Full text of The Northwestern Banker : November 1957, 63rd Year, No. 844

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NOVEM BER
1957

Be Santa Claus
f»

To Your City’s
Churches
— Page 23

How We Opened
0 New Accounts
— Page 31


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Federal Reserve Bank of St. Louis

GUEST SPEAKERS AND LUNCHEON HOSTS REVIEW CONVENTION PROGRAM— Page 9

OFFICERS
Jam es

E. H

a m il t o n

Chairman Executive Committee
S . E . COQUILLETTE

Chairman of the Board
Jo h n T . H

a m il t o n

II

President
F red W . S m it h

V ice P resident
R e g in a l d B. F igge

V ice President
M a r v in R . S elden

V ice President
R. W . M anatt

V ice President
L e o n ar d

W . B r o u l ik

V ice President
S. J. M o h r b a c h e r
V ice P residen t
J a m e s E . C oq u il l et t e

V ice President

Unexcelled Service . . .

in the

“Land of the Gold Thai Grows”

A r t h u r E . L in d q u is t , J r .

V ice President
E verett C. P r a t t

Cashier
C. F. P e r e m s k y
A sst. Cashier
V ictor W . B r y a n t

A sst. Cashier
N . J. D a u t r e m o n t
A sst. Cashier

Iowa’s bountiful harvest is moving now to far corners of the

R obert A . H a h n

earth . . .

W . F . V om acka

a heartening, nourishing ambassador from the

Asst. Cashier

Asst. Cashier

"‘ breadbasket of the w o r l d . C e d a r Rapids, where thousands
of cars of grain are processed each year, is the grain capital
of the world.

Since 1881 The Merchants National Bank has

been serving the Middlewest.

An account here guarantees

you prompt and accurate service on all of vour grain drafts
and other items.

Utilize our nationwide service with all

major grain markets from the grain center of the world.

TRUST DEPARTM ENT
R u ss e l l I. H ess

Vice President
R. D. B r o w n
Trust Officer
F. F orbes O lberg
Trust Officer
R obert F. L e d w it h
Asst. Trust Officer

MORTGAGE LOAN
DEPARTM ENT
R a y m o n d D. O rr

Manager

™EM erchants Na

Bank
CEDAR RAPIDS, IO W A
Member Federal Deposit Insurance Corporation
No. 844. Northwestern Banker, published monthly by the Northwestern Banker Company, at 306 Fifteenth St., Des Moines, Iowa. Subscription,
35c per copy, $3 per year. Entered as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, under Act of March 8, 1879.


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Federal Reserve Bank of St. Louis

3

Looking for
more customers?

You're on the right trail when you display
the emblem of Christmas Club
a Corporation[

W hen you provide Christmas Club service, your best prospects
for other banking services are right under your nose !
Nearly one-half (46.6% ) o f all Christmas Club members are
between the ages o f 25 and 44— far in excess o f the population
ratio (28.5% ) o f this group. W ith their growing families, these
young Americans need savings programs, loans, safe deposit
boxes and financial advice. They are your best market today
— and tom orrow.

f

'•*Sr *.-«r4*

SPONSORED BY THE INCORPORATED ORGANIZATION CHRISTMAS CLUB

Y ou can bring them through your doors with Christmas

' • * \*

ORIGINATORS OF THE CHRISTMAS CLUB PLAN

Club. W h y not ask to have a staff member o f Christmas Club a
Corporation call and give you the complete story? There’ s no
obligation, o f course.

*

A n a t io n - w id e s u r v e y m a d e b y C h ris tm a s C lu b
a C o r p o r a t io n s h o w s th a t C h ris tm a s C lu b m e m ­
b e rs a r e c o n c e n tra te d in th e y o u n g f a m ily g ro u p

A g e B ra ck e t
U n d e r 15 Y e a rs

Prop ortion of
T o tal P o pulation
In A g e B rack e t
2 9 .4 %

Proportion of
C h ristm as C lu b
M em bership
In A g e B ra ck e t
7 .8 %

15-24

13 .3

11 .0

2 5 -3 4

T 4 .6

2 1 .3

3 5 -4 4

1 3 .9

2 5 .3

45-54

11 .5

18 .0

55-64

8 .8

10 .9

O v e r 65

"

r

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Federal Reserve Bank of St. Louis

8 .5

5 .7

1 0 0 .0

1 0 0 .0

DUE

THIS

WEEK*?#

Cf)risitma£ Club
a cCo r p o r a tio n
Founded by Herbert F. Rawll

2 3 0 P A R K A V E ., N E W Y O R K

I7 ,A .Y.

Builds Character • Builds Savings
Builds Business For Financial Institutions
N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957

AN EMPTY D E S K . . . a friend gone . . . a troubled president. That’ s
what Mercantile Man Ed Schoor found when he visited this corre­
spondent bank. The president explains: No one is fully qualified
to step into the shoes of the man who had sat at the desk . . . the
man whose professional skill and wide knowledge had been so im­
portant to the bank. Boh Reagan, the assistant cashier, has learned
fast; he’s well-liked, his potential is high, his basic banking knowl­

edge is sound. But he just hasn’ t had time to learn all he must know
to take over as cashier . . . about securities, for example, or thtH
lending operation, or bank accounting. Ed Schoor suggests a solu­
tion. "Can Bob come to St. Louis for a few weeks?” he asks. "W e
can’ t give him experience, but we can round out his education!”
Bob can and will, the delighted president assures Ed. A phone caJi
to Mercantile’s Operating Department arranges i t . . .

THE I NTENSI VE training program at Mercantile is
tailored to Bob’ s special needs. Above, while Operating
Man Leon Fox checks his progress, he analyzes securities
under the tutelage o f the Bond Department’s Clem
Forcade. As cashier, Bob will handle the bank’s portfolio.

SINCE THE CASHIER is also the bank’s loan officer, Bob
Reagan must learn to set up consumer credit files, eval­
uate loan applications, make credit investigations. Abov.5^
he works in Mercantile’ s Installment Loan Department
checking credit references on an application.

WELL - OR GA N I ZE D credit files make an invaluable con­
tribution to operating efficiency. Matt Wood of the Credit
Department teaches Bob how to set up and maintain
credit records. Later, he learns how to analyze financial
statements, use sources of credit information.

THOUGH A SMALL bank usually has no separate Dis­
count Department, it does have maturing notes on which
due notes must be prepared and collections made. Bob
studies Mercantile’ s methods of handling the note casetl
guided by Ray Weber of the Discount Department.


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he CaseWrthe Empty Shoes
. . . and how the crMan from Mercantile57helped a banker fill them
Sudden death is always shocking. And when it com es—
as it did recently to the cashier o f one o f our corre­
spondent banks— it can produce a management crisis.
How this crisis was met . . . how the "M an from M er­
cantile” helped provide a replacement for the deceased
o ff ic e r . . . h ow M erca n tile fu rn ish e d help fro m an
operating team including experts wdth as much as 40
years’ experience in bookkeeping, currency handling,
and credit analysis . . . is the story told here as "T h e
Case o f the Empty Shoes” .*
^Jrdinarily, o f course, the correspondent services p ro­
vided by Mercantile Trust Company are not so dramatic.
Yet (perhaps because it happens so often) the day-to-day
help from Mercantile is equally important to the efficient,
profitable operation o f many o f our correspondents.
W hatever the problem, bankers know that their "M an
H5"T h e Case o f the Empty Shoes'" is taken
fro m the files o f Mercantile Trust Corn^ pany's Banks and Bankers Department
. . . with Mercantile men portraying the
roles they actually p layed in the "C a se."

from M ercantile” is backed by an organization o f skilled
specialists in every com plex field o f modern banking . . .
ready to help with counsel, inform ation, or even with
active operational assistance.
W hatever your need . . . whether it’ s an answer to an
operational or personal problem . . . a helping hand in
developing new business . . . or any o f the traditional
form s o f correspondent service such as transit, collec­
tions, or safekeeping . . . your "M an from M ercantile”
is a good man to have around.

Member Federal Deposit Insurance Corporation

TRUST

COMPANY

THE ESSENTIALS of bank accounting are a "must”
[dor cashier of a small bank, since he prepares tax re­
turns, call statements, and similar documents. Here A1
Boettcher of tlie Comptroller’s Department shows Bob
how work of this nature is handled at Mercantile.

NO BANKER’S HOURS for Bob! In his few weeks in
St. Louis, his accelerated training program takes him
[•(nto every department in the bank. In his hotel room at
night, he
it necessary to continue his studies in
Digitized
for finds
FRASER
order to keep pace.
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Federal Reserve Bank of St. Louis

THE EMPTY DESK is occupied again, the empty shoes filled. Bob
Reagan’s broadened knowledge of banking has prepared him to shoulder
his new responsibilities as cashier. And a relieved president, no
longer a "banker with a problem,” shows his appreciation to his
"Man irom Mercantile” with a hearty handshake.

—

*

6
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But now—with the National POSTTRONIC, the new bank posting ma­
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Through the miracle of electronics,
far more of the work is done without
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than can be done by any previous
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It posts ledger and statement and
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*T R A D E M ARK REG. U. S. PAT. O FF.

e/fS S on a l
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ADDING MACHINES . CASH REGISTERS

T H E N A T I O N A L C A S H R E G IS T E R C O M P A N Y ,
*

Trade Mark

989

OFFICES IN 9 4 C O U N T R IE S

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

D A Y T O N 9, O H I O

ncr paper

(No Ca rb o n

R equired )

7

Oldest Financial Journal West of the Mississippi

for your N O V E M B E R , 1957, reading

EXCLUSIVE

63rd Year

. . . in this issue

No. 844

EDITORIAL
12 Across the Desk from the Publisher

FEATURE ARTICLES

★ W IN D O W DISPLAYS HELP
PROMOTE 4-H CLUBS
24
v Montana bank backs its 4-H
clubs with attractive window
displays and prizes.

9
9
21
23

Dear Editor
On the Cover
Frontispage—“ Hold Everything”
Your Bank Can Be Santa Claus To Your City’s Churches

24

Unique Window Display Helps Montana Bank to Promote 4-H
Activities and Build Good Will— Fred Heinecke
Why Women Must Prepare Now For Bank Officer Positions

— Donald D. Schnepf

25

—

A.I.B. Panel

26 How We Operate Our Scholarship Plan— Walter R. Hausman
27 News About a Unique Will-Drafting Contest— Richard E. Fister
28 Your Bank’s Advertising Need Not Be a Tough Nut to Crack

★ W H Y THERE IS A FUTURE
FOR WOMEN BANKERS 25
Highlights of A.I.B. panel dis­
cussing opportunities at offi­
cer level for distaff side of
bank staff.

— Henry E. Ley

29 Bank Sponsors Beauty Queen; Gains Valuable Local Publicity
—

30
31

W. B. Denton

Cross Currents Hold Present Market— Raymond Trigger
Here’s How We Opened 250 New Accounts With This Teaser
Ad Series—E. H. Paine
32 Bankers You Know—Daniel W. Ernst
34 Court Decisions on Legal Problems
36 FPRA Reports Membership Growth of 72% in 10 Years
— Clifford D ePuy

INSURANCE
59

How I Closed 4 Sales— William D. Henry

< ★ C O N T EST POINTS OUT
IMPORTANCE OF W ILLS 27

STATE BANKING NEWS
M innesota News
Twin City News
South Dakota News
Sioux Falls News
N orth Dakota News
M ontana News
H. D. Kosm an Heads
Nebraska Bankers—
Convention R eport
and Pictures

The author relates the sucr cess of his bank's cam paign
to acquaint law students with
need for wills.
\

63
64
71
72
74
77
79

80

Omaha News

86

Lincoln News

88

Iow a Bankers E lect
M. J. K laus—
Convention R eport
and Pictures

100

Des Moines News

105

St. Joseph News

OTHER FEATURES

★ NEBRASKA REPORT

79

v On-the-spot report, complete
with pictures of the Nebraska
Bankers convention in Om a­
ha.

104
106
106

Index o f A dvertisers
In the D irectors’ Room
Convention
NORTHWESTERN BANKER
306 15th Street, Des Moines 9, Iowa, Telephone CHerry 4-8163

Publisher

Clifford De Puy
A ssocia te Publisher

Malcolm K. Freeland

★ IOW A REPORT

91

* Staff report and exclusive pic­
tures from big convention in
Des Moines.

E ditor

Ben J. Haller, Jr.

A ssocia te E ditor

Circulation D epartm ent

A ssocia te E ditor

S ecretary

A dvertising A ssistant

Field R ep resen ta tive

Walter T. Proctor
Daryl F. Visser

Lena Sutphin

Susan Morton

J. F. Neumann

Elizabeth Cole

A u ditor

Field R ep resen ta tive

Cladyce Shelton

Al Kerbel

Frank P. Syms, Vice President, 505 Fifth Ave., Suite 1806, New York, MUrray Hill 2-0326
Milton P. Bock, Vice President, 854 Baker Building, Minneapolis, FEderal 6-9191

DE PUY PUBLICATIONS: Northwestern Banker, Underwriters Review,
Iowa-Nebraska Bank Directory
N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

9

W i'f/r K d i t m '

“ You will be interested in knowing that
the 2-for-l pellets are being received with
great enthusiasm by our salesmen, deal-

“ Admire Your Method”
‘ ‘Many thanks for the October issue of the
N o r t h w e s t e r n B a n k e r — and especially for
handling the letter to me in such a. compli­
mentary manner. I must confess to admir­
ing your method of hitting on timely
subjects and getting across your own views,
via the letter technique in ‘Across the Desk
from the Publisher.’ I will have to remember
this for future reference!
“ I note forces are gathering for an at­
tempt to get Congress to put up more money
next year for chemurgic research and other
ways o f using all the wonderful goods our
farmers produce in such torrents. Let’s hope
we get to see at least some success . . .”
James E. Sites, Associate
Editor, Whaley-Eaton Serv­
ice, Wasluington, I). C.

A t H om e
O r In

“ Highly Pleasing”

^

“ The response by the people in our area
to our operations has been highly pleasing.
We feel there is a great potential in our
location and realization of this potential depends upon the concerted efforts of all of us.
“ We shall keep you advised relative to our
opening o f the new bank building.”
F. E. Breclcner, Vice Presi­
dent, City National Panic,
Cedar Rapids, Iowa.

“ Visit Appreciated”

■v

“ I just wanted to send my thanks and
appreciation to you as a representative of
the N o r t h w e s t e r n B a n k e r for taking time
out from your very busy schedule to attend
our news conference at the Ralston Purina
Research Farm outside St. Louis.
“ It was a. real pleasure seeing you, and I
hope that you found our conference concern­
ing our new high-fat, pellet broiler ration of
interest and significance. (Ed. Note: Re­
ported on page 40, October N o r t h w e s t e r n
B an k er .)

r

ON T H E C O VER
Guest speakers at the 71st annual
Iowa Bankers Association convention

T h e O u tfie ld
N o th in g
WITH Ralston Purina’ s new high-fat
pellet ration it is now possible to raise a
three-pound broiler on only six pounds of
feed, rather than the nine pounds previ­
ously required. Shown above are Dr. D. L.
Milligan, manager of broiler and roaster
research, left, and R. E. Rowland, presi­
dent, Ralston Purina Company.
ers and customer friends. It is already being
produced in volume in each of the major
broiler areas and soon we will have the new
product available at every one of our 50
plants.”
J. T>. Sylces, Vice President,
Ralston Purina C om p a n y,
Checkerboard S q u a re, St.
Louis, Missouri.

were entertained at a luncheon last
month. Pictured on the front cover
of this issue is an exclusive photo
taken by the N o r t h w e st e r n B a n k e r
of several of the prominent speakers
and their luncheon hosts. Left to
right, they are:
Seated: Joseph C. Welman, presi­
dent, American Bankers Association
and president, Bank of Kennett at
Kennett, Missouri; The Hon. Willis
A. Robertson, United States Senator
from Virginia, and Laurens M. Hamil­
ton, member of Alexander Hamilton
Bicentennial Commission, Washing­
ton, D. C.
Standing: James W. Hubbell, chair­
man of the board, Bankers Trust
Company; Calvin W. Aurand, presi­
dent, Iowa-Des Moines National; and
W. Harold Brenton, president, State
Bank of Des Moines, all of Des Moines,
and hosts at a luncheon for conven­
tion speakers.

C a n B e S a fe r
T h a n .. .

CITY BANK
T R A V E L E R S

CHECKS !

S a fe —yes, c o m p le te ly safe
e veryw here. A t home or abroad First
National C ity Bank T ra ve le rs Checks
are spen d a b le like cash e v e ry w h e re
—f o r e v e r y t h i n g .

Come

in h a n d y

d e n o m in a tio n s of $10, $ 2 0 , $ 5 0 and
$100. Prom ptly refunded if lost or
stolen. C ost only $1 per $100; good
until used.
SELL FIRST NATIONAL CITY BANK
TRAVELERS C H E C K S -Y O U KEEP 90%
OF THE S E L L IN G C O M M I S S I O N AND REMIT 10% TO US!
Member Federal Deposit Insurance Corporation
N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

mm' ■ '0i

'

pr

'

“T a k e a M o sle r-co n d u cte d tour through another
of the m odern b an k s going up all over A m e ric a . . . ”

— “ 1

Push open the big glass doors o f the Princeton Rank and
Trust Company, Princeton, W est Virginia. Step inside.
Take just one look around . . . at the long, curving
counter and the modern decor. N o doubt about it, is
there? Y ou ’ re standing in one o f Am erica’ s most modern
banks. And a closer look tells you just how modern.
For on every side ycu see precision-engineered Mosler
protective equipment, designed with the future in mind.
Y ou could even say it makes the bank o f the future a very
real reality today.

if

PRINCETON'S VAULT DOOR is the distinguished Mosler Century 10
which has become the virtual symbol of the modern financial
institution. It achieves its bold "tomorrowness” without surrender
o f the traditional look of dignity and impregnability.

N o r t h w e s t e r n B a n k e r, N o v e m b e r , J957


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Federal Reserve Bank of St. Louis

AS MODERN AS THE CARS IT SERVES, Princeton’s Mosler Drive-In
window is low enough for even sports cars. The wide expanse
of bullet-proof glass, framed in stainless steel, gives an unusually d
friendly and open look. Teller has plenty of elbow room and counter
space. Two way speaker keeps voices normal, teller’s hands free,
and vision unobstructed.

1 ■I

•I

; * !v~r

:.

III

>ri

JjjggF

■<*
OVER 1'A MILLION Mosler Safe Deposit Boxes— like these in the
Princeton Bank — have been installed in financial institutions
throughout the world in the past 5 years alone. They have the world’s
.finest, most modern safe deposit lock— the Mosler 5700.

MOSLER COUNTER CASH PROTECTORS guard Princeton against
daylight hold-ups. Periodically throughout the day, teller can drop
"extra” cash into locker under cash drawer, where it’s protected
by special delayed action timelock. Both locker and timelock
are approved by Underwriters’ Laboratories, Inc. Other Mosler
protective devices to guard against daylight hold-ups include . . .

■I

BANDIT SWITCH

DUPLEX DAY-RAID
POLICE ALARM

DELAYED ACTION
TIMELOCKS

For FREE illustrated brochures on modern Mosler equipment
for banks, send coupon TODAY . . .

■

IF IT ’S M O SLER . . . IT ’S S A F E

CONSTANT ON-THE-SPOT PROTECTION for Princeton’s important
records is provided by the Mosler Ledger Desk Safe. Its insulated
doors recede to save valuable floor space, can be shut in seconds
in case of fire. It houses up to 75,000 cards.

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SERVING ASA ROUND-THE-CLOCKTELLER for Princeton’s depositors

fis Mosler’ s Century-Style Day-Night Deposit Safe. Accepts both
envelope and bag deposits. Special sawtooth baffle fingers prevent
withdrawal of deposits from outside.

Other

MOSLER

and banking go forward together

THE MOSLER SAFE COMPANY • SINCE 1848 * WORLD’S LARGEST BUILDER OF SAFES AND BANK VAULTS
N o r t h w e s t e r n B a n k e r, N o v e m b e r, 19$?


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Federal Reserve Bank of St. Louis

fDsucui, TlolL 2 t. TYlcfchm^:

When, oh when, will we turn the great inven­
tions of mankind into the pursuit of peace?
When will we use for the benefit of the world
the wonders of physics and chemistry?
When will the atoms and the molecules be “ har­
nessed” for the deliverance, instead of the destruc­
tion of the world ?
The marvelous miracles of our modern world
are all around us— but let’s not destroy what prog­
ress we have made.
As one writer has said: “ Neutrons— uranium.
An atom split. Magic from the brain of man.
Magic that could turn a lathe in Singapore; light
a lamp in London, and heat a furnace in Pitts­
burgh.
“ Will this be the mission of our scientists, or
must it be fifty million more years of masses
slaughtered? Must God’s force be used again and
again to prove that dust goeth back to dust?
“ Who can count the miserable graves man has
left along his path? Who can total up the skulls
left grinning in the sun? What heart or brain
can ever comprehend the dreams and hopes that
died in the young men, shattered on a thousand
battle fields from the days of ancient Athens to
the wars of modern times?”
America is the last great hope of people every­
where, struggling upward for a better life. It is
“ for us the living” to show the way toward peace
and prosperity, and not death and destruction, as
communism celebrates its 40th anniversary of rev­
olutions and riots, murders and massacres.

Secretary of Defense, Washington, D. C.

Increase the budget— spend more money— to
hell with the cost, because we must produce our
“ Sputnik” in the sky.
To prove what?
To prove that the scientists in the United States
are as smart, or smarter than those in Russia?
O.K.— and then what?
To prove that when the great day comes to an­
nihilate mankind— to obliterate human beings from
this planet— we, the most enlightened nation on
earth, will have our death dealing machines on the
top ether waves, in the uppermost reaches of lim­
itless space, where their master mechanism will
rain from the heavens the last and final “ greet­
ings” to those below, in Russia and her satellites,
that the end has come?
Is complete destruction our goal?
Is to annihilate, and perhaps be annihilated, our
only destiny on earth?
Are we only trying to see which nation can ex­
terminate the other one first?
Has all our teaching, education, and philosophy
since the days of Aristotle and Socrates brought
us to this catastrophic chasm in the history of
Christendom ?

Q

ax,

sl

Q oh fL

Ú diksL tu:

President, Savings and Mortgage Division, A.B.A., and
President, Jamaica Savings Bank, Jamaica, New York.

Whether banks should or should not raise the
interest rate on savings deposits is of paramount
importance to banks throughout the nation.
In a survey conducted by the N o r t h w e s t e r n
B a n k e r 54 per cent of the banks reporting had
increased their interest rate on savings deposits in
the last 12 months.
Approximately 70 per cent of the banks which
are paying higher interest on savings accounts
have also increased their savings, while 48.5 per
cent found that increased savings deposits weren’t
enough to offset the increase in interest paid.
Each bank must necessarily decide for itself
whether to increase its rates on savings and time
deposits, and if so, how much.
One banker in a community of 28,000 popula­
tion in replying to the N o r t h w e s t e r n B a n k e r
survey, said, “ We feel that our thrifty depositors
are entitled to a better return on their savings
now that bank investments earn higher rates. A
half of the increased cost of raising the rate on
savings is a direct deduction on the income tax
N o r t h w e s t e r n B a n k e r, November, 1957


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Federal Reserve Bank of St. Louis

return, and the balance of the cost is going to our
own depositors who make our bank possible, and
they can then spend this extra money in our com­
munity, which in turn helps us. W e must be alert
to the time when a revision downward is indi­
cated by a change in the general level of interest
rates.”
Another banker in a city of 200,000 population
reported this w a y : “ Savings deposits are an im­
portant part of deposit structure, and normally do
not fluctuate too much. About 80 per cent of sav­
ings totals are invested in real estate mortgages at
attractive rates. In the early 1930’s and in the
1920’s, most banks paid 4 per cent on savings and
invested the funds in 6 per cent mortgages. Can
we not afford to pay 3 per cent and invest at 5y2
or 6 per cent today? Also, many banks are in the
52 per cent tax bracket, so net costs are not as
great as they might seem.”
No doubt, Mr. Adikes, during your presidency
of the Savings Bank Division you will be making
other surveys on this important topic of interest
rates paid on savings accounts because every bank­
er is anxious to know (1) whether or not the in­
creased rate paid is being offset by increased
deposits, and (2) whether these increased deposits
are showing a net profit.
^ ;X
: '/? ;X
;
(D sn fc S ^ ic I a iA .
Secretary of Commerce, Washington, D. C.

An analysis of the business outlook is always
an interesting one as well as being of vital impor­
tance to business men and bankers throughout the
nation.
Recently you obtained the views of about 1,000
corporation executives and government officials on
what is ahead, and the main points which they
brought out were these :
1. There will he a decline of perhaps one per
cent in business activity in early 1958 with
a recovery in the second' half of the year.
2. The prospects for a tax reduction hill next
year have been lessened due to the in­
creased spending for missile development.
3. The economy has been moving up steadily
and rapidly since 1954, and a leveling off
time should be a. healthy thing.
A well known business service agrees with your
conclusions, Mr. Weeks, and expresses its opinion
by saying, “ Looking beyond the next year or so,
we can foresee the economy soaring to new heights.
Indeed, it may well be that the high point of this
decade will prove to be the low point of the next
decade.”
This same authority bases its optimism on our
increased population which it estimates by 1965
will be 192,000,000, or an increase of 22,000,000
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

over our present figures. It is its belief that “ by
1965 this dynamic expansion will be accompanied
by an even greater increase in the total value of
goods and services produced by the economy. If
the per capita share of the gross national product
continues to grow at the rate of the past decade,
the total may exceed $575 billion by 1965, com­
pared with a $434 billion annual rate in the sec­
ond quarter of 1957. By 1970 it is likely to reach
the $675 billion level. These projections are in
1957 dollars; further inflation of prices would lift
them even higher.
“ In any event, the demands made on the produc­
tive capacity of American business will grow at
more than double the indicated population growffh
rate.”
In any economy as progressive as that in the
United States the business curve must necessarily
fluctuate, but in the last half century the general
trend has been up, and with the demands which
are bound to occur because of our increased popu­
lation it is our opinion as is yours, Mr. Weeks, that
better business will result.
'A' :X
: 'A' -X*

(DsjcVc ¿hie. £oJwAtatL:
Chairman of the International Development Advisory
Board, Washington, D. C.

Can we get too big in business, in labor and in
government?
Has the tendency toward concentration of busi­
ness, labor and government already progressed too
far?
If the answer is Yes, what can we do to change
this trend ?
If this inclination progresses, Mr. Johnston, it
is your belief that it might result in the loss of
our nation’s economic, political and personal free­
doms.
“ These dangers will not happen fast,” you said,
“ but will become apparent gradually. W e are
already moving down the road toward security in­
stead of risk, toward belonging rather than begin­
ning, toward adjustment rather than enterprise.
I f economic power is concentrated, more and more
in fewer and fewer hands we will move inevitably
. . . into an age of government-controlled economy.”
If the time should come when “ security instead
of risk” is the motivating theme of American life,
then a nation which has grown great through in­
itiative and enterprise will lose its powerful stim­
ulus. Lets hope it never happens, and work to see
that it does not.

13

14

I
r

f

The copper one-cent piece you
have in your pocket traces its
ancestry back to the Roman Em­
peror Tiberius, who first cast a
“ denarius” as a coin honoring
himself. In the Middle Ages,
the French King Charlemagne
issued a silver denarius— which
was later shortened to “ denier”
— as the principal coin o f his
realm. In borrowing from the
French, the English adopted
the symbol “ d” as an abbre­
viation fo r their smallest unit

Just as in the world of coins, sym­
bols and the phrases behind them
are important in the realm of bank­
ing. The notation “ Chicago corre­
spondent: Northern Trust” in the
directory listing of any bank in­
dicates that that bank has enjoyed
a correspondent relationship of high
quality a,nd great usefulness.
At The Northern Trust, a capa­
ble staff guided by extensive ex­
perience in correspondent banking
stands ready to satisfy your require­
ments in all departments—banking,

foreign, trust and bond. Aid in the
management of your investment
portfolio . . . help on day-to-day
operating problems . . . reliable
credit information . . . and a na­
tional network of bank wire facili­
ties are just a few of the many
correspondent services o f The
Northern Trust.
We will be pleased to discuss with
you how the broad banking services
of The Northern Trust have helped
hundreds o f our present corre­
spondents.

Look to The Northern Trust Company fo r complete
correspondent bank assistance ingrowing Chicagoland.

of coinage, the pence, and this
in turn became the word‘ lpenny>’>
in America.

N O R T H E R N / F R U ST
B o x N , C h ic a g o

90

T e le p h o n e F in a n c ia l 6 - 5 5 0 0
m e m b e r f e d e r a l d e p o s it in s u r a n c e c o r p o r a t io n

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

BANK

T

*

4

The SC IEN C E of corresponden t banking
sci-ence: systemized knowledge derived from observation, study and experimentation
— W ebster

According to the dictionary definition, correspondent banking is a
science.
At Chase Manhattan, “ systemized knowledge” is called simply, experi­
ence— but it is based on close observation and study of the requirements
of our correspondent and his customers.
“ Experimentation?” That is our constant search for new ways to serve
you.
Like to see how the science of correspondent banking can work for you?
W hy don’t you talk to the people at Chase Manhattan?

__
Service to Correspondents
Analyses of investment portfolios
Around-the-clock mail pick-up
Quick collection of items
Dealers in State and Municipal Bonds
Execution of security orders

TIT E

Credit information • Full foreign services

Chase Manhattan Bank

Safekeeping of securities
Many personal services

H EA D O F F IC E : 18 Pine S tre e t, N. Y . 1 5
Member Federal Deposit Insurance Corporation

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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

16

What to look for in
Look for convenience. New Recordak Reliant Microfilmer
with Kodamatic Indexing lets you find any picture quickly
— indexes items photographically right on the film. Plus
every convenience for operator— all controls are at
fingertips. Microfilmed documents are delivered right to
hand . . . neatly stacked in sequence.

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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

our next microfilmer

Look for versatility. Recordak
Reliant can endorse or cancel
automatically during microfilming
run. Gives choice o f 3 reduction
ratios— 4 0 -to-l, 3 2 -to-l, 2 4 -to-l,
whichever suits your needs.
Reliant can even expose two rolls
o f film simultaneously, one for
reference . . . the other for ” off
the premises” storage.

Look for accuracy. New
precision-feeder prevents double
feeding, even at a 400-item-perminute speed! Just about
eliminates any chance o f missed
pictures. Kodak-designed optical
system makes sharpest ph oto­
graphs. T he fine grain film you
use is made by Kodak, too—
assures easier "film reading.”

Look before you buy. No matter where you look,
you ’ ll find the Recordak Reliant with Kodamatic
Indexing offers an unmatched array o f features.
A nd now, R ecordak’ s free trial offer allows you to use
the Reliant in your own bank for thirty days— with no
obligation to buy or rent. W rite today for illustrated
booklet describing the Reliant in detail.

Look for speed. Precision-built
Recordak Reliant Microfilmer makes
fast work o f speeding banking routines
. . . photographs up to 400 items
per minute— up to 80 pictures for a
cent ! Offers choice o f 3 recording
m ethods— duplex, duo, and standard
— whichever best suits your needs.

(Subsidiary o f Eastman Kodak Company)

originator of modern microfilming— now in its 30th year
"Recordak'' is a trademark
MAIL COUPON TODAY

RECORDAK CORPORATION, 415 Madison Avenue, New York 17, N. Y.
Gentlemen: Please send me folder describing new Recordak Reliant with Kodamatic Indexing.
N a m e.

.Bank.

P o sitio n .

.S tre e t.

p.j i

.S ta te .

Northwestern B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

Every 2 minutes . . . a

s e lle r m a k e s a

sale, a b u yer m a k e s a bu y in the b ig h ig h -s p e e d
G o v e rn m en t b o n d m a rk e t at the

Continental Illinois
Government bonds move here in less time than it takes to toss a salad. When you
phone us to sell, chances are the sale will be made before you hang up. When you
phone us to buy, we’ll probably have what you want "in stock” or close by.
This is one of the largest primary markets for U. S. Governments in the world.
It’s used freely by our correspondents and their customers. W h y don’t you phone
STate 2-9000 in Chicago, and use it, too?

C O N T IN E N T A L IL L IN O IS N A T IO N A L B A N K
a n d T r u s t C o m p a n y o f C h ica g o
Member Federal Deposit Insurance Corporation
N o r t h w e s t e r n B a n ke r, N o v e m b e r, 1957


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Federal Reserve Bank of St. Louis

19

For
banks
planning
to serve
m HH H i I m

drive-up
and
walk-up
customers
DIEBOLD INTRODUCES
FOR “ BANKING ON THE
For bankers interested in providing drive-up and walk-up banking serv­
ices, Diebold offers almost unlimited installation ideas as well as entirely
new concepts in the function of equipment. For example:

For Drive-Up Banking:
•
•
•
•

Flush, bay and saw-tooth designs.
Flow to use turntables in crowded areas.
Hi-Fi communication.
Weather-tight deal drawer can be extended to greater distances for curbshy drivers . . . retracted from any position.

For Walk-Up Banking:
• King-size writing shelf with shadow-proof lighting, opened and closed
from inside.
• Equipped with pens and forms like a lobby desk.
• Hi-Fi communication.
• Inside of deal drawer visible to customer and teller at all times.
The unmatched experience gained by Diebold in making thousands of
successful installations has been assembled in Motor Banking, the most
authoritative treatise published on the subject. Send for your copy today.
Diebold, Incorporated, Canton 2, Ohio.

DIEBOLD ®

D ieb o ld , Incorporated
9 4 7 M u lb e rry R d., S. E.

Deluxe W alk-Up W indow.

• C a n to n 2 , O h io

Please send a copy of your book, M OTO R B A N K IN G , and fu ll details about your:
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the world's finest banking equipment.

C i t y _____________________________________ Zone________ State----------------------------------------------


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Federal Reserve Bank of St. Louis

20

PR O G R ESS
Demands Improvement
As a means of providing improved service to an ever­
growing list of Correspondent Banks . . . we inaugurated
our "A rou n d -T h e-C lock ’’ Transit Service some 2 l/z
years ago . . . the FIRST bank in Iowa to do so.
And . . . to improve and "speed up” the mechanical
facilities of our bookkeeping department we have just
completed the installation of N C R Post-Tronic Machines
. . . the first such installation west of the Mississippi
River.

Central N ation al B a n k
& T ru st C om pany
Phone CH erry 3-8181

Des Moines, Iowa

Member Federal Deposit Insurance Corporation

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

Northwestern Banker, November, J957


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Federal Reserve Bank of St. Louis

22

Labscope M odel 115 Courtesy Burlingame Associates Ltd.

Uoha

Quick...

IN THE ELECTRONIC AGE

The general use of automation in banking will probably change your
checks relatively little. Considerations of safety, efficiency and the
customer’s preference all make today’s check the most acceptable form.
Machines now being designed are adapted to it, with coding
printed in magnetic ink. And, in the future as for generations, the Safety
Paper offering the most in protection, quality and service
will be made by La Monte.

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

23

Y o u r B ank t a il —

tte Sani a Claus
To Y our C ity’s Churches
ITH the Christmas season rap­
idly approaching, many bank­
ers are turning their attention
to planning for this gala season. In­
cluded in these plans are bank decora­
tions, gifts for customers of the bank,
and work with civic organizations in
making Christmas a truly joyous sea­
son for all.
Last year the Rock Rapids State
Bank, Rock Rapids, Iowa, had what
we think was a rather unique Christ­
mas program for our community. And
many of you may wish to plan a sim­
ilar event for the coming Yuletide sea­
son in your city.
We had previously presented our
customers with annual Christmas re­
membrances of the advertising special­
ty nature. But last year, the officers
and directors decided to attempt a dif­
ferent approach to the spirit of Christ­
mas.
The following letter was prepared
and mailed to the bank’s customers.
It read:
“ Dear Friends: We are rapidly ap­
proaching one of the greatest religious
holidays of the Christian world. This
holiday holds for all of us a deep sig­
nificance. Beyond the gift giving, the
feasting and the merriment, there is a
deep religious overtone and we are all
drawn a little closer to our churches.
“At this time of year it has been

W

traditional that gifts be given. Among
many commercial institutions a cus­
tom has developed for the giving of
some small remembrance to friends
and to customers.
“ Instead of a pen or a pencil—or
some other novelty—the Rock Rapids
State Bank would like, at this season,
to make a gift to your church, in your
name. All we ask is that you bring
this letter to the bank and hand it to
one of our people, noting on the letter
what church you would prefer to have
yours given to. In your name a gift
of a dollar will be made to the com­
munity church which you designate.
“We hope that you will bring in
your letter before the Christmas dead­
line, so that we can deliver to each of
the churches the contributions that
you our customers and friends direct
to them.
“All of us at the bank extend to you
and yours our sineerest good wishes
for the holiday season. We hope that
your Christmas will be happy—and

Written Especially for
The Northwestern Banker
By DONALD D. SCHNEPF
Cashier
Rock Rapids State Bank
Rock Rapids, Iowa

that the New Year will bring you
those things for which you seek.
“ Sincerely yours (signed by an offi­
cer), Rock Rapids State Bank.”
We found the work involved in pre­
paring this operation took very little
of our time. We used the Addressograph for addressing of both the let­
ters and the envelopes. A mailing list
had been compiled to work from, thus
eliminating any repeats or omissions.
As the letters came in they were
separated according to the churches
designated. At the end of the day, a
list was made of the customers and
the church, providing us with a per­
manent record. After the first week
we totaled our lists and sent a draft,
with our customers as remitters, and
a form letter explaining the gift to the
various churches.
Our statistics show a return of 80
per cent in a two week period with 60
individual churches involved.
We were delighted to note that
many compliments, both written and
verbal, were received, showing the ap­
preciation of our customers.
We feel that this has been a tremen­
dously successful undertaking and we
are sure there will be many other
banks who will find this an easy and
enjoyable manner of solving your
Christmas plans for 1957.—$$
N o r t h w e s t e r n B a n ke r, N o v e m b e r , J957


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Federal Reserve Bank of St. Louis

24

U n iq u e W in d o w D is p la y
H e lp s M o n ta n a H an k to —

ote 1—81
Aetivities and
Build Good W ill
S’

ih iiii

N AN agricultural area it is of utmost importance for
the bank or banks of the community to promote good
public relations among the rural population and this
can be done by several different methods.
We feel that the project which has been undertaken the
past two years by the First National Bank & Trust Com­
pany of Helena, Montana, is an outstanding one and one
which has brought much good will for our bank among
the farmers of the surrounding territory. A similar proj­
ect could prove just as valuable to your bank.
The First National has obtained much publicity through
active participation in assisting with the activities in con-

I

nection with the annual 4-H Achievement Day.
The bank annually provides the trophies for showman­
ship in beef, lambs, swine and dairy classes of livestock.
It also provides the prizes for showmanship in clothing,
foods and home improvement. An officer of the bank
presents these trophies and prizes to the winners during
the awards program.
For the second year, now, the bank has helped to pub­
licize the 4-H program and especially the annual Achieve­
ment Day by using the large show window of the bank
on the principal street in Helena to display the homemak­
ing and livestock projects of the 4-H boys and girls.
This year, on the first day, the girls modeled clothing
made by themselves, while a 4-H leader commented on

Written Especially for
The Northwestern Banker
B y FRED HEINECKE
President
First National Bank
anti Trust Company
Helena, Montana

the review over a loudspeaker outside. The girls also
demonstrated egg candling and grading, sewing, and prep­
aration of foods for canning.
The second day, a live Hereford steer was displayed in
the window and several “fitting” demonstrations were
given by the proud owner. A tape recorded story about
the steer was wired to the outside speaker and played
periodically for the viewers.
The third day, two blackface lambs were shown and on
the fourth day, a Jersey dairy cow was on display. The
story of each of these animals was also taped and played
over the loudspeaker.
The local newspaper was enthusiastic about the bank
window display and printed a story about it every after­
noon. The two local radio stations also mentioned the
unusual window display.
Spectators were counted by the boys and girls and they
reported more than 10,000 persons stopped to look and
listen.
It has also been the policy of the bank to provide the
PROM OTE 4-H . . .

(Turn to page 50, please)
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 7957


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Federal Reserve Bank of St. Louis

25

44The number o f women officers in banks has doubled in the past dozen years

W hy

W
om
enM u s!

F oe• P eeeeh Officer

P

eesUJ eeees

Results of Panel Discussion
At A .LB. Convention

HE bank of the future will have
more women officers, so women
in banking today must prepare
themselves for those official positions.
That is the conclusion of a panel of
bankers — both men and women — at
the recent A.I.B. convention in Richmond, Virginia.
Taking part in the discussion were
Mrs. Jackie Greer, assistant vice pres­
ident, First City National Bank, Houston, Texas, who acted as moderator;
Mrs. E. Roberta Durham, First Na­
tional Bank of Chicago; Mrs. Theo
Ann Goodrich, Central Bank & Trust
Company, Denver; W. Frank Phillips,
vice president, Commercial National
Bank, Charlotte, North Carolina, and
Martin J. Travers, vice president,
Power City Trust Office, Marine Trust
Company of western New York, Niag­
ara Falls, New York.

T
%

v

j

r

9,000 Women Officers

^

*

“ The number of women officers in
banks has doubled in the past dozen
years,” Mr. Phillips pointed out. “ In
1956 there were 9,000 women officers
in our banks, holding offices from as­
sistant cashier to president. The ma­
jority are Mrs. rather than Miss.”
Mr. Travers asserted that the high
percentage of married women bank
officers was a reflection of “the newest
development in American society—the
placing of women in the dual role of
homemaker and paid employee.
“According to statistics, one-third of
all women over 14 are working, and
this substantial number represents
one-third of the nation’s workers,” Mr.
Travers stated. “ This trend, which be­
came very pronounced during World
War II, has gained substantially more
momentum since 1950.”

31, and a year or two later enters, or
re-enters, the labor market. They also
pointed out that the combination of
a pressing demand for bank officer
talent and the increasing number of
women employed in banks will lead
inevitably to more women at the man­
agement level.
Mrs. Greer suggested, however, that
women should aim their training and
educational efforts at the “middle lev­
el” of officer positions, for it is here
that the greatest opportunities will
lie.
These “middle level” officers are
those who come into close contact
with the public, Mrs. Goodrich said.
“Only 15 per cent of bank customers
ever have any business which brings
them into contact with top bank man­
agement,” she noted. “ This makes the
ability to communicate with people of
prime importance to the ambitious
woman in banking.”
Outstanding Qualities

The panel agreed that the two out­
standing qualities which bank person­
nel officers seek in a woman employee
are “indications of permanence” and
“willingness to accept responsibility.”

Mr. Travers reported that a limited
survey of personnel people indicated
that women can best enhance their
opportunities for advancement by con­
tinuing their formal education through
A.I.B. and other institutions.
“The questionnaire revealed slight
prejudice against women holding su­
pervisory or officer jobs,” Mr. Travers
said, “but all responses were qualified
to the extent that ‘this can be over­
come by the individual.’ It was
shown by a four to one count that
female employees do not accept fe­
male supervision as readily as they do
male.”
Consistent Performance

Mrs. Durham urged women to avoid
allowing emotion to enter into their
work. “Women must be impersonal
it they are to be successful,” she
said. “They must also maintain a
consistent level of performance be­
cause of their reputation among men
for inconsistency.”
Mrs. Durham added, “ I agree that
there are four things a woman must
do if she is to attain any degree of
business success. She must look like
a girl, think like a man, act like a
lady, and work like a dog!”-—$$

44There are four things a woman must do if she is to attain
any degree o f business success.
44She must . . .

Pressing Demand

The panelists noted that the average
woman today leaves school at age 19,
marries at 20, bears her last child at
25, enters her last child in school at

Look like a girl . . . Think like

a man . . . A ct like a lady . . . W ork like a dog
N o r t h w e s t e r n B a n k e r, N o v e m b e r , T957


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Federal Reserve Bank of St. Louis

26
UR scholarship program, now in its third year, was
initiated as a means to express publicly our share
of the responsibility for higher education, and it
has met with great success, evidenced by its acceptance
in secondary schools throughout the county and in the
annual student participation.
In its initial year, the program attracted 78 entrants,
who were screened to 20 for personal interview before
the winner was chosen by the scholarship committee.
This year 55 students entered and nine were selected for
the interview.
Gail Barbara Taylor of Morris Plains, New Jersey, and
Beverly Jane Gilmour of Madison, New Jersey, were the
1956 and 1957 winners, respectively.
The program is open to Morris county residents in the
senior class of the 18 secondary schools within the county
as well as Morris county residents attending secondary
schools outside the county.

O

£

Receive Many Inquiries
H A P P Y 1957 W IN N ER is Miss Beverly J. Gilmore, shown here
receiving the top scholarship award from George Munsick, presi­
dent of the bank.

H ow W e
O perate Oar
Seh olarship iHaa

Since the program has been in existence we have re­
ceived many inquiries—three to four a month—from
other banks and institutions wishing to establish a sim­
ilar program. This is further evidence of its success
from a public relations standpoint.
The $2,000 award for four years of college is made on
the basis of the student’s scholastic ability and promise;
school and community activities; citizenship and leader­
ship ability; and the need for financial aid.
Shortly after the school year begins we commence ac­
tive work on our scholarship program. Through pub­
licity releases in newspapers and radio, together with
posters and pamphlets distributed throughout the county
by industries, libraries and schools, we inform prospec­
tive applicants of the award. Planned visits are made to
each secondary school in the area to discuss the program
with the principal or guidance director. In some cases
it is explained directly to the students at school assembly.

w

y

X

Aptitude Test

We require applicants to take the aptitude test of the
college entrance examination board. Copies of the CEEB
bulletin of information are mailed to applicants.
Our scholarship committee consists of three educators
from outside the county. It carefully screens all appli­
cants, choosing about one-fourth for personal interview.
From these the final selection of the winner is made
about April 10.
The winner is invited to a simple ceremony, at which
time a congratulatory letter is presented. Then, at grad­
uation time, the bank presents the award notification pub­
licly. The ensuing fall we send a $2,000 check to the
bursar of the college of the winner’s choice.

4

V

Letters of Encouragement

Unsuccessful candidates receive individual letters of
encouragement. The presentation of the award is accom­
panied by appropriate newspaper, trade magazine and
radio publicity.
Paid to College Treasurer

Written Especially for
The Northwestern Banker
By W ALTER R. HAUSMAN
Assistant— Public Relations
The Morristown Trust Company
Morristown, New Jersey
N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

The instruction sheet says in part:
Two thousand dollars will be forwarded by the bank to "T
the treasurer of the college which the winner plans to
attend. The winner can draw against this fund for tui­
tion and educational expenses, with approval and super­
vision of that college. No more than $500 may be used in Aany one academic year; and if the recipient ceases to be
a full time student at that college for any reason, the un­
paid balance of the fund will be subject to return to
The Morristown Trust Company upon request.
The Morristown Trust Company plans to award a sim*
ilar $2,000 four-year scholarship in May, 1958, to be known
as its 65th anniversary scholarship.—$$

27

A b ou t o i niquo
H i! I-Ih n hin if I on tost
Writen Especially for
the Northwestern Banker
B y RICHARD E. FISTER
Assistant Vice President
Security National Bank Savings and
Trust Company, St. Louis

were to be complete in every detail
using the full names of the proposed
testator and his family. The wills
ECENTLY, the Security National
were to be signed in proper manner by
Bank Savings and Trust Com­
the student as if the testator himself
pany, St. Louis, sponsored a
had done so.
contest which was rather unique and
(3) The name of the student was
which gained the bank a great deal of
not
to appear on the draft. An identi­
favorable publicity. The contest was
a Will-Drafting Contest, sponsored in fying number was all that appeared
conjunction with two St. Louis univer­ on the first page of the draft. The
sities. The project’s popularity prompt­ faculty advisor was to keep a record
ed me to pass the following informa­ of the students submitting a draft and
tion on to other banks which might the number assigned thereto. (4) All
be interested in sponsoring a similar drafts became the property of the Se­
curity National, and were not return­
contest.
able. The students were asked to keep
Advance Planning
a copy of the original. The Security
Last November, I consulted with the National was permitted to use the
head of the trust department of our drafts in any way they saw fit, includ­
bank and the deans of the law schools ing publication.
of St. Louis University and Washing­
(5) Winning and s u p e r i o r drafts
ton University, both located here in St. were judged on originality; complete­
Louis.
ness, soundness of distributive provi­
We decided to sponsor a contest sions as to practicality and federal es­
among the junior and senior law stu­ tate and Missouri tax savings; distri­
dents at these two schools. The deans bution according to testator’s wishes;
advised that the contest be held in ease of understanding; grammatical ex­
late winter or early spring.
actness; legality; and form.
Several banks were contacted which
(6) Duplicate pr izes were to be
had held similar events, but advice awarded in both schools, with first
was received from only one, the First prize of $75 and second prize of $25.
National Bank of Portland. Our object
(7) Students were permitted to use
in sponsoring the contest was not a
any text material they felt necessary
problem in estate planning, for we felt
as an aid in drafting the wills. They
it took many years of experience in
were not permitted to consult legal
order to properly plan an estate. We
men other than the faculty advisor in
rather considered the students as
each school. (8) Judges consisted of
draftsmen, only giving them a job
a trust officer from the Security Na­
that they might be required to do upon
tional and two members of the legal
entering a law office as a clerk upon
profession representing the Bar Asso­
their graduation.
ciations in St. Louis.
Instruction Sheet
A sample problem was set up con­
A set of instructions was printed taining all needed information. (Copies
and distributed to the students, along of this problem can be obtained by
with the problem to be solved. In­ writing to me at the bank, if you are
cluded among the instructions were: interested in sponsoring a similar con­
(1) Drafts were to be submitted on test.)
Prior to the contest, the bank fur­
standard legalized white paper, doublespaced and typewritten. (2) All drafts nished the school newspapers with

R

publicity concerning the contest. I
also gave talks to the students inter­
ested in entering the contest, going
over the reasons why this particular
type of will was required.
We received in all, from both
schools, 11 wills. Although that would
seem a small number we were ex­
tremely pleased with their context. As
it later developed, we now believe an
early fall date for this contest would
be more satisfactory.
Awards Dinner

The two attorneys and a trust officer
from our bank reviewed the wills in­
dividually, and then had a conference
to iron out discrepancies in their judg­
ment. Winners were picked in each
case by unanimous vote.
An awards dinner was held for all
11 entrants, and a director of the bank
presented the winners with their cash
prizes. Of course, the other personnel
mentioned previously — the school
deans, faculty advisors, the attorneyjudges and several officers of the bank
—attended the dinner also.
The contest was very popular witn
the deans of the two law schools and
the students involved, and it has been
requested that we make this an annual
contest. The students felt they had
learned a great deal from the work
they did in drafting the instruments
and were not particularly displeased
about the difficulty of the problem.
Second Contest

The bank has decided to sponsor a
second contest in September, 1958, as
we believe that we have accomplished
our three-fold purpose: (1) Giving the
students of the law schools a practical
insight into the problem of drafting a
complicated will, (2) improving our
relations with the Bar Association
members here in St. Louis, and (3)
receiving some measure of publicity
for our trust department.—$$
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

28

Your Bank’s Advertising
Need Not Be—

A T o u ff h N u t
T o C rack
Written Especially for
The Northwestern Banker
By HENRY E. LEY
President
The State National Bank
Wayne, Nebraska

for the banking
trade has been a tough nut to
crack for many years — tough
for both the banker and his newspaper
representatives.
Newspaper advertising copy men
have long recognized that bank copy
is difficult to write. It is true that all
banks have a price basis on which
they work, but the interest rate and
service charge are a cost of service
and not a price to be paid for goods.
For this reason, it is good judgment
for banks to publicize the quality of
their service rather than the price.
During the time that I have been in
the banking business there have been
many changes in bank advertising.
Thirty years ago I recall the only ad­
vertising our bank did was the quar­
terly financial statement, which was
a requirement of the banking depart­
ment, and eight holiday greeting ad­
vertisements.
Things are somewhat different now,
but in many cases there has been very
little improvement. There is, how­
ever, a combination appearing on the
horizon that does offer promise.

A

d v e r t is in g

Promising Combination

I do not mean to imply that efforts
have not been made already by bank­
ers, advertising agencies and newspa­
per copy men. I mean only that the
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

results have not as yet proven very
satisfactory. The banker, himself, un­
til the last few years has done as little
to help this situation as any of the
three agencies mentioned, but he must
be excused, for his prime problem is
to run a good sound bank.
Advertising Trend

Let’s review the trend in advertising
for the past 30 years. First there was
the institutional advertising — just
keeping your copy on a high plain, re­
peat and repeat, just keeping your
name before the public. During this
period some banks got in a few good
licks at price advertising, for instance,
“6 per cent paid on savings.” Those
banks are no longer with us and I
expect it was after this period that
price publicity became in very bad
taste.
Then came the 30’s when banks
were presented with the problem of
regaining their respect after the de­
pression and the bank holiday. Here
for the first time appeared a new form
of public relations
—a form of adver­
tising not for one
bank in town, but
for the b a n k i n g
f r a t e r n i t y as a
whole.
The 40’s found
us again in good
repute and back
again at institu­
tional advertising,
but this time with

an underlying thought that if money,
time and effort were to be spent in
presenting our institutions to the pub­
lic, then more thought should be given
to the quality of the product. It has
been during this period from the late
40’s to the present time that bank ad­
vertising has begun to show some
progress through the process of trial
and error.
In the business of advertising, the
question of copy approach is an old
one. It comes up all the time—and
must be solved by study, inspiration,
research, copy testing and courage to
go ahead. More and more bankers are
learning to rely on the advice of ex­
perienced professionals.
Like industry leaders, bankers are
learning that successful advertising is
compounded of many things and it no
longer is a simple “do-it-yourself” proj­
ect.
Useful Information

The banks and advertising agencies
now appreciate the fact that many
skills that are foreign to banking must
go into the preparation of this copy.
The past 10 years have produced a
great deal of u se f ul information
through experiments of those brave
enough to try. Some have produced
favorable results and some ideas have
flopped. Let’s look first at one which
flopped.
During the past 10 years there has
been much money spent to educate
people about banking machines, rout­
ing of checks, investment procedures
and the difference between various fi­
nancial institutions. A study of the
results showed convincing proof that
the public simply was not interested.
The auto industry found this out—

29
people cared little about the big ma­
chines used to manufacture automo­
bile parts, or the chemical composition
of the paint used on the cars—they
just wanted to know that the car pro­
vided them with the prestige or econ­
omy or comfort that they wanted in
a car.
What have we gained? What has
the banking industry learned from
this experiment? Several things. Some
are advertising procedures which have
grown up with us and have grown to
be more important.
The first of these is identification.
Many years ago banks presented them­
selves to the public simply by their
name. Gradually most banks adopted
a form of insignia. This originally
was used to dress up the letterhead
and I doubt if many bankers ever felt
that the insignia would be recognized
by a customer ahead of the bank’s
printed name.
Insignia Tie-In

This identification h a s g r o w n
through all the various forms of ad­
vertising and the tie-in of name and
insignia is of immense value extending
through all forms of advertising—even
to the give-away and novelty type
items. Just recently the Wall Street
Journal has featured a series of arti­
cles on how firms can profit by identi­
fying themselves with one color—and
holding to this color in their building,
their equipment, their letterheads, and
other mailings.
Second, we have learned that most
people are well acquainted with the
services of banks and that banks are
judged by the manner in which they
render their services—not by the way
they say they do. People have learned,
however, that banks are also tied up
in the prosperity of their territory and
interest shown in community business
is accepted and appreciated as a side
line in advertising.
Many banks today are offering re­
ports on building, industry, mining,
farming, feeding and other subjects re­
lated to the trade of their territory.
This is included as a part of the bank’s
advertising program. This information
is accepted and appreciated by their
customers and prospective customers.
Universal Theme

The third is the most important and
the least developed. We have learned
that we must have something to take
hold of for the business as a whole.
We have learned this from our com­
petitors outside of banking, particular­
ly from the savings and loan associa­
tions which have been so successful in
the past 10 years in diverting our de­
posits. T h e i r foundation annually

Manli Spon sors Urani y Q ueen;
Gains Valuable
Written Especially for
The Northwestern Banker
B y \\ . B. DENTON
Executive Vice President
Planters Bank
Sikeston, Missouri

ANKS seeking to get their names
in front of their customers might
do well to take advantage of the ex­
periences of the Planters Bank in
Sikeston, Missouri.
Each year Portageville, Missouri,
has a National Soybean Festival, and
at this event a queen is selected and
named National Soybean Queen. The
winner of this contest automatically
becomes Miss Missouri and is eligible
for competition in the Miss Universe
contest held annually at Long Beach,
California.
Any business can sponsor a contest­
ant by paying the entrance fee. We
sponsored Judy Murback back in Sep­
tember, 1956. Our local paper ran a
picture of her at that time, plus the
fact that she was being sponsored by
the Planters Bank.
We accompanied her to Portageville
for the contest, which she won, becom­
ing Miss Missouri of 1957. Additional
pictures were taken of Miss Murback
and me the night she won. More news
stories, plus pictures, were published
in local papers with Miss Murback as
the new queen, and each story, of
course, stated the fact she was spon­
sored by our bank.
All the preceding events happened
last September and, of course, new
publicity for the bank began again in

B

spends a million dollars telling people
not that they loan money but that
they are dedicated to savings promo­
tions and making the purchase of
homes possible.
Can there be a universal theme for
us, as bankers, one which will en­
hance the prestige and patronage of all
banks? I think so. We are all com­
mercial bankers, but few people know
what a commercial bank is dedicated
to. They know we care for their
money and make loans, but why not
let the public know a commercial bank
is the only institution dedicated to the
growth of the community in the busi­
ness world of the territory in which
they live.
While savings and loan associations
create the means of owning a home,
we create the original payment on the

AUTHOR W. B. Denton and Miss Missouri
o f 1957, Judy Murback.

June of this year when Miss Murback
prepared for the trip to the west coast
for the 1957 Miss Universe contest.
She was appointed a colonel on the
governor’s staff, and again our local
paper carried a picture of me present­
ing her with the letter of appointment
from the governor.
As you know, she did not win the
coveted Miss Universe contest, but it
was a wonderful experience for Miss
Murback and for the officers, directors
and personnel of the Planters Bank.
The publicity which we received from
this venture was terrific, and other
banks might give consideration to such
a stunt at contests in their localities.
—$$
home. Through loans to industry we
create the growth and success of the
businesses, and right down the line to
the very salary of the individual
which in turn creates the down pay­
ment for a home, freezer, car and fur­
nishes the money to pay the balance
in monthly payments and the very
food they eat.
Why not tell them that and identify
this service as that of a commercial
bank. It is my recommendation that
you, as bankers, call in your newspa­
per’s advertising representative. Dis­
cuss the problem thoroughly with him.
Last year the representative of our
local paper came in and said, “Hank,
every bank in America is looking for
TO UGH

NUT . . .

(Turn to page 42, please)
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

30

>

i

ro s s i

H ohi

'n r r e n

P resen t

Other Forces at Work Fighting Fall-Off

By RAYMOND TRIGGER
Investment Analyst
New York City

V
NCE again the investment mar­
kets are in a swirl of cross cur­
rents. The demand for private
capital in the United States economy
gives signs of falling off. Washington,
resigned to the need for functioning
under what always was viewed as an
oversize budget, has nevertheless been
making an overdue effort to econo­
mize on Federal expenditures. Many
lines of manufactured products are in
good supply. Commodity prices gen­
erally are becoming softer. Stock
prices seem to have such a pro­
nounced bent toward lower levels that
the designation “bear market” is be­
ing heard more and more. And bond
prices are steadying.
But there are other forces at work.
Consumer prices are still rising. The
fall course of business loans of the
nation’s banks is still to unfold. Even
if the recent trend should be reversed,
it must be borne in mind that the
business loans of banks in the nation’s
principal cities are still over $2,500,000,000 more than they were a year
ago.
By and large, life insurance invest­
ment money is still so heavily com­
mitted to private placements that the
big companies are still indifferent to
the public bond market. There is no
appreciable decline in the borrowing
of local governments and none seems
likely for the foreseeable future. The
Federal g o v e r n m e n t is pressing
against its statutory debt limit of
$275,000,000,000 and has placed as
much of this total into marketable
floating debt instruments as seems

O

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Federal Reserve Bank of St. Louis

prudent. And the spectacular launch­
ing of a space satellite by Russia may
touch off new increases in spending
by our Federal government.
While there are indications of a fall­
ing off in the private demand for long­
term capital, requisitions for equity
money are not drying up. In recent
weeks, plans for raising many hun­
dreds of millions of dollars of new
equity money were announced by
Standard Oil Company of New Jersey
and by the Royal Dutch-Shell inter­
ests. Reports persist of other major
impending requisitions on the market.
Foreign Currents

The international money and capi­
tal markets, moreover, do not bear out
the imminence of any world-wide
downturn in the business cycle. The
devaluation of the French franc sent
a telltale tremor around the world,
recapturing remembrance of the wave
of “ competitive c u r r e n c y devalua­
tions” of the depressed 30’s. The drain
on Englands monetary reserves con­
tinues. Despite the impressive equi­
librium achieved by Britain in its
function as a world trader, its function
as banker is susceptible to unpredict­
able drains, some issuing from with­
drawals from the sterling pool by na­
tions of the Sterling Area, and others
stemming from the calculated foreign
exchange risks of international trad­
ers and professional speculators.
A money entente reached by Great
Britain and West Germany on the
occasion of the annual meeting of the
International M o n e ta r y Fund last

month has quieted for the moment any
talk of a unilateral devaluation of
sterling or upvaluation of the deutschmark. Skepticism about England’s
ability to maintain financial tidiness
for the long pull persists largely be­
cause of the strong socialist bent of
the labor party in the United Kingdom, with its emphasis of money
wages rather than product as the end
of work.
The scarceness of capital vis-a-vis
the ambitious investment programs of
many nations is conspieious and dis­
quieting. In Asia, India is running
out of development money. A West­
ern Hemisphere instance of recurring
financial crisis is Argentina, where
the pecuniary embarrassment is dis­
rupting current account foreign ex­
c hang e transactions. In Europe,
France is facing a new financial or­
deal on the heels of the devaluation
stop-gap. Underdeveloped nations rep­
resented at the annual meeting of the
International Bank for Reconstruction
and Development complained that the
inflationary bent of the contemporary
world is sucking the available capital
away from the have-not lands to feed
the expanding industrial organisms of
the advanced lands.

y

■
't

-f

y

y

A

Repeat of 1929?

The international scene thus bespeaks an outlook that is at odds with
many influences visible in the United
States economy. Any trend over here
toward glut in merchandise or in in­
vestment money is more than outbal-

A-

'C

CROSS CURRENTS . . .

(Turn to page 60, please)
'fv

31

H e r e ’ s H o w W e O pened—

2~tO

New
With This
Tcuscc A it Series

E CE N TL Y , the Farmers and
Merchants Bank of Watertown,
South Dakota, purchased an im­
printer for personalizing checks—the
bank’s most recent innovation in suc­
cessful banking. And the method we
used in publicizing this event made
this service an even more successful
one.

R

Wheels Turn

The wheels started turning several
months ago when a representative of
the Todd Company, Rochester, New
York, planted the seed that was to
grow into one of the most talked-about
and most sought-after secrets that has
hit this town of nearly 15,000.
After much discussion within our
organization, which by the way has
always been susceptible to ideas slant­
ed to the promotional side, we decided
the imprinter was made to order for
us. This was in December of 1956.
We decided that we would kick-off
the campaign publicizing this service
immediately after Christmas and that
we would announce the purchase dur­
ing the third week in January. The
problem at hand was how to create
and establish to the greatest advantage
the promotion of this new idea in
Watertown.
Campaign Elements

We came to the conclusion that the
element of surprise would be of great
importance and that curiosity would
be the keynote of our entire campaign.
By establishing these two thoughts,
secrecy was also a prime factor.
To help plan and organize our pro­
gram, we brought in one outsider, the
advertising representative from the lo­
cal newspaper. The idea was that the
Farmers and Merchants Bank was
known as the “ Modern Bank”—mod­
ern in appearance, modern in equip­

ment, modern in our way of operation.
This it was felt was the ideal theme
for a series of teaser type ads to run
prior to the announcement day.
A professional photographer was
hired to take pictures of all interest­
ing and modern bank equipment, new
installations, lobby scenes, and exte­
rior views. Local personnel were in­
cluded within each photograph. The
center of each photograph was then
cut away so as to permit our bank
message to be inserted.
The theme was built on continuity.
Each advertisement was similar, but

announcement. The ads featured such
equipment and services as the bank’s
new modern ebony front, the new elec­
tronic posting machine, new 3 per cent
interest on certificates, new modern
teller units, new microfilm recorder,
new record growth by the bank, and
the Loken System of auction sales—
but the big news was always to come.
Through this form of advertising we
achieved a double effect, driving home
the importance of each of the above
services to the bank’s customers while
continually building suspense for the
announcement advertisement.

Written Especially for
The Northwestern Banker by

Curiosity Unbelievable

E. H . PAINE
P resid en t

Farmers and
Merchants Bank
Watertown
South Dakota

as time for the announcement ap­
proached the size got larger and
larger. The advertisements carried
the headline, “What’s New at the Mod­
ern Bank?” Then each followed with
a subhead similar to, “Sorry, our big
secret is not the newest microfilm re­
corder.” Then below this headline ap­
peared copy telling how the recorder
serves the customers of the bank and
told of its value to the community.
Following this was the headline, “ But,
watch for the biggest news in F & M
history.”
Ten Teaser Ads

We ran a series of ten teaser ads,
commencing the day after Christmas
and continuing every three or four
days until the time of our imprinter-

The curiosity that was created was
unbelievable. Our big and perfectly
kept secret was the topic of conversa­
tion at ladies’ bridge parties, coffee
clutches, barber shops, service clubs,
and most of all, from our good friends
in competing financial houses.
Our announcement broke in the eve­
ning paper of January 22 of this year.
The following day was testimonial to
the amazing success of the campaign.
Since that day, people from all walks
of life have told us how they appreci­
ate their new and colorful personalized
checks. These testimonials were used
in follow-up advertisements by the
bank promoting the use of this new
free service.
The imprinter has created new cus­
tomers by augmenting the fact that
the F & M Bank is the “ Modern
Bank,” that the bank offers its custom­
ers more. Through September 1, the
imprinter has been principally respon­
sible for some 250 new customers.
The number of checking accounts now
utilizing the imprinter’s personalized
checks is in the neighborhood of 60
250 NEW ACCOUNTS . . .

(Turn to page 44, please)
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

I t a n s

You Know

M0anit>i IV. Ernst
President
American Trust & Savings Bank
Dubuque, Iowa

“His many friends in banks throughout the nation are certainly
to be considered among his valuable assets.”

MAGINATION, initiative and an
affinity for hard work have char­
acterized the career of Daniel W.
Ernst as president the past 20 years
of the American Trust and Savings
Bank at Dubuque.
Viewing this biographical sketch, it
is easy for the reader to see that Mr.
Ernst has worked his way from bot­
tom to top primarily through his tre­
mendous drive and initiative. No
problem or obstacle seemed too large
for him to undertake and no stone
was left unturned in his arriving at
a successful conclusion.
Mr. Ernst’s imagination is continu­
ally at work seeking to improve and
perfect services and facilities at the
bank, and he possesses the ability of
appearing equally at home in discus­
sions covering the entire range of
problems which confront a “ country
banker,” whether a problem at the
moment is one of operational proce­
dures, new advertising, public rela­
tions, personnel, remodeling of bank
quarters or any other similar project.
His outlook is always progressive,
fresh and up-to-date, while his sugges­
tions are realistic, practical and worth­
while.
The ability to resolve promptly and

I

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Federal Reserve Bank of St. Louis

satisfactorily the most complicated of
financial problems is probably his
greatest asset, and it has won for him
the respect and admiration of not only
his associates but also the business
community as well. The favorable im­
pression he has given Dubuquers gen­
erally is truly remarkable and is best
evidenced by the manner in which his
praises are voiced continually when­
ever the subject of banking is dis­
cussed in everyday casual conversa­
tion.
Honesty, unexcelled character, lead­
ership and devotion to duty are all a
vital part of the personal makeup of
Mr. Ernst.
An associate of Mr. Ernst recently
said:
“ He has the unqualified respect and
admiration not only of his fellow offi­
cers, but of the entire staff as well.
He is kind and considerate and a gen­
tleman in every way. I know every­
one connected with the American
Trust is proud to be associated and
identified with him, and while on the
subject, I might add that the respect
and admiration I have found for him
among the banking fraternity in gen­
eral is a wonderful thing. His many
friends in banks throughout the na­

V

tion are certainly to be considered
among his valuable assets.
“ The record will show that under
Mr. Ernst’s astute guidance and lead­
ership his bank has grown, prospered
and developed over the past 20 years
from a decidedly secondary position v-rto the prominent place it now enjoys
in Dubuque banking circles. This in
itself quite clearly indicates the com­
munity's regard for him and the re­
spect and confidence the peoples have
in him.”
Mr. Ernst was born in Des Moines
in June of 1929, and after elementary
"j
schooling in the Iowa capital city, he
attended the University of Iowa and
Drake University Law School.
He began his banking career at the
Iowa National Bank, Des Moines, and
from 1925 to 1932 he was associated
with the Iowa State Banking Depart­
ment. From 1932 to 1937, Mr. Ernst
was with Reconstruction Finance Cor­
poration and the Washington-Chicago
Loan Agency.
When one mentions “party” to Mr.
Ernst, he immediately thinks of “Re­
publican” and “bridge.”
ERNST . . .

(Turn to page 46, please)
- fv

D. H. REIMERS
Chairman
of the Board
and President

H. P. JOHNSTON
Executive Vice Pres.

P. T. BETZ
Senior Vice Pres.

F. J. NEVILLE
Cashier

J. E. LISEK

Vice President

It’s all in a day at the Live Stock National Bank of Chicago . . .
handling a government bond transaction for a bank in Fairfield . . .
participation in a loan with a correspondent in Geneseo . . . arranging
foreign exchange, clearing daily letters, supplying credit information.
But the men at Live Stock National of Chicago have been trained to
render a highly important PLUS . . . to give up-to-the-minute infor­
mation on every aspect of business carried on at Chicago’s Union
Stock Yards . . . and to assure quick clearance of funds coming to
your live stock customers from the Chicago market.
We’re ready to give you every correspondent service . . . including
the important PLUS. Try us!

LIVE STOCK
jY a fic n a f
L. L. HOLLAND
A sst. V ice Pres.


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

BANK,

of

(/tio a y o

4-150 S o u t h H a ls t e d S t r e e t , C h i c a g o , Illin o is
M em b er F e d e ra l D ep o sit In su ra n c e C o rp .

34

Qgrnrnm,,.
I '«»uri Decisions
. .

that have concerned bankers'"-'1

in the Northwestern Banker area

A man bought certain life in­
surance in 1890 and named his
w estate as beneficiary. In 1896
he assigned the policies to his wife.
Subsequently he died. The proceeds
thus were payable to his widow and
she had the insurance companies re­
tain them on interest commencing in
1936. The widow died in 1954 in North
Dakota. Her daughter was her sole
heir.
A bank was appointed executrix of
the widow’s estate and the insurance
proceeds were duly paid to it. The
daughter sought to obtain those funds
free of any of her mother’s debts by
reason of a North Dakota statute pro­
viding that the avails of an insured’s
life insurance policy payable to his es­
tate shall not be subject to his debts
except by special contract. No special
contract e x is te d in this instance.
Should the daughter prevail?
4
No. The North Dakota Supreme
T V * Court has so ruled in a case sim­
ilar in nature in which the Merchants
National Bank and Trust Company of
Fargo was the executor and policies
issued by the Northwestern Mutual
Life Insurance Company and the New
York Life Insurance Company were
involved.
The gist of its ruling was that the
statute applies to situations where the
insured himself dies. It does not ap­
ply on the death of an assignee of a
policy on the life of another. The
widow, in this case, never became the
insured either under the terms of the
policies or within the meaning of the
statute exempting insurance proceeds
from a decedent’s debts.

value of the use and occupancy of the
premises, payable at the end of each
year. When she died, the property,
of course, became his absolutely.
Was he liable to her estate for a pro­
rated sum for the use of the premises
based on the part of 1952 his mother
was alive?
No. The general rule of law in
* situations such as this is that if
the estate of the life tenant terminates
intermediate rent days, or before any
rent has become due, the accruing
rent becomes an incident of and is
annexed to the estate of the rever­
sioner. Whoever owns the reversion
when the rent falls due is entitled
to it unless otherwise provided by con­
tract or statute. The Nebraska Su­
preme Court has recently held this
general rule applicable in a decision
involving facts similar to those above
outlined.

A mother conveyed her Ne­
braska farm to her son in
1941, reserving to herself a
life estate therein. He occupied the
premises and farmed them up to the
time of her death on June 22, 1952.
There was no definite lease agreement
between them. He was liable, how­
ever, to her for the fair and reasonable

A

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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

A

A Minnesota bank director was
in the trucking business and
had a separate company cover­
ing that operation in that state. As an
incident thereto, he at various times
used owner-drivers of tractors to pull
his trailers. Three brothers each had
tractors which were so employed. One
of them came to owe money to the
trucking company.
They did not share profits on their
owner-drived op e ra tio n s, but from
time to time they jointly owned cer­
tain of the tractors. The trucking
company sought to contend, on the ba­
sis of these facts, that a partnership
existed and to hold all three liable for
the indebtedness clue and owing it.
Should it prevail?
No. The joint tenancy of prop• erty, of itself, does not establish
a legal partnership. As a matter of
fact, the law goes further and provides
that joint tenancy, tenancy in com­
mon, tenancy by the entireties, joint
property, common property, or part
ownership of property does not of it­
self establish a partnership, whether

Q

<

such co-owners do or do not share any
profits made by the use of the prop­
erty.
All that was involved in the facts
outlined was the joint ownership from
time to time of certain of the tractors.
Such were not sufficient to create a
partnership with its attendant liabili­
ties on the part of its members.
A Nebraska bank became in­
volved in a situation where
* it had loaned money on a used
house trailer to a trailer sales agency.
Title to the trailer was originally in an
individual who was about to go to the
penitentiary. He gave a power-of-attorney to a relative-in-law authorizing
him to rent, care for, and maintain it.
Such relative transferred the title to
the sales company by signing the as­
signment on the certificate of title as
attorney-in-fact for the owner and ap­
pending thereto his power of attorney.
On the basis thereof, the county
clerk issued a certificate of title to the
trailer sales company. In doing so, he
overlooked the fact that the power of
attorney did not carry the power to
sell. Both the relative effecting the
transfer and the trailer sales agency,
however, knew of this deficiency. Did
the latter get a good title?

T

Q

No. The N ebrask a Supreme
• Court has so ruled in a recent
decision involving very similar facts,
saying: “ The possesion of a certificate
of title, though necessary to convey
title to a motor vehicle, is not conclu­
sive of ownership.”
The court’s ruling went on to point
out that, since the trailer sales com­
pany knew the power of attorney did
not include the power to sell, it was
put on notice that the relative could
not make a sales conveyance of it.
This title deficiency kept the trailer
sales agency from having a valid own­
ership of the trailer.—$

A

J

^

35

man-on-tlie
W H E T H E R IT ’ S in Rome or Osaka-Paris or
Singapore — business transacted in person is
usually transacted best.
Bank of America’ s International Department,
through a world-wide network of branch offices,
traveling representatives, and correspondents, can
offer you this important advantage — wherever
you do business.
If you need a man-on-the-spot, why not see
us about it?

iîSmtk ot Atttinfîi
N A T IO N A L

s a v SiTn g s

A SS O C IA T IO N

MEMBER FEDERAL DEPDSIT INSURANCE CORPORATION

San Francisco 20 • Los Angeles 54
Bank of America (International) —New York City 5
OVERSEAS

B R A N C H E S : L o n d o n • M a n ila • T ok yo • Y o k o h a m a • K o b e • O sa k a • B a n g k o k * G u a m

N e w D e lh i • H a v a n a • R io de J a n e iro • B e iru t

R E P R E S E N T A T IV E O F F IC E S : N e w Y o rk • M e x ic o C i t y * M ila n • Z u ric h ♦ P aris

B A N K o f A M E R I C A — In te r n a tio n a l: ( a w ho lly ow ned s u b s id ia ry ) N e w Y o rk • D u e s s e ld o rf • S in g a p o re • P aris • B e iru t • G u a te m a la C ity

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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

36

I'l'IM

K e p m

ii r e u 'i h

't s M

e m

b e r s h ip

« /' 7 2 % in

Leading Advertising Men Hold Annual Meeting in Chicago
1,350 delegates attended the
O VER
42nd annual convention of the
Financial Public Relations Association

which met at the Edgewater Beach
Hotel in Chicago last month.
In 1947, the total membership was

1,263 and in 1957 membership has in­
creased to 2,172 members, a 72 per
cent growth.
According to John L . Chapman,
treasurer of the association and vice
president of the City National Bank
and Trust Company of Chicago, the
total income last year was $218,741
and the net worth of the association
is now $143,604.
The officers elected for the coming
year are Orrin H. Swayze, president,
and executive vice president of the
First National Bank, Jackson, Missis­
sippi. First vice president is E. T.
Hetzler, vice president, Bankers Trust
Company, New York City. Named
second vice president is Reed Sass,
vice president, Fort Worth National
Bank, Fort Worth, Texas. Elected
third vice president is Jordan J.
Crouch, vice president, First National

By CLIFFORD DE PIJY
Publisher
THE NORTHW ESTERN BANKER
F P R A O FFICERS, le ft to right, Third V ice President Jordan J. Crouch, vice president,
F irst N ational, R e n o ; F irst V ic e P resident E. T. H etzler, v ice president, Bankers
Trust Com pany, N ew Y o rk ; President Orrin H. Sw ayze, execu tiv e v ice president,
F irst N ational, Jackson, M ississippi; Second V ice P resident R eed Sass, v ice president,
F ort W orth N ational, F ort W o rth ; and Treasurer John L. Chapman, v ice president,
C ity N ation al B ank and Trust Com pany, Chicago.

-ær

'W

'l t t e f

Y o u 'll be
p le a s a n tly surprised
to read our Liberal
Banker A gen ts C ontract

AUTOMOBILE
WINDSTORM
FIRE INSURANCE

Chase Promotion

Sin ce 1 9 2 9
Ask fo r D em o n s tra tio n . . .
R epresentatives in M o s t P rin c ip a l C ities

t. A. HAYES, Pres. • MT. PLEASANT, IOWA
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

Bank of Reno, Nevada. John L. Chap­
man, vice president, City National
Bank and Trust Company, Chicago,
was re-elected as treasurer.
Holding office by appointment of the
association’s board of directors are
Executive Vice President Preston E.
Reed and Secretary Lucy V. David,
both at the Chicago headquarters
office.
Six new directors were elected to
the board for three-year terms. They
are: Alexander B. Adams, vice presi­
dent, Mellon National Bank and Trust
Company, Pittsburgh; Daniel J. Con­
ley, vice president, Washington Mu­
tual Savings Bank, Seattle; George
Goodwin, vice president, First Nation­
al Bank, Atlanta; Joe H. Hodges, vice
president, First National Bank, Odes­
sa, Texas; Robert L. Knight, vice pres­
ident, Ohio Citizens Trust Company,
Toledo, and Ralph J. Lueders, ex­
ecutive vice president, First Federal
Savings and Loan Association, Chi­
cago.—$$

■» y
C O R P O R A T IO N
C E D A R R A P ID S , IO W A

Kermit M. Schweithelm has been
promoted to assistant vice president
in the public relations and advertising
department of the Chase Manhattan
Bank, New York.
Mr. Schweithelm joined the bank in
1926 and was assigned to the advertis­
ing department two years later. He
was appointed to the official staff as
an assistant advertising officer in 1952
and named advertising officer in 1955.

37

" R o ll in g o u t t h e c a r p e t ” a g a i n —
f o r o u r 11th A n n u a l B a n k C o n f e r e n c e
e’ re getting ready— for the 11th annual con ­
ference o f correspondent banks at The First
National Bank o f Chicago! The dates: December
2 and 3.
Last year representatives from 42 states and 6
countries met to participate in meetings led by
authoritative econom ists, government officials, bus­
inessmen and fellow bankers.

W

Again this year these men and women will gather

to hear discussions on subjects they’ ve requested
months in advance. It’ s an interesting, rewarding
series o f sessions where old friendships are re­
newed and new ones form ed.
This annual conference is only one o f many
correspondent services offered by The First; there
are many more and if y ou ’d like to learn about
them, why not accept this invitation to get in touch
with us? W e ’ll welcome your call or letter.

The First National Bank of Chicago
Dearborn, Monroe & Clark Streets
MEMBER

FEDERAL

DEPOSIT

• Building with Chicago since 1863
INSURANCE

CORPORATION

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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

38

M
a
nonth
espot...

President 's Committee M eets

That’s the typical institutional buy­
er. A man responsible fo r investment
decisions that involve the buying or
selling o f m illions o f dollars worth
o f securities.
H e’s expected to know stocks and
bonds backwards and forwards — be
an absolute authority on g o o d buy or
bad in any given market.
His job isn’t easy. He can afford
few mistakes — if any. He has every
right to demand the ultimate in serv­
ice from his investment dealer.

fo r example

—

He takes for granted the fast, efficient,
and careful execution o f any orders he
may place.
He counts on day-in, day-out contact
with someone who thoroughly appre­
ciates his special problems and require­
ments; who can always be relied on to
keep him informed o f any bids he might
sell on—any offers he might care to
accept.
He prefers dealing with a major
underwriter. Some firm that can provide
participation in a wide variety o f new
offerings. Some firm that can make the
best market in unlisted securities a fair
share o f the rime. Some firm with the
ability to dispose o f sizable blocks o f
stocks or bonds with maximum speed
and efficiency—and with a minimum
effect on price.
He appreciates sensible suggestions for
purchase or sale, relies on his dealer to
review, analyze, and evaluate all types o f
investment portfolios.
Under these circumstances, w e’re
pleased, o f course, that our list o f in­
stitutional clients has grow n steadily
over the years and that it presently in­
cludes many o f the finest banking and
insurance firms in the business.
If you feel that our Institutional
Department might prove helpful to
you at any time, Mr. R. J. Chval, our
partner in charge o f this department,
invites your confidential inquiry.

Merrill Lynch,
Pierce, Fenner &Beane
Members N ew York Stock Exchange
and all other Principal Exchanges
70 Pine Street, N ew York 5, N . Y .
Offices in 112 Cities

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

A N A D V IS O R Y C O M M IT T E E on ph ysical fitness was recen tly established b y President
Eisenhow er. M em bers m eeting at the U. S. M ilita ry A cadem y, W est P oin t, included,
le ft to righ t: Earl H. B laik, director o f athletics fo r the A ca dem y and coach o f the
A rm y fo o tb a ll team ; E dw ard H. M osler, Jr., president, M osler S afe Com pany, H am ilton,
Ohio, w hose firm has lon g sponsored sports program s and teams fo r pla y in in divid u a l
leagues o f all ty p es; Stanley M. Rum bough, Jr., president o f the A m erican T ota lisa tor
Com pany, and Dan X . Bible, director o f athletics, U n iversity o f Texas. A ppointm en t to
the com m ittee was made b y the President. M r. M osler stated, “ A lthou gh A m erican
youth m ay not be as p h ysica lly fit as their European counterparts, th ey can be toughened
and harden up fa s t.”

Defense Award
The United States Department of
Defense Award, together with a cita­
tion for outstanding cooperation with
reservists and reserve activities of the
armed forces, was presented to Manu­
facturers Trust Company, New York,
last month.
The presentation was made by Ma­
jor General Roger J. Browne of the
United States Air Force to Eugene S.
Hooper, president of the bank, in rec­
ognition of the bank’s liberal person­
nel policies with respect to reservists
in all the armed services.

Buys Grand Champion
For the twelfth consecutive year,
Tulsa’s First National Bank and Trust
Company has bought the grand cham­

pion steer at the Tulsa State Fair
junior auction.
The champion, a 960-pound Short­
horn named “ Tulsa,” was bid in by
First National of Tulsa’s Vice President John L. Robertson for $2,500.

Burroughs Appointment
Appointment of Paul G. Kanold as
special assistant to George L. Todd in
the graphic systems group of Bur­
roughs Corporation, Detroit, was an­
nounced last month.
The graphic systems group, of
which Mr. Todd is group executive,
consists of these Burroughs divisions:
Todd Company Division, Rochester;
Mittag Division, Park Ridge, New Jersey, and Acme Carbon & Ribbon Com­
pany, Ltd., Toronto, Ontario.

Y

Answer this question and win a hobby:

W h a t H a v e Y ou D o n e For

T

Farmers In Y o u r A rea?
A farm bank’s prim ary reason fo r
existence is to serve farm customers.
H ow well is your bank serving farm ­
ers?
I f your bank is grow ing . . . and if
you are grow ing in stature among
farm ers . . . you have undoubtedly
done many things to help farm ers in
your area do a better farm in g job .
Y ou may have made a loan fo r fe r ­
tilizer that helped a farm er get a
record yield . . . or, you may have
made a 4-H loan several years ago
that helped a b oy to go to college.
W hatever you have done, why not take
a few minutes to write a short letter
telling us about it?

Y ou may win a fascinating hobby
. . . or one o f 21 other prizes. See
complete details o f Spencer’ s “ W in a.
H obby” Contest in the September issue
o f Bank News, Mid-Continent Banker,
Northwestern Banker, Southern Bank­
er, and Commercial W est.
This contest is only fo r bank people
who deal with farm ers. Y ou have an
excellent chance to win. W hy not
decide now to enter? Then write that
letter and mail it today!

SPENCER CHEM ICAL CO.
D w ig h t Bld g ., K an sas C it y 5, Mo.

V

39

A G re a t C o rre s p o n d e n t

Noah Webster knew Am erica—and
the needs of the American people.
T o provide young America with its
own schoolbooks, he wrote a speller
that also taught pronunciation, morals
and citizenship. Webster also recog­
nized the need not just for an Am er­
ican dictionary but for a dictionary
superior to any then available — and
wrote innumerable letters for author­
itative definitions of specific words.
Chemical Corn Exchange Bank, one
of America’ s leading financial insti­
tutions, k n ow s the business and
banking world — local and national,
domestic and foreign — and knows,
especially, the many and varied needs
of correspondent banks.
All of the regular and extraordinary
services you or your customers may
ask of a major N ew Y ork City cor
spondent are offered by Chemical.
In addition, the broad knowledge and
practical experien ce of C hem ical
Corn Exchange Bank may be of use
to you in solving any bank operating
problems — from personnel training
and recruiting to creating plans for
bank modernization.
T o help your bank take full advan­
tage of growth opportunities, improve
its services and increase its operat­
ing efficiency are primary aims of
Chemical Corn Exchange Bank in
its correspondent affiliations.

C H EM IC A L
CO RN

E X C H A N G E

BANK
Founded 1824

165 BROADW AY, N EW YORK 15
Member Federal Deposit Insurance Corporation
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

40

0 tirisi mas 0 tub's Total Over
SI Itillioa Sor Sixth Year
in savings will help our econ­
HIKE
omy,” said Edward F. Dorset,

1 POST-N-FILE
A variation of Post-ToCheck adaptable to most
present posting machines,
and includes an item posted ledger. T h is is
another possibility to im­
prove customer service
and cut operating costs
simultaneously.

¿3 POST-TO-CHECK
A simplified system for
handling checking ac­
counts. Great savings in
space, time and person­
nel are assured results.
Posting accuracy and
audit control as never
before. H undreds of
banks use it.

3 POST-ALl
Simplifies the installment
loan procedure from appli­
cation to collection. Spreads
work load evenly through­
out the month. Positive
con trol of past due a c ­
counts, and automatic trial
balance for audit control.

president of Christmas Club a Corpo­
ration, New York, who announced last
month that 13,070,000 Americans have
saved $1,225,000,000 in the 1957 Christ­
mas Club.
This is the sixth consecutive year
that the annual disbursement has ex­
ceeded $1 billion. Seven thousand
banks and savings institutions will
participate in the 1957 distribution to
Christmas Club members throughout
the nation!
“ Increased savings of our people
and a cut in our national debt would
go far to ease ‘tight money’,” said Mr.
Dorset. “As these savings are made
available to meet demands for local
and national expansion as well as ex­
pansion of new business and equip­
ment, they will provide the resources
for stable economic growth.”
The 1957 payoff is the largest in the
history of the club and represents an
increase over 1956 of $37,000,000 (3.1
per cent) with 270,000 more members.
The average check this year amounts
to $93.73 for each member. As in past
years, New York leads with 2,687,000
members and $261,849,000, followed by
Pennsylvania with 2,096,000 members
and $194,389,000, and then New Jersey
with 1,179,000 members and $144,751,000. The rapid growth of Christmas
Club on the Pacific coast has put Cali­
fornia in fourth place with 1,080,000
members and $112,866,000.
Surveys made by Christmas Club a
Corporation indicate that while the en­
tire $1,225,000,000 will not go into re­
tail channels, all of it will help boost
the nation’s economy. Here is the
forecast of how it will be used:
Christmas purchases, $303,800,000;

permanent savings, $372,400,000; yearend bills, $68,600,000; insurance premi­
ums, $126,175,000; taxes, $116,375,000;
miscellaneous, $42,875,000; mortgage
payments, $82,075,000; education, $31,850,000, and purchase of household
furnishings, $80,500,000.

^

New Vice President

^

Andrew P. Maloney, an assistant
vice president of Bankers Trust Com­
pany, New York, since joining the
bank in 1950, has been named a vice
president, it has been announced by
William H. Moore, chairman of the
board.
Mr. Maloney has been named to
head the bank’s 44th office at 46th
Street and Third Avenue, which will
open in the spring of next year.
S im u lta n eou sly , Mr. Moore an­
nounced that Assistant Vice Presi­
dents Henry E. Podsen and Paul R.
Wiggins, now with the bank’s metro­
politan division I group, will be asso­
ciated with Mr. Maloney at the new
office.

f-

V

Seaway Study

The American National Bank and
Trust Company of Chicago has begun
an extensive study by which it hopes
to evaluate the impact the St. Law­
rence Seaway development will have
on Chicago.
In order to obtain background mate­
rial for the study, the bank is sending
the head of its foreign department,
Vice President Gerard E. Keidel on a
fact-finding tour of Europe. Another
American National officer, Frank J.
O’Rourke, recently completed an ae­
rial survey of the actual reconstruc­
tion work on the Seaway’s new chan­
nels and locks.

4 POST-TO-SAVE
C om p letely sim p lifies the
savings account procedure.
Deposits, withdrawals, post­
ing, interest computing, and
statement operation easier
than ever before. Customer
gets original items, just as
in checking account systems.
Y o u r inquiries on a ny phase o f
C a n a d ia n business will receive
p ro m p t a tte n tio n fro m any o f
our

o ffic e s

listed below :

B a n k of
New York--6 4 Wall Street
San Francisco--333 California Street
Chicago: Special Representative's Office, 141 West Jackson Blvd.
700 B R A N C H E S A C R O S S C A N A D A
R E S O U R C E S — 52 ,7 00,000,000
N o r t h w e s f e r n B a n ke r, N o v e m b e r, 1957


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

V

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C a r l R. P o h la d , P re sid e n t o f the M a rq u e tte N a tio n a l B ank o f M in n eap o lis
(le ft) discusses cre d it p o licy with A llen P. Stults (cen ter) and R oy W est
o f A m e ric an N a tio n a l B ank and Trust C o m p a n y o f C h ic a g o .

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when IOU’s were baked
Three thousand years ago notes were inscribed
on wet clay, baked, stored . . . and if paid,
broken. In those times every lender m ade his
own credit policy.
T o d a y we do not dwell in such a vacuum .
There are clearing houses for ideas as well as
checks. T h e soundness o f a bank’s credit policy
is in direct proportion to the experience on

President o f the M arquette N ational B ank of
M inneapolis, long-tim e customer o f the A m eri­
can N ational B ank and T ru st C om pany o f
Chicago, finds it stim ulating and profitable to
discuss credit policy with Allen P. Stults, E x ­
ecutive Vice President at Am erican N ational,
and R o y W est o f the Correspondent B an k D i ­
vision. T h e satisfaction is m utual since the

which it is based.
N ow here can there be a more com plete inter­
change o f inform ation than in the relationship

customer frequently brings as m uch to an as­

o f an alert bank with its hundreds of corre­

bank can profit from a working relationship

spondents. T h a t is why men like Carl R . Pohlad,

with the A m erican N ational.

A m e r ic a n
a n d

sociation o f this kind as he takes from it.
L et us tell you about the m any w ays your

N a tio n a l
T r im s !

C

LA SA L LE AT W A S H IN G T O N
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION


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

o m

p a n y

FR A N K L IN 2 - 9 2 0 0

B a n k
o f

C in e .a c fO

/i

/
¿r

A

42

California Comisoli tinlion Complete
consolidation of three major
T HE
southern California banks has re­
ceived final approvals from banking
authorities, according to James E.
Shelton, chairman of the board of the
Security-First National Bank of Los
Angeles.
Banks consolidating are the Citizens
National Trust & Savings Bank of
Riverside, the Security Trust & Sav­
ings Bank of San Diego, and the Se­
curity-First National Bank of Los An­
geles.
The enlarged bank opened Novem­
ber 4, under the name Security-First
National Bank. Division headquarters
have been established in Riverside
and San Diego. The enlarged bank
has 200 branches, capital funds of $206
million, loans of $1.1 billion and total
resources of $3 billion.
Based on figures reported by banks
in answer to the comptroller’s call on
October 11, as a consolidated bank it
it the fifth largest in the nation in
point of resources. It is the second
largest in number of branches.
Managing committee of the enlarged
bank is composed of the following:
James E. Shelton, chairman (also

chairman of the board); Chester A.
Rude, vice chairman of the board;
Lloyd L. Austin, president; Elden
Smith, chairman, executive commit­
tee; Paul D. Dodds, senior vice presi­
dent; C. T. Wienke, senior vice presi­
dent, and Edmund Schnieders, senior
vice president and comptroller. V. H.
Rossetti, dean of southern California
bankers, continues as honorary chair­
man of the board.
Mr. Smith, former president of the
bank at Riverside, was named chair­
man of the executive committee and
director and member of the managing
committee. Philip Boyd of the River­
side bank was named to the board of
directors. Allen Sutherland, former
head of the San Diego bank, will serve
as director, senior vice president in
charge of the San Diego division, and
member of the executive committee.
Fred Rohr, who served on the board
of the San Diego bank, was named a
member of the executive committee of
the newly enlarged institution.
The consolidation was effected on an
exchange of stock basis, the former
shareholders of the Citizens National
Trust & Savings Bank of Riverside

receiving 621,000 shares of SecurityFirst National stock, and shareholders
of the San Diego bank receiving 477,000 shares. The Security-First Na­
tional Bank now has 5,880,000 shares
of stock outstanding, par value, $12.50
per share.

Election Announced
t
The election of Douglas F. Graves
as an assistant vice president was an­
nounced last month by Lester Ar­
mour,’ chairman of the board of the
Chicago National
Bank.
Mr. Graves will
be assigned to the
bank’s co m m e r­
cial banking de­ X
p a rtm en t as a
specialist in farm
management,
mi ner al rights, A
leasing, and busi­
ness development.
D. F. GRAVES
For the p a s t
eight years he has been directly re­ V
sponsible for the management, or su­
pervision of the management, of over
40,000 acres of land throughout the
midwest.

“ Arizona Review”

A TIM ELY Q U ESTIO N
W e are frequently asked by officials o f
large banks what we are doing with
respect to mechanized check handling.
The question is timely, but since it often
carries the overtone o f doubt that we
are doing anything at all, we think it
advisable to answer it in print.
For the most part, we are simply wait­
ing. Part o f our job is to be ready to
redesign bank checks so that they will
accommodate themselves to mechanized
processing as soon as machines are avail­
able. There are no machines available
now, nor has there been any exact deter­
mination concerning new check design
specifications. W e can conveniently make
our changes between the time machine
limitations are known and the time
when machines are delivered.
As for printing with magnetic ink, we
have been doing this for quite some
time. In fact, a number o f banks have
been getting conventional checks from
us printed in magnetic ink without their
knowing it. In order to learn its charac­
teristics, we use it all the time on one

M anufacturin

press because we think it is better to do
our experimenting now. So far it has
handled very well indeed, and we get
an adequate "signal” from both offset
and letterpress processes.
Insofar as special type is concerned— to
be used for printing Arabic numerals
and "read” signals—we will have it within
six or seven weeks after the style and size
are announced. Only twelve to fourteen
characters are involved, but as o f now
no compatible design has been agreed
upon by all o f the machine people. W e
have knowledge o f what might be decided
upon, and we have reproduced it for dis­
play purposes inperiodicprogress reports,
but there w ould be no point in cutting
matrices until we were instructed to do so.
So, while we say that we are simply
waiting, actually we are also watching
...w ith keen interest, we might add.W e
do not intend to build any machines to
sort, or post, or electronically record,
but we do intend to supply checks which
will move accurately through such ma­
chines regardless o f w ho makes them.

Plants at

C L IF T O N , P A O L I , C L E V E L A N D ,

IN D IA N A P O L IS , C H IC A G O , K A N S A S C I T Y , S T . P A U L , D A L L A S

CHECK PRINTERS

cOtu

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

The 13th annual edition of Arizona
Statistical Review, yearly treasuretrove of Arizona information prepared
by the Valley National Bank, Phoenix,
rolled off the presses last month and
is ready for nation-wide distribution.
Crammed within its 40 pages of
current and historical data are the an­
swers to just about any question that
can be posed regarding the Arizona
economy.
Representing months of work by
the Valley Bank’s research depart­
ment under the direction of Vice Pres­
ident Herbert A. Leggett, Arizona Sta­
tistical Review is recognized national­
ly as the only comprehensive refer­
ence work of its type available in a
single volume.

TOUGH NUT . . .
(Continued from page 29)
an excuse to advertise.” He left me
with that thought, and I soon had to
agree with him. The next day he re­
turned with an “ excuse,” and our ad­
vertising budget tripled that day. We
have seen no reason to cut this budget
since.
But think this over and perhaps you
will come up with a better “excuse”
for advertising. If you hit upon the
right one your business will increase
and it will make you very happy to be
spending the additional money for ad­
vertising.-—$$

V

V

X

y-

43
Ü

T h e B a n k th a t B e a t D is a s t e r !

Brooks Bank and Trust Company of Torrington, Conn.— a Hanover correspondent
— was hard-hit when the Naugatuck River
overflowed its banks and flooded every­
thing in its path.

they are more than ever dependent on it.
Donning hip boots, the banking staff waded
into their disaster-stricken building. Tem­
porary headquarters were set up in a ga­
rage. A Hanover representative hurried to

A. foot of water covered the main hanking
floor. The bookkeeping and accounting de­

Torrington with a bookkeeping machine
and a supply of disaster loan applications.

partments were under five feet of debris

Brooks Bank and Trust Company was back

and water. It was a discouraging situation,

in business a few hours after the Naugatuck

but the bank knew what it had to do . . .

receded— beating disaster at its own

people look to a bank for financial assist­

game and helping to bring a crippled city

ance and guidance, and in a flood crisis

to its feet.

T h e

H a n o v e r

B a n k

M em ber F ed era l D eposit Insurance C orporation

H A N O V E R . .

.THE

B A NK

THAT’S

PROUD

OF

ITS

CORRESPONDENTS

N o r t h w e s t e r n B a n ke r, N o v e m b e r , J957


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

44

limit
Itasiitoss Ou! toots
A t First of St. Litais Loafer cart*
than 750 bankers from 20
M ORE
states attended the annual corre­

Lionel D. Edie & Company, economic
and business consultants, predicted
that 1958 will set a new high in busi­
ness activity with gross national pro­
duction about 3 per cent higher than
1957.
Mr. Haas, in an address before the
conference, warned against appraising
economic trends in the light of emo­
tions stirred by falling stock prices
or foreign news.

spondent bank conference held by the
First National Bank in St. Louis early
this month. Presiding at the meeting
were Chairman William A. McDonnell
and President James P. Hickok.
One of the key features of the con­
ference was a 1958 business outlook
survey taken among bankers in at­
tendance. Some 46 per cent said that
they expect business activity to “fall
off moderately in 1958.” Only 4 per
cent look for a sharp decline.
A total of 32 per cent said they
think business will continue at today’s
level, and nearly 17 per cent believe it
will improve moderately.
The majority of bankers polled by
First National Bank said they expect
the money market in the next few
months to remain about as tight as it
is now.
Most expect consumer spending in
1958 to stay at present levels.
A New York City economist, how­
ever, did not agree with the majority
of bankers on 1958 business prospects.
John R. Haas, vice president of

William G. Kammlade of the Univer­
sity of Illinois, speaking on “ Trends
in Agriculture,” predicted an increase
in “ farming by contract.”
He said one feeding plant in Texas

UNIQUE

Take Another Look

GIFTY-CHECKS

dC

for Christmas
Promotion!

J. R. HAAS

w.

a

. M cD o n n e l l

j . p . h ic k o k

Arizona Banking

Plant Site Data'
(or Other Arizona Information)

YOUR CUSTOMERS
occasions

To meet the growing demand
fo r special occasion money
gifts ...birthdays, anniversaries
weddings, showers, Christmas.

12 designs available
Complete promotion aids
W R IT E F O R S A M P L E S

V E L C R A F T
BOX 1571
RAPID CITY, S. DAK.
N o r t h w e s t e r n B a n ke r, N o v e m b e r, 7957


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

w . G. KAMMLADE

W h a t9» AV'iu

G L A D TO S U P P L Y

U f-e h tA i

L

time, and that while the livestock
outlook is good, competition is going
to be keener in the marketing of beef,
pork and lamb because of the tremen­
dous increase in poultry production.

WE ' L L BE

...th« nicest wag to give morvei/

now feeds 100,000 head of cattle year­
ly and suggested a nation-wide chain
of plants might come about.
Professor Kammlade further de­
clared that the profit-cost squeeze will
continue in agriculture for a long A

M I G H T WANT

Home Office
Phoenix, Arizona

'V a u
F IR S T
N A T IO N A L
B A N K O F A R IZ O N A
N o w 4 9 O f f i c e s In A r i z o n a
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

NEW, novel way for banks to
wish their customers greetings
for the Christmas season has been an­
nounced by A. Rifkin and Company of
Wilkes-Barre, Pennsylvania, manufac­
turers of bank and coin bags. A draw­
string coin bag, made in the shape of
a Christmas stocking, carries an appro­
priate season’s greeting. The greeting
is si l k sc r een V
printed in white,
together with the
bank’s name and
city.
Its novelty as a
Christmas gr eet ­
ing m a k e s the
s t o c k i ng bag a
distinctive g o o d
will builder. It can be used the year
’round in many ways. The bag is
made from durable red canvas and is
approximately 6 by 8 inches.
A. Rifkin and Company are accept­ 1
ing orders for these bags on a fiveweek delivery basis.

A

2 5 0 N E W ACCOUNTS . . .
(Continued from page 31)
per cent with new imprinter tags be­
ing set daily.
Yes, we are very satisfied with the
Todd Imprinter and the advertising >
campaign used in introducing it. Not
only for its initial impact, which was
so gratifying, but for the lasting quali­
ties of good will and appreciativeness
that the imprinter has created since
its installation some 10 months ago.
We hope that you might profit from
the teaser advertisement approach in
publicizing one of your bank’s new y
services. It worked very well for us.
—$$

45

S E C U R IT Y
. . . based on integrity and ability . . . is the factor
which has made L awrence the leader in field warehousing
for over 40 years, so specify L awrence and be secure.

IS LIKE CERTIFIED ON CHECKS

LAWRENCE ON WAREHOUSE RECEIPTS

Ia w r e n c e W a r e h o u s e Co m p a n y
NATIONWIDE FIELD WAREHOUSING
37 Drumm Street, San Francisco, California
100 N. LaSalle Street, Chicago 2, 111. • 79 Wall Street, New York 5, N. Y.
O F F I C E S

IN

P R I N C I P A L

C I T I E S

N o r t h w e s t e r n B a n k e r, N o v e m b e r , J 957


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

46

i.H .A . Schedules lO-lhtij Seminile
L. MULLINS, president of the discussion method and will permit
• Independent Bankers Associa­ maximum participation by each con­
tion, has announced that the associa­ feree. Some case problems will deal
tion will sponsor a 10-day discussion with relationship with directors, re­
type seminar during the summer of sponsibilities for management devel­
1958 on the campus of the Harvard opment, public relations and commun­
University graduate school of business ication skills, effective investment pol­
administration in Cambridge, Massa­ icies, money market fluctuations, com­
chusetts.
peting for deposit funds, building and
He termed the seminar “a distinc­ retaining effective management teams,
tive new program of significant impor- counseling business and industry, and
stance to independent bank leader­ many others.
ship.” Attendance will be restricted
The single fee of $480 covers tuition,
to the top policy-making officers of materials, meals and living accommo­
commercial banks.
dations. Classrooms will be air con­
The seminar will utilize the case ditioned. Although the program will

R

move at a fast pace, a weekend break
midway in the conference will permit
visiting the Cape Cod resort areas.
Inquiries concerning the conference
should be sent to the I.B.A. office in
Sauk Centre, Minnesota.

„

^

Year-End Retirement
James K. Lochead, chairman of the
board of directors of American Trust ^
Company, San Francisco, will retire at
the end of this
year. He will con­
tinue as a mem­
ber of the board. ^
Mr. Lo c he ad,
now in his 67th
year, has been
with the Ameri- ^
can Tr ust Com­
pany since 1921.
He was el ec t ed
president in 1938.
j. K. l o c h e a d
D u r i n g his 19 A
years as president and board chair­
men the bank’s resources have grown
from $308,105,413 to $1,649,737,875.
Long prominent in banking and civ- v
ic fields, he is president of the San
Francisco Clearing House Association.

A.I.B. Officer Retires
Joseph J. Schroeder, retiring as ex- t ecutive secretary of the Chicago Chap­
ter of the American Institute of Bank­
ing, was honored at a dinner last
month.
J
The testimonial dinner, held at the
Chicago Athletic Club, was attended
by the heads of many Chicago banks
and by many of his friends in the vari­
ous banking associations. Mr. Schroe- A
der has held the position of executive
secretary of Chicago Chapter since
1920.
Commerce Trust offers you more
direct sending points than any other

commercial bank in the United States.
One to three days saving in collection
time can add profit to your operation.
Join with the more than 1500 im­
portant banks who are now sending
direct through this "Transit Cross­
roads of the Nation.”

C a p ita l D uncL C xceed 3 6 W illio n S b ol

(ommercejfust (ompany5
K A N S A S C I T Y 'S O L D E S T A N D
MEMBER

FEDERAL

DEPOSIT

N o r t h w e s t e r n B a n k e r , N o v e m b e r , 1957


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

LA RG EST BAN K

INSURANCE

CORPORATION

ERNST . . .
(Continued from page 32)
His activities have included: Direc­
tor, Dubuque Chamber of Commerce
and Dubuque Boys’ Club chairman­
ship during World War II of U. S. War
Bond drives, director and treasurer of
Dubuque Rotary Club and the city’s
Industrial Development Corporation,
trustee of Mt. Pleasant Home and
chairman of the board of the Univer­
sity of Dubuque, and member of the
Lutheran Church and the Golf and
Country Club.
What is the most important problem
facing bankers today? Mr. Ernst says:
“Exploitation is needed of a bank at­
mosphere in which people feel at
home and welcome to bring their fi­
nancial problems to the bank for help.
Development of properly trained com­
petent bank officers and employees
who are genuinely interested in serv­
ing the public is, of course, the first
step.”—$$

47

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N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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

48

Guide Available
“ Planning G u i d e to Successful
Branch Banking Quarters,” a compre­
hensive 28-page booklet designed to
help bankers in formulating plans for
branch offices, has recently been pub­
lished by Bank Building and Equip­
ment Corporation, St. Louis.
Citing the steady increase in the
number of branch banking units, the
booklet translates the experience of
America’s largest bank-design firm
into a thorough outline of factors in­
fluencing location, size, type and de­
sign of “satellite” operations. It is

replete with exterior and interior pho­
tographs of large and small installa­
tions throughout the country, and in­
cludes functional s k et c hes of the
“branch banks of tomorrow.”
Complimentary copies are available
to bankers on request from Bank
Building and Equipment Corporation,
1130 Hampton Avenue, St. Louis 10,
Missouri.

Legion Commander
John S. Gleason, Jr., a vice presi­
dent of The First National Bank of
Chicago, was recently elected national

commander of The American Legion,
at that group’s 39th annual conven­
tion in Atlantic City.

Iowan Promoted
Edmund F. Schnieders, vice president and comptroller of Security-First
National Bank, Los Angeles, has been
elected a senior
vi ce pr e s i d e nt
and a member of
th e managing
committee of that
organization, a c ­
cording to an an­
n o u n c e me n t by
Boar d Chairman
James E. Shelton.
An Iowan, Mr.
Schnieders joined
E. F. SCHNIEDERS
the staff of Security-First National in 1927 in the
bank’s audit department. He became
auditor of the bank in 1941, vice president in 1946, vie president and comp­
troller in 1949, and a member of the
executive committee in 1956.

^

i

V

^

New Department
James Talcott, Inc., Chicago, Illinois,
last month announced the formation
of a new retail department within its
factoring division to service clients in
all industries selling directly to retail,
department, specialty, chain and mail
order customers, with both notifica­
tion and non-notification factoring 4
without recourse. The majority of
these clients are in the textile, furni­
ture and shoe industries.
Thomas J. McGann, assistant vice
president, who has been with the com­
pany since 1940, will head the new
department. He was formerly in
charge of the woolen and worsted sec­
tion in the credit department.
The retail department is designed to
give special attention to the factoring
needs of this particular group of cli­
ents and their customers. Non-notifi­ i
cation factoring, introduced two years
ago by Talcott, will also be offered in
the retail department.

W

e

o fte n

x ix p r o v i d i n g

o u t o f o u r w a y
B e i-v x c e

“f o r e i g n

Going the extra mile, or 1,000 miles, to
be o f service to our correspondents and
their clients is routine procedure for the
men in City National’s foreign banking
department. W e’ve even been known to
locate markets for fish eggs (Buenos
Aires) and corn cob pipes (Sweden) as
part o f our foreign services.

Our globe-hopping personnel, network
o f over 400 foreign correspondent banks
in 70 countries and direct connections
with virtually every major foreign city
are always at your service. Just phone
HArrison 1-1721, or write us at 10th and
Grand. W e’ll be happy to go out o f our.
way on your foreign transactions.

BAN K

CITY NATIONAL
E s ta b lis h e d 1913

.

CO M PAN Y

KANSAS

CITY

4 1 , MO.

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

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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

& TRU ST

1 0 TH 4 G R A N D

Three Banks Honored
Three of the country’s major banks
were among the 50 companies selected
to receive The Score Award for a dis­
tinguished financial report interpreted *
for employee understanding.
Ranking highest among the nation’s
banks and in seventh place in the
general competition was the American S
National Bank and Trust Company of
Chicago. California’s Bank of Amer­
ica placed second among the banks
and 27th in the general competition,
followed by First National Bank of
St. Louis, which tied for 39th place
in the general contest.
A

49

A MESSAGE

FR O M H A R R IS -T H E BUSINESS M A N ’S B A

Memo to a
young banker
You don’t get very far in banking
without discovering that there are
easier ways to make a living.
It’s hard work. Serving people
and making decisions can be as
exhausting as swinging a pick.
I t ’ s demanding. Round the
clock there will be calls on your
time by customers and commu­
nity. Yet they must not be denied.
Yes, banking is this— and more.
And some weary night you’ll ask
yourself: “ Why do I do it?”
Then suddenly you’ll know why.
You’ll see the challenges of serv­
ice, the rewards of leadership that
have become a part of your life.
That’s the moment you’ll know
that you wouldn’t be anything
else but what you are: A Banker.
At Harris Bank we furnish our
fellow bankers with all the serv­
ices you’d normally expect. But
we believe there is much more to
correspondent service than serv­
ices alone.
Many of your banker friends
will tell you that one of the most
valuable things we offer is a com­
bination of broad experience, sea­
soned judgment, and person-toperson a tte n tio n t h a t ’ s our
specialty at the Harris. May we
show you?

H A R R IS “ B A N K
Organized as N . W . Harris & Co. 1882— Incorporated 1907

115 W EST MONROE ST R E E T -C H IC A G O 90
Member Federal Reserve System . . . Federal Deposit Insurance Corporation
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

50

Named by North Central
The appointment of Robert R. Masterton and Raymond L. Coty to the
agency department of the North Cen­
tral Life Insurance Company was an­
nounced last month by Richard W.
Brooks, vice president.
Mr. Masterton was named to the
new position of agency supervisor for
the ordinary life division, and Mr.
Coty, special representative in the
credit insurance division.
As assistant to Mr. Brooks, Mr. Masterton’s work at North Central will
involve recruiting and training new
company agents and performing liai-

ern Minnesota and western Wiscon­
sin, working out of the company’s
home office in St. Paul.

Create New Shares

R. R. MASTERTON

R. L. COTY

son work between the field force and
the home office.
In his new position Mr. Coty will
contact financial institutions in east-

im m sm ssKM

MMMN

Creation of 110,000 new $10 par
shares through a stock dividend of 5
per cent was approved last month by
directors of First National Bank in
Dallas. The board set November 5
for a special stockholders’ meeting for
action on the proposal.
A capital increase from $22,000,000
to $23,100,000 would result from the
stock dividend with the transfer of
$1,100,000 from undivided profits to
the capital amount. Together with
$28,000,000 surplus, undivided profits
of some $5,000,000 and a reserve of
approximately $7,000,000 for contin­
gencies, the increased capital would
provide First National with total cap­
ital working funds of more than $63,000,000, according to Ben H. Wooten,
president.

LaSalle Remodels
LaSalle National Bank, Chicago, has
acquired an additional 6,800 square
feet of space on the second floor of
the Field Building, according to Har­
old Meidell, president.
,
Remodeling of the additional quar­
ters is now in progress and it is ex­
pected that the bank’s trust depart­
ment will move into the space in the
early part of 1958.

Asset Record

is A r iz o n a -

Investors Mutual, Inc., largest of
five mutual investment funds man­
aged and distributed by Investors Di­
versified Services, Inc., reached a rec­
ord total in net assets and earnings
for the fiscal year ended September
30, Joseph M. Fitzsimmons, chairman
of the board, announced in the com­
pany’s annual report.
Total net assets amounted to $996,963,820, compared with $953,717,683 at
the close of the preceding fiscal year.

Birthplace o f the U. S. cattle industry
(brought in by Spanish Conquistadores)
and origin o f the “ tales o f the Old W est,”
A rizon a’s livestock industry incom e
still runs about $103 million annually.

T h is , T O O , is

A r iz o n a :

For those who think o f “cowboys ’n Indians” in
connection with Arizona, it is well to point out
that during the past decade we led the nation in
percentage growth o f manufacturing employment.
During this period, our annual manufacturing
income climbed from $86 million to $400 million.

lit

A n d T H IS is
" A r iz o n a s B a n k "
51st in the Nation
49 Offices
Resources $471 Million

H om e
Office:
PH O E N IX

fa llili*
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

A

A

PROMOTE 4-H . . .
(Continued from page 24)
clerks for the 4-H auctions, part of
the Achievement Day activities. It is
their duty to collect and disburse the
money and bills of sale. This year the
sales amounted to more than $16,475.
In our opinion there is no better or
cheaper method of gaining good will
in an agricultural community than
supporting the work being carried on
by the youth of the rural areas through
support of the 4-H Club program. The
publicity received through such a ven­
ture costs very little and leaves every­
one with a feeling of good will.—$$

*

^

r

-À

51

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N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

52

Mrs. Edwin H. Mosler, Sr.
Mrs. Edwin H. Mosler, Sr., widow of
Edwin H. Mosler, Sr., former presi­
dent of the Mosler Safe Company,
Hamilton, Ohio, died in Mt. Sinai Hos­
pital last month,
after a brief ill­
ness, at the age
of 73.
She was an offi­
cer and director
of the company.
Since the death
of her husband in
1952, Mrs. Mosler
w a s particularly
active in the ad­
MRS. MOSLER, SR.
ministration of all
medical and educational grants of the
Mosler Foundation, of which she was
president.
Surviving are two sons, Edwin H.
Jr., and John; a daughter, Mrs. Martin
S. Coleman, and three grandchildren,
all of New York City.

Bank Women Elect
Miss Iweta Miller, assistant vice
president of the First City National
Bank, Houston, was elected president
of the National Association of Bank

Women at its annual convention held
at the Sheraton-Plaza Hotel in Boston
last month.
Other officers elected were: Vice
president, Miss Charlotte A. Engel,
trust officer, National Savings and
Trust Company, Washington, D. C.;
recording secretary, Mrs. Avis Ford,
assistant cashier, Reagan State Bank,
Houston; corresponding secretary,
Mrs. Mildred L. White, assistant vice
president, Continental Bank and Trust
Company, Houston; treasurer, Miss
Corinne Pool, assistant cashier and
auditor, First National Bank, Holland,
Michigan; and midwest regional vice
president, Mrs. Mona Cunningham,
assistant vice president, Union Na­
tional Bank of Wichita.

Color Film Shown
The Ashton Bank, Ashton, Illinois,
last month held a premiere showing
of the color movie, “Ashton, U.S.A.,”
which tells the story of the rural com­
munity in our nation’s economy. J.
P. Ledlie, president of the bank, says
the picture is “both educational and
entertaining and does not limit its
value to our immediate community
but especially to the people of the
larger cities.”

Advertising Kit
First National Bank in St. Louis is
making available to all banks upon re­
quest a comprehensive kit of advertis­
ing material and suggestions.
The kit was prepared by the adver­
tising and public relations staff of
First National for the purpose of
helping small and middle-sized institu­
tions plan, execute and evaluate suc­
cessful advertising programs.

You can insure your legal responsibility to safe de­
posit box customers, but what about your moral
responsibility?
The Scarborough All Risks Safe Deposit Policy in­
sures both the legal and moral responsibility because
it is all risks . . . insures your bank whether or not
you are legally liable, whether or not the cause of
loss can be determined.

>

Field Promotion
John “Barry” Schroeter, veteran
planner and interior work specialist,
has been promoted to the Bank Build­
ing and Equipment Corporation’s field
force as bank an­
alyst, it was an­
nounced by Earl
T. Klein, v i c e
p r e s i dent in
charge of sales.
Mr. Sc hr oet er
has been on the
architectural staff
si nce 1950 and
h a s contributed
many new ideas
that have enjoyed
wide acceptance throughout the bank­
ing community.
His last staff position was that of
chief of the interior work section and
found him traveling throughout the
country on the solution of interior
planning problems connected with
bank modernization programs.

Directors Added

All Risks Safe Deposit Box Insurance

A

y

A

v'

T

/

A,

At a special meeting of stockholders
of the Western Life Insurance Com­
pany held at the company’s offices in
Helena, Montana, the by-laws were
amended to provide for three addition­
al places on the board of directors.
The three new directorates were filled
by the election of three officers of the
St. Paul Fire and Marine Insurance
Company of St. Paul. They are A. B.
Jackson, president; R. M. Hubbs, vice
president, and Robert S. Davis, invest­
ment officer.
R. B. Richardson, president of West­
ern Life Insurance Company, had pre­
viously been elected to the board of
directors of the St. Paul Fire and Ma­
rine Insurance Company.

Avoid unfavorable publicity of a possible law suit!
Get Scarborough’s All Risks coverage!
W ayne H ummer & Co.
CHICAGO

W rite today for details and free booklet!

■S

Scarborough & Company
FIRST NATIONAL BANK BUILDING
Illinois
STate 2-4325
Insurance Counselors to Banks Since 1919
N o r t h w e s t e r n B a n ke r, N o v e m b e r ,


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

1957

T
MEMBERS
NEW YORK

ST OC K

E XC HAN GE

53

STREET

ONE
home o f
you r man
at the

knowing how to get just the information

IR V IN G !

stant stream of information gathered from

S

o m e t im e s

being an expert is as simple as

you need at the moment you need it.
That is exactly what your man at the
Irving can do for you. For through the
Irving Trust Company there flows a con­
a world-wide banking system.
The sources of information are many
and varied. The bank wire, broad tape
ticker, credit files, and quotations from
the trading tables daily measure the pulse
of business. Add to this an intimate and.
timely knowledge of economic health in
foreign countries gained through a global
network of bank correspondents and you
have a rich resource on which you or
your customers can draw.
The specific facts you want and need
can be as near as your telephone. Look
upon your man at the Irving as a member
of your own staff and consult him freely.
Through your man at the Irving: Fast
Transit Service. World-wide Collections.
Credit Information. Portfolio Analysis.
Experienced Consultation. Safe Keeping

r\T

lr ifio c

IRVING TRUST COMPANY
O n e W all Street, N e w York i j , N Y .
^ ,ita
. 7 j-, j
aCap
l Funds over $125,000,000

Total Assets over $1,500,000,000

R ic h a r d H. W est,

Chairm an of the Board

Domestic Banking Division— N

olan

H a r r ig a n ,

President
Senior Vice President in Charge
G eorge A . M u r p h y ,

M E M B E R F ED ERAL DEPOSIT IN S U R A N C E C O R P O R A T IO N

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

new headquarters for America's financial design center . , .
4

creativ e

lab o rato ry

of

From drafting room to conference room . . . wherever you go, you’ll discover
stimulating ideas for your building project. New construction methods, new
trends in office layout and interior decoration. And to complete the picture we’ve
created a separate Display Department. In this huge sample arena, you’ll see
furniture exhibits and examples o f almost every material that can be used in
visible portions o f construction— marble, plastics, bricks, rare woods, metals,
fabrics, other decorative materials, hardware and special financial equipment.


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

Purchasing Department

Estimating Department

The main entrance lobby

fo r y o u r n e w q u a r te r s
Worth a v isit. . . Designed to show you all the latest in materials and furnishings!
Bank Building & Equipment Corporation’s new head­
quarters grew out of a revolutionary concept in build­
ing design. 62,000 square feet planned to operate at
peak efficiency . . . yet function as a gigantic showroom
at the same time. Because of this remarkable set-up,
you can see all types of the most modern building
materials and interior furnishings in actual use. Take
the office areas for example. Each one is different in
layout and decor, showing you a wide variety of
furniture, carpeting, draperies, wall coverings and 30
different types of lighting fixtures. And throughout
the building are further examples of the latest de­
velopments in everything from floor surfaces to acous­

tical ceiling tiles. Elundreds of ideas for your new
offices that you can investigate in actual operation
. . . before you invest. You’ll also gain valuable insight
into the latest thinking in new quarters design by watch­
ing the world’s largest organization of financial build­
ing specialists at work. Designers, operations analysts,
engineers, equipment and construction experts who
combine their talents on every project. Visit our new
headquarters in St. Louis soon. See for yourself how
our unique facilities, planning methods and exper­
ience (over 3,200 completed projects) can be vital
factors in assuring the success of your new quarters.
No obligation, of course.

Operating Outside Continental U. S. as: Bank Building Corporation, International
Operating in Mexico as: Edificios Para Bancos • Subsidiary: Design Incorporated

Headquarters: ST. LOUIS, 1130 Hampton Ave.
Offices in: NEW YORK, 342 Madison Avenue
ATLANTA, Western Union Building
SAN FRANCISCO, 275 Post Street
CHICAGO, 333 N. Michigan
Digitized
forSFRASER
AL
O
C R E A T O R S
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

OF

O U T S T A N D I N G

O F F I C E

B U I L D I N G S

56

Growth Announced

he had a large inventory
he needed working capital

California Bank, Los Angeles, has
experienced nine months of continued
good growth, Frank L. King, presi­
dent, said in reviewing the bank’s
September 30 statement of condition.
Resources totaled $1,040,849,137, an
increase of $104,878,408 for the ninemonth period. Deposits increased $94,789,798, totaling $961,833,665, on September 30. Loans amounted to $441,418,807, compared with $404,925,531 on
January 1, 1957.

f

Tucson Office

..his
\
banker
suggested
4

The First National Bank of Arizona,
oldest national bank in the state, will
open an office in Tucson in mid-1958,
according to Mont E. McMillen, chairman of the board and chief executive
officer.
The Tucson office, First National’s
51st in the state, will be located at
Speedway and Stone Avenue.

\

fieldwarehousing
Field Warehouse Receipts can help you extend accommoda­
tions to valued customers in excess of open-credit limits.
Experts in every phase of controlled inventory loans—
St. Paul Terminal Offers Unparalleled Legal Liability and
Fidelity Bond Coverage.
Increase your banking services, customers good-will
and profits with this proven method.

Des Moines Office
520 Empire Bldg.

Omaha Office
312 Electric Bldg.

x

X

New Research Center
Spencer Chemical Company last
month dedicated its new research cen­
ter in suburban Kansas City. Dr.
Charles N. Kimball, president of the
Midwest Research Institute, was the
principal speaker at a dinner follow­
ing the dedication ceremonies.
The center will be devoted to re­
search and development of new and
improved products in the general
fields of agricultural and industrial
chemicals and plastics.
Until recently, Spencer’s principal
research facilities were located at the
company’s Jayhawk Works, 20 miles
south of Pittsburg, Kansas.

X

Receives Plaque

^

The Callaway Bank, Fulton, Mis­
souri, was presented with a special
bronze “Century Club” plaque last
month by Mercantile Trust Company,
St. Louis, as part of the former bank’s
centennial celebration.
The Callaway Bank has been a cor­
respondent customer of Mercantile
Trust for 94 of its 100 years.

*

Named President
George V. Mickelsen, Dist. Mgr.
Call ATIantic 2-1208

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

ST. PAUL
4 25 EAST 8th STREET

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

\ST. PAUL, MI NNESOT A

William R. Chapman, vice president
and director of the Midland National -+
Bank, Minneapolis, was elected presi­
dent of the Robert Morris Associates
for the 1957-58 fiscal year at the
group’s annual meeting in Philadelphia recently.
Fred E. Pike, senior vice president, •
Walker Bank & Trust Company, Salt
Lake City, and Arthur F. Boettcher,
vice president, Boatmen’s National r
Bank, St. Louis, were elected first and
second vice presidents, respectively.

57

Chamber President
Russell F. Hunt, executive vice pres­
ident of Tulsa’s First National Bank
and Trust Com­
pany, has been
elected president
of the T u l s a
Chamber of Com­
merce for 1958.
Mr. Hunt joined
the First Nation­
al in March, 1950,
as vice president
and assistant to
the president. He
R. F. H U N T
was elected exec­
utive vice president and a member of
the board of directors on December
1, 1955.

UNION BANK

brings a new concept in banking

to Southern California

Record Bond Year?
During the third quarter of 1957,
$1,488 million in state and local gov­
ernment bonds were sold to establish
a new third quarter record, according
to the Investment Bankers Associa­
tion of America, Washington.
State and local government bonds
sold during the first nine months of
the year total $4,894 million, a season­
ally adjusted annual rate of about $6.6
billion. Despite the presence of a
tight money market throughout the
year, the 1957 volume of municipal
bond sales is certain to exceed that of
any other year, with the possible ex­
ception of 1954. A record fourth quar­
ter volume will be required to carry
the 1957 total above the $7 billion level
set in 1954. The fourth quarter is off
to a big start, with $532 million in
municipal bonds sold during the first
24 days of October.

Joint Bank Exhibit
Sound personal money management
was the theme of an exhibit jointly
sponsored by Boatmen’s National
Bank of St. Louis, First National Bank
in St. Louis and Mercantile Trust
Company at the St. Louis Globe-Demo­
crat’s Modern Living Show in Kiel
Auditorium, October 8 through 12.
The exhibit, which attracted over
200,000 visitors, was built around the
slogan, “ The Bank Is the Saver’s Best
Friend.”

Fed Retirement
E. D. Vanderhoof, vice president of
the Federal Reserve Bank of Kansas
City, completed 40 years of service
with the Fed when he retired Novem­
ber 1. Mr. Vanderhoof began his ca­
reer with the bank in 1917 as a book­
keeper in the fiscal agency depart­
ment and rose to manager and later
officer in charge of that department.

for 43 years one of the nation’s
great independent banks . . . where
Money Engineering has created
new dimensions in banking service
for your bank and its clients.

Regional Banking on a “downtown”
basis . . . complete banking
and trust facilities and head
office autonomy for Union Bank
Regional Offices located in dynamic
expansion centers.

a unique area noted for phenomenal
growth . . . home of over 6,000,000
sunkissed people whose every banking
requirement can be served on a
local level only by Regional Head
Offices of Union Bank.

Now, more than ever, for
knowledgable correspondent banking
service. . . look to Union Bank.
Already, three new offices in
Los Angeles’ San Fernando Valley
with another opening soon in
Beverly Hills . . . and more to come.

UNION BANK and Trust Co. of Los Angeles
T E L E T Y P E LA 5 0 1 . B A N K W IR E S L U N
M EM BER FEDERAL DEPOSIT IN SU R A N C E CORPORATION
AND FEDERAL RESERVE SY ST EM

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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

58

Formal Merger
Occidental Savings & Commercial
Bank, Los Angeles, with its three San
Fernando Valley offices, was formally
consolidated last month with Union
Bank & Trust Company.

X
A D V E R T IS E M E N T tells the story as H al
W . Cross, execu tiv e v ice president o f the
U nion B ank & Trust, le ft, and M od el
M argie M iles display first m etropolitan
new spaper ca rryin g the message.

“ W e’ve had problems like this
before. A loan against your
inventory will give you what
you need . . . and our committee
will doubtless approve it when
backed up by American Express
Field Warehousing Receipts.”
“ Field Warehousing is a quick
and easy procedure . . . there’s
a small additional cost for you . . .
but it makes the loan attractive
for us. I suggest we call the
American Express man right
now . . . and we’ll have your
loan under way in a jiffy.”
P. S. . . . Join the growing number o f bankers across
the nation who insist on the best in Field Warehousing
. . . by suggesting to your customers inventory loans
backed by American Express Field Warehouse Receipts.

A merican Express
F ield W arehousing Corporation
Head Office:

65 Broadway, New York 6, N. Y.
Offices Nationwide

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

Merger of the two institutions is
the first step in Union Bank’s plan for
establishing a regional banking opera­
tion in southern California, according
to Harry J. Volk president of Union.
George A. Thatcher, formerly president of Occidental, has been elected
vice president of Union Bank and a
member of the board of directors.

'J-

A

A

Three New Officers
Three new officer appointments
have been announced by the board of
directors of Mercantile Trust Company, St. Louis. Irvin H. Halla has
been appointed assistant cashier in
the purchasing department; Frank H.
Hamilton, Jr., assistant cashier in divi­
sion A of the loan department, and
Wilbur Noltensmeyer, assistant trust
officer in the tax division of the bank’s
trust department.

*

Named State Agents
The St. Paul Companies have an­
nounced the promotions of three Iowa
fieldmen from special agents to state
agents. They are: R. A. Alexander,
R. C. Knudson and R. E. Knox.

j . Earl Peterson
J. Earl Peterson, prominent Arizona
bank director, died in New York City
last month at the age of 66.
He had been a director of Arizona’s
statewide Valley National Bank since
1950 and a director of Arizona Bancorporation since its organization in 1953.

a

r

59

IN S U R A N C E

How 1 Closed 1 Soles
Written Especially for
The Northwestern Banker
By WILLIAM D. HENRY
Wisconsin National Life
Jacksonville, Illinois

Mr. Henry has had many experiences closing sales and, of course , he has had
his share o f having to overcom e objections. The following four cases are actual
situations in which he converted a “ N o” to a “ Y es ” , or helped a prospect make
up his mind in Mr. Henry's favor:

.

.

.

a it It a F a r m e r ---------------hundr e d
T HdolRlEarE premium!”

exclaimed the farmer
when I q uo t e d the
cost of my proposed
plan for him. “Why, I
could take that
money, buy a couple
of old cows . . . and
double my money in
only a year or two.”
“ That’s right, Mr.
Farmer.” I said, “you
can take the same amount of money and make
more with it than any insurance company.
But money is worth only 3 per cent. If you
can make 20 per cent with your money, it’s
the 17 per cent I want to insure.”

a U n s y Il a s i n c s s m a a

he said.

.

.

.

a S to c k h o ld er-

■R. STOCKHOLDE R, i f y o u
wa nt e d to liquidate
your interest in this
firm some time dur­
ing t h e n e x t six
months, where would
you go to find a mar­
ket?” 1 asked.
“For cash?” asked
he.
“Yep.” said I.
“ I don’t know what
it is really worth,” he replied, “ and besides,
where could I find anybody with enough cash
or credit to pay anything near what it is
worth?”
“Let me tell you about an idea I heard about
. . .” I said (who can resist gossip?).

.

.

.

a Fa m i lij 31 a a

r . b u s y b u s i­
n e s s m a n , if i

M
thought we both had

HO do you want
W
to be trustee of
this money, your wife

time to spare from
our pressing work, I
would like to know
how you got into your
business, but at this
time I would like to
ask you how you plan
to get out of it?”
“ I’ve never thought
about that, I guess,”
“Just what exactly do you mean?”

or me?” I asked with
a laugh.
“I h a v e n e v e r
t hought , ” he said,
“ about her being trus­
tee of the money. I
guess maybe you are
right. These children
of mine should have
it a little better than
I did. Can I pay it by the month for a while?”

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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

60

Insurance

f 'ross

4'urrvnls

H. . upon
. itself and at length undermine
the economy of the United States, as

(Continued from page 30)
anced abroad by shortages. A dis­ abroad bring first to slowdown and
turbing question cannot be shrugged then to halt the European industrial
off: is this where we came in in 1929? complex and then the others, with the
Will the economic disequilibriums collapse causing depression to feed

A ll coverages in the Standard

F orm
BURGLARY

plus the additional coverages provided in the St. Paul
B A N K E R S B L A N K E T BOND. Why not be fully protected?

CALL Y O U R

H O M E O FFICE

S T . PAUL A G E N T

111 W est F ifth St.
St. Paul, M in n e s o ta

TODAY

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W e are pleased to announce that

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FEDERAL 9-5847

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

208 S O U T H L A S A L L E S T .
C H IC A G O 4, IL L IN O IS

2 S f /l

CENTRAL 6-9141

it did in the 30’s?
Obviously, no such dread outcome
has to be. Private enterprise ought to
be resourceful enough to treat this
problem of money shortage and over­
investment abroad and its singular
opposite of declining business activity
and rising prices here. But if not, the
state power is in reserve. If the state
power could harness the nation to
wage war, certainly it can do this
again to fight depression and econom­
ic imbalance.
Recent weeks in the financial mar­
ketplace may turn out to have long­
term significance. The most arresting
development was the introduction of
a 4 per cent rate on a new Treasury
bond of 12-year term. Perhaps it is
too soon to call any turn from this
financing, but it is conceivable that
the new 4s may be the first Treasury
issue to “lead the market” upward
since the mechanical days of the war
finance period, dominated as they
were by a 2% per cent-ceilinged “pat­
tern of rates.”
New 4s H ighly Accepted

The market’s acceptance of the new
4s—they rose to a premium status
right after the expiration of the sub­
scription payment deadline — was
viewed in Wall Street as a major in­
fluence in sustaining the optimistic
prices designated by investment bank­
ing syndicates for major new issues
of AAA-rated public utility securities.
The banking houses were so sure of
the market’s buoyancy that they com­
peted keenly for purchases of the new
issues and kept them in syndicate for
weeks.
In the field of local government bor­
rowing prices are tending upward,
too. The Bond Buyer’s yield index,
which touched a postwar high of 3.56
per cent on September 5, has since
receded to 3.45 per cent, the level of
the early summer.
The Treasury’s newest financing
brought into the market about $3,289,997,000 of new securities, of which
$657,000,000 were the 4 per cent bonds
due in 1969; $1,900,000,000 4 per cent
notes due in 1962 and callable at the
holder’s option in 1960, and about
$832,000,000 of 4 per cent certificates
of the issue due August 1, 1958. There
are now $11,519,000,000 of certificates
of this issue outstanding.
New Issues

The introduction of another issue of
convertible notes into the market is
viewed in financial circles as construc­
tive. Evidently the new “2% by 5s”
—the 4s due in 1962 and redeemable
by the holder in 1960—were inspired

Insurance
by the markets acceptance earlier in
the year of an issue of “2 by 4s”
—4 per cent notes due in 1961 and re­
deemable by the holder in 1959.
The launching of the last issues of
Treasury bills subscribable by banks
through tax and loan accounts was a
disappointment but the issue is now
selling on a par with the tax anticipa­
tion issue due on March 24, a month
earlier. These long bills are selling
well under a 4 per cent yield basis.
The bill due in April sold at a 4.17
per cent basis when first brought to
market. The 91-day bills are selling
at appreciably lower yields. However,
they are still above 3% per cent, a
level as high as has ever prevailed in
the postwar market.—$$
3 5 % Increase
Total income for the first nine
months of this year is 35 per cent
over the same period in 1956, accord­
ing to Theodore Sanborn, president,
North Central Life Insurance Com­
pany, St. Paul.
This total increase reflects substan­
tial gains made in all four of the com­
pany’s income producing areas. Or­
dinary life premium is up 20 per cent,
accident and health insurance 48 per
cent, credit life and disability insur­
ance 51 per cent, and other miscellane­
ous income 17 per cent.
“Credit for the premium income
gain can be traced to new agencies in
territories the company entered in
1956, as well as intensified sales efforts
in established territories,” Mr. San­
born said.
A utom ation by Stages
The first complete plan covering
automation for banks of all sizes was
announced last month by the National
Cash Register Company, Dayton.
“ The system, built around existing
equipment, will allow banks to go
through progressive steps of automa­
tion as their requirements increase,”
Stanley C. Allyn, chairman of the com­
pany, said.
“ One sweeping advantage of the
plan,” he added, “is that banks will
be able to realize the benefits of auto­
mation almost immediately after in­
stallation.”
The nucleus for the system is NCR’s
Post-Tronic, which the company in­
troduced late last year.
Other parts of the system will be
available, in stages, beginning next
year and continuing through 1960.
Taking Shape
Denver’s new “ Central Park” is be­
ginning to take shape as the first
phase of the $2 million expansion pro­
gram of the Central Bank & Trust

61

of the board of directors of Bank of
America, San Francisco.
Mr. Griffith, executive head of the
Pomona Valley Center, one of five
shopping centers he developed during
the past quarter century, has spear­
headed real estate and subdivision de­
velopments in the Los Angeles, Lakewood and Orange county areas.

Prompt Payment
A Kansas City, Kansas, bank which
was robbed recently of $12,102.16 re­
ceived payment in that amount within
three and one-fourth hours from its
surety bonding firm, Century Surety
& Insurance Corporation, Kansas City.
The Twin City State Bank was re­
imbursed immediately upon verifica­
tion of the loss.

P H A S E ONE o f the “ new shape o f things
to com e in D enver b a n k in g” is the unit o f
five “ islan d” drive-ups show n above.

Company has been completed and
placed in operation.
The five new “island” drive-in win­
dows, fully landscaped with pinon
pine trees and junipers, are now serv­
ing the Central’s drive-in customers
from the hours of 7 a. m. to 7 p.m.,
Monday through Friday.
An ultra-new “Rotunda” banking
building, 104 foot in diameter unit
that will comprise phase two of the
project will be completed in late 1958.

“ Safest Place”

Named Director
John S. Griffith, southern California
residential and industrial property de­
veloper, has been appointed a member

“ It’s the safest place in New Jer­
sey.”
That’s the way H. Bruce Palmer,
president of the Mutual Benefit Life
Insurance Company, describes the
huge securities vault in the firm’s new
home office in Newark.
One of the biggest installations in
the east, the vault is safeguarded by
a Century-16 door built by the Mosler
Safe Company, Hamilton, Ohio.

" Cancer Strikes One in Four"

It will pay to investigate our DREAD DISEASE
POLICY . . . Cancer Coverage $1,000, $2,000
and $3,000, maximum limit.
Family coverage for one year costs
less than a day's cost in a hospital
for ONE person.
In Addition COVERS $10,000 EXPENSE ON
• Diphtheria
• Polio
• Smallpox
• Spinal Meningitis
• Encephalitis

’ leukemia
• Scarlet Fever
. Tetanus
• Rabies

Agency inquiries welcomed

"Over a Half Century of Progress"

W e ste rn M u tu a l
Insurance Co.
616 10th S tre e t

Des Moines 8, Iow a

A M u lt ip le Lin e, N o n - A s s e s s a b l e C o m p a n y
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

62

Statement of Condition

<

O cto b e r 11, 1957

RESOURCES

L I A B I L I T I E S

Cash and Due from Banks ........$150,835,357.72

Capital Stock ..............................$ 12,000,000.00
Surplus ........................................ 15,000,000.00
Undivided Profits ................
4,321,067.91
Reserve for Contingencies .......
1,000,000.00
Reserve for Possible Future
3,904,336.72
Loan Losses .........
Reserve for Interest, Taxes, etc.
2,925,846.04
Income Collected but not Earned
4,786,089.87
Letters o f Credit and
Acceptances ..............................
4,030,588.45
Federal Funds Purchased .......
1,000,000.00
Bills Payable .............................. 19,000,000.00
Deposits ..........
439,517,567.23

U. S. Government Obligations.... 81,875,755.39
Other Bonds and Securities .... 24,730,773.72
Loans and Discounts ................ 237,299,847.42
Stock in Federal Reserve Bank
Customers’ Liability on
Acceptance ................................
Income Earned but not Collected
Bank Premises, Furniture and
Fixtures ....................................
Other Resources ........................
Total

Resources

810,000.00
4,030,588.45
987,507.38
6,712,016.04
203,650.10

....................$507,485,496.22

Total

Liabilities

p

....................$507,485,496.22
X

Government and other securities carried at $88,520,264.35 are pledged to secure public
lunds and trust deposits and for other purposes as required or permitted by law.
D i R
D eW alt H . A n k e n y

V ice President,

Theo. Hamm Brewing Co.
C h a r l e s H . B ell

S t e p h e n P . D u ffy

President,

Our Own Hardware
Company
J o h n B . F aegre

President,

General Mills, Inc.

B e n to n J . C ase

President,

Janney, Semple,
Hill & Company
G eorge B . C lifford , J r .

Treasurer, The Cream of

Wheat Corporation

T h o m a s L . D a n ie l s

President,

Archer-Daniels-Midland
Company

Faegre and Benson,
Attorneys
Chairman o f the Board

Minnesota & Ontario
Paper Co.
R obert F aegre

President,

Minnesota & Ontario
Paper Co.
P a u l S. G erot

President,

Pillsbury Mills, Inc.
Fr a n k

T . H effelfin g er

Chairman o f the Board,

D o n a l d C. D a y t o n

F. H. Peavey and Co.

P resident and
General M anager,

President,

The Dayton Company

F. P e a v e y H effelfin g er

F. H. Peavey and Co.

R S
A llen

S.

K in g

L u c ia n

P resident,

Northern States Power
Company
Fran k

P.

L eslie

S. S trong

President and Treasurer,

The Strong Scott
Manufacturing Co.
D. J.

S trouse

P resident,

Retired

G oodrich L o w r y

Chairman o f the Board,

The John Leslie Paper Co.

H arold W . S w e a t t

President,

Northwest Bancorporation

Minneapolis-Honeywell
Regulator Company

J ohn

H arold H . T ear se

A.

M oorehead

E xecutive V ice P residen t
J o h n S. P il l s b u r y

D irector,

Dresiden t,
Searle Grain Company

Pillsbury Mills, Inc.

J . C a m er o n T h o m so n

J o s e p h F . R in g l a n d

Northwest Bancorporation

Chairman o f the Board,

President

A

V a l e n t in e W urtele
S a m u e l H . R ogers

V ice President

Chairm an o f the Board,

Minnesota Paints, Inc.

*-

Northwestern
N ational

Bank

OF

MINNEAPOLIS

Marquette Avenue, Sixth to Seventh Streets

4

MEMBER FEDERAL DEPOSIT
INSURANCE CORPORATION

-f

f

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

63

Sells Bank Stock

Minnesota

NEWS
H. G. HAMRE
FLOYD W. LARSON

President
Secretary

Wood Lake
Minneapolis

Mapleton Officer

County President

H. W. Arvison, Albert Lea insur­
ance man and former Hartland bank­
er, has been named assistant cashier
of the First National Bank, Mapleton,
Minnesota.

Gordon Alden, cashier of the First
National Bank, Dunell, Minnesota, has
been named president of the Martin
County Bankers Association.

Buy Wisconsin Bank

Name Cashier

Burton and Aldrich Iverson, West
Concord, Minnesota, have purchased
controlling interest in the Peoples
State Bank, Pittsville, Wisconsin, from
Ralph W. and Donald J. Sanders.
Ralph Sanders formerly was manag­
ing executive of the Citizens State
Bank, Webb, Iowa.
At a meeting of the board of direc­
tors, both Iversons were named direc­
tors, with Burton being named execu­
tive vice president and cashier, suc­
ceeding Donald Sanders. Ralph Sand­
ers will continue as president until
the first of the year when he plans
to move to California.
Aldrich Iverson will continue as ex­
ecutive vice president of the Farmers
State Bank, West Concord.
Total assets of the Pittsville bank
on September 30 were $2,023,258. The
sale was negotiated by the Bankers
Service Company, Des Moines, Iowa.

Organizers of the Sterling State
Bank, Austin, Minnesota, have an­
nounced the appointment of Frederick
B. Johnson as cashier when the new
bank opens. Mr. Johnson has seen
service with the Goodhue State Bank,
Goodhue, the San Diego branch of the
Bank of America, and most recently
has served 11 years with the FDIC’s
ninth district.

Joins Duluth Bank
Robert F. Poirier, formerly with the
Northwest Bancorporation, the First
National Bank of
Virginia, Mi nne ­
sota, and the First
National Bank of
St. Pet er sbur g,
F l o r i d a , has
joined the official
staff of the First
and American Na­
tional Bank, Du­
luth, as an assist­
ant vi c e pr es i ­
R. F. POIRIER
dent.
The ap­
pointment, announced by Willis D.
Wyard, president, becomes effective
January 1.

Chamber President
Jerry Kigin, 37-year-old president of
the Guaranty State Bank, St. Cloud,
Minnesota, has been named president
of the St. Cloud Chamber of Com­
merce.

A. P. Rischmiller, president of the
State Bank of Gibbon, Minnesota, has
announced the sale of his stock in the
bank to I. M. Nelson, president of the
Citizens State Bank, Gaylord, and his
retirement from banking as of Janu­
ary 1.
Mr. Rischmiller, who has been asso­
ciated with the bank for more than
32 years, has served as president the
past 12 years.

Crookston Cashier
Lyle O. Fering, Esmond, North Da­
kota, has been named cashier of the
Crookston National Bank, Crookston,
Minnesota. He succeeds Earl Nelson,
who has joined the Clear Lake Bank
and Trust Company, Clear Lake,
Iowa.

To New Bank Post
Don W. Johnson, vice president,
First Farmers National Bank, Alexan­
dria, Minnesota, has been named vice
president of the Minnesota National
Bank of East Grand Forks. He has
been in the banking business since
1939.

.V c/r Minnesota Group Officers
EW officers of the nine groups of
N
the Minnesota Bankers Associa­
tion are listed below following another
successful round of group meetings:
Group 1—President, G. M. Grabow,
president, Merchants National, W i­
nona; vice president, Ora G. Jones, Jr.,
president, Goodhue County National,
Red Wing; and secretary-treasurer, C.
J. LaRoue, vice president, First Na­
tional, Owatonna.
Group 2 — President, L. K. Jones,
assistant cashier, Lake Crystal Na­
tional, Lake Crystal; vice president,
F. E. Hansen, vice president, Blue
Earth State, Blue Earth; and secre­
tary-treasurer, Bruce Lloyd, cashier,
Heron Lake State, Heron Lake.
Group 3—President, C. E. Bostrom,
cashier, Security State, Lindstrom;
vice president, William K. Bartig, ex­
ecutive vice president, State Bank of
Long Lake, Long Lake; and secretarytreasurer, Oscar A. Olson, Jr., cashier,
First National, Braham.
Group 4—President, Stanier E. Ma­
son, executive vice president, Com­
mercial State, St. Paul; vice president,
Arthur A. Haesig, assistant vice presi­
dent, American National, St. Paul; and
secretary-treasurer, A. W. Melander,
president, First Merchants State, St.
Paul.
Group 5—President, Earl A. Patch,

president, Third Northwestern Na­
tional, Minneapolis; vice president,
Otto H. Preus, vice president, Mar­
quette National, Minneapolis; and
secretary-treasurer, Arvid A. Lund,
president, First Minnehaha National,
Minneapolis.
Group 6—President, A. Dan Fiala,
vice president, Ogilvie State, Ogilvie;
vice president, Jerry J. Kigin, presi­
dent, Guaranty State, St. Cloud; and
secretary-treasurer, J. M. Browne, as­
sistant cashier, Wadena County State,
Wadena.
Group 7—President, Melvin C. Wik,
cashier, Union State, Montevideo; vice
president, W. E. Lindberg, vice presi­
dent, Bank of Willmar, Willmar; and
secretary-treasurer, Paul W. Bergien,
vice president, Alexandria State, Alex­
andria.
Group 8—President, A. J. Kaatiala,
vice president, First National, Grand
Rapids; vice president, J. I. Anderson,
vice president and cashier, First Na­
tional, Buhl; and secretary-treasurer,
Walter L. Fredrickson, vice president,
American National, Duluth.
Group 9—President, H. A. Bustrack,
president, State Bank of Warren, War­
ren; vice president, Kent S. Rogstad,
vice president, First National, Detroit
Lakes; and secretary-treasurer, H. G.
Courtney, cashier, First National, Bagley.
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

Twin Citv News

Á

il! ilSl,!TÌB

ilIII

t*tt Un fi uatm

W*»*W**:

A . M O O R H E AD , executive
vice president, Northwestern Na­
tional Bank of Minneapolis has an­
nounced the appointment of Roland
D. Demeules and Arba L . Sawyer to
the advisory board of the North Amer­
ican office of Northwestern Bank.
OHN

J

*

*

*

Joseph Ringland, 56, president of the
Northwestern National Bank of Min­
neapolis, died early this month of
cancer.
Mr. Ringland formerly was presi­
dent of the Stockyards National Bank
in South St. Paul, and the Empire
National Bank and Trust Company of
St. Paul.

*

*

*

has been named
an assistant cashier of the Central
Northwestern National Bank, Minne­
apolis.
Garfield O. Moore

=t= *

*

executive vice presi­
dent of the First National Bank of
St. Paul, has been elected to the board
of directors of the
First Bank Stock
Corporation, ac­
cording to Joseph
H. Colman, presi­
dent. Mr. Brown
has been associa t e d wi t h the
Fi r s t Nat i onal
since 1919.
Mr. Colman also
reported that con­
solidated net op­
erating earnings for the first nine
months of 1957 were $8,839,469. This
is equivalent to $2.53 per share. The
corporation declared a quarterly divi­
dend of 40 cents per share on capital
stock and an extra dividend of 10
cents per share.
E . C. Brown,

*

*

>!=

The “ Silver Oscar of Industry” has
been awarded to Northwest Bancorporation for its 1956 annual report
cover.
Richard L. Federman, vice president
and secretary of the corporation, re­
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

ceived the award in New York last
month at the 13th annual awards ban­
quet sponsored by Financial World,
international magazine of banking
and finance.
Banco’s entry, a full-color aerial
view of a partially harvested wheat
field, was judged best of all industry
from among more than 5,000 publica­
tion covers. This marks the 12th con­
secutive year that the corporation has
received an award for its annual re­
port.
*

*

N. P. Delander has been elected to
the board of directors of Anchor Agen­
cy, Inc., St. Paul, to fill the vacancy
created by the death of H enry Guthunz.

Former senior vice president of the
First National Bank of St. Paul, Mr.
Delander is chairman of the board of
the First State Bank of St. Paul and
a director of the First Trust Company
of St. Paul.
*

*

Mark Spinner of Northwestern Na­
tional Bank of Minneapolis has been
elected treasurer of the Minneapolis
Aquatennial Association, which stages
the city’s annual summer civic festi­
val. Mr. Spinner also was elected to
a two-year term as director.

*

*

*

of First Nation­
al Bank of Minneapolis and Alice
Gaulke of Northwest Bancorporation
have been elected officers of the Twin
City Investment Women’s Club.
Gwyneth Nicholson

*

*

*

vice president of
Northwestern National Bank of Min­
neapolis, has been named to the newly
created Hennepin county park board,
which will direct acquisition, develop­
ment and maintenance of large wood­
ed tracts of land in the county suit­
able for “natural” parks.
D.

E.

Crouley,

*

*

*

Speakers in a panel discussion at
the first meeting of the Minnesota
Safe Deposit Association in St. Paul

were Ray 1). Fuller, First National
Bank of Minneapolis; Odele Gronning,
Northwestern National of Minneapo­
lis; Esther Jensvold, Midland National
of Minneapolis, and Charles A . 310berg, First National of St. Paul.
*

*

A

*

vice president and
trust officer of the Midland National
of Minneapolis, discussed family trusts
at a recent Lions Club meeting in
New Ulm, Minnesota.
Robert E . Towey,

*

*

A $100,000 isue of 4 per cent income
debentures has been authorized for
the Fidelity State Bank of Minneap­
olis by the Minnesota banking com­
missioner. They will be offered for
public sale in multiples of $100. C.
Herbert Cornell, president, said the
issue will help satisfy public demand
for a higher return on funds placed
with the bank.
*

V

T

4

=t= *

vice president of
Northwestern National Bank of Min­
neapolis, has been re-elected treasurer
of the Downtown Council of Minneap­
olis, which promotes trade and devel­
opment in the city’s downtown area.
Henry T. Rutledge,

=i= *

*

of First National
of St. Paul has been re-elected second
vice president of the Saint Paul In­
stitute.
Rodney Q. Selby

* * *

Midway National Bank of St. Paul
has announced plans for construction
of a new bank building and enlarge­
ment of parking facilities at a total
cost of $900,000.
Work on the bank will start next
spring, according to Martin F . Ernst,
chairman of the board. The site is
just west of the bank’s present loca­
tion on University Avenue near Snelling in the heart of the Midway area.
Midway National has more than
$33,000,000 in resources and more than
T W I N C IT IE S . . .

Turn to page 66, please)

-k

1

-V

65

O u rf 0

0

* tim e, grou n d!

In this our Centennial year, we at First National
Bank of Minneapolis are still pioneering, always
searching for new ways to improve our banking
service and to help you improve yours. Our State­
ment of Condition, we feel, reflects the quality of
our service through the years . . . and the con­
fidence our customers place in us.

STATEMENT

OF

CO N D ITIO N

OCTOBER

11,

1 9 5 7

RESO URCES

U ABf LITI ES

Cash and Due from Banks . . . $125,257,795.74
United States Government
68,726,197.11
Securities.....................................
35,144,332.73
Other Securities.............................
218,091,204.64
Loans and D i s c o u n t s ................
1,198,866.19
Interest Earned but Not Collected
5,537,064.01
Customers’ Acceptance Liability.
Bank Premises and Furniture
and F ix t u r e s .............
899,446.40
Other Real Estate (For Future
Development of BankPremises)
426,667.00
Other A s s e t s .............................................. 179,855.25
T o t a l R e s o u r c e s . . . .$455,461,429.07

Capital Stock. . $ 12,000,000.00
Surplus . . . .
15,000,000.00
Undivided Profits
5,518,556.66 $ 32,518,556.66
2,633,407.17
General Reserve for Contingencies
Reserve for Interest, Expenses,
6,689,811.53
Taxes, etc................................
5,537,064.01
Acceptances and Letters o f Credit
Bills Payable and Federal
15,500,000.00
Funds B o r r o w e d .....................
3,406,061.92
Other Liabilities.............................
Demand Deposits $329,075,543.83
Time Deposits .
60,100,983.95 389,176,527.78
T o t a l L ia b il it ie s
. . . $455,461,429.07

• United States Government obligations and other securities carried at $ 7 2 ,6 0 2 ,5 6 3 .3 2 in the foregoing statement are deposited
to secure public funds, United States Government deposits and trust deposits totaling $ 2 9 ,9 0 3 ,1 6 2 .0 4 , and for other purposes
required by law.

D IR E C T O R S
A th erton B ean
P r e s i d e n t , In t e r n a tio n a l M i l l i n g C o .

R ussell H . B en n ett
M in in g E n g in e e r

C onley B rooks
E x e c u t i v e V i c e P r e s id e n t ,
B r o o k s -S c a n l o n , I n c .

Joseph H . C olm an
P r e s i d e n t , F i r s t B a n k S to ck C o r p o r a t io n

John C o w le s
P r e s i d e n t , M i n n e a p o l i s S ta r
a n d T r ib u n e C o.

G eorge C. C rosby
P r e sid e n t, S . T . M c K n ig h t C o.

B r u c e B . D ayto n
E x e c u t i v e V i c e P r e s id e n t ,
T h e D a yto n C o m p a n y

P a u l V. E am es
C h a i r m a n o f the B o a r d ,
M c C lo u d L u m b er C o.

R u fu s W . H anson
E x e c u tiv e V i c e P r e s i d e n t

H a r r y J. H a r w ic h
R o c h e s te r , M i n n e s o t a

J o h n H . H a u s c h il d
D i r e c to r , C h a s . W . S e x t o n C o .

G e o r g e W . P. H e f f e l f in g e r
E x e c u t iv e V i c e P r e s id e n t ,
F . H . P ea vey & C o.

G u y W . L a L one
S en io r V ic e P re sid e n t

D a v id M . L il l y
P r e s id e n t , T o r o M a n u f a c t u r in g
C o r p o r a t io n
Jo h n H . M a c M il l a n , J r .
P r e s id e n t , C a r g ill, I n c .
G . A llan M ac N a m ar a
P r e s i d e n t , S o o L i n e R a ilr o a d
S u m n e r T . M c K n ig h t
C h a ir m a n o f the B o a r d ,
S. T . M c K n ig h t C o.

H o w a r d I . M c M il l a n
P re sid e n t, O s b o r n e -M c M illa n
E le v a t o r C o .
G ordon M u rr ay
P r e sid e n t
P h il ip W . P il l s b u r y
C h a ir m a n o f the B o a r d ,
P illsb u ry M ills , In c .

D on A . St ev en s
V i c e P r e s i d e n t a n d D i r e c to r ,
G en eral M ills , In c .

C h a r l e s J . W in t o n , J r .
P r e sid e n t, W in to n L u m b e r C o.

P a u l B . W is h a r t
P r e s i d e n t , M i n n e a p o l i s -H o n e y w e l l
R e g u la to r C o .

j

R o b e r t C. W oo d
P r e s i d e n t , M i n n e a p o l i s E le c tr ic
S te e l C a s tin g s C o .
E dgar F . Z elle
P r e s i d e n t , W i s c o n s i n C e n tr a l
R a ilr o a d C o m p a n y

F I R S T NATIONAL BANK
OF MINNEAPOLIS
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

N orthw estern B a n ke r, N o v e m b e r , 1957


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

66

M innesota

News

First \ationtil. AÜÊiaeapalis.
Celebrates ItHlth Annieersari/
First National Bank of Minne­
T HE
apolis is celebrating its 100th
birthday this month. It was on No­
vember 1, 1857, that the First Nation­
al’s earliest antecedent, the private
banking house of Sidle, Wolford and
Company, opened for business.
Jacob K. Sidle and Peter M. Wolford
started in banking with $10,000 in
gold specie brought from Pennsyl­
vania. Minnesota was not a state,
Minneapolis was a frontier village of
4,500 persons. From the beginning
the business grew, and in 1864 it was
reorganized as the Minneapolis Bank,
a state-chartered institution.
That same year Congress passed the
National Banking Act, and it was re­
organized as a national institution. In
1865 it was awarded charter number
710 and became the First National
Bank of Minneapolis.
Through the years, First National’s
growth has paralleled that of Minne­
apolis and its vast trade area. In
1864, the bank was capitalized at $50,000. Today its capital accounts total
in excess of $32,000,000.
With resources of over $429,000,000,

and some $366,000,000 in deposits,
First National of Mineapolis is the
largest First Bank Stock Corporation
affiliate. Also, it is the second largest
among all banks in the Ninth Federal
Reserve District.
Highlights of the bank’s year-long
centennial observance was the pre­
miere of its new motion picture, “ Min­
nesota: Star of the North.” This doc­
umentary film tells the story of Min­
nesota and its bright future, and is
dedicated to the state on the occasion
of its own 100th anniversary coming
in 1958. Over 200,000 people already
have seen the film, via television and
at some 200 special showings.
First National also has gained wide
recognition during its centennial with
a series of full-page newspaper ads.
Written by leading Minnesotans—sev­
eral of them First National directors
—the ad tell what lies ahead for the
state in such fields as industry, agri­
culture, education, communications,
family living, etc. Later these will
be reprinted in brochure form and
mailed widely.
Appropriately, First National’s 100th

Do you know how a
company may be
incorporated in Canada?
How about income and
other business taxes?
What are the personal
income tax rates? Are
there provincial as well
as federal taxes? The
answers to these and
other questions—vital to
the businessman planning
to set up operations in
Canada—are to be found
in our “ Memorandum
Relating To Carrying On
Business In Canada.”
For your copy—free and
without obligation—
write to Business
Development Department,
The Royal Bank of
Canada, Head Office,
360 St. James Street West,
Montreal, Canada.

THE ROYAL B A N K
OF C A N A D A
Head Office: Montreal
New York Agency—
68 W illiam St., N. Y. 5, N. Y.
Over 900 b ra n c h e s in C a n a d a , W e st In d ie s ,

anniversary o b se rv a n ce has been
keyed to the future rather than the
past. The bank hopes to break ground
soon for its big new building in the
heart of downtown Minneapolis, a
structure dedicated to the premise
that Minnesota’s second 100 years will
be even brighter than her first cen­
tury.

>

TWIN CITIES . . .
(Continued from page 64)
20,000 customers. It has served the
Midway area since 1910. Dr. Albert
E. Ritt is president; Charles .1. Ritt,
executive vice president, and F. A.
Amundson, vice president.
The new building will have large
space for all bank departments, drivein teller windows, 24-hour depository
service and other facilities.
* * *
Carl R. Poblad, president of Mar­
quette National Bank of Minneapolis,
announces the appointment of John
T. Pain, Jr., to the staff of the bank’s
investment department. Mr. Pain was
recently with the bond department of
the First National Bank of Chicago.
* * *
Julian B. Baird, recently appointed
Undersecretary of the Treasury by
President Eisenhower, has resigned
from the board of directors of First
Bank Stock Corporation. Mr. Baird
had been a member of the board of
the corporation since its founding in
1929.
Mr. Baird’s primary duty will be
handling the financing of the $273 bil­
lion national debt.
* * *
Joseph F. Bin gland, president of
Northwestern National Bank, Minne­
apolis, has announced the appointment
of Paul L. Brick as manager of Lin­
coln office, Hennepin and Eighth
Street. He replaces Elmore J. Olson,
who retired September 1.
* * *
The Fidelity State Bank, Minneap­
olis, became the first bank in Minne­
sota to completely convert to elec­
tronic accounting equipment with the
installation of five new National Cash
Register Post-Tronics. The bank is
the largest of Minnesota’s 500 state
banks.
* * *
The Minnesota State Bank of St.
Paul has spent $150,000 in refurbish­
ing two buildings adjacent to the bank
and in providing 16,500 square foot of
parking space.

C e n tra l a n d S o u th A m e ric a .
O ffic e s in New Y o rk , Lo ndo n a n d P a ris .
C o rre sp o n d e n ts th e w o rld o v e r.

Total Assets Exceed 3V2 Billion Dollars
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

K

TWIN CITIES . . .

(Turn to page 69, please)

V

A

K

Y

A

V

*

67

t o

p l e a s e

An avid duck hunter—and all ’round outdoor
enthusiast — Henry N . (Hank) Snyder is
another member of our correspondent banking
staff we’d like you to know better.
When Hank swings his L. C. Smith double
ahead of a south bound mallard chances are
that bird’s finished right then. Same sort of
thing happens when Hank draws a bead on a
correspondent banker’s problem— and he runs
into them right along as he travels Southern
Minnesota and Western Wisconsin. Either
he has the answer at his fingertips or he
knows where to get it back here where all of us
jump to help Hank take care of his customers.
Hank’s packed a lot of experience into his
20 years at our bank— messenger— bookkeeper
— utility man — and Foreign Department
Manager before he took on his present duties.
On the side, he’s been active in St. Paul’s
Jaycees, a Toastmaster, earned Pre-Standard
and Standard AIB certificates and still found
time to put four years in the Army in World
War II. We think Hank’s quite a guy. If
you know him, we believe you’ll agree.

from Spain, Mary Carmine Crespo, and
Winona Bank President, S. J. (Kris) Kryzsko, visit
the First National's Foreign Department once
managed by Hank Snyder. Although Hank spends
a large part o f his time traveling the territory he
serves, he still finds time to keep in close touch
with other departments . . . and to extend a tradi­
tional warm First welcome to many visitors at the
First National.

Visitor

Department of Banks and Bankers
W A L L A C E L. B O S S , V i c e P r e s i d e n t
ELM ER M. V O L KEN A N T , V i c e P r e s i d e n t
D O N A L D W. B U C K M A N , A s s i s t a n t V i c e P r e s i d e n t
D O N A L D L. S M IT H , A s s i s t a n t C a s h ie r
H EN R Y N. S N Y D E R , A s s i s t a n t C a s h ie r
JO H N F . M U LLE N , A s s i s t a n t C a s h ie r
R O L A N D W. H O H M A N , T r u s t A d v i s o r y S p e c ia lis t

THE

FIRST NATIONAL BAN K
OF SAINT PAUL

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

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

68

Minnesota News

Hanks io Hvmotivi or Hititti
Minnesota banks have an­
M ANY
nounced their intentions to re­
model or build new buildings. Among
these banks are:
First State Bank, Wabasha—Remod­
eling project to double space; new
brick and glass front, new interior,
additional teller windows, larger lobby,
and expanded officer space.
Citizens State Bank, Brainerd —
Building and remodeling project will
enlarge space to two and one-half
times its present size, brick and ce­
ramic tile front, marble floor, and new
interior decoration.
First National Bank, Spring Valley
—New banking home, modern 48 by

60 foot brick building with latest fa­
cilities, paved parking area and driveup window, after-hours depository,
and entirely modern interior with low
teller counters.
Bank of Willmar, Willmar—New ad­
dition and remodeling of present quar­
ters, drive-in facilities, additional tell­
er windows, larger banking room, and
additional officer space.
Farmers State Bank, Burnside —
New banking home, one-story 30 by 50
foot plus vault in rear, brick front,
and drive-in facilities.

Sells Emmons Stock
Melvin T. Rye has transferred con­
trolling interest in the First National
Bank of Emmons, Minnesota, to Mont­
gomery Clark, who has since been
named president and director of the
bank, succeeding Mr. Rye. Mr. Rye is
a member of the 50-year club of the
Minnesota Bankers Asosciation.

Minnesota Deaths
Death claimed the lives of several
M in n esota bankers during recent
weeks. Among them were:
B. R. Miller, 68, assistant cashier of
the Citizens State Bank, Glenville.
Prior to his partial retirement in 1946
he had served banks in Glenville and
Gordonsville since 1907. His son, Arleigh, has been head of the bank since
his retirement. Death was due to a
heart attack.

Theodore H. Arp, 52, former presi­
dent of the Jasper County State Bank,
Jasper, died at his home in California.
Death was thought to have been the
result of lead poisoning brought about
by being shot in a holdup in 1936 at
the Jasper bank.
Clare D. Moll, president of the First
National Bank, St. Peter, died in a
St. Paul hospital after a year of failing
health. He had been with the bank
since 1900.

Y

Junior Officers Meet
More than 525 junior bank officers
attended the Minnesota Bankers Asso­
ciation’s junior bank officer and staff
conference last month in St. Paul,
Minnesota. The group held an infor­
mal reception, buffet dinner and danc­
ing on Friday evening, and followed
this the next day with morning and
afternoon b u sin e ss sessions, high­
lighted by outstanding speakers.

Cambridge Cashier
Ferris L. Jones has been named
cashier of the Peoples State Bank,
Cambridge, Minnesota. He is the for­
mer cashier of the Farmers National
Bank, Waseca, and vice president of
banks at Meriden and Medford.

Virginia Cashier
J. E. Takkinen, president of the
State Bank of Virginia, Minnesota, has
announced the election of William S.
Jones as cashier. He has been serv­
ing with the Northwest Bancorporation, Minneapolis.

V

A

State Position

FI RE
INLAND
MARINE

}W AUTOMOBILE
*

EXTENDED
COVERAGE

L o o k in g for a correspondent
bank that’s friendly . . . inter­
ested in your problems . . .
quick to help? Come in any
time!
Write or phone FEderal 2-0511

Midland NATIONAL SANK
-ike, bwikujctk-fcta, big WELCOME!
401 Second Avenue South
Minneapolis 1, Minnesota
M e m b e r 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 tio n

Prompt ^nd Pair claim practices
for 58 years. We invite agent
inquiries.
HOME OFFICE

Cedar Rapids, Iowa
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

George E. Buscher, president of the
Alexandria State Bank, Alexandria,
Minnesota, recently was named to the
Minnesota Water Resources Board by
Governor Orville L. Freeman.

Buffalo Cashier

-A

Robert Schofield, formerly assistant
cashier of the First National Bank,
Good Thunder, Minnesota, has joined
the Buffalo National Bank, Buffalo,
as cashier.

ACCIDENT, SICKNESS and HOSPITAL
INSURANCE AT COST!

Y

Bankers are Select Risks and we have special coverage
designed for Bank Men and Women. Write for Application
and Information.

Y

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

Minneapolis 4, Minnesota

M innesota

and among these were:
First National Bank, Glencoe—76th
anniversary, officers inaugurated an­
nual anniversary coffee party for its
customers.
First National Bank, Chisholm—Re­
modeling, all new furniture and fix­
tures, new lobby arrangement, granite
exterior and entrance, directors’ room
and conference room, lunch room, and
comfort rooms, all floors of plastic tile,
new ceilings and a Hi-Fi music sys­
tem; free coffee, doughnuts and gifts
for visitors.
Farmers and Merchants State Bank,
Cook—40th anniversary, free coffee
and gifts for all.
Elysian State Bank, Elysian—50th
anniversary, view bank operations in
action.

TWIN CITIES . . .
(Continued from page 66)
Paul Litecky, assistant cashier of

Third Northwestern National Bank of
Minneapolis, is the new president of
the East Hennepin Commercial Asso­
ciation.
* * *
Donald L. Smith, assistant cashier
of the First National Bank of St. Paul,
has been selected to direct volunteers
in staging the 1958 St. Paul Winter
Carnival, January 24 through Febru­
ary 2.
=1=
*
A new bank was launched in Minne­
apolis recently under the Junior
Achievement program. Staffed entire­
ly by teen-agers, it will handle solely
the financial dealings of about 1,200
other teen-agers working in the JA
program.
Sponsored by the First National
Bank of Minneapolis, the bank will
be open one hour nightly Monday
through Thursday with four Junior
Achievers and two adult advisers on
duty.
Advising the youngsters are Ronald
Knutson of First National’s business
development department, and seven
other members of the bank’s staff.
* * *
Alex J. Kraemer, assistant vice pres­
ident of Northwestern National Bank
of Minneapolis, was elected president
of the Corporate Fiduciary Associa­
tion of Minnesota at the association’s
annual meeting.
Other officers elected include:
Alvin W . Hildgediek, trust officer,
First Trust Company, St. Paul, vice
president; Thomas A. Roden, assistant

69

A.B.A. Vice President
P u b lic Open
ou sepresident of the WinG. H
A. Redding,

Mitinlis H oh l
Minnesota banks held
S EVERAL
open house during recent weeks,

News

vice president, First National Bank
of Minneapolis, vice president; Brandt
P. Chappell, vice president and trust
officer, Merchants National Bank of
Winona, vice president, and Myron H.
Powell, assistant vice president, First
National Bank of Minneapolis, secre­
tary-treasurer.
Glenn C. Sawyer, trust officer, Mar­
quette National Bank, was named
chairman of the executive committee
and Jean R. Johnson, vice president
and trust officer, American National
Bank of St. Paul, was appointed to
the executive committee.—$$

dom State Bank, Windom, Minnesota,
has been appointed vice president of
the American Bankers Association for
the state of Minnesota. Mr. Redding
is also treasurer of the Minnesota
Bankers Association.

Three New Officers
The National Bank of Commerce,
Mankato, Minnesota, has announced
the appointment of three new assist­
ant cashiers. They are John Charlton,
Betty Hauch and Catherine G. Sum­
mers. F. A. Buscher, president, made
the announcement.

STATEMENT OF CONDITION
October 11, 1957
RESOURCES
Cash and Due from B a n k s_________$ 7,194,381.89
U. S. Government Obligations____ 7,466,317.86
Municipal Obligations _____________
2,123,684.88
Other Bonds and Securities ______
184,250.00
Total Cash, Due from Banks and Investments----- $16,968,634.63
1,000,000.00
Call Loans _________________________________________
Loans and Discounts ______________________________ 9,718,222.52
Vaults and Fixtures _______________________________
1-00
Interest Earned not Collected --------------------------------101,813.31
Total Resources ________________________________ $27,788,671.46
LIABILITIES
Capital ______________________________________________ $
600,000.00
Surplus ______________________________________________
750,000.00
Undivided Profits and Reserves____________________
315,224.93
Reserved for Interest, Expenses and T a x e s ---------148,418.07
Interest Collected not E a rn ed _____________________
107,091.61
Deposits _____________________________________________ 25,867,936.85
Total Liabilities________________________________ $27,788,671.46
DIRECTORS
A. A. BIBUS
Vice President
D. L. GRANNIS, SR.
Grannis & Grannis,
A ttorn ey s-at-Law

Z. H. HUTCHINSON
Investm ents
V ice Pres., W ebb Publishing Co.
R etired

President Saint Paul Union
Stockyards Co.

R. E. ORCHARD
V ice President

R. L. SMITH
President

H. D. KUEIN
.1. C. MOORE

A. L. OLSON

W. H. SWENEY, JR.
Ass’t to President and Sec’y W . H. Sweney Co.

STOCK YARDS NATIONAL BANK
South Saint Paul, Minnesota
A F F IL IA T E D W IT H N O R T H W E S T B A N C O R P O R A T IO N
M EM B ER F E D E R A L D E P O S IT IN S U R A N C E C O R P O R A T IO N

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

70

M innesota

News

chairman of the board and chief ex­
ecutive officer on October 1.

investment Survey Available
of Bank invest­
ment, a general survey of the man­
agement of bank investment portfo­
lios, was released last month by First
National Bank of St. Louis.
This survey, written by Major B.
Einstein, vice president, is a concise
29-page summary of the basic factors
involved in the safe and profitable in­
vestment of bank funds. It includes
five charts showing yield trends in the
government securities market in re­
cent years.
“ The key to successful investment,”
Mr. Einstein states, “lies in keeping
well informed. The interplay of hu­
man relations that constantly tend to
alter demand and supply relationships
can only be perceived through aware­
ness of the factors contributing to
them.
“ Therefore, I would urge that full
advantage be taken of the wealth of
financial and related information that
is made available, particularly that of­
fered by public authorities at negligi­
ble cost to the investor.
“ I realize that this may be quite an
assignment for officers of smaller
banks who may have only a limited

F

undam entals

amount of time available for such ac­
tivities. A practical alternative is for
such banks to keep in constant touch
with city correspondents that are ade­
quately staffed to gauge the complex
factors which affect and influence the
trend of the money and security mar­
kets.”

Joins Bankers Trust
Admiral Arthur W. Radford, recent­
ly retired chairman of the Joint Chiefs
of Staff, has joined Bankers Trust
Company, New York, as a consultant
in the d e v e lo p ­
ment of its busi­
ness, both foreign
and domestic.
A d m ira l R ad­
ford’s a c tiv itie s
will be c o o r d i­
nated p r im a r ily
with the recently
formed d e v e lo p ­
m e n t committee
of the board of di­
re c to r s of the
bank. The chairman of this develop­
ment committee is William H. Moore,
executive vice president, who became

CARL L. FREDRICKSEN
Chairm an of Board
CLIFFORD L. ADAMS
President
STANLEY W . EVANS
First V ice President
WILLIAM C. SCHENK
V ice President
JOHN S. HAVER
Cashier
JAMES L. SMITH
Asst. Cashier and Auditor
KINLEY W . SMITH
Asst. Cashier
BEN E. HOLTDORF
Asst. Cashier
EDWARD L. NEWELL
Asst. Cashier
R. K. DRAPER
R epresentative

ME MB E R
N o r t h w e s t e r n B a n ke r, N o v e m b e r , J957


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Federal Reserve Bank of St. Louis

Named by Old Republic
James A. White has been appointed
manager of the underwriting and pol­
icy issue department of Old Republic
Life Insurance Company, Chicago, ac­
cording to James H. Jarrell, president.
Mr. White has been in the life insur­
ance field for 25 years. He has been
an underwriter since 1939, and was
most recently manager of the under­
writing division for Hoosier Farm Bu­
reau Life Insurance Company.
Fran E. Bowen has been appointed
a superintendent of agencies for the
company in Arcadia, California.

Resigns Positions
John Lair, assistant cashier of the
Dassel State Bank, Dassel, Minnesota,
has resigned to accept a position with
the Northwestern State Bank, Cum­
berland, Wisconsin.

To Australia
Burke Von Wald, assistant cashier,
Glenwood State Bank, Glenwood, Min­
nesota, has resigned and plans to
move to Australia, where his wife’s
parents reside.

Need Help With Feeder Loans?
The demand for feeder cattle in this area is going to be
considerably higher this fall due to improved moisture and
crop conditions in the middle west. It is also anticipated
that the cost of these cattle will be higher than in 1956.
The Live Stock National Bank of Sioux City stands ready
to assist you in financing the needs of your local livestock
customers. Keep us in mind, give us a call, and benefit
from our more than 60 years of experience in the feeder
loan field.

FEDERAL

DEPOSI T

INSURANCE

CORPORATION

71

ta, last month held open house in
observance of their grand opening.

Soiitli Dakota

Named Director
Ralph Anderson has been named a
director of the Roberts County Na­
tional Bank in Sisseton, South Dakota.
An assistant cashier of the bank and
life resident of the county, Mr. Ander­
son replaces Dave Pearson who has
become an instructor at South Dakota
State College.

NEW S
JOHN M. RYAN

President

CARL E. BAHMEIER, JR.

Rapid City

Secretary

Huron

Bond Sales Report
Sales of Series E and H savings
bonds in South Dakota during Septem­
ber were $1,885,088, an increase of
$80,000 over August sales. Cumula­
tive sales thus far during 1957 are
$19,518,779 for 56 per cent of the
year’s goal.

as an assistant cashier and in 1950
was named assistant vice president
and later that year vice president. In
1952 he was elected vice president and
trust officer and in 1955 was named to
the board of directors.

Lemmon Open House
The Bank of Lemmon, South Dako­

Insurance Manager
Delbert Paul, finance company loan
officer from Watertown, South Dako­
ta, has joined the Clark County Na­
tional Bank’s insurance agency as
manager. He succeeds Wayne Wil­
son, who will become manager of the
First National Insurance Agency in
Miller.

Watertown Changes
The board of directors of the First
Citizens National Bank of Watertown,
South Dakota, have announced the
election of Carroll H. Lockhart as
chairman of the board of directors.
Succeeding Mr. Lockhart as presi­
dent is Robert H. Walrath, vice presi­
dent and trust officer. John S. Holen
was named senior vice president;
Larry H. Karbo and Roy F. Nugent,
vice presidents, and Robert D. Bonfoey, assistant cashier.

R. H. W A L R A T H

C. H. L O C K H A R T

The above changes become effective
December 1. Changes were as a re­
sult of a requirement that the bank’s
president be automatically retired on
the first of the month following his
65th birthday. For Mr. Lockhart this
means the end of active direction of
an institution which he joined 46
years ago. He will, however, remain
active on many of the bank’s com­
mittees.
During his active banking career he
served as president of the South Da­
kota Bankers Association, and saw his
bank grow from five employees and
$500,000 resources to its present $12,000,000 plus resources with 40 em­
ployees. ,
Mr. Walrath joined the bank in 1935
following attendance at the Univer­
sity of Iowa. Following service in
World War II he returned to the bank

Uroup 3Mectiups Hupe Success
1957 South Dakota Group
T HE
Meetings are now history, but the
more than 850 persons who attended
the meetings in Rapid City, Mobridge,
Watertown, Mitchell and Yankton will
not soon forget them.
Record attendance was set at each
site as bankers gathered to hear news
of the association’s activities and to
renew old friendships once again.
John Ryan, president of the associa­
tion and president of the First Na­
tional Bank of the Black Hills, Rapid
City, highlighted each meeting with
his address “You and Your Associa­
tion” or “Bankers, Quit Fighting
Bankers” in which he asked for a co­
operative unity among bankers of the
state in preparation for the year
ahead.
He asked for a little give and take
on controversial banking legislation,
for better bank advertising programs
and for continued interest in the work
of the association.
George Bushnell, vice president,
American National Bank and Trust
Company, Chicago, reviewed the prob­
lems and challenges facing banks in
developing executives at each meeting
with the exception of the Yankton
meeting, which was addressed by Ken­
neth Raschke, assistant to the presi­
dent, University of South Dakota, Ver­
million.
New officers of the groups include:
Group I

President, Boyd Knox, vice presi­
dent, McCook County National Bank,
Salem; vice president, A. L. Mikkelson, cashier, Security State Bank, Wakonda; secretary-treasurer, C. L. Lokken, vice president, Sioux Valley
Bank, Sioux Falls; executive council-

man, Verner Berg, vice president,
Parker State Bank, Parker (succeed­
ing Boyd Knox).
Group II

President, Neil Jacobson, assistant
cashier, Bryant State Bank, Bryant;
vice president, Robert Franzen, presi­
dent, First State Bank, Pierpont;
secretary-treasurer, Larry Karbo, as­
sistant vice president, First Citizens
National Bank, Watertown; executive
councilman, A. J. Peterson, cashier,
Duel County National Bank of Clear
Lake, Clear Lake (succeeding Ted
Neiger).
Group III

President, B. M. “ Smokey” Kratzer,
vice president and manager, North­
west S e c u r i t y National, Gregory
branch, Gregory; vice president, L. N.
Arend, cashier, Security State Bank,
Alexandria; secretary-treasurer, B. H.
Horstman, assistant cashier, Mitchell
National Bank, Mitchell.
Group IV

President, Paul Hackl, president,
Bank of Hoven, Hoven; vice president,
Royal Van Camp, cashier, Pierre
National Bank, Pierre; secretary-treas­
urer, Dale Lesher, cashier, Citizens
Bank of Mobridge, Mobridge.
Group V

President, B. B. Hodson, cashier,
Blaekpipe State Bank, Martin; vice
president, Richard Berry, vice presi­
dent, First National Bank of the Black
Hills, Rapid City; secretary-treasurer,
Ed Keating, cashier, Western National
Bank, Rapid City; executive council­
man, vice president, Rushmore State
Bank, Rapid City (succeeding Walter
Pailing).
N o r t h w e s t e r n B a n k e r, N o v e m b e r , 7957


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

72

South

Dakota

News

New Mitchell President
J. N. (Norm) Shelby, 58, has been
elected president of the Mitchell Na­
tional Bank, Mitchell, South Dakota,
by the bank’s board of directors, to
succeed the late
John M. Patton,
who died in Sep­
tember at the age
of 52.
Mr. Shelby, who
sta rte d in the
Mitchell bank in
1917, is the fifth
president of the
71-year-old in s ti­
tu tion . He was
J. N. SH E L B Y
nam ed assistant
cashier in 1919, cashier and board sec­
retary in 1932 and in 1948 was named
vice president and director of the
bank. He is a graduate of Mitchell
High School and Dakota Wesleyan
University.
Other presidents of the bank in­
cluded W. G. Davison, W. M. Smith,
M. F. Patton and J. M. Patton.

Raymond H. Tande
Raymond H. Tande, vice president,
Citizens State Bank, Arlington, South
Dakota, died last month while work­
ing about his home. He was previous­
ly associated with the First National
Bank prior to the merger of the two
institutions.

Winner Director
Allan Larson, assistant cashier of
the Farmers State Bank, Winner,
South Dakota, has been elected a di­

rector of the bank, according to W il­
lard Lynch, vice president and cash­
ier. He fills the vacancy created by
the death of William Lynass.

Management Clinic
The South Dakota Bankers Associa­
tion’s bank management clinic is
scheduled for Huron November 11 and
12. An outstanding panel of speakers
will be offered registrants.

S io u x Myalls N ew s
C. LEHR, auditor for the
H ENRY
National Bank of South Dakota,
Sioux Falls, has been transferred to
the bank’s south branch as assistant
cashier. He has been with the insti­
tution since 1941.
* * *
Earl G. Miller, vice president of the
National Bank of South Dakota, ac­
companied by Mrs. Miller, spent a 10day vacation in Kenora, Ontario.
*

* *

Local bank clearings rose from $34,946,294.42 in August, 1956, to $36,332,777.31 in August of this year, an in­
crease of 3.9 per cent.
* * *
C. A. Christopherson, local attorney
and a director of the Union Savings
Bank, purchased the old Masonic Tem­
ple from the Masonic Building Asso­
ciation. Consideration was said to be
$33,000. The 53-year-old granite edifice
had stood empty since being heavily
damaged by fire May 2, 1956. Archi­
tectural plans are being prepared for

a new structure, at a different site.
Mr. Christopherson announced that
the fire ravaged building is to be dis­
mantled. As soon as the area has
been cleared, it will be developed, he
said, into a downtown parking lot
with leased spaces.
* * *
Arlo Swanson, formerly with the
Yakima, Washington, branch of the
Seattle First National Bank, has re­
turned to Sioux Falls to join the staff
of the Northwest Security National
Bank. His seven years with the Yak­
ima bank were in the installment
credit and commercial departments.—
$$

j

y

To State Position
Governor Joe Foss of South Dakota
has appointed Howard Peters, presi­
dent of the Bank of Alpena, South
Dakota, as one of the members of the
State Banking Commission. He re­
places O. D. Hansen, Elk Point, whose
term recently expired.

^

A.B.A. Vice President
Curtis B. Mateer, executive vice
president, Pierre N a tion a l Bank,
Pierre, South Dakota, has been reappointed state vice president of the
American Bankers Association.

To Vice President
The First National City Bank of
New York has announced the appoint­
ment of B. Douglas Hill as vice presi­
dent.
Mr. Hill joined the bank in 1951 and
currently is assigned to the Fifth Ave­
nue office at 51st Street, Manhattan.
Previously he had served with the
group supervising the bank’s affairs
in the middle west.

^

• >

(
1

New Card File

The beautiful lobby of the American State Bank of Minot, North Dakota, reflects the quality workmanship
of Northwest master craftsmen. The modern design coupled with spacious, time-saving teller work areas
and pleasing comfortable appearance of the officers section creates an atmosphere of efficiency and
beauty. Large or small, Northwest Fixture can engineer a new bank interior for you. Write, wire, call
Northwest Fixture Co., 424 North 32nd Street, Billings, Montana, for free bank interior brochure.

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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

A mechanized, adjustable speed rotary card file, a boon to eye-weary
clerks, was revealed by the Mosler
Safe Company, Hamilton, Ohio, last
month.
Introduced at the National Station­
ers and Office Equipment Association
convention in Chicago, the Mosler
Model “ M” Revo-file is designed to
eliminate waste motion in handling
active records. A clerk can find any
one of thousands of cards in seconds.
Cards can be transferred to the
Revo-File easily, no conversion is
involved. Clerks work from a com­
fortable seated position. This elimi­
nates costly errors caused by clerical
fatigue.
The unit is completely mobile and
can be moved easily from one depart­
ment to another.

W

y

v

"f-

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Downtown Drive-In Banking and Customer Parking!

IT ’ S CONVENIENT

. . . Y ou don ’t have to park and walk.

No waiting in line. Weather doesn’t interfere. Drive-in banking
is the ultimate in eonvenient banking.
IT ’ S EASY . . . Come as you are. Bank from your car.
IT’ S QUICK

. . . Y our routine banking transactions are com ­

pleted in seconds. No valuable time lost.
CUSTOMER P A R K IN G

. . .

If your banking requires more

time, then use the convenient parking. Y ou have immediate and
convenient access by elevator or stairs to the banking lobby.
Stop in and see our new banking facility and also the new
INSTALLM ENT LOAN and SAVINGS DEPARTM EN TS the
next time you are in Sioux Falls.

NORTHWEST SECURITY NATIONAL BANK
of Sioux Falls, South Dakota
South Dakota’s Leading Bank
BR A N C H ES AT

BROOKINGS, CHAMBERLAIN, DELL RAPIDS, GREGORY, HURON, MADISON
M e m b e r of the Fe d e ra l Depo sit Insurance Cor po rat ion

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

74

shop and office space for a local law
firm.
The new bank boasts the finest and
most modern bank building of the
west river area of North Dakota, ac­
cording to President B. L. Birdsall.
F ix tu re s were provided by the
Northwest Fixture Company, Billings,
Montana, and give the interior a com­
pletely modern and efficient appearance.

North Dakota

NEW S
G. H. HERNETT

President

Ashley

C. C. WATTAM

Secretary

Fargo

Public Open House
The Rolette County Bank, Rolla,
North Dakota, recently celebrated the
opening of its newly completed build­
ing by holding open house for the
public. The one-story building of mod­
ernistic design is 50 by 54 feet, and
contains a large banking room with
three teller units and a 200 box vault.
Several bankers from the north cen­
tral states were on hand for the open­
ing.
The brick faced concrete structure
has a 16-foot window in the front, ac­
cording to D. R. Browne, vice presi­
dent.

40tli Anniversary
The Farmers State Bank of Richardton, North Dakota, made the most of
its 40th anniversary open house by
introducing a new personalized check
service for each bank customer. In­
cluded in the evening’s program were
talks, entertainment, a beef barbecue,
and a free dance.

Status Changes
The State Banking Board of North
Dakota has authorized the Peoples
and Enderlin State Bank, Enderlin,
to increase its common stock from
$50,000 to $75,000 and for the Bank of
Hazelton to increase from $15,000 to
$25,000.

Farm Meeting
The two banks in Grafton, North
Dakota, the Grafton National Bank
and the Walsh County State Bank,
last month sponsored a public meeting
for farmers and others of that area in­
terested in fertilizers, soil testing and
small grain varieties. Lunch was fur­
nished by the banks also.

units. Space for more than 1,000 safe
deposit boxes is provided for in the
bank’s vault.

Add Farm Rep
The First National Bank of Bis­
marck, North Dakota, has named John
Anthony Coles, former county agent,
as special agricultural representative
for the bank. Announcement was
made by E. D. Saltzman, president.

A.B.A. Honor
The banks of North Dakota, for the
25th consecutive year, were given spe­
cial recognition for their outstanding
service to the state’s farmers during
the past year, both through high qual­
ity of regular banking service and spe­
cial activities in the agricultural field.
Recognition was extended by the agri­
cultural commission of the American
Bankers Association.

December Clinic
The North Dakota Bankers Associa­
tion’s bank management clinic and in­
stallment credit conference is slated
to be held December 6 and 7 at the
Provident Life Insurance Auditorium
in Bismarck.
First day of the conference will be
devoted to a discussion of many of
the phases of installment credit and
conditional sales contracts. This will
be followed by a social hour and din­
ner in the evening.
On the second day the program will
be devoted to a discussion of bank
operating problems and will include
discussions of the adequacy of service
charges. A representative of the
Chase Manhattan Bank, New York,
will discuss personnel training prob­
lems.

New Bank Building
Cando Remodeling
The First State Bank, Cando, North
Dakota, recently held open house to
show off its newly remodeled build­
ing. C. N. Davis, president of the
bank, said lunch was served and door
prizes offered.
The spacious main banking room
has four low, open teller units of lat­
est design and a check desk of natural
walnut formica, the same as the teller
N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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

The First State Bank, New Leipzig,
North Dakota, last month celebrated
the opening of its new building with
an open house, free coffee and dough­
nuts.
The new building is constructed of
sandstone brick and is a one-story
modern style structure, 50 by 68 feet
in dimension. Built with the needs of
the community in mind, space was
also provided for a post office, barber

V

Leeds Remodeling
The Farmers State
Bank, Leeds, j
North Dakota, held open house re­
cently in celebration of its remodeling
program just completed. Included in
the renovation were new fixtures,
flooring, wall paneling and paint. The \
exterior had been remodeled a few
years ago.

Honors Chairman

A

The First National Bank, Grand
Forks, North Dakota, recently estab­
lished the Robert D. Campbell Foun­
dation at the University of North Da- ^
kota with an initial gift of $5,000 in
honor of the bank’s chairman of the
board and pioneer Grank Forks physi­
cian and surgeon.
Dr. Campbell has since turned over ''T
more than $160,000 to the Foundation,
designed to help the University of
North Dakota assist future genera­
tions by preparing today’s young peo- *
pie for an intelligent, educated and
disciplined moral life.
The university has recently pub­
lished a 28-page illustrated brochure
telling of the Foundation’s work.

Purchases Building
The First National Bank & Trust
Company, Fargo, North Dakota, has
announced the purchase of the twostory Morton building in that city, for
use as an investment and for possible
future expansion. The building has
a 26-foot frontage on Broadway Ave­
nue and adjoins the present bank.

^

Cashier Resigns
John Kampf has resigned as cashier
of the Citizens State Bank of New
England, North Dakota, after three
years’ service. He previously served
in a Dickinson bank for 12 years.

Langdon Retirement
Alfred O. Aune, president of the
Northwestern Bank, Langdon, North
Dakota, last month announced his re­
tirement after 40 years as an active
banker. He will remain on the bank’s
board of directors, however.
New president and active manager
of the bank is Myles L. Johnson, who
has been associated with the bank for

A

North

15 years, most recently as a vice presi­
dent. In other action, Mr. Johnson
and Oscar I. DeVold were added to the
board of directors which also includes
Mr. Aune, A. J. Backes and G. S.
Goodman.

Group

Dakota

News

10

PROBLEMS CROWDING YOU?

Offi

at North Dakota
A TTENDANCE
group meetings hit a new high
last month. New officers elected by
the four groups are:
Northeast Group

President, L. W. Anderson, Red Riv­
er National Bank, Grand Forks.
Vice president, R. W. Harkison,
Grafton National Bank, Grafton.
Secretary, E. J. Vorachek, Citizens
State Bank, Lankin.
State nominating committee, Fred
Hoghaug, Ramsey National Bank,
Devils Lake.
State executive council, Mason Hei­
berg, Farmers State Bank, Minnewauken.
Southeast Group

President, H. M. Embertson, First
State Bank, LaMoure.
Vice president, A. M. Eriksmoen,
Dakota National Bank, Fargo.
Secretary, Magne Mikkelson, Ameri­
can National Bank, Valley City.
State nominating committee, E. A.
Schouweiler, P e o p le s State Bank,
Fairmont.
State executive council. Fred O.
Healy, Lincoln State Bank, Hankinson.
Southwest Group

President, W. E. Summers, First
National Bank, Dickinson.
Vice president, George Heitman,
Stockgrowers Bank, Napoleon.
Secretary, E. A. Wentz, Bank of
Steele, Steele.
State nominating committee, J. D.
Meier, First National Bank, Linton.
State executive council, S. A. Shulson. Farmers State Bank, Elgin.
Northwest Group

President, Morris T. Nelson, Scandia-American Bank, Stanley.
Vice president, G. C. Anderson, Bank
of Tioga, Tioga.
Secretary, Gary L. Lerberg, Peoples
State Bank, Parshall.
State nominating committee, A. R.
Weinhandl, First National Bank, Mi­
not.
State executive council, J. H. Munn,
Peoples State Bank, Westhope.

Close the door (and keep it closed) with
a helping hand from First of Tulsa. Call
for Dick Wagner, Deac Rhodes, or Mason
Mitchell, of the Correspondent Bank Depart­
ment. They’ve got the strength of long
experience to apply to your problems.

T h in k ..

Gains $ 50 Million Deposits
A gain of almost $50 million in de­
posits in the past year has enabled
Valley National Bank to bolster Ari­
zona’s booming economy with an ad­
ditional $48 million in loans, according
to President Carl A. Bimson in his

F I R S T N A T IO N A L
Bank and Trust Company
M E M B E R

OF

F E D E R A L

D E P O S I T

I N S U R A N C E

C O R P O R A T I O N

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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

76

Doane’s “Farming for Profit”
Builds Bank Business
Monthly report offers farm customers
up-to-the-minute information
on price trends, management practices
City and country bankers alike . . . in agricultural areas . . . are
building new business and keeping farm customers well informed
on the agricultural situation witli the monthly report, FARMING
FOR PROFIT, published by Doane Agricultural Service.
FARMING FOR PROFI I offers authoritative, money-making,
money-saving information on farm price trends and latest man­
agement practices in the agricultural world.

C. H. Schupp, President
The Kemper State Bank,
Boonville, Missouri

The Kemper State Bank, Boonville, Missouri,
distributes 600 copies of FARMING FOR
PROFIT monthly to farm customers and
friends. After seven years of providing this
service, Mr. C. H. Schupp, President, says:
“ FARMING FOR PROFIT is a service that
is appreciated by our farm customers and
businessmen. They are pleased with the
reports and derive a lot of benefit from
them. We feel it is a service that should
be continued.”

Joe Schler is one of many
prominent farmers in the Boon­
ville area who depend on
FARMING FOR PROFIT for
up-to-the-minute market and
management information. Mr.
Schler is quoted as follows :
“A farmer needs some kind of
guide on farm prices and what’s
ahead in agriculture.
I sure
appreciate the bank sending
these FARMING FOR PROFIT
reports to me every month.”

AGRICULTURAL SERVICE, INC.

N o r t h w e s t e r n B a i k e r , N o v e m b e r , 1957


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

Of the 1,062,765 shares of additional
capital stock offered to shareholders
of Chemical Corn Exchange Bank,
New York, 1,022,706 shares or 96.2 per T
cent were subscribed for through the
exercise of rights, Chairman Harold
H. Helm has announced.
The new shares were offered on a f
one-for-five basis at $45.50 a share to
shareholders of record September 18,
with the rights expiring October 7. Of
the remaining 40,059 shares, 16,864 (
shares have been purchased by officers
and employees of the bank from the
underwriters and the balance of 23,195
shares have been taken up by the un­
derwriting group headed by Kuhn,
Loeb & Company; The First Boston
Corporation; Hemphill, Noyes & Com­
pany, and W. C. Langley & Company.

FILES, Incorporated, of
R ECORD
Wooster, Ohio, has announced a

A service of Doane Agricultural Service, Inc., St. Louis 8, Missouri.
The oldest and largest organization in the United States engaged
in Farm Management and Agricultural Research.

5142 D ELM A R BLVD.

Chemical Stock Subscribed

W h a t *$ N ew

Write for information on exclusive distribution rights for
FARMING FOR PROFIT in your trade area.

DOANE

third quarter report on bank opera­
tions.
Deposits stand at $407 million, and
total resources of the state-wide insti­
tution now are $452 million, compared y
with $396 million a year ago.
A result of the heavy increase in
loans to businesses and individuals is
a gain in Valley Bank net operating
earnings of $490,000 in the first nine b
months of 1957 over the comparable
1956 period, Mr. Bimson said.
Total net earnings for 1957 up to
September 30 were $2,762,000, against
.
last year’s nine-month total of $2,272,000.
On a per share basis, 1957 earnings
to date are equal to $1.99 on the 1,390,000 shares of common stock outstand- V
ing. This contrasts with September
30, 1956, earnings of $1.80 per share
based on 1,260,000 shares then out­
standing, Mr. Bimson noted.
,
.
The bank’s gross earnings of $15,768,000 are 21.9 per cent higher than
those reported for the first nine
months of 1956, he declared.
-y

ST . LO U IS 8, M O .

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All files whether they are for inactive
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The latest development in the tabu­
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77

Somers Remodeling

Monlaii»

NEW S
V. C. HOLLINGSWORTH
R. C. WALLACE

President

Secretary

Hamilton
Helena

Drive Chairman
0. B. Silvey, president of the Bill­
ings State Bank, Billings, Montana,
has been named chairman of the 1957
Community Chest Drive in that city.

Named President

Y

Michael R. Blaster has been named
president of the Citizens State Bank,
Scobey, Montana, succeeding Dr. T.
W. Collinson, who passed away re­
cently.
Mr. Kloster has served as executive
vice president and cashier of the bank
since 1949 when he moved to Scobey
from Hebron, North Dakota. Donald
Liebsch, assistant vice president, has
been elected cashier.
In addition to Mr. Kloster the new
board membership includes H. P. Lar­
sen, Margaret C. Kloster and Marvin
E. Veis.

Doubles Capital
The First National Bank, Plains,
Montana, has announced the doubling
of its capital, increasing it from $50,000 to $100,000. The bank’s surplus
is $100,000.

Begin Building

A-

Contracts have been awarded and
construction has begun on the new
First National Bank Building in
Browning, Montana.
The 50 by 60 foot one-story building
will be completely fire resistant and
of brick and stone exterior. Comple­
tion date is set for next spring.

New Vice President
V

Floyd Hamilton, formerly of Cava­
lier, North Dakota, has begun duties
as vice president and director of the
First National Bank of Livingston,
Montana. He succeeds Harry N.
Dirks, who recently resigned to ac­
cept a position with a First Bank
Stock affiliate in Worthington, Minne­
sota. Mr. Hamilton has been engaged
in the banking business for 23 years
and is a native of Havre.

Kalispell President
Joseph Bianco has been named pres­
ident of The Conrad National Bank of
Kalispell, Montana, a Transamerica
affiliate. He was formerly vice presi­
dent and manager of The First West­
ern Bank & Trust Company in Bakers­
field, California.

The change came about following
the retirement of J. G. Edmiston,
chairman of the board and president
of The Conrad National. Also making
announcement of their resignations
were James G. Edmiston, executive
vice president; L. A. Wilson, executive
vice president, and Hubert Bell, vice
president.
The bank was purchased by Trans­
america in 1956 and Mr. Wilson has
acted as executive vice president since
April, 1957. He will transfer to Phoe­
nix, Arizona, where he will have an
executive position with the First Na­
tional Bank of Arizona, also a Trans­
america subsidiary.
James G. Edmiston and Mr. Bell
stated their intentions of devoting full
time to other individual business in­
terests and to their firm, Edmiston &
Bell.
Mr. Bianco, who is 44 years old, has
held additional executive positions in
Transamerica banks in Reno, Carson
City and Las Vegas and has been in
the banking business for 22 years.

The State Bank of Somers, Montana,
is in the process of remodeling its
quarters, including the addition of
space for b o o k k e e p in g , directors’
rooms, and general office. Present tell­
er counters are being replaced with
new formica and mahogany counters.
The front of the building will be com­
pletely changed with the total effect
of lowering and lengthening the build­
ing. Large glass areas will open into
the bank’s lobby.

New Helena Offices
Demolition work has begun in Hel­
ena, Montana, for clearance of an area
to make way for the Union Bank and
Trust Company offices.

Joins Conrad National
Alex K. Sample, Jr., former national
bank examiner stationed in Helena,
Montana, has been elected vice presi­
dent and director of the Conrad Na­
tional Bank, Kalispell. He began his
banking career with the First Nation­
al Bank, Fergus Falls, Minnesota, in
1947.

New St. Ignatius Bank
A new 40 by 50 foot bank building
has been officially opened by the Lake
County Bank, St. Ignatius, Montana.
A one-story building, the bank’s home
is of modern design.

Moves to Rudyard

Selmer Sanvik, director of the Farmers-Merchants Bank, Rudyard, Mon­
tana, announced that Donald SteinTo Wisconsin
C.
Frederick Potter, assistant cash­ metz, Chinook, has been elected vice
ier of the First National Bank, Great president and cashier of the Rudyard
Falls, Montana, has been promoted to Bank.
Mr. Steinmetz was formerly associ­
vice president of the Batavian Nation­
al Bank, LaCrosse, Wisconsin, an affil­ ated with the First State Bank of
iate of the First Bank Stock Corpora­ Chinook as assistant cashier and as­
tion. He had been with the Great sistant manager, a position which he
has held since 1945.
Falls bank since 1949.

New 4 tunmit lev 4haivmeti Named
of the Montana Bank­
C HAIRMEN
ers Association’s standing com­

mittees for 1957-58 are listed below:

Agricultural — D. E. Olsson, vice
president, Ronan State Bank, Ronan.
Educational — Warren F. Vaughan,
vice president, Security Trust and
Savings Bank, Billings. Legislative—
A. R. Appelgren, vice president, First
State Bank, W olf Point.
Nominating — R. W. Smithberger,
president, First State Bank, Libby.
Uniform Practices—Dennis Dunne, as­
sistant cashier, Great Falls National
Bank, Great Falls. Public Relations
■
—Fred Marble, Jr., vice president and
cashier, First National Bank, Billings.

Special Educational — Randolph Ja­
cobs, vice president and trust officer,
First National Bank, Missoula. Con­
sumer Credit—Harold H. Pitts, vice
president, Metals Bank & Trust Com­
pany, Butte. Trust—James H. Dion,
vice president and trust officer, Union
Bank and Trust Company, Helena.
Taxation—O. M. Jorgenson, chair­
man, Security Trust & Savings Bank,
Billings. Bank Operations—G. W. Wol­
fram, auditor, Security Trust & Sav­
ings Bank, Billings. Resolutions—H.
E. Olson, president, Ronan State Bank,
Ronan. Agricultural Credit Confer­
ence—John Reichel, assistant cashier
and agricultural representative, First
National Bank, Great Falls.
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

M eet Arthur D. Anderson
Vice President, Cashier and Operations Officer. Mr. Anderson
started his banking career with The U. S. National in 1919 as
a clerk in the Proof Department. Prior to his appointment as
Cashier in 1946, he held the p o sitio n s o f T eller, M aster
Teller, Collection Teller and Assistant Cashier. As Operations
Officer, Mr. Anderson has been the leader in most of the op­
erational d ev elop m en ts d uring the p erio d o f the bank’ s
greatest growth.

Can Art Anderson Help You?
If you have operational problems, either mechanical, plant,
or personnel, you 11 find Mr. Anderson s years o f experience as
Operations Officer invaluable in resolving them. H e’ll be glad to
work with you.
Art’s experience and background are typical o f The United
States National Bank’s staff— men who take a personal interest in
your banking problems-— men who are familiar with the ways and
thinking o f independent banks.
Every man on the staff stands ready to offer his special knowl­
edge and assistance on any banking problems you have.

C o m p le te C o rre s p o n d e n t S e rv ic e

Phone A T Ia n tic 8 7 6 S
Member Federal Deposit Insurance Corporatioi

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Federal Reserve Bank of St. Louis

79

##. ##.

Kosm an H eads

Xehraska H ankers
N E W L Y ELECTED PRESIDENT of the Nebraska
Bankers Association Henry D. Kosman (center), pres­
ident, Scottsbluff National Bank at Scottsbluff, re­
ceive congratulations from retiring NBA president
Fred H. Bruning (le ft ), president, Bruning State Bank
at Bruning. The new NBA vice president (right) is
Harold E. Roe, executive vice president and cashier
o f the Bank o f Bennington.

EBRASKA bankers turned out
1,135 strong for the 60th annual
convention of the Nebraska
Bankers Association in Omaha last
month. It was announced that a new
high of 867 was reached in pre-regis­
trations which eliminated completely
the congestion frequently noted at
convention registration tables. In­
stead, those who were pre-registered
received -their convention envelopes
quickly, and the rest were registered
in record time.
Presiding at the convention sessions
was Fred H. Bruning, president of the
Bruning State Bank at Bruning, who
now becomes the immediate past pres­
ident. The newly elected officers of
the Nebraska Bankers Association are
listed in the box on this page.
One of the interesting sessions was
a panel of Nebraska bankers who
discussed the topic “Opportunities to
Increase M isce lla n e o u s Revenue.”
Wayne Decker, chairman of the N.B.A.
bank management committee and vice
president of the City National at Hast­
ings, was moderator. Participants in
the panel (all of them are shown in
the accompanying pictures) reviewed
various parts of a special study con­
ducted by the association for the ex­
clusive use of association members.

N

Ÿ

Farm Problem

Dr. O. B. Jesness, agricultural econ­
omist and professor emeritus at the
University of Minnesota, was greeted
with a packed ballroom of bankers
most anxious to hear this respected
leader address them on the subject
“ Is There an Answer to the Farm
Problem?” Dr. Jesness’ remarks will
be published in the next issue of the
N orth w estern

B anker.

Briefly, he said the farmer is caught
in a cost-price squeeze, but in accusing
price as the “devil” we are not looking

By BEN HALLER, JR.
Editor
The Northwestern Banker

back at the causes. Among these, he
attributes surpluses to a commodity
acreage control which cuts down the
Officers Elected at
60th Annual Convention
Nebraska Bankers
Association
For 1957-58

President — H. D. Kosman, presi­
dent, Scottsbluff National Bank,
Scottsbluff.
Vice President—Harold E. Roe, ex­
ecutive vice president and cash­
ier, Bank of Bennington.
Treasurer (re-elected)—Edward W.
Lyman, executive vice president,
United States National Bank of
Omaha.
Secretary (reappointed)—Harris V.
Osterberg, Omaha.
E x e c u tiv e C ou n cil (three-year
terms)—For Omaha: John F. Da­
vis, president, First National
Bank. For Lincoln: Burnham
Yates, president, First National
Bank. For Group 4: A. C. Hove,
president, Minden Exchange Na­
tional Bank at Minden. For
Group 3 (two years to fill unex­
pired term): George A. Wright,
president, Bank of Elgin.
A.B.A. State Officers

A.B.A. Executive Council (threeyear term s)— Fred H. Bruning,
president, Bruning State Bank at
Bruning, and Harold R. Deitemeyer, president, First National
Bank at Beatrice.
A.B.A. Nominating Commi tt ee
(for 1958 convention) — Chase
Neumann, executive vice presi­
dent and cashier, Farmers and
Merchants National Bank at Oak­
land. Alternate: LeRoy Abbott,
president, Guardian State Bank
at Alliance.

number of acres but allows greater
production on the remaining land,
such as is done under the soil bank.
He advocates a supplementary pro­
gram of adjustment much more selec­
tive than the soil bank so authorities
can pick out those farms and those
acres in the areas where surpluses are
being produced and enforce controls
which will be effective. In other
words, he would differ primarily from
Agriculture Secretary Benson by re­
questing authority to control produc­
tion rather than acreages.
Other speakers included Ralph Brad­
ford, consultant to business organiza­
tions from Washington, D. C., and Dr.
Kenneth McFarland of Topeka, Kan­
sas, who is educational consultant to
General Motors, both of whom gave
stimulating and inspiring talks at the
afternoon and evening meetings.
Special Recognition

Special recognition was paid to W.
H. “Bill” McDonald, 96, pioneer North
Platte banker, who is chairman of the
board of the McDonald State Bank in
North Platte. Mr. McDonald was 36
years old when the Nebraska Bankers
Association was organized in 1897 and
has missed only three of the annual
conventions since that date. He was
given a standing ovation at this 60th
convention.
However, on the way home, he
tripped on the step of the train when
boarding it at Omaha, and when his
cane broke as he attempted to main­
tain his balance, he fell from the
steps. Not to be deterred, he got up,
said he was all right, boarded the
train and rode back to North Platte.
It was not until the next day when he
went to a doctor that it was discovered
NEBRASKA BANKERS . . .

(Turn to page 84, please)

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

80

in Omaha appears to
B USINESS
be booming with the compilation

of figures for the month of September,
1957. Figures compiled by the Omaha
Chamber of Commerce showed bank
clearings up 12 per cent over a year
ago; bank debits up 9% per cent, and
postal receipts up just over 11 per
cent.
Department store sales were up
about 6 per cent and new car sales
in Douglas county totaled 1,071, com­
pared with 789 in September of 1956.
Total bank deposits on September
26 in Omaha were up over the corre­
sponding 1956 call by approximately
$4 million. Total loans were down
about $2.3 million.
* * *
The supply room at the Omaha Na­
tional Bank is now located on the
fifth floor of the bank, having vacated
its former basement quarters. IBM
tabulation equipment is now being
stored in the supply room.
* * *
Mrs. Mary Gleason, advertising man­
ager of the Omaha National Bank, at­
tended the FPRA convention in Chi­
cago last month. Mrs. Gleason and
James Newbury of the Wachovia Bank

The cost for the savings account
loan is $4 per $100 per year. When­
ever the balance of a client’s savings
account drops below $500 the check­
ing account will be subject to regular
service charge analysis.
* * *
Emil 1j. Butler, assistant cashier,
First National Bank of Omaha, has
been elected auditor. Mr. Butler
started with the bank in 1935. He
was made assistant cashier in Janu­
ary, 1956. He is now vice president
of the Omaha-Council Bluffs chapter
of the National Association of Bank
Auditors and Comptrollers.
* * *
of Winston-Salem, North Carolina,
conducted the convention’s clinic on
company publica­
tions.
The board of di­
r e ct o r s of the
F i rst Nat i onal
Bank, O m a h a ,
have announced
the e l e c t io n of
Howard Kennedy

as trust officer.
An a tt o r n e y in
p r a ct i ce s i n c e
1935, Mr. K e nnedy will leave the firm of King, Haggart and Kennedy.
^ * *
The Packers National Bank of Oma­
ha has come up with an unusual plan
to provide for both a savings account
and a checking account for its clients.
It’s called the $500 Plan, which of­
fers a checking account with 20 en­
tries per month free and a $500
savings account. To qualify for the
checking account you must have $500
in savings and if you do not the bank
will loan whatever amount necessary
to bring the savings account up to
$500.

i

Bankers throughout Nebraska and
Wyoming were in Omaha earlier this 4
month to attend a special preview of
the enlarged and remodeled quarters
recently completed for the Omaha
branch of the Federal Reserve Bank 4
of Kansas City. They attended a din­
ner and heard an address by J. L.
Robertson, a member of the board of
governors of the Federal Reserve Sys­
tem, at the Sheraton-Fontenelle Hotel. Y
The event was tied in with a joint
meeting of the boards of directors of
the Kansas City Fed and its Omaha,
Denver, and Oklahoma City branches.
Opening of the new quarters cli­
maxed a long period of planning and
building activity in which working
space at the bank was more than dou­ f
bled. At a total cost of nearly $2 mil­
lion, five floors were added behind the
existing structure and the old building
was completely remodeled.
A
Special features of the new quarters
include a cafeteria for the branch’s
150 employees, a new entrance for
money delivery and shipment, new
executive offices, and a new vault
twice as large as the old one. Officers
of the Omaha branch are P. A. Debus,
vice president in charge; H. W. Pritz,
cashier; W. P. Doran, assistant cash­ A
ier, and Walter L. Pleiss, assistant
cashier.
* * *
Electronic banking is gaining in
Omaha.
The First National Bank has or­
dered eight electronic posting ma­
chines. They will replace 17 present
machines and eliminate three repeat
operations when posting deposits and
checks to each account.


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Federal Reserve Bank of St. Louis

y

81

“ H orse-S ense"

BOtfAHlfE

A good cow pony makes quick work of keeping
range-wild critters where they’re wanted.
Part of this “ horse-sense” comes from
instinct... part of it from training... part of it
from long experience.
Livestock financing takes a lot of “ horse-sense” too.
Our specialists at the Omaha National Bank
know the livestock industry because they liv e
i t ... e v e r y day. They work with ranchers,
feeders, commission men and packers —
they’re active in every phase of the business.
makes it
possible for us to do a better job for you —
the kind of team work a local banker needs
in working out a livestock loan that’s
just right for his customer. Makes good
“ horse-sense” , doesn’t it?
I n s t i n c t , t r a i n i n g . . . lo n g e x p e r i e n c e

Talk to Henry Karpf, Jack Shonsey or
R. H. Kroeger about y o u r livestock financing.

“Helping tine Midwest Orow since I S 6©!”
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

82

Pictures ir tun the Nehrushu Convention

LEFT— J. J. Klima, president, Farmers & Merchants at M illi­
gan; Joseph V. Johnson, president, Johnson County Bank at
Tecumseh, and Earl H. Wilkins, president, Geneva State at
Geneva.
CENTEB— O. J. McDougal (foreground), agricultural repre­
sentative, City National at Hastings; Albert A. Held, executive

vice president, National Bank o f Commerce in Lincoln, and
Mrs. McDougal.
BIG H T—Mrs. James Black; Otto Kotouc, Jr., president, Home
State at Humboldt; Mrs. Wayne Thorndyke, whose husband is
assistant vice president United States National Bank of Omaha;
Mrs. Kotouc, and James Black, vice president, Dawson Bank.

A

K

LEFT— Clyde H. Sudman, executive vice president, Guardian
State at Alliance; Mrs. Sudman; Mrs. LeRoy Abbott, Alliance;
Mrs. John B. Keeline, whose husband is president, Central
Trust and Savings at Cherokee, Iowa, and regional A.B.A. vice
president; Mrs. Dale M. Adams, Alliance, and LeRoy Abbott,
president, Guardian State at Alliance.

CENTER— Edgar Scheips, cashier, First National at Fairbury,
and Homer H. Peterson, vice president and manager, U. S.
Check Book Company, Omaha.
EIGHT— M ax Schneider, vice president, First National o f Lin­
coln, and M. B. Huffman, president, Commercial Bank at Bas­
sett,

4

A
LEFT— W. A. Sawtell, Jr., NBA attorney; Henry Ley, president,
State National at Wayne, and S. H. Itzen, president, Adams
County Bank at Kenesaw. RIGHT— C. F. Pettey, vice presi-

dent, Union Bank in Lincoln; Keene Ewart, vice president,
United States National of Omaha, and Carl E. Schneider, exec­
utive vice president, Geneva State at Geneva.

LE FT — B. M. De Lay, cashier, De Lay National at N orfolk;
Mrs. De Lay, and F. N. Cronin, president, O’Neill National at
O’Neill.
CENTER— Joe Hallas, United States National; his father,
Adolph J. Hallas, president, Stock Yards National, and Bob

Satrapa, United States National, all of Omaha.
RIGHT— Neil L. King, vice president, First National of Denver;
H. L. M cKibbin, president, First National at Bayard, and
Thomas P. O’Rourke, assistant cashier, First National at Den­
ver.

N o rth w e s t e r n B a n ke r, N o v e m b e r, 1957


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Federal Reserve Bank of St. Louis

«

83

IVcifims

■k

v

fro m ih r

f i n i r m i io n
rb
A

LEFT— Mr. and Mrs. Roger Cunningham visit with Cecil W.
Means, vice president, Stock Yards National o f Omaha by
Stock Yards National’s papier maelie “ heifer” in hotel lobby.
Mr. Cunningham is assistant vice president, First National of
Lincoln.
TOP CENTER— J. D. Schiermeyer, assistant cashier, Beatrice
National; Mrs. Schiermeyer, and John Wilson, First Trust of
Lincoln.

LOWER CENTER— Mrs. Dale Ainsworth; Dale Ainsworth,
senior vice president, City National of Kansas City; Henry D.
Kosman, president, Nebraska Bankers Association and president
Scottsbluff National, and Mrs. Kosman.
RIGHT— Russell Loring, assistant vice president, Omaha Na­
tional; V ic von Meding, assistant vice president, First National
of Chicago, and Mrs. Loring.

LE FT— Retiring NBA President Fred H. Bruning, president,
Bruning State at Bruning, receives Treasury recognition for
NBA savings bonds efforts from Robert I. Stout (righ t), state
chairman o f A.B.A. savings bonds committee and chairman of
the First National at Tekamah.
CENTER— Harris V. Osterberg, secretary of the Nebraska

Bankers Association, Omaha, gives his annual report.
RIGHT— Harold R. Deitemeyer, president, First National at
Beatrice, giving his report as A.B.A. state vice president. At
right is Dr. O. B. Jesness, agricultural economist at the Uni­
versity o f Minnesota, principal speaker at the second business
session.

LE FT— Earl Van Steenberg, vice president, First State at
Gothenburg, and Donald F. Delano, vice president, Central Bank
and Trust at Denver.
CENTER— Otto Kotouc, Sr., chairman. Home State Bank at

Humboldt, and Emil E. Placek, chairman, First National at
Wahoo.
RIGHT— Kenneth M. Heisey, Citizens State at Carleton, and
Frank B. Tice, cashier, Commercial State at Clay Center.
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

Nebraska News

8 4

Pictures from the Nebraska Coaueatioa

LEFT—Herb Echtermeyer, vice president, Omaha National; C.
G-. Pearson, vice president, Omaha National; Mrs. Ed Shelledy,
and Ed Shelledy, assistant cashier, First National at York.
RIGHT— Mrs. Herb Brune, Herb Brune, executive vice presi-

dent, Nebraska State in Sioux City; Charles H. Walcott, vice
president, Security National at Sioux City; A. L. Pospisil, pres­
ident, Wakefield National, Wakefield, and Mrs. Pospisil.

LEFT Mrs. John Davis; Mr. Davis, president, First National
of Omaha; Mrs. Ralph W. Hill; and Mr. Hill, Nebraska state
treasurer, Lincoln. RIGHT— H. M. Counce, president, First

National at Hayes Center; A. B. Wood, president, State Bank
of Bartley, and C. B. Darnell, president, First State at Enders.

NEBRASKA BANKERS . . .
(Continued from page 79)
he had broken a collar bone. Mr. Mc­
Donald is a son of the founder of the
McDonald State Bank.
The first night of the convention a
buffet supper was held in the ball­
room, followed by a stage show and
dancing. The convention closed with
a banquet on Saturday night.
The bid from Lincoln to be host for
the 1958 convention was accepted and

BANKS .'„VA1:;
A ll Negotiations Confidential

Bankers Service C om pan y
*

DES MOINES 5, IOWA

•

the convention will be held there next
year, presumably at the Cornhusker
Hotel.—$$

Sponsors Contest
The Purdum State Bank and a mer­
cantile company, Purdum, Nebraska,
sponsored a Cherry Soil Conservation
District Award recently in Cherry
county, Nebraska, and an award of a
colored 11 by 14 inch framed picture
of the Keller Brothers’ Ranch was
awarded the winner, the Keller Broth­
ers’ Ranch, operated by Neal and
Willard Keller.

Changes to Insurance

A NATIONAL CLEARING HOUSE
FOR EXPERIENCED BANK EXECUTIVES
WITH CAPITAL TO INVEST
BOX 1435

^

PHONE AT 2 -7 80 0

Ted McCullough, assistant cashier,
Farmers National Bank, Central City,
Nebraska, resigned last month to ac­
cept a partnership in the firm of his

lA n d sD iw h ii& J iL , t> d ------------------------------------------------------------IO W A AND NEBRASKA MUNICIPAL BONDS
Public Utility, Industrial, Railroad & Corporate Securities

D EAN W ITTER & CO.
Con sol id a ted with

father, The Herb McCullough Insur­
ance Agency.

William H. Mohr

i

As a result of injuries received in
a car-train accident recently at Dalton,
Nebraska, William H. Mohr died at
a Dalton hospital.
Mr. Mohr was a pioneer and a lead­
er in the organization and operation
of several Scribner businesses and
civic groups. He was a director of the
Farmers State Bank the past 40 years,
a director of the German Mutual In­
surance Company for 40 years, and
served as treasurer of the latter firm
for 30 years.

A

Open House on 75th
A large crowd attended a recent
open house at the Stanton National
Bank, Stanton, Nebraska, in honor of
the bank’s 75th anniversary of service
to the community.
Present officers who were hosts are:
George A. Eberly, chairman of the
board; G. D. Eberly, president; R. C.
Hoehne, vice president and cashier;
E. E. Murphy, vice president, and
Rose Denney, assistant cashier.

CENTRAL REPUBLIC COM PANY
CHICAGO 90, ILLINOIS
DES MOINES

OMAHA

H A R O L D R. C L E M E N T S
INS. E X C H A N G E BLDG.

H A R R Y R. G R E E N W A Y
FAR N A M BLDG.

M E M B E R S

OF

M ID W E S T

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

STO C K

E X C H A N G E

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAU LT AND
TIMELOCK EXPERTS

F. E. D A V E N P O R T & C O .
OM AHA

A

V

*

85

W hat about Electronics?

E l e c t r o n ic banking is just
around the corner. W hat is
it? H ow will it a ffe ct y ou ?
Our representatives are hear­
ing th e se q u e s t io n s m ore
and more frequently. If you
haven’t brought up the sub­
je c t w ith him, t r y it. He
can give you some interest­
ing information.

First National Bank
O m aha, N ebraska
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

86
room. It will be one of the largest
interior murals in this country, and
will be fully visible from the street
both day and night.
The committee in charge of arrange­
ments for the mural, named by the
bank’s board of directors, includes
chairman, Fred N. Wells, treasurer,
Nebraska Art Association; Ellery Da­
vis, building architect; Norman Geske,
director of art galleries, University of
Nebraska, and James Stuart, Conti­
nental National Bank director.
It is hoped that the mural will help
HE Continental National Bank has and N Streets. The mural will meas­ to establish Lincoln as a cultural cenrevealed preliminary plans for the ure 12% by 96 feet, the entire length ter, according to the bank board chair­
mural in their new building at 12th of the south wall of the main banking man, T. B. Strain. A special competi­
tion to select the muralist is expected
to attract artists throughout the country.
Details of the competition and the
theme of the mural (to be representa­
tive of Nebraska) will be revealed at
a later date.
* * *
Myron Weil, vice president of the
National Bank of Commerce, Lincoln,
last month was a guest of Colonel
Perry M. Hoisington, commander of
the 818th air division, Lincoln air
force base, on a trip to Eglin air force
base, Florida, where he saw a Fire­
power Demonstration.”
* * *
OCTOBER 11, 1957
The Nebraska Wesleyan University
Alumni Association last month conASSETS
ferred its highest award, the distin­
guished service medal, upon George
Cash and Due from Banks ..................................... $13,814,384.23
A. Knight, president, Citizens State
U. S. Government Bonds ....................................... 18,406,896.11
Bank, Lincoln.
Other Bonds and Securities..................................... 5,568,884.67
* * *
Federal Reserve Bank Stock .................................
109,500.00
Howard Chapin and Dale Tinstman,
officers of The First Trust Company
L oans............................................................................. 23,601,290.19
of Lincoln, are serving as co-captains
Interest Earned Not Due .........................................
267,402.34
in the advance gift section of the cur­
Banking House and Equipment.............................
648,143.69
rent United Fund Drive. Six addi­
Other Assets ..............................................................
19,587.35
tional officers and staff members also
are serving in various capacities in
Total Assets
.$62,436,088.58
the campaign.
* * *
LIABILITIES
Albert A. Held, executive vice presi­
Capital ..............................................$2,000,000.00
dent, and Myron Weil, vice president
Surplus ............................................. 1,650,000.00
of the National Bank of Commerce,
Lincoln, attended a luncheon in OmaUndivided Profits ..........................
877,676.82 $ 4,527,676.82
ha recently where C. C. Balderston,
Discount Unearned.................................................
350,906.62
vice chairman of the board of gover­
Reserve for Taxes, Etc............................................
322,795.09
nors of the Federal Reserve System,
Deposits ................................................................... . 57,234,710.05
was the speaker.
They were guests of Joe W. SeaTotal Liabilities
.$62,436,088.58
crest, who is deputy chairman of Class
C directors of the 10th district of the
E x te n d in g financial le a d e r s h ip to Lin c o ln a n d N e b r a s k a since 1871
Federal Reserve.
* * *
Both deposits and loans are up in
Lincoln’s banks, according to figures
compiled in an October 11 bank call.
Deposits totaled $154,848,928, com
pared to $151,124,059 June 6, and $151,10+h & O Sts.
Phone 2-8561
192,108.45 on September 26 of last
mem ber Fed era l Deposit Insurance C or po r at io n
year.

r

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for
4 Generations

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STATEMENT of CONDITION

The F IR S T NATIONAL BA N K
of LIN C O LN

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 7957


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Federal Reserve Bank of St. Louis

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N ebraska

News

87

Assets on the current bank call to­
taled $169,153,698.19 to show a slight
decrease from the June 6 assets of
$170,200,660. Assets September 26 of
last year were $167,904,116.17.

L:'.L

October 11 loans totaled $58,367,133.80, against June 6 loans of $56,615,226 and $54,753,944.53 on Septem­
ber 26, 1956.

Another Case History

* *
At the 1957 Financial Public Rela­
tions Association convention in Chi­
cago, Robert Wekesser, vice president
of the National Bank of Commerce,
Lincoln, was appointed departmental
chairman for the FPRA for 1958.

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* * *
Byron Dunn, president of the Na­

tional Bank of Commerce, Lincoln,
was one of the “ 50-Year Club mem­
bers” to register at the American
Bankers Association convention in At­
lantic City.
Herman Brockmeier, vice president
of the National Bank of Commerce,
Lincoln, attended the 33rd annual con­
vention of NABAC in Atlanta, Geor­
gia.
Gene Eaton, vice president of the
National Bank of Commerce, was
elected to the board of directors of the
Nebraska Society for Crippled Chil­
dren at their meeting in Scottsbluff.
The trust department of the Nation­
al Bank of Commerce is presenting
films of the Nebraska Cornhusker
football games on television each Sun­
day evening at 5:30.—$$

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Sidney Bank Moves

. . . the F IR ST , A LL -W A Y S FIR ST

The Sidney National Bank, Sidney,
Nebraska, moved last month to its
new home on the southwest corner of
10th Avenue and King Street.
A grand opening was planned for
November 15 which also is the bank’s
fifth anniversary.

FOR EVERY BANKING SERVICE

FIRST A A T I0 N A L M N K
BALTIMORE 1 1 1 1
MEMBER FEDIRAI

AT TENTH

DEPOSIT INSURANCE CO*PC

The Bank of PERSONALIZED Service

NATIONALLINCOLN,
BANKNEBRASKA
of COMMERCE
M EM B ER O F T H E F E D E R A L D E P O S IT IN S U R A N C E C O R P O R A T IO N

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

88

Nebraska

News

N e u Uf-tlvintuivivt!

Hanli

L O W E R A N D W ID E R , like the new ’58 cars, is this newly-remodeled interior o f the

Commercial State Bank, Wausa, Nebraska. The ceiling was lowered and the counter
was moved farther east to make the lobby larger.

FFICERS and employees of the
Commercial State Bank, Wausa,
O
Nebraska, held open house last month
in their newly-remodeled bank.
A new tile floor has been laid in the
lobby which was enlarged by moving
the counter further east. A new glass
front door gives a modern appearance
to the entry.
The new counter, finished in birch,
has four glass teller windows instead

Herman Open House
An open house at the Herman State
Bank, Herman, Nebraska, attracted
500 persons recently, as friends and
customers of the bank came to con­
gratulate the bank’s officers on the
institution’s 50th anniversary.
A $20 savings account was awarded
the winner of a “pennfes-in-the-jar”
guessing contest, and savings accounts
of $10 and $5 were awarded second
and third places.
Howard C. Hanson, president of the
bank, and other officers were on hand
to greet the guests.

of the former three. The ceiling has
been lowered with new lighting and
fixtures added. A new check stand
and furniture were placed in the
lobby and a coupon booth adjoins the
safety deposit vault. Vertical blinds
shade the windows. The walls were
painted and redecorated.
The office of the president, N. T.
Tiemann, is completely enclosed with
paneled walls and new vertical blinds.

HE Beatrice National Bank, Bea­
T
trice, Nebraska, recently spon­
sored its Farmers Forum, and attend­
ance for the first meeting on grain
sorghum was 120, while 80 farmers at­
tended the second meeting on discus­
sion of present market prices, feed
cattle outlook, stocker and feeder out­
look and the trend of livestock mem­
bers.
Joe Fuhr, assistant cashier, Beatrice
National, reported that “we feel we

Want reservations for some event coining up
in Lincoln ? We can’t promise success every
time, but we’ll try.

Need a “headquarters” with telephone and
stenographic service while in Lincoln? just
stop in.

In other words, we’re inviting you to make us your personal as
well as your business representative in Lincoln. Just drop us a
line or telephone 2-6681.
THE

CO N TI IM
ENTAL
National Bank
of Lincoln, Nebraska

11th and "O” Streets

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

>

F.
T. Shaughnessy, who became
president of the Citizens National
Bank, St. Paul, Minnesota, last year,
and 87 years old last month, died re- ^
cently at Howard County Hospital,
St. Paul.
He had been very active in civic af­
fairs, and became associated with the
bank in 1909 as assistant cashier. *
Since that time, he progressed through
the different offices to the presidency
which he held at the time of his
death.
^

New Parking Area
The First National Bank, Grand Is­
land, Nebraska, has taken a permit to A.
construct a parking area at 309-311
North Locust; $5,000.

MOKE NEBRASKA NEWS
ON PAGE 105

F a r n t e i 's A p p r e c i a t e Forum

Call on Continental for Personal
as W e ll as Business Services

A. W. Griffin
Exec. Vice Pres.

F. T. Sliaughiiessy

member f .d.i .c .

have been of service to our rural pa­
trons in sponsoring meetings of this
type. We have had fine comments
from patrons as well as others that
they appreciated the meetings.”
The meat industry may have done
too good a job of selling the American
housewife on the merits of “choice”
beef, Ray Davis of Kansas City, live­
stock commission man, commented at
the second meeting.
“ We have educated the housewife
to believe that if beef isn’t marked
‘choice,’ it isn’t worth eating,” said
Mr. Davis. “ Perhaps we have over­
done it.”
President of the Kansas City Live­
stock Market Boosters’ Association
and a past director of the Kansas City
Board of Exchange, Mr. Davis was
a member of a six-man panel from
Kansas City discussing livestock mar­
keting at the Farmers’ Forum, sponsored by the Beatrice National Bank.
About 80 farmers heard the discus­
sion in the city auditorium.
Other members of the panel were
John Wadley, fieldman for the Kansas
City Stock Yards and a specialist in
hogs; W. P. “Bud” Russell, commis­
sion man and vice president of the
Kansas City Livestock Exchange; Carl
Montegna, secretary of the National
Association of Live Stock Feeders;
Paul Christy, head cattle buyer for
Armour at Kansas City, and George
Dudley, the moderator, assistant vice
president of the Kansas City National
Bank.

^

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so

Now Open!

Q

THE

new

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Q

S H A P E O F T H IN G S

T O C O M E IN D E N V E R B A N K I N G
Phase I (the five “ island” drive-ups) of The
Central’s $2,000,000 ultra-modern Bank Building
is now completed and open for your motor
banking convenience.

Construction of

Phase II will begin at once.

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N o r t h w e s t e r n B a n ke r, N o v e m b e r, 1957


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Federal Reserve Bank of St. Louis

90

LET US

safeguard
\M> SERVICE
ï

your securities
The Bankers Trust Company provides
m odern facilities and experienced person­
nel tor the safeguarding and servicing of
your securities. Y ou are cordially invited
to call upon us tor com plete correspond­
ent bank assistance.

F. S. LOCKW OOD
First Vice I*resident
and Trust Officer

Trust Com pany
sixth and locust
Member: Federal Deposit Insurance Corporation
Federal Reserve System

N o r t h w e s t e r n B a n ke r, N o v e m b e r, 1957


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Federal Reserve Bank of St. Louis

M oines,
Iowa

91

THE SPEAKERS PLATFORM at the 71st annual Iowa Bank­
ers Association convention was beautifully decorated, complete
with bouquets o f fall flowers. Inset are the newly elected pres­

ident of the Iowa Bankers Association Merten J. Klaus (le ft),
president of First Security Bank & Trust at Charles City, and
Charles H. Walcott, newly elected IB A vice president, and also
vice president of Security National at Sioux City.

Mourn B a n kers E lect 11. »1. K la u s
B y BEN HALLER, JR.
Editor
The l\orthivestern Banker

at the iowa
Bankers Association’s 71st an- nual convention in Des Moines
last month hit a new high again for
the ninth straight year. The total of
3,707 was slightly more than last year,
and more than double the registration
of 1948.
The two and one-half days of con­
vention were filled with appearances
of top-ranking leaders from all walks
of life, and with superb entertain­
ment.
Joe H. Gronstal, vice president of
the Carroll County State Bank at Carroll, presided over the convention in
his capacity as president of the Iowa
Bankers Association. New officers of
the I.B.A., and officers of the A.B.A.
elected at the convention are listed
in a separate box on this page.
After a Sunday evening entertain­
ment by The Northerners, the popular
singing group from Chicago sponsored
by The Northern Trust Company, the
convention got under way Monday
morning with the 9th Annual Agricul­
tural Breakfast Conference. It started
with an old-fashioned country break­
fast of ham, sausage, bacon, eggs,
egistration

R

fried potatoes, toast, rolls, juice, cof­
fee, and, of course, milk.
The all-morning session was sched­
uled to cover “ Pastures — Grasses —
New Officers of
Iowa Bankers
A ssociati on 1957-58

President—M. J. Klaus, president,
First Security Bank & Trust
Company, Charles City.
Vice President and Treasurer —
Charles H. Walcott, vice presi­
dent, Security National Bank,
Sioux City.
Secretary (appointive) •
— Frank
Warner, Des Moines.
Iowa A.B.A. Officers

Executive Councilman — W. W.
Su mme r wi ll, president, Iowa
State Bank & Trust Company,
Iowa City.
Nominating Committee—J. H. Pull­
man, Sr., president, F r e m o n t
County Savings Bank, Sidney.
Nominating Committee (alternate)
— Ralph Eastburn, president,
Iowa State Bank & Trust Com­
pany, Fairfield.

Livestock Feeding in Iowa,” and it
did just that, utilizing the talents of
some highly important people in agri­
cultural education and business en­
deavors. Because of the dominating
farm scene in Iowa banking, this half­
day was well spent, and its appeal to
bankers was evidenced by the over­
flow crowd that stayed in the ball­
room throughout the morning.
At the afternoon business session,
following the customary address by
the president, the presentation to him
of an ivory gavel, and adoption of
committee reports, a moving memorial
resolution was read to the assemblage
and adopted unanimously honoring
the memory of the late H. C. Hough­
ton, Jr., who died last spring while
serving as president of the Iowa As­
sociation. At the time of his death
he was chairman of the board of the
Houghton State Bank at Red Oak.
Joseph C. Welman, popular presi­
dent of the American Bankers As so-:
ciation, and president of the Bank of
IOWA CONVENTION . . .

(Turn to page 94, please)
N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

92

Pictures from the Itura f our eat ion

/

LEFT— James H. Pullman, president, Fremont County Savings
at Sidney; John L. Krall, president and cashier, Fairfax State
Savings; Dale C. Smith, vice president, Central National Bank
& Trust, Des Moines, and E. W. Nun, cashier, Ute State. Mr.

Pullman and Mr. Nun are members o f the state hanking board.
RIGHT— Roland H. White, manager of investment department,
Harris Trust & Savings of Chicago, and Edward H. Mackin, Jr.,
assistant secretary, Chemical Corn of New York.

>

y

LEFT— Leo R. Gruber, president, Drovers National, Chicago,
and J. L. Campbell, Jr., vice president, Humboldt Trust & Sav­
ings at Humboldt.
CENTER— Kenneth R. Brown, president. Brown Engineering
Company and a director of Valley Bank & Trust, Des Moines;
Edward Burchette, chairman of the board, Valley Bank & Trust

RIGHT— Adolph Hayes, C.P.A., Decorali; Senator Earl Elijah,
president, Clarence Savings at Clarence, and Alden S. Bagnall,
senior vice president, Live Stock National of Chicago.

LE FT— M. W. Webb, vice president, Rolfe State Bank; Fred D.
Cummings, vice president, Drovers National of Chicago, and
Carl L. Fredricksen, chairman of the board, Live Stock National

of Sioux City. RIGHT— Vincent P. Cullen, president, National
Bank of Burlington, and Mack A. Aldrich, vice president, Mer­
cantile Trust of St. Louis.

LE FT— George R. Garton, president, First State at Chariton,
and Tom C. Cannon, vice president, Commerce Trust of Kansas
City. RIGHT— A. R. Miller, cashier, Woodbury County Savings

at Sioux City; John R. Lauritzen, senior vice president, First
National of Omaha, and E. D. Sutherland, president, First Na­
tional at Manning.

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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

of Des Moines, and J. Locke Macomber, vice president and
trust officer (standing), Valley Bank & Trust of Des Moines.

f

A

LEFT— Kenneth T. Martin, vice president, First National of
Minneapolis, and Charles R. Gossett, president, Security Na­
tional o f Sioux City. RIGHT— E. C. Hansen, cashier, Union

State at W interset; Robert K. Popple, vice president, and Fran­
cis S. Lockwood, first vice president, both of Bankers Trust of
Des Moines, and Joe Snyder, assistant vice president, M anufac­
turers Trust of New York.

LE FT— Henry H. Byers, president, Bankers Service Company,
Des Moines, and E. W. Youell, Jr., president, State Bank of
Terrill. RIG H T— M:. L. Abrahamson, Treasurer of the State of

Iow a; Joseph C. Welman, president, American Bankers Asso­
ciation, and president, Bank of Kennett of Kennett, Missouri,
and Leo J. Wegman, chairman and president, Citizens Savings
at Anamosa.

LEFT— Ferd E. Skola, president, Farmers Savings at Kalona;
Mrs. Skola, and Charles C. Kuning, vice president, American
National Bank & Trust of Chicago. RIGHT— John J. Gordon,

executive vice president, Pocahontas State; H. C. Bierwirth,
president and cashier, Community State at Whiting, and E. S.
Fitzgerald, cashier, First Trust & Savings at Remsen.

LE FT— Harlan Russell, vice president, Farmers Savings, Martelle; L. D. Murfield, cashier, Citizens Savings at Anamosa, and
his brother, C. L. Murfield, president, Farmers Savings at Martelle.

RIG H T— Paul Groszkruger, president, Citizens State at Belle
Plaine; H. C. Moret, vice president, Northwestern State at
Orange City, and L. G. Hix, vice president, First National at
Waverly.
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

94

P ic tu res frum th e loica

cation
>

i

LEFT— Jack A. Ludwig, manager of Omaha office; Henry S.
Banks, Chicago, and Don L. Frankland, Omaha, all of Becordak
Corporation, demonstrating new Becordak Beliant.
TOP EIGHT— Vic B. Perkins, president, Farmers State at
W hittemore; Larry Frowick, second vice president, Continen­
tal Illinois National Bank & Trust of Chicago, and Howard

Glendening, cashier, Farmers Savings Bank at Leighton.
BOTTOM BIG H T— W. Loren Parr, executive vice president,
Commercial Trust & Savings at Charles City; J. E. King, pres­
ident, Peoples National at A lbia; Vic von Meding, assistant
vice president, First National of Chicago, and Jerry E. Fitz­
gerald, First National of Chicago.

LEFT— L. F. Kruse, president, Mineola State, and Cecil K.
Cullings, president, Exchange State at Exira. EIGHT— Donald
E. Willard, cashier, Dixon Savings; Mrs. Willard; Allen P.

Stults, executive vice president, American National Bank &
Trust, Chicago; Joe Sirota, president, Dixon Savings, and Wil­
liam O. Kurtz, Jr., vice president, American National Bank &
Trust o f Chicago.

IOWA CONVENTION . . .
(Continued from page 91)
Kennett at Kennett, Missouri, re­
viewed current activities of the A.B.A.
and made a plea for stronger leader­
ship among bankers at all levels, par­
ticularly in the area of flighting in­
flation.

Arthur T. Donhowe, vice president, Central
National Bank & Trust, Des Moines, pre­
senting ivory gavel to retiring IB A pres­
ident Joe H. Gronstal, vice president, Carroll County State at Carroll.
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

Eric Johnston, chairman of the in­
ternational d e v e l o p m e n t advisory
board of the United States State De­
partment, predicted that continued
growth and dominance of “big busi­
ness” would eventually lead to a nec­
essary intervention by government,
and this would result in loss of eco­
nomic freedom, followed by loss of
personal and political freedoms. He
decried the growing national yearning
for security rather than risk, belong­
ing rather than beginning, and ad­
justment rather than enterprise. The
former president of the United States
Chamber of Commerce urged study
and debate of the problem by all our
people, including business, labor, farm­
ers, universities and the Congress.
The Hon. A. Willis Robertson,
United States Senator from Virginia,
sounded the alarm also over stability,
this time in relation to the dollar it­

self. He said it is “at least question­
able whether the United States can

Joe H. Gronstal, retiring IB A president,
and vice president of Carroll County State »
at Carroll, presents ivory gavel to H.
Deemer Houghton in memory o f the lat­
ter’ s father, H. C. Houghton, Jr., who died
last spring while serving as president o f
the Iow a Bankers Association. Mr. Gron­
stal was advanced from the vice presi- r'
dency to fulfill the unexpired term. Deem- '
er Houghton is president of the Houghton
State Bank at Bed Oak.

95

Y

K

Valley Bank
Personalities
One of a series of sketches by
Leonard Good, head of the Drake
University Art Department.

Associated with the V alley Bank since
1920, Mr. Bauserman knows more than
2,000

of the bank’ s customers by name.

He began his career at the V alley while
still in high school, and during the past
35 years has worked in every department.
V

Now supervisor of tellers, he sees to it
that you receive efficient, accurate
teller service.

4

/
John C. Bauserman, Supervisor of Tellers,
Valley Bank and Trust Company

Mr. Bauserman is a member of the American Institute of
Banking, the Masonic Order, the Knights Templar, the
Shrine and St. John’ s Evangelical Lutheran Church.
His favorite pastimes include motoring and traveling.

ALLEY BANK
AND TRUST COMPANY
Des M oines, Iowa

W aln u t at 4th Street
Member of Federal Deposit Insurance C o rp o ratio n

North western B a n k e r, N o v e m b e r , J957


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Federal Reserve Bank of St. Louis

96

îowa

News

reviewing the forces of inflation that
have depressed the value of the dollar
to about 50 cents, Senator Robertson
said continually rising prices trying to
capture the gradual loss in buying
power only serve to feed inflation.
Many other fine talks completed the
program throughout T u es d ay and
Wednesday, climaxed by the laughprovoking talk on '‘Baseball” by Leo
Durocher. His reminiscences of ma­
jor league baseball incidents were nos­
talgic for everyone.
Other fine entertainment at the con­
vention included an excellent portray­
al of the Lincoln-Douglas debates in
“The Rivalry,” starring Raymond
Massey as Abraham Lincoln, Martin

Gabel as Senator Stephen Douglas,
and Agnes Moorhead as the latter’s
wife. A dance was held Monday night
to the music of Eddy Howard’s or­
chestra, with a sizable crowd enjoying
the affair. The ladies’ luncheon Tues­
day noon featured Rudy Vallee.
A special certificate of appreciation
was presented to Charles R. Carpen­
ter, 91, chairman of the board of the
State Bank of Fayette, who has been
an active Iowa banker more than 71
years. A picture of the dean of Iowa
banking appears elsewhere with this
story.

---------------------------------------------------- ------^
Dates for the 1958 convention will
be announced later.—$$

Mr. and Mrs. Charles R. Carpenter of F ay­
ette.

4

__j J____________39th

N

L

Street

—I

CHICAGO~ÜNION
STO CK YARD S
□
□ PA CKIN G ^
~| PLANTS ~~| EXCHANGE
BUILDING
to

LIVESTOCK
PENS

47th Street

D rovers’ Yards Location
makes immediate credit possible

As you w ill note from the above Yards diagram, Drovers is
ideally situated to serve your farmer customers more promptly.
Our nearness to the commission firms located in the Exchange
Building enables us to process livestock returns as fast as the
stock is sold each day.

FAST

LIVESTOCK CUSTOM ERS RECEIVE TH IS

DROVERS SERVICE, HAVE

THEM

FILL

OUT

A

DROVERS

SHIPPERS ORDER. W R ITE FOR Y O U R SUPPLY.

Drovers Banta
UNION STOCK YARDS - CHICAGO
SINCE 1883
MEMBERS, FEDERAL DEPOSIT INSURANCE CORPORATION

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

A prominent northwest Iowa bank­
er, John B. Keeline, president of the
Central Trust and Savings Bank at
Cherokee, has announced his candi­
dacy for the posi­
tion of president
of the Iowa Bank­
ers A s s o c i a t i o n
for the election at
the 1958 conven­
tion.
Mr. K e e l i n e
se rv ed as state
vice president and
treasurer of the
Iowa Association,
J. B. K E E L I N E
served two years
as state vice president of the A.B.A.
and is now serving as regional vice
president of the A. B. A. He has
worked on various state association
committees. Mr. Keeline is an active
member of several Cherokee civic
groups, and also is president of the
Ruthven State Bank.

/*

V

*

A

Chamber President

on livestock proceeds . . .

TO M A K E SURE Y O U R

Candidate fo r I.B.A.
Presidency in 1958

James Davies, farm representative
of the Peoples Trust and Savings
Bank, Indianola, Iowa, has been
elected president of the Indianola
Chamber of Commerce.

A

-¥

Builds Annex
The Alton Savings Bank, Alton,
Iowa, has received permission to build
a 22 by 25 foot annex to their present
building, and plans are being made to
remodel the bank’s entrance.

4»H Barbecue
The Peoples Trust and Savings *
Bank, Indianola, Iowa, last month
feted 149 Warren County 4-H youths
with outstanding record books at a
chicken barbecue behind the bank.
More than 200 chicken halves were
served, according to William Buxton
III, bank president.

97

Statement of Condition
September 30, 1957

ASSETS
Cash

_____________________________________________ $17,353,678.56

United States Government Securities__________

24,144,803.32

Municipal Bonds _______________________________

14,681,325.62

Loans

D IR E C T O R S
V. O. FIGGE
President

____________________________________________ 46,359,660.92

Bank Premises __________________________________

700,000.00

Furniture and F ix tu re s_________________________

208,078.19

Federal Reserve Bank S to c k ___________________

318,000.00

Overdrafts

_______________________________________

LEO J. CAPEN
Dewey Portland Cement Co.

1,899.91

$103,767,446.52

J. M. HUTCHINSON
Executive Vice President

L I A B I L I T I E S

CHARLES J. JOHNSON
Davenport

C apital

JOS. S. KIMMEL
Republic Electric Company
H. E. LITTIG
Davenport

___________________________________________$

600,000.00

Surplus

_________________________________________

Reserves

and P r o fits ___________________________

1,688,042.98

Deposits

_________________________________________

91,479,403.54

HERMAN STAAK
Vice President

10,000,000.00

$103,767,446.52

CABLE G. VON MAUR
Petersen-Hamed-Von Maur, Inc.
THOMAS J. W ALSH
Walsh Construction Company
C. D. W ATERM AN
Lane and Waterman

Davenport Bank
Hgpr

D A V E N P O R T , IO W A
Member Federal Deposit Insurance Corporation

A

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

Iowa

98

N ew s

S evera l im va K a n k ers K ie
E A T H c a m e to s e v e r a l Io w a b a n k ­
e rs d u r in g r e c e n t w e e k s . A m o n g
d e a th s r e p o r te d to th e N o r t h w e s t e r n
B a n k e r w ere:

D

L e e C h a n d le r , s u p e r in te n d e n t o f
b a n k in g fo r th e s ta te o f Io w a , d ie d
la s t m o n th o f a h e a r t a t t a c k a ft e r an
illn e s s o f t w o w e e k s .
M r. C h a n d le r
w a s a fo r m e r p r e s id e n t o f th e Io w a
S a v in g s B a n k , D ik e , a n d w a s a p ­
p o in te d s u p e r in te n d e n t o f b a n k in g in
F e b r u a ry b y G o vern o r H ersch el L o v e ­
less.
M r. C h a n d le r , w h o h a d ju s t r e ­
t u r n e d fro m th e A m e r ic a n B a n k e r s
A s s o c ia t io n c o n v e n tio n in A t la n t ic
C ity , N e w J e r s e y , a n d th e c o n v e n t io n
o f th e N a tio n a l A s o s e ia tio n o f S u p e r ­
v is o r s o f S ta te B a n k s in N e w Y o r k
C ity , w a s a p p o in te d to th e e x e c u t iv e
c o m m itte e o f th e la tt e r a s s o c ia tio n a t
its m e e tin g .
P e t e r C. L e v s e n , v ic e p re s id e n t, C it i­
z e n s S ta te B a n k , W y o m in g , w h o h a d
b e e n a s s o c ia te d w it h th e b a n k as a
s to c k h o ld e r s in c e 1913 a n d a m e m b e r
o f th e b o a r d s in c e 1934.
M e rle M. S tr a it, c h a ir m a n o f th e
b o a r d o f d ir e c t o r s o f th e F a r m e r s
S ta te B a n k , M a rio n .
A . M. H a u s e r , 73, v ic e p r e s id e n t a n d

d ir e c to r, C o m m e r c ia l T r u s t a n d S a v ­
in g s B a n k , C h a r le s C ity , w h o r e t ir e d
in 1949 as a v ic e p e s id e n t o f th e b a n k ,
a p o st h e ld s in c e 1920.
C la u d e C. B r o w n , c a s h ie r , F a r m e r s
S a v in g s B a n k , P r in c e to n . M r. B r o w n
w a s s u c c e e d e d a s c a s h ie r b y W illia m
K . S to u t, f o r m e r ly a s s is t a n t c a s h ie r ,
A n d r e w s S a v in g s B a n k , A n d r e w .
F r a n k B . Y e t t e r , 82-year-old D a v e n ­
p o rt b a n k e r a n d a p a s t 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 , w h o
g o t h is b a n k in g s t a r t w it h th e Io w a
N a tio n a l B a n k in 1907 a s a te lle r . In
19 11 h e w a s m a d e a b o a r d m e m b e r
a n d in 1920 w a s e le c te d a v ic e p r e s i­
d e n t. H e w a s m a d e a v ic e p r e s id e n t
o f th e
new
in s t it u t io n
fo llo w in g
m e r g e r o f th e Io w a N a tio n a l a n d th e
A m e r ic a n C o m m e r c ia l & S a v in g s B a n k
in 1927.
J. H . D e v a n e y , Sr., b o a r d m e m b e r
o f th e C a s c a d e S ta te B a n k , C a sca d e .
F . J. G ilb e r t, v ic e p r e s id e n t a n d d i­
re c to r o f th e O d eb o lt S ta te B a n k , Odeb o lt.
O tto J. S tra m p e , 6 6 , c a s h ie r a n d d i­
r e c t o r o f th e F a r m e r s S ta te B a n k ,
M a rc u s, Io w a , w h o d ie d e n r o u te to th e
h o s p ita l. H e h a d b e e n w it h t h e T o y
N a tio n a l B a n k ’s o r g a n iz a tio n fo r m o re
th a n 43 y e a r s .

S te v e L in n , 48, c a s h ie r o f th e F a r m ­
e rs S ta te B a n k , S ta n h o p e , w h o d ie d o f
a h e a r t a tta c k .
G le n n S. D a y , f o r m e r ly c a s h ie r a t
th e A n d r e w a n d S a b u la b a n k s , d ie d
la s t m o n th in h is h o m e in L o s A n ­
g e le s .
C h a r le s M o o re, 85, fo r m e r d ir e c t o r
o f th e F ir s t T r u s t a n d U n io n S a v in g s
B a n k , S ig o u r n e y , d ie d o f a h e a r t a t ­
t a c k f o llo w in g a s t r o k e in J u ly .
J o h n F . B la y lo c k , 65, w h o s e r v e d 10
y e a r s as a n Io w a b a n k e x a m in e r , d ie d
r e c e n t ly a t h is h o m e in C o u n c il B lu ffs .

Two Retirements
F r e d C. H e n e m a n , p re sid e n t, F i r s t
N a tio n a l B a n k , M a so n C ity , Io w a , h a s
a n n o u n c e d h is r e t ir e m e n t a ft e r 43
y e a r s o f b a n k in g . H e jo in e d t h e F i r s t
N a tio n a l in 1931 as e x e c u t iv e v ic e
p r e s id e n t a n d b e c a m e p r e s id e n t in
1939.
R e t ir in g a t th e s a m e tim e w a s A . T .
A m b r o s o n , h e a d t e lle r o f t h e b a n k .
T h e t w o m e n w e r e h o n o re d a t a t e a
g iv e n in th e b a n k ’s lo b b y a n d b o th r e ­
c e iv e d m a n y g ifts .
D o u g la s C. S w a le , e x e c u t iv e v ic e
p re s id e n t, h a s b e e n n a m e d p r e s id e n t
o f th e F ir s t N a tio n a l, s u c c e e d in g M r.
H e n e m a n . In o th e r a c tio n th e b o a r d
o f d ir e c to r s e le c te d D ir e c to r T o m M acN id e r a s v ic e p re s id e n t.

a phone call will do it!
T h e best in correspondent b a n k in g service is no fu r th e r
a w a y fro m you than one phone ca ll!
I f y o u ’re located in Iow a, M innesota, N e b ra sk a or South
D ako ta and are lo o kin g fo r a correspondent bank . . .
h e re ’s fo u r reason s w h y you should m ake th a t phone call :
C O N V E N IE N C E . L ocated in the hub o f this 4 -state area,
the F ir s t N a tio n al offers fa s te r , m ore con venient service
than banks located outside the area.
C O M P L E T E S E R V IC E . T h e F ir s t N a tio n al is co m p letely
equipped to handle a n y and a ll y o u r correspondent
b a n k in g needs.
E X P E R I E N C E . Y e a r s o f exp erien ce in serv in g co r­
respon dent bank needs m eans the F ir s t N a tio n al can g iv e
you the m ost efficient service.

F

N o r t h w e s t e r n B a n k e r , N o v e m b e r , 1957


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

P E R S O N A L A T T E N T I O N . T he F ir s t N a tio n al ta k es a
person al, frie n d ly in te re st in each one o f our co rre­
spondent banks. Y o u can depend on the F ir s t N atio n al.
N o m a tte r w h a t situ atio n arises the F ir s t N a tio n al B an k
in Sio u x C ity is b e tte r suited to o ffer you thorough
service. M ake th a t phone ca ll to day!

ir s t

V

N ational Bank

in

M E MB E R

FEDERAL

DEPOSIT

INSURANCE

CORPORATION

ME MB E R

FEDERAL

RESERVE

SYSTEM

S io u x C it y

i

Io w a

N ews

99

In v estm en t M e n U n id Fall M ee tin g s

IOW A AND NEBRASKA Investment Bankers Associations
k held their fall meetings recently, in Des Moines and Omaha
respectively, with good attendance at both meetings. A few of
those who were present are pictured here, left to right in each
photo.
U PPE R LE FT— (Nebraska party) Warren D. Chiles, president,
Cliiles-Schutz Company, Omaha; Robert Jones, treasurer, and
* E. A. Levitt, president, both of First Trust Company, York,
Nebraska; Robert E. Schweser, president, Robert E. Schweser
Company, Omaha, and John C. Schütz, vice president, CliilesSchutz Company, Omaha.
U PPE R RIGHT— Three of the chairmen for the Nebraska meet­
ing: F. Arthur Flodeen, vice president, Smith, Polian & Com­

Joins Keokuk Bank
G a le n J. H e b r in k , f o r m e r ly c a s h ie r
o f th e S ta te B a n k o f V ir g in ia , M in n e ­
s o ta , h a s jo in e d t h e K e o k u k S a v in g s
* B a n k and T ru st Com pany, K eo ku k,
Io w a , as a s s is t a n t to th e p re s id e n t,
E d w a r d K . Johns-tone.

i

Milton Manager

W illia m L . B o a tm a n h a s b e e n m a n ­
a g e r o f th e M ilto n office o f th e S ta te
S a v in g s B a n k , C a n tr il, Io w a , a c c o r d in g
to E u g e n e F . H o u s e , e x e c u t iv e v ic e
> p r e s id e n t a n d c a s h ie r .
H e su cceed s
C le o A . W a n d e l w h o is m o v in g to
C h ic a g o a ft e r 14 y e a r s w it h th e M ilto n
b ran ch .
<

Future Expansion
T h e C o m m e r c ia l S ta te B a n k , M a r­
s h a llto w n , Io w a , h a s a n n o u n c e d p u r ­
c h a s e o f a b u ild in g a t 103 E a s t M a in
S t r e e t fo r fu t u r e e x p a n s io n .
W . K.
B r a m w e ll, J r., v ic e p re s id e n t, s a id r e ­
m o d e lin g o f th e b u ild in g w ill b e g in

pany, prizes chairman; Phillip J. Tierney, Harris-Upham &
Company, general chairman, and John J. Bohrer, Chiles-Schutz
Company, invitations chairman, all of Omaha.
LOW ER LEFT— (Iow a party) Les Boyle, Merrill Lynch, Pierce,
Fenner & Beane, Des Moines; Roland H. White, manager of
investment department, Harris Trust and Savings Bank, Chi­
cago; M. L. Abrahamson, treasurer, State o f Iowa, and Frank
R. Warden, vice president, Central National Bank & Trust
Company, Des Moines.
LOWER RIGHT— Oliver K. Bennett, insurance and securities
commissioner, State of Iowa, and John F. Brady, Chicago, sec­
retary of district 8, National Association of Securities Dealers,

so o n . A d d it io n o f th e b u ild in g w ill
p r o v id e a p p r o x im a te ly o n e -th ird m o re
flo o r s p a c e fo r th e b a n k .

Automatic Renewals
T h e U n ite d H o m e B a n k a n d T r u s t
C o m p a n y , M a so n C ity , Io w a , h a s a n ­
n o u n c e d a 3 p e r c e n t c e r tific a te o f d e ­
p o sit a u t o m a t ic a lly r e n e w a b le fo r fiv e
y e a r s . A c o n s ta n t 3 p e r c e n t is p a id
e a c h s ix m o n th s a n d a t th e e n d of
e a c h s ix m o n th s ’ p e r io d th e c e r tifi­
ca te s c a n b e r e n e w e d o r re d e e m e d a t
f u ll v a lu e a t n o in te r e s t lo ss.
T h e y ca n b e re d e e m e d a t a n y tim e
u n d e r e m e r g e n c y c ir c u m s ta n c e s . R e ­
n e w a ls a re a u to m a tic , a n d it is n o t
n e c e s s a r y fo r th e c e r tific a te s to b e p r e ­
s e n te d e a c h s ix m o n th s fo r r e n e w a l.

5 0 0 Attend Opening
M o re th a n 500 p e r s o n s a tte n d e d th e
g r a n d o p e n in g la s t m o n th o f th e H a rtfo rd -C a r lis le S a v in g s B a n k , C a r lis le ,

Io w a , in c e le b r a t io n o f its r e m o d e lin g
a n d its 50th a n n iv e r s a r y in b u s in e s s .
W . R. S c h o o le r is p r e s id e n t o f th e
bank.

Capital Increase
C a p ita l s to c k o f th e M a y n a r d S a v ­
in g s B a n k , M a y n a rd , Io w a , h a s b e e n
in c r e a s e d fr o m $40,000 to $60,000, a c ­
c o r d in g to P a u l A . H a r r is o n , e x e c u t iv e
v ic e p re sid e n t.

New Quarters
T h e U n ite d S ta te B a n k , C e d a r R a p ­
ids, Io w a , h a s o p e n e d n e w q u a r te r s
w h ic h w i ll o ffe r d r iv e -in b a n k in g f a ­
c ilit ie s a n d a ft e r h o u r d e p o s ito rie s.
T h e n e w b u ild in g , lo c a te d a t 129 16 th
A v e n u e S .W ., h a s d o u b le th e s p a ce of
th e o ld b a n k in g h o m e , a n d h a s a p a r k ­
in g lo t fo r 10 c a rs .
J. L . P r o h a s k a , p r e s id e n t o f th e
b a n k , s a id th e F . M. D e s ig n C o n s tr u c ­
tio n C o m p a n y o f C h ic a g o w a s a r c h i­
te c t a n d g e n e r a l c o n tr a c to r .
N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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

100

Des Moines I¥ews

v a u lt s , c o n v e n ie n t o fficia l ro o m s, s a f e ­
t y d e p o s it b o x e s a n d g e n e r a l b a n k in g ^
s e r v ic e s . T h e b u ild in g w ill b e o f re d
b r ic k a n d g la s s .
D ir e c to r s in c lu d e W . H a r o ld B r e n to n , O. D . E l ls w o r t h , C. S . J o h n s o n , /
W illia m

H.

B re n to n ,

L in d le y

F in c h

and R obert M . D on h ow e. T h e b a n k
w ill b e th e th ir d B r e n to n b a n k in D e s
M o in e s a n d th e 13 th in Io w a .
*

*

±

*

H a r o ld K le in , v ic e p re sid e n t, lo w a D e s M o in es N a tio n a l B a n k , h a s b e e n
a p p o in te d s ta te c h a ir m a n o f th e A .B .A . y
fe d e r a l le g is la t iv e c o u n c il fo r Io w a fo r
1957-58.
* * *

O L L O W I N G th e h o a rd o f d ir e c t o r s ’
m e e t in g a t th e lo w a -D e s M o in es
N a tio n a l B a n k la s t m o n th , C a lv in W .
A u r a n d , p r e s id e n t, a n n o u n c e d th e p r o ­
m o tio n o f C. R e a m D a u g h r it y fro m
t r u s t o ffice r to v ic e p re s id e n t, C h r is t y
F . A r m s t r o n g fro m a s s is ta n t v ic e pres-

F

C. R. D A U G H R IT Y

C. F. AR M ST R O N G

M r s. R u fu s L . C h ase , w h o se h u s­
b a n d , t h e la te R u fu s L . C h a s e , J r., w a s
a v ic e p r e s id e n t o f th e lo w a -D e s
M o in es
N a tio n a l
Bank,
d ied
la s t
m o n th a t th e h o m e o f h e r n ie c e in
D es M o in es.
* * *

O fficers o f th e F ir s t F e d e r a l S ta te
B a n k , D es M o in es, h a v e a n n o u n c e d
p la n s to fu r n is h a n a n n u a l s c h o la r ­
s h ip fo r an Io w a h ig h s c h o o l g r a d u a te
p la n n in g to a tte n d D r a k e U n iv e r s it y ’s
c o lle g e o f b u s in e s s a d m in is tr a tio n .
T h e b a n k p la n s to o ffe r a $600 fu lltu itio n s c h o la r s h ip fo r a y e a r ’s s t u d y
b e g in n in g in S e p te m b e r , 1958. I f th e
r e c ip ie n t m a in ta in s a “ B ” a v e r a g e or
b e tt e r h is fr e s h m a n y e a r , th e s c h o la r ­
s h ip w i ll b e r e n e w e d fo r a se co n d
y ea r.
* *

id e n t to v ic e p r e s ­
id e n t, a n d D e e L .
F r o s t fro m a s s is t ­
a n t t r u s t o ffice r
to t r u s t officer.
M r. D a u g h r it y
jo in e d th e b a n k ’s
t r u s t d e p a r tm e n t
in 1942. H e w a s
n am ed a s s i s t a n t
t r u s t o ffice r in
1943 a n d t r u s t ofL. FRO ST
c e r in 1947.
M r.
A rm stro n g , co rresp o n d en t b a n k de­
p a r tm e n t officer, jo in e d th e b a n k as a
m e s s e n g e r in 1935 a n d w a s e le c te d
a s s is t a n t c a s h ie r in 1953 a n d a s s is ta n t
v ic e p r e s id e n t in 1956.
M r. F r o s t
jo in e d th e b a n k ’s t r u s t d e p a r tm e n t in
1948 a n d w a s e le c te d a s s is ta n t t r u s t
o fficer in 1951.
* * *

T h e B a n k e r s T r u s t C o m p a n y , D es
M o in es, h a s a n n o u n c e d p la n s to b u ild
a d r iv e -th r o u g h b a n k a n d p a r k in g
ra m p on th e s o u th e a s t c o r n e r o f S e v ­
e n th S t r e e t a n d G ra n d A v e n u e .
A n u n d e r g r o u n d tu n n e l w o u ld c o n ­
n e c t th e ra m p w it h th e p r e s e n t b a n k
b u ild in g a t S ix t h a n d L o c u s t. F . S.
L o c k w o o d , firs t v ic e p re s id e n t, s a id
th e ra m p b u ild in g w o u ld a c c o m m o ­
d a te 250 c a rs a n d w o u ld be u se d fo r
p a r k in g b o th b y th e b a n k ’s c u s to m e r s
a n d th e g e n e r a l p u b lic .
T h e b u ild in g w ill b e e n te r e d fr o m
G ra n d w it h a te lle r -w in d o w on th e
g r o u n d flo or. C u s to m e r s w is h in g to
go to t h e b a n k it s e lf w o u ld p a r k , d e ­
s c e n d b y e le v a t o r to th e tu n n e l, w h ic h
w o u ld le a d d ir e c t ly to th e b a n k ’s b a s e ­
m e n t.
* * *

T h e F ir s t F e d e r a l S ta te B a n k , D es
M o in es, h a s a n n o u n c e d th e o p e n in g o f
a p e r s o n a l c r e d it d e p a r tm e n t a n d c o m ­
p le tio n o f its r e m o d e lin g a n d r e d e c o ­
r a tio n o f its b a n k in g q u a rte rs .
R ic h a r d N e w l in , a s s is ta n t c a s h ie r ,
h a s b e e n n a m e d m a n a g e r o f th e n e w
d e p a r tm e n t a n d W i l l i a m S. H e r b s te r
w a s e le c te d a s s is ta n t c a s h ie r a n d a s ­
s is ta n t m a n a g e r.

C o n tr a c ts h a v e b e e n le t a n d w o r k
b e g u n on th e S o u th D es M o in es N a ­
tio n a l B a n k to b e lo c a te d a t S o u t h w e s t
N in th S t r e e t a n d M c K in le y A v e n u e ,
a c c o r d in g to H a r o ld B r e n to n , p r e s i­
d e n t o f th e B r e n to n C o m p a n ie s.
T h e b a n k w ill fe a t u r e a ll th e n e w
m o d e rn b a n k in g s e r v ic e s , la r g e p a r k ­
in g a re a , t e lle r s ’ d riv e -in w in d o w s ,
s e e -th ro u g h c o n s tr u c tio n o f g la s s , t w o

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

J. R ic h a r d A s t l e y , v ic e p r e s id e n t, A
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, a n d M r s . G u r d o n R . P a r k e r ,
a lso o f D e s M o in es, w e r e m a r r ie d th e
firs t o f th is m o n th in L a m o n i, Io w a .
F o llo w in g a tr ip to D a lla s , T e x a s , *
a n d L o n g B e a c h , C a lifo r n ia , th e c o u ­
p le w ill r e t u r n to D es M o in es to r e ­
side.
* * *
-AM r . a n d M r s . S c o tt P id g e o n le ft S a n
F r a n c is c o la te la s t m o n th a b o a rd th e
S S L u r lin e fo r a v a c a tio n tr ip to H o n ­
o lu lu , H a w a ii. M r. P id g e o n is p r e s i­
d e n t o f B a n k e r s T r u s t C o m p a n y , D es ^
M o in es.
*
*
The

lo w a -D e s

M o in e s

N a tio n a l

y

B a n k , D es M o in es, h a s a n n o u n c e d n e w

b a n k in g h o u rs . T h e b a n k w ill o p en
a t 9 a. m . in s te a d o f 9:30 a. m. an d
w ill c lo s e a ll d e p a r tm e n ts w it h th e exc e p tio n o f th e s a fe d e p o s it d e p a r tm e n t "A
a t 4:30 p. m. M o n d a y s t h r o u g h T h u r s ­
d a y a n d 6 p. m . on F r id a y s .
* * *
h a s b e e n ap- *
p o in te d t r u s t offi­
c e r o f th e V a ll e y
B a n k and T r u s t
C o m p a n y , a cco rd - ^
in g to E d w a r d
v
B u r c h e tt e , c h a i r ­
m a n o f th e b o a rd .
M r. P e te r s o n f o r ­
m e r ly w a s w i t h
'
th e U n ite d S ta te s
In tern a l R e v e n u e
S e r v ic e , a n d s in c e
H. G. P E T E R SO N
1953 he h a s head- V
ed th e p e n s io n a n d p ro fit-sh a r in g d iv i­
s io n fo r th e Io w a d is tr ic t.
H enry

G.

P e te r s o n

*

*

*

T h e a n n u a l B la c k b u r n sh o o t fo r em p lo y e e s o f th e lo w a -D e s M o in es N a ­
tio n a l B a n k w a s h e ld a t M r s . E . T .
M e r e d it h ’s c o u n t r y h o m e.
A n e a r ly
m o r n in g r a in d e la y e d th e c r o w d b u t
c le a r w e a t h e r m o v e d in a n d m o re
th a n 290 b a n k e m p lo y e e s a n d fa m ily
m e m b e r s a tte n d e d .

>

A

101

The Case o f the
BANKER’S
BROWN

Mr. M arquette Says:
Service is Our Stock in Trade!”

y

r

When a mid-western community held a civic
celebration recently, one of our correspondent
bankers needed a brown derby of a particular
size to wear at the festivities, and asked us to
help find one. W e called seventeen men’s cloth­
ing stores and second hand shops, and finally
located, in the basement of a men’s shop, a
beautiful hat, exactly the right size— and ap­
parently the only brown derby in town.
While locating brown derbies is not one of
our regular services, this incident indicates
our readiness to go to the limit to serve our
correspondent banking friends.
Take investment service,Tor example. Our
investment experts will carefully analyze your

Earnest G earino ,

Vice President
Investment Service Department

portfolio, and make recommendations if you
wish. W e ’ll handle your security transactions
with top speed and accuracy. Our bank wire
service, with direct connections to banks in 54
cities, is at your disposal. And we’ll keep you
in touch with all security markets, and safe­
guard your securities, yet keep them readily
available.
For complete information about our invest­
ment service, will you write, wire or ’phone
us? Or, better yet, come in and visit with us
the next time you’re in the Twin Cities. W e
look forward to showing you, personally, why
service is the foundation of our business with
correspondent banks.

T “SijWtU}~ ptm ui D§- thSLV

é

QndsipSLnjdßjTL

‘XT'
m
John C lea ry

Otto H. P reus

Asst. Cashier

Vice President

DEPARTMENT OF B A N KS AND BA N KERS

MARQUETTE
OF

MEMBER

FEDERAL

a t
DEPOSIT

INSURANCE

Ì B AhbhEbh-hh
NhhHK
•EM

M IN N EAPO LIS

FEderal 3-5411

ffCC PPFF F F F ^ t ^ —

/f/fcw lfidk'

CORPORATION

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

102

Iow a

News

50th Anniversary
M. F . K u r t , p r e s id e n t o f th e C a sca d e
S ta te B a n k , C a s ca d e , Io w a , r e c e n t ly
o b s e r v e d h is 50th a n n iv e r s a r y w it h
th e b a n k , h a v in g s e r v e d as p r e s id e n t
s in c e 1929. D u r in g h is te r m a s p r e s i­
d e n t r e s o u r c e s h a v e r is e n fro m $652,000 to $2,287,000.

Elected To Board
W a y n e S t e w a r t h a s b e e n n a m e d to
th e b o a r d o f d ir e c to r s o f th e F ir s t
S ta te B a n k , C o n ra d , Io w a , s u c c e e d in g
th e la te J. P . B r in d le .

Receives Injuries
J o h n M. J u r g e n s , 67, v ic e p r e s id e n t
o f t h e C o u n c il B lu ffs S a v in g s B a n k ,
C o u n c il B lu ffs , Io w a , s u ffe r e d fiv e
f r a c t u r e d rib s a n d s e v e r e h e a d c u ts
r e c e n t ly in a n a u to c o llis io n w h ile enro u te to a n o p en h o u s e h o n o r in g h im
fo r h is 50 y e a r s o f s e r v ic e w it h th e
bank.
H e s tru c k a p a rk e d tru c k as he a t­
te m p te d to a v o id a c o llis io n w it h a
le ft- tu r n in g a u to m o b ile .

Newly Elected
E a r l P r a tt , Sr., h a s b e e n e le c te d e x ­
e c u t iv e v ic e p r e s id e n t o f th e M o o r­
h e a d S ta te B a n k , M o o rh e a d , Io w a , a n d
H a r r y M o rte n s e n , c a s h ie r , fo llo w in g
th e r e s ig n a tio n o f J. R o y H u b b a rd ,

MERCHANTS

BONDING
COMPANY
Incorporated

w h o so ld h is b a n k s to c k a ft e r m o re
th a n 37 y e a r s ’ s e r v ic e w it h th e b a n k .
M r. M o rte n s e n r e p la c e s M r. H u b ­
b a r d on th e b o a r d o f d ir e c to rs .

New Addition
T h e S e c u r it y S a v in g s B a n k , Ir e to n ,
Io w a , h a s le t th e c o n tr a c t fo r c o n ­
s t r u c t io n o f a n e w 24 b y 52 fo o t a d d i­
tio n to its p r e s e n t b u ild in g , w h ic h a ls o
w ill b e re m o d e le d . T h e n e w q u a r te r s
w ill th e n b e 48 b y 52 fe e t.

Honor Associates
D ir e c to r s o f th e F id e l it y S a v in g s
B a n k , O ttu m w a , Io w a , r e c e n t ly h o n ­
o re d tw o o f t h e ir s e n io r a ss o c ia te s ,
W a lt e r H. M c E lr o y a n d R o y E . S t e v ­
en s, w h o s e to ta l s e r v ic e w it h th e b a n k
a n d its p re d e c e s s o r s is 99 y e a r s . A
d in n e r w a s h e ld in h o n o r o f th e m e n
a n d t h e ir w iv e s .

Installs “ Double TT”
T h e F id e l it y S a v in g s B a n k , O ttu m ­
w a , Io w a , h a s in s ta lle d a la r g e “ D o u ­
b le T T ” tim e a n d t e m p e r a tu r e s ig n ,
m a n u fa c t u r e d b y th e A m e r ic a n S ig n
a n d In d ic a to r C o r p o r a tio n , S p o k a n e .
T h e s ig n fla s h e s th e tim e a n d t e m ­
p e r a t u r e 17,280 tim e s a d a y a n d c a n
b e re a d fo r m o re th a n 800 fe e t. T h e
w o r d s F i d e l i t y a n d S a v in g s w i ll b e 12
in c h e s h ig h a n d m a d e fro m b la c k p le x ­
ig la s s im p o se d u p o n a w h it e c o r r u ­
g a te d p le x ig la s s b a c k g r o u n d . L e t t e r s
in t h e w o r d B a n k a re 18 in c h e s h ig h
c u t fro m b la c k p la s tic .
T h e r e is a ls o a lig h te d p a n e l b e lo w
th e tim e a n d te m p e r a tu r e r e a d in g s in
w h ic h th e b a n k w ill in s e r t t im e ly r e ­
m in d e r s o f t h e b a n k in g s e r v ic e s it o f­
fe r s . O v e r-a ll h e ig h t o f th e s ig n is 13
fe e t 6 in c h e s a n d its w id th is 6 fe e t
10 in c h e s . T o ta l w e ig h t is 900 p o u n d s.

Chamber President
C. S. J o h n s o n , p re s id e n t, F ir s t N a ­
tio n a l B a n k , P e r r y , Io w a , r e c e n t ly w a s
n a m e d p r e s id e n t o f th e P e r r y C h a m ­
b e r o f C o m m e rc e .

Receives Watch
This is Iowa’s oldest surety company.
A

progressive company with experi­

enced,

conservative

management.

W e are proud of our three hundred
bank agents in Iowa.
To be the exclusive representative of
this company is an asset to your bank.

E. H . W A R N E R
President and Manager

A 22 j e w e l H a m ilto n w r is t w a t c h
w a s p r e s e n te d to L e o B e u c h e r , p r e s i­
d e n t, C itiz e n s S ta te B a n k , P o s tv ille ,
Io w a , r e c e n t ly b y th e b a n k ’s b o a r d o f
d ir e c to r s in h o n o r o f h is 50 y e a r s w it h
th e b a n k . A ls o p r e s e n te d w a s a b o u n d
v o lu m e o f c o n g r a t u la to r y le t t e r s fro m
f e llo w b a n k e r s fr ie n d s a n d r e la t iv e s .

BANKS

W . W . W ARNER
Vice President
M . J. C O R B IN
Secretary-Treasurer

Bankers Service C om pany
BO X 1 4 3 5

N o r t h w e s t e r n B a n k e r, N o v e m b e r , 1957


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

A DINNER, was held follow ing the A.B.A.
convention in Atlantic City for the Chase
Manhattan’s District 7 hankers.
The *
guests were from Colorado, Illinois, Iowa,
Kansas, Missouri and Nebraska. Among
those present were, left to right: Mrs.
John S. Hejinian, whose husband is as­
sistant treasurer o f Chase Manhattan, and ,
Mr. and Mrs. Frank C. Welch, president,
Peoples Bank and Trust Company, Cedar
Rapids, Iowa.

85th Anniversary
T h e P o s t v ille S ta te B a n k , P o s t v ille ,
Io w a , t h is m o n th m a r k s its 85th a n n i­
v e r s a r y , a c c o r d in g to W . A . K n e e la n d ,
c a s h ie r . T h e b a n k b e g a n a s a p r iv a t e
in s t it u t io n in th e c o rn e r o f a g e n e r a l
s to r e as “ T h e P o s t v ille B a n k .”
I t w a s in c o r p o r a te d in 1891 a s th e
P o s t v ille S ta te B a n k w it h a s s e ts o f
$114,000. T h e p r e s e n t c a p it a l a c c o u n t
o f th e b a n k is $265,000.

New Microfilmer
T h e P r im g h a r S a v in g s B a n k , P rim g h a r , Io w a , h a s a n n o u n c e d th e in s t a l­
la tio n o f a 1958 B u r r o u g h s ’ m ic r o ­
film er.

Bank’ s Farm Party

1933

Home Office
2100 GRAND AVENUE
Des Moines, Iowa

-I / C h a se MBin n er

*

DES M O IN ES 5. IO W A

.

PH O N E A T 2 - 7 8 0 0

A b o u t 200 fa r m e r s , la n d o w n e r s a n d
o th e r g u e s ts o f th e F r e m o n t C o u n t y
S a v in g s B a n k , S id n e y , Io w a , w e r e e n ­
t e r t a in e d a t a b a n q u e t a n d p r o g r a m
la s t m o n th a t th e h ig h s c h o o l g y m n a ­
siu m .
T h e e v e n in g w a s a tr ib u te to th e
m a n y fr ie n d s o f th e b a n k a m o n g th e
fa r m e r s o f th e a re a . In c lu d e d on th e
p r o g r a m w e r e le a d in g e c o n o m is ts a n d
b a n k e r s w h o d is c u s s e d a g r ic u ltu r e in
g e n e r a l a n d liv e s t o c k in p a r tic u la r .

Toy Staff Changes
T h e h ir in g o f t w o S io u x C it y m e n
on th e T o y N a tio n a l B a n k ’s a d m in is ­
t r a t iv e s ta ff a n d th e t r a n s fe r o f a n
A n t h o n b a n k e r to S io u x C it y w a s a n ­
n o u n c e d r e c e n t ly b y C a r le to n V a n
D y k e , p r e s id e n t o f th e T o y N a tio n a l,
S io u x C ity .
C la r k W . W a t k in h a s jo in e d th e
b a n k ’s p e r s o n a l l o a n d e p a rtm e n t,
L e o n a r d C. L a m a r h a s m o v e d to A n -

Iow a

th o n to b e c o m e c a s h ie r o f th e F ir s t
T r u s t a n d S a v in g s B a n k , a n d H o m e r
M. B o y d , p r e s e n t A n t h o n c a s h ie r , w ill
m o v e to S io u x C it y J a n u a r y 1 to jo in
th e
Toy
N a tio n a l’s a d m in is t r a t iv e
sta ff.
M r. B o y d w i ll c o n tin u e to s e r v e on
th e A n t h o n b a n k ’s b o a r d o f d ir e c to r s .

W a lt e r J o h n s o n h a s jo in e d th e W e s ts id e S ta te B a n k , W e s ts id e , Io w a , as an
a s s is t a n t c a s h ie r a n d w i ll b e in c h a r g e
o f th e b a n k ’s in s u r a n c e d e p a rtm e n t.

Status Changes
T h e Io w a B a n k in g D e p a r tm e n t r e ­
p o rts t h a t t h e c a p it a l s to c k o f th e
C o m m e r c ia l S ta te B a n k , P o c a h o n ta s ,
Io w a , h a s b e e n in c r e a s e d fr o m $25,000
to $50,000 a n d t h a t a n in c r e a s e fr o m
$10,000 to $25,000 h a s b e e n a p p r o v e d
fo r th e S io u x V a ll e y S a v in g s B a n k ,
S m ith la n d .

T h e S io u x la n d c o n fe r e n c e o f th e
N a tio n a l A s s o c ia t io n o f B a n k A u d it o r s
a n d C o m p tr o lle r s m e t r e c e n t ly in
S io u x C ity , Io w a , a n d h e a r d J o s e p h
T h o r n t o n o f th e F B I ’s O m a h a b u r e a u
as h e to ld o f th e F B I ’s a c tiv it ie s a n d
m e th o d s on v a r io u s a s p e c ts o f c r im e
in g e n e r a l.

New Officers
L a V e r n e S a w y e r , S p e n c e r, fo r m e r
fa r m lo a n r e p r e s e n ta t iv e fo r th e M u ­
tu a l B e n e fit L if e I n s u r a n c e C o m p a n y ,
h a s b e e n e le c te d e x e c u t iv e v ic e p r e s i­
d e n t, a n d D o n a ld D. S c h n e p f fills th e
v a c a n c y c r e a te d b y th e r e s ig n a tio n o f
L e s lie A . J a co b s e n .

Waterloo Shift

Increases Capital
T h e P e o p le s B a n k a n d T r u s t C o m ­
p a n y , W a te r lo o , Io w a , h a s in c r e a s e d
its t o t a l c a p ita l s t r u c t u r e to $527,000
b y t r a n s f e r r in g $50,000 fr o m u n d i­
v id e d p ro fits in to s u r p lu s .
T h e b a n k h a s in c r e a s e d its s u r p lu s
te n -fo ld s in c e o p e n in g in 1943 a n d h a s
d o u b le d its c a p ita l in t h a t tim e . P r e s ­
e n t s t r u c t u r e is $150,000 c a p ita l, $250,000 s u r p lu s , a n d $127,000 o f u n d iv id e d
p ro fits a n d r e s e r v e s .
G e o r g e E . A llb e e , p r e s id e n t o f th e
b a n k , s a y s t h a t in its 14 y e a r s th e
b a n k h a s in c r e a s e d its to ta l c a p ita l
s t r u c t u r e fr o m $135,000 to $527,000, a ll
o u t o f e a r n in g s .

Association Officers
G e o r g e E . A le x a n d e r , Jr., a s s is t a n t
c a s h ie r o f t h e F a r m e r s N a tio n a l B a n k
o f W e b s te r C ity , Io w a , h a s b e e n
n a m e d p r e s id e n t o f th e H a m ilto n
C o u n t y B a n k e r s A s s o c ia tio n .
G e o r g e W u lk a u , a s s is t a n t c a s h ie r ,
W illia m s S a v in g s B a n k , W illia m s , is
th e n e w v ic e p r e s id e n t a n d W illia m
S te in b r u c h , a s s is t a n t c a s h ie r o f th e
F i r s t S ta te B a n k , W e b s te r C ity , s e c r e ­
ta ry -trea su rer.

103

Joins Westside Bank

d in n e r a t th e T ip to n G o lf a n d C o u n t r y
C lu b .
O n th e s e c o n d d a y th e p u b lic a t ­
te n d e d fr o m 4 p. m. u n t il la te in th e
e v e n in g .
T h e e v e n t c o in c id e d w it h

Hear FBI Agent

T h e in s t a llm e n t lo a n d e p a r tm e n t o f
th e W a t e r lo o S a v in g s B a n k , W a te r lo o ,
Io w a , m o v e d in to n e w q u a r t e r s la st
m o n th u p s ta ir s .
D a le K . D e K o s te r , v ic e p r e s id e n t o f
th e b a n k , s a id th e a d d itio n w a s d e ­
s ig n e d , c o n s tr u c te d a n d d e c o r a te d lo ­
c a lly , a n d t h a t th e v a c a t e d a re a w o u ld
be u s e d fo r e x p a n d e d t e lle r lin e s a n d
m o re o ffice r sp a ce .

News

Throat Operation
th e b a n k ’s 9 th a n n iv e r s a r y . R e m o d e l­
in g in c lu d e d a c e r a m ic tile e x te r io r , a
r e v o lv in g tim e a n d te m p e r a tu r e s ig n ,
b lo n d e o a k fu r n is h e d in te r io r h ig h ­
lig h te d b y P e rm a -S to n e a n d soun dp ro o fe d flo o rs a n d c e ilin g s .

A M E R IC A N

TRUST

C a rl L . M a y le , Io w a r e p r e s e n ta t iv e
fo r th e T o d d D iv is io n o f B u r r o u g h s ,
r e c e n t ly u n d e r w e n t a t h r o a t o p e r a tio n
in a R o c h e s te r , N e w Y o r k , h o s p ita l.
In a le t t e r to th e N o r t h w e s t e r n
B a n k e r d a te d O c to b e r 30, h e s ta te d h e
w a s r e c u p e r a tin g a n d e x p e c te d to
le a v e th e h o s p ita l b y N o v e m b e r 2.

LEADS

THE

WAY

In Dubuque
• The most modern equipment and
methods, plus a friendly attitude
are geared to be of service to you
and your customers at any time.

Grand Opening
T h e F ir s t N a tio n a l B a n k , T ip to n ,
Io w a , e a r lie r t h is m o n th c e le b r a te d
th e g r a n d o p e n in g o f its n e w ly r e ­
m o d e le d q u a r te r s . B a n k e r fr ie n d s a t ­
te n d e d th e firs t d a y o f th e o p en h o u s e
a n d e n jo y e d a s o c ia l h o u r a n d b u ffe t

Member Federal Reserve System
Member Federal Deposit Insurance Corporation

N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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

104

Iowa News
H

W A N T ADS

H a n o v e r B a n k , T h e ............................................
H a r r is T r u s t and S a v in g s B a n k .................
H u m m e r, W a y n e , and C o m p a n y .................

Rates 20 cents per word per
insertion. Minimum: 10 words.

I

NORTHWESTERN BANKER
306 15th St. Des Moines, Iowa

I o w a -D e s M oin es N a tio n a l B a n k ................ 108
Ir v in g T r u s t C o m p a n y .................................... 53

N OVEM BER, 1957

FO R SA L E
USED E LE C TR IC CHECK
CANCELLER
GOOD CO N D ITIO N
A T T R A C T IV E A P P E A R A N C E
A B E G R E E N SPA N
% NO RTH W ESTERN BAN K ER
306 15th Street, Des Moines, Iowa

ACORN

Registers

"A ccepted Sale Registers by Bank
Clerks Everywhere"
For information write

THE AC O R N PRINTING C O .
OAKLAND. IOWA '

FOR SA LE

U S E D E L E C T R IC C H E C K E N ­
D O R SE R . E xcellent condition and
appearance.
W rite

43
49
52

A
A c o rn P rinting- C o m p a n y ................................104
A m e r ic a n E x p r e s s F ie ld W a r e h o u s e Co. 58
A m e r ic a n N a tio n a l B a n k and T r u s t
C o m p a n y — C h ic a g o ....................................... 41
A m e r ic a n T r u s t and S a v in g s B a n k —
D u b u q u e .................................................................103

K
K o c h B r o th e rs

.......................................................104

L a M o n te , G e o rg e , and S o n ............................... 22
L a w r e n c e W a r e h o u s e C o m p a n y ................. 45
L e F e b u r e C o rp o r a tio n ................................36, 40
L iv e S to c k N a tio n a l B a n k — C h ic a g o . . . 33
L iv e S to c k N a tio n a l B a n k — S io u x C ity . 70

It

B a n k o f A m e r ic a ................................................... 35
B a n k B u ild in g an d E q u ip m e n t Corp. .5 4 -5 5
B a n k o f M o n t r e a l ................................................. 40
B a n k e r s S erv ice, In c .................................... 84, 102
B a n k e r s T r u s t C o m p a n y — D e s M o in e s .’. 90
B u r r o u g h s C o rp o ra tio n , T h e ...................... 51
C
C e n tra l B a n k and T r u s t C o m p a n y —
D e n v e r .................................................................... 59
C e n tra l N a tio n a l B a n k and T r u s t
C o m p a n y — D e s M o in e s ................................ 20
C e n tra l S ta te s H e a lth and L ife C o............107
C e n tra l S ta te s M u tu a l In su ra n c e A s s n .. 36
C h ase M a n h a tta n B a n k .................................. 15
C h e m ic a l C orn E x c h a n g e B a n k ................. 39
C h ile s -S c h u tz C o m p a n y .................................. SO
C h r istm a s Club, a C o r p o r a tio n ....................
3
C ity N a tio n a l B a n k and T r u s t C o m p a n y
— K a n s a s C i t y ................................................... 48
C o m m e rc e T r u s t C o m p a n y ........................... 46
C o n tin e n ta l Illin o is N a tio n a l B a n k and
T r u s t C o m p a n y ................................................. 18
C o n tin e n ta l N a tio n a l B a n k — L in c o ln . . 88

Gud Greenspan

I)

4775 Decatur
Omaha 3, Nebraska

D a v e n p o r t B a n k and T r u s t C o m p a n y . . . 97
D a v e n p o rt, F . E ., and C o m p a n y ..........84, 104
D e L u x e C h eck P rin te rs , In c .......................... 42
D ie b o ld , In c ................................................................ 19
D o a n e A g r ic u ltu r a l S e rv ice, In c ................. 76
D r o v e r s N a tio n a l B a n k .................................. 96

F
F ir s t N a tio n a l B a n k o f A r iz o n a ............... 44
F ir s t N a tio n a l B a n k — C h ic a g o ................. 37
F ir s t N a tio n a l B a n k — K a n s a s C ity . . . . 87
F ir s t N a tio n a l B a n k — L i n c o l n .................... 86
F ir s t N a tio n a l B a n k — M in n e a p o lis . . . . 65
F ir s t N a tio n a l B a n k — O m ah a .................... 85
F ir s t N a tio n a l B a n k — St. P au l ................. 67
F ir s t N a tio n a l B a n k — S io u x C i t y ............ 9S
F ir s t N a tio n a l B a n k and T r u s t
C o m p a n y — T u ls a
............................................ 75
F ir s t N a tio n a l C ity B a n k o f N e w Y o r k . 8 -9

ill
M a rq u e tte N a tio n a l B a n k .............................. 101
M e rc a n tile T r u s t C o m p a n y ............................ 4-5
M e rc h a n ts M u tu a l B o n d in g C o m p a n y . . .1 0 2
M e rc h a n ts N a tio n a l B a n k .............................
2
M e rrill L y n c h , P ierce, F e n n e r & B e a n e . 38
M id la n d N a tio n a l B a n k .................................. 68
M in n e so ta C o m m e rc ia l M e n 's A s s n ......... 68
M o sle r S a fe C o m p a n y .............................. 10 -1 1
M u tu a l F ir e and A u to m o b ile In su ra n c e
C o m p a n y ............................................................... 68

\
N a tio n a l B a n k o f C o m m e r c e ........................
N a tio n a l Cash R e g is t e r C o m p a n y ............
N o r th e rn T r u s t C o m p a n y .............................
N o r th w e s t S e c u rity N a tio n a l B a n k ..........
N o r th w e s te r n F ix tu r e C o m p a n y .................
N o r th w e s te r n N a tio n a l B a n k ......................

87
6
14
73
72
62

«
O m ah a N a tio n a l B a n k

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

81

It

R e c o r d a k C o rp o r a tio n .................................16-17
R o b in s o n W h o le s a le C o m p a n y ................... 47
R o y a l B a n k o f C a n a d a .................................... 66
S
St. P a u l-M e r c u r y In d e m n ity C o m p a n y .
St. P au l T e r m in a l W a r e h o u s e C o m p a n y
S c a rb o r o u g h and C o m p a n y ...........................
Sp en cer C h em ic a l C o m p a n y ...........................
S to c k Y a r d s N a tio n a l B a n k — •
S ou th St. P a u l .....................................................
S tru d w ic k , A . E ., and C o m p a n y .................

60
56
52
38
69
60

U n ion B a n k and T r u s t C o m p a n y L o s A n g e le s ........................................................ 57
U n ited S ta te s C h eck B o ok C o m p a n y .. .10 1
U nited S ta te s N a tio n a l B a n k ........................ 78

A
V a lle y B a n k and T r u s t C o m p a n y —
D es M oin e s ..........................................................
V a lle y N a tio n a l B a n k o f A r i z o n a ............
V e lc r a ft
....................................................................

95
50
44

W
W a lt e r s , C h a rle s E ., C o m p a n y ................... 80
W e s t e r n M u tu a l In su ra n c e C o m p a n y . . . 61
W it t e r , D e an , and C o m p a n y ........................ 84

Then, consolidate your buying
of bank supplies and printing
from your friendly USCB sales­
man.

PUBLISHER’ S STATEM ENT
Statement required by the Act of August 24,
1912, as amended by the Acts of March 3, 1933,
and July 2, 1946 (Title 39, United States Code,
Section 233) showing the Ownership, Manage­
ment, and Circulation of T h e N o r t h w e s t e r n
B a n k e r , published monthly at Des Moines, Iowa,
for October, 1957.
1. The names and addresses of the publisher,
editor, managing editor, and business managers
are: Publisher, Clifford De Puy, Des Moines, Iowa;
Editor, Ben Haller, Jr., Des Moines, Iowa; Asso­
ciate Publisher, Malcolm Freeland, Des Moines,
Iowa; Associate Editors, Walter Proctor, Des
Moines, Iowa, and Daryl Visser, Des Moines, Iowa.
2. The owner is: N o r t h w e s t e r n B a n k e r C o m ­
p a n y , 306 15th Street, Des Moines, Iowa; Clifford
De Puy, Des Moines, Iowa; Frances Prouty De
Puy, Des Moines, Iowa.
3. The known bondholders, mortgagees, and other
security holders owning or holding 1 percent or
more of total amount of bonds, mortgages, or
other securities are: None.
C lifford D e P u y ,

United States Check B ook Company
1311

HOW ARD

ST.

N o r t h w e s t e r n B a n ke r, N o v e m b e r, 1957


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

OMAHA

Publisher.
Sworn to and subscribed before me this 17th
day of September, 1957.
(Seal)
B e n H a l l e r , J r ., Notary Public.
(My commission expires July 4, 1960)

105

St. J o s e p h N e w s
E M B E R S o f G ro u p 3 o f th e M is ­
s o u r i B a n k e r s A s s o c ia t io n b r o k e
a ll p r e v io u s re c o rd s a t its m e e tin g la s t
; m o n th in St. J o s e p h w ith a r e g is tra ) tio n o f 514.
T h is is t r a d it io n a lly th e b e s t a t ­
te n d e d g r o u p m e e tin g in M is s o u ri. St.
J o s e p h b a n k s fo o t th e b ills a n d ar*■ ra n g e th e m o s t e la b o r a te p r o g r a m of
a n y o f th e g r o u p s .
C h a r le s R ic h m o n d , v ic e p r e s id e n t o f
A m e r ic a n N a tio n a l B a n k , w a s e le c te d
y c h a ir m a n . J o h n D a w s o n , G r a n t C ity ,
w a s e le c te d s e c r e t a r y .
B a n q u e t s p e a k e r th is y e a r w a s C h e s ­
te r L a u c k o f H o u s to n , T e x a s , w h o w a s
B u m in th e p o p u la r ra d io p r o g r a m o f
L u m an d A b n er.
G ilb e r t T o o t le , a s s is t a n t v ic e p r e s i­
d e n t, T o o tle N a tio n a l B a n k , g a v e a
r e p o r t on th e S c h o o l o f B a n k in g a t
W is c o n s in
U n iv e r s it y .
W illia m
R.
H u ll, 6 th M is s o u r i D is t r ic t c o n g r e s s ­
m a n , s p o k e on “ T h e A m e r ic a n E c o n ­
o m y a n d th e C o n g r e s s .”

M

t

**

v'

F ir s t N a tio n a l B a n k , St. J o s e p h , h a s
m o v e d its t r a n s it d e p a r tm e n t to th e
s e c o n d flo o r. T h e jo b a ttr a c te d q u ite
a f e w s id e w a lk
s u p e r in te n d e n ts b e ­
c a u s e th e
h e a v y IB M e q u ip m e n t w a s
h o is te d b y c r a n e a n d s w u n g in th r o u g h
a w in d o w .
* * *

T w o S t. J o s e p h b a n k e r s a re c o -c h a ir­
m e n o f d iv is io n “ A ” in th e U n ite d
F u n d c a m p a ig n fo r th e c ity . T h e y a re
M ilt o n T o o t le , J r., v ic e p r e s id e n t an d
* c a s h ie r o f T o o tle N a tio n a l B a n k , a n d
C h a r le s K . R ic h m o n d , v ic e p r e s id e n t
o f A m e r ic a n N a tio n a l B a n k .
T h e ir
d iv is io n w i ll s o lic it b a n k in g a n d finan i c ia l in s titu tio n s , in s u r a n c e co m p a n ie s ,
r e c r e a tio n b u s in e s s e s a n d t r a n s p o r t a ­
tio n c o m p a n ie s .
* * *
>

A

r

w h o jo in e d
th e s ta ff o f th e F ir s t S to c k Y a r d s N a ­
t io n a l B a n k , St. J o s e p h , r e c e n t ly a s a n
a g r ic u lt u r a l r e p r e s e n ta t iv e , is a grad u a te o f th e C o lle g e o f A g r ic u lt u r e of
th e U n iv e r s it y o f M is s o u ri, a n d h a s
s p e n t s ix o f h is 14 y e a r s s in c e g r a d u a ­
tio n t e a c h in g a g c o u r s e s . H e h a s b e e n
a fa r m c r e d ti r e p r e s e n ta t iv e w it h th e
P r o d u c tio n C r e d it A d m in is t r a t io n , a n d
a ls o h a s b e e n a s s o c ia te d w it h th e
B a n k o f G a lla tin , M is o u ri.— $$
A rth u r

R.

5 00 At Open House
M o re th a n 500 fr ie n d s a n d p a tr o n s
o f th e F ir s t N a tio n a l B a n k , T e k a m a h ,
N e b r a s k a , v is it e d t h a t in s t it u t io n la s t
m o n th a t th e o p en h o u s e p r o g r a m
s p o n s o re d b y th e b a n k so fr ie n d s
c o u ld in s p e c t th e m a n y n e w im p r o v e ­
m e n ts to th e b u ild in g , e x t e r io r a n d in ­
te r io r a n d see a d e m o n s tr a tio n o f th e
la te s t in m o d e rn , n e w b o o k k e e p in g
e q u ip m e n t.
A h ig h lig h t o f th e o p en h o u s e p r o ­
g r a m w a s th e d e m o n s tr a tio n o f th e
n e w P o s t-T ro n ic p o s tin g m a c h in e b y
J a m e s K e l l y an d M iss K e n n e d y , r e p ­
r e s e n t a t iv e s o f th e N a tio n a l C a s h R e g ­
is t e r C o m p a n y , D a y to n , O hio, m a k e r s
o f th e m a c h in e s .
T w o o f th e s e m a ­
c h in e s h a v e b e e n o rd e re d b y th e F ir s t
N a tio n a l B a n k , w h ic h w ill b e th e
th ir d in s t it u t io n in N e b r a s k a to in s ta ll
th is m o d e rn e le c tr o n ic e q u ip m e n t.

*

St. J o s e p h C h a p te r , A .I .B ., h e ld its
f a ll d in n e r m e e t in g r e c e n t ly w it h
L o g a n G o r e , J r., c a s h ie r o f th e P a r k
Bank,
as t o a s tm a s te r .
F o r t y - e ig h t
* h a v e e n r o lle d fo r th e c la ss e s . T h o m a s
J. B u tle r , a s s is t a n t c a s h ie r , A m e r ic a n
N a tio n a l B a n k , is t e a c h in g a c o u rs e ,
“ Y o u a n d B a n k in g .”
*
** *

L

MOKE NEBRASKA NEWS

M c C la s k e y ,

Celebrate in McCook
G e o r g e M oss, p re s id e n t, M c C o o k N a ­
tio n a l B a n k , M cC o o k , N e b r a s k a , c e le ­
b r a te d 45 y e a r s w it h th e b a n k la s t
m o n th w h e n an o p en h o u s e w a s h e ld
to o b s e r v e th e in s t it u t io n ’s 50th a n n i­
versary.
M a n y fr ie n d s a n d p a tr o n s v is it e d
th e b a n k a n d its s ta ff in th e flo w e rb e d e c k e d lo b b y .

Heads C. of C.
C. B. N o v a k , c a s h ie r , M cD o n a ld
S ta te B a n k , N o r th P la tte , N e b r a s k a ,
h a s b e e n e le c te d p r e s id e n t o f th e
N o r th P la t t e C h a m b e r o f C o m m e rc e
fo r th e e n s u in g y e a r .
H e is s t ill a n a c tiv e m e m b e r o f th e
J u n io r C h a m b e r o f C o m m e rc e a n d b y
h e a d in g th e s e n io r o rg a n iz a tio n w ill
b e a b le to u n if y th e e ffo rts o f e a ch
group .

Sponsors Feeders Contest
T h e C a ttle N a tio n a l B a n k , S e w a rd ,
N e b r a s k a , r e c e n t ly s p o n s o re d a fe e d ­
e r s ’ c o n te s t, a n d a w a r d e d p r iz e s a n d
tr o p h ie s to th e c o n te n t w in n e r s .
G u e s t s p e a k e r w a s D o n E n g le r , d e ­
p a r tm e n t o f a n im a l h u s b a n d r y , U n i­
v e r s it y o f N e b r a s k a .

Hastings Bank Remodeling
E x t e n s iv e r e m o d e lin g , w h ic h in ­
c lu d e d th e in s ta lla tio n o f n e w fix tu r e s ,
flo o rs, office f u r n it u r e a n d o u ts id e
d o o rs, a n d re p a in tin g , h a s c h a n g e d th e
a p p e a r a n c e o f th e lo b b y o f th e C it y
N a tio n a l B a n k , H a s tin g s , N e b r a s k a .
A m o n g th e n e w fix tu r e s a re e ig h t t e l l ­
e r c a g e s, o n e m o re th a n p r e v io u s ly ;

co u p o n b o o th s , p a n e lin g a n d r a ilin g s ,
a ll s p e c ia lly d e s ig n e d fo r th e H a s tin g s
bank.
T h e r e m o d e lin g in c r e a s e d th e lo b b y
a r e a s e v e r a l fe e t. O ffice fu r n it u r e fo r
th e b a n k o ffice rs w a s r e p la c e d w it h
n e w d a rk -fin is h e d d e s k s a n d ch a irs .
L a r g e p la te g la s s d o o rs, t r im m e d w it h
a lu m in u m , to o k th e p la c e o f th e old
o u ts id e d o o rs.
P r e s id e n t E . B. Cosg r iff s a id a n e w te le p h o n e s w itc h b o a r d
s y s t e m a ls o w a s in s ta lle d . T h e sidew a lls w e r e a ll r e p a in te d in c la r e t a n d
w e d g e w o o d b lu e .

Otis Stock Sold
W e s te r n N e b r a s k a b a n k e r s w e r e in ­
t e r e s te d r e c e n t ly in le a r n in g th a t B e r t
L . M c K e n z ie , p re s id e n t, F ir s t N a tio n a l
B a n k , O tis, C o lo ra d o , so ld h is m a jo r
in te r e s ts in th e b a n k to a g r o u p o f
O tis a r e a m e a n , s t a t in g t h a t h e w a s
r e tir in g .
H e h a s b e e n a t th e b a n k
m o re th a n 36 y e a r s .
T h e s t o c k h o ld e r s n o w are: R o b e r t
E . M u c h o w , w h o h a s b e e n s e r v in g as
v ic e p r e s id e n t fo r th e p a s t s e v e r a l
y e a r s ; L y l e S to n e m a n , v ic e p r e s id e n t
o f th e F ir s t N a tio n a l B a n k o f L in c o ln ,
L in c o ln , N e b ra s k a ; a n d lo n g a fr ie n d
o f M r. M c K e n z ie ; J o h n W . G ra v e s ;
C h a r le s
E . L ittle to n ;
E . F le t c h e r
L e w is ; H a r r y P u r d y ; R e x H o w le tt;
S a m C h u t k o w o f D e n v e r , a n d M r.
M c K e n z ie , w h o r e ta in e d a f e w s h a r e s
o f s to c k .

Program for Farmers
A n o u ts ta n d in g p r o g r a m o f in te r e s t
to fa r m e r s , r a n c h e r s a n d b u s in e s s m e n
w a s h e ld r e c e n t ly a t th e R u s h v ille ,
N e b r a s k a , H ig h S c h o o l b u ild in g b y
th e S to c k m e n s N a tio n a l B a n k , R u s h ­
v ille .
S p e a k e r s a n d t h e ir to p ic s w e r e : W .
W . “ B i l l ” D e r r ic k , v ic e p r e s id e n t a n d
a g r e p r e s e n ta t iv e o f th e b a n k , “ T h e
A g r ic u lt u r a l S t o r y a t T h is T im e ” ;
E v e r e t t E . P e te r s o n , r u r a l e c o n o m is t,
U n iv e r s it y o f N e b r a s k a , “ W h e r e D o
W e go F r o m H e r e ? ” ; D. L . S o m m erh a ld e r , t r u s t officer, N a tio n a l B a n k o f
C o m m e rc e , L in c o ln , “ M o n e y M a n a g e ­
m e n t ” , an d C la r k J e a r y , v ic e p r e s i­
d 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 , “ E s t a t e a n d T a x P la n n in g .”

Claude W. Wright
C la u d e W . W r ig h t , 72, v ic e p r e s i­
d e n t, F ir s t N a tio n a l B a n k , M itc h e ll,
N e b r a s k a , d ie d la s t m o n th in a S co ttsb lu ff h o s p ita l.

Neil H. Dunn
N e il H. D u n n , 67, a fo r m e r b a n k e r
a t H a s tin g s , N e b r a s k a , d ie d la st m o n th
a t L o s A n g e le s , w h e r e he w a s v ic e
p r e s id e n t o f th e O h io L if e In s u r a n c e
Com pany.
N o r t h w e s t e r n B a n ke r, N o v e m b e r , J957


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

y

A lw a y s H e l p f u l Is F a th e r
E n g in e e r (to s m a ll s o n d r a g g in g to p
h a lf o f b ik in i b a th in g s u it a lo n g
b e a c h ): “ N o w s h o w d a d d y e x a c t ly
w h e r e y o u fo u n d it .”

MONEY
S o m e g iv e it; s o m e le n d it.
S o m e k e e p it; s o m e s p e n d it.
S o m e s p u r n it; s o m e c r a v e it.
S o m e w a s t e it; s o m e s a v e it.
S o m e s c o r n it; s o m e c h o o s e it.

N o t A llo w e d H e r e
C u sto m e r: I w a n t to t r y on t h a t s u it
in th e w in d o w .
S a le s m a n : S o r r y , sir, b u t y o u ’ll h a v e
to u s e th e d r e s s in g ro o m .

T a le o f a D o g
T h e s o c ia lite h a d in v it e d s e v e r a l o f
h e r fr ie n d s to a m u s h ro o m s t e a k d in ­
n er. W h e n F if i, h e r m a id , o p e n e d th e
c a n o f m u s h ro o m s to m a k e th e s a u c e ,
t h e y n o tic e d a s c u m on top.
“ I d o n ’t k n o w i f th e s e lo o k g o o d ,”
s a id th e m a id .
“ W e ll,” a n s w e r e d th e s o c ia lite , “ tim e
is r u n n in g s h o rt. G iv e th e d o g so m e.
I f h e e a ts it, i t ’s p r o b a b ly o k a y .”
T h e d o g lik e d it a n d b e g g e d fo r
m o re .
T h e m a id g a v e h im a lit tle
m o re , th e n w e n t on to p r e p a r e th e d in ­
n er.
L a t e r , a ft e r th e g u e s ts h a d fin ish e d
t h e ir d in n e r, F if i, th e m a id , c a m e in
w h it e fa c e d w it h th e d e s s e r t a n d w h is ­
p e r e d to th e h o ste ss:
“ M a ’am , th e d o g ’s d e a d .”
T h e r e w a s n o t h in g to do b u t c a ll
fo r a d o c to r a n d t h e fire d e p a r tm e n t
w it h its s to m a c h p u m p s.
S o m e tim e la te r , w h e n th e 12 g u e s ts
w e r e l y in g a r o u n d in v a r io u s s ta g e s
o f r e c o v e r y , a n d th e fire m e n a n d d o c ­
to r h a d le ft, th e la d y ro lle d h e r e y e s
to w a r d h e r m a id a n d said:
“ F if i, w h e r e ’s th e d o g ? ”
“ O u t in fr o n t in th e g u t t e r w h e r e
h e f e ll a ft e r th e c a r h it h im , M a ’a m .”
Er . . . Y es
W ife : W a s n ’t it d is g u s t in g th e w a y
th o s e m e n s ta r e d a t t h a t g ir l g e t tin g
on th e tra in ?
H u sb a n d : W h a t tra in ?

R ed M oon
I t ju s t p r o v e s R u s s ia n s a re f a r b e ­
h in d u s in p r o g r e s s . T h e y s t ill t r a v e l
b y h o r s e b a c k . O r e ls e — w h y do t h e y
n e e d a s a d d le lig h t?
N o r t h w e s t e r n B a n ke r, N o v e m b e r , 1957


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Federal Reserve Bank of St. Louis

S o m e fin d it; s o m e lo s e it.

C e n ts o f H u m o r ?
J
D o n ’t s a y th e T r e a s u r y D e p a r tm e n t
h a s n ’t a w r y s e n s e o f h u m o r. I t c ir c u ­
la te s a lit t le p a m p h le t e n title d , “ K n o w
Y o u r M o n e y ,” a n d th e n ta k e s t h e s tu ff
a w a y fr o m u s b e fo r e w e ca n g e t ac- A
q u a in te d w it h it.

S o m e h id e it; s o m e sto r e it.
S o m e lo a th e it; I ’ m

f o r it.

N o B ig S c a r e
P a t ie n t ( ju s t c o m in g o u t fro m u n ­
d e r e th e r ): W h y a re a ll th e s h a d e s
p u lle d d o w n , D oc?
D o cto r: T h e r e ’s a b ig fire a c r o s s th e
s tr e e t, a n d I d id n ’t w a n t y o u to t h in k
th e o p e r a tio n w a s a fa ilu r e .

C O N V E N T IO N S
November 11-12, South Dakota Bank­
ers Bank Management Clinic.
November 21-22, A .B .A . Mid-Continent
Trust Conference,
Jung Hotel,
New Orleans.
November 21-23, Sixth National Agri­
cultural Credit Conference, Amer­
ican Bankers Association, Morri­
son Hotel, Chicago.
November 25-30, Investment Bankers
Association of America, H olly­
wood, Florida.

T r y I t N e x t T im e
A w o m a n g e ts w e l l fa s t w h e n y o u
t e ll h e r t h a t h e r s y m p to m s a re ju s t a
s ig n o f old a ge.
M a g n a n im o u s
t
O ld L a d y : H e r e ’s a n ic k e l, m y g o o d
m an . H o w d id y o u b e co m e so d e s t i­
tu te ?
B e g g a r : I w a s lik e y o u , m u m — alw a y s g iv in g a w a y v a s t s u m s to th e
poor and n eedy.
M is s I n te r p r e te d
'
T w o g o lfe r s , s t r a n g e r s to e a c h o th e r , '
h a p p e n e d to m e e t on th e g o lf lin k s .
“ S e e t h a t g ir l o v e r t h e r e ? ” s a id on e.
“ I m a g in e h e r p a r e n ts a llo w in g h e r to
a p p e a r in c lo th e s lik e th a t. J u s t co p y- y
in g m e n ’s c lo t h e s .”
“ T h a t sir, is m y d a u g h te r ,” s a id th e
s e co n d g o lfe r .
“ O h, p a r d o n m e, I ’m s o r r y . I d id n ’t v
k n o w y o u w e r e h e r f a t h e r .”
“ I ’m n ot. I ’m h e r m o th e r .”

1958
January 16-17, Tenth National Credit
Conference, American B a n k e rs
Association, Conrad Hilton Hotel,
Chicago.
February 10-12, 39th M id-W inter
T r u s t C o n fe r e n c e , American
B a n k e r s Association, WaldorfAstoria Hotel, New York.
May 23-24, North Dakota Bankers
Association, Patterson Hotel, Bis­
marck.
June 10-11, Minnesota Bankers Asso­
ciation, Minneapolis.
June 19-21, Montana Bankers Associa­
tion, Many Glacier Hotel, Glacier
National Park, Montana.
September 21-24, American Bankers
Association, Chicago.
October 19-22, Iowa Bankers Associa­
tion, Hotel Fort Des Moines, Des
Moines.
October 11-13, Nebraska Bankers As­
sociation, Cornhusker Hotel, Lin­
coln.

H e ’s a R eal D o g !
“ Y o u r h u s b a n d s a y s h e le a d s a d o g ’s
lif e .”
“ W e ll, t h a t ’s ju s t a b o u t r ig h t ,” th e
lit tle w if e a n s w e r e d .
“ H e co m e s in
w it h m u d d y fe e t, m a k e s h im s e lf com fo r t a b le b y th e fire, a n d w a it s fo r m e
to fe e d h im .”
M o d e s t A d m is s io n
“ D id a n y o n e in y o u r f a m ily
m a k e a b r illia n t m a r r ia g e ? ”
“ O n ly m y w i f e .”

^

>

y
ever

*S p r in g ’ s C o m in g
F ir s t G o lfe r (in tr a p ): T h e tr a p s on
th is c o u r s e a re q u ite a n n o y in g , a r e n ’t
th e y ?
S e c o n d G o lfe r
( t r y in g to p u tt): Y
T h e y s u r e a re . W o u ld y o u m in d c lo s ­
in g y o u r s ?

Í

t

r

Central States sells the insurance . ..

\

V

r

You deduct premiums from checking accounts

and increase your revenue
G e t c o m p le te details on this n ew reven u e-bu ild er fo r financial
in stitu tion s.

Y o u r “ C en tra l S ta te sm a n ” will sh ow h ow su c­

cessfu l th e plan has b een for oth er banks.

W r ite to d a y to :

C entral S tates
H e a lth & L ife Co.
of O M A H A
T. LESLIE KIZER, President
UNDERWRI T ERS


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Federal Reserve Bank of St. Louis

OF

LIFE

AND

DISABILITY

I NSURANCE

T HR OU GH

FI NANCI AL

I NSTI TUTI ONS

In our bond department

were here to help you...

BOND DEPARTM ENT
Harry L. Westphal

V ic e President
Robert J. Wissler

Representative
John D. Hunt

Representative

• • • by offering municipal and government bonds for
investment
Safe-keeping of securities for your Bank and your cus­
tomers
Executing orders for purchase and sale of other types of
securities
Evaluation of present bond holdings
Analysis of present bond holdings

C O R R ESP O N D EN T
BAN KIN G DEPARTM EN T
Gerald O . Nelson

V ic e President

These facilities are available to Iowa Banks, regardless of
size or location. We invite you to call on us in tbe Bond
Department whenever we can be helpful . . . and to
make use of our other correspondent banking services.

Christy F. Armstrong

V ic e President
Max A . Roy

Assistant Cashier
Joseph V . Goldbach

Des Moines
National Bank

Assistant Cashier

Sixth and Walnut • Founded 1868
Keith W . Campbell

Assistant Cashier
M e m b e r F e de r al Depo sit In surance Corp o ra tio n


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Federal Reserve Bank of St. Louis