th w e s t S e c u r ity
N a tio n a l, S io u x F a lls ; W illa r d L y n c h ,
F a r m e r s S ta te , W in n e r ;
C u r tis B.
M a te e r, P ie r r e N a tio n a l; C. F . S tilg e b o u e r, F i r s t P o t t e r C o u n ty B a n k , G e t
ty s b u r g ; J o h n N. T h o m s o n , B a n k of
C e n te rv ille ; R . H . W a lr a th , F i r s t C iti
z e n s N a tio n a l o f W a te r to w n ; F r a n c i s
W . C a rd , D e w e y C o u n ty B a n k , T im b e r
L a k e ; H . G. M o sb y , S io u x V a lle y
B a n k , S io u x F a lls , a n d W . C. T a le n ,
F a r m e r s & M e r c h a n ts , W a te r to w n .
N am ed to “ W h o ’s W h o ”
C.
H . L o c k h a r t, c h a ir m a n o f th e
b o a rd , F i r s t C itiz e n s N a tio n a l B a n k ,
W a te r to w n , S. D., h a s b e e n n a m e d to
“W h o ’s W h o in A m e r ic a .” H e h a s
b e e n n a m e d to “W h o ’s W h o ” a f t e r a
h a lf c e n t u r y o f p u b lic se rv ic e .
E x c e p t f o r s e r v ic e in th e A r m y d u r
in g W o rld W a r I, C a rro ll L o c k h a r t h a s
b e e n w ith th e W a te r to w n b a n k e v e r
s in c e h e e n te r e d b a n k in g in 1911. A t
th e p r e s e n t tim e h e is r e g io n a l d ir e c
t o r in S o u th D a k o ta f o r th e p r o m o tio n
a n d s a le o f U . S. S a v in g s B o n d s. H e
a ls o h a s s e r v e d a s m e m b e r of th e
e x e c u tiv e c o m m itte e o n f e d e r a l le g is
la tio n o f th e A .B A .
M idland P r o m o tio n
CONVENTION
GREETINGS
A lot of water has gone under the bridge (or
“A lot of snow has fallen ” ) since we had the
visiting so m any of our good South Dakota
when the m eeting was held in R apid City last
should we say,
opportunity of
banker friends
year.
W e’re looking forward to seeing all of you this m onth (May
17-19) in Sioux Falls.
M rs. M a y r n a A b e l h a s b e e n p r o
m o te d to a s s i s t a n t b r a n c h m a n a g e r
o f th e M id la n d b r a n c h o f th e O k a to n
S ta te B a n k . S h e h a s b e e n w ith th e
b r a n c h s in c e 1956 a s t e l le r a n d b o o k
k e e p e r.
J o in s G ettysb u rg Staff
B e r n a r d J . W e b b , J r ., h a s jo in e d
th e sta ff o f t h e F i r s t P o t t e r C o u n ty
B a n k , G e tty s b u r g , a s p a r t o f th e t r a i n
in g p r o g r a m of th e F i r s t B a n k S to c k
C o rp o ra tio n , a c c o r d in g to C. F . S tilg eb o u e r, p r e s id e n t.
C. O. G ord er H o n o red
A m enean
J . M . N A T IO N A L B A N K
R A P ID C IT Y , S O U T H D A K O T A
M e m b e r F ederal D e p o sit Insurance C orporation
Northwest ern Banker, May, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C. O. G o rd e r, v ic e p r e s id e n t a n d
m a n a g e r o f th e D e a d w o o d office o f th e
F i r s t N a tio n a l B a n k o f th e B la c k H ills ,
w a s h o n o r e d r e c e n t ly o n h is 21 y e a r s
o f s e r v ic e a s c h a ir m a n o f th e L a w
r e n c e C o u n ty U. S. S a v in g s B o n d
d riv e . M r. G o rd e r w a s th e f ir s t v o lu n
te e r c h a ir m a n f o r L a w r e n c e C o u n ty
a n d h a s h e ld t h e office c o n tin u o u s ly
s in c e h is a p p o in tm e n t.
S outh D akota N e w s
77
T h r e e O ld R a i l d in g s R a z e d
R u ! T h e ir E r a
H E N a tio n a l B a n k o f S o u th D a k o
t a a t S io u x F a lls , in lo o k in g to th e
f u t u r e , is s to p p in g m o m e n ta r il y to r e
fle c t o n th e p a s t. W h ile d e m o litio n
c r e w s a r e r a z i n g t h r e e o ld b u ild in g s
d o w n to w n to m a k e w a y f o r th e b a n k ’s
n e w b u ild in g a n d p a r k i n g a re a , th e
b a n k is h a v in g b a c k g r o u n d d a ta o n
th e o ld b u ild in g s c o m p ile d to p r e s e r v e
a r e c o r d o f th e p a s t, r e p r e s e n te d b y
th e s e o ld s t r u c t u r e s .
T h e la r g e s t is th e S y n d ic a te B u ild
in g , e r e c te d s h o r tly a f t e r S o u th D a k o
ta w a s a d m itte d to th e U n io n in 1889,
a n d n e x t to it is th e S c h a e tz e l B u ild
in g , w h ic h w e n t u p a b o u t th e s a m e
tim e a n d b e a r s th e n a m e o f a fa m ily
p r o m in e n t in r e a l e s ta te , b a n k in g a n d
p o litic s .
T h e th i r d , b u i l t in 1912,
h o u s e d a s u c c e s s fu l f u r n i t u r e b u s in e s s
fo r m a n y y e a r s a n d w a s o w n e d b y a
f a m ily w h ic h h a s b e c o m e w e ll k n o w n
lo c a lly in r e a l e s ta te .
T o m H a r k is o n , c h a ir m a n o f th e
b o a rd , p o in te d o u t t h a t a lt h o u g h th e
n e w b u ild in g p r o j e c t w ith it s 220-foot
f r o n ta g e a n d m o d e r n f a c ilitie s w ill im
p r o v e th e a p p e a r a n c e o f it s n e ig h b o r
h o o d , a ll tr a c e s of th e p io n e e r c o lo r
th e o ld b u ild in g s s ig n ifie d w ill b e g o n e
w h e n th e p r o j e c t is c o m p le te . B a n k
o fficia ls b e lie v e it is i m p o r t a n t a s a
c o m m u n ity s e r v ic e to r e t a i n so m e r e c
o r d o f th e y e a r s w h e n S io u x F a lls w a s
a b o o m to w n a n d its s e t t l e r s s h o w e d
s t r o n g c o n fid e n c e in t h e f u t u r e w h ic h
is n o w m a te r ia liz in g .
T
A p p roves State B an ks
At C anistota, C h am b erlain
T h e S o u th D a k o ta S ta te B a n k in g
C o m m is s io n h a s g r a n t e d a c h a r t e r fo r
th e S e c u r ity S ta te B a n k o f C a n is to ta .
O rg a n iz e r s o f th e b a n k in c lu d e O sc a r
B u r k e a n d E d w a r d M. M an sfie ld ,
S io u x F a lls ; A n d r e w W . B o g u e , C a n
to n , a n d D a le K n o x a n d S ta n le y W .
W e ila n d , C a n is to ta . O p e n in g d a te h a s
no t been announced.
T h e C o m m is s io n a ls o a p p r o v e d a n
a p p lic a tio n to m o v e th e s t a te c h a r
te r e d B a n k o f K im b a ll to C h a m b e rla in , e s t a b li s h in g th e T ri- C o u n ty S ta te
B a n k a t C h a m b e rla in , w ith a b r a n c h
o f t h i s b a n k to b e r e t a in e d a t K im b a ll
a n d a C la ss “B ” office a t P u k w a n a .
O fficers o f th e n e w T r i- C o u n ty S ta te
B a n k w ill in c lu d e L . B. C ro n h o lm ,
N o rth f ie ld , M in n .; A. R . N e w m a n ,
C h a m b e r la in , a n d F r e d N. H o u d a , C.
C. N a tv ig a n d H . O. E k e la n d o f K im
b a ll.
T h e L y m a n C o u n ty B a n k o f K e n n e
b e c p r e v i o u s ly h a d b e e n a u th o r iz e d to
m o v e to C h a m b e r la in b u t l a t e r a s k e d
to h a v e it s a p p lic a tio n c a n c e lle d .
I n o th e r C o m m is s io n a c tiv itie s a n
a p p lic a tio n w a s filed b y a g r o u p fr o m
O n id a a s k in g fo r a p p r o v a l o f a r tic le s
o f in c o r p o r a t io n f o r a n e w s t a te b a n k
th e r e .
T o C elebrate A n n iversary
In S m a llest B a n k in g T ow n
T h e O k a to n S ta te B a n k , lo c a te d in
w h a t is p e r h a p s th e s m a lle s t to w n
in S o u th D a k o ta h a v in g a b a n k , w ill
c e le b r a te it s 5 0 th a n n i v e r s a r y M a y 30.
O k a to n h a s a p o p u la tio n o f 70.
O k a to n is a b o u t 65 m ile s s o u th w e s t
o f P ie r r e . T h e b a n k t h e r e o r ig in a lly
w a s in c o r p o r a te d a s a s t a te b a n k in
1918 to ta k e o v e r th e b a n k in g b u s i
n e s s o f A. C. W h itb e c k of C h a m b e rla in , w h o o p e n e d th e in s t i t u t i o n a s a
p r i v a te b a n k in 1912.
T o d a y th e O k a to n S ta te B a n k is
o p e r a te d b y a h u s b a n d a n d w ife te a m .
M rs. T. M. D re w is p r e s id e n t a n d
c h a ir m a n o f th e b o a r d a n d M r. D re w
is e x e c u tiv e v ic e p r e s id e n t a n d c a s h
ie r.
D a v id a n d T h o m a s H u g h e s b o u g h t
c o n tr o l o f th e b a n k in 1918 a n d v a r
io u s m e m b e r s o f th e H u g h e s fa m ily
h a v e h e ld c o n tr o llin g i n t e r e s t s in c e
t h a t tim e . M rs. D re w is a d a u g h te r
o f th e la te D a v id H u g h e s .
I n M a rc h , 1938, th e O k a to n S ta te
Hearty Greetings to
Members of the SDBA
C arroll L ock h art, R. H. “ B o b ’' W alrath, J o h n H olen
and Bob B o n fo e y w ill b e m e e tin g w ith you in S io u x
F a lls, May 1 7 -1 9 .
“ W e ’r e H e r e T o H e l p Y o u Get W ha t Y o u W a n t ”
The First Citizens National Bank of Watertown
WATERTOWN, SOUTH DAKOTA
SOUTH DAKOTA
See You In
Sioux Falls
It lias always b een a p lea su re fo r us to at
tend th e an n u al con v en tio n o f th e S outh
D akota B ankers A ssociation . . . and this
year w ill be n o ex cep tio n .
T h e com m ittee is p la n n in g on a large tu rn ou t th is year. L et’s
m ak e th is year’s atten d an ce the largest ever. W e’ll he lo o k in g
fo r you May 1 7 -1 9 , at S io u x Falls.
THE PIERRE NATIONAL BANK
"The Chime C lo ck Bank"
PIER R E, S O U T H
DAKOTA
M em ber F e d eral Deposit Insuran ce Corporation
Northwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
78
Sou th D akota N e w s
B a n k o p e n e d a b r a n c h office a t M id
la n d w h e n th e F i r s t N a tio n a l B a n k
o f t h a t to w n m o v e d to P h ilip . R ic h a r d
S. M o rg a n is m a n a g e r of th e b r a n c h
office.
T h e O k a to n S ta te a n d th e M id la n d
b r a n c h a n d th e O k a to n a n d M id la n d
I n s u r a n c e A g e n c y e m p lo y s e v e n fu ll
tim e e m p lo y e e s a n d th r e e e m p lo y e e s
p a r t tim e .
T he b a n k h as n e v e r b een re o rg a n
ized , n o r h a s i t e v e r h a d a s to c k
a s s e s s m e n t. I t h a s p a id a c a s h d iv i
d e n d o n c a p ita l s to c k e a c h y e a r s in c e
1940, a n d in t h a t tim e th e c a p ita l
s t r u c t u r e h a s in c r e a s e d fr o m $23,000
to $145,000.
T h e b a n k s e r v e s a n a r e a c o m p r is e d
o f J o n e s C o u n ty , e a s t e r n H a a k o n
C o u n ty , w e s te r n S ta n le y C o u n ty a n d
s m a ll p o r tio n s o f e a s t e r n J a c k s o n a n d
n o r t h e r n M e lle tte C o u n tie s .
T h e O k a to n S ta te B a n k d o e s n o t
p la n a f o r m a l c e le b r a tio n fo r its 5 0 th
a n n iv e r s a r y , b u t b e g in n in g J u n e 1
s o u v e n ie r s w ill b e g iv e n to c u s to m e r s ,
f r ie n d s a n d f o r m e r e m p lo y e e s .
3 5 th A n n iversary
to w n , S. D., w a s i n s t r u m e n t a l r e c e n t ly
in th e W a te r to w n n e w s p a p e r , T h e
P u b lic O p in io n , b e in g a w a r d e d a c e r
tific a te o f m e r it b y th e F a ir c h il d C a m
e r a a n d E q u ip m e n t Co. fo r “e x c e lle n c e
in p h o to - a d v e r tis in g id e a s .” T h e s e r ie s
o f a d s f e a t u r e d p h o to g r a p h s o f th e
b a n k ’s r e m o d e lin g p ro g r a m .
Buy N ew E ffin gton Bank
C h a rle s H . B u r k e a n d A s s o c ia te s of
P ie r r e h a v e p u r c h a s e d c o n tr o llin g in
t e r e s t in th e B a n k o f N e w E ffiin g to n .
A s t o r y o n th e s a m e g r o u p p u r c h a s in g
c o n tr o llin g i n t e r e s t in th e U n d e rw o o d
S ta te B a n k a t N e w U n d e rw o o d a p
p e a r e d in th e A p r il is s u e o f th e
N orthw estern B ank er.
M r. B u rk e , v ic e p r e s id e n t o f th e
P ie r r e N a tio n a l B a n k , a n d L. M.
W o s e p k a , a d ir e c to r of th e P ie r r e n a
tio n a l, w e r e e le c te d d ir e c to r s o f th e
N e w E ffin g to n a n d N e w U n d e rw o o d
b an k s.
C o n tr o llin g i n t e r e s t in th e N e w
E ffin g to n b a n k w a s p u r c h a s e d fr o m
H . A . S te n s o n w h o is r e t i r i n g fr o m
a c tiv e m a n a g e m e n t a f t e r 33 y e a r s b e
c a u s e o f ill h e a lth . N o c h a n g e s in
p e r s o n n e l a r e p la n n e d .
W . D. “D a n ” H e u p e l, v ic e p r e s id e n t
a n d m a n a g e r o f th e M o b rid g e b r a n c h
o f t h e F i r s t N a tio n a l B a n k of A b e r
d e e n w a s h o n o r e d b y m e m b e r s o f th e
s ta ff r e c e n t ly o n h is 3 5 th a n n i v e r s a r y
in b a n k in g .
T o h e lp c e le b r a te th e o c c a sio n , th e
sta ff o f th e b a n k s e r v e d co ffee a n d
c a k e in th e lo b b y . T h e o b s e r v a n c e
w a s p la n n e d in c o m p le te s e c r e c y a n d
a s a s u r p r is e fo r M r. H e u p e l.
W illa r d L y n c h , e x e c u tiv e v ic e p r e s i
d e n t, F a r m e r s S ta te B a n k , W in n e r ,
h a s a n n o u n c e d p la n s a r e b e in g m a d e
f o r a n e w b a n k b u ild in g . W o r k is
to g e t u n d e r w a y b y M ay 15. B a n k
B u ild in g a n d E q u ip m e n t C o rp o ra tio n ,
S t. L o u is , is p l a n n i n g th e n e w b u ild
in g .
Ads W in Award
T o B u ild at M artin
A s e r ie s o f a d v e r t is e m e n ts b y th e
F i r s t C itiz e n s N a tio n a l B a n k , W a t e r
P la n s to c o n s t r u c t a n e w b u ild in g
f o r t h e B la c k p ip e S ta te B a n k in M a r
P la n W in n er B u ild in g
LOOKING FOR A
CORRESPONDENT
BANK IN THE
MID-CONTINENT
tin , S. D., a r e b e in g c o m p le te d . T h r e e
lo ts w e r e p u r c h a s e d r e c e n t ly a s a s ite
fo r th e n e w b u ild in g . T h e n e w s t r u c
t u r e is to h a v e a b o u t 2,400 s q u a r e fe e t
o f flo o r s p a c e w ith a fu ll b a s e m e n t.
J u liu s B ertsch
J u l i u s B e r ts c h , 65, b o a r d c h a ir m a n
o f th e F u l t o n S ta te B a n k , F u lto n , d ie d
o f a h e a r t a t t a c k r e c e n t ly w h ile s h o v
e lin g s n o w a f t e r h is c a r b e c a m e s tu c k
in th e s n o w n e a r th e b a n k .
A f te r a p e r io d o f f a r m in g n e a r F u l
to n , M r. B e r ts c h s e r v e d th e F a r m e r s
S ta te B a n k , F u lt o n , t h e n a f t e r s e rv ic e
in W o rld W a r I, h e r e t u r n e d to F u lt o n
to jo in th e F i r s t S ta te B a n k . W h e n
th e F u l t o n S ta te B a n k w a s f o u n d e d in
1924, h e w a s n a m e d c a s h ie r. A c tiv e
in th e S D B A , h e w a s a w a r d e d a 40y e a r g o ld p in a t th e 1955 c o n v e n tio n
a n d h a d a ls o s e r v e d a s p r e s id e n t of
G ro u p I I I .
M oves to S io u x F alls
R o b e r t E . H a ll, J r ., a s s i s t a n t c a s h ie r
a t th e N o r th w e s t S e c u r ity N a tio n a l
B a n k a t M a d iso n , h a s b e e n t r a n s f e r r e d
to th e m a in office in S io u x F a lls ,
w h e r e h e is s e r v in g a s a s s is t a n t c a s h
ie r. M r. H a ll jo in e d th e b a n k a t M a d i
s o n in 1959 a n d h a s s e r v e d a s m a n a g e r
o f th e i n s u r a n c e d e p a r t m e n t , a s w e ll
a s h a v in g d u tie s in th e in s ta l lm e n t
lo a n d e p a r t m e n t .
NABAC E le c tio n
B.
E . B o rk , c a s h ie r o f th e S io u x
V a lle y B a n k in S io u x F a lls , w a s
n a m e d p r e s id e n t o f th e S o u th e a s te r n
D a k o ta C o n fe re n c e o f N A B A C a t a
m e e tin g in T r ip p la s t m o n th .
O th e r o ffic e rs a r e H a r r i s o n B ro sz ,
a s s is t a n t c a s h ie r , D a k o ta S ta te , T rip p ,
v ic e p r e s id e n t; G e o rg e O ’N ie ll, a s s i s t
a n t c a s h ie r , F u l t o n S ta te , F u lto n ,
t r e a s u r e r , a n d E lm e r J o r g e n s e n , a u d i
to r , N o r t h w e s t S e c u r ity N a tio n a l,
S io u x F a lls , s e c r e ta r y .
M r. B o rk s u c c e e d s N . C. G ro ss, v ic e
p r e s i d e n t , F i r s t D a k o ta N a tio n a l,
Y a n k to n , a s p r e s id e n t.
S ix ty b a n k e r s a n d g u e s ts a tt e n d in g
th e m e e tin g h e a d a p a n e l d is c u s s io n
o n “ T h e B a n k B o o k k e e p e r ,” m o d e r
a te d b y J o h n K r a s t in s , c a s h ie r , N o r th
w e s t S e c u r ity N a tio n a l, S io u x F a lls .
AREA?
T h in k . . .
_____ J O ß t R s a r a s s k D " ® » * -
THE FIRST NATIONAL BANK
AND TRUST COMPANY
TULSA, OKLAHOMA
SO U T H D AK O TA
CALENDAR
Ju n e 13, In sta llm e n t C re d it C onfer
ence, M asonic T em p le B uilding,
M itchell.
S eptem ber 24-28, 1962 A nnual G roup
M eetings.
1963
May 16-18. SD BA A n n u al C onvention,
W atertow n.
N orthwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
79
'l O i l l i i .t a n
J V o s itU
B
G. L. L E R B E R G
P resident
W . S. D A V I D S O N . J R .
D R . C. M . L U N D
C onvention C o-C hairm en
H IS y e a r ’s A n n u a l C o n v e n tio n o f
th e N o r th D a k o ta B a n k e r s A s s o
c ia tio n , M ay 24, 25 a n d 26, a t W illis to n , p r o m is e s to b e th e m o s t d r a
m a tic a n d in f o r m a t iv e c o n v e n tio n e v e r
h e ld in th e s ta te .
C o n v e n tio n c o -c h a irm e n : W . S. D a
v id s o n , J r ., p r e s id e n t, A m e r ic a n S ta te
B a n k , a n d D r. C. M. L u n d , p r e s id e n t,
F i r s t N a tio n a l B a n k — h a v e s p a r e d n o
e ff o rt o r e x p e n s e to m a k e it a m e m
o ra b le o n e.
jb a J z a ta
a n h e ì i .
M. M. K IM B R E L
B anquet Speaker
N o rth D a k o ta
T
l/U e lc a m e l
C o n v e n tio in
“ T h e s e a r e p e r ilo u s tim e s fo r p r i
v a te e n t e r p r i s e ,” s a id M r. D a v id s o n ,
“a n d w e m u s t b e a d e q u a te ly in f o r m e d
in o r d e r to c o m b a t th e e n c r o a c h in g
m enace.
So, w e h a v e a r r a n g e d fo r
a u t h o r i t a t i v e s p e a k e r s o f n a ti o n a l r e c
o g n itio n to a d d r e s s u s o n m a t t e r s o f
e x tr e m e im p o r ta n c e in th e b a n k in g i n
d u s t r y .”
P le n t y o f r e c r e a ti o n fo r th e m e n
a n d w o m e n a t th e c o n v e n tio n in c lu d e
g o lf, b o w lin g , s k e e t s h o o t, h o r s e b a c k
rid in g , ir r ig a t io n a n d fe e d e r t o u r a n d
a s a l t p la n t, r e f in e r y a n d m e a t p a c k
in g to u r . A h ig h l ig h t is a la u n c h t r i p
S a tu r d a y a f te r n o o n o n th e G a r r is o n
R e s e r v o i r w i t h a n o ld -fa s h io n e d
“s t e a k o u t ” o n th e s h o re .
C o n v e n tio n -s p o n s o r in g b a n k s a re :
F a r m e r s S ta te , C ro sb y ; C itiz e n s S ta te ,
R a y ; S c a n d ia A m e ric a n , S ta n le y ; B a n k
o f T io g a ; F i r s t I n t e r n a t io n a l, W a tf o r d
C ity , a n d th e F i r s t N a tio n a l a n d A m e r
ic a n S ta te , b o th o f W illis to n .
OFFICIAL C O N V EN TIO N PROGRAM
T h u r sd a y , M ay 24
P.M .
2:00-5:00 R e g is t r a t io n — P la i n s m a n H o te l.
“ L it tl e B it of L a s V e g a s ”— D in n e r a n d f u n a t th e
S ta te L in e C lu b .
F r id a y , M ay 25
A .M .
8:00 R e g is t r a t io n — P la i n s m a n H o te l.
9:15 A d d r e s s — M ilto n S. B o y c e o f M e r rill L y n c h , P ie r c e ,
F e n n e r & S m ith , M in n e a p o lis .
10:00 A d d r e s s — R o b e r t S ille c k , v ic e p r e s id e n t, F i r s t N a
ti o n a l C ity B a n k , N e w Y o rk .
10:45 C offee B re a k .
11:00 A d d r e s s — W . H . W illia m s , F B I.
P.M.
12:15 L u n c h e o n M e e tin g — A d d r e s s b y H o w a r d J . S to d
d a rd , p r e s id e n t, M ic h ig a n N a tio n a l B a n k .
2:00 Y o u r ch o ice :
G o lf
B o w lin g
Skeet Shoot
H o r s e b a c k R id e
6:00
7:00
9:00
A.M .
7:30
9:15
10:00
10:45
P.M .
12:15
2:00
Ir rig a tio n a n d F e e d e r T o u r
S a lt P la n t, R e fin e ry , M e a t P a c k in g P l a n t T o u r
S o c ia l H o u r.
A n n u a l B a n q u e t— A d d r e s s b y M. M o n ro e K im b r e l,
v ic e p r e s id e n t, A m e r ic a n B a n k e r s A s s o c ia tio n .
D a n c in g .
S a tu rd a y , M ay 26
B r e a k f a s ts — P a s t p r e s id e n ts a n d W is c o n s in S ch o o l
o f B a n k in g .
A d d r e s s — G e o rg e B. W e n d t, v ic e p r e s id e n t, F i r s t
N a tio n a l B a n k , C h ic a g o .
A d d re s s — J o h n F . C h ild s, v ic e p r e s id e n t, I r v in g
T r u s t C o m p a n y , N e w Y o rk .
B u s in e s s S e s s io n — N e c ro lo g y , r e p o r ts , e le c tio n a n d
i n s ta l la t io n o f officers.
L u n c h e o n M e e tin g — “ C a v e m a n to A s t r o n a u t ” b y
J . L e w is P o w e ll, p o p u la r s p e a k e r fr o m A le x a n d r ia ,
V a.
L a u n c h t r i p to “s t e a k o u t ” a t G a r r is o n R e s e rv o ir.
— End.
J . L. P O W E L L
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
G. B. W E N D T
J. F. C H I L D S
Northwest ern Banker, May, 1962
80
N orth D a k o ta N ew s
At W a sh in g to n , D . C.
N o r th D a k o ta b a n k e r s v is ite d th e
n a t i o n ’s c a p ita l la s t m o n th fo r a s e s
s io n o r tw o w ith th e C o m p tr o lle r of
th e C u rre n c y , u n d e r S e c r e ta r y o f th e
T r e a s u r y f o r m o n e t a r y a ffa irs , F e d e r a l
R e s e r v e g o v e r n o r s , n a tio n a l A .B .A . o f
fice, N o r th D a k o ta c o n g r e s s io n a l d e le
g a t i o n , th e F D IC , a n d o th e r s .
S c h e d u le d to m a k e th e t r i p w e re :
G. H . W e b e r, p r e s id e n t, F a r m e r s S ta te
B a n k , L is b o n ; V. F . H e g e h o lz , p r e s i
d e n t, P e o p le s & E n d e r li n S ta te B a n k ,
E n d e r lin ; R. C. P e te r s o n , F a rg o ; W il
lia m J . D a n e r, e x e c u tiv e s e c r e ta r y ,
N D N A ; A. M. E r ik s m o e n , e x e c u tiv e
v ic e p r e s id e n t, D a k o ta N a tio n a l, F a r
go; G a ry L e r b e r g , c a s h ie r , P e o p le s
S ta te B a n k , P a r s h a ll, a n d O. K . A n d e r
so n , p r e s id e n t, S ta te B a n k of L a k o ta .
F ed eral R eserv e S p eak er
D isc u sse s F arm er In c o m e
M ig ra tio n to c itie s a n d p r o v is io n o f
o ff-fa rm w o r k o p p o r t u n it ie s a r e tw o
p o s s ib le s o lu tio n s to N o r th D a k o ta
f a r m e r s ’ p ro b le m s of lo w in c o m e a n d
u n d e r u t il iz a t io n o f la b o r, s a id F r a n k
lin L. P a r s o n s , v ic e p r e s id e n t in
c h a r g e o f r e s e a r c h a t th e F e d e r a l R e
s e r v e B a n k of M in n e a p o lis , a s h e a d
d r e s s e d m e m b e r s o f th e G r e a te r N o r th
D a k o ta A s s o c ia tio n la s t m o n th in M i
n o t.
H e b a s e d h is c o n c lu s io n s in p a r t o n
a re c e n tly - r e le a s e d r e p o r t b y th e U p
p e r M id w e s t E c o n o m ic S tu d y a n d th e
b a n k w h ic h e x a m in e d th e s t r u c t u r e
a n d p r o b le m s o f th e N in th F e d e r a l
R e s e r v e D is t r ic t’s a g r i c u lt u r e .
H e p o in te d o u t t h a t th e t r e n d fr o m
s m a lle r to la r g e r f a r m s is le a v in g th e
in d iv id u a l f a r m e r in a lo w -in c o m e s i t
u a ti o n a n d t h a t s u c h f a r m e r s fin d it
d iffic u lt to m a k e th e a d j u s t m e n t to
o ff-fa rm jo b s b e c a u s e o f la c k o f in f o r
m a tio n , la c k o f s k ills , la c k o f s e n i o r
it y in a jo b , a n in a d e q u a te fin a n c ia l
b a c k lo g a n d in a d e q u a te r i g h t s to u n
e m p lo y m e n t c o m p e n s a tio n . . . a n d
a ls o b e c a u s e N o r th D a k o ta d o e s n o t
q u a lif y a s a n in d u s t r i a l a r e a a t th i s
tim e .
N ew Fargo O ffice
M a r y W e ls h , w ith th e F a r g o N a
tio n a l fo r m a n y y e a r s , h a s b e e n e le c te d
a n a s s i s t a n t c a s h ie r , r e p o r t s D. W .
P a lm e r , p r e s id e n t. S h e h a s h a d e x p e
r ie n c e in e v e r y d e p a r t m e n t in th e
b a n k , m o s t r e c e n t ly in c h a r g e o f th e
s a v in g s d e p a r t m e n t .
J o in s B ism arck Staff
A p p o in tm e n t o f R . R . T o b in a s a s
s i s t a n t m a n a g e r o f th e T im e p a y D e
p a r t m e n t of th e F i r s t N a tio n a l B a n k
o f B is m a r c k w a s a n n o u n c e d r e c e n t ly
a n d M r. T o b in h a s ta k e n o v e r h is n e w
d u tie s .
H e b e g a n h is b a n k in g c a r e e r in
Y
S io u x F a lls in 1948 a n d g a in e d e x p e
rie n c e in B is m a r c k b e tw e e n 1952 a n d
1956, a t w h ic h tim e h e m o v e d to L iv
in g s to n , M ont., w h e r e h e h a s b e e n a s
s i s t a n t c a s h ie r w ith th e F i r s t N a tio n a l.
I
S u c c e ssfu l B ank F oru m
R e g is tr a tio n s w e n t f a s t fo r th e r e
c e n t t r u s t a n d e s t a te f o r u m s p o n s o r e d
b y th e M e r c h a n ts N a tio n a l B a n k &
T r u s t o f F a rg o . I n fa c t, th e 300-per
s o n lim it, s e t in th e f o r u m p la n n in g ,
w a s r e la x e d a s th e n u m b e r e n d e d u p
n e a r e r th e 400 m a r k .
A. K. S im p so n , v ic e p r e s id e n t of th e
b a n k , p r e s id e d a t th e fir s t m e e tin g ; A.
O. M c L e lla n , p r e s id e n t, a t t h e s e c o n d ,
a n d J a m e s E . L e a h y , v ic e p r e s id e n t
a n d t r u s t officer, a t th e th i r d . T h e
t h r e e s e s s io n s c o v e re d w ills , t r u s t s
a n d ta x e s .
S p e a k e r s w e re : J a m e s M. R ile y a n d
J a m e s A. M u r ra y , a s s i s t a n t t r u s t offi
c e rs ; K e n n e th P r in g le , M in o t a tt o r n e y ,
a n d th e t h r e e m e n w h o p r e s id e d a t th e
v a r i o u s s e s s io n s . R e f r e s h m e n t s a n d a
q u e s tio n a n d a n s w e r p e r io d fo llo w e d
e a c h s e s sio n .
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C arther Jack son
C a r th e r J a c k s o n , 63, v ic e p r e s id e n t
a n d t r u s t officer o f th e F i r s t N a tio n a l
B a n k , G r a n d F o r k s , s in c e 1945, d ie d
la s t m o n th a t h is h o m e . H e h a d b e e n
in b a n k in g in G r a n d F o r k s n e a r l y 40
y e a rs .
H e w a s a p a s t p r e s id e n t o f th e F i r s t
D is tr ic t of th e N o r th D a k o ta B a n k e r s
A s s o c ia tio n , f o r m e r s t a te v ic e p r e s i
d e n t of th e t r u s t d iv is io n of th e A m e r i
c a n B a n k e r s A s s o c ia tio n , a p a s t p r e s i
d e n t o f th e G r a n d F o r k s A s s o c ia tio n
o f C re d it M en, f o r m e r a s s o c ia te c o u n
c ilm a n o f th e A m e r ic a n I n s t i t u t e of
B a n k in g , a m e m b e r of th e N o r th D a
k o ta a n d G r a n d F o r k s C o u n ty B a r
A s s o c ia tio n s a n d a f o r m e r s e c r e ta r y m a n a g e r o f th e G r a n d F o r k s C le a rin g
H o u s e A s s o c ia tio n .
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C ou nty A sso cia tio n E lects
T h e L a M o u re -D ic k e y C o u n ty B a n k
e r s A s s o c ia tio n r e c e n t ly e le c te d th e
fo llo w in g n e w officers: S h a r p e P r u e tz ,
p r e s id e n t, K u lm S ta te B a n k , p r e s id e n t,
a n d R o la n d J a n s , c a s h ie r , K u lm S ta te
B a n k , re -e le c te d s e c r e ta r y - tr e a s u r e r .
N ew In ter io r , L itch v ille
T h e L itc h v ille S ta te B a n k , L itc h
v ille , g o t a n e w i n t e r i o r p a in t jo b r e
c e n tly in th e h o p e s t h a t i t w o u ld g e t
r id o f a ll tr a c e s o f t e a r g a s t h a t w a s
u s e d d u r i n g a r e c e n t r o b b e r y a tt e m p t .
T h e g a s w a s so s t r o n g th e b a n k c o n
d u c te d it s b u s in e s s in th e V .F .W . H a ll
fo r a w e e k w h ile th e b a n k b u ild in g
w a s a ir e d o u t. T h e p ie r c in g o d o r r e
m a in e d to so m e d e g re e a n d it is h o p e d
th e in t e r i o r c le a n -u p , p a in t-u p m a y
so lv e th e p ro b le m .
Northwest ern Banker, Ma y, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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G eorge D e lm o J e n k in s
G e o rg e D e lm o J e n k i n s , T w in B rid g e s
r a n c h e r a n d d ir e c to r o f t h e F i r s t N a
ti o n a l B a n k in T w in B rid g e s , d ie d r e
c e n tl y a t th e S h e r id a n H o s p ita l. H e
w a s 75 a t th e tim e o f h is d e a th a n d
h a d s e r v e d a s a d ir e c to r o f th e b a n k
s in c e 1922.
Montana
m
R. D. RUBtE
R. C. W A LLA C E
:\v s
P residen t
S ecretary
H a v re
L iv in g sto n C hange
H e le n a
J o in s B illin g s Staff
J a m e s F . H o d g s o n h a s jo in e d th e
s ta ff o f t h e B illin g s S ta te B a n k , B il
lin g s , M o n t., a s a s
s i s t a n t v ic e p r e s i
d e n t.
M r. H o d g s o n is
a g r a d u a t e o f th e
U n i v ersity o f
N o r th D a k o ta a n d
c o m e s to B illin g s
fr o m M in n e a p o lis
w h e r e h e w a s em p l o y e d w ith th e
N o r t h w e s t B an J. F. H O D G S O N
c o rp o r a ti o n as
s e n io r c r e d it a n a ly s t. P r i o r to t h a t h e
w a s a s s o c ia te d w ith th e F i r s t N a tio n a l
B a n k & T r u s t C o m p a n y of F a r g o ,
N . D.
O n H am ilton B oard
M o r ris A. S tr a n g e , r a n c h e r , f a r m e r
a n d c a ttle f e e d e r o f S te v e n s v ille ,
M o n t., h a s b e e n e le c te d to t h e b o a r d o f
d ir e c to r s of th e C itiz e n s S ta te B a n k
o f H a m ilto n , M ont.
M r. S tr a n g e w ill c o m p le te th e u n
e x p ir e d te r m of P e te M. S ta to n , w h o
r e c e n t ly m o v e d to P h o e n ix , A riz .
H o n o red in B illin g s
E u g e n e E . C o o m b s, a s s i s t a n t c a s h ie r,
S e c u r ity T r u s t & S a v in g s B a n k , B il
lin g s, M o n t., h a s b e e n s e le c te d a s th e
O u ts ta n d in g Y o u n g M a n o f 1961 in
B illin g s b y th e B illin g s J u n i o r C h a m
b e r o f C o m m e rc e . H e w a s s e le c te d on
t h e b a s is of c o m m u n ity le a d e r s h ip a n d
s e rv ic e .
P lan Credit C o n fe r e n c e
F o r M ay 1 7 -1 9 in B u tte
T h e M o n ta n a B a n k e r s A s s o c ia tio n ’s
fir s t a n n u a l C o n s u m e r C r e d it C o n fe r
e n c e w ill b e h e ld M a y 17, 18 a n d 19 a t
t h e F in l e n H o te l in B u tte .
F e a t u r e d s p e a k e r s w ill b e R o b e r t D.
C o re tte , C o re tte , D e a n & S m ith , B u tte ;
P h ilip L. C o rn e il, e x e c u tiv e v ic e p r e s
id e n t, S e a tt le - F ir s t N a tio n a l B a n k ;
T h e o d o re J a c o b s , p r e s id e n t, F i r s t N a
tio n a l B a n k , M isso u la , a n d A r t h u r
U p g re n , e c o n o m is t f r o m M a c a le s te r
C o lleg e in S t. P a u l, M in n .
A n a f te r n o o n s e s s io n w ill b e d e
v o te d to p a n e l d is c u s s io n s o n s u b je c ts
o f i n t e r e s t in th e c o n s u m e r c r e d it
field.
R , L . S a m s o n h e a d s th e C o n s u m e r
C re d it C o m m itte e of th e M o n ta n a A s
s o c ia tio n . M e m b e rs of th e c o m m itte e
a r e R. I. Z e p p , R. L. K e n y o n , G. M.
T u c k e r , L. M. O rm is to n , T. M E d
w a r d s , H J . Goff, C. A. S. R ig g , C. J.
C ro w e a n d G. V. F is h e r .
S ta n R . R e g e le h a s b e e n n a m e d m a n
a g e r o f th e T im e -p a y d e p a r t m e n t of
t h e F i r s t N a tio n a l B a n k in L iv in g s to n .
B u ys In su ra n ce A cco u n ts
T h e F a r m e r s S ta te B a n k , F la n d r e a u , p u r c h a s e d th e fire a n d c a s u a lty
p o r t io n o f t h e M o r ris P . H a s v o ld I n
su ra n c e A gency.
A rizona C hairm an
J a m e s G. E d m is to n , f o r m e r l y e x e c u
ti v e v ic e p r e s id e n t o f th e C o n ra d N a
tio n a l B a n k in K a lis p e ll, M o n t., h a s
b e e n e le c te d c h a ir m a n o f th e b o a r d of
th e B a n k o f S c o tts d a le in S c o tts d a le ,
A riz .
M r. E d m is to n a ls o h a s s e r v e d a s
c h a ir m a n o f th e b o a r d o f th e B a n k of
C o lu m b ia F a lls , M o n t. C u r r e n t ly h e is
p r e s id e n t o f E d m is to n & B ell, In c .,
R e a l E s t a t e & I n v e s tm e n t s in S c o tts
d a le , a n d p r e s id e n t o f th e S c o tts d a le
D a i l y P r o g r e s s , S c o tts d a le ’s d a ily
n e w sp a p e r.
D. J. D u n d as H o n o red
W ibaux R e m o d e le d
T h e F i r s t N a tio n a l B a n k o f W ib a u x
is r e a d y f o r s p r in g . T h e i n t e r i o r o f
th e b a n k h a s b e e n r e d e c o r a te d in c o l
o r s to m a tc h t h e b lo n d fix tu re s .
N ew B an k A p p lic a tio n
O.
C. B u r k e a n d h is so n -in -la w , E d
w a r d M. M a n sfie ld , h a v e m a d e a p p li
c a tio n , a lo n g w ith A n d r e w B o g u e ,
D a le K n o x a n d S ta n le y W e ila n d , f o r a
c h a r t e r to o p e r a te th e S e c u r ity S ta te
B a n k o f C a n is to ta .
“ B oss o f th e Y ear”
D.
J. D u n d a s , p r e s id e n t, G r e a t F a lls A r t h u r F . R o s s b e r g , v ic e p r e s id e n t
o f th e G r e a t F a ll s N a tio n a l B a n k , w a s
N a tio n a l B a n k , h a s b e e n a p p o in te d
c h a ir m a n o f th e C h a m b e r o f C o m n a m e d 1962 “B o ss o f th e Y e a r ” a t th e
m e r c e ’s M o n ta n a le g is la tiv e c o m m it r e c e n t a n n u a l B o ss N ig h t D in n e r of
t h e C o p p e r C h a p te r o f th e A m e ric a n
te e .
B u s in e s s W o m e n ’s A s s o c ia tio n . H e
w a s p r e s e n te d a n e n g r a v e d p la q u e .
P lan s B ase F a cility
T h e F i r s t N a tio n a l B a n k o f G la s
g o w , M o n t., h a s re c e iv e d p e r m is s io n
fr o m th e C o m p tr o lle r of th e C u r r e n c y
to e s ta b lis h a b a n k in g f a c ility a t G la s
g o w A ir F o r c e B a se . L y n n G ro b e l,
p r e s id e n t, s a id th e f a c ility w ill p ro v id e
v i r t u a l l y a ll b a n k in g s e r v ic e s w ith th e
e x c e p tio n o f a lo a n d e p a r t m e n t . V ice
P r e s id e n t M a u r ic e G r a h a m w ill a c t a s
lia is o n b e tw e e n th e b a n k a n d th e a ir
b a s e in s e t ti n g u p th e fa c ility .
D illo n C on stru ction
P la n s to c o n s t r u c t a b r i c k a n d s te e l
b a n k b u ild in g in th e h e a r t o f d o w n
to w n D illo n , M o n t., w e r e a n n o u n c e d
r e c e n t ly b y C h a rle s a n d G o rd o n N ic h
o la s, o w n e r s o f th e S ta te B a n k &
T r u s t C o m p a n y in D illo n . T h e n e w
b u ild in g w ill b e lo c a te d a t G le n d a le
a n d I d a h o S tr e e ts .
T h e n e w b a n k w ill in c o r p o r a te 4,500
s q u a r e f e e t o f flo o r s p a c e , o ffe r d riv e in f a c ilitie s a n d a p a r k i n g a r e a f o r 25
a u to m o b ile s . A fu ll b a s e m e n t w ill
h o u s e a s p a c io u s c o m m u n ity ro o m .
C h eck in g A cco u n t P r o m o tio n
J . J . W o m a c k , p r e s id e n t o f th e U n
io n S ta te B a n k , T h ie f R iv e r F a lls , is
s u e d a n in v i ta t io n r e c e n t ly to p e o p le
o f th e a r e a to o p e n n e w c h e c k in g a c
c o u n ts . H e u s e d a “M o n e y M a n a g e
m e n t K i t ” a s a p r o m o tio n p r e m iu m .
“T h e k i t w ill h e lp r e lie v e th e p a in
a t in c o m e ta x ti m e ,” h e s a id a t th e
s t a r t o f th e p ro m o tio n , “a n d it is a
h a n d y file f o r c a n c e le d c h e c k s w ith
in d e x c a r d s la b e le d b y c a te g o r ie s a n d
b y m o n th . I f y o u d o n ’t h a v e a c h e c k
in g a c c o u n t, o p e n o n e d u r i n g o u r p r o
m o tio n a n d p ic k u p y o u r fr e e ‘M o n e y
M a n a g e m e n t K i t ’.”
H ead s H eart G rou p
R . M. W a te r s , p r e s id e n t, S e c u r ity
T r u s t & S a v in g s B a n k , B illin g s , M o n t.,
h a s b e e n e le c te d to s e r v e a s p r e s id e n t
o f th e M o n ta n a H e a r t A s s o c ia tio n fo r
th e y e a r 1962-63, b e g in n in g M a y 5.
H e is th e fir s t p e rs o n , o th e r t h a n a
d o c to r, to h o ld th i s p o s t in M o n ta n a .
Northwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
82
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No problem is too small to receive
our personal attention
7
W hether your service problem runs from 5AAA to 12D,
you’ll find it receives personal attention from our
staff o f specialists at the Denver U.S. N ational.
A nd these m en— D on W hitem an, C huck Flierl, George A Iff,
and D on Ferrel—o f o u r C orrespondent Banking D epartm ent
are here to help you get it. In Denver the num ber is CH erry 4-8811.
i
*th a t's th e b a n k f o r m y m o n e y r
iVER U.S. N A TIO N A L
D E N V E R
Northwestern Banker, May. 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
U. S .
N A TIO N A L
C E N T E R
17 t h a n d
Broadway
V.
A
83
Colorado-Wyoming News
N a tio n a l C ity r e c e n t ly o b s e r v e d its
5 1 st y e a r of u n i n t e r r u p t e d s e r v ic e a n d
th e 1 1 th y e a r u n d e r th e m a n a g e m e n t
o f R o ss L . H u d s o n , p r e s id e n t.
T w o O fficers P r o m o te d
W illia m W . G r a n t h a s b e e n p r o
m o te d f r o m a s s i s t a n t c a s h ie r to a s s i s t
a n t v ic e p r e s id e n t a n d F r a n k J . B r a in
e rd , f r o m a s s i s t a n t t r u s t officer to a s
s i s t a n t v ic e p r e s id e n t o f th e C o lo ra d o
N a tio n a l B a n k , D e n v e r it w a s a n
n o u n c e d b y M e lv in J . R o b e r ts p r e s i
d e n t.
Colorado C o n v e n tU m M a y 2tS-:tO
IN A L a r r a n g e m e n t s fo r th e a n
n u a l c o n v e n tio n o f th e C o lo ra d o
B a n k e r s A s s o c ia tio n w e r e b e in g m a d e
a s th i s is s u e o f th e N o r t h w e s t e r n
B a n k e r w a s g o in g to p re s s .
T h e c o n v e n tio n w ill b e h e ld M a y
28-30 a t t h e B r o a d m o o r H o te l n e a r
C o lo ra d o S p rin g s .
A c o m p le te c o n v e n tio n r e p o r t, i n
c lu d in g f u ll p ic t o r i a l c o v e ra g e , w ill b e
f e a t u r e d in th e J u n e is s u e .
A s s o c ia tio n o fficers w o r k in g o n th e
c o n v e n tio n th i s y e a r a r e A. E . F o rd h a m , p r e s id e n t, G u n n is o n B a n k &
T r u s t Co., a s s o c ia tio n p r e s id e n t; E u
g e n e H . A d a m s , p r e s id e n t, F i r s t N a
ti o n a l of D e n v e r, f ir s t v ic e p r e s id e n t;
K e n n e th H . H a ll, v ic e p r e s id e n t, F i r s t
N a tio n a l o f C o lo ra d o S p rin g s , s e c o n d
v ic e p r e s id e n t, a n d J . C. S c a rb o ro ,
D e n v e r, e x e c u tiv e s e c r e ta r y .
F
n o u n c e d th e e le c tio n of a s e v e n t h d i
r e c to r , L e e E . S c h le s s m a n of D e n v e r,
M r. S c h le s s m a n is v ic e p r e s id e n t a n d
a d ir e c to r o f th e G re e le y G as C o m
p a n y a n d a c tiv e in s e v e r a l c iv ic a n d
c h u r c h o r g a n iz a tio n s .
T h e b a n k d ir e c to r a te n o w in c lu d e s :
M r. S c h le s s m a n ; J a c k E a c h o n , J r .,
p r e s id e n t, E n g e lw o o d S ta te B a n k ; W in
s to n S. H o w a r d a tt o r n e y ; R ic h a r d K.
G ilb e rt, o w n e r, G ilb e r t C o n s tr u c tio n
C o m p a n y , D e n v e r; L e o n a r d R o b o h m ,
o w n e r, R o b o h m A p p lia n c e & T V , E n
g le w o o d ; D o n a ld D a v id s o n , o w n e r, D a
v id s o n C h e v ro le t, D e n v e r a n d R o b e r t
F . F r a n t z o w n e r, E n g le w o o d L u m b e r
C om pany.
P la n B a n k in g S c h o o l
T h e 1 2 th a n n u a l C o lo ra d o S c h o o l of
B a n k in g w ill b e h e ld a t th e U n iv e r s ity
o f C o lo ra d o , A u g u s t 12-24. T h e s c h o o l
is s p o n s o r e d b y th e C o lo ra d o B a n k e r s
A s s o c ia tio n a n d C o lo ra d o U n iv e r s ity
w ith th e C o lo ra d o U n iv e r s ity S c h o o l
o f B u s in e s s . P ro f. J o s e p h L . F r a s c o n a
is d ir e c to r .
E lected A ssistan t C ashier
R ic h a r d D. “D ic k ” K e n n e d y , f o r m e r
ly c a s h ie r , N o r th D e n v e r B a n k , h a s
b e e n e le c te d a s s i s t a n t c a s h ie r of th e
A m e r ic a n N a tio n a l B a n k o f D e n v e r,
a n n o u n c e s J . E . M o n ta g u e , p r e s id e n t
o f th e A m e r ic a n N a tio n a l.
M r. K e n n e d y is w e ll- k n o w n in
R o c k y M o u n ta in a r e a b a n k in g c ir c le s
a s h e w a s f in a n c ia l r e p r e s e n t a t i v e of
t h e B u r r o u g h s C o rp o ra tio n , s p e c ia liz
in g in s y s te m s a n d p r o c e d u r e s b e fo r e
jo in in g th e N o r th D e n v e r B a n k 14
m o n t h s ago.
I n th e o p e r a tio n s d e p a r t m e n t , h e
w ill b e c h a r g e d w ith d e v e lo p m e n t o f
th e A m e r ic a n N a tio n a l’s a u to m a tio n
p ro g ra m .
E n g lew o o d B oard In crea sed
D ir e c to r s o f th e
B a n k , E n g le w o o d ,
E n g le w o o d S ta te
C olo., h a v e a n
W y o m in g N e tv s
O p en H o u se in B asin
A n o p e n h o u s e w a s h e ld r e c e n t ly a t
th e n e w ly -r e m o d e le d a n d e n la r g e d B a
s in S ta te B a n k , in B a s in , r e p o r t s D el
C ro u se , p r e s id e n t, w h o s e r e c e n t p u r
c h a s e o f th e m a j o r i ty s to c k of t h e
b a n k b e c a m e e ffe c tiv e M a y 1. P r e s
e n t o fficers in a d d itio n to M r. C ro u s e
a re : R a y F a u r e a n d C la r k H o w a rd ,
v ic e p r e s id e n ts ; R a y A p p le g a te , c a s h
ie r, a n d M rs. M in a M u r p h y a n d M rs.
R o se B ro w n , a s s is t a n t c a s h ie rs .
B ank B u ys B on d s
A $200,000 b o n d is s u e fo r w a t e r im
p r o v e m e n ts a t B u ffa lo , W y o ., h a s b e e n
p u r c h a s e d b y th e tw o b a n k s in B u f
fa lo — F i r s t N a tio n a l a n d W y o m in g
B a n k & T r u s t — th e S to c k g r o w e r s
B a n k in C h e y e n n e a n d C o u g h lin &
C o m p a n y , In c ., o f D e n v e r.
T h e c ity c o u n c il a w a r d e d th e b o n d s
to th i s g r o u p a t a n e t i n t e r e s t r a t e of
3.0779 p e r c e n t f o r a 2 0 -y ear p e rio d .
C h eyen n e P h o to Show
F . J. B R A I N E R D
W. W. GRANT
M r. G r a n t jo in e d th e b a n k ’s s ta ff in
N o v e m b e r, 1958, a n d w a s a p p o in te d
a s s is t a n t c a s h ie r in J a n u a r y o f 1960.
H e is h e a d o f th e g o v e r n m e n t b o n d
d iv is io n .
M r. B r a in e r d h a s b e e n w ith t h e C o l
o ra d o N a tio n a l s in c e M a r c h o f 1957
a n d w a s a p p o in te d a s s i s t a n t t r u s t offi
c e r in J a n u a r y o f 1959. H e is b e in g
t r a n s f e r r e d fr o m t r u s t a d m i n is tr a t io n
to a lo a n o fficer in th e b a n k in g d iv i
sio n .
T h e lo b b y of th e A m e r ic a n N a tio n a l
B a n k , C h e y e n n e , W y o ., w a s th e sc e n e
la s t m o n th o f th e C h e y e n n e C a m e ra
C lu b ’s S e v e n th A n n u a l S p r in g S h o w .
I n t e r e s t w a s h ig h d u r i n g th e sh o w ,
w h ic h b a n k officia ls s a id w a s o u t s t a n d
in g .
H arry L. S evern s
H a r r y L . S e v e rn s , 72, p r e s id e n t of
th e B a n k o f C ody, d ie d r e c e n t ly in a
V a le n tin e , N eb ., h o s p i ta l o f in j u r i e s
s u f fe re d in a n a u to a c c id e n t f o u r m ile s
w e s t o f C ody.
State B an k s’ F ig u res
E x p a n d s L oan D ep a rtm en t
T h e N a tio n a l C ity B a n k , D e n v e r,
m o v e d it s i n s ta l lm e n t lo a n d e p a r t m e n t
la s t m o n t h in to a n e w se c o n d flo o r
a d d itio n w h ic h p r o v id e s 4,000 s q u a r e
f e e t o f sp a c e . T h e e x p a n s io n p e r m it s
e n la r g e m e n t o f t h e s a fe d e p o s it d e p a r t
m e n t a n d a se c o n d w a lk -u p w in d o w
f o r a f te r - h o u r s b a n k in g , b o th o n th e
g r o u n d floor.
T h e S ta te o f W y o m in g h a s r e p o r te d
t h a t a s s e ts of a ll s t a te b a n k s a t th e
e n d o f ’61 w e r e a lm o s t $14 m illio n
m o r e t h a n a t th e e n d o f ’60. N o r r is
E . H a r tw e ll, s t a te b a n k in g e x a m in e r ,
s a id th e 29 s t a te - c h a r te r e d b a n k s h a d
to t a l a s s e ts of $147,173,072 f o r ’61, c o m
p a r e d to $133,798,020 fo r ’60. L ia b ili
tie s fo r ’61 w e r e $134,897,343, c o m p a r e d
to $122,202,360 in ’60.
N orthwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
84
Wyoming N e w s
M o t ie r n iz a tim i a t M o n t r o s e
F i r s t S ta te B a n k o f C ody, g a v e th e
k e y n o te a d d r e s s a t th e r e c e n t N a tr o n a
C o u n ty R e p u b lic a n C e n tr a l C o m m itte e
m e e tin g a n d c o u n ty c o n v e n tio n .
H is t a l k w a s s p i r it e d a n d b r o u g h t
th e e n ti r e a s s e m b ly to its fe e t w h e n
h e c o n c lu d e d .
1
' :
m
A d d ress L ion s Club
M a x F is h e r , p r e s id e n t, F i r s t N a tio n
a l B a n k o f L a r a m ie , d is c u s s e d m e t h
o d s o f o b ta in in g m o n e y to s t a r t a
s m a ll b u s in e s s r e c e n t ly w h e n h e p r e
s e n te d a ta lk , “ F in a n c i n g o f th e S m a ll
R e ta i le r ” to m e m b e r s o f th e L a r a m ie
L io n s C lub.
G rou p II M eetin g
N E W D R IV E -U P F A C IL IT IE S a re a fe a tu r e o f th e M o n tro se b a n k ’s im p ro v e m en t
p ro g ram .
H E F i r s t N a tio n a l B a n k o f M o n t
ro s e , C o lo ra d o a n n o u n c e s t h a t it is
n o w c o m m e n c in g a n e x te n s iv e b u il d
in g im p r o v e m e n t p ro g r a m .
T h e b a n k w ill ta k e o v e r th e r e a r o f
it s b u ild in g , p r e s e n t l y o c c u p ie d b y a
m e r c a n tile firm , a n d w ill u tiliz e th i s
a r e a f o r a d d e d q u a r t e r s fo r a p o s tin g
ro o m a n d a b o o k v a u lt. I n a d d itio n ,
tw o d riv e -u p t e l l e r s ’ w in d o w s w ill b e
in s ta lle d , o n e o f th e m in a s e p a r a te
T
BANK
EXECUTIVES
“L eaders C hoose L eaders”
TOP MEN — At every level know that
Cadillac has the widest choice of the
best available positions in the bankinq
field — positions throughout the nation
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LEADING BA N KS— Be they large or
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dential service to the employer looking
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ARVID D. JO H N SO N
P erson a l C onsultant to the B anking F ield
Cadillac
Associates, Inc.
29 E a s t M ad iso n B ldg.
C hicago 2, 111.
F in a n c ia l 6-9400
* W h e re M ore E x e c u tiv e s F in d T h eir P o si
tio n s Than A n yw h ere E lse in th e W orld.
N orthwest ern Bonker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
“is la n d .” A w a lk -u p t e l l e r ’s w in d o w
a ls o w ill b e p ro v id e d , o p e n in g o n to
th e s id e w a lk .
I n th e b a s e m e n t w ill b e a n a r e a s e t
a s id e fo r a c o m m u n ity ro o m , in c lu d in g
k it c h e n fa c ilitie s .
T h is b a n k a t M o n tro s e w a s o r i g in a l
ly d e s ig n e d b y A. M o o rm a n a n d C o m
p a n y , a r c h ite c ts , o f M in n e a p o lis , a n d
th i s s a m e firm h a s b e e n c h o s e n to
h a n d le th e p r e s e n t im p r o v e m e n t p r o
g ra m . W o r k h a s a lr e a d y c o m m e n c e d .
On C am paign Staff
R o b e r t E . B r y a n s , e x e c u tiv e v ic e
p r e s id e n t a n d a d ir e c to r of th e F i r s t
N a tio n a l B a n k o f C a s p e r, h a s b e e n
n a m e d to a s s is t th e a d v a n c e g if t d iv i
sio n of th e fa ll U n ite d F u n d C a m p a ig n .
H e is to b e v ic e p r e s id e n t o f th e d iv i
sio n .
C o n stru ctio n to B egin
T h e o ld W y o m in g G ro c e ry C o m p a n y
W a r e h o u s e in C a s p e r h a s b e e n le v e le d
to m a k e ro o m fo r th e n e w S e c u r ity
B a n k a n d T r u s t C o m p a n y B u ild in g , to
b e e r e c te d so o n o n th e site .
C h eyen n e Art Show
T h e C h e y e n n e N a tio n a l B a n k s p o n
so re d a F ir s t A n n u a l E a s te r A rt S how
d u r i n g la s t m o n t h ’s re lig io u s h o lid a y
a n d t h r o u g h th e v a r i o u s n e w s m e d ia
a v a ila b le e n c o u r a g e d a ll C h e y e n n e
a r e a a r t i s t s to e x h ib i t t h e i r w o rk .
E n t r i e s w e r e lim ite d to a ll o v e r a g e
16 a n d a r e a d is p la y s p a c e w a s a s s ig n e d
t h r o u g h a d r a w in g . M a n y ite m s —
p a in tin g s , s c u l p tu r e a n d c e r a m ic s —
w e r e d is p la y e d o n th e s id e w a lk o u t
s id e th e b a n k b u ild in g ; o th e r s w e r e
in th e lo b b y .
C ody B a n k e r s S p eech
R o b e r t W . F r i s b y , v ic e
p r e s id e n t,
A p p r o x im a te ly 100 b a n k e r s a t t e n d e d
la s t m o n t h ’s m e e tin g o f G ro u p I I o f
th e W y o m in g B a n k e r s A s s o c ia tio n a t
L u s k . A lso , th e W y o m in g g r o u p o f
th e N a tio n a l A s s o c ia tio n of B a n k
W o m e n w e r e s c h e d u ld e to m e e t M a y
5 an d 6 a t L usk.
P la n s New B u ild in g
T h e F i r s t N a tio n a l B a n k o f L a r a m ie
r e c e n t ly a n n o u n c e d p la n s to c o n s t r u c t
a n e w b u ild in g o n th e s ite o f th e o ld
L a r a m ie p o s t office. T h e b a n k p r e s e n t
ly is lo c a te d a t th e o p p o s ite e n d o f th e
s a m e b lo c k .
R iv e r to n B ank O p en
T h e n e w A m e r ic a n N a tio n a l B a n k
o f R iv e r to n r e c e n t ly o p e n e d te m p o
r a r y offices in th e G r a h a m B u ild in g ,
514 E a s t M a in S tr e e t. T h e b a n k ’s n e w
b u ild in g a t th e c o r n e r o f 2 n d a n d M a in
S tr e e ts is e x p e c te d to b e r e a d y fo r oc
c u p a n c y b y J u n e 1.
V iew R e m o d e le d Q uarters
O p e n h o u s e w a s h e ld la s t m o n th a t
th e c o m p le te ly -re m o d e le d S e c u r i t y
S ta te B a n k a t B a s in a n d r e f r e s h m e n ts
w e r e s e r v e d th e la r g e t u r n o u t of a r e a
f r ie n d s a n d c u s t o m e r s w h o to u r e d th e
“n e w -lo o k ” b u ild in g . D o o r p riz e s w e re
s e v e r a l $25 s a v in g s a c c o u n ts in th e
n a m e s o f th e w in n e r s .
F or W y o m in g D e v e lo p m e n t
J o h n C lay , v ic e p r e s id e n t o f th e
F i r s t N a tio n a l B a n k o f K e m m e r e r ,
h a s a c c e p te d a n a p p o in t m e n t to th e
b o a r d o f th e W y o m in g D e v e lo p m e n t
A s s o c ia tio n .
T h e p u r p o s e of th e a s s o c ia tio n is to
d e v e lo p w a te r s o f th e a r e a to b e n e fi
c ia l u se . A n e ff o rt w ill b e m a d e to
fo r m a c o o r d in a tio n b e tw e e n s t a te
a n d f e d e r a l b o d ie s .
E m p lo y e es F eted at L usk
D ire c to rs , o ffic e rs a n d e m p lo y e e s of
t h e L u s k S ta te B a n k h e ld a d in n e r
r e c e n t ly a t F ir e s id e I n n to h o n o r
Wyoming
G r a d y C ris s, c a s h ie r , f o r 10 y e a r s ’
s e r v ic e to th e b a n k , a n d B u r k e P e t e r
se n , a n e w e m p lo y e e a t th e b a n k .
T o L and B an k P ost
M e n n o C. K a a n o f L u s k w a s r e c e n t
ly e le c te d p r e s id e n t o f t h e F e d e r a l
L a n d B a n k A s s o c ia tio n o f L in g le . T h e
a s s o c ia tio n m a k e s a n d s e r v ic e s lo n g
t e r m lo a n s o n f a r m s a n d r a n c h e s in
s u r r o u n d in g c o u n tie s .
B an k G ives T ro p h y
T h e K iw a n is C lu b ’s E i g h t h A n n u a l
“ S ta r s o f T o m o r r o w ” t a l e n t s h o w w a s
h e ld r e c e n t ly in C h e y e n n e a n d s e v
e r a l b e a u ti f u l tr o p h ie s w e r e g iv e n a n
n u a l w in n e r s . T h e to p p r iz e w in n e r
a ls o re c e iv e s a la r g e b e a u ti f u l t r a v e l
in g t r o p h y b y th e S to c k G ro w e r s N a
ti o n a l B a n k o f C h e y e n n e . T h e tr o p h y ,
d e s ig n e d to b e p la c e d in th e t r o p h y
c a s e o f th e s c h o o l o f th e w in n in g
y o u n g s te r , h a s s p a c e f o r t h e n a m e s of
s ix a n n u a l w in n e r s .
a c c o u n t to $399,900, fo r to t a l c a p ita l
a c c o u n ts o f $600,000 w ith u n d iv id e d
p r o f its a n d r e s e r v e s o f $1,175,000.
M r. H a r m o n s a id t h a t a n a n ti c ip a te d
in c r e a s e in d e m a n d fo r lo a n s a n d g e n
e r a l e x p a n d in g b u s in e s s in th e c o u n ty
p r o m p te d th e in c r e a s e s .
N am ed T rust O fficer
M e rl B. C ase, K e m m e r e r a tt o r n e y ,
h a s b e e n n a m e d t r u s t officer o f th e
F i r s t N a tio n a l B a n k o f K e m m e r e r ,
W y o . H e f o r m e r ly w a s e n g a g e d in
p r i v a te p r a c tic e . H e is a lo n g -tim e
r e s id e n t o f K e m m e r e r a n d re c e iv e d
85
h is L L .B . d e g r e e s in 1955 f r o m ttve
U n iv e r s ity o f W y o m in g . H e a ls o h a s
s e r v e d a s a s s is t a n t a t t o r n e y g e n e r a l
f o r th e s t a te o f W y o m in g .
B asin O p en H o u se
M o re t h a n 550 p e r s o n s a tt e n d e d a n
o p e n h o u s e la s t m o n th a t th e S e c u r ity
S ta te B a n k in B a s in , W y o ., m a r k in g
th e c o m p le tio n o f a r e m o d e lin g a n d
r e d e c o r a tin g p r o g r a m a t th e b a n k .
B o a rd m e m b e rs , b a n k officials a n d
e m p lo y e e s w e r e o n h a n d to e s c o r t v is
it o r s t h r o u g h th e b a n k . S a v in g s a c
c o u n ts w e r e a w a r d e d a s d o o r p riz e s .
E dw ard B e n ja m in
E d w a r d B e n ja m in , 89, p r o m in e n t
b a n k in g a n d r a n c h i n g fig u re fo r m a n y
y e a r s in W y o m in g , d ie d r e c e n t ly a f t e r
s e v e r a l y e a r s ’ illn e s s .
A f te r s e v e r a l y e a r s in th e m e r c a n
tile b u s in e s s in M itc h e ll, N eb ., h e
h o m e s te a d e d 12 y e a r s s o u th o f T o rr i n g to n , t h e n e n te r e d th e b a n k in g
b u s in e s s w i t h W . O. E a to n o f T o rrin g to n , a n d b o u g h t a c a tt le r a n c h o n
H o re s h o e , 14 m ile s s o u t h w e s t o f G lendo, o p e r a t in g th i s s e v e r a l y e a rs .
W h e n h e m o v e d in t o T o r r in g to n , h e
b e c a m e a s s o c ia te d w ith th e C itiz e n s
N a tio n a l B a n k a n d w a s p r e s id e n t o f
it se v e ra l y e a rs.
8 5 th A n n iversary
F o u n d e d in 1887 b y A n d r e w J a c k s o n D a v is, w h o c a m e to M o n ta n a in
1863, t h e F i r s t N a tio n a l B a n k o f B u tte
n o te d its 8 5 th b i r t h d a y r e c e n tly . N o
f o r m a l p r o g r a m w a s h e ld , b u t a r e a
r e s id e n ts w e r e in v i te d to v i s i t th e
b a n k on th a t day.
P r o v id e s M ore R oom
C o n s tr u c tio n o f a m e z z a n in e flo o r
o v e r th e t e l l e r s ’ s t a ti o n s a n d b o o k
k e e p in g d e p a r t m e n t o n th e e a s t sid e
o f t h e M o n ta n a B a n k ( G r e a t F a lls )
lo b b y is w e ll u n d e r w a y a s p a r t o f a
$50,000 r e m o d e lin g p r o g r a m s c h e d u le d
f o r c o m p le tio n e a r l y t h i s m o n th .
T h e n e w flo o r is to p ro v id e sp a c e
f o r th e r e a l e s t a te a n d t r u s t d e p a r t
m e n ts .
ACCURACY
Speed
and a c c u r a c y
in t h e h a n d l i n g
of i t e m s f o r o u r c o r r e s p o n d e n t s
alw ays
been
our
p rim ary
have
concern.
Th rough o u r e l e c t r o n i c co m p u t e r
w e a re n o w p r o v id in g data
p ro ce ssin g
fo r so m e
C apital In crea sed
co rresp o n d en ts.
L e o n H a r m o n , p r e s id e n t, F i r s t N a
ti o n a l B a n k o f R iv e r to n , W y o m in g , a n
n o u n c e d r e c e n t ly t h a t c a p ita l h a s b e e n
in c r e a s e d to $200,100 a n d t h e s u r p lu s
y o u r in q u iry .
o f our
We in v ite
T h e F ir s t N a t io n a l B a n k o f D e n v e r
M EM BER FEDERAL DEPOSIT INSURANCE CORPORATION
Northwest ern Banker, M ay, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
86
M
E le m e n ta r y !
J u s t a s S h e rlo c k H o lm es fo u n d t h a t k n o w in g th e fa c ts o fte n led to so lu
tio n s — so, to o , m o re a n d m o re b a n k e rs a re d isco v erin g a q u ic k a n d easy
so lu tio n to th e ir p a r tic ip a tio n lo a n p ro b le m s th ro u g h U . S.
T h e U. S. N a tio n a l is g e a re d to h elp y o u w ith all ty p e s of p a rtic ip a tio n
loan s. W h e th e r y o u r c u s to m e rs a re in b u sin e ss, in d u s tria l, o r a g ric u ltu ra l
a c tiv itie s , o u r fin a n c in g e x p e rts c a n h e lp y o u in m e e tin g th e ir n eed s. O u r
p a r tic ip a tio n lo a n k n o w -h o w serv es a s a n e x tra “ a s s e t” for y o u r b a n k ,
a n d th e sp e e d w ith w h ich we o p e ra te m a k e s it even m ore v alu ab le. M a n y
tim e s w e c a n h a n d le tr a n s a c tio n s b y p h o n e.
C all on U . S. w h e n e v e r y o u n e e d p a r tic ip a tio n lo an service. A ll o u r c o r
re s p o n d e n t fa c ilitie s a re y o u rs fo r a te le p h o n e call — 341-8765 — O m ah a.
M em ber Federal Deposit In su ran ce Corporation
Northwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
87
N E W O FFIC ERS, e le c te d a t N e b ra s k a G roups 1 a n d 2 la s t m o n th , a re , fro m l e f t
to r i g h t: G roup 1, p h o to a t le f t — S e a te d a re H. R. K illin ger, exec, v.p., T h a y e r
C o u n ty B a n k , H e b ro n , r e tir in g p res., a n d F lo y d J. P atton , p res., B lue S p rin g s
S ta te , p res. S ta n d in g a re H erm an Brockm eier, sr. v.p., N a tio n a l B a n k o f Com
m erce, L in c o ln , se c y -tre as., a n d G eorge A .
D unlap, exec, v.p., F a rm e rs & M e rc h a n ts
B a n k , M ilfo rd , v.p. G roup 2, p h o to a t
r ig h t— K en neth A. Tool, p re s., F i r s t N a
tio n a l, W ahoo, r e tir in g p re s.; Joe A. Indra,
pres., B a n k o f S t. E d w a rd , p res., a n d P aul
K osch, p res., F i r s t N a tio n a l, D a v id C ity ,
v.p. N ew se c y .-trea s., H arold J. L uchtel,
v.p., C olum bus B a n k , w as n o t p re s e n t fo r
B y BEN H ALLER, JR.
p ictu re.
R e c o r d T u rn o u ts N o te d u t
'ti‘2 N e b r a s k a G r o u p M e e t in g s
E d ito r
E A R -R E C O R D c ro w d s t u r n e d o u t
a t g r o u p m e e tin g s o f th e N e b r a s
k a B a n k e r s A s s o c ia tio n la s t m o n t h to
t a k e p a r t in d is c u s s io n s of im p o r t a n t
a s s o c ia tio n m a t t e r s a n d p e n d in g le g is
la tio n .
L y m a n M. S tu c k e y , p r e s id e n t o f th e
L e x in g to n S ta te B a n k a n d v ic e p r e s i
d e n t o f th e s t a te a s s o c ia tio n , p r e s id e d
a t e a c h o f t h e m e e tin g s e x c e p t fo r
G ro u p 6 a t A llia n c e . H e to o k o v e r
t h i s jo b f o r N B A P r e s id e n t B. D. B e rk h e im e r , p r e s id e n t o f F i r s t N a tio n a l of
G o rd o n , w h o w a s r e c u p e r a ti n g fr o m
r e c e n t s u r g e r y b u t a tt e n d e d h is h o m e
g r o u p s e s s io n a t A llia n c e .
P r i n c ip a l d r a w in g c a r d a t e a c h m e e t
in g w a s t h e p re - a n n o u n c e d “c lo s e d ”
b u s in e s s s e s s io n a t w h ic h i m p o r t a n t
m a t t e r s of c u r r e n t i n t e r e s t to b a n k e r s
w e r e d is c u s s e d in a f r a n k m a n n e r .
M r. S tu c k e y , a n d H . V. O s te r b e rg ,
s e c r e ta r y o f th e a s s o c ia tio n , c o v e re d
s u c h i m p o r t a n t p o in ts a s p e n d in g fe d
e r a l le g is la tio n b e fo r e th e S e n a te o n
t h e n e w t a x e q u a li ty a n d w ith h o l d in g
b ill; t h e p r e s s in g d r iv e b y S e c r e ta r y
o f A g r ic u l tu r e O rv ille F r e e m a n to
h e lp r u r a l c r e d i t u n io n s e x p a n d in
d ir e c t c o m p e titio n w ith c o m m e rc ia l
b a n k s ; m a t t e r s f o r p o s s ib le s t a te le g
is la tio n n e x t y e a r ; a p r o p o s e d d u e s
in c r e a s e f o r th e s t a t e a s s o c ia tio n , a n d
a p r o p o s a l to c h a n g e th e a n n u a l s t a te
c o n v e n tio n f r o m th e f a ll to a s p r in g
d a te .
B ill O s te r b e rg , n e w a s s i s t a n t in th e
N e b r a s k a B a n k e r s A s s o c ia tio n office,
w a s i n t r o d u c e d a t e a c h o f th e m e e t-
N
\
in g s . H e is t h e s o n o f N B A S e c r e ta r y
H a r r i s O s te r b e rg .
R a lp h M isk o , N e b r a s k a ’s d ir e c to r o f
b a n k in g , r e v ie w e d s e v e r a l p r o p o s a ls
h e p la n s to p r e s e n t to th e le g is la tu r e
fo r e n a c tm e n t.
O th e r s p e a k e r s r e p o r te d o n m a in
p o in t s o f th e U n if o r m C o m m e rc ia l
C ode a s i t a ffe c ts b a n k s , a n d th e n e w
le n d in g p r o g r a m o f th e S m a ll B u s in e s s
A d m in i s t r a ti o n a s i t a ffe c ts b a n k s .
T h e N B A C o r r e s p o n d e n t B a n k C lu b
w a s h o s t f o r th e s o c ia l h o u r a t e a c h
o f th e s ix m e e tin g s .
N e w O fficers
T h e fo llo w in g o fficers w e r e e le c te d
a t th e f ir s t th r e e g r o u p m e e tin g s ;
G roup One
F lo y d J . P a tt o n , p r e s id e n t, B lu e
S p r in g s S ta te B a n k , p r e s id e n t; G e o rg e
A. D u n la p , e x e c u tiv e v ic e p r e s id e n t,
F a r m e r s & M e r c h a n ts of M ilfo rd , v ic e
p r e s id e n t, a n d H e r m a n B ro c k m e ie r,
s e n io r v ic e p r e s id e n t, N a tio n a l B a n k
o f C o m m e rc e , L in c o ln , s e c r e ta r y - tr e a s
u re r.
N E B R A S K A G R O U P M E E T IN G S . . .
( T u r n to p a g e 94, p le a s e )
N E W O FFIC ER S o f G roup 3 lis te n in te n tly to G roup 3 sp e a k er. D on ald M. R obert, le f t,
cash., F a rm e rs N a tio n a l, P ilg e r, is r e tir in g p res. G ary P. Baum an, r ig h t, exec, v.p., T he
T ild e n B a n k , is n ew G roup p re s. I n m id d le is Charles H. W alcott, p res., S e c u rity N a
tio n a l of S ioux C ity , p res, o f th e Io w a B a n k e rs A s so c ia tio n . N ew officers n o t p re s e n t fo r
p ic tu re w e re : J o h n G la n d t, J r ., exec, v.p., N a tio n a l B a n k o f N elig li, v .p .; L eo Schellp ep er, a.c. D e L a v F i r s t N a tio n a l, N o rfo lk , Secy., a n d M ilfo rd W ea v e r, te lle r, N a tio n a l
B a n k of N o rfo lk , tre a s .
Northwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
88
a n d a h e a d o f h im w a s M r. M o r s m a n ’s
g r a n d f a th e r , T ru m a n B u c k .
* * =t=
O m a h a ’s 11 b a n k s ( th e 12th, A m e s
P la z a B a n k , w a s n o t o p e n y e t) h a d
a g a in o f 5 p e r c e n t in d e p o s its a n d
10 p e r c e n t in lo a n s o v e r th e A p r il
b a n k c a ll o f 1961. D e p o s it a n d lo a n
fig u re s r e p o r te d a t th e M a rc h 26 b a n k
c a ll f o r th e 11 b a n k s a r e a s fo llo w s:
A R R EN E. VAN NORM AN has
jo in e d th e e s t a te a n d t r u s t d e
p a r t m e n t o f T h e O m a h a N a tio n a l
B a n k . H e r e c e iv e d h is B a c h e lo r of
A r ts d e g re e f r o m th e U n iv e r s ity of
N e b r a s k a in 1943. F o llo w in g s e r v ic e
in th e U n ite d S ta te s N a v y , h e r e
t u r n e d to th e u n i v e r s i t y ’s C o lle g e of
L a w w h e r e h e e a r n e d h is d e g re e in
1948.
M r. V a n N o r m a n fir s t p r a c tic e d la w
O sh k o s h , N eb . T h e n , a f t e r s e r v in g a s
G a r d e n C o u n ty a tt o r n e y , h e b e c a m e
a d m i n is tr a t iv e a s s i s t a n t to C o n g re s s
m a n A. L . M ille r in W a s h in g to n , D. C.
F o r th e la s t five y e a r s h e w a s a s s o c i
a te d w ith th e S e c u r itie s A c c e p ta n c e
C o r p o r a tio n in O m a h a a s c o r p o r a te
c o u n s e l.
% * *
W
T h e n e w A m e s P la z a B a n k in n o r t h
w e s t O m a h a is e x p e c te d to o p e n a b o u t
M a y 15, a c c o r d in g to E d w in E . B ro d k e y , c h a ir m a n o f th e b o a rd .
D ir e c to r s o f th e b a n k a r e A. O. B attia to , E d w a r d D. B ro d k e y , E d w in E .
B ro d k e y , H . G. C a rls o n , A. W . F u lto n ,
E d w a r d V. H u la c a n d H o w a r d S u n d e rm an.
O fficers in a d d itio n to C h a ir m a n
B ro d k e y a re : E d w a r d D. B ro d k e y ,
p r e s id e n t; M r. S u n d e r m a n , v ic e p r e s i
d e n t a n d c a s h ie r , a n d H a r o ld B. B ro d
k e y , v ic e p r e s id e n t.
* * *
T h e 25 Y e a r C lu b o f th e S to c k Y a rd s
N a tio n a l B a n k m e t a t th e O m a h a C lu b
r e c e n t ly fo r c o c k ta ils a n d d i n n e r h o n
o r in g E d g a r M. M o rsm a n w h o h a d
c o m p le te d 25 y e a r s a s a d ir e c to r o f th e
bank.
M r. M o r s m a n w a s i n i ti a te d in to th e
25 Y e a r C lu b , a n d a 25 Y e a r p in , to
g e t h e r w ith a g o ld w a tc h , w a s p r e
s e n te d to h im . M r. M o r s m a n h a s b e e n
a lo y a l d ir e c to r o f th e b a n k o v e r th e
y e a r s , in a d d itio n to b e in g th e b a n k ’s
a tt o r n e y .
T h e a ff a ir h a d a d d itio n a l s ig n ifi
c a n c e b y th e f a c t t h a t M r. M o r s m a n ’s
f a t h e r , E . M. M orsm an , Jr., w a s a d i
r e c t o r o f th e b a n k f o r m a n y y e a r s ,
Municipal and Corporate Bonds
Listed Stocks
Unlisted and Local Stocks
O RDERS EX ECU TED ON A L L P R IN C IP A L EX CH AN G ES
CHILES & COMPANY
OM AHA, N E B R A SK A
412 F arm C re d it B uild in g
L IN C O L N , N E B R A SK A
1321 P Street
Phone 346-6677
Phone HEmlock 2-3324
L E X IN G T O N , N E B R A SK A
E rn st & B ieck B uild in g
CH A D R O N , N E B R A SK A
999 E ast 6th Street
D e p o sits
1962
1961
O m a h a N a t l . . . $243,600,557 $235,024,984
F i r s t N a tl. . . . 110,638,842 102,909,637
U. S. N a t l ........ 105,893,800
99,695,178
S tk . Y ds. N a tl
22,659,864
22,903,257
P a c k e r s N a t l . . 15,732,150
17,699,183
N o r th S id e . . .
14,007,591
13,330,529
D o u g la s Co. . .
13,322,892
12,741,969
C e n te r .............. 12,267,496
11,099,306
F s t. W e s t S id e
9,602,086
8,042,633
So. O m a h a . . .
7,729,000
7,617,683
S o u th w e s t . . .
2,351,133
xxxxxx
T o t a l s ........... $557,805,411 $531,064,359
Loans
1962
1961
O m a h a N a t l . .. $132,230,663 $124,697,733
F i r s t N a tl. . . .
66,836,202
57,022,085
U. S. N a tl........
58,057,043
52,344,135
S tk . Y ds. N a tl. 10,902,555
11,275,271
N o r th S id e . . .
6,396,882
8,372,431
C e n te r .............
7,248,478
7,160,413
F s t. W e s t S id e
5,859,664
4,547,603
D o u g la s Co. . .
5,341,043
4,652,149
So. O m a h a . . .
3,907,000
4,612,822
P a c k e r s N a tl. .
3,551,169
3,225,435
S o u th w e s t . . . . 1,263,906
xxxxxx
T o t a l s ........... $303,570,154 $275,914,528
K . G. H a r v e y , p r e s id e n t a n d c h a ir
m a n o f th e b o a r d o f th e D o u g la s C o u n
t y B a n k , a n n o u n c e d t h a t th e c a p ita l
a c c o u n ts o f th e b a n k h a v e b e e n i n
c re a s e d $300,000, b r i n g in g t h e to t a l
c a p ita l a c c o u n ts to a p p r o x i m a t e ly $1,200,000.
“T h is a c tio n b y t h e b o a r d o f d ir e c
to r s w ill in c r e a s e th e b a n k ’s le n d in g
c a p a c ity a n d w ill e n a b le th e D o u g la s
C o u n ty b a n k to k e e p p a c e w ith th e
e v e r in c r e a s in g d e m a n d s f o r c o m p le te
b a n k in g s e r v ic e s in B e n s o n a n d N o r t h
w e s t O m a h a ,” M r. H a r v e y s ta te d .
* * *
C ecil W . M e a n s , v ic e p r e s id e n t o f th e
S to c k Y a rd s N a tio n a l B a n k , to o k p a r t
in tw o a g r i c u lt u r a l m e e tin g s re c e n tly .
T h e fir s t w a s a “ F a r m C lin ic ” s p o n
s o r e d b y th e C la r k s o n B a n k a t C la r k
so n , N eb ., w h e r e h e w a s m o d e r a to r of
a p a n e l d is c u s s io n o n liv e s to c k . T h e
YOUR STATE BANKERS ASSOCIATION
O FFIC IA L SAFE, VAULT AND
TIM ELOCK EXPERTS
F. E. D A VEN PO RT & C O .
O M AHA
Northwest ern Banker, May, 19¿2
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N eb ra ska N ew s
89
Del Olson, Omaha National Bank Correspondent Bank Division
Banker on wheels . . .
Del Olson frequently crosses five states in calling on Omaha National
Correspondent Banks. Like all the other members of our Correspondent
Bank Division, about 50 per cent of Del’s time is contact time. At home
base he works with other members of the staff on the problems of all banks
in our correspondent system. Through group analysis, Del can apply the
combined experience and judgment of the entire bank staff to any field
problem—no matter how large or small.
T
h
e
O
m
a h a
17th a n d F a r n a m S t r e e t s
N
a t io
n a l
B
a n k
Member Federal Deposit Insurance Corporation
N orthwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
90
N eb raska
N ew s
m e e t in g w a s p r e s id e d o v e r b y H a ro ld
Qualsett, e x e c u tiv e v ic e p r e s id e n t o f
th e C la rk s o n B a n k .
T h e se c o n d c o n fe r e n c e w a s m a d e u p
o f tw o c lin ic s o n “ O p p o r tu n itie s in
L iv e s to c k ,” s p o n s o r e d b y th e S o u th
P l a t t e U n ite d C h a m b e r s o f C o m m e rc e ,
th e B u r li n g to n R a ilr o a d a n d th e U n i
v e r s i t y o f N e b r a s k a C o lle g e o f A g r i
c u lt u r e .
T h e fir s t c lin ic w a s in A ra p a h o e , th e
s e c o n d in M in d e n , b o th o n th e s a m e
d a y . M r. M e a n s ’ to p ic a t b o th s e s s io n s
w a s “L iv e s to c k C re d it.”
T H E N
and
In v e stm e n t B an k er O u tin g
M e m b e rs o f th e N e b r a s k a I n v e s t
m e n t B a n k e r s A s s o c ia tio n a r e p la n
n in g t h e i r 1962 F ie ld D a y f o r M a y 24,
a t th e O m a h a C o u n tr y C lu b . A s o c ia l
h o u r a n d d i n n e r is p la n n e d f o r t h e
e v e n in g b e fo re . B ill R a y n o r, of E is e le ,
R a y n o r & F is h e r , In c ., O m a h a , is g e n
e r a l c h a ir m a n o f th e a n n u a l e v e n t.
a n d in d iv id u a l N e b r a s k a b a n k s a t
t h e i r a n n u a l m e e tin g .
C e rtific a te s o f C o m m e n d a tio n w e r e
g iv e n th e s e b a n k s in B ro w n , K e y a
P a h a a n d R o c k C o u n tie s: N a tio n a l
B a n k o f A in s w o r th , C o m m e rc ia l N a
ti o n a l B a n k o f A in s w o r th , th e C o m
m e r c ia l B a n k o f B a s s e t t a n d th e F i r s t
N a tio n a l o f S p rin g v ie w .
N ebraska B an ks C om m en d ed
INABAC M eetin g
M e m b e rs o f th e N e b r a s k a C o u n ty
A g e n ts A s s o c ia tio n r e c e n t ly h o n o re d
th e N e b r a s k a B a n k e r s A s s o c ia tio n
M e m b e rs o f th e N a tio n a l A s s o c ia tio n
fo r B a n k A u d it a n d C o n tro l m e t r e
c e n tly a t P r e n g e r ’s in N o rfo lk to h e a r
M a r v in R . W e rv e , v ic e p r e s id e n t, O m a
h a N a tio n a l B a n k , d is c u s s “ I n s ta ll m e n t
L o a n s .” N. T. T ie m a n n , p r e s id e n t,
C o m m e rc ia l S ta te B a n k , W a u s a , w h o
r e c e n t ly r e t u r n e d f r o m W a s h in g to n ,
D. C., g a v e a r e p o r t o n ta x e s a s th e y
p e r t a i n to b a n k s . G e ra ld G u n d e rs o n ,
a s s is t a n t v ic e p r e s id e n t, C o m m e rc ia l
S ta te , W a u s a , p r e s id e n t o f th e g ro u p ,
p r e s id e d a t th e m e e tin g .
M a y 24 is th e d a te o f th e n e x t m e e t
in g a n d E ld o n F r e u d e n b u r g , e x e c u
tiv e v ic e p r e s id e n t, F i r s t N a tio n a l o f
W e s t P o in t, w ill s p e a k o n “B a n k O p
e r a t io n s .”
N O W
T h e A m e r ic a n N a tio n a l B a n k
m e e ts th e c h a lle n g e o f th e a g e
w ith e x p a n d in g serv ice s.
P r e sid e n ts’ G o lf T o u rn a m en t
G r e e t in g s !
to A l l O u r F r i e n d s
at C o n v e n t io n T im e.
O u r re p re se n ta tiv e s
l o o k f o r w a r d to
s e e in g you.
OFFICERS
GEO. U. RICHMOND
C hairm an
BEVERLY PITTS
President
WALTER W. LIMBACK
Vice President
BENTON M. CALKINS, IRVice President
CHARLES K. RICHMOND
Vice President
W. FRANKLIN EVANS
Vice President
CHARLES I. CONANT, JR.
Vice President
ED H. GINZKEY
A ssistant Vice President
TOM J. BUTLER
C ashier
WILLIS JUDAH
A ssistant C ashier
ROBERT E. KILLEN
A ssistant C ashier
DONALD D. FOLKS
A ssistant C ashier
T h e S e c o n d A n n u a l P r e s i d e n t s ’ G olf
T o u r n a m e n t o f th e N e b r a s k a B a n k e r s
A s s o c ia tio n is s c h e d u le d f o r W e d n e s
d a y , M a y 16, a t th e R iv e r s id e C o u n tr y
C lu b , G ra n d I s la n d . T h e t o u r n a m e n t
w ill s t a r t a t 10 a .m . a n d w ill in c lu d e
a lu n c h e o n , s p e c ia l h o u r a n d b a n q u e t.
T h e C a lla w a y S y s te m of h a n d ic a p
p in g w ill b e u s e d a g a in th i s y e a r a n d
t r o p h ie s a r e to b e g iv e n b y B. D. B e rk h e im e r , p r e s id e n t, a n d th e C o rre s p o n d
e n t B a n k C lu b .
T oo tle-E n rig h t P arty
M o re th a n 2u0 b a n k e r s f r o m N e b r a s
k a , Io w a , K a n s a s a n d M is s o u ri a t
te n d e d la s t m o n t h ’s A n n u a l B a s k e tb a ll
P a r t y o f th e T o o tle - E n r ig h t N a tio n a l
B a n k , S t. J o s e p h , Mo.
T h e p a r t y is h e ld e a c h y e a r in c o n
ju n c t io n w ith th e fin a ls o f th e W o m
e n ’s N a tio n a l A .A .U . B a s k e tb a ll T o u r
n a m e n t a n d a lw a y s a t t r a c t s a g o o d
tu r n o u t.
C o rresp o n d en t Club E lects
T h e C o r r e s p o n d e n t B a n k C lu b of
th e N e b r a s k a B a n k e r s A s s o c ia tio n r e
c e n tl y e le c te d th e fo llo w in g n e w offi
c e r s f o r th e e n s u in g y e a r:
G le n n Y a u ssi, p r e s id e n t, N a tio n a l
B a n k o f C o m m e rc e T r u s t & S a v in g s
A s s o c ia tio n , L in c o ln , p r e s id e n t, a n d
J o h n M c C u m b e r, s e n io r v ic e p r e s id e n t,
S to c k Y a rd s N a tio n a l B a n k , O m a h a ,
v ic e p r e s id e n t.
M e m b e rs h ip is m a d e u p of th e five
c o r r e s p o n d e n t b a n k s in O m a h a a n d
th e tw o in L in c o ln .
N ort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
91
BANKING MAN-TO-MAN
B an k in g is m ore th a n items; it is th e com m unication of
sh ared ideas an d th e exchange of k n o w led g e. B oth are
g iven th e perso n al to u c h in se rv ic e fro m F r a n k Love,
R alph Peterson, Carl Bloom and Jim Cook. For them, bank
ing is person-to-person. . . banker-to-banker... man-to-man.
FIRST NATIONAL BANK OF OMAHA
16TH & FARNAM ■ OMAHA, NEBRASKA ■ MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
Northwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
92
N eb ra ska N ew s
J u n e 1 3 -1 5 at Crete
M anagem en t Conference Ideogram
U N E 13, 14 a n d 15 a r e th e d a te s o f
th i s y e a r ’s 16th A n n u a l B a n k M a n
a g e m e n t C o n fe re n c e a t D o a n e C o lleg e,
C re te . H ig h lig h ts o f th i s in f o r m a tiv e
c o n fe r e n c e in c lu d e a to p - n o tc h p r o
g r a m of b a n k in g s u b je c ts , a g o lf t o u r
n a m e n t a n d a “c o o k o u t.”
B a n k e r s , f a r m e r s , b u s in e s s a n d p r o
fe s s io n a l m e n w ill ta k e p a r t in th e
p r o g r a m th i s y e a r .
“A s O th e r s S ee
U s ,” “P r o b le m L o a n s a s S e e n T h r o u g h
th e E y e s o f th e C o u n tr y B a n k e r s ,” a n d
“O u r A g r ic u l tu r a l P r o b l e m s ” a r e so m e
o f th e to p ic s to b e d is c u s s e d .
H . W . H e n d r ik s e n , v ic e p r e s id e n t,
F i r s t N a tio n a l B a n k o f F r e m o n t, is
J
in
S t.
J o s e p h . . .
T H IN K
" F IR S T ”
of the men from
The First
and their Bank
c h a ir m a n o f th e
C o m m itte e .
B ank
M anagem ent
A rcadia B ank Sold
W illia m a n d D a le H a y w o o d a n d
t h e i r s is te r , E liz a b e th W o o d y , r e c e n t
ly a n n o u n c e d th e s a le o f th e i r s to c k in
th e A rc a d ia S ta te B a n k to K e r m it
W a g n e r a n d Jo h n W a g n e r of S ch u y
le r, N o r m a n H o r a c e k o f D a v id C ity
a n d H e r m a n W ra g g e , p r e s id e n t o f th e
F i r s t N a tio n a l o f T e k a m a h .
O fficers o f th e b a n k a re : E . L. Vog e lta n z , p r e s id e n t; A. H . E a s te r b r o o k
a n d F r a n c e s O ’M era, v ic e p r e s id e n ts ;
A lb e r ta T. B e llin g e r, c a s h ie r , a n d Cora ly n L. D e a n , a s s is t a n t c a s h ie r. T h e
n e w officer is M r. O ’M e ra , f o r m e r l y
m a n a g e r o f th e C o-op a t E d d y v ille ,
w h o s e a p p o in t m e n t is e ffe c tiv e M a y
15.
S tu d en t Loan P rogram
N e b r a s k a is o n e o f 16 s t a te s t h a t
h a v e a p p r o v e d p a r t ic i p a ti o n in a b a n k
lo a n p r o g r a m f o r n e e d y s t u d e n ts w h o
h a v e s a t is f a c to r ily c o m p le te d th e i r
f r e s h m a n y e a r in c o lle g e .
I n th e N e b r a s k a p la n , th e s t u d e n t
m a y b o r r o w u p to $1,000 a y e a r , o r a
c o m b in e d to t a l o f $3,000 fo r u n d e r
g r a d u a t e e d u c a tio n .
T h is p la n w a s
p r e s e n te d a t la s t m o n t h ’s g r o u p m e e t
in g s.
H . L. “ B u d ” G e r h a r t, J r ., c h a ir m a n
o f th e c o m m itte e o n e d u c a tio n , a n d
v ic e p r e s id e n t a n d c a s h ie r , F i r s t N a
tio n a l o f N e w m a n G ro v e , s a id h e
h o p e s e v e r y b a n k in N e b r a s k a w ill
p a r tic ip a te , k e e p in g in m in d t h a t it is
f o r n e e d y s t u d e n ts o n ly a n d n o t a
g e n e r a l lo a n p r o g r a m .
G ets D rive-In A p proval
J . M. F o rd II
Macon Dudley
T h e F i r s t N a tio n a l B a n k o f N o r th
P l a t t e h a s r e c e iv e d a p p r o v a l fr o m th e
C o m p tr o lle r o f th e C u r r e n c y to e s t a b
lis h a d riv e -in f a c ility a t S e c o n d a n d
D e w e y S tr e e ts in N o r th P la tte .
J o in s N ew Y ork Bank
Ja c k K illackey
V e rn M ey er
T H E F IR S T
N A T IO N A L B A N K
Felix at Fourth
St. Joseph, Mo.
Northwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
D a le M. H a y w o o d , f o r m e r a s s is t a n t
c a s h ie r o f th e A r c a d ia S ta te B a n k , h a s
jo in e d th e p e r s o n a l t r u s t a n d e s ta te
g r o u p in th e t r u s t d e p a r t m e n t o f th e
C h a s e M a n h a t ta n B a n k in N e w Y o rk .
P r e s id e n t C o o k E l e c t e d M a y o r
B ea trice N a tio n a l P ro m o te s
C o m m em orative Stam p
W . W . C ook, S r., p r e s id e n t o f th e
B e a tr ic e N a tio n a l B a n k , w h o r e c e n t ly
w o n a “la n d s lid e ” v ic t o r y in th e e le c
ti o n f o r m a y o r o f B e a tric e , h a s a n
n o u n c e d t h a t th e b a n k w ill ta k e a n
a c tiv e p a r t M a y 20 in d is tr i b u ti o n o f a
c o m m e m o r a tiv e H o m e s t e a d S ta m p ,
w h ic h w ill be is s u e d in c o n n e c tio n
w ith th e o b s e r v a n c e o f th e H o m e s te a d
C e n te n n ia l in B e a tric e .
T h e H o m e s te a d C e n te n n ia l o b s e r v
a n c e c o m m e m o r a te s th e firs t h o m e
s te a d c la im e d in th e U n ite d S ta te s , th e
o r ig in a l lo g c a b in s till s t a n d in g o n th e
o u t s k i r t s o f B e a tric e .
“P e r s o n s w h o w a n t f r e e e n v e lo p e s ,
o r t h e i r o w n e n v e lo p e s , s ta m p e d a n d
c a n c e lle d , a n d e it h e r a d d r e s s e d o r s e n t
to th e m u n a d d r e s s e d , s h o u ld n o tif y u s
e x a c tly w h a t th e y r e q u i r e s e v e r a l d a y s
b e fo r e M a y 20,” M r. C lo u d sa id , “a n d
w e w ill b e g la d to ta k e c a r e o f a ll r e
q u e s ts a s lo n g a s th e y a r e a c c o m
p a n ie d b y th e c o r r e c t a m o u n t to c o v e r
th e c o s t o f s ta m p s p u r c h a s e d .”
T h e c o m m e m o r a tiv e s ta m p g o e s o n
s a le fo r g e n e r a l c ir c u la tio n M ay 21.
N ew O fficers at K im b all
G e o rg e O. N ic h o ls , b o a r d c h a ir m a n ,
F a r m e r s & M e r c h a n ts N a tio n a l, M ontic e llo , In d ., a n d h is b r o t h e r , J o h n G.
N ic h o ls , D a n v ille , 111., w h o p u r c h a s e d
c o n tr o llin g in t e r
e s t o f th e A m e r i
c a n N a t i o n a l of
K im b a ll, N eb ., a
y e a r ago, h a v e
announced the
fo llo w in g n e w o f
fic e rs a t th e N e
braska bank:
G e o rg e O. N ic h
ols, c h a ir m a n ; C.
E.
G. O . N I C H O L S
d e n t; E . C. H a n
se n , v ic e p r e s id e n t; M a d e ly n E . L e d
b e tte r , c a s h ie r; L e e R o y B ro w n , a s s is t
a n t v ic e p r e s id e n t, a n d A ld e n L. Sob ie s z c z y k , a s s is t a n t c a s h ie r.
M r. H a n s e n , th e n e w v ic e p r e s id e n t,
jo in e d th e sta ff la s t m o n th a f t e r six
y e a r s a s c a s h ie r o f th e U n io n S ta te
B a n k , W in t e r s e t, Io w a .
T o O pen O ffutt O ffice
T h e B a n k o f B e lle v u e h a s b e e n is
s u e d a p e r m it to o p e r a te a b a n k in g
f a c ility a t O ffu tt A ir F o r c e B ase. N o
d a te fo r a n o p e n in g w a s a v a ila b le w ith
th i s n e w s.
B ertrand R e m o d e lin g
C om p lete
R e m o d e lin g a t th e B a n k o f B e r tr a n d
is n o w c o m p le te a n d f e a t u r e s tw o n e w
p r i v a te offices, t h r e e te l le r w in d o w s ,
a n e w p r i v a te s a fe d e p o s it b o o th , a
n e w c o m m u n ity ro o m fo r p u b lic m e e t
in g s a n d m o d e r n m a c h in e s fo r m o re
a c c u r a t e a n d e ffic ie n t h a n d lin g of
b a n k in g tr a n s a c t io n s .
Ne
93
FACTUAL
W h e t h e r yo u r b a n k in g qu estion co n cern s h o w ,
w here, w h e n , w ho, or w h y , C om m erce T r u s t m e n
lik e C h et B rew er h a v e the k n o w le d g e an d e x p e r i
e n ce to fu rn ish y o u w ith the rig h t an sw ers. T h e y
are n o w p ro v id in g one out of e v e r y ten b a n k s in
th e n atio n w ith th e fin e st in co rrespo n den t ser
v ic e s. G ive th em a call.
Chester L. Brewer, Jr.
Assistant Vice President
(o m m e r c e J r u s t ( o m p a n y *
Kansas City's Oldest and Largest Bank,
Member Federal Deposit Insurance Corporation
Northwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
94
N eb raska N ew s
B E T W E E N SE S SIO N S V IS IT IN G is p o p u la r a t N e b ra s k a
g roup m ee tin g s. I n ph o to a t le f t a re, le f t to r ig h t: Burnham
Y ates, pres., F i r s t C o n tin e n ta l N a tio n a l, L in c o ln ; Lym an M.
Stu ck ey, pres., L e x in g to n S ta te , a n d v.p. of N e b ra s k a B a n k e rs
A sso c ia tio n , a n d John F. D avis, p res., F i r s t N a tio n a l of O m aha.
P H O T O A T R IG H T — V irg il E. W arren, exec. v.p. & cash.,
A u b u rn S ta te B a n k ; Earl H. W ilkins, p res., G en ev a S ta te B a n k ,
and Ernie T. Tanner, v.p., F i r s t N a tio n a l of O m aha.
E N JO Y IN G GOOD F E L L O W S H IP , a h ig h lig h t of N e b ra s k a
g ro u p m e e tin g s a re th e se b a n k e rs, le f t to r ig h t: P h o to a t l e f t:
H erb E chterm eyer, v.p., O m aha N a tio n a l; M. W. Dunlap, pres.,
F a rm e rs S ta te a t D o u g la s; H ow ard E. H all, chm. o f bd., M a rte ll
S ta te , an d D avid R. Johnson, a.c., O m aha N a tio n a l. P H O T O A T
R IG H T — H al F. Childs, v.p., C hiles & C om pany, O m aha, a n d
T. H. W ake, pres., Jo n e s N a tio n a l a t S ew ard.
★
★
★
N E B R A SK A G R O U P
M EETING S . . .
(C o n tin u e d f r o m p a g e 87)
G roup T w o
J o e A . I n d r a , p r e s id e n t, B a n k o f St.
E d w a r d , p r e s id e n t; P a u l K o sc h , p r e s i
d e n t, F i r s t N a tio n a l o f D a v id C ity ,
v ic e p r e s id e n t, a n d H a r o ld J. L u c h te l.
v ic e p r e s id e n t, C o lu m b u s B a n k , s e c r e
ta r y - tr e a s u r e r .
G roup T h ree
G a ry P. B a u m a n , e x e c u tiv e v ic e
p r e s id e n t, T h e T ild e n B a n k , p r e s id e n t;
J o h n G la n d t, J r ., e x e c u tiv e v ic e p r e s i
d e n t, N a tio n a l B a n k o f N e lig h , v ic e
p r e s id e n t; L e o S c h e llp e p e r, a s s is t a n t
c a s h ie r , D e L a y F i r s t N a tio n a l, N o r
fo lk , s e c r e ta r y , a n d M ilfo rd W e a v e r,
te lle r , N a tio n a l B a n k o f N o rfo lk , tr e a s .
G roup F o u r
E d w a r d H a ll, p r e s id e n t, R o s e la n d
S ta te B a n k , p r e s id e n t, a n d R o la n d E .
E m m e tt, v ic e p r e s id e n t, C itiz e n s S ta te
o f A ra p a h o e , v ic e p r e s id e n t.
G roup F iv e
W a y n e R . M o rris , c a s h ie r, O v e rla n d
N a tio n a l o f G r a n d Is la n d , p r e s id e n t,
a n d R. R . A d e n , v ic e p r e s id e n t a n d
c a s h ie r , G o th e n b u r g S ta te B a n k , v ic e
p r e s id e n t.
G roup S ix
W . B. H u ffm a n , c a s h ie r , F i r s t N a
tio n a l o f M itc h e ll, p r e s id e n t, a n d D o n
a ld L ic h ty , v ic e p r e s id e n t, G u a r d ia n
S ta te o f A llia n c e , v ic e p r e s id e n t.
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
95
OUR CORRESPONDENT TEAM
ALBERT A. HELD
Vice Chairman of the Board
GENE C. EATON
Senior Vice President
E. N. (JACK) THOMPSON
Senior Vice President
REX E. M ILLER
Vice President
WINTON W. BUCKLEY
Assistant Cashier
We Saw You at the District Meetings
of the Nebraska State Bankers Association
Whenever you have any correspondent banking problems, be sure to call upon this exper
ienced team for assistance. We’re always ready to help you in every way we can.
“ There is no substitute for
NATIONAL
BANKofCOMMERCE
M EM BER : F. D. I. C.
TRUST& SAVINGS
Northwest ern Banker, M ay, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Nebraska News
96
p e a re d
in
th e
M a rc h
N orthw estern
T'
B a n k e r .)
T h is p le d g e r e p r e s e n t s 143 p e r c e n t
o f th e $900,000 g o a l s e t b y th e L in c o ln
C h a m b e r o f C o m m e rc e a n d it s L in c o ln
I n d u s t r i a l D e v e lo p m e n t C o rp o ra tio n .
A s r e p o r te d e a r l ie r (in o u r M a rc h is
s u e ) , N a tio n a l B a n k o f C o m m e rc e a n d
F i r s t C o n tin e n ta l N a tio n a l B & T a r e
jo i n tl y lo a n in g $700,000 fo r a fiv e -y e a r
p e r io d f o r a c q u is itio n a n d in i ti a l d e
v e lo p m e n t m o s t o f th e in d u s t r i a l p a r k .
* * *
A L E L . Y O U N G , a s s is t a n t v ic e
p r e s id e n t, a n d R ich ard G. W ad e,
a s s i s t a n t c a s h ie r , h a v e b e e n a s s ig n e d
a d d itio n a l r e s p o n s ib ilitie s in th e m o r t
g a g e lo a n d e p a r t m e n t of F i r s t C o n ti
n e n t a l N a tio n a l B a n k a n d T r u s t C o m
pany.
D
D. L. Y O U N G
R. G. W A D E
M r. Y o u n g jo in e d th e b a n k in 1950
a f t e r g r a d u a t in g f r o m th e U n iv e r s ity
o f N e b r a s k a . H e h a s b e e n a s s o c ia te d
w ith c o m m e r c i a l , in s ta llm e n t, a n d
m o r tg a g e lo a n a c tiv itie s in th e b a n k .
M r. W a d e , a ls o a g r a d u a t e o f th e
U n iv e r s ity , jo in e d th e m o r tg a g e lo a n
d e p a rtm e n t of T h e F ir s t T ru s t C om
p a n y in 1953. H e b e c a m e a s s o c ia te d
w ith th e b a n k in 1958 a n d h a s c o n
t i n u e d in th e c o m m e rc ia l a n d m o r t
g a g e lo a n d e p a r t m e n t s .
T h e s e tw o m e n h a v e a s s u m e d th e
r e s p o n s ib ilitie s o f G erald M ad d ox a n d
R ich a rd H itz w h o h a v e r e s ig n e d fr o m
th e b a n k in o r d e r to b e c o m e a s s o c i
a te d w ith L in c o ln F e d e r a l S a v in g s a n d
L o a n A s s o c ia tio n .
R a y O sborn h a s b e e n e le c te d a v ic e
p r e s id e n t a n d d ir e c to r o f H a v e lo c k
N a tio n a l B a n k , a c c o r d in g to V ic to r E .
A n d e r so n , p r e s id e n t. M r. O s b o rn h a s
p u r c h a s e d th e s to c k o f A r th u r J.
W e a v e r a n d A. L . (P a t) M in ier.
T h e n e w v ic e p r e s id e n t is a w ellk n o w n L in c o ln b u s in e s s m e n , c u r r e n t
ly s e r v in g a s a m e m b e r of th e S ta te
L iq u o r C o n tro l C o m m iss io n .
T h e W e a v e r- M in ie r C o m p a n y la s t
y e a r p u r c h a s e d th e i n s u r a n c e d e p a r t
m e n t of T h e .F ir s t T ru s t C o m p an y
( w h ic h m e r g e d w ith N a tio n a l B a n k o f
C o m m e rc e ), a s w e ll a s i n t e r e s t s o f th e
F r a n c i s L. M a r tla n d e s t a te in th e
W e a v e r - M in i e r - M a r tl a n d I n s u r a n c e
C o m p a n y o f O m a h a . M r. M in ie r s a id
th e s e a d d itio n a l r e s p o n s ib ilitie s m a d e
i t n e c e s s a r y to d is p o s e of t h e i r b a n k
i n t e r e s t s in o r d e r to d e v o te m o r e tim e
to t h e i r e x p a n d in g in s u r a n c e b u s in e s s .
*
*
*
U n d e r th e c o - c h a ir m a n s h ip of W h e a
to n B a tte y , c h a ir m a n o f F i r s t C o n ti
n e n ta l N a tio n a l, a n d E . N . (J a ck )
T h o m p so n , s e n io r v ic e p r e s id e n t o f
N a tio n a l B a n k o f C o m m e rc e , L in c o ln ’s
fir s t “ I n d u s t r i a l P a r k ” h a s r e c e iv e d
r e c o r d - b r e a k in g fin a n c ia l s u p p o r t fr o m
th e b u s in e s s c o m m u n ity .
B u s in e s s
a n d i n d u s t r y h a v e p le d g e d m o r e t h a n
$1,250,000 to p u r c h a s e a n d d e v e lo p th e
c i t y ’s f ir s t in d u s t r i a l p a r k o n a 300a c re s ite in s o u t h w e s t L in c o ln . (D e
ta ile d r e v ie w o f th e p ro p o s e d p a r k ap-
FIRST NEBRASKA SECURITIES, Inc.
M em ber N ew Y o rk S tock E x change
A m erican Stock E xchange (Assoc.)
O nly New York Stock Exchange member firm
with Home O ffice in Nebraska
Complete investment service for banks,
institutions and individuals
Direct New York wire
Lincoln, Nebraska
1001 "O " Street
Phone 477-9221
Northwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Hastings, Nebraska
237 N. St. Joseph Ave.
'~
Phone
3-3141
T h e b e a u ti f u l d riv e -in b a n k of th e
F i r s t C o n tin e n ta l N a tio n a l B & T h a s
b e e n r e c o g n iz e d w ith a n o th e r to p
a w a rd . T h e C la rk a n d E n e r s e n a r c h i
te c t firm a n d th e b a n k r e c e n t ly re c e iv e d t h e a n n u a l A m e r ic a n I n s t i t u t e
o f A r c h it e c ts h o n o r a w a r d in O m a h a .
L a te la s t y e a r th e b a n k a n d th e a r c h i
t e c t u r a l firm w e r e h o n o r e d f o r th e
s a m e s t r u c t u r e a t th e a n n u a l m e e tin g
o f th e N e b r a s k a C h a p te r o f th e A m e r i
c a n I n s t i t u t e o f A r c h ite c ts .
T h e a w a r d in O m a h a w a s re c e iv e d
b y W h e a to n B a tte y , c h a ir m a n , a n d
W a lte r N o lte , e x e c u tiv e v ic e p r e s id e n t,
f o r F i r s t C o n tin e n ta l N a tio n a l, a n d
b y K e n n e th B. C lark a n d L arry A .
E n e r s e n fo r t h e i r firm .
T h e tw o a r c h i te c t s a ls o re c e iv e d
h o n o r a w a r d s f o r th e s t u d e n t u n io n
b u ild in g s a t P e r u a n d C h a d ro n S ta te
T e a c h e r s C o lle g e s.— E n d .
5|c
S ta te B a n k in g D ir e c to r R a lp h M isk o
h a s is s u e d a d ir e c tiv e to a ll n o n -b a n k
in s t i t u t i o n s to c e a s e is s u in g m o n e y o r
d e rs . T h is o r d e r a ffe c ts s u p e r m a r k e t s ,
d r u g s to r e s , d e p a r t m e n t s to r e s a n d
a n y o th e r s n o t c h a r t e r e d a s b a n k s .
H e is s u e d a n o r d e r s p e c ific a lly r e
q u ir in g H in k y D in k y s u p e r m a r k e t s in
O m a h a a n d L in c o ln , a n d R e p u b lic
M o n e y O rd e rs , In c ., o f D a lla s , T ex .,
to c e a s e o ff e rin g f o r s a le m o n e y o r d e r s
in th e s t a te o f N e b r a s k a . H e s a id s u c h
s a le o f m o n e y o r d e r s b y th o s e o th e r
t h a n b a n k s is in v io la tio n of th e s ta te
b a n k in g la w s , a n d t h a t a s t a t e a t t o r
n e y g e n e r a l’s o p in io n la s t y e a r u p h e ld
t h i s p o s itio n .
r
L
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1
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A
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In sta lls L arge C lock
T h e C o m m e rc ia l B a n k o f B lu e H ill
h a s c o m p le te d t h e e r e c tio n o f a la r g e
c lo c k a to p t h e m a r q u e e n e x t to th e
b a n k b u ild in g .
M
C am bridge B an k P la n s
A
D ir e c to r s of th e F i r s t N a t i o n a l
B a n k , C a m b rid g e , h a v e d e c id e d to p u r
c h a s e t h e p o sto ffic e b u ild in g w ith
p la n s in m in d of u s i n g th e a d d itio n a l
s p a c e f o r e x p a n s io n o f th e b a n k . P o stoffice p e r s o n n e l p la n to m o v e in to n e w
q u a r t e r s J u l y 1.
7
97
O n e o f a s e r ie s fe a tu rin g th e la d ie s b e h in d
th e m e n y o u k n o w a n d w o rk w ith a t
F ir s t C o n tin e n ta l
A
First Continental
FIRST LADY
MRS. MAR/L YN EDGECOMB
Marilyn Edgecomb started her busy life as a First Continental First Lady
more than thirteen years ago when she attended her first district meeting.
Since then she has made so many friends among Nebraska bankers and
their wives, she wishes she could accompany her husband, Bill, on his
visits to their home towns. But like all busy bankers' wives, Marilyn feels
there just aren’t enough hours in the day to do all the things she wants to
do. The Edgecombs’ four children give Marilyn a full-tim e job— Emily is 11
years old, Katie 10, John 7, and Elizabeth 5. Marilyn loves to sew. She
says it is her hobby, but her friends will tell you it is a first-rate talent!
8
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F IR S T
N A T I O N A L
—
I 2 T H
6c
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C O N T IN E N T A L
B A N K
S T R E E T
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T R U S T
N C O L N ,
C O M P A N Y
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B
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A
S
K
A
m e m b e r F .D ./.C .
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
98
N eb raska
N ew s
I..1 0 0
of th e F i r s t N a tio n a l o f O m a h a , a n d
r
h is a s s o c ia te s .
M r. D in s d a le h a s in t e r e s t s in th e
P a lm e r S ta te B a n k a n d in th e F i r s t
N a tio n a l B a n k s of N e lig h , S h e lb y a n d j
O sceo la.
A s s o c ia te s in th e p ro p o s e d b a n k in
c lu d e : B. F . L u n d t, T r a u n e y A. B o b s,
E r n e s t B o h s, A a lp h K u h r , H e r b e r t L
K o lte r m a n , D o n R h o a d e s , R a lp h V in
to n , A n s e l T o ft, a n d D r. R u d o lp h Siev e r s , a ll o f B la ir, a n d H a r o ld S w a n
so n , F o r t C a lh o u n ; J o h n E . G la n d t,
N e lig h , a n d J . A. D in s d a le , P a lm e r .
A
a t W u st i*u i n t
O P E N H O U S E w as c o n d u cted la s t m o n th a t th ese n e w q u a rte rs fo r th e F a rm e rs an d
M e rc h a n ts N a tio n a l B a n k , W e st P o in t, N eb.
1,500 p e r s o n s
a tt e n d e d o p e n h o u s e la s t m o n th
a t th e F a r m e r s & M e r c h a n ts N a tio n a l
B a n k , W e s t P o in t.
A f te r a to u r of
th e n e w b u ild in g , th e y w e re s e r v e d
r e f r e s h m e n ts a t th e c ity a u d ito r iu m .
T h r e e s a v in g s b o n d s w e r e g iv e n
w in n e r s o f a c o n te s t to g u e s s th e n e a r
e s t to th e a c tu a l n u m b e r o f p e n n ie s ,
in a c o n ta in e r , th e fir s t w in n e r r e c e iv
in g a $100 b o n d .
T h e n e w s t r u c t u r e f e a t u r e s a d riv e u p w in d o w o n th e n o r t h , te r r a z z o
flo o rin g , w a ln u t f i x tu r e s a n d f u r n i t u r e
a n d a n e w v a u l t o f d o u b le c e r ta in s te e l
r e in f o r c e d c o n c re te . O th e r h ig h lig h ts
a r e a n in te r c o m s y s te m , b a c k g r o u n d
A
p p r o x im a t e l y
m u s ic , v a u l t v e n t i l a t o r a n d a r e m o v
a b le w a ll p a n e l f o r a f u t u r e w a lk -u p
w in d o w .
N ew B ank A p p lic a tio n
R o y D in s d a le , v ic e p r e s id e n t, S ta te
B a n k a t P a lm e r , a n d 12 a s s o c ia te s r e
c e n tl y a p p lie d f o r a c h a r t e r fo r a n e w
b a n k a t B la ir, a c c o r d in g to R a lp h E .
M isk o , s t a te d ir e c to r o f b a n k in g .
T h e b a n k p ro p o s e s c a p ita l a c c o u n ts
o f $150,000, in c lu d in g $100,000 c a p ita l,
$25,000 s u r p lu s a n d $25,000 u n d iv id e d
p ro fits .
B la ir a lr e a d y h a s o n e b a n k , th e
W a s h in g to n C o u n ty B a n k , o w n e d b y
J o h n L a u r it z e n , s e n io r v ic e p r e s id e n t
N ebraska City S tock Sale
J o h n D. S to c k e r, p r e s id e n t, O toe
C o u n ty N a tio n a l B a n k , N e b r a s k a C ity ,
r e c e n t ly s o ld a p o r tio n o f h is i n t e r e s t
in th e b a n k to D o n a ld M. R o b e r ts o f
P ilg e r, a n d o th e r s .
M r. S to c k e r s a id h e w ill b e c o m e V
c h a ir m a n o f th e b o a r d a n d M r. R o b e rts
w ill b e th e n e w p r e s id e n t, w ith n o
o th e r c h a n g e s in p e r s o n n e l c o n te m
p la te d . M r. R o b e r ts h a s b e e n c a s h ie r
v
of th e F a r m e r s N a tio n a l in P ilg e r.
T h e O to e C o u n ty N a tio n a l is c o m
p le t in g p la n s fo r a n e w b a n k b u ild in g ,
w ith c o n s tr u c tio n to b e g in th is s u m
m er.
NEBRASKA NEWS . . .
( T u r n to p a g e 120, p le a s e )
______________________ ___________________
A
T h at’s rig*lxt. . . p ic k u p y o u r p h o n e
y
it’s TA 5-3181
Bank Better
thru Central
C entral is the b an k to call for
assistance on your legal lim it loan
problem s. G et in touch w ith Bill G ossett
on C orrespondent Bank Loans. T alk to us at
the C onventions, and m eanwhile, just a
rem inder, our Jo h n D iedrich will w ork w ith
you on B onds and M unicipals. Pick up
your phone, get the C heck-w ith-C entral habit.
A
y
*-
A
A
Member: F.D.t.C, • Federal Reserve System
AIM D
T R
I M
U
S T
K
C O -
Central P a rk ...1 5 th & Arapahoe Street, Denver 17, Colorado
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
99
“ SEE YOU TOMORROW”
“ SEE YOU TONIGHT"
Men who value th e ir tim e —on the job and at leisure—fly Ozark . . .th e airline th a t m easures the m idw est in m inutes.
So check yo ur travel plans . . . check Ozark’s fast, fre q u e n t service between 53 cities in nine states. Two m inutes
spent now on a call to Ozark or yo ur travel agent can save you many valuable hours.
^ ^ ^
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Nort hwest ern Banker, May, 1962
Off to the Group Meetings!
in tr u
Grou p
5
10
6
2
3
4
7
8
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M
Date
M ay 8
M ay 9
M ay 10
M ay 11
M ay 22
M ay 23
M ay 24
M ay 25
a
r r liu if s
Cy Kirk and Homer Jensen of the Bankers Trust Company
are looking forward to another great get-together with
you at the 1962 Group Meetings.
The Group Meetings are always one of the high
lights of the year with us, as we look for
ward to the privilege and pleasure of
visiting personally with you.
Tow n
C ouncil Bluffs
C h arito n
M arsh allto w n
W eb ster City
C lear Lake
New H am p to n
Vi a terlo o
D avenport
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A W H O LE NEW WORLD OF
PROGRESS FOR CORRESPONDENT
BANK SERVICE
B ankers Trust
C om pan y
The Largest Locally-Owned Bank in Des Moines
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Member: Federal Deposit Insurance Corporation • Federal Reserve System
101
M r. B o s ie r h a s b e e n e x e c u tiv e v ic e
p r e s id e n t o f th e b a n k s in c e 1948. H e
jo in e d th e b a n k in 1935 a s v ic e p r e s i
d e n t. H e w ill c o n tin u e to s e r v e a s a
d ir e c to r a n d a m e m b e r o f th e i n v e s t
m e n t a n d o th e r c o m m itte e s .
l owii
NEW S
R e sig n s At Sac City
CH A RLES H . W A LC O TT
FRAN K W A RN ER
P re s id e n t
S e c re ta ry
S io u x C it y
Des M o in e s
F ed D ir e cto r C andidate
A c c o rd in g to th e w is h e s o f h is b a n k
e r f r ie n d s , b o th in a n d o u t o f Io w a ,
H a r r y W . S c h a lle r, p r e s id e n t o f th e
C itiz e n s F i r s t N a tio n a l B a n k , S to r m
L a k e , h a s a n n o u n c e d h is c a n d id a c y
f o r th e d i r e c t o r
s h ip o f th e F e d e r
al R e se rv e B a n k
o f C h ic a g o , r e p r e
s e n tin g m em ber
b a n k s in “ C la ss
A, G ro u p 3,” b e
in g th o s e h a v in g
c a p ita l and su r
p lu s u n d e r $600,000.
M r. S c h a lle r is
H. W . SCH A LLER
a n a ti v e o f Io w a
a n d h a s h a d m a n y y e a r s o f b a n k in g
e x p e rie n c e . H e h a s s e r v e d o n v a r i
o u s c o m m itte e s of th e Io w a B a n k e r s
A s s o c ia tio n a n d is a f o r m e r p r e s id e n t.
H e a ls o h a s s e r v e d o n v a r i o u s c o m
m i tt e e s o f th e A m e r ic a n B a n k e r s A s
s o c ia tio n , in c lu d in g th e c h a ir m a n s h ip
o f th e a g r i c u l t u r a l c o m m itte e .
M r. S c h a lle r is a th o r o u g h s t u d e n t
o f b o th f a r m a n d u r b a n c r e d its , a n d
lo n g h a s h a d th e r e p u t a t i o n fo r s e r v
in g th e c r e d i t n e e d s o f h is c o m m u n ity
a d e q u a t e ly a n d s o u n d ly . H e h a s th e
f u ll s u p p o r t o f th e Io w a B a n k e r s A s
s o c ia tio n in h is c a n d id a c y .
ñ
p la c e d o n th e w a iti n g lis t, a n d if a to
t a l o f 50 a d d itio n a l p e r s o n s c a n b e e n
r o lle d a se c o n d u n i t w ill b e s e t u p .
T h e s c h o o l w ill o p e n M o n d a y m o r n
in g , J u n e 11.
C la r k A r n o tt, p r e s id e n t o f t h e S ac
C ity S ta te B a n k , h a s r e s ig n e d to a c
c e p t a p o s itio n a s v ic e p r e s id e n t o f
th e C itiz e n s N a tio n a l B a n k , E m p o r ia ,
K a n s a s . N o r e p la c e m e n t h a s b e e n a n
n o u n c e d a t S ac C ity .
S io u x City P u rch a se
E dw ard F. B u e n n e k e
E d w a r d F . B u e n n e k e , 72, v ic e p r e s i
d e n t a n d d ir e c to r of th e S e c u r ity S a v
in g s B a n k , S c r a n to n , d ie d la s t m o n th .
H e w o u ld h a v e o b s e r v e d h is 5 0 th y e a r
in b a n k in g n e x t m o n th . M r. B u e n n e k e
r e t i r e d fr o m a c tiv e b a n k in g in 1956
b u t c o n tin u e d a s a n officer o f th e b a n k .
H e w a s o n e of t h r e e b r o t h e r s a c tiv e
in b a n k in g w h o a c c u m u la te d a to t a l of
117 y e a r s in th e b a n k in g b u s in e s s . B e
s id e s h is w ife , h e is s u r v iv e d b y o n e
b r o t h e r , W a lt e r o f C o o n R a p id s , a n d
t h r e e s i s te r s in M a y n a rd .
C harles H . B u sier R etires
C h a r le s H . B o sie r, w h o r e t i r e d a s
e x e c u tiv e v ic e p r e s id e n t o f th e B u r
li n g to n B a n k a n d T r u s t C o m p a n y ,
A p r il 1, w a s h o n o r e d a t a p a r t y g iv e n
b y d ir e c to r s , o fficers a n d b a n k p e r s o n
n e l a n d t h e i r w iv e s a n d h u s b a n d s .
i* re s itlin tf u t
.fin í/
j. T. GRANT
J o e G ra n t, p r e s
id e n t o f th e F i r s t
N a tio n a l B ? n k in
S io u x C ity , a n d
a s s o c ia te s have
p u r c h a s e d con
tr o ll in g i n t e r e s t
in t h e b a n k .
A s o f M 'arch 26,
th e F i r s t N a tio n
al sh o w ed d ep o s
its o f o v e r $32,000,000.
J o in s M olin e N ation al
C a rl A. K a u tz , J r ., f o r m e r ly a s s is t
a n t v ic e p r e s id e n t a t th e N o r th w e s t
B a n k a n d T r u s t C o m p a n y in D a v e n
p o r t, h a s jo in e d th e M o lin e N a tio n a l
B a n k , M o lin e , 111., a s v ic e p r e s id e n t.
H e is in c h a r g e o f th e in s ta l lm e n t lo a n
d e p a rtm e n t.
G r o u p M e e t in g s
A m es F o rm a l O p e n in g
A f o r m a l s h o w in g o f th e n e w b a n k
in g f a c ilitie s w a s h e ld A p r il 28 a n d 29
b y th e U n io n S to r y T r u s t & S a v in g s
B a n k , A m e s, a c c o r d in g to a n a n
n o u n c e m e n t b y A r t L u c h t, p r e s id e n t.
G rou p 11 G o lf O u tin g
G ro u p 11 o f th e Io w a B a n k e r s A s s o
c ia tio n h a s m a d e p r e l im in a r y p la n s to
h o ld th e a n n u a l g o lf o u tin g a t F o r t
M a d iso n , a c c o r d in g to F r a n k L. K o s,
c h a ir m a n o f G ro u p 11 a n d v ic e p r e s i
d e n t, W a s h i n g to n S ta te B a n k . T h e
o u ti n g w ill b e o n a W e d n e s d a y a n d a
d e fin ite d a te w ill b e a n n o u n c e d so o n .
F. J. L E W IS
C h a ir m a n
G ro u p 5
M ay 8
M . J. G R O G A N
C h a ir m a n
G ro u p 10
M ay 9
G. L . A R M S T R O N G
C h a ir m a n
G ro u p 6
M a y 10
W . L. V A L L IE
C h a ir m a n
G ro u p 2
M a y 11
E . C. B A R T I K
C h a ir m a n
G ro u p 3
M a y 22
C. W . G R I M E S
C h a ir m a n
G ro u p 4
M a y 23
J. C O R C O R A N , JR .
C h a ir m a n
G ro u p 7
M a y 24
J . A. M A U R IC E
C h a ir m a n
G ro u p 8
M a y 25
A g Class C o m p lete
1
r
F r a n k W a r n e r , s e c r e ta r y o f th e
Io w a B a n k e r s A s s o c ia tio n , r e p o r t s
t h a t e n r o l lm e n t in t h e 1 7 th a n n u a l
I.B .A . A g r ic u l tu r a l C re d it S c h o o l is
filled .
S e v e ra l p e rs o n s h a v e b een
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
No r t hwe s t e; n Banker, May,
1962
102
Io w a
N ew s
iir u n s v ilh * O p e n H n n s e
M oves to B a sem en t
T h e b o o k k e e p in g d e p a r t m e n t of th e
N o rth w o o d S ta te B a n k , N o rth w o o d ,
Io w a , h a s b e e n m o v e d to th e r e m o d
e le d a n d a i r c o n d itio n e d b a s e m e n t.
T h e m o v e w a s m a d e n e c e s s a r y b y th e
r e q u i r e m e n ts o f m o r e s p a c e a n d a d d i
tio n a l offices o n th e m a in floor, r e p o r ts
K e rm it, S. P a u ls o n , p r e s id e n t.
H. C. B u ell H o n o r ed
H . C. B u e ll, r e t i r e d p r e s id e n t o f th e
L o n e T r e e S a v in g s B a n k , L o n e T re e ,
Io w a , w a s h o n o r e d r e c e n t ly u p o n c o m
p le tio n o f 50 y e a r s of s e r v ic e a s t h e
to w n t r e a s u r e r . M r. B u e ll r e t i r e d fr o m
a c tiv e b a n k in g s e v e r a l y e a r s ago.
O P E N H O U S E w as h eld la s t m o n th a t th e rem o d eled a n d e n la rg e d q u a rte rs of th e F i r s t
S ta te B a n k , B ru n sv ille , Io w a , show n abo v e. T he b u ild in g w as d e sig n ed b y B e ck e r a n d
A sso c ia tes o f A lta , Io w a. T he A lta firm also fu rn is h e d th e fix tu re s.
there
is
only
BA N K
in
the
St. Joseph
Stock
Yards
W aukon E x p a n sio n
T h e W a u k o n S ta te B a n k , W a u k o n ,
Io w a , h a s p u r c h a s e d th e J o h n s o n a n d
L eet, b u ild in g in W a u k o n j u s t n o r t h
o f th e b a n k b u ild in g . T h e n e w ly a c
q u ir e d p r o p e r ty w ill b e c le a r e d fo r
u s e a s a c u s to m e r p a r k i n g lot.
N ation al C harter A sked
A p p lic a tio n fo r a n a ti o n a l b a n k
c h a r t e r h a s b e e n m a d e b y a g r o u p of
C o lu m b u s J u n c t io n , Io w a , r e s id e n ts .
T h e p ro p o s e d n e w b a n k w o u ld h a v e a
c a p ita l s t r u c t u r e of $200,000.
M oves to P ra irie City
H a r r y S o u lts , f o r m e r l y c a s h ie r of
th e G ib s o n S a v in g s B a n k , G ib so n ,
Io w a , h a s jo in e d th e S ta te B a n k of
P r a i r ie C ity , Io w a , a s c a s h ie r. H e a lso
w a s e le c te d to th e b o a rd of d ir e c to r s
o f th e P r a i r i e C ity b a n k . M r. S o u lts
d is p o s e d o f h is i n t e r e s t s in th e G ib so n
bank.
T H E 8T H A N N U A L H IG H SC H O O L D A Y p ro g ra m of th e lie s M oines C h a p te r of th e
A m e ric a n I n s t i tu t e of B a n k in g w as h e ld la s t m o n th a n d s tu d e n ts fro m th e D es M oines
h ig h schools w ere g u e sts of six D es M oines b a n k s. Show n a b o v e a re stu d e n ts lis te n in g
to b r ie f le c tu re b y J a c k P a rm e n te r, rig h t, m gr., b o o k k e ep in g d e p t., C e n tra l N a tio n a l
B a n k & T ru s t Co. O th e r gro u p s w ere g u e sts of B a n k e rs T ru s t C om pany, C a p ita l C ity
S ta te , Iow a-D es M oines N a tio n a l, Io w a S ta te B a n k a n d V a lle y B a n k & T ru st. S tu d e n ts
abo v e, le f t to r ig h t: B e v e rly D onley, T ech H ig h ; C arol G a rd in e r, E a s t; C in d y P a rk e r,
R o o se v e lt; S h a ro n B a k e r, L in c o ln ; K a th le e n C ritz, S t. J o s e p h ’s; S te v e n K e n t, D ow ling,
a n d R a y N y stro m , N o rth .
,^
rc
F IR S T S T O C K
YARDS BANK
. . . m ake it y o u r correspondent!
T h e o n ly b an k w ith up-to-the m in u te
inform ation on livestock m ark etin g an d
financing!
FIRST STOCK YARDS BANK
SOUTH ST. JOSEPH, MO.
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
"Strong friend o f the
Independent Banker!
FEderal
3-5411
M ARQ U ETTE
O F IVliN N E A R O O S
MEMBER
FEDERAI
OEROSIT
IM IV RàN CE
CORPORATION
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DOING BUSINESS
IN KANSAS CITY?
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S S ita ia
O u t-o f-to w n e rs
.
lik e th e s e r v i c e
i
at CITY NATIONAL!
WHY?
Because
they've learned that City National takes that
extra effort to speed the services to corres
pondents.
On the local scene, City National is
known for its many "firsts" . . . Motor Bank, Patio
Bank and the new Garden Bank now under construction.
Nationally and internationally, we give the same
plus service to our many friends in all parts of
the world. This national and international
network of friendship means good business . . .
for us and for you 1
In K A N S A S
C I T Y , i t ’s
CITY N A T IO N A L B A N K
and Trust Company of KANSAS CITY, Missouri
E stablished
1913
Member Federal Deposit Insurance Corporation
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
104
Iow a
News
O p en H o u s e a t H u th v e n S t a t e
i-W
• ¥
*
*
*
¥
i
*
I ¥
P E N h o u s e w a s h e ld e a r l y la s t
m o n th a t th e n e w q u a r t e r s of th e
R u th v e n S ta te B a n k , R u th v e n , Io w a .
T h e o p e n in g f e a t u r e d g if ts o f p e n c ils
fo r v is it o r s a n d s u c k e r s fo r th e k id s.
A s p e c ia l o p e n in g w a s c o n d u c te d fo r
b a n k e r s d u r i n g th e e v e n in g , c lim a x e d
w ith a d i n n e r a t L a k e O k o b o ji.
J o h n B. K e e lin e , jir e s id e n t, C e n tr a l
T r u s t & S a v in g s B a n k , C h e ro k e e , is
p r e s id e n t of th e R u th v e n b a n k . O th e r
o fficers a r e M rs. J e n n i e K e e lin e a n d
C a rl B. W ic h m a n , v ic e jir e s id e n ts ; W il
lia m B r e n n a n , c a s h ie r , a n d D ic k C a r
p e n te r , a s s i s t a n t c a s h ie r.
O
7 ^ 1
*
¥
7 V O T E “YES” *
for
America s Finest
C ourt System
\
¥
¥
¥
★
V
Constitutional A mendment
¥
June 4, 1962 YES [X
THE IOWA PLAN FOR
THE SELECTION OF JUDGES
7
H ere's
What
the
Plan
Does
You!
♦5 . A s s u r e s t h e
a v a i l a b i l i t y and
c o n t i n u a n c e of
q u a l i f i e d ju d g e s ,
freed from the
u n c e rta in tie s a n d
p re s s u re s of p a rty
politics.
R e m o v e s th e
s e l e c t i o n of Iow a
S u p r e m e and
District Court
J u d g e s fro m p o li
tic s.
1. G uarantees
y o u r rig h t to v o te
on e a c h D is tr ic t
and S u p re m e
C o u rt J u d g e on his
p e rso n a l re c o rd of
p e rfo rm a n c e a f t e r
.x. e ac h te rm of office.
for
V o te r s C o m m itte e for
JU D G E S
and
C O U R T S
W . E A R L H A L L , C hairm an
IN C O O P E R A T IO N W I T H
IO W A JUDGES ASSOC.
*
J u d g e W i lli a m P . B u tl e r , P r e s i d e n t
A
$*:•.
IO W A BAR A SSOC.
-Jr
M b :,
W . O. W e av er, P re s id e n t
*
Nort hwest ern Banker, May. 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.
*
J
*
'W
Savin gs B on d s D rive
*
¥
¥
1
★
★
T h e firs t n a tio n -w id e s a v in g s b o n d s
d r iv e in 11 y e a r s w ill b e k ic k e d off o n
M a y 1 a n d w ill r u n fo r tw o fu ll
m o n th s , M a r v in M. S c h m id t, v o lu n t e e r
Io w a c h a ir m a n of th e s a v in g s b o n d s
jiro g ra m , a n n o u n c e d r e c e n tly .
“ T h is c a m jia ig n , a p p r o p r ia t e ly c a lle d
th e F r e e d o m B o n d D riv e , is d e s ig n e d
to g iv e e v e r y A m e r ic a n th e o p p o r t u
n it y to jju t h im s e lf in to th e fig h t fo r
fr e e d o m a s a n a c tiv e p a r t n e r o f h is
g o v e r n m e n t,” M r. S c h m id t said . “A t
th e s a m e tim e h e w ill b e p u t t i n g h is
d o lla r s to w o r k b u ild in g e c o n o m ic
s t r e n g t h fo r th e n a ti o n .”
M r. S c h m id t a ls o r e p o r te d t h a t $10,015,745 w a s in v e s te d in S e rie s E a n d
H b o n d s b y I o w a n s d u r i n g M a rc h , g iv
in g th e s t a te a th r e e - m o n th to t a l of
$34,712,638, fo r 44 jje r c e n t o f its F r e e
d o m B o n d D riv e q u o ta . A ll s a le s fo r
th e f ir s t s ix m o n th s c o u n t to w a r d s
th i s q u o ta .
T
4
r
y
N am ed O fficer, D ir e cto r
E r n i e A r n d t, m a n a g e r of th e G rim s ta d - A r n d t I n s u r a n c e a g e n c y in D e
c o ra h , h a s b e e n e le c te d v ic e p r e s id e n t
a n d m e m b e r o f th e b o a r d o f th e S e c u
r i t y S ta te B a n k & T r u s t C o m p a n y ,
D e c o ra h .
P u r c h a s e o f th e J e n n e r j o h n I n s u r
a n c e a g e n c y in D e c o ra h b y M r. A r n d t
a n d H a r o ld G rim s ta d , p r e s id e n t of th e
b a n k , w a s r e p o r te d in t h e A p r il is s u e
o f th e N o r t h w e s t e r n B a n k e r .
4r
t
«
Architect’s illustration courtesy Peoples Bank and Trtist Company, Waterloo.
■
accent
on
action
W h at? A bus p a rk ed at our front door? Yes,
siree. But this is n o t an ordinary vehicle. I t’s
the F IE L D O F F IC E of the Kirk Gross Bank
D esign-C onstruction Service . . . assuring you
specialized, u n in te rru p te d o p erating efficiency
w hen b u ild in g or rem odeling.
No m ore delays w aiting for hom e office replies.
This u n iq u e F ie ld Office enables our specialists
to m ake o n-the-spot decisions on building, re
m odeling or eq u ip m e n t problem s. Your project
is com pleted on tim e, w ith o u t fuss, w orry or
a d d ed expense.
w e b r in g o u r
R ank
D iv is io n
F ie ld O ffice in c lu d e s p la n n in g
fa c ilitie s a n d d ra ftin g b o a rd s for
c o n tra c to r,
a rc h ite c t
and
our
sp e c ia lists.
T h e se m e n rev iew
d a ily p ro g ress a n d co -o rd in a te
a d v a n c e w o rk in g p la n s t o g e th e r n o lo s t tim e o r a d d e d expenses
fo r h o m e
office c o n ta c ts —you
b e n e fit in q u ic k service a n d r e
d u c e d costs.
RIGHT
to y o u r
W h eth er your rem odeling program is B IG or
SM ALL let us show you how T he Kirk Gross
Bank D esign-C onstruction Service can save you
m oney in stead of costing you m oney.
~o
P la n n in g
front door
■ ■ ¡H iflP ip
, TRUSS <
111
r
i r orirv ?
.
-
Li
Call or Write Today!
..
..
k
t
/
R
k
Bank Design
C
i
o
s s
C
Construction Service
r
110 East Seventh Street
W ATERLOO, IOWA
ADams 4-6641
THE KIRK GROSS BANK DESIGN-CONSTRUCTION SERVICE HAS COMPLETED MORE REMODELING PROGRAMS FOR IOWA FINANCIAL INSTITUTIONS THAN ANY SIMILAR ORGANIZATION
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.
o
/
Iowa News
106
D a v en p o rt P r o m o tio n s
W . F . M e ib u rg , p r e s id e n t, N o r th w e s t
B a n k & T r u s t C o m p a n y , D a v e n p o rt,
h a s a n n o u n c e d th e fo llo w in g s ta ff p r o
m o tio n s :
W illia m A. K la u e r w a s p r o m o te d to
a s s is t a n t c a s h ie r in th e in s ta l lm e n t
lo a n d e p a r t m e n t ; J o h n D. H e itt e w a s
KLAUER
H IE T T
HAAS
p r o m o te d to a s s i s t a n t c a s h ie r in
c h a r g e o f th e d riv e -in d e p a r t m e n t , a n d
W a lt e r H . H a a s w a s a p p o in te d a s s is t
a n t c a s h ie r in th e i n s ta l lm e n t lo a n
d e p a rtm e n t.
H o n o r A. R. S a n d erso n
Amount
A
I00M
Issue
State of Michigan Trunk Line Highway
Revenue W l
I00M
AA
1I0M
City of Spokane, Washington
School District No. 8 1 W l
I00M
A
I50M
City of Philadelphia, Pennsylvania
Various Purpose General Obligation W l
I50M
I00M
A
BAA
BAA
I8M
T h e s ig n a t th e W e s t U n io n b a n k
is s h o w n h e r e a t le f t w ith th e P e r r y
S ta te B a n k s ig n a t r ig h t.
Coupon
Maturity
Yield
5.00%
5-I-7I
2.75
5.00%
5-1-72
2.85
3.00%
4-1-69
2.30
3.00%
4-1-70
2.40
4 %%
7-1-69
2.45
4 '/2%
7-1-71
2.65
4 %%
7-1-72
2.70
R o c k fo r d O p en H o u se
3.00%
4-I-7I
2.75
I5M
3.00%
4-1-72
2.80
3.00%
4-1-73
2.85
Cook Co., Illinois
Sch. Dist. No. I70 (Chicago Heights]
3.00%
12-1-68
2.60
Du Page Co., Illinois
Sch. Dist. No. 45 (Villa Park) W l
3.00%
I2-I-66
2.40
3.00%
12-1-67
2.50
30M
30M
30M
3.00%
12-1-68
2.60
30M
3.00%
12-1-69
2.70
30M
3.00%
I2-I-70
2.80
30M
3.00%
I2-I-7I
2.90
30M
3 %%
I2-I-72
3.00
J J E Ä N W I T T E R Sc C O .
Members New York Stock Exchange
*
SAN FRANCISCO .
LOS ANGELES .
47 Offices
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Midwest Stock Excf ange
505 Farnam Building
OMAHA
517 Locust Street
DES MOINES
O p e n h o u s e w a s c o n d u c te d la s t
m o n th a t th e F i r s t S ta te B a n k of
R o c k fo rd , Io w a , m a r k in g c o m p le tio n
o f a n e w b a n k b u ild in g . B a n k in g o p
e r a t io n s w e r e m o v e d to th e n e w b u ild
in g la s t J a n u a r y .
T h e n e w b u ild in g , c o n s t r u c te d of
b r i c k a n d m e a s u r in g 76 b y 41 fe e t, is
lo c a te d o n t h e s ite o f th e o ld b u ild in g .
N e w s e r v ic e s o ffe re d in th e n e w b u il d
in g in c lu d e d riv e -in b a n k in g .
>
-V
M rs. A lb ert C. E ck ert
Plaquemines Parish, Louisiana
Public Improvement W l
85M
90M
D a le R a tliff o f A m e r ic a n S ig n & I n
d ic a to r C o r p o r a tio n in O m a h a , r e p o r t s
t h a t th e F i r s t N a tio n a l B a n k in W e s t
U n io n a n d th e P e r r y S ta te B a n k ,
P e r r y , Io w a , r e c e n t ly in s ta lle d tim e
a n d t e m p e r a t u r e sig n s.
S h a n n o n C ity , Io w a , h e ld a n “A. R.
S a n d e r s o n D a y ” r e c e n t ly a s a s a lu te
to A v e r y S a n d e rs o n , w h o h a s r e t ir e d
a s m a n a g e r o f th e S h a n n a n C ity office
o f th e F i r s t S ta te B a n k of D ia g o n a l.
M r. S a n d e r s o n h a s m a n a g e d th e
b a n k ’s office f o r 25 y e a r s .
S ta n le y C re g e e n o f D ia g o n a l h a s
s u c c e e d e d M r. S a n d e r s o n a s office
m a n a g e r.
We own and offer subject to prior sale and change in price:
Moody' s
Rating
T w o N ew S ign s
CHICAGO * NEW YORK
Serving Investors
M rs. A lb e r t C. E c k e r t , 63, w ife of
a r e t i r e d v ic e p r e s id e n t of th e S e c u
r i t y N a tio n a l B a n k , S io u x C ity , w a s
k ille d la s t m o n t h w h e n s t r u c k b y a
c a r a t P h o e n ix , A riz .
'Y
1 6 Iow a S tu d en ts A tten d
C o n fe r e n c e in M in n ea p o lis
S ix te e n I o w a h ig h s c h o o l s e n io rs
w ill b e a m o n g m o r e t h a n 250 b o y s a n d
g ir ls a tt e n d in g th e se c o n d a n n u a l E c o
n o m ic C o n fe re n c e f o r Y o u n g A d u lts of
th e F i r s t N a tio n a l B a n k of M in n e a p
olis.
T h e s t u d e n ts a n d t h e i r s p o n s o r in g
Io w a b a n k a re :
L o is J e f s o n o f G a r n e r a n d R o g e r
V a n H o rn , F o r e s t C ity , F o r e s t C ity
B an k an d T ru s t C om pany.
Ju n io r P r i t c h a r d
a n d K e n n e th
H o o v e r, I n d ia n o la , P e o p le s T r u s t a n d
S a v in g s B a n k o f In d ia n o la .
S h e r ly W ils o n , Io w a F a lls , Io w a
F a lls S ta te B a n k .
R ic h a r d J . B o rc h e rs , L e M a rs, F i r s t
N a tio n a l B a n k o f L e M a rs.
A r ly n M o rse , K e n s e tt, a n d C h a rle s
H e l g e l a n d , N o rth w o o d , N o rth w o o d
S ta te B a n k .
J o a n n e C ire s e a n d R o lly n S te d m a n ,
y~
A
O e lw e in , F i r s t N a tio n a l B a n k of Oelw e in .
M a r v e l K e lle r h a ls a n d D e n n is R h e a
H a m ilto n , T ip to n , T ip to n S ta te B a n k .
A lic e P a u l a n d J a m e s S a le , W a v e rly ,
S ta te B a n k o f W a v e r ly .
P a m G ild e r s le e v e of Z e a r in g a n d
H o m e r C ox o f C le m m o n s , T ri- C o u n ty
S ta te B a n k o f Z e a rin g .
P la n s F u tu re E x p a n sio n
should we grant this feeder loan?
hold or sell these bonds?
best shipping time?
is it a good risk?
what are today’s quotations?
D ir e c to r s o f th e D a lla s C o u n ty S ta te
B a n k in A d el, Io w a , r e c e n t ly a n
n o u n c e d p u r c h a s e o f th e p r o p e r t y adp o in in g t h e b a n k b u ild in g o n th e
n o r t h . N o im m e d ia te p la n s w e r e a n
n o u n c e d o th e r t h a n t h a t th e p r o p e r t y
w a s a c q u ir e d f o r f u t u r e e x p a n s io n .
P la n s a r e u n d e r c o n s id e r a tio n fo r
d riv e -u p b a n k in g fa c ilitie s .
what can I tell him?
IPALCO A n n u a l M eetin g
Io w a P o w e r a n d L ig h t C o m p an y
c h a ir m a n o f th e b o a rd , N . B e r n a r d
G u s s e tt, to ld s h a r e o w n e r s a t t h e a n
n u a l s h a r e o w n e r s m e e t in g la s t m o n th
t h a t t h e i r in v e s tm e n t in I o w a P o w e r
o b v io u s ly in d ic a te s t h e i r b e lie f in th e
A m e r ic a n f r e e
e n t e r p r i s e s y s te m
w h ic h “h a s e n a b le d u s to e n jo y b e t t e r
liv e s a n d a n e v e r - im p r o v in g s t a n d a r d
o f liv in g .” M r. G u s s e tt s a id t h a t th i s
fr e e e n t e r p r i s e s y s te m is n o w a n d h a s
b e e n a c tiv e ly “u n d e r a t t a c k b y c o m
m u n i s t s , b y s o c ia lis ts , a n d b y e n ti r e l y
to o m a n y r a d ic a ls in o u r o w n c o u n
tr y .”
T h e Io w a P o w e r c h a ir m a n s a id h e
b e lie v e d th e n u m b e r o n e g o a l o f th e s e
r a d ic a ls is th e s o c ia liz a tio n o f th e
e le c tr ic u t i l i t y i n d u s tr y , b e c a u s e i n
v e s to r-o w n e d u ti li ti e s lik e Io w a P o w e r
h a v e b e e n u n d e r a t t a c k lo n g e r t h a n
a n y o th e r b u s in e s s o r s e r v ic e in th e
c o u n tr y . I f t h i s f e d e r a liz a tio n is s u c
c e s s fu l, h e c o n tin u e d , t h e n c o m m u n i
c a tio n s , t r a n s p o r t a t i o n s , a n d th e p r o
f e s s io n a l s e r v ic e s w ill fo llo w q u ic k ly .
M r. G u s s e tt s tr e s s e d th e f a c t t h a t
t h e in v e s to r - o w n e d e le c tr ic u t i l i t y i n
d u s t r y in t h e U n ite d S ta te s h a s g iv e n
to th e n a ti o n a ll th e e le c tr ic a l p o w e r
i t c a n p o s s ib ly u s e , a n d w i t h o u t g o v
e r n m e n t h e lp .
“ I t c a n c o n tin u e to do so a n d w a n ts
to do so, b u t i t c a n n o t p r o g r e s s a n d
s e r v e a s i t s h o u ld if i t is to b e c o n
ti n u a l l y s u b je c te d to th e s e b a c k d o o r,
u n d e r h a n d e d s o c ia lis tic a t t a c k s ,” h e
said .
M r. G u s s e tt c o n c lu d e d h is r e m a r k s
b y p la c in g s t r o n g e m p h a s is o n th e
u t i l i t y i n d u s t r y ’s c o n tin u e d p r o g r a m s
o f r e s e a r c h in m a n y field s, in c lu d in g
r e s e a r c h to w a r d d ir e c t c o n v e r s io n o f
h e a t to e le c tr ic ity , of n e w t r a n s m i s
s io n lin e s , a n d c a b le s y s te m s o f e x
tr e m e h ig h v o lta g e , o f e v e r y t h in g
w h ic h is r e q u i r e d to k e e p A m e ric a in
its p o s itio n o f w o r ld le a d e r s h ip .
w
a n t
a n s w
e r s ?
D e c isio n s! D ecisio n s! T h a t never'
en d in g task o f m a k in g d ecision s.
A p r o fit o r a lo s s , a c u s to m e r
reta in ed or lost, o ften rides o n
w h a t is d ecid ed .
W h e n it co m es to agricultural
m atters o f an y k in d , y o u h ave
frien d s to h elp you at T h e L ive
S tock N a tio n a l B a n k O f C h icago.
In n o m o re tim e th a n it takes
to p ick up you r p h o n e and ask
fo r o u r C o r r e sp o n d e n t S ervice
p h o n e
u s
D e p a r tm e n t, you can p resen t
you r q u estio n or p ro b lem to a
L ive Stock B a n k sp ecialist. H e
w o n ’t m a k e y o u r d e c is io n fo r
y o u . B u t w h e n y o u fin ish ta lk in g
to h im , y o u ’ll be o n firm ground
to m ake the right o n e.
I f y o u ’re o n th e fe n c e right n o w
and cou ld u se so m e exp erien ced
advice from k n o w led g ea b le p e o
ple, w e in v ite you to give ou r offer
a test. Just p h on e Y A rd s 7 -1 2 2 0 .
LIVE STOCK
4150 South Halsted Street, Chicago, Illinois
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
SERVING INDUSTRY AND AGRICULTURE FOR OVER NINETY YEARS
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
108
Io w a N ew s
E x p e c t O v e r 5 0 0 a t G ro u p 5
T H E t h r e e b a n k s in C o u n c il B lu ffs
w ill a g a in b e th e h o s ts fo r th e a n
n u a l m e e tin g o f G ro u p 5, to b e h e ld in
th e i r c ity a t H o te l C h ie f ta in o n T u e s
d a y , M ay 8. A n o th e r r e c o r d a t t e n d
a n c e o f m o r e t h a n 500 d e le g a te s is e x
p e c te d .
F.
J a c k L e w is , c h a ir m a n o f G ro u p
5 a n d p r e s id e n t o f th e H a r la n N a tio n a l
B a n k , h a s w o r k e d w ith th e fo llo w
in g m e m b e r s o f th e c o n v e n tio n com m ite e in p la n n i n g th e 1962 p ro g r a m :
E d H . S p e tm a n , J r ., e x e c u tiv e v ic e
p r e s i d e n t , C o u n c il B lu ffs S a v in g s
B a n k ; E ld o n G. N ie ls e n , a s s is t a n t v ic e
p r e s id e n t, S ta te S a v in g s B a n k , a n d
R o b e r t L. E m e r in e , v ic e p r e s id e n t,
C ity N a tio n a l B a n k , a ll o f C o u n c il
B lu ffs. T h e p r o g r a m fo llo w s:
A.M .
10:00
P.M .
12:15
12:20
1:15
1:20
1:25
1:35
1:50
R e g is t r a t io n a n d V is itin g — H o
te l C h ie fta in .
L u n c h e o n — H o te l C h ie fta in .
I n v o c a tio n — R e v . J a c k P e te r s ,
G ra c e P r e s b y t e r i a n C h u rc h .
C a ll to O rd e r— F . J a c k L e w is,
c h a ir m a n o f G ro u p 5.
W e lc o m e — L e o n E . M o rse , m a y
o r o f C o u n c il B lu ffs.
O b s e rv a tio n s b y C h a ir m a n L e w
is.
“ N A S S B a n d W h a t I t is D o in g
f o r S ta te B a n k s ”— J o e G ro n s ta l,
p r e s id e n t, C a rro ll C o u n tr y S ta te
B ank.
“ S o m e T h in g s W e S h o u ld T h in k
A b o u t” — C h a rle s H . W a lc o tt,
p r e s id e n t, Io w a B a n k e r s A s s o c i
2:05
2:10
2:25
2:40
3:25
4:00
5:00
6:30
a tio n , a n d p r e s id e n t, S e c u r ity
N a tio n a l B a n k , S io u x C ity .
R e m a r k s — L . W . R o ss, c o -c h a ir
m a n , F o u n d a ti o n f o r C o m m e r
c ia l B a n k s in Io w a , a n d p r e s i
d e n t, C o u n c il B lu ffs S a v in g s
B ank.
O b s e r v a tio n s — R a y A. S co o t,
C .P .A ., L a rs o n , A lle n , W e is h a ir
a n d C o m p a n y , M in n e a p o lis .
“ S h o p T a l k ”— C la y W . S ta ffo rd ,
s t a te s u p e r i n t e n d e n t o f b a n k
in g .
A d d re s s — J. F . K e n n e d y , p r e s i
d e n t, F i r s t N a tio n a l B a n k , N e w
H a m p to n .
R e m a rk s— F ra n k W a rn e r, sec
r e t a r y , Io w a B a n k e r s A s s o c ia
tio n .
A d jo u r n m e n t.
S o c ia l H o u r — T e r r a c e R o o m
a n d L o u n g e , H o te l C h ie fta in .
B a n q u e t— H o te l C h ie fta in .
I n t r o d u c ti o n o f g u e s ts a n d e n
te r ta i n m e n t .
J o in s M arion Bank
G o rd o n L. D o d g e, f o r m e r ly a s s i s t a n t
c a s h ie r a t th e S e c u r ity S ta te B a n k in
R a d c liffe , Io w a , h a s jo in e d th e F i r s t j
N a tio n a l B a n k in M a rio n a s lo a n offi
c e r, a c c o r d in g to P h il M o rris , p r e s i
d e n t.
M r. D o d g e w ill sp e c ia liz e in
f a r m lo a n s , b u t a ls o w ill h a n d le c o m
m e r c ia l lo a n s a n d a s s is t in th e in s ta ll- ^
m e n t lo a n d e p a r t m e n t
O v e r 2,100 a d u lt s r e g i s te r e d d u r i n g
a r e c e n t w e e k -lo n g o p e n h o u s e a t th e
F i r s t N a tio n a l, m a r k in g c o m p le tio n o f ^
a n e x p a n s io n a n d r e m o d e lin g p r o
g ra m .
D rive-In A p p roved
G r o u p
12:15
1:00
L u n ch eo n — T e rra c e L ounge,
H o te l C h ie fta in .
“A L o v lie r Y o u ”— B e s s B a r n e s
o f B a r n e s B e a u ty S a lo n a n d
S ch o o l.
C ou n cil B lu ffs C hange
R a lp h D. S to re y , 27, h a s b e e n p r o
m o te d to a s s i s t a n t c a s h ie r a t th e C ity
N a tio n a l B a n k , C o u n c il B lu ffs, R o n a ld
H . T o rn b lo o m , p r e s id e n t, a n n o u n c e d
r e c e n tly . M r. S to r y h a s b e e n e m
p lo y e d in th e i n s ta l lm e n t lo a n d e p a r t
m e n t s in c e D e c e m b e r, 1961.
W o n ’t you drop i
us while you’re in
our city? W e’ll he
looking for you.
W h e n y o u a r e in C o u n c il B lu ffs f o r th e G ro u p 5 m e e tin g w h y n o t t a k e
a f e w m in u te s a n d s to p in a n d v i s i t w i t h u s ? O u r c o u rte o u s officers
a n d s ta f f w ill b e p le a s e d to d is c u s s b a n k in g o p e r a tio n s w ith y o u . W e
w ill c o n s id e r i t a p r iv ile g e to o ffe r a s s is ta n c e . M a k e o u r b a n k y o u r
b a n k . . . a n y tim e !
BLUFFS
SAVINGS
COUNCIL BLUFFS, IOWA
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 o ra tio n
Nort hwest ern Banker, May, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I O
M
>
e e t s
L a d ie s ’ P ro g ra m
in t 'h a r it o n
"V
E M B E R S o f G ro u p IO of th e Io w a
B a n k e r s A s s o c ia tio n w ill h o ld
t h e i r a n n u a l m e e tin g a t th e L a k e v ie w
G o lf a n d C o u n tr y C lu b in C h a r ito n o n
W e d n e s d a y , M a y 9. G o lf a c c o m m o
d a tio n s w ill b e a v a ila b le d u r i n g th e
d a y , a n d th e p r o g r a m w ill b e h e ld in
th e e v e n in g . T h e p r o g r a m fo llo w s:
M
'■y
P.M .
3:00
5:00
6:30
7:30
COUNCIL
j
T h e C o m p tr o lle r o f th e C u r r e n c y
h a s a p p r o v e d th e c o n s tr u c tio n o f a
d riv e -in f a c ility b y th e C itiz e n s N a
ti o n a l B a n k o f C h a rle s C ity , Io w a . I t ^
w ill b e lo c a te d a t 703-5-13 R iv e r s id e
D riv e .
BANK
R e g is t r a t io n — L a k e v ie w G olf
a n d C o u n tr y C lu b .
S o c ia l H o u r.
D in n e r.
M e e tin g C a lle d to O rd e r— M. J .
G ro g a n , c h a ir m a n n f G ro u p 10,
a n d p r e s id e n t o f t h e N a tio n a l
B a n k & T r u s t C o m p a n y , C h a rito n .
A d d r e s s — “ T h e N e w Io w a J u d i
c ia l P la n ,” W . C. S tu a r t, f o r m e r
Io w a s t a te s e n a to r .
A d d r e s s — C h a r le s H . W a lc o tt,
p r e s id e n t, Io w a B a n k e r s A s s o
c ia tio n , a n d p r e s id e n t, S e c u r ity
N a tio n a l B a n k , S io u x C ity .
R e p o r t— C la y S ta ffo rd , s t a te sup e r i n t e n d e n t o f b a n k in g .
A d d r e s s — J o e G ro n s ta l, p r e s i
d e n t, C a r r o l l C o u n ty S ta te
B ank.
A d d r e s s — R a y A S c o tt, C .P.A .,
L a r s o n , A lle n , W e is h a ir a n d
C o m p a n y , M in n e a p o lis .
A d d r e s s — J . F . K e n n e d y , p r e s i
d e n t, F i r s t N a tio n a l B a n k , N e w
H a m p to n .
A d d re s s — F r a n k W a r n e r , s e c r e
ta r y , Io w a B a n k e r s A s s o c ia tio n .
j
'V
y
A
4
109
The Bankers of Group 5
And Their Friends
Are C ordially Invited . . .
GROUP 5
Tuesday, May 8
COUNCIL BLUFFS
Attend our annual meeting and listen
to answers and suggestions which will be
of help to you and your customers. Profit
from the experience of others and learn
up-to-date information on banking problems.
. . . Your
City National
State Savings
Council Bluffs Savings
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Hosts
Bank
Bank
Bank
||
=
||
^
^
jE
||
||
=e
Nort hwest ern Banker, May, 1962
110
Io w a N e w s
D a lla s C o u n ty S ta te B a n k a t A d e l a s
a s s is t a n t c a s h ie r.
M r. T o o n h a s b e e n a r e s id e n t o f th e
D e s M o in e s a r e a fo r th e p a s t 16 y e a rs .
A g r a d u a t e of W a s h in g to n U n iv e r s ity ,
h e w a s f o r m e r l y e m p lo y e d a s a r e a l
e s t a te b r o k e r a n d a s a n in s u r a n c e r e p
r e s e n ta t iv e .
* * *
p r e s id e n t
o f th e U n io n N a tio n a l B a n k o f
E a s t S t. L o u is s in c e 1959, h a s b e e n
e le c te d e x e c u tiv e v ic e p r e s id e n t of
B a n k e r s T r u s t C o m p a n y , D es M o in e s,
e ffe c tiv e J u n e 1, a n n o u n c e s J a m e s W .
H u b b e ll, c h a ir m a n o f th e b o a rd . M r.
S te r lin g h a s b e e n
w ith th e U n i o n
N a tio n a l s in c e
1 9 4 9. P r e v io u s ly
he w as m anager
o f th e H o u s e h o ld
F in a n c e C o rp . 15
y e a r s in th e St.
L o u is a r e a
M r. S te r lin g is
a p a s t p r e s id e n t
of th e in s ta ll
m e n t- le n d in g d iv i
s io n o f th e Illin o is B a n k e r s A s s o c ia
tio n a n d o f th e S t. C la ir-M o n ro e C o u n
t y B a n k e r s F e d e r a t io n , a n d h a s b e e n
a n i n s t r u c t o r in th e A m e r ic a n I n s t i
t u t e of B a n k in g in S t. L o u is , Mo.
R
O BERT
J.
S T E R L IN G ,
H e is a d ir e c to r a n d t r e a s u r e r o f th e
E a s t St. L o u is S a lv a tio n A rm y , th e St.
C la ir C o u n tr y C lu b a n d th e A m e r ic a n
C a n c e r S o c ie ty c h a p te r , a n d a m e m b e r
o f th e C h a m b e r o f C o m m e rc e in d u s
t r i a l d e v e lo p m e n t c o m m itte e a n d th e
R o ta r y C lub.
A n a ti v e of B e lle v ille , 111., h e is a
g r a d u a t e of G e o rg e W a s h in g to n U n i
v e r s i t y a n d o f th e R u tg e r s U n iv e r s ity
g r a d u a t e sc h o o l o f b a n k in g .
M r. a n d M rs. S te r lin g h a v e a so n ,
R o g e r , o f D e n v e r, C olo., a n d a d a u g h
te r , R o b e r t a , a s o p h o m o re a t th e U n i
v e r s i t y o f C o lo ra d o .
* * *
D o n a ld H . J o r d a h l a n d R i c h a r d M .
T o o n h a v e b e e n n a m e d a s s is t a n t c a s h
ie r s o f th e N o r th w e s t D e s M o in e s N a
tio n a l B a n k , a n n o u n c e s D a v id G .
W r ig h t , e x e c u tiv e v ic e p r e s id e n t.
M r. J o r d a h l is a n a ti v e o f T h o m p
so n , Io w a , a n d a g r a d u a t e of Io w a
S ta te U n iv e r s ity a t A m e s.
F o r th e
p a s t tw o y e a r s h e h a s b e e n w ith th e
S P E E D C O N T E S T S fo r em ployees of D es M oines B a n k s w ere sp o n so red la s t m o n th a t
th e H ig h la n d P a r k S ta te B a n k b y th e D es M oines C h a p te r of A m e ric a n I n s t i tu t e of
B a n k in g . Show n above a re first p lace w in n e rs, fro m l e f t : M a rv in L. H id d leso n , Iow aD es M oines N a tio n a l; D o ris Olson, Io w a S ta te B a n k ; R o se m ary H a g e rty , a n d K u r t
W ay n e, b o th of B a n k e rs T ru s t C om pany. P u ll lis t of w in n e rs:
A d d in g M a c h in e : F i r s t place, K u r t W a y n e o f B a n k e rs T ru s t; second, G a ry M oon,
C e n tra l N a tio n a l; th ird , B a rt P e d d ic o rd , C e n tra l N a tio n .
T y p in g : F i r s t p lace, D o ris O lson, Io w a S ta te B a n k ; second, B e tty M a rsh , Iow a-D es
M oines N a tio n a l; th ird , M a rv in L. H id d leso n , Iow a-D es M oines N a tio n a l.
A d d in g m a c h in e : F i r s t p lac e, R o se m ary H a g e rty , B a n k e rs T ru s t; second, B e tty
B in g h am , B a n k e rs T ru s t; th ird , R on L ong, H ig h la n d P a r k S ta te .
M oney C o u n tin g : F ir s t, M a rv in L . H id d leso n , Io w a-D es M oines N a tio n a l; second,
D e an M inor, C a p ita l C ity S ta te ; th ird , M ik e C askey, C a p ita l C ity S ta te .
T h ree-m an a d d in g m ach in e re la y : F i r s t place, th e te a m fro m B a n k e rs T ru s t C om pany
o f D on H a m m e r, E a rl F re e l a n d G ene R iley.
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M a y is to b e a b u s y m o n t h f o r D es
M o in e s b a n k e r - m e m b e r s o f th e A .I.B .,
w ith th e fo llo w in g a c tiv itie s p la n n e d :
M a y 2— M e n ’s G o lf S ta g , G ra n d V ie w
G o lf C o u rse . D in n e r is s e t fo r 7:30
p .m . a t th e D ia m o n d H o rs e s h o e , 4330
H u b b e ll A v e n u e .
M a y 3— A .I.B . F o r u m , 8 p .m ., Io w a
P o w e r & L ig h t C o n fe re n c e R o o m .
J a m e s T r a i n e r , J r ., m a n a g e r ,
D es
M o in e s F ir e s to n e P la n t , w ill p r e s e n t
a ta lk , “F i r e s to n e — E c o n o m ic O u tlo o k
f o r 1962.”
M a y 24— S p e e c h C lu b m e e tin g a t 6:30
p .m ., Y o u n k e r s T e a R o o m .
M a y 28-J u n e 1— O fficers of th e D es
M o in e s C h a p te r , A .I.B ., a r e s c h e d u le d
to a tt e n d th e N a tio n a l A .I.B . C o n v e n tio n in A tla n ta , Ga.
* * *
F iv e D e s M o in e s w o m e n b a n k e r s a r e
a t t e n d in g th e r e g io n a l c o n fe r e n c e , M ay
3-5, in D e tro it, M ich , o f th e N a tio n a l
A s s o c ia tio n o f B a n k W o m e n . T h e y
a r e B e t t y M a r s h , Io w a -D e s M o in e s N a
tio n a l; B e t t y S t e e le , N o r th w e s t D es
M o in e s N a tio n a l, a n d M a r ie H u ld e r s o n P e e b le s , A n n C o m e r a n d M a r y
H o ls t a d , a ll th r e e o f C e n tr a l N a tio n a l.
A n n C o m e r is a m e m b e r of o n e o f th e
c o n f e r e n c e p a n e l d is c u s s io n g ro u p s .
* * *
M e n o f th e Io w a -D e s M o in e s N a
tio n a l w e r e b u s y th e p a s t c o u p le of
m o n t h s w ith m e e tin g s , s p e e c h e s a n d
f u r t h e r tr a in i n g . A m o n g th e a c ti v i
tie s w e re :
R o b e r t J . W is s le r , a s s i s t a n t v ic e
p r e s id e n t, b o n d d e p a r t m e n t , a tt e n d e d
th e r e c e n t I n s t i t u t e of I n v e s tm e n t
B a n k in g a t th e U n iv e r s ity of P e n n s y l
v a n ia . T h e s c h o o l is s p o n s o r e d b y th e
I n v e s t m e n t B a n k e r s o f A m e r ic a in
c o o p e r a tio n w ith th e W h a r t o n S c h o o l
o f F in a n c e a n d C o m m e rc e .
C . R . C l i f t , v ic e p r e s id e n t, a n d R a y
m o n d D . G a r n s , a s s i s t a n t c a s h ie r, a t
te n d e d th e r e c e n t N a tio n a l I n s ta ll m e n t
C re d it C o n fe re n c e of th e A .B .A . in C hicago.
D e e L . F r o s t , v ic e p r e s id e n t, t r u s t
d e p a r t m e n t , s p o k e r e c e n t ly o n “E s ta t e
P la n n in g , P a s t, P r e s e n t a n d F u t u r e , ”
b e fo r e m e m b e r s o f th e P o lk C o u n ty
P e d ia t r i c s S o c ie ty .
R i c h a r d W . C a r e y , t r u s t officer, r e
c e n tly a d d r e s s e d m e m b e r s o f th e W a
te r lo o A s s o c ia tio n o f L ife U n d e r w r it
e r s a t W a te r lo o a n d th e M a r s h a ll
C o u n ty D e n ta l S o c ie ty in M a r s h a ll
to w n .
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Des Moines, Iowa
à
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Federal Reserve Bank of St. Louis
F.D.I.C.
N orthw estern Banker, May, 1962
112
Iowa
News
.i l u r s h a l l t o i r o H o s t s iiv o n p fi
H E E lm w o o d C o u n tr y C lu b in
M a r s h a llto w n w ill b e th e m e e tin g
p la c e f o r G ro u p 6 of th e Io w a B a n k
e r s A s s o c ia tio n o n T h u r s d a y , M a y 10.
T h e c o m p le te p r o g r a m fo llo w s:
A .M .
11:00 R e g is t r a t io n — E lm w o o d C o u n
t r y C lu b .
P.M .
12:30 L u n c h e o n (a s p e c ia l lu n c h e o n
w ill b e h e ld fo r th e la d ie s ).
2:00 C all to O rd e r— G e o rg e L. A r m
s tr o n g , c h a ir m a n o f G ro u p 6
a n d e x e c u tiv e v ic e p r e s id e n t,
T
P e r r y S ta te B a n k .
A d d re s s — C h a rle s H . W a lc o tt,
p r e s id e n t, Io w a B a n k e r s A s s o
c ia tio n , a n d p r e s id e n t, S e c u r ity
N a tio n a l B a n k , S io u x C ity .
A d d r e s s — J o e G ro n s ta l, p r e s i
d e n t, C a r r o l l C o u n t y S ta te
B ank.
A d d re s s — M ax M ilo M ills, a t
to r n e y fr o m M a r s h a llto w n . S u b
je c t: “T h e N e w Io w a J u d ic ia l
P la n .”
R e p o r t— C la y W . S ta ffo rd , s t a te
s u p e r i n t e n d e n t o f b a n k in g .
5:00
6:00
7:00
R e p o rt — F ra n k W a rn e r, secre
ta r y , Io w a B a n k e r s A s s o c ia tio n .
R e p o r t o n F o u n d a tio n fo r C o m
m e r c ia l B a n k s b y N e a l S a n d s,
p r e s i d e n t , V a lle y B a n k a n d \
T r u s t C o m p a n y , D es M o in es.
S o c ia l H o u r — E lm w o o d C o u n
t r y C lu b .
D in n e r.
^
A d d re s s b y J . F . K e n n e d y , p r e s
id e n t, F i r s t N a tio n a l B a n k , N e w
H a m p to n .
E n te rta in m e n t b y M a r s h a l l
to w n C h a m b e r of C o m m e rc e 'V.
M e n ’s C h o ru s .
A m es O p en H o u se
o
o
FRED CUMMINGS
BERNARD D. MILLER
V ice P r e s id e n t
A ss t. Vice P resid en t
T h e G r e a te r Io w a L o a n C o r p o r a tio n
h e ld o p e n h o u s e la s t m o n th in c o n n e c
tio n w ith th e f o r m a l o p e n in g o f its
n e w ly -r e m o d e le d h o m e offices a t 240
M a in S tr e e t in d o w n to w n A m es.
I n c o r p o r a te d la s t A u g u s t, th e G re a te r Io w a L o a n C o r p o r a tio n is a s u b s id
ia r y o f th e G r e a te r Io w a C o rp o ra tio n
a n d is e n g a g e d in c o m m e rc ia l, a g r i c u l
tu r a l, d e v e lo p m e n t a n d h o m e le n d in g
a c tiv itie s o n a s ta te -w id e b a s is . W . N.
S h e lle n b a r g e r o f M a rio n is p r e s id e n t
a n d G le n n A. M a r s d e n of A m e s is e x
e c u tiv e v ic e p r e s id e n t.
S e r v i c e a n d b r a n c h offices a r e
p la n n e d f o r o th e r Io w a c itie s .
*
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Back F rom F lorid a
F . B. C la x to n , p r e s id e n t, S ta te B a n k
o f F a y e tte , a n d h is w ife h a v e r e t u r n e d
to t h e i r h o m e in F a y e tt e , Io w a , a f t e r
s p e n d in g s e v e r a l w e e k s in F lo r id a .
4
V
M oves to N ebrask a
E . C. H a n s e n , c a s h ie r , U n io n S ta te
B a n k , W in t e r s e t, Io w a , h a s r e s ig n e d
t h a t p o s itio n to b e c o m e v ic e p r e s id e n t
o f th e A m e r ic a n N a tio n a l B a n k a t
K im b a ll, N eb . M r. H a n s e n ’s s u c c e s s o r
a t W in t e r s e t h a s n o t b e e n n a m e d .
P lan M elvin O pening;
O rgan ize L oan C om pany
Drovers National Bank • Drovers Trust & Savings Bank
F.D.1.C,
UNION STOCK YARDS, CHICAGO 9, ILLINOIS
Nort hwest ern Banker, May, 7962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O p e n h o u s e m a r k in g c o m p le tio n of
a re m o d e lin g p r o g r a m w ill b e h e ld
M a y 9 a t th e M e lv in S a v in g s B a n k ,
M e lv in , Io w a . T h e o p e n h o u s e a ls o
w ill b e in o b s e r v a n c e o f th e b a n k ’s
5 0 th a n n iv e r s a r y .
J o h n W . B e n z , c a s h ie r , a ls o r e p o r ts
t h a t th e b a n k d ir e c to r s h a v e o rg a n iz e d
a n A g r ic u l tu r a l C re d it C o rp o ra tio n to
b e officed in th e b a n k . T h e n e w firm
is n a m e d th e O sc e o la C o u n ty A g r ic u l
t u r a l C re d it C o r p o r a tio n a n d w ill
m a k e lo a n s fo r a g r i c u lu r a l p u r p o s e s
in c lu d in g r a is in g , b re e d in g , f a t te n i n g
o r m a r k e ti n g liv e s to c k .
T h e n e w firm is o r g a n iz e d u n d e r
th e a u th o r iz a t io n o f th e A g r ic u l tu r a l
c r e d i t a c t of 1923 w h ic h e n a b le s th e
u s e o f F e d e r a l I n t e r m e d ia te C re d it
B a n k f u n d s fo r a g r i c u l t u r a l p u rp o s e s .
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Io w a N e w s
C r o u p 2 M e e t s in W e b s t e r C it y
U L L E R H A L L in W e b s te r C ity
w ill b e th e m e e tin g h e a d q u a r t e r s
f o r th e a n n u a l m e e tin g o f G ro u p 2 o n
F r i d a y , M a y 11, a c c o r d in g to W a y n e
V a llie , G ro u p C h a ir m a n a n d v ic e p r e s i
d e n t o f th e F i r s t N a tio n a l B a n k in
S p ir it L a k e .
G o lf w ill b e a v a ila b le a t th e W e b s te r
C ity C o u n tr y C lu b , a n d th e so c ia l h o u r
a n d d i n n e r w ill b e h e ld th e r e . T h e
c o m p le te p r o g r a m fo llo w s:
F
A.M .
10:00
10:30
R e g is t r a t io n — F u l l e r H a ll.
C o u n ty O fficers’ M e e tin g .
113
In sta lls C ou nters
lin g to n B a n k a n d T r u s t C o m p a n y ,
B u r lin g to n , Io w a , g o t u n d e r w a y e a r ly
la s t m o n th w h e n w o r k m e n b e g a n d e
m o lis h in g th e o ld M o n tg o m e ry W a r d
b u ild in g a t M a in a n d V a lle y .
W e s le y S w ile r, p r e s id e n t, s a id th e
n e w f a c ility s h o u ld b e c o m p le te d b y
S e p te m b e r 1. D e m o litio n o f th e o ld
b u ild in g is s c h e d u le d f o r c o m p le tio n
in a b o u t 30 d a y s. T h e b a n k in g fa c il
it y w ill h a v e th r e e w in d o w s w ith a c
c e ss fr o m b o th M a in a n d V a lle y
S tr e e ts .
N e w lo w , m o d e r n c o u n te r s w ith n o
g r i ll w o r k h a v e b e e n in s ta lle d in th e
F i r s t N a tio n a l B a n k in B e lle v u e , r e
p la c in g th e o ld m a r b le fa c e d c o u n te r s .
B e c k e r a n d A s s o c ia te s o f A lta , Io w a ,
c o n s t r u c te d th e n e w c o u n te r s .
P la n s A u to m a tio n
P la n s a r e b e in g m a d e fo r th e i n s t a l
la tio n o f n e w B u r r o u g h s e le c tr o n ic
b o o k k e e p in g e q u ip m e n t a t th e F i r s t
N a tio n a l B a n k in M is s o u ri V a lle y . I t
is e x p e c te d t h a t it w ill b e a b o u t 60
d a y s b e fo r e th e n e w m a c h in e is in
s ta lle d .
P.M .
1:30
C all to O rd e r — W a y n e V a llie ,
c h a ir m a n o f G ro u p 2 a n d v ic e
p r e s id e n t o f F i r s t
N a tio n a l
B a n k in S p ir it L a k e .
A d d r e s s — C h a r le s W a lc o tt, p r e s
id e n t, Io w a B a n k e r s A s s o c ia
tio n , a n d p r e s id e n t, S e c u r ity
N a tio n a l B a n k , S io u x C ity .
A d d re s s — C la y S ta ffo rd , s t a te
s u p e r i n t e n d e n t o f b a n k in g .
A d d re ss— J. F . K en n ed y , p re s i
d e n t, F i r s t N a tio n a l B a n k , N e w
H a m p to n .
A d d r e s s — J o e G ro n s ta l, p r e s i
d e n t, C a r r o l l C o u n t y S ta te
B a n k , C a rro ll.
A d d r e s s — R a y S c o tt, C .P .A .,
M in n e a p o lis .
A d d re s s — L a w r e n c e K a is e r , a t
to r n e y , W e b s t e r C ity .
4:00 A d jo u r n m e n t.
5:30 S o c ia l H o u r — W e b s te r C ity
C o u n tr y C lu b .
6:30 D in n e r — W e b s t e r C ity C o u n tr y
C lub.
A s p e c ia l e v e n t is b e in g p la n n e d fo r
th e la d ie s s t a r t i n g a t 1:30 p .m . a t th e
C o u n tr y C lu b . A d e m o n s tr a t io n on
h a t m a k in g w ill b e f e a tu r e d .
S ta te m e n t of C o n d itio n
March 26. 1962
ASSETS
C a s h on H a n d a n d on D eposit w ith B anks .............$ 9,255,029.25
U nited S tates G o v ern m en t S ecu rities .......................... 14,506,164.91
O th er B onds a n d S ecurities ............................................ 1,339,198.81
L oans a n d D iscounts ........................................................... 20,621,324.85
S ecu rity N a tio n a l B ank B uilding, V ault a n d Fixtures
592,223.10
F e d e ra l R eserv e B ank Stock ............................................
105,000.00
O th er A ssets ..........................................................................
6,106.58
$46,425,047.50
LIABILITIES
C a p ita l ........................................................... $1,700,000.00
S u rp lu s ........................................................... 1,800,000.00
U n d iv id ed Profits .......................................
359,961.60
T otal C a p ita l A cco u n ts ....................................................... 3,859,961.60
D eposits ..................................................................................... 42,565,085.90
$46,425,047.50
O F F IC E R S
O n C h erok ee Staff
D a n ie l J e s s e n , f o r m e r l y a s s is t a n t
c a s h i e r a t th e C o m m e rc ia l T r u s t a n d
S a v in g s B a n k in S to r m L a k e , h a s b e e n
e le c te d a s s i s t a n t c a s h ie r a t th e C h e ro
k e e S ta te B a n k . H e fills a v a c a n c y
c r e a te d b y th e d e a th o f M. A. “ I k e ”
M cC annon.
B u ys G eorge P ro p erty
T h e G e o rg e S ta te B a n k , G e o rg e ,
Io w a , h a s p u r c h a s e d a b u ild in g a d jo i n
in g th e p r e s e n t b a n k in g fa c ility . N o
im m e d ia te p la n s h a v e b e e n m a d e , b u t
i t is r e p o r te d t h a t th e b a n k e v e n tu a lly
p la n s to u s e th e b u ild in g to e x p a n d its
b a n k in g fa c ility .
B u rlin g to n B u ild in g
T h e fir s t p h a s e o f c o n s t r u c ti o n o f a
d riv e -in b a n k in g f a c ility f o r th e B u r-
C H A R L E S R. G O S S E T T
C h a ir m a n o f th e B o a rd
C H A R L E S H. W A L C O T T
P r e s id e n t
E D W A R D C. T H O M P S O N , J R .
V ic e - P r e s id e n t
T H O M A S C. H O R N
V ic e - P r e s id e n t
D A N IE L L. M I D D L E T O N
V ic e - P r e s id e n t
P A T R IC K F. C O O K
V ic e - P r e s id e n t
PAU L SNY D ER
V ic e - P r e s id e n t
V. H . C A S S E M
A s s i s t a n t V ic e - P r e s id e n t
JO H N D IE F E N D O R F
A s s is ta n t V ic e - P r e s id e n t
O R V IL L E B O E
C a s h ie r
H O W A R D H. B E E R M A N N
A s s i s t a n t C a s h ie r
W IL L IA M T. H U B B A R D
A u d ito r
REAL ESTA TE D EPA RTM EN T
J A M E S A. D O W N IN G
A s s i s t a n t C a s h ie r
PER SO N A L LOANS
W A Y N E L. T H O M P S O N
A s s is ta n t C a s h ie r
T R U S T O F F IC E R S
H O W A R D L. JO H N S O N
V ic e - P r e s id e n t & T r u s t O fficer
L . C. J E N S E N
A s s i s t a n t T r u s t O fficer
Security National Bank
of S io u x C ity
M em ber F e d e ra l D eposit In s u ra n c e C orporation
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
114
Iowa
News
C l e a r Ita lie E n t e r t a i n s
S E N S A T IO N A L flo o r s h o w w ith
a n a tio n a lly - k n o w n h e a d lin e a c t
in th e “M illio n R e c o r d ” c la s s w ill b e
o n e o f th e f e a t u r e s p la n n e d fo r th e
b ig m e e tin g o f G ro u p 3 o f th e Io w a
B a n k e r s A s s o c ia tio n , to b e h e ld a t th e
S u r f B a llro o m in C le a r L a k e o n T u e s
d a y , M a y 23.
A
O th e r f e a t u r e s o f th e 1962 m e e tin g
w ill b e d a n c in g to a n o u ts ta n d i n g
n a m e b a n d , la d ie s ’ lu n c h e o n a n d s ty le
s h o w , a n i n t e r e s t i n g a n d in f o r m a tiv e
b u s in e s s s e s s io n , b o a t r id e s o n b e a u ti
f u l C le a r L a k e o n I o w a ’s n e w e s t
“ S h o w b o a t,” a n d a n a d d r e s s b y th e
b u s in e s s m a n a g e r o f th e M in n e s o ta
V ik in g s p r o f e s s io n a l fo o tb a ll te a m .
M a r k A r n e s o n , p r e s id e n t o f th e
C le a r L a k e B a n k & T r u s t C o m p a n y
a n d f o r m e r c h a ir m a n o f G ro u p 3, is
w o r k in g w ith E . C. B a r tik , g ro u p
c h a ir m a n a n d e x e c u tiv e v ic e p r e s id e n t
a n d c a s h ie r of th e C o rw ith S ta te B a n k ,
o n th e a r r a n g e m e n t s . T h e b a n k s in
H a n c o c k , F r a n k l i n a n d H a r d in c o u n
tie s w ill s e r v e a s h o s ts . T h e c o m p le te
p r o g r a m fo llo w s:
A .M .
10:00 R e g is t r a t io n — L o b b y S u r f B a ll
ro o m .
P.M .
12:00 L u n c h — M en “ o n y o u r o w n .”
12:15 L a d ie s ’ L u n c h e o n — R itz C lu b ,
B a y s id e , S o u th S h o re . F e a tu r e s
s ty le s h o w a n d o th e r e n t e r t a i n
m e n t.
1:15 C all to O rd e r — E . C. B a r tik ,
c h a ir m a n , G ro u p 3.
I n v o c a tio n — R e v . W m . D ils a v e r,
READYN
O
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IO
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-N
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B
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C
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cT>uUishe<l b y
No rt h w est er n B a n k e r
D ES
M O IN E S
COMPLETE INFORMATION
ON A L L B A N K S
IN
IOWAonJ NEBRASKA
ACCURATE'
DEPENDABLE
POCKET S IZ E
The completely re-edited 1962 lowa-Nebraslca 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.
Nort hwest ern Banker, May,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
.7
p a s to r , C h r is tia n C h u rc h , C le a r
L ake.
A d d re s s o f W e lc o m e — H o n . B.
C. M y h r, m a y o r , C le a r L a k e .
R e s p o n s e — D a lla s M. H a r r is o n ,
S r., D u m o n t.
“ S o m e T h in g s W e S h o u ld T h in k
A b o u t” — C h a rle s H . W a lc o tt,
p r e s id e n t, I.B .A ., a n d p r e s id e n t,
S e c u r ity N a tio n a l B a n k , S io u x
C ity .
“ S h o p T a lk ”— C la y W . S ta ffo rd ,
s t a te s u p e r i n t e n d e n t of b a n k
in g .
“T o u c h d o w n s U n l i m i t e d ” —
B illy B y e , b u s in e s s m a n a g e r ,
M in n e s o ta V i k i n g s F o o tb a ll
C lu b , th e N a tio n a l L e a g u e ’s
n e w e s t te a m .
“ S h a ll W e S u r v i v e ”— D r. N ic h o
la s N y a ra d i, B r a d le y U n iv e r
s ity .
“ T a k in g O u r J u d g e s O u t o f P o l
it ic s ”— E d w a r d R . B o y le , a t t o r
ney.
“W h a t I t M e a n s to S ta te B a n k
in g ”— J o e G ro n s ta l, C a rro ll.
R e m a rk s — F ra n k W a rn e r, sec
r e t a r y , I.B .A .
4:00-4:30 B o a t r id e s o n C le a r L a k e ’s
n e w e s t p le a s u r e c r a f t, “T h e
S h o w b o a t” ( w e a t h e r p e r m i t
ti n g ) .
5:00 S o c ia l H o u r w ith G e m e u tlic h e it.
6:30 S m o g a s b o rd b a n q u e t.
7:30 V a r ie t y s h o w f e a t u r i n g h e a d
lin e a c ts fr o m N e w Y o rk , L a s
V e g a s a n d H o lly w o o d .
9:00 D a n c in g to th e J u l e s H e r m a n
O rc h e s tra . V a lu a b le d o o r p riz e s .
R. K e n n e th N ew h all
R . K e n n e th N e w h a ll, 61, v ic e p r e s i
d e n t a n d h e a d o f th e I n t e r n a t i o n a l
B a n k in g D e p a r tm e n t o f T h e F i r s t N a
ti o n a l B a n k o f C h ic a g o , d ie d A p r il 21,
in W e s le y M e m o ria l H o s p ita l.
H is f a th e r , th e la te R . F r a n k N e w
h a ll, w a s v ic e p r e s id e n t a n d c a s h i e r
o f th e b a n k , r e t i r i n g a f t e r fifty -tw o
y e a r s o f s e rv ic e . A b r o t h e r , C h a rle s
F . N e w h a ll, is v ic e p r e s id e n t a n d h e a d
o f th e b a n k ’s C o r r e s p o n d e n t B a n k D i
v is io n .
M r. N e w h a ll w a s a g r a d u a t e o f th e
U n iv e r s ity o f C h ic a g o , w h e r e h e
STOP
p la y e d o n th e fo o tb a ll te a m s c o a c h e d
b y A m o s A lo n z o S ta g g . H e w a s a
m e m b e r o f th e B a n k e r s C lu b o f C h i
ca g o , d ir e c to r a n d t r e a s u r e r o f th e
C h u r c h F e d e r a t io n o f G r e a te r C hi- i
cag o , d ir e c to r o f th e N e w T r i e r S u n
d a y E v e n in g C lu b a n d th e N e w T r ie r
C itiz e n s L e a g u e . H e w a s a m e m b e r of
th e e x e c u tiv e c o u n c il o f th e C h i P s i
F r a t e r n i t y , C o v e n a n t L o d g e N o. 526
A .F . a n d A .M ., a n d th e G le n c o e U n io n
C h u rc h .
H e is s u r v iv e d b y h is w ife , E th e l
B a r r e t t, a n d a so n , W illia m R o g e r.
a
1 9 6 2 G rou p S p eak ers
“ T h e F u t u r e o f I o w a ’s T o w n s a n d
V illa g e s ” w ill b e d is c u s s e d b y J . F .
“R u s t y ” K e n n e d y , p r e s id e n t o f th e
F i r s t N a tio n a l B a n k , N e w H a m p to n ,
a t th e Io w a g r o u p m e e tin g s h e ld d u r-
N. N Y A R A D I
J. H . G R O N S T A L
in g th e firs t w e e k
in M ay, s t a r t i n g
o n M ay 8. M r.
K e n n e d y w ill a p
p e a r a t G ro u p s 5,
10, 6 a n d 2.
A
A
f e at u r e d
»g .
sp eak er
d u rin g
f lf ljk '" '" a H k
th e s e c o n d w e e k
o f th e g r o u p
m e e tin g w ill b e
j. f . K e n n e d y
D r. N ic h o la s N y
a ra d i, d ir e c to r of
th e sc h o o l o f i n t e r n a t i o n a l s t u d ie s a t
B r a d le y U n iv e r s ity , P e o ria , Illin o is ,
H is s u b je c t w ill b e, “F r e e E n t e r p r i s e T
o r D is a s te r .”
J o e G ro n s ta l, p r e s id e n t o f th e C arr o ll C o u n ty S ta te B a n k , w ill a p p e a r
a t a n u m b e r o f th e g r o u p m e e tin g s
to d is c u s s “N A S S B a n d W h a t I t I s
D o in g fo r B a n k s .”
R a y S c o tt, C .P .A . f r o m M in n e a p o lis ,
w ill a ls o b e o n e o f th e f e a t u r e d s p e a k
e r s a t s e v e r a l o f th e 1962 m e e tin g s .
THIS
MAN!
At the Iowa Group Meetings for information
about the complete credit life insurance
portfolio offered by National Fidelity Life.
Charles Gustaveson
*
Iowa
News
115
tm e n -E te s M ít in e s N a t io n a l ?* F a m ily N i g h t 39
W A T C H IN G T H E M S E L V E S O N A T V M O N IT O R a re M rs.
J a m e s C. W illia m s a n d son, T rac y , a t le ft, an d M rs. J im O’H a ra
a n d son, B obby. J a m e s R. R a sley , a.v.p., c e n te r p hoto, an-
T W A S “F a m i ly N ig h t O p e n H o u s e ”
a t th e Io w a -D e s M o in e s N a tio n a l
B a n k , D es M o in e s, o n e n ig h t la s t
m o n t h a n d m o r e t h a n 400 e m p lo y e e s
a n d t h e i r f a m ilie s w e r e g u e s ts o f th e
b a n k fo r to u r s o f th e v a r i o u s d e p a r t
m e n ts ; f r e e p h o to s a n d m o v ie s , c o m
p le te w ith p o p c o rn , f o r th e k id d ie s ;
e x p la n a tio n s of th e la t e s t b a n k in g
e q u ip m e n t; g o o d o ld -fa s h io n e d v i s i t
in g ; g u e s s in g g a m e s fo r p riz e s , a n d a
v a lu a b le g if t fo r e v e r y o n e th e r e , a n d
a n e x c e lle n t b u ff e t d in n e r .
n ounces th e la s t to u r o f th e b a n k as o th e rs m ove in to th e b u ffet
line, show n a t rig h t. M r. R a sle y a n d M . M. M cM ichael, J r.,
v.p., w e re b u sy c o -o rd in a tin g th e se v e ra l c o n c u rre n t a c tiv itie s .
I
BIGGER and BETTER THAN EVER!
GROUP 3 MEETING
Surf Ballroom, Clear Lake, Iowa
TUESDAY, M AY 22
Features of this year's program include —
• Sensational Floor Show with Nationally Known Headline
A ct in the "Million-Record" Class.
• Spectacular supporting acts.
• Dancing to an outstanding name band.
• Delightful ladies luncheon and style show.
• Interesting and Informative afternoon program.
• Boat Rides on Iowa's newest "Showboat."
A M O N G D IS P L A Y S o f p a in tin g s , c e ra m
ics, d resses a n d o th e r h a n d ic r a f t b y people
o f th e b a n k w a s a n in te r e s tin g ph o to d is
p la y b y H a ro ld P . K le in , sr. v.p.
• Hospitality Hour with "GEM UETLICH KEIT."
• Valuable door prizes you won't forget.
You are cordially invited to attend and bring your officers,
employes, directors and escorts.
YOUR HOSTS
Hancock County Bankers Association
Franklin County Bankers Association
Hardin County Bankers Association
N O T P O S E D w as th is c h an ce p h o to of
M o to r B a n k T e lle r G a ry H e r r in ’s son,
D a v id , w ho re a lly h a d to s-t-r-e-t-c-h to
m ak e th e e le c tric a d d in g m ac h in e “ m ake
t h a t n o ise .”
W rite fo r a d v a n c e re g istra tio n form to
Group 3 Bankers Committee
Box 8, Clear Lake, Iowa
Nort hwest ern Banker, May, Ï962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
116
Io w a N ew s
F a r m I Ata a T a l k a t G r o u p 4
N V E S T I N G in P r o f ita b le F a r m
L o a n s ” w ill b e th e ti tl e o f a s p e c ia l
a d d r e s s to b e m a d e a t th e a n n u a l m e e t
in g o f G ro u p 4 in N e w H a m p to n o n
W e d n e s d a y , M a y 23. I t w ill b e p r e
s e n te d b y T h o m a s M. R o c h fo rd , a s s is t
a n t c a s h ie r a n d a g r i c u lt u r e r e p r e s e n t
a tiv e o f th e N o r th e r n T r u s t C o m p a n y ,
C h icag o .
C h ic k a s a w c o u n ty b a n k s , a c tin g a s
h o s ts , h a v e a r r a n g e d a n o u ts ta n d i n g
p r o g r a m s c h e d u lin g so m e of th e to p
n a m e s in Io w a b a n k in g o n th e a g e n
d a. R e g is t r a t io n w ill b e g in a t 10:00
a .m . in th e F i r e m e n ’s T h e a te r L o b b y ,
a n d g o lf w ill b e a v a ila b le a t th e N e w
H a m p to n C o u n tr y C lu b th r o u g h o u t
th e d a y . T h e c o m p le te p r o g r a m fo l
lo w s:
P.M .
1:30 M e e tin g C a lle d to O rd e r— C. W .
G rim e s , c h a ir m a n , G ro u p 4, e x
e c u tiv e v ic e p r e s id e n t, F i r s t
N a tio n a l B a n k , W e s t U n io n .
1:40 I n v o c a tio n — R o b e r t R u p p e r t,
p a s to r , F i r s t M e th o d is t C h u rc h .
1:45 A d d r e s s o f W e lc o m e — R o b e r t R.
R ig le r, e x e c u tiv e v ic e p r e s id e n t,
S e c u r i t y S t a t e B a n k , N ew
H a m p to n .
1:50 R e s p o n s e to W e lc o m e — L e o F .
I
2:00
2:05
2:20
2:35
3:00
3:15
3:30
4:00
5:00
K a n e , p a s t p r e s id e n t, Io w a J u n
io r B a n k e r s ; v ic e p r e s id e n t,
A m e r i c a n T r u s t & S a v in g s
B ank, D ubuque.
A p p o in tm e n t of c o m m itte e s .
“ S o m e th in g W e S h o u ld T h in k
A b o u t” — C h a rle s H . W a lc o tt,
p r e s id e n t, Io w a B a n k e r s A s s o
c ia tio n , a n d p r e s id e n t, S e c u r ity
N a tio n a l B a n k , S io u x C ity .
“ S h o p T a lk ”— C la y S ta ffo rd , s u
p e r i n t e n d e n t o f b a n k in g .
“ I n v e s tin g in P ro f ita b le F a r m
L o a n s ”— T h o m a s M. R o c h fo rd ,
a s s is t a n t c a s h ie r a n d a g r i c u l
t u r e r e p r e s e n ta t iv e , N o r th e r n
T r u s t C o m p a n y , C h ic a g o .
“ T h e N e w Io w a J u d i c ia l P l a n ”
— J u d g e W . H . A n te s , W e s t U n
io n , Io w a .
“N A S S B a n d W h a t I t is D o in g
f o r S ta te B a n k s ”— J o e G ro n s ta l,
p r e s id e n t, C a rro ll C o u n ty S ta te
B a n k , C a rro ll.
R e m a rk s— F r a n k W a rn e r, sec
r e t a r y , Io w a B a n k e r s A s s o c ia
tio n .
E le c tio n o f officers.
A d jo u r n m e n t.
S o c ia l H o u r — A m e r ic a n L e g io n
H a ll.
QomsL io rYlsjuü dtam pim l
{Y
l
lfou
j. 23
frft, tksL
nuudinc^ofc
W . H. A N TES
6:30
8:00
T. M. R O C H FO R D
D in n e r — T r i n i t y L u t h e r a n
C h u rc h .
“ F r e e E n t e r p r i s e o r D is a s te r ”
— D r. N ic h o la s N y a ra d i, d ir e c
to r , S c h o o l o f I n t e r n a t i o n a l
S tu d ie s , B r a d le y U n i v e r s i t y ,
P e o ria .
F o r the Ladies
P.M .
1:00
L u n c h e o n a n d C a rd s — R o g e rs
F a m o u s F o o d s.
E sth e r v ille W in n ers
A n n F o w le r a n d D e n n is P o tt e r , E s
th e r v il le H ig h S c h o o l s e n io rs , h a v e
b e e n n a m e d w in n e r s of th e Io w a
T r u s t a n d S a v in g s B a n k o f E s t h e r v i l l e
a w a r d a n d s c h o la r s h ip to E s th e r v il le
J u n i o r C o lleg e. M e m b e rs o f th e s e n
io r c la s s s e le c te d th e tw o w in n e r s .
T h e s c h o la r s h ip c o n s is ts o f a $150
c a s h g r a n t fo r u s e a t th e c o lleg e.
C ascade C hanges
R o b e r t E . K u r t w a s e le c te d p r e s i
d e n t a n d E ld r e d P. M o r a n w a s n a m e d
c a s h ie r a t a r e c e n t d ir e c to r s ’ m e e tin g
a t t h e C a sc a d e S ta te B a n k , C a sc a d e ,
Io w a .
M r. K u r t, f o r m e r ly c a s h ie r , su c c e e d s
h is la te f a t h e r , M. F . K u r t, a s p r e s i
d e n t. M r. M o ra n , f o r m e r l y a s s is t a n t
c a s h ie r , h a s b e e n w ith th e C a sc a d e
b a n k s in c e 1917. M r. K u r t h a s b e e n
w ith th e b a n k s in c e 1941 a n d h a s b e e n
c a s h ie r s in c e 1954. H e is a g r a d u a t e
of th e D r a k e U n iv e r s ity L a w S ch o o l.
In d ia n o la O p en H o u se
C hickasaw C ounty B ankers
ex ten d a w arm in v ita tio n
to th e ir frie n d s in G roup 4
an d th ro u g h o u t th e state of Iow a
to jo in th e m in th e ir a n n u a l m eeting.
T h e P e o p le s T r u s t a n d S a v in g s
B a n k , I n d ia n o la , Io w a , h e ld o p e n
h o u s e in it s c o m m u n ity ro o m r e c e n t
ly, c e le b r a ti n g th e f a c t t h a t m o r e t h a n
10,000 p e r s o n s h a d u s e d th e c o m m u
n it y ro o m f a c ilitie s o f th e b a n k s in c e
it w a s o p e n e d tw o y e a r s ago.
A voca O p en H o u se
T h e A v o c a S ta te B a n k , A v o ca, Io w a ,
h e ld o p e n h o u s e la s t m o n th m a r k in g
c o m p le tio n o f its n e w b a n k in g facili-
N E W ID E A S AN D M U TU A L P R O B L E M S W IL L B E F E A T U R E D
— Your Hosts Will Be the Chickasaw County Bankers A ssociation—
A lta V ista S ta te B a n k
F ir st N a s h u a S ta te B a n k
F ir st S ta te B a n k , F r e d e r ic k s b u r g
F ir st N a t io n a l B a n k , N ew H a m p to n
S ta te B a n k o f L a w le r
S e c u r ity S ta te B a n k , N ew H a m p t o n
I o n ia O ffic e , F ir st S e c u r ity B a n k & T r u s t C o ., C h a r le s C ity
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
YOUR SIATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
F. E
. DAVENPORT &CO.
OMAHA
fowa
News
117
BOARD OF DIRECTORS
H . T. B E R T SC H
C h a i r m a n — F le x s te e l In d ., In c .
American Trust
D. B. C A SSA T
C h a ir m a n — I n t e r s t a t e F in a n c e C o rp .
D. W . E R N S T
P r e s id e n t
AND SAVINGS BANK
M A U R IC E A . F R A H E R
D ir e c to r — J o h n D e e re & Co.
M o lin e, 111.
ROY F . GLAB
F i r s t V ice P r e s id e n t
STATEMENT
OF CONDITION
W . N . GLAB
P r e s id e n t— M o rris o n B ro s . Co.
N. J. G RETEM AN
S e n io r V ic e P r e s id e n t
OTTO F. H E N K E R
M. L. K A P P
P r e s id e n t— I n t e r s t a t e P o w e r Co.
MARCH 26, 1962
W. J. KLA UER
S e c .-T re a s .— K la u e r M fg . Co.
C. J . K L E IN S C H M ID T
S e n io r V ic e P r e s id e n t
Assets
N IC H O L A S J . S C H R U P
V ic e P r e s id e n t
A. L . V OGL
V ic e P r e s id e n t &
S e n io r T r u s t O fficer
C a sh ............................................................................... $ 6,089,208.83
U . S. G o v e rn m e n t S e c u ritie s .......................... 8,686,741.78
U . S. P u b lic H o u s in g A u th o r ity B o n d s .... 2,466,186.15
M u n ic ip a l B o n d s ..................................................... 3,391,915.79
F e d e r a l R e s e rv e B a n k S to c k ..........................
60,000.00
L o a n s ............................................................................. 15,016,713.99
O v e r d r a f t s ...................................................................
632.13
B a n k P re m is e s —
( In c lu d in g F u r n i t u r e a n d F ix tu r e s ) ____
687,095.62
O th e r A s s e ts ............................................................
745.97
H. W . W AHLERT
P r e s id e n t— D u b u q u e P a c k i n g Co.
OFFICERS
D. W . E R N S T
P r e s id e n t
ROY F. GLAB
F i r s t V ic e P r e s id e n t & C a s h ie r
N. J. GRETEM AN
S e n io r V ic e P r e s id e n t
C. J . K L E IN S C H M ID T
S e n io r V ic e P r e s id e n t
$36,399,240.26
C. F . A R M S T R O N G
V ic e P r e s id e n t
W . G. B A U M H O V E R
V ic e P r e s id e n t
Liabilities
LEO F. K AN E
V ic e P r e s id e n t
C a p ita l ...........................................$ 500,000.00
S u r p lu s ........................................ 1,500,000.00
U n d iv id e d P ro fits .....................
633,390.84
R e s e rv e s ......................................
75,000.00
J . L . R IL E Y
V ice P r e s id e n t
C. J . S C H R U P
V ic e P r e s id e n t & T r u s t O fficer
N IC H O L A S J . S C H R U P
V ice P r e s id e n t
2,708,390.84
O th e r L i a b i l i t i e s ...................... ........... ........... ........
292,753.31
D e p o s i t s ..................................................... .................. 33,398,096.11
A. L. VOGL
V ice P r e s id e n t
S e n io r T r u s t O fficer
$36,399,240.26
OF t h e
t r u st
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s a v in g
TV*/. S t
5
° u B U q u e ’S l a r g e s t b a n
Me m b e r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
f d ic
a n d
Nort hwest ern Banker, May, 1962
118
Iowa
News
MlemtiU'
H a n k l a s ts a t li r o u p 7
IL F O R D C. G A IN E S , v ic e p r e s i
d e n t o f t h e F i r s t N a tio n a l B a n k of
C h ic a g o , w ill a d d r e s s th e b a n k e r s of
G ro u p 7 a t t h e i r a n n u a l m e e tin g in
W a te r lo o o n T h u r s d a y , M a y 24. H is
s u b je c t w ill b e “C o st P r o f it S q u e e z e on
C o m m e rc ia l B a n k s .”
A s p e c ia l b u ff e t lu n c h e o n w ill b e
s e r v e d a t th e H o
te l R u s s e ll L a m so n a t noon, a n d
th e b u s in e s s m e e t
in g w ill fo llo w in
th e h o te l c o n f e r
e n c e ro o m s . T h e
e v e n in g s o c ia l
h o u r a n d d in n e r
w ill b e h e ld a t th e
S u n n y sid e C o u n
t r y C lu b . G o lf
T . C. G A I N E S
w ill b e a v a ila b le
a t th e c lu b d u r i n g th e d a y . T h e c o m
p le te p r o g r a m fo llo w s:
A .M .
9:30 R e g is t r a t io n — L o b b y of H o te l
L am son.
10:30 C o u n ty O fficers’ M e e tin g .
12:00 B u ffe t lu n c h e o n f o r m e n re g is t r a n t s a t R u s s e ll L a m s o n .
L a d ie s L u n c h e o n a n d S ty le
S h o w — B la c k ’s T e a R o o m (c o u r-
te s y o f B la c k H a w k
B a n k e r s A s s o c ia tio n ) .
T
P.M .
1:30
3:45
4:00
5:00
6:15
7:30
C o u n ty
M e e tin g C a lle d to O rd e r— J o h n
C o r c o r a n , J r ., c h a ir m a n o f
G ro u p 7 a n d p r e s id e n t, S e c u r ity
S ta te B a n k , I n d e p e n d e n c e .
A d d re s s — “ S o m e T h in g s W e
S h o u ld T h in k A b o u t”— C h a rle s
W a lc o tt, p r e s id e n t o f th e Io w a
B a n k e r s A s s o c ia tio n , a n d p r e s
id e n t, S e c u r ity N a tio n a l B a n k ,
S io u x C ity .
A d d re s s — “ S h o p T a lk ,” C la y
S ta ffo rd , s t a te s u p e r in te n d e n t
of b a n k in g .
A d d r e s s — “C o st P r o f it S q u e e z e
o n C o m m e rc ia l B a n k s ,” T ilfo rd
C. G a in e s, v ic e p r e s id e n t, F i r s t
N a tio n a l B a n k of C h ic a g o .
R e m a rk s— F ra n k W a rn e r, sec
r e t a r y , Io w a B a n k e r s A s s o c ia
tio n .
R e p o r t o f C o m m itte e s .
A d jo u r n m e n t.
S o c ia l H o u r — S u n n y s id e C o u n
t r y C lub.
D in n e r — S u n n y s id e C o u n tr y
C lu b .
M e e tin g C a lle d to O r d e r — J o h n
C o rc o ra n , c h a ir m a n .
E n te rta in m e n t.
A d d r e s s — “Y o u r B u s in e s s P a r t
n e r — K a r l M a rx ,” D r. N ic h o la s
N y a ra d i, d ir e c to r o f S c h o o l of
I n t e r n a t i o n a l S tu d ie s , B ra d le y
U n iv e r s ity , P e o ria .
T-
(
S p o n so r 4-H Cam p
Io w a b a n k e r s a r e m a k in g a m a jo r
c o n tr ib u t io n to th e f a c ilitie s a t th e
Io w a 4-H C a m p in g C e n te r n e a r M a d
r id th i s y e a r b y m a k in g f u n d s a v a il
a b le fo r th e c o n s t r u c ti o n o f a $40,000
A d m in i s t r a ti o n B u ild in g . T h e r o u g h
s a w e d lu m b e r s t r u c t u r e , tr im m e d w ith
s to n e , w ill h o u s e th e c a m p offices, a
s m a ll in f ir m a r y a n d n u r s e ’s office, li
b r a r y a n d c o n fe r e n c e ro o m , c a m p
s to r e a n d s ta ff q u a r t e r s .
H e a tin g
e q u ip m e n t w ill b e in s ta lle d m a k in g
th e b u ild in g a v a ila b le fo r w in t e r u se .
O th e r f a c ilitie s a t th e 617-acre c a m p
in c lu d e t h r e e lo d g e s, c a b in s , b a th
h o u s e , s w im m in g p o o l a n d o u td o o r
c h a p e ls .
Jr
X.
1
y
L inn C ou nty Meeting;
M e m b e rs o f th e L in n C o u n ty B a n k
e r s A s s o c ia tio n h e ld th e i r a n n u a l
s p r in g m e e tin g a t th e R o y a l B a llro o m
n e a r F a i r f a x o n A p r il 24. B a n k e r s in
a d jo in in g c o u n tie s w e r e in v ite d to
jo in th e L in n C o u n ty g ro u p .
T
Group 7 Meets May 24
in Waterloo
Your hosts, the members of the Black Hawk County
r
Bankers Association, are looking forward to seeing you
all at this informative and enjoyable meeting.
Meet old friends and collect new ideas in Waterloo.
Remember— the date is Thursday, May 24.
— Your Hosts Are The Black Hawk County Bankers Association—
Gilbertville Savings Bank
Hudson State Bank
Cedar Falls Trust & Savings Bank
LaPorte City State Bank
First National Bank, Cedar Falls
The National Bank of Waterloo
Midway National Bank, Cedar Falls
Peoples Bank & Trust Company, Waterloo
The Waterloo Savings Bank, Waterloo
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
X
Iowa
Iwi’oitp
it l i i o n s itvt>vv
C O N D U C T E D t o u r o f th e J o h n
D e e re H a r v e s t e r W o r k s in M o
lin e w ill h e o n e o f th e h ig h l ig h t s o f
th e a n n u a l m e e tin g o f G ro u p 8, to b e
h e ld in D a v e n p o r t, F r id a y , M a y 25.
O th e r e n t e r t a i n m e n t w ill in c lu d e g o lf
in g f a c ilitie s a t th e D a v e n p o r t C o u n
t r y C lu b a n d a s p e c ia l la d ie s ’ lu n c h e o n
a n d s ty le sh o w .
V is itin g b a n k e r s w ill w a n t to k e e p
in m in d t h a t D a v e n p o r t w ill b e o n
D a y lig h t S a v in g T im e in m a k in g th e n a r r i v a l p la n s . T h e c o m p le te p r o g r a m
fo llo w s:
A.M .
9:00 R e g is t r a t io n a t B la c k h a w k H o
te l.
9:15 C o n fe re n c e o f C o u n ty O fficers.
10:00 C all to O rd e r— J a m e s M a u ric e ,
c h a ir m a n , G ro u p 8; p r e s id e n t,
M o n tic e llo S ta te B a n k .
W e lc o m e — D o n E . W illa r d , p r e s
id e n t, S c o tt C o u n ty B a n k e r s
A s s o c ia tio n ; v ic e p r e s i d e n t ,
F i r s t T r u s t & S a v in g s B a n k ,
D ix o n .
A d d r e s s — C h a r le s W a lc o tt, p r e s
id e n t, Io w a B a n k e r s A s s o c ia
tio n , a n d p r e s id e n t, S e c u r ity
N a tio n a l B a n k , S io u x C ity .
A d d r e s s — C la y W . S ta ffo rd ,
A
11:45
12:00
P.M .
1:00
5:00
6:30
s t a te s u p e r i n t e n d e n t o f b a n k
in g .
R e p o r t — J . E . H e is e r m a n , a t
to r n e y , m e m b e r o f b o a r d o f d i
r e c to r s , M o n tic e llo S ta te B a n k .
T o p ic: “A p p o in tm e n t o f D is
t r i c t J u d g e s .”
A d d r e s s — D r. N ic h o la s N y a ra d i,
d ir e c to r , S c h o o l o f I n t e r n a t i o n a l
S tu d ie s , B r a d le y U n iv e r s ity , P e
o ria .
R e m a rk s — F ra n k W a rn e r, sec
r e t a r y , Io w a B a n k e r s A s s o c ia
tio n .
R e p o r t o f N o m in a tin g C o m m it
te e .
A d jo u r n .
L u n c h e o n (la d ie s to h a v e s p e
c ia l lu n c h e o n a n d s ty le s h o w ).
C o n d u c te d t o u r o f J o h n D e e re
H a r v e s t e r W o rk s , M o lin e.
G o lf a t D a v e n p o r t C o u n tr y
C lu b .
S o c ia l H o u r.
D in n e r, fo llo w e d b y d a n c in g .
E xp an d s S c h o la r sh ip s
T h e U n ite d H o m e B a n k & T r u s t
C o m p a n y , M a s o n C ity , Io w a , h a s a n
n o u n c e d th e e x p a n s io n o f its s c h o l a r
News
119
s h ip p r o g r a m .
B e g in n in g th i s y e a r
th e b a n k is a w a r d in g a s c h o la r s h ip in
th e a m o u n t o f $300 to a te a c h e r o f th e
M a s o n C ity p u b lic o r p a r o c h ia l s c h o o ls
to b e u s e d f o r a d v a n c e s tu d y .
T h e a w a r d c a n b e u s e d e i t h e r fo r
tu i ti o n o r e x p e n s e s w h e n a tt e n d in g
s u m m e r sc h o o l o r d u r i n g th e r e g u l a r
a c a d e m ic y e a r w h ile o n a le a v e o f a b
se n c e . T h e o n ly r e s t r i c t i o n is t h a t th e
r e c i p ie n t m u s t te a c h in th e M a so n
C ity s c h o o ls th e y e a r fo llo w in g th e
a w a rd .
T h is s c h o la r s h ip is g iv e n in a d d itio n
to s ix o th e r $300 a w a r d s a lr e a d y b e in g
g iv e n to g r a d u a t e s o f M a s o n C ity H ig h
S c h o o l o r M a s o n C ity J u n i o r C ollege.
J o in s W a terlo o Staff
C h a rle s P. B e a rd h a s b e e n e le c te d
t r u s t officer o f th e
W a te r lo o S a v in g s
B a n k , W a te rlo o ,
a c c o r d in g to a n
n o u n c e m e n t by
D a le D e F o s t e r ,
p r e s id e n t.
M r. B e a r d , a
K e o k u k a tt o r n e y ,
a s s u m e s h is n e w
d u tie s M ay 1 a n d
jo in s F r e d K o ch ,
v i c e p re s id e n t
a n d t r u s t officer, in th e h a n d lin g of
th e b a n k ’s e x p a n d in g t r u s t b u s in e s s .
Valuable Ideas Awaiting You at
Group 8 Meeting in Davenport
Bankers attending the Group 8 m eeting in Davenport, Friday, May 25, w ill take hom e many w orth
w hile ideas which they can put to use in their banks throughout the year.
An outstanding program is now being planned by the officers of the Scott County Bankers Associa
tion. Please m ake plans to attend.
SCOTT COUNTY BANKERS ASSOCIATION
Bettendorf Bank & Trust Company
Blue Grass Savings Bank
Buffalo Savings Bank
First Trust & Savings Bank, Davenport
Davenport Bank & Trust Company
Northwest Bank & Trust Co., Davenport
Donahue Savings Bank
Central Trust & Savings Bank, Eldridge
Farmers Savings Bank, Princeton
W alcott Trust & Savings Bank
Nort hwest ern Banker, May, 196?
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
120
N E BR A SK A NEW S . . .
(C o n tin u e d f r o m p a g e 98)
A p p ly fo r C harter
A n a p p lic a tio n fo r a b a n k c h a r t e r in
D a v id C ity h a s b e e n s u b m it te d to
R a lp h E . M isk o , d ir e c to r of b a n k in g ,
b y W illia m E . a n d J o h n G. T o m e k of
D a v id C ity .
T h e b a n k w o u ld b e k n o w n a s C o n
s e r v a tiv e B a n k a n d w o u ld h a v e a to ta l
c a p ita liz a tio n o f $65,000.
N ew B u ild in g in H astings
P la n s f o r c o n s t r u c ti o n o f a n e w
b u ild in g to h o u s e th e F i r s t N a tio n a l
B a n k of H a s tin g s w e re a n n o u n c e d r e
c e n tly b y C. L. V a n H o rn e , p r e s id e n t.
T h e n e w s t r u c t u r e w o u ld b e tw o s t o r
ie s h ig h w ith th e p o te n t ia l o f tw o
a d d itio n a l flo o rs la t e r if d e s ire d . T h e
b u ild in g w ill b e 70 fe e t w id e b y 120
fe e t lo n g , fa c in g o n H a s tin g s A v e n u e .
M r. V a n H o r n e s a id p la n s c a ll fo r
m a s o n r y c o n s tr u c tio n w ith e x te n s iv e
u s e o f g la s s. T h e m a in flo o r w ill p r o
v id e ro o m fo r 12 t e l le r w in d o w s , e n
tr a n c e s o n b o th T h ir d a n d H a s tin g s
s t r e e ts , i n s ta l lm e n t lo a n d e p a r t m e n t ,
o ffic e rs a re a , c o m m e rc ia l lo a n d e p a r t
m e n t a n d a lo b b y la r g e e n o u g h fo r
m a jo r d is p la y s .
D riv e -u p a n d p a r k i n g f a c ilitie s w ill
b e g r e a t ly im p ro v e d , M r. V a n H o r n e
s ta te d . T h e n e w b u ild in g w ill h a v e
t h r e e d r i v e - th r o u g h w in d o w s , a w a lk u p w in d o w a n d p a r k i n g lo t fo r 25 c a rs .
A n e le v a to r w ill c o n n e c t th e lo w e r
le v e l w ith fir s t flo o r a n d se c o n d floor.
B o o k k e e p in g , s a fe d e p o s it fa c ilitie s ,
a m e e tin g ro o m a n d a ll u ti li ti e s w ill
b e in th e lo w e r le v e l.
N orth P la tte E x p a n sio n
T h e M c D o n a ld S ta te B a n k of N o r th
P la tte , N eb., h a s a n n o u n c e d a c o m p le te
r e n o v a t io n a n d r e m o d e lin g o f its b u il d
in g . T h e p r e m is e s h a v e b e e n s h a r e d
w ith a le g a l firm . J. Y. C a stle , p r e s i
d e n t, r e p o r ts : “W h e n th e p r e s e n t r e n
o v a tio n is c o m p le te d , w e w ill o c c u p y
th e e n ti r e lo w e r flo o r o f th e O dd F e llo w s B u ild in g . P la n s ca ll fo r a w o m
e n ’s lo u n g e a n d a d i r e c t o r s ’ ro o m .
O u r b a n k in g ro o m w ill b e m o d e r n iz e d ,
w ith d r a p e d w in d o w s , in d i r e c t li g h t
in g , lo w e re d c e ilin g a n d a ir c o n d itio n in g . A b e n e fit n o t a n ti c ip a te d is n o w
a p p a r e n t in th e in c r e a s e d u s e of o u r
A u to -B a n k a n d W a lk - In T e lle r W in
d o w a t 1 st a n d P in e S tr e e ts .”
C
^
A
*
E lected C ashier at S crib n er
J o h n H . S to h s , a s s is t a n t c a s h ie r a t
th e F a r m e r s S ta te B a n k in S c r ib n e r
th e p a s t 10 y e a r s , h a s b e e n n a m e d
c a s h ie r a t th e F i r s t S ta te B a n k , S c rib
n e r. H e s u c c e e d s F lo y d J. S a g e r.
M r. S to h s , 51, h a s s e r v e d in th e p a s t
a s a s s i s t a n t c a s h ie r, C itiz e n s S ta te
B a n k , P o lk , a n d c a s h ie r, G r a f to n S ta te
B a n k , G ra fto n .
L eaves S u tto n Bank
L a w r e n c e J . S c h m id t, a s s is t a n t c a s h
ie r, C ity S ta te B a n k , S u tto n , h a s a n
n o u n c e d t h a t h e is le a v in g th e b a n k
to r e t u r n to h is f o r m e r p o s itio n w ith
th e F i r s t F e d e r a l S a v in g s & L o a n of
L in c o ln .
O ’N eil N a tio n a l to M ove
T h e O’N e ill N a tio n a l B a n k ’s c o n te m
p la te d m o v e fr o m 110 S o u th 4 th S tr e e t
in O’N e ill to 429 E a s t D o u g la s h a s
b e e n a p p ro v e d . F u r t h e r n e w s o n th e
b a n k ’s p la n s w ill b e p u b lis h e d in th e
N o r t h w e s t e r n B a n k e r a s it b e c o m e s
a v a ila b le .
B ro k en Bow R e n o v a tio n
B a n k B u ild in g a n d E q u ip m e n t C o r
p o r a tio n o f S t. L o u is h a s b e g u n c o n
s t r u c ti o n o f a n e w b a n k b u ild in g f o r
>
th e N e b r a s k a S ta te B a n k , B ro k e n
B o w , r e p o r t s C. H . R o w a n , p r e s id e n t
o f th e b a n k .
A s p e c ia l f e a t u r e o f th e n e w s t r u c
t u r e w ill b e a d riv e -in fa c ility . T h e A
b u ild in g is e x p e c te d to b e r e a d y fo r
o c c u p a n c y s o m e tim e in N o v e m b e r.
F u lle r to n O pen H o u se
O p e n h o u s e w a s h e ld la s t m o n th a t
th e n e w ly -re m o c le le d F i r s t N a tio n a l
B a n k , F u ll e r t o n . E . M. B la c k , p r e s i
d e n t, s a id th e b a n k , a t w h ic h m a jo r
r e m o d e lin g a n d e x p a n s io n w a s b e g u n
e a r l y la s t fa ll, is n o w o n e of th e m o s t
m o d e r n in th i s s e c tio n o f th e s ta te .
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
121
The Bankers’ Market Place
A P a g e T e l li n g W h a t ’s N e w f o r B a n k s a n d B a n k e r s
E a c h m o n th th e B a n k e r s ’ M a r k e t P la c e w il l b rin g y o u lis tin g s o f n e w
p r o d u c ts , s p e c ia lty ite m s , b a n k in g e q u ip m e n t, a n d g if t ite m s w h ic h w ill
h e lp y o u a n d y o u r s ta ff do a b e tte r jo b . T h is is th e s e le c tio n fo r th is m o n th .
O W S u n -X G la ss T in t in g c a n b e
a p p lie d to w in d o w s o f b a n k s to
r e d u c e h e a t, fa d e a n d g la r e f r o m th e
s u n is e x p la in e d in a n e w b o o k le t fro m
S u n -X G la ss T in t in g I n t e r n a t io n a l,
In c ., 4125 R ic h m o n d A v e n u e , P .0 . B o x
6565, H o u s to n 5, T e x .
C o p ies a r e a v a ila b le fr e e o n r e q u e s t.
H
L O W -C O S T p r o m o tio n a l p r e m i
u m f o r h o m e m o r tg a g o r s a n d d e
p o s ito r s in t e r e s t e d in h o m e r e m o d e l
in g is th e n e w P o c k e t B o o k s e d itio n
o f F ir s t A id f o r th e A ilin g H o u se ,
b a s e d o n a n e w s p a p e r s y n d ic a te d feat u r e b y R o g e r C. W h itm a n . T h is 474p a g e P o c k e t B o o k is a c o m p le te ly n e w
a n d e x p a n d e d p a p e rb o u n c l v e r s io n of
th e o r ig in a l p u b lis h e d b y M c G ra w -H ill
a t $5.95. T h e P o c k e t B o o k s e lls fo r
50 c e n ts . I t is a v a ila b le to b a n k s a t a
s p e c ia l d is c o u n t p ric e . F o r c o m p le te
d e ta ils , w r it e P o c k e t B o o k s, S p e c ia l
P r o j e c ts D iv is io n , B o x 2402, G ra n d
C e n tr a l S ta tio n , N e w Y o rk 17, N e w
Y o rk .
A
^
'
<
N E W , in v is ib le f in g e r-tip p e r h a s
j u s t b e e n p u t o n th e m a r k e t b y
th e C el-U -D ex C o rp o ra tio n , N e w W in d
so r, N e w b u r g h , N. Y., to m a k e i t e a s
ie r fo r th e b a n k t e l le r to c o u n t c o in s
a n d b ills .
T r u ly in v is ib le , D ig itx is a p p lie d b y
to u c h in g th e fin g e rs to a n e v e r- a c tiv e
p a d c o n ta in e d in a n a t t r a c t i v e p la s tic
ca se . I t is n o t o n ly h a r m le s s , b u t actu a l ly b e n e fic ia l to s k in a n d fin g e r
n a ils , a c c o r d in g to th e m a n u f a c tu r e r .
I t h a s a s e p tic a n d a n ti s e p t ic a c tio n .
I t is p a r t i c u l a r l y a p p e a lin g to w o m e n
te l le r s b e c a u s e o f its c le a n lin e s s a n d
c o s m e tic a c tio n .
A s a m p le w ill b e s e n t f o r $1.00.
N E W 10-key a d d in g m a c h in e w ith
a f a s te r - a c tin g k e y b o a r d a n d c o m
p le te ly n e w s t y li n g h a s b e e n in t r o
d u c e d b y B u r r o u g h s C o r p o r a tio n a s
th e J400 S e rie s. T h e f a s te r k e y b o a r d
is s a id to e lim in a te m a n y o p e r a t o r e r
ro r s . T h e J4 0 0 ’s s p a c in g m e c h a n is m
m a y b e s e t f o r s in g le s p a c in g o r a d
ju s t e d to a u to m a tic a lly sp a c e th e ta p e
to th e te a r-o ff p o s itio n a f t e r to ta ls .
A
N E W s e m i-a n n u a l, s y n d ic a te d d i
r e c t m a il p ie c e in th e f o r m of a
m a g a z in e c a lle d T r a v e l G u ide h a s
b e e n p ro d u c e d fo r b a n k s t h a t h a v e
tr a v e l d e p a r tm e n ts .
T h e firs t is s u e w ill b e d e liv e re d
a r o u n d M a rc h 1 a n d w ill c o v e r s p r in g ,
s u m m e r a n d e a r ly fa ll. T h e n e x t is
s u e w ill b e d e liv e r e d in S e p te m b e r
a n d w ill f e a t u r e w i n t e r a n d s p r in g
v a c a tio n s .
C o m p le te d e ta ils c a n b e o b ta in e d b y
w r it in g C o n te m p o T r a v e l P u b lis h in g
C o rp o ra tio n , 551 F i f t h A v e n u e , N e w
Y o rk 17, N . Y.
A
H E n e w 1962 H o m e M a n a g e r k it,
p r o d u c e d b y S a v in g s S p e c ia ltie s
C o m p a n y , 53 W e s t J a c k s o n B lv d ., C h i
cag o , 111., n o w c o n ta in s a m o n e y m a n
a g e m e n t s lid e ru le .
T
A
u.
in r e d a n d o th e r s in b la c k in k . F u ll y
e le c tric , s in g le -p u r p o s e c o n tr o l k e y s
h a n d le a d d itio n , s u b tr a c tio n , e r r o r c o r
r e c tio n , n o n -a d d in g , to t a li n g a n d s u b
to ta lin g . T h e m a c h in e is a v a ila b le in
a 10 c o lu m n lis tin g , 11 c o lu m n to ta l
— th e J4 2 4 — a n d in a n e ig h t c o lu m n
lis tin g , n in e c o lu m n t o t a l— th e J422.
L is t p r ic e s a r e $315 a n d $295 r e s p e c
tiv e ly .
B u rro u g h s n e w 10-key a d d in g m ach in e.
I t s d e s ig n p e r m it s th e o p e r a t o r to
“s te p o v e r ” th e k e y b o a r d w ith o u t r e
le a s in g th e r e p e a t k e y fo r f a s te r m u l
tip lic a tio n . A n o th e r J400 f e a t u r e is
c r e d it b a la n c e .
A w r it in g ta b le b e
h in d th e ta p e p e r m it s m a k in g n o te s
o n th e ta p e w h ile lis tin g . T h e m in u s
r e p e a t k e y , id e n tif ie d b y s y m b o l a n d
c o lo r, s im p lifie s lis tin g a n d s h o r t- c u t
m u p tip lic a tio n . M in u s fig u re s p r i n t
B a s e d o n s t a ti s ti c s fr o m th e 12 F e d
e r a l R e s e r v e d is tr i c ts e s ta b lis h e s a v e r
a g e e x p e n s e s a n d s a v in g s , d e p e n d in g
o n in c o m e a n d n u m b e r o f d e p e n d e n ts .
T h is in f o r m a tio n t h e n is u s e d a s a
n o r m a t w h ic h to a im in s e t ti n g u p
a b u d g e t.
O th e r f e a t u r e s o f th e k it a r e a r e c
o rd b o o k fo r f a m ily e d u c a tio n , m e d ic a l
re c o r d s , h o u s e h o ld in v e n to r y , i n s u r
a n c e p o lic ie s , in v e s tm e n ts , etc. T h e
c o m p le te s y s te m is s o ld b y so m e b a n k s
w h ile o th e r s u s e i t a s a g iv e -a w a y
a c c o u n t o p e n e r.
PRINTING . BOOK BINDING . BOOKS
DIRECT MAIL ADVERTISING . INDEX
CARDS . CHECKS . OFFICE FORMS
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Federal Reserve Bank of St. Louis
OUTSTANDING CHOICE A I
U
OF OUTSTANDING BANKERS
The bank newsletter for modern agriculture
— providing an excellence of quality that
elevates bank promotion to the full service
level. Preferred by 8 out of 10 farmers be
cause it helps with their "money matters."
the FARM PICTURE
Dept. 43
P.0. Box 221
Urbana, III.
Nort hwest ern Banker, May, 1962
122
.
In the
(
D IR E C T O R S
ROOM
im m §
Safe Bet
K e e p f rying, Son
A p r e t t y y o u n g n u r s e w a s s e llin g
ta g s o n a s t r e e t c o r n e r fo r th e b e n e fit
o f a h o s p ita l.
S u d d e n ly a w o lfish
c h a ra c te r a p p ro a c h e d a n d a n n o u n c e d
t h a t h e w o u ld g iv e h e r $10 if s h e
w o u ld p r o m is e to n u r s e h im if h e
e v e r w a s a p a t i e n t in h e r w a rd . S h e
p ro m is e d .
“B y th e w a y ,” h e a s k e d , “w h a t is
th e n a m e o f y o u r h o s p i ta l ? ”
“T h e M o d e rn M a t e r n it y H o s p ita l,”
s h e re p lie d .
D a d v o lu n t e e r e d to ta k e c a r e of th e
k id s o n e n ig h t so M o m c o u ld h a v e a n
e v e n in g o u t. A t b e d tim e h e s e n t th e
y o u n g s t e r s u p s t a i r s to b e d a n d s e t tl e d
d o w n to re a d . O n e of th e c h il d r e n
s till in h is c lo th e s k e p t c r e e p in g d o w n
th e s ta ir s , b u t D a d k e p t s e n d in g h im
back.
A t 9:30 th e d o o rb e ll r a n g a n d it w a s
M rs. D a v is, th e n e x t d o o r n e ig h b o r ,
w h o a s k e d if h e r so n w a s th e r e .
T h e f a t h e r p r o m p tl y r e p lie d , “N o ,”
b u t j u s t t h e n a li t t l e h e a d a p p e a r e d
o v e r th e b a n i s t e r a n d s h o u te d , “ I ’m
h e re , M om , b u t h e w o n ’t le t m e c o m e
h o m e .”
Bet He Tries
I n th e c o u rs e o f g e tt in g a p h y s ic a l
c h e c k u p a t th e d o c to r ’s office, a m a n
w a s a s k e d to e x te n d h is a r m s in f r o n t
o f h im . U p o n d o in g th i s th e d o c to r
o b s e r v e d a v e r y s e v e r e s h a k in g of
th e h a n d s . T h e d o c to r a s k e d , “Y ou
d r i n k a lo t, d o n ’t y o u ? ”
“N o p e ,” r e p lie d th e m a n , “s p ill
m o s t o f i t .”
I N D E X OF
A D V ER TISER S
MAY, 1 962
A
A c o r n P r i n t i n g C o m p a n y ............................. 120
A m e r i c a n E x p r e s s C o m p a n y ...................... 47
A m e ric a n E x p re s s F ield W a r e
h o u s i n g C o r p o r a t i o n ..................................... 55
A m e r i c a n N a t i o n a l B a n k — R a p i d C i t y . 76
A m e r i c a n N a t i o n a l B a n k — S t. J o s e p h . 90
A m erican N atio n al B a n k and T ru st
C o m p a n y — C h icag o
........................................ 45
A m e r i c a n S t a t e B a n k — W i l l i s t o n , N. D. 80
A m e ric a n T r u s t an d S av in g s B a n k —
D u b u q u e .........................................................
117
A s h w e l l a n d C o m p a n y ...................................... 54
II
B a n k o f A m e r i c a ...........................................62, 63
B a n k o f C a l i f o r n i a ........................................... 42
B a n k o f M o n t r e a l ................................................ 68
B a n k B uilding an d E q u ip m e n t
C o r p o r a t i o n ..........................................................
7
B a n k e r s L i f e C o m p a n y — D e s M o i n e s . . 56
B a n k e r s T r u s t C o m p a n y — D e s M o i n e s . 100
C
C a d i l l a c A s s o c i a t e s , I n c ..................................... 84
C e l - U - D e x C o r p o r a t i o n .....................................121
C entral B an k and T ru st C om pany—
D e n v e r ..........................................
98
C en tral N atio n al B an k an d T ru st
C o m p a n y — D e s M o i n e s .............................. 22
C e n t r a l S t a t e s H e a l t h a n d L i f e Co. . . . 1 2 3
C h a s e M a n h a t t a n B a n k ................................. 26
C h ic k a sa w C o u n ty B a n k e rs
A s s o c i a t i o n ........................................................... 116
C h i l e s a n d C o m p a n y ........................................ 88
C h r i s t m a s C l u b a C o r p o r a t i o n .................. 43
C ity N a tio n a l B a n k an d T r u s t
C o m p a n y — K a n s a s C i t y ............................. 103
C l e a r L a k e G r o u p M e e t i n g ...........................115
C o m m e r c e T r u s t C o m p a n y ......................... 93
C o n g r e s s o f M o t o r H o t e l s ............................ 48
C o n tin e n ta l Illin o is N a tio n a l B a n k a n d
T r u s t C o m p a n y ................................................ 41
Nort hwest ern Banker, May, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
^
*
y
— *y
. . a n d w h a t’s m o r e , y o u ’d s le e p
a lo t e a s ie r i f y o u w o u ld p u t it in
a b a n k !”
C o u n c i l B l u f f s B a n k s ....................................... 109
C o u n c i l B l u f f s S a v i n g s B a n k ................... 108
I)
D a v e n p o r t — G r o u p 8 ..........................................119
D a v e n p o r t , F . E . , a n d C o m p a n y . . . 8 8 , 116
D e L u x e C h e c k P r i n t e r s , I n c .............................16
D e n v e r U n i t e d S t a t e s N a t i o n a l B a n k . . 82
D i e b o l d , I n c .......................................................... 14-1 5
D o u g las-G u ard ian W areh o u se
C o r p o r a t i o n .......................................................... 44
D o w n e y , C. L., C o m p a n y .............................. 10
D r o v e r s N a t i o n a l B a n k .................................. 112
E
E x e c u t i v e H o u s e A r i z o n i a n ....................... 50
F
F a r m B u s i n e s s C o u n c i l , I n c ............................ 121
F i r s t C itizens N a tio n a l B a n k — W a t e r t o w n , S. D ............................................................... 77
F ir s t C o n tin e n tal N a tio n al B an k
a n d T r u s t C o ......................................................... 97
F i r s t F i n a n c i a l A d v . G p ...................................... 46
F i r s t N a t i o n a l B a n k — C h i c a g o .................. 12
F i r s t N a t i o n a l B a n k — D e n v e r .................. 85
F i r s t N a t i o n a l B a n k — M i n n e a p o l i s . . . . 65
F i r s t N a t i o n a l B a n k — O m a h a .................... 91
F i r s t N a t i o n a l B a n k — S t. J o s e p h ............. 12
F i r s t N a t i o n a l B a n k — S t. L o u i s ............. 39
F i r s t N a t i o n a l B a n k — S t. P a u l . . . . 6 6 , 67
F i r s t N a t i o n a l B a n k — S i o u x C i t y .......... 74
F ir s t N ational B an k and T ru st
C o m p a n y — T u l s a .............................................. 78
F i r s t N a tio n a l C ity B a n k of
N e w Y o r k .................................................... 24, 25
F i r s t N e b r a s k a S e c u r i t i e s , I n c ......................94
F i r s t S to ck Y a rd s B a n k — S o u th
S t. J o s e p h ..............................................................102
G ross,
K irk ,
a
Com pany
.....................................105
Profound Statement
W h e n M a r ily n M o n ro e s a w th e
G r a n d C a n y o n f o r th e f ir s t tim e , s h e
t u r n e d to h e r c o m p a n io n a n d sa id ,
“ I t ’s s im p ly g o rg e s .”
M
M a n u f a c t u r e r s H a n o v e r T r u s t Co. . . 1 8 , 19
M a r q u e t t e N a t i o n a l B a n k ............................. 102
M e r c a n t i l e T r u s t C o m p a n y ......................... 49
M e r c h a n t s M u t u a l B o n d i n g C o m p a n y . 58
M e r c h a n t s N a t i o n a l B a n k ............................
2
M i d l a n d N a t i o n a l B a n k ................................. 69
M i n n e s o t a C o m m e r c i a l M e n ’s
A s s o c i a t i o n .......................................................... 68
M u tu al F ire a n d A u to m o b ile In s u ra n c e
Com pany
............................................................... 58
I
I o w a - D e s M o i n e s N a t i o n a l B a n k ........... 124
I o w a - N e b r a s k a B a n k D i r e c t o r y .............. 114
I o w a P o w e r a n d L i g h t C o m p a n y ............. 54
I o w a S t a t e B a r A s s o c i a t i o n ...........................104
K
K och B ro th ers
.........................................................121
L
L a M o n t e , G e o r g e a n d S o n ............................ 52
L i v e S t o c k N a t i o n a l B a n k — C h i c a g o . . 107
L i v e S t o c k N a t i o n a l B a n k — S i o u x C i t y . 70
y¿>¡
N
N atio n al B a n k of C om m erce T ru s t an d
S a v i n g s .................................................................... 95
N a t i o n a l B a n k o f S o u t h D a k o t a , T h e . 75
N a t i o n a l C a s h R e g i s t e r C o m p a n y .......... 17
N a tio n a l F id e lity L ife In s u ra n c e
C o m p a n y ..........................................................4, 114
N a t i o n a l R e s e r v e L i f e I n s u r a n c e Co. . . 51
3
N o r t h e r n T r u s t C o m p a n y ............................
N o r t h w e s t S e c u r i t y N a t i o n a l B a n k . . . 73
N o r t h w e s t e r n N a t i o n a l B a n k .................... 60
O
89
99
O m aha N atio n al B a n k
O z a r k A ir L in es, Inc.
I*
"f
’
„
77
P ie rre N a tio n a l B an k
It
R ecordak
C o rp o ra tio n
.............................. 20, 21
S
S t. P a u l I n s u r a n c e C o m p a n i e s , T h e . . 6
S e c u r i t y N a t i o n a l B a n k .................................113 ^
S tu d ley , S h u p e r t T r u s t I n v e s tm e n t
C o u n c i l .................................................................... 40
T alco tt,
H
H a r r i s T r u s t a n d S a v i n g s B a n k ............. 11
H u m m e r , W a y n e , a n d C o m p a n y ............... 58
**
Jam es,
I n c ..............................................
53
I!
U n i t e d S t a t e s C h e c k B o o k C o m p a n y . . 94
U n i t e d S t a t e s N a t i o n a l B a n k ..................... 86
*
\
V alley B a n k a n d T r u s t C o m p an y —
D e s M o i n e s ........................................................... I l l
V a l l e y N a t i o n a l B a n k o f A r i z o n a . . . . 50
w
W
W
W
W
a t e r l o o - G r o u p 7 ................................................. 11S
e s t e r n M u t u a l I n s u r a n c e C o m p a n y . . 59
e s s l i n g S e r v i c e s ............................................. 8, 9
e s te r n a n d S o u th e rn L ife I n s u ra n c e
Com pany
............................................................... 48
W i t t e r , D e a n , a n d C o m p a n y ........................ 106
M
W h y d o th e se b a n k e r s p re fe r
Central States
“I like the idea of having a
representative right here in my
own locality. Central States’
prompt, efficient claims payment
doesn’t make me mad either.”
“The courteous and businesslike
manner in which Central States’
representatives service our
customers is particularly gratifying
to me. Central States should be
very pleased to have such men
representing them —I know we are."
Victor Nield, Insurance Advisor
Northwest Securities National Bank
Madison, South Dakota
Wallace B. Hanson,
Ass’t. Vice-President, Northwest
Securities National Bank
Madison, South Dakota
"Bank-Health takes care of our senior
customers. As a matter of fact, many
of them have now changed over to
Central States Bank Health plan
because of this over-age, noncancellable type coverage.”
Melvin J. Berens, Vice-President
Northwest Securities National Bank
Madison, South Dakota
Bankers appreciate Central States service...
representatives... and modern coverages... as well as
the opportunity for profit. Central States Bank-Health
pays bankers a liberal fee for the services they perform.
Let us provide complete details. Write, wire or
phone collect.
V II* *
IN OVER 700 BANKS * V oluntary
Insurance Protection
Ce n t r a l S t a t e s
H e a l t h & L i f e C o.
of Om aha
T. LESLIE KIZER, President
CENTRAL STATES INSURANCE BUILDING
HOWARD AT 18TH STREET • OMAHA
UNDERWRITERS OF
AND
LIFE.
INSURANCE
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Federal Reserve Bank of St. Louis
CONSUMER
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ACCIDENT
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IP
Check
your group meeting place and date
W e’ll be there in force, ready for informal discussions on
current banking practices and problems, or ready to set up
an appointm ent if you prefer a more leisurely chat in private.
Jerry Nelson
Geo. Harnagel
In the meantime, if there’s any way we can be of help, just
give us a call. Otherwise, we’ll see you on the dates indicated
on the above map.
Bob Buenneke
Ben Eilders
John Hunt
W e’re here to help you get what you want
I o w a D e s M o i n e s •N a t i o n a l B a n k
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